Eastnine (EAST) Q2 2025 earnings summary

Executive summary

• Profit from property management increased by 54% in Q2 and 50% for H1 2025, mainly due to property acquisitions in Poland in 2024.

• Rental income rose 67% year-over-year to EUR 30.8m for H1 2025, with a 5% increase in the comparable portfolio.

• Economic occupancy rate reached 97.1% at period end, with property values stable in Q2.

• Net profit for H1 2025 was EUR 27.7m, up from EUR 5.3m in H1 2024.

• Dividend increased to SEK 1.20 per share, payable quarterly.

Financial highlights

• Q2 rental income: EUR 15.2m (+62% year-over-year); net operating income: EUR 14.2m (+63%).

• H1 net operating income: EUR 28.8m (+69% year-over-year); surplus ratio: 93.8%.

• Profit from property management: EUR 15.7m (+50% year-over-year).

• Unrealised property value changes: EUR 19.3m in H1, mainly from Poland; Q2 unrealised changes negligible.

• Loan-to-value ratio at 48%; equity/asset ratio at 45%.

Outlook and guidance

• Focus remains on further acquisitions in Warsaw, with strong bank interest for refinancing.

• Management expects continued strong demand for prime office space in Poland and the Baltics.

• Dividend policy targets annual increases, with payout at least one third of profit from property management less current tax.