Eastnine (EAST) Q3 2025 earnings summary

Executive summary

• Rental revenue and profit from property management grew over 45% and 48% in the quarter, and 59% and 49% for the period, mainly driven by acquisitions in Poland and high occupancy rates.

• Positive unrealised property value changes totaled €24.3 million for the period, primarily from Polish assets.

• Occupancy remained high at 96.7%, with a slight increase from the start of the year.

• The company established a Polish organization, extended a major lease with Rockwool, and refinanced loans at improved terms.

• Focus remains on further acquisitions in Warsaw, supported by robust liquidity and favorable credit market conditions.

Financial highlights

• Rental income for Jan–Sep 2025 was €46.3m (+59% YoY), with Q3 at €15.5m (+45% YoY); net operating income for the period was €43.3m (+61% YoY).

• Profit from property management reached €24.0m for Jan–Sep (+49% YoY), with Q3 profit at €8.2m (+48% YoY).

• Surplus ratio was 93.6% for Jan–Sep (Q3: 93.2%).

• Loan-to-value ratio was 47% at period end, with liquidity of €52m and average interest rate of 4.4%.

• NAV per share was €5.06 (SEK 56.0) as of 30 September 2025.

Outlook and guidance

• Continued focus on acquisitions in Warsaw, aiming for sustainable, attractive long-term total shareholder return and annual dividend growth.

• Dividend policy targets at least 30% of profit from property management after tax, with ambition to increase dividends annually.

• Return on equity target of at least 10% over time.