Eastnine Ab · OMXSTO:EAST
Eastnine Ab — Q4 2025 Earnings Presentation
27 slides from Eastnine Ab's earnings presentation, Feb 5, 2026
Slide 1: Eastnine Year-end report January-December 2025
January-December 2025 Eastnine Year-end report
Slide 2: Highlights for the quarter and the year
Highlights for the quarter and the year October-December 2025 January-December 2025 Rental income Rental income → Total: EUR 15.4m +24 % → Total: EUR 61.7m +49 % → Comparable portfolio: +2 % → Comparable portfolio: +4 % Profit from property management Profit from property management → Total: EUR 7.0
Slide 3: Eastnine at a glance
Eastnine at a glance Building a leading office provider in the fastest growing part of Europe Poland, Lithuania, Latvia Prime office Ambition to lead in our regions Geographies Segment Sustainability Stockholm (HQ) Nasdaq Stockholm Mid Cap(1) EUR 454m EUR 499m Stock Exchange Market Capitalization Ne
Slide 4: Eastnine as a long-term investment
Eastnine as a long-term investment Overall goal to create a sustainable, attractive total return on shareholders' investment Total return index (31 Dec 2014 = 100) 700 600 584 Eastnine (SEK) 500 511 Eastnine (EUR) 400 300 200 100 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Eastnine
Slide 5: Eastnine's targets and outcome
Eastnine’s targets and outcome Overarching target Key figures Outcome 31 December Eastnine’s overarching target is to create a sustainable, attractive total return on investment for its shareholders. Total shareholder return, 1 year +10 % Total shareholder return, 5-year average + 16 % Growth target
Slide 6: Proven growth and strategy execution
Proven growth and strategy execution Eastnine’s overarching goal is to create a sustainable and attractive total shareholder return Property value Profit per share from property management EUR millions EUR/share +158 % +172 % 1000 0,35 +170 % 900 0,30 800 700 0,25 600 0,20 500 400 0,15 300 0,10 200
Slide 7: Long-term trends
Long-term trends eastnine ©
Slide 8: Consistently high GDP growth
Consistently high GDP growth Poland is the 6th largest and the fastest growing major economy in the EU 4% Malta Poland 3% Bulgaria Romania Lithuania Projected Latvia Annual GDP Spain Sweden Growth 2% Ireland N5Y (2025E-2029E) Netherlands Germany 1% France Italy 0% 0% 1% 2% 3% 4% 5% Historical Annual
Slide 9: Polish cities dominates GDP-growth in Europe
Polish cities dominates GDP-growth in Europe Annual average growth, % y/y GDP growth across the fastest-growing major European cities 7,0 6,0 5,0 4,0 3,0 2,0 1,0 0,0 Bars 2010–2025 (%) Dots 2020–2025 (%) Source: Oxford Economics, Eurostat 9
Slide 10: Higher yields, lower rents
Higher yields, lower rents Same cost of debt translating into higher cash returns, plus scope for long-term value growth EUR/sq.m./month Prime office rent, prime office yield 2024 90 9% Yield gap 80 8% expected to decrease over time 70 7% 60 6% 50 5% 40 4% Riga 30 3% 20 2% Rent level Vilnius expecte
Slide 11: Top market rent levels for prime offices
Top market rent levels for prime offices Growth since 2020 EUR/sq.m./ month 30 Vilnius +29 % Warsaw +20 % 26 Riga +19 % 22 Poznan +17 % 18 14 10 2017 2018 2019 2020 2021 2022 2023 2024 2025 Riga Vilnius Poznan Warsaw 11
Slide 12: Market yield requirements for prime offices
Market yield requirements for prime offices % Change from lowest point 8 Warsaw +150 bp (since 2021) 7 Poznan +100 bp (since 2019) Vilnius +125 bp (since 2022) 6 Riga +125 bp (since 2022) 5 4 2017 2018 2019 2020 2021 2022 2023 2024 2025 Riga Vilnius Poznan Warsaw 12
Slide 13: Vacancies in the market
Vacancies in the market % 24 22 20 18 16 14 12 10 8 6 4 2 0 2017 2018 2019 2020 2021 2022 2023 2024 2025 Riga Vilnius Poznan Warsaw 13
Slide 14: Steady rental growth trend in key markets
Steady rental growth trend in key markets Prime product, high occupancy rate and retention – a solid fundament driving rental growth in Eastnine’s premises Economic occupancy rate Weighted average per GLA – Rent rates in prolongations / new lettings % EUR/sqm/month 28 95,8 26 24 22 20 18 16 14 12 10
Slide 15: Prime offices portfolio
Prime offices portfolio eastnine ©
Slide 16: Portfolio overview
Portfolio overview Prime office portfolio with 16 assets, 271,500 sq.m. of lettable area, Poland largest market Key figures Property value per location Property value per type of property 2025/2025-12-31 2025-12-31 2025-12-31 Riga Retail, services and other EUR 960m 16 7% 4% Property value Propertie
Slide 17: Strong and diversified multi-national tenant base
Strong and diversified multi-national tenant base Tenants per industry Tenants % of total annual rent 3.8 yrs 1 11 Other WAULT 2 10 ICT 29% 21% 3 9 4 5 5 3 6 3 222 EUR/sq.m/year 7 3 (~SEK 2,400) 8 3 Average rent 9 2 Public sector 10 2 2% 11 2 Medical & 12 2 Health Finance 13 2 5% 29% +200 E-commerce
Slide 18: Portfolio Overview
Portfolio Overview Growing diversification – 16 standing prime office assets, whereof 1 project property(1) 128,000 sq.m. 121,000 sq.m. 22,500 sq.m. Nowy Rynek D Uptown Park 3Bures-1,2 3Bures-3 3Bures-4 Alojas Biroji The Pine 39,300 sq.m. 12,700 sq.m. 28,300 sq.m. 13,400 sq.m. Planned extension 10,1
Slide 19: Sustainability is at the core
Sustainability is at the core Ambition to define the future of sustainable real estate in our regions Key metrics Sustainability certification level 100 % (2025) Taxonomy alignment 97 % (2025) Green financing 88 % (2025) GRESB rating 5 stars, 91 points, top 20 % (2025) Total energy use -0.9 % (2025
Slide 20: January-December 2025
January-December 2025 eastnine ©
Slide 21: Income statement
Income statement Oct-Dec Change, Jan-Dec Change, • Rental income and NOI increased both in Period, EURk 2025 % 2025 % the quarter and year, mainly due to property Rental income 15,429 +24 61,723 +49 acquisitions in Poland 2024. Property expenses -1,107 +31 -4,078 +37 • Income in a comparable portfol
Slide 22: Only small changes in the earnings capacity
Only small changes in the earnings capacity Theoretical assessment describing Eastnine’s earnings capacity for a 12-month period as per 31 december 2025. • Lower occupancy rate resulted in reduced rental income and increased property EURk 2025-12-31 2025-09-30 Change, EUR Change, % expenses. Net ope
Slide 23: Stable financing with many banks as counterparties
Stable financing with many banks as counterparties Refinanced early, barely anything to refinance 2026 Key figures Q4/2025-12-31 Debt1 and interest maturities Debt sources EURm 2025-12-31 LTV 47 % 250 240 LHV 216 OP Luminor 2% Liquidity (EUR) 51m 200 1% SEB 4% 23% Interest rate level 4.3 % Swedbank
Slide 24: Unrealised value changes increased property value
Unrealised value changes increased property value Lower yield requirements and estimated higher market rent levels in Poland Property value Unrealised changes in value % Yield requirement valuations EURm EURm 7,0 1 200 25 20 1 000 6,5 15 800 10 600 6,0 5 400 0 5,5 2020 2021 2022 2023 2024 2025 200 -
Slide 25: Positive share development
Positive share development Average daily shares traded, Jan-Dec1 Number of shareholders 19 % 21 % 2025 133,234 Dec 2025 7,218 2024 111,693 increase Dec 2024 5,942 increase NAV, 2025-12-31/Jan-Dec 2025 Total shareholder return 2 % increase 16 % SEK 55.27 1 year 10 % EUR 5.11 8 % increase 5 years 81 %
Slide 26: Dividend proposal
Dividend proposal Proposal of increased dividend to SEK 1.28 per share (1.20), payable on a quarterly basis at SEK 0.32 per share (0.30). • Increase by 7 per cent. • 41 % of profit from property management after current tax. 26
Slide 27: Thanks for listening!
That | IS for listening! eastnine ©