Eastnine Ab · OMXSTO:EAST
Eastnine Ab — Q1 2025 Earnings Presentation
22 slides from Eastnine Ab's earnings presentation, Apr 28, 2025
Slide 1: Interim report January-March 2025
Eastnine AB Interim report January-March 2025 1
Slide 2: Eastnine at a glance
Eastnine at a glance Building a leading prime office real estate company in the fastest growing part of Europe Prime office Poland, Lithuania, Latvia Nasdaq Stockholm Mid Cap Stockholm (HQ) Segment Geographies Stock Exchange Riga Vilnius SQ.M. 000 EURm % EURm % % % Poznan Warsaw 272 956 96 62 6.5 48
Slide 3: Highlights for the quarter
Highlights for the quarter • Increase in Net operating income → EUR 14.7m +75 % • Record for Profit from property management → Total: EUR 7.8m +46 % → Per share: EUR 0.08 +33 % • Positive net letting → EUR 219k • Value growth for properties: EUR ~20m to EUR 956m, due to unrealised value changes in P
Slide 4: Key target markets
Key target markets eastnine ©
Slide 5: Consistently high GDP growth
0% 1% 2% 4% 5% 3% Ireland Malta Poland Lithuania Source: Eurostat, IMF Romania Latvia Slovak Republic Estonia Iceland Luxembourg Cyprus Bulgaria Slovenia Czechia Hungary Sweden Croatia Spain Real GDP growth (EU27) Belgium Netherlands Norway Denmark Finland 1998-23A Austria France Germany Portugal 20
Slide 6: Low debt to GDP
Low debt to GDP Further economic potential from higher private and public debt Private and public sector debt, % of GDP (EU27) 350% 300% 250% 200% 150% 100% 50% 0% Netherlands Portugal Italy Denmark Cyprus France Malta Belgium Ireland Austra Spain Greece Hungary Estonia Poland Latvia Germany Slovaki
Slide 7: Growing office employment
Growing office employment Expanding service sectors, fueled by high number of tech graduates Office employment, % of total employment 40% 35% Nordic and German cities average 2022(2) 30% Warsaw 25% Riga Riga 20% Vilnius 15% Poznan Vilnius 10% 5% Poznan Warsaw 0% 2000 2001 2002 2003 2004 2005 2006 20
Slide 8: 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% 80 8% 70 7% Yield gap 60 6% expected to decrease over time 50 5% 40 4% Riga 30 3% 20 2% Vilnius Rent level expecte
Slide 9: Property portfolio and operations
Property portfolio and operations
Slide 10: Portfolio overview (1/2)
Portfolio overview (1/2) Growing diversification – 16 standing prime office assets, whereof 1 project property(1) 120,900 sq.m. 22,500 sq.m. 128,200 sq.m. Uptown Park 3Bures-1,2 3Bures-3 3Bures-4 Alojas Biroji The Pine Nowy Rynek D 12,700 sq.m. 28,200 sq.m. 13,400 sq.m. Planned extension 10,100 sq.m
Slide 11: Portfolio overview (2/2)
Portfolio overview (2/2) Prime office portfolio with 16 assets and 271,600 sq.m. of lettable area Key figures Property value by market Property value by type of premises Q1 2025 2025-03-31 2025-03-31 EUR 956m 16 Property value Properties Retail, services and other 4% Riga 7% 271,600 sq.m. EUR 3,500
Slide 12: Rents and tenants
Rents and tenants Strong and diversified multi-national tenant base Rental value per city Tenants Q1 2025 % of total annual rent Riga 4.0 yrs 1 11 WAULT 10 8% 2 3 9 Warsaw 4 5 28% 5 3 6 3 7 3 221 EUR/sq.m/year Average rent 8 2 9 2 10 2 Vilnius 11 2 41% 12 2 13 1 +200 14 1 Poznan tenants 15 1 23% Top
Slide 13: Sustainability – ambition to be a leader
Sustainability – ambition to be a leader Sustainability certification GRESB, 92 points Reduced energy use 100 % kWh/sq.m. 40 35 Green financing Green leases 30 -4% 78 %) 45 % 25 20 -5% 15 10 Taxonomy alignment 5 82 % 0 Total energy use Energy use, excl. tenant electricity Jan-Feb 2024 Jan-Feb 2025 1
Slide 14: Board of Directors and Executive Management
Board of Directors and Executive Management Experienced team of real estate and investment professionals Board of Directors Executive Management Liselotte Hjorth Peter Elam Håkansson Christian Hermelin Kestutis Sasnauskas Britt-Marie Nyman Eric Stadler Chair since BoD BoD CEO CFO/dep. CEO Head of 20
Slide 15: Financial overview
Financial overview eastnine ©
Slide 16: Income Statement
Income Statement Jan-Mar Jan-Mar Change, % Oct-Dec Change, % Q1-2025 vs Q1-2024 EURk 2025 2024 2024 1. Large increase in profit from property Rental income 3 15,607 9,064 +72 12,412 +26 management and profit for the period mainly due to acquisitions during 2024. Property expenses -951 -705 +35 -842
Slide 17: Earnings capacity
Earnings capacity 1. Rent indexation in Q1 is the main reason for EURk 2025-03-31 2024-12-31 Change, % higher rental income and also for the increase Rental income 61,710 61,061 1 +1 in NOI, despite higher property expenses. Property expenses -3,216 -2,970 +8 2. Interest income is lower due to lower
Slide 18: Earnings capacity - key ratios
Earnings capacity - key ratios Change, Change, Key ratios 2025-03-31 2024-12-31 unit % 1. Profit from property management per share increased by 2 %, due to Profit from property 0.33 0.32 +0.01 1 +2.3 management/share, EUR indexation and lower interest Surplus ratio, % 94.8 95.1 -0.3 2 -0.4 expenses
Slide 19: Healthy leverage level and diversified debt portfolio
Healthy leverage level and diversified debt portfolio High degree of fixed interest Debt sources Jan-Mar 2025/ EURm Debt and interest maturities 2025-03-31 Key figures 2025-03-31 250 238 216 LHV OP LTV 48 % Luminor 2% Berlin 200 1% 4% Hyp Interest-bearing debt (EUR) 493m Swedbank 22% 150 Liquidity (
Slide 20: Properties – value and valuations
Properties – value and valuations 2020-Q1 2025, quarterly figures Property value Unrealised changes in value % Yield requirement valuations EURm EURm 7,0 1 200 25 20 1 000 15 6,5 800 10 5 6,0 600 0 400 -5 5,5 -10 200 -15 0 -20 5,0 Q1 2025: EUR 956m, +66 % (1 yr) Q1 2025: EUR 19m, +2 % Q1 2025: 6.5 %
Slide 21: Proven growth and strategy execution
Proven growth and strategy execution Strong increase in property value and profit per share Property value Profit per share from property management +157 % EUR thousands EUR/share +182 % 1000 0,35 +128 % 900 800 0,30 700 0,25 600 0,20 500 400 0,15 300 0,10 200 100 0,05 0 0,00 2020 2021 2022 2023 202
Slide 22: Thanks! Ready for questions!
Eastnine AB Thanks! Ready for questions! 22