Eastnine AB (publ) (EAST) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello and a very warm welcome to EAST9's first quarter presentation of 2025. My name is Kerstuti Sasnauskas and with me I have Britt-Marie Nyman joining for this presentation. So for you who are Watching our presentation first time, just a very brief reminder, East9 is a real estate company focusing on prime offices in prime locations in the fastest part of Europe today. We have 272,000 square meters of leasable area, approximately a billion in asset value. economic occupancy of 96 percent rental revenue which is in our earnings capacity around 62 million euros. Average yield six and a half percent loan to value 48 percent and average interest of four and a half. And with this, I will start going into the quarter. Before I do that, I would like to remind all of you to post questions whilst we hold the presentation so we can start with answering them straight after that. We had a wonderful first quarter, very strong results. Our net operating income is actually growing 75 percent. We also have record profits from property management up 46 percent, reaching 7.8 million euros. And per share, it grows 33% just because we had a capital increase during last year. So still very, very strong results. I'm also very happy to announce that we have positive net letting for the quarter. We are already at a very high occupancy level, but we still improve it. We also have positive value growth in our portfolio due to unrealized value changes, mainly in Poland. Very stable occupancy, as I mentioned, 96%. Surplus ratio improved by 1.7 percentage points, so it's reaching almost 94%. Again, very, very high figure. And the board has proposed a dividend of 1.2 sec per share, which is an increase compared to last year. So, if we go back a little bit to our key target markets and why we th...