Eastnine AB (publ) (EAST) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello and very warm welcome to EAST9's first quarter results. My name is Kastuti Sasnauskas, I'm CEO of EAST9 and with me I have Britt-Marie Nieman. We will together present, guide you through the quarterly result. Today we are sending from a live studio with some live attendance, which we are very happy for. So very welcome to you as well. And please post our questions during the presentation. We will respond to them at the end of our presentation. So let's go into the results for the quarter. We see it as a very stable quarter. We're coming from a very high level of occupancy, a very high level of revenues in our portfolio. So, of course, this growth has flattened out, which is a purely natural thing, as we didn't do any acquisitions. Our rental income down approximately 1%. So it's, again, flat. Profit from property management minus 2%. This is also reflecting a little bit the build-up of the portfolio, not portfolio, but the build-up of our internal resources. We are hiring more people in Poland. But also we had a very cold winter, which actually with slightly higher vacancy affects the profit from property management for this quarter. Unrealized value changed, minor, slightly negative, net lettings positive, but again coming from very high level. Occupancy rate down 0.2%. Again, we are at 95.6%. Being an office company, it's very high today. Out of this current vacancy, we also have only 2% that we actually marketing in the market. The rest is purely turnover vacancy where we free up some space for already signed leases or maybe very, very close to signing some of them. So generally, we are working on a very high level, and it's going to be kind of difficult to surprise you significantly on one or other side. We're also preparing for next acquisitions, so accumu...