Eastnine AB (publ) (EAST) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello and very warm welcome to our first half result presentation. My name is Kerstuti Sasnauskas, I'm CEO of East9 and with me is Britt-Marie Nyman. Today we will go through the first half and the second quarter and discuss a little bit about the market and the opportunities we see. So before I start, I just want to note that please post your questions during our presentation so we can start responding to them directly after. We are building a very exciting company in the fastest growing part of Europe. And it's a company focused on prime offices in prime locations. And our offices actually yielding not as offices in most of the European countries, they're actually yielding very highly at 6.2%. Our surplus ratio is 93.5% and we enjoy very high occupancy. Our property portfolio over the last 12 months has increased by 47%. So it's an amazing development over these years and especially even during the last quarter. Our rental income is up 62%. In comparable portfolio, we grow 5.1% over this quarter. Profit from property management increasing by 54% and profit from property management per share is growing by 40%. We have slightly negative unrealized value changes, but only 63,000 euros in our almost 1 billion portfolio or balance sheet. So it's very minimal. We have slightly negative net letting, but we are coming from very high occupancy rate in general. And our occupancy rate actually during the quarter increased by 1.1% to 97.1%. So basically, we don't have any real vacancy. It's more like moving tenants in and out. Surplus ratio up to 93.6%. And we hired CEO for Poland or head of Poland, Julia Radzewicz-Lewandowska, who will start in August. During the period of six months, our revenue is up even growing even faster, 67%. Incomparable portfolio, again, very strong,...