Eastnine Stock price
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Key metrics
📘 Market Capitalization
📈 What is it?
Market capitalization shows how much a company is currently worth on the stock market.
🧮 How is it calculated?
🏛️ Why is it important?
It helps classify companies by size (Large, Mid, Small Cap) and indicates their market presence and relative stability.
🧮 Calculation
🎯 What does this mean for investors?
- Large-cap companies tend to be more stable, often pay dividends, but may grow more slowly.
- Smaller firms may offer higher growth potential but come with more volatility.
- Market capitalization is a useful indicator of company size — but not a measure of whether a stock is undervalued or overvalued.
📘 Enterprise Value (EV)
📈 What is it?
Enterprise Value represents the total cost to acquire a company — including its debt and excluding its cash reserves.
🧮 How is it calculated?
(= Market Cap + Net Debt)
🏛️ Why is it important?
EV gives a more complete picture of a company's value than market cap alone and is used in key valuation ratios like EV/FCF or EV/Sales.
🧮 Calculation
🎯 What does this mean for investors?
- Enterprise Value shows the true cost of buying a company, including all financial obligations.
- It is more accurate than just looking at market cap, especially when comparing companies with different levels of debt or cash.
- Professional investors prefer EV-based multiples because they better reflect the company’s full financial footprint.
📘 Net Debt
📈 What is it?
Net Debt shows how much debt remains after subtracting a company’s available cash reserves.
🧮 How is it calculated?
🏛️ Why is it important?
It indicates how dependent a company is on borrowed money and how easily it can service its debt in the short term.
🧮 Calculation
🎯 What does this mean for investors?
- Low or negative net debt signals financial strength and flexibility.
- Companies with strong cash positions are better positioned in crises.
- High net debt increases financial risk — especially in environments with rising interest rates or economic downturns.
📘 Cash
📈 What is it?
Cash represents all liquid assets a company can access immediately — including cash, bank deposits, and short-term investments.
🧮 How is it calculated?
🏛️ Why is it important?
It reflects a company’s financial flexibility and resilience — enabling investments, buybacks, or buffer in downturns.
🧮 Calculation
🎯 What does this mean for investors?
- A strong cash position means greater room for maneuver and crisis resistance.
- Cash-rich companies can invest, pay down debt, or repurchase shares.
- But excess idle cash might indicate a lack of growth opportunities.
📘 Shares Outstanding
📈 What is it?
Shares outstanding represent the total number of a company’s shares currently held by investors — excluding treasury stock.
🧮 How is it calculated?
🏛️ Why is it important?
It’s the basis for key metrics like Earnings Per Share (EPS), Market Capitalization, or the Price/Earnings ratio (P/E).
🧮 Calculation
🎯 What does this mean for investors?
- Fewer shares in circulation typically increase earnings per share — making each share more valuable.
- Share buybacks reduce the number of shares and boost per-share metrics.
- Issuing new shares does the opposite — diluting shareholder value and lowering per-share figures.
📘 Price-to-Earnings Ratio (P/E)
📈 What is it?
The P/E ratio shows how many times a company's earnings per share are reflected in its current share price — in other words, how "expensive" the stock appears relative to its profits.
🧮 How is it calculated?
🏛️ Why is it important?
The P/E ratio is one of the most widely used valuation metrics. It helps investors assess whether a stock appears cheap or expensive compared to its earnings power.
🧮 Calculation
📊 P/E (TTM) = Based on earnings from the last 12 months (Trailing Twelve Months):🎯 What does this mean for investors?
- A low P/E may indicate undervaluation — or signal underlying issues.
- A high P/E may reflect strong growth expectations — or an overvalued stock.
📘 Price-to-Sales Ratio (P/S)
📈 What is it?
The P/S ratio shows how much investors are paying for $1 of the company’s revenue – regardless of profitability.
🧮 How is it calculated?
🏛️ Why is it important?
P/S is especially useful for evaluating growth companies or businesses not yet profitable. It reflects how the market values the company’s sales.
🧮 Calculation
Market Cap = kr4.17b | Revenue (TTM) = kr698.93m
Market Cap = kr4.17b | Estimated Revenue = kr716.63m
🎯 What does this mean for investors?
- A low P/S may indicate undervaluation — or low profitability.
- A high P/S can reflect strong growth expectations — or excessive optimism.
- Especially helpful when evaluating companies where profits are low, volatile, or negative.
📘 Enterprise Value to Sales (EV/Sales)
📈 What is it?
EV/Sales shows how much investors are paying for $1 of revenue — considering not just equity, but also debt and cash. It’s the capital structure–adjusted version of the P/S ratio.
🧮 How is it calculated?
🏛️ Why is it important?
It’s ideal for comparing companies with different levels of debt. It reflects a company's true cost relative to its revenue.
🧮 Calculation
Enterprise Value = kr9.03b | Revenue (TTM) = kr698.93m
Enterprise Value = kr9.03b | Forward Revenue = kr716.63m
🎯 What does this mean for investors?
- EV/Sales allows for capital structure–neutral company comparisons.
- A lower ratio may indicate undervaluation; a higher one may signal strong growth expectations or overvaluation.
- Especially helpful when evaluating high-growth companies with low or negative earnings.
📘 Enterprise Value to Free Cash Flow (EV/FCF)
📈 What is it?
EV/FCF shows how many years it would take for a company to "pay back" its enterprise value using its free cash flow.
🧮 How is it calculated?
🏛️ Why is it important?
It focuses on real cash generation, ignoring accounting noise — ideal for assessing profitability and value based on liquidity, not earnings.
🧮 Calculation
🎯 What does this mean for investors?
- A low EV/FCF may signal undervaluation and strong cash generation.
- A high EV/FCF might reflect weak recent cash flow or aggressive growth expectations.
- Best suited for stable, mature businesses with predictable free cash flows.
📘 Price-to-Book Ratio (P/B)
📈 What is it?
The P/B ratio compares a company’s market value to its book value — showing how much investors are paying for each dollar of net assets.
🧮 How is it calculated?
🏛️ Why is it important?
P/B is commonly used for asset-heavy industries like banks or industrials. It helps assess whether a stock is trading above or below its net asset value.
🧮 Calculation
🎯 What does this mean for investors?
- A P/B below 1 may signal undervaluation — or weak profitability.
- A P/B above 1 implies the market expects future value creation (e.g., brand, IP, growth).
- Best used for companies with tangible assets and strong balance sheets.
📘 Dividend per Share (DPS)
📈 What is it?
Dividend per Share shows how much cash a company pays out to shareholders for each share they own – usually on an annual or quarterly basis.
🧮 How is it calculated?
🏛️ Why is it important?
DPS is the absolute value of the payout per share – crucial for income-focused investors and dividend strategies.
🧮 Calculation
🎯 What does this mean for investors?
- A stable or growing DPS often signals a strong, shareholder-friendly business.
- DPS alone doesn’t tell you how attractive the payout is – the stock price also matters (→ see Dividend Yield).
- Long-term dividend growth is often a hallmark of high-quality companies – like the dividend aristocrats.
📘 Dividend Yield
📈 What is it?
Dividend yield shows how large a company’s dividend is in relation to its current share price.
🧮 How is it calculated?
🏛️ Why is it important?
It allows investors to compare dividend payouts across stocks, regardless of price or payout size.
🧮 Calculation
🎯 What does this mean for investors?
- A stable yield can reflect reliable distributions.
- Comparing 1Y and 5Y yield shows whether dividend growth keeps pace with stock price appreciation.
- A low yield isn’t always negative – it can signal strong past performance or growth focus.
📘 Dividend Growth
📈 What is it?
Dividend growth shows how much a company has increased its dividend per share over time.
🧮 How is it calculated?
5Y: Compound Annual Growth Rate (CAGR)
🏛️ Why is it important?
Consistently rising dividends are often a sign of financial strength and shareholder orientation – especially relevant for long-term investors.
🧮 Calculation
🎯 What does this mean for investors?
- Stable dividend growth is a sign of sustainable earning power.
- High dividend growth can significantly boost your total return:
- If a company pays $1 in dividends and increases it by 15% annually over 5 years, you’ll receive $2 per share in year 5 – twice as much as at the start!
📘 Payout Ratio
📈 What is it?
The payout ratio shows what percentage of a company’s earnings (per share) is distributed to shareholders as dividends.
🧮 How is it calculated?
🏛️ Why is it important?
It helps assess whether the dividend is sustainable – especially in relation to the company’s profitability.
🧮 Calculation
🎯 What does this mean for investors?
- A low payout ratio means the company retains more earnings for reinvestment – typical for growth companies.
- A moderate payout (e.g. 25–50%) indicates a healthy balance between returns and reinvestment.
- High payout ratios may seem attractive but can carry risk if earnings decline.
📘 Consecutive Dividend Increases
📈 What is it?
This metric shows how many consecutive years a company has raised its dividend per share – without any cuts or pauses.
🧮 How is it calculated?
(Special dividends are not considered.)
🏛️ Why is it important?
A long track record of increases reflects financial strength, consistency, and shareholder commitment.
🎯 What does this mean for investors?
- A long dividend increase streak builds confidence – especially in volatile markets.
- Such companies are seen as reliable and income-friendly investments.
- The longer the streak, the stronger the company’s dividend discipline.
📘 Revenue
📈 What is it?
Revenue shows how much a company earns in total from selling its products and services – the gross income before any costs are deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Revenue is one of the key figures to assess a company’s size, market position, and growth potential.
🧮 Calculation
🎯 What does this mean for investors?
- Growing revenue indicates rising demand and can be an early signal of future earnings growth.
- Comparing actual and expected revenue reveals trends in the market environment and analyst sentiment.
- Note: Strong revenue alone isn’t enough – margins and profitability matter just as much.
📘 EBITDA
📈 What is it?
EBITDA stands for “Earnings Before Interest, Taxes, Depreciation, and Amortization.” It reflects a company’s operating profit before the effects of financing, taxes, and accounting depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
EBITDA is widely used to evaluate a company’s operating performance – especially across capital-intensive sectors or international comparisons.
🎯 What does this mean for investors?
- A high or growing EBITDA indicates strong operational profitability – independent of taxes, interest, or accounting methods.
- It’s especially useful for comparing companies across sectors or geographies.
- Important: EBITDA is not a net income figure – it excludes key costs like depreciation and interest.
📘 EBIT
📈 What is it?
EBIT stands for “Earnings Before Interest and Taxes.” It reflects a company’s operating profit after depreciation, but before interest and tax expenses.
🧮 How is it calculated?
🏛️ Why is it important?
EBIT is a core profitability metric that shows how well the company performs in its main business operations – independent of capital structure and tax environment.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT indicates strong profitability from the company’s core business – before financial and tax effects.
- It allows better comparison between companies with different debt levels or tax structures.
- Compared to EBITDA, EBIT already accounts for depreciation and reflects capital intensity more clearly.
📘 Net Income
📈 What is it?
Net income is the company’s total profit – the amount left after all expenses, taxes, interest, and depreciation have been deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Net income is the most comprehensive measure of a company’s profitability – showing how much actual profit remains after all business and financing costs.
🧮 Calculation
🎯 What does this mean for investors?
- Growing net income indicates that the company is managing all of its costs efficiently.
- It directly influences valuation metrics like P/E ratio and the company’s dividend capacity.
- Over time, net income trends reveal how resilient and profitable the business model really is.
📘 Free Cash Flow (FCF)
📈 What is it?
Free Cash Flow shows how much actual cash remains after a company covers its operating expenses and capital expenditures.
🧮 How is it calculated?
🏛️ Why is it important?
FCF reflects a company’s real financial strength – regardless of accounting profits. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction.
🧮 Calculation
🎯 What does this mean for investors?
- High free cash flow means the company generates real, usable cash – independent of reported net income.
- It’s often the most reliable base for sustainable dividends and buybacks.
- Declining FCF can be an early warning sign – even when profits appear stable.
📘 Revenue Growth
📈 What is it?
Revenue growth shows how much a company’s sales have changed compared to the previous year – both on a trailing basis (TTM) and based on forward projections.
🧮 How is it calculated?
Forward = (Expected revenue ÷ Revenue in prior year − 1) × 100
Forward growth is based on analyst estimates for the current fiscal year.
🏛️ Why is it important?
Rising revenue signals growing demand, business expansion, and market share gains – especially important for growth-oriented companies.
🧮 Calculation
🎯 What does this mean for investors?
- Growth is the engine of long-term value creation – especially in tech and growth sectors.
- What matters is not just current growth, but its sustainability.
- Forward projections reflect whether analysts expect continued momentum – or a slowdown.
📘 EBITDA Growth
📈 What is it?
EBITDA growth shows how much a company’s operating profit (before interest, taxes, depreciation, and amortization) has increased or decreased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBITDA ÷ EBITDA from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
Growing EBITDA indicates improving operational profitability – regardless of financing or accounting effects.
🎯 What does this mean for investors?
- Strong EBITDA growth signals operational efficiency and scalability – especially during growth phases.
- EBITDA growth can be an early indicator of margin and earnings expansion – but should be assessed alongside revenue and EBIT.
📘 EBIT Growth
📈 What is it?
EBIT growth shows how much a company’s operating profit (after depreciation, but before interest and taxes) has increased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBIT ÷ EBIT from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
EBIT growth is a direct indicator of a company’s business performance – taking into account capital intensity through depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- Rising EBIT signals improving operating profitability – even after accounting for depreciation.
- It’s especially important for evaluating companies with significant capital expenditures.
- Combined with revenue and EBITDA growth, EBIT growth provides a well-rounded view of operational progress.
📘 Net Income Growth
📈 What is it?
Net income growth shows how much a company’s bottom-line profit has increased or decreased compared to the previous year – both on a trailing basis (TTM) and based on analyst projections.
🧮 How is it calculated?
Forward = (Expected net income ÷ Net income from prior year − 1) × 100
The forward estimate reflects analysts’ expectations for the current fiscal year.
🏛️ Why is it important?
Net income is the ultimate measure of profitability. Growing net income signals stronger efficiency, cost control, and sustainable earnings power.
🧮 Calculation
🎯 What does this mean for investors?
- Stronger net income boosts valuation, dividend potential, and investor confidence.
- If profits stall while revenue grows, it may signal margin pressure.
📘 Free Cash Flow Growth
📈 What is it?
Free cash flow (FCF) growth shows how a company’s available cash – after covering operating expenses and capital expenditures – has changed compared to the previous year.
🧮 How is it calculated?
🏛️ Why is it important?
Free cash flow reflects real financial strength. Growing FCF indicates more flexibility for dividends, share buybacks, and reinvestment.
🧮 Calculation
🎯 What does this mean for investors?
- Declining FCF may point to rising investments, increasing costs, or weaker operating performance.
- Especially for dividend investors, FCF growth is critical – since dividends are paid from actual available cash.
- A negative trend isn't always bad, but it deserves closer attention.
📘 Gross Margin
📈 What is it?
Gross margin shows how much of a company’s revenue remains after deducting the direct costs of goods sold (like materials and production). It represents the company’s “raw profit” before fixed costs, taxes, and interest.
🧮 How is it calculated?
Or simply: Gross Margin = Gross Profit ÷ Revenue × 100
🏛️ Why is it important?
Gross margin indicates how efficiently a company can produce or procure what it sells. It is a key measure of product-level profitability and pricing power.
🧮 Calculation
🎯 What does this mean for investors?
- A high gross margin suggests strong pricing power and efficient production.
- Falling margins may signal rising input costs or competitive pressure.
- Compared to peers, gross margin offers insights into the quality of a business model.
📘 EBITDA Margin
📈 What is it?
The EBITDA margin shows how much of a company’s revenue remains as operating profit before interest, taxes, depreciation, and amortization.It reflects operating efficiency without being distorted by financing or accounting factors.
🧮 How is it calculated?
🏛️ Why is it important?
The EBITDA margin reveals how much operating income a company generates per dollar of revenue – independent of capital structure and tax effects.
🎯 What does this mean for investors?
- A high EBITDA margin reflects strong core profitability – before accounting distortions.
- It allows for effective comparisons across companies and sectors.
- A stable or growing margin signals efficient cost control and business scalability.
📘 EBIT Margin
📈 What is it?
The EBIT margin shows what percentage of revenue remains as operating profit after depreciation but before interest and taxes.
🧮 How is it calculated?
🏛️ Why is it important?
The EBIT margin reflects a company’s core profitability while accounting for capital intensity (e.g. machinery, infrastructure). It’s especially useful for comparing businesses with different levels of depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT margin shows that the company remains efficient even after factoring in depreciation.
- It’s especially relevant for capital-intensive industries.
- Stable or rising EBIT margins over time are a strong indicator of pricing power and business quality.
📘 Net Margin
📈 What is it?
Net margin shows how much of a company’s revenue remains as bottom-line profit after deducting all costs, interest, taxes, and depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
Net margin reflects a company’s overall efficiency – across operations, financing, and taxation. It shows how much actual profit is generated from each dollar of revenue.
🧮 Calculation
🎯 What does this mean for investors?
- A high net margin means the company is not only strong operationally but also manages financing and taxes efficiently.
- Peer comparisons reveal business quality and competitiveness.
- Declining margins despite revenue growth can be a red flag for rising costs or inefficiencies.
📘 Free cash flow margin
📈 What is it?
The free cash flow (FCF) margin shows how much of a company’s revenue remains as actual free cash after covering all operating expenses and capital expenditures.
🧮 How is it calculated?
🏛️ Why is it important?
This margin reflects the true liquidity generated by the business – independent of accounting rules or depreciation. It’s especially relevant for dividends, buybacks, and reinvestment decisions.
🧮 Calculation
🎯 What does this mean for investors?
- A high FCF margin means a company consistently generates strong cash flow.
- It’s a positive signal for financial stability and shareholder returns.
- The long-term trend is key – a declining margin may indicate rising investments or weakening operating efficiency.
📘 Equity Ratio
📈 What is it?
The equity ratio indicates what portion of a company’s total assets is financed by shareholders’ equity – in other words, how much it relies on its own capital.
🧮 How is it calculated?
🏛️ Why is it important?
A high equity ratio reflects financial strength and stability, especially during downturns. It’s a key indicator of a company’s solvency and long-term risk profile.
🧮 Calculation
🎯 What does this mean for investors?
- Companies with high equity ratios are generally more resilient and less dependent on external debt.
- Low equity ratios can signal higher risk or aggressive financial strategies.
- Important: Always assess the equity ratio in combination with the return on equity (ROE). This shows not just how stable the company is – but also how efficiently it uses shareholder capital.
📘 Return on Equity (ROE)
📈 What is it?
Return on equity (ROE) shows how efficiently a company uses its shareholders’ equity to generate profit. In other words: how much net income is earned per dollar of equity.
🧮 How is it calculated?
🏛️ Why is it important?
ROE is a core profitability metric. It helps investors understand whether a company delivers attractive returns on the capital provided by its shareholders.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROE indicates that the company is using its capital efficiently and profitably.
- It’s especially meaningful for capital-intensive businesses or firms with high equity bases.
- Important: A very high ROE can also result from high debt levels – always interpret it alongside the equity ratio to assess financial health.
📘 Return on Capital Employed (ROCE)
📈 What is it?
ROCE measures how efficiently a company generates profits from its total capital – including both equity and interest-bearing debt.
🧮 How is it calculated?
It evaluates the return on all capital employed, regardless of how it’s financed.
🏛️ Why is it important?
ROCE is ideal for comparing companies with different financing structures. It shows how well management uses capital to create value for both shareholders and creditors.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROCE means the company uses its capital efficiently – regardless of whether it's funded by debt or equity.
- The higher the ROCE compared to peers, the more value the company creates with its invested capital.
- Especially relevant for capital-intensive sectors like industrials, energy, or infrastructure.
📘 Return on Invested Capital (ROIC)
📈 What is it?
ROIC measures how efficiently a company generates returns from the capital invested in its core operations – regardless of whether the capital comes from equity or debt.
🧮 How is it calculated?
- NOPAT = Net Operating Profit After Taxes
- Invested Capital = Operating assets minus non-interest-bearing liabilities
🏛️ Why is it important?
ROIC is one of the most accurate indicators of capital efficiency. Unlike return on equity, it is not distorted by leverage and shows how much value is created for all capital providers.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROIC shows how effectively a company uses the capital that is truly invested in its core operations.
- Unlike ROCE, ROIC focuses only on the capital that is actively used to run the business – and that requires a return (i.e. interest-bearing).
- Especially useful when comparing companies with large amounts of excess cash or non-interest-bearing liabilities – giving a more realistic picture of capital efficiency.
📘 Leverage Ratio (Debt-to-Equity)
📈 What is it?
The leverage ratio indicates how much a company relies on interest-bearing debt (such as loans and bonds) relative to its shareholders’ equity.
🧮 How is it calculated?
🏛️ Why is it important?
This ratio helps assess a company’s financial structure and risk profile. High leverage can enhance returns – but also increases exposure to interest rate changes and financial stress.
🧮 Calculation
🎯 What does this mean for investors?
- A low leverage ratio signals financial strength and independence.
- A higher ratio can improve returns in good times but increases risk during downturns or rising interest rate periods.
- 👉 Always interpret in the context of industry, capital intensity, and interest rate environment.
📘 Earnings per share (EPS)
📈 What is it?
Earnings per Share (EPS) shows how much profit is attributable to a single share – and is one of the most important metrics for evaluating a company's performance.
🧮 How is it calculated?
The diluted share count reflects potential new shares that could be issued through options, convertible bonds, or other rights.
🏛️ Why is it important?
EPS is the basis for many key valuation metrics like P/E ratio, PEG ratio, or payout ratio. It enables comparisons of profitability across companies, regardless of their size.
🧮 Calculation
🎯 What does this mean for investors?
- EPS captures per-share profitability and is especially useful for comparisons over time or with analyst estimates.
- Rising EPS may signal consistent growth or share buybacks.
- Important: Always use diluted EPS for more realistic valuations – especially in companies with stock-based compensation.
📘 Free cash flow per share (FCF per share)
📈 What is it?
Free Cash Flow per Share shows how much free cash flow a company generates per outstanding share – after investments, but before dividends or debt repayments.
🧮 How is it calculated?
Free cash flow is calculated as operating cash flow minus capital expenditures (CapEx).
🏛️ Why is it important?
FCF per Share reveals how much real cash is available per share – useful for dividends, buybacks, or reducing debt. Unlike net income, free cash flow is harder to manipulate and often seen as a more reliable metric.
🧮 Calculation
🎯 What does this mean for investors?
- High FCF per share signals strong financial flexibility.
- It shows how much capital the company can effectively reinvest or return to shareholders.
- Particularly relevant for dividend payers and capital-efficient businesses.
📘 Short interest
📈 What is it?
Short interest indicates how many shares of a company are currently sold short – that is, borrowed and sold by investors who expect the price to decline.
🧮 How is it calculated?
It reflects the percentage of a company’s shares that are being shorted relative to the total shares available.
🏛️ Why is it important?
Short interest serves as a sentiment indicator: A high value may signal skepticism or bearish expectations – but also increases the potential for a short squeeze if prices rise unexpectedly.
🎯 What does this mean for investors?
- Low short interest usually indicates market confidence in the company.
- High short interest can be a warning sign – or an opportunity if sentiment shifts.
- Especially relevant in volatile markets or ahead of key earnings releases.
📘 Employees
📈 What is it?
The employee count shows how many people a company employs worldwide – offering insights into its size, structure, and business model.
🧮 How is it calculated?
🏛️ Why is it important?
It helps assess operational scale, labor intensity, and cost structure. Combined with revenue and profit, it enables key metrics like revenue per employee or productivity.
🧮 Calculation
🎯 What does this mean for investors?
- A high headcount can signal operational complexity – but also significant growth capacity.
- Revenue per employee is a key indicator of efficiency.
- Especially useful for comparing tech, industrial, or service-heavy companies.
📘 Turnover per employee
📈 What is it?
Revenue per employee indicates how much revenue a company generates on average per employee – a key measure of efficiency and productivity.
🧮 How is it calculated?
The employee count is typically taken from the most recent annual report.
🏛️ Why is it important?
This metric helps compare business models – especially between labor-intensive and technology-driven companies. A high value suggests automation, operational efficiency, or strong value creation per head.
🧮 Calculation
🎯 What does this mean for investors?
- A high revenue per employee indicates a scalable and margin-strong business model.
- A low figure may reflect labor-intensive operations or lower value-add.
- Especially helpful when comparing tech companies to industrial or service sectors.
Eastnine Stock Analysis
Analyst Opinions
7 Analysts have issued a Eastnine forecast:
Analyst Opinions
7 Analysts have issued a Eastnine forecast:
Eastnine Events
Past Events
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JUL
7
Q2 2026 Earnings Call
3 months ago
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APR
28
Q1 2026 Earnings Call
5 months ago
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FEB
5
Q4 2025 Earnings Call
8 months ago
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OCT
23
Q3 2025 Earnings Call
11 months ago
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StocksGuide Free
Eastnine — Q2 2026 Earnings Call
1. Management Discussion
Hello, and a very warm welcome to Eastnine's Second Quarter Results Presentation. My name is Kestutis Sasnauskas. And with me Adela Colakovic; and our new CFO, we will together to guide you through this quarterly result and the latest news in the company.
Before I start, I kind of ask you to post questions during our presentation and when the presentation is over, we will respond to your questions.
So if we move to the first -- our second quarter, we delivered stable results. Our rental income is up slightly. We are coming from very high occupancy levels. So it's very difficult to increase our earnings significantly from 96.5% occupancy, which also increased during the quarter. Our net operating income, again, stable, somewhat lower over the first half year. But it's also the same for the profit and property management -- it's a result of us actually building up organization to take our next step. And this is probably the main explanatory reason why the net results are somewhat lower. Otherwise, the business is doing extremely well.
Our surplus ratio back again at 92.5%. We have achieved now 8x debt-to-EBITDA ratio and 45% loan-to-value, which actually enables us to do the acquisitions that we just announced this morning. And of course, during the quarter, we divested 2 properties in Latvia. And today, we announced the acquisition of the bridge. And I will go into that acquisition in more detail further on in our presentation.
So just briefly, we have approximately 25,000 square meters of leasable area around EUR 1 billion in total assets. The new transaction will add additional EUR 300 million approximately in asset value and another 55,000 square meters. So we will be around 300,000 square meters of prime, prime office in our markets.
You can see the gradual buildup of our portfolio. We actually went through first acquisition back in 2014. And now in this quarter, we have of course, first effect of first divestment that we had in Riga. But actually, if you look on the profit from property management per share it actually continues performing very strongly. Of course, there's a slight dip during this quarter, again, buildup of the organization, sale of Riga assets. But when we look into the new acquisition, you will see the enormous positive effect coming from it in the future.
So what are the long-term trends -- and it's all about the very strong economic development in our markets. Baltic states, Lithuania, and of course, Poland, we're the leaders in economic growth over the last 25 years, 10 years, 5 years and continue actually performing.
When you put the graph like this, it doesn't look that actually there is some very big difference between the growth. But if you look on the accumulated basis, this additional 1% to 2% of extra growth gives an enormous actually scale buildup. And if you look on the index, actually, you can compare over the last 10 years, you see how much faster and how much more wealth is being created in that region. And that's what we believe is extremely compelling when you look into the future and when you invest in real estate.
We also see that the regions where we are, are among the fastest-growing regions and expect it to be the fastest-growing region. So even the submarkets where we are in, in Warsaw and Poznan in Poland, in Vilnius and in Riga. Those are actually developing quite nicely and expected to develop quite nicely.
Even if you measure on the top 20 European cities over the last 10 years, 15 years or even 5 years. Actually, the among the top 20 European cities, 10 of them, half of them are Polish, and we are very happy that all of the cities where we are in, they are among those top growing cities. So again, the very strong underlying macro picture in our universe.
And this is, of course, our favorite graph. It's the average rent in each market and average yield that you get when you buy properties. And this enormous divergence of being in the market with lower rents and higher yields in our view, is somewhat mispriced. And of course, over time, this gap should close. We don't know when -- how long it will pay, but it actually -- this movement should definitely be there, looking at the economic development, again, GDP per capita, et cetera, et cetera, et cetera, how fast this region is actually catching up.
And what does it mean? If you look on practical terms, you can see that this very low yielding combined with very high rent results in a very high capital values of properties. So Stockholm peaks at EUR 22 approximately, whilst Warsaw is at 5.9%. Our latest acquisition announced today came at 5.4%, so slightly below the top level, even though this is a top, top prime asset and brand new one.
What is also important to note that in our now main market, which Warsaw actually just will become after the completion of this transaction, we see a record low offering of new supply of office. This decreased post pandemic. There's been a lot of concerns about the offices. We see actually the opposite. We see that the prime office demand is very, very strong, whilst secondary locations are struggling. And this is a global trend where we see basically everywhere. It doesn't need to be entirely our markets.
But what is actually a result of this concern and also very, very high competition from demand from residential pricing or residential properties is that land prices went up, developers see much bigger opportunity to develop resi, and we see the drop in supply for office. And this is a very important factor, actually driving the rental growth in Warsaw. We are seeing record low vacancies, especially in the region where we are. and we see very strong demand for premises.
So if you look on our very fast, but I would like you to show where we are in each of the city, but also the quality of the buildings that we own. This is top prime, very modern offices with very modern technology in them, all of them highly environmentally certified. Here, we see headquarters of Vinted Lithuanian start-up for secondary cloth -- is a platform for trading secondary clothes in Europe and globally.
Here, we see our properties in Poznan, top properties in the very heart of Poznan actually located in the best place with amazing tenants like Allegro, McKinsey, ROCKWOOL, et cetera, et cetera. So we have topped up locations even in Poznan.
And of course, our Warsaw unit, which is the largest property, single property in our portfolio, it's our jewel. And it's also still 100% occupied in very high demand. We see actually a lot of people willing to come to our office, even though we -- today, we don't have anything to offer.
[indiscernible] As a contracted rent looking forward is around EUR 63 million. The average value of the portfolio is EUR 36,000 per square meter. Current yield requirements around 6.7% and average property age of 8.5%, which is actually 1 of the youngest portfolios I would say, if you look in general. Warsaw and stands for 33%, Poland today at 51% in total now 55% in total billions at 42%. And we actually post sell in Riga, we only have 1 property, 1 smaller property in the heart of Riga and on development land plot. So it stands only for 3% of our portfolio.
What is also very important to look back is actually how consistent and strong the underlying businesses. This is our occupancy on the -- now I would say, I see it on my left-hand side, it's probably on your right-hand side. is the occupancy rate, which is at 94% on average. And today, we have 96.5% as of the last quarter. And you see that it's always moving like a little bit like a wave, and it will be moving like a wave because at this kind of lease-out ratio, it's almost impossible to offer anything else.
Today, we have vacancy in Riga in 1 property, which is now being totally refurbished. And we now -- we start offering parts of it to the market. At the same time, in Vilnius, we only have around 2,500 square meters of free office in the portfolio of 100 -- close to 130,000 square meters. So it's basically almost nothing to offer. And of course, occupancy remains very high and demand is very strong.
On the other hand, if you look on the surplus ratio, we are higher than our average over the last, again, now almost 6 years. at over 92%. It's 92.5% at this quarter. And of course, we see quite strong -- again, strong development and after -- some other movements will come during -- expected to come during Q3, we will even expect somewhat higher occupancy in our portfolio.
If we look on the environmental part, -- we have 100% sustainable and certified portfolio. We only own bream outstanding and lead platinum buildings. So even while the Maratha was gold is now actually recertified to platinum. 97% of our turnover is considered to be a taxonomy aligned. We have 5 stars in res and green financing stands for 88% of our total financing.
And of course, this figure will grow as we refinance our debt. We also aim for a net 0 target by 2040, which is now SBT aligned, and we follow this science-based target initiative.
So over to you Adela.
Thank you. So let's go over the first half year financials. And as Kestutis mentioned earlier, the results are stable and rental income are in line with the period both for the quarter and first half year.
But there are some underlying changes and those relate to a couple of things. One is the divestment of the 2 properties in Riga, which led to an income loss in Q2 of approximately EUR 300,000. Lower average occupancy rate in the beginning of the period had a negative effect on the year-to-date income, but both of these effects were mitigated by rent indexations both in the beginning of the year and some in Q2.
Looking at net operating income, it's basically flat in Q2. Compared to last year and for the period, it's a small negative effect, mainly related to the cold weather in the beginning of the year. Overall, there are small movements in the operating income. But as we mentioned before, and as Kestutis highlighted before, we're growing our company and especially the team in Poland, which above cost during a limited period of time, building our own organization and moving from external administration to internal, which we do believe will be both more cost efficient and also add more value to our tenants in the future.
And also the organization that we have built and are still building in Poland will also be able to take on the new property, The Bridge.
Net financials have decreased by 2.2% and both for quarter and the period. And it's related to lower average interest rate. The average interest rate is, however, the same as a year ago, approximately 4.4%. But last year, we came from a higher interest rate level in the beginning of the year, which we don't have this year.
Profit from property management decreased by 9% and 5%, respectively, for the quarter end period. The main reason for that is higher cost due to additional employees.
And let's go ahead and look a bit at our earnings capacity, where we can see that rental income has decreased due to the earlier mentioned divestments in Riga while lower occupancy ratio and indexation had an opposite effect.
Property expenses have decreased due to the divestment; however, the unusual cold winter in the beginning of the year and higher personnel costs related to new employees in Poland has offset that effect. However, the property cost will be lower going forward since we have closed our office in Riga and will replace the internal management there with external, which will be a bit more cost efficient since we don't have the same property stock in Riga.
Central administration increases due to higher personnel costs, interest income has increased as a result of increased cash. Interest expenses have decreased due to the divestment of the properties in Riga. So overall, the profit from property management is a bit lower now in Q2 compared to Q1 based on the explanations that were given. But going forward from -- expected from Q3, we see it will be a bit higher again.
Looking at the property value development. From beginning of the year, it has changed minus 4%. During the period, we have invested EUR 4.3 million in tenant improvements in several buildings. There has also been a small positive effect in the unrealized changes in the value due to increased market rent, but that was mitigated by a slight yield decrease during the period.
The biggest change in the portfolio is, of course, the 2 divestments that decreased the value by EUR 39 million, leading us to a property value of EUR 926 million by the end of Q2. And like-for-like, the development is flat. The yield in the valuations is 6.7%, up from 6.6% in Q1 and the average growth for the past years in the property portfolio has been 19%, and the bridge will grow the portfolio by approximately 30%.
Let's look a bit closer at the East financing situation, and we can start at the top left corner that shows loan-to-value, average interest rate and interest coverage ratio. The loan-to-value decreased this quarter to EUR 45 million due to the divestments in Riga, which both increased the liquidity and decreased the debt since we amortized the debt related to those properties, leading us to the average interest rate, which has this quarter because we realized some interest rate swaps that were connected to those loaned to the divestment -- divested properties and we're at some good levels. We do, however, see potential for the interest rate going down since we do have a few refinancings to do, and we can see that they're coming in at a competitive level.
Looking at the debt maturity, the next refinancings of approximately EUR 80 million is due in February and May next year, and we have already began the discussions with our banks. -- the interest maturity is visible in the same chart and 80% of the interest is fixed with interest rate swaps. Overall, the financing is very stable and solid. LTV and average interest has been trending down over the past 4 years. And as I said, overall, all prepared for future growth.
Eastnine has a long-term investment, looking at the Eastnine stock. The total return in the Eastnine share for the past 12 months was a bit negative, 7%. But during the same period, the Omex Stockholm Real Estate Index declined by minus 16%. And over the past recent 5-year period, Eastnine's total return averaged 11% per year compared with a decline of 7% for the real estate index.
And let's go over to the acquisition of the day.
Wonderful. Thank you. I hope this is more sharing to discuss then the stock prices over the last half year on the market. So The Bridge. We actually -- we're working on this transaction for quite a while. It's an amazing asset. It adds to our portfolio in Warsaw, both in terms of market share, but also in volume and in quality. This is a top asset with all the certifications you can mention, very high tech, again, as all of our properties in Poland. The property was completed 2025. It's a 40-story building with a lettable area of 55,300 square meters let to 92%, but we expect that occupancy level to actually increase before we complete the transaction.
Today, the building, which used to be Santander Polska and they acquired the Santander Bank, which was Polish largest private bank. And Visa, which is a Visa Technology Center, the Visa Card Technology Center. Rental value is expected to be at around EUR 18.2 million, an average lease term in excess of 10 years. We acquired this property for EUR 300 million valuation. Preliminary purchase prices like that. The reason for that is actually that the building is not fully moved in and commenced, but it's -- the leases are signed, and we have a price reduction related to certain periods of vacancy during the time as well as some rent frees and some fit-out contributions that will be necessary to complete the building.
But when it's completed, and it's fully operational. We expect the profit from property management to reach EUR 0.37, which is 20% up from today's level. and this buildup will happen gradually, depending on the schedules for tenants moving in and of course, starting occupying the building and starting paying the rent. So as of -- and this 20% increase is related to the last quarter reported for this quarter report.
And now I just want to share with you some nice pictures just to get you a little bit of a feeling of the high quality of this building. You can see there some elements from the lobby, which is truly amazing and very inspiring. It's a true wow feeling when you enter the building and also architecturally, it's a very, very attractive building. Again, something that we always work with that we want to create feelings when people look at our buildings. And this acquisition fits our values very, very well.
And last but not the least, I would like to show you where it's situated on the map. And actually in the background with the top with a light of text on the top, you see Warta. It's actually Worth unit. -- and this building is just around approximately 500 meters from our current building. And in between, we have also Spire, which is 1 of the landmarks of Warsaw and headquarters of PCU. So -- we are extremely well located, extremely high quality, and it will be another jewel in our portfolio.
So with this, I open up for questions. Thank you.
Yes. And we have received a couple of those. What market position will Eastnine have in Warsaw's office market following the acquisition of the bridge with the AAA class office segment?
So if we look in the total market position once we acquired Warsaw Unit was about 1%. And with addition of The Bridge, we would be around 2% in the total Warsaw market. But if we look in the prime segment, we would be at around 5% in this very central in Warsaw CBD.
So in Vilnius, we have approximately 10% market share of the whole market. In Boston, we have 10% market share. And we also would like to continue building, of course, strong position in the CBD area going forward as well.
We have a couple of more. Even though the market sentiment for offices has been weaker in recent years, Eastnine's portfolio has consistently performed strongly. What is the secret? And what is the feedback you received from your top tenants?
We have -- you saw on the figures that actually our occupancy is consistently very high. It is tough, to be honest, to keep tenants because of a different reason than -- and the reason is that most of those companies are actually growing. So we have managed to do some expansions for Rockwell, for instance, in 100% leased out building, but that implies that we need to create some vacancy to be able to play the chest game of moving around.
And we see remaining very strong demand. So in general, what we see is that century located, high-quality buildings are in very high demand. We see that rents are actually growing in this and companies are paying maybe for less square meters, but they are paying for much higher quality of square meters. And we truly believe that this trend will continue, which will continue even with the EI expansion, because the most profitable companies, the winners of the ARAs will want to have the best product. That's why we also continue moving up the quality latter when we buy new properties. So actually, everything that we buy has to be of absolutely top quality.
Let's mix it up with the Riga question. Congratulations on the deal in Warsaw. My question concerns the sale of Riga asset and the decision to close the rig office. What was the decision -- decisive factor behind that decision, market fundamentals, asset-specific limitations under performance of local management or better expected risk adjustment returns in Warsaw?
It's a combination of us willing to relocate capital towards Warsaw, but we also cannot hide and say that actually, the Riga market was weaker over the years. We have been talking about it. It's actually the biggest vacancy we had in our portfolio has always been in Riga. And -- it's very difficult to say because vacancy overall in Riga was quite high and the market was relatively weak. So by making a decision not to develop because we didn't feel very confident about the market fundamentals, we also came to a conclusion that it's probably better to allocate the capital towards Warsaw, where we see higher rental potential simply -- and we see that this is a much more dynamic market, much more liquid market. And -- so this is -- and closing of the Riga office is purely related that we have actually too little volume of the business. It is cheaper to run it externally today. It's only 1 building. It's not -- we cannot have a full team working only on 1 building.
Are you surprised that not more Swedish companies invest in the Polish office market?
Well, I guess, real estate industry is very conservative, so probably not so surprised, but there are some other Swedish companies like [Stena], which announced their acquisition actually very close to us. You can actually see the building just behind if you move the camera a little bit, I can show you. You see this lower part, and this is the -- our building. So transactions are happening, suites are there. And yes.
Let's take a final one. Speaking of Stena [indiscernible]. What makes office properties so attractive in this particular micro locations since Stena also Investor Day?
Now it's -- again, it's a very central location. What we have to remember as well that Warsaw has a completely different history than most of European cities. It has been totally destroyed. So there is no old buildings. There is no historical center, the historical center was rebuilt entirely in almost its entirety. So we are in a different universe, and the offices are very modern.
Of course, it's a huge demand for office space. And we can just compare to Swedish measures just to make a very kind of easy parallel. We have as many square meters of office space, total office space in the whole Poland, with its 40 million people, it's approximately 13 million square meters of office space. This is the amount of office space in Stockholm alone. So EUR 40 million and 2 million share the same office space.
The economy is actually a modern economy. The service economy, if you look on the GDP structure, so there is an underlying very strong office demand. Warsaw alone has 6,500 million square meters of office which is half of Stockholm and Warsaw alone is twice the size of Stockholm in number of inhabitants. So an economy of Poland is actually I don't remember, it's 50% or 75% now larger than the Swedish total economy. So once again, there is a mismatch and there is a pending office demand.
Then, of course, -- we can debate whether it's too many square meters in Stockholm is too few square meters in Warsaw. And I think I don't know -- I don't have a clear answer to it, but we feel much more confident investing in prime offices. -- in Warsaw rather than doing it somewhere else. And the yields are much higher. We actually gain -- we get up to 6.5 million yield on those acquisitions.
The last acquisition is around 6 -- around 6% in yield. So you get an amazing product at a relatively low per square meter price. -- because of a local combination of low rents and high yields. So we have a huge value potential going forward. And Warsaw being the cheapest Eastern European market or the cheapest European market, it's a European Union. With its strongest economy, I think it's -- it will change over time. It might take some time, but it will change over time.
We just had some more questions [indiscernible] happy to answer. After the acquisition of The Bridge, could you elaborate on the long-term plans for Eastnine? Are we seeing smaller market to grow in Poland, for example, Warsaw and/or other Polish cities like Rockla?
We probably continue digging where we stand. We will expand our position in Warsaw. There is still a number of very, very high quality, very nice properties to buy. And we would like to do further acquisitions. Of course, we have to digest our acquisitions are quite big. But again, we prefer to buy super high-quality to move the tenants to have to work with the tenants within this space because there's always somebody decreasing a little bit and somebody growing a little bit.
But when you have space enough to move you can actually offer always solutions for both. So from that perspective, we will continue looking for bigger properties. I think all of our properties now in worse if you look at them, could be transformed into residential should the office market is appear, which I don't believe it will, but as an alternative because residential prices are today, 2 to 2.5x higher per square meter than the office that you can buy in the same area. So to me, math, is pretty simple.
Yes. Can you comment on any potential future new issue? I guess it's a share issue.
Okay. You all know how the shares are traded in real estate. And of course, with these kind of discounts, I think we do not want to even consider that. And we can see that actually, even without necessity to issue new shares, we can do a very initiation was which is very, very value accretive. It's 20% increase in profit from property management per share. And we use a very strong cash flow base in our existing portfolio. to actually refinance because we amortize still on some of the debt.
And we believe that even with increased LTVs, we will actually be able to come down to very reasonable levels within a reasonable time frame. -- and continue actually doing our acquisitions. As you see, they are a bit chunky when they come, but again, quality goes before quantity for us, and we will want to stay this way.
Okay. Thank you for your questions, but I think we'll stop there for this time.
So by this, I wish you a very nice summer. Hopefully, it will not be too hot or not too cold, not too rainy. Just a perfect one and see you in October, I think, or September, yes. So in the next quarter results. Thank you very much.
Thank you.
Eastnine — Q2 2026 Earnings Call
Eastnine — Q2 2026 Earnings Call
Stable Q2 operations, high occupancy, and a transformational acquisition in Warsaw (The Bridge) that should boost earnings long term.
📊 Quarter at a Glance
- Occupancy: 96.5% (very high; slight increase during Q2)
- Rental income: Stable vs. prior period; small H1 dip from divestments and lower early-year occupancy
- Profit from property management: Down ~9% (quarter) and ~5% (YTD) mainly due to higher personnel costs
- Portfolio value: EUR 926m after EUR 39m divestments; like‑for‑like flat
- Balance sheet: Loan‑to‑value (LTV) 45%, debt-to-EBITDA 8x, surplus ratio 92.5%
🎯 What Management Says
- Capital allocation: Shift capital from weaker Riga market toward Warsaw where demand, rents and liquidity are stronger
- Build local team: Internal Polish organization expanded to manage growth and the new asset, replacing some external management
- Acquisition impact: The Bridge (55,300 sqm, ~92% let today) adds ~EUR 300m and is expected to lift profit from property management per share by ~20% when fully ramped
- ESG goals: 100% certified portfolio, Science‑Based Target (net‑zero by 2040) and green financing at 88%
🔭 Outlook & Guidance
- Earnings lift: Management expects a gradual ~20% increase in profit from property management per share as The Bridge reaches full occupancy
- Timing & funding: Tenant move‑ins drive ramp; next refinancing need ~EUR 80m due Feb–May next year (bank talks underway)
- Risks: Tenant ramp timing, short‑term integration and personnel costs, and yield/interest‑rate movements that affect valuation
❓ Analyst Q&A
- Warsaw market share: Post‑Bridge Eastnine ~2% of Warsaw market and ~5% of prime CBD segment
- Riga exit rationale: Sale and closure of Riga office to reallocate capital; Riga showed weaker fundamentals and higher vacancies
- Capital raise: No immediate share issue planned; management prefers debt/refinancing and using existing cash flow
⚡ Bottom Line
- Summary: Operational metrics remain strong (very high occupancy) while short‑term earnings are pressured by build‑out costs and divestments; The Bridge acquisition materially scales and repositions Eastnine toward higher‑growth Warsaw and should be accretive over time, with refinancing and tenant ramp the key near‑term execution risks.
Eastnine — Q1 2026 Earnings Call
1. Management Discussion
Hello, and a very warm welcome to Eastnine's first quarter results. My name is Kestutis Sasnauskas, I'm CEO of Eastnine; and with me I have Britt-Marie Nyman. We will together present -- guide you through the quarterly results. Today, we are standing from a live studio with some live attendance, which we are very happy for. So very welcome to you as well. And please post your 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, very high level of revenues in our portfolio. So of course, this growth has flattened out, which is purely a 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 buildup of the portfolio of -- not portfolio, but the buildup 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 a 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 site.
We're also preparing for next acquisition, so accumulating more cash. We are refinancing our portfolio. This will continue over next quarters as well. We also have our climate targets being validated now by SBT. So we follow the Science-Based Targets initiative and the path actually for climate neutrality by 2040.
The Board has also proposed a dividend of SEK 1.28 per share.
If we look on the events -- more significant events, we are actually selling 2 properties in Riga. We are reallocating capital to, again, our future acquisitions, focusing on Warsaw. So this is very briefly on what we're doing.
Going back to the basics. Eastnine is a purely office play in the fastest-growing part of Europe, in Poland and the Baltic states. We're actually a company of around 272,000 square meters of office, which prime locations and prime quality, around EUR 1 billion in assets, high occupancy with 96%, rental income of EUR 62 million. The properties are yielding 6.1% loan-to-value of 47%, and average interest of 4.3%.
If we go to longer-term trends, Poland is the fastest-growing economy over the last 25 years. It's continue -- expected to continue to grow. Baltics follow the same path. So we are very excited about this region. If we look -- have a closer look on actually how Poland is developing, this is an Oxford Economics prediction of '26 to '30. And you can see that actually within Poland, the 2 hottest areas are Warsaw and Poznan where we are. There are some other regional cities as well evolving very nicely. But these are the 2 places where we are and we are focusing and those are the places that are expected to continue growing fastest.
What is also nice is that this combination comes with relatively low rental levels. You see it on the staples and relatively high yields. So this actually has potential to comprise and we think that this yield gap should narrow. But actually, when we talk about this yield gap, what does it actually imply?
And if we look on the implications, I took some figures from recent JLL report. You can see the square meter prices. So actually, this combination makes Warsaw come very, very cheap per square meter if you look at the office values. If you look for the Baltics, I think this figure is half of almost half of what we see in Warsaw. So the capital values are relatively low. And of course, given the inflation, given the very fast economic development, there is a huge potential for growth. And of course, this is why we believe this is a very compelling story because we are basically very -- the yields are similar to logistics and the capital value potential is really huge.
If we look on our portfolio, you see that occupancy has been stably high over the -- since 2020. We are taking small waves, but there's no dramatic changes. And of course, this is a very high stability of the underlying business. You can also see on the graph next to it is that rents are actually picking up. And these are the rents that we receive in our properties, our 3 largest properties in 3 main locations: it's in Warsaw, in Vilnius, and in Poznan.
If we look at our portfolio, there's no significant change. I mean we are very office focused entirely on basically only office, 4% is retail and other, which is basically mainly ancillary services through our office offering. We are in 4 markets in 4 cities: Warsaw, Vilnius, Poznan and Riga. Vilnius remains our biggest market.
If you look on Warsaw, you see a picture of Warsaw unit. So this is our jewel and landmark building. It's actually a landmark building even in Warsaw. If we look on Poznan properties, these are, again, 2 amazing properties with significant market share in Poznan. Actually, with these 2 properties, we hold approximately 10% office market in Poznan. And this campus will grow over time. In Vilnius, which is 41% of our market -- of our portfolio, Vilnius remains our main city. We actually have 4 main clusters in the city, which we plan to keep and expand over time.
And if we look in Riga. Riga stands for 7%, of course, now with the divestment of Alojas and Zala 1, the share of Riga will diminish to 3%. But we have quite exciting development project there as well in the future if we decide to go for it. For now, it's on hold. Again, if we look on the tenant list, this is a really impressive multinational tenant list, which is -- has been stable now over a couple of quarters. We are in a very exciting universe with ICT, finance, e-com, medical health exposure, underlying exposure. So this is really the most dynamic companies. And most of the dialogues we have are actually about expansion or making sure that our tenants can continue growing and most of the companies actually continuously hiring in our universe.
If we look on sustainability, which we're working quite a lot. Actually, we are -- we had a very cold winter. So we have a significant increase in energy consumption in heating, you can see up almost 20% during January, February. Of course, this will stabilize over time, but it's been an extraordinary cold winter and long winter in our region, much colder than actually here in Stockholm. Our portfolio is 100% sustainability certified, 97% of the revenues are EU taxonomy aligned, 88% of financing is green, and we earned 5 stars in GRESB with 91 points in total.
So on this, I leave over to you, Britt-Marie.
Thank you, Kestutis. And before I start with some figures, please continue posting questions so we can answer them after the presentation.
Eastnine delivers a stable report for the first quarter, even though we can see some minor changes on the occupancy and also the surplus ratio, they are still on very high level. It looks like the rental income for the first quarter this year is 1% lower than first quarter last year, but this isn't actually true because during the first quarter last year, we had some currency effect of close to EUR 200,000 affecting the rental income. And during the second quarter, it was reclassified to other financial income. So the rental income for the first quarter this year is actually on the same level as last year. The rental income was also affected positively by the indexation of around 2%, but negatively by a lower occupancy.
Property expenses, on the other hand, increased quite a lot. And as Kestutis said and as we hear from many other real estate companies, it was partly because of the cold winter, but also due to the fact, we are recruiting people in Poland, we are replacing external suppliers continuously during the rest of the year. And also the lower occupancy during the first quarter compared to last year affects property expenses since our triple net leases allows us to transfer property expenses to the tenants as long as the premises are let. But if the occupancy increases, so does the property expenses in our income statement.
Central administration costs increased due to new employees at the head office mainly. The interest income increased as a result of new financing, increased financing, and we have placed the money in bank accounts. Other financial income was positive during the first quarter this year, but negative last year, and this is an effect of currency. Profit from property management decreased by 2% mainly as a result of the cold winter and the lower occupancy, and we saw some negative unrealized value changes for the properties, mainly related to the development project, The Pine in Riga.
We saw a slight improvement in the earnings capacity during the quarter. And as you know, this is a theoretical assessment. It's not a prognosis. And for many of the figures, we use current agreements by the quarterly end in this case, for rental income, we use the lease agreements, of course, and the loan agreements, what's stated in them. But in some cases, we also use 12-month rolling figures for property expenses, for example. So we can see that rental income increases by 2%, and this is mainly due to the indexation during the first quarter, while a lower occupancy rate had a somewhat opposite effect. Property expenses increased by 11% during the quarter, and this is related to the same items as in the income statement, the colder winter, a lower occupancy and also new employees in Poland.
Interest income has increased as a result of increased cash and interest expenses increased as a result of new debt. Profit from property management on the bottom line increased by 2%, and this was mainly due to the indexation. We have financing, which is very stable, and we have increased the liquidity continuously, both during the autumn and now during the first quarter.
Key figures, LTV is on the same level as it was by year-end. Total cash increased by EUR 13 million up to EUR 63 million, and it will increase with another EUR 12 million when we are divesting 2 properties in Riga during the second quarter. Interest rate level is on the same level as it was by year-end. Interest coverage ratio and debt ratio somewhat higher, slightly higher and the share of fixed interest almost on the same level. Capital tie-up period and the fixed interest period slightly shorter.
If you look at the debt and interest maturities, you can see that we have hardly anything to refinance in 2026. And in fact, we don't even have this EUR 12 million, as you can see in the green bar now because we have already -- this is related to one of the sold properties in Riga. So we have already paid this loan back to the bank during April.
The debt sources, they were the same by the end of the quarter. But since we repaid the loan for one of the properties in Riga, OP Bank is no longer one of our banks. If we look at ownership and the share, we can see that shares owned by funds. Funds have increased during the quarter, up to 14% now from 8% by year-end. The numbers of shareholders continue to increase, now 7,300. NAV up 2% in SEK and 1% in euro. And the final figure is total shareholder return, which we actually are very proud of because it's on a very competitive level. We have had 13% during the last 12 months and 12% in average during the last 5 years compared to 4% for real estate index.
So this was actually all.
And now we open for questions.
And we have already received some questions. The first one, do you -- does your sale of office buildings in Riga indicate a broader intention to exit the Latvian market? Are you also considering selling the remaining property in Riga?
We haven't communicated that. But of course, I think it's a valid question, of course. But we will review -- we are reviewing it for now.
No decisions taken so far.
Yes.
Another question. What will you do with all the extra liquidity should an acquisition be postponed indefinitely?
We have a lot of prospects.
Well, we don't believe that acquisitions will be postponed indefinitely. We are working on acquisitions as we have indicated before. And of course, that would be a completely different decision and that we would look into.
Yes. And we have always, of course, not only one property that we are interested in. We have a pipeline, and we're working in parallel with different options and phases.
Please, Emil.
2. Question Answer
Emil from Pareto Securities. Margin-wise, how much impact did the cold winter have from sort of a normalized margin?
That was a tricky question. I don't really know. I can't answer that question directly. I have to look into that.
How much -- sorry.
The cold winter.
Sorry. Margin-wise?
Yes. Margin-wise, how much was the impact from the cold winter from sort of a normalized run rate margin?
What we can see is that our energy, you can see that on the figure.
Yes. We see that the energy cost is around 20% increase. So if we calculate it back, the only part that affects us is actually the vacancy. So the vacancy is around 5% today. So that portion of the vacancy that we couldn't actually offset to the tenants that affected. I don't know exactly, but it's like maybe 1% or maybe something. It's not very big.
Okay. Makes sense. And it looks like the higher vacancy comes from around 1,900 square meters in Poznan, if I'm correct.
Yes.
Is that related to one or more tenants? And what's your prospects on filling up those spaces?
Yes. So the vacancy in Poznan, it's actually 1,900 square meters is related to relocation of one tenant to accommodate for the growth of ROCKWOOL. We have also freed up another 1,000 square meters, which was needed for solving the puzzle of moving a couple of tenants around, to again accommodate bigger space for ROCKWOOL's expansion. And out of this 1,000, actually, 500 is already committed to one tenant. It's not signed yet, but it's committed and 500 is in the market right now. And we will believe that it will probably be taken by one of our existing tenants as well.
And when will ROCKWOOL enter those premises?
I think it's 1st of June or 1st of July, so it's either.
I think it's the second quarter.
Yes.
Okay. And you spoke about it a little bit, but you have been preparing for acquisition now for some time. What's the sort of main reason why you haven't closed anything? Is it agreeing on price or finding the correct funding or...
No. I think for us, we are very selective on what we buy, and we will continue being very selective on what we buy. We've been working on the acquisition for a while now, and there are certain matters that actually caused some delay, but these are outside of our control for the time being. But it doesn't mean that there is any change in our strategy.
Okay. Kestutis, I think that we actually don't have any more questions now.
Okay.
So thank you very much for listening, and thank you very much for coming.
Yes. Thank you for this time, and see you -- at least me during the next quarter.
Yes, because this is my last presentation. I'm retiring within a month.
Thank you very much, Britt-Marie.
Thank you.
Eastnine — Q1 2026 Earnings Call
Eastnine — Q1 2026 Earnings Call
Eastnine's Q1 shows stable core performance with active capital deployment toward growth in Warsaw and Poznan.
📊 Quarter at a Glance
- Rental income: Flat YoY after currency adjustment; reported down ~1% vs Q1 last year, aided by ~2% indexation.
- Profit from property mgmt: −2% as colder winter and higher Polish headcount weighed on costs.
- Occupancy: 95.6% (−0.2 pp) with net lettings positive; turnover vacancy drives short-term room for leases.
- Divestments & liquidity: selling 2 properties in Riga; cash build; refinancing ongoing; dividend proposed SEK 1.28 per share.
- Portfolio metrics: ~272,000 sqm office, ~EUR 1.0B assets, 96% occupancy, EUR 62m rent, 6.1% yield, LTV 47%, avg interest 4.3%.
🎯 What Management Says
- Strategy: Pure office play in fast-growing Europe (Poland and Baltics) with selective acquisitions and capital recycling.
- Capital allocation: Riga divestments to fund future acquisitions in Warsaw/Poznan; refinancing continues; liquidity built.
- Sustainability: Climate targets validated by Science-Based Targets initiative; path to climate neutrality by 2040; 100% sustainability certified; green financing ~88%; 5‑star GRESB.
🔭 Outlook & Guidance
- Guidance: No formal numeric outlook; emphasis on acquisition pipeline and disciplined deployment; dividend SEK 1.28 per share.
- Financing: Ongoing refinancing; strong liquidity; limited refinancing due 2026; cash redeployment continues.
- Risks: Vacancy dynamics and macro volatility; execution of acquisitions remains key.
❓ Analyst Q&A
- Margin impact: Cold winter raised energy costs ~20%; net margin impact largely from vacancy (~5% current) rather than energy alone.
- ROCKWOOL expansion: 1,900 sqm Poznan vacancy due to relocation; ~1,000 sqm freed; 500 sqm committed; ROCKWOOL occupancy expected June/July.
- Riga divestment: Latvia exit not decided; review ongoing; pipeline remains robust.
⚡ Bottom Line
Eastnine’s Q1 confirms a stable, high‑occupancy office portfolio with solid cash generation and a disciplined capital plan. Divestments in Riga free capital to fund selective acquisitions in Warsaw and Poznan, supported by strong liquidity and sustainability credentials. The setup remains favorable for long‑term shareholder value as demand in core markets persists.
Eastnine — Q4 2025 Earnings Call
1. Management Discussion
Hello, and a very warm welcome to Eastnine's year-end report for 2025. My name is Kestutis Sasnauskas, I'm CEO of Eastnine. And with me is Britt-Marie Nyman, Deputy CEO and CFO. Together, we will guide you through the report today. And do not forget, please post your questions during our presentation, and we will take them once we finished with the formal presentation.
So looking at the last quarter, we continue on a strong growth path, delivering 24% growth in the rental income in comparable portfolio, up 2%. Profit from property management, up 15% and per share is up 8%. This is for the quarter. We have minor negative unrealized value changes. Net letting positive for the quarter. However, occupancy ratio somewhat down. But we are coming from very high level of over 96%. So this fluctuation quarter-to-quarter is very natural.
Surplus ratio somewhat down as well, but remains on a very high level, close to 93%. During the quarter, we recruited Adela Colakovic as new CFO starting from June. And we also extended and prolonged one of our key leases with one of our key tenants, Vinted in Vilnius. If we look over the year, growth has been even more impressive, up 49% in the rental revenue. Comparable portfolio also very strong, up 4%. Profit from property management up 40% and per share was up 28%. Unrealized value changes, EUR 21 million plus. So over the year, this is a significant increase. Net letting slightly negative, but again, coming from very high levels of lease-out ratios.
If we look on the surplus ratio, it was 93.4% over the period. We also refinanced a number of loans preparing for accumulating cash for further acquisitions, and we established our Polish organization during the year. So if you look at Eastnine at a glance, we have 272,000 square meters of leasable area, closer to EUR 1 billion in assets, 96% occupancy. We are purely office company. So this is a very, very high level today.
Rental income of EUR 62 million, yielding -- portfolio yielding approximately 6%, a loan-to-value of 47% and average interest of 4.3%. If you look over the share performance over the last 10 years, we have outperformed basically all indexes, including Warsaw index over the same period of time. So if you look on our targets, we always strive to create sustainable, attractive return. And if you look over the year period, the total share return was around 10%. If you look over a 5-year period, that is 16% annually.
Growth in property portfolio, approximately 3% over the year. We didn't acquire anything during this year, but we're actually preparing for large acquisition to come. Growth in property portfolio overall over a 5-year period is 23% per year. So it's been an enormous fast buildup over the years. Return on equity at 9% over the year, 8% over the longer period of time. And if you look on the dividend proposal, dividend is up 7%. That will come during -- later during the presentation.
Loan-to-value, again, 47% and interest coverage of 2.4. So looking back a little bit, over the last 5 years, we more than doubled our portfolio, but our profit from property management per share actually almost tripled, so closer to tripling. So this is an amazing result over the year. And why is it so? And why we believe into this so much is actually the long-term trends.
Poland is one of the fastest-growing economies in Europe and even globally, but also followed by the 2 small economies, Lithuania and Latvia, where we are existent today with our portfolios. And this region continues to actually evolve. And if you look -- it's not only if we talk about country development and country growth, but actually, if we look over the last 5 years to the large -- to the fastest-growing cities in Europe, actually, among 20 fastest-growing cities in Europe, 10 of them are Polish, and we're present in all of them.
And actually, both Vilnius and Riga are among these cities as well. So -- and they grow twice the pace, at least twice or 3x the pace of 170 city average in Europe. So we are in a very vibrant, very fast-growing, very fast evolving part of the European economy. We also are in the markets yielding the highest yields combined with lowest rents.
And this gap over time should somehow shrink or merge. And in any case, whether the yields go down or rents go up, it will have a positive impact on the property value. So this is why we believe it's a very, very exciting opportunity. If we look on the prime -- development of the prime office rents, actually, we have seen a relatively flat development from '17 to '20. But actually, after COVID, we see still a very positive development with strongest growth in Vilnius, followed by Warsaw, Riga and Poznan. And this is actually what we see in our portfolio as well. If we look on the yields, yields have stabilized, but they are up 150 to 100 bps from the bottom levels. Of course, the biggest correction happened in Warsaw, but it's coming from absolutely lowest yields in the market prior to increase in interest rates. Vacancies are stabilizing.
We see actually relatively strong dynamics in Prime segment. This is the total market statistics. But if you look even for Warsaw, actually total market vacancy is going down. There was a lower supply coming into the market in general. And despite quite significant supply in Vilnius, vacancies are at reasonable levels.
If you look for the Prime segment, those are actually even lower in certain cases. If you look on our portfolio, our actually occupancy has remained very stable. Of course, when we hit the highs of 97%, 96%, it's very natural that we step down a little bit to 95%, but even today, if we look on our portfolio, we don't have -- even have some vacancy in Poznan now.
If we have some vacancy in Vilnius, there's basically very, very little that is marketed externally because all of those vacancies are almost signed up and -- or very close to being signed. So this graph will gradually sort of fluctuate upwards again once tenants start to move in. We also saw positive dynamics in terms of rental revenues. We see a nice increase in Vilnius. We see a nice increase in Poznan based on the main contracts that have been renegotiated.
We didn't have anything to renegotiate in Warsaw. So our Warsaw contracts, that's why the curve actually stayed without any values over 2025. If we look on our portfolio, it remains with Vilnius being our largest market followed by Warsaw and Poznan. 96% of all floor space is office. So goes for our rental revenues as well. So very, very focused operation primarily on prime office. If you look on our tenants, actually, we are exposed to a very exciting part of the economy that is growing. And I think here, I would like to comment a little bit on our 2 biggest extensions over the year.
We -- in the beginning of the year, we extended -- or midyear, we actually extended with Rockwool. The -- both, we extended the contract, the size of the contract and the length of the contract. And we see very clearly that actually the biggest tenants are still in active mode phase. And just before year-end, we extended with Vinted. Again, we extended the size of the contract by approximately 30% space growth and the length of the contract. So the key tenants are actually the normal tendencies they continue actually growing and continue growing in a relatively fast pace. You can see our property portfolio still remaining -- retaining the modern portfolio. We didn't add any properties during the year.
And still -- so there's no change on this slide basically. And if you look on sustainability, today, we have 100% of our portfolio sustainability certified. We have 97% of our revenue taxonomy aligned over 2025 and 88% of green financing. We received 5 stars in GRESB with 91 points, and we are among top 20% of the participants in terms of ranking.
Total energy use is down 0.9%, somewhat slower compared to previous years, but we're actually seeing a very positive trend of people returning to the office. And of course, when there's more people, there is more energy used in the building. So in a way, we're very happy for the statistics. And energy use excluding tenant electricity is down almost 4%. So over to Britt-Marie into more into financial figures.
Thank you. And please remember to post questions during my presentation. If we look at the income statement, we can see a substantial increase in both rental income and net operating income, and this is related to the 2 acquisitions in Poland in 2024. We can see a slightly less increase in percentage when it comes to the quarter, and this is because we took possession of one property in June '24 and the other one in the end of November.
In a comparable portfolio, we saw an increase of 2% during the quarter and 4% during the full year. And this was partly due to indexation and the other part was due to a higher occupancy in average during the period and the year. The acquisitions also increased the interest expenses, of course, since it was -- they were partly financed by new loans, but we also saw a decrease in the interest income since we used cash in the acquisitions.
And the increase in interest expenses was partly offset by a lower interest rate level, both during the quarter and year actually. And other financial income and expenses, this is not a big part of the income statement, but still the change in percentage was high during the quarter, and this is mainly related to negative currency effect as part of Eastnine's operations in other currencies than euro.
Finally, profit from property management increased quite a lot, 15% during the quarter and 40% during the year. We saw only small changes in the earnings capacity during the quarter, and they were mainly related to changes in the occupancy rate during the quarter, which affected both rental income and property expenses and thereby also the net operating income.
The interest income increased due to a higher interest rate on bank accounts and the interest expenses decreased somewhat due to amortizations, but also due to the lower average interest rate level. And we saw an increase in other financial income and expenses related to the new head office in Stockholm, which is bigger than the previous one, and this is budget figures. So that's why.
On the bottom line, profit from property management, slightly lower than previous quarter in the earnings capacity. We have a very, very stable financing with a lot of banks on the other side, financing us. We have refinanced early during 2025 due to good market conditions, and we have barely anything to refinance in 2026.
The LTV by the end of December is on the same level as by the end of September. Liquidity in total, EUR 51 million, almost unchanged. The interest rate level down from 4.4% by the end of September. ICR slightly lower. Debt ratio also lower, which is good. due to full 12 months NOI included. Share of fixed interest, same level as by the end of September, 83%, quite high figure.
Capital tie-up period increased after refinancing and new financing -- sorry, only both refinancing and new financing during the quarter and fixed interest period, more or less the same. If you look at maturities, I said we had barely anything to refinance. You can see in 2026, it says EUR 13 million. That includes amortizations. We have EUR 7 million to refinance. A little bit more in 2027 includes the property Nowy Rynek D in Poznan, almost nothing '28 and a lot in '29 and '30.
When we look at the fixed interest period, it's more or less the same amount. And still the same banks and debt sources as before, 5 of them around 20% each. The property value increased by 3% during the year, up to EUR 960 million, and this was more or less an effect from unrealized value changes. We had a little bit of investments also EUR 6 million, but we saw mainly unrealized changes in value during the first quarter.
And the yield requirements were unchanged in the fourth quarter. It's good to see that we have had a very positive share development during the year. We saw an increase in the share turnover of 19% when we include all markets. Number of shareholders increased by 21%, now above 7,000. NAV increased both in SEK and euro, a little bit more in euro and total shareholder return up 10% during the 12-month period and 16% in average during 5 years.
And this is a very high number compared to other real estate companies in average on the Nasdaq Stockholm, it was 2%. And the Board of Directors proposed an increased dividend to SEK 1.28 per share, split over 4 payments during the coming 12 months. That is an increase of 7%, and it's 41% of profit from property management after current tax. So thank you. We continue with questions.
Any seasonal varieties affecting the NOI margin during the quarter? Or is the slightly lower NOI compared to Q4 '24 only an effect of the lower occupancy rate.
Of course, we are affected by seasonal effects as well as other real estate companies, but we are not -- we don't talk so much about that. So we have a combination.
It's a combination of both, I think.
The higher central admin cost during the quarter, is there any one-off costs included in that? Or should it be viewed as a new run rate given new recruitments?
Not particularly one-off costs. But of course, since we are a growing company from time to time, quarters can be affected by recruitment costs and probably not affecting all of them. So it could be -- part of it could be one-off costs, but nothing particularly.
Did I understand correctly that you are currently in negotiations for a new property acquisition? Size-wise, should we expect EUR 100 million to EUR 150 million acquisition?
I would not like to comment exactly the sizes of the acquisitions. So normally, I mean, if you look historically, we have acquired bigger properties. If you look on the -- the way we are thinking actually is we want to grow much more in Warsaw, where we did our last acquisition. The properties, of course, are bigger in general as the contracts normally that are signed in this market are bigger. And we are very picky in terms of choosing high-quality properties. So for us, of course, it will be -- it's natural that we can do bigger acquisitions probably going forward.
[Foreign Language]
I will answer that question in English. The question was how the competition is evolving in Poland. And any comments on the time frame. Again, very difficult to give any comments on the time frame. Yes, we are working on acquisitions. We have been very clear about it.
We're also accumulating higher cash levels in the company, refinancing our portfolio. And so I wouldn't exclude that something will come within a certain time frame. I again, do not want to give exact time frames. But I can confirm, yes, we are working on further acquisitions. In terms of competition, we see that the number of transactions done on a sort of smaller scale, transactions done up to EUR 50 million is growing. We see that a number of players also looking into the market probably increased somewhat. However, relatively few transactions still taking place. So competition is somewhat maybe growing, but it's not at the levels or nowhere near to the levels that we've seen prior to interest rate increases.
Can you please comment on any material lease expiries in the next 12 months, if any? Of course, we have some...
We have some expiries, but we also have very clear plans for those. And some of them we are happy about because it actually enables us some other -- to mitigate some other growth. But in the coming years, during 2026, at least we see that even though maybe kind of economic occupancy might increase somewhat during Q1, still in paper, it's actually something that is done over the -- to manage the growth of our tenants.
So it's basically the movement of some tenants that we need to do in order to facilitate growth for our growing tenants. So nothing -- on the contrary, I would say that today, we lack space, both in Poland and in Lithuania.
And perhaps it's also good to mention that when it comes to the biggest lease agreements, we have a dialogue long before they mature. So...
Yes, so just as a comment on the leases in general, I think it's important to note that approximately 16% of our stock of leases was renegotiated during this year. Out of it, 76% actually was prolongations. so we have a very tight and positive dialogue with our tenants. It's actually much more -- it's very important for us that it's a very good kind of check of basically how we are performing as a landlord.
And we are very happy that they choose to extend, prolong and extend in many cases. So this has been a very positive and in general, have a very positive feedback from our tenants. So what will happen now is that, of course, we are gradually taking over operations in Poland as we have recruited the team. And we still believe that it will bring a much more significant positive benefit for us going forward actually in those relationships.
I actually think that was all.
Very good. Thank you for your questions, and thank you for listening to us and see you at the next quarterly report.
Thank you.
Thank you for today.
Eastnine — Q4 2025 Earnings Call
Eastnine — Q4 2025 Earnings Call
📊 Key Message
- Central takeaway: Eastnine posted resilient 2025 results with rental income up 49% and profit from property management up 40%, driven by Polish acquisitions and a high-quality office portfolio. Occupancy held near 96%, leverage remained conservative (LTV about 47%), and the dividend was raised 7% to SEK 1.28 per share, paid in four installments.
🎯 Strategic Highlights
- Growth engine: Polish acquisitions in 2024 boosted rental income and NOI; key tenant extensions (Rockwool, Vinted) underscore ongoing demand and portfolio strength.
- Capital allocation: 2025 refinancing and higher cash buffers; limited near-term refinancing in 2026; liquidity about EUR 51 million; diversification supports acquisition capacity.
- Sustainability: 100% sustainability-certified portfolio; 97% revenue taxonomy alignment; 88% green financing; 5-star GRESB with 91 points.
🔭 New Information
- Acquisition pipeline: Actively pursuing larger acquisitions, especially in Warsaw; Polish operations established; ongoing selection process for next deals with a bias toward high-quality assets.
- Market dynamics: Yields stabilizing after prior corrections; vacancy trends improving in prime segments; 16% of leases renegotiated, 76% prolongations; occupancy remains high across markets.
❓ Analyst Q&A
- Acquisition sizing: Management declined exact deal sizes, signaling a tilt toward larger Warsaw acquisitions and high-quality assets.
- Competition & timing: Competition in Poland appears to be increasing but not at pre-rate levels; specific deal timeframes not disclosed.
- Lease expiries: Some expiries in 2026; plans to manage growth via tenant churn and space reallocation; tenant dialogues remain strong (16% renegotiated, 76% prolongations).
⚡ Bottom Line
Eastnine’s 2025 results reinforce its regional growth strategy: strong rent growth, high occupancy, and a dividend uptick, underpinned by a disciplined refinancing program and a clear Polish expansion path. The portfolio’s sustainability strengths and lucrative long-term demand support value, though near-term exposure to Poland’s cycle and deal timing remain considerations.
Eastnine — Q3 2025 Earnings Call
1. Management Discussion
Hello, and very warm welcome to Eastnine's Third Quarter Presentation. My name is Kestutis Sasnauskas; and with me, Britt-Marie Nyman, Deputy CEO and CFO. And today, we will guide you through our third quarter results of 2025.
Before I start, I urge you to post your questions during our presentation, and we will answer them right after the presentation is done.
So let's move into the third quarter. We continue experiencing tailwinds in our operations. Our rental revenue is growing 45% in comparable portfolio at 3.1%. Profit from property management up 48% and per share is 35%. All of these figures depend very much on our last acquisition in Poland, and this growth is mainly attributed to that. But we're also very, very happy to see strong performance in comparable portfolio as well.
We also have positive value changes in our portfolio, though slight, there's no dramatic change, mainly driven by growing market rental levels in the market, which result into positive revaluation of our portfolio. We also refinanced some of our debt and increased our leverage a little bit. This is all in preparation for further -- future acquisitions.
During the quarter, we concluded an extended a lease contract with ROCKWOOL, one of our key tenants in Poznan. The contract grew from almost 7,000 square meters to over 9,000 square meters and extend for another 7 years. We're also working on establishing operations in Poland. We have country manager in place since August already and 4 employees starting in December and February. So all in all, business is as planned.
If we look over period, continued growth figures are more impressive. Again, rental revenue growing 59% and comparable portfolio at strong 4.4%. Profit from property management, up 49% and per share 36%. So again, very strong performance. Unrealized value changes at EUR 24 million over the period. Net letting slightly negative, but we are coming from very high level of occupancy with closer to 97%, slight drop from last quarter, but still significantly above the start of the year. Surplus ratio at almost 94%. Again, very strong operational metrics continue.
So if we look at Eastnine at a glance, we are a property company in the fastest-growing part of Europe with core markets today being Poland, followed by Lithuania and Latvia. And if you look on overall size, I mean, we have 272,000 square meters, almost EUR 1 billion in property assets, 97% occupancy rate. We expect our annual revenue to reach EUR 62 million, properties yield 6.1% with 47% leverage and average interest of 4.4%. And you can see some of the names of our key tenants. I will go into that a little bit later in the presentation.
If you look at Eastnine as a long-term investment over the last 10 years, the share outperformed most of our benchmarks, both EPRA index and -- this is EPRA Developed Market Index and Real Estate Index in Stockholm, so both in euro and SEK. And if we look on the targets that we -- of course, our overreaching target is to deliver attractive return -- total return to shareholders, but also growth with high profitability as we have continued doing it right now. So over the year, we return our investment through Eastnine, returned around 8%, over the 5-year period, around 18%.
Our property portfolio is growing 47% over 1 year and an average of 24%. And this is the ambition that we intend to continue on this growth. If you look historically on our asset base, assets more than doubled over the 5 years, and profit from property management close to 3x. So if we look a little bit on the sort of the market and the long-term trends -- and I continue talking about it, it's just very, very important to understand where we are.
We are actually in the fastest part of Europe -- fastest-growing part of Europe, with Poland topping the growth over the last 25 years. But even for the next coming 5 years, the growth in Poland is expected to be among the highest in Europe. So are the other 2 Baltic markets, which are considerably smaller, but at the same time, developing and evolving extremely nicely.
Again, if you look at the growth parameter, is very important, but it comes as well with very nice investment metrics. We are in the market with the lowest rental levels and in combination with the highest yields. The capital values are significantly below of the surrounding markets, which is a kind of wrong assumption in the longer term. I think that this gap will sometime close. We don't know when it -- of course, there's certain factors affecting it. But I think it is very, very important to remember that this combination, again, in combination with the same financing opportunities as we have in the other European markets is very, very compelling.
If we look at the market per se, I think we are in a bit of a different universe compared to our Nordic peers. We are in a market where rental levels are growing in general and especially in the sort of prime segment. And if we look over the last 5 years, the rental levels in markets like Vilnius increased by 41%; Riga, 19%; Warsaw, 18%; and Poznan, 16%. So positive dynamics, and this dynamic started to accelerate even more over the last 2, 3 years, mainly driven by increased construction costs and inflation. So it's not a kind of market sentiment-driven. It's more driven by the underlying cost, et cetera. So still a very, very positive environment.
The demand also remains very strong in our segment. If we look on the yields, we, again, in the market were -- probably the shift in yields have happened pretty quickly. If you look on Warsaw, we are up 150 basis points compared to the lowest levels back in '21, 125 bps in the Baltics and Poznan around 100 bps. Of course, Poznan comes from a significantly higher level already. So that change of 100 bps is pretty motivated. But the positive thing is over the last 2 years, these yields are now stabilizing, and we see that probably with dropping financing costs, those yields are probably peaking in general. And if you look on maybe separate transactions, this kind of gap from the top to the -- from the bottom to the top, is closer to 200 bps if we look in places like Warsaw.
The other important aspect of the vacancies in the market. In general, we see that vacancies have increased over the years in all markets. It's probably following the sort of normal global trends. Warsaw is the only market that actually is more or less flat since the level of 2017. And it is -- these are statistics for the total market. If we look for prime segment, these statistics differ quite a lot. But if you look on our portfolio, our occupancy was very stable over the years at a very high level, above 90% all the time. And today, we are still at 96.7%. And we also are in the market of increasing rents. And if you look on sort of the graph on the right, you see the latest trends in our core buildings and the rents are upwards -- ticking upwards.
And this is, again, a little bit different sentiment from most what we see in other markets. But the prime segment, prime properties in best locations, they continue to deliver very stable returns, and they are in a very high demand as most of the tenants are actually looking for higher quality products. So this flight-to-quality trend continues and is very, very strong in our region.
If we look on our portfolio overall, 31% of the value is in Warsaw, 22% in Poznan and Vilnius with 40% remains our biggest market. We are very focused on offices. We basically do only office, so 96% of our portfolio is only entire dedicated to offices. And those offices are very modern. So despite these very high yields, this is a very, very modern and young portfolio.
If we look on our tenant base, we are exposed to the most exciting part of the economy. It's IT, it's finance, it's e-com, it's medical health and medical segment. And in general, if you look on our tenant list, these are very strong, either very strong local regional players or multinationals. And of course, the best properties attract the strongest tenants. WAULT is at 3.6 years. Average rent still very low, which is at almost SEK 2,500 per square meter. And this is in the prime segment again. So it's -- we should not forget that.
There is just a slide to show you our portfolio. I mean, it's the same as it was in the previous quarters. We haven't done any acquisitions yet. And if we look on sustainability part, 100% of our portfolio is sustainability certified. We certify under LEED and BREEAM standards. And in BREEAM, we only have Outstanding, and in LEED, we have -- most of our properties are -- or almost all of our properties are in Platinum and only one in Gold, which is again the highest standards of environmental certification. 82% of our revenue is EU taxonomy aligned. Green financing stands for 88% of our total financing.
We received 5 stars in GRESB 91 points, and we are among top 20 in our -- in the -- all universe of real estate companies, we are #2 in our segment of listed peers in Europe, I think. And if you look on our energy performance, we continue working very hard on reducing our energy intensity in the buildings. This year, so far, we reduced our energy intensity by 4.5%. And if we look on -- this is in total portfolio. And if we look on our buildings per se, without tenant electricity, it's down 7.2%. So on this, I will leave over to you, Britt-Marie, to discuss more the quarterly figures.
Thank you very much, Kestutis. Once again, new record results from Eastnine, both during the quarter and the period. This is mainly due to the acquisitions in Poland last year, of course. You can see that both rental income and net operating income increased substantially. But it's also good to see that income in a comparable portfolio increases by 3% in the quarter and 4% in the period, and this is related to indexation and the higher occupancy in average.
The acquisitions, of course, also increased the interest expenses and decreased the interest income since we used partly cash in the acquisitions, while the increase in expenses was partly offset by decreased interest rate level. We saw profit from property management increasing by nearly 50%, both during the quarter and the period, and we saw positive unrealized value changes for properties during the quarter -- third quarter and the first quarter, meaning that the period was also positive. This was related to changes in Poland.
History is, of course, important, but future potential is even more important. And in the earnings capacity, we compare the situation by the end of previous quarter and also 1 year back. It's a theoretical assessment. It's not a prognosis. And as you can see, the profit from property management compared to 1 quarter back decreased by 3%, and this is because we had slightly lower occupancy by the end of September this year compared to the end of June. And we also saw an increase in interest expenses in the earning capacity due to the additional loans that we decided upon in the end of September.
If you compare 1 year back in the earning capacity, we had -- we can see a huge increase during this 12 months, 33% on the bottom line profit from property management, and this is, of course, related to the acquisition of Warsaw units in November last year.
A little bit about financing and some key figures. The LTV decreased somewhat during the last quarter, down from 48% to 47% after amortizations and increased property values. The liquidity is slightly higher after additional financing. The interest rate level and the ICR on the same level. The debt ratio continues to decrease and capital tie-up period increased after additional and new financing -- additional and refinancing, sorry, and the fixed interest period slightly lower, but we have some new swaps starting during the fourth quarter, which will have an effect on both fixed interest period and the share of fixed interest.
And as you can see, we don't have any maturities left in 2025. These EUR 2 million, as you can see, they are only amortizations. And we also said in the report that related to the very good market conditions on the credit market, we might even refinance something more early before maturity. So we are looking into that, and not really much maturing in '26, '27 and '28, a little bit more in '29, of course.
The debt sources are the same as in the end of previous quarter, except for a change. SEB is nowadays our largest bank after the additional financing during the third quarter, followed by Berlin Hyp, Erste and Helaba. The property value has increased by 47% during the last year. And the main reason is the acquisition in Poland in November. But if we look at the unrealized value changes for properties, they were EUR 5 million during the third quarter versus -- which is up 0.5% versus second quarter. And the yield requirements, they were unchanged during the quarter, 6.6%.
If you look into the share, you can see that the liquidity and the trading in the share has increased substantially during this year 216% for the first 9 months up compared to the same period last year. The number of shareholders has also increased, up 8%, 6,400. NAV increased by 4% during the first 9 months in SEK and 7% in euro. And total return for the shareholders during the last year is 8% 12 months and in average during the last 5 years, 18%. So that was all.
So before we conclude, of course, we are in the active phase of preparation for new acquisitions. We're accumulating bigger cash positions. And of course, we work continuously on looking into opportunities to grow our portfolio primarily in Warsaw.
So please continue posting questions. We will start by answering those we already received. The first one. Hi, and once again, congrats to yet another strong report. Could you, if possible, elaborate a bit more around size in [ million euro ] overcoming acquisition? And is it currently only Warsaw that's in focus for Eastnine?
Of course, we are focusing primarily on Warsaw because Warsaw is where we see the biggest opportunities to build our position. We could do something in the markets we are already existent as well. We don't exclude that, but Warsaw is our key priority today.
In terms of size, I think it would be inappropriate to comment. But we believe that we have a really very strong balance sheet today with 9x debt-to-EBITDA ratio. And if we look on forward-looking figures, it's going down to 8.4%. So of course, we have a possibility to increase a little bit our leverage and, of course, do quite significant acquisitions. We normally do relatively sizable transactions.
[ In your ] markets, do you expect highest upside from rental growth or yield compression?
It's very difficult to speculate about the yield compression. But of course, implications of yield compressions are huge. Should the yields start going down, we would see very, very significant uplift in values. At the same time, cash flow is something that we work very hard to make sure that it continues growing and our earnings per share continue growing at a very strong pace. So focus is very much on that.
Of course, the rental levels and the rental contracts normally are longer. They are fixed for a longer period of time. So we have a kind of inflationary adjustments. And you can see actually in our like-for-like growth over the 9 months, we are growing a bit faster than the average inflation, we are doing 4.4% like-for-like growth versus inflation of just below 2 -- around 2 or something, if I recall correctly. So -- but since we have contracted rents, maybe the yield could happen -- moves can happen faster.
Given how supportive banks are right now, how much higher leverage are you comfortable with in terms of LTV or net debt related to EBITDA?
Perhaps, we shouldn't give an exact figure, but somewhat higher at least. As Kestutis said, the net debt in relation to EBITDA is only 9 today, and it's decreasing further if you look at the earnings capacity. So I would say it's a [ bit higher ] at least then and no problem.
I think in general, I mean, we would try to keep it over time just below 10, definitely just to be on a prudent side. At the same time, it could initially go over 10x when we do acquisitions with the potential of reducing it over next coming 12 months as it happened when we did acquisition of Warsaw units. So in general, you should look on the long-term or maybe earnings capacity figure for what we target, and we probably target somewhere to be around 10 or in a comfortable zone, just below 10.
Are you considering taking up bond financing? And if so, what terms, interest rate and amount issued could we expect from a bond issue?
I would say some time, yes, I guess, but it's not right now, perhaps because the interest from banks are -- it's very, very good in the market with very low margins, meaning that with our fairly low LTV, we can still borrow some more money in the banks. It's not a problem. So as long as that possibility is cheaper than bond financing. I guess, it will be the best for us, but sometime in the future, yes.
Yes. I guess, it's very much driven by transaction to transaction. So should there be a very attractive transaction that we can actually use part of the financing with bonds, we will do it as well.
And all these questions will be related to what kind of acquisitions we actually do.
Exactly. So everything is very much related for the further acquisitions. But today, we are accumulating cash for further acquisitions by refinancing by debt mainly.
Update on dividend policy, 30% of EPS. What is long-term goal for increase in EPS per year or next 5 years, dividend per share should increase in line with EPS growth?
I don't think that we actually can say anything more about that. That will be a decision for the Board to give a proposition for the AGM. In the end, we have our dividend policy to follow.
But the dividend policy that is communicated is 30% of the profit from property management after tax. And of course, we also said that we expect the dividends to grow as our profit from property management is growing very rapidly. So in general, I think this is -- there's nothing new to communicate, yes.
I guess, that was it. Any more questions? So please post them.
Okay. It seems that no more questions are coming in. So thank you very much for listening to us today, and we look forward to present to you another exciting Q4. Thank you.
Hopefully. In February. Thank you.
Eastnine — Q3 2025 Earnings Call
Eastnine — Q3 2025 Earnings Call
🎯 Key Message
- Eastnine: continues to compound growth from Poland-driven acquisitions, delivering stronger quarterly and nine-month figures, high occupancy near 97%, and meaningful rent/EBITDA expansion. With Warsaw as the primary expansion engine and a dedicated Poland team, the group is positioned for further acquisitions while maintaining solid finances and ESG credentials.
🚀 Strategic Highlights
- Market focus: Poland remains the growth engine, with Poznan lease expansion and a country setup underway to support Warsaw‑centric acquisitions.
- Capital allocation: leverage around 9x net debt to EBITDA today, aiming toward ~10x for large deals; bond financing considered if terms are favorable to complement bank debt.
- Portfolio quality & ESG: 100% sustainability certified; green financing ~88% of total financing; energy intensity reduced meaningfully this year.
💡 New Information
- Acquisition timing: focus remains on Warsaw opportunities; no new acquisitions completed in Q3, but cash build‑up and refinancing activity support a robust pipeline.
- Operational metrics: occupancy ~97%, WAULT ~3.6 years, ongoing rent indexation; no 2025 maturities beyond amortizations; new swaps planned for Q4 to influence fixed-rate exposure.
❓ Analyst Q&A
- Scope & size: management reaffirmed Warsaw as the primary target, with potential to increase leverage briefly for sizable transactions while keeping long‑term earnings capacity in focus.
- Leverage & financing: target around 10x net debt to EBITDA, accepting temporary above that if justified by accretive acquisitions; bond issues possible if advantageous versus bank financing.
- Dividend policy: policy remains 30% of profit from property management; board will propose any changes at AGM.
⚡ Bottom Line
Eastnine’s results underscore a Poland‑driven growth trajectory supported by strong occupancy and rent growth. The company signals disciplined leverage with room to finance sizable acquisitions, predominantly in Warsaw, while preserving ESG leadership and a stable dividend pathway for shareholders.
Financial data from Eastnine
Revenue
Revenue is the sum of all sales generated by a company, e.g. for its products or services.
Revenue (TTM) metric explainedDirect Costs
Direct costs are the costs incurred directly in connection with the manufacture of the product or service.
Gross Profit
Gross Profit indicates how much of the revenue remains in the company after deducting direct production costs. If the percentage share of sales is calculated, this is referred to as the gross margin.
Gross Profit metric explainedSelling and Administrative Expenses
Selling, general and administrative expenses (SG&A) include all expenses for marketing and sales as well as the general administration of the company.
Research and Development Expense
Research and development costs (R&D) provide information on how much the company invests in the research and development of its products. The costs are particularly interesting as a percentage of revenue and in comparison to direct competitors.
EBITDA
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is the company's earnings before interest, taxes, depreciation and amortization. The EBITDA margin is calculated as a percentage of sales.
Depreciation and Amortization
Depreciation represents reductions in the value of the company's assets (e.g. due to wear and tear on machinery).
EBIT (Operating Income)
EBIT (Earnings Before Interest and Taxes) is the company's profit before interest and taxes, also known as the operating income. The EBIT Margin is calculated as a percentage of sales at
.
Net Profit
Net Profit represents the profit or loss after deduction of all costs.
Net Profit metric explainedStocksGuide Premium
| Jun '26 |
+/-
%
|
||
| Revenue | 699 699 |
14%
14%
100%
|
|
| - Direct Costs | 53 53 |
33%
33%
8%
|
|
| Gross Profit | 646 646 |
13%
13%
92%
|
|
| - Selling and Administrative Expenses | 56 56 |
10%
10%
8%
|
|
| - Research and Development Expense | - - |
-
-
|
|
| EBITDA | - - |
-
-
|
|
| - Depreciation and Amortization | - - |
-
-
|
|
| EBIT (Operating Income) EBIT | 590 590 |
13%
13%
84%
|
|
| Net Profit | 300 300 |
6%
6%
43%
|
|
In millions SEK.
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Eastnine Stock News
Company Profile
Eastnine AB is a real estate company that provides modern and sustainable office premises in attractive locations in selected markets in Poland and the Baltics. The company is headquartered in Stockholm, Stockholm and currently employs 27 full-time employees. The company went IPO on 2007-11-09. Eastnine's property portfolio consists mainly of modern and sustainable office properties and a smaller proportion of land intended for future project opportunities. The Company’s overarching goal is to create a sustainable and attractive total return on investment for its shareholders. The firm's activities are divided into three business segments: Properties in Lithuania, Properties in Latvia and Properties in Poland. The Properties in Lithuania concentrated to three areas: the central business district, the parliamentary quarters, and the development area near the central station; The Properties in Latvia owns three office properties and one development property in central locations in Riga; and The Properties in Poland owns two office property located in Poznan.
StocksGuide Premium
| Head office | Sweden |
| CEO | Mr. Sasnauskas |
| Employees | 30 |
| Website | www.eastnine.com |


