Eastnine (EAST) Q2 2025 earnings summary

Executive summary

• Portfolio value increased by 47% year-over-year to EUR 955 million, with 271,600 sq m of prime office space and high occupancy rates across Warsaw, Poznan, Riga, and Vilnius.

• Rental income rose 67% year-over-year to EUR 30.8m for H1 2025, driven by acquisitions in Poland and strong leasing activity.

• Profit from property management increased by 54% in Q2 and 50% for H1 2025, with per-share profit up 40%.

• The company focuses on modern, centrally located offices with a diversified tenant base in high-growth sectors, especially in Poland.

• Net profit for H1 2025 was EUR 27.7m, up from EUR 5.3m year-over-year.

Financial highlights

• Revenue grew 67% over the six-month period, with comparable portfolio growth of 4.8% year-over-year.

• Surplus ratio reached 93.6% in the quarter and improved to 93.8% for H1 2025.

• Unrealized value changes were minimal in Q2 but positive EUR 19 million for H1, mainly from Polish assets.

• Loan-to-value ratio at 48%; equity/asset ratio at 45%.

• Interest rate level declined to 4.4%, with interest coverage ratio up to 2.5x.

Outlook and guidance

• Continued focus on acquisitions in Poland and Warsaw, leveraging strong economic growth and tech sector investments.

• Management expects continued high occupancy and stable operations, with better returns from acquisitions than developments.

• Refinancing activities underway with strong interest from banks, likely leading to lower lending margins.

• Dividend policy targets annual increases, with payout at least one third of profit from property management less current tax.