Eastnine (EAST) Q3 2026 earnings summary

Executive summary

• The EUR 240.6m acquisition of The Bridge closed in late September; portfolio value reached EUR 1,173.7m, up 27% QoQ and 22% since year-end 2025.

• The 55,000 sq.m. Warsaw property was 98% leased to nine tenants but 57% occupied at quarter-end; signed tenant move-ins are expected by Q4 2027.

• Annualised earnings capacity was EUR 0.27 per share at quarter-end and is EUR 0.36 after signed Bridge tenants move in; this is a hypothetical snapshot, not a forecast.

Financial highlights

• Q3 rental income was EUR 15.448m, down 0.5% reported and up 3.2% like-for-like; 9M income was EUR 46.149m, down 0.3% reported and up 1.4% like-for-like.

• Q3 NOI was EUR 13.880m, down 4%, and property-management profit was EUR 8.520m, up 4%; 9M NOI was EUR 42.054m and property-management profit EUR 23.438m, down 3% and 2%, respectively.

• Q3 net profit was EUR 13.932m, including EUR 7.859m in unrealised value gains; 9M net profit was EUR 26.394m, with lower property-value gains and EUR 2.483m in realised losses from Riga disposals.

• Higher energy costs earlier in the year and costs of building the Polish organization weighed on operating income; Riga disposals also reduced rental income and property-management profit.

Outlook and guidance

• The Bridge is expected to reach full occupancy by Q4 2027; at full occupancy it is expected to support earnings capacity of EUR 0.36 per share and at least 10 years of secured cash flows.

• In-house management of Warsaw properties is planned to begin in Q1 2027; the transition is expected to improve earnings after the transition period.

• Priorities for the next 3–5 years include strengthening positions in Warsaw, Poznań and Vilnius; acquisitions remain subject to financing capacity and positive property-management profit growth per share.