Eastnine (EAST) Q4 2025 earnings summary

Executive summary

• Rental income rose 49% year-over-year to EUR 61.7m, driven by acquisitions in Poland and higher occupancy, with comparable portfolio up 4%.

• Profit from property management increased 40% year-over-year to EUR 31.0m, reaching an all-time high.

• Net profit for the year reached EUR 41.7m, with strong performance in both the quarter and full year.

• Portfolio expanded to 16 prime office assets across Poland, Lithuania, and Latvia, with a lettable area of 271,500 sq.m.

• Sustainability remains a core focus, with 100% of the portfolio certified and 97% of revenues EU Taxonomy-aligned.

Financial highlights

• Net operating income increased 50% year-over-year to EUR 57.6m.

• Surplus ratio improved to 93.4% for the year.

• Occupancy rate stood at 95.8% at year-end.

• Unrealized property value changes contributed EUR 21.1m positively for the year.

• Loan-to-value ratio at 47%; average interest rate 4.3%; interest coverage ratio at 2.4x.

Outlook and guidance

• Preparing for further acquisitions, especially in Warsaw, leveraging favorable market and financing conditions.

• Dividend proposal increased by 7% to SEK 1.28 per share, representing 41% of profit from property management after tax.

• Expectation of continued growth in prime office markets in Poland, Lithuania, and Latvia.

• High occupancy and surplus ratios expected to continue, with stable financing and robust cash flows.

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