Q4 2024 Eastnine AB (publ) Earnings Call Transcript
Key Points
- Eastnine AB (LTS:0HEZ) reported a significant growth in its property portfolio by 63% and a 25% increase in profit from property management for the year.
- The company achieved a high occupancy rate of 96.1%, indicating strong demand for its properties.
- The acquisition of the Warsaw Unit was transformative, adding a modern, fully leased property with high-profile tenants like Amazon and Moderna.
- Eastnine AB (LTS:0HEZ) has a strong presence in the fastest-growing regions of the EU, including Poland, Latvia, and Lithuania, which are expected to continue their rapid economic growth.
- The company has a high surplus ratio of 92.8% and aims to improve it further, showcasing efficient property management.
- The average interest rate of 4.5% is considered high compared to other real estate companies, potentially impacting profitability.
- Central administration expenses increased due to one-off costs and higher legal and sustainability expenses.
- Interest income decreased due to the use of cash for acquisitions, affecting overall financial performance.
- The net debt ratio increased, reflecting higher costs for loans and reduced interest income.
- Tenant concentration remains a concern, although efforts are being made to reduce reliance on a few large tenants.
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Hello and very warm welcome to Eastnine's year end report.
My name is Kestutis Sasnauskas I am CEO of Eastnine and with me, I have Britt-Marie Nyman, Deputy CEO and CFO. Before I start, I would like to ask you to post your questions during our presentation, which we will respond after we finish the presentation.
So, what an amazing year, we had. Our property portfolio grew by 63% and our profit from property management actually grew by 25% during the year on the top line growth of 15%. But actually, most of the biggest acquisition happened in the last quarter and we can see immediately that our profits are growing by 37% during the last quarter. Profit per share increased by 24% during the year, 32% for the quarter. So, an amazingly strong result, but also the full effect of the acquisitions will only be seen throughout 2025. So, we are actually looking forward quite nice development during the year.
We have a positive net letting during the year and during the quarter and our
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