Q1 2025 Eastnine AB (publ) Earnings Call Transcript
Key Points
- Eastnine AB (LTS:0HEZ) reported a 75% growth in net operating income for the first quarter of 2025.
- Record profits from property management increased by 46%, reaching EUR7.8 million.
- The company achieved a high economic occupancy rate of 96%, with positive net letting for the quarter.
- Eastnine AB (LTS:0HEZ) proposed a dividend increase to SEK1.2 per share.
- The company has a strong sustainability focus, with 100% of its portfolio sustainability certified and 78% of its financing being green.
- Interest income decreased during the quarter, while interest expenses increased due to property acquisitions in 2024.
- The interest coverage ratio decreased slightly to 2.4% compared to 2.7% in the same period last year.
- The surplus ratio was somewhat lower due to higher property expenses.
- There is a risk of losing tenants due to a lack of available premises for growing companies.
- The company did not acquire any new properties during the first quarter, leading to only minor changes in earning capacity.
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Hello and a very warm welcome to Eastnine's first quarter presentation of 2025. My name is Kestutis Sasnauskas, and with me, I have Britt-Marie Nyman joining for this presentation.
So for you who are watching our presentation for the first time, just a very brief reminder, Eastnine is a real estate company focusing on prime offices in prime locations in the fastest part of Europe today. We have 272,000 square meters of leasable area, approximately a billion in asset value, economic occupancy of 96%, rental revenue, which is in our earnings capacity around EUR62 million, average yield 6.5%, loan to value 48%, and average interest of 4.5.
And with this, I will start going into the quarter. Before I do that, I would like to remind all of you to post questions whilst we hold the presentation so we can start with answering them straight after that.
We had a wonderful first quarter, very strong results. Our net operating income is actually growing 75%. We also have record profits from property
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