Q2 2025 Eastnine AB (publ) Earnings Call Transcript
Key Points
- Eastnine AB (LTS:0HEZ) reported a significant increase in rental income, up 62% year-over-year.
- The company's property portfolio has grown by 47% over the last 12 months, indicating strong expansion.
- Occupancy rates are very high, reaching 97.1%, reflecting strong demand for their properties.
- Profit from property management increased by 54%, showcasing effective management and operational efficiency.
- Eastnine AB (LTS:0HEZ) has a diversified and modern portfolio with 100% of its Polish properties leased, indicating high demand in prime locations.
- There were slightly negative unrealized value changes, although minimal, indicating some volatility in property valuations.
- Net letting was slightly negative, suggesting challenges in increasing occupancy beyond current high levels.
- Central administration costs increased due to recruitment and digitalization efforts, impacting overall expenses.
- Interest expenses rose due to acquisitions, affecting net income despite increased rental income.
- The surplus ratio decreased slightly compared to the previous quarter, indicating rising property expenses.
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And welcome to our, first half result presentation. My name is Kestutis Sasnauskas, I'm CEO of Eastnine, and with me is Britt Marie. Today, we will go through the first half and the second quarter and discuss a little bit about the market and the opportunities we see. So before I start, I just want to know that please post your questions during our presentation, so we can start responding to them directly after.
We are building a very exciting company in the fastest growing part of Europe, and it's a company focused on prime offices in prime locations and our offices actually yielding not as offices in most of the European countries, they're actually yielding very highly at 6.2%. our surplus ratio is 93.5%, and we, enjoy very high occupancy. Our property portfolio over the last 1 -12 months has increased by 47%. So it's an amazing, development, over these years and, especially even during the last quarter.
Our rental income is up 62%. In comparable portfolio, we grow 5.1% over this quarter.
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