Sweden · Delayed Price · Currency is SEK Eastnine AB Earnings Call Transcripts
Fiscal Year 2026
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Stable Q2 results with high occupancy and resilient rental income, despite lower net results from organizational growth and divestments. The Bridge acquisition in Warsaw is set to boost portfolio value and profit, while capital is being reallocated from weaker markets like Riga.
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Q1 was stable with high occupancy and flat rental income, despite higher property expenses from a cold winter and increased staffing. Liquidity and NAV improved, two Riga properties were sold, and acquisitions remain a focus. Dividend of SEK 1.28 per share proposed.
Fiscal Year 2025
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Rental income and profits from property management saw strong double-digit growth year-over-year, driven by acquisitions and high occupancy in prime office markets. The company is preparing for further expansion, maintaining robust financial ratios and sustainability credentials.
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Rental revenue and profit from property management surged, driven by the Poland acquisition, with high occupancy and strong operational metrics. The company is preparing for further acquisitions, focusing on Warsaw, and maintains a robust balance sheet and sustainability profile.
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Portfolio value and rental income surged year-over-year, driven by acquisitions and high occupancy in prime office locations. Profit from property management and shareholder returns also rose, with strong demand in Poland and ongoing focus on sustainability and refinancing.
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First quarter saw net operating income up 75% year-over-year and record property management profits, driven by strong demand and value gains in Poland. High occupancy, rising rents, and robust financial metrics support a positive outlook.
Fiscal Year 2024
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Property portfolio grew 63% in 2024, with profits from property management up 25% and occupancy at 96.1%. Major acquisitions in Poland drove results, and a higher dividend is proposed as the company anticipates further growth in 2025.
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Rental revenues and profit from property management saw double-digit growth, driven by acquisitions and strong leasing, with occupancy rates nearing 96%. Sustainability goals were met with a five-star GRESB rating, and the company remains focused on expanding in high-growth European markets.
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Profit from property management rose 21% year-over-year, driven by strong net letting, a major acquisition in Poznań, and increased occupancy. Portfolio value and NOI grew, while LTV and net debt/EBITDA rose due to acquisition-related VAT, which is expected to be refunded.