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Eastnine

Eastnine

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Eastnine is a Swedish long-term real estate manager of modern, sustainable offices and logistics premises at prime locations in the Baltics and Poland. A majority of the property value is located in Vilnius, where EAST is the largest prime office owner. The Baltics are growing faster than the Nordics and both the office and logistics markets are picking up speed. The region is also technically advanced and has an attractive tax regime.

Sustainability information

Real estate companies are subject to macro risks, supply of premises risk, supply of capital risk, debt availability risk, forex risk, regulatory risk, rental income risk, property cost risk, property value risk and ownership risk. We argue that the key specific risks related to Eastnine are macro risks, forex risks and portfolio risks.

Financials

EURm 2025 2026e 2027e
Rental income N/A N/A N/A
Sales 61,8 63,26 64,53
Rental growth 48,83 2,37 2
NOI 57,78 59,21 60,4
NOI margin (%) 93,5 93,6 93,6
CEPS 0,3 0,35 0,37
CEPS growth (%) N/A N/A N/A
CEPS growth 30,69 14,92 6,82
DPS N/A N/A N/A
Dividend per share 0,11 0,12 0,12
EPRA NRV per share 5,16 5,59 6,04
EPS 0,48 0,47 0,5
EPS adj. 0 0 N/A
P/CEPS 13,8 12 11,2
P/E (x) 8,63 8,8 8,37
P/EPRA NRV 0,81 0,74 0,69
Implicit yield (%) 6,4 6,6 6,9
Dividend yield (%) 2,7 2,8 3
Net loan to value 46,38 43,43 40,44
LTV (%) 0 N/A N/A
EURm 2025 2026e 2027e
Rental income N/A N/A N/A
Sales 61,8 63,26 64,53
Other income N/A N/A N/A
Other income RE 0 0 0
Operating costs -4 -4 -4
NOI 57,78 59,21 60,4
NOI margin (%) 93,5 93,6 93,6
Adm. costs -5 -5 -5
All other income & costs 0 0 0
Recurring EBIT 53 55 56
Net financial items N/A N/A N/A
Net financial items RE -21 -20 -18
Income from property management 32 35 37
Value chg. realized 0 0 0
Value chg. unrealized 28 19 20
Value chg. derivatives 0 0 0
Pretax profit N/A N/A N/A
Pretax profit RE 60 54 57
Deferred tax N/A N/A N/A
Deferred profit tax -10 -7 -7
Current tax -2 -1 -1
Net profit N/A N/A N/A
Net profit RE 47 46 48
Minority interest 0 0 0
Div. Pref/D-shares and hybrids N/A N/A N/A
Dividend to preferred shareholders 0 0 0
Net profit to shareholders N/A N/A N/A
Net profit to shareholders RE 47 46 48
Cash earnings 29 34 36
Other related information N/A N/A N/A
Year N/A N/A N/A
Tax Rate (%) N/A N/A N/A
Tax Rate RE 21 15 15
Investments in developments -5 -5 -5
Acquisitions 0 0 0
Other investments N/A N/A N/A
Divestments 0 0 0
EPS 0,48 0,47 0,5
CEPS 0,3 0,35 0,37
Dividend per share 0,11 0,12 0,12
Payout ratio of CEPS 37,37 34,14 33,56
Rental growth 48,83 2,37 2
NOI growth 49,86 2,49 2
CEPS growth 30,69 14,92 6,82

Equity research

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Media

Eastnine - Company presentation with CEO Kestutis Sasnauskas and CFO Britt-Marie Nyman
Eastnine - Company presentation with CEO Kestutis Sasnauskas & CFO Britt-Marie Nyman

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Main shareholders - Eastnine

Main shareholders Share capital % Voting shares % Verified
Peter Elam Håkansson 17.8 % 17.8 % 25 Feb 2026
Kestutis Sasnauskas 10.0 % 10.0 % 19 Feb 2026
Arbona AB (publ) 6.0 % 6.0 % 31 Dec 2025
Patrik Brummer 3.4 % 3.4 % 25 Feb 2026
Bonnier Fastigheter Invest AB 3.3 % 3.3 % 25 Feb 2026
Karine Christine Hirn 1.7 % 1.7 % 14 Feb 2026
Göran Gustafssons Stiftelser 1.6 % 1.6 % 25 Feb 2026
Dimensional Fund Advisors 1.4 % 1.4 % 27 Feb 2026
Carnegie Fonder 1.2 % 1.2 % 28 Feb 2026
Handelsbanken Fonder 1.1 % 1.1 % 28 Feb 2026
Source: Holdings by Modular Finance AB