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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 62 63 65
Rental growth 48,8 2,4 2
NOI 58 59 60
NOI margin (%) 93,5 93,6 93,6
CEPS 0,3 0,35 0,37
CEPS growth (%) 30,7 14,9 6,8
DPS 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 15,7 13,7 12,8
P/E (x) 9,8 10 9,5
P/EPRA NRV 0,92 0,85 0,78
Implicit yield (%) 6 6,2 6,5
Dividend yield (%) 2,4 2,5 2,6
Net LTV (%) 46,38 43,43 40,44
LTV (%) 0 N/A N/A
EURm 2025 2026e 2027e
Rental income 62 63 65
Other income 0 0 0
Operating costs -4 -4 -4
NOI 58 59 60
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 -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 60 54 57
Deferred tax -10 -7 -7
Current tax -2 -1 -1
Net profit 47 46 48
Minority interest 0 0 0
Div. Pref/D-shares and hybrids 0 0 0
Net profit to shareholders 47 46 48
Cash earnings 29 34 36
Other related information N/A N/A N/A
Tax Rate (%) 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 49,9 2,5 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 17.6 % 17.6 % 23 Dec 2025
Bonnier Fastigheter Invest AB 15.8 % 15.8 % 23 Dec 2025
Kestutis Sasnauskas 9.7 % 9.7 % 17 Dec 2025
Arbona AB (publ) 6.7 % 6.7 % 30 Sep 2025
Patrik Brummer 3.4 % 3.4 % 23 Dec 2025
Albin Rosengren 1.8 % 1.8 % 23 Dec 2025
Göran Gustafssons Stiftelser 1.6 % 1.6 % 23 Dec 2025
Handelsbanken Fonder 1.3 % 1.3 % 29 Oct 2025
Dimensional Fund Advisors 1.3 % 1.3 % 31 Dec 2025
Gustaf Hermelin 0.9 % 0.9 % 23 Dec 2025
Source: Holdings by Modular Finance AB