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Eastnine

Eastnine

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Eastnine is a Swedish long-term real estate manager of modern, sustainable office premises at prime locations in the Baltics and Poland. Poland is the largest market for Eastnine, a market which is growing faster than the Nordics, and where office fundamentals outperform Sweden (e.g. lower occupancy rates).

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 61,72 62,61 75,49
Rental growth 48,65 1,43 20,58
NOI 57,65 57,94 70,68
NOI margin (%) 93,4 92,5 93,6
CEPS 0,3 0,3 0,37
CEPS growth (%) N/A N/A N/A
CEPS growth 28,87 1,59 21,49
DPS N/A N/A N/A
Dividend per share 0,11 0,12 0,13
EPRA NRV per share 5,11 5,31 5,75
EPS 0,43 0,35 0,48
EPS adj. 0 0 N/A
P/CEPS 14,3 14,1 11,6
P/E (x) 9,96 12,32 8,78
P/EPRA NRV 0,83 0,8 0,74
Implicit yield (%) 6,3 5,1 6,3
Dividend yield (%) 2,7 2,8 3
Net loan to value 46,97 55,34 52,98
LTV (%) 0 N/A N/A
EURm 2025 2026e 2027e
Rental income N/A N/A N/A
Sales 61,72 62,61 75,49
Other income N/A N/A N/A
Other income RE 0 0 0
Operating costs -4 -5 -5
NOI 57,65 57,94 70,68
NOI margin (%) 93,4 92,5 93,6
Adm. costs -5 -6 -7
All other income & costs 0 0 0
Recurring EBIT 53 52 64
Net financial items N/A N/A N/A
Net financial items RE -22 -22 -27
Income from property management 31 31 37
Value chg. realized 0 0 0
Value chg. unrealized 21 10 19
Value chg. derivatives 1 0 0
Pretax profit N/A N/A N/A
Pretax profit RE 54 41 56
Deferred tax N/A N/A N/A
Deferred profit tax -10 -6 -7
Current tax -2 -1 -1
Net profit N/A N/A N/A
Net profit RE 42 34 47
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 42 34 47
Cash earnings 29 29 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 22 16,9 15
Investments in developments -6 -7 -17
Acquisitions 0 -260 0
Other investments N/A N/A N/A
Divestments 0 37 0
EPS 0,43 0,35 0,48
CEPS 0,3 0,3 0,37
Dividend per share 0,11 0,12 0,13
Payout ratio of CEPS 38,62 39,91 34,5
Rental growth 48,65 1,43 20,58
NOI growth 49,52 0,51 21,99
CEPS growth 28,87 1,59 21,49

Equity research

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Media

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

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Main shareholders - Eastnine

Main shareholders Share capital % Voting shares % Verified
Peter Elam Håkansson 18.0 % 18.0 % 26 Jun 2026
Kestutis Sasnauskas 10.0 % 10.0 % 26 Jun 2026
Nordnet Pensionsförsäkring 7.9 % 7.9 % 26 Jun 2026
Arbona AB (publ) 6.0 % 6.0 % 31 Mar 2026
Avanza Pension 5.7 % 5.7 % 26 Jun 2026
Patrik Brummer 3.4 % 3.4 % 26 Jun 2026
Bonnier Fastigheter Invest AB 3.3 % 3.3 % 26 Jun 2026
Utmost International Isle Of Man Limited 3.0 % 3.0 % 17 Mar 2026
Gemsstock Limited 2.9 % 2.9 % 17 Apr 2026
Wealins S.A. 1.9 % 1.9 % 17 Mar 2026
Source: Holdings by Modular Finance AB