<a id="bm-comp-4f193614-e1ec-4cd1-bd1a-0b1ae7cd1f67" name="bm-comp-4f193614-e1ec-4cd1-bd1a-0b1ae7cd1f67" class="BMCustomAnchor"></a><table><tr><td bm-component-id="4f193614-e1ec-4cd1-bd1a-0b1ae7cd1f67" style="vertical-align: top; width:100.000000%;"><ul><li>NOI -3%, occupancy (excl "The Bridge") up 0.7pp q-o-q to 97.2%</li><li>Ket metrics impacted by M&A, net letting -EUR 0.15m</li><li>Share likely broadly in-line with the sector today, CC at CET 15.00</li></ul></td></tr></table><a id="bm-comp-b5f6f5ba-4bdc-4c17-9c45-e141a4dde0f3" name="bm-comp-b5f6f5ba-4bdc-4c17-9c45-e141a4dde0f3" class="BMCustomAnchor"></a><table><tr><td bm-component-id="b5f6f5ba-4bdc-4c17-9c45-e141a4dde0f3" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Recurring PTP +9% vs ABG, FX boost</h3><p>Eastnine delivered a Q3 report with rental income of EUR 15.4m (+1% vs ABG) and NOI of EUR 13.9m (-3% vs ABG). Net interest expenses were significantly lower than expected, but includes an unquantified FX tailwind, leading to reported rec PTP of EUR 8.5m being +9% vs ABG. If we simply assume that all of "other financial income/costs" relates to FX, the rec PTP is lower than our estimate. Occupancy (excluding the Bridge) was up by 0.7pp sequentially to 97.2%, but as Eastnine has finalised the large transaction end of Q3 (tenants moving in N12M), reported occupancy now stands at 88.3%. The earnings capacity IFPM (also heavily impacted by M&A) increased by 17% sequentially and is +1.1% vs ABG N12M. Given the timing of move-ins throughout the upcoming 12 months, these figures are not fully comparable, but indicate the long-term earnings potential.</p><h3 class="bm-h3">Property values +0.4%, net LTV at 58%</h3><p>Property value changes in the quarter amounted to EUR 3.7m (+0.4% of property value), where we had anticipated +0.5%. The valuation yield was up 0.1pp q-o-q. The reported LTV increased substantially in the quarter on completed M&A and now amounts to 58%. EPRA NRV per share came in at EUR 5.2 (0% vs ABG).</p><h3 class="bm-h3">Conclusion</h3><p>Reported Q3 recurring PTP was +9% vs ABG, but we assess that it is FX-boosted (amount not quantified). The NOI margin was weaker than expected at 89.8% and would likely filter through to rec PTP being below expectations, on an adjusted basis. The earnings capacity IFPM (including the Bridge) increased by 17% q-o-q, but is not a solid indicator for N12M, in our view, as move-ins will come gradually in 2027. We believe estimates generally will have to come down on recent spikes in long-term interest rates, while the report itself should be in-line with market expectations. CC at CET 15.00 at <a href="https://eastnine.events.inderes.com/q3-2026/register">https://eastnine.events.inderes.com/q3-2026/registereport 2026</a></p></td></tr></table><a id="bm-comp-12bf393c-b5dd-4403-b5cc-3771d3e61a84" name="bm-comp-12bf393c-b5dd-4403-b5cc-3771d3e61a84" class="BMCustomAnchor"></a><table><tr><td bm-component-id="12bf393c-b5dd-4403-b5cc-3771d3e61a84" style="vertical-align: top; width:100.000000%;"><table id="bm-img-d60f3cee-3d48-465f-a12d-060be7fd58a6" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Deviation table</td></tr><tr><td><img bm-img-encrypt="d60f3cee-3d48-465f-a12d-060be7fd58a6" bm-img-original-height="292" bm-img-original-width="682" bm-img-svg="image:image_upload/99595_48441cdb-cecb-4653-a3c2-95b65a8b6345.svg" bm-img-width-hint="93.67%" id="bm-id-5a5b6917-e34a-4582-9652-37df6686b756" src="https://abgsc.bluematrix.com/images/image_upload/99595_48441cdb-cecb-4653-a3c2-95b65a8b6345_681.png" svg="/nas/web/clients/abgsc/images/image_upload/99595_48441cdb-cecb-4653-a3c2-95b65a8b6345.svg" width="681" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, Company data</td></tr></table></td></tr></table>