During the second quarter, rental income increased and the surplus ratio improved, as property expenses declined compared with the first quarter. Cash reserves increased, following the sale of two properties in Riga, and thus contributed to a reduced loan-to-value ratio of 45 per cent. After the end of the period, Eastnine has entered into an agreement to acquire the office property The Bridge in Warsaw.
Stable operations and major acquisition in Warsaw
Eastnine's surplus ratio and occupancy rate were strengthened during the second quarter. The real estate business remains resilient despite global uncertainties, with demand for premium offices in attractive locations across Warsaw, Poznan and Vilnius remaining high. The acquisition of The Bridge will increase profit per share from property management by approximately 20 per cent.
Although the acquisition agreement was signed a few days after the end of the first half of the year, it is the most important news so far this year. With this acquisition, which will be completed in the fourth quarter, we are adding another flagship property in Warsaw and doubling our portfolio in the city. Warsaw will be our largest market and Poland will account for about 64 per cent of rental income. At full occupancy rate, The Bridge will increase profit per share from property management by approximately 20 per cent. The acquisition, which is conditional financing, will be financed with existing cash, bank loans and partial refinancing of the existing debt portfolio.
Rental income for the second quarter rose compared with the preceding year, while remaining consistent on half-year basis, despite higher vacancy rates during the period and the divestment of two properties. In comparable portfolio, income grew by 3 per cent during the quarter. The divestment of the Alojas Biroji and Zala 1 properties in Riga was completed during the quarter, strengthening our cash position. Profit from property management remains stable but is somewhat lower than the previous year for both the second quarter and the period, partly attributable to higher vacancy rates in the beginning of the year and partly due to operational adjustments in consistency with our growth ambitions.
Read the full CEO statement in the report.
Kestutis Sasnauskas, CEO
The report and the previously announced acquisition will be presented on Tuesday 7 July 2026 at 15.00 CEST. Welcome to listen and ask questions on-site at Inderes Studio Valo at Västra Trädgårdsgatan 19 in Stockholm or via the webcast. Click here to see the webcast.
Eastnine AB (publ)
For more information contact:
Kestutis Sasnauskas, CEO, +46 8 505 97 700
Adela Colakovic, CFO, +46 72 722 28 46
Visit www.eastnine.com
This information is information that Eastnine AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 14.00 CEST on 7 July 2026.