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Eastnine Year-end report January-December 2025
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2 October-December 2025 Rental income → Total: EUR 15.4m +24 % → Comparable portfolio: +2 % Profit from property management → Total: EUR 7.0m +15 % → Per share: EUR 0.07 +8 % Unrealised value changes properties → EUR -3.2m Net letting: EUR +361k Occupancy ratio: -0.9 %-point to 95.8% (vs 2025-09-30) Surplus ratio: -0.4 %-point to 92.8% (vs 2025-09-30) • Adela Colakovic has been recruited as new CFO from June 2026. • Extended and prolonged lease with Vinted in Vilnius. Highlights for the quarter and the year January-December 2025 Rental income → Total: EUR 61.7m +49 % → Comparable portfolio: +4 % Profit from property management → Total: EUR 31.0m +40 % → Per share: EUR 0.32 +28 % Unrealised value changes properties → EUR +21.1m Net letting: EUR –211k Occupancy ratio: -0.3 %-point to 95.8 % (vs 2024-12-31) Surplus ratio: +0.6 %-point to 93.4 % (vs Jan-Dec 2024) • Refinanced and increased loans related to existing properties at improved conditions. • Established Polish organisation.
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3 Vilnius Warsaw Riga Poznan Stockholm (HQ) SQ.M. 000 272 LEASABLE AREA EURm 960 PROPERTY VALUE % 96 ECONOMIC OCCUPANCY EURm 62 RENTAL INCOME % 6.0 YIELD(1) % 47 LOAN TO VALUE % 4.3 AVERAGE INTEREST (1) based on earnings capacity, yield excluding development projects. Eastnine at a glance Building a leading office provider in the fastest growing part of Europe Nasdaq Stockholm Mid Cap(1) Stock Exchange Poland, Lithuania, Latvia Geographies Prime office Segment EUR 454m Market Capitalization EUR 499m Net Asset Value Ambition to lead in our regions Sustainability
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4 584 Eastnine (SEK) 511 Eastnine (EUR) Eastnine as a long-term investment Overall goal to create a sustainable, attractive total return on shareholders' investment Source: LSEG Datastream Note: Data as at 31 December 2025 0 100 200 300 400 500 600 700 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total return index (31 Dec 2014 = 100) Eastnine (in SEK) Eastnine (in EUR) Real Estate Index Developed Europe (EPRA) Real Estate Index Stockholm Nasdaq Stockholm Index (OMX30) Warsaw Stock Exchange
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5 Eastnine’s targets and outcome Overarching target Eastnine’s overarching target is to create a sustainable, attractive total return on investment for its shareholders. Growth target Eastnine's long-term ambition is to grow the property portfolio in order to increase profitability. Financial targets and limits Financial targets • Profit per share from property management should increase. • Return on equity should be at least 10 per cent over time. • Eastnine has the ambition to annually increase dividend per share. The dividend shall amount to at least one third of profit from property management, less current tax. Financial limits • Eastnine is aiming for a Loan-to-value ratio (LTV) of around 50 per cent over a business cycle. The LTV may not exceed 60 per cent. • The interest coverage ratio shall be at least 2.0x. Notes: (1) Jan-Dec 2025 compared to Jan-Dec 2024. Key figures Outcome 31 December Total shareholder return, 1 year +10 % Total shareholder return, 5-year average + 16 % Growth of property portfolio, 1 year +3 % Growth of property portfolio, 5-year average +23 % Profit per share from property management(1) +28 % Return on equity, 1 year +9 % Return on equity, 5-year average +8 % Change in dividend per share, board’s proposal for 2025 +7 % Loan-to-value ratio 47 % Interest coverage ratio, 2025 2.4x
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6 Proven growth and strategy execution Eastnine’s overarching goal is to create a sustainable and attractive total shareholder return Notes: PPM/share is calculated based on the weighted average number of shares, adjusted for repurchased shares. Earnings capacity/share is calculated based on number of shares issued at period end, adjusted for repurchased shares. 0,00 0,05 0,10 0,15 0,20 0,25 0,30 0,35 2020 2021 2022 2023 2024 2025 Earnings capacity Profit per share from property management EUR/share Property value EUR millions 0 100 200 300 400 500 600 700 800 900 1000 2020 2021 2022 2023 2024 2025 +172 % +170 % +158 %
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Long-term trends
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8 Source: Eurostat, IMF Consistently high GDP growth Poland is the 6th largest and the fastest growing major economy in the EU Malta Lithuania Poland RomaniaBulgaria Latvia SwedenSpain Netherlands France Germany Italy 0% 1% 2% 3% 4% 0% 1% 2% 3% 4% 5% Ireland Historical Annual GDP Growth L25Y (1999-2024) Projected Annual GDP Growth N5Y (2025E-2029E)
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9 0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 Annual average growth, % y/y GDP growth across the fastest-growing major European cities 2010–2025 (%) 2020–2025 (%)Dots Polish cities dominates GDP-growth in Europe Source: Oxford Economics, Eurostat Bars
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10 EUR/sq.m./month 2024 Vilnius Riga Poznan Warsaw Source: JLL, Colliers, Newsec, CBRE Higher yields, lower rents Same cost of debt translating into higher cash returns, plus scope for long-term value growth 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 0 10 20 30 40 50 60 70 80 90 Prime office rent, prime office yield Prime office rent, EUR Prime office yield, % Yield gap expected to decrease over time Rent level expected to increase over time
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11 Top market rent levelsfor primeoffices 10 14 18 22 26 30 2017 2018 2019 2020 2021 2022 2023 2024 2025 EUR/sq.m./ month Riga Vilnius Poznan Warsaw Growth since 2020 Vilnius +29 % Warsaw +20 % Riga +19 % Poznan +17 %
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12 Market yieldrequirementsfor primeoffices 4 5 6 7 8 2017 2018 2019 2020 2021 2022 2023 2024 2025 % Riga Vilnius Poznan Warsaw Change from lowest point Warsaw +150 bp (since 2021) Poznan +100 bp (since 2019) Vilnius +125 bp (since 2022) Riga +125 bp (since 2022)
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13 Vacanciesin the market 0 2 4 6 8 10 12 14 16 18 20 22 24 2017 2018 2019 2020 2021 2022 2023 2024 2025 % Riga Vilnius Poznan Warsaw
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14 Steady rental growth trend in key markets Prime product, high occupancy rate and retention – a solid fundament driving rental growth in Eastnine’s premises Weighted average per GLA – Rent rates in prolongations / new lettings EUR/sqm/month Economic occupancy rate % Source: Eastnine Notes: Figures from 2019 and 2020 for 3Bures-1,2 and 3 (Vilnius) are based on base rent and commencement date 95,8 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 10 12 14 16 18 20 22 24 26 28 2019 2020 2021 2022 2023 2024 2025 Unit (Warsaw) 3Bures-1,2 and 3 (Vilnius) NR D+E (Poznan)
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Prime offices portfolio
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16 EUR 960m Property value 16 Properties EUR 61.7m Rental income 8 yrs Average property age 6.6 % Yield requirement in valuations 95.8 % Occupancy rate Key figures 2025/2025-12-31 271,500 sq.m. Lettable area EUR ~3,500 Value per sq.m. Portfolio overview Prime office portfolio with 16 assets, 271,500 sq.m. of lettable area, Poland largest market EUR 64.3m Rental value 93.4 % Surplus ratio Warsaw 31% Poznan 21% Vilnius 41% Riga 7% Property value per location 2025-12-31 Office 96% Retail, services and other 4% Property value per type of property 2025-12-31
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17 Tenants % of total annual rent 1 11 2 10 3 9 4 5 5 3 6 3 7 3 8 3 9 2 10 2 11 2 12 2 13 2 14 1 15 1 Top 15 60 3.8 yrs WAULT 222 EUR/sq.m/year (~SEK 2,400) Average rent +200 tenants Strong and diversified multi-national tenant base ICT 21% Finance 29% E-commerce 14% Medical & Health 5% Public sector 2% Other 29% Tenants per industry
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18 128,000 sq.m. 121,000 sq.m. 22,500 sq.m. Nowy Rynek D 39,300 sq.m. Uptown Park 12,700 sq.m. 3Bures-1,2 28,300 sq.m. 3Bures-3 13,400 sq.m. 3Bures-4 Planned extension Alojas Biroji 10,100 sq.m. The Pine Planned extension Nowy Rynek E 28,800 sq.m. Uniq 6,900 sq.m. Vertas-1 9,500 sq.m. Vertas-2 7,600 sq.m. Zala 1 3,600 sq.m. Kimmel Planned project Warsaw Unit 59,900 sq.m. S7-1 12,100 sq.m. S7-2 16,000 sq.m. S7-3 14,500 sq.m. Valdemara Centrs 8,800 sq.m. Note: (1) Additional two planned projects, 3Bures-4 and The Pine, which are add-on/extension projects to 3Bures-3 and Alojas Biroji respectively. Add-on/extension projects Stand-alone plot Portfolio Overview Growing diversification – 16 standing prime office assets, whereof 1 project property(1)
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19 Sustainability is at the core Ambition to define the future of sustainable real estate in our regions Key metrics Sustainability certification level 100 % (2025) Taxonomy alignment 97 % (2025) Green financing 88 % (2025) GRESB rating 5 stars, 91 points, top 20 % (2025) Total energy use -0.9 % (2025 vs 2024) Energy use excl. tenant electricity -3.9 % (2025 vs 2024)
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January-December 2025
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21 Income statement Period, EURk Oct-Dec 2025 Change, % Jan-Dec 2025 Change, % Rental income 15,429 +24 61,723 +49 Property expenses -1,107 +31 -4,078 +37 Net operating income 14,322 +24 57,644 +50 Central administration expenses 1,269 +18 -4,688 +8 Interest income 86 -80 250 -92 Interest expenses -5,506 +23 -21,770 +47 Other financial income/expenses -585 +99 -436 +37 Profit from property management 7,048 +15 31,001 +40 Unrealised value changes properties -3,170 21,108 Unrealised value changes derivatives 1,524 1,501 Real. value changes/dividend investments -21 -86 Profit/loss before tax 5,380 53,525 Current tax 140 -2,012 Deferred tax -1,117 -9,773 Profit/loss for the period/year 4,404 41,739 • Rental income and NOI increased both in the quarter and year, mainly due to property acquisitions in Poland 2024. • Income in a comparable portfolio increased by 2 % in the quarter and 4 % for the full year, due to indexation and higher occupancy in average. • The acquisitions increased interest expenses, while interest income decreased. The increase in expenses was partly offset by lower interest rate. • In Q4 negative currency effects increased other financial expenses. • Profit from property management increased by 40 % for the year and 15 % during the quarter.
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22 Onlysmall changesin the earningscapacity EURk 2025-12-31 2025-09-30 Change, EUR Change, % Rental income 61,552 62,021 -469 -1 Property expenses -4,078 -3,813 +265 +7 Net operating income 57,474 58,208 -734 -1 Central administration -4,688 -4,498 190 +4 Interest income 464 172 292 +170 Interest expenses -21,732 -22,001 -269 -1 Other financial income & expenses -177 -44 +133 +302 Profit from property management 31,341 31,837 -496 -2 • Lower occupancy rate resulted in reduced rental income and increased property expenses. Net operating income also decreased for the same reasons. • Interest income increased due to higher interest rate on bank accounts. • Interest expenses decreased due to amortisations and lower average interest rate on existing loans. • Other financial income and expenses (new budget) have increased, partly due to new lease agreement for the head office. • Profit from property management decreased, mainly due to lower occupancy. Theoretical assessment describing Eastnine’s earnings capacity for a 12-month period as per 31 december 2025.
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23 Stable financing with many banks as counterparties Refinanced early, barely anything to refinance 2026 Debt sources 2025-12-31 SEB 23% Berlin Hyp 21% Erste 16% Helaba 16% Swedbank 16% Luminor 4% LHV 2% OP 1% Key figures Q4/2025-12-31 LTV 47 % Liquidity (EUR) 51m Interest rate level 4.3 % Interest coverage ratio 2.3x Debt ratio 8.5x Share of fixed interest 83 % Capital tie-up period 3.3 yrs Fixed interest period 2.4 yrs 13 118 28 240 103 86 44 108 27 216 22 3M 2026 2027 2028 2029 2030 0 50 100 150 200 250 EURm Debt1 and interest maturities Capital tie-up period Fixed interest period 1 Incl. amortisations
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24 Unrealised value changes increased property value Lower yield requirements and estimated higher market rent levels in Poland -20 -15 -10 -5 0 5 10 15 20 25 2020 Q1 2021 Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 EURm Unrealised changes in value 5,0 5,5 6,0 6,5 7,0 2020 Q1 2021 Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 % Yield requirement valuations 0 200 400 600 800 1 000 1 200 2020 Q1 2021 Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 EURm Property value 2025-12-31: EUR 960m, +3 % (1 yr) 2025: EUR 21m, +2 % 2025-12-31: 6.6 %, +0.0 %-point
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25 Positive share development Average daily shares traded, Jan-Dec1 2025 133,234 2024 111,693 19 % increase Number of shareholders Dec 2025 7,218 Dec 2024 5,942 21 % increase NAV, 2025-12-31/Jan-Dec 2025 2 % increase 8 % increase SEK 55.27 EUR 5.11 Total shareholder return 1 year 10 % 5 years 81 % 16 % average, 5 yrs 1 Includes Nasdaq Stockholm, Cboe, London Stock Exchange, Aquis Stock Exchange, ITG Posit, Liquidnet EU Limited MTF, Sigma x, Instinet Blockmatch Europe, Börse München, Börse Stuttgart, Frankfurt Stock Exchange and Lang & Schwarz TradeCenter.
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26 Dividend proposal Proposal of increased dividend to SEK 1.28 per share (1.20), payable on a quarterly basis at SEK 0.32 per share (0.30). • Increase by 7 per cent. • 41 % of profit from property management after current tax.
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