Slides
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Interim report presentation January-September 2026
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Acquisition of The Bridge Completed in late September 2026 40 storeys, office property in Warsaw CBD ~55,000 sq.m. lettable area 98 % signed occupancy, nine tenants 57 % occupancy as of 30 September 2026 Q4 2027 expected completion of signed tenant move-ins ≥ 10 yrs secured cash flows after full move-in EUR 285m underlying property value EUR 240.6m¹ purchase price after deductions EUR 0.36² group earnings capacity per share after signed move-ins F I N A N C I N G EUR 180m secured bank loan, EUR 59m from refinancings and existing cash. Temporary VAT loan of EUR 57m. No equity issue. 1) After deductions for vacancies, rent discounts and tenant fit-outs. 2) Annual earnings capacity after signed tenants move in, expected Q4 2027. Current earnings capacity: EUR 0.27/share.
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Highlights Q3 2026 The Bridge acquired, like-for-like rental growth and higher loan-to-value Q 3 2 0 2 6 J A N– S E P 2 0 2 6 RENTAL INCOME EUR 15.4m −0.5% / +3.2% LFL EUR 46.1m −0.3% / +1.4% LFL NET OPERATING INCOME EUR 13.9m −4% EUR 42.1m −3% PROFIT FROM PROPERTY MANAGEMENT EUR 8.5m +4% / EUR 0.09 per share EUR 23.4m −2% / EUR 0.24 per share UNREALISED VALUE CHANGES, PROPERTIES EUR 3.8m EUR 4.0m 6.21 % yield 91.1 % surplus ratio Jan-Sep 2026 97.2 % occupancy at 30 Sep like-for-like 88.3 % in total 58 % ¹1) Current earnings capacity at 30 Sep, after all signed Bridge tenants move in Q4 2027. 59.38 SEK long-term net asset value/share
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Eastnine at a glance Building a leading office provider in the fastest growing part of Europe As at 30 Sep 2026. 1) In comparable portfolio: 97.2%. 2) Current earnings capacity at 30 Sep, after all signed Bridge tenants move in Q4 2027. Stockholm (HQ) Listed at Nasdaq Stockholm Riga Vilnius WarsawPoznan Premium office properties in prime locations. Fast-growing markets in Warsaw, Poznan, Vilnius and Riga. 313 LEASABLE AREA, ’000 SQ.M. EUR 1,174m PROPERTY VALUE 88.31 % ECONOMIC OCCUPANCY EUR 62m RENTAL INCOME R12M 6.22 % YIELD 58 % LOAN TO VALUE T E N A N T S I N C L U D E
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Proven growth and strategy execution The Bridge expands the portfolio – making Warsaw our biggest market ¹ 2026: annual earnings capacity at 30 Sep, EUR 0.27 per share; EUR 0.36 after all signed Bridge tenants move in Q4 2027. Investment properties EURm 62 64 67 108 159 290 372 470 606 574 935 960 1,174 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Sep 2026 Property acquisitions while transforming from investment company Expansion in Warsaw Profit per share from property management¹ EUR 0.04 0.06 0.11 0.11 0.15 0.20 0.24 0.32 0.27 0.36 2018 2019 2020 2021 2022 2023 2024 2025 Sep 2026 Dec 2027 Adapting for growth After The Bridge move-ins in Q4 2027 → 0.36 EUR Entry into Poland
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Long-term trends
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Poland has grown 42% since 2015 - the EU 17% Real GDP growth, index 2015 = 100, and average annual GDP growth in Eastnine’s cities Source: Eurostat, Oxford Economics +42% Poland +37% Lithuania +19% Latvia +17% EU average +16% Sweden 95 105 115 125 135 145 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Poland Lithuania Latvia EU average Sweden A V E R A G E A N N U A L G D P G R O W T H 2 0 1 0– 2 0 2 5 , % 4.7% 4.3% 4.2% 3.0% 1.6% Vilnius Warsaw Poznan Riga 169-city average
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Good prospects for growth in Warsaw and Poznan Source: Oxford Economics Average annual GDP growth, 2026–30 Eastnine’s Polish markets, Warsaw and Poznan, are highlighted on the map. The darkest shading marks the highest expected average annual growth. Warsaw and Poznan
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Lower rents and higher yields, with a gap expected to narrow Prime offices in Eastnine’s markets compared with major European cities Source: JLL, Colliers, Newsec, CBRE. Data for Q4 2025. Prime office rent, EUR/sq.m./month 73.3 60.0 55.0 45.0 28.8 22.0 19.0 17.5 Stockholm Munich Frankfurt Berlin Warsaw Vilnius Riga Poznan Prime office yield, % 4.0% 4.4% 4.9% 4.6% 6.0% 6.5% 6.8% 7.5% Stockholm Munich Frankfurt Berlin Warsaw Vilnius Riga Poznan ↓ Yield gap expected to decrease over time↑ Rent level expected to increase over time
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Attractive pricing and new supply well below historic levels Prime office values (EUR/sq.m.) and new office completions in Warsaw (sq.m.) Source: JLL. Dashed line: average completions 2008–2022. Prime office values, EUR/sq.m. 22,300 17,800 13,600 13,600 12,700 12,300 12,100 10,100 5,900 Stockholm Munich Berlin Frankfurt Oslo Düsseldorf Hamburg Helsinki Warsaw New office completions in Warsaw, sq.m. 0 100,000 200,000 300,000 400,000 Completions Planned Average 2008–2022
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Prime offices portfolio
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1 2 3 4 5 6 7 8 Vilnius 1 S7-1 2 S7-2 3 S7-3 4 3Bures-1,2 5 3Bures-3 6 Uniq 7 Vertas-1 8 Vertas-2
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9 Vilnius 9 Uptown Park
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10 11 Poznan 10 Nowy Rynek D 11 Nowy Rynek E
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12 Warsaw 12 Warsaw Unit 13 The Bridge 13
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Portfolio overview 15 properties, 313,419 sq.m. of lettable area and current portfolio yield of 5.4%¹ 30 Sep 2026. ¹ Current earnings capacity; 6.2% after Bridge move-ins Q4 2027 EUR 1,174m Property value EUR 62m Rental income R12 EUR 81.1m Rental value EUR 3,720 Value per sq.m. 6.7 % Yield requirement in valuations 7.5 yrs Average property age T E N A N T S P E R I N D U S T R Y 35% Finance 17% ICT 14% E-commerce 4% Medical & Health 6% Manufacturing 25% Other P R O P E R T Y V A L U E P E R L O C A T I O N Warsaw 47% Poznan 17% Vilnius 33% Riga 3% 88.3 % Occupancy rate 97.2 % Occupancy excl. Bridge EUR 240 Average rent /sq.m./yr 4.1 yrs WAULT 55 % Share of rent from top 10 tenants
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Consistent high economic occupancy rate and surplus ratio Economic occupancy rate 88.3% at 30 September; 97.2% excluding The Bridge 94 % 5 - Y E A R A V E R A G E 0% 20% 40% 60% 80% 100% 2020 Q3 2021 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Q3 2026 Q3 Surplus ratio Q3 surplus ratio: 89.8% 92 % 5 - Y E A R A V E R A G E 0% 20% 40% 60% 80% 100% 2020 Q3 2021 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Q3 2026 Q3 97.2 %
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Sustainability is at the core Ambition to define the future of sustainable real estate in our regions Net Zero target 2040 Climate targets validated by SBTi 100 % Sustainability certification BREEAM Outstanding or LEED Platinum 97 % Taxonomy alignment Based on turnover FY 2025 5 stars GRESB 2026 rating, top 20% globally 92 % Green financing 2026-09-30
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Financials Jan–Sep 2026
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Results January–September 2026 Q3 profit from property management up 4% Q 3 2 0 2 6 J A N– S E P 2 0 2 6 W H A T D R O V E I T RENTAL INCOME EUR 15.4m −0.5% / +3.2% LFL EUR 46.1m −0.3% / +1.4% LFL Rental income broadly unchanged Like-for-like growth partly offsets the Riga disposals in Q2 NET OPERATING INCOME EUR 13.9m −4% EUR 42.1m −3% Higher property costs reduce net operating income Polish organization build-out and high energy costs early in the year NET FINANCIAL INCOME & EXPENSES EUR −4.2m 20% lower net expense EUR −14.8m 7% lower net expense Positive currency effects in Q3 PROFIT FROM PROPERTY MANAGEMENT EUR 8.5m +4% / EUR 0.09 per share EUR 23.4m −2% / EUR 0.24 per share Q3 improves, nine-month profit lower Riga disposals and higher property and central costs affect Jan–Sep Other financial items in Q3 offset higher interest expenses UNREALISED VALUE CHANGES, PROPERTIES EUR 3.8m EUR 4.0m Positive property revaluations, mainly in Warsaw Driven by higher market rents Excluding positive currency effect the financial net is in line with last year E U R m
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Earnings capacity Annualised earnings capacity at 30 September 2026, a hypothetical snapshot, not a forecast E U R k 3 0 S E P 2 0 2 6 A l l B r i d g e l e a s e s ¹ 3 0 S E P 2 0 2 6 3 0 J U N 2 0 2 6 C H A N G E Rental income 77,277 69,996 60,520 +16% Property expenses −5,275 −6,809 −4,427 +54% Net operating income 72,002 63,187 56,093 +13% Central administration −5,098 −5,098 −4,965 +3% Interest income 868 868 760 +14% Interest expenses −32,493 −32,4932 −21,608 +50% Other financial income & expenses −188 −188 −177 +6% Profit from property management 35,091 26,276 30,103 −13% Profit per share, EUR 0.36 0.27 0.31 -13% 1) Includes all signed Bridge leases after move-ins, expected in Q4 2027. 2) Excludes temporary VAT-loan of 57 MEUR. Expected to be repaid within the fourth quarter. Rental income increased due to acquisition and record high occupancy rate Higher property costs due to acquisition and growing org Central admin increased due to higher personnel costs Interest income is higher as a result of increased cash C O M M E N T S O N C H A N G E F R O M L A S T Q U A R T E R Interest expense is higher due to higher debt as a result of acquisition of Bridge and additional debt through refinancing activities during Q3 Overall, it’s a decrease in profit from property management due to the initially high vacancy in the new building but as the tenants move in during 2027 the profit is expected to increase.
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Property value development Changes in investment property value, 1 January–30 September 2026 960.5 Property value 1 Jan 2026 +7.8 Investments in existing properties +4.0 Unrealised value changes −39.3 Riga divestments 1,173.7 Property value 30 Sep 2026 6.7 % Yield requirement in valuations 15 Properties incl. 1 development asset +25 % Average growth, 5 yrs +22 % Portfolio growth since year-end 2025 Unrealised gains of EUR 4.0m, mainly in Warsaw Warsaw now represents 47% of portfolio value The Bridge adds EUR 240.6m to property value +240.6 The Bridge acquisition 700 800 900 1,000 1,100 1,200 EURm
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Financing after The Bridge acquisition Financial position at 30 September 2026, interest coverage based on R12 1 MFG disposal 2 Warsaw Unit acquisition. L T V , A V E R A G E I N T E R E S T R A T E & I C R D E V E L O P M E N T Loan-to-value, % (left axis) Average interest rate, % (right axis) ICR, x (right axis) 0 2 4 6 0% 20% 40% 60% Q3 2022 Q1 2023 Q3 2023 Q1 2024 Q3 2024 Q1 2025 Q3 2025 Q1 2026 Q3 2026 1 2 D E B T 1 A N D I N T E R E S T M A T U R I T Y AT 3 0 S E P 2 0 2 6 , E U R m 2 177 18 174 168 55 180165 33 109 15 193 78 180 3M 2026 2027 2028 2029 2030 2031 2032 Capital tie-up period Fixed interest period 2.4 x Interest coverage ratio, R12 58 % Loan-to-value 79 % Share of fixed interest EUR 771m Interest bearing liabilities 2.6 yrs Fixed interest period 11.6 x Debt ratio, current earnings cap 4.6 % Average interest rate EUR 95m Cash and cash equivalents incl restricted cash 3.5 yrs Debt duration 92 % Green financing 1) Incl. amortization. The capital amount relates to undiscounted values. The balance sheet includes borrowing fees in intere st-bearing liabilities.
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Eastnine as a long-term investment Overall goal to create a sustainable, attractive total return on shareholders' investment Chart: LSEG, 30 Sep 2026; 31 Dec 2014 = 100. +6.7 % Eastnine, 5-year annual average return −7.8 % Real Estate GI, 5-year return 0 100 200 300 400 500 600 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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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