Eastnine: Solid growth in the East - ABG

NOI +41% y-o-y and +1% vs ABGSCe
Value uplift -0.3% q-o-q, net LTV at 52.6%
EC IFPM +32% q-o-q, stable operational figures


Recurring PTP +0.3% vs ABGSCe

Eastnine delivered a Q4 report with rental income of EUR 12.4m (+1% vs ABGSCe) and NOI of EUR 11.6m (+1% vs ABGSCe). Central admin and net interest were in line vs expectations, leading to recurring PTP of EUR 6.2m being 0% vs ABGSCe. Occupancy came up 1.7 pp sequentially to 96.1% (driven by acquisitions) and the like-for-like rental income growth is flat y-o-y. The earnings capacity (EC) IFPM increased to EUR 31.7m, which is +32% q-o-q and -5% vs. ABGSCe 2025e. Moreover, the Q4 EC IFPM is 2.4% higher than the "updated" EC the company provided in conjunction with the acquisition of Warsaw Unit, and the deviation mainly relates to lower interest expenses.