Eastnine: Solid value uplift - ABG

NOI +75% y-o-y and -0.7% vs ABGSCe
Value uplift 2.1% q-o-q, net LTV at 48.1%
EC IFPM +2.3% q-o-q, solid operational figures


Recurring PTP -7% vs ABGSCe

Eastnine delivered a Q1 report with rental income of EUR 15.6m (-0.3% vs ABGSCe) and NOI of EUR 14.7m (-0.7% vs ABGSCe). Central admin and net interest were both slightly below expectations, leading to recurring PTP of EUR 7.8m being -7% vs ABGSCe. Occupancy came down 0.1 pp sequentially to 96.0% and the like-for-like rental income growth is 4.5% y-o-y. The earnings capacity (EC) IFPM increased to EUR 32.4m, which is +2.3% q-o-q and -4.2% vs. ABGSCe 2025e.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/eastnine/Equity-research/2025/4/eastnine---solid-value-uplift/