olivLaw · European equity research
Eastnine AB (publ) EAST.ST
Sweden · Nasdaq Stockholm · ISIN SE0022050183 · Vertical: Listed companies from Sweden
Eastnine AB is an owner of office properties in Poland, Lithuania and Latvia, with a portfolio of 16 properties and a property value of 960.5 MEUR at the end of 2025. The company is relevant now because its regional markets show signs of stability, and demand concentrated on modern, energy-efficient buildings favours its portfolio.
At the close of 05 Nov 2026, Eastnine AB (publ) (EAST.ST) stock was 44.45 SEK (+3.13% on the day), with beta 0.38, 52-week range 41.00–51.50 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 64.3
- strong (55–70)
- Bollinger (20, 2)
- 40.86 – 43.82
- above the upper band · %B 1.21 · band width 7.0%
- SMA 50 / 200
- 43.42 / 45.37
- mixed trend
- MACD (12, 26, 9)
- -0.02 / -0.28
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.6% | −0.6% | +6.2 pp | — |
| 3 months | −4.9% | −4.2% | −0.8 pp | — |
| 6 months | −0.2% | +4.3% | −4.6 pp | — |
| Year to date | −11.6% | +7.5% | −19.1 pp | — |
| 1 year | −10.0% | +9.9% | −19.9 pp | −8.3% |
| 3 years | +14.0% | +49.8% | −35.9 pp | +12.0% |
| 5 years | +14.3% | +42.8% | −28.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -72.0 m | 5.9 m | 41.7 m |
| Net income YoY | unavailable | unavailable | +606.5% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 16.7 m | 21.2 m | 29.7 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 47.2 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 467.9 m EUR
- Total assets
- 1.0 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 2.05x
- ROE
- 9.2%
- ROA
- 4.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 17.7 m | 22.2 m | 31.0 m | esef· 26 Oct 2026verified |
| Pre-tax income | -74.6 m | 12.6 m | 53.5 m | esef· 26 Oct 2026verified |
| Income tax | 449.0 k | 1.5 m | 2.0 m | esef· 26 Oct 2026verified |
| Net income | -72.0 m | 5.9 m | 41.7 m | esef· 26 Oct 2026verified |
| Dividend per share | — | 1.20 | — | esef· 26 Oct 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 128.5 m | 27.5 m | 47.2 m | esef· 26 Oct 2026verified |
| Current assets | 134.0 m | 40.1 m | 60.8 m | esef· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | — | 0 | 290.0 k | esef· 26 Oct 2026verified |
| Total assets | 713.1 m | 982.6 m | 1.0 bn | esef· 26 Oct 2026verified |
| Current liabilities | 99.1 m | 55.5 m | 29.6 m | esef· 26 Oct 2026verified |
| Equity | 400.2 m | 437.3 m | 467.9 m | esef· 26 Oct 2026verified |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 16.7 m | 21.2 m | 30.2 m | esef· 26 Oct 2026verified |
| Capex | 30.0 k | 21.0 k | 494.0 k | esef· 26 Oct 2026verified |
| Free cash flow | 16.7 m ≈ | 21.2 m ≈ | 29.7 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | 141.3 m | -324.9 m | -6.6 m | esef· 26 Oct 2026verified |
| Financing cash flow | -49.3 m | 202.7 m | -4.0 m | esef· 26 Oct 2026verified |
| Dividends paid | 6.6 m | 8.3 m | 10.5 m | esef· 26 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 14.6% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
15% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 16.32 – 22.25 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)16.32 – 22.25 (Mid 18.83)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 14.6% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 71.1% | 59 (on a fixed band) | 43% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 29% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 35.2% | 100 (on a fixed band) | 29% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial59/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
EASTNINE AB (PUBL) (EAST.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 9.2%.
The estimated value range is 16.32–22.25 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 14.6% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.1x
- Payout ratio (FCF): 35.2%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Listed companies from Sweden · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for EAST.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Eastnine AB is an owner of office properties in Poland, Lithuania and Latvia, with a portfolio of 16 properties and a property value of 960.5 MEUR at the end of 2025 1. The company is relevant now because its regional markets show signs of stability, and demand concentrated on modern, energy-efficient buildings favours its portfolio 1.
SWOT
Strengths
- Modern portfolio with a low average age and sustainability certifications for the whole area.
- Stable tenants, mostly international companies, with medium and long lease terms.
- Triple-net lease structure that shifts most operating costs to tenants.
Weaknesses
- Geographic concentration in four cities in Central and Eastern Europe, with exposure to local markets.
- Occupancy in Riga is low, which puts pressure on income from that market.
- A small organisation with dependence on a few key people.
Opportunities
- Developing the Riga and Vilnius projects could add modern space if pre-let.
- Interest from international investors in the region could support property values.
- Demand for sustainable and flexible buildings could favour the modern portfolio.
Threats
- A fall in office demand due to hybrid work could reduce rents and occupancy.
- Higher yield requirements from investors could reduce property values.
- Geopolitical tensions and trade tariffs could affect tenants' business.
Risks
- Lower office demandhigh
Demand for office space may change, and adapting to new tenant requirements may require additional investment 1.
- Negative property valuation changeshigh
Property values depend on yields and market rents, and a change in these factors could lead to write-downs 1.
- Financing costsmedium
The level of interest rates and refinancing of debt can affect results if credit conditions deteriorate 1.
- Currency riskmedium
Income and debt in different currencies can create fluctuations in financial results measured in euros 1.
- Cyber security risklow
The company's IT systems could be attacked, and information or operations could be affected if a breach occurs 1.
Investment thesis
What would need to be true (bull case)
- If the Warsaw and Vilnius markets maintain stability, the modern portfolio could support stable rental income.
- Developing the Riga and Vilnius projects could add value if sufficient pre-letting is achieved.
- Growing interest from international investors in the region could support prices and liquidity.
What would break the thesis
- If office demand falls structurally, occupancy and rents could be pressured downward.
- The low occupancy in Riga could continue to weigh on income from that market.
- If required yields rise, property values could be reduced significantly.
What to watch
- Development of economic occupancy, especially in Riga2026
- Progress and pre-letting of the Riga and Vilnius development projects2026
- Development of prime rents in Warsaw and VilniusNext annual report
- Refinancing conditions and the cost of bank financing2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Eastnine invests in high-quality office buildings in Warsaw, Poznan, Vilnius and Riga, with a lettable area of approximately 271500 sqm at the end of 2025 1. The business model relies mainly on triple-net leases, through which much of the operating costs are re-invoiced to tenants, and tenants are mainly large international companies 1. On 31 December 2025 the economic occupancy rate was 95.8 percent 1.
In 2025 Eastnine neither acquired nor sold any property, and investments in existing properties were limited 1. The company has three development projects in the planning stage, two in Riga and one in Vilnius, which will only start if they can show satisfactory results 1. The average age of the properties is relatively young, which reduces pressure on modernisation costs 1.
The financing structure is diversified, with seven banks from several European countries, and exposure to refinancing and interest rate risk is monitored by the finance function 1. Occupancy and rental value are the main drivers of income, and over the medium term these depend on the development of the regional office market 1.
Segments
Poland
Poland is Eastnine's largest market, with properties in Warsaw and Poznan that together represent 52 percent of the total portfolio value 1. The Warsaw Unit building is fully let, and the Poznan properties have an occupancy rate of 99 percent 1. Tenants include large companies such as Allegro and Warta 1.
Market context
Regional office markets showed stability in 2025, with prime rents rising in Warsaw and vacancies falling 1. Transactions were stable compared with 2024, with regional investors dominant and growing interest from international capital 1. Demand concentrates on modern, energy-efficient and well-located buildings, which favours the Eastnine portfolio 1.
Market risk remains elevated in Lithuania and Latvia, where the number of major transactions was low and prices were stable but with few buyers 1. If office demand shifts under the pressure of hybrid work or economic weakness, property values could be affected 1.
Trends
- Stabilisation of the Polish office markettailwind
Prime rents continued to rise in Warsaw and vacancies gradually fell, which supports rental income from Eastnine's Polish properties 1.
- Access to bank financingtailwind
Banks provided more financing to property companies with strong balance sheets and high-quality assets, which could facilitate refinancing of the portfolio 1.
- Selectivity in pricingmixed
Pricing remained selective, with premium buildings favoured over secondary ones, which could limit the value realised from older properties 1.
- Sustainability and technology requirementstailwind
Tenants place growing importance on flexibility, sustainability and the working environment, which favours buildings with a high technical standard 1.
Competitive position
Eastnine competes with other office developers and managers in the region, such as HB Reavis, CPI Property Group and Vastint, which are active in the same cities 1. Competition is especially intense for large tenants and for development projects in city centres 1.
The market is fragmented, and regional and international investors compete for the same quality buildings 1. Eastnine's advantage could lie in its focus on modern and well-certified buildings, but this position must be sustained through high occupancy 1.
- HB Reavis
Office developer and manager active in Warsaw, not listed in the US.
- CPI Property Group
Property group active in Warsaw, not listed in the US.
- Vastint
Developer active in Poznan, Riga, Vilnius and Warsaw, not listed in the US.
- Eften Capital
Investor and office manager active in Riga and Vilnius.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Eastnine AB (publ) · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.