Warsaw to become the largest market

研报英文原文证据摘录

Warsaw to become the largest market

Equity Research - 14 July 2026 08:38 CEST

Reason: Post-results commentEastnine

Warsaw to become the largest market Commissioned research

• Q2 report broadly in line with expectations Not rated

• The Bridge deal is the largest incremental news Constr. & Real Estate

• Significant earnings growth in 2027/2028e

Estimate changes (%)

Q2 report wrap 2026e 2027e 2028e

Eastnine's Q2 report saw rental income and NOI in line with expectations, Sales 2.0 21.8 26.4

while rec PTP was burdened by the large cash position and costs related NOI 1.9 23.1 28.1

to build-up of the organisation in Poland. The occupancy rate surprised CEPS -8.5 6.1 14.8

positively and came in at 96.5% (+0.9pp q-o-q) while earnings capacity EPRA NRV per -3.0 -2.6 -1.7

contracted sequentially on the Riga divestments, as expected. share

Source: ABG Sundal Collier

The Bridge drives estimate revisions

EAST-SE/EAST SSAs we highlighted in our fast comment last Tuesday, Eastnine has

acquired The Bridge in central Warsaw with a rental value of EUR 18.2m Share price (SEK) 13/7/2026 47.15

at an underlying property value of EUR 300m. The occupancy rate is

92% and the deal will be financed with existing cash, new debt, and

MCap (SEKm) 4,632

refinancings of the existing portfolio. We understand that the purchase

MCap (EURm) 420price of EUR 260m is lower than the property value of EUR 300m due to

remaining tenant adaptations (~EUR 15m), deductions for initial vacancies No. of shares (m) 98.2

(e.g. Visa will move in during 2027) and rental discounts. Management Free float (%) 38.5

sounds confident that the letting ratio will surpass the current 92% at Av. daily volume (k) 121

completion (Q4'26e), but tenants will move in gradually, meaning that the