Eastnine AB (EAST) AI Stock Analysis

• Market Cap: kr4.45B
• Dividend Yield: 2.39%
• Average Volume (3M): 74.07K
• Price to Earnings (P/E): 10.8
• Beta (1Y): 0.33
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 23
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Services
• EPS (TTM): 0.49
• Shares Outstanding: 98,241,730
• 10 Day Avg. Volume: 123,278
• 30 Day Avg. Volume: 74,072
• PEG Ratio: 0.02
• Price to Book (P/B): 0.97
• Price to Sales (P/S): 7.72
• P/FCF Ratio: 84.31
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.4
• Revenue Forecast (FY): kr63.13M

• Rating: 57 Neutral
• Price Target: kr51.00 ▲(3.03% Upside)
• Action: Reiterated Date: 02/07/26
• Date: Action: Reiterated 02/07/26

The score is held back mainly by volatile financial performance (sharp 2025 revenue drop, uneven profitability, weaker 2025 cash flow, and higher leverage). Technical indicators are broadly neutral, while valuation (low P/E and moderate yield) provides the main offsetting support.

Positive Factors

Recurring rental income model

Eastnine’s core business is leasing office space, producing recurring rental and service-charge income. That rent-based cash flow is structurally more predictable than transactional revenue, supporting long-term operating coverage for maintenance, capex and distributions if occupancy and lease indexation remain stable.

Portfolio in major regional hubs

Concentration in major regional business hubs enhances long-term demand resilience and pricing power versus secondary locations. Quality locations typically attract diversified tenants, enable higher occupancy and rental retention, and preserve asset values through economic cycles, supporting durable cash flows.

Prior healthy operating cash flow

A history of healthy operating and free cash flow across 2021–2024 indicates the business has generated internal liquidity to fund operations, capex and distributions in most years. This track record supports medium-term financial resilience despite episodic swings.

Negative Factors

Sharp 2025 revenue contraction

A ~72% revenue drop in 2025 signals a material weakening of the top line that is unlikely to be merely transitory. Such a decline undermines predictability of rental income, may reflect tenant turnover, lease expiries or disposals, and makes multi‑period earnings and cash‑flow planning more difficult.

Rising leverage

Leverage roughly doubling over five years reduces balance‑sheet flexibility. Higher net debt increases interest sensitivity, constrains capacity for opportunistic acquisitions or development, and raises refinancing and covenant risks during rate or market stress, pressuring long‑term strategic optionality.

Inconsistent cash generation

Material swings in operating and free cash flow, including a sharp 2025 decline and a past very large negative FCF in 2020, indicate unstable cash conversion. Inconsistent cash generation weakens the company’s ability to service debt, sustain dividends or self‑fund development during downturns.

Eastnine AB Business Overview & Revenue Model

Company Description

Eastnine AB (publ) is a real estate investment firm. The firm seeks to make emerging growth investments. In the beginning of 2017 it shifted its focus from both public and unlisted equity investments to purely real estate, where it makes investments in direct and fund of fund stages. It may also invest in special situations on a selective basis. The firm invests in real estate sectors only. For real estate sector, it can also invest in land, real property, and other real estate assets. It primarily invests in Eastern Europe, Russia and other CIS countries including Ukraine, Kazakhstan, Belarus, Uzbekistan, Turkmenistan, Azerbaijan, Georgia, Armenia, Kyrgyzstan, Tajikistan, and Moldova; the Balkans; the Baltic States; and Central Europe. The firm can also make investments into future East Capital private equity funds and real estate funds as well as in existing and future East Capital alternative funds. It also has the possibility to make limited investments in East Capital's open-ended daily-traded funds. The firm is a long term active investor. The firm makes balance sheet investments. Eastnine AB (publ), formerly know as East Capital Explorer AB. was founded in November 2007 and is based in Stockholm, Sweden with additional office in Tallinn, Estonia, Vilnius, Lithuania, Riga, Latvia.

How the Company Makes Money

Eastnine AB Financial Statement Overview

Summary

Financials are moderate but volatile: a sharp 2025 revenue contraction (~72%) and a large 2023 loss point to unstable operating results. Leverage has increased (debt-to-equity ~1.09 in 2025 vs. ~0.56 in 2020), and cash flow stepped down notably in 2025, reducing flexibility if earnings weaken.

Income Statement

Revenue expanded steadily from 2020–2024, but 2025 shows a sharp contraction (down ~72%), which raises questions around durability of the revenue base. Profitability is volatile: net income swung from very strong profits (2021–2022) to a large loss in 2023, then back to profits in 2024–2025 with an unusually high net margin in 2025. Overall, the earnings profile looks more driven by swings/one-offs than a stable operating trajectory.

Balance Sheet

The asset base has grown over time, but leverage has risen meaningfully, with debt now slightly exceeding equity (debt-to-equity ~1.09 in 2025 vs. ~0.56 in 2020). Returns on equity are modest in 2024–2025 and were negative in 2023, reflecting inconsistent profitability relative to the capital base. The balance sheet is workable, but higher leverage reduces flexibility if earnings soften.

Cash Flow

Cash generation is inconsistent. Operating and free cash flow were healthy in 2021–2024, but 2020 showed a very large negative free cash flow and 2025 operating/free cash flow fell sharply versus 2024. While free cash flow remains close to reported earnings in most years, the step-down in 2025 cash flow and the history of swings suggest weaker cash flow stability than the income statement alone implies.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	58.65M	41.52M	36.17M	30.30M	21.53M
Gross Profit	58.65M	41.52M	36.17M	30.30M	21.53M
EBITDA	58.72M	0.00	0.00	0.00	0.00
Net Income	41.74M	5.91M	-72.05M	108.56M	72.33M
Balance Sheet
Total Assets	1.03B	982.64M	713.12M	837.47M	652.52M
Cash, Cash Equivalents and Short-Term Investments	50.65M	31.18M	128.62M	19.82M	29.20M
Total Debt	512.28M	454.85M	286.44M	329.10M	242.42M
Total Liabilities	562.81M	545.38M	312.94M	358.97M	276.52M
Stockholders Equity	467.90M	437.26M	400.18M	478.51M	375.99M
Cash Flow
Free Cash Flow	5.37M	24.71M	16.70M	19.52M	17.39M
Operating Cash Flow	5.79M	24.73M	16.73M	19.55M	17.49M
Investing Cash Flow	-2.13M	-324.88M	141.33M	-108.26M	-75.45M
Financing Cash Flow	-4.57M	202.69M	-49.27M	79.28M	62.94M

Eastnine AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
EAST	57 Neutral	kr4.45B	10.84	―	2.39%	―	―
GPG	56 Neutral	kr1.93B	7.85	―	1.67%	0.71%	―

Eastnine AB Corporate Events

Eastnine Delivers Record Property Management Profit and Raises Dividend on Strong 2025

Eastnine AB reported a record profit from property management in 2025, up 40% year on year to EUR 31.0m, driven mainly by two Polish acquisitions completed in 2024 and a 49% increase in rental income. The company improved annual net operating income by 50%, lifted full-year profit to EUR 41.7m from EUR 5.9m, and saw quarterly profit return to growth despite minor negative revaluations in the last quarter. The board has proposed a 7% higher dividend of SEK 1.28 per share, reflecting stronger earnings and a payout equivalent to 41% of profit from property management after current tax. Operationally, Eastnine extended and expanded a key lease with Vinted in Vilnius, secured a larger five-year credit facility with Swedbank, and maintained a high economic occupancy rate of 95.8% while lowering its loan-to-value ratio to 47%, underscoring a solid financial position and continued growth ambitions in its core office markets.

The most recent analyst rating on (SE:EAST) stock is a Buy with a SEK58.00 price target. To see the full list of analyst forecasts on Eastnine AB stock, see the SE:EAST Stock Forecast page.

Eastnine to Present Year-end 2025 Results on 5 February 2026

Eastnine AB has scheduled the release of its Year-end Report 2025 for 14:00 CET on 5 February 2026 and will hold a live presentation for investors, analysts and media at 15:00 CET the same day, accessible via the inderes.com platform. The planned disclosure of full-year results and accompanying presentation underscores the company’s ongoing engagement with the capital market and provides stakeholders with a key opportunity to assess Eastnine’s performance and strategic positioning in the European office real estate segment.

The most recent analyst rating on (SE:EAST) stock is a Buy with a SEK58.00 price target. To see the full list of analyst forecasts on Eastnine AB stock, see the SE:EAST Stock Forecast page.

Eastnine Secures Seven-Year Full-Building Lease Extension with Vinted in Vilnius

Eastnine has extended and expanded its lease agreement with European second-hand fashion marketplace Vinted for the Uptown Park office property in Vilnius, securing a seven-year term until 2032 and increasing Vinted’s space by about 3,000 sq.m. to a total of approximately 12,600 sq.m., meaning the building will remain fully leased for an additional seven years. The deal underscores strong demand from tech tenants in the strategically located, sustainable-certified property and provides Eastnine with long-term income visibility and reinforced positioning as a provider of high-quality office environments in one of Europe’s fastest-growing regions.

The most recent analyst rating on (SE:EAST) stock is a Buy with a SEK58.00 price target. To see the full list of analyst forecasts on Eastnine AB stock, see the SE:EAST Stock Forecast page.

East Capital Holding Redistributes Eastnine AB Shares

East Capital Holding has distributed its 19,663,474 shares in Eastnine AB to its shareholders, significantly impacting the ownership structure of the company. This redistribution results in Peter Elam Håkansson and Eastnine CEO Kestutis Sasnauskas becoming the largest shareholders, solidifying their influence within the company.