First quick take on Q2 PnL and operations
Eastnine delivered a Q2 report with rental income of EUR 9.1m (+0% vs ABGSCe at EUR 9.1m). The NOI margin expanded by 4.9 pp y-o-y to 94.1% (+3.1 pp vs ABGSCe at 91%), which brings the NOI to EUR 8.6m (+3% vs ABGSCe at EUR 8.3m). Operational metrics continue to be strong. Net financial expenses were slightly higher than we expected, which brings the IFPM / Rec PTP to EUR 4.1m (ABGSCe at EUR 3.9m), up 31% y-o-y. As expected, Eastnine operations continue to perform very well, while the short-term share price reaction and acquisition scenario lies in a successful MFG divestment (more on that below). Management notes that the general demand for lettable space has decreased somewhat, while the demand for high-end offices (high quality modern space in good locations) remains strong.
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