Asuntosalkku (ASUNTO) Q3 2024 earnings summary

Executive summary

• Revenue increased by 12.5% year-over-year for the nine-month period to €14.1 million, with Q3 revenue up 8.3% to €4.9 million.

• Net rental income grew by 2.6% over nine months to €8.6 million, with a Q3 rise of 2.0% to €2.9 million.

• Realized profit for the nine months was -€0.5 million, impacted by one-time refinancing costs and higher interest expenses.

• Portfolio consists of 2,097 completed apartments and 36 under construction as of June 30, 2024.

• Economic occupancy rate remained strong at 97.1% at period end.

Financial highlights

• Revenue for the period reached €14.1 million; Q3 revenue was €4.9 million.

• Net rental income totaled €8.6 million for the period; €2.9 million in Q3.

• Realized profit was -€0.5 million for nine months and -€1.1 million in Q3.

• Adjusted equity per share stood at €128.34; equity per share at €127.51.

• EPS for nine months: -€9.14; Q3: -€1.80.

Outlook and guidance

• FY 2023/24 revenue expected at €17.5–20.0 million; realized profit forecast at €0.3–1.0 million.

• Guidance reflects negative impact from higher reference rates and one-time refinancing costs.

• Management expects stable occupancy and net rental income in Finland, and positive rental market development in Tallinn.

• Uncertainties include inflation, interest rates, Ukraine war, and real estate market trends in Finland and Estonia.