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Citycon (CTY1S) investor relations material
Citycon Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Like-for-like net rental income (NRI) grew 5.6% year-over-year in H1 2026, outperforming the European average, driven by strong leasing spreads, indexation of rents, and robust leasing activity totaling 20,700 sqm signed.
Retail occupancy rate was 94.4%, with average rent per sqm up 1% to €28.5 and healthy tenant demand.
Like-for-like tenant sales increased by 2.6% and footfall by up to 3.1% year-over-year.
Operating expenses were reduced by 5.5% year-over-year.
Operational momentum was supported by proactive financial management, including refinancing and debt maturity extensions.
Financial highlights
Net rental income for H1 2026 was €109.3M, up 5.7% year-over-year (3.9% FX adjusted); direct operating profit rose to €96.6M.
EPRA earnings for H1 2026 were €36.6M, with EPRA EPS at €0.20 and EPRA NRV per share at €7.64.
Fair value net gain of investment properties was €2.7M.
IFRS operating profit was €98.3M; profit for the period was €40.1M.
Outlook and guidance
Like-for-like NRI growth outperformed the European average of 3.5%, with Sweden & Denmark at 7.9%, Norway at 5.8%, and Finland & Estonia at 4.1%.
Outlook for 2026 unchanged: like-for-like net rental income expected to grow, assuming stable macroeconomic factors and FX rates.
Closing of the Finnish asset divestment is expected within 45 days to two months, contingent on IPO success.
- AGM approved a 5-for-1 reverse split and authorized substantial future distributions.CTY1S
AGM 2019 - AGM approved all Board proposals and authorized distributions of up to €115.7 million.CTY1S
AGM 2020 - AGM approved Board proposals, including equity repayment and capital-authorization measures.CTY1S
AGM 2022 - NRI up 4.5%, profit at EUR 22.8m, occupancy stable, and debt profile de-risked.CTY1S
Q1 2026 - NRI/NOI up 5.4% year-over-year, LTV down to 44.9%, and strong portfolio resilience.CTY1S
Q4 2025 - LFL NRI up 5.7% YTD, retail occupancy high, and €750M+ debt repaid in 2025.CTY1S
Q3 2025 - NRI up 13.7% in Q3, high occupancy, major divestments, and profit reached €92.5 million.CTY1S
Q3 2024 - Net rental income up 9.3% y/y, with high occupancy and strengthened balance sheet.CTY1S
Q2 2024 - Net rental income and operating profit rose double digits, with balance sheet strengthened.CTY1S
Q4 2024
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