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Citycon (CTY1S) investor relations material

Citycon Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary27 Feb, 2026

Executive summary

  • Like-for-like net rental income (NRI/NOI) grew 5.4% year-over-year, with retail economic occupancy at 95.5% and average rent per sq.m. up 3.3% to €27.7.

  • Operational and administrative costs were significantly reduced, and 142,000 sqm of new leases were signed.

  • Portfolio remains healthy, with 83% of tenants outside the sensitive fashion sector and a strong focus on necessity-based retail.

  • Completed strategic divestments, including the sale of Lippulaiva housing companies for €61.5 million.

  • Strengthened balance sheet by repaying over €870 million in debt and issuing a €450 million bond, reducing LTV to 44.9%.

Financial highlights

  • Full-year NRI was €209.2 million, down 2.6% year-over-year due to divestments; like-for-like NOI growth contributed €11.8 million.

  • EBITDA/EPRA earnings were €79.0 million, with EPRA EPS at €0.43, in line with guidance.

  • Fair value net gain of investment properties was €51.1 million, reversing a prior year loss.

  • NOI/NRI margin remained high at 93.7%.

  • Operating profit (IFRS) was €226.6 million, up from €29.8 million in 2024.

Outlook and guidance

  • Targeting divestment of €500 million to €1 billion in non-core assets over the next 24 months.

  • Expects like-for-like net rental income to grow in 2026, assuming stable macroeconomic conditions.

  • Continued focus on portfolio optimization, aggressive marketing, operational cost reductions, and selective investments in energy and sustainability.

  • Dividend distribution will be considered after debt repayment and when free cash is available; one-time equity repayment of €0.20/share paid in January 2026.

Elaborate on the EUR 1B divestment strategy
Assess G City's ownership impact on financing
Detail drivers of 14% property expense reduction
Criteria for EUR 0.5-1B non-core asset divestments?
How to address 60% RCF ownership covenant?
Details on OpEx reduction initiatives for 2026?
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Frequently asked questions

Citycon is a commercial property investment company, which engages in the development and management of mixed-used properties. It operates through the following segments: Finland, Sweden, Norway, Estonia and Benchmark. The Finland segment constitutes of shopping centers located in Finland. The Sweden segment comprises of shopping centers located in Sweden. The Norway segment includes shopping centers located in Norway. The Estonia segment consists of properties located in Estonia. The Benchmark segment consists of other properties located in Finland, Sweden, and Norway.

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