Cityvarasto (CITYVA) investor relations material

Executive summary

• Q3 revenue rose 10.6% YoY to €8.071m and adjusted EBITDA rose 10.9% to €4.113m, as profitability returned to growth alongside strong sales.

• 9M revenue increased 14.1% to €22.723m; adjusted EBITDA rose 3.3% to €9.552m, while adjusted operating EPS declined 3.2% to €0.66.

Financial highlights

• Q3 operating profit increased 60.0% to €2.715m and profit for the period rose 93.3% to €1.723m; prior-year Q3 EBITDA included €896k of non-recurring listing costs.

• 9M operating profit fell 12.8% to €5.211m and profit for the period fell 11.9% to €2.931m, mainly reflecting negative property fair-value changes and higher depreciation.

• 9M investments totaled €10.246m, up 41.9% YoY; real estate investments were €7.807m and ancillary-services investments were €2.439m.

Outlook and guidance

• FY26 guidance unchanged: revenue €29.9m–€31.2m, implying 10%–15% growth, and adjusted EBITDA €12.7m–€13.9m, implying 5%–15% growth versus FY25.

• Guidance assumes stable real estate revenue growth, more moderate ancillary-services growth, temporary pressure on real estate margins from growth investment, and no significant operating-environment changes.

• 2025–2029 targets include average annual revenue growth above 12%, EBITDA margin above 50% during the period, ~€10m average annual investment, ~100 facilities, and LTV below 35%; current EBITDA margin was 41.4% on a 12-month adjusted basis.