Cibus Nordic Real Estate (CIBUS) Q1 2025 earnings summary

Executive summary

• Expanded to a pan-European platform with 640 properties valued at EUR 2.4 billion, following major acquisitions in Benelux and Denmark.

• Focused on daily-goods real estate, with 81% of rental income from non-cyclical tenants and 95% of properties anchored by daily-goods tenants.

• Integration of Forum Estates is progressing as planned, with financials in line with expectations.

• Delivers stable, CPI-linked rental income and pays monthly dividends, maintaining a 6.9% yield.

• AGM approved an unchanged annual dividend of EUR 0.90 per share.

Financial highlights

• Rental income for Q1 2025 was EUR 39.1 million, up from EUR 30.5 million year-over-year.

• Net operating income reached EUR 36.6 million (Q1 2024: EUR 28.1 million).

• Profit from property management was EUR 38.0 million, including EUR 20.5 million in negative goodwill from Forum Estates; adjusted profit was EUR 18.4 million.

• Earnings after tax totaled EUR 31.0 million (Q1 2024: -EUR 4.0 million), or EUR 0.42 per share.

• EPRA NRV per share increased 8% to EUR 12.6.

Outlook and guidance

• Continued focus on accretive acquisitions, organic growth through index-linked leases, and balance sheet optimization.

• Earnings capacity per share projected at EUR 1.04 for the next 12 months, up 8% year-over-year.

• Board authorized to issue up to 20% new shares, enabling up to EUR 500 million in acquisitions.

• Dividend of EUR 0.90 per share to be maintained over the coming 12 months.

• Ongoing evaluation of new markets and further integration of the Benelux platform.