Cibus Nordic Real Estate (CIBUS) Q1 2026 earnings summary

Executive summary

• Delivered a stable quarter amid market volatility, maintaining a monthly dividend of EUR 0.90 per share and a yield over 6% on share price.

• Portfolio expanded to 671 properties across 7 countries, with 95% anchored by daily-goods tenants and 99% CPI-linked rental agreements.

• Focus remains on grocery-anchored properties, ensuring stable cash flows, high occupancy rates, and resilience.

• Market cap reached EUR 1.1 billion as of March 2026.

• Stable underlying business with continued growth and unchanged annual dividend.

Financial highlights

• Rental income rose 15.9% year-over-year to EUR 45.3 million; net operating income increased by 16.4% to EUR 42.6 million.

• Profit from property management, excluding non-recurring items and FX, was EUR 20.9 million, up from EUR 18.4 million.

• EPRA NAV/NRV increased to EUR 13.0 per share; total EPRA NRV EUR 1,063.1 million.

• Earnings after tax were EUR 24.9 million (EUR 0.30/share), down from EUR 31.0 million (EUR 0.42/share) due to prior year’s negative goodwill.

• Occupancy rate slightly up to 95.6%; WAULT 5.9 years.

Outlook and guidance

• Earnings capacity per share for the next 12 months is EUR 1.08, up 4% year-over-year, driven by acquisitions.

• Continued focus on profitable growth in food and grocery properties, local presence, and balance sheet optimization.

• Ongoing refinancing and hedging strategies to maintain stable cash flow.

• Active pipeline for further acquisitions in Europe and expansion in new markets.

• Dividend policy targets stable, gradually increasing monthly dividends.