Cibus Nordic Real Estate (CIBUS) Q1 2026 earnings summary

Executive summary

• Net operating income increased by 16.4% year-over-year to EUR 42.6 million, with rental income rising to EUR 45.3 million and profit from property management up to EUR 20.9 million, excluding non-recurring items and FX.

• Portfolio expanded to 671 properties across seven countries, maintaining a 95.6% occupancy rate and a 5.9-year WAULT.

• Dividend set at EUR 0.90 per share for the next 12 months, paid monthly, with a yield over 6% on share price.

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

• Earnings after tax were EUR 24.9 million, down from EUR 31.0 million due to the absence of prior year negative goodwill.

Financial highlights

• Rental income: EUR 45.3 million; net operating income: EUR 42.6 million.

• Profit from property management: EUR 20.9 million, up 13% year-over-year, excluding non-recurring items and currency effects.

• EPRA NAV/NRV per share: EUR 13.0; earning capacity per share unchanged at EUR 108.

• Occupancy rate at 95.6%.

• Like-for-like NOI declined by 1.2%, but acquisitions drove total NOI growth by 8.2% to EUR 169.2 million.

Outlook and guidance

• Continued focus on profitable growth in food and grocery properties to increase profit from property management per share.

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

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

• Dividend policy targets stable, gradually increasing monthly dividends.

• Active pipeline for further acquisitions in Europe.