Cibus Nordic Real Estate (CIBUS) Q2 2025 earnings summary

Executive summary

• Achieved stable, value-generating performance in Q2 2025, with NOI margin up 1.1 percentage points to 94.7% quarter-over-quarter and profit from property management nearly doubling year-over-year, driven by lower financing costs and active asset management.

• Portfolio expanded to 637 properties across seven countries, totaling €2.4 billion in value, with 95% of rental income from grocery and daily-goods tenants and a WAULT of 5.9 years.

• Maintained a well-diversified tenant mix, with 81% of rental income from non-cyclical daily goods tenants and 95% of properties leased to daily goods tenants.

• Dividend policy maintained at €0.90 per share annually, paid monthly, with a 5.4% yield and a total return of +9% in H1 2025.

• Proactive capital management through a SEK 1 billion share issue in June 2025 at a 25% premium to NAV, supporting a robust acquisition pipeline and further portfolio growth.

Financial highlights

• Rental income for Q2 2025 was €41.3 million, up 35% year-over-year; net operating income reached €39.1 million, up 28% year-over-year.

• Profit from property management for Q2 2025 was €19.5 million; earnings after tax were €13.7 million (€0.17 per share).

• EPRA NAV/NRV per share increased to €12.8, up from €11.8 year-over-year.

• NOI margin improved to 94.7% quarter-over-quarter; economic occupancy rate at 95.2%.

• H1 2025 rental income was €80.4 million, up 31.8% year-over-year; net operating income reached €75.7 million, up 29.2%.

Outlook and guidance

• Focus remains on growing earnings capacity per share, optimizing the balance sheet, and executing accretive transactions in existing and potentially new European markets.

• Continued active asset management and pipeline execution expected, with further acquisitions and selective divestments.

• No explicit acquisition growth target; growth will be driven by attractive opportunities and capital availability.

• Proceeds from the June 2025 share issue will be used for acquisitions and to repay subordinated loans, supporting further growth.

• Management expects continued value-generating growth, with a focus on grocery and daily-goods properties and active portfolio management.