Cibus Nordic Real Estate (CIBUS) Q2 2026 earnings summary

Executive summary

• Earning capacity per share increased, supported by acquisitions and active portfolio management, with profit from property management per share up 7% year-over-year.

• Rental income rose 11.9% year-over-year in Q2 2026 to EUR 46.2 million, and net operating income increased 15.3% to EUR 45.1 million.

• Portfolio expanded to 690 properties valued at EUR 2.8 billion, with 24 acquisitions and 5 divestments across five countries.

• Focus remains on grocery properties across seven European countries, aiming for stable, growing cash flows and monthly dividends.

• Updated green financing framework and continued investments in sustainability, including solar panel installations and heating conversions.

Financial highlights

• Net operating income for Q2 2026 was EUR 45.1 million, including a EUR 1.3 million one-off settlement; profit from property management was EUR 22.8 million.

• Economic occupancy rate improved to 96.1% from 95.3%.

• EPRA NAV/NRV per share stable at EUR 13.0.

• Net debt LTV ratio at 59.1%; interest coverage ratio at 2.4x.

• Like-for-like NOI decreased by 1.1%, but acquisitions drove total NOI growth of 12.7% to EUR 176.2 million.

Outlook and guidance

• Earnings capacity per share for the next 12 months projected at EUR 1.11, up 6% year-over-year, driven by acquisitions and higher rental income.

• Dividend for the next 12 months set at EUR 0.90 per share, paid monthly.

• Continued focus on profitable growth, refinancing, and hedging to maintain stable cash flow.

• No major lease terminations or non-recurring items expected in the near term.

• Indexation for next year will depend on inflation and is not yet finalized.