Cibus Nordic Real Estate (CIBUS) Q3 2025 earnings summary

Executive summary

• Profits from property management rose 54% year-on-year to EUR 21.8 million in Q3, with NOI up 38% and earnings capacity per share increasing 8% year-on-year to EUR 1.07, marking the ninth consecutive quarter of growth.

• Portfolio expanded to 643 properties across seven countries, valued at EUR 2.5 billion, with 95% of rental income from grocery and daily-goods tenants and a 96.1% occupancy rate.

• Monthly dividends continue, with a yield of 5.9–6% at quarter-end share price, and earnings after tax for Q3 reached EUR 19.4 million (EUR 0.23 per share).

• EUR 90 million (EUR 91.4 million) raised in June 2025 was fully deployed in accretive acquisitions and debt repayment.

• Significant acquisitions included 6 properties in Finland, 10 in Sweden, Denmark, and Belgium, and 12 grocery stores in Norway; Forum Estates and One+ acquisitions further expanded the portfolio.

Financial highlights

• Q3 2025 rental income was EUR 42.0 million (up from EUR 30.4 million in Q3 2024), and NOI reached EUR 40.2 million (up from EUR 29.2 million).

• Profit from property management was EUR 21.8 million in Q3, and EUR 60.1 million for Jan–Sep 2025 excluding non-recurring items.

• EPRA NRV per share increased to EUR 12.9 (from EUR 11.9 YoY), with total EPRA NRV at EUR 1,056.1 million.

• Net LTV at 56.1%, interest coverage ratio at 2.4x, and net debt to EBITDA at 9.7x (forward-looking).

• Unrealized property value changes were negative, mainly in Finland, with EUR -2.9 million in Q3 and EUR -7.5 million for Jan–Sep 2025.

Outlook and guidance

• Focus remains on growing earnings capacity per share, pan-European expansion, and balance sheet optimization.

• Management expects continued growth in the Nordic and Benelux regions, with stable cash flows and sustainability as priorities.

• Transaction activity and accretive acquisitions are expected to increase in Q4.