Cibus Nordic Real Estate (CIBUS) Q4 2024 earnings summary

Executive summary

• Completed 11 acquisitions and 6 divestments in 2024, totaling EUR 680 million, expanding the portfolio by 35% pro forma to EUR 2.4 billion and over 640 properties after Benelux and Denmark acquisitions.

• Transformed into a pan-European daily goods real estate platform, entering Benelux via Forum Estates acquisition and now operating in seven countries.

• Pro forma earnings capacity per share rose 9% to EUR 1.04; number of properties increased by more than 40% year-over-year.

• Maintained focus on stable cash flows, with 81% of rental income from daily goods tenants and 99% of rents CPI-linked.

• Board proposes an unchanged dividend of EUR 0.90 per share, paid monthly for 2025.

Financial highlights

• Full-year 2024 rental income rose 3% to EUR 122.4 million; Q4 rental income was EUR 31 million; net operating income up 2% to EUR 116.5 million for the year and EUR 28.7 million in Q4.

• Profit from property management was EUR 46.9 million (EUR 52.4 million excluding non-recurring items and FX effects), down from EUR 51.9 million in 2023.

• Earnings after tax were EUR -4.8 million for 2024, improved from EUR -19.9 million in 2023; Q4 earnings after tax were EUR 2.6 million.

• Unrealized property value changes were EUR -44.7 million for the year, mainly due to higher yield requirements and negative trends in Finland and Denmark.

• Pro forma NOI earnings capacity reached EUR 176 million, up 37% year-on-year.

Outlook and guidance

• Strategy remains to grow earnings capacity per share through income growth and cost reduction.

• Focus on integrating Forum Estates and seeking further accretive acquisitions in existing and new European markets.

• Management expects continued stable cash flows from grocery and daily-goods properties despite market volatility.