Cibus Nordic Real Estate (CIBUS) Q4 2024 earnings summary

Executive summary

• Focused on daily-goods real estate, operating in seven countries with 642 properties and a market cap near EUR 1.1 billion.

• Achieved 17 transactions in 2024, including 11 acquisitions and 6 divestments totaling EUR 680 million, increasing property value by 35% year-over-year to EUR 2.4 billion pro forma.

• Major strategic move with the acquisition of Forum Estates in Benelux, adding 149 properties and expanding into continental Europe.

• All acquisitions were cash earnings per share accretive, increasing earnings capacity per share by 9% pro forma year-over-year to EUR 1.04.

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

Financial highlights

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

• Profit from property management: EUR 46.9 million for 2024 (EUR 52.4 million excluding non-recurring items and FX effects); Q4 profit EUR 11.1 million (EUR 12.5 million adjusted).

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

• Unrealised property value changes: EUR -44.7 million for 2024, mainly due to higher yield requirements and negative trends in Finland and Denmark; Q4 unrealised change: EUR -7.7 million.

• Dividend yield for 2024: 7.7%; total yield including share price increase: 39%.

Outlook and guidance

• Strategy to continue growing earnings capacity per share through income growth, cost reduction, and CEPS-accretive transactions.

• Integration of Forum Estates in Benelux as a base for further European expansion.

• Ongoing focus on balance sheet optimization, refinancing, and hedging.

• Board intends to maintain a stable monthly dividend of EUR 0.90 per share for 2025.

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