Cibus Nordic Real Estate (CIBUS) Q4 2024 earnings summary

Executive summary

• Achieved significant portfolio expansion in 2024, completing 11 acquisitions and 6 divestments totaling EUR 680 million, increasing property value by 35% to EUR 2.4 billion pro forma, and expanding to over 640 properties across seven countries.

• Transformed into a pan-European daily-goods real estate platform with the acquisition of Forum Estates in Benelux, now operating in seven countries and integrating 149 new properties.

• Maintained focus on stable cash flows, with 97% of income from grocery/daily-goods tenants and 99% of rents CPI-linked.

• Continued monthly dividend payments, with the board proposing an unchanged EUR 0.90 per share for 2025.

• Number of properties increased by more than 40% year-over-year, reaching over 640 after Benelux and Denmark acquisitions.

Financial highlights

• Q4 2024 rental income was EUR 31.0 million; net operating income grew 2% to EUR 28.7 million.

• Full-year 2024 rental income rose 3% to EUR 122.4 million; net operating income up 2% to EUR 116.5 million.

• Profit from property management was EUR 11.1 million in Q4 (EUR 12.5 million excluding non-recurring items and FX effects); full-year profit EUR 46.9 million (EUR 52.4 million adjusted).

• Earnings after tax were EUR 2.6 million in Q4 and EUR -4.8 million for the year; EPS at EUR -0.12.

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

Outlook and guidance

• Strategy remains to grow earnings capacity per share through income growth and cost reduction, targeting continued EPS growth and CEPS-accretive transactions.

• Focus on integrating Forum Estates and expanding in Benelux and Mainland Europe, with ongoing balance sheet optimization and refinancing.

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