Cibus Nordic Real Estate (CIBUS) Q4 2025 earnings summary

Executive summary

• Profit from property management per share increased 25% year-over-year in Q4 2025, driven by acquisitions, lower interest rates, and operational improvements.

• The property portfolio expanded to 672 properties across seven countries, with 36 properties acquired in Q4 for EUR 136.2 million, focusing on grocery and daily-goods tenants.

• Rental income rose 36% year-over-year to EUR 166.7 million, with net operating income up 35% to EUR 157.6 million.

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

• 81% of rental income is from daily-goods tenants, and 95% of properties are anchored by grocery tenants.

Financial highlights

• Q4 2025 rental income was EUR 44.3 million, up from EUR 31.0 million in Q4 2024; net operating income for the quarter was EUR 41.7 million, up from EUR 28.7 million.

• Profit from property management in Q4 was EUR 19.3 million, with EUR 20.5 million excluding non-recurring items and FX effects.

• Earnings after tax for Q4 reached EUR 27.3 million or EUR 0.33 per share.

• EPRA NRV per share increased to EUR 13.0 from EUR 11.7.

• Economic occupancy rate at year-end was 95.7%.

Outlook and guidance

• Strategy remains focused on growth in food and grocery properties, with continued expansion in existing and new European markets.

• Ongoing optimization of balance sheet through refinancing and hedging.

• Board intends to maintain the dividend at EUR 0.90 per share, reflecting confidence in cash flow stability.