Cibus Nordic Real Estate (CIBUS) Stockholm Corporate Finance Conference 2025 summary

Strategic highlights and business overview

• Focused exclusively on daily-goods real estate, with a pan-European portfolio spanning seven countries and 637 properties valued at €2.4 billion as of Q2 2025.

• Portfolio expansion from Finnish supermarkets to Benelux, with significant growth in shareholder base and property value since 2018.

• 81% of rental income is from non-cyclical daily-goods tenants, and 99% of rental agreements are CPI-linked, supporting stable cash flows.

• Monthly dividends have been paid since 2020, with a 5.4% dividend yield and a 15.6% average annual total return since listing.

• ESG initiatives include a 2030 climate neutrality target and 49% taxonomy-aligned assets by market value.

Financial performance and capital management

• NOI margin increased to 94.7% in Q2 2025, with earnings capacity per share up 9% year-on-year to €1.05.

• Net financial costs reduced by €1.4 million annually, with average interest cost at 4.0% and 97% of debt interest rate hedged.

• Net LTV ratio temporarily lowered to 55% after a €91 million share issue in June 2025; expected to rise as funds are deployed.

• 81% of funding is from bank loans, with average bank margin down to 1.5% and recent refinancing at lower margins.

• Interest rate sensitivity analysis shows a 1% rate increase would reduce earnings by €1.8 million annually, while a 1% decrease would increase earnings by €4.4 million.

Portfolio activity and market positioning

• 18 properties acquired in 8 transactions across 5 countries since Q1 2025, totaling €107 million.

• 8 non-strategic assets divested in 2025 for €25 million, supporting portfolio optimization.

• Leasing activity extended WAULT to 5.9 years and increased occupancy to 95.2% in Q2 2025.

• Largest property accounts for only 1.3% of NOI, indicating strong diversification.

• Continued focus on CEPS-accretive transactions and pipeline growth in existing and new European markets.