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

Growth journey and market expansion

• Expanded from Finland into Sweden, Norway, Denmark, and Benelux, with Finland still the largest market at 50% of net operating income.

• Portfolio grew from €0.7 billion in 2018 to €2.4 billion by Q2 2024, now spanning 637 properties across seven countries.

• Recent entry into continental Europe via the acquisition of Four Estates in Benelux, aiming for further growth in these markets.

• Focus remains on increasing earnings per share rather than just portfolio size.

• Monthly dividend policy in place for five years, contributing to a growing shareholder base.

Financial performance and stability

• Achieved eight consecutive quarters of increased earnings per share, reaching €1.05 per share.

• Q2 saw a 68% increase in management result and successful refinancing, lowering average interest rate to 4.4%.

• Conducted a SEK 1 billion rights issue in June 2024 to fund acquisitions in existing markets.

• Actively manages portfolio by selling non-strategic assets and focusing on core grocery properties.

• Maintains a stable loan-to-value ratio around 58% and interest coverage ratio above 2, supported by 97% interest rate hedging.

Portfolio characteristics and risk management

• 81% of rental income comes from grocery retailers; 95% of properties anchored by such tenants.

• 99% of leases are indexed to CPI, providing inflation protection.

• Over 90% of leases are net or triple-net, shifting most operating costs to tenants.

• Average remaining lease term is 5.9 years, with regional differences managed through tenant incentives.

• 97% of loans are interest rate hedged, limiting exposure to rate fluctuations.