Cibus Real Estate (CIBUS) Q3 2026 earnings summary

Executive summary

• Q3 NOI rose 10.0% YoY to €44.2m; occupancy was 96.1% and profit from property management was €22.4m.

• Q3 reported profit was €28.5m, mainly reflecting gains on interest-rate derivatives, while Finnish property valuations declined.

• Adjusted earnings capacity reached €1.12 per share, up 4%; current earnings capacity included €176.5m NOI.

• At 30 September, the portfolio comprised 690 properties across seven countries, valued at €2,755m, with a 6.4% yield.

Financial highlights

• Q3 rental income increased 11.0% YoY to €46.6m; profit from property management was €22.4m versus €21.8m.

• Q3 profit was €28.5m versus €19.4m, and EPS was €0.35 versus €0.23; derivative gains offset weaker property valuations.

• 9M rental income rose 12.7% to €138.0m and NOI rose 13.7% to €131.8m.

• 9M profit from property management was €66.0m versus €79.3m; excluding comparability items and FX, it increased to €65.4m from €60.1m.

• 9M reported profit was €67.8m versus €64.1m, or €0.82 versus €0.81 per share; net financial items were -€53.1m.

Outlook and guidance

• Strategy prioritizes grocery and daily-goods properties, profitable growth, balance-sheet optimization, refinancing and hedging, and higher property-management profit per share.

• Adjusted earnings capacity of €1.12 per share is a current measure, not a forecast; the calculation reflects acquisitions, withdrawals and currency effects through 1 October.

• Four Finnish properties acquired in October for €12.5m are expected to generate €1.1m annual rental income; the Hämeenlinna supermarket project is due for completion in December 2027.

• The 2026 AGM resolved a dividend of €0.90 per share, distributed in 12 monthly payments.