Citycon (CTY1S) Q2 2026 earnings summary

Executive summary

• Like-for-like net rental income (NRI) grew 5.6% year-over-year in H1 2026, outperforming the European average, driven by strong leasing spreads, indexation of rents, and robust leasing activity totaling 20,700 sqm signed.

• Retail occupancy rate was 94.4%, with average rent per sqm up 1% to €28.5 and healthy tenant demand.

• Like-for-like tenant sales increased by 2.6% and footfall by up to 3.1% year-over-year.

• Operating expenses were reduced by 5.5% year-over-year.

• Operational momentum was supported by proactive financial management, including refinancing and debt maturity extensions.

Financial highlights

• Net rental income for H1 2026 was €109.3M, up 5.7% year-over-year (3.9% FX adjusted); direct operating profit rose to €96.6M.

• EPRA earnings for H1 2026 were €36.6M, with EPRA EPS at €0.20 and EPRA NRV per share at €7.64.

• Fair value net gain of investment properties was €2.7M.

• IFRS operating profit was €98.3M; profit for the period was €40.1M.

Outlook and guidance

• Like-for-like NRI growth outperformed the European average of 3.5%, with Sweden & Denmark at 7.9%, Norway at 5.8%, and Finland & Estonia at 4.1%.

• Outlook for 2026 unchanged: like-for-like net rental income expected to grow, assuming stable macroeconomic factors and FX rates.

• Closing of the Finnish asset divestment is expected within 45 days to two months, contingent on IPO success.