Citycon (CTY1S) Q3 2025 earnings summary

Executive summary

• Like-for-like net rental income grew 5.7% year-to-date and 6.8% in Q3 2025, with retail economic occupancy at 95.2% and average rent per sq.m. up 3.9% to €27.5.

• Portfolio includes over 1 million sq m, with 76% retail and 28 mixed-use centers across five countries.

• Footfall and like-for-like tenant sales increased 1.5% and 1.4% respectively for Q1–Q3/2025.

• Fair value net gain of investment properties was €42.8 million for Q1–Q3/2025, with €8.6 million in Q3/2025.

• Administrative expenses reduced by 22% year-over-year for Q1–Q3/2025.

Financial highlights

• Net rental income for Q1–Q3/2025 was €155.7 million, down 2.9% year-over-year due to divestments, despite like-for-like growth.

• EPRA earnings were €59.9 million YTD, with EPRA EPS at €0.33 YTD and €0.13 in Q3/2025, both down year-over-year.

• EPRA NRV per share was €8.33 at Q3/2025, a 6.6% decrease year-over-year.

• IFRS operating profit for Q1–Q3/2025 was €179.6 million, up 1.3% year-over-year.

• Profit for the period was €76.3 million, down from €92.5 million in Q1–Q3/2024.

Outlook and guidance

• 2025 EPRA EPS guidance narrowed to €0.41–0.46; excluding hybrid bond interests, €0.60–0.65.

• Focus for Q4 and 2026 budget on like-for-like NRI growth above CPI and operational cost optimization.

• Assumes stable macroeconomic conditions and no major disruptions from the war in Ukraine.