Citycon (CTY1S) Q3 2025 earnings summary

Executive summary

• Like-for-like net rental income grew 5.7% year-to-date and accelerated to 6.8% in Q3 2025, with retail economic occupancy at 95.2%.

• Retail average rent per sq.m. increased 2.7% year-to-date and 3.9% in Q3 2025, with NRI margin at 94–95%.

• Footfall and like-for-like tenant sales rose 1.5% and 1.4% respectively over nine months.

• Fair value net gain of investment properties was €42.8 million for the first nine months, with €8.6 million in Q3.

• 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.

• 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.

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

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