Cityvarasto (CITYVA) Q2 2026 earnings summary

Executive summary

• Revenue grew by 16.2% year-over-year in H1 2026, driven by both real estate and ancillary services, despite profitability pressures from recent acquisitions and integration costs.

• Five property acquisitions in Q2 2026 and two new self-storage facilities opened, expanding the network to 82 facilities and over 14,000 units across 30 cities.

• Adjusted EBITDA declined 1.8% in H1, with margin compression due to growth investments and integration costs.

• Profitability was impacted by lower ancillary services margins and negative fair value adjustments.

Financial highlights

• H1 2026 revenue reached €14.7M (+16.2%), with adjusted EBITDA at €5.44M (-1.8%), and operating profit at €2.5M (-41.7%).

• Adjusted EBITDA margin was 37.1% (-6.8pp), and Q2 adjusted EBITDA margin was 43.5%.

• Q2 profit was €0.84M (-55.8% YoY); H1 profit was €1.21M (-50.4% YoY).

• Net debt (excl. IFRS 16) stood at €36.2M, and NAV per share was €23.43 (+2.0%).

• Investments in H1 totaled €6.57M (+58.1% YoY), with €4.56M in real estate and €2.01M in ancillary services.

Outlook and guidance

• 2026 revenue expected at €29.9–31.2M (10–15% growth), adjusted EBITDA at €12.7–13.9M (5–15% growth).

• Real estate revenue growth to remain stable; ancillary services growth to moderate.

• Growth investments and recent acquisitions expected to temporarily reduce relative profitability in 2026.

• Dividend of €0.11/share paid for 2025, marking 11 consecutive years of increases.

• Financial targets for 2024–2029: >12% annual revenue growth, EBITDA margin >50%, annual investments ~€10M, LTV <35%.