Strong NRI Growth Amid Debt Management …

• Net Rental Income (NRI) Growth: 5.2% growth in the first half of 2025.

• Retail Occupancy Rate: Maintained at 95%.

• Average Rent per Square Meter: Increased by 3% to 25.8 per square meter.

• Net Fair Value Gain: 34.3 million, primarily driven by improved cash flow in key assets.

• Debt Repayment: Over 750 million repaid in loans and debt in the first six months.

• New Green Bond Issuance: 100 million issued in April 2025.

• Net Rental Income for the Quarter: 53.3 million, 1.4 million below the previous year’s second quarter.

• Like-for-Like NRI Improvement: 6.8% on a quarterly basis.

• Property Valuation Gain: 33.55 million from external appraisals.

• Loan to Value Ratio: Improved, with proactive debt management.

• Interest Cover Ratio: Slight improvement despite increased weighted average interest rate.

Release Date: August 07, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

• Citycon Oyj (FRA:TY2B) achieved a 5.2% growth in net rental income (NRI) for the first half of 2025.

• Retail occupancy remained high at 95%, indicating strong demand for their retail spaces.

• The company reported a net fair value gain of 34.3 million, driven by improved cash flow in key assets.

• Citycon Oyj successfully issued a new green bond in April 2025, which was six times oversubscribed, demonstrating strong investor confidence.

• Proactive debt management led to the repayment of over 750 million in debt, strengthening the balance sheet.

• Net rental income for the quarter was 1.4 million below the previous year’s second quarter.

• Earnings per share for the first half were below the lower end of the company’s guidance range.

• Financial costs increased due to the issuance of new bonds, impacting overall profitability.

• The company faced challenges in asset sales, with a potential buyer walking away from a deal at the last moment.

• Citycon Oyj’s main shareholder has pledged a significant portion of shares as collateral, raising concerns about potential forced sales.

Q: Will Citycon continue the share buyback program? A: Oleg Zaslavsky, CEO: We completed our share buyback program recently with a low amount of shares bought. We believe our share price is low and continue to evaluate additional programs with our board. No decision has been made yet, but the option remains on the table.

Q: Will Citycon consider repurchasing hybrid bonds? A: Eero Sihvonen, CFO: We have been very active in balance sheet management, which remains a top priority. While we don’t comment on specific future transactions, it’s fair to assume that balance sheet management will continue to be a focus.