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Cityvarasto (CITYVA) investor relations material

Cityvarasto Q1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 earnings summary11 May, 2026

Executive summary

  • Revenue grew by 19.7% year-over-year in Q1 2026 to €7.16 million, with strong contributions from both real estate and ancillary services.

  • Adjusted EBITDA increased by 1.6% to €2.18 million, reflecting revenue growth but also higher costs from listing, marketing, energy, and bonuses, with margin declining to 30.4% from 35.8%.

  • Expansion continued with a new facility in Järvenpää, significant expansions in Jyväskylä and Lahti, and the acquisition of Ja-Ki Muutto's moving services.

  • Profit for the period fell 31.4% to €370 thousand, impacted by increased costs and negative fair value changes in investment properties.

  • Two new properties were acquired in Turku and Oulu after the quarter, supporting future growth.

Financial highlights

  • Q1 2026 revenue: €7.16M (+19.7% YoY); adjusted EBITDA: €2.18M (+1.6% YoY); adjusted EBITDA margin: 30.4% (down from 35.8%).

  • Operating profit: €1.04M (-21.7% YoY); result for the period: €370K (-31.4% YoY).

  • NAV per share: €23.42 (+3.0% YoY); equity ratio: 64.2% (up from 60.4%).

  • Net debt (excl. IFRS 16): €33.5M (down from €44.9M YoY); LTV: 20.7% (down from 23.8%).

  • Adjusted operative EPS: €0.10 (-15.9% YoY).

Outlook and guidance

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

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

  • Growth investments and acquisitions to support long-term profitability, though temporary margin pressure is expected in 2026.

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

  • Guidance assumes no significant changes in the operating environment.

Explain Q1 Adjusted EBITDA margin compression
Update on Sweden van rental expansion plans
Detail Ja-Ki Muutto impact on ancillary margins
Drivers of the Q1 adjusted EBITDA margin decline
Strategy for the 20,000 sqm expansion potential
Ja-Ki Muutto impact on ancillary profitability
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