Cibus Nordic Real Estate (CIBUS) Q1 2025 earnings summary

Executive summary

• Expanded to a pan-European platform with major acquisitions in Benelux and Denmark, now operating in seven countries and managing 640 properties valued at EUR 2.4 billion.

• Rental income rose 28% year-over-year to EUR 39.1 million, with net operating income up 30% to EUR 36.6 million.

• Profit from property management reached EUR 38 million, including a non-recurring EUR 20.5 million gain from negative goodwill on the Forum Estates acquisition; adjusted profit from property management was EUR 18.4 million.

• Earnings after tax were EUR 31 million (EUR 0.42 per share), compared to a loss of EUR -4 million in Q1 2024.

• The AGM approved an unchanged annual dividend of EUR 0.90 per share, paid monthly.

Financial highlights

• Rental income: EUR 39.1 million (Q1 2024: EUR 30.5 million); net operating income: EUR 36.6 million (Q1 2024: EUR 28.1 million).

• Profit from property management: EUR 38 million, including EUR 20.5 million negative goodwill; adjusted profit: EUR 18.4 million.

• Earnings after tax: EUR 31 million (EUR 0.42 per share).

• EPRA NAV/NRV per share increased 8% to EUR 12.6.

• Market value of investment properties: EUR 2,433 million (Q1 2024: EUR 1,764 million).

Outlook and guidance

• Continued focus on accretive acquisitions and organic growth through index-linked leases.

• Board authorized to issue up to 20% new shares, enabling up to EUR 500 million in acquisitions if suitable opportunities arise.

• Management expects continued stable returns, supported by the non-cyclical grocery and daily-goods segment.

• Ongoing evaluation of new markets and further integration of the Benelux platform.

• Integration of Forum Estates is proceeding as planned, with further growth anticipated through acquisitions and capital recycling.