Cibus Nordic Real Estate (CIBUS) Q2 2025 earnings summary

Executive summary

• Achieved stable, value-generating performance in Q2 2025, with continued growth in earnings capacity per share for the eighth consecutive quarter, driven by lower financing costs and active asset management.

• Rental income rose 35% year-over-year in Q2 2025 to €41.3 million, with net operating income up 28% to €39.1 million and profit from property management nearly doubling to €19.5 million.

• Portfolio expanded to 637 properties across seven countries, with 95% of rental income from grocery and daily-goods tenants and a WAULT of 5.9 years.

• Proactive capital management through a SEK 1 billion share issue in June, supporting a robust acquisition pipeline and further portfolio growth.

• Dividend policy maintained at €0.90 per share annually, paid monthly.

Financial highlights

• H1 2025 rental income was €80.4 million, up 31.8% year-over-year; net operating income reached €75.7 million, up 29.2%.

• Profit from property management for H1 2025 was €57.5 million, including €20.5 million in negative goodwill from the Forum Estates acquisition; adjusted profit was €38.3 million.

• Earnings after tax for H1 2025 totaled €44.7 million (€0.58/share), compared to a loss of €-1.8 million in H1 2024.

• EPRA NAV/NRV per share increased to €12.8, up €1 year-over-year.

• NOI margin improved to 94.7% in Q2 2025, with an economic occupancy rate of 95.2%.

Outlook and guidance

• Focus remains on growing earnings capacity per share, optimizing the balance sheet, and executing accretive transactions in existing and potentially new European markets.

• Proceeds from the June 2025 share issue will be used for acquisitions and to repay subordinated loans, supporting further growth.

• Continued active asset management and pipeline execution expected, with further acquisitions and selective divestments.

• No explicit acquisition growth target; growth will be driven by attractive opportunities and capital availability.