Cibus Nordic Real Estate (CIBUS) Q2 2026 earnings summary

Executive summary

• Portfolio expanded to 690 properties across 7 countries, valued at EUR 2.8 billion, with 24 acquisitions and 5 divestments in Q2 2026.

• 82% of rental income is from non-cyclical daily-goods tenants, ensuring stable cash flows.

• Earning capacity per share increased, driven by acquisitions and active portfolio management.

• Updated green financing framework and continued investments in sustainability, including solar panel installations and heating conversions.

• Focus remains on grocery properties, aiming for stable, growing cash flows and monthly dividends.

Financial highlights

• Rental income for Q2 2026 was EUR 46.2 million, up 11.9% year-over-year; net operating income reached EUR 45.1 million, up 15.3%.

• Profit from property management per share increased 7% year-over-year; earnings after tax were EUR 14.4 million, or EUR 0.18 per share.

• EPRA NAV/NRV stable at EUR 13.0 per share.

• Economic occupancy rate improved to 96.1%.

• Like-for-like NOI decreased by 1.1%, but acquisitions drove total NOI growth of 12.7% to EUR 176.2 million.

Outlook and guidance

• Continued focus on profitable growth, refinancing, and hedging to maintain stable cash flow.

• Earnings capacity per share for the next 12 months projected at EUR 1.11, up 6% year-over-year.

• Dividend for the next 12 months set at EUR 0.90 per share, paid monthly.

• No major lease terminations or non-recurring items expected in the near term.

• Indexation for next year will depend on inflation and is not yet finalized.