Cibus Nordic Real Estate (CIBUS) Q3 2025 earnings summary

Executive summary

• Profits from property management rose 54% year-on-year, reaching EUR 21.8 million in Q3, or 9% per share, excluding prior year one-offs, driven by acquisitions and lower interest costs.

• Earnings capacity per share increased 8% year-on-year and 2% quarter-on-quarter, now at EUR 1.07 per share, marking the ninth consecutive quarter of growth and an 18% rise since mid-2023.

• Portfolio expanded to 643 properties across seven countries, with property value at EUR 2.5 billion and 95% of rental income from grocery and daily-goods tenants.

• Successful deployment of EUR 90 million raised in June 2025 into accretive acquisitions, with share issue raising SEK 1 billion for acquisitions and debt repayment.

• Monthly dividend payments continue, with a 5.9% yield at quarter-end share price and a dividend of EUR 0.90 per share set for the next 12 months.

Financial highlights

• Rental income and NOI both up 38% year-on-year, with Q3 rental income at EUR 42.0 million and NOI at EUR 40.2 million.

• Profit from property management reached EUR 21.8 million in Q3, and EUR 60.1 million for Jan–Sep 2025 excluding non-recurring items and FX.

• Unrealized changes in property value were -EUR 2.9 million in Q3 and -EUR 7.5 million for Jan–Sep 2025, mainly due to revised assumptions in Finland.

• EPRA NRV increased by EUR 1 per share over 12 months, now at EUR 12.9 per share.

• Net LTV at 56.1%, interest coverage ratio at 2.4x, and net debt to EBITDA at 10.7x (forward-looking 9.7x).

Outlook and guidance

• Focus remains on growing earnings capacity per share and consolidating the daily goods real estate asset class across Europe, with continued growth expected in the Nordic and Benelux regions.

• Actively evaluating new markets in mainland Europe for potential expansion.

• Transaction activity expected to increase in Q4, with continued interest in accretive acquisitions.

• Management emphasizes stable cash flows and sustainability.

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