Cityvarasto (CITYVA) Q3 2025 earnings summary

Executive summary

• Revenue grew 22.4% in Q3 2025 year-over-year, reaching €7.3 million, and 19.6% for the nine-month period to €19.9 million.

• Adjusted EBITDA increased 23.1% in Q3 and 20.3% for the nine months, with margins above 46%.

• Four new properties were acquired and two new self-storage facilities opened in Q3, expanding the network to 76 facilities.

• The company completed a successful IPO and listing on Nasdaq First North Growth Market after the reporting period.

Financial highlights

• Q3 adjusted EBITDA was €3.71 million (margin 50.8%), and nine-month adjusted EBITDA was €9.25 million (margin 46.4%).

• Adjusted operative earnings per share rose 27.4% in Q3 and 23.9% for the nine months.

• Net profit for Q3 was €891k, down 33.2% due to non-recurring IPO costs; nine-month profit was €3.33 million, up 20%.

• NAV per share increased 65.4% year-over-year to €23.11.

• LTV ratio improved to 23.6% from 32.4% a year earlier.

Outlook and guidance

• Management expects full-year 2025 revenue and adjusted EBITDA to grow 15–20% over 2024, in line with long-term targets.

• Financial targets for 2024–2029: average annual revenue growth >12%, EBITDA margin >50%, annual investments ~€10 million, LTV <35%.