Cityvarasto (CITYVA) Q3 2025 earnings summary

Executive summary

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

• 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.

• Successful IPO and listing on Nasdaq First North Growth Market raised approximately €15 million in gross proceeds.

Financial highlights

• Revenue for the period reached €19.9 million (+19.6%), adjusted EBITDA €9.25 million (+20.3%), and operating profit €6.0 million (+12.5%).

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

• Adjusted operative earnings per share rose by 23.9% to €0.68 for the nine months and 27.4% in Q3.

• 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.

Outlook and guidance

• Full-year 2025 revenue and adjusted EBITDA expected to grow by 15–20% compared to 2024, in line with long-term targets.

• Financial targets for 2024–2029 include average annual revenue growth of at least 12%, EBITDA margin above 50%, annual investments of approximately €10 million, and LTV below 35%.