Cityvarasto (CITYVA) Q4 2025 earnings summary

Executive summary

• Revenue grew 21.1% year-over-year to €27.1 million, with adjusted EBITDA up 20.1% to €12.1 million, both exceeding guidance.

• The company listed on Nasdaq First North Growth Market Finland, raising €15 million in a significantly oversubscribed IPO.

• Six new self-storage facilities were opened and seven new properties acquired, expanding the network to 77 facilities with an 80% occupancy rate.

• Ancillary services, especially van rental, saw strong growth, supported by fleet investments and marketing.

Financial highlights

• Q4 revenue rose 25.4% year-over-year to €7.2 million; adjusted EBITDA increased 19.5% to €2.86 million.

• Full-year adjusted operative EPS was €0.85, up 22.9% year-over-year.

• Operating profit and net result declined sharply due to lower fair value gains on investment properties versus the prior year.

• Loan-to-value (LTV) ratio improved to 20.3% from 23.8%; equity ratio rose to 64.5%.

• NAV per share increased 3.1% to €23.35.

Outlook and guidance

• 2026 revenue expected at €29.9–31.2 million (10–15% growth); adjusted EBITDA forecast at €12.7–13.9 million (5–15% growth).

• Growth investments and the acquisition of a moving services business are expected to temporarily reduce relative profitability.

• Dividend proposal of €0.11 per share for 2025.