Slide 1: Citycon
Slide 2: Leading owner, manager and developer of Nordic retail hubs
Leading owner, manager and developer of Nordic retail hubs Key information Top-10 tenants (% of GRI, Q4/2023) Net rental income (EUR S Group 6.3 % 195.7 million) Kesko Group 5.2 % 50% of top-10 are Varner Group 2.7 % grocery tenants Number of shopping 33 Norgesgruppen 2.2 % centers* ICA Group 1.8 %
Slide 3: Action plan for 2024
Action plan for 2024 Focus on top 12 core assets in core markets with new EUR 950 million divestment target over the next 24 months — Expanding the previously disclosed 380 million divestment target by the end of 2024 Expense management to offset increase in financing cost — Consolidating all corpor
Slide 4: Necessity-based last-mile logistics hubs increase stability
Necessity-based last-mile logistics hubs increase stability Convenient, everyday use Dense and growing locations Top credit tenants with low OCRs throughout cycles Densely populated urban locations All Citycon’s centers connected to Grocery anchored centers with a in the largest and fast-growing cit
Slide 5: Citycon is well positioned for the inflationary environment
Citycon is well positioned for the inflationary environment 93% of rents tied to indexation Official indexation for 2024 — Meaningful organic growth for net rental income — Growth of which will compound and grow exponentially Low occupancy cost ratio of 9.5% — Inclusive of service charges — Tenants
Slide 6: Necessity-based tenant strategy provides stability
Necessity-based tenant strategy provides stability Future proofing tenant mix Increased share of groceries, services and F&B — Adding more groceries, services, including municipal tenants, gyms, healthcare, quality F&B, and discounters (% of GRI) 2015 Q4/2023 — Share of groceries already at 19% of G
Slide 7: High share of groceries and low share of fashion de-risks the business
High share of groceries and low share of fashion de-risks the business Average rent Average lease term 23.0 EUR/sqm >5 years Groceries Services and Offices 22.5 EUR/sqm ~4 years Cafes and Restaurants 32.4 EUR/sqm ~4 years Fashion 22.6 EUR/sqm <2 years TOTAL* 23.7 EUR/sqm 3.4 years *Includes all subc
Slide 8: Asset management continues to implement strategy
Asset management continues to implement strategy Case Myyrmanni: — Opened 1,800 sqm Lidl in the basement and enlarged current supermarket to a 7,300 sqm Prisma hypermarket. → replacing under-performing and low rent paying fashion tenants with daily necessities. More stable cash flow. → stronger foot
Slide 9: Nordic investment market – sentiment turning
Nordic investment market – sentiment turning Low transaction volume of EUR 20bn in 2023 but 2024 looks more active* The Nordic property market – volume by country 80 Volume YTD 20.4 BEUR 70 60 50 40 30 3.8 2.8 20 BEUR BEUR 10 7.6 0 BEUR 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Swe
Slide 10: Top third of European climate leader across all sectors
Top third of European climate leader across all sectors 3rd consecutive Financial Times’ European Climate Leaders — Most GHG emissions reduction relative to 2016–2021 revenues 1st real estate company in Finland to join science-based targets initiative — Committed to reduce GHG emissions in line with
Slide 11: Lippulaiva - Prime example of Citycon's sustainability efforts
275* APARTMENTS CAME ONLINE 2022-2023 LIPPU L A I VA - P r i m e ex a m p l e o f C i t y c o n ’s s u s t a i n a b i l i t y e f fo r t s Flagship of local energy production Lippulaiva the flagship of local energy production Lippulaiva will Groceries48% be the flagship of local energy production,
Slide 12: Financials
Financials . Citycon
Slide 13: Citycon Q1-Q4/2023 - comparable FX rates
Citycon Q1-Q4/2023 - comparable FX rates +6.5% Like-for-like NRI growth in Q1-Q4/2023 +6.0% Standing NRI growth in Q1-Q4/2023 (vs. Q1-Q4/2022) (vs. Q1-Q4/2022) +3.4% Like-for-like tenant sales increase +1.8% Like-for-like footfall increase 99% Rent collection in Q1-Q4/2023 (vs. Q1-Q4/2022) (vs. Q1-Q
Slide 14: Q1-Q4/2023 financials
Q1-Q4/2023 financials +6.5 % Like-for-like NRI increase Standing* All Change FX Adjusted Change FX Adjusted EUR million Q1-Q4/2023 Q1-Q4/2022 Q1-Q4/2023 Q1-Q4/2022 (%) % (%) % NRI 195.7 195.1 0.3 % 6.0 % 195.7 203.6 -3.9 % 1.7 % Direct operating profit 164.9 166.2 -0.8 % 5.0 % 164.8 175.2 -5.9 % -0.
Slide 15: Detailed NRI bridge
Detailed NRI bridge NRI bridge Q4/2023 1.6 2.1 -0.1 0.0 53.0 -1.8 51.2 50.6 -2.5 Actual Q4/2022 LFL properties (Re)deve- Torvbyen Divestments Other Actual Q4/23 FX impact Actual Q4/2023 lopments before FX NRI bridge Q1-Q4/2023 3.2 9.9 -2.4 0.3 207.0 203.6 -7.7 195.7 -11.3 Actual LFL properties (Re)d
Slide 16: Stable credit metrics
Stable credit metrics Loan to value (IFRS) Net debt to EBITDA 46.9% 46.3% 45.4% 11.1x 10.7x 42.4% 40.3% 41.7% 10.0x 9.5x 9.2x 2019 2020 2021 2022 2023 FX adjusted 2019 2020 2021 2022 2023 2023 Interest coverage ratio Weighted average interest rate 4.2x 4.1x 4.1x 4.0x 2.47% 2.61% 3.7x 2.29% 2.39% 2.4
Slide 17: Active balance sheet management
Active balance sheet management EUR 650 million credit facility signed in April 2023 — Replaced and expanded existing EUR 500 million credit facility maturing in June 2024 — consisting of a EUR 400 million revolver and EUR 250 million term loan EUR 191 million bond repurchases in 2023 — Yook an adva
Slide 18: Strong, liquid balance sheet
Strong, liquid balance sheet Improved credit profile and a stronger, more flexible balance sheet 9% Bonds – 3.0 years weighted avg maturity after Total available 1% Hybrid latest bond issue liquidity at year-end EUR Equity 434 million Commercial paper – 2.61% weighted avg interest rate 38% Bank loan
Slide 19: Valuations
Valuations FY 2023 FY 2022 EUR -200.3 million YTD (-5.0%) for the Yield impact (tEUR) -363 200 -171 800 consolidated portfolio Change in exit cap (bps) +50 +20 — Net fair value change for LFL assets was EUR -84.4 million YTD (-2.8%) Market rents / CF impact 261 600 261 900 — Decrease in net fair val
Slide 20: FX impact scenarios to LTV, NRV and IFRS equity
FX impact scenarios to LTV, NRV and IFRS equity Actual 31.12.2022 31.12.2021 FX-rates FX-rates FX-rates 31.12.2023 LTV (%) 46.3% 45.4% 44.2% EPRA NRV per share 9.30 9.78 10.10 Equity increase compared to - 37.2 84.0 Q4 actual (MEUR) 20
Slide 21: Thank you!
%- Citycon THANK YOU!