Slide 1: Citycon Performance Q1/2025
CITYCON PERFORMANCE Q1/2025 +3.5% 94.8% +8.5% +0.7MEUR LFL NRI growth in Retail occupancy Direct Operating Fair value change of Q1/2025 rate Profit growth in investment with comparable FX Q1/2025 properties in (vs. Q1/2024) with comparable FX Q1/2025 (vs. Q1/2024) 25.3 EUR +1.5% +1.2% +2.4% Avg. ren
Slide 2: Completed Debt Management
COMPLETED DEBT MANAGEMENT — EUR 250 million debt repaid during Q1/2025 — EUR 450 million new bond issued in April — EUR 200 million debt repaid during April Citycon I Audiocast Q1/2025 2
Slide 3: Update on the Divestment Plan
UPDATE ON THE DIVESTMENT PLAN — As of today, Citycon has divested assets for EUR 475 million since the announcement of the divestment target — EUR 354 million assets divested during 2024 — Available liquidity end of Q1/2025 was EUR 134 million — New EUR 450 million bond issued in April 2025 — Cityco
Slide 4: 2025 Outlook
2025 OUTLOOK – Operational performance for year 2025 is in line with our expectations – Our financial expenses for year 2025 are higher than originally forecasted due to the new bond issued in April 2025 – As a result, we specify our guidance by tightening the upper end FY 2025 guidance (specified 1
Slide 5: Looking Ahead
LOOKING AHEAD — Necessity-based assets in strong, growing Nordic locations — Improvement of operational performance — Strengthening the balance sheet through strategic divestments — Continued management of the debt portfolio; Citycon announced on 13 May intention to launch a EUR 100 million bond ten
Slide 6: Financial overview
Financial overview Citycon I Audiocast Q1/2025 6
Slide 7: Financials
FINANCIALS QTD YTD Q1-Q4 EUR million Q1/2025 Q1/2024 Change (%) FX Adjusted % /2024 NRI 50.1 51.0 -1.8% -1.3% 214.7 Direct operating profit 42.7 39.7 7.7% 8.5% 183.6 EPRA earnings 19.4 22.4 -13.4% -12.5% 91.9 EPRA earnings excl. hybrid bond interests 28.0 28.8 -2.6% -1.8% 122.6 EPRA EPS, EUR 0.105 0
Slide 8: Detailed NRI and EPRA Earnings Bridge
DETAILED NRI AND EPRA EARNINGS BRIDGE NRI bridge Q1/2025 0.7 1.4 2.2 51.0 0.3 50.4 50.1 -5.2 -0.3 Actual Q1/2024 Kista LFL properties (Re)deve- Divestments Other Actual Q1/2025 FX impact Actual Q1/2025 lopments before FX EPRA Earnings bridge Q1/2025 4.0 -1.6 0.8 22.4 -0.7 -2.2 19.6 19.4 -3.1 -0.2 Ac
Slide 9: Property Valuation and EPRA per Share
PROPERTY VALUATION AND EPRA PER SHARE Fair value change EPRA per share metrics MEUR Q1/2025 Change Q1/2025 Q4/2024 Finland & Estonia 2.2 EPRA NRV per share* 8.13 7.87 EPRA NTA per share 7.13 6.89 Norway 2.6 EPRA NDV per share 6.66 6.50 Sweden & Denmark -2.1 Average yield requirement,% 6.2% 6.2% Inve
Slide 10: Balance Sheet: Debt Management as a Priority
BALANCE SHEET: DEBT MANAGEMENT AS A PRIORITY Flexible balance sheet with reduced bank loan share 10% Bonds – 3.2 years weighted avg maturity Total available liquidity Hybrid – 3.61% weighted avg interest rate EUR 543.2 million 39% Equity Commercial paper 34% Bank loans 16% Share of secured debt ~20%
Slide 11: Continued Debt Management
CONTINUED DEBT MANAGEMENT — Prepayment of the RCF Term Loan maturing in April 2027 — EUR 150 million in February 2025 — EUR 100 million in April 2025 — The facility has been prepaid in full — EUR 200 million bond tenders of the September 2026 bond — EUR 100 million in March 2025 — EUR 100 million in
Slide 12: Key Credit Metrics
KEY CREDIT METRICS Loan to value (IFRS) Net debt to EBITDA 46.3% 47.3% 46.9% 10,7x 41.7% 10,0x 9,5x 40.3% 9,3x 9,3x 2021 2022 2023 2024 Q1/2025 2021 2022 2023 2024 Q1/2025 Interest coverage ratio Weighted average interest rate 4.1x 4.0x 3.60% 3.61% 3.7x 2.47% 2.43% 2.61% 2.7x 2.6x 2021 2022 2023 202
Slide 13: Q&A
Q&A Citycon I Audiocast Q1/2025 13
Slide 14: Eero Sihvonen, Chief Financial Officer
Eero Sihvonen Chief Financial Officer +358 50 557 9137 eero.sihvonen@citycon.com Citycon I Audiocast Q1/2025 14