Cibus Real Estate Ab (publ) · OMXSTO:CIBUS
Cibus Real Estate Ab (publ) — Cibus Nordic Real Estate — Q4 2024 Earnings Presentation
36 slides from Cibus Real Estate Ab (publ)'s earnings presentation, Feb 19, 2025
Slide 1: Year-end report 1 January 2024 – 31 December 2024
Year-end report 1 January 2024 – 31 December 2024
Slide 2: Speakers and Agenda
Speakers Agenda 1. Business Update 2. Financial Update 3. Future 4. Q&A Christian Fredrixon Pia-Lena Olofsson Chief Financial Officer Chief Executive Officer 2
Slide 3: Cibus – Converting food into yield
Cibus Converting food into yield
Slide 4: This is Cibus
This is Cibus FINLAND — “Converting Food into Yield” — Real estate company focused purely on daily-goods properties. — Aim to create stable cash flows. — SWEDEN Listed since March 2018. Listed on Nasdaq Stockholm MidCap since June 2021. NORWAY — Market cap of approx. EUR 1.1 billion. — Sole listed p
Slide 5: What do we mean by stable cash flows?
What do we mean by stable cash flows? Stable cash flows: — Focused purely on daily-goods properties. — Non-cyclical daily-goods business. — 81%* of rental income is from daily-goods tenants. — 94%* of our 642* properties are anchored by daily-goods tenants. — 99%* of rents linked to CPI-development.
Slide 6: Summary of the year 2024
Summary of the year 2024 1 2 3 4 Refinancing of the Back in acquisition Strengthened our Used Board’s 10% whole bond portfolio mode — Portfolio CEPS accretive mandate and carried — lowering margins acquisition in Sweden acquisition pipeline in out a directed share and extending the Nordics and issue
Slide 7: Pan-European expansion timeline
Pan-European expansion timeline Pro forma* Property value 2.4 BEUR Q4 2024 Property value 1.8 BEUR Q1 2018 Property value 0.7 BEUR 2018 2019 2020 2021 2022 2023 2024 2025 3/2018 Establishment 3/2020 Entry to 10/2021 Entry 4/2022 Entry 1/2025 Entry and IPO Sweden to Norway to Denmark to Benelux 7 * Q
Slide 8: Key Events Q4 2024
Key Events Q4 2024 Trans- Increased Refinancing Prepayment Dividend formative Earnings and hedging last bond Paid-Out acquisitions Capacity Forward-starting maturing to shareholders EUR announced EUR 0.99 per share hedging of EUR 2025 0.22 per share 176 million carried during Q4 paid out 7 acquisiti
Slide 9: Our properties Q4 2024
Our properties Q4 2024 483 1,870 Tenants share of NOI Properties MEUR property value 122.3 1,030 MEUR NOI Thousand SQM Current earnings capacity The graph shows how net operating income is distributed among properties where grocery and daily-goods chains are the anchor tenants. 9
Slide 10: Our properties pro forma February 2025
Our properties pro forma* 19 February 2025 Tenants share 642 2.4 of NOI Properties BEUR property value 155.7 1.3 MEUR NOI Million SQM Current earnings capacity The graph shows how net operating income is distributed among properties where grocery and daily-goods chains are the anchor tenants. 10 * Q
Slide 11: This is Cibus pro forma
This is Cibus pro forma* FINLAND SWEDEN NORWAY DENMARK New properties taken possession of in the fourth quarter of 2024 NETHERLANDS New properties taken possession of during the first quarter 2025 11 BELGIUM LUXEMBOURG * Q4 2024 incl. acquisitions made up until 19 February 2025
Slide 12: Benelux acquisition
Benelux acquisition — Forum Estates Transaction closed Jan 2025 — “Converting food into yield” portfolio — 149 assets, EUR 508 million asset value, local team in place — CEPS accretive from day 1 — Created a leading Pan-European daily-goods real estate platform — 87.9% of holders of Forum Estates of
Slide 13: Acquisition in Denmark in Q4 2024
Acquisition in Denmark in Q4 2024 — 31 properties — Modern, high-quality grocery property portfolio — 99% of rental income from daily-goods tenants ~99% — Underlying property value of DKK 879 million (approx. 118 MEUR) Grocery anchored — 3,260 EUR/sqm — Portfolio average remaining lease term approx.
Slide 14: Transactions in Sweden and Norway in Q4 2024
Transactions in Sweden and Norway in Q4 2024 ICA Habo, Sweden Willys Bollnäs, Sweden Bunnpris Randaberg, Norway — 3 single asset acquisitions: — 1 single asset divestment: — The divestment of a vacated grocery store in Sweden at above book value is an — 1 asset in Norway: 2.9 MEUR — Ex. Coop store i
Slide 15: Earnings capacity in focus
Earnings capacity in focus Earnings capacity cash flow per share has continued to increase: Earnings capacity per share and — 0.91 EUR/share (1 Jul 2023) dividend per share — 0.93 EUR/share (1 Oct 2023) — 0.95 EUR/share (1 Jan 2024) EUR Earnings capacity per share* Dividend per share 1,5 — 0.96 EUR/
Slide 16: Financial Overview
Slide 17: Key events & Financial Summary Q4 2024
Key events & Financial Summary Q4 2024 Rental income amounted to EUR 31,001 thousand (30,063). Net operating income totalled EUR 28,692 thousand (28,126,). (compared Profit from property management was EUR 11,115 thousand with Q4 2023) (11,788). Profit from property management, excluding non-recurri
Slide 18: Significant events during the period
Significant events during the period 23 Oct – Cibus acquired three grocery 18 Dec – Cibus announced that it was stores in Finland EUR 14.8 million considering an acquisition of Forum Estates in Benelux 29 Oct – Cibus acquired one grocery store in Sweden SEK 75 million 18 Dec – Cibus also announced t
Slide 19: Significant events after the period
Significant events after the period 10 Jan - Cibus announced that it had 27 Jan – Cibus announced that it was issued senior unsecured green bonds for acquiring Forum Estates and had approved EUR 50 million the new issue of 13,313,895 shares as consideration for the acquisition. 10 Jan – the Nominati
Slide 20: P&L Highlights Q4 2024
P&L Highlights Q4 2024 EUR, Thousands Q4 2024 Q4 2023 — Administration expenses include non-recurring expenses of EUR -615 thousand attributable to an Net Operating income 28,692 28,126 advanced acquisition process where the transaction was Administration costs -3,967 -3,695 not completed. Net finan
Slide 21: Current earnings capacity
Current earnings capacity As of 1 January 2025, the earnings capacity regarding profit from property management excl non-cash items + expenses for hybrid bond per share for the ensuing 12 months was 0.99 EUR per share. Taking the acquisitions up until 19 February 2025 into consideration the increase
Slide 22: Net operating income in a comparable portfolio
Net operating income in a comparable portfolio (Earnings capacity) Effect of changes in occupancy was unchanged since Q3 2024 at-1,9% on a comparable portfolio. Indexation is lower due to lower inflation in the Nordic countries. 22
Slide 23: Segments Q4 2024
Segments Q4 2024 NOI Q4 2024 68% 14% 4% Pro forma figures incl. acquisitions show that Finland’s share of NOI will be 51%. Denmark and Belgium 15% each. 14% 23
Slide 24: Balance sheet (NRV & LTV)
Balance sheet (NRV & LTV) €’m Balance sheet (31 December 2024) (unless otherwise LTV, % stated) Property value 1,870 Secured debt (-) -947 50.6 Unsecured bond (-) -191 Net LTV 58.1% Other net assets(+)/liabilities(-)(1) 33 Hybrid bond -30 EPRA NRV 735 EPRA NRV / Share (€) 11.7 1)Excluding deferred t
Slide 25: WAULT Q4 2024
WAULT Q4 2024 — An even number of leases up for renewal each year — Typically leases renew at same terms for 5 years — WAULT historically has been close to five years 25
Slide 26: Funding
Funding Closing average interest rate of 4.2% (4.5) on interest-bearing debt. Bank loan Funding sources As of 31 December 2024, the Group has bank loans of EUR 947,180 thousand (918,301) with a weighted average credit margin of 1.6% and a weighted average capital maturity of 2.3 years. In the fourth
Slide 27: Funding
Funding Interest rate sensitivity analysis Based on reported earnings capacity and taking into account existing loans at fixed interest, as well as other interest rate hedges, an increase in market interest rates by 1 percentage point would impact earnings negatively by about EUR -1,100 thousand and
Slide 28: Key credit metrics
Key credit metrics Net LTV ratio (%) Net debt/EBITDA ratio (x) 74% 70% Net LTV ratio 15,0 14,1 policy between 55-65% 14,0 66% 12,4 61,3 % 13,0 11,8 12,0 62% 58,7 % 57,8 % 59,1 % 58,7 % 58,9 % 58,1 % Since the funds raised through the 57,5 % 12,0 directed share issue have been 10,4 58% 54,6 % 11,0 9,
Slide 29: Strategy to give shareholders strong monthly dividends
Cibus’ strategy is to give its Shareholders strong dividends on a monthly basis Upcoming payments 5.9% Proposed by the board Dividend yield share price* * Based on 0.90 EUR per share and share price 176,20 SEK The Board of Directors intends to propose to the 2025 Annual General Meeting that an uncha
Slide 30: Cibus share price performance
Cibus share price performance Average daily volume total SEK 67 million of which Nasdaq daily volume is SEK 31 million with about 2,800 transactions per day. During 2024 Cibus market cap was traded 1.6x. This was more than double the liquidity of the average of other real estates companies with a ma
Slide 31: Shareholders as of 31st of December 2024
Shareholders as of 31st of December 2024 Cibus Nordic Real Estate Name No. of shares Percentage 31 December 2024: Fjärde AP- fonden 4,628,211 7.3 Länsförsäkringar Fonder 4,434,879 7.0 Vanguard 2,892,281 4.6 Cibus has 55,000 Avanza Pension BlackRock 2,400,011 2,019,606 3.8 3.2 shareholders Nordnet Pe
Slide 32: Future
Slide 33: Moving forward
Moving forward Overall: Grow EPS • Continue to grow earnings capacity per share in all parts of the business • Integrate Forum Estates platform – platform for growth in Benelux • Carry out CEPS accretive transactions • Interesting opportunities in our existing markets • Actively evaluating opportuni
Slide 34: Primary reasons to invest in the Cibus share
Primary reasons to invest in the Cibus share 1 3 High and stable yield Monthly dividends Cibus strives to earn a high and stable yield for Since October 2020, Cibus pays dividends monthly shareholders. 2 4 Potential for favourable value growth A segment with long-term resilience and 99% of Cibus’ re
Slide 35: Oey
Oey
Slide 36: Cibusnordic.com
Cibus Converting food into yield Cibusnordic.com
Cibus Nordic Real Estate — Q4 2024 Earnings Presentation on 6ix