Cibus Real Estate Ab (publ) · OMXSTO:CIBUS
Cibus Real Estate Ab (publ) — Cibus Nordic Real Estate — Q1 2026 Earnings Presentation
36 slides from Cibus Real Estate Ab (publ)'s earnings presentation, Apr 29, 2026
Slide 1: Interim Report 1 January 2026 – 31 March 2026
26Q1 Interim Report 1 JANUARY 2026 – 31 MARCH 2026 We generate value for our shareholders by investing in grocery and daily-goods properties.
Slide 2: Summary of the period
Summary of the period 1 JANUARY 2026 – 31 MARCH 2026 26Q1 Rental income amounted to EUR 45.3 million (39.1). Net operating income totalled EUR 42.6 million (36.6). Profit from property management amounted to EUR 20.9 million (18.4) excluding non-recurring items and exchange rate effects, and to EUR
Slide 3: This is Cibus
SUMMARY OF THE PERIOD This is Cibus Cibus owns, develops and manages grocery and daily goods properties. The property portfolio, predominantly comprising grocery and daily-goods stores, is diversified with coverage in the Nordic region and Benelux countries. The map shows the geographic locations of
Slide 4: A stable first quarter
CEO’S COMMENTS A stable first quarter Cibus delivers a stable first quarter in its operational business with increased revenues, higher net operating income, and an improved occupancy rate. In addition, the capital market has been favorable, and we have completed bond “It is gratifying that, followi
Slide 5: Business concept, goals and dividends
STRATEGIC FOCUS Business concept, goals and dividends Cibus’s business concept is to acquire, develop and manage properties in Europe with reputable grocery and daily-goods chains as anchor tenants. Business concept Targets Cibus’s business concept is to create long-term growth and value Cibus has t
Slide 6: Operations
Operations Lidl Engels Plein 26, Belgium 6
Slide 7: Financial development
OPERATIONS Financial development Earnings analysis January – March 2026 INCOME As of 31 March 2026, the Group’s borrowing comprised secured bank loans of EUR 1,312.6 million (1,230.1) and four unsecured The Group’s rental income for 2026 amounted to EUR 45.3 million bonds totalling EUR 309.0 million
Slide 8: Investments, cash flow and segment reporting
OPERATIONS INVESTMENTS IN PROPERTIES Cash flow from financing activities amounted to EUR 28.9 million (27.2). In 2026, Cibus issued senior unsecured green bonds of EUR million EUR 85 million and a hybrid bond of EUR 60.0 million. In addition, refinancing has been conducted, resulting in loans of EUR
Slide 9: General information, risks and uncertainties
OPERATIONS General information To manage the risks, Cibus is creating a more diversified customers base but is also continuing to retain and improve existing relationships with the Group’s largest tenants, which are Cibus Real Estate AB (publ) (“Cibus”), corporate registration leaders in the grocery
Slide 10: The Cibus share
OPERATIONS At the Annual General Meeting on 15 April 2024, a warrant The Cibus share programme was approved, comprising 470,000 warrants for the CEO, management and key employees. The subscription price was set at SEK 154.20, corresponding to 110% of the average price for Cibus Real Estate (publ) is
Slide 11: Declaration by the Board
OPERATIONS Declaration by the Board The Board of Directors and the CEO hereby certify that the report provides a fair and accurate overview of the Company’s and the Group’s operations, financial position and results, and describes the material risks and uncertainties faced by the Company and the com
Slide 12: Earnings capacity
OPERATIONS Earnings capacity The current earnings capacity for the coming 12 months is based on the property portfolio owned by Cibus as of 1 April 2026. The earnings capacity is not a forecast but a snapshot whose purpose is to present income and expenses on an annual basis given property holdings,
Slide 13: Net operating income in a comparable portfolio (earnings capacity)
OPERATIONS Net operating income in a comparable portfolio Net operating income in a comparable portfolio (earnings capacity) (earnings capacity) The net operating income in like-for-like portfolio earnings EUR % effect capacity shows how the portfolio owned by Cibus on 1 April 2025 million developed
Slide 14: The property portfolio
OPERATIONS The property portfolio Delhaize Viaductstraat 35, Belgium General overview As of 31 March 2026, Cibus’s property portfolio comprised 671 About 95% of total rental income derives from grocery and daily- store properties, located primarily in growth regions across goods properties. The prop
Slide 15: Properties of which possession has been taken
OPERATIONS Properties of which possession has been taken Taken Country Location Number of Anchor tenant m2, Comments possession of properties thousand 13 March Finland Joensuu 1 International 2.2 grocery and daily-goods chain 31 March Finland Vantaa 1 Tokmanni 3.9 The property is currently under con
Slide 16: Sustainability
OPERATIONS Sustainability Cibus is driven by the conviction that decisions regarding the property portfolio contribute to resilient social development. In acquiring and managing properties, Cibus’s objective is to For a building to be classified as taxonomy-compliant, it promote sustainable developm
Slide 17: Tenants and lease structure
OPERATIONS Tenants and lease structure Tenants About 95% of net operating income is generated by properties in which grocery and daily-goods chains are anchor tenants. The largest tenants are Kesko, Tokmanni, Coop Sverige, S Group, Rema 1000, Salling and Coop Danmark. Other tenants in grocery and da
Slide 18: Summary of leases
OPERATIONS Summary of leases The information below shows that the maturity structure of the In Belgian leases for commercial properties, the lease period is leases is well distributed over the coming years. The typical lease generally between 9 and 27 years and, for grocery and daily- contains a ren
Slide 19: Financing
OPERATIONS Financing Cibus is financed through holdings of ordinary shares, secured bank loans, unsecured bond loans and hybrid bond loans. Interest-bearing liabilities For loans with a remaining maturity of less than 12 months, refinancing discussions are ongoing. As of 31 March 2026, this involves
Slide 20: Bonds and hybrid bonds; key financing metrics
OPERATIONS 4.0% 1.4% 2.6 years 2.3 years 57.2% Average interest Average bank Average Average Net debt rate margin fixed interest maturity capital maturity LTV ratio Bonds and hybrid bonds Of Cibus’ external financing sources, 18% (16) comprise unsecured bonds with a nominal amount of EUR 309.0 milli
Slide 21: Maturity structure for interest rate hedges
OPERATIONS Maturity structure for interest rate hedges INTEREST RATE 2% 15% HEDGES As of 31 March 2026, 98% of Cibus’ interest-bearing liabilities were hedged. Exposure to variable As a proportion of interest-bearing debt, interest rate hedges as of that date rates comprised interest rate caps of 28
Slide 22: Development of financial performance measures
OPERATIONS Development of financial performance measures Loan-to-value ratio and debt-to-income ratio Interest coverage ratio The interest coverage ratio highlights how many times earnings Cibus primarily reports two measures of the Group’s leverage – can bear the external interest expenses. The int
Slide 23: The share and shareholders
OPERATIONS The share and shareholders Cibus’s shares are listed on Nasdaq Stockholm MidCap Primary reasons to invest in the Cibus share 1 High and stable yield Cibus strives to provide a high and stable yield for shareholders. 3 Gradually rising monthly dividends Since September 2020, Cibus has paid
Slide 24: Cibus’s shareholders
OPERATIONS Cibus’s shareholders Shareholders as of 31 March 2026 Cibus is listed on Nasdaq Stockholm Name No. of shares Percentage MidCap. Cibus’s shares have the ISIN code SE0010832204. As of 31 March 2026, the Fjärde AP-fonden 4,893,408 6.0% Company had about 63,000 shareholders. Länsförsäkringar
Slide 25: Financial statements
Financial statements Spar houffalize, Belgium 25
Slide 26: Consolidated income statement
FINANCIAL STATEMENTS Consolidated income statement Amounts in EUR million Q1 Q1 Jan-Dec 2026 2025 2025 Rental income 45.3 39,1 166.7 Service income 8.4 7.7 22.1 Operating expenses -7.0 -6.5 -23.5 Property tax -4.1 -3.7 -7.7 Net operating income 42.6 36.6 157.6 Administrative expenses -4.5 -3.4 -16.6
Slide 27: Consolidated statement of financial position
FINANCIAL STATEMENTS Consolidated statement of financial position Amounts in EUR million 31 March 2026 31 Mar 2025 31 Dec 2025 ASSETS Non-current assets Investment properties 2,650.4 2,433.0 2,641.3 Right-of-use assets 15.5 11.5 15.5 Other tangible assets 0.7 0.5 0.7 Intangible assets - 0.1 - Shares
Slide 28: Consolidated statement of changes in equity
FINANCIAL STATEMENTS Consolidated statement of changes in equity Amounts in EUR million Equity attributable to Parent Company shareholders Profit brought Total equity Other forward, incl. attributable to Total sha- contributed earnings Hybrid Parent Company Non-Control- reholders’ Share capital capi
Slide 29: Consolidated cash-flow statement
FINANCIAL STATEMENTS Consolidated cash-flow statement Amounts in EUR million Q1 Q1 Jan-Dec 2026 2025 2025 Operating activities Earnings before tax 30.6 31.8 100.1 Adjustment for: – Amortisation/depreciation 0.1 0.1 0.2 – Net financial items 17.3 12.0 57.7 – Unrealised changes in value, investment pr
Slide 30: Parent Company income statement and statement of comprehensive income
FINANCIAL STATEMENTS Parent Company income statement and statement of comprehensive income Amounts in EUR million Q1 Q1 Jan-Dec 2026 2025 2025 Operating income 0.7 0.7 3.3 Operating expenses -1.9 -10.3 -15.4 Operating loss -1.2 -9.6 -12.1 Profit/loss from financial items Interest income and similar
Slide 31: Parent Company Balance Sheet
FINANCIAL STATEMENTS Parent Company Balance Sheet Amounts in EUR million 31 Mar 2026 31 Mar 2025 31 Dec 2025 ASSETS Non-current assets Capitalised software expenditure 0.1 0.1 0.1 Shares in subsidiaries 679.5 649.6 672.3 Deferred tax assets 0.5 1.4 0.8 Interest rate derivatives 0.3 - - Non-current r
Slide 32: Segment data
FINANCIAL STATEMENTS Segment data Amounts in EUR million Q1 2026 Finland Sweden Norway Denmark Belgium Netherlands Luxembourg Cibus Group Rental income 21.5 5.7 2.2 6.9 6.7 2.1 0.2 45.3 Service income 4.1 0.6 - 0.6 2.9 0.2 - 8.4 Operating expenses -5.1 -0.8 -0.1 -0.5 -0.3 -0.2 - -7.0 Property tax -0
Slide 33: Note – Financial instruments – fair value
FINANCIAL STATEMENTS NOTE 1 – FINANCIAL INSTRUMENTS – FAIR VALUE Financial instruments valued at fair value in the Statement of The carrying amounts for financial assets and liabilities are financial position comprise interest rate derivatives. To determine considered to be reasonable approximations
Slide 34: Key figures, Group
FINANCIAL STATEMENTS Key figures, Group Unless otherwise stated, in EUR millions Q1 2026 Q1 2025 Jan-Dec 2025 Rental income 45.3 39,1 166.7 Net operating income 42.6 36.6 157.6 Profit from property management 20.8 38.0 98.6 Earnings after tax 24.9 31.0 91.4 No. of shares outstanding 82,086,045 76,28
Slide 35: Definitions of key figures
FINANCIAL STATEMENTS Definitions of key figures Our key figures are defined below. Key figures Definition Purpose Proportion grocery and The area used for grocery and daily-goods stores The Company uses the key figure to highlight the daily-goods properties, % divided by the total property area. Com
Slide 36: Reconciliation of alternative key figures
FINANCIAL STATEMENTS Reconciliation of alternative key figures Unless otherwise stated, in EUR millions Q1 2026 Q1 2025 Jan-Dec 2025 Equity, excluding hybrid bonds 1,016.4 915.9 991.2 Reversal of derivatives -9.8 6.1 4.3 Reversal of deferred tax 49.9 36.6 45.3 Reversal of unpaid dividends 6.6 6.1 25
Cibus Nordic Real Estate — Q1 2026 Earnings Presentation on 6ix