Cibus Real Estate Ab (publ) · OMXSTO:CIBUS
Cibus Real Estate Ab (publ) — Cibus Nordic Real Estate — Q1 2025 Earnings Presentation
31 slides from Cibus Real Estate Ab (publ)'s earnings presentation, Apr 23, 2025
Slide 1: Presentation 1 January 2025 – 31 March 2025
K-Market Kalasatama, Finland SPAR Hokksund, Norway Meny Fredericia, Denmark 25 Albert Heijn Arnhem, Netherlands Presentation 1 JANUARY 2025 – 31 MARCH 2025 We create value for our shareholders by investing in grocery and daily-goods properties. Willys Älvängen, Sweden Proxy Delhaize Sijsele, Belgium
Slide 2: Speakers and Agenda
Speakers Agenda 1. Business Update 2. Financial Update 3. Future 4. Q&A Christian Fredrixon Pia-Lena Olofsson Chief Executive Officer Chief Financial Officer 2
Slide 3: Cibus – Converting food into yield
Cibus Converting food into yield
Slide 4: This is Cibus
This is Cibus Finland 53% NOI Q1 262 €1,156M Property value 706,600 m2 Properties Total area — “Converting Food into Yield” Norway — Real estate company focused purely on daily-goods 3% €73M properties. NOI Q1 Property value 23 30,200 m2 — Sole listed pure daily-goods real estate vehicle in the Prop
Slide 5: Our properties Q1 2025
Our properties Q1 2025 640 2.4 Tenants share of NOI Properties BEUR Property value 156.3 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. 5
Slide 6: Stable cash flowing portfolio
Stable cash flowing portfolio 81% 95% 640 99% of rental income is from of properties anchored by Properties CPI-linked rental agreements non-cyclical daily-goods daily-goods tenant tenants 5.8Y 2,100 >90% 97% Q1 WAULT SQM average asset size Net or Triple-net leases of debt is interest rate Q1 WAULB
Slide 7: Key events & Financial Summary
Key events & Financial Summary 25 (compared with Q1 2024) Rental income amounted to EUR 39.1 million (30.5). Net operating income totalled EUR 36.6 million(28.1). Profit from property management amounted to EUR 38.0 million (12.2). Profit from property management includes a non-recurring income item
Slide 8: Pan-European expansion timeline
Pan-European expansion timeline Q1 2025 Property value 2.4 BEUR Q1 2018 Property value 0.7 BEUR 2018 2019 2020 2021 2022 2023 2024 2025 3/2018 3/2020 10/2021 4/2022 1/2025 Establishment and IPO Entry to Sweden Entry to Entry to Denmark Entry to Benelux Norway 8
Slide 9: Earnings capacity in focus
Earnings capacity in focus Earnings capacity cash flow per share has continued to Earnings capacity per share and dividend per share increase: Earnings capacity per share* Dividend per share — 0.91 EUR/share (1 Jul 2023) — 0.93 EUR/share (1 Oct 2023) — 0.95 EUR/share (1 Jan 2024) — 0.96 EUR/share (1
Slide 10: Key take-aways in 2025
Key take-aways in 2025 1 2 3 4 Improved results post Increased EPRA NRV per share Integration of Benelux Forum 2025 announced transactions announced in Q4 +8% q-o-q to 12.6 EUR/share Estates platform transactions Accretive acquisitions of NOI +30% y-o-y Increased Earnings capacity Delivering accordi
Slide 11: Transactions announced 2025
Transactions announced 2025 Q1 Q2 Total 9.3 announced 20225 Grocery store Grocery store MEUR Acquisitions Beringen, Belgium Iisalmi, Finland 1,300 + 400 sqm 2,500 sqm 18 Y lease 18 Y lease 4.6 MEUR (2,700 4.7 MEUR (1,900 EUR/sqm) EUR/sqm) Q1 Q1 Q2 Total 20.2 announced 2025 DIY stores, Belgium Grocer
Slide 12: One+, a Belgian JV
One+, a Belgian JV Through the Forum Estates acquisition, Cibus became an owner in the One+ Joint Venture in Belgium — Cibus owns One+ together with TS33, a property developer focused on retail properties in Belgium. TS33 — One+ current portfolio consists of 5 retail properties with a lettable area
Slide 13: Financial Overview
Financial Overview
Slide 14: P&L Highlights Q1 2025
P&L Highlights Q1 2025 Administration expenses now also includes 12 EUR, Millions Q1 2025 Q1 2024 employees from the Forum Estates acquisition. Net Operating income 36.6 28.1 Other income comprises negative goodwill (net) Administration costs -3.4 -2.5 arising in connection with the acquisition of F
Slide 15: Current earnings capacity
Current earnings capacity 1 Apr 1 Jul 1 Oct 1 Jan 1 Apr Change As of 1 April 2025, the earnings Amounts in EUR million (1 Apr 2025 – capacity regarding profit from 2024 2024 2024 2025 2025 1 Apr 2024) property management excl Rental income 121.9 122.5 122.9 130.3 165.7 non-cash items + expenses Prop
Slide 16: Net operating income in a comparable portfolio
Net operating income in a comparable portfolio Earnings capacity EUR million % effect Effect of changes in occupancy was fairly Net operating incorne, 1 March 2024 114,1 unchanged since Q4 2024 at Effect of changes in property expenses 0,4 +0,3 % -2,0% on a comparable Effect of changes in occupancy
Slide 17: Segments Q1 2025
Segments Q1 2025 FINLAND 01 2025 Finland Sweden Norway Denmark Belgium Netherlands Luxembourg Cibus Amounts in EUR million Group NOI Q1 2025 53% Rental income 21.1 4.8 1.2 6.0 4.6 1.4 0.1 39.1 Service income 4.1 0.5 0 0.6 2.4 0.1 - 7.7 SWEDEN Operating expenses -5.1 -0.6 -0.1 -0.5 -0.2 0 - -6.5 NORW
Slide 18: Balance sheet (NRV & LTV)
Balance sheet (NRV & LTV) €’m LTV, % Balance sheet (31 March 2025) (unless otherwise stated) Property value 2,433 Secured debt (-) -1,230 50.6 Net LTV 58.7% Unsecured bond (-) -245 Other net assets(+)/liabilities(-)(1) 37 Hybrid bond -30 EPRA NRV 965 EPRA NRV / Share (€) 12.6 1)Excluding deferred ta
Slide 19: WAULT
WAULT EUR million Agreements valid until further notice Other agreements Belgian leases (incl. termination rights) Belgian leases (excl. termination rights) WAULB 4.2 years WAULT 5.8 years — The graphs on the right show the portfolio's average remaining contract period both without the Belgian termi
Slide 20: Funding
Funding Bank loan As of 31 March 2025, 81% of Cibus external funding was bank loans with a weighted average credit margin of 1.6% and a weighted Funding Sources average capital maturity of 2.3 years. 16% Bank loans After the period EUR 232.5 million has been refinanced. In total, EUR 1,230.1 million
Slide 21: Funding
Funding Maturity structure for interest rate hedges Interest rate sensitivity analysis As of 31 March 2025, 97% of Cibus' interest-bearing liabilities were hedged. As a proportion of interest-bearing debt, interest rate Based on reported earnings capacity and taking into hedges as of that date compr
Slide 22: Key credit metrics
Key credit metrics Net LTV ratio (%) Net debt/EBITDA ratio (x) Policy between 55-65% 74% The Net debt/EBITDA has increased in Q1 2025 due to that the acquisitions have increased debt while the EBITDA is built over Since the funds raised through the directed 70% time. share issue have been deployed f
Slide 23: Strategy to give shareholders strong monthly dividends
Cibus’ strategy is to give its Shareholders strong dividends on a monthly basis Dividend per share 6.9% Dividend yield share price* * Based on 0.90 EUR per share and share price 148,05 SEK Cibus has paid dividend on a monthly basis since October 2020. The AGM decided on unchanged dividend of 0.90 EU
Slide 24: Cibus share price performance
Cibus share price performance Average daily volume total SEK 80 million of which Nasdaq daily volume is SEK 38 million with about 3,500 transactions per day 31 March 2025 Closing price (SEK) Turnover, Nasdaq (MSEK) Share price SEK 148.05 Cibus was traded at 1.5 times its market cap. That was more th
Slide 25: Shareholders as of 31 March 2025
Shareholders as of 31 March 2025 Cibus Nordic Real Estate Name No. of shares Percentage 31 March 2025 Fjärde AP- fonden 4,883,408 6.4 Länsförsäkringar Fonder 4,434,879 5.8 Cibus has 55,000 Vanguard 2,981,915 4.0 Avanza Pension 2,604,074 3.4 shareholders BlackRock 2,085,236 2.8 Nordnet Pensionsförsäk
Slide 26: Future
Future
Slide 27: ESG: We provide sustainable marketplaces
ESG: We provide sustainable marketplaces Path to climate neutrality 2030 49% Taxonomy 79% Sustainable Climate neutral target aligned assets tenants by market value (31% 2023) Tenants with SBTi Reporting and financing CSRD FY2024 reporting Financing Voluntary incl. double Green and sustainable materi
Slide 28: Moving forward – Focus areas
Moving forward – Focus areas 1 Continue to grow 2 Cibus Forum Estates 3 Continued balance earnings capacity per platform — Platform sheet optimisation, share in all parts of the for growth in Benelux refinancing and business hedging 4 Carry out CEPS 5 Competent and 6 Committed to deliver accretive t
Slide 29: Converting food into yield
Converting food into yield Primary reasons to invest in the Cibus share 1 High and stable yield Cibus strives to earn a high and stable yield for shareholders. 3 Monthly dividends Since October 2020, Cibus pays dividends monthly 2 Potential for favourable value growth 99% of Cibus’ rents are CPI-lin
Slide 30: Converting food into yield
QSA C b Converting food into yield
Slide 31: Cibusnordic.com
Cibus Converting food into yield Cibusnordic.com
Cibus Nordic Real Estate — Q1 2025 Earnings Presentation on 6ix