Cibus Real Estate Ab (publ) · OMXSTO:CIBUS
Cibus Real Estate Ab (publ) — Cibus Nordic Real Estate — Q2 2025 Earnings Presentation
39 slides from Cibus Real Estate Ab (publ)'s earnings presentation, Jul 17, 2025
Slide 1: Presentation 1 January 2025 – 30 June 2025
25 AH Groningensingel 959, Netherlands Lidl Engels Plein 26, Belgium SPAR Egevaenget 3, Denmark S-market Vanhatie 54, Finland Presentation 1 January 2025 – 30 June 2025 We create value for our shareholders by investing in grocery and daily-goods properties. Rema 1000 Skiringssalveien 9A, Norway Coop
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 50% NOI Q2 €1,160M Property value 262 706,800 m2 Properties Total area — “Converting Food into Yield” Norway — Real estate company focused purely on daily-goods 3% €70M properties. NOI Q2 Property value 23 30,200 m2 Properties Total area — Sole listed pure daily-goods real esta
Slide 5: Our properties Q2 2025
Our properties Q2 2025 637 2.4 Tenants share of NOI Kesko Tokmanni Coop Sverige Properties BEUR Property value 5% S Group 8% 24% Rema 1000 Lidl 2% 1% Dagrofa 2% 3% 1% Jumbo 1% Salling Group 3% Coop Danmark 3% Carrefour 156.3 1.3 4% 14% Spar Colruyt 4% Ahold Delhaize Norgesgruppen 5% ICA 5% 6% 9% Axf
Slide 6: Stable cash flowing portfolio
Stable cash flowing portfolio 81% 95% 637 99% of rental income is from of properties anchored by daily- Properties CPI-linked rental agreements non-cyclical daily-goods tenants goods tenant 7 countries 5.9Y 2,100 >90% 97% Q2 WAULT SQM average asset size Net or Triple-net leases of debt is interest r
Slide 7: Financial Summary
Financial Summary 25 (compared with Q2 2024) Rental income amounted to EUR 41.3 million (30.5). Net operating income totalled EUR 39.1 million (30.5). Profit from property management amounted to EUR 19.5 million (10.3). Profit from property management, excluding non-recurring items and currency effe
Slide 8: Key take-aways in 2025
Key take-aways in 2025 1 2 3 4 Stable and value-generating Increased Earnings capacity per Lower financing costs Extended financing maturities quarter share to 1.05 EUR/share** +9% y-o-y Net financial cost -1.4 MEUR p.a. Debt maturity 2.5Y (1.7Y) going forward Hedge duration 2.9Y (1.8Y) NOI margin +
Slide 9: Earnings capacity in focus
Earnings capacity in focus Earnings capacity cash flow per share has continued to increase: Earnings capacity per share and dividend per share — 0.91 EUR/share (1 Jul 2023) Earnings capacity per share* Dividend per share — 0.93 EUR/share (1 Oct 2023) — 0.95 EUR/share (1 Jan 2024) — 0.96 EUR/share (1
Slide 10: Pan-European expansion timeline
Q2 2025 Pan-European expansion timeline 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 10
Slide 11: Acquisitions announced so far 2025
Acquisitions announced so far 2025 In Q1 report In Q2 report In Q2 report In Q3 report Jumbo Albert Heijn Netto LIDL Beringen, Belgium Ede, Netherlands Horsens, Denmark Iisalmi, Finland 1,300 + 400 sqm 1,500 sqm 1,300 sqm 2,500 sqm 18 Y WAULT 10 Y WAULT 18 Y WAULT 4.6 MEUR 5.4 MEUR 4.1 MEUR 4.7 MEUR
Slide 12: Acquisitions announced so far 2025
Acquisitions announced so far 2025 In Q3 report In Q3 report In Q3 report In Q3 report In Q3 report Tokmanni Prisma Willys Willys Proxy Delhaize 5 stores, Finland Finland Enköping, Sweden Ludvika, Sweden Meerhout, Belgium 15,700 sqm 9,300 sqm 2,100 sqm 4,400 sqm 1,300 sqm 10 Y WAULT Long lease 6.9 Y
Slide 13: Acquisitions announced so far 2025
Total 117 MEUR Acquisitions announced so far 2025 In Q3 report Netto, Coop, Rema 1000 7 stores, Denmark 9,100 sqm 7.5 Y WAULT 22.3 MEUR (2,450 EUR/sqm)
Slide 14: Divestments announced so far 2025
Divestments announced so far 2025 In Q2 report In Q1 report In Q2 report In Q2 report In Q3 report DIY stores, Belgium Grocery stores, Ex-grocery store, Non-grocery store, Grocery store Helsinki, Finland Eslöv, Sweden Limburg, Belgium Diest, Belgium 7,600 sqm 3,900 sqm 900 sqm 1,300 sqm 1,400 sqm 10
Slide 15: Examples of letting activity in H1 2025
Examples of letting activity in H1 2025 So far during 2025: Re- — Approx. 70 leases newals — >90,000 sqm — Including packages with larger tenants — Approx. total 5Y extension, incl. a 5Y extension to 9Y+ WAULT in our largest asset Types From To of new Grocery Grocery lettings Grocery Non-Grocery Non
Slide 16: Examples of new letting activity in H1 2025
Examples of new letting activity in H1 2025 Type Number of New WAULT Total leased out Example of new tenants leases vacancy (sqm) Grocer –> Grocer* 2 10Y 0 Local grocer Grocer –> 3 14Y 2,000 Non-Grocer Non-Grocer –> 0 - - - Grocer Non-Grocer –> 26 7Y 8,500 Non-Grocer Gym, Restaurants etc. Store exte
Slide 17: K-Market in Kuopio, Finland
CASE STUDY K-Market in Kuopio, Finland CURRENT — Kesko and Cibus are replacing and extending a K-Market store building built in 1972 with a new, larger K-Market on the same site — Small store but example of how Cibus collaborates with our tenants — Lettable area will double to 800 sqm — WAULT is ext
Slide 18: Financial Overview
Financial Overview
Slide 19: Significant events during the period
Significant events during the period On 10 April 2025, the Annual General Meeting resolved: On 17 April, Cibus announced its acquisition of two properties in Belgium and Finland for a total underlying property value of EUR 9.3 — That an unchanged annual dividend of EUR 0.90 million, its divestment o
Slide 20: Significant events after the period
Significant events after the period On 8 July, Cibus announced its acquisition of six On 16 July, Cibus announced that it had acquired ten properties in Finland at an underlying property value of properties in Sweden, Denmark, and Belgium through about EUR 61.4 million four separate transactions at
Slide 21: P&L Highlights Q2 2025
P&L Highlights Q2 2025 Administration expenses Cibus reported a non- EUR, Millions Q2 2025 Q2 2024 recurring expense of EUR -0.5 million for the quarter Net Operating income 39.1 30.5 based on the resolution by the AGM to establish a Administration costs -3.9 -3.5 warrant program for the Nordics and
Slide 22: Current earnings capacity
Current earnings capacity • Lower rental income due to Change Amounts in EUR million 1 Jul 1 Oct 1 Jan 1 Apr 1 Jul (1 Jul 2025 – divestments. 2024 2024 2025 2025 2025 1 Jul 2024) Rental income 122.5 122.9 130.3 165.7 165.4 • Lower property expenses in Property expenses -7.8 -7.8 -8.0 -9.4 -9.1 Belgi
Slide 23: Net operating income in a comparable portfolio
Net operating income in a comparable portfolio § Of changes in occupancy only one quarter relates to daily-goods properties. Earnings capacity - More than half of this relates to a single property in Denmark where negotiations EUR million % effect are ongoing. - Daily-goods related vacancies include
Slide 24: Segments Q2 2025
Segments Q2 2025 FINLAND 02 2025 Finland Sweden Norway Denmark Belgium Netherlands Luxembourg Cibus Amounts in EUR million Group NOI Q2 2025 50% Rental income 21.0 4.8 1.2 6.0 6.0 2.1 0.2 41.3 Service income 3.1 0.6 0 0.6 0.4 0.1 - 4.8 SWEDEN Operating expenses NORWAY -4.0 -0.5 0 -0.6 -0.4 -0.2 - -5
Slide 25: Balance sheet (NRV & LTV)
Balance sheet (NRV & LTV) €’m Balance sheet (30 June 2025) LTV, % (unless otherwise stated) Property value 2,427 Secured debt (-) -1,227 50.6 Net LTV 55.0% Unsecured bond (-) -243 Other net assets(+)/liabilities(-)(1) 127 Hybrid bond -30 The directed share issue in 11 June 2025 has increased other n
Slide 26: WAULT
WAULT EUR million Agreements valid until further notice Other agreements Belgian leases (incl. termination rights) Belgian leases (excl. termination rights) WAULB 4.4 years WAULT 5.9 years — The graphs on the right show the portfolio's average remaining contract period both without the Belgian termi
Slide 27: Funding
Funding 4.0% Average 1.5% Average bank 2.9 years Average fixed 2.5 years Average capital 55.0% Net debt LTV interest rate margin interest maturity maturity ratio Bank loan • 81 % of total funding bank financing Funding Sources • Average bank margin down with -0.1 to 1.5% in Q2 2025 16% • Bank loans
Slide 28: Funding
Funding Maturity structure for interest rate Interest rate hedges hedges Interest rate sensitivity analysis 3% 16% Exposure to variable rates Based on reported earnings capacity and taking into account existing • Cibus is 97% hedged with an average fixed interest maturity of 45% Fixed rate loans loa
Slide 29: 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 since 2024 due to that the The directed share issue 11 June 2025 have 70% acquisitions have increased debt while the EBITDA is built over lowered the Net LTV temporarily. When 6
Slide 30: Strategy: strong monthly dividends to shareholders
Cibus’ strategy is to give its Shareholders strong dividends on a monthly basis Dividend per share 5.4% Dividend yield share price* * Based on 0.90 EUR per share and share price 187.00 SEK • The total return (share performance and dividends), amounted to +9% in the first half of 2025. • The average
Slide 31: Cibus share price performance
Cibus share price performance Average daily volume total SEK 120 million of which Nasdaq daily volume is SEK 43 million with about 3,200 transactions per day 30 June 2025 Closing price (SEK) Turnover, Nasdaq (MSEK) Share price SEK 187.00 Cibus was traded at 1.6 times its market cap. That was more th
Slide 32: Shareholders as of June 2025
Shareholders as of 30 June 2025 Cibus Nordic Real Estate 30 June 2025 Name No. of shares Percentage Fjärde AP-fonden 5,053,408 6.2% Länsförsäkringar Fonder 4,708,734 5.7% Cibus has 57,000 Vanguard 2,923,646 3.6% shareholders BlackRock 2,705,279 3.3% Avanza Pension 2,605,200 3.2% Sensor Fonder 1,711,
Slide 33: Future
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Slide 34: 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 35: Moving forward – Focus areas
Moving forward – Focus areas 1 Continue to grow earnings 2 Cibus Real Estate platform 3 Continued balance sheet capacity per share in all for Pan-European growth optimisation, refinancing parts of the business and hedging 4 Carry out CEPS accretive 5 Competent and 6 Committed to deliver transactions
Slide 36: Our portfolio Board & management Investors About us Contact us
Our portfolio Board & management Investors About us Contact us | aes |
Slide 37: 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 38: Cibus: Converting food into yield
QSA Cibus Converting food into yield
Slide 39: Cibusnordic.com
Cibus Converting food into yield Cibusnordic.com
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