Slide 1: Citycon Q1-Q3/2024: Year-to-date results
Citycon Q1-Q3/2024: Year-to-date results +13.7% +11.2% +5.2% Total NRI growth in Total NRI growth in LFL NRI growth in Q3/2024 Q1-Q3/2024 Q1-Q3/2024 with comparable FX with comparable FX with comparable FX (vs. Q3/2023) (vs. Q1-Q3/2023) (vs. Q1-Q3/2023) +4.1% 95.1% 24.7 EUR Avg. rent / sq.m. Retail
Slide 2: Financial overview
Financial overview Citycon I Q3/2024 2
Slide 3: Financials
Financials QTD YTD Change FX Adjusted Q1-Q3 Q1-Q3 Change FX Adjusted EUR million Q3/2024 Q3/2023 (%) % /2024 /2023 (%) % NRI 54.7 48.4 13.0% 13.7% 160.4 145.1 10.6% 11.2% Direct operating profit 49.1 42.7 15.0% 15.7% 137.7 123.1 11.9% 12.6% EPRA earnings 32.4 29.1 11.4% 12.1% 86.5 80.9 6.9% 7.8% Adj
Slide 4: Detailed NRI bridge
Detailed NRI bridge NRI bridge Q3/2024 1.4 55.0 54.7 1.5 4.0 -0.6 0.3 -0.3 48.4 Actual Q3/2023 Kista LFL properties (Re)deve- Divestments Other Actual Q3/2024 FX impact Actual Q3/2024 lopments before FX NRI bridge Q1-Q3/2024 2.7 161.3 6.0 160.4 -0.4 -0.3 -0.9 8.2 145.1 Actual Kista LFL properties (R
Slide 5: Detailed EPRA Earnings bridge
Detailed EPRA Earnings bridge EPRA Earnings bridge Q3/2024 6.6 0.2 -0.1 0.8 32.6 32.4 -3.3 -0.2 -0.7 29.1 Actual Q3/2023 Net rental income G&A Other operating Financial Direct current & Direct result Actuals Q3/2024 FX impact Actual Q3/2024 inc. and exp. inc.&exp. deferred taxes of JVs before FX EPR
Slide 6: Valuation improvements due positive cash flow growth
Valuation improvements due positive cash flow growth Fair value change EPRA per share metrics MEUR Q3/2024 Q1-Q3/2024 Change Q3/2024 Q2/2024 Finland -7.5 14.4 EPRA NRV per share* 8.92 9.21 EPRA NTA per share 7.78 8.01 Norway 25.9 32.1 EPRA NDV per share 7.35 7.89 Sweden -3.9 41.1 Average yield requi
Slide 7: Improving, liquid balance sheet
Improving, liquid balance sheet Improved credit profile and a stronger, more flexible balance sheet 13% Bonds – 2.9 years weighted avg maturity Total available liquidity Hybrid 2% Equity – 3.28% weighted avg interest rate EUR 508.3 million 36% Commercial paper Bank loans 35% 15% Share of secured deb
Slide 8: Key credit metrics
Key credit metrics Loan to value (IFRS) Net debt to EBITDA 46.9 % 46.3 % 48.3 % 47.6 % 47.5 % 11.1x 10.7x 11.7x 11.2x 10.4x 40.3 % 41.7 % 10.0x 9.5x 2020 2021 2022 2023 Q1/2024 Q2/2024 Q3/2024 2020 2021 2022 2023 Q1/2024 Q2/2024 Q3/2024 Interest coverage ratio Weighted average interest rate 4.1x 4.1
Slide 9: CEO remarks
CEO remarks Citycon I Q3/2024 9
Slide 10: Q1-Q3/2024: Year-to-date results
Q1-Q3/2024: Year-to-date results +13.7% +11.2% +5.2% Total NRI growth in Total NRI growth in LFL NRI growth in Q3/2024 Q1-Q3/2024 Q1-Q3/2024 with comparable FX with comparable FX with comparable FX (vs. Q3/2023) (vs. Q1-Q3/2023) (vs. Q1-Q3/2023) +4.1% 95.1% 24.7 EUR Avg. rent / sq.m. Retail occupanc
Slide 11: Leasing activity is robust
Leasing activity is robust Leasing activity – signed leases (sq.m.) +18% 109,000 109,000 sq.m. new leases signed in Q1-Q3/2024 92,000 Major tenants opened during 2024 include: 7,300 sq.m. 3,200 sq.m. Prisma grocery Selver grocery Myyrmanni Rocca al Mare The first Nike 1,800 sq.m. concept store in Gy
Slide 12: EPRA Earnings Results Q1-Q3/2024: EUR 86.5 million
EPRA earnings results EPRA Earnings Results Q1-Q3/2024: EUR 86.5 million +6.9 % increase (vs. Q1-Q3/2023) One-time items impacting results versus initial guidance: EUR 7.2 million in reorganization and one-time costs, including severance costs Delayed consolidation of Kista and handover of Barkarby
Slide 13: Disposition pipeline
Disposition pipeline Divestment Targets EUR 380 million by 2024 year-end and EUR 950 million by 2025 year-end Divestment criteria: • selling retail assets located outside capital cities Approx. EUR 145 million sold assets Q1-Q3/2024 • selling non-retail Kongssenteret sold in Q2/2024 for approx. EUR
Slide 14: Operational Actions
Operational Actions Actions remaining: Actions completed for 2024: Actions remaining: ➢ Reorganise the company so all functions will ✓ Consolidation of corporate functions has been be reporting to the managing director of each completed to Iso Omena. country and have full P&L responsibility. ✓ Outso
Slide 15: FY 2024 guidance specified on 6 November 2024
FY 2024 guidance specified on 6 November 2024 Current outlook Direct operating profit (MEUR) 183–187 EPRA Earnings per share (basic) (EUR) 0.61–0.63 Adjusted EPRA Earnings per share (EUR) 0.47–0.49 The outlook assumes that there are no major changes in macroeconomic factors and no major disruptions
Slide 16: Looking ahead
Looking ahead • We own irreplaceable assets located in largest capital cities. • Our merchandise focus continues to be on stable necessity goods and municipal services which generate strong performance. • Significant opportunity to grow rents, as evidenced by low OCR levels (~200bps below market). •
Slide 17: Q&A
Q&A Citycon I Q3/2024 17
Slide 18: Sakari Järvelä, Chief Financial Officer
Sakari Järvelä Chief Financial Officer +358 50 387 8180 sakari.jarvela@citycon.com Citycon I Q3/2024 18