Slide 1: Q2/2024
Q2/2024 Citycon I Q2/2024 1
Slide 2: Q1-Q2/2024: Strong underlying business performance
Q1-Q2/2024: Strong underlying business performance +5.9% +9.9% +5.4% LFL NRI growth Total NRI growth EPRA Earnings with with comparable FX with comparable FX comparable FX (vs. Q1-Q2/2023) (vs. Q1-Q2/2023) (vs. Q1-Q2/2023) +2.6% 95.2% +69.3M€ Fair value change of LFL tenant sales Retail occupancy (v
Slide 3: Average rent continues to increase following indexation and active leasing
Average rent continues to increase following indexation and active leasing Retail occupancy rate Retail occupancy rate Average rent per sq.m.*/** vs. previous quarter** vs. last year** +4.8% +30 bps +70 bps 25.0 95.2% 95.2% 94.9% 94.5% 23.9 Q2/2023 Q2/2024 Q1/2024 Q2/2024 Q2/2023 Q2/2024 Occupancy c
Slide 4: Strong NRI development throughout the portfolio
Strong NRI development throughout the portfolio LFL net rental income development by country Net rental income by country 10.7% 14% 37% 6.3% 5.6% 5.9% 21% 4.1% Finland 37% Norway 28% Sweden 21% Denmark & Estonia 14% 28% Finland Norway Sweden Denmark Total & Estonia Citycon I Q2/2024 4
Slide 5: Strongest sales development in Norway and Finland
Strongest sales development in Norway and Finland LFL sales development per country Q1-Q2/2024 vs Q1-Q2/2023 4.6% 2.7% 2.6% 0.9% -1.0% Finland Norway Sweden Denmark Total & Estonia Citycon I Q2/2024 5
Slide 6: Balance sheet strengthening is a key priority
Balance sheet strengthening is a key priority Actions taken in 2024 Q1/ 48 MEUR share issuance 2024 300 MEUR 5-year bond issuance 213 MEUR bond tender Q2/ 266 MEUR hybrid exchange 2024 97 MEUR bond make-whole 650 MEUR credit facility extension 206 MEUR Kista loan extension Citycon I Q2/2024 6
Slide 7: Deleveraging through divestments
Deleveraging through divestments Completed Kongssenteret divestment in May 2024 — The sales price is close to the latest IFRS fair value of the asset EUR 300 million assets in held for sale — Three signed LOIs of which two are in advanced negotiations and one in early stages Committed to the EUR 350
Slide 8: Financial overview
Financial overview Citycon I Q2/2024 8
Slide 9: Financials
Financials Like-for-like NRI Q2: +5.6 % Q1-Q2: +5.9% QTD YTD Change FX Adjusted Q1-Q2 Q1-Q2 Change FX Adjusted EUR million Q2/2024 Q2/2023 (%) % /2024 /2023 (%) % NRI 54.7 48.9 11.9% 11.6% 105.7 96.7 9.3% 9.9% Direct operating profit 49.0 42.2 16.1% 15.9% 88.6 80.4 10.2% 10.9% EPRA earnings 29.6 26.
Slide 10: Detailed NRI bridge
Detailed NRI bridge NRI bridge Q2/2024 0.8 54.6 0.1 54.7 2.1 -0.1 -0.3 3.2 48.9 Actual Q2/2023 Kista LFL properties (Re)deve- Divestments Other Actual Q2/2024 FX impact Actual Q2/2024 lopments before FX NRI bridge Q1-Q2/2024 1.4 106.2 4.5 105.7 0.0 -0.5 -0.6 4.2 96.7 Actual Kista LFL properties (Re)
Slide 11: Detailed EPRA Earnings bridge
Detailed EPRA Earnings bridge EPRA Earnings bridge Q2/2024 2.3 5.7 -1.3 2.3 29.6 29.6 0.0 0.9 26.6 -6.8 Actual Q2/2023 Net rental income G&A Other operating Financial Direct Direct result Actuals Q2/2024 FX impact Actual Q2/2024 inc. and exp. inc.&exp. current taxes of JVs before FX EPRA Earnings br
Slide 12: Valuation improvements due positive cash flow growth
Valuation improvements due positive cash flow growth Fair value change EPRA per share metrics MEUR Q2/2024 Q1-Q2/2024 Change Q2/2024 Q1/2024 Finland 17.2 22.0 EPRA NRV per share 9.21 8.96 EPRA NTA per share 8.01 7.79 Norway 5.2 6.2 EPRA NDV per share 7.89 7.69 Sweden 1.7 44.9 Average yield 6.0 5.9 r
Slide 13: Continued active liability management
Continued active liability management Focus on deleveraging through asset sales — Committed to our divestment targets Supporting credit rating with hybrid bond exchange — Exchange of 2024 hybrid for a new hybrid and cash amount. Addressing near term maturities — Early redemption of the remaining amo
Slide 14: Strong, liquid balance sheet
Strong, liquid balance sheet Improved credit profile and a stronger, more flexible balance sheet 12% Bonds – 3.2 years weighted avg maturity Total available Hybrid 2% Equity – 3.31 % weighted avg interest rate liquidity EUR 458.5 million 35% Commercial paper Bank loans 35% 14% Share of secured debt
Slide 15: Key credit metrics
Key credit metrics Loan to value (IFRS) Net debt to EBITDA 46.9% 46.3% 48.3% 47.6% 11.1x 11.7 11.2x 41.7% 10.7x 40.3% 10.0x 9.5x 2020 2021 2022 2023 Q1/2024 Q2/2024 2020 2021 2022 2023 Q1/2024 Q2/2024 Interest coverage ratio Weighted average interest rate 4.1x 4.1x 4.0x 3.18% 3.31% 3.7x 3.5x 3.2x 2.
Slide 16: 2024 guidance specified
2024 guidance specified Specified Previously Direct operating profit (MEUR) 185–195 185–203 (Midpoint) (190) (194) EPRA Earnings per share 0.62–0.68 0.62–0.74 (basic) (EUR) (0.65) (0.68) (Midpoint) Adjusted EPRA Earnings per share 0.46–0.52 0.46–0.58 (EUR) (0.49) (0.52) (Midpoint) The outlook assume
Slide 17: Q&A
Q&A Citycon I Q2/2024 17
Slide 18: Sakari Järvelä, Chief Financial Officer
Sakari Järvelä Chief Financial Officer +358 50 387 8180 sakari.jarvela@citycon.com Citycon I Q2/2024 18