Slide 1: Citycon Performance Q1-Q4/2024
CITYCON PERFORMANCE Q1-Q4/2024 +10.3% +4.6% +12.0% Total NRI growth in LFL NRI growth in Direct Operating Q1-Q4/2024 Q1-Q4/2024 Profit growth in Q1- with comparable FX with comparable FX Q4/2024 (vs. Q1-Q4/2023) (vs. Q1-Q4/2023) with comparable FX (vs. Q1-Q4/2023) +12.1% 95.3% 25.0 EUR Adjusted EPRA
Slide 2: High Leasing Demand
HIGH LEASING DEMAND Major new tenants Leasing activity – signed leases (sq.m.) +33% 175 000 132 000 Prisma hypermarket Nike concept store Myyrmanni Iso Omena Q1-Q4/2023 Q1-Q4/2024 Selver hypermarket Average rent +1.1 EUR Rent collection rate Gym! fitness center Rocca al Mare Rocca al Mare since Q4/2
Slide 3: Strong Credit Profile
STRONG CREDIT PROFILE 82% of the tenant portfolio is non-fashion Residentials and Hotels Other Wellness 3% 3% Groceries 5% 20% Cosmetics and Pharmacies 9% Cafes and Restaurants 11% 18% Fashion and Accessories 15% Home and Sporting Goods 16% Services and Offices Citycon I Audiocast Q4/2024 3
Slide 4: Country Level Organisation
COUNTRY LEVEL ORGANISATION Country Managing Directors • The new organisation model is now operating, with country teams that have full local P&L accountability. • Board oversight for each country, including members of Citycon Board of Directors. Salla Suonperä Michal Nowakowski • Decentralization of
Slide 5: Financial Highlights
FINANCIAL HIGHLIGHTS — Two new bonds issued during 2024 — March 2024 EUR 300 million bond, seven times oversubscribed — December 2024 EUR 350 million bond, ten times oversubscribed — Dividend suspended for year 2025 to improve the balance sheet further — EUR 150 million repayment of the Term Loan co
Slide 6: Update on Divestments
UPDATE ON DIVESTMENTS EUR 354 million of assets divested in 2024 Total divestments as of year-end 2024 reached EUR 475 million “Recent disposals closed since the publication of the divestment target, EUR 950 million by by Citycon Oyj should be year 2026 of which 50% completed. credit positive. The c
Slide 7: 2025 Outlook
2025 OUTLOOK • The company’s occupancy cost ratio is one of the lowest in the industry at 9.4%. • Our tenants continue to experience sales growth which provides ample headroom for compounding rent growth. LFL OCR by major country 2024 Norway 8.7% Sweden 8.8% Finland 10.4 % FY 2025 guidance Outlook E
Slide 8: Financial overview
Financial overview Citycon I Audiocast Q4/2024 8
Slide 9: Financials
FINANCIALS QTD YTD Change FX Adjusted Q1-Q4 Q1-Q4 Change FX Adjusted EUR million Q4/2024 Q4/2023 (%) % /2024 /2023 (%) % NRI 54.3 50.6 7.4% 7.8% 214.7 195.7 9.7% 10.3% Direct operating profit 45.9 41.7 10.0% 10.4% 183.6 164.8 11.4% 12.0% EPRA earnings 26.5 28.7 -7.5% -7.3% 113.0 109.6 3.1% 3.8% Adju
Slide 10: Detailed NRI Bridge
DETAILED NRI BRIDGE NRI bridge Q4/2024 0.7 1.2 3.9 54.5 54.3 -2.1 0.2 -0.2 50.6 Actual Q4/2023 Kista LFL properties (Re)deve- Divestments Other Actual Q4/2024 FX impact Actual Q4/2024 lopments before FX NRI bridge Q1-Q4/2024 3.3 6.6 215.8 214.7 -1.9 -0.1 -1.0 12.2 195.7 Actual Kista LFL properties (
Slide 11: Detailed EPRA Earnings Bridge
DETAILED EPRA EARNINGS BRIDGE EPRA Earnings bridge Q4/2024 -0.4 3.9 0.8 28.7 0.8 26.6 26.5 -0.1 -7.6 0.4 Actual Q4/2023 Net rental income G&A Other operating Financial Direct current & Direct result Actuals Q4/2024 FX impact Actual Q4/2024 inc. and exp. inc.&exp. deferred taxes of JVs before FX EPRA
Slide 12: Property Valuation and EPRA per Share
PROPERTY VALUATION AND EPRA PER SHARE Fair value change EPRA per share metrics MEUR Q1-Q4/2024 Change Q4/2024 Q4/2023 Finland -58.0 EPRA NRV per share* 7.87 9.30 EPRA NTA per share 6.89 8.04 Norway -23.1 EPRA NDV per share 6.50 8.27 Sweden 19.5 Average yield requirement,% 6.2 6.0 Denmark & Estonia -
Slide 13: Balance Sheet: Improving Liquidity
BALANCE SHEET: IMPROVING LIQUIDITY Improved credit profile and a stronger, more flexible balance sheet 13% Bonds – 3.4 years weighted avg maturity Total available liquidity Hybrid Equity – 3.6% weighted avg interest rate EUR 767.2 million 40% Bank loans 32% 15% Share of secured debt ~24% Well ladder
Slide 14: Key Credit Metrics
KEY CREDIT METRICS Loan to value (IFRS) Net debt to EBITDA 46.9% 46.3% 47.3% 11.1x 10.7x 40.3% 41.7% 10.0x 9.5x 9.3x 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Interest coverage ratio Weighted average interest rate 4.1x 4.1x 4.0x 3.60% 3.7x 2.47% 2.43% 2.61% 2.7x 2.39% 2020 2021 2022 2023 202
Slide 15: Q&A
Q&A Citycon I Audiocast Q4/2024 15
Slide 16: Eero Sihvonen, Chief Financial Officer
Eero Sihvonen Chief Financial Officer +358 50 557 9137 eero.sihvonen@citycon.com Citycon I Audiocast Q4/2024 16