Citycon Oyj · OMXHEX:CTY1S
Citycon Oyj — Q3 2025 Earnings Presentation
16 slides from Citycon Oyj's earnings presentation, Oct 31, 2025
Slide 1: Q1-Q3/2025
Q1-Q3/2025 Citycon I Audiocast Q3/2025 1
Slide 2: Citycon's Asset Portfolio at a Glance
CITYCON’S ASSET PORTFOLIO AT A GLANCE 28 GLA (Sq.m.) Rent (€/sq.m.) Retail 761,700 27.5 mixed-use Office & storage 187,300 18.5 necessity- based centers Residential & Hotel 52,300 19.1 Total 1,001,200 25.8 Asset portfolio by category based on GLA 9 5% 10 centres Retail centres 19% Office & 6 1 stora
Slide 3: Citycon Q1-Q3/2025 YTD Highlights
CITYCON Q1-Q3/2025 YTD HIGHLIGHTS +5.7% 95.2% 27.5 EUR +2.7% LFL NRI growth* Retail economic Retail avg. rent / Retail avg. rent / occupancy rate sq.m. sq.m. increase* +1.5% +1.4% +42.8 MEUR 94.0% LFL footfall LFL tenant sales Fair value net gain NRI margin of investment properties *With comparable
Slide 4: Citycon Q3/2025 QTD Highlights
CITYCON Q3/2025 QTD HIGHLIGHTS +6.8% 95.2% 27.5 EUR +3.9% LFL NRI growth* Retail economic Retail avg. rent / Retail avg. rent / occupancy rate sq.m. sq.m. increase* +2.8% +1.6% +8.6 MEUR 95.0% LFL footfall LFL tenant sales Fair value net gain NRI margin of investment properties *With comparable FX C
Slide 5: Necessity-Based Assets Generating Strong Cash Flow
NECESSITY-BASED ASSETS GENERATING STRONG CASH FLOW LFL net rental income growth by segment Q1-Q3/2025* Retail average rent per sq.m. (EUR) 8.4% 27.0 27.5 27.5 26.5 26.8 5.7% 4.0% 3.0% Norway Sweden & Finland & Total Q3/2024 Q4/2024 Q1/2025 Q2/2025 Q3/2025 Denmark Estonia Like-for-like net rental inc
Slide 6: Detailed NRI Bridge
DETAILED NRI BRIDGE NRI bridge Q1-Q3/2025 6.8 1.3 1.5 160.4 0.4 155.3 0.4 155.7 -15.2 Actual Kista LFL properties (Re)deve- Divestments Other Actual FX impact Actual Q1- lopments Q1- Q1- Q3/2024 Q3/2025 Q3/2025 before FX NRI bridge Q3/2025 2.7 54.7 -0.9 0.3 52.2 0.1 51.9 -4.7 Actual Q3/2024 Kista LF
Slide 7: Financial overview
Financial overview Citycon I Audiocast Q3/2025 7
Slide 8: Financials
FINANCIALS QTD YTD Q1-Q3 Q1-Q3 EUR million Q3/2025 Q3/2024 Change (%) FX Adjusted % Change (%) FX Adjusted % /2025 /2024 NRI* 52.2 54.7 -4.4% -5.0% 155.7 160.4 -2.9% -3.2% Direct operating profit 45.8 49.1 -6.8% -7.3% 136.2 137.7 -1.1% -1.4% EPRA earnings 23.1 24.0 -3.9% -4.9% 59.9 71.7 -16.4% -16.8
Slide 9: Detailed EPRA Earnings Bridge
DETAILED EPRA EARNINGS BRIDGE EPRA Earnings bridge Q1-Q3/2025 71.7 5.7 -2.4 -2.3 0.8 0.8 -5.1 -4.1 59.6 0.3 59.9 -5.5 Actual Net rental G&A Other operating Financial Hybrid bond Direct current Direct result One-time and Actual FX impact Actual Q1- income income and inc.&exp. interests and deferred o
Slide 10: Property Valuation and EPRA per Share
PROPERTY VALUATION AND EPRA PER SHARE Fair value change EPRA per share metrics MEUR Q3/2025 Q1-Q3/2025 Change Q3/2025 Q2/2025 Finland & Estonia 9.3 12.3 EPRA NRV per share* 8.33 8.29 EPRA NTA per share 7.27 7.26 Norway 2.8 19.5 EPRA NDV per share 6.64 6.50 Sweden & Denmark -1.6 16.8 Average yield re
Slide 11: Proactive Debt Management Continued in Q3/2025
PROACTIVE DEBT MANAGEMENT CONTINUED IN Q3/2025 ‒ EUR 34.7 million hybrid tender completed in August 2025. The amount tendered was previously considered as 100% debt under S&P’s methodology, which limits hybrid capital interim equity recognition to 15% of total capitalization. ‒ Citycon has completed
Slide 12: Continued Actions for De-Risking the Balance Sheet
CONTINUED ACTIONS FOR DE-RISKING THE BALANCE SHEET Low share of secured debt 1% 3% Bonds – 3.7 years weighted avg maturity Total available liquidity Hybrid – 4.04% weighted avg interest rate EUR 278.7 million 35% Equity 46% Commercial paper Bank loans 15% Share of secured debt ~5% Well laddered matu
Slide 13: Key Credit Metrics
KEY CREDIT METRICS Loan to value (IFRS) Net debt to EBITDA (IFRS) 46.3% 47.3% 46.9% 46.4% 46.9% 10.7x 41.7% 9.5x 9.3x 9.3x 9.3x 9.6x 2022 2023 2024 Q1/2025 Q2/2025 Q3/2025 2022 2023 2024 Q1/2025 Q2/2025 Q3/2025 Interest coverage ratio (IFRS) Weighted average interest rate 4.0x 4.03% 4.04% 3.7x 3.60%
Slide 14: 2025 Outlook
2025 OUTLOOK Upper range of the 2025 outlook tightened FY 2025 guidance (updated 30 October 2025) Updated outlook Previous outlook EPRA Earnings per share (EUR) 0.41–0.46 0.41–0.50 EPRA Earnings per share excl. hybrid bond interests 0.60–0.65 0.60–0.69 (EUR) The outlook assumes that there are no maj
Slide 15: The Way Forward – Focus Areas
THE WAY FORWARD – FOCUS AREAS For Q4/2025 the focus will be on 2026 budgeting. Our operational assumptions for year 2026 are built around two main components. ‒ Like-for-like net rental income growth including specialty leasing exceeding the CPI, ‒ G&A optimisation and operational cost reduction On
Slide 16: Citycon I Audiocast Q3/2025
Citycon I Audiocast Q3/2025 16