Citycon Oyj · OMXHEX:CTY1S
Citycon Oyj — FY2025 Earnings Presentation
19 slides from Citycon Oyj's earnings presentation, Feb 27, 2026
Slide 1: 2025 Full Year Results
2025 Full Year Results Citycon I 2025 Full Year Results 1
Slide 2: Citycon 2025 Annual Highlights
CITYCON 2025 ANNUAL HIGHLIGHTS +5.4% 95.5% +3.3% 27.7 EUR LFL NRI growth* Retail economic Retail avg. rent / Retail avg. rent / occupancy rate sq.m. increase* sq.m. +2.0% +1.7% +51.1 93.7% LFL footfall LFL tenant sales MEUR NRI margin Fair value net gain of investment properties *With comparable FX
Slide 3: Citycon Q4/2025 Quarter Highlights
CITYCON Q4/2025 QUARTER HIGHLIGHTS +3.8% 95.5% +3.3% 27.7 EUR LFL NRI growth* Retail economic Retail avg. rent / Retail avg. rent / occupancy rate sq.m. increase* sq.m. +1.1% +2.1% +8.3 MEUR 92.9% LFL footfall LFL tenant sales Fair value net gain NRI margin of investment properties *With comparable
Slide 4: Key Achievements in 2025
KEY ACHIEVEMENTS IN 2025 New leases signed 142,000 sqm Significantly reduced operational and administrative costs During 2025 Citycon had EUR 51 million net fair value gains on investment property (+1.4%) as a result of strong operational results Citycon continued divesting non-core assets when it 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-Q4/2025* Retail average rent per sq.m. (EUR)* 7.7% 27.5 27.6 27.7 26.8 27.1 5.4% 3.7% 3.2% Norway Sweden & Finland & Total Q4/2024 Q1/2025 Q2/2025 Q3/2025 Q4/2025 Denmark Estonia Like-for-like net rental in
Slide 6: Leasing & Event Highlights 2025
LEASING & EVENT HIGHLIGHTS 2025 McDonald’s Fiksuruoka K Citymarket Hemtex CCC Iso Omena Lippulaiva Iso Omena Liljeholmstorget Galleria Rocca al Mare Ben & Jerry’s event Kid’s Saturday Back to School 3th Birthday Party Festidalen Rocca al Mare Rocca al Mare Iso Omena Lippulaiva Oasen Citycon I 2025 F
Slide 7: Strong credit profile with a high share of necessity-based tenants
Strong credit profile with a high share of necessity-based tenants Top-10 tenants (% of GRI, Q4/2025) S Group 5.7% 4% 2% Kesko Group 5.2% 6% 20% ICA Group 2.3% 9% Varner Group 2.1% Norges Gruppen 1.6% Normal 1.5% 11% Groceries Fashion and Accessories 17% Coop 1.5% Services and Offices Home and Sport
Slide 8: Capital Recycling
CAPITAL RECYCLING 2025: ‒ Citycon divested Lippulaiva housing companies in December 2025 ‒ Gross price of EUR 61.5 million was at the latest IFRS book value of the assets and the transaction was paid in cash 2026: – We will continue focusing on optimising our portfolio by identifying and carrying ou
Slide 9: Financial overview
Financial overview Citycon I 2025 Full Year Results 9
Slide 10: Financials
FINANCIALS QTD YTD Q1-Q4 Q1-Q4 EUR million Q4/2025 Q4/2024 Change (%) FX Adjusted % Change (%) FX Adjusted % /2025 /2024 NRI* 53.5 54.3 -1.5% -2.6% 209.2 214.7 -2.6% -3.1% Direct operating profit 47.1 45.9 2.7% 1.5% 183.3 183.6 -0.2% -0.6% EPRA earnings 19.1 20.2 -5.5% -7.5% 79.0 91.9 -14.0% -14.7%
Slide 11: Detailed EPRA Earnings Bridge
DETAILED EPRA EARNINGS BRIDGE EPRA Earnings bridge Q1-Q4/2025 91.9 7.4 -2.1 0.7 11.8 -2.8 0.7 -3.6 78.3 0.7 79.0 -7.5 -18.4 Actual NRI loss from Remaining G&A Other operating Financial Hybrid bond Direct current Direct result One-time and Actual FX impact Actual Q1- divestments assets NRI income and
Slide 12: Property Valuation and EPRA per Share
PROPERTY VALUATION AND EPRA PER SHARE Fair value change EPRA per share metrics MEUR Q4/2025 Q1-Q4/2025 Change EUR Q4/2025 Q4/2024 Finland & Estonia -31.6 -19.3 EPRA NRV per share 8.45 7.87 EPRA NTA per share 7.39 6.89 Norway 21.0 40.5 EPRA NDV per share 7.07 6.50 Sweden & Denmark 20.9 37.6 Average y
Slide 13: Proactive Debt Management
PROACTIVE DEBT MANAGEMENT 2025 Actions: ‒ Citycon completed in total over EUR 830 million debt repayments and tenders during 2025. Additionally, Citycon repaid EUR 40 million hybrid bonds in 2025. ‒ In April 2025 Citycon successfully issued a new EUR 450 million bond, maturing in 2031. ‒ LTV (IFRS)
Slide 14: Continued Actions for De-risking the Balance Sheet
CONTINUED ACTIONS FOR DE-RISKING THE BALANCE SHEET 2.6% Bonds – 3.5 years weighted avg maturity Hybrid – 4.11% weighted avg interest rate 36.0% Equity Total available liquidity 45.9% Bank loans EUR 350.5 million** 15.6% Share of secured debt ~5%** Well laddered maturities (EUR million) 450 Bonds 345
Slide 15: Key Credit Metrics
KEY CREDIT METRICS Loan to value (IFRS) Net debt to EBITDA (IFRS) 47.3% 10.7x 46.3% 46.9% 46.4% 46.9% 44.9% 9.6x 9.3x 9.3x 9.3x 9.0x 2023 2024 Q1/2025 Q2/2025 Q3/2025 Q4/2025 2023 2024 Q1/2025 Q2/2025 Q3/2025 Q4/2025 Interest coverage ratio (IFRS) Weighted average interest rate 3.7x 4.03% 4.04% 4.11
Slide 16: Citycon I 2025 Full Year Results
Citycon I 2025 Full Year Results 16
Slide 17: Reminder on Chinese walls between Citycon and G City
WE WOULD KINDLY REMIND PARTICIPANTS ABOUT THE CHINESE WALLS BETWEEN CITYCON AND G CITY. THEREFORE WE WILL NOT BE ABLE TO ADDRESS ANY QUESTIONS RELATED TO THE MANDATORY TENDER OFFER. THANK YOU FOR YOUR UNDERSTANDING. Citycon I 2025 Full Year Results 17
Slide 18: Q&A
Q&A Citycon I 2025 Full Year Results 18
Slide 19: Citycon I 2025 Full Year Results
Citycon I 2025 Full Year Results 19