Slide 1: Citycon Q1-Q2/2025 Highlights
CITYCON Q1-Q2/2025 HIGHLIGHTS +5.2% 95.0% +1.9% +34.3 MEUR LFL NRI growth in Q1- Retail occupancy Direct Operating Fair value net gain Q2/2025* rate Profit growth in of investment (vs. Q1-Q2/2024) Q1-Q2/2025* properties in (vs. Q1-Q2/2024) Q1-Q2/2025 25.8 EUR +3.0% +1.2% +0.9% Avg. rent / sq.m. LFL
Slide 2: Necessity-based assets generating strong cash flow
NECESSITY-BASED ASSETS GENERATING STRONG CASH FLOW LFL net rental income development by country Average rent per sq.m. development 7.6% 25.3 25.8 25.1 24.7 25.0 5.2% 4.1% 2.4% Finland & Norway Sweden & Total Q2/2024 Q3/2024 Q4/2024 Q1/2025 Q2/2025 Estonia Denmark Citycon I Audiocast Q2/2025 2
Slide 3: External valuation completed in Q2/2025
EXTERNAL VALUATION COMPLETED IN Q2/2025 — EUR 34.3 million fair value net gain of investment properties in first half of the year — A result of both improved cash flows and lower cap rates in Norway — Finnish, Swedish and Norwegian assets were externally appraised in Q2/2025 — Demonstrating the tran
Slide 4: Proactive debt management
PROACTIVE DEBT MANAGEMENT — Over EUR 480 million debt repaid during Q2/2025 — In total around EUR 750 million debt repaid during YTD 2025 — We will continue further strengthening our balance sheet and positioning Citycon for long-term value creation Citycon I Audiocast Q2/2025 4
Slide 5: 2025 Outlook
2025 OUTLOOK – Outlook unchanged since Q1/2025 – Operational performance for year 2025 is in line with our expectations FY 2025 guidance (unchanged) Outlook EPRA Earnings per share (EUR) 0.41–0.50 EPRA Earnings per share excl. hybrid bond interests (EUR) 0.60–0.69 The outlook assumes that there are
Slide 6: Financial overview
Financial overview Citycon I Audiocast Q2/2025 6
Slide 7: Financials
FINANCIALS QTD YTD Q1-Q2 Q1-Q2 EUR million Q2/2025 Q2/2024 Change (%) FX Adjusted % Change (%) FX Adjusted % /2025 /2024 NRI 53.3 54.7 -2.5% -3.2% 103.4 105.7 -2.2% -2.3% Direct operating profit 47.7 49.0 -2.6% -3.3% 90.4 88.6 2.0% 1.9% EPRA earnings 17.5 25.3 -30.9% -31.7% 36.9 47.7 -22.7% -22.8% E
Slide 8: Detailed NRI bridge
DETAILED NRI BRIDGE NRI bridge Q2/2025 0.6 2.7 54.7 0.1 0.1 52.9 0.4 53.3 -5.3 Actual Q2/2024 Kista LFL properties (Re)deve- Divestments Other Actual Q2/2025 FX impact Actual Q2/2025 lopments before FX NRI bridge Q1-Q2/2025 1.3 4.2 2.3 105.7 0.3 103.3 0.1 103.4 -10.5 Actual Kista LFL properties (Re)
Slide 9: Detailed EPRA earnings bridge
DETAILED EPRA EARNINGS BRIDGE EPRA Earnings bridge Q2/2025 25.3 2.4 -1.8 -2.2 -1.2 0.0 -2.0 -0.1 17.2 0.3 17.5 -3.2 Actual Q2/2024 Net rental G&A Other operating Financial Hybrid bond Direct current Direct result One-time and Actual Q2/2025 FX impact Actual Q2/2025 income income and inc.&exp. intere
Slide 10: Property valuation and EPRA per share
PROPERTY VALUATION AND EPRA PER SHARE Fair value change EPRA per share metrics MEUR Q2/2025 Q1-Q2/2025 Change Q2/2025 Q1/2025 Finland & Estonia 0.8 3.0 EPRA NRV per share* 8.29 8.13 EPRA NTA per share 7.26 7.13 Norway 14.1 16.7 EPRA NDV per share 6.50 6.66 Sweden & Denmark 20.5 18.4 Average yield re
Slide 11: Proactive debt management continued in Q2/2025
PROACTIVE DEBT MANAGEMENT CONTINUED IN Q2/2025 — New EUR 450 million green bond issued in April 2025 — Maturity in July 2031, paying a fixed 5.375% coupon — Over six times oversubscribed In total over — BBB- rating for the bond from S&P EUR 480 million — In April EUR 100 million bond tender of the S
Slide 12: Low share of secured debt and mostly unencumbered asset pool increases future financing flexibility
LOW SHARE OF SECURED DEBT AND MOSTLY UNENCUMBERED ASSET POOL INCREASES FUTURE FINANCING FLEXIBILITY Reduced amount of secured debt 1% 2% Bonds – 3.9 years weighted avg maturity Total available liquidity Hybrid – 4.03% weighted avg interest rate EUR 321.6 million 35% Equity 46% Commercial paper Bank
Slide 13: Key credit metrics
KEY CREDIT METRICS Loan to value (IFRS) Net debt to EBITDA 46.3% 47.3% 46.9% 46.4% 10.7x 41.7% 10.0x 9.5x 40.3% 9.3x 9.3x 9.3x 2021 2022 2023 2024 Q1/2025 Q2/2025 2021 2022 2023 2024 Q1/2025 Q2/2025 Interest coverage ratio Weighted average interest rate 4.1x 4.0x 4.03% 3.7x 3.60% 3.61% 2.7x 2.6x 2.5
Slide 14: Q&A
Q&A Citycon I Audiocast Q2/2025 14
Slide 15: Eero Sihvonen, Chief Financial Officer
Eero Sihvonen Chief Financial Officer +358 50 557 9137 eero.sihvonen@citycon.com Citycon I Audiocast Q2/2025 15