Citycon Oyj (COYJF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning everyone and welcome to Citycon's half yearly 2025 results audio cast. My name is Anni Torcco and I work as the investor relations manager here at Citycon. Last night we published our half yearly report and in this audio cast our CEO Oleg Soslavski and CFO Eero Sihonen will present the results. We will start by Oleg going through our business and operational highlights. After that Eero will go through our financial result. After the presentations we will be opening the line for questions from the audience. Please Oleg. Thank you Anni. Good morning and thank you all for joining today's call. We just closed the first half of 2025 with solid momentum and continue to deliver stable operational results. In the period we achieved .2% of NRI growth, like for like NRI growth, while maintaining high retail occupancy at the level of 95%. We also saw modest improvement but stable improvement in like for like tenant sales and food flow, which underlines the continued resilience of our necessity-based retail centres. As you can see our NRI growth came from all our segments and markets with Finland and Estonia leading the way with an impressive 7.6%. Our average rent per square metre grew 3% to 25.8 euro per square metre. During the quarter we performed external valuations of approximately 92% of our portfolio covering all assets in Finland, Sweden and Norway. The result was 34.3 million net fair value gain primarily driven by improved cash flow in our key assets. And we see in this fair value gain a beginning of the stabilisation and our asset values and hope for the beginning of the rebound in asset values in the future. During the first half of the year we also continue to manage our debt. In six months we repaid effectively over 750 million of debt, including loan...