Finland · Delayed Price · Currency is EUR Citycon Oyj Earnings Call Transcripts
Fiscal Year 2025
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Like-for-like NOI grew 5.4% year-over-year, with strong occupancy and rent growth. LTV improved to 44.9% after significant debt repayment and asset divestments, while the portfolio remains resilient with a focus on further cost reductions and selective asset sales.
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Solid like-for-like NOI and rental growth offset asset disposals, with property values and liquidity improving. Debt maturities were extended, and guidance for 2025 was narrowed, focusing on operational efficiency and balance sheet strength.
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Solid like-for-like NRI growth and high occupancy were achieved, led by Finland and Estonia. Debt was significantly reduced, a green bond was issued, and external valuations showed asset value stabilization. Full-year guidance is reaffirmed, with cost savings seen as sustainable.
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Q1 2025 saw higher direct operating profit and improved like-for-like net rental income, despite lower EPRA EPS and net rental income due to asset disposals and higher financial costs. Debt was significantly reduced and new bonds issued, with continued focus on core assets and balance sheet strength.
Fiscal Year 2024
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Operational and financial performance was strong in 2024, with double-digit growth in direct operating profit and net rental income, improved occupancy, and significant asset disposals. Guidance for 2025 remains positive, with further rent growth and divestments targeted.
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Q3 saw strong NRI and EPRA earnings growth, driven by rent indexation, Kista Galleria consolidation, and new developments. Divestments are ahead of target, liquidity is robust, and guidance for EPRA EPS was raised, with continued focus on cost reduction and balance sheet strength.
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Like-for-like net rental income rose 5.9% in H1, with strong growth in all core markets and a 95.2% retail occupancy rate. Divestments and refinancing actions improved the credit profile, while guidance for 2024 was narrowed and leverage remains elevated, pending further asset sales.