Good morning, everyone, and welcome to Citycon's first nine m onths 2025 results audiocast. My name is Anni Torkko, and I work in Investor Relations here at Citycon. Last night, we published our 9-month interim report, and in this audiocast, our CEO, Eshel Pesti, and our CFO, Eero Sihvonen, together with our incoming CFO, Hili Katjaas, will present the results. Eshel will first go through our business and operational highlights, and after that, Eero, together with Hili, will go through our financial results. Please, Eshel, go ahead.
Good morning, all of you. Thank you for coming to our quarterly report results. Our portfolio is including above a million square meters. 76% of that is retail. Then we have 187,000 sq m of office and storages, and the rest is residentials and hotels. We have 28 mixed-necessity based centers. One in Estonia, nine here in Finland, six in Sweden, 10 in Norway, and two in Denmark. We will go to the results now. We continue to deliver solid results, and it's clear that we are in the right direction of growth. Like-for-like NOI growth by 5.7%. The retail economic occupancy rate is 95.2%. The average rent per square meter is € 27.5 for the retail, and it's a growth of 2.7% in the last nine months. The footfall grew by 1.5%. The like-for-like tenant sales grew by 1.4%.
We gained in our valuation € 42.8 million in the last nine months. The NRI margin is 94%. Here we have the quarterly results, and you see that they are the same direction. We have a growth of 6.8%. The retail economic occupancy is 95.2%. The average rent is € 27.5. The retail average rent grew by almost 4%. The footfall grew by almost 3%. The sales grew by 1.6%. The valuation grew by 8.6%. NRI margin is 95%. Now, how the NRI divided between the portfolio between the countries. Norway contributes 3%, Sweden and Denmark 4%, and Finland and Estonia 8.4%. Our mixed results is 5.7% growth. On the right side of the table, you can see the bar, how the average rent per square meter growth in the last 12 months between the third quarter of 2024 to the third quarter of 2025, which is 2.7%, one euro.
This is the detailed NRI breach. I will pay your attention to the higher bar, which is the nine-month results. You can see that actually we lost between the years € 15.2 million as a result of selling the asset or as a result of the asset that we sold last year. We finished less than € 5 million less than that number. What is donating to the increase of the NRI is the like-for-like in the properties, which give us € 6.8 million. The Kihta that we purchased, 50%, is another € 1.5 million. The redevelopments, especially in Roka in Estonia, donate for us another 1.3%. Actually, this is the explanation for this breach. Okay, go ahead. From here, I want to actually give the floor to Eero. I will use this opportunity to thank Eero on behalf of all the employees in Citycon and the board members from the last seven years.
Eero. Fingerprints, you can see all over the company. I am privileged to work with him in the last, let's say, one and a half months. It's the secret asset that we have here in Citycon. I will welcome Mr. Hili Katjaas. He is qualified, he is experienced. The big advantage is he is young and motivated, and I'm sure that he will enter Eero's shoes smoothly. We will together take the company forward. Thank you, Eero, and the floor is yours.
Thank you, Eshel, first of all, for your kind words. I have been honored and privileged to serve the company in this position now for a year again. I'm sure that the company is in great hands with Eshel, taking into account his very good track record and his operational capabilities. Hili, who brings with him a long experience in listed retail real estate and his particular knowledge on everything that has to do with treasury and financing. On my behalf, I would like also to thank the shareholders and advisors for this. Bankers and analysts for this period. I'm sure that our paths will still cross because I will continue on the board of Citycon and also for the next few months also as an advisor to the company. Back to the agenda of the daily agenda.
Net rental income, first of all, as Eshel mentioned, we ended up at $2.5 million below at 52.2% on a quarterly basis, which was actually a good achievement taking into account that we disposed assets. As Eshel mentioned, it was a solid quarter operationally, and our rents continued to grow. We had like-for-like rental growth for the quarter of 6.8%, also a very solid number. For the first nine months, our like-for-like net rental income growth was 5.7%. Our operating profit for the first nine months was actually very close to previous years' level, very close to 2024 level due to the fact that last year in 2024, we had clearly bigger restructuring costs. The EPRA EPS, we generated $0.13 for the quarter, which was very close or actually the same as last year.
EPRA EPS excluding hybrid bond costs for the quarter was $0.17 compared to the $0.18 last year. For the first nine months, those numbers were $0.33 for the first nine months. EPRA EPS and EPRA EPS excluding hybrid bond costs $0.47. Solid numbers altogether. Then about the more detailed EPRA earnings bridge, first of all, for the first nine months, you can see that the net rental income was $5.1 million below, but that was more than compensated on SG&A, which was lower by $5.7 million for the first nine months. As mentioned, this number includes the quite substantial restructuring costs last year. This year, in 2025, we have obviously and actually had clearly less of those.
Hybrid bond interests for the nine months are higher now because we refinanced and exchanged our first hybrid as part of our balance sheet de-risking and refinancing, which we have been quite active in doing. We ended up at € 59.9 million as a total nine months EPRA earnings. For the quarterly, net rental income was € 2.7 million below. We need to keep in mind that we disposed assets in 2024, and we had a strong rental growth during the quarter due to the good like-for-like performance. The financial income and expenses were actually on a quarterly level very close to previous year's level. Financial income and expenses was actually € 500,000 lower than last year and hybrid bond interests also. These numbers demonstrate that we have quite well already absorbed much of the impact of the refinancing of the old legacy low coupon bonds. The next topic is the property valuation.
Q3, as per usual, was an internal valuation quarter. We did receive and we asked, as usual, the opinion from our regular advisors, appraisers, JLL for Finland and Sweden, CBRE for Norway, Estonia, and Denmark. We have their confirmation that there were, in their opinion, no substantial changes in the cap rates during the quarter. We just updated our rent roll and OpEx for the calculations. The valuation ended up at a positive € 8.6 million for the quarter. Naturally, as we did not touch the cap rates, the average yield requirement stayed at 6.2% on average. Briefly about the very proactive debt management that we have maintained under the entire 2025. We have completed a total of more than € 750 million of debt repayments and tenders. All of these have one thing in common.
We have refinanced the short-term maturing debt and extended the debt maturity and thereby de-risked the balance sheet. This is a work that I'm sure will continue with at least the same activity by Hili and his team going forward. During Q3, the most important achievement was the fact that we successfully refinanced and extended our revolving credit facility. We also increased that by € 50 million to € 250 million. That is now completely undrawn, so it provides additional liquidity and buffer for the years to come. The maturity, as mentioned, was extended and is now maturing in 2029 with the potential of one-year extension until 2030. I would like to thank our relationship banks for their very good cooperation and trust in the company in extending this facility. The work will continue and the work will continue with my great successor, Hili, and his team.
I wish Hili all the success in his work. Over to you, Hili, now. Okay.
Thank you, Eero. A special big thanks to you for setting solid foundations. I'm Hili Katjaas. I'm the incoming CFO and I'm happy to be here. I'm going to walk you through these next slides. So as of Q3 2025, our weighted average maturity was 3.7 and the weighted average interest rate is 4.04%. It's worth mentioning that we also have € 9.2 billion of unencumbered assets and a strong covenant headroom that gives us financial flexibility in the future. You can see in the debt amortization schedule that it's well staggered. We are in the preparation of the upcoming bond maturities of €300 million in September 2026 and January 2027. Our total available liquidity was € 278.7 million, and this is before the closing of the secured revolving credit facility, which was increased by € 50 million. As for our key credit metrics, as of Q3 2025, our loan-to-value was 46.9%.
Our net debt to EBITDA was 9.6%. Our interest coverage ratio was 2.4%. Our weighted average interest rate was 4.04%, as mentioned. Of course, we're in compliance with all of our covenants. For the 2025 outlook, as usual towards the year end, we are narrowing the outlook range. You can see that our updated outlook is 0.41- 0.46 for the EPRA earnings per share and 0.6- 0.65 for the EPRA earnings per share excluding hybrids. With that, I'll hand it over to Eshel to walk us through our way forward. Eshel, please.
Thank you, Hili. Thank you, Eero. I will focus on the fourth quarter, what are our goals. We will be busy with budgeting and our operational assumption for the 2026 budget will be around two main components. The first one is a like-for-like net rental income growth, including special releasing, exceeding the CPI. GNA, sorry, and optimization and operational cost reduction. On the financing side, we will focus to continue to be further strengthening and the de-risking of the balance sheet. I want to thank you all again for your patience, and we will not take live questions today in this audio as we, me and Hili, are fresh and not be able to answer your serious question in a serious matter. So we promise you to do that in our next meeting. I wish you all the best. Thank you very much and have a nice weekend.