Sweden · Delayed Price · Currency is SEK Cibus Nordic Real Estate AB Earnings Call Transcripts
Fiscal Year 2026
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Net operating income rose 16% year-over-year to EUR 42.6 million, with stable cash flows and a 6.4% portfolio yield. Recent acquisitions expanded the portfolio to 671 properties, and refinancing lowered funding costs. Dividend remains unchanged at EUR 0.9 per share.
Fiscal Year 2025
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Profit from property management rose 25% year-over-year, driven by acquisitions and lower interest costs. Portfolio expanded to 672 properties, with stable occupancy and a proposed unchanged dividend. Net loan-to-value remains below 60%, and growth is targeted in both existing and new European markets.
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Profits from property management surged 54% year-on-year, with earnings capacity per share up 8%. Portfolio expansion, lower financing costs, and high occupancy drove growth, while the company remains focused on accretive acquisitions and pan-European consolidation.
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Q2 2025 saw strong growth in rental income and NOI, driven by acquisitions and lower financing costs, with stable cash flows and a robust dividend. The portfolio expanded to 637 properties across seven countries, and active asset management supported high occupancy and lease renewals.
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Rental income and NOI rose 28% and 30% year-on-year, driven by Benelux and Danish acquisitions. Occupancy exceeded 95%, net LTV was 58.7%, and the dividend yield reached 6.9%. Integration of Forum Estates is on track, with continued focus on accretive growth and stable cash flows.
Fiscal Year 2024
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Expanded portfolio by 35% pro forma in 2024 with 11 acquisitions, including Forum Estates, diversifying across seven countries and increasing earnings capacity per share by 9%. Maintained stable cash flows, high hedging, and an unchanged dividend, while focusing on further accretive growth and integration.
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The contemplated all-share acquisition of Forum Estates in Benelux expands geographic reach, is immediately accretive to earnings per share, and leverages operational synergies. The deal is LTV neutral, maintains a strong grocery-anchored portfolio, and is expected to close in Q1 2025.
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Rental and operating income grew year-over-year, with continued accretive acquisitions and a strong pipeline supported by a recent share issue. Profit was impacted by unrealized property and derivative value changes, but key financial ratios remain solid and the company maintains a focus on stable cash flows and ESG targets.
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Rental income rose 3% and net operating income 9% year-over-year, aided by a one-off insurance payout. Portfolio expanded to 455 assets, with continued growth in earnings capacity per share and stable cash flows. LTV was 58.9%, and the dividend yield stood at 6.5%.