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| Land | Finland |
|---|---|
| Lista | Mid Cap Helsinki |
| Sektor | Fastigheter |
| Industri | Förvaltning |
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Citycon Oyj Stock exchange release 26 February 2026 at 22:30 hrs
Citycon announces the following:
- Financial Statements Release for 2025 published
- Citycon updates its Disclosure Policy
- Citycon Board's asset distribution proposal to the Annual General Meeting
- Citycon updates its Dividend Policy
Year 2025: Year of solid operational performance and significant debt reduction
Strong operational performance in Q1-Q4/2025
- Like-for-like net rental income increased by 5.4% in Q1-Q4/2025 and 3.8% in Q4/2025.
- Retail average rent per sq.m. increased by 3.3% with comparable FX to EUR 27.7 per sq.m (vs. Q4/2024).
- Retail economic occupancy rate 95.5% (vs. 95.3% in Q4/2024).
- Like-for-like footfall increased 2.0%.
- Like-for-like tenant sales increased 1.7%.
- Fair value net gain of investment properties in Q1-Q4/2025 was EUR 51.1 million.
- In Q4/2025 fair value net gain of investment properties was EUR 8.3 million.
Balance sheet management Q1-Q4/2025
- In total Citycon repaid debt for over EUR 830 million during 2025. In addition, Citycon repaid its hybrid bonds by approximately EUR 40 million.
- In April Citycon issued a new EUR 450 million bond maturing in 2031.
- LTV (IFRS) decreased by -240 basis points during Q1-Q4/2025 to 44.9% (Q4/2024: 47.3%).
- Citycon completed the share buy-back programme and the repurchase of the company's own shares, the share repurchases started on 23 June 2025 and ended on 11 July 2025. Citycon repurchased a total of 694,801 own shares corresponding to approximately EUR 2.6 million.
- In October Citycon extended its committed Revolving credit facility until October 2029 from current April 2027 and increased the amount to EUR 250 million from EUR 200 million. The facility is undrawn by end of Q4/2025.
- In December, Citycon successfully divested Lippulaiva residential companies in Espoo, Finland. The assets were sold at their latest book value, totalling a gross consideration of EUR 61.5 million.
Events post Q4/2025
- The mandatory public cash tender offer announced by G City Ltd for all outstanding shares and securities issued by Citycon entitling to shares in Citycon commenced on 2 January 2026.
- As announced on 13 January 2026, Citycon's Board of Directors decided on a one-time equity repayment of EUR 0.20 per share. The total equity repayment is EUR 36.7 million. The equity repayment was paid to shareholders on 27 January 2026.
- In January 2026, Citycon strengthened its liquidity by signing a new EUR 270 million secured loan maturing in 2029. The loan also includes an accordion option of EUR 250 million.
CEO, ESHEL PESTI:
Citycon delivered another year of solid performance in 2025, underscoring the resilience of our strategy and the continued strength of our necessity based retail portfolio in the Nordics. Our centres remain increasingly attractive for both tenants and visitors. The strong demand for our centres from tenants resulted in an increase in the retail economic occupancy rate, which improved by 20 bps from the previous year-end to 95.5% in Q4/2025. While the growing like-for-like footfall highlights the continued interest towards our centres from visitors. The strong demand for our centres supported the increase of average retail rent which grew by EUR 0.9 per square meter, compared with year 2024 and measured at comparable exchange rates. Altogether these factors supported us achieving a strong like for like net rental income growth of 5.4% in year 2025.
Throughout the year, we secured several notable new leases with long term, high quality tenants. These new leases include well-known brands such as McDonald's, Burger King, CCC and Rusta as well as several groceries like ICA, Coop Mega and Rema. Similarly, these signings reflect the continued demand for well-located, mixed-use centers anchored by necessity-based retail. Overall, we see positive momentum towards necessity-based assets and this momentum gives us a strong platform heading into 2026.
These strong operational achievements during the year were further reflected in our asset valuations. For year 2025 we booked a fair value gain of EUR 51.1 million. In line with company's policy our portfolio was externally appraised in Q4.
During the year, we continued to focus our portfolio through a strategic divestment, completing the sale of the three Lippulaiva housing companies for a total gross price of EUR 61.5 million. The price was at the latest book value of the assets. This transaction supports our long term direction of concentrating on our retail centers with necessity based retail as the core. We see positive signs in the transaction market. We believe the continued strength of the secured lending market will likely bolster transaction volumes in the year ahead.
2025 was also a year of significant progress in strengthening our balance sheet. We used proceeds from previous divestments to reduce debt and derisk the balance sheet. We extended our average debt maturity through the successful issuance of a 6.25-year EUR 450 million bond which was several times oversubscribed. The proceeds from the new bond were used to repay existing debt. Altogether, we repaid over EUR 870 million debt during the year, resulting in a notable 240 bps reduction in the IFRS LTV which was 44.9% at the end of 2025.
At the beginning of 2025, we announced an organisational transformation toward country level operating models, increasing accountability, enhancing efficiency, and reducing costs. The implementation of this change was successfully finalised in Q4/2025. As a result, property operating expenses decreased by 14% compared to 2024.
Looking ahead to 2026, we remain focused on strengthening the commercial performance of our assets, driving rental income growth, and investing selectively in energy and sustainability projects that improve efficiency and drive long term value creation. We have set ambitious goals for the year, and we are well positioned to continue delivering stable results. We will also continue to focus on optimising our portfolio by identifying and carrying out potential non-core asset divestments in the amount of approximately EUR 1 billion in the next 24 months. In line with this we present EUR 510 million assets in assets held for sale in the 2025 full year results.
Finally, I want to express my gratitude to all Citycon employees for the achievements during 2025, thank you for your good work.
KEY FIGURES
| Citycon Group6 | Q4/2025 | Q4/2024 | % | FX Adjusted Q4/2024 | FX Adjusted % 1) | |
| Net rental income | MEUR | 53.5 | 54.3 | -1.5% | 54.9 | -2.6% |
| Like-for-like net rental income development8 | % | 3.8% | 3.1% | - | - | - |
| Direct operating profit2 | MEUR | 47.1 | 45.9 | 2.7% | 46.4 | 1.5% |
| IFRS Earnings per share (basic)3 | EUR | 0.05 | -0.76 | - | -0.76 | - |
| Fair value of investment properties7 | MEUR | 3,265.9 | 3,627.8 | -10.0% | - | - |
| Loan to Value (LTV)2 | % | 44.9 | 47.3 | -5.1% | - | - |
| EPRA based key figures2 | Q4/2025 | Q4/2024 | % | FX Adjusted Q4/2024 | FX Adjusted % 1) | |
| EPRA Earnings4 | MEUR | 19.1 | 20.2 | -5.5% | 20.6 | -7.5% |
| EPRA Earnings excl. hybrid bond interests5 | MEUR | 27.3 | 29.0 | -5.7% | 29.4 | -7.1% |
| EPRA Earnings per share (basic)4 | EUR | 0.10 | 0.11 | -5.2% | 0.11 | -7.2% |
| EPRA Earnings per share excl. hybrid bond interests (basic)5 | EUR | 0.15 | 0.16 | -5.4% | 0.16 | -6.8% |
| EPRA NRV per share | EUR | 8.45 | 7.87 | 7.4% | - | - |
| Citycon Group6 | Q1-Q4/2025 | Q1-Q4/2024 | % | FX Adjusted Q1-Q4/2024 | FX Adjusted % 1) | |
| Net rental income | MEUR | 209.2 | 214.7 | -2.6% | 215.7 | -3.1% |
| Like-for-like net rental income development8 | % | 5.4% | 4.6% | - | - | - |
| Direct operating profit2 | MEUR | 183.3 | 183.6 | -0.2% | 184.5 | -0.6% |
| IFRS Earnings per share (basic)3 | EUR | 0.29 | -0.40 | - | -0.40 | - |
| Fair value of investment properties7 | MEUR | 3,265.9 | 3,627.8 | -10.0% | - | - |
| Loan to Value (LTV)2 | % | 44.9 | 47.3 | -5.1% | - | - |
| EPRA based key figures2 | ||||||
| EPRA Earnings4 | MEUR | 79.0 | 91.9 | -14.0% | 92.6 | -14.7% |
| EPRA Earnings excl. hybrid bond interests5 | MEUR | 113.3 | 122.6 | -7.6% | 123.4 | -8.1% |
| EPRA Earnings per share (basic)4 | EUR | 0.43 | 0.50 | -14.7% | 0.51 | -15.4% |
| EPRA Earnings per share excl. hybrid bond interests (basic)5 | EUR | 0.62 | 0.67 | -8.4% | 0.68 | -8.9% |
| EPRA NRV per share | EUR | 8.45 | 7.87 | 7.4% | - | - |
| 1) Change from previous year (comparable exchange rates). Change-% is calculated from exact figures. |
| 2) Citycon presents alternative performance measures according to the European Securities and Markets Authority (ESMA) guidelines. Citycon follows updated EPRA Best Practices Recommendations (BPR) in its reporting starting from the beginning of 2025. More information is presented in section EPRA performance measures. |
| 3) The key figure includes hybrid bond interests, amortized fees and gains/losses and expenses on hybrid bond repayments. |
| 4) From the beginning of 2025 the key figure includes hybrid bond interests and excludes reorganisation and one-time costs. The information for the comparison period has been restated to correspond to the new reporting recommendations. |
| 5) A new key figure introduced at the beginning of 2025. The key figure excludes hybrid bond interests and reorganisation and one-time costs. |
| 6) The numbers include the impact of divestments executed during 2024. |
| 7) Excludes properties classified as held sale. |
| 8) Net rental income growth of like-for-like assets calculated with comparable FX |
OUTLOOK FOR 2026
Like-for-like net rental income will grow compared to the previous year.
The outlook assumes that there are no major changes in macroeconomic factors. These estimates are based on comparable EUR-SEK and EUR-NOK exchange rates
Citycon updates its Disclosure Policy
The Board of Directors of Citycon Oyj has today approved the updated Disclosure Policy for Citycon as the method of issuing outlooks changes. The updated Disclosure Policy will enter into force immediately and will be available on Citycon's website at www.citycon.com.
Citycon Board's asset distribution proposal to the Annual General Meeting
The Board of Directors proposes to the Annual General Meeting that no equity repayment will be distributed from the invested unrestricted equity fund from the financial period ending 31 December 2025, and that the result for the period is booked to the retained earnings. The Board of Directors will reassess the proposal in connection with the publication of the notice to the Annual General Meeting, which will be issued no later than three weeks before the meeting.
Citycon updates its Dividend Policy
The Board of Directors of Citycon Oyj has today approved Citycon's updated distribution policy. In accordance with the updated distribution policy, the Company will use its excess cash for distribution to shareholders on a case-by-case basis, taking into account the Company's financial performance, proceeds from potential divestments and refinancings, and overall business outlook, in full compliance with covenants and applicable rules and regulations.
AUDIOCAST
Citycon's investor, analyst and press conference call and live audiocast will be organized on Friday, 27 February 2025 at 10:00 a.m. EET. The audiocast can be participated by calling in and followed live on the following website: https://citycon.events.inderes.com/q4-2025
Questions for the management can be presented by phone. To ask questions, join the teleconference by registering on the following link: https://events.inderes.com/citycon/q4-2025/dial-in
After the registration you will be provided with phone numbers and a conference ID to access the conference. To ask a question, press *5 on your telephone keypad to enter the queue.
The audiocast will be recorded and it will be available afterwards on Citycon's website.
CITYCON OYJ
For further information, please contact:
Hilik Attias
Chief Financial Officer
Tel. +358 40 688 8580
hilik.attias@citycon.com
Anni Torkko
Director, Group Corporate Analysis & IR
Tel. +358 45 358 0570
anni.torkko@citycon.com
Citycon is a leading owner, manager and developer of mixed-use real estate featuring modern, necessity-based retail with residential, office and municipal service spaces that enhance the communities in which they operate. Citycon is committed to sustainable property management in the Nordic region with assets that total approximately EUR 3.8 billion. Our centres are located in urban hubs in the heart of vibrant communities with direct connections to public transport and anchored by grocery, healthcare and other services that cater to the everyday needs of customers.
Citycon's shares are listed on Nasdaq Helsinki Ltd.
www.citycon.com