Slides
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Strong Growth and Listing on First North Marketplace Cityvarasto Plc Interim Report for the Period 1.1.2025–30.9.2025
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CEO´s Review
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Strong Growth Continued in the Third Quarter Cityvarasto’srevenue grew by 22.4% in Q3 and adjusted EBITDA by 23.1%. For the entire review period, revenue increased by 19.6% and adjusted EBITDA by 20.3%. Listing and Share Issue During the period, CityvarastoPlc announced its listing on the First North marketplace. Trading in the shares began on 3 October 2025. Cityvarastoraised approximately EUR 15 million in gross proceeds from the IPO. New Property Acquisitions The growth strategy continued in Q3. Cityvarastoacquired four new properties and opened two new locations. 1 2 3 From the CEO
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Market Environment Demand Driven by Megatrends: Urbanization, more belongings, shrinking apartment sizes, decreasing average household size/increasing number of households, aging population. The self-storage sector in Finland is estimated to have growth potential. For example, in the Nordics, the average self-storage area per capita is 1.5 times higher than in Finland.¹ Economies of Scale enable investments in automation and digital platforms, improving operational efficiency and customer experience. As a part of Economies of Scale, we are the most recognized operator in Finland. ¹ Source: CBRE Research and FEDESSA, European Self Storage Industry Report 2024. Available at www.fedessa.org/publications/european-annual-industry-report-2024.html. Accessed 17 September 2025
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Real Estate Business Cityvarasto’score business is renting self-storage units and providing related services to its customers. Cityvarasto is the leading operator in Finland. As of 30 September 2025, Cityvarasto had 76 self-storage facilities, while the second largest operator had 16¹. PakuOvelle.com Opiskelijamuutot Cityvarasto ¹ Source: Member data of the Self-Storage Association. Available at www.pienvarastoyhdistys.fi/fi/yhteystiedot. Accessed 11 November 2025. Self-storage facilities are located in Finland’s largest cities and growth centers, 70% in Helsinki metropolitan area. Over 60% of Finns live within 15 minutes from the nearest Cityvarasto self-storage. Growth potential in existing properties. Cityvarasto estimates that it will be able to increase lettable self-storage area by over 20,000 m² in existing facilities within the next five years by converting other lettable areas into self-storage area.
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Ancillary Services PakuOvelle.com Opiskelijamuutot Cityvarasto Synergies across operations. Through a broad selection of ancillary services, Cityvarasto is able to offer comprehensive solutions related to moving and storage. Around 25% of our customers choose more than one service from us. Opiskelijamuutot operates in Southern Finland and completes over 2,000 moves per year. In addition, Cityvarasto enables its customers to organize their belongings into easily manageable and durable moving boxes by offering a moving box rental service. PakuOvelle.com is the largest and most known van rental company in Finland. It owned over 500 rental vans as of 30.9 and operated in 50 locations with 260 pick-up and drop-off points, many located at Cityvarasto self-storage sites or major retail parking lots.
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Acquisitions and Facility Launches Four new properties Four new properties were acquired in Q3, located in Helsinki, Kempele, Lohja, and Pori. Growing gross-floor area Gross floor areas of acquired properties: Helsinki 2,100 m²; Lohja 1,500 m²; Kempele 600 m²; Pori 500 m² Two new locations Two new locations were opened in Q3, in Jyväskylä and Kerava.
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Revenue Two decades of strong growth. Cityvarasto’s compound annual growth rate (CAGR) has been 30.7% from 2000–2024. ¹ Revenues for the years 2000–2022 have been derived from the company’s audited financial statements for the fiscal years 2000 –2022, which have been prepared in accordance with FAS. Revenues for the years 2023–2024 have been derived from the audited consolidated financial statements for t he fiscal year 2024, which have been prepared in accordance with IFRS accounting standards and include audited comparative data for the fiscal year 2023. In the company’s view, its revenue has been comparable for the periods presented. Group revenue (EURm) and number of self-storage locations in 2000–20241 0,4 0,6 0,9 1,6 2,3 2,9 3,1 3,3 3,9 4,4 5,1 5,8 8,0 10,3 10,9 13,0 16,7 18,5 22,4 25,7 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Revenue per year Revenue rolling 12 month Number of self-storage locations 1 5 13 26 42 68
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Increasing cash flow by optimizing the occupancy rates and rent levels of self-storage facilities Converting more self-storage area to existing facilities Investments in new properties Investments in M&A Growing Ancillary Services Cityvarasto´s key growth drivers Growth in Ancillary Services supporting the Real Estate Business growth
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Financial Review
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Key Group Figures as of 30 September 25 . 19.9 (+19.6%) Revenue, M€ 46.4% (+0.2%)* Adjusted EBITDA margin 9.2 (+20.3%) Adjusted EBITDA, M€ 0.68 (+23.9%) Adjusted operative earnings per share, € 199.6 (+51.1%) Fair value of freehold investment properties, M€ 23.6% (-8.8%)* LTV ratio 162.9 (+65.4%) NAV, M€ 45.8 (+10.6%) Net-debt (excluding IFRS 16 liabilities), M€ 6.0 (+12.5%) Operating profit, M€ 23.11 (+65.4%) NAV per share, € 3.3% (-1.2%)* Return on equity, ROE 3.3 (+20.0%) Result for the period *Change in percentage points compared to reference period
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Revenue Revenue grew in Q3, with growth in both segments. Real estate business revenue was mainly driven by an increase in rented self-storage square meters. Ancillary services revenue grew due to increased rental volumes from more vans. Reporting period Segment revenue includes intra-group revenue, group total excludes intra-group revenue. Change-% indicates revenue growth compared to the reference period for segments and group total. 4 013 4 191 4 291 4 309 4 412 4 696 4 856 78 76 75 76 81 87 83 1 137 1 340 1 671 1 458 1 568 1 935 2 443 5 150 5 531 5 962 5 767 5 980 6 631 7 299 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Real Estate Business Internal revenue, Real Estate Business Ancillary Services Change-% +22.4 % +13.1 % +46.2 % Quarterly 12 495 13 964 229 251 4 148 5 946 16 643 19 910 1-9/2024 1-9/2025 Real Estate Business Internal revenue, Real Estate Business Ancillary Services +19,6 % +11.7 % +43.4 %
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Adjusted EBITDA Adjusted EBITDA grew by 20.3% during the review period, totaling EUR 9,246 (7,689) thousand. In Q3, adjusted EBITDA grew by 23.1%, totaling EUR 3,710 (3,013) thousand. Growth was driven by increased revenue and improved profitability in ancillary services. Quarterly Reporting period 1 414 2 375 2 405 2 030 1 751 2 622 2 681 401 486 608 361 392 772 1 028 1 815 2 861 3 013 2 391 2 143 3 394 3 710 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Real Estate Business Ancillary Services Change-% +23.1% +11.5 % +69.1 % Change-% indicates the growth of adjusted EBITDA compared to the reference period . 6 194 7 054 1 495 2 1927 689 9 246 1-9/2024 1-9/2025 Real Estate Business Ancillary Services +20,3 % +13.9% +46.6%
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Adjusted Operative Earnings per Share Adjusted operative earnings per share grew by 23.9% during the review period and by 27.4% in Q3 compared to the reference period. Adjusted operative earnings per share is presented excluding the impact of one -off items, adjusted for tax effects. Operative earnings are presented excluding changes in the value of freehold investment properties and deferred taxes. Change-% indicates the growth of adjusted operative earnings per share compared to the reference period. Reporting period 0.55 0.68 1-9/2024 1-9/2025 +23.9 % 0.09 0.22 0.23 0.14 0.12 0.27 0.30 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Adjusted operative earnings per share by quarter, € Change-% +27.4 %Quarterly
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Investments Investments during the nine-month review period totaled EUR 7,223 (9,498) thousand. Of these, EUR 5,875 (6,631) thousand related to real estate business and EUR 1,348 (2,868) thousand to ancillary services. Real estate investments included EUR 1,603 (3,513) thousand for new property acquisitions. Ancillary services investments were mainly in vans. Reporting periodQuarterly 6.6 5.9 2.9 1.3 9.5 7.2 1-9/2024 1-9/2025 Real Estate Business Ancillary Services 0.1 2.0 1.4 1.3 0.3 0.2 1.20.7 1.1 1.3 1.2 1.0 1.6 1.7 0.6 0.9 1.4 2.8 0.7 0.4 0.2 1.4 4.0 4.1 5.3 2.0 2.2 3.1 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 New property acquisitions, Real Estate Other Real Estate Investments Investments in Ancillary Services
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Investments Investments in Q3 were EUR 3,067 (4,101) thousand. Of real estate investments, EUR 1,195 (1,440) thousand related to new property acquisitions (four properties acquired in the quarter). No new vans were purchased, resulting in lower ancillary services investments compared to the reference period. 0.3 0.2 1.2 1.0 1.6 1.7 0.7 0.4 0.2 2.0 2.2 3.1 Q1-2025 Q2-2025 Q3-2025 New property acquisitions, Real Estate Other Real Estate Investments Investments in Ancillary Services Q1-Q3 2025 2.5 2.2 4.3 7.0 5.6 4.8 1.3 3.1 5.710.8 10.9 14.8 2022 2023 2024 New property acquisitions, Real Estate Other Real Estate Investments Investments in Ancillary Services 2022-2024
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Financial Position Equity ratio at the end of the review period was strong at 60.1%. Interest-bearing net debt excluding IFRS 16 liabilities increased to EUR 45,810 (41,413) thousand, due to new bank loans taken for investment needs during the year. Loan-to-value (LTV) is calculated by dividing interest-bearing debt excluding IFRS 16 lease liabilities by the fair value of fre ehold investment properties. 35.6 35.8 38.3 41.4 43.9 44.9 45.4 45.8 8.2 8.2 8.2 8.0 7.9 8.1 8.1 8.4 43.8 44.0 46.5 49.4 51.8 53.0 53.5 54.2 55.7 % 55.6 % 54.3 % 54.3 % 60.5 % 60.4 % 60.4 % 60.1 % 0,0 % 10,0 % 20,0 % 30,0 % 40,0 % 50,0 % 60,0 % 70,0 % 80,0 % 90,0 % 100,0 % 0 10 20 30 40 50 60 31.12.2023 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Net-debt and equity ratio quarterly Net-debt excluding IFRS 16 liabilities, M€ IFRS 16 liabilities, M€ Equity ratio LTV as of 30.9.2025 23.6%
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Occupancy rates Occupancy rates remained stable during the review period and increased compared to previous periods, while rentable area grew through new property acquisitions and openings/expansions of self-storage locations. Occupancy rates for self-storage do not include containers. 75.0 % 77.1 % 77.2 % 76.0 % 78.0 % 79.0 % 79.0 % 81.2 % 76.2 % 80.4 % 83.5 % 82.3 % 82.1 % 82.1 % Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Quarterly Occupancy rates, self-storage Occupancy rates, bulk
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Development of average monthly rent per sqm and Lettable Area Lettable area for self-storage grew steadily during the review period. Average square meter rents also developed steadily. Development in lettable bulk area is linked to self-storage conversions and new property acquisitions. 26.1 26.4 26.0 25.4 24.7 25.2 25.7 48 000 50 000 52 000 54 000 56 000 58 000 60 000 62 000 64 000 66 000 23,5 24,0 24,5 25,0 25,5 26,0 26,5 27,0 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Self-storage Avg Self storage rent, Eur/m2/month, closing Current lettable area (in thousands m2), self-storage 10.3 10.5 10.2 9.5 9.8 10.1 10.1 52 500 53 000 53 500 54 000 54 500 55 000 55 500 56 000 56 500 57 000 57 500 9,0 9,2 9,4 9,6 9,8 10,0 10,2 10,4 10,6 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Bulk Avg Bulk rent, Eur/m2/month, closing Current lettable area (in thousands m2), bulk Average rents include only properties that have been open for over a year at the end of the period. Containers are not includ ed.
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Profit Guidance for Fiscal Year 2025¹ (unchanged, published 24.9.2025) Cityvarasto estimates that group revenue and adjusted EBITDA will grow in 2025 compared to the previous year, and management’s assessment is in line with the company’s long-term financial targets. Based on the first half-year actuals, current market situation, business outlook, and company assessment, full-year 2025 revenue is expected to grow by 15–20% and adjusted EBITDA by 15–20% compared to 2024. Guidance assumes no significant changes in the operating environment during the rest of the year. Reported revenue for the first nine months of 2025 was EUR 19,910 (16,643) thousand, up 19.6% year-on- year, and reported adjusted EBITDA was EUR 9,246 (7,689) thousand, up 20.3%. ¹ Earnings guidance includes forward-looking statements regarding the company’s view of possible developments in its markets. These are not guarantees of the company’s revenue or profit development or future financial success. The company’s business results may differ significantly from market developments, and the company’s earnings guidance or other forward-looking statements should not be regarded as promises of future development or results, which may differ materially from those presented above.
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Financial targets Key financial indicators related to financial targets at the end of the reporting period: • Revenue growth 19.6% for the review period, 22.4% for Q3 • Adjusted EBITDA-% 46.4% for the review period, 50.8% for Q3 • Investments EUR 7.2 million for the review period. 76 self-storage locations at period end • Loan-to-value 23.6% as of 30.9.2025 Financial targets by the end of 2029: • Growth: Group revenue growth averages at least 12% per year • Profitability: Group EBITDA margin exceeds 50% during the review period • Investments: Investments average at least EUR 10 million per year. The number of self-storage facilities is approximately 100 at the end of the review period. • Leverage: Loan-to-value remains below 35% during the review period
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Cityvarasto is the leading operator in its field in Finland, measured by the number of locations Cityvarasto operates in a market with strong growth drivers Cityvarasto has a proven business model Cityvarasto has excellent growth opportunities Change and development model focused on sustainable development Cityvarasto´s key strengths
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Questions & Answers