Interim report
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INTERIM REPORT 1 January – 30 September 2025
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Cityvarasto Plc’s Interim report 1 January – 30 September 2025: Strong growth and listing on First North marketplace Q3 in brief (July – September 2025) • Revenue was 7,299 (5,962) thousand euros, an increase of 22.4 %. • Adjusted EBITDA was 3,710 (3,013) thousand euros, an increase of 23.1 % and adjusted EBITDA margin was 50,8 (50.5) %. • Adjusted operative earnings per share was 0.30 (0.23) euros, an increase of 27.4 % • Four new properties were acquired during the quarter. Acquired properties are located in Helsinki, Kempele, Lohja and Pori. In addition, the company opened two new self- storage facilities during the quarter. The opened facilities are located in Jyväskylä and Kerava. • During the quarter, the company announced that it is planning an initial public offering, including share sale, and listing on the Nasdaq First North Growth Market. The listing was completed after the reporting period on 3 October 2025. January – September 2025 in brief Figures in parentheses refer to the corresponding period of the previous fiscal year, unless otherwise stated. All presented data is unaudited. Numerical values are presented in EUR thousand, unless otherwise stated, and percentages and key figures have been calculated based on the original, unrounded figures. The sum of individual figures may not correspond to the presented totals because the figures have been rounded to the nearest thousand. • Revenue was 19,910 (16,643) thousand euros, an increase of 19.6 %. • Adjusted EBITDA was 9,246 (7,689) thousand euros, an increase of 20.3 % and adjusted EBITDA margin was 46.4 (46.2) %. • Adjusted operative earnings per share was 0.68 (0.55) euros, an increase of 23.9 %. • The number of self-storage facilities at the end of the period was 76 (66) with an occupancy rate of 79 (77) %. • Six new self-storage facilities were opened, and six new properties were acquired during the period. Group Key figures Key figures are unaudited unless otherwise stated. However, figures for the full financial year 2024 are audited. EUR thousand Q3-2025 Q3-2024 Change % 1-9/2025 1-9/2024 Change % 2024 Revenue 7,299 5,962 22.4 % 19,910 16,643 19.6 % 22,410 Adjusted EBITDA 3,710 3,013 23.1 % 9,246 7,689 20.3 % 10,080 Adjusted EBITDA margin (%) 50.8 % 50.5 % 46.4 % 46.2 % 45.0 %
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Result for the period 891 1,334 -33.2 % 3,327 2,774 20.0 % 51,607 Adjusted operative earnings per share 0.30 0.23 27.4 % 0.68 0.55 23.9 % 0.69 Fair value of investment properties 199,594 132,101 51.1 % 199,594 132,101 51.1 % 194,100 NAV 162,907 98,520 65.4 % 162,907 98,520 65.4 % 159,568 NAV per share 23.11 13.98 65.4 % 23.11 13.98 65.4 % 22.64 LTV ratio (%) 23.6 % 32.4 % 23.6 % 32.4 % 23.8 % Return on equity, ROE 3.3 % 4.5 % 48.7 % Profit guidance for the financial year 2025 (unchanged, published 24 September 2025) Cityvarasto assesses the Group’s net sales and adjusted EBITDA to grow in the full financial year 2025 in comparison with the previous financial year, and the company’s management’s assessment is in line with the Company’s long-term financial targets. Based on the Company’s performance during the first half of the financial year, the current market environment, business outlook, and the company’s assessment, revenue for the full financial year 2025 is estimated to grow by 15-20% and adjusted EBITDA to grow by 15-20% compared to full financial year 2024. The guidance is based on the assumption that there will be no significant changes in the operating environment during the remainder of the year. Cityvarasto's reported net sales for the first nine months of the financial year 2025 were 19,910 (16,643) thousand euros, an increase of 19.6 % compared to the corresponding period of the previous financial year, and reported adjusted EBITDA was 9,246 (7,689) thousand euros, an increase of 20.3 % compared to the corresponding period of the previous financial year. Financial targets Cityvarasto group’s Board of Directors has set the following financial and operation al targets for the five-year review period starting at the end of 2024 and ending at the end of 2029: • Growth: The average annual growth of the group’s revenue is over 12 % during the review period. • Profitability: The group’s EBITDA margin exceeds 50 % during the review period. • Investments: The group’s annual investments are on average 10 million euros during the review period. The number of self-storage facilities is approximately 100 at the end of the review period. • Leverage: The group’s LTV ratio remains under 35 % during the review period.
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The key performance indicators related to financial targets at the end of the reporting period were as follows: • Revenue increased by 19.6 % during the period and 22.4 % during Q3. • Adjusted EBITDA margin was 46.4 % during the period and 50.8 % during Q3. • Group’s investments in the period were 7,2 million euros. • At the end of the period the group had 76 self-storage facilities. • Group’s LTV ratio on 30 September 2025 was 23.6 % CEO’s review The third quarter was a period of strong growth and significant strategic progress for Cityvarasto. The quarterly result was the best in the group’s history, with revenue increasing by 22.4% compared to the reference period, reaching 7.3 million euros, and adjusted EBITDA growing by 23.1% to 3.7 million euros. Both of our business segments – real estate operations including self-storage and other rental spaces, and ancillary services including van rental and moving services – developed positively during the quarter. Especially the growth and profitability of van rental services was at a good level, as the company focused on operational activities supported by significant fleet investments made in previous quarters. The positive development of the Group’s business operations is founded on strategically successful investments in the continuous development and expansion of our service offering, as well as on consistent and disciplined operational execution. During the quarter, we acquired four new properties located in Helsinki, Pori, Kempele, and Lohja. In addition, we opened new self-storage facilities in Jyväskylä and Kerava. Through these investments and openings, we strengthened our position in the Finnish self-storage market and expanded our service network to be even more comprehensive. Demand for van rental and moving services continued to grow, and our market position in these services also strengthened further. A significant step in Cityvarasto’s 25-year journey was the publication of the IPO during the third quarter, and the successful listing on First North -marketplace after the reporting period. I am very pleased with the successful listing and the fact that our company attracted a convincing group of new domestic and international owners, including both private investors and respected institutional investors. Particularly significant is the strong participation of foreign institutional investors, which demonstrates international trust and interest in Cityvarasto’s growth strategy and future prospects. I want to thank Cityvarasto’s employees and partners for their excellent work in the process, as well as our new owners for their trust in the company. During the third quarter, cautious signs of recovery were visible in the market environment, although the construction sector remains challenging. Changing consumer needs, such as
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smaller apartments and the growth of e-commerce, support demand for our services. We have responded to these changes by investing in the expansion of our service network and developing digital customer solutions that improve customer experience and enhance operations. We believe that our strategic investments, strong financial position, and the broadened ownership base following the listing provide us with excellent conditions to continue growth and develop our services even more customer-oriented. Warm thanks to our customers for their trust, our staff for their commitment, and our owners for their support. Together, we are building Cityvarasto into an even stronger company, ready to meet future opportunities and challenges. Ville Stenroos CEO, Cityvarasto Plc
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Revenue and profit Q3 In the third quarter, the Group’s revenue grew by 22.4% and amounted to 7,299 (5,962) thousand euros. Growth was seen in both segments: revenue from the real estate business increased by 13.1%, and revenue from ancillary services by 46.2%. The growth in real estate business revenue to 4,939 (4,366) thousand euros was mainly due to an increase in the number of rented self-storage square meters. This, in turn, is explained by the opening of new self-storage facilities, self-storage conversions, and a positive development in occupancy rates. Revenue from ancillary services grew to 2,443 (1,671) thousand euros. The growth was mainly due to the increase in revenue from PakuOvelle.com, which was in turn driven by a higher number of rentals resulting from an increased number of vans. In addition to the above, revenue from ancillary services is affected by normal seasonal fluctuations. For ancillary services, sales and revenue are typically higher during the summer seasons Q2 and Q3, and correspondingly lower during the winter seasons Q1 and Q4. Group’s adjusted EBITDA increased by 23.1 % in Q3, being 3,710 (3,013) thousand euros. The increase was due to revenue growth and improvement in profitability of ancillary services. Group’s adjusted EBITDA was negatively impacted primarily by the increase in other operating expenses. Adjusted EBITDA grew in the segment of real estate by 11.5 % being 2,681 (2,405) thousand euros and for ancillary services by 69.1 % being 1,028 (608) thousand euros. Adjusted EBITDA margin was 54.3 (55.1) % for real estate and 42.1 (36.4) % for ancillary services. Profitability therefore improved significantly in terms of ancillary services. The improvement in the profitability of ancillary services was mainly due to the economies of scale achieved with an increase in the number of vans. In the real estate segment, adjusted EBITDA in Q3 is also positively impacted by typically lower operational costs compared to the winter season. The group's adjusted operating margin was 50.8 (50.5) %. The Group's operating profit decreased by 21.8 % in the third quarter compared to the corresponding period of the previous year and amounted to 1,697 (2,171) thousand euros. The operating profit was positively affected by the growth in adjusted EBITDA. Operating profit was adversely impacted by the increase in non-recurring expenses related to the listing from - 4 thousand to -896 thousand euros, higher depreciations, and change in the fair value of investment properties. The third-quarter result was 891 (1,334) thousand euros. In addition to the above items, the result was affected by financial income and expenses, which were -577 (-683) thousand euros. Financial expenses decreased due to a loan arrangement during the quarter, where installment debts of PakuOvelle.com were refinanced with a lower-interest bank loan. In addition, the reduction in market interest rates decreased financial expenses. Conversely, the increase in the Group’s loan amount had an upward impact on financial expenses, although overall expenses remained lower than in the comparison period.
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Interim period During the nine-month period, the Group's revenue increased by 19.6 %, amounting to 19,910 (16,643) thousand euros. Revenue from the real estate business grew by 11.7 %, reaching 14,215 (12,724) thousand euros, and revenue from ancillary services increased by 43.4 %, totaling 5,946 (4,148) thousand euros. The growth in both segments was due to the same factors as the growth observed in the third quarter. Adjusted EBITDA increased by 20.3 % during the review period, amounting to 9,246 (7,689) thousand euros. Growth in the real estate business was 13.9 %, and in ancillary services 46.6 %. Adjusted EBITDA for the real estate business was 7,054 (6,194) thousand euros, with an adjusted EBITDA margin of 49.6 % (48.7 %). For ancillary services, the corresponding figures were 2,192 (1,495) thousand euros and 36.9% (36.0%). The Group's adjusted EBITDA margin during the period was 46.4% (46.2%). The Group's profitability was therefore at a higher level in the third quarter than in the nine-month review period. This is explained by seasonal variations in the real estate business and ancillary services, as well as property taxes recorded in the first quarter. Compared with the reference period, profitability in ancillary services clearly improved during the review period and improved modestly in the real estate business. The operating profit for the review period was 5,977 (5,315) thousand euros and the result was 3,327 (2,774) thousand euros. In addition to the factors mentioned above, the amount of operating profit was affected by the change in the fair value of investment properties, which was -466 (-1,270) thousand euros, and depreciation and impairments, which were -1,461 (-1, 059) thousand euros. The negative change in the fair value of investment properties during the interim periods is attributable to investments that are not expected to generate additional future income. The result for the period was also influenced by financial income and expenses, which were -1,880 (-2,006) thousand euros. The changes in these items during the period are explained by the same factors as in the third quarter.
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Investments Q3 The Group's investments in the third quarter amounted to 3,067 (4,101) thousand euros. Of these investments, 2,867 (2,691) thousand euros were allocated to the real estate business and 200 (1,411) thousand euros to ancillary services. Of the real estate business investments, 1,195 (1,440) thousand euros were related to the acquisition of new properties, of which four were acquired during the quarter. Cityvarasto acquired properties in Helsinki, Kempele, Lohja, and Pori during the third quarter. Other investments in the real estate business, totaling 1,672 (1,252) thousand euros, mainly consisted of investments in the development of investment properties and IT development. Investments in ancillary services were mainly investments in vans. During the quarter, no new vans were purchased, which is clearly reflected in the lower investments in ancillary services compared to the corresponding period. Interim period Cityvarasto's investments during the nine-month period totaled 7,223 (9,498) thousand euros. Of these, 5,875 (6,631) thousand euros were related to the real estate business and 1,348 (2,868) thousand euros to ancillary services. Of the real estate business investments, 1,603 (3,513) thousand euros were related to the acquisition of new properties. Including the four investment properties acquired in the third quarter, a total of six properties were acquired during the period. Other investments in the real estate business amounted to 4,273 (3,118) thousand euros, and their composition during the review period was similar to that of the third quarter. Investments in ancillary services amounted to 1,348 (2,868) thousand euros during the period. These were mainly investments in vans. At the beginning of the review period, the Group acquired vans, but the total number of vans acquired over the period was significantly lower than in the comparison period. Balance sheet and financing Group’s non-current assets at the end of the reporting period amounted to 220,094 (148 950) thousand euros. Increase in non-current assets was mainly due to change in fair value of investment properties and investments in investment properties. Carrying amount of freehold investment properties increased compared to comparison period to 199,594 (132,101) thousand euros. Tangible assets increased to 9,936 (7,291) thousand euros and intangible assets increased to 1,383 (872) thousand euros. Regarding tangible assets the increase was mainly due to
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investments in new vans and regarding intangible assets it was due to investments in IT development. Current assets decreased and were 3,077 (3,322) thousand euros at the end of the reporting period. Cash and bank receivables amounted to 1,291 (1,368) thousand euros. Equity increased to 134,090 (82,634) thousand euros due to increase in profit for the period. Equity was negatively affected by dividend distribution. Interest-bearing debts without IFRS 16 liabilities increased to 45,810 (41,413) thousand euros. The change is caused by new loans from credit institutions borrowed during the period. The balance sheet total at the end of the period was 223,171 (152,272) thousand euros. LTV was 23.6 (32.4) % and equity ratio was 60.1 (54.3) %. Items affecting comparability The listing process of Cityvarasto Oyj to the First North marketplace generated non-recurring expenses, which affect the comparability of the figures. In addition, non-recurring expenses have been incurred from damage-related incidents regarding vans and from the preparation of an unrealized corporate restructuring. Non-recurring expenses are not presented separately in the profit and loss statement but are included in expenses affecting EBITDA. Adjusted EBITDA is presented excluding the impact of non-recurring items. Adjusted operative earnings and adjusted operative earnings per share are presented excluding the impact of non-recurring items, adjusted for tax effects. Group’s non-recurring expenses are presented in the table below. EUR thousand Q3-2025 Q3-2024 1-9/2025 1-9/2024 2024 Listing costs -896 - -1 223 - - Non-recurring expenses related to corporate restructuring - -4 -9 -45 -55 Other non-recurring expenses - - -110 - -2 TOTAL -896 -4 -1 342 -45 -57
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Segment information In the tables below, revenue, EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin and investments are presented by segment. 1 July - 30 September 2025 (Q3-2025) 1000 EUR Real Estate Ancillary Services Eliminations and unallocated items Group Total Revenue 4,939 2,443 -83 7,299 EBITDA 1,819 994 2,813 EBITDA margin (%) 37 41 39 Adjusted EBITDA 2,681 1,028 3,709 Adjusted EBITDA margin (%) 54 42 51 Investments, property acquisitions 1,195 1,195 Other investments 1,672 200 1,872 Investments total 2,867 200 3,067 1 July – 30 September 2024 (Q3-2024) 1000 EUR Real Estate Ancillary Services Eliminations and unallocated items Group Total Revenue 4,366 1,671 -75 5,962 EBITDA 2,401 608 3,009 EBITDA margin (%) 55 36 50 Adjusted EBITDA 2,405 608 3,013 Adjusted EBITDA margin (%) 55 36 51 Investments, property acquisitions 1,440 - 1,440 Other investments 1,252 1,411 2,662 Investments total 2,691 1,411 4,101
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1 January - 30 September 2025 1000 EUR Real Estate Ancillary Services Eliminations and unallocated items Group Total Revenue 14,215 5,946 -251 19,910 EBITDA 5,856 2,048 7,904 EBITDA margin (%) 41 34 40 Adjusted EBITDA 7,054 2,192 9,246 Adjusted EBITDA margin (%) 50 37 46 Investments, property acquisitions 1,603 1,603 Other investments 4,273 1,348 5,621 Investments total 5,875 1,348 7,223 1 January – 30 September 2024 1000 EUR Real Estate Ancillary Services Eliminations and unallocated items Group Total Revenue 12,724 4,148 -229 16,643 EBITDA 6,149 1,495 7,644 EBITDA margin (%) 48 36 46 Adjusted EBITDA 6,194 1,495 7,689 Adjusted EBITDA margin (%) 49 36 46 Investments, property acquisitions 3,513 - 3,513 Other investments 3,118 2,868 5,985 Investments total 6,631 2,868 9,498
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Employees and management The number of employees in the group during the half-year period, converted to full-time equivalents, was 62 (55). Cityvarasto Plc’s Board of Directors are presented below. Name Title Aki Kostiander Chairman of the Board Ville Stenroos Member of the Board Salla Tuominen Member of the Board Henrik Christensen Member of the Board Cityvarasto Plc’s management team are presented below. Name Title Ville Stenroos CEO Matti Heiskanen COO of Real Estate Business Mikko Erkkilä CEO of Ancillary Services Matti Leinonen CFO Paula Nordgren HR and Communication Director Elina Himberg Marketing Director Shares The total number of shares in the parent company on 30 September 2025 was 7,088,374 shares, of which 39,265 was owned by the company. The company has one share class, and all shares carry equal voting and dividend rights. The shares of Cityvarasto Oyj are listed on the Nasdaq First North Growth Market Finland marketplace. Trading in the shares began on 3 October 2025. Through the initial public
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offering, the total number of shares increased to 8,027,002 shares. The trading symbol of the shares is CITYVA and the ISIN code is FI4000176557. Incentive schemes The group did not have any share-based incentive schemes during the reporting period. Risks and risk management The group divides key risks affecting the business operations into strategic, operational, damage and financial risks. The strategic risks are mainly related to domestic migration and regional development in Finland. Particular attention is paid to the future development of the nearby area and the size of the economic area when selecting new facilities. A significant operational risk relates to retention of key employees in the company. Their commitment is ensured by, inter alia, investing in workplace well-being, performance-based rewards, and providing opportunities for training. Some key employees also have significant holdings in the company, which also contributes to commitment. Operational risks related to costs include, inter alia, increasing costs and distribution challenges of building materials, storage supplies and containers as well as rising property costs such as energy prices. Operational risks related to main damage risks such as fires, water leakages and car accidents have been managed through comprehensive insurance coverage. In addition, improvements to fire safety are made during property conversions. Main financial risks are related to obtaining financing, refinancing and interest-rate related risks. The group manages risks with a balanced maturity distribution of loans, by diversifying borrowing across multiple sources and by ensuring that the group’s equity ratio remains at a strong level (60,1 % at the end of the reporting period 30 September 2025). Significant events during the reporting period H1 During the half-year of 2025 the company opened five new self-storage facilities. The new facilities are located in Helsinki (Malmi and Itäkeskus), Espoo Leppävaara, Tampere Tulli and Hyvinkää. During the half-year period, the company acquired two properties located in Riihimäki and Järvenpää. New self-storage facilities will be opened later at these locations. The expansion of Helsinki Roihupelto facility opened in February 2025. The expansion corresponds to approximately 2/3 of the lettable self-storage area at the location.
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The Annual General Meeting of Cityvarasto Plc was held on 3 June 2025. In the Annual General Meeting a new board was appointed. The annual general meeting decided to pay dividends, 0,10 euro per share, for the financial year ended in 2024. The General Meeting also authorized the Board of Directors to decide on a share issue, in which the maximum number of shares to be issued is 2 million shares. Q3 During the third quarter, the company acquired four new properties, which will be converted into self-storage facilities in the future. The acquired properties are located in Helsinki, Kempele, Lohja, and Pori. The gross floor areas of these properties are as follows: Helsinki 2,100 m²; Lohja 1,500 m²; Kempele 600 m²; Pori 500 m². During the quarter, new self-storage facilities were opened in Jyväskylä and Kerava. The lettable self-storage area is approximately 500 m²at the Kerava location and about 400 m² at the Jyväskylä location. On 16 September 2025 Cityvarasto Oyj announced its listing on the Nasdaq First North Growth Market Finland. During the period, initial public offering and share sale related to the listing were organized, with the subscription period beginning on 24 September 2025 and ending on 30 September 2025. The initial public offering was significantly oversubscribed, and the final subscription price was EUR 16.00 per share. A more detailed description of the listing and the related arrangements is provided in the section "Information about listing and IPO" . Cityvarasto Plc held an Extraordinary General Meeting on 23 September 2025. At the meeting, the Board of Directors was authorized to decide on a directed share issue or a rights issue, under which a maximum of 1,500,000 shares may be issued, corresponding to approximately 21% of the company’s existing shares. The Board was also authorized to decide on the acquisition of up to 700,000 of the company’s own shares. In addition, the Extraordinary General Meeting resolved to amend the Articles of Association. The minutes of the meeting are available on the company’s website. Significant events after the end of the reporting period Trading in Cityvarasto's shares on the Nasdaq First North Growth Market Finland marketplace began on 3 October 2025. The listing and related arrangements are described in more detail in the section "Information about listing and IPO" . Information about listing and IPO On 16 September 2025, Cityvarasto announced that it was planning an initial public offering, share sale and a listing of its shares on the Nasdaq First North Growth Market Finland
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marketplace. The objectives of the initial public offering and share sale were stated to be promoting Cityvarasto's growth strategy and increasing strategic flexibility. Other reasons for the listing included, among others, the company's access to the capital markets, expanding its ownership base and increasing the company's awareness. The announcement also stated that the listing and increased liquidity would enable more efficient use of the shares as consideration in acquisitions and in personnel remuneration. The initial public offering and share sale were announced to consist of a share sale by certain owners of Cityvarasto and a share issue of approximately EUR 15 million by the company. In addition, information was provided about anchor investors who committed to subscribe for a total of EUR 20 million in the planned initial public offering. On 23 September 2025, the company announced the preliminary price range for the planned IPO and share sale; EUR 14.89-17.02 per share. The announcement stated that the subscription period would begin on 24 September 2025 and end on 30 September 2025, unless the subscription period was interrupted earlier due to over-demand. It was also stated that trading in Cityvarasto's shares is expected to begin on 3 October 2025. Cityvarasto published a release on 24 September 2025, announcing that the Financial Supervisory Authority had approved Cityvarasto's Finnish-language company prospectus. On the same day, the company announced that it had filed a listing application with the Nasdaq First North Growth Market Finland marketplace. The subscription period for the IPO began. On 1 October 2025, Cityvarasto announced that the institutional offering was significantly oversubscribed across the entire price range and announced the suspension of the subscription period. The company announced the final results of the IPO and share sale on 2 October 2024. The offering was significantly oversubscribed across the entire price range, and the final subscription price was EUR 16.00 per share. In the personnel offering, the subscription price was 10 % lower, i.e. EUR 14.40 per share. Cityvarasto raised gross proceeds of approximately EUR 15 million in the IPO, and the sellers were reported to raise gross proceeds of approximately EUR 31 million if the additional share option is exercised in full. The IPO were announced to consist of 2,875,997 shares to be offered, divided into 938,628 new shares, 1,562,239 sale shares and a maximum of 375,130 additional shares. The number of outstanding shares in Cityvarasto was announced to increase to 7,987,737 shares and the total number of all shares to increase to 8,027,002 shares. In connection with the IPO and share sale, SEB, acting as the stabilisation manager, was granted an additional share option to cover potential oversubscription situations. Trading in Cityvarasto shares commenced as planned on 3 October 2025. SEB, acting as the stabilization manager, carried out stabilization measures during October, which the company announced on 13 October, 22 October and 31 October 2025. SEB
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decided to partially exercise the granted additional share option by purchasing 65,745 shares. SEB’s stabilization period ended on 31 October 2025. Changes in group structure Three real estate companies which were acquired during previous financial year merged with the parent company during the reporting period. In addition, the company Koy Välittäjä 3, acquired during the reporting period, was merged with the parent company during the period. During the reporting period, the group has also acquired company Kiinteistö Oy Järvenpään Mattotehdas. At the end of the period, the group consisted of the parent company Cityvarasto Oyj, 100% owned Kiinteistö Oy Olavinkatu 45 and Kiinteistö Oy Järvenpään Mattotehdas and 100% owned subsidiaries Varastosta Oy, PakuOvelle.com Oy, Suomen Opiskelijamuutot Oy, Suomen Banaanilaatikot Oy and Cityvarasto Oü. Financial calendar Cityvarasto Plc’s financial statement release will be published on 16 February 2026. In Vantaa 17 November 2025 Cityvarasto Plc Board of Directors
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Accounting principles This interim report is prepared in accordance with the international financial reporting standards (IFRS) and the IAS 34 Interim Financial Reporting Standard. The figures presented in the half-year report are unaudited and rounded to the nearest thousand euros unless otherwise stated. The review has been prepared using the same principles as in the previous annual financial statements. Key figures Key figures for the first half-year are presented in the table below. EUR thousand Q3 2025 Q3 2024 Change 1-9/2025 1-9/2024 Change 2024 Revenue 7,299 5,962 22.4 % 19,910 16,643 19.6 % 22,410 Real estate revenue 4,939 4,366 13.1 % 14,215 12,724 11.7 % 17,109 Ancillary services revenue 2,443 1,671 46.2 % 5,946 4,148 43.4 % 5,606 EBITDA 2,813 3,009 -6.5 % 7,904 7,644 3.4 % 10,023 EBITDA margin (%) 38.5 % 50.5 % 39.7 % 45.9 % 44.7 % Adjusted EBITDA 3,710 3,013 23.1 % 9,246 7,689 20.3 % 10,080 Adjusted EBITDA margin (%) 50.8 % 50.5 % 46.4 % 46.2 % 45.0 % Operating profit 1,697 2,171 -21.8 % 5,977 5,315 12.5 % 67,014 Operating margin (%) 23.3 % 36.4 % 30.0 % 31.9 % 299.0 % Result for the period 891 1,334 -33.2 % 3,327 2,774 20.0 % 51,607 Operative earnings 1,366 1,631 -16.3 % 3,706 3,821 -3.0 % 4.785 Operative earnings per share 0.19 0.23 -16.3 % 0.53 0.54 -3.0 % 0.68 Adjusted operative earnings 2,083 1,635 27.4 % 4,779 3,857 23.9 % 4,831 Adjusted operative earnings per share 0.30 0.23 27.4 % 0.68 0.55 23.9 % 0.69 Value of freehold investment properties 199,594 132,101 51.1 % 199,594 132,101 51.1 % 194,100 Net-debt excluding IFRS 16 liabilities 45,810 41,413 10.6 % 45,810 41,413 10.6 % 43,946 Net-debt including IFRS 16 liabilities 54,212 49,426 9.7 % 54,212 49,426 9.7 % 51,758 Equity 134,090 82,634 62.3 % 134,090 82,634 62.3 % 131,467 NAV 162,907 98,520 65.4 % 162,907 98,520 65.4 % 159,568 NAV per share 23 14 65.4 % 23.11 13.98 65.4 % 22.64 Equity ratio (%) 60.1 % 54.3 % 10.7 % 60.1 % 54.3 % 10.7 % 60.5 Balance sheet total 223,171 152,272 46.6 % 223,171 152,272 46.6 % 217,350 Loan-to-value ratio (LTV) 23.6 % 32.4 % 23.6 % 32.4 % 23.8 Investments -3,067 -4,101 -25.2 % -7,223 -9,498 -24.0 % -14,650 Return on equity 3.3 % 4.5 % 48.7 % Return on investments 4.4 % 5.8 % 45.3 % Average number of employees during the reporting period 64 55 9 62 55 7 58 Current lettable area (in thousands m2), total(1) 125,000 117,000 6.8 % 125,000 117,000 6.8 % 119,000
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Current lettable area (in thousands m2), self- storage 64,000 56,000 14.3 % 64,000 56,000 14.3 % 58,000 Current lettable area (in thousands m2), bulk 57,000 55,000 3.6 % 57,000 55,000 3.6 % 57,000 Self-storage occupancy rate, m2 (%), closing 79.0 % 77.2 % 79.0 % 77.2 % 76.0 % Bulk occupancy rate, m2 (%), closing 82.1 % 80.4 % 82.1 % 80.4 % 83.5 % Avg Self storage rent, Eur/m2/month, closing(2) 25.7 26.0 -1.2 % 25.7 26.0 -1.2 % 25.4 Avg Bulk rent, Eur/m2/month, closing(3) 10.1 10.2 -1.0 % 10.1 10.2 -1.0 % 9.5 Number of facilities/properties 76 66 10 76 66 10 68 Number of vans 513 358 155 513 358 155 445 (1) Includes also area under construction. (2) Average rents include only properties that have been open for over a year at the end of the period. Containers are not included (3) Includes only premises that have been in operational use over a year per closing.
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Consolidated income statement EUR THOUSAND 1.7.2025- 30.9.2025 1.7.2024- 30.9.2024 Change, % 1.1.2025- 30.9.2025 1.1.2024- 30.9.2024 Change, % 1.1.2024- 31.12.2024 Revenue 7,299 5,962 22.4 % 19,910 16,643 19.6 % 22,410 Other operating income - 8 -100.0 % - 10 -100.0 % 12 Materials, supplies and external services -137 -57 138.1 % -253 -203 24.2 % -259 Employee benefit expenses -924 -839 10.2 % -2,659 -2,388 11.4 % -2,988 Other operating expenses -3,425 -2,064 65.9 % -9,094 -6,417 41.7 % -9,152 EBITDA 2,813 3,009 -6.5 % 7,904 7,644 3.4 % 10,023 Change in fair value of freehold investment properties -246 -143 72.2 % 392 -512 -176.6 % 59,482 Change in fair value of leasehold investment property -302 -248 21.7 % -858 -758 13.2 % -1 047 Depreciation, amortisation and impairment -569 -447 27.3 % -1,461 -1,059 38.0 % -1 443 OPERATING PROFIT 1,697 2,171 -21.8 % 5,977 5,315 12.5 % 67,014 Finance income 32 38 -15.4 % 68 76 -10.3 % 105 Finance expenses -609 -719 -15.4 % -1,948 -2,081 -6.4 % -2,852 Finance income and expenses total -577 -683 -15.5 % -1,880 -2,006 -6.3 % -2,747 RESULT BEFORE TAXES 1,120 1,488 -24.8 % 4,098 3,309 23.8 % 62,267 Change in deferred taxes -229 -155 48.2 % -770 -536 43.9 % -12,660 PROFIT FOR THE PERIOD 891 1,334 -33.2 % 3,327 2,774 20.0 % 51,607 Earnings per share Basic earnings per share, EUR 0.13 0.19 -33.2 % 0.47 0,39 20.0 % 7.32 Diluted earnings per share, EUR 0.13 0.19 -33.2 % 0.47 0,39 20.0 % 7.32
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Consolidated balance sheet EUR thousand 30.9.2025 30.9.2024 31.12.2024 ASSETS Non-current assets Goodwill 341 341 341 Intangible assets 1,383 872 988 Tangible assets 9,936 7,291 9,938 Freehold investment properties 199,594 132,101 194,100 Leasehold investment properties 8,452 8,046 7,767 Other non-current assets 37 39 37 Deferred tax assets 352 260 382 Total non-current assets 220,094 148,950 213,553 Current assets Inventories 15 15 15 Trade and other receivables 1,771 1,939 1,621 Cash and bank equivalents 1,291 1,368 2,161 Total current assets 3,077 3,322 3,797 TOTAL ASSETS 223,171 152,272 217,350 EQUITY AND LIABILITIES Equity attributable to shareholders of the parent company Share capital 80 80 80 Reserve for invested non-restricted equity 17,148 17,148 17,148 Retained earnings 116,862 65,405 114,239 Total equity 134,090 82,634 131,467 Non-current liabilities Non-current interest-bearing liabilities 42,467 38,753 40,559 Non-current lease liabilities 7,455 7,161 6,947 Deferred tax liabilities 29,230 16,243 28,490 Total non-current liabilities 79,153 62,157 75,996 Current liabilities Current interest-bearing liabilities 4,634 4,029 5,548 Current lease liabilities 947 852 864 Trade and other payables 4,347 2,601 3,474 Total current liabilities 9,928 7,482 9,887 Total liabilities 89,081 69,639 85,883 TOTAL EQUITY AND LIABILITIES 223,171 152,272 217,350
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Consolidated cash flow statement EUR thousand 1.7.2025- 30.9.2025 1.7.2024- 30.9.2024 1.1.2025- 30.9.2025 1.1.2024- 30.9.2024 1.1.2024- 31.12.2024 Cash flows from operating activities Result for the period 891 1,334 3,327 2,774 51,607 Adjustments: Depreciation and impairment 569 447 1,461 1,059 1,443 Financial income and expenses 577 682 1,880 2,006 2,747 Changes in fair value of investment properties 548 391 466 1,270 -58,435 Current taxes 229 154 771 536 12,661 Other non-cash flow adjustments 210 0 210 0 19 Total adjustments 2,132 1,675 4,787 4,871 -41,565 Cash flows from operating activities before working capital adjustments 3,023 3,009 8,114 7,644 10,043 Changes in working capital: Increase (-) / decrease (+) in trade and other receivables -171 -437 -258 -718 -397 Increases (-)/ decreases (+) to inventories - - - - - Increases (-)/ decreases (+) to current payables 673 -666 800 1 854 Total changes in working capital 503 -1,103 542 -717 456 Interest paid -633 -720 -1,971 -2,081 -2,852 Interest received 27 37 63 76 105 Net cash flows from operating activities 2,921 1,223 6,748 4,921 7,752 Cash flows used in investing activities Repayment of investments - - - - - Investments in investment properties -2,635 -2,634 -5,387 -6,383 -8,388 Investments in tangible and intangible assets -450 -1,467 -1,854 -3,115 -6,262 Net cash flows from investing activities -3,085 -4,102 -7,241 -9 498 -14 650 Cash flows from financing activities Proceeds from financial institution borrowings 6,597 2,663 14,400 7,889 12,926 Repayment of financial institution borrowings -5,934 -726 -13,407 -2,677 -4,389 Repayment of lease liabilities -228 -207 -666 -593 -804 Dividend paid 0 0 -705 -634 -634 Net cash flows from financing activities 435 1,730 -378 3,984 7,099 Net increase in cash and cash equivalents 271 -1,149 -870 -592 201 Cash and cash equivalents at 1 January 1,020 2,517 2,161 1,961 1,961 Cash and cash equivalents at 30 September 1,291 1,368 1,291 1,368 2,161
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Consolidated statement of changes in equity EUR thousand Share capital Reserve for invested non- restricted equity Retained earnings Total equity Equity 1.1.2025 80 17,148 114,239 131,467 Comprehensive income for the period Profit for the period - - 3,327 3,327 Other comprehensive income for the period - - - - Total comprehensive income for the period - - 3,327 3,327 Transactions with shareholders Share issue - - - - Acquisition of own shares - - - - Dividend - - -705 -705 Total transactions with shareholders - - -705 -705 Equity 30.9.2025 80 17,148 116,862 134,090 EUR thousand Share capital Reserve for invested non- restricted equity Retained earnings Total equity Equity 1.1.2024 80 17,148 63,266 80,494 Comprehensive income for the period Profit for the period - - 2,774 2,774 Other comprehensive income for the period - - - - Total comprehensive income for the period - - 2,774 2,774 Transactions with shareholders Share issue - - - - Acquisition of own shares - - - - Dividend - - -634 -634 Total transactions with shareholders - - -634 -634 Equity 30.9.2024 80 17,148 65,405 82,634
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EUR thousand Share capital Reserve for invested non- restricted equity Retained earnings Total equity Equity 1.1.2024 80 17,148 63,266 80,494 Comprehensive income for the period Profit for the period - - 51,607 51,607 Other comprehensive income for the period - - - - Total comprehensive income for the period - - 51,607 51,607 Transactions with shareholders Share issue - - - - Acquisition of own shares - - - - Dividend - - -634 634 Total transactions with shareholders - - -634 -634 Equity 31.12.2024 80 17,148 114,239 131,467 Investment properties 1.1.2025-30.9.2025 EUR thousand Freehold investment properties (Level 3) Leased investment properties (Level 3) Total Cost at 1 January 2025 194,100 7,767 201,867 Additions 5,101 1,542 6,644 Disposals - - - Change in fair value of investment property 392 -858 -466 Cost at 30 September 2025 199,594 8,452 208,046 1.1.2024-30.9.2024 EUR thousand Freehold investment properties (Level 3) Leased investment properties (Level 3) Total Cost at 1 January 2024 126,230 8,382 134,612 Additions 6,383 422 6,805 Disposals - - - Change in fair value of investment property -512 -758 -1,270 Cost at 30 September 2024 132,101 8,046 140,147
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2024 EUR thousand Freehold investment properties (Level 3) Leased investment properties (Level 3) Total Cost at 1 January 2024 126,230 8,382 134,612 Additions 8,388 452 8,840 Disposals - -19 -19 Change in fair value of investment property 59,482 -1,047 58,435 Cost at 31 December 2024 194,100 8,255 201,867 Intangible assets 30.9.2025 EUR thousand Goodwill Other intangible assets Total Cost at 1 January 2025 341 2,906 3,247 Additions - 826 826 Cost at 30 September 2025 341 3,732 4,073 Accumulated amortisation and impairment losses at 1 January 2025 - -1,918 -1,918 Amortisation and impairment losses for the financial year - -430 -430 Accumulated amortisation and impairment losses on 30 September 2025 - -2,349 -2,349 Net book value on 30 September 2025 341 1,383 1,724 30.9.2024 EUR thousand Goodwill Other intangible assets Total Cost at 1 January 2024 341 2,298 2,639 Additions - 387 387 Cost at 30 September 2024 341 2,685 3,026 Accumulated amortisation and impairment losses at 1 January 2024 - -1,528 -1,528 Amortisation and impairment losses for the financial year - -285 -285 Accumulated amortisation and impairment losses on 30 September 2024 - -1,813 -1,813 Net book value on 30 September 2024 341 872 1,213
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31.12.2024 EUR thousand Goodwill Other intangible assets Total Cost at 1 January 2024 341 2,298 2,640 Additions 0 608 608 Cost at 31 December 2024 341 2,906 3,248 Accumulated amortisation and impairment losses at 1 January 2024 0 -1,528 -1,528 Amortisation and impairment losses for the financial year 0 -390 -390 Accumulated amortisation and impairment losses on 31 December 2024 0 -1,918 -1,918 Net book value on 31 December 2024 341 988 1 329 Tangible assets 30.9.2025 EUR thousand Tangible assets Acquisition cost as at 1.1.2025 14,354 Additions/Disposals 1,029 Acquisition cost as at 30.9.2025 15,382 Accumulated depreciation and impairment losses as at 1.1.2025 -4,416 Depreciation and impairment losses for the financial year -1,031 Accumulated depreciation and impairment losses as at 30.9.2025 -5,447 Carrying amount 30.9.2025 9,936
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30.9.2024 EUR thousand Tangible assets Acquisition cost as at 1.1.2024 8,699 Additions/Disposals 2,728 Acquisition cost as at 30.9.2024 11,428 Accumulated depreciation and impairment losses as at 1.1.2024 -3,362 Depreciation and impairment losses for the financial year -774 Accumulated depreciation and impairment losses as at 30.9.2024 -4,136 Carrying amount 30.9.2024 7,291 31.12.2024 EUR thousand Tangible assets Acquisition cost as at 1.1.2024 8,699 Additions/Disposals 5,655 Acquisition cost as at 31.12.2024 14,354 Accumulated depreciation and impairment losses as at 1.1.2024 -3,362 Depreciation and impairment losses for the financial year -1,054 Accumulated depreciation and impairment losses as at 31.12.2024 -4,416 Carrying amount 31.12.2024 9,938
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Formulas Calculation formulas for financial performance indicators and alternative indicators