Slides
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CITYCON PERFORMANCE Q1/2025 94.8% Retail occupancy rate +3.5% LFL NRI growth in Q1/2025 with comparable FX (vs. Q1/2024) 25.3 EUR Avg. rent / sq.m +8.5% Direct Operating Profit growth in Q1/2025 with comparable FX (vs. Q1/2024) +1.5% Avg. rent / sq.m increase (vs. Q1/2024) +1.2% LFL tenant sales in Q1/2025 (vs. Q1/2024) +2.4% LFL footfall in Q1/2025 (vs. Q1/2024) +0.7MEUR Fair value change of investment properties in Q1/2025
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COMPLETED DEBT MANAGEMENT — EUR 250 million debt repaid during Q1/2025 — EUR 450 million new bond issued in April — EUR 200 million debt repaid during April Citycon I Audiocast Q1/2025 2
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UPDATE ON THE DIVESTMENT PLAN — As of today, Citycon has divested assets for EUR 475 million since the announcement of the divestment target — EUR 354 million assets divested during 2024 — Available liquidity end of Q1/2025 was EUR 134 million — New EUR 450 million bond issued in April 2025 — Citycon has plenty of liquidity to use for debt repayments — Transaction markets are gradually improving — We will continue to divest non-core assets; however, we will prioritize making the right deals over fast deals — This could result in a slower pace of divestments than previously anticipated — We are committed to value creation, not just transaction volume Citycon I Audiocast Q1/2025 3
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2025 OUTLOOK FY 2025 guidance (specified 13 May 2025) Current outlook Previous outlook EPRA Earnings per share (EUR) 0.41–0.50 0.41–0.53 EPRA Earnings per share excl. hybrid bond interests (EUR) 0.60–0.69 0.60–0.72 The outlook assumes that there are no major changes in macroeconomic factors and no major disruptions from the war in Ukraine. These estimates are based on the existing property portfolio as well as on the prevailing level of inflation, the EUR–SEK and EUR–NOK exchange rates, and current interest rates. EPRA Earnings per share (basic) and EPRA Earnings per share excluding hybrid interests (basic) for 2025 are based on updated EPRA Best Practices Recommendations (BPR) Guidelines published on the 1st of October 2024 and are not fully comparable with previously reported EPRA EPS key figures. Citycon I Audiocast Q1/2025 4 – Operational performance for year 2025 is in line with our expectations – Our financial expenses for year 2025 are higher than originally forecasted due to the new bond issued in April 2025 – As a result, we specify our guidance by tightening the upper end
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LOOKING AHEAD — Necessity-based assets in strong, growing Nordic locations — Improvement of operational performance — Strengthening the balance sheet through strategic divestments — Continued management of the debt portfolio; Citycon announced on 13 May intention to launch a EUR 100 million bond tender of its bonds due 2027 — On 13 May Citycon announced also that it considers repurchase of its own shares — The Company’s management believes that the current low share price does not fully reflect the underlying value of the Company's assets Citycon I Audiocast Q1/2025 5
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Financial overview Citycon I Audiocast Q1/2025 6
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FINANCIALS Citycon I Audiocast Q1/2025 7 QTD YTD EUR million Q1/2025 Q1/2024 Change (%) FX Adjusted % Q1-Q4 /2024 NRI 50.1 51.0 -1.8% -1.3% 214.7 Direct operating profit 42.7 39.7 7.7% 8.5% 183.6 EPRA earnings 19.4 22.4 -13.4% -12.5% 91.9 EPRA earnings excl. hybrid bond interests 28.0 28.8 -2.6% -1.8% 122.6 EPRA EPS, EUR 0.105 0.127 -16.8% -15.9% 0.504 EPRA EPS excl. Hybrid bond interests, EUR 0.152 0.163 -6.5% -5.7% 0.673 EPRA NRV per share, EUR 8.13 8.96 -9.2% - 7.87
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DETAILED NRI AND EPRA EARNINGS BRIDGE 2.2 1.4 0.7 0.3 Kista LFL properties (Re)deve- lopments -5.2 Divestments Other Actual Q1/2025FX impact -0.3 Actual Q1/2025 before FX 51.0 50.4 50.1 Actual Q1/2024 NRI bridge Q1/2025 EPRA Earnings bridge Q1/2025 4.0 0.8 -0.7 Net rental income -1.6 Financial inc.&exp. -2.2 One-time and reorganisation costs -3.1 22.4 19.6 Direct result of JVs Actual Q1/2025FX impactActual Q1/2024 Hybrid bond interests -0.2 Actual Q1/2025 before FX G&A 19.4 Citycon I Audiocast Q1/2025 8
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MEUR Q1/2025 Change Finland & Estonia 2.2 Norway 2.6 Sweden & Denmark -2.1 Investment properties, total 2.6 Right-of-use assets classified as investment properties (IFRS 16) -1.9 Investment properties in the statement of comprehensive income, total 0.7 +0.0% PROPERTY VALUATION AND EPRA PER SHARE Citycon I Audiocast Q1/2025 9 Fair value change Q1/2025 Q4/2024 EPRA NRV per share* 8.13 7.87 EPRA NTA per share 7.13 6.89 EPRA NDV per share 6.66 6.50 Average yield requirement,% 6.2% 6.2% EPRA per share metrics *The effect of currency rates to EPRA NRV/share was EUR 0.16
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50 250 242 345 300 350400 100 186 94 2025 2026 2027 2028 2029 2030 2031 BALANCE SHEET: DEBT MANAGEMENT AS A PRIORITY 10 Well laddered maturities (EUR million)* Flexible balance sheet with reduced bank loan share Total available liquidity EUR 543.2 million Share of secured debt ~20%* – 3.2 years weighted avg maturity – 3.61% weighted avg interest rate 39% 16% 34% 10% Citycon I Audiocast Q1/2025* Post Q1/2025 Citycon has completed a EUR 100 million bond tender on the 2026 bond (outstanding amount EUR 150 million) and prepaid fully the RCF Term Loan maturing in April 2027. Further, in April 2025 Citycon issued a EUR 450 million bond maturing in July 2031. CP Bonds RCF (undrawn) Bank loans Issuer Rating – BB+ (stable) Issue Rating – BBB- Commercial paper Bonds Hybrid Equity Bank loans Credit rating change 11 March 2025
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CONTINUED DEBT MANAGEMENT — Prepayment of the RCF Term Loan maturing in April 2027 — EUR 150 million in February 2025 — EUR 100 million in April 2025 — The facility has been prepaid in full — EUR 200 million bond tenders of the September 2026 bond — EUR 100 million in March 2025 — EUR 100 million in April 2025 — Current remaining amount approx. EUR 150 million — New EUR 450 million bond issued in April, maturing in July 2031 — Over six times oversubscribed — BBB- rating for the bond from S&P — Prepayment of the secured debt maturing in May 2029 — EUR 186 million prepayment to be completed on 14 May 2025 — The facility will be prepaid in full Citycon I Audiocast Q1/2025 11
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KEY CREDIT METRICS Citycon I Audiocast Q1/2025 12 Weighted average interest rateInterest coverage ratio Net debt to EBITDALoan to value (IFRS) 2021 2022 2023 2024 40.3% 41.7% 46.3% 47.3% Q1/2025 46.9% 2021 2022 2023 2024 2.47% 2.43% 2.61% 3.60% Q1/2025 3.61% 2021 2022 2023 2024 4.1x 4.0x 3.7x 2.7x Q1/2025 2.6x 2021 2022 2023 2024 10,0x 9,5x 10,7x 9,3x Q1/2025 9,3x
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Q&A Citycon I Audiocast Q1/2025 13
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Eero Sihvonen Chief Financial Officer +358 50 557 9137 eero.sihvonen@citycon.com 14 Citycon I Audiocast Q1/2025