CITYCON OYJ Interim Report 6 November 2026 at 19:40 hrs
Strong operational performance in Q1-Q3/2026
- Like-for-like net rental income increased by 6.8%1 in Q1-Q3/2026.
- Direct operating profit increased by 8.8% in Q1-Q3/2026.
- Retail average rent per sq.m. increased by +1.7% with comparable FX to EUR 28.5 per sq.m (vs. Q3/2025).
- Retail occupancy rate (sq.m.) 94.2% (vs. 94.9% in Q3/2025).
- Like-for-like footfall increased 3.9%.
- Like-for-like tenant sales increased 3.0%.
- Fair value net gain of investment properties in Q1-Q3/2026 was EUR 4.4 million.
- Fair value net gain of investment properties in Q3/2026 was EUR 1.8 million.
Balance sheet management
- Citycon signed a new EUR 520 million facility in January of which EUR 270 million was drawn in February.
- In January Citycon paid a EUR 0.20 per share equity repayment, in total approximately EUR 36.7 million.
- In March Citycon completed a EUR 5 million open market repurchase of its 2029 Notes.
- In March Citycon paid a EUR 0.90 per share equity repayment, in total approximately EUR 165.2 million. The funds were paid to the shareholders on 1 April 2026.
- In April Citycon completed an early redemption of its 2026 Notes. The entire remaining outstanding amount of around EUR 123.5 million was redeemed.
- In April Citycon also continued strengthening liquidity by signing an additional EUR 214 million secured loan2.
- In May Citycon completed an early redemption of its 2027 Notes. The entire remaining outstanding amount of around EUR 128.6 million was redeemed.
- In May Citycon signed a EUR 200 million maximum mutual on-call related-party loan facility agreement with G City Ltd.
- In August Citycon completed EUR 11 million open market repurchases of its 2021 and 2024 Hybrid Bonds.
Events post Q3/2026
- In October Citycon completed a EUR 5 million open market repurchase of its 2024 Hybrid Bond.
1 Includes a one-time adjustment to Q1/2025 NRI.
2 Calculated with Q2/2026 end exchange rates. The facility was drawn in SEK and NOK.
KEY FIGURES
| Citycon Group6 |
| Q3/2026 | Q3/2025 | % | FX Adjusted Q3/2025 | FX Adjusted % 1) |
| Net rental income | MEUR | 57.7 | 52.2 | 10.5% | 53.3 | 8.3% |
| Like-for-like net rental income development8 | % | 9.2% | 6.8% | - | - | - |
| Direct operating profit2 | MEUR | 51.5 | 45.8 | 12.5% | 46.7 | 10.3% |
| IFRS Earnings per share (basic)3 | EUR | 0.08 | 0.06 | 39.9% | 0.06 | 33.9% |
| Fair value of investment properties7 | MEUR | 2,966.8 | 3,746.3 | -20.8% | - | - |
| Loan to Value (LTV)2 | % | 51.6 | 46.9 | 10.0% | - | - |
| EPRA based key figures2 |
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| EPRA Earnings4 | MEUR | 18.6 | 23.1 | -19.5% | 23.9 | -22.3% |
| EPRA Earnings excl. hybrid bond interests5 | MEUR | 27.3 | 31.7 | -13.7% | 32.5 | -15.9% |
| EPRA Earnings per share (basic)4 | EUR | 0.10 | 0.13 | -19.5% | 0.13 | -22.3% |
| EPRA Earnings per share excl. hybrid bond interests (basic)5 | EUR | 0.15 | 0.17 | -13.7% | 0.18 | -15.9% |
| EPRA NRV per share | EUR | 7.68 | 8.33 | -7.7% | - | - |
| Citycon Group6 |
| Q1-Q3/ 2026 | Q1-Q3/ 2025 | % | FX Adjusted Q1-Q3/ 2025 | FX Adjusted % 1) | Q1-Q4/ 2025 |
| Net rental income | MEUR | 167.1 | 155.7 | 7.3% | 158.6 | 5.4% | 209.2 |
| Like-for-like net rental income development8 | % | 6.8% | 5.7% | - | - | - | 5.4% |
| Direct operating profit2 | MEUR | 148.1 | 136.2 | 8.8% | 138.8 | 6.7% | 183.3 |
| IFRS Earnings per share (basic)3 | EUR | 0.20 | 0.24 | -15.3% | 0.25 | -19.4% | 0.29 |
| Fair value of investment properties7 | MEUR | 2,966.8 | 3,746.3 | -20.8% | - | - | 3,265.9 |
| Loan to Value (LTV)2 | % | 51.6 | 46.9 | 10.0% | - | - | 44.9 |
| EPRA based key figures2 |
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| EPRA Earnings4 | MEUR | 55.2 | 59.9 | -8.0% | 62.3 | -11.4% | 79.0 |
| EPRA Earnings excl. hybrid bond interests5 | MEUR | 80.1 | 86.0 | -6.9% | 88.4 | -9.3% | 113.3 |
| EPRA Earnings per share (basic)4 | EUR | 0.30 | 0.33 | -7.7% | 0.34 | -11.2% | 0.43 |
| EPRA Earnings per share excl. hybrid bond interests (basic)5 | EUR | 0.44 | 0.47 | -6.6% | 0.48 | -9.1% | 0.62 |
| EPRA NRV per share | EUR | 7.68 | 8.33 | -7.7% | - | - | 8.45 |
| 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. |
| 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 2025. |
| 7 Excludes properties classified as held for sale and related right-of-use assets amounting to 868.7 MEUR. |
| 8 Net rental income growth of like-for-like assets calculated with comparable FX. Like-for-like net rental income development Q3/2026 and Q1-Q3/2026 include a one-time adjustment to Q1/2025 NRI. |
CEO ESHEL PESTI:
The first nine months of 2026 marked Citycon’s strongest operational performance in more than a decade. We delivered exceptional growth across our portfolio, significantly outperforming the wider European retail real estate market. During January-September 2026, like-for-like net rental income growth was 6.8%1 (of which indexation was 1.7%). Momentum accelerated further in the third quarter, with like-for-like NRI growing by an exceptional 9.2%1 compared with last year.
Growth was supported by successful leasing activity, continued improvement in general mall leasing income, and disciplined cost management. The performance was particularly strong in Sweden and Denmark, where like-for-like NRI grew by 10.0%, while Norway delivered 6.9% growth and Finland & Estonia 4.9%1.
Our operating environment continued to improve throughout the year. During the first nine months of the year, like-for-like tenant sales increased by 3.0% and footfall by 3.9%, reflecting healthy consumer demand and the attractiveness of our centres. Leasing activity remained robust, with 387 leases signed year-to-date and a strong +8.4% retail leasing spread, demonstrating our pricing power and the continued demand for high-quality retail space in our portfolio.
We continued to successfully diversify our income streams. General mall leasing income increased by almost 30% compared with the previous year, reflecting growing demand for temporary retail concepts, media, promotional activities and other commercial use of our common areas. In addition, we continued to invest in expanding our energy-related income streams, further enhancing the future earnings potential of our assets.
Although there was a negative impact from previously completed divestment net rental income increased to EUR 167.1 million, representing growth of 5.4% on a comparable FX basis. Direct operating profit increased by 6.7% to EUR 148.1 million, reflecting both income growth and our continued focus on cutting administrative expenses across the portfolio.
Investment property valuations improved marginally, demonstrating resilience despite an uncertain market environment marked by geopolitical concerns and elevated interest rates.
We remain active in the transaction market and continue to advance selected divestment processes aimed at strengthening our balance sheet and supporting efficient capital allocation.
Looking ahead, market conditions in our operating regions remain supportive. Combined with our strong leasing pipeline, ongoing asset management initiatives and disciplined capital allocation, we are well positioned to continue delivering profitable growth during the remainder of 2026 and into 2027.
I would like to thank our customers, tenants and Cityconners for their continued support and commitment. The excellent results achieved during the first nine months of 2026 demonstrate the strength of Citycon’s portfolio and asset management and provide a strong foundation for the future.
1 Includes a one-time adjustment to Q1/2025 NRI.
OUTLOOK (unchanged)
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 OYJ
For further information, please contact: Hilik Attias Chief Financial Officer Tel. +358 40 688 8580 hilik.attias@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