Citycon (CTY1S) Q1 2026 earnings summary

Executive summary

• Like-for-like net rental income (NRI) grew 4.5% year-over-year in Q1 2026, driven by higher average rents, specialty leasing, and index-linked increases.

• Retail economic occupancy rate reached 94.8% in Q1 2026, remaining stable compared to Q1 2025.

• General mall leasing income, including specialty leasing, energy, and parking, grew 25% year-over-year, with 18,700 sq m of retail leases signed.

• Administrative expenses decreased by 17.5% year-over-year, reflecting strong cost control.

• Significant energy efficiency upgrades completed at four Finnish assets, expected to reduce district heating consumption by up to 38%.

Financial highlights

• NRI reached EUR 51.8 million, up 3.5% year-over-year; direct operating profit rose 7.2% to EUR 45.8 million.

• IFRS operating profit was EUR 47.5 million, up 7.4% from Q1/2025.

• Profit for the period was EUR 22.8 million, compared to EUR 4.2 million in Q1/2025.

• EPRA earnings were EUR 19 million, slightly down from EUR 19.4 million; EPRA EPS was EUR 0.10.

• NRI margin stood at 89.9%.

Outlook and guidance

• Positioned for strong operational performance in 2026, with focus on optimizing the asset portfolio and increasing leasing income.

• Ongoing negotiations for asset divestments in Finland, Sweden, and Norway, with updates expected at the half-year mark.

• Like-for-like net rental income is expected to grow in 2026, assuming stable macroeconomic conditions and FX rates.