Cityvarasto (CITYVA) Q4 2025 earnings summary

Executive summary

• Revenue grew by 21.1% year-over-year to €27.1 million, with adjusted EBITDA up 20.1% to €12.1 million, both exceeding guidance.

• Listed on Nasdaq First North Growth Market Finland in October 2025, raising €15 million in a significantly oversubscribed IPO.

• Seven property acquisitions and six new locations opened, expanding to 77 facilities with occupancy rates improving to 80%.

• Ancillary services, especially van rental, saw strong growth, supported by fleet investments and marketing.

Financial highlights

• Q4 revenue rose 25.4% year-over-year to €7.2 million; adjusted EBITDA increased 19.5% to €2.86 million.

• Adjusted EBITDA margin was 44.6% for the year.

• Net debt (excluding IFRS 16) decreased to €32.9 million, mainly due to IPO proceeds.

• NAV per share increased 3.1% to €23.35.

• Operating profit and net result declined sharply due to lower fair value gains on investment properties.

Outlook and guidance

• 2026 revenue expected at €29.9–31.2 million (10–15% growth); adjusted EBITDA at €12.7–13.9 million (5–15% growth).

• Dividend proposal of €0.11 per share for 2025, marking 11 consecutive years of increasing dividends.

• Guidance assumes stable operating environment; growth investments and acquisitions may temporarily impact profitability.