Q1 2025 Cibus Nordic Real Estate AB (publ) Earnings Call Transcript
Key Points
- Cibus Nordic Real Estate AB (FRA:6N5) reported a strong quarter with rental income up 28% year-on-year.
- The company has a well-diversified portfolio with 81% of rental income from non-cyclical daily goods tenants.
- Cibus Nordic Real Estate AB (FRA:6N5) has a high degree of interest rate hedging, with 97% of its debt interest hedged.
- The company successfully refinanced 19% of its total bank loans at more than 50 basis points lower margins.
- Cibus Nordic Real Estate AB (FRA:6N5) continues to pay a monthly dividend, celebrating its five-year anniversary of this practice.
- The company reported a negative goodwill post of EUR20.5 million due to the acquisition of the Forum Estates portfolio.
- Unrealized changes in property values resulted in a EUR7.3 million decrease, particularly affecting properties in Finland.
- There are concerns about potential tenant departures, as seen with Kesko's notice to leave two properties in Finland.
- The net debt-to-EBITDA ratio increased due to recent acquisitions, with a forward-looking ratio of 10 times.
- The company faces potential risks from the Belgian statutory right for retail tenants to give notice every three years.
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(audio in progress) fifth consecutive year. We've done that. And we've grown from a Finnish supermarket portfolio to the Pan-European grocery real estate player that we are now. Our market cap in mid-April was about EUR1.1 billion. And our aim is to create these stable cash flows, which I'm going to talk about a bit later, and also increase earnings capacity per share which is our key metric which we follow internally very, very closely.
So our properties in the Q1 2025. For those of you that have followed the pro forma which we have talked about before latest in our Q4 results, you will recognize many of these numbers. A point to make there is that the forum states the integration is going very well. I think we're very happy to see, of course, both that the integration is working well and also that the figures are in line with what we said in the pro forma. So you'll recognize most of these slides. We have now 640 properties, a property value of about EUR2.4 billion, and an earnings
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