Q2 2026 Citycon Oyj Earnings Call Transcript
Key Points
- Like-for-like growth of 5.6% in H1 2026, outperforming the European average of 3.5% for the third consecutive quarter.
- Strong leasing activity with 20,700 sqm signed and an impressive leasing spread of 9.9%, including a 26% increase in like-for-like general mall leasing.
- Successful debt management with early redemption of EUR252 million in 2026/2027 bonds and a new secured loan of EUR214 million, extending average debt maturity to 3.5 years.
- NRI margin improved to 94.2%, with operating expenses cut by 5.5%, contributing to a 7.8% NRI growth in Q2.
- Signed LOI to divest three Finnish assets at book value (EUR422.6 million), with potential proceeds to reduce debt and hybrids, and retain management fees.
- EPRA NRV per share declined to EUR7.64 from EUR8.29 year-over-year, reflecting higher interest costs and refinancing expenses.
- Weighted average interest rate increased to 4.72%, driven by a higher interest rate environment, pressuring earnings.
- EPRA earnings per share remained flat at EUR0.10 for the quarter, with half-year EPS down to EUR0.20 from EUR0.21, indicating limited profit growth.
- Divestment of three Finnish assets is conditional on the buyer's IPO success in Tel Aviv, creating uncertainty and potential delay or failure.
- Net debt to EBITDA remains high at 10.1x, and loan-to-value at 51.4%, indicating elevated leverage despite recent actions.
Good morning, everyone. Welcome to Citycon's half yearly results presentation. My name is Anni Torkko and I work in the IR here at Citycon, and together with me here in the morning, I have Eshel Pesti, our CEO; and Hilik Attias, our CFO. Eshel and Hilik will now present the results of Citycon and you can submit questions throughout the presentation, and we will address them in the end, and you can use the Q&A function at the bottom.
Next, I will give the speech to Eshel and Hilik.
Huomenta, and thank you for coming. We will start the results of the six months. We had a very good opening of the 2026. Our like-for-like growth is 5.6%. Our occupancy rate is 94.4%. We lost around 0.9%. Retail average rent increased by 1% to EUR28.5 per square meter. Footfall, like-for-like growth by 3.1%. And the like-for-like tenant sales increased by 2.6%. The fair value grew by EUR2.7 million and NRI margin is 94.2%.
The key achievement in the first
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