Q1 2025 Citycon Oyj Earnings Call Transcript
Key Points
- Citycon Oyj (FRA:TY2B) reported a 2.4% increase in like-for-like footfall and a 1.2% growth in tenant sales, indicating positive operational performance.
- The company achieved an 8.2% increase in direct operating profit, reaching EUR42.7 million, primarily due to reduced SG&A costs.
- Citycon Oyj successfully managed its debt portfolio by repaying EUR250 million of debt during the quarter and an additional EUR200 million after the quarter end.
- The company issued a new EUR450 million bond with a 6.25-year maturity, which was oversubscribed by more than six times, reflecting strong market confidence.
- Citycon Oyj plans to repurchase its own shares, suggesting confidence in the company's valuation and a strategic move to enhance shareholder value.
- Retail occupancy slightly decreased to 94.8%, which is a decline from the year-end numbers.
- Net rental income was approximately EUR900,000 below the previous year's first quarter level, impacted by substantial disposals of centers.
- EPRA earnings were EUR3 million below last year's level, partly due to the hybrid capital exchange conducted last year.
- EPRA EPS decreased by 16.8% compared to the previous year, influenced by an increased share count.
- The company anticipates an increase in financial costs due to refinancing exercises, leading to a tightened upper end of the 2025 guidance.
Good morning, everyone, and welcome to Citycon's first-quarter 2025 results audiocast. My name is Anni Torkko, and I work as the Investor Relations Manager here at Citycon.
Last night, we published our first quarter 2025 interim report. And in this audiocast, our new CEO, Mr. Oleg Zaslavsky; and our CFO, Mr. Eero Sihvonen, will present the results. We will start by Oleg going through our business and operational highlights.
After that, Eero will go through our financial results. After the presentations, we will be opening the line for questions from the audience.
Please, Oleg, go ahead.
Thank you. Good morning, everybody, and thank you for joining us today. This is my first quarterly call as the CEO of Citycon, and I look forward for a productive and transparent cooperation with this forum and all of Citycon stakeholders.
Let me take you through key developments and results of the first quarter. Operation-wise, it
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