Citycon Oyj

Latest Results (20.08.2024):

Net Rental Income Growth

Citycon Oyj reported a 9.3% increase in total net rental income for Q1-Q2/2024 compared to the previous year. When adjusted for comparable foreign exchange rates, the increase was 9.9%. This growth reflects the company's strong operational performance and effective management strategies.

Fair Value Change of Investment Properties

In Q1-Q2/2024, Citycon Oyj recorded a fair value change of EUR 69.3 million in its investment properties, including Kista. Specifically, for Q2/2024, the fair value change was EUR 23.1 million. This indicates a positive trend in the valuation of the company's assets.

Balance Sheet Strengthening

Citycon Oyj took significant steps to strengthen its balance sheet in Q2/2024. The company executed an EUR 266 million exchange for its 2024 hybrid for a new hybrid and cash amount. Additionally, Citycon extended its EUR 400 million revolving credit facility and EUR 250 million term loan by one year until 2027, and SEK 2,060 million term loan until 2029.

Key Financial Figures

For Q2/2024, Citycon Oyj reported a net rental income of MEUR 54.7, an 11.9% increase from Q2/2023. The direct operating profit was MEUR 49.0, up by 16.1% from the previous year. However, the IFRS earnings per share (basic) decreased by 37.3% to EUR 0.11.

Outlook for 2024

Citycon Oyj has specified its outlook for the remainder of 2024. The company expects a direct operating profit in the range of MEUR 185–195 and EPRA earnings per share (basic) between EUR 0.62–0.68. The adjusted EPRA earnings per share (basic) are projected to be between EUR 0.46–0.52, assuming no major changes in macroeconomic factors or disruptions from the war in Ukraine.