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• Market Cap: Approximately EUR1.1 billion as of mid-April.

• Property Value: EUR2.4 billion with 640 properties.

• Earnings Capacity: EUR156.3 million, up 8% year-on-year.

• Rental Income: Increased by 28% year-on-year.

• Net Operating Income (NOI): EUR36.6 million for Q1 2025, up 30% year-on-year.

• Profit from Property Management: EUR38 million, up from EUR12.2 billion.

• Negative Goodwill: EUR20.5 million from Forum Estates acquisition.

• Earnings Per Share: EUR0.42 for the quarter.

• EPRA NRV: EUR965 million or EUR12.6 per share, up 8% quarter-on-quarter.

• Loan-to-Value (LTV): 58.7% net LTV.

• Interest Rate Coverage Ratio: 2.3 times.

• Dividend: EUR0.90 per share annually, paid in 12 installments, with a yield of 6.9%.

• Interest Hedging: 97% of debt is interest hedged with a maturity of 2.7 years.

• Net Debt-to-EBITDA: Forward-looking ratio of 10 times based on earnings capacity.

• Warning! GuruFocus has detected 9 Warning Signs with FRA:6N5.

Release Date: April 23, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive 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.

Negative Points

• 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.

Q & A Highlights

Q: Are there any more non-core assets from the Forum Estates portfolio that Cibus Nordic Real Estate AB plans to divest? A: Yes, there are a few more assets under consideration for divestment. These assets are strong cash-flowing with solid tenants but are non-strategic for Cibus, which focuses on converting food into yield. The decision to sell will depend on the right price being offered. - Christian Fredrixon, CEO