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• Rental Income: EUR31 million for Q4 2024.

• Net Operating Income: Grew by 2% to EUR28.7 million.

• Profit for Property Management: EUR11.1 million; excluding non-recurring items and exchange rate effects, EUR12.5 million.

• Earnings After Tax: EUR2.6 million.

• Unrealized Changes in Property Value: EUR7.7 million, equivalent to -0.4% of property value.

• Interest Rate Derivatives Changes: -EUR0.5 million.

• Acquisitions: 11 acquisitions totaling EUR680 million, increasing property value portfolio by 35%.

• Earnings Capacity Per Share: Increased by 9% year on year to EUR1.04 pro forma.

• Net Loan to Value (LTV): 58.1%.

• Interest Coverage Ratio: 2.2 times.

• Dividend: Proposed unchanged dividend of EUR0.90 per share.

• Share Price: SEK176.2 per share at the end of Q4 2024.

• Dividend Yield: 7.7% for the full year 2024.

• Total Yield: 39% for 2024, with dividend reinvested total yield was 41%.

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Release Date: February 19, 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) has successfully expanded its portfolio with 11 acquisitions in 2024, increasing property value by 35% and earnings capacity by 37%.

• The company has diversified its assets across seven countries, with over 640 properties and a strong tenant mix including major European grocery chains.

• Cibus Nordic Real Estate AB (FRA:6N5) maintains a high level of financial stability with 96% of its debt interest rate hedged and a stable cash flow from daily goods properties.

• The company has achieved a 9% increase in earnings capacity per share year-on-year, demonstrating strong financial performance.

• Cibus Nordic Real Estate AB (FRA:6N5) continues to pay a stable monthly dividend, with a proposed unchanged dividend of EUR0.9 per share for the upcoming AGM.

Negative Points

• The company's net operating income grew by only 2% in Q4 2024, indicating slower growth compared to previous quarters.

• Unrealized changes in property values resulted in a negative impact of EUR7.7 million, equivalent to a 0.4% decrease in property value.

• Cibus Nordic Real Estate AB (FRA:6N5) faces increased competition in the Swedish market for daily goods real estate transactions.

• The company's net loan-to-value ratio increased to 58.1%, approaching the upper limit of its policy range of 55% to 65%.

• Interest coverage ratio remains stable but relatively low at 2.2 times, which could be a concern if interest rates rise further.