Citycon Oyj

Mohamed, everybody, good morning. Happy to have you here on this Friday to summarize our CityCon first quarter of 2026. Next to me is Chirik, and after I will give you the management review, the operational, I will leave the floor to Chirik. We had a solid first quarter. And the operational results are the following. We have like-for-like growth in NRI, 4.5%. Our retail occupancy is almost 95, 94.8. The rent per square meter grew by 0.9% to 28.4 euro per square meter. The footfall growth... grow by 2.1%, and the tenant sales growth by 3.5%, which is a good indicator. Our valuation grow by 2.2 million euro, and the NRI margin is almost 90%, 89.9. The key achievement in the quarter, we focus on the general mall leasing, and we achieve growth of 25% between the years. and we will keep focus on that. This is what we call here money on the floor. We signed at least 18.7 thousand square meter of retail and we decrease our administrative cost by 17.5%. We have signed two loans for almost 500 million euro, 490. And we have additionally accordion of 250 million euros. So it's a good backup to our facility. The cash flow is continued to be strong. The like-for-like growth, as I mentioned before, is 4.5%. Norway donate 4.8%. And Sweden, Denmark, Finland, and Estonia, each one of them 4.5%. And on the right side, you can see the growth of the price per square meter during the quarters. In general, more leasing, as I mentioned, we focus in this year and we have a growth of 25%. A new long-term specialty leasing deals signed and opened during the first quarter. New media and advertising agreement with the providers has been signed. New possibilities to create and reshaping centers in order to have more GMLs. An energy project which will generate new revenue in the coming soon. We have significant income growth potential in the general more leasing and we'll focus also in having better results in the leasing. Looking forward, we continue to work on optimizing our asset portfolio by identifying and carrying out potential assets divestment. During the quarter, we have been approached by several potential buyers related to selected assets in Finland, Sweden, and Norway. These days, post-Quarter 1, we start negotiating the NDA with some potential buyers. We will focus on increasing the general more leasing income and on improving of the leasing activity. We are well positioned to deliver strong operational results for 2026. So for now, I will leave the floor to Hilig in order to review the financial overview. Please, Hilig.

Thank you all. Thank you, Eshel. In financials for Q1, 2026, NRI landed at 51.8 million euros versus 50.1. That's a 3.5% uplift and 1.8% FX adjusted. The direct operating profit 45.8 versus 42.7, 7.2% uplift and 5.3 FX adjusted. This is thanks to the GNA savings of 1.3. compared to the corresponding quarter in 2025. APRA earnings 19 million euros versus 19.4. We will go through the APRA bridge in the next slide. APRA per share of 10 cents versus 11 cents in the corresponding quarter in 2025 and 15 cents excluding the hybrids versus 15 cents. APRA NRV 7.61 versus 8.13. And in the next slide, you can see in the bridge, the remaining assets gave us 1.5 million. This is a good growth. On the other hand, we lost NRI from the Lipo-Liva residential divestments. GNA is mentioned, savings 1.3 million. And on the other hand, financials, expenses, this is coming from increased costs, mainly the 2031 bond we issued in 2025 April. On the other hand, we bought 35 million euros of hybrids that gave us back 600,000 euros for this quarter, as you can see. Overall, after FX impact, we landed on 19 million euros. And this is a strong results and a solid results for the quarter one. With respect to financing actions, we are pleased that we have done a lot of actions in Q1 and the subsequent event. We've managed to sign and draw 270 million euro loan within accordion option of another 250. We bought back some bonds. And then we... Distribute dividends of an aggregate amount of 202 million euros. And in April, we did early redemption of the 2026 bond, 124 million euros. We signed another secured loan, 220 million euros with attractive terms. That was already drawn in the beginning of May, and we announced for an early redemption of the 2027 bond. So following all of that actions, we are in a much better position, and there's no near-term maturities. The next one would be March 2028. bond and this is something that we would like to emphasize significantly de-risking the balance sheets as of today. With respect to the Debt maturity, so after the subsequent event, the pro forma of the average debt maturity is 3.7 years. We are experiencing a gradually higher interest rate. This is coming from external interest rate, base interest rate. But on the other hand, we're kind of trying to offset it. by entering into a secured loan with relatively attractive terms and potentially buying back bonds in the future. Liquidity as of March, 2026, 153 million euros. We have, this is something that after that we have did the May call of 2026. On the other hand, got the area loan. And so we are well positioned currently as well. In the maturity schedule, this is for March. So 2026, 2027 would be cleared. 2027 will be cleared in the next month. And so you can see that next in line would be only March, 2028, which is just less than two years from now. E-credit metrics is loan to value below 50%, 49.4%. The upper loan to value is coming from the dividend distribution mainly. Net debt to EBITDA 9.9, interest coverage at 2.3 and weighted average interest rate as mentioned 4.22.

Thank you, and now we are open for questions.