Inside information, profit warning: Citycon lowers its guidance for 2024 following the divestments and one-time reorganisation costs

07 Oct 2024 19:15 CEST

Citycon Oyj     Inside Information     7 October 2024 at 20:15 hrs

Citycon lowers its guidance for the financial year 2024. The change in guidance
is mainly due to the combined effect of the executed divestments of
Kongssenteret and Trekanten, the weakening NOK and SEK FX-rates in Q3/2024,
postponed completion of Barkarby residential project, as well as previously
announced one-time reorganisation costs following the organisational savings
program. Additionally, the total number of shares increased following the share
issue completed in February 2024, which also affects negatively the EPRA EPS and
the adjusted EPRA EPS.
Citycon's updated guidance for 2024

Direct operating profit MEUR 183-187
EPRA Earnings per share (basic) EUR 0.59-0.63
Adjusted EPRA Earnings per share (basic) EUR 0.45-0.49

The outlook assumes that there are no major changes in macroeconomic factors and
no major disruptions from the war in Ukraine. These estimates are based on the
existing property portfolio, including Kista 100% and impact from executed
divestments, as well as existing estimates of inflation, EUR-SEK and EUR-NOK
exchange rates, and interest rates.
Citycon's previous guidance for 2024 (specified on 17 July 2024)

Direct operating profit MEUR 185-195
EPRA Earnings per share (basic) EUR 0.62-0.68
Adjusted EPRA Earnings per share (basic) EUR 0.46-0.52

The outlook assumes that there are no major changes in macroeconomic factors and
no major disruptions from the war in Ukraine. These estimates are based on the
existing property portfolio, including Kista 100%, as well as year-end 2023
estimates of inflation, EUR-SEK and EUR-NOK exchange rates, and interest rates.
CITYCON OYJ
For further information, please contact:
Sakari Järvelä
Chief Financial Officer
Tel. +358 50 387 8180
sakari.jarvela@citycon.com
Citycon is a leading owner, manager and developer of mixed-use real estate
featuring modern, necessity-based retail with residential, office and municipal
service spaces that enhance the communities in which they operate. Citycon is
committed to sustainable property management in the Nordic region with assets
that total approximately EUR 4.2 billion. Our centres are located in urban hubs
in the heart of vibrant communities with direct connections to public transport
and anchored by grocery, healthcare and other services that cater to the
everyday needs of customers.
Citycon has investment-grade credit rating from Standard & Poor's (BBB-).
Citycon Oyj's shares are listed on Nasdaq Helsinki.
www.citycon.com

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