At the end of last year, it was expanded into the Benelux countries with the acquisition of 500 million euros and 149 properties.
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Hereâs Cibusâ Q2 as well (Q2/24 in parentheses):
- Rental income amounted to EUR 41.3 million (30.5).
- Net operating income totalled EUR 39.1 million (30.5).
- Profit from property management amounted to EUR 19.5 million
(10.3). Profit from property management, excluding non-recurring
items and currency effects, amounted to EUR 20.0 million. - Earnings after tax for the period amounted to EUR 13.7 million
(2.2), corresponding to EUR 0.17 (0.03) per share. - Unrealised changes in value affected profit by EUR 2.7 million
(-8.4) on properties and by EUR -6.7 million (-0.3) on interest rate
derivatives.
H1/25:
- Rental income amounted to EUR 80.4 million (61.0).
- Net operating income totalled EUR 75.7 million (58.6).
- Profit from property management amounted to EUR 57.5 million
(22.6). Profit from property management includes a non-recurring
income item of EUR 20.5 million regarding negative goodwill in
connection with the acquisition of Forum Estates, as well as non-
recurring costs and currency effects of EUR -1.3 million. Profit from
property management, excluding non-recurring items and exchange
rate effects amounted to EUR 38.3 million. - Earnings after tax for the period amounted to EUR 44.7 million (-1.8),
corresponding to EUR 0.58 (-0.05) per share. - Unrealised changes in value affected profit by EUR -4.6 million (-30.7)
on properties and by EUR -8.0 million (3.6) on interest rate derivatives.
EPRA NRV amounted to EUR 1,054.4 million (675.9), corresponding to
EUR 12.8 per share (11.8).
The report can be found here: https://cdn.bequoted.com/media/1/6861c51b-7dbe-4a38-8ccd-de80e16f6668/Cibus_Interim_report_Q2_2025.pdf
Opening a couple of percentage points down, but a recovery is underway as of this writing.
EDIT: Letâs add this good image from the report, which I think illustrates the owned properties well by different metrics.
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Cibus shopping in Norway. 
And a new office in Denmark 
Cibus Nordic Real Estate AB (publ) agrees to acquire 12 daily-goods properties in Norway at an underlying property value of approx. EUR 40.3 million and opens office in Denmark
Cibus Nordic Real Estate AB (publ) has, as of 29 September 2025, entered into an agreement to acquire a property portfolio consisting of 12 grocery stores in Norway at a purchase price and an underlying property value of NOK 471.2 million, corresponding to approximately EUR 40.3 million. The 12 properties, which constitute an attractive portfolio of high-quality grocery stores in Northern Norway, are acquired from AKA AS. During the autumn, Cibus has also opened an office in Denmark with Anders Vibe Andreasen as Head of Asset Management Cibus Denmark.
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The acquired properties are located in Northern Norway. Attached is a picture of the locations of the properties. Image taken from the sellerâs website.
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Cibus Q3 julkaistu:
July - September 2025 (compared with July - September 2024)
- Rental income amounted to EUR 42.0 million (30.4).
- Net operating income totalled EUR 40.2 million (29.2)
- Profit from property management amounted to EUR 21.8 million (13.2). Profit from property management, excluding exchange rate effects, amounted to EUR 21.8 million.
- Earnings after tax for the period amounted to EUR 19.4 million (-5.6), corresponding to EUR 0.23
(-0.11) per share. - Unrealised changes in value affected profit by EUR-2.9 million (-6.4) on properties and by EUR 3.4 million (-13.0) on interest rate derivatives.
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Also reminding about this interview from September:
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CEO changes 
Christian Fredrixon leaves his position as CEO and Stina Lindh Hök appointed as CEO
Cibus Nordic Real Estate AB (publ) (âCibusâ) today announces that the board of directors and the CEO Christian Fredrixon have jointly agreed that it is time to hand over leadership and leave his position as CEO. Furthermore, the board of directors has today decided to appoint Cibusâ current board member Stina Lindh Hök as CEO. Stina will take over as the new CEO immediately and Christian will continue to be at Cibusâ disposal to assist with the handover until further notice.
On behalf of the board, I would like to express a big thank you to Christian for his successful work during two very intense years in the companyâs history and wish him the best of luck in the future. Through his leadership and commitment, Christian has played a very important role in the European expansion of Cibus, says the chairman of the board, Stefan Gattberg. At the same time, we are pleased that Stina is taking over the position as CEO and continuing on the path set out. As a board member of the company, Stina has gotten to know the company well for almost a year. Stina possesses solid knowledge of the capital markets and has experience from being a CEO of a listed company. In addition, she has both knowledge of, and experience of, working actively with properties and portfolios in an acquisition-oriented company with a presence in multiple countries. She was CEO of Nyfosa during the years 2020-2025 and under her leadership, the shareholders of Nyfosa received a total return that exceeded 70%, says Stefan Gattberg.
After two intense years of a successful European expansion for Cibus, I believe that much of my mission has been accomplished and now look forward to new exciting opportunities, says Christian Fredrixon.
As Stina takes over as CEO, she will leave her assignment as a board member of Cibus.
Stina, who has a Master of Science in Engineering from KTH, has been CEO of the real estate company Nyfosa. Other experience includes COO at Nyfosa, Head of Transactions at Hemfosa Fastigheter and project manager in property transactions at Atrium Ljungberg, Leimdörfer and as Head of Property at Fabege. She has also been a member of the boards of Fabege and Söderport Property Investment.
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My first reaction was, huh, what now?!? From the announcement, however, I interpreted that Fredrixonâs role was originally planned to be shorter in duration. The decision still puzzles me, because during Fredrixonâs tenure, the implementation has clearly strengthened Cibus. Well, letâs see what the new CEO brings!
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How do the informed real estate experts here see the future of Cibus? The companyâs property portfolio is at least ostensibly extremely defensive, and its âearnings capacityâ seems to have risen nicely, which should also enable growing dividends. Furthermore, the debt pile does not seem unmanageable at all.
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Is this constantly falling now due to interest rate forecasts?
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I think itâs currently about a change of CEO, though there are probably other factors I canât speak about. For my part, I can handle it, at least for now.
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Iâm personally pondering whether to invest more. Monthly dividends are appealingâŠ
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Insiders have at least been buying, albeit in quite moderate amounts.
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Hi, Iâm returning to this interest rate issue. In 4/24, I noted down that Cibusâs financing has been restructured until 2/27 and the interest rate is 3.8%. The expansion into the Benelux countries was, if I recall correctly, done through a share swap, so regarding the rise in interest rates, one reason could be the renegotiation of that financing pool in just over a year and the associated interest rate risk. Of course, the discussion about the need for brick-and-mortar stores and the growth of e-commerce can also be seen as a threat to Cibus as well.
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Cibus has been shopping again:
"Cibus has in five separate transactions acquired 11 properties in Sweden, Finland, Denmark and Belgium. The acquisition price amounts to 41.9 MEUR and the annual rental income is 2.74 MEUR with mainly double-net lease structures. The weighted average lease term is 11.6 years.
The anchor tenants are Ahold Delhaize and Jumbo in Belgium, Netto in Denmark, Tokmanni in Finland and ICA and Axfood in Sweden. The properties have a lettable area of 20,500 sqm and are fully let. Daily goods tenants account for over 90 percent of the total rental income."
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Q4 Results:
October - December 2025 (compared with October - December 2024)
- Rental income amounted to EUR 44.3 million (31.0).
- Net operating income totalled EUR 41.7 million (28.7).
- Profit from property management was EUR 19.3 million (11.1). Profit from property management, excluding non-recurring costs and exchange rate effects, amounted to EUR 20.5 million.
- Earnings after tax amounted to EUR 27.3 million (2.6), corresponding to EUR 0.33
(0.03) per share. - Unrealised changes in value affected by EUR 7.0 million (-7.7) on properties and by
EUR 3.2 million (-0.5) on interest rate derivatives.
âWe see opportunities for growth in our existing markets and are, at the same time, assessing new markets in continental Europeâ
- Stina Lindh Hök, CEO
The Board proposes that the dividend be kept unchanged at EUR 0.9/share.
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Itâs a shame that Inderes no longer covers this. Personally, I find it somewhat difficult to understand how Cibus is truly performing because there have been so many corporate transactions. Iâve started to doubt a bit whether shareholder value is really being maximized here, or if theyâre just making some flashy âbumtsibumâ arrangements that only destroy value⊠If anyone is better informed, Iâd love to hear your thoughts. Iâve had this in my portfolio for years with the idea that I want to own this type of commercial real estate portfolio.
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Itâs worth checking the PDF presentation on Cibusâs website:
Thereâs a lot more material there, and for example, page 5 shows the Earnings capacity per share from property management (+9% YoY - note the dilution):
So, as I understand it, this does not show property value fluctuations - but rather the result from which dividends etc. are paid. More information on page 7.
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A property type that I am indeed happy to own myself. I would have liked to see a small increase in dividends, referring specifically to that rising âdividend-paying capacityâ.
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