contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


cibus-nordic-real-estate-ab-publ-emitterar-efterstallda-eviga-obligationer-om-eur-60-miljoner

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Cibus Nordic Real Estate operates in the real estate industry and focuses on the acquisition, development and management of commercial properties. The company's portfolio includes office and retail properties. The operations are primarily concentrated in the Nordic region, with a main presence in Sweden, Norway and Finland. Cibus Nordic Real Estate was founded in 2018 and is headquartered in Stockholm, Sweden.

I agree with @TurskaTasku that it’s a shame there’s no Inderes coverage for this. I would also love to follow more discussion around this, and unfortunately, the thread is quite quiet. However, I think the company’s own materials are quite good. I follow this to some extent since it has been in my portfolio for a while. (A bad habit of first getting an idea for an opening position and only then developing a greater interest in closer monitoring (and potential additions  )). Regardless, I’ll contribute my own small bit to the cause with this message. I like the company’s motto “Converting food into yield.” Grocery and daily goods stores are unlikely to disappear from the streets and city outskirts anytime soon, and they probably won’t just move entirely online. The business is easy to think of as generally quite stable. Also, Cibus’s largest tenants can certainly be considered fairly low-risk rent payers. Above, it was hoped that the dividend would have grown. In my opinion, it is quite welcome that the dividend was not increased at this point. As I see it, this creates a more solid foundation for specifically that rising dividend-paying capacity; after all, a dividend cut is poison for things like this… Even the current dividend (€0.90) is over 6% at this share price and significantly higher than average (Retail REITs avg. dividend yield 4.74% - Source: Nareit). Keeping the dividend unchanged also brings the payout ratio to a slightly more reasonable level and provides room for new acquisitions (or bringing down indebtedness). Earnings capacity per share has developed as follows: Q1/24 - €0.95 —> Q1/25 - €0.99 —> Q1/26 - €1.08 Thus, the payout ratio has dropped from nearly 95% to around 83%, which I think is a much more sustainable level and indeed leaves some room for maneuver. Gemini mentioned that for US Retail REIT peers, the avg. payout ratio for Net Lease companies is around 70-76%. On the other hand, they might not be directly comparable from across the ocean. European real estate companies also historically operate with more debt than their US counterparts (source: J. Askola’s recent book). In my view, Cibus seems to be developing in a good direction; performance is improving. Finally, a few highlights picked from the report:  Finland’s share of NOI has apparently decreased slightly from 51% → 48%. This is likely not a bad thing in terms of diversification. A more evenly and widely diversified European food and daily goods retail property investment company sounds good. According to the CEO’s comment, growth opportunities are seen in current markets, and new Continental European markets are being evaluated. Interest coverage ratio (ICR) strengthened in a year from 2.2x to 2.4x. The company targets / guides for a level over 2.0x. (Equity REITs avg. 4.3x - Source: Nareit) The number of properties with solar panels has increased from 49 to 80. I have no idea about the profitability of solar panel investments or, for example, what Kesko requires from its properties in terms of ESG. It might be a neutral matter, but at least they seem to be keeping up with the times and responding to demand and customer requirements. Debt ratio (net debt/EBITDA) has increased slightly, 10.4x –> 10.9x. Acquisitions have been made, but things seem to be under control; ICR and earnings capacity per share have strengthened. 99% of leases are tied to CPI increases, 95.6% of the portfolio is leased, and WAULT 5y—>6y  And to this: “I’ve started to wonder a bit whether shareholder value is really being maximized here or if they’re just doing some flashy ‘bumtsibum’ arrangements that just destroy value.” As I see it, at least over the last year, there haven’t been value-destroying arrangements—on the contrary. The number of shares has indeed grown tremendously from last year’s 63M to the current approximately 82M. However, earnings capacity per share is growing, which means that dilution hasn’t hit your holdings over the last year. Real estate companies are somewhat new to me, so don’t blindly trust these ramblings, even if they are largely a recap of the report’s figures  Writing serves as practice for me too; thoughts get organized, and understanding perhaps improves through that as well.

I’m perfectly fine with the dividend staying the same. I doubt we’ll have to wait long before new acquisitions are announced

Thanks, that earnings capacity is a good metric and at least its slope is in the right direction!

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 “dividend-paying capacity”.

It’s worth checking the PDF presentation on Cibus’s website:                   Cibus              Investors - Cibus Nordic                              There’s 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.

It’s 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. I’ve started to doubt a bit whether shareholder value is really being maximized here, or if they’re just making some flashy “bumtsibum” arrangements that only destroy value… If anyone is better informed, I’d love to hear your thoughts. I’ve had this in my portfolio for years with the idea that I want to own this type of commercial real estate portfolio.

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.  “We see opportunities for growth in our existing markets and are, at the same time, assessing new markets in continental Europe”  Stina Lindh Hök, CEO  The Board proposes that the dividend be kept unchanged at EUR 0.9/share.                   Inderes              Year-end report 2025 Cibus Nordic Real Estate AB (publ) - Inderes    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...

Cibus Nordic Real Estate

Cibus Nordic Real Estate AB (publ) ("Cibus") har framgångsrikt emitterat efterställda obligationer med fast ränta utan slutdatum om totalt EUR 60 miljoner under emittentens MTN-program (de "...

<div class="bequoted-body">Cibus Nordic Real Estate AB (publ) ("Cibus") har framgångsrikt emitterat efterställda obligationer med fast ränta utan slutdatum om totalt EUR 60 miljoner under emittentens MTN-program (de "Nya Hybridobligationerna"). De Nya Hybridobligationerna löper med en fast ränta om 6,25 %. Cibus avser att ansöka om notering av de Nya Hybridobligationerna på Nasdaqs företagsobligationslista.Danske Bank A/S, Danmark, Sverige Filial och Skandinaviska Enskilda Banken AB (publ) agerade som bookrunners avseende emissionen av de Nya Hybridobligationerna. BAHR Advokatbyrå AB har agerat legal rådgivare till Cibus i samband med emissionen av de Nya Hybridobligationerna."Jag vill passa på att tacka samtliga investerare för förtroendet i dagens emission. Den nya hybridobligationen ger Cibus sänkt finansieringsmarginal samtidigt som vi erhåller kapital för fortsatt tillväxt." säger Stina Lindh Hök, VD Cibus Nordic Real Estate AB.Bookrunners:Danske Bank A/S, Danmark, Sverige Filial: <a href="mailto:dcm_admin@danskebank.se">dcm_admin@danskebank.se</a> Skandinaviska Enskilda Banken AB (publ): <a href="mailto:liabilitymanagementdcm@seb.se">liabilitymanagementdcm@seb.se</a>4 mars 2026För mer information, vänligen kontakta:Stina Lindh Hök, VD, Cibus Nordic Real Estate e-post: <a href="mailto:stina.lindhhok@cibusrealestate.com">stina.lindhhok@cibusrealestate.com</a>&nbsp; Tel: +46 (0) 8 12 439&nbsp;100Pia-Lena Olofsson, CFO, Cibus Nordic Real Estate e-post: <a href="mailto:pia-lena.olofsson@cibusrealestate.com">pia-lena.olofsson@cibusrealestate.com</a> Tel: +46 (0) 8 12 439&nbsp;100&nbsp;Cibus är ett fastighetsbolag noterat på Nasdaq Stockholm Mid Cap. Företagets affärsidé är att förvärva, utveckla och förvalta fastigheter av hög kvalitet i Europa med dagligvaruhandelskedjor som ankarhyresgäster. Företaget äger för närvarande drygt 670 fastigheter i Europa. De största hyresgästerna är Kesko, Tokmanni, Coop, S-gruppen, Rema 1000, Salling, Lidl, Dagrofa och Carrefour.</div><div class="bequoted-files">Bifogade filer<a rel="noopener" href="https://cdn.bequoted.com/media/1/5d38b4bf-d9f0-4c36-a7c9-167d8a4abc6a/Cibus_Nordic_Pressrelease_2026-03-04.pdf">Cibus_Nordic_Pressrelease_2026-03-04.pdf</a> </div>