Cibus Real Estate (AO) | Buy | Q2 first take: Higher leverage reduces flexibility

研报英文原文证据摘录

Cibus Real Estate (AO) | Buy | Q2 first take: Higher leverage reduces flexibility

News comment

Release date: 16 July 2026

Alexander Dimovski

Equity Research Analyst

+4687235117

adimovski@keplercheuvreux.com

BuyCibus Real Estate

Sweden | Property MCap: SEK11.9bn

Target Price: SEK180.00 Bloomberg: CIBUS SS Reuters: CIBUS.ST

Current Price: SEK144.90 Free float 100%

Up/downside: 24.2% Avg. daily volume (SEKm) 58.4

YTD abs performance -1.4% Market data: 15 July 2026

52-week high/low (SEK) 184.45/137.80

Q2 first take: Higher leverage reduces flexibility

Key points:

The Q2 results were mixed against market expectations. Rental income was in line with consensus, and NOI was 3% above, while

income from property management (IFPM) and NRV were both 2% below consensus.

Property revaluations were +0.1% (-0.2% in Q1), below our expected +0.5%. The average cost of debt was unchanged QOQ at

4.0%, while the occupancy rate improved 50bps to 96.1%.

Net LTV increased 190bps QOQ to 59.1%, close to 60% and leaving less balance-sheet headroom despite remaining within the

company’s 55-65% target range. LFL NOI remained negative at -1.1%, only marginally better than -1.2% in Q1.

We expect the share to trade 1-2% below the Nordic real estate market today, reflecting the IFPM miss, softer-than-expected

revaluations and higher leverage, partly offset by strong NOI and improved occupancy.

Initial takeaways from the Q2 results

The report is slightly weak overall. The main disappointment is the 2% IFPM miss, while negative LFL NOI indicates that

underlying portfolio growth remains weak despite the clear improvement in occupancy. The NOI beat is supportive, but with net

LTV now at 59.1%, the market is likely to focus on reduced financial flexibility and the value creation from future acquisitions.