Citycon Oyj : Audiocast-esitys Q2/2023

Citycon Q1-Q2/2023 - comparable FX rates

+6.9%	+5.5%	+69.4MEUR
Like-for-like NRI growth	Standing NRI growth	Fair value change of investment properties
(vs. Q1-Q2/2022)	(vs. Q1-Q2/2022)	(excl. Kista)
+7.8%	+7.9%	+4.1%
Adjusted like-for-like NRI increase*	Adjusted standing NRI growth*	Like-for-like tenant sales increase
(vs. Q1-Q2/2022)	(vs. Q1-Q2/2022)	(vs. Q1-Q2/2022)

+1.5€&	95.5%
24.0€ **	Retail occupancy
Increase & avg rent/sq.m.
(vs. Q4/2022)
*excluding FX impact, Torvbyen and Q2 2022 one-off items. ** Based on actual FX rates	Citycon I Audiocast Q2/2023	1

Citycon's mix of high-credit tenants deliver strong KPI's

Strong asset operational results

+4.1%

Like-for-like tenant sales (Q1-Q2/2023)

+9.7%

Like-for-like tenant sales

Q1-Q2/2023 vs Q1-Q2/2019

+3.1%

Like-for-like footfall (Q1-Q2/2023)

+50bps

Retail occupancy increase

vs Q2/2022

+1.5EUR / +6.8%

Average rent increase per sqm.

vs Q4/2022, in comparable FX rates

Sustainable rent growth

High rent collection rates

• 97% in Q2/2023 with historical improvements in subsequent quarters.
• Q1/2023 collection rates improved +2% from 97% to 99%.

Industry low occupancy cost ratio of 9.4%

• inclusive of service charges.
• tenants have some of the lowest OCR.
• ample headroom for rent growth .

EUR 69.4 million fair value gain

for Q1-Q2/2023 reflecting the impact of

compounding rent growth due to indexation

linked leases

Citycon I Audiocast Q2/2023

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Resilient underlying business performing

~8%

Standing NRI increase in comparable currency

Q1-Q2/2023 vs Q1-Q2/2022

Excluding Torvbyen and one-time benefits in 2022

~7%

Standing NRI increase in comparable currency

Q2/2023 vs Q2/2022

Excluding Torvbyen and one-time benefits in 2022

~2%

NRI increase compared to Q1/2023

Currencies

NOK and SEK both rebounding from 20 years lows vs euro in Q2

Citycon I Audiocast Q2/2023

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Necessity-based retail with inflation protected rents

Last-mile logistics hubs

• 45% of our tenants are necessity based.
• majority of our top tenants consist of high credit grocers and Nordic municipalities
• locations in central urban areas
• 100% of the centres connected to public transportation
• 93% of leases tied to indexation

Wage growth by country*

Norway	Sweden	Finland	Denmark	Estonia
5.6%	4.1%	4.9%	4.5%	8.5%

Inflation works through the entire chain

Wages → cost of goods → increasing sales → increasing rents.

* Source: Nordea Nordic Outlook 5/2023, forecast for 2023, Bank of Finland	Citycon I Audiocast Q2/2023	4

Strengthening the balance sheet

EUR 650 million credit facility signed in April 2023

• replaced and expanded existing EUR 500 million credit facility maturing in June 2024.
• consisting of a EUR 400 million revolver and EUR 250 million term loan.

EUR 138 million tender in May 2023

• proceeds from the term loan to execute tender for our bond maturing in 2024.
• took an advantage of the large discounts and dislocation in the secondary markets.

Bond repurchases from the open market in June 2023

• continued repurchases from the open markets for a total notional of EUR 15.7 million.

EUR 380 million non-core asset sales target remains

• execute by year-end 2024.
• initial target EUR 500 million (~25% completed).
• proceeds to repay debt and to further strengthen our investment grade balance sheet.

Citycon I Audiocast Q2/2023

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