CTY1SNasdaq HelsinkiReal Estate - DiversifiedIFRS · EUR

Citycon Oyj

Citycon is a Finnish company specializing in the ownership, management, and development of mixed-use urban centers that integrate retail, office spaces, and housing. Operating primarily in the Nordics and the Baltics, Citycon's portfolio includes 28 centers across major cities in Finland, Sweden, Norway, Denmark, and Estonia. The company is headquartered in Helsinki and is structured into business units covering Finland & Estonia, Norway, and Sweden & Denmark. Citycon aims to create sustainable communities by developing unique properties that cater to the needs of people and communities.

Revenue223m EUR
−5.2 %y/y
Operating profit (EBIT)227m EUR
+660.4 %y/y
EBIT margin101.6%
+88.9 ppy/y
Net income95.0m EUR
+350.7 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-1000100200300m EUR2020: 224 m EUR2020: EBIT 34 m EUR20202021: 222 m EUR2021: EBIT 218 m EUR20212022: 222 m EUR2022: EBIT 88 m EUR20222023: 215 m EUR2023: EBIT -38 m EUR20232024: 235 m EUR2024: EBIT 30 m EUR20242025: 223 m EUR2025: EBIT 227 m EUR2025223227
RevenueOperating profit (EBIT)

Business

Share of revenue
Mixed-use Urban Centers70 %

Includes retail, office, and residential spaces in urban centers.

Retail Spaces15 %

Dedicated retail areas within mixed-use centers.

Office Spaces10 %

Office areas for businesses within urban centers.

Property Management Services5 %

Management services for owned and developed properties.

Customers

Citycon's customer base primarily consists of retail tenants, office tenants, and residential occupants within its mixed-use urban centers. Retail tenants are attracted by the high footfall and strategic urban locations, which are essential for business visibility and customer access. Office tenants benefit from the integrated urban environments that offer proximity to amenities and transport links. Residential occupants are drawn to the convenience of living in vibrant, well-connected areas with access to retail and leisure facilities. Citycon's focus on sustainability and community development also appeals to environmentally conscious tenants and residents.

Retail Tenants

Lease retail spaces for high visibility and customer access.

Office Tenants

Occupy office spaces for proximity to urban amenities.

Residential Occupants

Live in urban centers for convenience and lifestyle.

Strategy

Citycon's strategic priorities include enhancing the value of its mixed-use urban centers through active management and development. The company focuses on increasing occupancy rates and rental income by attracting high-quality tenants. Citycon also emphasizes sustainability and community development to create long-term value for stakeholders. Proactive debt management and financial optimization are key components of its strategy to maintain financial stability and support growth initiatives.

Enhancing Mixed-use Center ValueMedium term

To increase asset attractiveness and rental income.

Sustainability and Community DevelopmentLong term

To create long-term value and appeal to tenants.

Proactive Debt ManagementShort term

To maintain financial stability and support growth.

Geography

Citycon operates primarily in the Nordic and Baltic regions, with significant presence in Finland, Sweden, Norway, Denmark, and Estonia. The company's strategic focus on major urban centers in these regions allows it to capitalize on high-density areas with strong economic activity. Citycon's headquarters are located in Helsinki, Finland. The geographic distribution of its properties ensures a diversified portfolio that mitigates regional economic risks and leverages local market strengths.

Risks

Citycon faces several risks, including economic downturns in the Nordic and Baltic regions that could affect consumer spending and tenant demand. The company is also exposed to interest rate fluctuations and currency risks, given its operations across multiple countries. Geopolitical tensions and regulatory changes in these regions could impact business operations. Additionally, the rise of e-commerce poses a threat to traditional retail spaces, potentially affecting occupancy rates and rental income.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Economic Downturns1E-commerce Growth2Interest Rate Fluctuations3Currency Risks4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Economic DownturnsImpact: HighLikelihood: High

    Could reduce consumer spending and tenant demand.

  2. E-commerce GrowthImpact: HighLikelihood: Medium

    Threatens traditional retail occupancy and income.

  3. Interest Rate FluctuationsImpact: MediumLikelihood: Low

    Impact financial costs and debt management.

  4. Currency RisksImpact: MediumLikelihood: Low

    Due to operations in multiple countries with different currencies.

Accounting

Judgemental items
Fair Value Measurement

Critical for reflecting true value of real estate portfolio.

Impact: High

Alternative Performance Measures

Enhance comparability and clarity of business performance.

Impact: Medium

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026