The first half of 2026 represented an outstanding period for Citycon. Our portfolio continued to perform well, supported by very good leasing activity, healthy customer demand and proactive financial management.
In H1/2026 like-for-like net rental income increased by 5.6% year-on-year1 , beating the average European LFL NRI growth second year in a row. This strong growth was driven by extraordinary growth in the general mall leasing, strong leasing spreads (7.6%) and indexation of rents. Customer activity across our centres remained positive throughout the period. Like-for-like footfall grew by 3.1% while like-for-like tenant sales increased by 2.6%, reflecting the continued relevance of our urban, grocery-anchored centres as destinations for everyday needs.
Retail occupancy rate stood at 94.4% at the end of the period. Demand from tenants continues to be healthy across our portfolio. Our leasing strategy remains focused on strengthening the tenant mix, maintaining the attractiveness of our centres and creating conditions for sustainable rental growth.
Alongside our operational achievements, we continued to actively manage our debt financing. During the second quarter, we extended our debt maturity profile by signing and drawing a new five-year secured loan of EUR 214 million2. At the same time, we repaid bonds totaling EUR 252 million that were due in 2026 and 2027. These transactions further enhance our financial flexibility, extend debt maturities and support the long-term stability of our capital structure. Our next debt maturity is now in March 2028.
We are in advanced negotiations regarding divestment of three assets in Finland. While we are in discussion with potential buyers for a few assets in Sweden and Norway.
Our business continues to demonstrate resilience. The strong performance delivered in the first half of the year highlights the strength of our strategy, which is focused on serving the daily needs of customers in our high-quality urban assets in some of the most attractive catchment areas across the Nordics.
I would like to thank our employees for another period of hard work and commitment. We enter the second half of 2026 with confidence, supported by strong operational momentum and focus on creating value for all our stakeholders.
1 Includes a one-time adjustment to Q1/2025 NRI.
2 Calculated with Q2/2026 end exchange rates. The loan is drawn in SEK and NOK.
Eshel Pesti
Citycon's CEO
Source: Citycon's H1/2026 Half-yearly report