Cityvarasto Plc Company Release November 17, 2025 at 9.00 EET
Cityvarasto Plc interim report for January 1-September 30, 2025: Strong growth and listing to First North marketplace
This is a summary of Cityvarasto Plc's Interim Report for January 1- September 30, 2025. The complete report is attached to this release and is also available at the company website at https://sijoittajat.cityvarasto.fi/en/
Figures in parentheses refer to the corresponding period of the previous fiscal year, unless otherwise stated. All presented data is unaudited. Numerical values are presented in EUR thousand, unless otherwise stated, and percentages and key figures have been calculated based on the original, unrounded figures. The sum of individual figures may not correspond to the presented totals because the figures have been rounded to the nearest thousand.
Q3 in brief (July - September 2025)
- Revenue was 7,299 (5,962) thousand euros, an increase of 22.4 %.
- Adjusted EBITDA was 3,710 (3,013) thousand euros, an increase of 23.1 % and adjusted EBITDA margin was 50,8 (50.5) %.
- Adjusted operative earnings per share was 0.30 (0.23) euros, an increase of 27.4 %
- Four new properties were acquired during the quarter. Acquired properties are located in Helsinki, Kempele, Lohja and Pori. In addition, the company opened two new self-storage facilities during the quarter. The opened facilities are located in Jyväskylä and Kerava.
- During the quarter, the company announced that it is planning an initial public offering, including share sale, and listing on the Nasdaq First North Growth Market. The listing was completed after the reporting period on 3 October 2025.
January - September 2025 in brief
- Revenue was 19,910 (16,643) thousand euros, an increase of 19.6 %.
- Adjusted EBITDA was 9,246 (7,689) thousand euros, an increase of 20.3 % and adjusted EBITDA margin was 46.4 (46.2) %.
- Adjusted operative earnings per share was 0.68 (0.55) euros, an increase of 23.9 %.
- The number of self-storage facilities at the end of the period was 76 (66) with an occupancy rate of 79 (77) %.
- Six new self-storage facilities were opened, and six new properties were acquired during the period.
Key figures
Key figures are unaudited unless otherwise stated. However, figures for the full financial year 2024 are audited.
| EUR thousand | Q3-2025 | Q3-2024 | Change % | 1-9/2025 | 1-9/2024 | Change % | 2024 |
| Revenue | 7,299 | 5,962 | 22.4 % | 19,910 | 16,643 | 19.6 % | 22,410 |
| Adjusted EBITDA | 3,710 | 3,013 | 23.1 % | 9,246 | 7,689 | 20.3 % | 10,080 |
| Adjusted EBITDA margin (%) | 50.8 % | 50.5 % | 46.4 % | 46.2 % | 45.0 % | ||
| Result for the period | 891 | 1,334 | -33.2 % | 3,327 | 2,774 | 20.0 % | 51,607 |
| Adjusted operating earnings per share | 0.30 | 0.23 | 27.4 % | 0.68 | 0.55 | 23.9 % | 0.69 |
| Fair value of investment properties | 199,594 | 132,101 | 51,1 % | 199,594 | 132,101 | 51.1 % | 194,100 |
| NAV | 162,907 | 98,520 | 65.4 % | 162,907 | 98,520 | 65.4 % | 159,568 |
| NAV per share | 23.11 | 13.98 | 65.4 % | 23.11 | 13.98 | 65.4 % | 22.64 |
| LTV ratio (%) | 23.6 % | 32.4 % | 23.6 % | 32.4 % | 23.8 % | ||
| Return on equity, ROE | 3.3 % | 4.5 % | 48.7 % |
Profit guidance for the financial year 2025 (unchanged, published 24 September 2025)
Cityvarasto assesses the Group's net sales and adjusted EBITDA to grow in the full financial year 2025 in comparison with the previous financial year, and the company's management's assessment is in line with the Company's long-term financial targets.
Based on the Company's performance during the first half of the financial year, the current market environment, business outlook, and the company's assessment, revenue for the full financial year 2025 is estimated to grow by 15-20% and adjusted EBITDA to grow by 15-20% compared to full financial year 2024.
The guidance is based on the assumption that there will be no significant changes in the operating environment during the remainder of the year.
Cityvarasto's reported net sales for the first nine months of the financial year 2025 were 19,910 (16,643) thousand euros, an increase of 19.6 % compared to the corresponding period of the previous financial year, and reported adjusted EBITDA was 9,246 (7,689) thousand euros, an increase of 20.3 % compared to the corresponding period of the previous financial year.
Financial targets
Cityvarasto group's Board of Directors has set the following financial and operational targets for the five-year review period starting at the end of 2024 and ending at the end of 2029:
- Growth: The average annual growth of the group's revenue is over 12 % during the review period.
- Profitability: The group's EBITDA margin exceeds 50 % during the review period.
- Investments: The group's annual investments are on average 10 million euros during the review period. The number of self-storage facilities is approximately 100 at the end of the review period.
- Leverage: The group's LTV ratio remains under 35 % during the review period.
The key performance indicators related to financial targets at the end of the reporting period were as follows:
- Revenue increased by 19.6 % during the period and 22.4 % during Q3.
- Adjusted EBITDA margin was 46.4 % during the period and 50.8 % during Q3.
- Group's investments in the period were 7,2 million euros.
- At the end of the period the group had 76 self-storage facilities.
- Group's LTV ratio on 30 September 2025 was 23.6 %
CEO's review
The third quarter was a period of strong growth and significant strategic progress for Cityvarasto.
The quarterly result was the best in the group's history, with revenue increasing by 22.4% compared to the reference period, reaching 7.3 million euros, and adjusted EBITDA growing by 23.1% to 3.7 million euros. Both of our business segments - real estate operations including self-storage and other rental spaces, and ancillary services including van rental and moving services - developed positively during the quarter. Especially the growth and profitability of van rental services was at a good level, as the company focused on operational activities supported by significant fleet investments made in previous quarters. The positive development of the Group's business operations is founded on strategically successful investments in the continuous development and expansion of our service offering, as well as on consistent and disciplined operational execution.
During the quarter, we acquired four new properties located in Helsinki, Pori, Kempele, and Lohja. In addition, we opened new self-storage facilities in Jyväskylä and Kerava. Through these investments and openings, we strengthened our position in the Finnish self-storage market and expanded our service network to be even more comprehensive. Demand for van rental and moving services continued to grow, and our market position in these services also strengthened further.
A significant step in Cityvarasto's 25-year journey was the publication of the IPO during the third quarter, and the successful listing on First North -marketplace after the reporting period. I am very pleased with the successful listing and the fact that our company attracted a convincing group of new domestic and international owners, including both private investors and respected institutional investors. Particularly significant is the strong participation of foreign institutional investors, which demonstrates international trust and interest in Cityvarasto's growth strategy and future prospects. I want to thank Cityvarasto's employees and partners for their excellent work in the process, as well as our new owners for their trust in the company.
During the third quarter, cautious signs of recovery were visible in the market environment, although the construction sector remains challenging. Changing consumer needs, such as smaller apartments and the growth of e-commerce, support demand for our services. We have responded to these changes by investing in the expansion of our service network and developing digital customer solutions that improve customer experience and enhance operations. We believe that our strategic investments, strong financial position, and the broadened ownership base following the listing provide us with excellent conditions to continue growth and develop our services even more customer-oriented.
Warm thanks to our customers for their trust, our staff for their commitment, and our owners for their support. Together, we are building Cityvarasto into an even stronger company, ready to meet future opportunities and challenges.
Ville Stenroos
CEO, Cityvarasto Plc
Financial calendar
Cityvarasto Plc's financial statement release will be published on 16 February 2026.
Cityvarasto Oyj has also published a recorded presentation of the interim report in Finnish. The Finnish presentation is available through the following link:
https://investorcaller.com/events/cityvarasto/cityvarasto-q3-osavuosikatsaus-2025
The same presentation has been translated into English and is presented using an AI voice. The English version is available through the following link:
https://investorcaller.com/events/cityvarasto/cityvarasto-q3-report-2025
An interactive version of the report has also been published, allowing you to read the report and listen to a short summary in both Finnish and English. You may also submit written questions in either language until 3:00 p.m. EET on November 17.
Submitted questions will be answered later the same day, and the responses will be made publicly available. Please note that published answers will include the name of the person who submitted the question.
To submit a question, registration is required.
The interactive report is available through the following link:
https://investorcaller.com/reports/cityvarasto/cityvarasto-q3-report-2025
Further enquiries
Ville Stenroos, CEO, Cityvarasto Plc, tel. +358 29 123 4747
Matti Leinonen, CFO, Cityvarasto Plc, tel. +358 29 123 4768
Information about Cityvarasto
Cityvarasto is a Finnish company established in 1999, operating in the self-storage, van rental and moving services sectors. In addition to the parent company Cityvarasto Plc, the Cityvarasto Group includes, as its principal subsidiaries, PakuOvelle.com Oy, which specialises in van rentals, and Suomen Opiskelijamuutot Oy, a moving services company.