Cityvarasto Plc’s Interim Report 1 January – 31 March 2026: Growth Continued as Planned

Cityvarasto Plc Company Release May 11ᵗʰ 2026 at 9.00 a.m. EEST

Cityvarasto Plc’s Interim Report 1 January – 31 March 2026: Growth Continued as Planned

This is a summary of Cityvarasto Plc’s Interim report for January 1— March 31, 2026. 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. The figures presented are unaudited unless otherwise stated. However, the full-year 2025 figures have been audited.

Numerical values are presented in thousands of euros, 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.

Q1 in brief (1 January – 31 March 2026)

• Revenue was 7,159 (5,980) thousand euros, an increase of 19.7%.
• Adjusted EBITDA was 2,176 (2,143) thousand euros, an increase of 1.6%, and adjusted EBITDA margin was 30.4 (35.8) %.
• Adjusted operating earnings per share were 0.10 (0.12) euros, a decrease of 15.9%.
• During the quarter, a new self-storage facility was opened in Järvenpää, and two expansions were carried out at existing facilities. The occupancy rate of the self-storages was 78 (78) % at the end of the period.

Group key figures

Profit guidance for the financial year 2026

Revenue for the financial year 2026 is expected to be 29.9–31.2 million euros, representing approximately 10–15% growth compared to the financial year 2025 (2025: 27.1 million euros).

Adjusted EBITDA for the financial year 2026 is expected to be 12.7–13.9 million euros, representing approximately 5–15% growth compared to the financial year 2025 (2025: 12.1 million euros).

Basis for the profit guidance

For the real estate business, revenue growth is expected to remain stable. For ancillary services, revenue growth is expected to be more moderate compared to the previous year’s growth.

The growth investments already made and planned in the self‑storage business support profitable growth, but they are expected to have a temporary, negative impact on the relative profitability of the real estate business during 2026. The acquisition of the moving services business carried out at the beginning of the 2026 financial year is expected to have a slightly negative effect on the relative profitability of ancillary services.

The guidance is based on the assumption that no significant changes occur in the operating environment during the financial year.

Financial targets

The Board of Directors of Cityvarasto 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 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 below 35% during the review period.

The key performance indicators related to financial targets at the end of the reporting period were as follows:

• The average annual revenue growth was 20.6% as of 31 March 2026, and 19.7% in the first quarter
• The adjusted EBITDA margin for the twelve-month period ended 31 March 2026 was 42.9%
• The Group’s investments amounted to EUR 10.0 million for the 12-month period and EUR 2.5 million in the first quarter.
• At the end of the period, the Group had 77 self-storage facilities
• The Group’s loan-to-value (LTV) ratio as of 31 March 2026 was 20.7%.

CEO's review

The first quarter of 2026 progressed in line with Cityvarasto’s expectations. Revenue increased clearly compared with the comparison period, with growth of 15.0% in the real estate business, 33.6% in ancillary services, and 19.7% at the group level. The development of adjusted EBITDA in the first quarter was more moderate; the Group’s adjusted EBITDA increased by 1.6%, in the real estate business increased by 3.3%, while in ancillary services decreased by 6.6% compared to the comparison period. Profitability was temporarily impacted by, among other factors, recruitments carried out to support growth, higher marketing and other growth-related investments compared to the comparison period, as well as costs related to being listed on the First North marketplace, which were not present in the comparison quarter. The development of key figures indicates that our strategic investments are delivering results in both the self-storage business and ancillary services. We believe these investments will also be reflected in improved profitability over the longer term.

During the reporting period, we opened a new self-storage facility in Järvenpää and completed two significant expansions at our sites in Lahti and Jyväskylä. These investments strengthen our position as Finland’s largest self-storage operator and support growth in the coming quarters. After the end of the reporting period, we acquired properties in Turku and Oulu to our portfolio. The acquisition in the Turku region comprised a significant property complex of approximately 8,400 m² in Itäharju. This property complex was purchased from an international investor, and the aim is to open a modern self-storage facility on the premises in late 2026. In Oulu, in the Karjasilta area, we acquired a 1,200 m² building. This property was purchased from Veikkaus Oy and is planned to be opened for self-storage use in early 2027. Demand for our self-storage units has been at a high level in the Turku and Oulu regions for some time, and we therefore consider expanding our operations in these cities to be a sensible move.

The development of ancillary services was further strengthened by the acquisition of Ja-Ki Muutto Oy’s moving services business on 1 January 2026. As a result of the acquisition, Cityvarasto’s moving services business grew significantly, and the transaction is expected to increase both revenue and EBITDA in ancillary services. Ja-Ki Muutto’s existing customer base and contract portfolio support stable cash flow development and enable the offering of broader service solutions, particularly for corporate customers. During the quarter, PakuOvelle.com and Opiskelijamuutot acquired new equipment, enabling the companies to respond even better to demand during the summer season.

Brand development also continued to be excellent. According to an external study, Cityvarasto’s brand awareness has nearly doubled over four years, and in terms of aided awareness Cityvarasto clearly stood out as Finland’s best-known self-storage operator. 57% of respondents were aware of Cityvarasto, while the corresponding figure for the next most well-known operator was 39%. Strong brand awareness supports customer acquisition and strengthens our competitive position. According to the study, awareness of PakuOvelle.com also increased significantly, and PakuOvelle.com is now clearly Finland’s best-known van rental service.

We will continue the determined execution of our growth strategy in both segments and move confidently toward the summer of 2026.

Ville Stenroos
CEO, Cityvarasto Plc

Financial calendar

Cityvarasto will publish its financial reports in 2026 as follows:

• Half‑year report for January–June 2026 on Monday, 17 August 2026.
• Interim report for January–September 2026 on Friday, 13 November 2026.

Cityvarasto Plc will publish a recorded presentation of its interim report on 11 May 2026 at 9:00 a.m. EEST, featuring AI-generated voice and virtual avatars, in both Finnish and English.

The Finnish presentation is available through the following link:

https://investorcaller.com/events/cityvarasto/cityvarasto-q1-osavuosikatsaus-2026

The English version is available through the following link:

https://investorcaller.com/events/cityvarasto/cityvarasto-q1-report-2026

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. EEST on May 11th 2026.

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-q1-report-2026

Further enquiries

Ville Stenroos, CEO, Cityvarasto Plc, tel. +358 29 123 4747

Matti Leinonen, CFO, Cityvarasto Plc, tel. +358 29 123 4768

Certified Advisor

Skandinaviska Enskilda Banken AB (publ) Helsinki Branch, tel. +358 9 6162 8000

Information about Cityvarasto

Cityvarasto is a Finnish company established in 1999, operating in the self-storage sector. In addition to the parent company Cityvarasto Plc, the Cityvarasto Group includes, as its principal subsidiaries, PakuOvelle.com Oy, which specialises in van rentals, as well as moving services companies Suomen Opiskelijamuutot Oy and Ja-Ki Muutto Oy. The company’s shares are listed on Nasdaq First North Growth Market Finland under the ticker symbol CITYVA.