Cityvarasto Plc's Half-year Report 1 January - 30 June 2026: Investments in Line with the Growth Strategy
Cityvarasto Plc Company Release 17 August 2026 at 9.00 a.m. EEST
Cityvarasto Plc’s Half-year Report 1 January – 30 June 2026: Investments in Line with the Growth Strategy
This is a summary of Cityvarasto Plc’s Half-year report for January 1— June 30, 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.
Q2 in brief (1 April – 30 June 2026)
- Revenue was 7,493 (6,631) thousand euros, an increase of 13.0%.
- Adjusted EBITDA was 3,262 (3,394) thousand euros, a decrease of 3.9%, and adjusted EBITDA margin was 43.5% (51.2%).
- Adjusted operating earnings per share were 0.24 (0.27) euros, a decrease of 11.9%.
- Cityvarasto acquired five new properties during the second quarter. The acquired properties were located in Turku, Oulu, Klaukkala, Nummela, and Herttoniemi in Helsinki. During the second quarter, Cityvarasto opened two new self-storage facilities located in Lohja and Riihimäki.
- The number of self-storage facilities at the end of the period was 82 (72), and the occupancy rate was 83% (79%).
H1 in brief (1 January – 30 June 2026)
- Revenue was 14,652 (12,611) thousand euros, an increase of 16.2%.
- Adjusted EBITDA was 5,439 (5,537) thousand euros, a decrease of 1.8%, and adjusted EBITDA margin was 37.1% (43.9%).
- Adjusted operating earnings per share were 0.34 (0.38) euros, a decrease of 11.7%.
- During the first half of the year, five new properties were acquired, and three new facilities were opened.
Group key figures
| EUR thousand | Q2-2026 | Q2-2025 | Change, % | H1-2026 | H1-2025 | Change, % | 2025 |
| Revenue | 7,493 | 6,631 | 13.0% | 14,652 | 12,611 | 16.2% | 27,143 |
| Adjusted EBITDA | 3,262 | 3,394 | -3.9% | 5,439 | 5,537 | -1.8% | 12,104 |
| Adjusted EBITDA margin (%) | 43.5% | 51.2% | 37.1% | 43.9% | 44.6% | ||
| Result for the period | 838 | 1,896 | -55.8% | 1,208 | 2,436 | -50.4% | 10,715 |
| Adjusted operating earnings per share, EUR | 0.24 | 0.27 | -11.9% | 0.34 | 0.38 | -11.7% | 0.86 |
| Fair value of investment properties | 212,258 | 197,230 | 7.6% | 212,258 | 197,230 | 7.6% | 208,800 |
| NAV | 187,139 | 161,840 | 15.6% | 187,139 | 161,840 | 15.6% | 186,510 |
| NAV per share, EUR | 23.43 | 22.96 | 2.0% | 23.43 | 22.96 | 2.0% | 23.35 |
| LTV ratio (%) | 20.0% | 23.5% | 20.0% | 23.5% | 20.3% | ||
| Return on equity, ROE | 6.6% | 49.0% | 6.6% | 49.0% | 7.5% |
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 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 19.3% as of June 30, 2026, and 13.0% in the second quarter.
- The adjusted EBITDA margin for the 12-month period ending June 30, 2026 was 41.1%.
- The Group’s investments amounted to EUR 11.9 million for the 12-month period ending June 30, 2026, and EUR 4.1 million in the second quarter.
- The number of self-storage facilities at the end of the period was 82.
- The Group’s loan-to-value ratio as of June 30, 2026, was 20.0%.
CEO's review
The second quarter was a period of significant growth investments for Cityvarasto. During the quarter, we completed as many as five property acquisitions in Turku, Oulu, Klaukkala, Nummela, and Helsinki, making this one of the most active investment periods in the company’s history. These new properties offer significant development potential, and our goal is to open modern, digitally operated self-storage facilities at these sites during 2026 and 2027. Our continued confidence in the long-term development of the self-storage market is clearly reflected in these investments. We believe the market continues to offer substantial opportunities for both organic growth and further acquisitions. The acquisition of Vantaa-based Kenguruvarastot Oy, completed after the reporting period, demonstrates our ongoing commitment to consolidating the market and strengthening our network, particularly in key growth centers.
Revenue growth compared to the corresponding quarter was strong in both segments. Group revenue increased by 13.0%, with real estate business growing by 8.7% and ancillary services by 23.4%. Growth was in line with expectations during the period, and the significant investments completed during the period support the continued expansion of our real estate business in the years ahead. Adjusted EBITDA from real estate business increased by 8.4%, while adjusted EBITDA from ancillary services declined by 45.6%. At the Group level, adjusted EBITDA decreased by 3.9%. Profitability in ancillary services was lower than expected during the first half of the year. In particular, the integration of Ja-Ki Muutto has progressed more slowly than anticipated, and partially overlapping costs arising from the acquisition have weighed on earnings. During the reporting period, we initiated efficiency measures that are expected to support improved profitability in the moving services business, with the benefits expected to materialize gradually during the remainder of the year.
During the second quarter, we also continued investing in strengthening our brand and deepening our understanding of consumers. We published the Great Storage Survey, conducted in cooperation with YouGov, which received nationwide media coverage and further reinforced Cityvarasto’s position as an industry expert. The survey confirmed our view that personal belongings hold significant meaning and emotional value for Finns, while at the same time limited storage space at home and the challenges of everyday living are affecting an increasing number of households. This supports our belief that demand for self-storage services is driven by long-term societal trends such as urbanization, decreasing apartment sizes, and changing life circumstances. Deepening consumer insight is an essential part of our service development and marketing efforts, as well as our long-term work to strengthen our position as the leading player in the industry.
I would like to thank our customers, employees, and investors for their trust and support throughout Cityvarasto’s growth journey. We look to the future with confidence and remain committed to creating sustainable growth, improving profitability, and building long-term shareholder value.
Ville Stenroos
Chief Executive Officer
Cityvarasto Plc
Financial calendar
Cityvarasto will publish its financial reports in 2026 as follows:
- Interim report for January–September 2026 on Friday, 13 November 2026.
Cityvarasto Plc will publish a recorded presentation of its half-year report on 17 August 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-q2-report
The English version is available through the following link:
https://investorcaller.com/events/cityvarasto/cityvarasto-q2-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 August 17th 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-q2-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.