Cibus reported Q4 results which were in line with our expectations. Rental income was slightly below but so was property expenses. Profit from property management came in at EUR 9.3m versus our EUR 9.5m expected. EPRA NAV of SEK 122 per share was slightly below our expectation as fair value changes were lower than our expectations. Cibus has a good position with 95% of revenues derived from the defensive sector of groceries.
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