Citycon Oyj

Citycon Oyj's Board of Directors has proposed increasing the number of board members to ten and electing Mr. Eero Sihvonen as a new member, with his term ending at the next Annual General Meeting. This proposal will be presented at the Extraordinary General Meeting on 12 November 2024, with details available by 21 October 2024. Mr. Sihvonen, who served as Citycon's CFO from 2005 to 2021, brings extensive experience in financing and managing Nordic mixed-use real estate. He is considered independent of significant shareholders but not independent of the company due to his previous role. Additional information about Mr. Sihvonen will be available on Citycon's website. Citycon is a prominent developer of mixed-use real estate in the Nordic region, with assets worth approximately EUR 4.2 billion and an investment-grade credit rating from Standard & Poor's. Its shares are listed on Nasdaq Helsinki.

Citycon Oyj announced that CEO Henrica Ginström has stepped down from her position with immediate effect, after serving since April 2024. The Board of Directors has appointed F. Scott Ball as interim CEO. Mr. Ball, who was Citycon’s CEO from 2019 to 2024 and has been a Board member since 2021, will take on the role while the Board searches for a new CEO. Chairman Chaim Katzman expressed gratitude for Ms. Ginström's service and confidence in the company's future plans. Citycon is a major real estate owner and developer in the Nordic region, focusing on mixed-use properties with a strong emphasis on sustainability. The company is listed on Nasdaq Helsinki and holds an investment-grade credit rating from Standard & Poor's.

Citycon Oyj announced a revision of its financial guidance for 2024, primarily due to factors such as the divestments of Kongssenteret and Trekanten, weakened NOK and SEK exchange rates in the third quarter, delays in the Barkarby residential project, and one-time reorganization costs from an organizational savings program. An increase in the total number of shares from a share issue in February 2024 also negatively impacts the EPRA EPS and adjusted EPRA EPS. The updated guidance assumes no major changes in macroeconomic conditions or significant disruptions from the war in Ukraine, and it is based on the existing property portfolio and current estimates of inflation, exchange rates, and interest rates. Citycon is a leading Nordic real estate company focusing on mixed-use developments and sustainable property management, with assets totaling approximately EUR 4.2 billion. Its shares are listed on Nasdaq Helsinki, and it holds an investment-grade credit rating from Standard & Poor's.