CPI PROPERTY GROUP S.A.

Latest Results (27.02.2026):

CPI PROPERTY GROUP S.A. — third quarter 2025 (unaudited nine‑month results to 30 Sep 2025): the Group reports a property portfolio of ~€18.0bn and total assets of €20.8bn, EPRA NRV €6.5bn. Net LTV fell to 48.8%. Like‑for‑like rents rose 3.4% while net rental income was €588m and net business income €600m. Consolidated adjusted EBITDA was €540m, FFO €232m and net profit €186m. Occupancy remained ~92% (WAULT 3.4 years). Available liquidity ~€2.0bn and disposals YTD exceeded €875m, supporting upcoming maturities and liability management.

Portfolio & balance sheet

Property portfolio €17,962m (down 1.5% vs YE2024); total assets €20,835m; EPRA NRV €6,499m (+1.6% vs YE2024). Equity attributable to owners €5,071m; perpetual notes increased to €1,738m.

Operating income & occupancy

Q1–Q3 2025 net rental income €587.6m (‑6.3% y/y) and net business income €600.4m (‑10.5% y/y). Like‑for‑like gross rental growth +3.4%. Group occupancy 91.9% (effectively unchanged) with WAULT 3.4 years.

Profitability & cash flow measures

Consolidated adjusted EBITDA €540m (‑9.2%); FFO €232m (‑25.4%); net profit for the period €185.6m (versus €17.3m prior year), supported by a net valuation gain of €165.8m in the period.

Leverage, coverage & liquidity

Net debt €8,760m; net LTV 48.8% (‑0.8 pp vs YE2024). Net debt/EBITDA ~12.2x (annualised). Net interest coverage (Net ICR) 2.3x. Unencumbered assets 49.3% of total assets. Total available liquidity ~€2.0bn; after post‑Q3 liability management, liquidity covers bond maturities for ~24 months and debt maturities for ~18 months.

Capital markets & liability management actions

October repurchase of $272m USPP notes and issuance of £300m “type A” hybrids (swapped to ~7.2% fixed). November make‑whole redemption of ~€256m May‑2026 notes partly funded by a €200m tap of July‑2030 bonds. €400m unsecured RCF extended to March 2029 (currently undrawn).

Disposals & pipeline

Closed disposals >€875m so far in 2025; an additional €100–200m expected to close in 1–2 months and >€369m under LOI/advanced due diligence. Active disposal pipeline exceeds €2bn; target c.€1bn disposals in 2025 with scope to exceed.

Costs, financial items & risks

Administrative expenses down >6% (lower wages/advisory). Other net financial loss rose (~€72m higher y/y) driven mainly by €62m FX losses and ~€15m derivative revaluation losses, increasing net finance costs. Management highlights continued ability to roll bank loans and improving margins.