CPI PROPERTY GROUP S.A.

Latest Results (13.01.2026):

CPI PROPERTY GROUP S.A. — first quarter of 2025: The Group reported Q1 2025 unaudited results with total assets of €20.4 billion and EPRA NRV of €6.4 billion. Net rental income was about €196 million, consolidated adjusted EBITDA €182 million and FFO €93 million; net profit for the period was €36 million. The period was marked by active disposals (€231m closed in Q1 plus €267m closed from prior cash advances), a net LTV of 50.9% (49.9% pro forma) and strong available liquidity of €1.5 billion. The Group also secured SBTi validation for an enhanced 1.5°C-aligned near‑term GHG target.

Income and profitability

Total revenues fell to €361m (‑12.3% y/y). Gross rental income was €222m (‑6.6%), net rental income €196m (‑6.1%), consolidated adjusted EBITDA €182m (‑8.4%) and FFO €93m (‑16.1%). Net profit was €36m (‑12.8%). Management attributes declines largely to asset disposals and portfolio reclassifications.

Balance sheet and leverage

Total assets were €20.38bn and the property portfolio €17.83bn (down from €18.23bn at YE‑2024). EPRA NRV remained stable at €6.395bn. Net debt was ~€9.08bn and net LTV was 50.9% (49.9% pro forma for subsequent/linked disposals). Net debt/EBITDA annualised was 12.5x and Net ICR 2.2x.

Disposals, pipeline and liquidity

Q1 2025 disposals amounted to €231m; an additional €267m that had received cash advances in Q4‑2024 were formally closed and deconsolidated in Q1. Year‑to‑date closed or signed disposals exceed €650m, with €230m signed but not closed and ~€370m at LOI/due‑diligence stage. Management reiterates a 2025 disposal target of €1bn. Available liquidity stood at €1.5bn, covering all bond maturities for 24 months and all debt maturities for 18 months.

Capital structure actions

CPIPG’s subsidiary CPI Europe launched a tender offer for up to €100m of bonds maturing Oct‑2027. The Group plans to prioritise repayment of short‑term and higher‑coupon bonds as disposal proceeds arrive and is evaluating options for SGD/EUR hybrids with near call dates.

Operational and portfolio metrics

Occupancy was 91.6% (reported ~92%) with a WAULT of 3.5 years. Like‑for‑like rent growth was reported as c.1% across the portfolio (table metrics show c.0.6% LFL gross rental growth based on headline rent). GLA declined ~2% and total number of properties fell due to disposals.

Sustainability

CPIPG announced Science Based Targets initiative (SBTi) validation of an enhanced near‑term Scope 1 and 2 GHG reduction target aligned with a 1.5°C pathway (upgraded from previous “well below 2°C” validation).