CPI PROPERTY GROUP publishes financial results for 2025

CPI Property Group

(société anonyme)

40, rue de la Vallée

L-2661 Luxembourg

R.C.S. Luxembourg: B 102 254

 

Press Release - Corporate News

 

Luxembourg, 31 March 2026

 

CPI PROPERTY GROUP publishes financial results for 2025

 

CPI Property Group S.A. (“CPIPG” or the “Group”), a leading European landlord, hereby publishes audited financial results for the financial year ended 31 December 2025.

“CPIPG’s property portfolio delivered solid results in 2025, characterized by rising occupancy and healthy like-for-like rental growth,” said David Greenbaum, CEO. “We remain focused on operational excellence, cost discipline and our long-term capital structure objectives.”

Highlights of the 2025 financial year include:

• CPIPG’s property portfolio was €18.0 billion, reflecting disposals partially offset by CapEx investments, acquisitions and positive revaluations.
• Positive revaluation results with a net revaluation gain of €201 million, equivalent to c. +1%.
• Total assets were €20.2 billion, and EPRA NRV increased to €6.5 billion.
• The Group completed €1.1 billion of disposals in 2025, with a higher share of low and non-yielding assets. The Group is confident to achieve or even exceed our disposal target of €500-750 million in 2026.
• €72 million of gross disposals have been closed and/or signed in 2026, with activity expected to accelerate in Q2. Over €550 million of disposals are under LOI and/or in advanced stages of the due diligence process.
• Like-for-like rental growth was 3.1% in 2025, with positive results in all segments and geographies. Net rental income declined to €763 million due to disposals. Net business income was €782 million.
• The EPRA topped-up net initial yield increased to 5.7%, up 1 p.p. since 2022.
• Administrative expenses decreased by nearly 5%.
• Consolidated adjusted EBITDA was €703 million; FFO1 was lower at €275 million due to asset rotation, reinvestment into value-creation opportunities, and capital structure actions.
• Occupancy improved to 93.3%, up 1.2 p.p. compared to the end of 2024, supported by an increase in our office portfolio, including Berlin and Budapest, as well as higher retail occupancy.
• WAULT remained unchanged at 3.4 years.
• Net LTV declined to 49.5%, continuing a declining trend from the peak in 2023.
• Net debt/EBITDA was 12.7x.
• Unencumbered assets slightly decreased to 47% and Net ICR stood at 2.2x.
• Fully undrawn revolving credit facility (RCF), increased to €450 million with Citibank joining as a new relationship bank; maturity extended to March 2029
• Total liquidity was €1.5 billion at the end of 2025, fully covering debt maturities through Q3 2027.

Annual results webcast

CPIPG will host a webcast in relation to its financial results for 2025. The webcast will be held on Thursday, 2 April 2026 at 11:00 am CET / 10:00 am UK.

Please register for the webcast in advance via the link below:

https://edge.media-server.com/mmc/p/ssp9m5wy

FINANCIAL HIGHLIGHTS

Performance     2025 2024 Change Total revenues € million   1,426 1,627 (12.4%) Gross rental income (GRI) € million   895 926 (3.3%) Net rental income (NRI) € million   763 795 (4.1%) Net business income (NBI) € million   782 842 (7.2%) Consolidated adjusted EBITDA € million   703 747 (5.8%) Funds from operations (FFO) € million   275 357 (23.0%) Net profit for the period € million   254 (197) 228.5%               Assets     31-Dec-2025 31-Dec-2024 Change Total assets € million   20,220 20,564 (1.7%) Property portfolio € million   17,983 18,231 (1.4%) Gross leasable area sqm   5,957,000 6,330,000 (5.9%) Share of green certified buildings* %   50.3 47.7 2.6 p.p. Occupancy %   93.3 92.1 1.2 p.p. Like-for-like gross rental growth** %   3.1 3.0 0.1 p.p.             Total number of properties*** No.   510 592 (13.9%) Total number of residential units No.   11,590 12,454 (6.9%) Total number of hotel rooms No.   4,500 6,708 (32.9%) *According to property portfolio value   ** Based on gross headline rent
*** Excluding residential properties in the Czech Republic                  Financing structure     31-Dec-2025 31-Dec-2024 Change Total equity € million   8,158 7,820 4.3% EPRA NRV € million   6,455 6,394 1.0% Net debt € million   8,899 9,051 (1.7%) Net Loan-to-value ratio (Net LTV) %   49.5 49.6 (0.1 p.p.) Net debt to EBITDA x   12.7 12.1 0.6x Secured consolidated leverage %   23.6 23.1 0.5 p.p. Secured debt to total debt %   47.9 46.6 1.3 p.p. Unencumbered assets to total assets %   46.8 48.8 (2.0 p.p.) Unencumbered assets to unsecured debt %   183 185 (2.0 p.p.) Net interest coverage (Net ICR) x   2.2 2.4 (0.2x)

 

CONSOLIDATED INCOME STATEMENT

(€ million) 2025 2024 Gross rental income 895.4 925.5 Service charge and other income 364.2 416.7 Cost of service and other charges (333.7) (381.2) Property operating expenses (162.8) (165.8) Net rental income 763.1 795.2 Development sales 11.7 71.0 Development operating expenses (10.6) (67.4) Net development income 1.1 3.6 Hotel revenue 85.8 149.6 Hotel operating expenses (64.8) (106.0) Net hotel income
Revenues from other business operations 21.0 43.6 Other business revenue 68.5 63.7 Other business operating expenses (71.9) (63.6) Net other business income (3.4) 0.1 Total revenues 1,425.6 1,626.5 Total direct business operating expenses (643.8) (784.0) Net business income 781.8 842.5 Net valuation gain/(loss) 208.4 (348.8) Net gain/(loss) on disposal of investment property and subsidiaries             7.0             (12.8) Amortization, depreciation and impairment (41.8) (52.7) Administrative expenses (130.3) (136.6) Other operating income 30.5 17.4 Other operating expenses (42.2) (25.2) Operating result 813.4 283.9 Interest income            51.0            46.0 Interest expense (366.9) (362.1) Other net financial result (207.2) (67.8) Net finance costs (523.1) (383.9) Share of gain/(loss) of equity-accounted investees (net of tax) 21.2 (14.9) Profit before income tax 311.5 (114.9) Income tax expense (57.8) (82.6) Net profit from continuing operations 253.7 (197.5)

Gross rental income

The decrease in gross rental income by €30.1 million (3.3%) was driven by the Group’s disposals, partially offset by a reclassification of hotel properties from own operating to investment property (and related reclassification from hotels income to gross rental income in the income statement).

Net service charge income

The decrease of net service charge income in 2025 compared to 2024 was also driven by the Group’s disposals.

Net hotel income

Net hotel income decreased by 51.8% in 2025 compared to 2024 due to a deconsolidation of a part of the hotel portfolio at the end of Q1 2024 and the sale of the Hvar hotels portfolio and two Marriott hotels during 2025.

Administrative expenses

A decrease in administrative expenses by €6.3 million in 2025 compared to 2024 reflects primarily a decrease in wages and social contributions, legal expenses and advisory services.

Net other business income

Net other business income decreased in 2025 compared to 2024 due to a disposal of the ski resort in Crans Montana in Q1 2024.

Other net financial result

Other financial loss increased by €139.4 million in 2025 compared to 2024. The increase was mainly due to net foreign exchange loss of €62 million (vs. loss of €10 million in 2024), by transaction costs and discounts related to the repurchased/repaid bonds in the amount of €75 million. 

Amortization, depreciation and impairments

Amortization, depreciation and impairments increased by €10.9 million compared to 2024 primarily due to impairment recognised on an equity accounted investee of €9.4 million. Depreciation decreased due to the disposal of the hotel and the Swiss portfolio completed in 2024.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(€ million) 31 December 2025 31 December 2024 NON-CURRENT ASSETS     Intangible assets and goodwill 88.5 85.6 Investment property 15,934.3 16,411.9 Property, plant and equipment 169.1 374.2 Deferred tax assets 58.0 80.6 Equity accounted investees 945.4 797.7 Other non-current assets 708.0 531.6 Total non-current assets 17,903.3 18,281.6 CURRENT ASSETS     Inventories 194.7 48.7 Trade receivables 141.7 207.6 Cash and cash equivalents 1,013.4 1,082.0 Assets linked to assets held for sale 700.8 637.1 Other current assets 265.7 306.7 Total current assets 2,316.3 2,282.1 TOTAL ASSETS 20,219.6 20,563.7 EQUITY     Equity attributable to owners of the Company 5,038.2 4,950.2 Perpetual notes 2,071.4 1,580.0 Non-controlling interests 1,048.2 1,289.7 Total equity 8,157.8 7,819.9 NON-CURRENT LIABILITIES     Bonds issued 4,568.4 4,870.5 Financial debts 4,608.5 4,884.2 Deferred tax liabilities 1,357.5 1,456.4 Other non-current liabilities 208.6 240.4 Total non-current liabilities 10,743.0 11,451.5 CURRENT LIABILITIES     Bonds issued 255.8 107.2 Financial debts 404.1 267.2 Trade payables 150.8 184.3 Other current liabilities 508.1 733.6 Total current liabilities 1,318.8 1,292.3 TOTAL EQUITY AND LIABILITIES 20,219.6 20,563.7

Total assets

Total assets decreased by €344.1 million (1.7%) to €20,219.6 million as at 31 December 2025 compared to
31 December 2024. The decrease relates primarily to disposals of investment property and property, plant and equipment.

Total liabilities

Total liabilities decreased by €682.0 million (5.4%) to €12,061.8 million as at 31 December 2025 compared to
31 December 2024, primarily due to a decrease in bonds issued (€153.5 million), financial debts (€138.8 million) and other financial current liabilities (€240.9 million).

Equity and EPRA NRV

Total equity increased by €337.9 million to €8,157.8 million as at 31 December 2025. The movements of equity components were as follows:                   

• Increase due to the profit for the period attributable to the owners of the Group of €89.9 million;
• Decrease in retained earnings by €23.0 million;
• Increase in translation reserve by €32.9 million and hedging reserve by €53.7 million, partially offset by a decrease in revaluation reserve by €65.5 million;
• Decrease in non-controlling interests by €241.5 million;
• Increase in perpetual notes by €491.4 million.

EPRA NRV was €6,455 million as at 31 December 2025, representing an increase of 1.0% compared to 31 December 2024. The increase in EPRA NRV was driven by the above changes in the Group’s equity attributable to the owners.

For disclosures regarding Alternative Performance Measures used in this press release please refer to our Annual

Management Report 2025, chapters Glossary of terms, Key ratio reconciliations and EPRA performance; accessible at http://cpipg.com/reports-presentations-en.

Audited documents will be available tonight at the following link: http://www.cpipg.com/reports-presentations-en

2025 audited financial statements

2025 audited management report

For further information please contact:

Investor Relations

Moritz Mayer

Manager, Capital Markets

m.mayer@cpipg.com

For more on CPI Property Group, visit our website: www.cpipg.com

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Disclaimer
This communication contains certain forward-looking statements with respect to the financial condition, results of operations and business of CPIPG. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms “believes”, “estimates”, “plans”, “projects”, “anticipates”, “expects”, “intends”, “targets”, “may”, “aims”, “likely”, “would”, “could”, “can have”, “will” or “should” or, in each case, their negative or other variations or comparable terminology. Forward-looking statements may and often do differ materially from actual results. CPIPG’s business is subject to a number of risks and uncertainties that could also cause a forward-looking statement, estimate or prediction to differ materially from those expressed or implied by the forward-looking statements contained in this communication. The information, opinions and forward-looking statements contained in this communication speak only as at its date and are subject to change without notice. As a result, undue influence should not be placed on any forward-looking statement.