EQS-News: CPI PROPERTY GROUP / Key word(s): Half Year Report/Real Estate
CPI PROPERTY GROUP publishes financial results for the first half of 2025
29.08.2025 / 21:37 CET/CEST
The issuer is solely responsible for the content of this announcement.

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, 29 August 2025

CPI PROPERTY GROUP publishes financial results for the first half of 2025

CPI Property Group S.A. (“CPIPG” or the “Group”) hereby publishes unaudited financial results for the six-month period ended 30 June 2025.

“CPIPG’s performance was solid during the first half of 2025,” said David Greenbaum, CEO. “Operations showed good momentum, reflecting the efforts of our local teams and the benefits of further Group integration, while leverage declined as our disposal pipeline remains on track.”

Highlights for the first half of 2025 include:

  • Total assets were €20.3 billion, and EPRA NRV was €6.5 billion.
  • CPIPG’s property portfolio was €17.8 billion (versus €18.2 billion at year-end 2024), reflecting completed disposals, partially offset by CapEx investments and slightly higher valuations.
  • In H1 2025, the Group closed disposals for about €650 million (excluding those for which advance payments were received in 2024). An additional €250 million of gross disposals have been signed but not yet closed. Another €280 million of disposals are under LOI and/or in advanced stages of due diligence. CPIPG’s total disposal pipeline exceeds €2 billion and is regularly refreshed.
  • Like-for-like rents grew by 2.6%. Net rental income was €394 million, a slight decline due to disposals, while net business income was €400 million.
  • Consolidated adjusted EBITDA was €366 million; FFO1 was €169 million.
  • Administrative expenses declined by nearly 13%.
  • Occupancy slightly increased to 92.2% with a stable WAULT of 3.4 years.
  • The EPRA topped-up net initial yield increased to 5.8%.
  • Net Loan-to-Value (LTV) declined to 49.4%, a 0.6 p.p. decrease year-over-year.
  • Net debt/EBITDA was 12x on an annualised basis.
  • Unencumbered assets slightly declined by to 48% and Net ICR stood at 2.3x.
  • Total available liquidity was €1.6 billion, covering all bond maturities for the next 24 months and all debt maturities for the next 18 months; secured bank loans continue to be rolled over smoothly.

Post-Closing Events

Capital markets activity

In July, the Group successfully issued a new €500 million 5-year senior unsecured green bond with a coupon of 4.75% and a €119 million tap of CPIPG’s 7.500% Type A hybrid issue, which was created via a highly successful debt exchange. At the same time, the Group completed a €180 million tender offer for our 7% bonds maturing in 2029.

Today, CPIPG launched a tender offer for “any and all” of our $330 million U.S. private‑placement notes maturing in 2027,2028 and2029. The offer is expected to settle in early October.

Intra-group activities

Today, our subsidiary CPI Europe (“CPIE”) and CPIPG signed a non-binding letter of intent (LOI) regarding the sale of 100% shares in CPI BYTY a.s. (the company that owns the Czech residential portfolio) to CPIE. The portfolio comprises of nearly 12,000 apartments and was valued at €891.6 million at H1 2025. The transaction is subject to due diligence and other customary closing conditions and is expected to be closed in the coming weeks. CPIPG considers the transaction beneficial for both companies.

Half-year results webcast

CPIPG will host a webcast in relation to our financial results for the six-month period ended 30 June 2025. The webcast will be held on Friday, 5 September 2025, at 12:00 pm CET / 11:00 am UK.

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

https://edge.media-server.com/mmc/p/8rjyhn2c/


FINANCIAL HIGHLIGHTS

Performance
H1 2025
H1 2024
Change
Total revenues
€ million
702
811
(13.5%)
Gross rental income (GRI)
€ million
447
472
(5.2%)
Net rental income (NRI)
€ million
394
418
(5.9%)
Net business income (NBI)
€ million
400
443
(9.6%)
Consolidated adjusted EBITDA
€ million
366
395
(7.3%)
Funds from operations (FFO)
€ million
169
200
(15.5%)
Net profit for the period
€ million
195
(3)
7,162.0%
Assets
30 Jun 2025
31 Dec 2024
Change
Total assets
€ million
20,269
20,564
(1.4%)
Property portfolio
€ million
17,788
18,231
(2.4%)
Gross leasable area
sqm
6,030,000
6,330,000
(4.7%)
Share of green certified buildings*
%
48.7
47.7
1.0 p.p.
Occupancy
%
92.2
92.1
0.1 p.p.
Like-for-like gross rental growth**
%
2.6
3.0
(0.4 p.p.)
Total number of properties***
No.
538
592
(9.1%)
Total number of residential units
No.
11,748
12,454
(5.7%)
Total number of hotel rooms
No.
4,802
6,708
(28.4%)
* According to property portfolio value
** Based on gross headline rent
*** Excluding residential properties in the Czech Republic
Financing structure
30 Jun 2025
31 Dec 2024
Change
Total equity
€ million
8,020
7,820
2.6%
EPRA NRV (NAV)
€ million
6,494
6,394
1.6%
Net debt
€ million
8,788
9,051
(-2.9%)
Net Loan-to-value ratio (Net LTV)
%
49.4
49.6
(0.2 p.p.)
Net debt/EBITDA
x
12.0x
12.1x
(0.1x)
Secured consolidated leverage
%
23.6
23.1
0.5 p.p.
Secured debt to total debt
%
47.8
46.6
1.2 p.p.
Unencumbered assets to total assets
%
47.5
48.8
(1.3 p.p.)
Unencumbered assets to unsecured debt
%
185%
185%
0.0 p.p.
Net interest coverage (Net ICR)
x
2.3x
2.4x
(0.1x)

CONSOLIDATED INCOME STATEMENT

Six-month period ended
(€ million)
30 June 2025
30 June 2024
Gross rental income
447.4
472.0
Service charge and other income
179.7
216.0
Cost of service and other charges
(161.4)
(191.6)
Property operating expenses
(72.1)
(78.1)
Net rental income
393.6
418.3
Development sales
10.5
12.7
Development operating expenses
(10.8)
(11.4)
Net development income
(0.4)
1.3
Hotel revenue
45.0
68.8
Hotel operating expenses
(34.2)
(50.8)
Net hotel income
Revenues from other business operations
10.8
18.0
Other business revenue
19.3
41.7
Other business operating expenses
(22.8)
(36.6)
Net other business income
(3.5)
5.1
Total revenues
701.8
811.2
Total direct business operating expenses
(301.3)
(368.5)
Net business income
400.5
442.7
Net valuation loss
171.6
(153.7)
Net gain/ (loss) on disposal of investment property and subsidiaries
(13.8)
            (14.6)
Amortization, depreciation and impairment
(21.1)
(16.0)
Administrative expenses
(59.7)
(68.3)
Other operating income
5.5
12.7
Other operating expenses
(12.8)
(9.9)
Operating result
470.2
192.9
Interest income
25.2
           20.9
Interest expense
(182.0)
(175.0)
Other net financial result
(78.6)
3.0
Net finance costs
(235.4)
(151.1)
Share of gain of equity-accounted investees (net of tax)
2.0
(20.7)
Profit before income tax
236.8
21.1
Income tax expense
(42.1)
(23.9)
Net profit from continuing operations
194.7
(2.8)


Gross rental income

Gross rental income decreased by €24.6 million (5.2%) driven by disposals, partly compensated by the reclassification of hotel income to gross rental income.

Property operating expenses

Similarly, a 7.7% decrease in property operating expenses in H1 2025 was related to the Group´s property disposals.

Administrative expenses

A decrease of administrative expenses by 12.6% in H1 2025 primarily reflects a decrease in marketing, IT and advisory services.

Other net financial result

The other financial loss was higher by €81.6 million compared to H1 2024. The decrease was caused mainly by net foreign exchange rate loss of €49 million (loss of €27 million in H1 2024), by net loss from revaluation of financial derivatives €9.9 million (compared to net income of €23 million in H1 2024) and decrease in other financial income of €10 million.

Amortization, depreciation and impairments

Amortization, depreciation and impairments decreased by €5.1 million compared to H1 2024, primarily due to impairment recognised on other investments of €9.4 million. Depreciation decreased due to disposal of hotel and Swiss portfolio realized in 2024.


CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(€ million)
30 June 2025
31 December 2024
NON-CURRENT ASSETS
Intangible assets and goodwill
85.5
85.6
Investment property
16,343.6
16,411.9
Property, plant and equipment
161.0
374.2
Deferred tax assets
61.8
80.6
Equity accounted investees
804.8
797.7
Other non-current assets
642.0
531.6
Total non-current assets
18,098.7
18,281.6
CURRENT ASSETS
Inventories
124.3
48.7
Trade receivables
164.2
207.6
Cash and cash equivalents
1,160.9
1,082.0
Assets linked to assets held for sale
408.8
637.1
Other current assets
312.0
306.7
Total current assets
2,170.4
2,282.1
TOTAL ASSETS
20,269.1
20,563.7
EQUITY
Equity attributable to owners of the Company
5,084.7
4,950.2
Perpetual notes
1,625.5
1,580.0
Non-controlling interests
1,309.6
1,289.7
Total equity
8,019.8
7,819.9
NON-CURRENT LIABILITIES
Bonds issued
4,290.4
4,870.5
Financial debts
4,760.4
4,884.2
Deferred tax liabilities
1,463.9
1,456.4
Other non-current liabilities
251.4
240.4
Total non-current liabilities
10,766.1
11,451.5
CURRENT LIABILITIES
Bonds issued
448.9
107.2
Financial debts
407.5
267.2
Trade payables
118.0
184.3
Other current liabilities
508.8
733.6
Total current liabilities
1,483.2
1,292.3
TOTAL EQUITY AND LIABILITIES
20,269.1
20,563.7

Total assets

Total assets decreased by €294.7 million to €20,268.9 million as at 30 June 2025 compared to
31 December 2024. The decrease relates primarily to decrease of investment property (€68.3 million), which was driven by disposals of €297 million , partially offset by valuation gain of €172 million and additions of €139 million. Assets held for sale decreased by €224 million mainly due to sales of Sunčani Hvar in February 2025 (€225.3 million), and significant sales from S IMMO (€112.4 million)

Total liabilities

Total liabilities decreased by €494.6 million to €12,249.3 million as at 30 June 2025 compared to 31 December 2024, primarily due to decrease of bonds by €238 million and decrease of other financial current liabilities by €202 million.

Equity and EPRA NRV

Total equity increased by €199.9 million from €7,819.9 million as at 31 December 2024 to €8,019.8 million as at 30 June 2025. The movements of equity components were as follows:                   

  • Increase in retained earnings by €147.9 million, mainly due to profit for the period attributable to the owners of €125.2 million;
  • Decrease of other reserves of €13.4 million;
  • Increase of non-controlling interests of €19.9 million;
  • Increase of perpetual notes of €45.5 million.

EPRA NRV increased by €100 million (2%) to €6,494 million as at 30 June 2025, compared to 31 December 2024. The increase of EPRA NRV was driven by the above changes in the Group´s equity attributable to the owners.

30 June 2025
31 December 2024
Equity attributable to the owners (NAV)
5,085
4,950
Diluted NAV
5,085
4,950
Fair value of financial instruments
(82)
(37)
Deferred tax on revaluations
1,534
1,524
Goodwill as a result of deferred tax
(43)
(43)
EPRA NRV (€ million)
6,494
6,394


For disclosures regarding Alternative Performance Measures used in this press release please refer to our Half-year Management Report 2025, chapters Glossary of terms, Key ratio reconciliations and EPRA performance; accessible at http://cpipg.com/reports-presentations-en.

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

Half-year 2025 unaudited financial statements
Half-year 2025 unaudited 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
Follow us on X (CPIPG_SA) and LinkedIn

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.


29.08.2025 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com

Performance
H1 2025
H1 2024
Change
Total revenues
€ million
702
811
(13.5%)
Gross rental income (GRI)
€ million
447
472
(5.2%)
Net rental income (NRI)
€ million
394
418
(5.9%)
Net business income (NBI)
€ million
400
443
(9.6%)
Consolidated adjusted EBITDA
€ million
366
395
(7.3%)
Funds from operations (FFO)
€ million
169
200
(15.5%)
Net profit for the period
€ million
195
(3)
7,162.0%
Assets
30 Jun 2025
31 Dec 2024
Change
Total assets
€ million
20,269
20,564
(1.4%)
Property portfolio
€ million
17,788
18,231
(2.4%)
Gross leasable area
sqm
6,030,000
6,330,000
(4.7%)
Share of green certified buildings*
%
48.7
47.7
1.0 p.p.
Occupancy
%
92.2
92.1
0.1 p.p.
Like-for-like gross rental growth**
%
2.6
3.0
(0.4 p.p.)
Total number of properties***
No.
538
592
(9.1%)
Total number of residential units
No.
11,748
12,454
(5.7%)
Total number of hotel rooms
No.
4,802
6,708
(28.4%)
* According to property portfolio value
** Based on gross headline rent
*** Excluding residential properties in the Czech Republic
Financing structure
30 Jun 2025
31 Dec 2024
Change
Total equity
€ million
8,020
7,820
2.6%
EPRA NRV (NAV)
€ million
6,494
6,394
1.6%
Net debt
€ million
8,788
9,051
(-2.9%)
Net Loan-to-value ratio (Net LTV)
%
49.4
49.6
(0.2 p.p.)
Net debt/EBITDA
x
12.0x
12.1x
(0.1x)
Secured consolidated leverage
%
23.6
23.1
0.5 p.p.
Secured debt to total debt
%
47.8
46.6
1.2 p.p.
Unencumbered assets to total assets
%
47.5
48.8
(1.3 p.p.)
Unencumbered assets to unsecured debt
%
185%
185%
0.0 p.p.
Net interest coverage (Net ICR)
x
2.3x
2.4x
(0.1x)
Six-month period ended
(€ million)
30 June 2025
30 June 2024
Gross rental income
447.4
472.0
Service charge and other income
179.7
216.0
Cost of service and other charges
(161.4)
(191.6)
Property operating expenses
(72.1)
(78.1)
Net rental income
393.6
418.3
Development sales
10.5
12.7
Development operating expenses
(10.8)
(11.4)
Net development income
(0.4)
1.3
Hotel revenue
45.0
68.8
Hotel operating expenses
(34.2)
(50.8)
Net hotel income
Revenues from other business operations
10.8
18.0
Other business revenue
19.3
41.7
Other business operating expenses
(22.8)
(36.6)
Net other business income
(3.5)
5.1
Total revenues
701.8
811.2
Total direct business operating expenses
(301.3)
(368.5)
Net business income
400.5
442.7
Net valuation loss
171.6
(153.7)
Net gain/ (loss) on disposal of investment property and subsidiaries
(13.8)
            (14.6)
Amortization, depreciation and impairment
(21.1)
(16.0)
Administrative expenses
(59.7)
(68.3)
Other operating income
5.5
12.7
Other operating expenses
(12.8)
(9.9)
Operating result
470.2
192.9
Interest income
25.2
           20.9
Interest expense
(182.0)
(175.0)
Other net financial result
(78.6)
3.0
Net finance costs
(235.4)
(151.1)
Share of gain of equity-accounted investees (net of tax)
2.0
(20.7)
Profit before income tax
236.8
21.1
Income tax expense
(42.1)
(23.9)
Net profit from continuing operations
194.7
(2.8)
(€ million)
30 June 2025
31 December 2024
NON-CURRENT ASSETS
Intangible assets and goodwill
85.5
85.6
Investment property
16,343.6
16,411.9
Property, plant and equipment
161.0
374.2
Deferred tax assets
61.8
80.6
Equity accounted investees
804.8
797.7
Other non-current assets
642.0
531.6
Total non-current assets
18,098.7
18,281.6
CURRENT ASSETS
Inventories
124.3
48.7
Trade receivables
164.2
207.6
Cash and cash equivalents
1,160.9
1,082.0
Assets linked to assets held for sale
408.8
637.1
Other current assets
312.0
306.7
Total current assets
2,170.4
2,282.1
TOTAL ASSETS
20,269.1
20,563.7
EQUITY
Equity attributable to owners of the Company
5,084.7
4,950.2
Perpetual notes
1,625.5
1,580.0
Non-controlling interests
1,309.6
1,289.7
Total equity
8,019.8
7,819.9
NON-CURRENT LIABILITIES
Bonds issued
4,290.4
4,870.5
Financial debts
4,760.4
4,884.2
Deferred tax liabilities
1,463.9
1,456.4
Other non-current liabilities
251.4
240.4
Total non-current liabilities
10,766.1
11,451.5
CURRENT LIABILITIES
Bonds issued
448.9
107.2
Financial debts
407.5
267.2
Trade payables
118.0
184.3
Other current liabilities
508.8
733.6
Total current liabilities
1,483.2
1,292.3
TOTAL EQUITY AND LIABILITIES
20,269.1
20,563.7
30 June 2025
31 December 2024
Equity attributable to the owners (NAV)
5,085
4,950
Diluted NAV
5,085
4,950
Fair value of financial instruments
(82)
(37)
Deferred tax on revaluations
1,534
1,524
Goodwill as a result of deferred tax
(43)
(43)
EPRA NRV (€ million)
6,494
6,394

Language:
English
Company:
CPI PROPERTY GROUP
40, rue de la Vallée
L-2661 Luxembourg
Luxemburg
Phone:
+352 264 767 1
Fax:
+352 264 767 67
E-mail:
contact@cpipg.com
Internet:
www.cpipg.com
ISIN:
LU0251710041
WKN:
A0JL4D
Listed:
Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Dusseldorf, Stuttgart
EQS News ID:
2191000


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