EQS-News: CPI PROPERTY GROUP publishes financial results for the third quarter of 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, 28 November 2025

CPI PROPERTY GROUP publishes financial results for the third quarter of 2025

CPI Property Group S.A. (“CPIPG” or the “Group”), a leading European landlord, hereby publishes unaudited financial results for the nine-month period ending 30 September 2025.

Highlights for the third quarter of 2025 include:

• CPIPG’s property portfolio was €18 billion (versus €18.2 billion at year-end 2024), reflecting disposals partially offset by CapEx investments, acquisitions and slightly higher valuations.
• Total assets were €20.8 billion, and EPRA NRV was €6.5 billion.
• Net Loan-to-Value (LTV) declined to 48.8%, a 0.8 p.p. decrease compared to year-end 2024.
• Like-for-like rents grew by 3.4%. Net rental income was €588 million, a slight decline due to disposals, while net business income was €600 million.
• Consolidated adjusted EBITDA was €540 million; FFO1 was €232 million.
• Administrative expenses declined by more than 6%.
• Occupancy was effectively unchanged at 92% with a stable WAULT of 3.4 years.
• Net debt/EBITDA was 12x on an annualised basis.
• Unencumbered assets slightly increased to 49.3% and Net ICR stood at 2.3x.
• So far in 2025, the Group has closed disposals of more than €875 million. CPIPG is confident to meet or exceed our near-term disposal targets.
• Total available liquidity was €2 billion. Adjusting for liability management transactions completed after Q3, total liquidity covers all bond maturities for the next 24 months and all debt maturities for the next 18 months. Bank loans continue to be rolled over with ease, and margins are decreasing.

 

Additional Information and Post-Closing Events

Occupancy
Group occupancy was effectively unchanged at 92%. Office occupancy improved slightly, driven by Berlin and Vienna, offset by modestly lower retail occupancy due to major value enhancing refurbishments mainly in Romania.

Disposals
So far in 2025, the Group has closed disposals of more than €875 million, excluding disposals for which advance proceeds were received in 2024. Another €100 to 200 million of disposals are expected to close in the next one to two months. In addition, more than €369 million of disposals are under LOI and/or in advanced stages of due diligence.

The visibility of our pipeline, and the cautious improvement in European real estate investment activity, strengthens CPIPG’s confidence in achieving our target of c. €1 billion of disposals in 2025, with strong potential to exceed the Group’s €500 million disposal targets for 2026 and 2027. Notably, a significant portion of disposals in the next six to twelve months are expected to be non-income generating assets. The total pipeline of active disposal projects continues to exceed €2 billion.

RCF extension
Recently, CPIPG extended our €400 million unsecured revolving credit facility by one year to March 2029. Lenders in the facility, which is currently undrawn, are Bank Pekao, Barclays, Erste Group, Goldman Sachs, Komercní banka, Raiffeisen Bank International and Santander.

Capital markets activity and debt repayments
In October, CPIPG completed the repurchase of $272 million of US private placement notes maturing between 2027 and 2029 and carrying an average coupon of about 7.3%. Also in October, the Group issued £300 million of “type A“ hybrid bonds. Investor interest for the hybrids exceeded £1.25 billion. The transaction was fully swapped to Euros at a fixed rate of about 7.2%. In November, CPIPG completed the make-whole redemption of approximately €256 million of the outstanding May 2026 notes. The make-whole call was partly financed by the tap of €200 million of the July 2030 bonds.

In addition, bank loans for a total amount of c. €63 million were repaid early at the end of November. The Group expects to repay additional debt before year end.

Group structure and intra-group activities
During October, the Group used proceeds from the new GBP hybrids issue to repurchase a minority stake in a portion of our Polish portfolio from SONA Asset Management. The transaction simplified the Group´s structure by eliminating a significant joint venture.

In November, CPIPG completed the sale of our residential portfolio in the Czech Republic, which was announced in August 2025, to our subsidiary CPI Europe. The total consideration paid by CPI Europe will be approximately €605 million. About half of the consideration will be paid immediately by cash, with the remainder financed through a multi-year vendor loan from CPIPG. Given that CPIPG consolidates CPI Europe, the sale is not included in our external disposal volumes.

FINANCIAL HIGHLIGHTS

Performance		Q1-Q3 2025	Q1-Q3 2024		Change
Total revenues	€ million	1,041	1,210		(14.0%)
Gross rental income (GRI)	€ million	665	699		(4.9%)
Net rental income (NRI)	€ million	588	627		(6.3%)
Net business income (NBI)	€ million	600	671		(10.5%)
Consolidated adjusted EBITDA	€ million	540	594		(9.2%)
Funds from operations (FFO)	€ million	232	311		(25.4%)
Net profit for the period	€ million	186	17		972%
Assets		30-Sep-2025	31-Dec-2024		Change
Total assets	€ million	20,835	20,564		1.3%
Property portfolio	€ million	17,962	18,231		(1.5%)
Gross leasable area	sqm	6,010,000	6,330,000		(5.1%)
Occupancy	%	91.9	92.1		(0.2 p.p.)
Like-for-like gross rental growth*	%	3.4	3.0		0.4 p.p.
Total number of properties**	No.	536	592		(9.5%)
Total number of residential units	No.	11,683	12,454		(6.2%)
Total number of hotel rooms	No.	4,493	6,708		(33.0%)
* Based on gross headline rent ** Excluding residential properties in the Czech Republic
Financing structure		30-Sep-2025	31-Dec-2024		Change
Total equity	€ million	8,137	7,820		4.1%
EPRA NRV	€ million	6,499	6,394		1.6%
Net debt	€ million	8,760	9,051		(3.2%)
Net Loan-to-value ratio (Net LTV)	%	48.8	49.6		(0.8 p.p.)
Net debt/EBITDA	x	12.2x	12.1x		0.1x
Secured consolidated leverage	%	23.1	23.1		--
Secured debt to total debt	%	46.4	46.6		(0.2 p.p.)
Unencumbered assets to total assets	%	49.3	48.8		0.5 p.p.
Unencumbered assets to unsecured debt	%	185	185		--
Net interest coverage (Net ICR)	x	2.3x	2.4x		(0.1x)

 

CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT*

	Nine-month period ended
(€ million)	30 September 2025	30 September 2024
Gross rental income	665.2	699.2
Service charge and other income	249.4	320.6
Cost of service and other charges	(218.5)	(284.8)
Property operating expenses	(108.5)	(108.0)
Net rental income	587.6	626.8
Development sales	11.4	15.8
Development operating expenses	(11.9)	(13.9)
Net development income	(0.5)	1.9
Hotel revenue	67.8	121.2
Hotel operating expenses	(50.7)	(83.7)
Net hotel income Revenues from other business operations	17.1	37.5
Other business revenue	46.8	53.0
Other business operating expenses	(50.6)	(48.4)
Net other business income	(3.8)	4.6
Total revenues	1,040.6	1,209.7
Total direct business operating expenses	(440.2)	(538.9)
Net business income	600.4	670.8
Net valuation gain/ (loss)	165.8	(167.8)
Net loss on disposal of investment property and subsidiaries	(27.0)	(21.0)
Amortization, depreciation and impairment	(27.2)	(21.3)
Administrative expenses	(99.6)	(106.3)
Other operating income	10.6	14.3
Other operating expenses	(23.2)	(11.5)
Operating result	599.8	357.2
Interest income	41.5	33.8
Interest expense	(277.2)	(259.0)
Other net financial result	(125.8)	(53.5)
Net finance costs	(361.5)	(278.7)
Share of gain/ (loss) of equity-accounted investees (net of tax)	6.6	(15.1)
Profit before income tax	244.9	63.4
Income tax expense	(59.3)	(46.1)
Net profit from continuing operations	185.6	17.3

* The presented financial statements do not represent a full set of interim financial statements as if prepared in accordance with IAS 34

Gross rental income
Gross rental income decreased by €34.0 million (4.9%) driven by the Group´s disposals, partly compensated by the reclassification of hotel properties from own operating to investment property. A decrease of €23.0 million was due to disposals completed by S IMMO in Germany, Austria and Croatia. 

Net service charge income
Net service charge income decreased in Q1-Q3 2025 compared to Q1-Q3 2024 by approx. 23% due to the Group’s disposals.

Net hotel income
Net hotel income decreased by 54.4% in Q1-Q3 2025 compared to Q1-Q3 2024 due to the deconsolidation of a part of the hotel portfolio in 2024.

Administrative expenses
Administrative expenses decreased by 6.3% in Q1-Q3 2025 compared to Q1-Q3 2024 primarily reflects a decrease in wages, salaries and advisory services.

Net other business income
Net other business income decreased in Q1-Q3 2025 compared to Q1-Q3 2024 due to the disposal of the ski resort in Crans Montana in 2024.

Other net financial result
Other financial loss was higher by €72.3 million in Q1-Q3 2025 compared to Q1-Q3 2024. The increase was mainly due to foreign exchange loss of €62 million, loss from revaluation of financial derivatives of €15 million and a decrease in other financial income of €10 million.

Amortization, depreciation and impairments
Amortization, depreciation and impairments increased by €5.9 million compared to Q1-Q3 2024, primarily due to impairment recognised on other financial investments of €9.4 million. Depreciation decreased due to the disposal of a hotel and the Swiss portfolio in 2024.
 

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION*

(€ million)	30 September 2025	31 December 2024
NON-CURRENT ASSETS
Intangible assets and goodwill	86.5	85.6
Investment property	16,398.0	16,411.9
Property, plant and equipment	165.1	374.2
Deferred tax assets	73.4	80.6
Equity accounted investees	912.9	797.7
Other non-current assets	726.0	531.6
Total non-current assets	18,361.9	18,281.6
CURRENT ASSETS
Inventories	137.3	48.7
Trade receivables	147.4	207.6
Cash and cash equivalents	1,578.6	1,082.0
Assets linked to assets held for sale	309.0	637.1
Other current assets	301.1	306.7
Total current assets	2,473.4	2,282.1
TOTAL ASSETS	20,835.3	20,563.7
EQUITY
Equity attributable to owners of the Company	5,071.2	4,950.2
Perpetual notes	1,738.2	1,580.0
Non-controlling interests	1,327.5	1,289.7
Total equity	8,136.9	7,819.9
NON-CURRENT LIABILITIES
Bonds issued	4,602.1	4,870.5
Financial debts	4,752.5	4,884.2
Deferred tax liabilities	1,483.3	1,456.4
Other non-current liabilities	257.2	240.4
Total non-current liabilities	11,095.1	11,451.5
CURRENT LIABILITIES
Bonds issued	484.0	107.2
Financial debts	476.6	267.2
Trade payables	108.1	184.3
Other current liabilities	534.6	733.6
Total current liabilities	1,603.3	1,292.3
TOTAL EQUITY AND LIABILITIES	20,835.3	20,563.7

* The presented financial statements do not represent a full set of interim financial statements as if prepared in accordance with IAS 34

 

Total assets
Total assets increased by €271.6 million to €20,835.3 million as at 30 September 2025 compared to 31 December 2024. The increase relates primarily to an increase in cash and cash equivalents (€496.6 million), an increase of other non-current assets (€194.4 million) represents primarily derivative instruments and other financial investments.

Total liabilities
Total liabilities decreased by €45.4 million to €12,698.4 million as at 30 September 2025 compared to 31 December 2024, primarily due to a decrease of other financial current liabilities by €199.0 million.

Equity and EPRA NRV
Total equity increased by €317.0 million from €7,819.9 million as at 31 December 2024 to €8,136.9 million as at 30 September 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 €74.0 million;
• Increase of retained earnings by €18.0 million;
• Increase of translation reserve by €57.3 million and of hedging reserve by €37.5 million and decrease of revaluation reserve by €65.9 million;
• Increase of non-controlling interests by €38.0 million;
• Increase of perpetual notes by €158.1 million.      

EPRA NRV was €6,499 million as at 30 September 2025, representing an increase of 1.6% 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 and an increase in deferred tax on revaluations (€20.9 million).

 

GLOSSARY

 

Non-financial definitions	Definition
Company	CPI Property Group S.A.
Property Portfolio value or PP value	The sum of value of Property Portfolio owned by the Group
Gross Leasable Area or GLA	Gross leasable area is the amount of floor space available to be rented. Gross leasable area is the area for which tenants pay rent, and thus the area that produces income for the property owner.
Group	CPI Property Group S.A. together with its subsidiaries
Net debt	Net debt is borrowings plus bank overdraft less cash and cash equivalents.
Occupancy	Occupancy is a ratio of estimated rental revenue regarding occupied GLA and total estimated rental revenue, unless stated otherwise.
Property Portfolio	Property Portfolio covers all properties and investees held by the Group, independent of the balance sheet classification, from which the Group incurs rental or other operating income.

 

APM RECONCILIATION[*]

EPRA NRV reconciliation (€ million)	30-Sep-25	31-Dec-24
Equity attributable to owners of the company	5,071	4,950
Effect of exercise of options, convertibles and other equity interests	0	0
Diluted NAV, after the exercise of options, convertibles and other equity interests	5,071	4,950
Revaluation of trading property and property, plant and equipment	0	0
Fair value of financial instruments	(74)	(37)
Deferred tax on revaluation	1,545	1,524
Goodwill as a result of deferred tax	(43)	(43)
EPRA NRV	6,499	6,394

 

Net LTV reconciliation (€ million)	30-Sep-25	31-Dec-24
Financial debts	5,229	5,152
Bonds issued	5,086	4,978
Net debt linked to assets held for sale	23	3
Cash and cash equivalents	(1,579)	(1,082)
Net debt	8,760	9,051
Total property portfolio	17,962	18,231
Net LTV	48.8%	49.6%

 

Net Interest coverage ratio reconciliation (€ million)	Q1-Q3 2025	FY 2024
Interest income	41	46
Interest expense	(277)	(362)
Consolidated adjusted EBITDA	540	747
Net Interest coverage ratio	2.3x	2.4x

 

Secured debt to total debt reconciliation (€ million)	30-Sep-25	31-Dec-24
Secured bonds	0	0
Secured financial debts	4,800	4,727
Total debts	10,348	10,145
Secured debt to total debt	46.4%	46.6%

 

Unencumbered assets to total assets reconciliation (€ million)	30-Sep-25	31-Dec-24
Bonds collateral	0	0
Bank loans collateral	10,557	10,532
Total assets	20,835	20,564
Unencumbered assets ratio	49.3%	48.8%

 

Consolidated adjusted EBITDA reconciliation (€ million)*	Q1-Q3 2025	Q1-Q3 2024
Net business income	600	671
Administrative expenses	(100)	(106)
Other effects	39	30
Consolidated adjusted EBITDA	540	594

 

Funds from operations (FFO) reconciliation (€ million)*	Q1-Q3 2025	Q1-Q3 2024
Net profit/(loss) for the period	186	17
Deferred income tax	(9)	8
Net valuation gain or loss on investment property	166	(168)
Net valuation gain or loss on revaluation of derivatives	(11)	(41)
Net gain or loss on disposal of investment property and subsidiaries	(27)	(21)
Net gain or loss on disposal of PPE/other assets	(1)	(1)
Amortization, depreciation and impairments	(27)	(21)
Other non-cash items	(67)	1
GW/Bargain purchase	--	--
Other non-recurring items	(61)	(20)
Share on profit of equity accounted investees/JV adjustments	7	(15)
Other effects	15	15
Funds from operations	232	311

 

Secured consolidated leverage ratio reconciliation (€ million)	30-Sep-25	31-Dec-24
Secured bonds	0	0
Secured financial debts	4,800	4,727
Consolidated adjusted total assets	20,749	20,478
Secured consolidated leverage ratio	23.1%	23.1%

 

Unencumbered assets to unsecured debt reconciliation (€ million)	30-Sep-25	31-Dec-24
Total assets	20,835	20,564
Bonds collateral	0	0
Bank loans collateral	10,557	10,532
Total debt	10,348	10,145
Secured bonds	0	0
Secured financial debts	4,800	4,727
Unencumbered assets to unsecured debt	185%	185%

* Includes pro-rata EBITDA/FFO for Q1-Q3 2025 and Q1-Q3 2024 of Equity accounted investees.

 

Property portfolio reconciliation (€ million)	30-Sep-25	31-Dec-24
Investment property - Office	7,235	7,424
Investment property - Retail	4,846	4,808
Investment property - Land bank	1,800	1,796
Investment property - Residential	1,160	1,126
Investment property - Development	734	663
Investment property - Hotels rented	372	353
Investment property - Agriculture	154	149
Investment property - Industry & Logistics	63	61
Investment property - Other	34	33
Property, plant and equipment - Hospitality	63	275
Property, plant and equipment - Other	47	40
Property, plant and equipment - Agriculture	17	17
Property, plant and equipment - Residential	6	6
Property, plant and equipment - Office	2	2
Property, plant and equipment - Land bank	1	1
Property, plant and equipment - Development	0	--
Inventories	130	42
Equity accounted investees	909	793
Assets held for sale	259	589
Other financial assets	128	55
Total	17,962	18,231

 

Like-for-like gross rental growth (€ million)	Q1-Q3 2025	Q1-Q3 2024
Gross rental income	665	699
Like-for-like gross rental income	627	606
Not like-for-like gross rental income	39	94

 

Net debt/EBITDA reconciliation (€ million)	30-Sep-25*	31-Dec-24
Net debt	8,760	9,051
Net business income*	801	842
Administrative expenses*	(133)	(137)
Other effects*	52	41
Net debt/EBITDA	12.2x	12.1x

*Annualised.

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

^[*]* Totals might not sum exactly due to rounding differences.