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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 Fina Elf 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 Fina Elf 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.
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