CPI Europe (CPI) Q1 2026 earnings summary

Executive summary

• Net profit for Q1 2026 reached €105.5 million, more than doubling year-over-year, driven by strategic portfolio reorientation and acquisitions, notably the Czech BYTY residential portfolio.

• Rental income increased by 4.4% to €145.2 million, with like-for-like rental income up 2.3%.

• Operating profit (EBIT) rose 53% to €138.8 million, supported by positive revaluations and improved asset management results.

• Funds from operations (FFO 1 after tax) grew 30.2% to €68.5 million, reflecting higher rental income and lower financing costs.

Financial highlights

• Earnings before tax (EBT) increased 93.5% to €119.5 million compared to Q1 2025.

• Net profit margin improved, with EPS at €0.76 (Q1 2025: €0.38).

• Balance sheet total at 31 March 2026 was €9,488.0 million, with equity at €4,546.4 million.

• Financial liabilities stood at €3,952.2 million, and cash and cash equivalents at €324.3 million.

• EPRA earnings per share rose 23.5% to €0.47; EPRA NTA per share up 1.9% to €36.30.

Outlook and guidance

• Strategic focus remains on portfolio optimization, selective acquisitions, and divestments, with continued emphasis on core markets.

• Recent and planned property sales, including exits from Italian retail parks and Prague's Na Příkopě 14, support ongoing capital recycling.