CPI Europe (CPI) Q4 2024 earnings summary

Executive summary

• Rental income increased 10.4% year-over-year to EUR 589.2 million, with asset management results up 17% to EUR 489.6 million and FFO 1 after tax up 20.2% to EUR 274.5 million, reflecting strong operating performance and portfolio optimization.

• Net profit reached EUR 133.5 million, reversing a prior-year loss, while EBIT improved to EUR 419.4 million from EUR -67.1 million, driven by positive revaluations and higher operating income.

• The company completed the squeeze-out of S IMMO minority shareholders, now holding 100% of S IMMO, and rebranded from IMMOFINANZ to CPI Europe.

• Sustainability initiatives advanced, with 58.3% of the standing investment portfolio certified and a new climate transition plan targeting net zero by 2050.

• No dividend proposed for 2024, with retained earnings to further strengthen the balance sheet.

Financial highlights

• Rental income: EUR 589.2 million (+10.4% year-over-year); asset management results: EUR 489.6 million (+17%).

• EBIT: EUR 419.4 million (prior year: EUR -67.1 million); net profit: EUR 133.5 million (prior year: EUR -229.5 million).

• FFO 1 after tax: EUR 274.5 million (+20.2% year-over-year).

• Revaluations turned positive at EUR 12.6 million (prior year: EUR -376.8 million).

• Equity ratio: 43.2% (prior year: 47.3%); net LTV: 46.4% (prior year: 42.5%).

• Cash and cash equivalents: EUR 531.7 million (prior year: EUR 697.1 million).

• EPS: EUR 0.97 (prior year: EUR -1.31).

Outlook and guidance

• Focus remains on portfolio optimization, targeted sales, and investment in standing assets, with continued expansion of renewable energy and digitalization.

• Plan to open new STOP SHOP retail parks in Croatia in 2025 and 2026, aiming for four new retail park openings per year long-term.

• Stronger emphasis on ESG, including further rollout of photovoltaic installations and smart meters.

• No dividend planned for 2024; funds to be used to strengthen the balance sheet.