CPI Property Group (O5G) Q4 2025 earnings summary

Executive summary

• 2025 marked a year of stability and cautious optimism, with improved operating environment and GDP growth in CEE, low interest rates, and strong real estate portfolio performance.

• Achieved like-for-like rental growth of 3.1% and group occupancy of 93.3%, with strong performance across retail, hotel, and residential segments.

• Disposals generated €1.1 billion in gross proceeds, exceeding targets, and gross debt reduced by €220 million.

• Net profit for 2025 was €254 million, a significant turnaround from a €197 million loss in 2024.

• Capital structure was optimized through hybrid bond exchanges, new issuances, and debt repayments.

Financial highlights

• Property portfolio valued at €18 billion, down €250 million due to disposals but offset by CapEx, acquisitions, and positive revaluations.

• EBITDA was €703 million and FFO €275 million, both lower year-over-year due to disposals.

• Net LTV declined to 49.5% from a peak of 62.3% at end-2023.

• Contracted gross rents at €906 million at year-end.

• EPRA NRV increased 1% to €6,455 million; occupancy at 93.3%.

Outlook and guidance

• Confident in achieving or exceeding €500–750 million disposal target for 2026, with over €550 million under LOI or advanced due diligence.

• Focus remains on reducing LTV further in 2026, with more progress expected in the latter part of the year.

• FFO expected to improve from 2027 as developments complete and asset rotation strategies take effect.

• Targeting return to investment grade in coming years.

• Like-for-like rental growth expected to remain positive.