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CBo Territoria (CBOT) investor relations material
CBo Territoria H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
The group specializes in tertiary real estate in the Indian Ocean, focusing on commercial, office, activity, and leisure assets, with a strong presence in La Réunion and Mayotte.
Economic property portfolio valued at €379.7M, 87% in tertiary assets, with a total global property value of €382.3M as of June 2025.
1H 2025 saw a 6% increase in gross rental income to €15.8M, driven by indexation and new deliveries, with 94% from tertiary assets.
Net recurring income from property activities rose to €7.7M (€0.22/share), up from €7.3M (€0.20/share) in 1H 2024, a 6.2% increase.
Net income (group share) increased 1.8% to €8.7M (€0.25/share), supported by positive fair value adjustments and lower net debt costs.
Financial highlights
Consolidated revenues fell 27.1% year-over-year to €25.7M, mainly due to a sharp drop in promotion sales.
Gross rental revenues increased 6.0% to €15.8M, with like-for-like growth of 4.0%.
Promotion revenue dropped 47.7% to €11.1M, with residential block sales down 40.9% and land sales down 41.8%.
Promotion margin was €1.8M (16.4% margin), down from €3.2M (14.9%) in 1H 2024, but margin rate improved year-over-year.
Net debt rose to €131.0M (from €126.3M at end-2024), with a 2.8% average cost and 7 years 8 months average maturity.
LTV ratio at 32.8% (vs. 31.5% at end-2024).
ANR (Net Asset Value) per share at €6.98, up from €6.96 at end-2024.
Outlook and guidance
Tertiary gross rents expected to grow 2% in 2025, with a focus on maintaining high occupancy and launching €11M in new projects within 12-18 months.
Residential promotion backlog at €20.6M, with a stable order book and €26.3M in available lots.
Over 820 lots secured for medium-term development, with 209 under construction and 137 to launch within 12 months.
The group maintains a strong cash position and diversified business model, confident in its development prospects despite macroeconomic and political uncertainties.
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