CBo Territoria (CBOT) investor relations material

Executive summary

• Net income attributable to the Group rose 18.1% year-over-year to €17.2 million, driven by strong Property Investment performance.

• Consolidated revenue declined 20.0% to €53.3 million, mainly due to lower Property Development activity after the end of the Pinel scheme.

• Property Investment division recurring net income increased 5.4% to €16.0 million, with gross rental income up 1.6% to €30.8 million.

• Acquisition of Villa St. Joseph and launch of the Galabé project support future growth.

Financial highlights

• Gross rental income: €30.8 million (+1.6% year-over-year), including €3.9 million from equity-accounted companies.

• Property Development revenue: €24.9 million (-35.3% year-over-year), with margin maintained at 15.3%.

• Operating profit: €23.3 million (-3.8% year-over-year), offset by Property Investment momentum.

• Net asset value (NAV): €253.1 million (+3.1%), or €7.23 per share (+3.9%).

• Gross financial debt: €159.8 million (down €5.6 million from year-end 2024), with 8-year average maturity.

• Available cash: €16.2 million.

Outlook and guidance

• 2026 gross rental income expected to decline slightly by 1–2% due to neutral indexation and known leasing changes.

• Commercial development pipeline of €68 million, with three assets scheduled for delivery in 2027.

• Focus on asset management to maintain high occupancy rates in a challenging environment.

• Proposed 2025 dividend stable at €0.24 per share.