CPI Property Group (O5G) investor relations material

Executive summary

• 2025 marked a year of stability and cautious optimism in European real estate, with improved GDP growth in CEE countries and low interest rates supporting the operating environment.

• Property portfolio valued at €18.0 billion, reflecting disposals, CapEx, acquisitions, and positive revaluations.

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

• Occupancy improved to 93.3%, up 1.2 percentage points year-over-year, with strong performance in retail (98% occupancy) and hotels, and continued growth in residential in the Czech Republic.

• The group exceeded its disposal target, selling €1.1 billion in properties, and saw signs of larger deals returning to the market.

Financial highlights

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

• EBITDA was €703 million and FFO €275 million, both declining due to disposals and timing of new investments.

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

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

• Contracted gross rents at year-end were €906 million, down from €917 million in 2024.

Outlook and guidance

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

• Disposals of €500–750 million planned for 2026, primarily targeting non-income generating assets, with over €550 million under LOI or advanced due diligence.

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

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

• Continued cautious approach to development, with high pre-sales for residential projects and gradual execution.