CPI Property Group (O5G) investor relations material

Executive summary

• Liquidity reached €1.6 billion, covering all debt maturities until Q1 2028 and all unsecured bond maturities until Q3 2030.

• Gross debt reduced by €159 million in H1 2026; undrawn revolving credit facility upsized to €500 million and extended to March 2030.

• Total assets reached €19.9 billion and property portfolio stood at €17.5 billion as of H1 2026.

• Active portfolio management included disposals, reinvestment, and corporate simplification, such as the delisting of Next RE and asset combination with CPI FIM SA.

• No plans to issue new bonds in 2026; focus remains on operations, disposals, and corporate simplification.

Financial highlights

• Consolidated adjusted EBITDA at €341 million; FFO €145 million, both down year-over-year due to disposals.

• Net rental income declined 4.7% to €375 million; net business income down due to lower hotel income.

• Occupancy at 92.4%, with retail at 98%, office at 88%, and residential at 90–91%.

• Administrative expenses and interest expense both declined modestly.

• EPRA NRV at €6.2 billion; equity ratio at 40%.

Outlook and guidance

• Disposal pipeline exceeds €2 billion, with €542 million closed or signed YTD at 5% above book value.

• Confident in exceeding the €500–750 million disposal target for 2026; sales of development assets from 2026–2029 expected to generate significant cash.

• Ongoing focus on reducing leverage, improving ICR, and simplifying group structure.

• Development projects under construction are 89% pre-let, with estimated yields on cost above 7%.

• Portfolio and capital structure improvements position the group for future growth and flexibility.