CBo Territoria (CBOT) H1 2025 earnings summary

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.