CBo Territoria (CBOT) H1 2026 earnings summary

Executive summary

• Delivered solid first-half 2026 results with recurring net income up 2.1%, activity result up 3.8%, and group net income up 3.1% to €9.0M, despite a challenging market environment.

• Consolidated revenue was stable at €25.4M (-1.0% YoY), with a strong property portfolio valued at €392.5M (87% in tertiary assets).

• Residential promotion revenue rose 6.4% with a robust margin of 14.8%, while commercial development saw a decline due to a non-recurring 2025 transaction.

• Maintained a healthy financial position with reduced gross debt, stable net financial debt at €132.8M, and improved LTV at 32.1%.

• The group specializes in multi-regional real estate development, focusing on tertiary assets in the Indian Ocean, with a strong presence in La Réunion and Mayotte.

Financial highlights

• Net recurring income: €7.9M (+2.1% YoY); Activity result: €11.8M (+3.8% YoY); Group net income: €9.0M (+3.1% YoY).

• Net rents increased 1.1% to €14.3M; consolidated gross rents (IFRS) slightly down (-0.2% YoY); gross-to-net conversion rate at 91%.

• Net asset value (NAV): €253.9M (+0.3% over 6 months), €7.25/share.

• Consolidated revenues for H1 2026 were €25.4M, down 1.0% YoY.

• Property margin was €1.6M (14.8%), down from €1.8M (16.4%) in H1 2025.

Outlook and guidance

• 2026 gross rental income guidance raised to +1% growth, up from previous guidance of -1% to -2%.

• Strategic priorities unchanged: focus on asset value enhancement and high occupancy.

• Commercial project pipeline totals nearly €67M, with €24M under construction and €10M to be launched within 18 months.

• Residential promotion pipeline includes ~830 lots, with 221 in progress and 224 to launch within 12 months; backlog at €15.1M.

• Residential new orders at €28.7M, supporting medium-term growth.