CBo Territoria (CBOT) H2 2024 earnings summary

Executive summary

• Net recurring income from property investment rose 21.2% to €15.1m, driven by commercial property growth and cost control.

• Property development revenue declined 33.8% to €38.5m, but margin improved to 16.1% due to a shift toward block sales.

• Net income (Group share) increased 3.3% to €14.6m, with consolidated revenue down 21.5% to €66.6m.

• Net asset value reached €245.6m (+1.5%), or €6.96/share (+3.0%), reflecting profit growth and share buybacks.

• Financial position remains strong: net financial debt reduced to €126.3m, LTV at 31.5%, and cash at €27.6m.

Financial highlights

• Total net rental income (including equity affiliates) rose 6.4% to €27.6m; commercial property net rental income up 8.1%.

• Operating income was €24.2m, down 3.7% year-over-year, but stable when including affiliates' contribution.

• Gross rental income from the economic portfolio increased 3.7% to €30.3m.

• Net recurring result per share improved to €0.42 (from €0.35 in 2023).

• Proposed dividend for 2024 is stable at €0.24/share, fully in cash.

Outlook and guidance

• 2025 target: gross rental income growth of approximately 1% across the total economic portfolio.

• Commercial property pipeline totals €70m, with €23m in projects to launch in the next 12–18 months.

• Residential development backlog of €18.4m in block sales and €23.8m in building plots for sale by end-2024.