CBo Territoria (CBOT) Q4 2025 TU earnings summary

Executive summary

• Consolidated revenue for 2025 was €53.3 million, down 20.0% year-over-year, mainly due to a decline in property development revenue.

• Investment property business delivered solid performance, with gross rental income in line with annual targets.

• Property development saw improved momentum in the second half, despite a significant year-over-year decline.

Financial highlights

• Gross rental income (excluding equity in affiliates) rose 1.3% to €26.9 million compared to 2024.

• Property development revenue fell 35.3% to €24.9 million, mainly due to the end of the Pinel Dom scheme.

• Ancillary activities revenue was €1.5 million, down 5.0% year-over-year.

• Total consolidated revenue decreased by €13.3 million year-over-year.

Outlook and guidance

• The investment property business is expected to benefit from the acquisition of Villa St. Joseph, contributing to revenue in 2026.

• The order book for property development stood at €22.8 million at year-end 2025, up from €15.3 million at year-end 2024, indicating a stronger pipeline.