CPI Europe (CPI) Q4 2025 earnings summary

Executive summary

• Net profit rose to €513.5m from €133.5m, driven by €211.8m of revaluations and a €119.9m bargain-purchase gain; operating results and FFO 1 after tax declined.

• Portfolio strategy broadened beyond office and retail with the Czech residential acquisition; year-end portfolio value was €8.7bn across 357 properties, with 94.0% occupancy.

Financial highlights

• Rental income fell 4.5% YoY to €562.5m; like-for-like rental income rose 1.7% after adjusting for acquisitions, completions and sales.

• Revenue from asset management was €754.2m versus €808.4m; asset management results fell to €457.3m from €489.6m, while hotel results declined to €8.5m from €9.8m.

• EBIT rose 69.4% to €710.3m; EBT was €599.8m versus €206.0m, and net profit reached €513.5m versus €133.5m.

• EPS was €3.73 versus €0.97; FFO 1 after tax declined 14.6% to €234.5m, mainly reflecting property sales and lower rental income.

• Results of property sales were -€30.3m versus €0.1m; development results improved to €9.1m from -€4.1m.

Outlook and guidance

• 2026 priorities include optimising standing investments, especially CPI BYTY, expanding retail parks, selling assets outside portfolio strategy and considering opportunistic acquisitions.

• Four new STOP SHOP parks are planned to open in Croatia in 2026; renovations and new rentals at CPI BYTY are expected to increase rental yield and earnings potential.

• Continued active balance-sheet management and refinancing are planned; no dividend is proposed for FY2025, with funds intended to strengthen the balance sheet.

• European transaction demand is expected to remain strong in 2026 if interest rates stay stable; ESG-compliant premium assets should remain favoured, with larger discounts for non-compliant properties.