CPI Property Group (O5G) Q1 2025 earnings summary

Executive summary

• Q1 2025 total assets at €20.4 billion, with EPRA NRV stable at €6.4 billion; property portfolio at €17.8 billion, down from €18.2 billion at year-end 2024 due to disposals partially offset by CapEx investments.

• Completed €231 million in gross disposals in Q1, with an additional €267 million closed and deconsolidated, impacting leverage metrics.

• Net rental income reached €196 million; consolidated adjusted EBITDA was €182 million; FFO1 at €93 million.

• Administrative expenses declined by over 10%, with occupancy stable at 92% and WAULT at 3.5 years.

• Total available liquidity at €1.5 billion, covering all bond maturities for 24 months and all debt maturities for 18 months.

Financial highlights

• Q1 2025 total revenues were €361 million, down 12.3% year-over-year; gross rental income fell 6.6% to €222 million; net rental income decreased 6.1% to €196 million.

• Net business income dropped 10.3% to €199 million; consolidated adjusted EBITDA declined 8.4% to €182 million; FFO fell 16.1% to €93 million.

• Net profit for the period was €36 million, down from €41 million in Q1 2024.

• Property portfolio value decreased 2.2% to €17.8 billion; occupancy slightly down to 91.6%.

• Net LTV increased to 50.9% from 49.6% at year-end; net debt/EBITDA rose to 12.5x.

Outlook and guidance

• On track to achieve €1 billion disposal target for 2025, with over €650 million closed or signed year-to-date and strong investor appetite for European real estate.

• Proceeds from disposals to be used for repayment of short-term and higher-coupon bonds; ongoing evaluation of hybrid bond options.