CPI Property Group (O5G) Q1 2026 earnings summary

Executive summary

• Property portfolio valued at €18.0 billion and total assets at €20.1 billion as of Q1 2026, focused on the CEE region.

• Strategy centers on high occupancy, selective disposals, and reinvestment to improve credit metrics.

• Portfolio diversified across office, retail, residential, hotels, and complementary assets, with strong regional presence in Czech Republic, Germany, and Poland.

• ESG progress with significant reductions in GHG intensity, increased green-certified buildings, and recognition as a climate leader by Financial Times.

• Net profit for Q1 2026 was €84 million, up 135.4% year-over-year, despite modest declines in rental and business income due to disposals.

Financial highlights

• Consolidated adjusted EBITDA at €171 million and FFO at €77 million for Q1 2026.

• Total revenues for Q1 2026 were €326 million, down 9.9% year-over-year; gross rental income fell 4% to €213 million.

• Contracted gross rent of €912 million and occupancy at 92.5%.

• Like-for-like rental growth of 1.5% YoY; retail net rental income up 3.5% YoY.

• Net valuation gain of €13.7 million related to revaluation of assets held for sale.

Outlook and guidance

• Targeting €500–750 million in disposals for 2026, with a pipeline exceeding €2 billion.

• Focus on deleveraging, returning to investment grade, and further improving credit ratings.

• Confident in achieving disposal targets and maintaining liquidity to cover all debt maturities for the next 18 months.

• Sales from residential developments in Czech Republic, Dubai, and UK expected to generate €900 million+ between 2026–2028.