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 31 March 2026.

• 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.

• Occupancy rate was 92.5%, a slight decrease from year-end, with like-for-like rental growth of 1.5%.

• Sustainability leadership recognized by Financial Times, ranking #1 in real estate sector for emissions reduction.

Financial highlights

• Total revenues for Q1 2026 were €326 million, down 9.9% year-over-year.

• Gross rental income fell 4% to €213 million; net rental income declined 3.7% to €188 million.

• Consolidated adjusted EBITDA was €171 million, down 5.9% year-over-year.

• Funds from operations (FFO) dropped 16.6% to €77 million.

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

Outlook and guidance

• Disposal activity accelerated in Q2, with €439 million of disposals signed or closed year-to-date and a target of €500–750 million for 2026.

• Active disposal pipeline exceeds €2 billion, focusing on non-income generating or low-yielding assets.

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