CPI Property Group (O5G) Q2 2026 earnings summary

Executive summary

• Liquidity increased to €1.6 billion, covering all debt maturities until Q1 2028 and unsecured bond maturities until Q3 2030.

• Gross debt reduced by €159 million in H1 2026; undrawn revolving credit facility upsized to €500 million and extended to March 2030.

• €542 million of disposals signed or closed year-to-date, averaging 5% above book value; disposal pipeline exceeds €2 billion.

• Corporate simplification advanced, including squeeze-out and delisting of Next RE in Italy, internal reorganization, and asset combination with CPI FIM SA.

• ESG progress recognized with MSCI upgrade to A, inaugural €550 million European Green Bond, and outperformance of 2025 GHG intensity goals.

Financial highlights

• Total assets at €19.9 billion; property portfolio at €17.5 billion as of H1 2026.

• Consolidated leverage stable at 49.3%; net ICR at 2.2x; net debt to EBITDA at 12.7x.

• Adjusted EBITDA at €341 million; FFO at €145 million, lower year-over-year due to disposals.

• Net rental income declined 4.7% to €375 million; net business income down due to lower hotel income.

• Administrative expenses reduced by 4% to €57 million; interest expense declined modestly.

Outlook and guidance

• Confident in exceeding the upper end of €500–750 million disposal target for 2026; disposal pipeline exceeds €2 billion.

• Sales of development assets from 2026–2029 expected to generate significant cash inflows.

• Ongoing focus on reducing leverage, improving ICR, and simplifying group structure.

• No plans to issue new bonds in the near term; focus remains on operations, disposals, and simplification.

• New platform from asset combination expected to facilitate financing, partnerships, and expansion.