CPI Property Group (O5G) Q4 2024 earnings summary

Executive summary

• Achieved significant progress on operational excellence, capital structure, business streamlining, and governance improvements in 2024.

• Portfolio remains diversified across CEE, with strong office and retail performance, and solid results in hotels and residential.

• Disposals of EUR 1.6 billion in 2024 contributed to deleveraging and liquidity, with a robust pipeline for future asset sales.

Financial highlights

• Total assets at year-end 2024 were EUR 20.6 billion; property portfolio valued at EUR 18.2 billion.

• EBITDA reached EUR 747 million, FFO EUR 357 million; EBITDA declined slightly due to disposals but was offset by 3% like-for-like rental growth.

• Occupancy steady at 92.1% year-over-year; contracted gross rent exceeded EUR 900 million.

• LTV reduced to 49.6%, below 50% for the first time since H1 2022.

• EPRA topped-up net initial yield at 5.6%, up 20 bps year-over-year.

Outlook and guidance

• Targeting EUR 1 billion of disposals in 2025 and EUR 500 million per year in 2026 and 2027.

• Confident in achieving EUR 2 billion of disposals over the next three years, with scope to outperform.

• Focus remains on reducing leverage, improving ICR, and regaining investment-grade ratings within 1–2 years.

• Expecting stable EBITDA in 2025 as rental growth and development offset lost income from disposals.