CPI Property Group (O5G) Q4 2025 earnings summary

Executive summary

• Achieved €895 million in rental income for 2025, with occupancy at 93.3% and like-for-like rental growth of 3.1%.

• Completed €1.1 billion in disposals, focusing on non-core and low-yielding assets, exceeding targets.

• Gross debt reduced by €220 million; Net LTV declined to 49.5%.

• Maintained strong liquidity of €1.5 billion, covering all debt maturities until Q3 2027.

• Continued simplification of group structure and integration of prior acquisitions.

Financial highlights

• Total assets: €20.2 billion; property portfolio: €18.0 billion.

• Gross rental income: €895 million (down 3.3% YoY); net rental income: €763 million (down 4.1% YoY).

• Consolidated adjusted EBITDA: €703 million (down 5.8% YoY).

• Funds from operations (FFO): €275 million (down 23% YoY).

• Net profit: €254 million (vs. €-197 million in 2024).

• EPRA NRV: €6.5 billion.

• Net ICR: 2.2x; Net debt to EBITDA: 12.7x.

Outlook and guidance

• Targeting €500–750 million in disposals for 2026, with a focus on residential development sales.

• Continued deleveraging and cost optimization to improve ICR and move toward investment grade ratings.

• No large-scale acquisitions planned; focus on improving existing asset quality and income.