CPI Property Group
(société anonyme)
40, rue de la Vallée
L-2661 Luxembourg
R.C.S. Luxembourg: B 102 254
Press Release - Corporate News
Luxembourg, 31 March 2026
CPI PROPERTY GROUP publishes financial results for 2025
CPI Property Group S.A. (“CPIPG” or the “Group”), a leading European landlord, hereby publishes audited financial results for the financial year ended 31 December 2025.
“CPIPG’s property portfolio delivered solid results in 2025, characterized by rising occupancy and healthy like-for-like rental growth,” said David Greenbaum, CEO. “We remain focused on operational excellence, cost discipline and our long-term capital structure objectives.”
Highlights of the 2025 financial year include:
- CPIPG’s property portfolio was €18.0 billion, reflecting disposals partially offset by CapEx investments, acquisitions and positive revaluations.
- Positive revaluation results with a net revaluation gain of €201 million, equivalent to c. +1%.
- Total assets were €20.2 billion, and EPRA NRV increased to €6.5 billion.
- The Group completed €1.1 billion of disposals in 2025, with a higher share of low and non-yielding assets. The Group is confident to achieve or even exceed our disposal target of €500-750 million in 2026.
- €72 million of gross disposals have been closed and/or signed in 2026, with activity expected to accelerate in Q2. Over €550 million of disposals are under LOI and/or in advanced stages of the due diligence process.
- Like-for-like rental growth was 3.1% in 2025, with positive results in all segments and geographies. Net rental income declined to €763 million due to disposals. Net business income was €782 million.
- The EPRA topped-up net initial yield increased to 5.7%, up 1 p.p. since 2022.
- Administrative expenses decreased by nearly 5%.
- Consolidated adjusted EBITDA was €703 million; FFO1 was lower at €275 million due to asset rotation, reinvestment into value-creation opportunities, and capital structure actions.
- Occupancy improved to 93.3%, up 1.2 p.p. compared to the end of 2024, supported by an increase in our office portfolio, including Berlin and Budapest, as well as higher retail occupancy.
- WAULT remained unchanged at 3.4 years.
- Net LTV declined to 49.5%, continuing a declining trend from the peak in 2023.
- Net debt/EBITDA was 12.7x.
- Unencumbered assets slightly decreased to 47% and Net ICR stood at 2.2x.
- Fully undrawn revolving credit facility (RCF), increased to €450 million with Citibank joining as a new relationship bank; maturity extended to March 2029
- Total liquidity was €1.5 billion at the end of 2025, fully covering debt maturities through Q3 2027.
Annual results webcast
CPIPG will host a webcast in relation to its financial results for 2025. The webcast will be held on Thursday, 2 April 2026 at 11:00 am CET / 10:00 am UK.
Please register for the webcast in advance via the link below:
https://edge.media-server.com/mmc/p/ssp9m5wy
FINANCIAL HIGHLIGHTS
| Performance |
|
|
2025 |
2024 |
Change |
| Total revenues |
€ million |
|
1,426 |
1,627 |
(12.4%) |
| Gross rental income (GRI) |
€ million |
|
895 |
926 |
(3.3%) |
| Net rental income (NRI) |
€ million |
|
763 |
795 |
(4.1%) |
| Net business income (NBI) |
€ million |
|
782 |
842 |
(7.2%) |
| Consolidated adjusted EBITDA |
€ million |
|
703 |
747 |
(5.8%) |
| Funds from operations (FFO) |
€ million |
|
275 |
357 |
(23.0%) |
| Net profit for the period |
€ million |
|
254 |
(197) |
228.5% |
| |
|
|
|
|
|
|
| Assets |
|
|
31-Dec-2025 |
31-Dec-2024 |
Change |
| Total assets |
€ million |
|
20,220 |
20,564 |
(1.7%) |
| Property portfolio |
€ million |
|
17,983 |
18,231 |
(1.4%) |
| Gross leasable area |
sqm |
|
5,957,000 |
6,330,000 |
(5.9%) |
| Share of green certified buildings* |
% |
|
50.3 |
47.7 |
2.6 p.p. |
| Occupancy |
% |
|
93.3 |
92.1 |
1.2 p.p. |
| Like-for-like gross rental growth** |
% |
|
3.1 |
3.0 |
0.1 p.p. |
| |
|
|
|
|
|
| Total number of properties*** |
No. |
|
510 |
592 |
(13.9%) |
| Total number of residential units |
No. |
|
11,590 |
12,454 |
(6.9%) |
| Total number of hotel rooms |
No. |
|
4,500 |
6,708 |
(32.9%) |
| *According to property portfolio value |
|
** Based on gross headline rent
*** Excluding residential properties in the Czech Republic |
|
| |
|
|
|
|
|
|
| Financing structure |
|
|
31-Dec-2025 |
31-Dec-2024 |
Change |
| Total equity |
€ million |
|
8,158 |
7,820 |
4.3% |
| EPRA NRV |
€ million |
|
6,455 |
6,394 |
1.0% |
| Net debt |
€ million |
|
8,899 |
9,051 |
(1.7%) |
| Net Loan-to-value ratio (Net LTV) |
% |
|
49.5 |
49.6 |
(0.1 p.p.) |
| Net debt to EBITDA |
x |
|
12.7 |
12.1 |
0.6x |
| Secured consolidated leverage |
% |
|
23.6 |
23.1 |
0.5 p.p. |
| Secured debt to total debt |
% |
|
47.9 |
46.6 |
1.3 p.p. |
| Unencumbered assets to total assets |
% |
|
46.8 |
48.8 |
(2.0 p.p.) |
| Unencumbered assets to unsecured debt |
% |
|
183 |
185 |
(2.0 p.p.) |
| Net interest coverage (Net ICR) |
x |
|
2.2 |
2.4 |
(0.2x) |
CONSOLIDATED INCOME STATEMENT
| (€ million) |
2025 |
2024 |
| Gross rental income |
895.4 |
925.5 |
| Service charge and other income |
364.2 |
416.7 |
| Cost of service and other charges |
(333.7) |
(381.2) |
| Property operating expenses |
(162.8) |
(165.8) |
| Net rental income |
763.1 |
795.2 |
| Development sales |
11.7 |
71.0 |
| Development operating expenses |
(10.6) |
(67.4) |
| Net development income |
1.1 |
3.6 |
| Hotel revenue |
85.8 |
149.6 |
| Hotel operating expenses |
(64.8) |
(106.0) |
Net hotel income
Revenues from other business operations |
21.0 |
43.6 |
| Other business revenue |
68.5 |
63.7 |
| Other business operating expenses |
(71.9) |
(63.6) |
| Net other business income |
(3.4) |
0.1 |
| Total revenues |
1,425.6 |
1,626.5 |
| Total direct business operating expenses |
(643.8) |
(784.0) |
| Net business income |
781.8 |
842.5 |
| Net valuation gain/(loss) |
208.4 |
(348.8) |
| Net gain/(loss) on disposal of investment property and subsidiaries |
7.0 |
(12.8) |
| Amortization, depreciation and impairment |
(41.8) |
(52.7) |
| Administrative expenses |
(130.3) |
(136.6) |
| Other operating income |
30.5 |
17.4 |
| Other operating expenses |
(42.2) |
(25.2) |
| Operating result |
813.4 |
283.9 |
| Interest income |
51.0 |
46.0 |
| Interest expense |
(366.9) |
(362.1) |
| Other net financial result |
(207.2) |
(67.8) |
| Net finance costs |
(523.1) |
(383.9) |
| Share of gain/(loss) of equity-accounted investees (net of tax) |
21.2 |
(14.9) |
| Profit before income tax |
311.5 |
(114.9) |
| Income tax expense |
(57.8) |
(82.6) |
| Net profit from continuing operations |
253.7 |
(197.5) |
Gross rental income
The decrease in gross rental income by €30.1 million (3.3%) was driven by the Group’s disposals, partially offset by a reclassification of hotel properties from own operating to investment property (and related reclassification from hotels income to gross rental income in the income statement).
Net service charge income
The decrease of net service charge income in 2025 compared to 2024 was also driven by the Group’s disposals.
Net hotel income
Net hotel income decreased by 51.8% in 2025 compared to 2024 due to a deconsolidation of a part of the hotel portfolio at the end of Q1 2024 and the sale of the Hvar hotels portfolio and two Marriott hotels during 2025.
Administrative expenses
A decrease in administrative expenses by €6.3 million in 2025 compared to 2024 reflects primarily a decrease in wages and social contributions, legal expenses and advisory services.
Net other business income
Net other business income decreased in 2025 compared to 2024 due to a disposal of the ski resort in Crans Montana in Q1 2024.
Other net financial result
Other financial loss increased by €139.4 million in 2025 compared to 2024. The increase was mainly due to net foreign exchange loss of €62 million (vs. loss of €10 million in 2024), by transaction costs and discounts related to the repurchased/repaid bonds in the amount of €75 million.
Amortization, depreciation and impairments
Amortization, depreciation and impairments increased by €10.9 million compared to 2024 primarily due to impairment recognised on an equity accounted investee of €9.4 million. Depreciation decreased due to the disposal of the hotel and the Swiss portfolio completed in 2024.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| (€ million) |
31 December 2025 |
31 December 2024 |
| NON-CURRENT ASSETS |
|
|
| Intangible assets and goodwill |
88.5 |
85.6 |
| Investment property |
15,934.3 |
16,411.9 |
| Property, plant and equipment |
169.1 |
374.2 |
| Deferred tax assets |
58.0 |
80.6 |
| Equity accounted investees |
945.4 |
797.7 |
| Other non-current assets |
708.0 |
531.6 |
| Total non-current assets |
17,903.3 |
18,281.6 |
| CURRENT ASSETS |
|
|
| Inventories |
194.7 |
48.7 |
| Trade receivables |
141.7 |
207.6 |
| Cash and cash equivalents |
1,013.4 |
1,082.0 |
| Assets linked to assets held for sale |
700.8 |
637.1 |
| Other current assets |
265.7 |
306.7 |
| Total current assets |
2,316.3 |
2,282.1 |
| TOTAL ASSETS |
20,219.6 |
20,563.7 |
| EQUITY |
|
|
| Equity attributable to owners of the Company |
5,038.2 |
4,950.2 |
| Perpetual notes |
2,071.4 |
1,580.0 |
| Non-controlling interests |
1,048.2 |
1,289.7 |
| Total equity |
8,157.8 |
7,819.9 |
| NON-CURRENT LIABILITIES |
|
|
| Bonds issued |
4,568.4 |
4,870.5 |
| Financial debts |
4,608.5 |
4,884.2 |
| Deferred tax liabilities |
1,357.5 |
1,456.4 |
| Other non-current liabilities |
208.6 |
240.4 |
| Total non-current liabilities |
10,743.0 |
11,451.5 |
| CURRENT LIABILITIES |
|
|
| Bonds issued |
255.8 |
107.2 |
| Financial debts |
404.1 |
267.2 |
| Trade payables |
150.8 |
184.3 |
| Other current liabilities |
508.1 |
733.6 |
| Total current liabilities |
1,318.8 |
1,292.3 |
| TOTAL EQUITY AND LIABILITIES |
20,219.6 |
20,563.7 |
Total assets
Total assets decreased by €344.1 million (1.7%) to €20,219.6 million as at 31 December 2025 compared to
31 December 2024. The decrease relates primarily to disposals of investment property and property, plant and equipment.
Total liabilities
Total liabilities decreased by €682.0 million (5.4%) to €12,061.8 million as at 31 December 2025 compared to
31 December 2024, primarily due to a decrease in bonds issued (€153.5 million), financial debts (€138.8 million) and other financial current liabilities (€240.9 million).
Equity and EPRA NRV
Total equity increased by €337.9 million to €8,157.8 million as at 31 December 2025. The movements of equity components were as follows:
- Increase due to the profit for the period attributable to the owners of the Group of €89.9 million;
- Decrease in retained earnings by €23.0 million;
- Increase in translation reserve by €32.9 million and hedging reserve by €53.7 million, partially offset by a decrease in revaluation reserve by €65.5 million;
- Decrease in non-controlling interests by €241.5 million;
- Increase in perpetual notes by €491.4 million.
EPRA NRV was €6,455 million as at 31 December 2025, representing an increase of 1.0% compared to 31 December 2024. The increase in EPRA NRV was driven by the above changes in the Group’s equity attributable to the owners.
| |
31 December 2025 |
31 December 2024 |
| Equity attributable to the owners (NAV) |
5,038 |
4,950 |
| Diluted NAV |
5,038 |
4,950 |
| Fair value of financial instruments |
(54) |
(37) |
| Deferred tax on revaluations |
1,514 |
1,524 |
| Goodwill as a result of deferred tax |
(43) |
(43) |
| EPRA NRV (€ million) |
6,455 |
6,394 |
For disclosures regarding Alternative Performance Measures used in this press release please refer to our Annual
Management Report 2025, chapters Glossary of terms, Key ratio reconciliations and EPRA performance; accessible at http://cpipg.com/reports-presentations-en.
Audited documents will be available tonight at the following link: http://www.cpipg.com/reports-presentations-en
2025 audited financial statements
2025 audited management report
For further information please contact:
Investor Relations
Moritz Mayer
Manager, Capital Markets
m.mayer@cpipg.com
For more on CPI Property Group, visit our website: www.cpipg.com
Follow us on X (CPIPG_SA) and LinkedIn
Disclaimer
This communication contains certain forward-looking statements with respect to the financial condition, results of operations and business of CPIPG. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms “believes”, “estimates”, “plans”, “projects”, “anticipates”, “expects”, “intends”, “targets”, “may”, “aims”, “likely”, “would”, “could”, “can have”, “will” or “should” or, in each case, their negative or other variations or comparable terminology. Forward-looking statements may and often do differ materially from actual results. CPIPG’s business is subject to a number of risks and uncertainties that could also cause a forward-looking statement, estimate or prediction to differ materially from those expressed or implied by the forward-looking statements contained in this communication. The information, opinions and forward-looking statements contained in this communication speak only as at its date and are subject to change without notice. As a result, undue influence should not be placed on any forward-looking statement.
