* CPIPG’s property portfolio was €18 billion (versus €18.2 billion at year-end 2024), reflecting disposals partially offset by CapEx investments, acquisitions and slightly higher valuations.
* Total assets were €20.8 billion, and EPRA NRV was €6.5 billion.
* Net Loan-to-Value (LTV) declined to 48.8%, a 0.8 p.p. decrease compared to year-end 2024.
* Like-for-like rents grew by 3.4%. Net rental income was €588 million, a slight decline due to disposals, while net business income was €600 million.
* Consolidated adjusted EBITDA was €540 million; FFO1 was €232 million.
* Administrative expenses declined by more than 6%.
* Occupancy was effectively unchanged at 92% with a stable WAULT of 3.4 years.
* Net debt/EBITDA was 12x on an annualised basis.
* Unencumbered assets slightly increased to 49.3% and Net ICR stood at 2.3x.
* So far in 2025, the Group has closed disposals of more than €875 million. CPIPG is confident to meet or exceed our near-term disposal targets.
* Total available liquidity was €2 billion. Adjusting for liability management transactions completed after Q3, total liquidity covers all bond maturities for the next 24 months and all debt maturities for the next 18 months. Bank loans continue to be rolled over with ease, and margins are decreasing.
Additional Information and Post-Closing Events
Occupancy
Group occupancy was effectively unchanged at 92%. Office occupancy improved slightly, driven by Berlin and Vienna, offset by modestly lower retail occupancy due to major value enhancing refurbishments mainly in Romania.
Disposals
So far in 2025, the Group has closed disposals of more than €875 million, excluding disposals for which advance proceeds were received in 2024. Another €100 to 200 million of disposals are expected to close in the next one to two months. In addition, more than €369 million of disposals are under LOI and/or in advanced stages of due diligence.
The visibility of our pipeline, and the cautious improvement in European real estate investment activity, strengthens CPIPG’s confidence in achieving our target of c. €1 billion of disposals in 2025, with strong potential to exceed the Group’s €500 million disposal targets for 2026 and 2027. Notably, a significant portion of disposals in the next six to twelve months are expected to be non-income generating assets. The total pipeline of active disposal projects continues to exceed €2 billion.
RCF extension
Recently, CPIPG extended our €400 million unsecured revolving credit facility by one year to March 2029. Lenders in the facility, which is currently undrawn, are Bank Pekao, Barclays, Erste Group, Goldman Sachs, Komerční banka, Raiffeisen Bank International and Santander.
Capital markets activity and debt repayments
In October, CPIPG completed the repurchase of $272 million of US private placement notes maturing between 2027 and 2029 and carrying an average coupon of about 7.3%. Also in October, the Group issued £300 million of “type A” hybrid bonds. Investor interest for the hybrids exceeded £1.25 billion. The transaction was fully swapped to Euros at a fixed rate of about 7.2%. In November, CPIPG completed the make-whole redemption of approximately €256 million of the outstanding May 2026 notes. The make-whole call was partly financed by the tap of €200 million of the July 2030 bonds.
In addition, bank loans for a total amount of c. €63 million were repaid early at the end of November. The Group expects to repay additional debt before year end.
Group structure and intra-group activities
During October, the Group used proceeds from the new GBP hybrids issue to repurchase a minority stake in a portion of our Polish portfolio from SONA Asset Management. The transaction simplified the Group´s structure by eliminating a significant joint venture.
In November, CPIPG completed the sale of our residential portfolio in the Czech Republic, which was announced in August 2025, to our subsidiary CPI Europe. The total consideration paid by CPI Europe will be approximately €605 million. About half of the consideration will be paid immediately by cash, with the remainder financed through a multi-year vendor loan from CPIPG. Given that CPIPG consolidates CPI Europe, the sale is not included in our external disposal volumes.
FINANCIAL HIGHLIGHTS
CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT*
* The presented financial statements do not represent a full set of interim financial statements as if prepared in accordance with IAS 34
Gross rental income
Gross rental income decreased by €34.0 million (4.9%) driven by the Group´s disposals, partly compensated by the reclassification of hotel properties from own operating to investment property. A decrease of €23.0 million was due to disposals completed by S IMMO in Germany, Austria and Croatia.
Net service charge income
Net service charge income decreased in Q1-Q3 2025 compared to Q1-Q3 2024 by approx. 23% due to the Group’s disposals.
Net hotel income
Net hotel income decreased by 54.4% in Q1-Q3 2025 compared to Q1-Q3 2024 due to the deconsolidation of a part of the hotel portfolio in 2024.
Administrative expenses
Administrative expenses decreased by 6.3% in Q1-Q3 2025 compared to Q1-Q3 2024 primarily reflects a decrease in wages, salaries and advisory services.
Net other business income
Net other business income decreased in Q1-Q3 2025 compared to Q1-Q3 2024 due to the disposal of the ski resort in Crans Montana in 2024.
Other net financial result
Other financial loss was higher by €72.3 million in Q1-Q3 2025 compared to Q1-Q3 2024. The increase was mainly due to foreign exchange loss of €62 million, loss from revaluation of financial derivatives of €15 million and a decrease in other financial income of €10 million.
Amortization, depreciation and impairments
Amortization, depreciation and impairments increased by €5.9 million compared to Q1-Q3 2024, primarily due to impairment recognised on other financial investments of €9.4 million. Depreciation decreased due to the disposal of a hotel and the Swiss portfolio in 2024.
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION*
* The presented financial statements do not represent a full set of interim financial statements as if prepared in accordance with IAS 34
Total assets
Total assets increased by €271.6 million to €20,835.3 million as at 30 September 2025 compared to 31 December 2024. The increase relates primarily to an increase in cash and cash equivalents (€496.6 million), an increase of other non-current assets (€194.4 million) represents primarily derivative instruments and other financial investments.
Total liabilities
Total liabilities decreased by €45.4 million to €12,698.4 million as at 30 September 2025 compared to 31 December 2024, primarily due to a decrease of other financial current liabilities by €199.0 million.
Equity and EPRA NRV
Total equity increased by €317.0 million from €7,819.9 million as at 31 December 2024 to €8,136.9 million as at 30 September 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 €74.0 million;
* Increase of retained earnings by €18.0 million;
* Increase of translation reserve by €57.3 million and of hedging reserve by €37.5 million and decrease of revaluation reserve by €65.9 million;
* Increase of non-controlling interests by €38.0 million;
* Increase of perpetual notes by €158.1 million.
EPRA NRV was €6,499 million as at 30 September 2025, representing an increase of 1.6% compared to 31 December 2024. The increase of EPRA NRV was driven by the above changes in the Group’s equity attributable to the owners and an increase in deferred tax on revaluations (€20.9 million).
GLOSSARY
APM RECONCILIATION[*]
* Includes pro-rata EBITDA/FFO for Q1-Q3 2025 and Q1-Q3 2024 of Equity accounted investees.
*Annualised.
For further information please contact:
Investor Relations
Moritz Mayer
Manager, Capital Markets
For more on CPI Property Group, visit our website: http://www.cpipg.com
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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
Totals might not sum exactly due to rounding differences.
28.11.2025 CET/CEST Dissemination of a Corporate News, transmitted by EQS News – a service of EQS Group.
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