CPI Europe announces unaudited results for the first quarter of 2026
- Real estate portfolio with a value of €8,771.0 million
- EBIT increased to €138.8 million
- Net profit rose to €105.5 million
- Rental income totalled €145.2 million
- Cash and cash equivalents at €328.6 million
- Equity ratio of 47.9% and improvement in consolidated leverage ratio to 42.3%
- EPRA NTA per share rose to €36.30
|
KEY DATA |
|
Q1 2026 |
Q1 2025 |
Δ in % |
|
Rental income |
€ million |
145.2 |
139.0 |
4.4 |
|
Results of asset management |
€ million |
124.2 |
116.5 |
6.6 |
|
Results from owner-operated hotels |
€ million |
0.4 |
(0.9) |
n. a. |
|
Results of property sales |
€ million |
17.2 |
9.4 |
83.3 |
|
Results of property development |
€ million |
(0.2) |
(0.2) |
(13.4) |
|
Results of operations |
€ million |
121.9 |
105.7 |
15.3 |
|
Revaluation results |
€ million |
38.2 |
(14.3) |
n. a. |
|
Operating profit (EBIT) |
€ million |
138.8 |
90.7 |
53.0 |
|
Financial results |
€ million |
(19.3) |
(28.9) |
33.3 |
|
Earnings before tax (EBT) |
€ million |
119.5 |
61.7 |
93.5 |
|
Net profit |
€ million |
105.5 |
47.5 |
≥ +100.0 |
CPI Europe continued its positive development during the first quarter of 2026 and generated net profit of €105.5 million. The strategic reorientation in 2025 supported an increase in rental income to €145.2 million. This improvement resulted, above all, from the acquisition of the Czech residential portfolio CPI BYTY in November 2025 and from an increase of 2.3% in like-for-like rental income.
Revaluations (standing investments, properties under development and property sales) totalled €38.2 million. EBIT rose to €138.8 million and EBT increased to €119.5 million. Financial results improved to minus €19.3 million, in particular due to the positive non-cash valuation of interest rate derivatives and a reduction in the financing volume.
High quality property portfolio
CPI Europe continued the systematic optimisation of its real estate portfolio and closed strategic property sales with a total value of €33.7 million during the first quarter of 2026.
The CPI Europe property portfolio included 357 properties with a combined value of €8,771.0 million and 3.8 million sqm of rentable space as of 31 March 2026. The occupancy rate equalled 93.5% and the gross return 6.7%.
Robust balance sheet
CPI Europe had a robust balance sheet structure as of 31 March 2026 with an equity ratio of 47.9% and a consolidated leverage ratio of 42.3% (31 December 2025: 42.8%). Cash and cash equivalents amounted to €328.6 million.
The IFRS book value per share rose to €33.02. The EPRA NTA per share increased to €36.30 at the end of March 2026 and reflects the net profit recorded for the first quarter of the current financial year.
Outlook
CPI Europe intends to concentrate primarily on the further optimisation of the standing investment portfolio in 2026. Focal points will include the recently acquired residential portfolio in the Czech Republic and the expansion of the retail park portfolio. At the same time, CPI Europe plans to continue the sale of properties that are not compatible with the portfolio strategy. Opportunistic acquisitions will also be pursued unchanged to drive the company’s growth.
The interim financial report by CPI Europe as of 31 March 2026 is available on the company’s website under cpi-europe.com.
Results notification as of 31 March 2026 by S IMMO AG
S IMMO AG published its results for the first quarter of 2026 on 27 May 2026. The property portfolio included 105 properties with a book value of €3,207.5 million, an occupancy rate of 91.1% and an overall rental yield of 6.9% at the end of the reporting quarter.
Total revenues amounted to €89.2 million in the first quarter and reflected the property sales in 2025. Rental income was stable year-on-year at €55.1 million in the first quarter of 2026. The improvement in EBIT resulted, in particular, from positive property valuations of €2.9 million and a decline in administrative expenses to €54.7 million. Net profit for the period equalled €28.5 million and reflected the improvement in operating results as well as non-cash negative effects from financial results and taxes.
S IMMO’s results notification as of 31 March 2026 is available on the company’s website under simmoag.at.
The results notification is only available in German.
