CPI Europe publishes unaudited financial results for the first three quarters of 2025
- EBIT increased to €396.2 million
- Net profit rose to €236.9 million
- Rental income totalled €412.6 million, FFO 1 after tax equals €186.1 million
- Cash and cash equivalents at €654.7 million
- Equity ratio of 47.8%, solid net LTV of 41.0%
- EPRA NTA per share rose to €33.08
|
KEY DATA |
|
Q1–3 2025 |
Q1–3 2024 |
Δ IN % |
|
Rental income |
€ million |
412.6 |
435.6 |
(5.3) |
|
Results of asset management |
€ million |
344.1 |
368.9 |
(6.7) |
|
Results from owner-operated hotels |
€ million |
4.9 |
5.4 |
(10.0) |
|
Results of property sales |
€ million |
(13.5) |
2.5 |
n. a. |
|
Results of property development |
€ million |
(1.3) |
(1.0) |
(25.4) |
|
Results of operations |
€ million |
282.8 |
322.3 |
(12.2) |
|
Revaluation results |
€ million |
118.5 |
(75.6) |
n. a. |
|
Operating profit (EBIT) |
€ million |
396.2 |
244.7 |
61.9 |
|
Financial results |
€ million |
(93.6) |
(153.9) |
39.2 |
|
Earnings before tax (EBT) |
€ million |
302.6 |
90.8 |
≥ +100.0 |
|
Net profit |
€ million |
236.9 |
50.9 |
≥ +100.0 |
|
FFO 1 after tax |
€ million |
186.1 |
230.9 |
(19.4) |
CPI Europe generated net profit of €236.9 million in the first three quarters of 2025. Rental income was slightly lower year-on-year at €412.6 million due to the targeted sales of non-core assets. Revaluations (standing investments, property development and property sales) totalled €118.5 million. Financial results improved to –€93.6 million, mainly due to valuation effects from interest derivatives and positive changes in exchange rates.
Optimised property portfolio
CPI Europe continued its strategic property sales totalling €690.6 million in the first three quarters of 2025. The CPI Europe property portfolio included 365 properties with a combined value of €7,714.6 million as of 30 September 2025. Standing investments represented €7,543.5 million, or 97.8% of the carrying amount, and 3.1 million sqm of rentable space. The occupancy rate equalled 93.9%. The weighted average unexpired lease term by rental income (WAULT) equalled 3.8 years.
Robust balance sheet and successful financing
CPI Europe had a robust balance sheet structure as of 30 September 2025 with an equity ratio of 47.8% and a solid net loan-to-value (net LTV) of 41.0%. Cash and cash equivalents amounted to €654.7 million. The entire volume of financial liabilities was hedged against changes in interest rates.
The IFRS book value per share rose to €30.39 and the EPRA NTA per share increased to €33.08 as of 30 September 2025.
The interim report by CPI Europe AG as of 30 September 2025 will be available on the company’s website under cpi-europe.com starting on 27 November 2025.
Results notification as of 30 September 2025 by S IMMO AG
S IMMO AG published its results on the first three quarters of 2025 yesterday. Total revenues declined slightly compared to the same period last year to €275.2 million, and rental income amounted to €167.3 million. Results from hotel operations amounted to €13.1 million. Gross profit declined slightly to €160.4 million.
Overall, net profit improved to €187.6 million. The increase was primarily supported by the positive development of financial results, and, above all, by property sales.
Additional details are provided in the results notification as of 30 September 2025 which is available on the S IMMO website under simmoag.at. The results notification is only available in German.
