CPI Europe reported a net profit of €211 million for the first half of 2025, a significant improvement on the €43 million recorded a year earlier, according to the company’s unaudited results.
Rental income declined 4% year-on-year to €280.6 million, reflecting the sale of non-core assets. However, EBIT rose sharply to €324.8 million, compared with €139.4 million in H1 2024, supported by a positive revaluation result of €129.7 million, which the company said reflected market stabilisation.
Funds from operations (FFO I) after tax stood at €131.3 million, down from €149.9 million a year earlier. Cash and cash equivalents totalled €616.2 million, while the equity ratio reached 46.9% and net loan-to-value decreased to 43%.
CPI Europe’s portfolio included 368 assets worth €7.7 billion as of 30 June 2025, with standing investments accounting for nearly 98% of the total and an occupancy rate of 94%. The weighted average unexpired lease term was 3.9 years. Disposals of non-core assets amounted to €551.7 million by mid-year.
The company refinanced more than €330 million during the reporting period, including for its Stop Shop portfolio in the Czech Republic, Serbia, Slovenia and Italy, as well as for an office property in Budapest. In addition, €129.6 million of a 2027 corporate bond was repurchased, further improving the debt maturity profile.
The IFRS book value per share rose to €30.09, while EPRA NTA per share increased to €32.75.
In August, CPI Europe and S Immo aligned their portfolio strategies with parent company CPI Property Group, expanding beyond office and retail to include additional asset classes and core markets. The companies said this move will further diversify their investment profile, while ESG commitments remain unchanged.
