CPI Property Group’s Q1 results were mixed, as consolidated gross operating profit (EBITDA) fell 5.9 percent year-on-year to €171 million. Total revenues declined 9.9 percent against the same period last year to €326 million.
Group property occupancy reached 92.5 percent, a slight decline against the end of last year. Like-for-like rental growth was 1.5 percent year-on-year, with all segments recording positive results according to the company.
On the positive side, net profit rose 135 percent to €84 million, even if net rental income fell 3.7 percent to €188 million. What stayed steady through all this was the value of CPI’s property portfolio at the end of March: €18 billion.
Since the start of the year the group has agreed sales of €439 million in assets, while a further almost €400 million in transactions are tied down by binding offers or advanced negotiations. The company claims it’s on track to meet its 2026 target of selling €500 million to €750 million, part of an ongoing exercise in debt reduction. Its net debt position as of the end of March was thirteen times EBITDA.
Its primary shareholder Radovan Vítek is listed by Forbes as the sixth-richest Czech with assets of CZK 121 billion.
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