CPI Property Group (CPIPG) released its first‑half 2026 financials on September 7, 2026. Total assets stood at €19.9 billion, with the property portfolio valued at €17.5 billion, a 2% decline from year‑end. Revenue for the period was €316.5 million, while net rental income fell 5% to €375 million and net business income dropped 7% to €333 million.
Earnings per share were negative €0.02. Adjusted EBITDA reached €341 million and funds from operations (FFO) declined to €145 million versus the same period last year. The consolidated leverage ratio was 49.3%, and the net interest coverage ratio (ICR) measured 2.2 times. Average cost of debt rose 10 basis points to 3.73%.
Liquidity remains a focal point for management. The group holds €1.6 billion in cash and a revolving credit facility of €500 million, extended to March 2030 with participation from Citibank and JP Morgan. This liquidity is sufficient to meet all debt maturities through Q1 2028 and unsecured bond maturities through Q3 2030. Management expects credit metrics, including the ICR, to improve more noticeably in 2027.
Disposal activity continued, with €542 million of assets sold or under signed agreements in H1, all priced about 5% above book value. The pipeline exceeds €2 billion, and the company targets €500‑€750 million of disposals for 2026. Two transactions each surpassed €100 million, while a non‑yielding land bank in Bubny, Prague, accounted for 22% of total divestments.
Acquisitions totaled €155 million, and capital expenditures reached €226 million, supporting seven development projects that are pre‑let to roughly 90% and expected to yield above 7%. The commercial property count fell from 510 to 498, with an average property value of about €36 million.
Occupancy slipped slightly to 92.4% from 93.3% at year‑end, and like‑for‑like rental growth was 2.1%. The EPRA top‑up net initial yield improved to 5.8%, a full percentage point above the 2022 benchmark.
Following the announcement, CPIPG shares opened unchanged at $0.735 but later fell 2.04% to $0.72, trading within a 52‑week range of $0.675 to $0.82. The current ratio stands at 1.35, and InvestingPro rates the financial health as “FAIR” with a score of 2.35 out of 5.
CEO David Greenbaum emphasized that strong liquidity allows the group to focus on operations, disposals and corporate simplification, noting that disposals now serve portfolio reshaping as well as leverage reduction. When asked about a return to the bond market, Greenbaum replied, “Not anytime soon.”
