CPI Europe with sound earnings development and robust balance sheet in 2024

• Significant growth in all relevant indicators
• Rental income up 10.4% to €589.2 million
• Results of asset management increased by 17.0% to €489.6 million
• Results of operations rose by 43.3% to €408.7 million
• EBT at €206.0 million and net profit at €133.5 million clearly in the plus zone
• FFO 1 after tax increased by 20.2% to €274.5 million
• Cash and cash equivalents were at a high level of €531.7 million
• Robust financial basis with equity ratio of 43.2% and net LTV of 46.4%

CPI Europe generated significant growth in all relevant key figures during the 2024 financial year. Rental income rose by 10.4% year-on-year to €589.2 million. The results of asset management, at €489.6 million, were 17.0% higher than in the previous year, and the results of operations improved significantly by 43.3% to €408.7 million. As a result, FFO 1 after tax rose substantially by 20.2% year-on-year to €274.5 million (2023: €228.4 million).

Net profit due to stable valuations

Revaluations (including property development and property sales) turned positive at €12.6 million, compared with a loss of €376.8 million in the previous year. This improvement reflects the market stabilisation that resulted from the downward trend in interest rates and inflation during 2024. Financial results improved to –€213.3 million after –€246.1 million in the previous year, above all due to a substantial decline in non-cash negative valuation effects from interest derivatives during the 2024 financial year. Net profit recorded by CPI Europe totalled €133.5 million.

Successful portfolio optimisation and high occupancy rate

The CPI Europe property portfolio included 417 properties with a combined value of €7,983.6 million as of 31 December 2024 (31 December 2023: 518 properties with a carrying amount of €8,174.3 million). Of this total, €7,797.6 million, or 97.7%, of the carrying amount represents standing investments with 3.4 million sqm of rentable space. The occupancy rate was 93.2% (31 December 2023: 92.2%). The weighted average unexpired lease term by rental income (WAULT) equalled 3.6 years.

CPI Europe continued its strategic property sales with a volume of €776,2 million. At the same time, the company acquired a portfolio from CPI Property Group in the Czech Republic. The purchase included four attractive office properties and four retail parks.

Robust balance sheet

With an equity ratio of 43.2% and a solid net loan-to-value ratio (net LTV) of 46.4%, CPI Europe had a robust balance sheet structure as of 31 December 2024. Cash and cash equivalents amounted to €531.7 million. Roughly 89.5% of financial liabilities were hedged against changes in interest rates.

The IFRS book value per share increased by 7.5% to €28.60 (31 December 2023: €26.60). The EPRA NTA per share improved by 9.8% to €30.75 as of 31 December 2024, compared with €28.00 at the end of December 2023.

The financial report by CPI Europe AG for the 2024 financial year as of 31 December 2024 will be available on the company’s website starting on 28 March 2025.