CPI Europe reports solid earnings and strengthened balance sheet in 2024

CPI Europe concluded the 2024 financial year with a strong set of results, reporting growth across all key performance indicators and maintaining a robust balance sheet. The company’s rental income increased by 10.4% year-on-year, reaching €589.2 million. Asset management results rose by 17.0% to €489.6 million, while operational results improved significantly, up 43.3% to €408.7 million.

Funds from operations (FFO 1) after tax increased by 20.2%, amounting to €274.5 million, compared to €228.4 million in the previous year. Earnings before taxes (EBT) stood at €206.0 million, and net profit reached €133.5 million, supported by positive revaluations totalling €12.6 million. This contrasts with a negative result of €376.8 million in 2023, reflecting a more stable market environment shaped by declining interest rates and inflation.

The company’s financial result improved to –€213.3 million, primarily due to a reduction in non-cash valuation effects related to interest rate derivatives. As of year-end, CPI Europe held €531.7 million in cash and cash equivalents.

CPI Europe continued to optimise its property portfolio, which consisted of 417 assets valued at €7.98 billion as of 31 December 2024. Standing investments accounted for 97.7% of the portfolio’s carrying value, comprising 3.4 million square metres of rentable space. The occupancy rate rose to 93.2%, up from 92.2% the previous year, and the weighted average unexpired lease term (WAULT) stood at 3.6 years.

During the year, the company disposed of properties totalling €776.2 million in value and acquired a new portfolio in the Czech Republic from CPI Property Group, including four office properties and four retail parks.

CPI Europe maintained a solid equity ratio of 43.2% and a net loan-to-value (LTV) ratio of 46.4%. Approximately 89.5% of the company’s financial liabilities were hedged against interest rate fluctuations.

The IFRS book value per share increased by 7.5% to €28.60, while the EPRA NTA per share rose by 9.8% to €30.75.