CPI Europe achieved positive operational development in the first half of 2026, underscoring the effectiveness of the strategic portfolio adjustment initiated in 2025. The company's rental income rose to EUR 291.4 million. This increase primarily resulted from the acquisition of the Czech residential real estate portfolio CPI BYTY in November 2025, as well as like-for-like rental growth of 2.4 per cent. In this context, operating profit increased to EUR 224.3 million.
Total revaluations, comprising investment properties, property developments, and property sales, amounted to EUR 63.8 million in the first six months of 2026. This resulted in earnings from operations (EBIT) of EUR 267.2 million. Financial results significantly improved to minus EUR 67.0 million due to positive valuation effects from interest rate derivatives. Profit before income tax (EBT) was EUR 200.2 million, while consolidated profit stood at EUR 158.3 million.
During the reporting period, CPI Europe continued its targeted optimisation of the real estate portfolio. This included both investments in existing properties and the divestment of properties that no longer aligned with the company's strategy or showed limited growth potential. For instance, strategic property sales totalling EUR 321.7 million were realised in the first half of 2026. As of 30 June 2026, CPI Europe's real estate portfolio comprised a total of 355 properties with an aggregate value of EUR 8,574.7 million and a lettable area of 3.8 million square metres. The occupancy rate was 93.5 per cent, and the gross yield was 6.9 per cent.
CPI Europe's balance sheet structure as of 30 June 2026 appeared robust. The equity ratio reached 49.6 per cent, and the consolidated loan-to-value ratio was 40.2 per cent. The company's liquid funds amounted to EUR 346.8 million. The IFRS book value per share increased to EUR 33.50, and the EPRA-NTA net tangible assets per share rose to EUR 37.92 as of the reporting date, reflecting the consolidated profit achieved in the first half of 2026.
CPI Europe plans to continue focusing on its core business and ongoing portfolio optimisation in the coming months. A key focus will be on the active further development of the Czech residential real estate portfolio and the expansion of retail parks. As part of its strategic portfolio optimisation, CPI Europe is currently exploring the possibility of consolidating retail properties from CPI Europe, S IMMO, and CPI Property Group into a separate group holding company. This measure aims to strengthen the focus on retail properties within the group, optimise asset management, and facilitate external financing to foster future growth in this segment.
