CBo Territoria (CBOT) H2 2025 earnings summary

Executive summary

• Net income attributable to the Group rose 18.1% year-over-year to €17.2 million, driven by strong Property Investment performance and recurring net income up 5.4%.

• Consolidated revenue declined 20% to €53.3 million, mainly due to a 35% drop in Property Development activity after the end of the Pinel scheme.

• Resilient promotion activity with a solid margin of 15.3% and well-oriented sales backlog.

• Healthy financial position with a 3.1% increase in net asset value (NAV) and a contained loan-to-value (LTV) ratio at 32.3%.

• Acquisition of Villa St. Joseph and launch of the Galabé project support future growth.

Financial highlights

• Gross rental income: €30.8 million (+1.6% year-over-year), including €3.9 million from equity-accounted companies.

• Property Development revenue: €24.9 million (-35.3% year-over-year), with margin maintained at 15.3%.

• Operating result after equity affiliates: €26.6 million, up 12.2% year-over-year.

• Net asset value (NAV): €253.1 million (+3.1%), or €7.23 per share (+3.9%).

• Dividend proposed: €0.24 per share, fully in cash, ex-dividend June 10, payment June 12, 2026.

Outlook and guidance

• Residential promotion outlook remains strong with a 52% increase in reservations and a 24% increase in backlog value year-over-year.

• Medium-term pipeline of €68 million in tertiary assets, with €12 million under construction and €14 million to be launched within 12 months.

• 2026 gross rental income expected to decline slightly by 1–2% due to neutral indexation and known leasing changes.

• Focus on asset management to maintain high occupancy rates in a challenging environment.