Cpi Property Group SA

CPI Property Group SA reported a strong liquidity position of EUR1.6 billion in its H1 2026 earnings call, covering all debt maturities until Q1 2028 and unsecured bond maturities until Q3 2030. The company reduced gross debt by EUR159 million in the first half and upsized its undrawn revolving credit facility to EUR500 million, extended to March 2030 with nine banks. Its disposal program is ahead of schedule, with EUR542 million signed or closed at 5% above book value and a pipeline exceeding EUR2 billion, targeting the upper end of the EUR500-750 million target for the year. Net rental income declined 5% to EUR375 million and FFO fell to EUR145 million, while consolidated leverage remained high at 49.3% and net ICR low at 2.2 times, both unchanged from year-end. CEO David Greenbaum said the company will not return to the bond market anytime soon, and CFO Pavel Mechura said meaningful credit metric improvement is expected to begin in 2027 as development assets are completed and sold.