CBo Territoria: Net income of €9M in H1 2026 and raised rental income target
CBo Territoria published its half-yearly financial statements as of June 30, 2026 on September 8, 2026, marked by an increase in net income attributable to the group of €9.0M in an environment that management describes as demanding.
The Reunion-based real estate company has also raised its gross rental income target for the full 2026 financial year, shifting from an anticipated decline to expected growth, driven by a tertiary leasing situation more favorable than expected.
Net income of €9.0M despite a slight decline in revenue
In the first half of 2026, consolidated revenues fell by 1.0% to €25.4M, a decline of €0.3M compared to the first half of 2025. Operating income nevertheless increased by 3.8% to €11.8M, compared to €11.3M a year earlier.
Operating income after the share of equity-accounted companies stands at €13.8M, up 3.9%. After a net financial debt cost of €2.2M (compared to €2.0M in the first half of 2025), net income attributable to the group reaches €9.0M, up 3.1%, or €0.26 per share.
Real Estate Company Recurring Net Income of €7.9M, Development margin of €1.6M
The Real Estate Company's Recurring Net Income increased by 2.1% to €7.9M, compared to €7.7M in the first half of 2025, driven by higher net rents and controlled overhead costs. Gross rental income from total economic portfolio fell by 0.9% to €15.7M, with a tertiary scope effect of +2.6% (acquisition of Villa St Joseph offices) being offset by a decline of 3.5% at constant scope, related to a two-point drop in occupancy rate between end of June 2025 and end of June 2026. Net rents nevertheless increased by 1.1% to €14.3M, thanks to the reduction in arrears.
In Development, revenue amounts to €10.8M, down €0.3M, with the increase in residential land sales (+25.9% to €3.1M) offsetting the absence of economic land sales. Development margin stands at €1.6M, compared to €1.8M a year earlier, with a margin rate of 14.8% on comparable activity, compared to 16.4% in the first half of 2025.
2026 rental income guidance raised and stable financial structure
In light of a tertiary leasing situation evolving more favorably than anticipated and a postponement in the timing of certain leasing events, the group has revised upward its gross rental income target for 2026: it now anticipates growth of approximately 1%, compared to a previously expected decline of between 1% and 2%.
Net financial debt remains stable at €132.8M and the LTV ratio stands at 32.1%, compared to 32.3% at end of 2025. The net debt to EBITDA ratio improves to 5.3x, compared to 5.6x at end of 2025, while the average net cost of debt stands at 3.2%, up 30 basis points compared to end of 2025.
Revalued Net Asset value reaches €253.9M, or €7.25 per share, compared to €253.1M at end of December 2025. The tertiary projects portfolio represents nearly €67M in investments, and residential development has €28.7M in reservations (133 units) and remaining revenue to be recognized of €15.1M as of end of June 2026.
