Reported Earnings • Apr 16
Full year 2025 earnings released: EPS: €0.041 (vs €0.073 in FY 2024) Full year 2025 results: EPS: €0.041 (down from €0.073 in FY 2024). Revenue: €4.43m (down 32% from FY 2024). Net income: €901.8k (down 44% from FY 2024). Profit margin: 20% (down from 25% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. お知らせ • Mar 03
CPI Property Group (XTRA:O5G) proposed to acquire remaining 40.2% stake in Next Re SIIQ S.p.A. (BIT:NR) for €13.2 million. CPI Property Group (XTRA:O5G) proposed to acquire remaining 40.2% stake in Next Re SIIQ S.p.A. (BIT:NR) for €13.2 million on March 2, 2026. A cash consideration of €3 per share will be paid by CPI Property Group. The Consideration is understood to be cum dividend. As of date, Next Re SIIQ has 11,013,054 ordinary shares with no par value admitted to listing and traded on the regulated market Euronext Milan consisting of 38,205 treasury shares. Out of these shares CPI Property owns 4,413,586 Listed Shares. Next Re SIIQ also has 11,012,055 Class B Shares which are all owned by the Offeror. The Offer therefore concerns a maximum of 4,413,586 Listed Shares, representing approximately 20.04% of the Issuer's share capital and 40.22% of the voting rights at the Issuer's ordinary shareholders' meetings and is aimed at obtaining the delisting of the Shares from Euronext Milan, organized and managed by Borsa Italiana. The Offer is the means by which the Offeror intends to acquire all of the Shares Subject to the Offer and, consequently, proceed with the Delisting of the Issuer. Upon completion, CPI Property Group will own 100% stake in Next Re SIIQ S.p.A. If the Delisting is not achieved as a result of the Offer, the Offeror intends to achieve the objective of Delisting, subject to the relevant approval by the competent corporate bodies, through the merger by incorporation of the Issuer with an unlisted subsidiary of the Offeror, to be established for this purpose. Upon completion of the Merger for Delisting, holders of Listed Shares who do not exercise their right of withdrawal would become holders of a stake in the share capital of an unlisted company. The Offeror intends to cover the Maximum Total Outlay using its own funds, without incurring financial debt.
The transaction is subject to minimum tender of 90% and non-occurrence, by the second trading day prior to the date of payment of the Consideration of any extraordinary and unforeseeable events. By the end of the Acceptance Period, as may be extended, a total stake of more than 90% of the share capital represented by the Issuer's Listed Shares, but less than 95% of the Issuer's share capital, the Offeror hereby declares its intention not to restore a free float sufficient to ensure the regular trading of the Listed Shares. If even one of the Conditions of Effectiveness is not met and the Offeror does not exercise its right to waive it, the Offer will not be completed.
Dentons Europe Studio Legale Tributario acted as legal advisor for CPI Property Group. New Risk • Feb 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Dividend is not well covered by cash flows (141% cash payout ratio). Share price has been volatile over the past 3 months (5.8% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (€63.8m market cap, or US$75.7m). New Risk • Jan 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 5.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (141% cash payout ratio). Share price has been volatile over the past 3 months (5.2% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (€63.3m market cap, or US$74.4m). New Risk • Jul 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 5.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (5.6% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (€63.8m market cap, or US$74.9m). Upcoming Dividend • Apr 28
Upcoming dividend of €0.06 per share Eligible shareholders must have bought the stock before 05 May 2025. Payment date: 07 May 2025. Payout ratio is on the higher end at 82%, however this is supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Italian dividend payers (5.7%). Lower than average of industry peers (3.1%). 
