First Property Group PLC’s (AIM:FPO) interim results for the six months to 30 September 2025 highlight a strong recovery in company performance, supported by rising income, disciplined cost control, and a streamlined balance sheet. Profit before tax increased to £1.48 million, driven by higher rental and service-charge income and reduced operating expenses, while net asset value grew to £47 million (31p per share) and £56.47 million on a market-value, triple-net basis. The Group significantly strengthened its financial position by cutting gross debt to £13.4 million and generating £4 million of post-period-end cash from property disposals, including a £1.2 million gain that will benefit full-year financial results. With rental income now exceeding the cost base, the Group expects sustained profitability even without one-off trading gains. Management continues to focus on value-driven property investments, illustrated by a recent rapid buy-and-sell transaction in the UK office sector. Although assets under management have declined amid wider market outflows, First Property’s earnings remain primarily underpinned by its directly owned portfolio, which carries conservative book values relative to independent valuations. The outlook highlights selective growth opportunities across the UK, Poland, and Romania, despite ongoing challenges such as tighter lending conditions, evolving EPC and ESG regulations, and the structural reset in commercial property markets. Overall, the Group’s improved margins, stronger order book of income-generating assets, and disciplined growth strategy position it well to navigate the current environment and capture emerging value opportunities for investors.