Care Property Invest (CPINV) Q1 2026 earnings summary

Executive summary

• Focuses on high-end, sustainable healthcare real estate across Belgium, the Netherlands, Spain, and Ireland, with a portfolio valued at €1.39 billion as of Q1 2026.

• Rental income rose 12% year-over-year to €20.4 million for Q1 2026, driven by new acquisitions, completed projects, and indexation of leases.

• Maintains 100% occupancy and stable cash flows through long-term leases averaging 9 years (leases) and 18 years (rents), with a 96% rent collection rate.

• Growth strategy centers on disciplined expansion within existing markets, sustainability, and capital recycling.

• Adjusted EPRA earnings increased 6.1% to €12.3 million, but per-share earnings fell 7.1% due to a higher share count.

Financial highlights

• Q1 2026 income reached €20.4 million, up 11.6% year-over-year; EPRA earnings were €12.3 million, up 6.1%.

• Adjusted EPRA earnings per share at €0.29; full-year EPS guidance at €1.07.

• Dividend per share proposed at €1.00, yielding 8.43% based on FY 2025 figures; 2026 DPS guidance at €1.00 (8.16% yield as of 31 March 2026).

• Portfolio fair value stable in Q1 2026 at €1,389.5 million; rental income increased across all core markets.

• EPRA NTA per share rose 1% to €17.65 compared to year-end 2025.

Outlook and guidance

• 2026 guidance targets sustained dividend and EPS, with rental income expected to rise from €73.9 million to €80.5 million (+9%).

• Adjusted EPRA earnings for 2026 forecast at €1.07 per share.

• No entry into new geographic markets planned; focus remains on current four countries.

• Company aims to keep debt ratio below 50%, with current ratio at 48.05%.