Cofinimmo (COFB) Q1 2025 earnings summary

Executive summary

• Net result from core activities (EPRA Earnings) up 5% year-over-year to €57 million, exceeding outlook; net result group share at €64 million, up €47 million year-over-year.

• Gross rental revenues rose nearly 3% like-for-like to €88 million; occupancy rate at 98.5% and average lease term of 13 years.

• Portfolio valued at €6.0 billion, with 77% in healthcare real estate across nine European countries.

• Debt-to-assets ratio improved to 41.8% from 42.6% at year-end 2024; S&P rating BBB/Stable/A-2 confirmed.

• Confirmed 2025 gross dividend outlook at €5.20 per share, payable in 2026.

Financial highlights

• Net result from core activities per share (EPRA EPS) at €1.51, up from €1.49 year-over-year.

• Net result group share per share at €1.69, up from €0.48 year-over-year.

• EPRA NRV per share at €102.88; EPRA NTA at €94.58; EPRA NDV at €98.28.

• Gross rental yield at 5.9% and net rental yield at 5.6% at full occupancy.

• Like-for-like rental growth of 2.9% year-over-year, with healthcare segment at 2.2%.

Outlook and guidance

• 2025 net result from core activities (EPRA EPS) expected at €6.20 per share; gross dividend guidance at €5.20 per share.

• Net investments for 2025 estimated at €70 million, with expected debt-to-assets ratio near 43% by year-end.

• Net investment budget for 2025 set at €70 million (gross investments €170 million, divestments €100 million).

• Average cost of debt expected to remain at 1.4%.