Cofinimmo (COFB) Q2 2025 earnings summary

Executive summary

• Net result from core activities (EPRA Earnings) rose 2.4–2.5% to €122 million, exceeding outlook; net result group share at €112 million, up €70 million year-over-year.

• Gross rental income reached €177 million, up nearly 3% like-for-like; occupancy rate at 98.6% and average lease term of 13 years.

• Healthcare real estate now represents 77% of the €6B–€6.4B portfolio, with continued asset rotation and divestments.

• Asset rotation plan progressing, with €56 million divested by mid-year, 56%–70% of 2025 target achieved.

• Sustainability achievements recognized, including BREEAM certifications, improved climate rankings, and extended ISO 14001 certification.

Financial highlights

• EPRA EPS reached €3.19; IFRS net result at €112 million or €2.95 per share, up €70 million year-over-year.

• Debt-to-assets ratio at 44.4% as of June 30, expected to be around 43% by year-end; average cost of debt stable at 1.4%.

• EPRA LTV at 43.7%; EPRA cost ratio (incl. direct vacancy) at 18.5%.

• IFRS NAV per share at €89.55, down from €92.84 at year-end 2024.

• Like-for-like rental growth of 2.8%–2.9% year-over-year.

Outlook and guidance

• EPRA EPS target for 2025 confirmed at minimum €6.20 per share, excluding nonrecurring effects from the Aedifica combination.

• Gross dividend outlook for 2025 (payable in 2026) set at €5.20 per share.

• Debt-to-assets ratio expected to remain stable at ~43% by year-end.

• Net investment budget for 2025: €170 million gross investments, €100 million divestments.

• No change in guidance despite being ahead of budget; management maintains a cautious approach.