Cofinimmo (COFB) Q3 2025 earnings summary

Executive summary

• Net result from core activities (EPRA Earnings) up 2.0% year-over-year to €186 million, exceeding outlook.

• Net result - group share at €170 million, up €128 million year-over-year.

• Gross rental income reached €265 million, up nearly 3% like-for-like.

• Occupancy rate at 98.6% and long residual lease length of 13 years.

• Asset rotation plan on track with €75 million divested, 75% of annual target achieved by Q3.

Financial highlights

• Property portfolio valued at €6.0 billion as of 30.09.2025.

• Operating margin at 84.1%, up from 83.7% year-over-year.

• EPRA EPS at €4.88 per share for 9M 2025, unchanged year-over-year.

• Net asset value per share at €91.06 (IFRS basis).

• Debt-to-assets ratio at 43.4%, in line with year-end outlook.

Outlook and guidance

• 2025 EPRA EPS guidance confirmed at ≥€6.20/share, excluding non-recurring effects.

• Gross dividend outlook for 2025 confirmed at €5.20/share, payable in 2026.

• Debt-to-assets ratio expected to remain around 43% by year-end.

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

• Net investments for 2025 expected at €70 million, with near-neutral impact on debt-to-assets ratio.