Cofinimmo (COFB) Q4 2024 earnings summary

Executive summary

• Net result from core activities (EPRA Earnings) rose 1.3% to €244 million, surpassing outlook, with net result group share at €64 million, up €119 million year-over-year.

• Gross dividend for 2024 confirmed at €6.20 per share; 2025 dividend set at €5.20 per share, reflecting ongoing office divestments and healthcare focus.

• Portfolio now 77% healthcare real estate, 15% offices, 8% distribution networks, with office exposure reduced below €1 billion and focused on Brussels CBD.

• High occupancy rate of 98.5% and long average lease term of 13 years; gross rental revenues up 1.4% despite net divestments.

• Recognized as a sustainability leader, included in Time's World's Most Sustainable Companies 2024, Financial Times' Europe's Climate Leaders, and received multiple ESG awards.

Financial highlights

• Gross rental revenues grew 1.4% year-over-year, with a like-for-like increase of up to 1.7%.

• EPRA earnings per share (EPS) reached €6.50, down from €7.07 in 2023 due to capital increases and divestments.

• IFRS net result was €64 million (€1.70 per share), a significant turnaround from -€55 million in 2023.

• Debt-to-asset ratio decreased to 42.6% from 43.8% at end-2023, with average cost of debt stable at 1.4%.

• EPRA NAV per share declined to €92.84 from €98.61, mainly due to dividend payment and capital increase.

Outlook and guidance

• 2025 investment budget set at €170 million, with half allocated to healthcare development; €100 million in divestments targeted, with €6 million already signed.

• Net result from core activities targeted at €6.20 per share for 2025, with gross dividend guidance at €5.20 per share (approx. 10% yield, 84% payout ratio).

• Debt-to-asset ratio expected to remain around 43% by year-end 2025; average cost of debt projected at 1.5%.

• Demand for healthcare infrastructure expected to grow across Europe, supporting further portfolio expansion.