Cofinimmo (COFB) Q4 2025 earnings summary

Executive summary

• 2025 results exceeded outlook, with net result from core activities (Group share) up 0.7% to EUR 246 million and net result (Group share) at EUR 213 million, up EUR 150 million year-over-year.

• Gross rental income reached EUR 355 million, up nearly 3% like-for-like, with a high occupancy rate of 98.4% and a long residual lease term of 13 years.

• Dividend for 2025 confirmed at EUR 5.20 per share, payable in 2026.

• Ongoing combination with Aedifica to create Europe's leading healthcare REIT, with regulatory approvals and public exchange offer underway.

• Sustainability remains central, with improved rankings, multiple certifications, and awards including S&P Global Sustainability Yearbook, BREEAM, and ISO 14001.

Financial highlights

• Portfolio fair value at EUR 6.1 billion, with healthcare real estate representing 77%.

• Debt-to-asset ratio at 42.8%, among the lowest in European REITs; average cost of debt at 1.5%.

• EPRA EPS at EUR 6.45 for 2025, above outlook; EPRA NRV at EUR 101.39 per share.

• IFRS NAV per share at EUR 92.2 at end 2025, down slightly due to dividend payment.

• Operating margin at 83.5%, up from 83.1% in 2024.

Outlook and guidance

• 2026 net result from core activities group share per share (EPRA EPS) expected at EUR 6.35, excluding non-recurring effects from the Aedifica deal.

• Debt-to-asset ratio projected to rise to around 44% by end 2026.

• 2026 investment budget: EUR 310 million gross investments, EUR 110 million divestments; net investments EUR 200 million.

• Dividend guidance for 2026: EUR 5.20 per share, payout ratio of 82%.