Cofinimmo
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Cofinimmo (COFB) investor relations material

Cofinimmo has been acquired

Cofinimmo Q1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 earnings summary22 Apr, 2026

Executive summary

  • Net result from core activities (EPRA Earnings, excluding non-recurring effects) rose 8.3% year-over-year to €62 million, outperforming outlook due to positive contract indexation and cost evolution.

  • Net result (Group share) was €54 million, down from €64 million year-over-year due to non-recurring effects from the Aedifica combination.

  • Gross rental income reached €89 million, up 0.7% year-over-year and 1.1% like-for-like; occupancy rate at 98.5%.

  • Residual lease length remains long at 12 years; portfolio valued at €6.1 billion, 77% in healthcare real estate.

  • Aedifica now holds 80% of capital; combination effective since 10.03.2026, with integration and merger expected in H2 2026.

Financial highlights

  • Net result from core activities – Group share: €62 million (+8.3% YoY); EPRA EPS: €1.63/share.

  • Net result – Group share: €54 million (€1.41/share), impacted by €11 million non-recurring expense from Aedifica combination.

  • Gross rental income: €89 million (+1.1% like-for-like); operating margin at 86.5%.

  • Debt-to-assets ratio: 42.1%; average cost of debt: 1.5%.

  • EPRA NRV per share: €102.40; EPRA NTA per share: €93.98; IFRS NAV per share: €93.60.

Outlook and guidance

  • 2026 net result from core activities (EPRA EPS) expected at €6.35/share; gross dividend guidance at €5.20/share (82% payout).

  • Net investments for 2026 estimated at €200 million (gross investments €310 million, divestments €110 million).

  • Average cost of debt expected to rise slightly to 1.7%; debt-to-assets ratio projected at 44%.

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Frequently asked questions

Cofinimmo SA is a Belgium-based real estate investment company specializing in the acquisition, development, and management of rental properties. The company focuses primarily on healthcare real estate, including nursing and care homes, medical office buildings, and hospitals, as well as office and distribution network properties. Cofinimmo operates in several European countries, leasing its properties under long-term agreements to various operators and tenants. The company is headquartered in Brussels, Belgium, and its shares are listed on the Euronext Brussels.