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Cofinimmo (COFB) investor relations material
Cofinimmo Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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%.
- 2025 outperformed outlook with robust earnings, high occupancy, and healthcare focus.COFB
Q4 2025 - Core earnings up 2% to €186M, 98.6% occupancy, 2025 EPS ≥€6.20/share confirmed.COFB
Q3 2025 - Core earnings up 2.4%, 98.6% occupancy, 2025 EPS ≥€6.20, dividend €5.20.COFB
Q2 2025 - Q3 2024 results show robust growth, high occupancy, and strong guidance for EPS and dividend.COFB
Q3 2024 - Healthcare assets drive 4% earnings growth and 2024 guidance confirmation.COFB
Q2 2024 - 2024 results exceeded outlook, with a 77% healthcare portfolio and robust 2025 guidance.COFB
Q4 2024 - Core earnings up 5% in Q1 2025, driven by healthcare and strong occupancy.COFB
Q1 2025
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