Cofinimmo
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Cofinimmo (COFB) investor relations material

Cofinimmo Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary20 Feb, 2026

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%.

Next steps for Aedifica combination
Cofinimmo's exposure to Colisée's refinancing
Strategy for rising cost of debt to 2.3% by 2028
Mitigate rising debt cost impact on EPRA EPS
What is the outlook for portfolio fair value changes
Strategy for managing tenant financial distress
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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.

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