Care Property Invest (CPINV) Q1 2025 earnings summary

Executive summary

• Rental income rose 8% year-over-year to €18.3 million for Q1 2025, with 99% collection rate and 100% occupancy.

• Adjusted EPRA earnings increased 16.8% to €11.6 million (€0.31/share), net result per share up to €0.49.

• Real estate portfolio fair value grew 1% to €1,252.6 million since December 2024.

• Guidance for 2025 raised: EPS €1.08, DPS €1.00 (8.29% yield as of March 2025).

• Portfolio expansion continued with new acquisitions and project completions in the Netherlands and Spain.

Financial highlights

• Net result for Q1 2025: €18.1 million, up from €9.6 million in Q1 2024.

• Operating result before portfolio result up 13.4% year-over-year; operating result up 77.8%.

• Rental income growth driven by new acquisitions, completed projects, and 3% average indexation.

• Weighted average interest cost decreased to 3.08% (from 3.15% in Q1 2024).

• EPRA LTV at 45.03%, debt ratio at 47.12%, both stable and within target.

Outlook and guidance

• 2025 rental income expected to reach €73 million, a 5% increase over 2024.

• Adjusted EPRA earnings forecast at least €1.08/share for 2025, up from previous €1.07 guidance.

• Dividend per share maintained at €1.00 gross for 2025, supported by long-term contracts and stable portfolio.

• Debt ratio expected to rise slightly with further investments, but to remain below 50%.