Care Property Invest (CPINV) Q2 2025 earnings summary

Executive summary

• Maintains a pure-play, sustainable healthcare REIT strategy focused on Belgium, Netherlands, Spain, and Ireland, with a diversified operator base and emphasis on ESG, digital transformation, and energy efficiency.

• Management highlights stable cash flows from long-term contracts, conservative risk profile, and financial discipline, with interests aligned with investors.

• Strategic focus on operator diversification, risk management, and dynamic portfolio management, including energy audits, asset rotation, and prudent financial management.

• Portfolio fair value increased to €1.25B as of 30 June 2025, with 151 projects and 100% occupancy.

• Occupancy rate remained at 100%, with a 98% rent collection rate and stable dividend policy.

Financial highlights

• Rental income for H1 2025 reached €36.6 million (+6.6% year-over-year); net result for H1 2025 was €23.7 million; operating result before portfolio result up 10.7% to €32.0 million.

• EPS guidance for FY 2025 raised to €1.11; DPS guidance stable at €1.00, with a payout ratio of 90%.

• EPRA earnings for HY 2025: €22.5 million (+13%); EPRA NTA per share at €17.79.

• 100% occupancy; rent collection rate 98%; average indexation 3.08%.

• One-off tax impact of €800,000 due to Dutch FBI regime abolishment.

Outlook and guidance

• EPS guidance for 2025 raised to at least €1.11, supported by one-off effects and lower interest expenses.

• DPS guidance remains at €1.00, with a gross dividend yield of 8.01% and a payout ratio of 90%.

• Rental income for 2025 expected to reach €73 million (+5% year-over-year).

• Focus remains on four core markets, with readiness to accelerate growth if metrics align; new projects must be EPS accretive within three years.