Care Property Invest (CPINV) Q2 2026 earnings summary

Executive summary

• Focused on high-end, sustainable healthcare real estate across Belgium, the Netherlands, Spain, and Ireland, with a diversified operator base and stable long-term contracts.

• Portfolio fair value reached €1.391 billion as of HY 2026, with 160 sites and 100% occupancy, supported by long-term triple net contracts.

• Rental income rose 12% year-over-year to €41.0 million for H1 2026, driven by new acquisitions, project completions, and indexation of leases.

• Adjusted EPRA earnings increased 10.5% to €24.9 million, but per-share earnings declined 3.3% due to a higher share count.

• Strategic emphasis on sustainability, digital transformation, and maintaining a strong financial structure.

Financial highlights

• Rental income rose to €41.0 million (+12.0% year-over-year), with EPRA earnings at €24.9 million (+10.5%).

• Adjusted EPRA earnings per share at €0.59; EPS guidance for 2026 is at least €1.11.

• Gross dividend per share proposed at €1.00, yielding 7.94%, with a net dividend of €0.85.

• Net result for HY 2026 was €26.2 million, up from €23.7 million in H1 2025.

• Cash operating margin at 88%.

Outlook and guidance

• Sustained dividend policy with stable DPS outlook for 2026 at €1.00.

• Rental income for 2026 expected to reach at least €82 million, up 11% from 2025.

• Continued focus on the four core markets; no entry into new geographies planned.

• New project investments must be EPS accretive within three years.

• Debt ratio targeted to remain below 50%, with significant headroom for further investments.