Care Property Invest (CPINV) Q3 2025 earnings summary

Executive summary

• Pure play healthcare REIT with a diversified, energy-efficient portfolio across Belgium, Netherlands, Spain, and Ireland, focusing on long-term value creation and stable cash flows from long-term leases.

• Rental income rose 5.7% year-over-year to €54.9 million, driven by new acquisitions, project completions, and full indexation of leases.

• Adjusted EPRA earnings increased 9.9% to €33.2 million (€0.90/share), reflecting higher rental income and lower general expenses.

• Net result surged 60% to €36.4 million, with operating result up 17.2% year-over-year.

• Strategic focus remains on the four core markets, with no short-term plans for expansion into new geographies.

Financial highlights

• Fair value portfolio: €1.25B; income: €54.9M (+5.7% year-over-year); EPRA earnings: €33.2M (+9.9% year-over-year); EPS: €0.90.

• EPRA NTA per share was €18.00, down from €18.25 at year-end 2024.

• Weighted average interest cost decreased to 3.06% from 3.25% year-over-year.

• Net result for Q3 2025: €36.4M, up from €22.7M in 2024.

• Gross dividend yield: 8.59% (DPS guidance €1.00 for 2025).

Outlook and guidance

• 2025 EPS guidance: €1.16; DPS guidance: €1.00; payout ratio: 86%.

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

• Focus on maintaining leverage below 50% and ensuring new projects are EPS accretive within three years.