Care Property Invest (CPINV) Q4 2025 earnings summary

Executive summary

• Celebrated 30 years with a major Belgian portfolio acquisition, expanding the asset base and illustrating growth ambitions, including the strategic acquisition of Welfare Estates nv, which added nine operational healthcare real estate projects in Belgium worth €142.6 million.

• Focused on high-end, sustainable healthcare real estate across Belgium, the Netherlands, Spain, and Ireland, with no plans to enter new markets in the short term.

• Portfolio valued at €1.39 billion, with 160 sites and 100% occupancy as of FY 2025.

• Management and shareholder interests are aligned through revised remuneration policy and ESG-linked incentives; recognized for transparency and sustainability with multiple EPRA awards.

• Dividend policy remains central, with a nominal €1 per share and a low 15% withholding tax.

Financial highlights

• Portfolio fair value increased by 12% to €1.3914 billion as of 31 December 2025; investment properties stable at €1.17 billion.

• Rental income for 2025 reached €73.9 million, up 6.2% year-over-year; EPS at €1.16, both in line with guidance.

• EPRA earnings up 9.3% to €43.5 million; net result for FY 2025 was €59.2 million, up from €25.7 million in 2024.

• Dividend per share set at €1.00, with a payout ratio of 86% and a yield of 8.43%.

• Operating margin above 85%; net rental income €73.9 million; collection rate of rent due reached 98%.

Outlook and guidance

• EPS guidance for 2026 is €1.07; DPS expected to remain stable at €1.00, reflecting portfolio changes, indexation, and known operator renegotiations.

• Forecasted rental income for 2026 is €80.5 million, up 9% from 2025.

• Dividend policy aims for sustainable growth, targeting a payout ratio between 80-85% as earnings allow.

• Growth strategy includes doubling company size, further portfolio diversification, and maintaining a debt ratio below 50%.

• Limited future cash-out for committed developments (€10.6 million as of year-end 2025); dividend stability supported by long-term contracts averaging 13.35 years.