Cofinimmo (COFB) Q1 2026 earnings summary

Executive summary

• Net result from core activities (EPRA Earnings, excluding non-recurring effects) rose 8.3% year-over-year to €62 million, outperforming outlook due to positive contract indexation and cost evolution.

• Net result (Group share) was €54 million, down from €64 million year-over-year due to non-recurring effects from the Aedifica combination.

• Gross rental income reached €89 million, up 0.7% year-over-year and 1.1% like-for-like; occupancy rate at 98.5%.

• Residual lease length remains long at 12 years; portfolio valued at €6.1 billion, 77% in healthcare real estate.

• Aedifica now holds 80% of capital; combination effective since 10.03.2026, with integration and merger expected in H2 2026.

Financial highlights

• Net result from core activities – Group share: €62 million (+8.3% YoY); EPRA EPS: €1.63/share.

• Net result – Group share: €54 million (€1.41/share), impacted by €11 million non-recurring expense from Aedifica combination.

• Gross rental income: €89 million (+1.1% like-for-like); operating margin at 86.5%.

• Debt-to-assets ratio: 42.1%; average cost of debt: 1.5%.

• EPRA NRV per share: €102.40; EPRA NTA per share: €93.98; IFRS NAV per share: €93.60.

Outlook and guidance

• 2026 net result from core activities (EPRA EPS) expected at €6.35/share; gross dividend guidance at €5.20/share (82% payout).

• Net investments for 2026 estimated at €200 million (gross investments €310 million, divestments €110 million).

• Average cost of debt expected to rise slightly to 1.7%; debt-to-assets ratio projected at 44%.