Cofinimmo (COFB) Q4 2025 earnings summary

Executive summary

• Ongoing combination with Aedifica to create Europe's leading healthcare REIT, with regulatory approvals and public exchange offer underway.

• 2025 marked by strong operational and financial performance, exceeding outlook, with net result from core activities up 0.7% to €246m and net result group share at €213m, up €150m year-on-year.

• Gross rental income reached €355m, up nearly 3% like-for-like, with a high occupancy rate of 98.4% and average lease term of 13 years.

• Dividend for 2025 confirmed at €5.20 per share, payable in 2026.

• Sustainability achievements include improved rankings, certifications, and awards, with energy intensity reduced by 26% since 2017.

Financial highlights

• Portfolio valued at €6.1bn as of year-end 2025; gross rental income €355m, up nearly 3% like-for-like.

• Net result from core activities (EPRA earnings) at €246m, above guidance; net result group share €213m, up €150m year-on-year.

• Debt-to-asset ratio at 42.8%, among the lowest in European REITs; average cost of debt at 1.5%.

• EPRA EPS at €6.45 per share; EPRA NRV at €101.39 per share.

• NAV per share stable at €92.2 at year-end 2025.

Outlook and guidance

• 2026 net result from core activities (EPRA EPS) expected at €6.35 per share, excluding non-recurring effects from the Aedifica deal.

• Debt-to-asset ratio projected to rise to around 44% by end-2026.

• 2026 investment budget: €310m gross investments, €110m divestments; net investments €200m.

• Dividend guidance for 2026: €5.20 per share, payout ratio of 82%.