Cofinimmo's performance exceeds expectations, setting goals for 2026

Investing.com – Cofinimmo (COFB BB) announced on Friday that its full-year 2025 EPRA earnings per share are €6.45, up 2% from analyst expectations and 4% above the company’s minimum guidance of €6.20 per share.

The Belgian real estate investment trust confirmed a dividend of €5.20 per share, in line with expectations.

The company set a 2026 EPRA earnings per share target of €6.35, down 1.6% from 2025. This guidance is consistent with analyst forecasts of €6.38 and market consensus estimates of €6.36. The target assumes net investments of €200 million and net rental income of €351 million.

Full-year 2025 EPRA earnings reached €245.6 million, a 0.7% increase from the previous year. Earnings per share were €6.45, representing a 0.7% decrease compared to 2024 on a per-share basis.

Net rental income for 2025 remained stable at €348.2 million, down 0.9% from the previous year, mainly due to asset disposals. This figure was 1% below analyst expectations.

Year-over-year rental growth reached 2.9%, mainly driven by indexation adjustments, contributing 2.7 percentage points. New leases contributed 0.6 percentage points, while tenant departures and renegotiations reduced growth by 0.4 and 0.1 percentage points, respectively.

By sector, year-over-year rental growth was 2.8% for healthcare real estate, 2.8% for office buildings, and 3.2% for distribution network properties.

During 2025, Cofinimmo completed €82 million in asset disposals and invested €111 million. For 2026, the company expects net investments of €200 million, including €310 million in new investments and €110 million in disposals, which will bring the debt-to-assets ratio to approximately 44% by year-end.

The average cost of debt was 1.5%, up 10 basis points from the previous year. The company expects this to rise to about 1.7% in 2026.

As of December 31, 2025, the debt-to-assets ratio was 42.8%, down 60 basis points from the previous quarter but up 20 basis points from the same period last year. The EPRA loan-to-value ratio was 41.9%, compared to 42.2% in 2024.

As of December 31, 2025, occupancy rate decreased by 20 basis points quarter-over-quarter to 98.4%. The decline was mainly driven by the office sector, where occupancy fell 120 basis points to 92.8%. Healthcare occupancy remained stable at 99.4%, and distribution network occupancy was 99.6%.

The investment portfolio value remained stable year-over-year, increasing by 0.1%. EPRA net tangible assets per share held steady at €92.99, while EPRA net initial yield compressed by 10 basis points to 5.4%.

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