Cofinimmo reports stable EPRA EPS at €4.88, confirms 2025 outlook

Investing.com - Cofinimmo (Euronext Brussels:COFB) on Friday reported a stable net result from core activities per share of €4.88 for the first nine months of 2025, in line with the same period last year but higher than company forecasts.

The Belgian healthcare real estate specialist confirmed its full-year guidance while making progress on its asset rotation plan.

The company’s net result from core activities – Group share rose 2.0% to €186 million compared to €182 million in the same period last year, driven by contract indexation and effective cost management. Gross rental income decreased slightly by 1.1% to €265 million due to portfolio changes, but increased by nearly 3% on a like-for-like basis, primarily due to indexation (+2.9%).

Cofinimmo’s shares fell 1.6% following the announcement as investors awaited further developments on the company’s potential combination with Aedifica, which is currently under review by the Belgian Competition Authority.

"A solid financial structure, a debt-to-assets ratio already in line with the year-end outlook thanks to the successful roll-out of our asset rotation plan, and operating performances higher than the outlook are all key elements that enable us to approach the final quarter with confidence," said Jean-Pierre Hanin, CEO of Cofinimmo.

The company’s healthcare real estate portfolio, which represents 77% of its total portfolio valued at €6.0 billion, showed a 0.2% increase in fair value. The occupancy rate remained high at 98.6%, with a particularly long residual lease length of 13 years.

Cofinimmo completed €75 million in divestments during the first nine months of 2025, representing 75% of its annual target, while investing €66 million primarily in healthcare real estate. The debt-to-assets ratio stood at 43.4%, with an average cost of debt remaining low at 1.4%.

The company confirmed its 2025 outlook for EPRA earnings per share of at least €6.20 and a gross dividend of €5.20 per share, excluding non-recurring effects arising from the potential combination with Aedifica.

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