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Cofinimmo: Cofinimmo's 2025 Earnings Report: A Strong Performance

Cofinimmo's financial performance in 2025 was robust, with a gross rental income of EUR 355 million, representing a 3% like-for-like increase. The company's net result from core activities, EPRA earnings, rose by 0.7% to EUR 246 million, exceeding guidance. The actual EPS came out at EUR 3.9, significantly higher than the estimated EUR 1.47. The company's strong financial foundation is reflected in its low average cost of debt of 1.5% and a debt-to-asset ratio of 42.8%. As Jean-Pierre Hanin stated, "the idea of returning to 0-interest rate environments is fading, and the current liquidity is more favorable compared to the last 2 years."

COFB.BR

EUR 92.55

1.65%

A-Score: 6.5/10

Publication date: February 20, 2026

Full Report

Author: Analystock.ai

📋 Highlights
  • Healthcare REIT Merger Finalized with Aedifica to create Europe's leading healthcare REIT, offering EUR 4.7 billion fair value portfolio (77% of total)
  • EPRA Earnings Growth Rose 0.7% to EUR 246 million, exceeding guidance, with net result group share at EUR 213 million (+EUR 150M YoY)
  • Low-Cost Debt Structure Maintained average cost of debt at 1.5% and debt-to-asset ratio of 42.8%, with EUR 185M new credit lines signed
  • Healthcare Portfolio Expansion EUR 4.6 billion invested since 2018, achieving 90.4% occupancy and 6% average net yields across 9 countries
  • 2026 Guidance Forecasts EUR 6.35/share net result and 44% debt-to-asset ratio, with EUR 200M net investment and EUR 310M gross investments

Revenue Growth and Margin Analysis

The company's revenue growth was driven by its active portfolio rotation, which has transformed it into a leading European healthcare REIT. The healthcare portfolio, valued at EUR 4.7 billion, represents 77% of Cofinimmo's overall portfolio. The average net yields are around 6%, with yields stable across segments and geographies. Analysts estimate next year's revenue growth at 2.0%, indicating a continued stable performance.

Valuation Metrics

To understand what's priced into Cofinimmo's stock, we can examine its valuation metrics. The company's P/E Ratio is 4.72, indicating a relatively low valuation compared to its earnings. The P/B Ratio is 0.29, suggesting that the stock is undervalued relative to its book value. Additionally, the Dividend Yield is 6.83%, making it an attractive option for income-seeking investors. The Net Debt / EBITDA ratio is 9.37, indicating a significant debt burden, but the company's low average cost of debt mitigates this concern.

Outlook and Guidance

Cofinimmo expects to be a net investor in 2026, with opportunities on the market, while maintaining its LTV under control. The company has guided for a net result from core activities group share per share of EUR 6.35 and a debt-to-asset ratio of around 44% at the end of 2026. With its strong financial foundation and stable performance, Cofinimmo is well-positioned to navigate the challenges in the healthcare and office markets.

Cofinimmo's A-Score