Cofinimmo delivered first-quarter EPRA earnings of €62 million, representing an 8.3% rise year-over-year and equating to €1.63 per share. The reported per-share figure incorporates a €0.12 negative impact tied to disposals.
The company reaffirmed its full-year guidance, keeping its target unchanged at €6.35 EPRA earnings per share.
Occupancy and division performance
Occupancy across Cofinimmo's portfolio improved from December levels, reaching 98.5% at the end of March. By division, healthcare assets posted the highest utilization at 99.4%, distribution networks reached 99.8%, and offices recorded 93.5% occupancy.
Income, rental trends and contributors
Gross rental income rose 0.7% year-over-year to €88.8 million. On a like-for-like basis, rental growth moderated to 1.1%, down from 2.9% in the first quarter of 2025. The components of that like-for-like change were: indexation contributing 2.0%, new leases adding 0.8%, departures subtracting 1.3% and renegotiations subtracting 0.4%.
When examined by business line, like-for-like rental movement was 1.6% in healthcare, negative 2.1% in offices, and 2.2% in distribution networks.
Balance sheet and yields
EPRA net tangible assets increased by 1.1% from December to stand at €93.98. The EPRA initial yield rose to 5.5% in the period. Cofinimmo's debt-to-assets ratio declined to 42.1% at the end of March compared with December, while the average cost of debt, with full hedging in place, remained at 1.5%.
Investment activity and portfolio values
During the quarter the group completed €20 million in investments and €30 million in disposals. Looking ahead to 2026, Cofinimmo expects net investments of €200 million, composed of €310 million in investments offset by €110 million in disposals.
On valuations, portfolio like-for-like values edged down by 0.1% from December. Healthcare values were stable, distribution networks fell 0.1% and office portfolio values declined 0.7%. The French healthcare portfolio specifically registered a 0.5% drop, attributed to the implementation of the Finance Act and negative inflation revisions.
Takeaway
Cofinimmo posted modest earnings growth for the first quarter and sustained its full-year EPRA EPS guidance, supported by strong occupancy and a slightly higher initial yield. However, the slowdown in like-for-like rental growth, weakness in office rentals and small valuation declines in parts of the portfolio are visible headwinds within the quarter's results.