Cofinimmo 3Q25 results: far ahead of minimum guidance but no increase
Cofinimmo reports higher than expected EPRA earnings on the back of lower interest charges and lower taxes. 75% of the EUR 100.0m divestment plan is completed and only EUR 66.0m investments, out of the EUR 170.0m guided. Despite Cofinimmo reporting EPRA results far ahead of its minimum EUR 6.20 guided, it does not increase its guidance. Important to note, is that the one-off costs related to the Aedifica merger (approx. EUR 3.0m in 3Q25 in other expenses) and the divestment of financial lease receivables (approx. 3.0m in 3Q25 in financial income) are not part of the EPRA earnings figures. Operationally speaking, the company is performing well in line with the previous quarters. All eyes remain on the potential combination, on which the market awaits approval of the BCA. Buy rating reiterated.Cofinimmo is a fixed capital real estate investment trust. Co. specializes in rental property. Its core investment segments are office property and nursing and care institutions. The portfolio also includes a Distribution property networks segment. Most of Co.'s assets are in Belgium. The foreign part consists of nursing homes/ clinics and the MAAF agencies network in France and the Pubstone portfolio in the Netherlands. Co.'s operations are organized into four segments: Offices, Nursing homes/Clinics, Distribution property networks, and Public-Private Partnerships.
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