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Cofinimmo Annual Report 2025
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Annual Report
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Cofinimmo
20
Universal Registration Document
including the Annual Financial Report and the Sustainability Report
25 YEARS
TOGETHER IN REAL ESTATE
Cofinimmo | Universal Registration Document 2025 | 2
Cover picture: the nursing and care home El Cañaveral (Spain)
This nursing and care home, located in El Cañaveral (Madrid), was delivered in January 2026. The facility was built with high sustainability criteria in mind, including a reinforced charging infrastructure for electric vehicles, domestic hot water supplied by aerothermal systems, solar panels, bicycle storage and 2,000 m² of green space. For this site, that has a total surface area of about 7,000 m² and offers 165 beds, Cofinimmo was granted an A energy performance label and aims for a BREEAM In-Use Excellent certification.
Cover picture © Georges De Kinder
Cofinimmo at a glance
Management report
Sustainability report
Property report
Corporate governance statement
Audited financial statements
Additional information
Table of content
Cofinimmo at a glance
4
- History 6
- Key figures as at 31.12.2025 8
Management report
11
- Message to shareholders 12
- Highlights 15
- Mission 16
- Strategy 17
- Transactions & achievements in 2025 24
- Caring 26
- Working 36
- Living 42
- Composition of the consolidated portfolio 45
- Financial resources management 52
- Comments on the consolidated financial statements 66
- Quarterly results and balance sheets 71
- Appropriation of statutory profits 75
- Events after 31.12.2025 77
- Cofinimmo on the stock market 78
- 2026 outlook 84
Sustainability report
88
- Committed for more than 15 years to a global sustainability strategy 89
- Major trends and their impacts on the sustainability strategy 91
- Life cycle management at the heart of the value chain 97
- Stakeholder dialogue as driver for transition 99
- Reducing energy intensity 103
- Skilled and service-minded employees 115
- Governing business with integrity 122
Property report
125
- Consolidated real estate portfolio 126
- Market commentary 130
Corporate governance statement
138
- Corporate governance principles 139
- Decision-making bodies 147
- Rules and procedures 163
- Information required under Article 34 of the Royal Decree of 14.11.2007 166
- Remuneration report 169
Audited financial statements
180
- Consolidated financial statements 181
- Abbreviated statutory financial statements 253
Additional information
263
- Risk factors 264
- EPRA BPR performance indicators 270
- Appendices to the sustainability report 282
- General information 314
- Additional remarks 324
- Glossary 331
Cofinimmo
Universal Registration Document 2025
Cofinimmo at a glance
Management report
Sustainability report
Property report
Corporate governance statement
Audited financial statements
Additional information
Cofinimmo at a glance
The pandemic that the world has been experiencing in recent years has highlighted the importance of the healthcare sector for each and every one of us. Through its investments, Cofinimmo is actively participating in the operation, maintenance, expansion and renewal of the healthcare infrastructure in Europe.
> Psychiatric clinic–Kearst (08)
Cofinimmo has been acquiring, developing and managing rental properties for more than 40 years.
The company has a portfolio spread across Belgium, France, the Netherlands, Germany, Spain, Finland, Ireland, Italy and the United Kingdom with a value of approximately 6.1 billion EUR. Responding to societal changes, Cofinimmo's mission is to provide high-quality care, living, and working spaces to partner tenants that directly benefit their occupants. 'Caring, Living and Working - Together in Real Estate' is the expression of this mission. Thanks to its expertise, Cofinimmo has assembled a healthcare real estate portfolio of approximately 4.7 billion EUR in Europe.
As a company applying the highest standards of corporate governance and sustainability, Cofinimmo offers tenant services and manages its portfolio through a team of 149 employees in Brussels, Paris, Breda, Frankfurt and Madrid.
Cofinimmo is listed on Euronext Brussels (BEL20 until 09.03.2026) and benefits from the REIT status in Belgium (RREC), France (SIIC), Spain (SOCIMI) and the United Kingdom (UK-REIT). Its activities are supervised by the Financial Services and Markets Authority (FSMA), the Belgian regulator.
Cofinimmo | Universal Registration Document 2025
Cofinimmo at a glance
Management report
Sustainability report
Property report
Corporate governance statement
Audited financial statements
Additional information
6.1 billion EUR
Fair value of the portfolio on 31.12.2025
Cofinimmo is active in
9 countries
6.45 EUR/share
Net result from core activities - Group share
- per share (or EPRA EPS)
Belgium
France
The Netherlands
Germany
Spain
Finland
Ireland
Italy
United Kingdom
- For many years, Cofinimmo has used Alternative Performance Measures (APM) in its financial communications, within the meaning of the guidelines issued on 05.10.2015 by ESMA (European Securities and Market Authority). Some of these APMs are recommended by the European Public Real Estate Association (EPRA), while others have been defined by the sector or by Cofinimmo in order to provide the reader with a better understanding of its results and performance. The APM included in this universal registration document are identified by an asterisk (*). The performance indicators that are defined by IFRS rules or by law are not considered as APMs. Neither are indicators that are not based on income statement or balance sheet items. APMs are defined, commented on and reconciled with the most relevant item, total or subtotal in the financial statements for this purpose in Note 48 to the consolidated financial statements included in this universal registration document. The definitions of APM may differ from those of other concepts with the same name in the financial statements of other companies.
> Office building Belliard 40 - Brussels CBD (BE)
Cofinimmo | Universal Registration Document 2025
Cofinimmo at a glance
Management report
Sustainability report
Property report
Corporate governance statement
Audited financial statements
Additional information
History
1983
Company established end December (capital: 6 million EUR)
1994
Listed on the Brussels Stock Exchange, now called Euronext Brussels
1996
Adopted Belgian SICAFI status
2007
Launched partnership with AB InBev Group for a portfolio of 1,068 pubs and restaurants located in Belgium and the Netherlands (Pubstone)
2005
- First healthcare investments in Belgium
- First public-private partnership: the Antwerp Courthouse
2008
- First healthcare investments in France
- Adopted SIIC status (French REIT regime)
- First ISO 14001 certification
2012
- First healthcare investments in the Netherlands
2014
- First healthcare investments in Germany
- First Sustainability Report based on the GRI index
2018
- Initiated the rebalancing of the office portfolio
2016
- Opened the first Flex Corner® and The Lounge® sites
- Issuance of green & social bonds
Cofinimmo | Universal Registration Document 2025
Cofinimmo at a glance
Management report
Sustainability report
Property report
Corporate governance statement
Audited financial statements
Additional information
2019
- Launch of the 30th Project aimed at reducing the portfolio's energy intensity by 30% by 2030 from 2017 levels, based on SBTI (Science Based Targets initiative)
- First healthcare investments in Spain
2020
- First healthcare investments in Finland
- Issuance of a first 500 million EUR benchmark sustainable bond
2023
- Inclusion in the new Euronext BEL ESG index and the Financial Times 500 Europe's Climate Leaders list
- 40th anniversary of the Group on 29.12.2023
2022
- Nearly 550 million EUR invested in healthcare real estate in Europe
- Issuance of a second 500 million EUR benchmark sustainable bond
- Capital increases in the amount of nearly 114 million EUR
- Divestments in the amount of nearly 144 million EUR
2021
- First healthcare investments in Ireland, Italy and the United Kingdom
- Contribution of the office portfolio into a subsidiary
2024
- Net divestment of 97 million EUR
- Listed in the 500 World's Most Sustainable Companies 2024 by Time and one of the two Belgian real estate companies in this ranking
- Only real estate player, among 10 Belgian companies, listed in the 600 Europe's Climate Leaders 2024 by Financial Times
- Granted the Impact Award 2024 from the Belgian business magazine Trends in the Climate & Energy category
2025
- 77% of the Group's consolidated portfolio (6.1 billion EUR) invested in healthcare real estate
- Office portfolio of 925 million EUR (15%), largely centred on the best area of Brussels' Central Business District
- Gross investments of 111 million EUR
- Net divestments of 82 million EUR
- Results higher than the outlook and active portfolio management leading to a low debt-to-assets ratio (42.8%)
- First Sustainability Report based on VSME® standard
- Ranking improvement in the 600 Europe's Climate Leaders 2025 by Financial Times
- Extension of the scope of the ISO 14001 certification to include the activities in Spain
- Inclusion in the S&P Global Sustainability 2026 Yearbook
-
Proposed combination with Aedifica through a public exchange offer (effective since 10.03.2026; Aedifica holds since then 80% of Cofinimmo's capital)
-
The VSME standard is a European Voluntary sustainability reporting for non-listed SMEs.
Cofinimmo
Universal Registration Document 2025
Cofinimmo at a glance
Management report
Sustainability report
Property report
Corporate governance statement
Audited financial statements
Additional information
Key figures as at 31.12.2025
Operational
6.1 billion EUR
Fair value of the portfolio
344 million EUR
Property result
2,400,000 m²
Rounded total surface area
5.9%
Gross rental yield at 100% occupancy
98.4%
Occupancy rate
13 years
Weighted average residual lease length
Portfolio breakdown per segment
Healthcare real estate
Offices
Property of distribution networks
Geographical portfolio breakdown
Belgium France Netherlands Germany Other
ES 7% - FI 3% - IE 2% - IT 4% - UK 1%
Cofinimmo | Universal Registration Document 2025
Cofinimmo at a glance
Management report
Sustainability report
Property report
Corporate governance statement
Audited financial statements
Additional information
Financial
3.0 billion EUR
Market capitalisation as at 31.12.2025
70 EUR
Average share price in 2025
54%
Gross return¹ of the share in 2025, compared to 6.8% for the FTSE EPRA Nareit Europe Developed index
6.45 EUR/share
EPRA Earnings Per Share (EPS)* in 2025
92.20 EUR/share
Net assets value (IFRS) as at 31.12.2025
42.8%
Debt-to-assets ratio as at 31.12.2025
1.5%
Average cost of debt* in 2025
BBB+/long term & A-2/short term
Standard & Poor's rating²
- Office building Montoyer 10 (M10) – Brussels' CBD (BE)
- © Hannelore Veelaert
Cofinimmo | Universal Registration Document 2025 | 9
¹ Changes in the share price + dividend yield
² Publication of Standard & Poor's on 16.04.2025 (A-2) and 16.03.2026 (BBB+).
Cofinimmo at a glance
Management report
Sustainability report
Property report
Corporate governance statement
Audited financial statements
Additional information
Sustainability
149 employees
Men
Women
139 kWh/m²/year
Average portfolio energy intensity
22%
Average gender pay gap
87%
Portfolio EPC certified
62 hours
of training per employee per year
76%
Portfolio remotely monitored
Consolidated key figures
| (x 1,000,000 EUR) | 31.12.2025 | 31.12.2024 | 31.12.2023 |
|---|---|---|---|
| Portfolio of investment properties (at fair value) | 6,085 | 6,000 | 6,231 |
| (x 1,000 EUR) | 31.12.2025 | 31.12.2024 | 31.12.2023 |
| Property result | 344,343 | 345,307 | 338,958 |
| Operating result before result on the portfolio | 287,579 | 286,823 | 277,703 |
| Net result from core activities - Group share* | 245,630 | 243,840 | 240,719 |
| Result on financial instruments - Group share* | -9,628 | -28,345 | -79,480 |
| Result on the portfolio - Group share* | -22,539 | -151,606 | -216,735 |
| Net result - Group share | 213,463 | 63,889 | -55,497 |
| Operating margin* | 83.5 % | 83.1 % | 81.9 % |
| 31.12.2025 | 31.12.2024 | 31.12.2023 | |
| Operating costs/average value of the portfolio under management*1 | 0.92 % | 0.93 % | 0.98 % |
| Weighted residual lease length (in years)2 | 13 | 13 | 13 |
| Occupancy rate3 | 98.4 % | 98.5 % | 98.5 % |
| Gross rental yield at 100% occupancy4 | 5.9 % | 5.9 % | 5.8 % |
| Net rental yield at 100% occupancy5 | 5.6 % | 5.6 % | 5.5 % |
| Debt-to-assets ratio6 | 42.8 % | 42.6 % | 43.8 % |
| Average cost of debt*7 | 1.5 % | 1.4 % | 1.4 % |
| Average debt maturity (in years)8 | 3 | 4 | 4 |
Cofinimmo | Universal Registration Document 2025 | 10
Cofinimmo at a glance
Management report
Sustainability report
Property report
Corporate governance statement
Audited financial statements
Additional information
Nursing and care home - Jaén (ES)
Cofinimmo | Universal Registration Document 2025
Cofinimmo at a glance
Management report
Sustainability report
Property report
Corporate governance statement
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Message to shareholders
Cofinimmo has been acquiring, developing and managing rental properties for more than 40 years. Responding to societal changes, Cofinimmo's permanent objective is to offer high-quality care, living and working spaces ('Caring, Living and Working - Together in Real Estate'). Capitalising on its expertise, Cofinimmo has consolidated its position in European healthcare real estate.
Solid results and active portfolio management
The pandemic that the world has been experiencing in recent years has highlighted the importance of the healthcare segment for each and every one of us. Through its investments, Cofinimmo is actively participating in the operation, maintenance, expansion and renewal of the healthcare infrastructure in nine countries.
Cofinimmo | Universal Registration Document 2025
Cofinimmo at a glance
Management report
Sustainability report
Property report
Corporate governance statement
Audited financial statements
Additional information
A three-stage stock market performance
After several difficult years, European healthcare real estate in general performed well on the stock market during the 2025 financial year, and this was even more true for Cofinimmo in particular. Three distinct periods can be identified:
- The adjustment to the 2025 dividend outlook, payable in 2026, announced on 21.02.2025 (before market) was well received by the markets, with the share price rising 8% between the close of trading on 20.02.2025 and that on 02.04.2025, in the context of a boost of M&A activity in the United Kingdom;
- Then, the share price also performed well after President Trump announced 'Liberation Day' (healthcare real estate not being directly affected by tariffs), climbing 13% between the close of trading on 02.04.2025 and that on 29.04.2025;
- Finally, the share price accelerated from 30.04.2025 onwards, stabilising at a level reflecting the proposed combination with Aedifica through a public exchange offer (see press releases dated 01.05.2025, 09.05.2025, 13.05.2025, 03.06.2025, 18.07.2025, 30.09.2025 and 27.10.2025). After a new acceleration in the last weeks of the year, the share price reached 79.20 EUR on 31.12.2025, up 18% since 29.04.2025;
- The total gross return for shareholders thus amounted to 54% cumulatively over 2025.
Pursuing healthcare real estate investments
During the financial year, Cofinimmo made several investments (for 111 million EUR), mainly in various healthcare real estate sub-segments in Europe. As a result, five development projects in healthcare real estate have been delivered in Belgium, the Netherlands and Spain. Thanks to these operations, healthcare real estate assets (4.7 billion EUR) account for 77% of the Group's consolidated portfolio as at 31.12.2025, which reaches 6.1 billion EUR. The office segment accounts for 925 million EUR (or 15% of the consolidated portfolio), largely centred on the best area of Brussels' Central Business District (CBD) (accounting for nearly three quarters of the office portfolio, compared to 45% as at 31.12.2019). In this respect, Cofinimmo proceeded at the end of January with the provisional acceptance of the complete renovation of an
ideally-located office building outside Brussels (in Mechelen/Malines), whose energy performance now largely exceeds the current legal requirements and which is leased for 18 years to public authorities (Flemish Community). The six provisional acceptances (in healthcare real estate and offices) are the result of a cumulative investment of 88 million EUR spread over the last years.
Cofinimmo constantly evaluates its assets portfolio based on the key points of its strategy and the available market opportunities. In this context, the Group carried out divestments which amount to 82 million EUR, helping to reduce the debt-to-assets ratio by -1% between the end of 2024 and the end of 2025.
As a result, Cofinimmo achieved net investments of 29 million EUR during the 2025 financial year.
A strong-willed sustainability policy
Cofinimmo has been adopting a proactive sustainability policy for more than 15 years. This is a real priority for the Group, which once again distinguished itself in 2025. Several labels previously awarded have been renewed (Equileap, Sustainalytics, GRESB, ISS ESO and S&P Global CSA). Moreover, Cofinimmo obtained ten new BREEAM certifications for healthcare real estate in Finland, Spain and Germany but also in the office segment (for the new flagship M10 and for two other office buildings). The 'Great Place To Work™' certification was renewed in Belgium and Germany. The Group also improved its ranking in the 600 Europe's Climate Leaders 2025 list by Financial Times (ranking 4th among 39 real estate companies in Europe and the United Kingdom). Besides, Cofinimmo successfully extended the scope of its ISO 14001 certification for 2025 to include its activities in Spain. The company also distinguished itself by being granted a new Gold award for the implementation of the EPRA Sustainability Best Practices Recommendations for the 12th consecutive year.
Finally, Cofinimmo reinforces sustainable value creation through its asset rotation strategy, aligned with ambitious decarbonisation and energy cost reduction targets for the Group and its tenants. The actions undertaken are based on internal expertise and comprehensive data collection, and ensure the resilience of the property portfolio in the face of climate, energy and commercial risks (see page 22).
Rigorous financial management
In terms of financing, Cofinimmo reinforced its financial resources and its balance sheet structure over the past financial years (cumulative capital increases of 565 million EUR in 2021, 114 million EUR in 2022, 247 million EUR in 2023 and nearly 75 million EUR in 2024). The financing operations during this period enabled the Group to improve the maturity timetable of its financial debts, to increase the amount of available financing, and to maintain an average cost of debt* at particularly low levels. As a result, the operations carried out in 2025 provide that the long-term financial commitments maturing in 2026 are now reduced to 267 million EUR, vs. 781 million EUR at the beginning of the 2025 financial year (or 695 million EUR at the end of the third quarter of 2025). Most of the credit lines maturing in 2026 (207 million EUR) will not be refinanced earlier since they had been concluded at attractive conditions. As at 31.12.2025, Cofinimmo had 1,031 million EUR of headroom on its committed credit lines, after deduction of the backup of the commercial paper programme, available for new opportunities. In addition, the interest rate risk is fully hedged as of 31.12.2025 as part of the long-term interest rate hedging policy.
The Group's momentum in terms of investments, divestments and financing (very low average cost of debt at 1.5%), coupled with efficient management of the existing portfolio (occupancy rate of 98.4%, gross rental income up nearly 3% on a like-for-like basis due to recent indexations, which usually take place on the anniversary date of the contract, operating margin at 83.5%), enabled the company to realise a net result from core activities - Group share (equivalent to EPRA Earnings) of 246 million EUR as at 31.12.2025 (excluding non-recurring effects arising from the proposed combination with Aedifica and the divestment of a finance lease receivable, which partially offset each other and represent a net expense of 1.4 million EUR), higher than the outlook† (compared to the 244 million EUR that were made as at 31.12.2024, i.e. a 0.7% increase), notably thanks to the combined positive effects of contract indexation and the evolution of charges. The net result from core activities - Group share - per share (equivalent to EPRA EPS*) amounts to 6.45 EUR (higher than the outlook and to be compared to the 6.50 EUR achieved on 31.12.2024) taking into account the issuance of shares in 2024 and recent divestments.
† i.e, the quarterly outlook derived from the annual outlook presented in the 2024 Universal Registration Document, published on 11.04.2025.
Cofinimmo | Universal Registration Document 2025
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The net result – Group share (including the above-mentioned non-recurring effects) amounts to 213 million EUR (or 5.61 EUR per share) as at 31.12.2025, compared to 64 million EUR (or 1.70 EUR per share) as at 31.12.2024. This increase (+150 million EUR) is due to the increase in the net result from core activities – Group share* (+2 million EUR), combined with the net effects of the changes in the fair value of hedging instruments and investment properties – non-cash items – between 31.12.2024 and 31.12.2025.
At the level of the consolidated portfolio valuation, the change in fair value (without the initial effect from changes in the scope) over the 1st quarter was positive (putting an end to nine consecutive quarters of decrease, which was all in all limited: 0.5% in the 4th quarter of 2022, 1.7% in 2023 and 1.9% in 2024) and remained stable in the 2nd, 3rd and 4th quarters of 2025.
Investment programme in 2025 (x1,000,000 EUR - per segment)
Healthcare Offices Distribution networks
A strong solvency position
With a debt-to-assets ratio of 42.8% as at 31.12.2025 (compared to 43.4% as at 30.09.2025 and 42.6% as at 31.12.2024), Cofinimmo's consolidated balance sheet (whose BBB/Stable/A-2 rating was confirmed by S&P on 25.03.2025 and was the subject of a report published on 16.04.2025) shows a strong solvency (information on the main risks and uncertainties is provided in section Risk factors). Moreover, Cofinimmo was placed on 'positive watch' by S&P on 04.06.2025 and reiterated on 05.11.2025. On 16.03.2026, Cofinimmo's rating was indeed upgraded by one notch (BBB+).
2026, a transition year
Besides, it is important to note that the proposed combination with Aedifica through a public exchange offer is effective since 10.03.2026 and that Aedifica holds 80% of Cofinimmo's capital since then (see more specifically the press release dated 03.03.2026).
The Group owes its excellent performance to the enthusiasm, the competence and commitment of all its employees who spared no effort to ensure the Group's performance. The management and the Board of Directors would like to express their deepest gratitude for the outstanding work delivered by Cofinimmo's teams.
On 30.04.2025, Aedifica SA/NV approached Cofinimmo SA/NV with a proposal for a conditional voluntary public takeover of 100% of the Cofinimmo's voting securities, through a public exchange offer, whereby the Cofinimmo shares could be exchanged for new shares that would be issued by Aedifica.
Through this proposal, Aedifica launched the process aiming to combine its business and that of Cofinimmo into a combined entity.
On 03.06.2025, Cofinimmo and Aedifica issued a joint press release announcing that an agreement had been reached to combine the two companies to create Europe's leading healthcare REIT.
The prospectus and the Response Memorandum relating to the transaction have been approved by the Financial Services and Markets Authority (FSMA) on 27.01.2026 and have been published. The acceptance Period was opened on 30.01.2026 and was closed on 02.03.2026. The announcement of the results of the Acceptance Period took place on 03.03.2026, and the Payment date happened on 10.03.2026. Aedifica holds since then 80% of Cofinimmo's capital.
Cofinimmo | Universal Registration Document 2025
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Highlights
Caring
101 million EUR
Investments carried out in healthcare real estate
9 countries
Portfolio geographical footprint
262 million EUR
Financial envelope of ongoing development projects in healthcare real estate as at 31.12.2025
Working
15%
Part of the consolidated portfolio, largely centred on the best area of Brussels' Central Business District
Operational performance
+ 3%
Increase in gross rental income over the last 12 months on a like-for-like basis*
With 4.7 billion EUR, healthcare real estate now accounts for 77% of the Group's consolidated portfolio which reaches 6.1 billion EUR.
Sustainability
- Cofinimmo improves its ranking in the 600 Europe's Climate Leaders 2025 list by Financial Times
- Cofinimmo extends the scope of its ISO 14001 certification to include its activities in Spain
- Granted the 'EPRA Sustainability Best Practices Recommendations Gold Award for the 12th consecutive year
- Several BREEAM certifications for healthcare real estate and offices
- Cofinimmo entered the S&P Global Sustainability 2026 Yearbook
- Renewal and improvement of several labels
Financial structure
- Interest rate risk fully hedged as at 31.12.2025 as part of the long-term interest rate hedging policy
- Headroom on committed credit lines exceeding 1 billion EUR as at 31.12.2025, after deduction of the backup of the commercial paper programme
2026 outlook
The outlook on page 84 excludes considerations relating to the proposed combination with Aedifica (stand-alone basis), which became effective on 10.03.2026. For the outlook relating to the combination of Aedifica with Cofinimmo, please refer to the outlook that has been or will be published by Aedifica.
Cofinimmo | Universal Registration Document 2025 | 15
Cofinimmo at a glance
Management report
Sustainability report
Property report
Corporate governance statement
Audited financial statements
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Mission
Responding to societal changes, Cofinimmo's mission is to provide high-quality care, living, and working spaces to partner-tenants that directly benefit their occupants.
'Caring, Living and Working – Together in real estate' is the expression of this mission.
More specifically, Cofinimmo's mission is to:
- Promote, within its high-quality care, living, and working spaces, exchanges that will foster inspiration and well-being through the provision of services that anticipate the needs and aspirations of their occupants;
- Provide an inspiring work and living environment, in service of an exciting commercial project;
- Provide shareholders with the opportunity to make long-term, socially responsible, investments that fuel dividends as well as returns to the community.
Beyond the stakeholders identified above, the community greatly benefits from Cofinimmo's services on many levels, whether in healthcare, the working world, or places where people interact and share. Furthermore, Cofinimmo contributes to enhancing and renovating public and para-public property through large-scale projects undertaken through public-private partnerships.
Caring, Living and Working – Together in real estate
'The community greatly benefits from Cofinimmo's services, whether in healthcare, the working world, or places where people interact and share.'
Nursing and care home Neo - Rocourt (BE)
Cofinimmo | Universal Registration Document 2025
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Strategy
Cofinimmo's strategy (excluding considerations relating to the proposed combination with Aedifica - stand-alone basis) was to reaffirm its position in the European healthcare real estate segment. With its numerous development projects, Cofinimmo actively participates in the expansion and renewal of the healthcare infrastructure in Europe. The strategy will be reviewed by the Board of Directors, taking into account the combination with Aedifica.
Real estate strategy
Healthcare real estate
Cofinimmo seeks to expand its healthcare real estate portfolio to generate profitable growth by investing in high-quality functional buildings, which offer, in principle, elevated, predictable and indexed cash flows within the framework of usually long-term lease contracts.
The Group's growth goes hand-in-hand with the diversification of its portfolio which consists of different types of assets such as medical office buildings, specialised clinics, rehabilitation clinics, psychiatric clinics, etc.
This diversification is also geographical as the Group is currently active in nine European countries, namely: Belgium, France, the Netherlands, Germany, Spain, Finland, Ireland, Italy and the United Kingdom. These nine countries being at different stages of development.
As part of its healthcare real estate strategy, Cofinimmo participates in the expansion and renewal of the healthcare infrastructure in Europe through several innovative projects. These projects aim at making residents' stay more attractive, but also encouraging interaction with people living in the surrounding area and family visitations. The 'De State Hillegersberg' care campus in Rotterdam is a good example.
Nursing and care home - Sarriguren (ES)
This project, completed in 2022, includes the renovation of a rehabilitation centre and the reconstruction of a nursing and care home, creating a central living space for residents and the neighbourhood, and including services for doctors and families.
Given the above, it is clear that the share of healthcare real estate in Cofinimmo's consolidated portfolio, which already represents 77%, is bound to grow significantly in the future.
Offices
Since its establishment in December 1983, Cofinimmo has been a major player in the Brussels office market in Belgium, which consists of different sub-segments. Having built its expertise in real estate for more than 40 years, the company experts in every aspect of the building life cycle, from the design to the sale of these assets. This know-how is also applied to healthcare real estate, property of distribution networks, and PPPs, which all benefit from the synergies created.
Cofinimmo has adapted its office portfolio by divesting large single-tenant spaces and focussing on high-quality buildings in Brussels' Central Business District (CBD), and more specifically in the Leopold district. This area, close to the European institutions, offers higher net yields thanks to a substantially lower vacancy rate than the average in the Brussels market.
In October 2021, Cofinimmo contributed its office branch to a wholly-owned subsidiary called Cofinimmo Offices SA/NV. This spin-off is part of the execution of the value creation strategy for the office portfolio and allows the capital of the subsidiary specialised in offices to be opened up to future investors, in due time, who would then benefit from Cofinimmo's
Cofinimmo | Universal Registration Document 2025
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experienced management and investment platform, while allowing the group to recycle a part of the capital invested in this portfolio.
Property of distribution networks and PPPs
Property of distribution networks, public-private partnerships (PPPs), and healthcare real estate all share the characteristic of generating high, predictable, and indexed cash flows, through usually long-term contracts.
The other characteristics of the property of distribution networks portfolios are their acquisition at an attractive price as part of sale & leaseback transactions, their usefulness as a retail network for the tenant, the granularity of risk they carry and the potential to optimise their composition over time.
The portfolio of pubs and restaurants (Pubstone) leased to the AB InBev brewery Group has been subject to individual 'run of the mill' asset disposals since its creation. PPPs are intended to be held for the long term.
42.8%
Debt-to-assets ratio as at 31.12.2025
1.5%
Average cost of debt* in 2025
Benefits of the strategy for stakeholders
Cofinimmo's strategy flows from the mission described on page 16 as well as from the expectations of the main stakeholders (shareholders, tenants, staff and community).
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Financial strategy
In order to implement the real estate strategy set out above, Cofinimmo has developed a financing strategy based on the following principles.
Diversification of financing sources
The Group diversifies not only the type of assets and the countries in which it invests, but also its financing sources. Cofinimmo also pays particular attention to the alignment between its financial strategy and its sustainability objectives. Consequently, Cofinimmo uses a range of financial instruments, both long-term and short-term: bank loans, green and social loans, traditional 'straight' bonds (non-convertible), convertible bonds (the last of which matured in 2021), green & social and sustainable bonds, as well as sustainable commercial paper. In addition, the company works closely with about fifteen financial institutions.
Regular access to capital markets
Cofinimmo also raises capital on the financial markets through capital increases, optional dividends and contributions in kind. The two graphs opposite show the financing sources used by Cofinimmo in recent years.
Debt-to-assets ratio close to 45%
Even though the company's RREC legal status allows a debt-to-assets ratio (defined as financial and other debts divided by total consolidated balance sheet assets) of at most 65% and the banking agreements allow a ratio of 60%, the Group's policy is to maintain a debt-to-assets ratio of approximately 45%.
This level has been determined at a European level through market standards for listed real estate companies, and is adjusted for the long weighted average residual length of leases.
Optimisation of the duration and cost of financing
Cofinimmo actively manages its financing sources, typically by refinancing maturing debts in advance. In this respect, the Group strives to optimise the cost of its debt while ensuring diversification of its financing sources and monitoring the weighted average residual maturity of its debt.
With a portion of the debt incurred at floating rate, Cofinimmo is exposed to interest rate risk as an increase in rate could lead to a deterioration in its financial result. This is why, Cofinimmo partially hedges its floating-rate debt through the use of hedging instruments (IRS and caps). The objective is to secure the interest rates over a minimum of three years for 50% to 100% of the estimated financial debt.
Capital markets: equity (x1,000,000 EUR)
Capital markets: debts (x1,000,000 EUR)
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Sustainability strategy
As a major real estate player in Europe, Cofinimmo has been committed for more than 15 years to a global sustainability strategy covering both the Group's real estate and financing strategy. Also, Cofinimmo did not wait for legal obligations to integrate environmental and social considerations into its activities.
Reducing energy intensity
(reflecting ESRS E1 Climate change)
Improve the buildings' energy performance and comfort standards while providing a long-term environmental answer to their life cycle
The first pillar of Cofinimmo's sustainability strategy is to improve the energy performance and comfort standards of its buildings, while addressing long-term environmental challenges. The priority is to reduce the energy intensity of the portfolio to limit greenhouse gas (GHG) emissions and the impact of climate change.
Skilled and service-minded employees
(reflecting ESRS S1 Own workforce)
Recognise the value of people for both the company and the community by investing in development of staff through training and coaching initiatives, promote equal opportunities, support safety, well-being and resilience of employees
The second pillar of Cofinimmo's sustainability strategy is to value its employees, who are proud to contribute to the Group's success. The company believes that inclusion, respect and equality enrich the decision-making processes. To ensure its growth, Cofinimmo invests in the personal and professional development of its employees, with an emphasis on their safety, well-being and resilience. As part of this social pillar, the strategy focuses on providing added value to society through an inclusive, trained and healthy workforce.
Governing business with integrity
(reflecting ESRS G1 Business conduct)
Demonstrate transparency and ethical behaviour towards its stakeholders in conducting its activities by applying clear operating principles
The third pillar of Cofinimmo's sustainability strategy is to demonstrate transparency and ethics in the conduct of its activities with regard to its stakeholders. Cofinimmo obviously condemns any practice that is dubious or punishable by law (corruption, money laundering, undeclared labour, social dumping, etc.) or contrary to the principles of sustainable development, fair treatment, equal opportunities and respect for others.
Conducting business in an honest and proper manner is a priority for the company. In fact, in addition to compliance with applicable regulations, ethical, transparent and sustainable governance rules make it possible to create long-term value for all stakeholders (shareholders, tenants, occupants, suppliers, employees, the environment, etc.).
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Holistic approach
Cofinimmo focuses firstly on the improvement of buildings and then on occupants' behaviour, aiming to construct more energy-efficient buildings whilst taking into account mobility and access to the sites' green areas and ensuring a high level of safety for the occupants. The use of sustainable materials also reduces GHG emissions, water consumption and waste production. To achieve this, Cofinimmo complies with European and national legislation and uses the BREEAM certification method and ISO 14001 specifications to reconcile sustainability and profitability.
Energy intensity reduction as the main driver
Cofinimmo's strategy and business model are driven by the reduction of the portfolio's energy intensity. In this context, the Group combines the so-called 'outside-in' and 'inside-out' approaches. While the former aims to identify stakeholders' expectations and adapt the company's strategy to meet these expectations, the latter focuses on the importance Cofinimmo sees internally, in order to define priorities and adapt the company's sustainability strategy to meet expectations, in line with the company's values and objectives.
This interaction allows, on the one hand, to reduce the impact of the portfolio on the environment, since the energy consumption during the use of the building by its occupants is the largest part of scope 3 GHG emissions.
On the other hand, buildings with better energy performance are more attractive from a commercial point of view, offering occupants greater comfort at lower cost.
Cofinimmo's consumption reports have been available since 2010 and show a 38% reduction in energy intensity since 2016.
For the 30th Project, 2017 is the reference year, in the application of the Science Based Targets initiative (SBTi) criteria. The aim is to reduce the average energy intensity of the portfolio by 30% by 2030. The graph opposite shows that a -26% reduction has already been achieved since 2017, in all scopes combined. It is important to note that the energy intensity of 139 kWh/m²/year as at 31.12.2025 covers the entire portfolio for the first time, supplementing actual data with estimates.
The energy intensity of the portfolio is also assessed against CRREM pathways to identify risks related to the energy transition. The CRREM (Carbon Risk Real Estate Monitor) is the leading global standard for the operational decarbonisation of real estate assets. By implementing the 30th Project, Cofinimmo is anticipating CRREM risk by remaining well below the weighted average CRREM pathways, thereby securing the value of its portfolio.
Evolution of the average portfolio energy intensity between 31.12.2016 and 31.12.2025
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Asset rotation plan methodology
ASSESSMENT SUMMARY
- Assessment of each risk (weighted according to the above percentages) based on its potential impact on fair value expressed in euros and reflected in a risk ratio.
- The sum of the risk ratios gives an aggregate risk score, which is a rating between 0 and 10 for each individual asset.
- The assessment of each risk is reviewed and may change over time.
Asset rotation strategy: the proactive approach to arbitrage for the best returns on investment
Since 2018, Cofinimmo has accelerated the implementation of its asset rotation strategy as part of its pioneering vision for sustainability. With ISO 14001 certification obtained in 2008 and remotely readable meters installed since 2013, Cofinimmo manages its real estate portfolios with the aim of constantly improving their quality for the benefit of its current and future partners and tenants. Effective real estate management requires proactive asset rotation that considers a wide range of criteria. This approach gives Cofinimmo a significant competitive advantage over market players who are forced to act urgently due to pressure from European energy transition directives and face high technical and construction costs, as well as limited availability of specialised, qualified contractors.
A methodology developed in-house
The asset rotation plan is designed to optimise the environmental and economic performance of the real estate portfolio. Developed in-house with the help of specialist technical teams (including engineers, project managers, data managers and sustainability experts), as well as external consultants for energy audits, this tool allows for a detailed analysis of each asset according to three risk dimensions: energy, climate and commercial. Unlike standardised external tools, which often have limited analytical capabilities, Cofinimmo's approach offers greater granularity and precision when identifying improvement measures that align with its real estate, financial and sustainability strategy. This integrated methodology facilitates the prioritisation of interventions ranging from low to high capital intensity based on decarbonisation and climate resilience objectives.
Comprehensive data collection
The strategy is based on systematically collecting energy data from the entire healthcare and office portfolios. The project includes scope 1, 2 and 3 emissions, thus anticipating the requirements of the Science Based Targets initiative (SBTi). The widespread adoption of smart meters over the past decade offers a two-fold advantage. Not only does it enable Cofinimmo to accurately track its assets' consumption, it also provides individual tenants with transparent access to their own consumption data and ways to reduce it, thereby promoting collaborative energy management. For buildings with missing data, Cofinimmo resorts to a robust, verified estimation methodology and encourages tenants to share relevant data.
Concrete and operational achievements
The measures implemented are not the product of a futuristic vision; rather, they are concrete actions that are already in operation. The installation of photovoltaic panels, geothermal systems, heat pumps, electric vehicle and bicycle charging stations, electric batteries, rainwater recovery systems and green roofs demonstrate the variety and scope of the interventions carried out. Examples include the deployment of 'digital twins' for energy management in the Rik Wouters office building near Mechelen station in Belgium, a geothermal installation for a healthcare facility in Finland, LED lighting initiatives carried out with Brussels Environment at the Tour & Taxis site in Brussels, the integration of green roofs and solar panels in Finland and numerous BREEAM-certified nursing and care homes in Spain and elsewhere. These projects demonstrate Cofinimmo's tangible commitment to reducing energy costs. These achievements form part of an ongoing process of improvement aligned with CRREM 1.5°C decarbonisation trajectories and the net zero target for 2050.
Financial planning tailored to real estate cycles
Planning the necessary investments is an integral part of the annual budget allocation process, and is regularly reviewed by the Executive Committee. Cofinimmo maps capital requirements by asset and type of intervention, enabling expenditure to be distributed over time in line with property renovation cycles. This approach ensures financial sustainability while maintaining ambitious medium- and long-term objectives. In the real estate sector, a medium-term objective is defined as a five-year period, and the Group's long-term objective is to aim for the CRREM 1.5°C trajectory by 2040 within an acceptable investment budget. Cofinimmo's strategy remains aligned with these structural objectives, even in the event of changes to the scope of its activities. The final plan, as recommended by the Executive Committee, forms part of the Board of Directors' annual review.
The total estimated investment is distributed among the various items, as shown in the graph on the next page. The aim of this investment is to achieve absolute reductions in energy consumption (in kWh) and GHG emissions (in tonnes of CO₂e) of 57% and 59%, respectively, between end 2025 and end 2040.
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Total estimated investment broken down by different items
HVAC Wall/Roof Windows Renewable energy Relighting Regulation
A strategic vision focused on return on investment
Asset rotation is a fundamental component of any effective real estate management strategy. Drawing on over 40 years of experience, Cofinimmo has developed a unique analysis grid that considers a wide range of real estate, commercial and sustainability criteria. This disciplined analytical approach provides a long-term perspective for investment decisions and the associated trade-offs. The analysis also considers the growing importance of European legislation, particularly the revised Energy Performance of Buildings Directive (EPBD), which gradually introduces minimum energy performance standards based on nationally defined thresholds. These thresholds require the renovation of 16% of the least efficient buildings by 2030 and 26% by 2033. While these obligations create a market environment conducive to the valorisation of high-performance assets, they also introduce operational constraints for Cofinimmo. Some improvements, such as installing LED lighting or photovoltaic panels, contribute to decarbonisation and help protect the portfolio against economic obsolescence risks.
Having a structured asset rotation plan in place does not prevent Cofinimmo from seizing investment or divestment opportunities when market conditions are favourable. This flexibility is guided by a clear strategic vision to ensure that tactical decisions do not compromise long-term objectives. Collaborating with healthcare operators, a major segment of Cofinimmo's portfolio, presents a particular challenge. Interestingly, this asset rotation plan does not require substantial funding. In fact, it requires an average investment of approximately 12 million EUR per year over the next 15 years, on a portfolio of more than 5.5 billion EUR in healthcare real estate and offices. Implementing energy efficiency measures requires close coordination and ongoing dialogue with tenants as part of a sustainable co-investment approach (e.g. reasonable rent or lease term increases to allow for an increase in fair value.).
Conclusion: an operational lever for value creation
Thanks to its analytical capabilities, robust data and in-house technical expertise, Cofinimmo is well placed to generate value through active portfolio management. The asset rotation strategy is not just a reporting exercise; it is an operational lever that creates sustainable value and ensures the resilience of the portfolio in the face of future climate and regulatory challenges.
Integration of CRREM risk into the asset rotation plan (in kg CO₂e/m²/year)
Weighted average CRREM pathways
Actual carbon intensity
Healthcare real estate carbon intensity projections
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Transactions & achievements in 2025
Q1
Belgium
Provisional acceptance of the complete renovation of an office building (energy label X, GRO Excellent certification) located Stationsstraat 110 in Mechelen/Malines (province of Antwerp).
France
Disposal of a healthcare asset in Louviers (vacant, formerly operated by Emeis), in the Eure department (Normandy region).
The Netherlands
Provisional acceptance of a nursing and care home (energy label A+++) in Vlijmen (North Brabant). Disposal of two healthcare sites in Voorschoten (South Holland) and Almere (Flevoland).
Spain
Provisional acceptance of a nursing and care home (energy label A) in Vicálvaro (Madrid).
Financing
Extension of a 100 million EUR credit line for one additional year to bring its maturity to 2030. Subscription to a 100 million EUR IRS for the year 2029.
Sustainability
New BREEAM In-Use Excellent for a nursing and care home located in Finland and new BREEAM New Construction Outstanding certification for the new office flagship (M10). New ActiveScore Gold certification for The Gradient, Cofinimmo's head office, which is also the first building in Belgium to be certified ModeScore Gold, highlighting Cofinimmo's commitment to a soft and active mobility. Renewal of the 'Great Place To Work™' certification in Belgium and Germany.
Nursing and care home - Vlijmen (NL)
Q2
Belgium
Launch of the proposed combination with Aedifica, which was realised through an exchange offer in 2026 (see also pages 14 and 77).
The Netherlands
Divestment of three healthcare assets in Tiel and Velp (Gelderland) and in Weesp (North Holland).
Germany
Disposal of the residual 25% stake in the company owning the eco-friendly healthcare campus in Erftstadt (North Rhine-Westphalia). On this occasion, Cofinimmo fully recovered the amounts accounted for under equity method and receivables in the balance sheet as at 31.12.2024, as well as other ancillary amounts.
Spain
Healthcare operations were transferred from Clece to Emera for four operating nursing and care homes located in Vigo (Galicia), Oleiros (A Coruña), Castellón (Valencia), and Cartagena (Murcia).
Sustainability
Cofinimmo improved its ranking in the 600 Europe's Climate Leaders for 2025 by Financial Times (ranking 4th among 39 real estate companies in Europe and the United Kingdom). The Group successfully extended the scope of the ISO 14001 certification in 2025 to include its activities in Spain and will renew its certification in 2026.
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Q3
Belgium
Divestment of the nursing and care home 'Le Ménil' (operated by Armonea) in Braine-l'Alleud (Walloon Brabant). Divestment of a police station from the public-private partnership (PPP) portfolio (accounted for as finance lease) in Edegem (Antwerp).
France
Disposal of the rehabilitation clinic 'Institut Hélio Marin' in Hyères, in the Provence-Alpes-Côte d'Azur region.
Spain
Provisional acceptance of a nursing and care home (energy label A) in Maracena (Andalusia).
Finland
Acquisition of two healthcare assets under construction in Rovaniemi and Järvenpää for 11 million EUR.
Financing
Refinancing and increasing by 10 million EUR a credit line totalling 35 million EUR for a new term of 5 years. New 50 million EUR 'sustainability-linked' credit line maturing in 2030. Subscription to a 50 million EUR IRS covering the period from 2029 to 2032.
Sustainability
ISS ESG rating confirmed at C+, Prime, which acknowledges the quality of the Group's performance in the social and environmental fields. S&P Global CSA rating reviewed at 54/100 for 2025, well above the real estate sector average of 33/100. For the 12th consecutive year, Cofinimmo was granted a Gold Award for the implementation of the EPRA Best Practices Recommendations in its 2024 Annual Financial Report and a Gold Award for the implementation of the EPRA Sustainability Best Practices Recommendations in its 2024 Sustainability Report. The flagship office building M10 (Montoyer 10, located in Brussels' CBD) has been awarded a WELL CORE™ Platinum certification, the highest distinction of the WELL Building Standard which rewards Cofinimmo's commitment to well-being, sustainability and human-centred design.
Q4
France
Divestment of a rehabilitation clinic in Belloy-en-France (operated by Emeis) in the Île-de-France region.
Germany
Taking control of the company (now consolidated) leading an eco-friendly campus project in Alsdorf in North Rhine-Westphalia (already owned at 99.996% by the Group before this and accounted for under equity method), which should be delivered in the course of the 2026 financial year.
Spain
Provisional acceptance of a nursing and care home (energy label A and BREEAM New Construction Excellent) in Dos Hermanas (Andalusia).
Finland
Acquisition of a highly sustainable nursing and care home under construction in Oulu and two disabled care assets in Joensuu and Lappeenranta for 10 million EUR. Signature of a private agreement to acquire, under certain conditions, the companies that will develop one disabled care asset in Oulu and two nursing and care homes in Järvenpää and Hämeenlinna for 24 million EUR.
Financing
Subscription to a 50 million EUR IRS covering the period from 2029 to 2032. Extension of a 50 million EUR credit line for one additional year, to bring its maturity to 2031. Signature of a new 100 million EUR bilateral credit line maturing in 2030. Early refinancing of a syndicated facility (initially maturing on 01.07.2026) for an amount of 344 million EUR to bring its maturity to 01.07.2027.
Sustainability
Improvement of the standing investment score GRESB Real Estate Assessment to 72%. Cofinimmo was granted a GRESB Green Star rating for the 9th consecutive year. Two office buildings were granted BREEAM In-Use Very Good certifications. In Spain, one nursing and care home was granted a BREEAM New Construction Excellent certification. Improvement of the Sustainalytics rating, Cofinimmo being considered by Sustainalytics to have a negligible risk of undergoing material financial impacts due to environmental, social or governance factors.
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With a portfolio spread over nine countries and consisting of 304 assets that cover the full spectrum of care, from primary care to healthcare clinics and assisted-living facilities, Cofinimmo is one of the leading investors in healthcare real estate in Europe.
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Highlights
77 %
of the consolidated portfolio
4.7 billion EUR
Fair value of the portfolio
101 million EUR
Investments in 2025
5.7 %
Gross rental yield
99.4 %
Occupancy rate
304
Assets
30,500
Number of beds
1,863,000 m²
Surface area
140 kWh/m²/year
Yearly energy intensity of the segment
14 years
Weighted average residual lease length
32
Buildings with BREEAM certification
Breakdown of the healthcare portfolio by country (at fair value - in %)
34%
Belgium
14%
France
10%
The Netherlands
20%
Germany
21%
Other*
* ES XIX - FI 4X - IE 2X - IT 5X - UK 1X
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Segment characteristics¹
The healthcare real estate segment is characterised by strong growth potential, a favourable regulatory environment and long-term leases with specialised operators. However, it should be noted that the nine countries in which the company is active are at different stages of development.
On the investment side, healthcare assets have been increasingly popular first in Belgium and France, then in other European countries, like Germany and the United Kingdom. The same phenomenon was subsequently observed in Spain, Italy, the Netherlands and Ireland, resulting at first in a compression of initial real estate yields.
More recently, although the economic, geopolitical and operator situation has slowed transaction volumes over the last two years (with the opposite effect on yields), a new optimism is emerging in certain countries.
Strong growth potential
Demographic trends and changes in lifestyles: an ageing population and a growing need for specialised care facilities
Population ageing is a growing evolution in most European countries. In Europe, the proportion of people aged 65 and over should reach approximately 29% of the total population by 2050 and people aged 80 and over should reach approximately 11% of that same population.
In Spain and Ireland, this proportion is expected to grow faster than in other European countries, leading to a higher demand for care and accommodation for dependent elderly people. In Ireland, for example, bed capacity currently reaches approximately 32,000 beds. It is expected to increase by around one third by 2030 to reach a level comparable with most other Western European countries.
Although the number of independent seniors is increasing, the number of dependent elderly will also increase, leading to a greater need for beds in specialised healthcare facilities.
It is estimated that by 2030-2035 approximately 30,000 additional beds will be necessary in Belgium to meet growing demand. This number will reach 100,000 in France, 100,000 in Spain and almost 150,000 beds in Germany and 500,000 in Italy, with the latter having the lowest accommodation capacity in Europe. In addition, there is also a large proportion of outdated buildings to be rebuilt, estimated at between 10% and 25% depending on the geographies.
Budgetary constraints: a search for less costly solutions for society
At the same time, in the nine countries where Cofinimmo operates, healthcare expenditure accounts for a significant share of GDP. This share ranks between 6.5% and 12%, depending on the country. In the context of budget restrictions, the organisation of care is subject to further rationalisation and private players are increasingly taking over from the public sector in this segment. New and more modern structures, more suitable for the needs of the patient and less expensive, are created to respond to this trend and generate an increase in the demand for healthcare real estate financing.
Professional healthcare operators
There are three types of operators in the healthcare segment: public, non-profit sector and private operators. The breakdown in market share between these various players varies from one country to the other.
In Belgium, each type of operator represent approximately one-third of the nursing and care home market, whereas in other countries there is a virtual monopoly, whether in the non-profit sector, as in the Netherlands, or in the private sector, as in Ireland and the United Kingdom.
Finally, Germany, France, Spain, Finland and Italy have intermediary situations with private service providers representing between approximately 18% of beds in Italy and approximately 45% of beds in Germany and Spain.
In the private sector, there is a move towards consolidation between operators to create groups on a European level. The most striking example is the merger in 2014 of two French operators Korian and Medica, followed by acquisitions in other countries, which resulted in the creation of a conglomerate (known today as Clariane) which currently operates approximately 91,000 beds in six countries.
Consolidation provides operators with a better distribution of risks, easier access to financing, more regular contact with the public authorities and certain economies of scale.
Regulatory environment
Healthcare financing is highly regulated given that the public sector is involved. This is particularly the case for nursing and care homes. In Belgium and France for example, opening or expanding a nursing and care home requires prior authorisation to operate a given number of beds. This authorisation is issued by the public authorities. As they finance up to 50% of housing and care costs, the number of authorisations granted per geographical area is limited in function of the needs of each area.
Breakdown of the consolidated healthcare portfolio by age of buildings in operation (as at 31.12.2025 - in fair value)²
¹ Sources: Cushman & Wakefield, Degraaf Petercom, Eurostat, ONS, Knight Frank, ABN Amro, Real Capital Analytics, CBRE.
² The age of a building is calculated according to the number of years that have elapsed since its initial construction or its latest major renovation/extension.
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Sustainability
Cofinimmo intends to fully carry out its social and environmental responsibilities by considering factors such as soil pollution, the presence of asbestos, the location, and the risk of flooding when acquiring assets. The company implements a long-term strategy, taking into account the energy performance and the life cycle of its assets, and conducts a risk analysis for each acquisition.
When managing (re)development projects in healthcare real estate, Cofinimmo favours the use of modern techniques and sustainable materials to reduce the carbon footprint of its buildings and improve the comfort of the occupants. BREEAM certifications ensure a very high level of sustainability. The aim is to achieve BREEAM New Construction Excellent certifications for new constructions and BREEAM In-Use Very Good certifications for assets in operation.
In projects developed by operators, Cofinimmo acts as an advisor in the area of sustainable construction and includes the data relating to energy and water consumption in the environmental accounting system.
Although most of the healthcare real estate assets are managed almost independently by operators, most medical office buildings in the Netherlands are under Cofinimmo's operational control, enabling more in-depth analysis and monitoring of energy contracts and consumptions.
Strategy implementation
Asset acquisitions
In due diligence reviews, in addition to the usual aspects of technical quality, legality and environmental compliance, each healthcare real estate asset studied by the Group is also subject to a rating related to its use as a healthcare asset. This rating is based on various factors:
- catchment area: integration of the asset into its environment and its role in the healthcare delivery chain;
- intrinsic qualities: size of rooms and other areas, terrace or garden, light, functionality for residents/patients and medical staff, etc.;
- sustainability: green areas, building safety, climate risks, compliance with regulatory requirements, soil status, energy efficiency and GHG emissions, flooding risk, health and well-being;
- financial: rent level, duration of lease, etc.;
- operator-tenant: experience level, care quality reputation, financial solidity, growth ambitions, etc.;
- location: vehicle access, public transport, level of local taxes, etc.;
- environment: presence of shops, pleasant view, living standard of local inhabitants, similar care offerings nearby, future demographics, etc.
(Re)development projects
Cofinimmo's real estate expertise and integrated approach enable the company to support the growth of healthcare operators. The services offered range from simple financing to larger-scale projects which include design, construction and delivery of new buildings. The Group has an experienced team which includes financial, technical, and legal expertise, and remains abreast of the latest developments in healthcare real estate.
Its numerous (re)development projects enable Cofinimmo to contribute to the expansion and renewal of the healthcare infrastructure in Europe, to strengthen the loyalty of operator tenants, to maintain the quality of its assets, and thus to create value.
Nursing and care home - Rovaniemi (Fi)
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Breakdown of the portfolio by type of asset (as at 31.12.2025 – based on a fair value of 4,681 million EUR – in %)
| Sub-segment | Share in the healthcare real estate portfolio | Facility type | Year of entry | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | |||
| Cure centres | 11% | Acute care clinics | ||||||||
| Rehabilitation clinics | ||||||||||
| Psychiatric clinics | ||||||||||
| Primary care | 2% | Medical office buildings | ||||||||
| Care centres | 62% | Nursing and care homes | ||||||||
| Assisted living | ||||||||||
| Disabled care facilities | ||||||||||
| Other | 2% | Mainly sport & wellness centres |
Healthcare system
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Committed investment programme in healthcare real estate
The table hereunder details the main development projects in progress. The projects delivered in the financial year do not appear in the table below. In all the ongoing development projects in Spain and Germany, projects initiated with local developers have recently been reviewed in terms of planning and/or budget, Cofinimmo having regained direct control of these projects (some transactions in Germany are the subject of disputes by Cofinimmo's previous partner, cross-litigations are opposing Cofinimmo to its previous partner in Spain).
| Project | Type (of works) | Number of beds | Surface area (in m²) | Estimated first lease date | Total investments | Total investments as at 31.12.2025 | Total investments in 2026 | Total investments after 2026 |
|---|---|---|---|---|---|---|---|---|
| (after works) | (x 1,000,000 EUR) | |||||||
| ONGOING DEVELOPMENT PROJECTS | ||||||||
| Belgium | ||||||||
| Genappe/Genepiën | Construction of a nursing and care home | 112 | 6,000 | Q3 2026 | 19 | 17 | 2 | 0 |
| Belsele | Renovation of a nursing and care home | 12 | Q3 2026 | 2 | 0 | 2 | 0 | |
| Spain | ||||||||
| Palma de Mallorca (Balearic Islands) | Construction of a nursing and care home | 157 | 7,000 | Q1 2028 | 21 | 13 | 6 | 2 |
| Alicante (Valencia) | Construction of a nursing and care home | 150 | 7,300 | Q1 2026 | 14 | 14 | 0 | 0 |
| Oviedo (Asturias) | Construction of a nursing and care home | 144 | 6,500 | Q3 2027 | 14 | 10 | 4 | 0 |
| Castellón de la Plana (Valencia) | Construction of a nursing and care home | 136 | 5,900 | Q2 2026 | 14 | 13 | 0 | 0 |
| Cordoba (Andalusia) | Construction of a nursing and care home | 162 | 7,300 | Q3 2027 | 17 | 11 | 4 | 2 |
| Murcia (Murcia) | Construction of a nursing and care home | 150 | 6,700 | Q2 2026 | 14 | 14 | 0 | 0 |
| Ourense (Galicia) | Construction of a nursing and care home | 116 | 5,200 | Q3 2027 | 27 | 20 | 6 | 2 |
| Santa Cruz de Tenerife (Canary Islands) | Construction of a nursing and care home | 124 | 5,700 | Q1 2027 | ||||
| Valladolid (Valladolid) | Construction of a nursing and care home | 164 | 8,100 | Q2 2026 | 14 | 13 | 1 | 0 |
| El Cañaveral (Madrid) | Construction of a nursing and care home | 165 | 7,000 | Q1 2026 | 15 | 15 | 0 | 0 |
| Finland | ||||||||
| Rovaniemi | Construction of a nursing and care home | 63 | 2,600 | Q4 2026 | 8 | 4 | 3 | 0 |
| Järvenpää | Construction of a disabled care home | 30 | 1,100 | Q1 2026 | 4 | 3 | 0 | 0 |
| Oulu | Construction of a nursing and care home | 33 | 1,200 | Q4 2026 | 4 | 1 | 4 | 0 |
| Joensuu | Construction of a disabled care home | 23 | 1,000 | Q4 2026 | 3 | 1 | 2 | 0 |
| Lappeenranta | Construction of a disabled care home | 19 | 800 | Q1 2027 | 3 | 0 | 2 | 1 |
| Oulu | Construction of a disabled care home | 32 | 1,700 | Q4 2026 | 6 | 0 | 6 | 0 |
| Järvenpää | Construction of a nursing and care home (light care) | 57 | 2,700 | Q2 2027 | 9 | 0 | 6 | 3 |
| Hämeenlinna | Construction of a nursing and care home (light care) | 57 | 2,700 | Q2 2027 | 9 | 0 | 6 | 3 |
| Germany | ||||||||
| North Rhine-Westphalia | Development of one eco-friendly healthcare campus | 180 | 13,000 | Q4 2026 | 44 | 34 | 10 | 0 |
| TOTAL INVESTMENT PROPERTIES, NON-CURRENT FINANCIAL ASSETS, FINANCE LEASE RECEIVABLES AND ASSOCIATES | 262 | 184 | 65 | 13 |
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Asset arbitrage
For many years now, Cofinimmo has followed a selective asset arbitrage policy. This policy consists of selling non-strategic assets and reinvesting the proceeds in other assets which better match the Group's priorities. This enables the company to take advantage of certain investors' growing appetite for this type of asset, while optimising the composition of its portfolio.
The criteria used to make an arbitrage decision include the operational and energy risks, the technical quality of the building and the attractiveness of the location.
Weighted average residual lease length by country until the first break (as at 31.12.2025 - in number of years)
ES 20 - FI 16 - IE 12 - IT 5 - UK 31
Diversification
Cofinimmo actively seeks to diversify its portfolio, which takes place at three levels:
- by country: the Group currently holds healthcare assets in Belgium, France, the Netherlands, Germany, Spain, Finland, Italy, Ireland and the United Kingdom;
- by operator-tenant: Cofinimmo has nearly 70 healthcare operators in its client-tenant database;
- by asset type: the Group's healthcare real estate portfolio includes nursing and care homes, assisted-living facilities, rehabilitation clinics, psychiatric clinics, medical office buildings, care centres for people with disabilities, acute care clinics, and sport and wellness centres.
This diversification ensures that the Group does not overly depend on any given financing or social security system.
Follow-up of the financial and sustainable performance of acquired sites
On a regular basis, Cofinimmo receives a report from its operators on financial operating data for the majority of the sites that the company owns. This enables Cofinimmo to assess the financial sustainability of each operation and, including the rent hedging by the operational cash flow ('EBITDAR') generated by the site. A comparison of the prices paid by residents/patients for housing and by the authorities for care services enables the ranking of each operation compared to similar sites, and provides an evaluation of the risk associated with acquiring new units.
With the agreement of the operators, Cofinimmo receives regular environmental data. This enables Cofinimmo to assess energy performance and identify decarbonisation opportunities. The energy intensity by source is available in the section 'EPRA sBPR performance indicators'.
101 million EUR
Investments carried out in Europe in 2025
Medical office building - Piushaven (NL)
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Besides, Cofinimmo collects data on the performance of the healthcare operators and compares them with its database and with market data when available. Data from operators, specialist healthcare consultants and observations made by Cofinimmo are compiled throughout the year. These data are then validated during the summer of the following year. The underlying occupancy rate applies to the majority of care centres and cure centres, which accounted for nearly 95% of Cofinimmo's healthcare properties at the end of 2025. For the relevant assets in the countries and operators for which
Cofinimmo was able to collect and use the data (see scope coverage in the table below), the underlying occupancy rates already reached 84% (or more) at the end of 2022, showing a serious improvement compared to the 2021 level affected by COVID-19. For 2023, this improvement has continued, excepted in Germany, with growing underlying occupancy rates exceeding 90%. For Cofinimmo's relevant portfolio, the average is even 92% and those occupancy rates are generally higher than the market average in all the countries where the Group is present. The improvement observed in 2023 and 2024 seems
to be confirmed in 2025 (data presented above are preliminary estimations to be confirmed next summer). For illustrative purposes, Cofinimmo has added market data from the various sources available (in Germany they are not available every year, and in Italy they are non-existent). Within this framework, the underlying occupancy of the relevant healthcare real estate sites is shown in the table hereafter.
| Country | Occupancy rate | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Market data1 | Cofinimmo's relevant portfolio2 | Scope coverage3 | ||||||||||||
| 2021 | 2022 | 2023 | 2024 | 2025 | 20214 | 20224 | 20234 | 20244 | e20255 | 2021 | 2022 | 2023 | 20246 | |
| Belgium | 90 % | 89 % | 92 % | 93 % | n/a6 | 87 % | 92 % | 94 % | 95 % | 93 % | 100 % | 100 % | 100 % | 100 % |
| France | 89 % | 87 % | 89 % | 90 % | n/a6 | 89 % | 91 % | 91 % | 91 % | 92 % | 91 % | 92 % | 96 % | 99 % |
| The Netherlands | 93 % | 95 % | 94 % | 93 % | n/a6 | n/a | 94 % | 94 % | 96 % | 95 % | n/a | 36 % | 36 % | 34 % |
| Germany | 88 % | n/a7 | 89 % | n/a7 | n/a6 | 85 % | 85 % | 84 % | 86 % | 88 % | 100 % | 100 % | 98 % | 98 % |
| Spain | 88 % | 91 % | n/a5 | 92 % | n/a6 | 84 % | 92 % | 94 % | 95 % | 96 % | 100 % | 100 % | 100 % | 100 % |
| Finland | 88 % | 87 % | 86 % | 86 % | n/a6 | n/a8 | 95 % | 99 % | 98 % | 96 % | n/a8 | 100 % | 100 % | 100 % |
| Ireland | 83 % | 84 % | 89 % | 92 % | n/a6 | 92 % | 93 % | 94 % | 96 % | 96 % | 100 % | 100 % | 100 % | 100 % |
| Italy | n/a7 | n/a7 | n/a7 | 89 % | n/a6 | 59 % | 84 % | 93 % | 97 % | 97 % | 100 % | 100 % | 100 % | 63 % |
| United Kingdom | 79 % | 83 % | 86 % | 90 % | n/a6 | 94 % | 96 % | 97 % | 97 % | 94 % | 100 % | 100 % | 100 % | 100 % |
| TOTAL | 86 % | 90 % | 92 % | 92 % | 93 % | 98 %9 | 94 % | 93 % | 92 % |
Sources: public authorities, parastatal organisations, trade associations, brokers, internal economic information. Financial occupation rate (based on number of days billed to residents) for Belgium and France, physical occupation rate for other geographies.
2 Weighted average, computed on a sample composed of assets relevant for this operational KPI (most care or cure centres), beyond ramp up, excluding assets in end of operating life, newly acquired or delivered, in restructuring or in development (ongoing or planned).
3 Percentage of relevant assets for which data was collected compared to total relevant assets, in contractual rents.
4 Information mostly based on financial occupation rates.
Actual data available in the summer of the following year.
5 Data set in the process of being collected and/or completed.
Information not available (for example: occupancy rate on the German market available every two years).
Only one newly built asset still in ramp up phase.
9 Excluding countries without data set.
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A vast and qualitative European portfolio
| Belgium | France | Netherlands | Germany |
|---|---|---|---|
| 34% | |||
| of the portfolio | 14% | ||
| of the portfolio | 10% | ||
| of the portfolio | 20% | ||
| of the portfolio | |||
| 582,000 m² | |||
| surface area | 309,000 m² | ||
| surface area | 206,000 m² | ||
| surface area | 410,000 m² | ||
| surface area | |||
| 100% | |||
| occupancy rate | 99.4% | ||
| occupancy rate | 99.5% | ||
| occupancy rate | 97.7% | ||
| occupancy rate | |||
| 83 | |||
| sites | 53 | ||
| sites | 43 | ||
| sites | 59 | ||
| sites | |||
| 9,900 | |||
| beds | 5,100 | ||
| beds | 1,500 | ||
| beds | 6,300 | ||
| beds | |||
| 94% | |||
| EPC coverage | 97% | ||
| EPC coverage | 98% | ||
| EPC coverage | 97% | ||
| EPC coverage |
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A vast and qualitative European portfolio
| Spain | Finland | Ireland | Italy | United Kingdom |
|---|---|---|---|---|
| 10% | ||||
| of the portfolio | 4% | |||
| of the portfolio | 2% | |||
| of the portfolio | 5% | |||
| of the portfolio | 1% | |||
| of the portfolio | ||||
| 199,000 m² | ||||
| surface area | 40,000 m² | |||
| surface area | 31,000 m² | |||
| surface area | 76,000 m² | |||
| surface area | 10,000 m² | |||
| surface area | ||||
| 100% | ||||
| occupancy rate | 100% | |||
| occupancy rate | 100% | |||
| occupancy rate | 100% | |||
| occupancy rate | 100% | |||
| occupancy rate | ||||
| 31 | ||||
| sites in operation | 16 | |||
| sites | 8 | |||
| sites | 8 | |||
| sites | 3 | |||
| sites | ||||
| 4,800 | ||||
| beds | 750 | |||
| beds | 570 | |||
| beds | 1,300 | |||
| beds | 200 | |||
| beds | ||||
| 100% | ||||
| EPC coverage | 100% | |||
| EPC coverage | 100% | |||
| EPC coverage | 78% | |||
| EPC coverage | 100% | |||
| EPC coverage |
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As an important player in Brussels' office sector for more than 40 years, Cofinimmo draws on its accumulated experience in the sector to dynamically and proactively manage its portfolio of office buildings. Rental management, developments adapted to new working methods, renovation and conversion programmes, and asset arbitrage are carried out with a long-term view.
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Highlights
15%
of the consolidated portfolio
925 million EUR
Fair value of the portfolio
6.4%
Gross rental yield
92.8%
Occupancy rate
130 kWh/m²/year
Yearly energy intensity of the segment
1 million EUR
Divestments
6 years
Weighted average residual lease length
255,000 m²
Surface area
8
Buildings with BREEAM certification
25
Number of assets
Recentering the portfolio towards Brussels' CBD
72%
Brussels' CBD
28%
Other
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Market characteristics¹
The Brussels office market sub-segment
The Brussels office market consists of several sub-segments. The first five are often grouped under the heading 'Central Business District' (CBD).
Brussels centre
- Historic heart of the city
- Occupants: Belgian public authorities and Belgian medium or large private companies
Leopold district
- European district of the city
- Occupants: European institutions and delegations or associations working with them, medium or large private companies, law firms, lobbyists
Brussels North
- Business area
- Occupants: Belgian and regional public authorities, semi-public companies and large private companies
Louise district
- Prestigious district, mixed zone (residential and offices)
- Occupants: law firms, embassies and medium-sized private companies
Midi district
- District surrounding the Brussels-South railway station
- Occupants: SNCB/NMBS, railway-related companies, Belgian public authorities
Brussels decentralised
- Rest of the territory of the 19 municipalities of the Brussels-Capital Region, a mainly residential area
- Occupants: medium or large private companies
Brussels periphery
- Area located in the immediate vicinity of the Brussels-Capital Region, the Ring and the national airport
- Occupants: private companies of all sizes
The Brussels office rental market
Information on the office rental market is included in the chapter 'Market commentary' (see page 133 of this document).
The Brussels office investment market
Information on the Brussels office investment market can be found in the chapter 'Market commentary' (see page 133) of this document.
$\triangleright$ Office building The Gradient - Brussels (BE)
¹ Market information deriving from the CBRE, Cushman & Wakefield, Jones Lang LaSalle and BNP Paribas Fortis market research.
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Breakdown of the consolidated portfolio by tenant business sector (as at 31.12.2025 - based on contractual rents of 54 million EUR - in %)
Other
Retail (commercial use)
Logistics
ICT, Telecom & Media
Finance, Insurance & Real estate
Belgian and international public sector
Retail (office use)
Chemistry, energy & pharmaceutical
Consultants & law firms
Strategy implementation
Contribution of the office portfolio into a subsidiary
On 29.10.2021, Cofinimmo contributed its office branch to a wholly-owned subsidiary called Cofinimmo Offices SA/NV which obtained the status of an institutional regulated real estate company (SIRI).
As at 31.12.2025, the subsidiary had a total balance sheet of 1 billion EUR (2024: 1 billion EUR), with an equity of 0.7 billion EUR (2024: 0.7 billion EUR) and a debt-to-assets ratio of approximately 26% (2024: 29%).
Proximity to clients
Cofinimmo endeavours to build close and sustainable relationships with its tenants to ensure client satisfaction and loyalty. Building management is handled entirely in-house, i.e. by Cofinimmo's operational teams. Given the size of its office portfolio, the Group is able to implement a comprehensive, human and technical management platform and to bear the associated costs.
The technical teams consist of industrial and civil engineers, architects and interior designers who supervise upgrading, maintenance and renovation work. The service desk is available 24/7 and is responsible for coordinating requests for service and repairs.
The sales teams are in regular contact with clients in order to meet their needs in terms of flexibility. The administrative and accounting teams invoice rents and provide a breakdown of charges and taxes. The legal department draws up the leases and follows up on any disputes.
Proactive rental management
The rental vacancy risk faced by Cofinimmo each year represents in average 10% to 15% of its office portfolio. A commercial strategy based on a close relationship with clients contributes to a continued high occupancy level and positive operating margin* growth.
This commercial strategy is implemented by the incorporation of innovative solutions intended to best meet tenant needs in terms of workspace flexibility, mobility, and diversity of living spaces at work. The development of Flex Corner® and The Lounge® concepts are examples of this.
The first concept offers customers the opportunity to rent small private offices within a shared office complex, including shared facilities such as a kitchenette, lounge area and meeting rooms. The monthly rent includes all charges and taxes for both private and shared space. Contracts are flexible, with a minimum term of one year, and a 'Custom your lease' option allows tenants to choose the length of their lease on tailored terms. This concept was launched in 2016 and is now available in two buildings.
The second concept, which responds to the growing need for mixed workspaces, offers tenants and their visitors modern and enjoyable communal spaces, including dining, meeting, networking and relaxation areas. These spaces are managed by an on-site community manager.
Sustainability
When managing its office portfolio, Cofinimmo takes a sustainable and environmental approach. When making acquisitions, the company assesses the need for (re)development to maintain the building's standards in the long term while taking into account location and accessibility by sustainable transport.
For the technical management of buildings, the company takes a life-cycle approach, recycling buildings at the end of their life and renovating buildings in the central areas of Brussels. For more decentralised sites, the company considers the possible conversion of buildings to meet the changing needs of users in terms of flexibility and mobility.
By promoting mixed neighbourhoods and the use of sustainable materials, Cofinimmo is transforming the urban landscape in a responsible way. Since 1999, the company has internalised the management of its properties, raising tenants' awareness on energy consumption and using environmental data management software to identify potential savings and measure the impact of the investments made.
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Selective arbitrage of assets
Cofinimmo has implemented a selective arbitrage policy for its office buildings compatible with a comprehensive management platform.
In parallel with the expansion of the healthcare real estate segment, Cofinimmo is focusing on rebalancing its office portfolio between the various sub-segments, to prioritise high-quality buildings located in Brussels' CBD. The vacancy rate in this segment, is lower than the city's average market, making it possible to obtain higher net returns.
The goal is to take advantage of investors' appetite for certain types of assets and to optimise the composition of the portfolio in terms of age, size, location, energy performance, and the rental situation of buildings. The funds collected are then reinvested in high-quality buildings.
(Re)development projects
(Re)development projects, whether renovations, reconstructions or conversions, are part of a long-term programme to optimise the composition of the portfolio, create value, and, more broadly, to responsibly transform the urban landscape.
Office building Montoyer 10 (M10) - Brussels' CBD (BE) - © Hannelore Veelaert
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Office building Stationsstraat 110 - Mechelen/Malines (BE)
Energy performance and circularity at the heart of the renovation project of the office building Rik Wouters in Mechelen/Malines (BE)
The renovation project for the office building Rik Wouters, located at Stationsstraat 110 in Mechelen/Malines and covering a total surface area of approximately 15,000 m², marks an ambitious transformation of this building, which houses seven Flemish government departments. Carried out for Het Facilitair Bedrijf as part of a lease renewal, the works were completed in two phases over two and a half years and were delivered in January 2025.
The main objective was to make the building completely fossil fuel-free through a comprehensive energy renovation of the building envelope and systems, including insulation, LED lighting and replacement of the HVAC system. The integration of geothermal energy and smart regulating through Model Predictive Control further reinforces this sustainable approach. The spaces have been redesigned to promote hybrid working, with shared areas, individual offices, conference rooms and catering facilities. Many materials have been reused or redistributed to other assets. This made it possible to consider obtaining GRO Excellent certification, which was required for the 18-year lease extension, highlighting its exemplary sustainability and circularity.
Finally, the building's energy consumption has been halved, with 50% now coming from renewable sources such as photovoltaic panels and geothermal energy. A rainwater harvesting system with a capacity of 70,000 litres further enhances the positive impact of this renovation on the building's life cycle.
Occupancy rate
Cofinimmo's office portfolio occupancy rate was 92.8% as at 31.12.2025, compared to 91.0% for the overall Brussels office market. In 2025, renegotiations and new leases were signed for 51,854 m² of office space.
Source: Cushman & Wakefield.
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Cofinimmo's property of distribution networks portfolio¹ consists of pubs and restaurants leased to the AB InBev brewery group (Pubstone). This portfolio, acquired in 2007 through sale & leaseback transactions, generates long-term income.
In 2025, Cofinimmo invested 6 million EUR and disposed for 11 million EUR.
Cofinimmo also invests in special-use buildings in Belgium through public-private partnerships (PPPs). The company thus contributes to renovating and improving public and para-public real estate assets. To date, the PPP portfolio comprises seven contracts covering assets in operation.
¹ In 2021, two assets have been allocated to the 'Other (Belgium)' distribution networks real estate segment. These are the Tenneuken land reserve in Brussels and the federal police station at Kroonveldlaan 30 in Dendermonde, together representing 6 % of the property of distribution networks portfolio.
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Highlights
8%
of the consolidated portfolio
0.5 billion EUR
Fair value of the portfolio
6.7%
Gross rental yield
99.6%
Occupancy rate
10 years
Weighted average residual lease length
1
PPP building with BREEAM certification
11 million EUR
Divestments
795
Number of assets, of which
794
Pubs and restaurants
1
PPP booked as operating lease
Brasserie Revue - Gent (BE)
6
Contracts relating to assets in operation in the PPP portfolio, booked as finance leases
289,000 m²
Surface area
151 kWh/m²/year
Yearly energy intensity of the segment
Breakdown of property of distribution networks by asset type/class (in fair value - in %)
5.1%
Pubstone - Belgium
2.3%
Pubstone - The Netherlands
0.5%
Other - Belgium
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Market characteristics
Pubstone
The assets which make up Cofinimmo's property of distribution networks portfolio do not represent traditional commercial assets since they are let in bulk to a single tenant. This type of portfolio, acquired within the framework of sale & leaseback transactions, therefore constitutes a niche market.
Sale & leaseback transactions
The sale price per square metre requested by the seller is usually reasonable as it refers to buildings which are leased back to the seller, the latter being therefore responsible for paying rent after the sale.
Optimisation of the points of sale network for the tenant's business
The buildings are necessary for the tenant's activity due to their location and are leased for the long term. For most of these buildings, the probability of renewing the contract at the end of the lease is therefore high.
Capital risk granularity
Should the tenant leave, a significant portion of the properties can be sold as retail outlets or for housing to local investors, professionals or not, as the amounts to be invested are often attainable for this type of investor.
Support of tenants for the management, development and renovation of assets
Cofinimmo maintains an ongoing dialogue with the occupant-tenant to increase the geographical scope of the sales network of the latter. Buildings with leases that will not be renewed at their term or which require renovation works in the medium term can thus be identified in advance. In addition, Cofinimmo can acquire new buildings the tenant would like to include in his network.
Public-private partnership
Cofinimmo strives to meet the specific needs of public authorities and provides real estate and financial expertise for long-term partnerships, which are usually subject to public contracts.
Cofinimmo is responsible for analysing the economic and technical life cycle of the project. This analysis identifies the best compromise between initial investment and future expenses, for both maintenance costs as well as for replacement and repair costs.
However, Cofinimmo does not bear the construction risk for this type of property investment, since this is the responsibility of an appointed general contractor, to whom the Group agrees to pay a flat fee upon delivery of the building. Nevertheless, the Group supervises the quality and execution of the construction works.
Cofinimmo is also responsible for up-keep and maintenance throughout the tenancy, which is usually under a lease for an extended period or long-lease. At the end of the lease, the public authority has the option to purchase the property or to transfer ownership free of charge. Cofinimmo therefore does not have perpetual ownership of these assets and, as a result, they are included under item 'Finance lease receivables' on the balance sheet for 81.0 million EUR as at 31.12.2025.
Assets in operation in the PPP portfolio as at 31.12.2025
| Property | Surface area (in m²) | Accounting procedure | Owned by |
|---|---|---|---|
| Courthouse - Antwerp | 72,132 | Finance lease | Cofinimmo SA/NV |
| Prison - Leuze-en-Hainaut | 28,316 | Finance lease | FPR Leuze SA/NV |
| Fire station - Antwerp | 23,323 | Finance lease | Cofinimmo SA/NV |
| Police station - Termonde/Dendermonde | 9,645 | Operational lease | Cofinimmo SA/NV |
| Several sites of the Université Libre de Bruxelles - Brussels | 22,902 | Finance lease | Cofinimmo SA/NV |
Sustainability
At the acquisition stage, Cofinimmo favours long-term partnerships with tenants. The property of distribution networks consists of many small individual properties, and asset arbitrage is essential to ensure sustainability. Cofinimmo uses modern techniques and sustainable materials to reduce the carbon footprint, in particular by insulating roofs during renovations.
When it comes to properties for public use, Cofinimmo takes its cue from the public sector, which is required to meet high technical standards in terms of energy performance. The company is constantly looking for innovative solutions to help finance public needs.
Strategy implementation
Pubstone
At the end of 2007, Cofinimmo acquired, within the framework of a property partnership, the entire portfolio of pubs and restaurants, previously owned by Immobrew SA/NV, a subsidiary of AB InBev, since renamed Pubstone SA/NV. Cofinimmo leases the premises back to AB InBev for an initial term of 27 years. AB InBev sub-leases the premises to operators and retains an indirect stake of 10% in the Pubstone organisation. Cofinimmo bears no risk with respect to the commercial operation of the pubs and restaurants, but handles the structural maintenance of roofs, walls, façades and outside woodwork. At the end of the lease, AB InBev can either renew the lease under the same conditions or return the spaces free of occupation.
In Belgium, the internal Pubstone team consists of five people, excluding support services, who work in portfolio management (property management). There is only one team member in the Netherlands.
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Composition of the consolidated portfolio
At 31.12.2025, the consolidated property portfolio of the Cofinimmo Group consisted of 1,124 buildings with a rounded total surface area of 2,400,000 m². Its fair value amounts to 6.1 billion EUR.
Healthcare real estate represents 77% of the Group's consolidated portfolio and is spread over nine countries: Belgium, France, the Netherlands, Germany, Spain, Finland, Ireland, Italy and the United Kingdom. The share of office buildings accounts for 15% of the portfolio. This portfolio is located entirely within Belgium, mainly in Brussels, the capital of Europe. The Group also owns one distribution network leased to AB InBev, a major player in Belgium and the Netherlands.
Office building Quartz - Brussels' CBD (BE)
The portfolio consists of:
in Belgium: healthcare and office assets, a network of pubs and restaurants and public-private partnerships;
in France: healthcare assets;
in the Netherlands: healthcare assets and a network of pubs and restaurants;
in Germany: healthcare assets;
in Spain: healthcare assets;
in Finland: healthcare assets;
in Ireland: healthcare assets;
in Italy: healthcare assets;
in United Kingdom: healthcare assets.
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Changes in the consolidated portfolio
Change from 1996 to 2025
In 1996, Cofinimmo was approved as a public fixed capital investment company (Sicofi/Vastgoedbevak - now RREC). The investment value of its consolidated portfolio amounted to barely 600 million EUR at 31.12.1995. At 31.12.2025, it exceeds 6.4 billion EUR.
Between 31.12.1995 and 31.12.2025, the Group:
- invested a total of 8,547 million EUR in investment properties (acquisitions, constructions and renovations);
- sold for a total amount of 3,177 million EUR.
On average, Cofinimmo realised net capital gains on investments of 6% upon disposal (based on the latest annual valuations preceding the disposal, before deducting payments to intermediaries and other miscellaneous expenses). These figures do not include capital gains and losses realised on the sale of shares of companies owning buildings. These amounts are recorded as capital gains or losses on the sale of securities.
The graph on the bottom of the next page shows a breakdown by real estate segment of investments totalling 8,547 million EUR between 1996 and 2025.
Change in the investment value of the consolidated portfolio between 1996 and 2025 (x1,000,000 EUR)
| Investment value of the portfolio as at 31.12.1995 | 609 |
|---|---|
| Acquisitions | 6,987 |
| Constructions and renovations | 1,560 |
| Net disposal value | -3,367 |
| Realised gains and losses compared to the last annual estimated value | 190 |
| Writeback of lease payments sold | 234 |
| Change in the investment value | 193 |
| Currency translation differences linked to conversion of foreign activities | -1 |
| Investment value of the portfolio as at 31.12.2025 | 6,403 |
Breakdown of the consolidated portfolio by real estate segment (as at 31.12.2025 – at a fair value of 6,085 million EUR – in %)
Healthcare
Offices
Property of distribution networks
Breakdown of the consolidated portfolio per country (as at 31.12.2025 – at a fair value of 6,085 million EUR – in %)
$^{1}$ ES 7% - FI 3% - IE 2% - IT 4% - UK 1%
Accelerated growth of the consolidated portfolio (overall consolidated asset between 2018 and 2025 – in billion EUR)
Change in 2025
The investment value of the consolidated portfolio increased from 6,314 million EUR at 31.12.2024 to 6,403 million EUR at 31.12.2025. At fair value, the figures were 6,000 million EUR at 31.12.2024 and 6,085 million EUR at 31.12.2025.
In 2025, the Cofinimmo Group:
- invested a total of 111 million EUR² in investment properties (acquisitions, constructions and renovations);
- divested for a total amount of 82 million EUR.
The sales carried out in 2025 consisted primarily of 27 pubs and restaurants from the Pubstone distribution network and 10 healthcare real estate assets.
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The graph opposite shows the breakdown of investments by real estate segment realised in 2025 totalling 131 million EUR, to which the change in participations and receivables in associates as well as other non-current liabilities need to be added, giving a total of 111 million EUR.
Investment properties (including non-current assets held for sale) increased by 85 million EUR in 2025 (89 million EUR at investment value), i.e. a 1.4% increase. The table on the right-hand side of this page details the change in fair value of the portfolio in 2025 by segment and geographical area.
Change in the investment value of the consolidated portfolio in 2025 (x 1,000,000 EUR)
| Investment value of the portfolio as at 31.12.2024 | 6,314 |
|---|---|
| Acquisitions | 43 |
| Constructions and renovations | 88 |
| Net disposal value | -49 |
| Realised gains and losses compared to the last annual estimated value | 0 |
| Writeback of lease payments sold | 1 |
| Change in the investment value | 10 |
| Currency translation differences linked to the conversion of foreign activities | -4 |
| Investment value of the portfolio as at 31.12.2025 | 6,403 |
Breakdown of investments by real estate segment in 2025 (in investment value - x 1,000,000 EUR)
Healthcare
Offices
Property of distribution networks
Breakdown of investments by real estate segment between 1996 and 2025 (in investment value - x 1,000,000 EUR)
Healthcare
Offices
Property of distribution networks
Change in fair value of the consolidated portfolio by real estate segment and by geographical area in 2025
| Real estate segment and geographical area1 | Change in fair value1 | Share of the consolidated portfolio |
|---|---|---|
| Healthcare real estate | 0.1 % | 76.9% |
| Belgium | 0.1 % | 26.2% |
| France | -1.2 % | 11.0% |
| The Netherlands | 2.8 % | 8.0% |
| Germany | -0.3 % | 15.4% |
| Spain | 0.3 % | 7.3% |
| Finland | 0.2 % | 2.7% |
| Ireland | 0.3 % | 1.7% |
| Italy | 0.2 % | 3.5% |
| United Kingdom | 0.0 % | 1.1% |
| Offices | -0.8 % | 15.2% |
| Property of distribution networks | 1.8 % | 7.9% |
| Overall portfolio | 0.1 % | 100.0% |
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Rental situation of the consolidated portfolio
The commercial management of the Group's portfolio is handled entirely in-house: proximity to customers enables the Group to build a long-term relationship of trust, an essential element for ensuring a high occupancy rate, long lease maturities and quality tenants.
Occupancy rate
The occupancy rate of the consolidated portfolio (excluding assets held for sale), calculated on the basis of contractual rents for space leased and the rental values estimated by independent real estate valuers for unoccupied space was 98.4% at 31.12.2025. It is as follows for each real estate segment:
| Real estate segment and country | Occupancy rate | Comment |
|---|---|---|
| Healthcare real estate | 99.4 % | |
| Belgium | 100.0 % | Acquired assets are fully leased to healthcare operators, with whom Cofinimmo usually signs leases with an initial term of 27 years. |
| Assets in development are all pre-let. | ||
| France | 99.4 % | Acquired assets are leased to healthcare operators, with whom Cofinimmo usually signs leases with an initial term of 12 years. |
| As at 31.12.2025, the average residual lease length is seven years. Two assets are empty. In 2025, four assets have been sold at market value. | ||
| The Netherlands | 99.5 % | Cofinimmo owns 16 medical office buildings directly leased to healthcare professionals who receive their patients in the facilities. As at 31.12.2025, the occupancy rate of these buildings was 98 %. |
| All other assets are fully leased to healthcare operators, with whom Cofinimmo usually signs leases with an initial term going from 10 to 25 years. | ||
| Germany | 97.7 % | Acquired assets are leased to healthcare operators, with whom Cofinimmo usually signs leases with an initial term going from 15 to 30 years. |
| The asset in development is pre-let. | ||
| Other^{1} | 100.0 % | Acquired assets are fully leased to healthcare operators, with whom Cofinimmo usually signs leases with an initial term going from 12 to 35 years. |
| Assets in development are all pre-let. | ||
| Offices | 92.8 % | The vast majority of leases signed by Cofinimmo in this segment are 3/6/9 years. |
| The annual rental vacancy risk facing the Group represents an average of 10 % to 15 % of its office portfolio. | ||
| By comparison, the average vacancy rate in the Brussels office market was 9 % as at 31.12.2025 (source: Cushman & Wakefield). | ||
| Property of distribution networks | 99.6 % | This segment consists of the Pubstone portfolio as well as two assets: the land reserve Tenrauken located in Brussels, and the federal police station located Kroonveldlaan 30 in Termonde/Dendermonde. |
| Each year, as of the seventh year of the lease (2014), AB InBev has the option of terminating pub and restaurant leases accounting for a small part (initially 1.75 %) of the annual rental income of the total Pubstone portfolio. The Group has vacated 276 assets since 2014, of which 12 have been re-let, 255 have been sold and nine are empty. | ||
| TOTAL | 98.4 % |
> Nursing and care home - Dos Hermanas (ES)
13 years
Weighted average residual lease length
98.4%
Occupancy rate
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Timetable of lease maturities
If every tenant were to exercise their first break option, the weighted average residual length of all leases in effect on 31.12.2025, would be 13 years. The graph below shows the lease maturity for each real estate segment as at 31.12.2025.
The weighted average residual lease length would also be 13 years if no break options were exercised and all tenants remained in their rented space until the contractual end of the leases.
Furthermore, as at 31.12.2025, nearly 66% of the leases signed by the Group had a residual term greater than 9 years (see table hereunder).
Breakdown of the consolidated portfolio based on lease maturities (as at 31.12.2025 – in contractual rents)
| Lease maturities | Share of the portfolio |
|---|---|
| Leases > 9 years | 65.5 % |
| Healthcare | 53.9 % |
| Property of distribution networks – Pubstone | 9.3 % |
| Offices | 2.3 % |
| Leases 6–9 years | 16.6 % |
| Healthcare | 13.1 % |
| Offices | 3.4 % |
| Leases < 6 years | 17.9 % |
| Offices | 9.3 % |
| Healthcare | 8.1 % |
| Property of distribution networks – Other | 0.5 % |
| TOTAL | 100.0 % |
Weighted average residual lease length per real estate segment (as at 31.12.2025 – in number of years)¹
Tenants
The Group's consolidated portfolio consists of approximately 210 tenants or operators coming from various sectors of activity, of which nearly 70 groups of operators-tenants in healthcare real estate. This diversification contributes to the Group's moderate risk profile. The listed French Group Clariane, expert in senior care and support services, is the Group's leading tenant. It is followed by AB InBev which leases the Pubstone pubs and restaurants portfolio.
Change in rental income
Rental income has decreased from 358 million EUR in 2024 to 355 million EUR in 2025, i.e. down -1.1%. On a like-for-like basis*, the level of rents increased nearly 3% (+2.9%) between 31.12.2024 and 31.12.2025: the positive effect of new leases (+0.6%) and indexation (+2.7% in total, including in particular +2.7% for healthcare real estate, of which +3.0% in Belgium for example, indexation being usually applied at the anniversary date of the contract) more than compensated the negative impact of departures (-0.4%) and renegotiations (-0.1%).
Rental income
The Cofinimmo Group is able to secure its long-term income thanks to its portfolio diversification strategy and its active commercial management. Over 85% of its rental income is contractually guaranteed until 2030. This percentage increases to 89% if no termination options are exercised and if all of the tenants remain in their rented space until the contractual end of their lease.
Breakdown of the consolidated portfolio by tenant business sector (as at 31.12.2025 – based on contractual rents of 358 million EUR – in %)
- Healthcare
- AB InBev
- ICT, Media & Telecom
- Consultants & law firms
- Finance, insurance & real estate
- Belgian & international public sector
- Other
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Top 10 tenants (as at 31.12.2025 - based on contractual rents - in %) and weighted average residual lease length until the first break option (as at 31.12.2025 - in number of years)
Nursing and care home - Heerlen (NL)
Change in gross rental income on a like-for-like basis* by real estate segment in 2025
| Real estate segment | Gross rental revenues at 31.12.2025 (x 1,000,000 EUR) | Gross rental revenue at 31.12.2024 (x 1,000,000 EUR) | Change | Changes in gross rental revenues on a like-for-like basis | Share of the consolidated portfolio at fair value |
|---|---|---|---|---|---|
| Healthcare real estate | 266.9 | 264.0 | +1.1 % | +2.8 % | 76.9 % |
| Offices | 52.9 | 59.9 | -11.7 % | +2.8 % | 15.2 % |
| Property of distribution networks | 34.9 | 34.6 | +0.8 % | +3.2 % | 7.9 % |
| TOTAL | 354.7 | 358.5 | -1.1 % | +2.9 % | 100.0 % |
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Rental income (as at 31.12.2025 – in contractual rents – in %)
Rental yield
Rental yield is defined as the rental income for rented space and the estimated rental value of unoccupied space, divided by the investment value of the buildings (excluding assets held for sale) as established by independent real estate valuers. This rental yield is defined as the capitalisation rate of rental income applied to the real estate portfolio.
The difference between gross rental yields and net rental yields reflects direct costs: technical costs (maintenance, repairs, etc.), commercial costs (agent commissions, marketing expenses, etc.) and charges and taxes on unoccupied space. The majority of healthcare real estate leases in Belgium, Spain, Ireland and the United Kingdom are triple net, while the majority of leases is double net in France, Germany (Dach und Fach - see Glossary), the Netherlands and Finland. The triple-net lease implies that maintenance and insurance expenses, as well as taxes, are at the tenant's expense, contrary to the double net lease. Therefore, gross and net rental yields are almost identical in this segment.
Gross/net yields per real estate segment (as at 31.12.2025)
Gross rental yield of the Cofinimmo portfolio and annual average of the 10-year Belgian government bonds rate (as at 31.12.2025 – in %)
Cofinimmo - Offices
Cofinimmo - Overall portfolio
Cofinimmo - Healthcare real estate
Average 10-year Belgian government bonds (annual basis)
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Financial resources management
Cofinimmo's financial strategy is characterised by the diversification of its financing sources, regular access to the capital markets, a debt-to-assets ratio close to 45% and the optimisation of the maturity and cost of its financing. Cofinimmo also pays particular attention to the coherence between its financial strategy and its sustainability objectives (see chapter 'Strategy'). At the end of 2025, Cofinimmo's debt consisted mainly (around 74%) of sustainable financing subscribed over the last years.
The Group's debt and committed credit lines are not subject to any early repayment clauses, or changes in margin, related to its financial rating. These are usually subject to conditions related to:
- compliance with RREC legislation;
- compliance with debt-to-assets ratio levels and hedging of financial charges through the cash flow;
- fair value of the real estate portfolio.
As at 31.12.2025 and throughout the period starting on 01.01.2025, these ratios were met. In addition, no payment defaults on the loan contracts, nor violations of the terms and conditions of these same contracts are expected in the coming 12 months. Failure to meet any of these ratios or certain obligations under the loan agreements would, after a period of notice, result in a default on the loan agreement and the repayment of amounts received under the loan agreement.
Cofinimmo reinforced its financial resources and its balance sheet structure during the last financial years (cumulative capital increases of 565 million EUR in 2021 and 114 million EUR in 2022) and continued to do so in 2023 (cumulative capital increases of 247 million EUR and new financings for a total of 230 million EUR), and in 2024 (capital increase of 75 million EUR and 365 million EUR in new bank financings). The financing operations during this period enabled the Group to improve the maturity timetable of its financial debts, to increase the amount of available financing, and to maintain an average
cost of debt* at particularly low levels. The various operations carried out since the beginning of 2025 are stated hereunder.
Financing operations in 2025
Cofinimmo continued to proactively manage its financial maturities, signed new long-term credit lines for 185 million EUR and extended a cumulative amount of 494 million EUR for one year.
Overall financing developments
- 31.03.2025: Extension of a 100 million EUR credit line for one additional year to bring its maturity to 2030;
- 16.07.2025: Refinancing and increasing by 10 million EUR a credit line totalling 35 million EUR for a new term of 5 years;
- 24.09.2025: New 50 million EUR sustainability-linked credit line maturing in 2031;
- 12.11.2025: Extension of a 50 million EUR credit line for one additional year, to bring its maturity to 2030;
- 11.12.2025: Signature of a new 100 million EUR bilateral credit line maturing in 2030;
- 18.12.2025: Early refinancing of a syndicated facility (initially maturing on 01.07.2026) for an amount of 344 million EUR to bring its maturity to 01.07.2027;
- 10.03.2026: Following the change of control resulting from the proposed combination with Aedifica, and as planned, confirmed long-term credit lines were reduced by 165 million EUR, and a further 100 million EUR will be reduced on 10.09.2026.
Nursing and care home - Aurich (DE)
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Interest rate hedging
In January 2025, Cofinimmo increased its hedging by subscribing to a 100 million EUR IRS for the year 2029. In July 2025, Cofinimmo entered into an IRS agreement for 50 million EUR covering the period from 2029 to 2032. In October, Cofinimmo concluded a new IRS agreement for 50 million EUR also covering the period from 2029 to 2032.
Debt structure
Consolidated financial debts
As at 31.12.2025, the current and non-current consolidated financial debt, issued by Cofinimmo SA/NV, amounted to 2,588 million EUR. These included in particular bank facilities and bonds issued on the financial market.
An overview of the bonds is listed in the table hereafter:
| Straight (S) / Convertible (C) | Current (C) / Non-current (NC) | Sustainable financing | Nominal amount (x 1,000,000 EUR) | Issue price (%) | Conversion price (EUR) | Coupon (%) | Issue date | Maturity date |
|---|---|---|---|---|---|---|---|---|
| S | C | — | 70 | 99,609 | 0 | 1.700 | 26.10.2016 | 26.10.2026 |
| S | NC | Sustainable | 500 | 99,222 | 0 | 0.875 | 02.12.2020 | 02.12.2030 |
| S | NC | Sustainable | 500 | 99,823 | 0 | 1.000 | 24.01.2022 | 24.01.2028 |
Non-current financial debt
As of 31.12.2025, Cofinimmo's non-current financial debt was 1,589 million EUR. These are detailed hereu:
Debt capital market ('DCM')
- 500 million EUR for a benchmark sustainable bond within the Euronext ESG bonds community;
- 500 million EUR for a benchmark sustainable bond, part of the Luxembourg Green Exchange community along with many international issuers as well as a Belgian real estate developer and the Walloon Region;
- 56 million EUR of long-term sustainable commercial paper.
Bank facilities
- 511 million EUR of committed bilateral and syndicated loans (some of which are sustainable), with an initial term of 5 to 10 years, contracted with approximately fifteen financial institutions;
- 6 million EUR of financial liabilities linked to a right to use;
- 14 million EUR in rental guarantees received.
Current financial debts
As of 31.12.2025, Cofinimmo's current financial debts amounted to 1,000 million EUR. These are detailed hereunder:
Debt capital market ('DCM')
- 750 million EUR of sustainable commercial paper with a term of less than one year. The short-term commercial paper issued is fully backed up by availabilities on committed long-term credit lines. Therefore, Cofinimmo benefits from the attractive cost of such a short-term financing programme, while ensuring its refinancing in the event that the issue of new commercial paper becomes more costly or impracticable;
- 70 million EUR for a straight bond with an initial term higher than one year and maturing within the next 12 months;
- 20 million EUR of sustainable commercial paper with an initial maturity of more than one year and maturing within the next 12 months.
Bank facilities
- 160 million EUR, mainly for bilateral credit loans maturing within the next 12 months.
Availabilities
As at 31.12.2025, availabilities on committed credit lines reached 1,781 million EUR. After deduction of the backup of the commercial paper programme, Cofinimmo had at that date 1,031 million EUR (1,067 million EUR as at 18.02.2026) of available lines to finance its activity.
Consolidated debt-to-assets ratio
As at 31.12.2025, Cofinimmo met the debt-to-assets ratio test. Its regulatory debt-to-assets ratio (calculated in accordance with the regulations on RRECs as: financial and other debts / total assets) reached 42.8% (compared with 42.6% as at 31.12.2024 and 43.4% as at 30.09.2025). As a reminder, the maximum debt-to-assets ratio for RRECs is 65%.
When the loan agreements granted to Cofinimmo refer to a debt covenant, they refer to the regulatory debt-to-assets ratio and cap it at 60%.
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Cofinimmo's debt-to-assets ratio vs. legal covenant for RRECs
Weighted average residual maturity of financial debt
The weighted average residual maturity of the financial debts evolved from 4 to 3 years between 31.12.2024 and 31.12.2025. This calculation excludes short-term commercial paper maturities, which are fully covered by tranches available on long-term credit lines.
Committed long-term loans (bank credit lines, bonds, commercial paper with a term of more than one year and term loans), for which the total outstanding amount was 3,597 million EUR as at 31.12.2025, will mature on a staggered basis until 2035, as shown in the graph on the next page. In this respect, the operations carried out to date provide that the long-term financial commitments maturing in 2026 are now reduced to 267 million EUR, vs. 781 million EUR at the beginning of the 2025 financial year (or 695 million EUR at the end of the 3rd quarter of 2025). Most of the credit lines maturing in 2026 (207 million EUR) will not be refinanced earlier since they have been concluded at attractive conditions.
Composition of the debt (as at 31.12.2025)
- Long-term commercial paper
- Straight bonds & long-term commercial paper
- Drawings on credit lines
- Hedged commercial paper
Average cost of debt* and interest rate hedging
The average cost of debt*, including bank margins, stays very low at 1.5% for the 2025 financial year, (1.4% as at 31.12.2024) and is in line with the outlook¹.
Cofinimmo opts for the partial hedging of its floating-rate debt through the use of interest rate swaps (IRS) and caps. Cofinimmo conducts a policy aimed at securing the interest rates for a proportion of 50% to 100% of the expected debt over a minimum horizon of three years. In this context, the Group uses a global approach (macro hedging). It therefore does not individually hedge each of the floating-rate credit lines.
To date, the breakdown of the expected fixed-rate debt and the hedged floating-rate debt, as well as the unhedged floating-rate debt stands as shown in the graph on page 56.
As at 31.12.2025, the anticipated market interest rate risk was fully hedged as part of the long-term interest rate hedging policy. The hedging at each year-end will gradually decrease to nearly 71% (or more) at the end of 2029 based on the outlook of the debt assumptions (coverage ratio of 100% at the end of 2025, 93% at the end of 2026, 87% at the end of 2027, 84% by the end of 2028 and 71% by the end of 2029). The weighted average residual maturity of interest rate hedges as at 31.12.2025 is four years. As a consequence, the average cost of debt* should gradually increase year by year to reach approximately 2.3% in 2028, based on debt projections, the timetable of financial instruments in place (fixed-rate debt and hedges) and the interest rate curve. The non-hedged part of the financial debt (which fluctuates daily) means that Cofinimmo remains subject to fluctuations in short-term market interest rates. It should also be noted that projected debt may differ from actual debt, which could result in reduced or additional exposure to changes in market interest rates. A sensitivity analysis is provided in the risk factor 'F.1.1.4 Interest rate volatility'.
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Timetable of long-term financial commitments on 31.12.2025 (x 1,000,000 EUR)
Nursing and care home - Castellón de la Plana (ES)
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Financial rating
Since 2001, Cofinimmo has been granted a long-term and short-term financial rating from the Standard & Poor's rating agency. On 25.03.2025, Standard & Poor's confirmed the Group's BBB rating for the long term (stable outlook) and A-2 for the short term. Its report was published on 16.04.2025, showing that the Group's liquidity has been assessed as adequate. In addition, Standard & Poor's placed Cofinimmo's rating on 'Positive Watch' on 04.06.2025, following the press release published by Cofinimmo on 03.06.2025 regarding its proposed combination with Aedifica. This means that the rating on Cofinimmo could be raised one notch upon the project's completion. S&P reiterated its outlook on 05.11.2025, considering that the probable duration of the combination process with Aedifica would not affect it. On 16.03.2026, Cofinimmo's rating was indeed upgraded by one notch (BBB+).
Treasury shares
Article 8:6 of the Royal Decree of 29.04.2019, executing the Code of Companies and Associations, stipulates that any disposal of treasury shares must be made public.
In accordance with this Article, Cofinimmo declares that, following the exercise of stock options in the context of remuneration through stock options on Cofinimmo shares (stock option plan), it has disposed over the counter (OTC) Cofinimmo shares which it held with a view to delivering these shares to the concerned persons.
Overview of transactions made between 01.01.2025 and 31.12.2025 in the context of the Stock Option Plan.
| Transaction date | SOP plan | Number of shares | Exercise price (EUR) |
|---|---|---|---|
| 03.06.2025 | 2015 | 200 | 95.03 |
| 03.06.2025 | 2015 | 1,600 | 95.03 |
| 04.06.2025 | 2015 | 2,050 | 95.03 |
| 05.06.2025 | 2015 | 150 | 95.03 |
| 05.06.2025 | 2016 | 150 | 108.44 |
| 10.06.2025 | 2015 | 200 | 95.03 |
| 13.06.2025 | 2015 | 200 | 95.03 |
| 13.06.2025 | 2016 | 300 | 108.44 |
| 02.12.2025 | 2016 | 2,050 | 108.44 |
An overview stating all transactions relating to Cofinimmo's treasury shares since 01.01.2020 is available on Cofinimmo's website.
The number of treasury shares was 11,398 as at 31.12.2025. Taking into account the transactions carried out early February 2026, this number has been reduced to 9,648.
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Report on the indicators for the green & social portfolio
Innovative use of sustainable financing
Cofinimmo is the first European real estate company to have issued green & social bonds. On 09.12.2016, Cofinimmo successfully closed a private placement of green & social bonds for a total amount of 55 million EUR, with an eight-year maturity and a fixed coupon of 2,00%. In November 2020 and January 2022, Cofinimmo strengthened its balance sheet through the issuance of two public benchmark sustainable bonds for 500 million EUR with a maturity of ten and six years and a coupon of 0.875% and 1% respectively. In line with the sustainable financing framework of May 2020 (detailed below), the bonds were placed with institutional investors and are intended to (re)finance assets with a positive contribution to sustainability.
In addition, Cofinimmo continues to diversify its financing, in particular through sustainability-linked credit lines (742 million EUR through eight operations between 2021 and 2025). These different sustainability-linked credit lines are not specifically linked to green & social assets of the property portfolio, but provide an incentive for Cofinimmo to achieve, among other things, its annual target for reducing the energy intensity of its portfolio (30th Project). The credit margin decreases slightly if the annual target is achieved. If not, the credit margin increases symmetrically.
In total, Cofinimmo benefits from around 2.6 billion EUR in sustainable financing, representing approximately 74% of all its financing.
Linking financial and sustainability strategy
Profitability enables to measure the company's efficiency and the value that customers place on Cofinimmo's products and services. It is a determining factor in the allocation of resources and the protection of investments on which the growth of the company and the continuity of its services depend. Without sufficient profits and a stable financial base, Cofinimmo would not be able to fulfil its financial and social roles. Sustainable financial instruments have therefore become a means of survival, not growth.
Cofinimmo therefore pays particular attention to the coherence between its financial strategy and its sustainability objectives. In this context, the company reviewed its sustainable financing framework in May 2020 to incorporate recent trends into the financing of sustainable assets which form part of its sustainability strategy. In its Second Party Opinion, Vigeo Eiris (now Moody's Investors Services 'MIS') confirmed that this framework is aligned with the 2018 green bond principles, social bond principles, and green loan principles. In accordance with this framework, Cofinimmo can issue a variety of sustainable financing instruments, including bonds, convertible bonds, private placements, and (syndicated) bank loan facilities.
Following the Omnibus publication by the European Commission and the European 'Stop the clock' directive, the application of the corporate sustainability reporting directive (CSRD) is postponed for Cofinimmo for the 2027 financial year whose reporting will take place in 2028 (subject to changes in the relevant legislation). However, Cofinimmo already integrates sustainability indicators in its management report since 2010. The Group supports the evolution towards a standardised reporting and will continue, as started on a voluntary basis, to deliver externally assured sustainability information, based on the VSME standards.
Selection procedure in line with the sustainability strategy
The assessment and selection framework was developed through internal and external expertise and is published on Cofinimmo's website.
Specific assets have been selected and allocated to green & social financing. Their selection was based on predefined criteria, including fund allocation and sustainability criteria. Cofinimmo's selection procedure was developed by combining the internal expertise of teams responsible for the assets with external sources including impact assessment studies, BREEAM requirements, and other technical factors. Each step in the assessment framework was approved by the Executive Committee and is part of the analytical approach to a building's life cycle (see also 'Sustainability report', section 'Life cycle management at the heart of the value chain' of this document). All the assets selected were operational at the time of acquisition or were delivered between the date of acquisition and the time of refinancing.
The number of assets included in the sustainable portfolios is detailed by instrument on the following pages, together with the (average) age of the assets per instrument and impact indicators related to the sustainable financing framework. For all new green assets, Cofinimmo declares that environmental certifications have been obtained within the last three years or will be obtained in the course of next year.
Funds allocation
Cofinimmo's Treasury department ensures that funds collected through the issuance of green & social bonds are allocated exclusively to assets that make up the company's green & social portfolio. Funds must be allocated within one year of bond issuance and must cover the duration of the bond. The allocation of funds collected is as follows. In the green category, funds are allocated to offices and healthcare real estate assets with an environmental and sustainability certification. In the social category, funds are allocated to healthcare assets dedicated to the housing of vulnerable or dependent people in need of specialised care. A healthcare real estate asset can therefore be simultaneously classified as both green and social. The allocated portfolio in % of project costs consists of 10% of green assets, 33% of social assets and 57% of green & social assets.
Auditing
Until the maturity of sustainable financing, the company's external auditor (currently KPMG Réviseurs d'Entreprises/Bedrijfsrevisoren SRL) conducts an annual assessment which covers the allocation of funds, compliance with eligibility criteria and sustainable benefit indicators associated with selected assets.
The audit report is available in the 'Statutory auditor's report on information relating to sustainability' (see pages 39-313). The indicators verified in the section 'Sustainability management' (see pages 64 and 65 of this document) appear in green.
Committed community
Cofinimmo is part of the SBTi-validated Euronext Green Bonds community, which brings together European issuers of green bonds that meet several objective criteria (external reviews, compliance with international standards, regular updates of the green & social financing framework, etc.). Cofinimmo is currently one of the issuers listed in Brussels that participate in this committed European community.
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Components of the sustainable financing framework
Funds allocation
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Criteria and objectives
Two categories of eligible assets
The funds are meant to (re)finance assets that make a positive contribution to the sustainability strategy.
Buildings selected for green & social financing are linked to environmental and/or social objectives.
Green
Investments in existing/future green assets that have an environmental and sustainability certification (BREEAM New Construction or BREEAM In-Use with at least a Very Good rating, LEED, HQE or at least a B-level EPC certification).
Objectives
- Mitigate climate change by implementing energy savings and suppressing or reducing GHG emissions.
- Consider environmental design and management of assets through:
- energy performance scorecard;
- equipment and installation upgrades;
- achievement of BREEAM New Construction and/or BREEAM In-Use certifications.
Social
Investments in existing/future assets that provide and/or promote access to essential healthcare services for vulnerable groups and/or in certain medical specialities.
Objectives
- Renovate and/or expand the healthcare real estate portfolio to meet current and future housing and care needs for vulnerable groups.
- Encourage healthcare operators to reduce their energy footprint by incorporating sustainable architecture, ecological materials and more energy-efficient facilities (construction or renovation of buildings).
Benefits in terms of sustainability
Mitigate climate change: reduce GHG emissions.
Protect natural resources: reduce water and energy consumption, use sustainable materials, etc.
Improve healthcare services: increase number of beds and services provided.
Selection procedures
Strategy alignment
- Improve the environmental footprint of the portfolio and the company;
- Ensure the safety of occupants;
- Select socially-aware and responsible projects.
Assessment and selection framework
- Environmental criteria;
- Social criteria;
- Governance criteria;
- Expertise of internal teams;
- External assessments and requirements;
- Approval by the Executive Committee;
- Treasury allocation;
- Assessment of external auditor.
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2019 Green Loan Portfolio
40 million EUR
| Issuer | Nominal amount (x 1,000,000 EUR) | Issue date | Maturity date | |
|---|---|---|---|---|
| Cofinimmo SA/NV | 40 | 13.03.2019 | 31.01.2027 | |
| Energy intensity | GHG intensity | Water intensity | Green certification | Age |
| 103 kWh/m²/year | 16.7 kg CO₂e/m²/year | 0.25 m²/m² | BREEAM New Construction Excellent | 7 years |
Belliard 40 - Brussels' CBD (BE)
Cofinimmo acquired this office building, located along one of the busiest traffic arteries in Brussels, in 2001. The company redeveloped it in 2016 into a passive building of around 20,000 m², illustrating its 'life cycle' approach. Thanks to the materials used and the technical equipment installed, this premium environmental building received a BREEAM New Construction Excellent certification.
Since its design, it has been recognised as an 'exemplary building' by the Brussels-Capital Region. This emblematic building has brought about an architectural renewal thanks to its singular structure composed of one block on top of two others, but also thanks to the presence of a transparent five-storey atrium, allowing passers-by to see, from the esplanade running alongside the building, an interior garden located at the rear of the building.
100%
Refinancing of part of all costs of one building
100%
Offices
Climate change mitigation
Energy intensity -26% below the average energy intensity of the overall portfolio in kWh/m²/year.
GHG intensity -34% below the average GHG intensity of the overall portfolio in kg CO₂e/m²/year.
Green category
100%
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2020 Sustainable Bonds Portfolio
▶ 500 million EUR
| Issuer | Nominal amount (x 1,000,000 EUR) | Issue price | Coupon | Issue date | Maturity date |
|---|---|---|---|---|---|
| Cofinimmo SA/NV | 500 | 99.222 % | 0.875 % | 02.12.2020 | 02.12.2030 |
| Average energy intensity | Average GHG intensity | Average water intensity | Green certification (% of buildings) | Average age | |
| 125 kWh/m²/year | 24.2 kg CO₂e/m²/year | 0.50 m²/m² | 67 % A/28 % B/3 % BREEAM New Construction Outstanding/10 % BREEAM New Construction Excellent/1 % BREEAM New Construction Very Good/13 % BREEAM In-Use Excellent/1 % BREEAM In-Use Very Good | 9 years |
Aallonmurtajankatu 3 - Kuopio (Fi)
Cofinimmo signed the agreement relating to the development of this nursing and care home in December 2021. The facility, whose delivery took place in Q1 2023, is dedicated to residents with light to moderate care needs. It consists of two separate wings, has a total surface area of approximately 4,200 m² and offers 75 rooms spread over four storeys. The site is located in Maljalathi, a newly-built residential area based in a unique location on the shore of the Kallavesi Lake, at approximately 1 km from the city centre of Kuopio and the main railway station. The combination of wood and aluminium windows equipped with blinds, thermal insulation of the external walls and district heating help reduce the energy intensity of the building, which was granted an A-level energy performance.
100% Refinancing part of or all of the costs of 39 buildings
Improvement of healthcare services
1,993 out of 30,500 beds in the categories nursing and care homes (1,374 beds), rehabilitation clinics (420 beds), psychiatric and acute care clinics (61 beds), special care facilities and those with assisted-living units (138 beds) in six countries (Belgium, Finland, France, Germany, Spain and the Netherlands).
Climate change mitigation
Energy intensity -10% below the average energy intensity of the overall portfolio in kWh/m²/year.
GHG intensity -5% below the average GHG intensity of the overall portfolio in kg CO₂e/m²/year.
Green category
100%
Social category
61%
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2022 Sustainable Bonds Portfolio
500 million EUR
| Issuer | Nominal amount (x1,000,000 EUR) | Issue price | Coupon | Issue date | Maturity date |
|---|---|---|---|---|---|
| Cofinimmo SA/NV | 500 | 99.826 % | 1% | 24.01.2022 | 24.01.2028 |
| Average energy intensity | Average GHG intensity | Average water intensity | Green certification (% of buildings) | Average age | |
| 119 kWh/m²/year | 23.6 kg CO₂e/m²/year | 0.79 m³/m² | 52 % A/38 % B/3 % BREEAM New Construction Excellent/2 % BREEAM New Construction Very Good/10 % BREEAM In-Use Excellent/11 % BREEAM In-Use Very Good | 10 years |
Claveles - Maracena (ES)
Cofinimmo signed the agreement relating to the development of this nursing and care home in November 2022. The delivery of the site took place in Q2 2025. This development project is the first one to be completed in the province of Granada. The nursing and care home, which counts 180 beds spread over a total surface area of approximately 9,100 m², combines accessibility and sustainability, thanks in particular to the proximity of public transports, green spaces and a bike parking. The building is also equipped with photovoltaic and solar panels as well as smart meters. These features allow to obtain an A energy performance label and to aim for a BREEAM New Construction Excellent certification.
100%
Refinancing part of or all of the costs of 63 buildings
100%
Healthcare real estate
Improvement of healthcare services
5,565 out of 30,500 beds in the categories nursing and care homes (5,113 beds), rehabilitation clinics (298 beds), psychiatric and acute care clinics (61 beds), special care facilities and those with assisted-living units (93 beds) in the nine countries where the Group is active.
Mitigation of climate change
Energy intensity -14% below the average energy intensity of the overall portfolio in kWh/m²/year.
GHG intensity -8% below the average GHG intensity of the overall portfolio in kg CO₂e/m²/year.
Green category
100%
Social category
100%
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2024 Social Loan Portfolio
50 million EUR
| Issuer | Nominal amount (x 1,000,000 EUR) | Issue date | Maturity date | |
|---|---|---|---|---|
| Cofinimmo SA/NV | 50 | 08.01.2024 | 08.01.2030 | |
| Average energy intensity | Average GHG intensity | Average water intensity | Green certification (% of buildings) | Average age |
| 155 kWh/m²/year | 31.2 kg CO₂e/m²/year | 0.57 m²/m² | 50% A/50% B/25% BREEAM In-Use Excellent | 7 years |
Clos de la Rivelaine - Montignies-sur-Sambre (BE)
Cofinimmo acquired this nursing and care home in December 2021. Located just a stone's throw from the city centre of Charleroi, the building is surrounded by residential areas, green zones and small shops. It meets the growing need for modern and premium care places for elderly people in the region. The building has a surface area of approximately 5,500 m² and offers 93 beds for dependent elderly people as well as six assisted-living units spread over a ground floor and three storeys. Built in 2021, the building meets all the current energy standards. Modern and sustainable materials as well as the latest techniques (LED-lighting, reuse of rainwater, ventilation system D in common areas) have been used. In addition, the building benefits from very good multimodal connections (railway station at 2 km, road network around the city).
100%
Refinancing part of or all of the costs of 8 buildings
100%
Healthcare real estate
Improvement of healthcare real estate
916 out of 30,500 beds in categories nursing and care homes (877 beds), and psychiatric and acute care clinics (39 beds) in five countries (Belgium, Finland, Germany, Spain and the Netherlands).
Green category
100%
Social category
100%
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2021 Sustainable Treasury Notes Portfolio
1,250 million EUR
| Issuer | Programme's maximum amount (x1,000,000 EUR) | Date of programme update | Maturity date | ||
|---|---|---|---|---|---|
| Cofinimmo SA/NV | 1,250 | 07.12.2021 | Undefined | ||
| Average energy intensity | Average GHG intensity | Average water intensity | Green certification (% of buildings) | Average age | |
| 131 kWh/m²/year | 25.1 kg CO₂a/m²/year | 0.99 m³/m² | 24 % A/10 % B/2 % BREEAM | ||
| New Construction | |||||
| Excellent/5 % BREEAM In-Use | |||||
| Excellent/6 % BREEAM | |||||
| In-Use Very Good | 14 years |
Raadhuisstraat 16 - Hoogerheide (NL)
Cofinimmo signed the agreement relating to the development of this nursing and care home in April 2022. Located near shops, green and residential areas, the site is easily accessible by public transport (bus stop at 100 m), as well as by bicycle and car. It has sufficient parking space (underground parking with 97 parking spaces for cars and a bicycle shed for 35 bicycles, all equipped with charging stations for electric bicycles). With a surface area of approximately 7,400 m² and 138 beds, the new nursing and care centre will partially compensate for the shortage of care capacity in the region. This nursing and care home also includes daycare facilities. Modern and sustainable materials with a long life cycle and the most recent techniques (geothermal energy, ample water buffering, solar panels) were used. Therefore, an A+++ energy performance label was granted to this site.
100%
Refinancing part of or all of the costs of 107 buildings
100 %
Healthcare real estate
Improvement of healthcare real estate
10,317 out of 30,500 beds in categories nursing and care homes (9,452 beds), rehabilitation clinics (293 beds), psychiatric and acute care clinics (318 beds), special care facilities and those with assisted-living units (254 beds) in eight countries (Belgium, Finland, France, Germany, Ireland, Italy, Spain and the Netherlands).
Mitigation of climate change
Energy intensity -6% below the average energy intensity of the overall portfolio in kWh/m²/year.
GHG intensity -2% below the average GHG intensity of the overall portfolio in kg CO₂e/m²/year.
Green category
39%
Social category
100%
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Sustainability Management
Environment
| HEALTHCARE REAL ESTATE | OFFICES | TOTAL | |
|---|---|---|---|
| Environmental strategy | |||
| Five-year portfolio renewal objective | 6.4% | 9.7% | 6.8% in healthcare real estate and office segments. |
| Energy efficiency of buildings | |||
| Yearly energy intensity (standardised by surface area) | 140 kWh/m²/year | 130 kWh/m²/year | 139 kWh/m²/year |
| GHG emissions per year, location-based (standardised by surface area) | 26.2 kg CO₂e/m²/year | 22.0 kg CO₂e/m²/year | 25.5 kg CO₂e/m²/year |
| Solar energy production per year | 6,331 MWh | 267 MWh | 7,204 MWh |
| Cooperation with tenants to reduce the environmental impact of buildings | |||
| Buildings equipped with remotely readable meters (as % of surfaces) | 86% | 85% | 76% |
| Number of sustainable collaboration agreements (in % of surface areas) | 92% | 92% | 83% |
| Number of inspection visits during which aspects associated with environment have been discussed with the occupant (in % of surface areas) | 100% | 100% | 100% in healthcare real estate and office segments. |
| Inclusion of environmental factors in the supply chain | |||
| Number of projects with life cycle analysis | In 2025, a life-cycle analysis was carried out on 83% of the delivered projects ( out of six projects in total). The average value of embodied carbon is kg CO₂e/m². | ||
| Number of supplier contracts with environmental clauses concerning major development and refurbishment projects | The supplier code of conduct refers to the environmental policy in its entirety. Suppliers include all suppliers, vendors and service providers, consultants, agents and others. Commitments relate to compliance, climate change, pollution, water use and recycling. |
In addition to the ActiveScore Gold certification, Cofinimmo's head office, The Gradient, has also been awarded ModeScore Gold certification, a first in Belgium!
This distinction reflects Cofinimmo's commitment to innovation, sustainable development and the well-being of its occupants. By complying with the most rigorous environmental standards, the Group offers high-performance and responsible workspaces.
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Social
| HEALTHCARE REAL ESTATE | OFFICES | TOTAL | |
|---|---|---|---|
| Responsible customer relationships | |||
| Number of requests | n/a | In 2025, the service desk handled 4,880 requests. | n/a |
| Progress of asbestos detection and removal | 67% of the portfolio does not contain traces of asbestos. | 58% of the portfolio does not contain traces of asbestos. | 68% of the portfolio does not contain traces of asbestos. |
| Number of inspection visits during which social aspects have been discussed with the occupant (in % of surface areas) | 100% | 100% | 100% in the healthcare real estate and office segments. |
| Inclusion of social factors in the supply chain | |||
| Number of controversies related to social aspects in the supply chain | No issues related to social aspects in the logistics chain were detected. | ||
| Promotion of social and economic development | |||
| Buildings with amenities within walking distance (Walk Score® > 49) | 68% | 77% | 69% in the healthcare real estate and office segments. |
| Building accessibility | |||
| Number of audits related to the accessibility for persons with reduced mobility | 67% of projects. | n/a | 67% of projects in the healthcare real estate and office segments. |
| Buildings within a 10-minute walk (less than 800 metres) of at least one public transport system (bus, metro, RER, train) | 89% | 100% | 90% in the healthcare real estate and office segments. |
Governance
| Prevention of corruption and money laundering | |
|---|---|
| Number of external audits and controversies | In 2025, two external audits were carried out on the accounts by KPMG. During the financial audit, there was one IT audit of the main systems. |
| Audit and internal control | |
| Number of internal controls and results | In 2025, the internal auditor carried out several follow-up audits, including one concerning the property management of real estate assets and another concerning the annual budget management. Furthermore, on 31.12.2025, 18 recommendations were ongoing, coming from the internal and external audits of 2025 and previous years and 32 recommendations were closed in 2025. |
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Comments on the consolidated financial statements
Condensed consolidated income statement – Analytical form
| (x 1,000 EUR) | 31.12.2025 | 31.12.2024 |
|---|---|---|
| Rental income, net of rental-related expenses* | 347,574 | 350,924 |
| Writeback of lease payments sold and discounted (non-cash item) | 617 | 559 |
| Taxes and charges on rented properties not recovered* | -5,373 | -4,994 |
| Taxes on refurbishment not recovered* | -31 | -935 |
| Redecoration costs, net of tenant compensation for damages* | 1,555 | -247 |
| Property result | 344,343 | 345,307 |
| Technical costs | -5,060 | -6,633 |
| Commercial costs | -4,339 | -4,060 |
| Taxes and charges on unlet properties | -2,390 | -3,054 |
| Property result after direct property costs* | 332,554 | 331,559 |
| Corporate management costs | -44,976 | -44,736 |
| Operating result (before result on the portfolio) | 287,579 | 286,823 |
| Financial income | 13,460 | 12,661 |
| Net interest charges | -37,580 | -39,532 |
| Other financial charges | -1,365 | -1,214 |
| Share in the net result from core activities of associated companies and joint ventures | 103 | -740 |
| Taxes | -9,175 | -7,122 |
| Net result from core activities* | 253,023 | 250,876 |
| Minority interests related to the net result from core activities | 7,393 | 7,036 |
| Net result from core activities - Group share* | 245,630 | 243,840 |
| (x 1,000 EUR) | 31.12.2025 | 31.12.2024 |
| --- | --- | --- |
| Change in the fair value of hedging instruments | -9,628 | -28,345 |
| Restructuring costs of financial instruments* | 0 | 0 |
| Share in the result on financial instruments of associated companies and joint ventures | 0 | 0 |
| Result on financial instruments* | -9,628 | -28,345 |
| Minority interests related to the result on financial instruments | 0 | 0 |
| Result on financial instruments - Group share* | -9,628 | -28,345 |
| Gains or losses on disposals of investment properties and other non-financial assets | 3,658 | -15,582 |
| Changes in the fair value of investment properties | 1,870 | -123,290 |
| Share in the result on the portfolio of associated companies and joint ventures | -12,011 | -2,998 |
| Other result on the portfolio | -18,388 | -7,514 |
| Result on the portfolio* | -24,872 | -149,384 |
| Minority interests regarding the result on the portfolio | -2,333 | 2,222 |
| Result on the portfolio - Group share* | -22,539 | -151,606 |
| Net result | 218,523 | 73,147 |
| Minority interests | 5,060 | 9,258 |
| Net result - Group share | 213,463 | 63,889 |
Number of shares
| 31.12.2025 | 31.12.2024 | |
|---|---|---|
| Number of shares issued | 38,096,217 | 38,096,217 |
| Number of shares outstanding (excluding treasury shares) | 38,084,819 | 38,077,919 |
| Total number of shares used to calculate the result per share* | 38,080,889 | 37,523,642 |
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Rents (gross rental income) amount to 355 million EUR, compared to 358 million EUR as at 31.12.2024, down 1.1%, mainly driven by changes in the scope. On a like-for-like basis, gross rental income increased by nearly 3% (+2.9%) between 31.12.2024 and 31.12.2025. Rental income (after gratuities, concessions and termination indemnities – see details on the calculation of alternative performance indicators) amounts to 354 million EUR, compared to 351 million EUR as at 31.12.2024, up 0.7%. After taking writedowns on receivables into account, rental income, net of rental charges amounts to 348 million EUR, compared to 351 million EUR as at 31.12.2024, down 1.0% and in line with the outlook† announced last February (writedowns on receivables and termination payments being two unforeseen items of the order of 6 million EUR and offsetting each other).
In 2025, only the Colonel/Kolonel Bourg 124 office building still generates writeback of lease payments sold and discounted (for an annual amount of approximately 0.6 million EUR, spread linearly over the financial year). They are in line with the outlook.
The property result reaches 344 million EUR (compared to 345 million EUR as at 31.12.2024), down 1 million EUR mainly deriving from the change in rental income and the effects of divestments and provisional acceptances of completed development projects. It is in line with the outlook.
Direct operating costs represent 12 million EUR (down 2 million EUR compared to 31.12.2024) and in line with the outlook. Corporate management costs (excluding non-recurring effects arising from the proposed combination with Aedifico) are stable at 45 million EUR and in line with the outlook.
The operating result (before result on the portfolio and excluding the above-mentioned non-recurring effects) therefore amounts to 288 million EUR (compared to 287 million EUR one year earlier), which is in line with the outlook, and the operating margin* is established at 83.5% (in line with the outlook and higher than the level of 83.1% reached as at 31.12.2024).
Financial income is stable at 13 million EUR² (higher than the outlook) and consists in particular of finance lease receivables, interim interests on ongoing development projects and interests received from associates. Net interest charges (38 million EUR) decreased due to the evolution of the average debt volume, and are lower than the outlook. The average cost of debt* remains very low at 1.5% (1.4% as at 31.12.2024), thanks to the interest rate hedges in place, and in line with the outlook.
Taxes amount to 9 million EUR compared to 7 million EUR as at 31.12.2024. They are lower than the outlook.
The Group's momentum in terms of investments, divestments and financing, coupled with effective management of the existing portfolio, enabled the company to realise a net result from core activities – Group share (equivalent to EPRA Earnings) of 246 million EUR as at 31.12.2025 (excluding non-recurring effects arising from the proposed combination with Aedifico and the divestment of a finance lease receivable, which partially offset each other and represent a net expense of 1.4 million EUR), higher than the outlook (compared to the 244 million EUR that were realised as at 31.12.2024, i.e. a 0.7% increase), mainly due to the combined positive effects of contract indexation and the evolution of charges. The net result from core activities – Group share – per share (equivalent to EPRA EPS) amounts to 6.45 EUR (higher than the outlook, and to be compared to the 6.50 EUR achieved on 31.12.2024), taking into account the issuance of shares in 2024. The average number of shares entitled to share in the result of the period thus increased from 37,523,642 to 38,080,889. The effect of divestments and capital increases on this indicator is -0.29 EUR per share and -0.10 EUR per share respectively, i.e. -0.39 EUR per share in total for the financial year.
As for the result of financial instruments*, the item 'Change in the fair value of financial instruments' amounts to -10 million EUR as at 31.12.2025, compared to -28 million EUR as at 31.12.2024. This change is explained by the change in the fair value of hedging instruments, generating non-cash items directly included in the income statement, as Cofinimmo does not apply 'hedge accounting' within the meaning of IFRS 9. The movement in the anticipated interest rate curve between 31.12.2024 and 31.12.2025 shows a decrease in anticipated short-term interest rates resulting, in the 2025 income statement, in a negative revaluation of financial instruments contracted in the past, whereas the movement between 31.12.2023 and 31.12.2024 showed a decrease in the anticipated short-term and long-term interest rates resulting in a more significant negative revaluation of these instruments in the 2024 income statement.
As for the result on the portfolio*, the gains or losses on disposals of investment properties and other non-financial assets (including the gains realised in the 3rd quarter on the divestment of a finance lease receivable) amounts to +4 million EUR as at 31.12.2025 (compared to -16 million EUR as at 31.12.2024 – this result is calculated on the basis of the carrying amount as at 31.12.2024 of the assets divested during the period and the net price obtained, i.e. after deduction of any broker's commission, notary fees and other ancillary costs). The item 'Changes in the fair value of investment properties' is positive as at 31.12.2025 (+2 million EUR compared to -123 million EUR as at 31.12.2024). Without the initial effect from the changes in the scope, the changes in the fair value of investment properties during the 1st quarter of 2025 were positive (putting an end to nine consecutive quarters of decrease, which was all in all limited: 0.5% in the 4th quarter of 2022, 1.7% in 2023 and 1.9% in 2024) and remained stable in the 2nd, 3rd and 4th quarters.
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This change was +0.1% for the 2025 financial year and is mainly due to:
- a change of +0.1% in healthcare real estate (the negative change in the healthcare real estate sector in France is mainly due to the increase in registration fees following the 'Finance Act' implemented on 01.04.2025 by certain local authorities, as well as downward revisions to inflation expectations, whereas the positive change in the Netherlands derives from the combined effect of indexations and the increase in estimated rental value reflecting an increase in operators' public financing);
- combined with a -0.8% change in the office segment, representing only 15% of the consolidated portfolio (the negative change in the office segment is mainly due to a date effect – of about 6 million EUR – arising from the approaching term of the lease for the assets that are valued exclusively on the basis of a land incidence value plus the remaining lease payments);
- and partially offset by a change of +1.8% in property of distribution networks.
The item 'Share in the result on the portfolio of associated companies and joint ventures' (-12 million EUR as at 31.12.2025 vs. -3 million EUR as at 31.12.2024) includes the effect of the German transactions mentioned on page 77 for a net amount of the order of -8 million EUR.
The item 'Other result on the portfolio' amounts to -18 million EUR as at 31.12.2025 (compared to -8 million EUR as at 31.12.2024), and notably includes the effect from entries in the scope (i.e. the difference between the price paid, plus ancillary costs, and the share in the net assets of the acquired companies) and changes in deferred taxes'. Moreover, this item includes the non-recurring effects (to the order of 5 million EUR) arising from the proposed combination with Aedifica.
The net result – Group share (including the above-mentioned non-recurring effects representing a net expense of 14 million EUR) amounts to 213 million EUR (i.e. 5.61 EUR per share) as at 31.12.2025, compared to 64 million EUR (i.e. 1.70 EUR per share) as at 31.12.2024. This increase (+150 million EUR) is due to the increase in the net result from core activities – Group share* (+2 million EUR), combined with the net effects of the changes in the fair value of hedging instruments and investment properties – non-cash items – between 31.12.2024 and 31.12.2025.
> Nursing and care home – El Cañaveral (ES) – © Georges De Kinder
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Condensed consolidated balance sheet
| (x 1,000 EUR) | 31.12.2025 | 31.12.2024 |
|---|---|---|
| ASSETS | ||
| I. Non-current assets | 6,329,041 | 6,303,882 |
| A. Goodwill | 0 | 0 |
| B. Intangible assets | 1,490 | 1,814 |
| C. Investment properties | 6,085,055 | 5,993,928 |
| D. Other tangible assets | 2,832 | 2,936 |
| E. Non-current financial assets | 57,874 | 110,284 |
| F. Finance lease receivables | 151,324 | 156,944 |
| G. Trade receivables and other non-current assets | 3,770 | 3,732 |
| H. Deferred taxes | 8,525 | 9,664 |
| I. Participations in associated companies and joint ventures | 18,169 | 24,579 |
| II. Current assets | 108,865 | 136,165 |
| A. Assets held for sale | 0 | 6,400 |
| B. Current financial assets | 1,077 | 2,066 |
| C. Finance lease receivables | 4,472 | 4,542 |
| D. Trade receivables | 28,418 | 38,904 |
| E. Tax receivables and other current assets | 32,669 | 40,824 |
| F. Cash and cash equivalents | 23,777 | 25,802 |
| G. Accrued charges and deferred income | 18,452 | 17,628 |
| TOTAL ASSETS | 6,437,906 | 6,440,048 |
Comments on the condensed consolidated balance sheet
The fair value of the consolidated property portfolio¹, as determined by the independent real estate valuers in application of the IAS 40 standard and included in the consolidated balance sheet, amounts to 6,085 million EUR as at 31.12.2025, compared to 6,000 million EUR as at 31.12.2024. Its investment value is obtained by adding real estate transfer taxes. As at 31.12.2025, it reaches 6,403 million EUR, compared to 6,314 million EUR as at 31.12.2024.
The proportion of due rents related to the 4th quarter and actually collected on 18.02.2026 is similar to the proportion collected as at 18.02.2025.
The item 'Participations in associates and joint ventures' refers to Cofinimmo's 51% stake in the joint ventures BPG CONGRES SA/NV and BPG HOTEL SA/NV, as well as participations in associates (Aldea Group NV for 26.3% as well as participations in the two companies that are developing eco-friendly healthcare campuses in the Land of North Rhine-Westphalia, in Germany). The item 'Minority interests' includes the minority interests of seven subsidiaries.
| (x 1,000 EUR) | 31.12.2025 | 31.12.2024 |
|---|---|---|
| SHAREHOLDERS' EQUITY AND LIABILITIES | ||
| Shareholders' equity | 3,590,100 | 3,614,437 |
| I. Shareholders' equity attributable to shareholders of the parent | 3,511,286 | 3,534,991 |
| A. Capital | 2,041,523 | 2,041,523 |
| B. Share premium account | 849,053 | 849,053 |
| C. Reserves | 407,246 | 580,526 |
| D. Net result of the financial year | 213,463 | 63,889 |
| II. Minority interests | 78,815 | 79,446 |
| Liabilities | 2,847,805 | 2,825,611 |
| I. Non-current liabilities | 1,697,879 | 1,854,596 |
| A. Provisions | 26,943 | 25,765 |
| B. Non-current financial debt | 1,588,536 | 1,753,269 |
| a. Credit establishments | 511,296 | 590,186 |
| b. Finance lease | 0 | 0 |
| c. Other | 1,077,239 | 1,163,082 |
| C. Other non-current financial liabilities | 18,003 | 19,749 |
| D. Trade debts and other non-current debts | 0 | 0 |
| E. Other non-current liabilities | 0 | 0 |
| F. Deferred tax liabilities | 64,397 | 55,813 |
| a. Exit tax | 0 | 0 |
| b. Other | 64,397 | 55,813 |
| II. Current liabilities | 1,149,927 | 971,015 |
| A. Provisions | 0 | 0 |
| B. Current financial debts | 999,696 | 834,068 |
| a. Credit establishments | 159,712 | 119,068 |
| b. Finance lease | 0 | 0 |
| c. Other | 839,984 | 715,000 |
| C. Other current financial liabilities | 0 | 0 |
| D. Trade debts and other current debts | 126,345 | 114,273 |
| a. Exit tax | 0 | 0 |
| b. Other | 126,345 | 114,273 |
| E. Other current liabilities | 0 | 0 |
| F. Accrued charges and deferred income | 23,886 | 22,674 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 6,437,906 | 6,440,048 |
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¹ Including buildings held for own use, development projects and assets held for sale.
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Net asset value per share
| (in EUR) | 31.12.2025 | 31.12.2024 |
|---|---|---|
| Net asset value per share (in EUR) | ||
| Net asset value per share* (IFRS) | 92.20 | 92.84 |
| Diluted net asset value per share (in EUR) | ||
| Diluted net asset value per share (IFRS) | 92.19 | 92.81 |
Comments on the net asset value of the share
The IFRS financial statements are presented before appropriation. The net asset per share* as at 31.12.2024 therefore included the 2024 dividend proposed for payment in 2025. The variation in net asset value per share between 31.12.2024 and 31.12.2025 is primarily driven by the impact of the aforementioned net result (5.61 EUR per share) and the dividend payment.
The 1,850 treasury shares of the stock option plan have been taken into account in the calculation of the diluted net assets per share as at 31.12.2025 because they have a dilutive impact.
The 8,750 treasury shares of the stock option plan have been taken into account in the calculation of the diluted net assets per share as at 31.12.2024 because they have a dilutive impact.
Nursing and care home Noordduin - Koksijde/Coxyde (BE)
Medical office building - Dokkum (NL)
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Quarterly results and balance sheets¹
Consolidated comprehensive result by quarter (income statement)
| A. NET RESULT (x 1,000 EUR) | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | 2025 |
|---|---|---|---|---|---|
| I. Rental income | 86,652 | 86,750 | 87,047 | 93,410 | 353,860 |
| II. Writeback of lease payments sold and discounted | 154 | 154 | 154 | 154 | 617 |
| III. Rental-related expenses | 5 | 10 | -19 | -6,282 | -6,286 |
| Net rental income | 86,811 | 86,914 | 87,183 | 87,283 | 348,191 |
| IV. Recovery of property charges | 130 | 152 | 105 | 875 | 1,263 |
| V. Recovery income of charges and taxes normally borne by the tenant on let properties | 23,498 | 4,801 | 5,729 | 3,894 | 37,923 |
| VI. Costs payable by the tenant and borne by the landlord on rental damage and redecoration at end of lease | 47 | -20 | 106 | 160 | 292 |
| VII. Charges and taxes normally borne by the tenant on let properties | -26,416 | -5,019 | -5,893 | -5,998 | -43,327 |
| VIII. Other rental-related income and expenditure | 0 | 0 | 0 | 0 | 0 |
| Property result | 84,071 | 86,828 | 87,230 | 86,213 | 344,343 |
| IX. Technical costs | -637 | -1,006 | -2,106 | -1,311 | -5,060 |
| X. Commercial costs | -981 | -1,111 | -885 | -1,361 | -4,339 |
| XI. Taxes and charges on unlet properties | -1,386 | -516 | -249 | -238 | -2,390 |
| XII. Property management costs | -8,715 | -7,609 | -8,667 | -9,796 | -34,786 |
| XIII. Other property costs | 0 | 0 | 0 | 0 | 0 |
| Property charges | -11,719 | -10,242 | -11,907 | -12,707 | -46,575 |
| Property operating result | 72,353 | 76,586 | 75,323 | 73,506 | 297,768 |
| XIV. Corporate management costs | -3,735 | -3,261 | -3,714 | -4,198 | -14,908 |
| XV. Other operating income and expenses | 0 | 0 | 0 | 0 | 0 |
| Operating result before result on the portfolio | 68,618 | 73,326 | 71,608 | 69,308 | 282,859 |
| XVI. Gains or losses on disposals of investment properties | 1,776 | -559 | 21 | -910 | 328 |
| XVII. Gains or losses on disposals of other non-financial assets | 0 | 0 | 0 | 0 | 0 |
| XVIII. Changes in the fair value of investment properties | 5,590 | -2,677 | -979 | -65 | 1,870 |
| XIX. Other result on the portfolio | -3,774 | -2,259 | -3,324 | -4,311 | -13,669 |
¹ The Group did not publish quarterly information between 31.12.2025 and the cut-off date of this document. Half-yearly and annual data is subject to verification by the Statutory Auditor, KPMG, Company Auditors.
Cofinimmo | Universal Registration Document 2025 | 71
| Cofinimmo at a glance | Management report | Sustainability report | Property report | Corporate governance statement | Audited financial statements | Additional information |
|---|---|---|---|---|---|---|
| A. NET RESULT (x 1,000 EUR) | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | ||
| Operating result | 72,210 | 67,831 | 67,326 | 64,022 | ||
| XX. Financial income | 2,889 | 4,807 | 6,301 | 2,793 | ||
| XXI. Net interest charges | -8,845 | -9,372 | -9,552 | -9,811 | ||
| XXII. Other financial charges | -278 | -377 | -286 | -424 | ||
| XXIII. Change in the fair value of financial instruments and liabilities | 2,929 | -14,651 | -692 | 2,786 | ||
| Financial result | -3,305 | -19,593 | -4,228 | -4,656 | ||
| XXIV. Share in the result of associated companies and joint ventures | 533 | 1,133 | -1,870 | -11,703 | ||
| Pre-tax result | 69,437 | 49,371 | 61,227 | 47,662 | ||
| XXV. Corporate tax | -3,242 | -2,269 | -1,553 | -2,111 | ||
| XXVI. Exit tax | 0 | 0 | 0 | 0 | ||
| Taxes | -3,242 | -2,269 | -1,553 | -2,111 | ||
| NET RESULT | 66,195 | 47,101 | 59,675 | 45,551 | ||
| Attributable to: | ||||||
| Minority interests | 1,931 | -877 | 1,728 | 2,278 | ||
| Shareholders of the parent company | 64,264 | 47,979 | 57,947 | 43,273 | ||
| B. STATEMENT OF COMPREHENSIVE RESULT | ||||||
| I. Net result | 66,195 | 47,101 | 59,675 | 45,551 | ||
| II. Other elements of comprehensive result | -178 | -582 | -503 | 81 | ||
| A. Impact on fair value of the estimated transaction costs and rights resulting from the hypothetical disposal of investment properties | 0 | 0 | 0 | 0 | ||
| B. Changes in the effective part of the fair value of authorised cash flow hedging instruments as defined under IFRS | 0 | 0 | 0 | 0 | ||
| C. Changes in the fair value of financial assets held for sale | 0 | 0 | 0 | 0 | ||
| D. Currency translation differences linked to conversion of foreign activities | -178 | -582 | -503 | 81 | ||
| E. Actuarial gains and losses on defined benefit pension plans | 0 | 0 | 0 | 0 | ||
| F. Income tax relating to 'Other elements of comprehensive result' | 0 | 0 | 0 | 0 | ||
| G. Share in the other elements of comprehensive income of associates and joint ventures | 0 | 0 | 0 | 0 | ||
| H. Other elements of 'comprehensive result', net of tax | 0 | 0 | 0 | 0 | ||
| COMPREHENSIVE RESULT (+II) | 66,017 | 46,520 | 59,172 | 45,632 | ||
| Attributable to: | ||||||
| Minority interests | 1,931 | -877 | 1,728 | 2,278 | ||
| Shareholders of the parent company | 64,086 | 47,397 | 57,444 | 43,354 |
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Consolidated statement of financial position (balance sheet)
| ASSETS (x 1,000 EUR) | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 |
|---|---|---|---|---|
| I. Non-current assets | 6,304,148 | 6,269,144 | 6,278,318 | 6,329,041 |
| A. Goodwill | 0 | 0 | 0 | 0 |
| B. Intangible assets | 1,786 | 1,756 | 1,631 | 1,490 |
| C. Investment properties | 6,010,119 | 6,015,802 | 6,024,377 | 6,085,055 |
| D. Other tangible assets | 2,854 | 2,507 | 2,305 | 2,832 |
| E. Non-current financial assets | 95,565 | 59,696 | 66,423 | 57,874 |
| F. Finance lease receivables | 156,246 | 155,971 | 152,074 | 151,324 |
| G. Trade receivables and other non-current assets | 3,731 | 1,904 | 1,904 | 3,770 |
| H. Deferred taxes | 8,730 | 8,429 | 8,464 | 8,525 |
| I. Participations in associated companies and joint ventures | 25,117 | 23,078 | 21,140 | 18,169 |
| II. Current assets | 162,122 | 153,927 | 144,142 | 108,865 |
| A. Assets held for sale | 12,640 | 5,400 | 4,790 | 0 |
| B. Current financial assets | 10,561 | 5,803 | 3,214 | 1,077 |
| C. Finance lease receivables | 4,975 | 4,662 | 4,429 | 4,472 |
| D. Trade receivables | 39,709 | 40,580 | 45,523 | 28,418 |
| E. Tax receivables and other current assets | 34,145 | 40,220 | 29,803 | 32,669 |
| F. Cash and cash equivalents | 29,481 | 24,711 | 27,077 | 23,777 |
| G. Accrued charges and deferred income | 30,611 | 32,550 | 29,306 | 18,452 |
| TOTAL ASSETS | 6,466,270 | 6,423,071 | 6,422,460 | 6,437,906 |
Cofinimmo | Universal Registration Document 2025 | 73
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| SHAREHOLDERS' EQUITY AND LIABILITIES (x1,000 EUR) | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|
| Shareholders' equity | 3,680,411 | 3,485,383 | 3,544,548 | 3,590,100 | |
| I. Shareholders' equity attributable to shareholders of the parent company | 3,599,035 | 3,410,292 | 3,467,736 | 3,511,286 | |
| A. Capital | 2,041,523 | 2,041,523 | 2,041,523 | 2,041,523 | |
| B. Share premium account | 849,053 | 849,053 | 849,053 | 849,053 | |
| C. Reserves | 644,195 | 407,473 | 406,970 | 407,246 | |
| D. Net result of the financial year | 64,264 | 112,243 | 170,190 | 213,463 | |
| II. Minority interests | 81,376 | 75,090 | 76,811 | 78,815 | |
| Liabilities | 2,785,859 | 2,937,688 | 2,877,912 | 2,847,805 | |
| I. Non-current liabilities | 1,867,258 | 1,895,878 | 1,683,952 | 1,697,879 | |
| A. Provisions | 25,756 | 25,551 | 26,185 | 26,943 | |
| B. Non-current financial debt | 1,765,826 | 1,791,729 | 1,576,892 | 1,588,536 | |
| a. Credit establishments | 615,440 | 637,061 | 428,933 | 511,296 | |
| b. Finance lease | 0 | 0 | 0 | 0 | |
| c. Other | 1,150,386 | 1,154,668 | 1,147,959 | 1,077,239 | |
| C. Other non-current financial liabilities | 17,719 | 19,519 | 19,369 | 18,003 | |
| D. Trade debts and other non-current debts | 0 | 0 | 0 | 0 | |
| E. Other non-current liabilities | 0 | 0 | 0 | 0 | |
| F. Deferred tax liabilities | 57,957 | 59,079 | 61,506 | 64,397 | |
| a. Exit tax | 0 | 0 | 0 | 0 | |
| b. Other | 57,957 | 59,079 | 61,506 | 64,397 | |
| II. Current liabilities | 918,601 | 1,041,810 | 1,193,959 | 1,149,927 | |
| A. Provisions | 0 | 0 | 0 | 0 | |
| B. Current financial debts | 761,485 | 883,789 | 1,038,512 | 999,696 | |
| a. Credit establishments | 31,985 | 124,789 | 268,512 | 159,712 | |
| b. Finance lease | 0 | 0 | 0 | 0 | |
| c. Other | 729,500 | 759,000 | 770,000 | 839,984 | |
| C. Other current financial liabilities | 0 | 0 | 0 | 0 | |
| D. Trade debts and other current debts | 132,409 | 134,134 | 131,726 | 126,345 | |
| a. Exit tax | 0 | 0 | 0 | 0 | |
| b. Other | 132,409 | 134,134 | 131,726 | 126,345 | |
| E. Other current liabilities | 0 | 0 | 0 | 0 | |
| F. Accrued charges and deferred income | 24,706 | 23,887 | 23,722 | 23,886 | |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 6,466,270 | 6,423,071 | 6,422,460 | 6,437,906 |
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Appropriation of statutory profits
The Board of Directors of the Cofinimmo Group will propose to the Ordinary General Meeting of 13.05.2026 to approve the annual accounts as at 31.12.2025, to allocate the result as shown in the table on the next page and to distribute a gross dividend of 5.20 EUR, i.e. 3.64 EUR net per share.
The dates and payment methods of the dividends are provided in the 'Shareholder's calendar' (see page 83).
Withholding tax is 30% (see also section 'Portfolio mix and outlook for withholding tax' in the chapter '2026 outlook' of this document).
As at 31.12.2025, the Cofinimmo Group held 11,398 treasury shares (9,648 shares as of the balance sheet date, following the conversion of 1,750 treasury shares during the first quarter of 2026). For the 2025 financial year, the Board of Directors is proposing to cancel the right to dividends of those treasury shares.
The distribution is based on the number of shares outstanding at the closing date of the 2025 accounts (31.12.2025). Any sale of shares held by the group, or any new shares issued can modify the distribution.
After the distribution of 198 million EUR proposed for the 2025 financial year, the total amount of reserves and the statutory
result of Cofinimmo SA/NV will be 193 million EUR, whereas the amount remaining for distribution according to the rule defined in Article 7:212 of the Belgian Code of Companies and Associations (formerly Article 617 of the Belgian Company Code) will reach 763 million EUR (see also chapter 'Abbreviated statutory financial statements' of this document).
For 2025, the consolidated net result from core activities - Group share amounts to 246 million EUR. The consolidated net result - Group share amounts to 213 million EUR. The pay-out ratio amounts to 80.6%, compared to 95.4% in 2024.
5.20 EUR
Gross dividend per share proposed for the 2025 financial year
81%
Pay-out ratio* proposed for the 2025 financial year
> Nursing and care home De Gerstjens - Aalst/Alost (BE)
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Appropriations
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| A. NET RESULT | 211,928 | 66,795 |
| B. TRANSFER FROM/TO RESERVES | -13,506 | 169,654 |
| 1. Transfer to the reserve of the balance (positive or negative) of changes in the fair value of property assets (-/+) | -4,836 | 130,278 |
| Financial year | -4,836 | 130,278 |
| Previous years | 0 | 0 |
| Property development | 0 | 0 |
| 2. Transfer to/from the reserve of the estimated transaction costs and rights resulting from the hypothetical disposal of investment properties (-/+) | 0 | 0 |
| 3. Transfer to the reserve of the balance of changes in fair value of authorised hedging instruments to which the hedging accounting defined in IFRS is applied (-) | 0 | 0 |
| Financial year | 0 | 0 |
| Previous years | 0 | 0 |
| 4. Transfer to the reserve of the balance of changes in fair value of authorised hedging instruments to which the hedging accounting defined in IFRS is applied (+) | 0 | 0 |
| Financial year | 0 | 0 |
| Previous years | 0 | 0 |
| 5. Transfer to the reserve of the balance of changes in fair value of authorised hedging instruments to which the hedging accounting defined in IFRS is not applied (-) | 0 | 0 |
| Financial year | 0 | 0 |
| Previous years | 0 | 0 |
| (x 1,000 EUR) | 2025 | 2024 |
| --- | --- | --- |
| 6. Transfer to the reserve of the balance of changes in fair value of authorised hedging instruments to which the hedging accounting defined in IFRS is not applied (+) | 4,389 | 19,621 |
| Financial year | 4,389 | 19,621 |
| Previous years | 0 | 0 |
| 7. Transfer to/from the reserve of the balance of translation differences on monetary assets and liabilities (-/+) | 0 | 0 |
| 8. Transfer to/from the reserve of deferred tax assets relating to real estate located abroad (-/+) | 0 | 0 |
| 9. Transfer to/from the reserve of dividends received for the repayment of financial debts (-/+) | 0 | 0 |
| 10. Transfer from/to other reserves (-/+) | 261 | -154 |
| 11. Transfer from the result carried forward from previous years (-/+) | -13,320 | 19,909 |
| C. REMUNERATION OF THE CAPITAL | -177,268 | -135,607 |
| Remuneration of the capital provided for in Article 13, § 1, first paragraph of the Royal Decree of 13.07.2014 | -177,268 | -135,607 |
| D. REMUNERATION OF THE CAPITAL FOR THE FINANCIAL YEAR - OTHER THAN C. | -21,154 | -100,842 |
| Dividends | -20,782 | -100,476 |
| Profit-sharing scheme | -372 | -366 |
| E. RESULT TO BE CARRIED FORWARD | 192,969 | 178,311 |
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Events after 31.12.2025
No major event which could have a significant impact on the results as at 31.12.2025 occurred after the balance sheet date.
Divestment of a nursing and care home in Belgium
On 28.01.2026, Cofinimmo completed the divestment of the nursing and care home 'Prince Royal', located at rue Keyenveld / Keyenveldstraat 58 in 1050 Brussels. The signing (subject to significant conditions precedent) took place in December 2025. The site dates from 2015, has a total surface area of approximately 6,200 m² and offers 88 beds. The proceeds of this transaction are in line with the fair value in the latest fair value published in the latest balance sheet, published before the agreement was concluded. This transaction was carried out by mutual agreement with Emeis Belgium.
Eco-friendly healthcare campus projects in Germany
At the end of April 2025, Cofinimmo sold its residual 25% stake in the company owning the eco-friendly healthcare campus in Erftstadt, in North Rhine-Westphalia. On this occasion, Cofinimmo fully recovered the 27 million EUR accounted for under equity method and receivables in the balance sheet as at 31.12.2024, as well as other ancillary amounts. As a reminder (see section 1.4.4 of the press release dated 25.07.2025), a development project of an eco-friendly healthcare campus was cancelled in July 2024 (located in Wuppertal of which 2 million EUR had already been exposed and was still to be recovered). At the end of April 2025, the amount already exposed was recovered, and the participation in the company (accounted for under equity method) that developed the building was reduced to 25% (previously 99.996%) before being totally sold mid-January 2026. With regard to the other two eco-friendly healthcare campus projects still under construction:
- Alsdorf: end December 2025, the Cofinimmo Group took control of the company (now consolidated) leading this project (already owned at 99.996% by the Group before this and accounted for under equity method), which should be delivered in the course of the 2026 financial year;
- Bocholt: the participation of the Cofinimmo Group in the company leading this project (owned at 99.996% by the Group and accounted for under equity method, as this company is controlled by the developer) was sold early January 2026.
These two transactions are the subject of disputes by Cofinimmo's previous partner.
The effect of these two transactions are booked in item 'XXIV. Share in the result of associated companies and joint ventures'.
Acquisition of a healthcare site in Finland completed
As announced in the press release dated 18.12.2025, in January 2026, the Group completed the acquisition of 100% of the shares of the company that will develop a disabled care site in Oulu.
Provisional acceptance of a nursing and care home in Finland
The development project in Järvenpää, announced in July 2025, has been delivered and the lease took effect on 02.02.2026.
Proposed combination with Aedifica
The proposed combination with Aedifica through a public exchange offer is effective since 10.03.2026, and Aedifica holds since then 80% of Cofinimmo's capital. This project was addressed in the press releases dated 01.05.2025, 09.05.2025, 13.05.2025, 03.06.2025, 18.07.2025, 30.09.2025, 27.10.2025, 21.01.2026, 29.01.2026, 03.03.2026, and 10.03.2026.
Disabled care facility - Järvenpää (FI)
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Cofinimmo on the stock market
Cofinimmo offers two types of instruments listed on the stock market, each of which provides different risk, liquidity and yield profiles.
Cofinimmo's share
Cofinimmo's share has been listed on Euronext Brussels (ticker: COFB) since 1994. Cofinimmo's share is included in the BEL20 and Bel ESG (until 09.03.2026), Euronext Next 150 indexes, as well as in the EPRA Europe and GPR 250 real estate indexes. As at 31.12.2025, Cofinimmo's market capitalisation was 3.0 billion EUR.
24%
Average discount of the share on the net asset value (IFRS) in 2025
3.0 billion EUR
Market capitalisation as at 31.12.2025
Stock market performance (base 100 as at 31.12.2024)
Comparison of the share price and the net asset per share* (in EUR)
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Comparison between Cofinimmo's dividend yield and the 10-year OLO rate
Total return (base 100 as at 31.12.2020)
Stock market context
The year 2025 was marked by a particularly volatile economic and financial environment, driven by new US protectionist measures and continued monetary easing by the major central banks.
The introduction in early April 2025 of new US customs duties with a minimum rate of 10% on most imports into the United States marked a turning point in global trade, with the aim of reducing the US trade deficit. Most of the United States' trading partners were affected; in August, the eurozone negotiated a minimum rate of 15% on its exports to the US market.
The International Monetary Fund (IMF) revised its global growth forecasts upwards (October 2025) to 3.2% in 2025 and 3.1% in 2026 due to the negative impact of customs duties being less severe than anticipated at the beginning of the year, alongside the introduction of fiscal stimulus plans in Europe and China. According to the European Central Bank (ECB), the zone's gross domestic product (GDP) growth is estimated (at the beginning of 2026) at 1.4% in 2025 and 1.2% in 2026, driven by a robust Spanish economy at 2.9% in 2025. Growth in France and Germany was more moderate, at 0.7% and 0.2% respectively in 2025, pending the effects of the 500 billion EUR recovery plan (rearmament and infrastructure) announced by the German government.
In 2025, inflationary pressures remained persistent in the United States, the United Kingdom and Japan, exceeding 3%. In the eurozone, inflation remained around the ECB's target (2.1% in November), but with significant disparities: 4.0% in Austria and 0.8% in France.
The ECB cut rates four times by 25 bps in the first half of the year, supporting sluggish activity in a context of controlled disinflation. The US Federal Reserve (Fed), meanwhile, held off until the second half of the year before cutting rates three times by 25 bps in response to the first signs of a slowdown in the labour market. In 2025, the 3-month Euribor fell from 2.71% to 2.02% at the end of the year, reflecting the ECB's monetary easing. With inflation contained and growth holding up, the market now expects (at the beginning of 2026) that the ECB has reached the end of its cycle of rate cuts. The 3-month SOFR (dollar) fell from 4.31% to 3.65%, following three 25 bps cuts by the Fed, which brought Fed Funds rates down to 3.50–3.75%. For 2026, the market anticipates (early 2026) two or even three further cuts.
In 2025, amid uncertainty, equity markets reached record highs with the S&P 500 close to 7,000 points; they ended the year higher, buoyed by solid earnings, particularly in the tech/Al sector, despite a sharp decline in April following the announcement of customs duties. This appreciation should be viewed in the context of exchange rate movements. In the United States, the Nasdaq (+21%), the S&P 500 (+17%) and the Dow (+14%) outperformed thanks to technology stocks and exceptional corporate results. In Europe, the Eurostax 50 rose (+19%) and the CAC 40 (+11%) underperformed slightly, penalised by its luxury bias and limited tech exposure, while the DAX (+23%) benefited from the German investment plan.
In Belgium, the BEL20 index (Brussels Stock Exchange) ended the year in the green, with a positive annual performance of 19.1%, while the FTSE EPRA Nareit Europe Developed Index rose by 2.3%.
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Share trend
After several difficult years, European healthcare real estate in general performed well on the stock market during the 2025 financial year, and this was even more true for Cofinimmo in particular. Three distinct periods can be identified:
- The adjustment to the 2025 dividend outlook, payable in 2026, announced on 21.02.2025 (before market) was well received by the markets, with the share price rising 8% between the close of trading on 20.02.2025 and that on 02.04.2025, in the context of a boost of M&A activity in the United Kingdom;
- Then, the share price also performed well after President Trump announced 'Liberation Day' (healthcare real estate not being directly affected by tariffs), climbing 13% between the close of trading on 02.04.2025 and that on 29.04.2025;
- Finally, the share price accelerated from 30.04.2025 onwards, stabilising at a level reflecting the potential combination with Aedifica through a public exchange offer (see press releases dated 01.05.2025, 09.05.2025, 13.05.2025, 03.06.2025, 18.07.2025, 30.09.2025 and 27.10.2025). After a new acceleration in the last weeks of the year, the share price reached 79.20 EUR on 31.12.2025, up 18% since 29.04.2025;
- The total gross return for shareholders thus amounted to 54.4% cumulatively over 2025.
The first graph on page 78 shows Cofinimmo's share performance in 2025 compared to the BEL20 and FTSE EPRA Nareit Europe Developed indexes. The Cofinimmo
share price fluctuated between 51.80 EUR and 79.45 EUR, with an annual average of 69.99 EUR. The closing price as at 31.12.2025 was 79.20 EUR, which corresponds to an increase of 42% in the share price compared to the closing price of the previous year.
The second graph on page 78 shows the Cofinimmo share price in relation to its net asset value (IFRS) over the past five years. The share traded at an average premium of 10.3% over five years and at an average discount of 23.8% in 2025. If we compare the share price to the EPRA NTA, the average discount is 11.4% over five years and the discount is 24.2% in 2025. As at 31.12.2025, the discount was 14.2% compared to the intrinsic value (IFRS) and 14.8% compared to EPRA NTA.
Cofinimmo share liquidity
In 2025, Cofinimmo continued its efforts to enhance the liquidity of its shares. Throughout the year, the company participated in nearly fifty roadshows, conferences and other events bringing the company and investors together. Cofinimmo also invested in promotional campaigns to raise its visibility both among institutional and retail investors.
With a market capitalisation of 3.0 billion EUR as at 31.12.2025 and an average daily volume of 5.2 million EUR or approximately 79,200 shares, Cofinimmo's liquidity level is sufficient to stay on the radar of major institutional investors.
Total return (in %)
The total return for shareholders is measured based on the share price change and includes the distribution of the dividend or any other distribution carried out or paid. Assuming the reinvestment of the 2024 dividend made available for payment in May 2025, the Cofinimmo share achieved a total return of +54.4% over 2025, higher than the evolution of the FTSE EPRA Nareit Europe Developed index (+6.8%) and that of the BEL20 index (+22.8%). The second graph on page 79 illustrates the performance of the Cofinimmo share compared to the BEL20 and FTSE EPRA Nareit Europe Developed indexes over the past five years, including the dividend yield. During this period, the Cofinimmo share generated a total return of -8.0%, corresponding to an average annual return of -1.6%. The BEL20 and EPRA indexes recorded total variations of +63.1% and -8.4%, respectively, which corresponds to average annual yields of +12.6% and -1.7%.
Shareholders/investor profile
Cofinimmo has a large number of investors with diversified profiles. They include a broad base of institutional investors located primarily in Belgium, Germany, France, Luxembourg, the Netherlands, the United Kingdom, Switzerland, and North America, as well as retail investors, primarily located in Belgium.
As at 31.12.2025, one shareholder exceeded the 5% holding threshold, thereby requiring an obligation to notify. The shareholder was the US investment fund BlackRock, which held 5,06% of Cofinimmo's market capital.
Office building Belliard 40 - Brussels' CBD (BE)
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Dividend
At the Ordinary General Meeting of 13.05.2026 the Board of Directors will propose a dividend in line with the outlook published in the 2024 Annual Financial Report, i.e. of 5.20 EUR gross per share. This dividend corresponds to a gross yield of 7.4% compared to the average price of the share during the 2025 financial year (compared to a gross yield of 10.1% in 2024).
The first graph on page 79 shows the dividend yield of Cofinimmo's share compared to the 10-year OLO over the past five years. Over this period, Cofinimmo's share provided an average dividend yield of +7.2% compared to an average 10-year OLO rate of +2.5%.
Withholding tax
Since 01.01.2017, the applicable withholding tax on distributed dividends has been 30%.
While, Belgian law provides exemptions, the dividend recipients must first meet certain conditions in order to benefit. Furthermore, agreements in place to prevent double taxation provide for reductions in the withholding tax on dividends.
Reference should also be made to the section 'Portfolio mix and outlook regarding the withholding tax' in chapter '2026 outlook' of this document, for current considerations regarding the prospects for reduced withholding tax.
7%
Total return in dividend in 2025
| ISIN BE0003593044 | 2025 | 2024 | 2023 |
|---|---|---|---|
| Share price (over 12 months, in EUR) | |||
| Highest | 79.45 | 71.65 | 90.00 |
| Lowest | 51.80 | 52.15 | 54.15 |
| At close | 79.20 | 55.60 | 71.40 |
| Average | 69.99 | 61.15 | 74.36 |
| Dividend yield^{1} | 7.4% | 10.1% | 8.3 % |
| Gross return (over 12 months)^{2} | 54.4% | -14.1% | -8.0 % |
| Dividend^{3} | |||
| Gross | 5.20^{4} | 6.20 | 6.20 |
| Net | 3.64^{4} | 4.34 | 4.34 |
| Volume | |||
| Average daily volume | 79,175 | 74,232 | 65,404 |
| Total volume | 20,189,552 | 19,003,435 | 16,678,036 |
| Number of shares | 38,096,217 | 38,096,217 | 36,765,475 |
| Market capitalisation at end of period (x 1,000 EUR) | 3,017,220 | 2,118,150 | 2,625,055 |
| Free float^{5} | 100% | 100% | 100 % |
| Velocity^{5} | 51.7% | 49.9% | 45.4 % |
| Pay-out ratio^{*} | 80.6% | 95.4% | 87.7 % |
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Straight bonds
Cofinimmo issued three straight bonds, including two benchmark-sized sustainable bonds issued in 2020 and 2022 (see chapter 'Financial resources management' in this document), the green & social bond issued in 2016 being matured since 09.12.2024.
| ISIN BE0002267368 (Cofinimmo SA 2016-2026) | 2025 | 2024 | 2023 |
|---|---|---|---|
| Share price (over the period, in % of nominal) | |||
| At close | 98.84 | 96.75 | 93.25 |
| Average | 98.14 | 94.27 | 90.42 |
| Average yield through maturity (annual average) | 3.1% | 3.6% | 4.3 % |
| Effective yield at issue | 1.7% | 1.7% | 1.7 % |
| Interest coupon (in %) | |||
| Gross (per tranche of 100,000 EUR) | 1.70 | 1.70 | 1.70 |
| Net (per tranche of 100,000 EUR) | 1.19 | 1.19 | 1.19 |
| Number of securities | 700 | 700 | 700 |
| ISIN BE0002269380 (Cofinimmo SA 2016-2024) | 2025 | 2024 | 2023 |
| Share price (over the period, in % of nominal) | |||
| At close | - | - | 98.17 |
| Average | - | - | 96.78 |
| Average yield through maturity (annual average) | -% | -% | 4.0 % |
| Effective yield at issue | -% | -% | 2.0 % |
| Interest coupon (in %) | |||
| Gross (per tranche of 100,000 EUR) | - | - | 2.00 |
| Net (per tranche of 100,000 EUR) | - | - | 1.40 |
| Number of securities | - | - | 550 |
| ISIN BE6325493268 (Cofinimmo SA 2020-2030) | 2025 | 2024 | 2023 |
| --- | --- | --- | --- |
| Share price (over the period, in % of nominal) | |||
| At close | 88.50 | 85.65 | 81.39 |
| Average | 87.08 | 80.52 | 74.16 |
| Average yield through maturity (annual average) | 3.457% | 3.610% | 4.008 % |
| Effective yield at issue | 0.957% | 0.957% | 0.957 % |
| Interest coupon (in %) | |||
| Gross (per tranche of 100,000 EUR) | 0.875 | 0.875 | 0.875 |
| Net (per tranche of 100,000 EUR) | 0.613 | 0.613 | 0.613 |
| Number of securities | 5,000 | 5,000 | 5,000 |
| ISIN BE0002838192 (Cofinimmo SA 2022-2028) | 2025 | 2024 | 2023 |
| Share price (over the period, in % of nominal) | |||
| At close | 96.49 | 93.46 | 90.67 |
| Average | 95.21 | 90.18 | 84.09 |
| Average yield through maturity (annual average) | 2.773% | 3.279% | 3.502 % |
| Effective yield at issue | 1.030% | 1.030% | 1.030 % |
| Interest coupon (in %) | |||
| Gross (per tranche of 100,000 EUR) | 1.00 | 1.00 | 1.00 |
| Net (per tranche of 100,000 EUR) | 0.70 | 0.70 | 0.70 |
| Number of securities | 5,000 | 5,000 | 5,000 |
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Shareholder structure
At the end of December 2025, Cofinimmo had an analysis of its shareholder base carried out. In total, 99% of the holders of outstanding shares have been identified, of which 63% are institutional shareholders and 36% are retail investors. Consequently, 1% of the shares were not identified.
The graph below shows the Cofinimmo shareholders holding more than 5% of the capital. The transparency notifications and the control chains are available on the company's website. At the validation date of this document (19.03.2026), Cofinimmo has not received any transparency notification presenting a situation subsequent to that of 13.03.2026. According to the Euronext definition, the free float, which was 100% until 09.03.2026, now amounts to 20%.
Shareholding
Aedifica SA/NV Cofinimmo Group Other <5%
Shareholder's calendar
| Event | Date |
|---|---|
| Publication of the 2025 Universal Registration Document including the Annual Financial Report and the Sustainability Report | 10.04.2026 (before market) |
| Interim report: results as at 31.03.2026 | 22.04.2026 (before market) |
| Ordinary General Meeting for financial year 2025 | 13.05.2026 |
| Payment of the dividend relating to the 2025 financial year^{1} | |
| Coupon | Nr. 41 |
| Ex date^{2} | 18.05.2026 |
| Record date^{3} | 19.05.2026 |
| Dividend payment date | As from 21.05.2026 |
| Half-year financial report: results as at 30.06.2026 | 23.07.2026 (before market) |
| Interim report: results as at 30.09.2026 | 23.10.2026 (before market) |
| Annual press release: results as at 31.12.2026 | 19.02.2027 (before market) |
- Subject to approval by the Ordinary General Meeting of 13.05.2026.
- Date from which the stock exchange trading takes place without any entitlement to the future dividend payment.
- Date on which positions are recorded in order to identify shareholders entitled to the dividend.
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2026 outlook
The outlook below excludes considerations relating to the proposed combination with Aedifica (stand-alone basis), which became effective on 10.03.2026. For the outlook relating to the combination of Aedifica with Cofinimmo, please refer to the outlook that has been or will be published by Aedifica.
Assumptions - internal factors
Asset valuation
The fair value of the real estate portfolio on the projected consolidated balance sheet as at 31.12.2026 corresponds to the fair value of the overall portfolio as at 31.12.2025, plus the estimated cost of major renovations and net investments planned for 2026.
Maintenance, repairs and major renovations
The projections, produced per building, include maintenance and repair costs which are considered operating expenses. They also include major renovation costs which are capitalised and covered by self-financing or debt. These expenses are included in the investments and divestments below.
Investments and divestments
In the context of the preparation of its 2026 budget, Cofinimmo has set its net investment assumptions, which should represent for the 2026 financial year:
-
gross investments of around 310 million EUR (including investments related to sustainability), broken down as follows:
-
investments in healthcare real estate for an amount of 286 million EUR, resulting from the construction of new units or the extension of existing units for which the Cofinimmo Group is committed within the framework of ongoing development projects (65 million EUR), from other new investments under due diligence or hypothetical (155 million EUR) and also from other investments (86 million EUR);
-
investments in offices for an amount of 20 million EUR;
-
investments in property of distribution networks in Belgium and in the Netherlands for an amount of 5 million EUR resulting from major renovations for the pubs and restaurants of the Pubstone portfolio;
-
divestments of around 110 million EUR, broken down as follows:
-
around 104 million EUR already completed or under due diligence;
- and around 6 million EUR additionally;
- and therefore net investments of around 200 million EUR.
The future projects are detailed on page 31 for healthcare real estate.
Rents
Rent projections take into account assumptions about tenant departures for each lease contract and are analysed on a case-by-case basis. Ongoing contracts are indexed.
The outlook also includes refurbishment costs, a rental vacancy period, rental charges and taxes on vacant space that apply in the event of a tenant's departure, as well as agent fees at the time of relocation. Rent projections are based on the current market, with no anticipated recovery or deterioration.
The property result also includes writebacks of lease payments sold and discounted for the gradual reconstitution of the full value of buildings whose rents were sold.
A positive or negative change of 1% in the occupancy rate of the office portfolio would lead to a cumulative increase or decrease in the net result from core activities* of 0.01 EUR per share.
Medical office building - Oisterwijk (NL)
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Expenses
Technical charges are estimated for each building, according to identified needs, the building's age, and the type of contract they are subject to.
Corporate management costs are estimated by expense type and take into account the Group's anticipated growth.
The forecasted tax charge includes estimated recurring tax charges per company, as well as the impact of expected changes in tax risks.
Assumptions - external factors
Inflation
Ongoing contracts are indexed. Depending on the country, the inflation rate used for rent increases is between 0% and 3.2% (external data) for leases indexed in 2026.
The average indexation between 2025 and 2026 is around 2%.
The sensitivity of the projections to changes in the inflation rate is low for the period considered. A positive or negative change of 50 basis points in the expected inflation rate would lead to an increase or decrease in the net result from core activities* of 0.05 EUR per share.
Interest rates
The calculation of financial expenses is based on the future interest rate curve (external data) and ongoing financing contracts as at 31.12.2025. Given the foreseen hedging instruments, the average cost of debt expected for 2026 is around 1.7%. The expected change in the average cost of debt for the years to come is commented in the chapter 'Financial resources management', section 'Average cost of debt* and interest rate hedging' on page 54.
Changes in the fair value of instruments used to hedge financial debt are not modelled as they have no impact on the net result from core activities - Group share*, and cannot be customised. They are therefore included as nihil in the outlook below.
Consolidated outlook
Based on the information currently available and the assumptions detailed above (gross investments for 310 million EUR and divestments for 110 million EUR en 2026), and the divestments carried out in 2025, Cofinimmo expects, barring major unforeseen events, to achieve rental income, net of rental-related expenses of 351 million EUR (including the effect of the divestments carried out in 2025 and those budgeted in 2026 for approximately 9 million EUR) leading to a net result from core activities - Group share (equivalent to EPRA Earnings and excluding non-recurring effects arising from the proposed combination with Aedifica) of 242 million EUR (compared to 246 million EUR as at 31.12.2025) or 6.35 EUR per share for the 2026 financial year, taking into account the prorata temporis effects of the divestments carried out in 2025 and budgeted in 2026 (approximately -0.12 EUR per share). The average cost of debt expected for 2026 is around 1.7%.
Based on the same data and assumptions, the debt-to-assets ratio would be approximately 44% as at 31.12.2026. This ratio does not take into account possible changes in the fair value of investment properties (which will be determined by the independent real estate valuers).
A projection of the future market value of the Group's buildings is uncertain. Therefore, it would be hazardous to venture a projection for the unrealised result on the portfolio. This will depend on the trend in market rents, changes in their capitalisation rates, and the anticipated costs of renovating buildings. Note that the net result from core activities - Group share does not include the result on financial instruments - Group share, nor the result on portfolio - Group share*.
Changes in the Group's shareholders' equity will mainly depend on the net result from core activities, the result of financial instruments, the result on the portfolio* as well as the allocation of dividends.
Dividend per share
This outlook would allow the distribution of a gross dividend (for the 2026 financial year, payable in 2027 of 5.20 EUR per share, corresponding to a pay-out ratio of 82% (in line with market practice). This outlook is provided subject to the main risks and uncertainties stated in the section 'Risk factors' in this document.
The dividend must comply with Article 13 of the Royal Decree of 13.07.2014 in the sense that the amount of dividend distributed must represent at least of 80% of Cofinimmo SA / NV's (non-consolidated) realised net profit for 2026. In some cases, however, this article provides for a reduction in the distribution obligation, or even a lack of distribution obligation.
Nevertheless, the Group will exercise its option to distribute under these circumstances, within the limits set out in Article 7:212 of the Belgian CCA.
Portfolio mix and outlook regarding the withholding tax
Based on currently available information and the assumptions detailed above, and barring any major unforeseen events, Cofinimmo expects that healthcare real estate's share in the fair value of the consolidated portfolio should amount to approximately 78% by the end of the 2026 financial year (compared to 77% at the end of 2025). However, this percentage is not the relevant criterion in terms of withholding tax. However, this percentage is not the relevant criterion in terms of withholding tax.
Since the publication of the 2020 Universal Registration Document on 09.04.2021, the framework legislation of 27.12.2021 has increased the relevant threshold for reduced withholding tax to 80% (vs. 60% previously) (Article 20 of the framework legislation amending Article 171, 3rd quarter of the Income Tax Code).
This threshold is currently not achieved; the estimated percentage as at 31.12.2025 is around 69%. The framework legislation defines the method for calculating the percentage: it is calculated by adding the values of the valuations and updates at the various reference points in time and by dividing them by the total value of these valuations and updates at the various reference points in time.
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CAVEAT
The projected consolidated balance sheet and income statements are projections which depend on the evolution of the real estate and financial markets. They do not provide a guarantee and have not been certified by an auditor.
However, the Statutory Auditor, KPMG Réviseurs d'Entreprises/ Bedrijfsrevisoren SRL, represented by Mr Jean-François Kupper, has confirmed that in his opinion, the outlook has been properly established on the basis of the assumptions made by the Board of Directors and that the accounting basis used is consistent with the accounting methods used by the Group to prepare the financial statements.
If applicable, Cofinimmo will comply with Article 24 of the Royal Decree of 13.07.2014, which requires, in the event that the consolidated debt-to-assets ratio passes 50%, the creation of a financial plan and implementation schedule describing measures to ensure that this ratio does not exceed 65% of consolidated assets. This plan must be sent to the FSMA (see also page 53).
Investment programme in 2026 (x1,000,000 EUR – per segment)
Healthcare – Committed (development projects)
Healthcare – Due diligence or hypothetical
Healthcare – Other
Offices (capex)
Distribution network (capex)
- Divestments – Done or under due diligence
- Divestments – Other
6.35 EUR/share
Outlook for the 2026 net result from core activities – Group share*
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Statutory auditor's report on the outlook
Report of the statutory auditor to the Board of Directors of Cofinimmo SA/NV on the consolidated outlook net result of core activities – group share for the period of 12 month ending on 31 December 2026
Mission
We report to you on the consolidated outlook net result from core activities – Group share of Cofinimmo SA/NV ('the Company') and its subsidiaries (together 'the Group'), for the 12-month period ending on December 31, 2026 ('the Forecast'). The Forecast and the significant assumptions on which it is based are detailed on pages 84 to 86 of the group's 2025 annual report ('the Annual Report'). We do not report on the other elements of the net result, nor on the dividend outlook or the projected consolidated balance sheet.
This report has been prepared voluntarily at the request of the board of directors of the Company for the purpose to confirm that the profit forecast has been prepared and compiled in accordance with elements (a) and (b) as defined under item 11.2 of Annex 1 of the Commission Delegated Regulation (EU) 2019/980 supplementing Regulation (EU) 2017/1129 of the European Parliament and of the Council as regards the format, content, scrutiny and approval of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market and repealing Commission Regulation (EC) No 809/2004 ('the "Commission Delegated Regulation").
Our report is intended solely for the use of the Company, to whom it is addressed, in connection with the Profit Forecast prepared in accordance with the elements (a) and (b) as defined in item 11.2 of Annex 1 to the Commission Delegated Regulation and should not be used for any other purpose. We do not accept or assume and deny any liability or duty of care to any other party to whom this report may be shown or into whose hands it may come.
Responsibilities of the board of directors
The board of directors of the Company is responsible for the preparation and presentation of the Forecast, in accordance with Annex 1 section 11 of the Commission's Delegated Regulation (EU) 2019/980, including the assumptions on which the Forecast is based as well as the preparation and presentation of the Forecast based on the Group's financial reporting framework.
Responsibilities of the statutory auditor
It is our responsibility to examine the Forecast included in the Group's annual report in accordance with the International Standard for Assurance Engagements for the Review of Forecast Financial Information (ISAE 3400). Accordingly, we must plan and perform our work to obtain a limited assurance about whether the assumptions provide a reasonable basis for the Forecast.
Since the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained if a reasonable assurance engagement had been performed, the nature and timing of the procedures that the statutory auditor performs within a limited assurance engagement vary and are less extent than for an engagement with a reasonable level of assurance.
On this basis, we have performed procedures considered necessary in the given circumstances in order to conclude. As part of this limited assurance engagement, we place greater emphasis on inquiries from the Company personnel and analytical procedures, and less emphasis on testing internal controls and obtaining evidence from external sources than would have been in a reasonable assurance engagement.
We must also plan and perform our work so as to obtain a reasonable level of assurance that the Forecast has been properly prepared one the basis of assumptions and it is presented in accordance with the Group's financial reporting framework.
We believe that based on the work performed and evidence obtained, this provides a reasonable basis for our conclusion.
We have complied with the ethical requirements that are relevant for our engagement in Belgium, including the independence requirements. Our firm applies the International Standard on Quality Management (ISQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements, which requires our firm to design, implement a system of quality management, including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.
Conclusion
Based on our examination of the underlying evidence supporting the assumptions, as described in the "Responsibilities of the statutory auditor" section of this report, nothing has come to our attention which causes us to believe that these assumptions do not provide a reasonable basis for the Forecast. Further, in our opinion, the Forecast is properly prepared on the basis of the assumptions and is presented according to the Group's financial reporting framework.
Actual results are likely to be different from the Forecast since anticipated events frequently do not occur as expected and the variation may be material.
Zaventem, 7 April 2026
KPMG Bedrijfsrevisoren
Statutory auditor
represented by
Jean-François Kupper
Bedrijfsrevisor
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Contents
- Committed for more than 15 years to a global sustainability strategy
- Major trends and their impacts on the sustainability strategy
- Life cycle management at the heart of the value chain
- Stakeholder dialogue as driver for transition
- Reducing energy intensity
- Skilled and service-minded employees
- Governing business with integrity
Office building Montoyer 10 (M10) – Brussels' CBD (BE) – © Hannelore Veelaert
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Committed for more than 15 years to a global sustainability strategy
Cofinimmo takes a pragmatic approach to sustainability, whether in terms of financial risk or social challenge. The Group's approach is therefore not only to comply with the various regulations, but also to add value to its portfolios. Data management and internal organisational processes have been redefined to address and anticipate climate risks, reduce energy consumption through successive action plans as well as an active portfolio management policy, and finally to plan for a balanced and manageable transition.
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Global sustainability strategy for more than 15 years
As a major player in the European real estate market, the Group has been committed to a global sustainability strategy for more than 15 years. It is actively involved in the Paris Agreement signed at COP21, supported by measures aimed at accelerating action on climate change, such as phasing out fossil fuels, producing renewable energy and improving energy efficiency. Currently, 10% of its portfolio consists of buildings that use no fossil fuels. The production of electricity from renewable sources now amounts to 5%, due to the installation of solar panels, particularly in Belgium.
A science-based climate action
With the 30th Project ('thirty to the cube'), Cofinimmo aims to drastically reduce the energy intensity of its portfolio (by -30% by 2030, based on 2017 levels). To this end, the company uses a scientific methodology to mitigate greenhouse gas emissions. The energy intensity has already decreased from 190 kWh/m³/year in 2017 to 139 kWh/m³/year in 2025, with a final target of 130 kWh/m³/year in 2030.
Since 2020, Cofinimmo has been a member of the Belgian Alliance for Climate Action (BACA), a platform open to Belgian organisations that want to reduce their GHG emissions and increase their climate ambitions, based on the Science Based Targets initiative (SBTi).
To mitigate climate risks and adapt to their physical and financial impacts, Cofinimmo has launched a structured analysis of physical and transition risks to define an action plan covering its entire portfolio. This action plan is an integral part of the asset rotation plan.
A sound environmental management
Since 2008, Cofinimmo has used an environmental management system certified to ISO 14001 throughout the life cycle of the assets making up its portfolio. This certificate, which is renewed every three years, enables Cofinimmo to holistically manage the environmental aspects of its activities. In 2025, the Group successfully extended the scope of its ISO 14001 certification to include its activities in Spain.
A responsible business conduct
In 2025, Cofinimmo distinguished itself in terms of sustainability by renewing several labels. Cofinimmo obtained several new BREEAM certifications in the healthcare real estate segment in Belgium (where a BREEAM New Construction Outstanding certification was also granted to the office building M10), Spain, Germany and Finland. These certifications now cover 13% of the Group's total portfolio. The Group has also been praised by the international financial press. As a matter of fact, Cofinimmo improved its ranking in the Europe's 600 Climate Leaders list for 2025 by Financial Times (ranking 4th among 39 real estate companies in Europe and the United Kingdom). This label is granted to European companies that have been most successful in reducing their greenhouse gas emissions in relation to their turnover.
Cofinimmo is committed to ensuring consistency between its financial strategy and its sustainability objectives and has benefited from 2.6 billion EUR of sustainable financing in 2025.
An ongoing dialogue with stakeholders
Cofinimmo is aware of its impact on people and has defined actions towards tenants, suppliers and employees in its sustainability strategy. In 2025, in light of a volatile legal framework in terms of sustainability, Cofinimmo decided to review its sustainability report by including the VSME standards, in line with its pragmatic approach to sustainability issues.
This is our Communication on Progress in implementing the Ten Principles of the United Nations Global Compact and supporting broader UN goals.
We welcome feedback on its contents.
Office building Montoyer 10 (M10) - Brussels CBD (BE)
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Major trends and their impacts on the sustainability strategy
Cofinimmo's strategy prepares for tomorrow's world by anticipating and responding to major societal trends. The United Nations' 17 Sustainable Development Goals (SDGs) are one of the major developments which Cofinimmo takes into account.
An agent of change
Cofinimmo is positioning itself as an agent of change in the light of the challenges facing the built environment, such as climate change, sustainable water management, an ageing population, increasing urbanisation and changes in technology and working habits.
The health crisis and armed conflicts that have erupted in recent years have highlighted new trends in sustainable development, such as a more rigorous approach to renewable and clean energy and the circular use of resources.
Cofinimmo has been building and managing more efficient buildings for more than 15 years, to stay ahead of the tightening of regulations on energy performance. The company's global strategy includes greenhouse gas emission reduction targets for the portfolio directly and indirectly managed (scopes 1, 2 and 3), transparent environmental reporting for all scopes, 1.5°C scenario analysis and a commitment to net zero.
Sustainability at the heart of the governance structure
Sustainability performance (including climate performance and staff inclusion) is formally analysed by the Executive Committee, chaired by the CEO. The Head of Sustainability presents these analyses to the CEO on a weekly basis and to the Executive Committee at least once a month. These sustainability analyses are used to monitor targets and key performance indicators (including those related to climate and staff inclusion).
One of these reports is the official ISO 14001 management report, which tracks all the standards described in the ISO standard, such as the status of actions to be taken following previous reports, changes in circumstances, the extent to which objectives have been achieved, information on performance, adequacy of resources, complaints and opportunities for improvement.
Progress against the various objectives is assessed and corrective actions are taken if necessary. The quarterly report to the Audit Committee includes the status of the Group's participation in various benchmark indices, sustainability performance against targets linked to the Executive Committee's LTI variable remuneration and updates on regulatory changes.
Transparency towards investors
Cofinimmo has stepped up its efforts in terms of transparency and climate risk management. In 2025, the Group renewed its participation in the Carbon Disclosure Project, confirming its B rating in the climate change category. The responses are publicly available and detail the climate change risks and opportunities identified.
The Group also works with MSCI to analyse the climate risks of its property portfolio using scenarios based on scientific data. Assets are assessed against the CRREM decarbonisation trajectory to identify energy transition risks. For the most exposed assets, a detailed analysis of the physical risks has been carried out, allowing Cofinimmo to define concrete actions to strengthen the resilience of its assets to climate risks.
Finally, Cofinimmo's double materiality analysis, shown on pages 93 and 94, identifies the main sustainability issues for the company, based on the significance of the physical impact and the financial impact.
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In 2025, with the Omnibus directive declaring VSME to be the preferred sustainability reporting standard for companies with fewer than 1,000 employees, Cofinimmo prepared for its adoption. The VSME standard covers issues that are important to the Group, such as emissions, working conditions and corporate governance, and is also aligned with ESRS standards, facilitating integration and preparation for future regulatory requirements. Although voluntary, the adoption of VSME combined with a double materiality analysis and limited assurance by an external auditor enhances the Group's credibility, competitiveness and risk management. Resource allocation and the double materiality analysis are submitted annually for approval by the Executive Committee and the Board of Directors.
The objectives focus on the three main topics (Reducing energy intensity, Skilled and service-minded employees, and Governing business with integrity):
- raise awareness of the different stakeholders: tenants, suppliers, investors, etc. (for example: 85% of the surface areas covered by a collaboration agreement in order to share consumption data);
- monitor what is measured: energy consumption and performance, etc. (for example: increase consumption data coverage to 100% of the surface areas, of which minimum 85% based on actual measured data);
- be ambitious, and go beyond the current regulation if economically viable (for example: assess the annual renovation rate according to the five-year portfolio renewal target).
Although some sustainability objectives cover a longer period (five to ten years), most are set for the short term (one year). In accordance with the VSME standard, non-material issues are covered by a report on key performance indicators. This enables us to monitor changes in their materiality.
The links between Cofinimmo's priorities and the SDGs are listed in a cross-reference table (see page 304).
Nursing and care home - Bergen op Zoom (NL)
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Double materiality analysis
Sustainability has been at the heart of Cofinimmo's concerns for years. The double materiality analysis is therefore an extension of the initial materiality analysis conducted in 2014 and its subsequent annual updates (see the timeline below). This historical approach is based on in-depth knowledge of the value chain and mapping of sustainability issues according to ESRS themes. It also involves identifying and engaging with stakeholders, enabling a rigorous impact assessment.
Process: from impact to double materiality
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Double materiality matrix
| Existing practices, policies and/or future initiatives | Practices, policies and/or future initiatives accessible to the public | Fixing targets for policies | ||
|---|---|---|---|---|
| Environment | E1 Climate change | |||
| Reducing energy intensity (see pages 103-114) | ☑ | ☑ | ☑ | |
| E2 Pollution | ☑ | ☑ | ||
| E3 Water & marine resources | ☑ | ☑ | ||
| E4 Biodiversity & ecosystems | ☑ | ☑ | ||
| E5 Resource use & circular economy | ☑ | ☑ | ||
| Social | S1 Own workforce | |||
| 'Skilled and service-minded employees' (see pages 115-121) | ☑ | ☑ | ☑ | |
| S2 Workers in the value chain | ☑ | ☑ | ||
| S3 Affected communities | ☑ | ☑ | ||
| S4 Consumers & end-users | ☑ | ☑ | ||
| Governance | G1 Business conduct | |||
| 'Governing business with integrity' (see pages 122-124) | ☑ | ☑ | ☑ |
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Mitigating and adapting to climate change
According to the IPCC's Sixth Assessment Report, climate change is a long-term risk that requires rapid and sustained reductions in greenhouse gas emissions across all sectors. Although the various conflicts currently underway have altered executives' priorities, some 55% of real estate executives consider environmental issues to be a major concern (Source: Emerging Trends in Real Estate® Europe 2026, PWC & Urban Land Institute).
The COP30 Summit in Belém marked the 10th anniversary of the Paris Agreement by prioritising nature-based solutions and tripling adaptation funding. However, it did not impose a binding global phase-out of fossil fuels. For the European real estate sector, the summit reinforced the need to comply with strict EU legislation, such as the EPBD, to mitigate climate risks and preserve asset value. Ultimately, this shift towards local implementation requires property owners to transform their buildings into resilient, net zero assets to attract stable capital.
Cofinimmo's rationale for adopting science-based climate action and joining BACA is based on three fundamental messages:
- businesses need to take more ambitious climate action now;
- only collaboration with all stakeholders will enable the transition to a net zero economy;
- science-based climate action is the most effective way to achieve the targets set.
Through the 30th Project, which aims to reduce the energy intensity of Cofinimmo's portfolio by 30% by 2030, the Group intends to take up this challenge on scope 1, 2 and 3 and thus maintain the value of its assets by complying with the Paris Agreement. This project is the key to achieving the objectives validated by the Science-Based Targets initiative (SBTi).
Reducing water stress through sustainable water management
Water is essential for human life and activities, and climate change requires this resource to be managed sustainably. Chronic water-related risks, such as droughts, threaten the European economy, especially agriculture. The United Nations is promoting the dissemination of information on water scarcity to safeguard water supplies.
The real estate sector needs to proactively address water scarcity by following the 3Rs: Reduce, Reuse, and Recycle. This includes collecting data on water use and using green infrastructure such as permeable paving, green roofs and bioswales. In the face of extreme events, real estate can protect the environment by analysing water use and integrating sustainable solutions to strengthen asset resilience.
Housing and ageing population
The accelerated ageing of the population has an impact on social models, particularly the age of retirement and the organisation of healthcare. Healthcare real estate needs to adapt by offering flexible care buildings and accommodations tailored to the different levels of autonomy of individuals.
Analysts are broadening the concept of simple accommodation to include care, thereby encompassing the healthcare sector and responding to the need for housing for the elderly. This trend is covered by Cofinimmo's healthcare real estate strategy, which aims to respond to the needs of society in this matter by providing housing solutions for elderly people who are ill, disabled or undergoing rehabilitation; creating socially responsible healthcare facilities where all functions coexist in harmony; promoting access to buildings for people with reduced mobility; and developing safe, comfortable buildings.
Growing urbanisation and space affordability
With the majority of the world's population living in urban areas, increasing urbanisation poses challenges in terms of integration, housing, mobility and pollution management. According to the Joint Research Centre (JRC), Europe's large cities will continue to grow until 2030.
Inflation and rising energy prices are making housing less affordable. The COVID-19 pandemic has accentuated the need for more spacious, less densely populated environments. This trend will influence the design of real estate to meet new health and safety expectations.
Soft and sustainable mobility and accessibility for all
Mobility is gradually being rethought in the context of growing urban populations, pollution and the fight against greenhouse gas emissions.
Cities such as Paris and Brussels are rethinking mobility to reduce pollution by excluding polluting vehicles and promoting electric public transport and micro-mobility.
Cofinimmo supports these initiatives by testing solutions for shared vehicles and installing infrastructure for cyclists in its buildings. This means reducing the number of parking spaces, installing charging stations for electric vehicles and increasing the number of bicycle racks.
As the geographical location of assets is particularly important, their accessibility (linked to mobility) has become a real social issue in recent years. In the case of healthcare, nursing and care homes are occupied by elderly people who may feel excluded from society. Ensuring that facilities are accessible allows residents to mix with the community, which helps prevent them from feeling excluded.
The circular economy
As natural resources are limited, circular economy initiatives are being promoted by the European Commission and others to reduce waste and increase the reuse of materials. In this context, Cofinimmo seeks to select sustainable materials for its (re)development work, so that they can be more easily recycled or reused. The use of plastics is limited upstream as packaging for building materials or as building materials (such as insulation) during the construction of a project.
Life cycle analysis is a powerful tool for understanding the environmental impact of building construction and operation in terms of embodied carbon, operational carbon and resource depletion. This approach makes it possible to understand how to create a virtuous circle that reuses and recycles resources at the end of a building's life. During demolition, waste is rigorously sorted, and in buildings under direct operation, every effort is made to encourage sorting beyond the legal requirements.
The sharing economy
The growing awareness of the importance of reducing one's carbon footprint is prompting more and more individuals and businesses to embrace the principles of the sharing economy. This allows people to use products without owning them, offering flexible solutions and reducing investment costs. According to recent studies, co-working and hybrid models that combine different uses within the same building are becoming increasingly common.
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Many sharing apps are already making an impact on the office property sector, such as shared meeting rooms and co-working spaces. The trend towards remote working has reinforced flexible working models, and companies are looking to expand their spaces to accommodate new forms of collaboration.
The sharing economy is also making inroads into the residential property sector, with homes featuring more communal spaces. These properties are aimed at specific demographics such as Generation Y and older people, particularly through assisted-living facilities.
Health and safety
In the countries where Cofinimmo operates, the shrinking workforce due to ageing and low birth rates is creating a war for talent. Companies must therefore offer a balance between personal and professional life, as well as meaningful work to attract new talent and retain their employees.
In its buildings, Cofinimmo ensures the health and safety of its occupants by offering innovative infrastructures and services such as concierge services, relaxation areas and personal services. New certifications complement the existing environmental ones, assessing buildings according to criteria related to human well-being, such as access to quality air and water and contact with nature.
Digital transformation
In the medium term, the health and economic crises will accelerate the inevitable digital transformation of the construction and real estate sectors. Adopting new technologies such as the Internet of Things, augmented reality and artificial intelligence (AI) will contribute to the longevity of businesses.
In 2025, the European Union published a Regulation relating to AI in order to guarantee security and fundamental rights to the users of applications such as ChatGPT and Copilot. Cofinimmo is aware of the risks associated with using AI and is committed to protecting the confidentiality and integrity of information.
The Group's AI policy requires all parties (employees and consultants) to use AI tools in a responsible way and in accordance with best security practices.
Today, technology allows us to go beyond the automation of repetitive tasks, offering assistance in more complex intellectual processes, customer relations, equipment maintenance, fault management and energy management.
Cofinimmo uses these technologies in the renovation of its buildings to reduce greenhouse gas emissions. Widespread teleworking is seen as the ultimate test of digital transformation in the world of work. Teleworking policies introduced in companies that have invested in digital capabilities are proving very popular with employees.
Evolving technology in healthcare
Technology is enabling us to move from curative to preventive medicine. The Internet of Medical Things is enabling more dynamic healthcare management. Sensors can even trigger emergency calls in the event of abnormalities, reducing the length of hospital stays. Telemedicine and electronic medical records (EMRs) increase the flexibility of healthcare environments, allowing patients to access care from their connected devices.
EMRs reduce the space needed to store records, freeing up space for other uses. New types of healthcare real estate assets are being developed to cater for an ageing population with high levels of autonomy, such as rehabilitation homes and day centres.
The new generation of seniors wants to stay in their own homes for as long as possible, and technological developments in healthcare will enable them to do just that. So society needs to think in terms of flexible housing that can evolve according to the stage of life the person is in.
Nursing and care home - Jaén (ES)
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Life cycle management at the heart of the value chain
Financing, expertise, life-cycle analysis and sustainable materials management that have a positive impact on customer relations over the long term.
Financing
Cofinimmo's mission includes providing shareholders with the opportunity to make long-term, socially responsible investments that fuel dividends as well as returns to the community. It must also maintain ready access to financing sources that are sufficiently diversified and at the lowest possible cost. The aim is to reduce refinancing risks at debt maturity and to ensure the company's viability.
In 2025, the total amount of sustainable financing reached 2.6 billion EUR. The list of assets selected for each financing operation is available in section 'Report on the indicators for the green & social portfolio' of this document.
Skills
To carry out projects with a positive environmental impact, Cofinimmo has implemented an Environmental Management System (EMS) to continuously improve its performance in this field. This system, which covers all activities in the life cycle of the property portfolio, is set out in the Environmental Policy, available on the Group's website (www.cofinimmo.com/about-us/governance/charters).
The Group's ISO 14001 certification, obtained for the first time in 2008, ensures structured management of environmental aspects and compliance with current regulations. It was renewed in November 2023 for the sixth consecutive year for its activities in Belgium. In 2025, the Group successfully extended the scope of the certification to include its activities in Spain, or of the Group's total coverage. It will renew its ISO 14001 certification in 2026 in order to gradually include the other countries where the Group is active. Activities in other geographies, although not certified, are managed according to the same standards.
The levers applied at the different stages of the assets' life cycle vary by business segment (see table below).
| Healthcare real estate | Offices | Property of distribution networks, PPP | |
|---|---|---|---|
| Acquisition | ●●● | ●●● | ● |
| Design | ●● | ●●● | ●● |
| Construction | ●● | ●●● | ●● |
| Commercial management | ● | ●●● | ● |
| Property management | ● | ●●● | ● |
| Development | ●● | ●●● | ● |
Cofinimmo's influence: ● low ●● medium ●●● high
Cofinimmo's influence is described in detail and by segment in the Management report (see pages 28, 36 and 42).
Life cycle analysis and materials management
Cofinimmo integrates Life Cycle Analysis (LCA) into all its activities, including acquisitions, development and building management. In 2025, the Group continued to step up its efforts to apply a structured LCA procedure for new buildings with LCA reports carried out. The comparative analysis of LCA reports ensures a certain level of comparability which, in the long term, will provide a clear view of the embodied carbon and overall environmental impact of the Group's development activities.
Cofinimmo's LCA methodology includes the definition of common construction elements (substructures, superstructures, envelope, fittings and technical installations), the coverage of the operational phase of buildings and the definition of a common life cycle for all projects. This ensures that the LCAs are comparable and contain the same key information. In the production and construction stages of life cycle of the projects delivered in 2025, analysis of the reports showed that the projects generated $490\mathrm{kgCO}_{2}\mathrm{e}/\mathrm{m}^{2}$ for steps A1-A5 of the buildings' life cycle (in accordance with the infographic on page B3). In 2025, only $5\%$ of ongoing projects are expected to use FSC-certified timber, demonstrating that various environmental impacts such as the origin of materials are taken into account.
Cofinimmo's approach takes into account the future evolution of buildings and is supported by BREEAM and ISO 14001 certifications. LCA, combined with tools such as Building Information Modelling (BIM), makes it possible to map and budget the components of a building before it is built.
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Provide shareholders with the opportunity to make long-term, socially responsible investments that fuel dividends as well as returns to the community.
- This only encompasses healthcare operators.
304 healthcare real estate assets
~70* groups of operator-tenants
30,500 beds
6 PPP contracts
794 pubs / restaurants
25 office buildings
~150 tenants
±25,000 occupants
Promote, within its high-quality care, working, and living spaces, exchanges that will foster inspiration and well-being through the provision of services that anticipate the needs and aspirations of their occupants.
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Stakeholder dialogue as driver for transition
As a listed real estate company, Cofinimmo provides investors with the opportunity to invest indirectly in real estate. Fully aware of the impact of its activities, the company maintains an ongoing dialogue with its stakeholders at every stage of a building's life cycle.
Cofinimmo maintains constant contact with neighbours and the authorities at all stages of its development projects, especially during the preliminary study phase. At the planning permission stage, a public enquiry is mandatory for any new development, and consultation meetings are organised to strike a balance between the interests of local residents, the administration and shopkeepers, and the well-being of the occupants. The needs of future residents and economic viability are also taken into account. If comments are made, meetings are held to discuss solutions and modify the project if necessary.
During the tendering and construction phases, Cofinimmo provides information on any work that may cause a nuisance and records any complaints in accordance with ISO 14001 certification. Alternatives are sought to satisfy all parties, such as scheduling noisy work outside of occupancy hours. Cofinimmo uses management practices to maintain good relations with neighbours throughout the project.
The 'plan-do-check-act' method, integrated with ISO 14001 certification, ensures continuous process improvement. During the building's operational phase, Cofinimmo meets regularly with its clients to assess their needs and satisfaction.
Cofinimmo also promotes the motivation and commitment of its employees through transparent and proactive communication and a culture of empowerment that includes coaching and training, the search for a balance between personal and professional life, and volunteering initiatives. In 2025, for example, the target for employees to donate 500 volunteering hours to the well-being of residents in nursing and care homes was once again exceeded.
In addition, the company encourages employees to adopt a healthy lifestyle, in particular by promoting physical exercise (organising training sessions and participation in sports competitions) and providing fresh fruit.
Cofinimmo interacts with its stakeholders in a multifaceted way, like a banker who can be a capital provider, a tenant and a resident at the same time. Each department is responsible for identifying and interacting with its stakeholders, guided by the Code of Good Conduct and supported by the External Communication Department.
Cofinimmo is committed to improving communication on the main issues related to its activities and to taking them into account in its decisions. It considers that stakeholder involvement is essential for innovation and long-term success.
But who are Cofinimmo's key stakeholders?
Office building Quartz - Brussels' CBD (BE)
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Shareholders and investors
Individual or institutional shareholders and financial institutions
As a listed company, Cofinimmo has a duty to have a transparent dialogue with its investors and to ensure the same information is available to all. A section dedicated to sustainability is part of the quarterly presentations.
The people primarily responsible for this dialogue are the members of the Executive Committee and, more specifically, the CEO and the CFO, assisted by Investor Relations, External Communication, Finance, and Sustainability Departments.
In 2025, Cofinimmo participated in approximately fifty roadshows, conferences, and other events bringing the company and investors together. During these roadshows/conferences, company representatives were able to meet nearly 200 institutional investors and to answer questions on the company's strategy.
Tenants
Healthcare real estate operators, office tenants, retailers, public services and other occupants
Depending on the sector of activity, the client's first contact with Cofinimmo is through the teams in charge of each country (healthcare properties) or the commercial managers (offices and distribution networks). The commercial team is responsible for meeting the client's needs before the lease is signed, while the property managers are responsible for ensuring the client's comfort and satisfaction during the lease period. The project management team can carry out more structural work for healthcare properties or office fit-out.
In healthcare real estate, clients are visited by property managers or their representatives, which is essential for the management of the properties. In some countries, such as Finland, Cofinimmo has subcontracted the technical management of buildings due to the geographical dispersion of the buildings and the lack of local offices. Visits vary from once a month to once every six months, depending on the contract, but each building is visited at least once a year to maintain a proactive dialogue with the operator.
In the office segment, clients meet with a Cofinimmo representative at least once a year, with more frequent contact by telephone and e-mail. The 24/7 service desk responded to 4,880 requests in 2025.
In October 2025, Cofinimmo conducted a satisfaction survey to understand tenants' overall satisfaction within the healthcare real estate segment, as well as their priorities regarding building management, especially with regard to sustainability. With a response rate of _the survey results show a Net Promoter Score (NPS) of + _ indicating that _ of respondents are satisfied with the landlord-tenant relationship. The results are incorporated into an action plan to ensure tenant feedback is included in Cofinimmo's overall property management. To monitor changes in tenant satisfaction and their sustainability needs, Cofinimmo plans to conduct this survey every two years. This will allow the Group to continuously adapt its services and meet tenants' expectations.
Employees
With 149 permanent employees, Cofinimmo encourages frequent contact between employees, the Human Resources Department and the Executive Committee. Regular information meetings and informal consultations are organised to facilitate dialogue. Performance preview conversations provide an opportunity to discuss each employee's expectations and objectives. Cofinimmo uses a permanent feedback system, consisting in one annual consultation with regular interviews.
Employees' behaviour is guided by common values: 'we care, we connect, we commit'.
Although the right to freedom of association is offered, no trade union representation has been established due to a lack of candidates. Cofinimmo is committed to managing reorganisation responsibly.
Safety of occupants
In today's society, buildings must not only meet the functional needs of their users but also contribute to their health. This evolution is supported by new labels and standards. It is therefore essential that the buildings offered by Cofinimmo meet these new expectations. In line with the BREEAM New Construction certification target for projects in progress by 31.12.2025, indoor air quality, water quality, visual comfort or daylight, and thermal and acoustic comfort are among the design criteria for new buildings.
The choices made in terms of construction and the quality of maintenance impact occupants safety. For this reason, Cofinimmo systematically analyses all the elements that could impact public health, by the current state of knowledge and the legislation in force at the time of design and, at the latest, when planning permission is granted. As part of the acquisition and investment process, due diligence includes, as a minimum, the presence of asbestos and compliance with fire safety standards. Performance indicators for these aspects are included in the 'Appendices to the sustainability report' (see page 282).
There has been no collective reorganisation resulting in job losses in recent years. Cofinimmo is strongly committed to the well-being of its employees and to the ethical management of restructuring.
For more information, see chapter 'Skilled and service-minded employees' on pages 115-121.
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Suppliers
Developers, contractors, service providers, facility managers, real estate agents, solicitors and consultants
Cofinimmo works with more than 2,000 suppliers, mainly for the (re)development and maintenance of buildings. In 2025, 125 Tier-1 suppliers, with an annual spend of over 200,000 EUR, accounted for approximately 77% of total spend.
Interaction with suppliers includes meetings during the building design phase and weekly site meetings during construction to assess progress and ensure safety. There were no accidents with fatal consequences on Cofinimmo's work sites in 2025.
During the operational phase, Cofinimmo meets each month with the companies responsible for the technical maintenance of the buildings to discuss the comfort of the occupants, the safety of the technicians and the reduction of energy consumption. Cofinimmo ensures that suppliers comply with the sustainability requirements of the Supplier Code of Conduct through third-party audits and regular meetings.
This Supplier Code of Conduct includes a commitment to the United Nations Global Compact, whose ten principles are derived from the Universal Declaration of Human Rights, the International Labour Organisation's Declaration on Fundamental Principles and Rights at Work, the Rio Declaration on Environment and Development and the United Nations Convention against Corruption. Through its values and activities, Cofinimmo seeks to fulfil its fundamental responsibilities with regard to human rights, employment and the environment and applies zero tolerance to corruption. In 2025, no cases of embezzlement or misappropriation of funds in connection with tenders were identified.
Supervisory authorities
Financial Services and Markets Authority (FSMA), the National Bank, auditors, municipal, regional and federal authorities
As a Belgian listed company, Cofinimmo contributes to the economic life in its operating countries, most notably through the payment of taxes and duties.
Cofinimmo Group's tax policy outlines how the company manages its tax affairs, including the tax/regulatory framework for its real estate investments, risk management, interactions with Belgian tax authorities, tax planning principles, and advisor relationships. It also establishes the Group's overarching tax principles and implementation responsibilities.
The Group maintains relationships with public supervisory bodies to ensure the proper payment of taxes and the publication of transparent financial information. These contacts are managed by the Corporate Governance and Finance Departments, as well as the operational teams. Interactions with the authorities take place on an ad hoc basis: during applications for building, planning, or environmental permits, for the validation of published financial information, and financial statement audits, etc.
Media, financial analysts
In addition to Cofinimmo's annual and half-yearly financial reports, the company published 22 press releases in 2025, all of which are made available to interested parties in the financial world. This information is published in three languages (French, Dutch and English) on the company's website. Press releases relating to operations in Germany, Spain, Italy and Finland are also published in German, Spanish, Italian, Finnish and Swedish, respectively. To follow the volatility and impact of social media, Cofinimmo is active on LinkedIn, Instagram and X. Together these accounts have reached approximately 16,500 followers. In 2025, Cofinimmo published 91 posts on LinkedIn, 20 posts on Instagram and 15 posts on X.
Finally, Cofinimmo renewed its participation in several sustainability ratings and benchmarks, more particularly MSCI, ISS, Sustainalytics, GRESB, S&P Corporate Sustainability Assessment, Carbon Disclosure Project and EPRA sBPR, thus demonstrating the maturity of its sustainability strategy within the real estate sector.
Civil society
Local residents, civil society associations, etc.
Cofinimmo pays close attention to its impact on civil society. To monitor this impact, Cofinimmo regularly takes part in conferences related to its activities, participates in interviews with journalists and helps university students in their academic work. The company is also a member of communities such as The Shift, which brings together businesses and experts. The Group's membership of professional associations, such as Women on Board, UPSI/BVS, EPRA and RICS, provides access to forums offering opportunities to reflect on ways to improve the company's sustainability policies.
The aim is to strike the best balance between the interests of the various communities affected by the construction and maintenance of buildings owned by Cofinimmo. The Group intends to carry out at least one initiative per year to benefit this community. This programme is in line with sustainable development objectives related to social and societal issues.
> 'The Shift is the national contact point for the World Business Council for Sustainable Development (WBCSD) and the UN Global Compact (UNGC). With more than 500 members, The Shift brings unexpected partners to the table: peers from other sectors, pioneering companies, experts and policy makers.'
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Stakeholders: expectations and responses
| Stakeholders | Expectations | Responses |
|---|---|---|
| SHAREHOLDERS AND INVESTORS | ||
| individual or institutional shareholders and financial institutions | • The protection of the invested capital; | |
| • A moderate risk profile; | ||
| • The provision of transparent financial and sustainability information; | ||
| • A long-term relationship; | ||
| • A socially responsible investment; | ||
| • The repayment of the debt and payment of interests. | • A clear investment policy in the three business segments: healthcare real estate, offices and distribution networks and PPP; | |
| • Seeking income over the long term; | ||
| • Transparent financial information, audited by the external auditor, governed by the regulations, and supervised by the Financial Services and Markets Authority: annual report, participation in investor fairs, general meeting, etc; | ||
| • Transparent sustainability information, audited by the external auditor; | ||
| • Full application of the Corporate Governance Charter. | ||
| TENANTS | ||
| healthcare real estate operators, office tenants, retailers, public services and other occupants | • A building that meets the specific needs of their activities; | |
| • The ability to innovate to meet changing needs; | ||
| • Rents in line with their financial potential and clear information on their rights before the signature of a lease; | ||
| • Control of rental-related expenses; | ||
| • A trustworthy, stable landlord; | ||
| • Sustainable buildings which guarantee security and comfort. | • A team of professionals active in various real estate fields; asset managers to fully understand tenants' needs, project managers to ensure the buildings' construction quality, property managers to ensure efficient management of buildings in operation and control of rental expenses; | |
| • A commercial offer with clear and transparent clauses; | ||
| • Regular tenant satisfaction surveys. | ||
| EMPLOYEES | • Pleasant working conditions; | |
| • Fair treatment; | ||
| • A guaranteed, stable and attractive wage grid; | ||
| • A skills development plan (training, career prospects, etc.); | ||
| • Management with strong ethical values, a sense of leadership and the ability to listen. | • A Code of Good Conduct; | |
| • Wage conditions that ensure a fair, appropriate and comfortable standard of living and salary development protecting staff against increases in the cost of living; | ||
| • A system of permanent dialogue between the employee and their manager to help each other as much as possible in successfully contributing to the company's objectives; | ||
| • Consultation on working conditions and working atmosphere, to improve work through agreements; | ||
| • Freedom of association and collective bargaining protected by mandatory elections and regular interaction opportunities with colleagues and the management; | ||
| • Responsible management and reorganisation (where it occurs); | ||
| • Access to training; | ||
| • Regular employee engagement surveys. | ||
| SUPPLIERS | ||
| developers, contractors, service providers, facility managers, real estate agents, solicitors and consultants | • Collaboration opportunities; | |
| • Compliance with purchase orders and signed contracts: product and service prices, payment deadlines, etc.; | ||
| • A healthy, well-balanced commercial relationship; | ||
| • Respect for suppliers' staff. | • A Supplier Code of Conduct; | |
| • Clear specifications and tender rules; | ||
| • Acceptance of the delivered products and services agreed upon by both parties; | ||
| • Payment of agreed amounts within the agreed deadlines; | ||
| • Openness to dialogue in the event of a dispute; | ||
| • A Code of Good Conduct that includes supplier relationships; | ||
| • Commitment to reduce social risks in its supply chain. | ||
| SUPERVISORY AUTHORITIES | ||
| Financial Services and Markets Authority (FSMA), the National Bank, auditors, municipal, regional, and federal authorities | • Compliance with the laws and regulations in effect, particularly those governing town planning and environment; | |
| • Open dialogue through professional associations; | ||
| • Compliance with public space planning rules. | • Financial and sustainability publications and press releases that meet regulatory requirements; | |
| • Timely transmission of information on the transactions carried out to enable the supervisory authority to review them without undue haste; | ||
| • Compliance with the legislation and procedures in effect, and the forms required by the authorities. | ||
| MEDIA, FINANCIAL ANALYSTS | • Accurate, reliable information and timely dissemination. | • Annual reports, press releases and other publications; |
| • Participation in interviews, round tables, debates and roadshows; | ||
| • Press conferences; | ||
| • Sustainability ratings and references. | ||
| CIVIL SOCIETY | ||
| local residents, civil society associations, etc. | • Responsiveness to society's actual real estate needs; | |
| • A contribution to citizens' well-being; | ||
| • Improvement in urban quality of life and harmony; | ||
| • Payment of taxes. | • Investment in segments that represent demand and respond to a present and future societal challenge (healthcare real estate, PPP); | |
| • Respect for the neighbourhood when refurbishing buildings or during new developments; | ||
| • Citizens' initiatives supported by Cofinimmo's employees. |
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Reducing energy intensity
Labels with an environmental focus
Cofinimmo's environmental policy can be found on the company's website: www.cofinimmo.com/about-us/governance/charters.
| Organisation / Institution | Label description | Latest ratings / certifications | Initial rating | Evolution | ||
|---|---|---|---|---|---|---|
| The GRESB Real Estate Assessment underpins the investor-driven global sustainability benchmark and reporting framework for listed property companies, private property funds, developers, and investors that invest directly in real estate. | 2025 | |||||
| Green Star | ||||||
| With a standing investment score of 72% | ||||||
| (GRESB methodology changed in 2024) | 45% | 77% | 70% | 72% | ||
| 2014 | 2023 | 2024 | 2025 | |||
| The data surfaced through CDP provides companies, investors and policymakers with the crucial insights they need to make informed, earth-positive decisions. | 2025 | |||||
| B | ||||||
| (on a scale going from A to D-) | ||||||
| European regional average: B | ||||||
| Financial services sector average: B | C | B | B | B | ||
| 2013 | 2023 | 2024 | 2025 | |||
| Asset-level building certifications recognise assets that are designed, constructed, and/or operate consistently with independently developed sustainability criteria. | 2025 | |||||
| BREEAM New Construction – Good to Outstanding | ||||||
| (13 certificates) | ||||||
| HQE – Excellent (1 certificate) | ||||||
| BREEAM In-Use – Very Good to Excellent (28 certificates) | ||||||
| ActiveScore – Gold to Platinum (17 certificates) | ||||||
| ModeScore – Gold (1 certificate) | ||||||
| WELL CORE™ – Platinum (1 certificate) | 1 | 27 | 54 | 61 | ||
| 2010 | 2023 | 2024 | 2025 |
Environmental trends
-2.6%
Change in carbon intensity for scopes 1, 2 (location-based) and 3 in absolute terms
2.8%
Change in electricity consumption on a like-for-like basis
3.4%
Change in fuel consumption on a like-for-like basis
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| Performance indicators | Evolution | ||
|---|---|---|---|
| 2023 | 2024 | 2025 | |
| GHG emission intensity for scopes 1 and 2 adjusted to property result | 9.8 t CO₂e/MEUR/year | 7.8 t CO₂e/MEUR/year | 7.9 t CO₂e/MEUR/year |
| GHG emission intensity for scopes 1, 2 and 3 adjusted to property result | 138.2 t CO₂e/MEUR/year | 150.4 t CO₂e/MEUR/year | 180.1 t CO₂e/MEUR/year |
| GHG emission intensity linked to the energy consumption of the portfolio for scopes 1 and 2 | 12.9 kg CO₂e/m²/year | 14.3 kg CO₂e/m²/year | 13.7 kg CO₂e/m²/year |
| GHG emission intensity linked to the energy consumption of the portfolio for scopes 1, 2 and 3 | 23.9 kg CO₂e/m²/year | 24.8 kg CO₂e/m²/year | 24.5 kg CO₂e/m²/year |
| Energy intensity per year (normalised to property result) | 766 MWh/MEUR/year | 813 MWh/MEUR/year | 1,017 MWh/MEUR/year |
| Energy intensity per year (normalised to surface area) | 142 kWh/m²/year | 138 kWh/m²/year | 139 kWh/m²/year |
The above figures include market-based scope 2 emissions.
Location-based scope 2 emissions are available in the appendix 'EPRAsBPR performance indicators'.
> Nursing and care home - Swisttal (DE)
Objectives
6.8%
Renovation of the portfolio excluding new constructions, extensions and acquisitions (healthcare real estate and office segments) by 2030
130 kWh/m²/year
Energy intensity across all segments by 2030
90%
Surface areas covered by a sustainable collaboration agreement between Cofinimmo and the tenant (healthcare real estate and office segments) by 2020
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Structured approach to climate risks
According to the European Environment Agency, in 2024, the real estate sector was responsible for around 35% of greenhouse gas (GHG) emissions in Europe. Given this, Cofinimmo strives to ensure optimal energy performance in its buildings, in terms of both landlord and tenant consumption. It also aims to reduce its GHG emissions, covering both operational and embodied carbon. Cofinimmo has been committed to a sustainability strategy for more than 15 years and is convinced that it is possible to aim for a net zero society by 2050 while guaranteeing the interests of all its stakeholders.
With a portfolio of more than 2.4 million m³, Cofinimmo is aware of its carbon footprint and its potential to contribute to limiting global warming. This includes both embodied and operational emissions. In addition to carbon, fugitive emissions of fluorinated greenhouse gases are an important and growing source of emissions for the construction sector, mainly from refrigeration and air conditioning systems. Due to Cofinimmo's rental activities, the main target for reducing GHG emissions is in scope 3, more specifically tenants' energy consumption, which Cofinimmo has been reporting since 2010 and which represents 92% of its total emissions in 2025.
Strategic thinking in 2019 has resulted in an ambitious project to reduce the energy intensity of the portfolio by 30% (compared to 2017 levels) to reach 130 kWh/m²/year by 2030 (30³ Project). This objective was established following the science-based targets methodology, which makes it possible to objectivise the effort required to contribute to the goal of limiting global warming to a maximum of 1.5°C. This builds on the many sustainability initiatives set by Cofinimmo. Launched at the beginning of 2020, this project covers all the segments and all the activities directly managed within the company such as sales and acquisitions, development, construction management and day-to-day property management. Only a 360-degree approach, considering the entire life cycle of buildings, will enable the Group to achieve the objective set, with the ultimate aim of reducing its carbon footprint. The objectives defined therefore cover the entire value chain of the Group and all relevant greenhouse gas (GHG) emissions.
Climate change governance framework
At the heart of this structured plan to respond to climate risks, inspired by the recommendations of the TCFD, is a longstanding commitment to transparency in sustainability data through standardised reporting of key sustainability performance indicators in line with the EPRA sBPR reporting standard (see pages 282-301).
Knowing the real performance and being able to report it with a standardised approach, climate risks fit into Cofinimmo's overall risk management approach, which is defined on pages 264-269.
Climate risk assessment involves identifying transitional and physical risks and assessing their impact. The risk types below are categorised according to the key risks identified in the section 'Risks relating to sustainability' of the chapter 'Risk factors (see page 269).
Disabled care facility - Oulu (FI)
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| Impact on building sustainability | Impact on sustainability transparency |
|---|---|
| Current and future regulations, such as the EU Energy Performance of Buildings Directive (transposed into national regulation), require higher levels of energy performance for every new or renovated building. This includes embodied carbon obligations. | Emerging regulations, such as the CSRD and the EU Taxonomy (including the uncertainty related to changes in the relevant legislation) will define access to financial instruments in the future and determine what sustainable real estate activities need to respond to. |
| The obligation to provide charging stations for electric vehicles is a new technology for which the indirect risks have not yet been fully identified, such as the fire safety of electric cars in underground parking lots. As a result, insurance premiums and cybersecurity risks associated with connected objects may be higher. | Investors use multiple benchmarks, which creates a reputational risk. Cofinimmo has considered the risk of not qualifying or proactively engaging with benchmarks and the potential impact of receiving a score that does not accurately reflect the company's efforts in terms of sustainability, while maintaining objectivity by not using paid services. |
| Consumers are demanding buildings with good energy performance as rising energy costs and the desire to reduce their carbon footprint create a risk in the market. | |
| During the acquisition phase (due diligence), acute and chronic physical risks are assessed through a specific risk analysis based on available climate risk tools and an organised framework to improve the quality of information used in the decision-making process. |
This section describes how the Group manages the risks associated with mitigating climate change, with a focus on reducing greenhouse gas (GHG) emissions associated with the energy intensity of the portfolio. In line with its sustainability strategy, Cofinimmo intends to pursue a sustainable financing policy, which is described in the chapter Financial resources management' (see pages 52-65).
Finally, the management of sustainability issues, including the review of climate change risks, is an integral part of the overall governance structure, with the Head of Sustainability reporting directly to the CEO. For more details on Cofinimmo's governance structure and the company's commitment to monitoring risks relating to sustainability and climate risks at all levels of its structure, see the 'Corporate governance statement' on page 138.
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Committing to action on climate change
In 2020, Cofinimmo became a member of the Belgian Alliance for Climate Action, a joint initiative of The Shift and WWF. This platform is open to Belgian organisations of all sizes and sectors, and aims to connect those that share the ambition to accelerate the transition to a net zero society. Its focus lies on science-based climate action, achieved through science-based targets, peer learning, interactive workshops and inspiring events.
Approximately 10,000 companies worldwide have SBTi-validated targets. The Group's 30th Project is part of this approach and contributes directly to the Group's target to reduce greenhouse gas emissions, validated by the Science Based Targets Initiative (SBTi). The 15°C target for 2030 was approved using the standardised validation method for targets reserved for small and medium-sized enterprises (SMEs). In the short term, an annual assessment is carried out to ensure commitments are met in line with the annual target. A linear approach to the 30th Project would imply reducing energy consumption by up to 150 kWh/m²/year by 2025. In the long term, Cofinimmo is actively working to define its 2050 targets and is committed to setting them by 2030 at the latest. Several interim targets will be set in the medium term to ensure that the 2050 targets are met, or even exceeded, by an earlier date. With this in mind, Cofinimmo is committed to reviewing its targets in line with the SBTi's Mandatory Five-Year Review, starting in 2026 and every five years thereafter.
Cofinimmo aims to neutralise and/or mitigate residual emissions beyond the value chain by offsetting and/or eliminating them in the long term. Although offsetting is not part of the Group's action plan in the short and medium term, carbon credits have been requested for a specific project in 2023.
Although Cofinimmo believes that carbon pricing regulations are an important leverage for reducing GHG emissions, the Group continues to prioritise transition planning at asset level, rather than implementing an internal carbon price at this stage, in line with CIRREM decarbonisation trajectories and the Group's LCA approach.
Understanding Cofinimmo's emissions
Cofinimmo has been reporting its scope 1, 2 and 3 emissions on a consolidated basis since 2010, using the GHG Protocol as the reference standard for measuring, managing and reporting its emissions. Cofinimmo uses an operational control approach. For the sake of completeness, scope 2 emissions are measured using both the market-based and the location-based method. In addition to the carbon footprint of the portfolio, the carbon footprint of Cofinimmo's head offices in Belgium and abroad is also reported (see box on page 109 for more details).
The Group uses a global building approach to assess the carbon footprint of its portfolio:
- Emissions from operational energy use in spaces controlled by landlord and tenants are included in the GHG inventory and within the target limits. This allows the company to distinguish the directly managed portfolio from the indirectly managed portfolio. While the directly managed portfolio includes both direct (scope 1) and indirect (scope 2) energy-related emissions, the indirectly managed portfolio only includes indirect emissions (scope 3 - category 13);
- Embodied carbon emissions include emissions from materials related to the construction phase (scope 3 - category 2).
The significant categories related to head offices are categories 1-2-3-5-6-7-9. The other categories of the 15 scope 3 categories have been assessed and classified as non-significant or not applicable.
In total, Cofinimmo is aligning its reporting with three standards: the GHG Protocol, the EPRA sBPR reporting standards and the VSME standards. This alignment work is not only useful at a corporate level but also with a view to harmonising the level of carbon accounting so that it is equivalent at a financial level.
Carbon accounting is evolving at the same pace as research into GHG emissions and their valuation. The GHG Protocol is a key reference for standardising carbon accounting to increase transparency. Greater transparency would increase awareness of how to make a positive contribution to reducing emissions.
In 2025, 73% of scope 3 emissions are based on primary data obtained directly by Cofinimmo.
Cofinimmo states that there have been no significant changes in the Group's sustainability position since the last emissions data report. The company has not undergone any structural changes, nor has the emissions accounting methodology been modified during the reporting year.
Office building Trône/Troon 100 - Brussels' CBD (BE)
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The Group's GHG emissions in 2025
SCOPE 1
2,748 tonnes of CO₂e
DIRECT EMISSIONS FROM DIRECTLY MANAGED PORTFOLIO
2,536 tonnes of CO₂e
SCOPE 2
2,816 tonnes of CO₂e (location-based method)
270 tonnes of CO₂e (market-based method)
INDIRECT EMISSIONS FROM DIRECTLY MANAGED PORTFOLIO
2,794 tonnes of CO₂e (location-based method)
248 tonnes of CO₂e (market-based method)
Head offices
234.2 tonnes of CO₂e
Fossil fuel consumption
39.1 tonnes of CO₂e
Fuel for car fleet
168.3 tonnes of CO₂e
Fugitive emissions
4.3 tonnes of CO₂e
Electricity consumption
22.4 tonnes of CO₂e
SCOPE 3
81,684 tonnes of CO₂e
INDIRECT EMISSIONS FROM INDIRECTLY MANAGED PORTFOLIO
60,940 tonnes of CO₂e of operational carbon (cat. 13)
20,355 tonnes of CO₂e of incorporated carbon (cat. 2)
Head offices
388.5 tonnes of CO₂e
Equipment (cat. 2)
127.3 tonnes of CO₂e
Business trips (cat. 6)
137.5 tonnes of CO₂e
Commuting (cat. 7)
59.3 tonnes of CO₂e
Paper purchase (cat. 1)
1.0 tonne of CO₂e
Energy upstream (cat. 3)
56.4 tonnes of CO₂e
Visitors (cat. 9)
2.3 tonnes of CO₂e
Waste (cat. 5)
4.6 tonnes of CO₂e
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The carbon footprint of Cofinimmo's head offices in Belgium and abroad
The total carbon footprint of Cofinimmo's head offices, including direct and indirect emissions associated with infrastructure and transportation, as well as indirect emissions associated with waste and equipment, has been tracked since 2009.
The carbon footprint per FTE is 4.3 tonnes of $\mathrm{CO}{2}\mathrm{e}$, i.e. $-38\%$ compared to 2009. If we make a like-for-like comparison between 2024 and 2025, the total footprint decreases to 623 tonnes of $\mathrm{CO}{2}\mathrm{e}$ (+7% compared to 2009 and -18% compared to 2024). The decrease in the figures for 2025 compared to 2024 is linked to the electrification of the vehicle fleet and the improved data collection on the consumption of head offices located outside of Belgium. A bike-for-all green mobility policy is in place to further reduce mobility-related emissions, thus directly contributing to the commitment to reduce scope 1 and 2 GHG emissions by 50% by 2030 from a 2018 base year, as well as to measure and reduce scope 3 emissions as required by the Science Based Targets initiative for SMEs. Cofinimmo goes one step further and has set an energy intensity target on scopes 1-2-3 combined, see $30^{3}$ Project.
Cofinimmo's head offices – Footprint per scope in 2025 (% emissions in tonnes of $\mathrm{CO}_{2}\mathrm{e}$)
The head offices' GHG emissions intensity is expressed in FTE to account for the relative impact of mobility-related emissions.
Since 2023, besides its head office in Brussels, Cofinimmo has also included its head offices located outside Belgium.
Head offices' GHG emissions intensity (tonnes of $\mathrm{CO}_{2}\mathrm{e}/\mathrm{FTE}$)
10
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Operational carbon action plan for standing assets
Cofinimmo has been publishing energy data for its portfolio since 2010, enabling it to establish benchmarks and a plan for the portfolio's transition towards a low-carbon system by applying the following mitigation hierarchy in the short term: preventing energy needs, monitoring energy consumption in order to reduce it, and decreasing the proportion of fossil fuels by increasing the proportion of renewable energies.
To take into account the policy risks associated with decarbonisation paths towards a net zero economy, Cofinimmo has opted for the 1.5°C CRREM scenario at asset level by 2050 in order to meet the highest standards. CRREM (Carbon Risk Real Estate Monitor) is the leading global standard and initiative for operational decarbonisation of real estate assets. The initiative provides targets and trajectories for GHG and energy intensity by property type and country for the 1.5°C and 2°C global warming targets.
To mitigate the financial risk associated with the transition towards a low-carbon economy, Cofinimmo applies a seven-step approach by involving the relevant stakeholder:
- acquisition policy with a target average energy intensity until 2030 for the acquired portfolio;
- renovation projects aiming for a maximum target energy intensity, taking into account economic viability and technical constraints;
- maintenance work to reduce the energy intensity of the existing portfolio, based on energy audits linked to the CRREM 1.5°C pathway;
- operational management in partnership with suppliers to improve the energy performance of existing assets;
- proactive dialogue with tenants based, at a minimum, on annual visits;
- sustainable financing framework based on a list of eligible environmental and social assets;
- application of the Sustainability Policy by collaborators.
The way in which Cofinimmo encourages its customers to use smart meters is an important link between its financial strategy and sustainability goals. Energy savings help to achieve emissions targets and save tenants money. Healthcare providers can use these savings to improve care, which benefits society as a whole.
GHG emissions linked to the energy consumption of the portfolio (scopes 1, 2 and 3 in tonnes CO₂e)
70% reduction of the Group's GHG emissions (scopes 1 + 2 market-based) from 9,258 tonnes of CO₂e in 2018, start of the SBTi objective, with a target of 4,629 tonnes of CO₂e in 2030, representing a 50% reduction.
Variation of GHG emissions of the Group (scopes 1 + 2 market-based) of +1% between 2024 and 2025.
The increase in scope 3 is explained by an increase in data coverage. In 2025, the coverage comprises the entire portfolio at 100%.
The decrease in scope 2 between 2017 and 2018 is explained by a change in methodology (from location-based to market-based).
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Final energy intensity of the portfolio (in kWh/m²/year)
Cofinimmo has managed to maintain its energy intensity more or less stable between 2024 and 2025, while completing the data at 100%.
In 2025, 79% of electricity consumption comes from actual measured data.
The Group's energy intensity has been reduced by -37% since 2010.
The final target for energy intensity is 130 kWh/m²/year by 2030.
Prevent
Cofinimmo is actively involved in reducing greenhouse gas emissions by anticipating energy needs through development projects. The aim is to work towards a net zero policy by 2050, often going beyond legal requirements and excluding the use of fossil fuels. For healthcare real estate, the Group is raising awareness among tenants, while for the office segment, it is influencing consumption from the moment the buildings are occupied.
In 2025, Cofinimmo continued its net zero roadmap through completing 241 energy audits covering 74% of the total surface area of healthcare real estate and office segments. This roadmap supports the national decarbonisation plans in France and the Netherlands, and is implemented in close collaboration with tenants.
The following energy efficiency measures were mainly implemented in the portfolio over the last three years:
- upgrade of regulation management system in buildings;
- installation of high-efficiency HVAC equipment in buildings;
- wall and/or roof insulation in buildings;
- window replacements in buildings.
Monitor
Cofinimmo reduces energy intensity by monitoring the consumption of building equipment. Since 2018, multi-tenant office buildings have been equipped with remotely readable meters, and the integration of the meters is in the process of being finalised for healthcare real estate and single-tenant office segments. As the digitisation of energy data helps track emissions at the building level, in 2025, 86% of healthcare facilities and 86% of office buildings were equipped with remotely readable meters.
Cofinimmo is convinced that reducing the environmental impact of rented space benefits both tenants and landlords. For this reason, the Group offers its tenants sustainable cooperation agreements, formalised through green clauses or green charters. Since 2020, every new lease includes a green clause to improve environmental performance and share energy and water consumption data. As at 31.12.2025, approximately 80 tenants had accepted these agreements, covering 83% of the portfolio.
The average primary energy consumption (in kWh/m²/year) of the entire building stock decreased by 20% between 2020 and 2025. This exceeds the Energy Performance of Buildings Directive (EPBD) requirement for Member States to reduce the average primary energy consumption of the entire residential and non-residential building stock by 16% compared to 2020.
The results for energy consumption and GHG emissions are available in the 'Appendices to the sustainability report'.
Renewable energy sources
Cofinimmo aims to increase the proportion of renewable energy by signing a purchase contract for electricity from renewable sources, thereby reducing greenhouse gas emissions to zero for surface areas under operational control.
In the face of heat waves in Europe, solar energy is used to power cooling systems, reducing pressure on the grid and cutting energy costs. Photovoltaic panels will be installed in five countries by 2029, and in 2025, 29 facilities in the Netherlands were equipped with panels.
As at 31.12.2025, the photovoltaic panels installed in 118 buildings generate 7,204 MWh per year. Cofinimmo also focuses on installing photovoltaic panels in construction, renovation and extension projects. By the end of 2025, 90% of current projects included photovoltaic panels, covering 14% of energy needs, with an estimated production of 716 MWh.
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Embodied carbon action plan for development projects
The Resource Efficiency and Climate Change Report published in 2020 by the International Resource Panel (IRP), and the Greenhouse Gas Emissions Gap Report published in 2019 by the UN Environment Department, conclude that the carbon emissions related to the use of materials in construction are estimated to account for about 10% of total yearly GHG emissions worldwide. According to a Ramboll study from 2023, WLC (Whole Life Carbon) emissions of buildings account for 41% of the total annual emissions in the European Union. Across the entire European building stock, 21% of WLC emissions occur as embodied carbon emissions.
A life cycle analysis (LCA) is a methodology that assesses the environmental impacts associated with all the life cycle stages of a building. Performing an LCA within the framework of a new development makes it possible to understand which stage and which material is the most harmful to the environment. Also, an LCA incorporates both the operational carbon and the embodied carbon and helps make design decisions. Aiming to reduce operational carbon emissions might mean that more materials are required during renovation, e.g. for insulation. The additional materials used will result in higher embodied carbon emissions, but these emissions will be offset over the lifetime of the asset by lower operational carbon emissions. Embodied carbon is now the main challenge since reduction in operational carbon linked to energy use of the building have had the focus over the last years.
In 2025, the GHG emissions linked to the delivery of projects amounted to 20,355 tonnes of CO₂e. Measuring GHG emissions of delivered projects is part of the plan to manage, develop and construct net zero carbon buildings.
The transition to lower-carbon construction materials and methods creates direct implications for key stakeholder groups. Tenants depend on long-term operational efficiency gains that result from design choices informed by LCA, while local communities may be affected by short-term
construction impacts and by the resilience and safety of the built environment over time. Cofinimmo also depends on a skilled workforce and responsible supply chain partners capable of delivering low-carbon materials and applying evolving construction techniques.
Office building Montoyer 10 (M10) - Brussels's CBD (BE) - © Hannelore Veelaert
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Embodied carbon
Cofinimmo
Universal Registration Document 2025
Cofinimmo at a glance
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Nursing and care home - Bavel (NL)
Physical risk action plan
Cofinimmo's decarbonisation efforts help mitigate transition climate risks. Nevertheless, Cofinimmo still has to consider the climate risk of higher temperatures with more extreme weather events, such as heavy rainfall and heat waves, which could pose physical risks to its buildings. The same physical risks are assessed during the acquisition phase (due diligence) to improve the quality of the information used in the decision-making process.
Since 2022, Cofinimmo has been working with MSCI to conduct a detailed physical climate risk analysis of its healthcare real estate and office portfolios. The analysis includes exposure to natural hazards such as extreme heat, river and coastal flooding, storms and wildfires using multiple scenarios. Cofinimmo chose the IPCC | 5° | SSP5-8.5 scenario as the worst-case scenario for 2050. The detailed quarterly assessment shows the physical risks to which its assets are exposed based on their geographical location.
The identified risks are prioritised and assets are ranked according to their vulnerability. Based on the initial studies, only a few buildings could be affected. The results are being used to define a roadmap for resilience to physical risks, which includes adaptation measures applicable to exposure to specific risks. This approach is inspired by the EU Taxonomy criteria for contributing to the objective of climate adaptation, which requires a robust assessment of climate risks and vulnerabilities, including an evaluation of adaptation solutions.
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Skilled and service-minded employees
Labels with a social focus
Cofinimmo's social policies can be found on the company's website: www.cofinimmo.com/about-us/governance/charters.
| Organisation / Institution | Label description | Latest ratings / certifications | Initial rating | Evolution | |||
|---|---|---|---|---|---|---|---|
| standard ethics | The Standard Ethics Rating (SER)^{b} is an opinion on the level of compliance of a company with the international indications on sustainability provided by the European Union, United Nations and OECD. | 2025 | |||||
| EE+ (Very strong) | |||||||
| (on a scale going from F to EEE) | |||||||
| SE Belgian Index | EE+ | EE+ | EE+ | EE+ | |||
| 2015 | 2023 | 2024 | 2025 | ||||
| CYCLE FRIENDLY EMPLOYER CERTIFICATION | The cycle-friendly employer certification is an acknowledgement for the effort to improve the situation for employees that cycle to work. | 2022 - August 2029 | |||||
| Gold (on a scale going from Bronze to Gold) | Gold | Gold | Gold | Gold | |||
| 2022 | 2023 | 2024 | 2025 | ||||
| EQUILEAP | |||||||
| www.2107490023 web site/cebr | The Equileap gender equality score is based on the 19 indicators listed in the Equileap Gender Equality Scorecard^{TM} that is inspired by the United Nations Women's Empowerment Principles. | 2024 | |||||
| 63% | 58% | 58% | 63% | 63% | |||
| 2019 | 2022 | 2023 | 2024 | ||||
| Great Place To Work | |||||||
| www.greatplacework.com | The Great Place To Work^{TM} certification label is awarded on the basis of employee experiences that are assessed using the Great Place To Work^{TM} model. | February 2025 - February 2026 | |||||
| Great Place To Work^{TM} certification granted for Belgium and Germany | BE DE | BE DE | BE DE | BE DE | |||
| 2023 | 2023 | 2024 | 2025 |
Cofinimmo | Universal Registration Document 2025
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Objectives
500 hours
of volunteering work for 2026
40 hours
of training per employee for 2026
90%
of employees who attended compliance training courses launched in 2026
The success of an organisation depends on an inspiring vision and the people who make it a reality. Cofinimmo values its employees, who take pride in contributing to the Group's success. The company believes that inclusion, respect and equality enrich the decision-making process. To ensure its growth, Cofinimmo invests in its employees' personal and professional development, focusing on their safety, well-being and resilience through various initiatives.
I. Respect for differences and cultural inclusion
Inclusion among employees within Cofinimmo's human resources policy is reflected in initiatives dealing with recruitment, staff management and communication. The Chief Human Resources Officer is responsible for implementing inclusion objectives.
Whether internally or in interactions with external stakeholders, Cofinimmo has long since adopted a high level of ethics, an essential prerequisite for inclusion, non-discrimination and respect for individuals, institutions, and the rule of law.
This includes:
- a Code of Good Conduct;
- shared and supported values: we care, we connect, we commit;
- open and transparent feedback and feedforward culture based on trust and mutual help for joint success;
- right and encouragement of self-expression, information and personal development for all employees to grow with the company.
General principles of recruitment and selection
At all stages of the selection process, Cofinimmo's objective is to check the candidates' suitability for the position and the company, as well as their motivation, without any other consideration that could be described as discriminatory.
During selection interviews, Cofinimmo undertakes not to express any evaluation, judgement, or criticism, and not to ask candidates any questions which might be considered discriminatory or vexatious, given their values, personal and family choices and lifestyle.
Cofinimmo has the success and well-being of its staff at heart. To avoid hiring errors when recruiting new employees, Cofinimmo applies an objective selection procedure by using non-discriminatory assessment tests that measure personal abilities, behaviour traits, preferences and motivations. This aims to identify the best possible match between the employee and both the requirements of the function and the corporate culture. If Cofinimmo relies on an external service provider for this assessment, they are evaluated to ensure that they have the skills, methods, and selection tools appropriate for the requirements of the position, and that the persons responsible for evaluating candidates adhere to the principle of non-discrimination.
Information on job vacancies and subcontracting
When Cofinimmo advertises its job vacancies, the content does not include any term, reference, or criterion of a discriminatory nature. If recruitment and selection professionals are engaged in the selection process, the company first ensures that these intermediaries adhere to the principle of non-discrimination and that they apply it at all stages of the procedure.
22%
Average salary gap between genders
100%
Share of employees receiving fair wages above the legal minimum requirement in terms of subsistence wages
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Inclusion
Cofinimmo gives equal consideration to the recruitment of persons with reduced mobility or other disabilities for positions where duties are compatible with such disabilities, in line with its HR policy. Cofinimmo endeavours to make all reasonable arrangements to facilitate access to its premises and to the workstation and to promote the success and well-being of staff with reduced mobility or other disabilities. In 2025, special efforts were made to accompany persons with a temporary reduced mobility. No people with permanent disabilities are currently employed in the Group.
Welcome and on-boarding
Irrespective of the position held and its hierarchical level, Cofinimmo applies an on-boarding programme (including training related to governance risks) so that each new employee can integrate quickly and smoothly into the company.
Likewise, all employees who leave Cofinimmo are invited to freely express the reasons for their departure to their manager and/or the Human Resources Department during an exit interview.
Information and working tools
Cofinimmo believes it is essential that all its employees, without distinction, have the information they need to carry out their duties, understand those of their manager and colleagues, and remain abreast of developments in the company.
The company's labour regulations are made available to all employees via the intranet and the company regularly organises information sessions where all employees - or a subset, depending on the topics addressed - are invited to attend and given the opportunity to speak up. In 2023, the right-to-disconnect policy was published and communicated to all employees. This policy describes the modalities of the right to be unavailable outside working hours, i.e. to disconnect from digital resources, including communication devices, without fear of reprisals.
Cofinimmo offers its staff the most modern and best-adapted tools, procedures, and working methods so that they can succeed in their positions with an optimal level of comfort and well-being.
Cofinimmo regularly ensures that employees in management positions continue to master their functions and that they continue to do so in the spirit of the principles of equality and inclusion within Cofinimmo.
Compliance with regulations
Discriminatory practices and homophobic, xenophobic, or racist remarks, whether made internally or towards people outside Cofinimmo, are prohibited and are subject to sanctions. The same applies to visiting xenophobic or racist websites at work, or to the use of discriminatory or vexatious language in emails.
The trusted contact person designated within Cofinimmo is attentive to the proper application of the principles of equality and inclusion.
A mechanism for claiming freedom of association and collective bargaining, including confidential channels such as the trusted contact person is available. Procedures are communicated to all employees during on-boarding and regularly thereafter. In 2025, no cases of discrimination or harassment breaches were identified.
Remuneration policy
The salary package that Cofinimmo offers its employees is set on the basis of identical criteria for everyone and takes into account an objective classification of roles, which forms the benchmark for assessing overall remuneration in the respective markets where the Group operates and employs people. Basic remuneration is compared with that of a comparable market and the ranges are set at a competitive level, above the legal minimum. The compensation package includes, among other things, a benefit plan, a profit-sharing scheme and, since 2009, a non-recurring bonus tied to company results as variable pay elements for its Belgian staff.
The remuneration policy includes a mechanism that ensures that personal performance targets (including sustainability-related) are taken into account annually during appraisals with positive or negative financial consequences. Also, non-financial consequences can be applied as not getting a promotion. Examples of individual sustainability targets are defined per department. For project management it can be obtaining a BREEAM New Construction certification for a specific project, for property management it is reaching the energy reduction objective for a specific asset. At least one sustainability-related goal is mandatory for all employees. In 2025, sustainability-related targets were assigned to all employees.
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Given the desired work-life balance and in particular, the issues associated with commuting (i.e. traffic congestion), employees have expressed the need to organise their time more optimally. In response to this request, and to enable employees to work from home effectively, Cofinimmo has implemented a policy on IT and hybrid working. It provides appropriate IT infrastructure and has added a home internet subscription or allowance to the compensation package.
In Belgium, employees also enjoy a series of other fringe benefits such as company car, bike-for-all programme, group insurance, private health insurance, meal vouchers and eco-cheques, smartphone, laptop computer, warrant plan, etc. Since legislation differs from one country to another, a series of various benefits has also been implemented in the other countries in which the Group operates in line with local benchmarked practices. Complementary pension, death, disability and medical schemes are the common denominator across the Group's branches.
As part of its commitment to health and sustainability, Cofinimmo has introduced a programme to encourage people to cycle to work using company bicycles. One-third of its Belgian employees actively use this scheme. The cycling policy has also been recognised with the Gold Cycle Friendly Employer Certification, making Cofinimmo the second company in Belgium to receive this prestigious award.
While being closer in size to an SME, Cofinimmo draws from the same talent pool as the BEL20 companies in its search for talent. Thus, in addition to its dynamic culture and core values, Cofinimmo pays close attention to alternative forms of remuneration to build loyalty.
II. Employee training
With a medium-term vision, Cofinimmo promotes the professional and personal development of each employee at every stage of their career. In the longer term, it aims to ensure that the end of a career is both rich in challenges and free of concerns for the future.
Cofinimmo achieves this through an extensive learning plan, which combines workplace learning with more traditional forms of classroom-based learning (online or otherwise) and social learning, such as coaching and mentoring. These learning opportunities are made widely available so that employees can reach their full potential.
Investing in its employees allows Cofinimmo to benefit from their increased effectiveness and commitment, and above all to meet its excellence objectives.
Investors In People (iiP) accreditation
In 2006, Cofinimmo was one of only a few (less than ten) companies in the Brussels-Capital Region to obtain the iiP accreditation.
Since its Gold accreditation in 2018, Cofinimmo has managed to renew this credential every three years, which demonstrates that the company invests in and listens to its employees. Such an accreditation also makes it possible to attract new talents who appreciate the company's sustainability approach.
Only 16% of organisations worldwide have seen their accreditation renewed. This is a positive recognition of the company's commitment to empower people and provide them with an engaging business environment. Since 2023 Cofinimmo decided to end the participation to iiP and to replace this with a recurring measurement via Great Place To Work™, a more common methodology in continental Europe.
Great Place To Work™ accreditation
In its relentless pursuit of fostering a workplace culture that prioritises the engagement and motivation of its staff, Cofinimmo recognises the pivotal role it plays in both individual well-being and overall business performance.
7 days
of training per employee per year
9,880 hours
of training per year
100%
Employees who attended one or more training courses
89%
Employees who attended one or more sustainability-related training courses
96%
Employees with a long-term higher education qualification (Bachelor or Master's Degree)
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Cofinimmo actively gauges the pulse of its organisation through regular engagement surveys, therefore enabling to translate a wealth of invaluable information into actionable plans that drive positive change. In December 2023, the company participated for the first time in the Great Place To Work™ survey. In March 2025, the Great Place To Work™ accreditation was renewed for the 2nd time with a participation rate of . This comprehensive assessment delves into the sentiments of its employees regarding their leaders, roles, and colleagues, focusing on the pillars of trust, camaraderie, and pride.
The outstanding participation rate demonstrates that a significant majority of its workforce considers Cofinimmo a truly great place to work. This achievement is a testament to the dedication and commitment of the team at all levels within the organisation.
However, the journey does not end here. Driven by a real commitment to continuous improvement, the Group is proactively implementing strategic actions to elevate its workplace environment even further. By nurturing a culture of collaboration, trust, and pride, it aims to create an environment where every individual thrives and contributes to the collective success of the Group.
Continuous training policy for employees and managers
Cofinimmo offers the same training and development opportunities to all its employees, without discrimination. Its ambition is to enable each employee to reach his or her full potential. This training offer goes well beyond the legal requirements. It is based on the desire to prepare everyone for new roles, within the company or elsewhere while ensuring that their skills align with market requirements. Cofinimmo always favours internal promotion whenever possible.
Investment in development
Cofinimmo is devoting time and financial resources to achieving an ambitious level of development hours per employee. The target for 2025 was 40 hours per employee. The Group has put in place an extensive talent development process, with a varied offer ranging from training to coaching. This vision is supported by HR technology and an annually updated development plan for each employee.
The talent development offering is structured around four main categories:
- training;
- coaching;
- compliance training;
- leadership development.
Training
A training catalogue, updated annually, offers a wide range of courses delivered by experts in areas that add value to the business while supporting the individual development of employees. In 2025, the focus was on personal organisation and efficiency, languages, communication and collaboration, ICT skills, safety, sustainability and inclusion in the workplace.
In 2025, all teams were trained to sustainable management through five sessions of the Sustainability Academy on topics relevant to real estate. This allowed employees to interact with sustainability experts throughout the year. This programme aimed to familiarise them with the latest trends and enable them to transfer this knowledge to their professional environment.
The Group also offers an e-learning platform with 7,000 e-learnings. Thanks to a partnership with a supplier of authoring tools, the company has developed around fifty internal e-learning courses. This is how knowledge management fits into its vision of talent development.
One example is the cybersecurity awareness programme, which includes an automated phishing simulation system and regular training sessions. In 2025, 100% of employees participated in these training sessions.
In addition to the catalogue and online training, employees can also request external training courses to further develop their professional skills.
Coaching
In addition to training, the Group gives great importance to coaching. In 2022, Cofinimmo has established a partnership with CoachHub, based on the concept of democratising coaching. This programme is not reserved for the elite or for solving problems but is an offer open to everyone to promote personal growth and reach their full potential.
There are ten permanent licences for unlimited coaching. In 2025, 28 employees have benefited from this programme.
The company's diversity policy and key indicators are an integral part of the corporate governance statement (see pages 138-179) and the company's HR policy.
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Compliance training
Part of the training offering includes mandatory compliance training courses, such as:
- Dealing Code;
- Whistleblowing Policy;
- Corporate Values;
- Environmental Policy and ISO 14001;
- GDPR regulation;
- Human Rights Policy;
- Supplier Code of Conduct;
- Code of Good Conduct;
- Sustainability Policy;
- Anti-Corruption, Fraud and Money Laundering Policy.
In 2025, 91% of employees have completed the above training courses.
Leadership development
In 2024, Cofinimmo launched 'Energize Performance', a two-year leadership development programme for current and future managers. The company firmly believes in the key role of leadership in unlocking potential and performance within the organisation. This programme encourages the Group's leaders to get to know themselves better, to adopt a growth mindset and to stimulate their teams and the organisation as a whole.
The programme also has a strong diversity, equality and inclusion component. This programme ended in March 2026.
Fair access to every opportunity
These opportunities are offered fairly, regardless of the country in which the employee works.
The choice of training courses is made by mutual agreement between the employee, his or her manager and the Human Resources Department. It considers competitive or sector advances, team development needs, new trends and the potential to take on a more senior role.
Cofinimmo also uses external partners and institutions for training and development. All programmes are evaluated through internal and external feedback mechanisms.
Corporate values
In 2022, Cofinimmo renewed its values. 'We care, we connect and we commit' are the three corporate values and foundation of the company culture. Detailed descriptions of Cofinimmo's three values can be found on the company's website: www.cofinimmo.com/about-us/governance/charters.
These values are a compass for the collaborators' daily interactions with each other, the customers and the stakeholders. They originated from a culture review during which the Group's staff expressed their personal beliefs, convictions and motivators. The outcome allowed essential behaviours to be defined to realise Cofinimmo's inspiring business purpose.
III. Employee safety and well-being
Recruiting strong candidates is good. Making them want to stay is even better. For the current generation, the vast majority of workers claim, above all else, to seek fulfilment in their work.
In response, Cofinimmo has implemented a series of measures aimed at creating the best possible conditions for employee performance and well-being.
On-boarding
On arrival, new employees receive a welcome pack that sets out the workplace safety standards and other practical measures. Employees are individually welcomed by the Human Resources Department and by the members of the Executive Committee.
Information sessions are organised regularly to allow all employees to discuss matters with members of the Executive Committee.
Informing employees also involves the following actions:
- maintaining physical and digital information channels;
- organising time to interact with other employees;
- informing employees of their safety-related rights and obligations.
Good health
Cofinimmo recognises the importance of its employees' physical well-being and offers the opportunity to undergo regular preventive medical examinations. All employees are entitled to a medical check-up every three years, from the age of 40 every two years and annually from the age of 50. It also takes initiatives to promote physical activity by organising free yoga or running classes, and by encouraging healthy eating.
Cofinimmo follows the Code of well-being at work. This Code applies to all employees. The role of the internal prevention advisor is carried out by the Human Resources Department. As required by law, Cofinimmo has drawn up an inventory of risks and established a written assessment of these risks for the health, safety and well-being of employees. Every employee has the right to stop work if he or she reasonably believes that a serious danger is imminent.
Cofinimmo, which does not present any major risks, is allowed to operate without a joint employer-employee committee but with the help of an external advisor. Cofinimmo organises an annual evacuation exercise at the head office and offers all employees fire-fighting and basic counselling training. Any employee may, on his or her own initiative, consult the occupational physician for any problem relating to his or her work or workstation.
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Resilience
Cofinimmo pays close attention to mental health and issues related to stress at work. The Group conducts ad-hoc surveys in its departments to measure stress in an objective, anonymous and professional way. The increase in workplace stress, which is all too common in the business world, can have severe consequences. It may lead to burnout and result in prolonged absences. For the employer, this causes organisational disruption and generates additional costs. In 2025, the total absenteeism rate was 1.9%, which is substantially better compared to the benchmark.
Depending on the countries where the Group operate, it puts in place benefits like home day-care service for sick children or childcare vouchers. The objective is to allow parents to improve their work-life balance, by sending a qualified person to take care of their sick child(ren) on a short-term assignment until the parents have found another solution, while the child(ren) remain in familiar surroundings. Childcare costs incurred under this programme are fully covered by Cofinimmo.
The flexible work arrangements offered to all employees are primarily used by women, but uptake among male employees continues to increase. Cofinimmo's support for flexible work arrangements is primarily reflected in the part-time status granted to 11% of employees. Part-time employees are mainly women but also include some male employees. As work-life balance is essential to employees' professional well-being, flexible work arrangements were also introduced to allow employees to adjust their working hours to their constraints and/or obligations. In addition, all employees have the option to obtain a short-term and/or long-term reduction in working hours for educational purposes and/or to take care of a loved one. In 2025, 100% of employees had flexible working hours in 16 different schedules in Belgium.
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Governing business with integrity
Cofinimmo's governance policies can be found on the company's website: www.cofinimmo.com/about-us/governance/charters.
Labels with a governance focus
| Organisation / Institution | Latest ratings / certifications | Initial rating | Evolution | ||||
|---|---|---|---|---|---|---|---|
| MSCI ESG RATINGS | |||||||
| CIRCULATE SEE THE COMPANY'S RATINGS OF THESE COMPANIES WITHIN THE EFFECT OF THE EFFECT OF THE EQUIPMENT OF THE ENFORCING EQUIPMENT | MSCI ESG Ratings are designed to measure companies' resilience to financially relevant, industry-specific sustainability risks and opportunities. | 2024 | |||||
| A¹ | |||||||
| (on a scale going from CCC to AAA) | BBB | AA | AA | A | |||
| 2013 | 2022 | 2023 | 2024 | ||||
| Corporate ESG Performance Priorities | |||||||
| ESG ESG | ISS ESG Corporate Rating evaluates companies' sustainability-related risks, opportunities, and impact along the corporate value chain. | 2025 | |||||
| C+ Prime | |||||||
| (on a scale going from D- to A+) | |||||||
| Real estate sector average: D+ | D | C Prime | C+ Prime | C+ Prime | |||
| 2013 | 2023 | 2024 | 2025 | ||||
| S&P Global | The CSA compares companies across 62 industries via industry-specific questionnaires that assess, on average, 23 sustainability topics in 110 questions. Based on their performance, companies receive scores ranging from 0 to 100 and percentile rankings for financially relevant sustainability criteria. | 2025 | |||||
| 54 | |||||||
| Real estate sector average: 33 | |||||||
| Included in the S&P Global Sustainability Yearbook 2026 | 22 | 54 | 55 | 54 | |||
| 2019 | 2023 | 2024 | 2025 | ||||
| CLIMATE | |||||||
| LEADERS | |||||||
| SCHOOLS | This annual list highlights companies making progress on cutting carbon emissions. | 2025 | |||||
| 74.9% Top 600. | |||||||
| Ranking 4th among 39 real estate companies in Europe and the United Kingdom | 63.9% Top 500 | 63.9% Top 500 | 69.1% Top 600 | 74.9% Top 600 | |||
| 2023 | 2023 | 2024 | 2025 | ||||
| SOLACTIVE | |||||||
| German Index Engineering | Solactive develops tailor-made and multi-asset class index solutions for ETFs and other index-linked investment products. | 2025 | |||||
| Constituent of multiple indices based on sustainability scores | EU Excel. | EU CSR Index | EU CSR Index | EU CSR Index | |||
| 2018 | 2023 | 2024 | 2025 |
- Disclaimer statement – The use by Cofinimmo of any MSCI ESG RESEARCH LLC or its affiliates (MSCI) data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of Cofinimmo by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided 'as-is' and without warranty. MSCI names and logos are trademarks or service marks of MSCI.
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Economic value generated and distributed in 2025 (x1,000 EUR)
| Economic value generated | Economic value distributed |
|---|---|
| +364,796 | -30,521 |
| Customers | Personnel |
| -30,456 | -240,072 |
| Suppliers of goods and services | Shareholders |
| +334,340 | -38,945 |
| Generated value | Financial expenses |
| -10,939 | |
| Public sector | |
| -320,477 | |
| Distributed value |
+13,864
Economic value retained within the Group
10.42 EUR
Human capital return on investment
As a listed European leader in healthcare real estate, Cofinimmo is naturally committed to transparency and ethics in the management of its activities vis-à-vis its stakeholders. The principles of corporate governance (see pages 139-146) apply to all the segments in which Cofinimmo operates and in all the countries in which it is present. In 2025, no political financial contributions nor contributions in kind were made.
Supplier due diligence
In 2025, Cofinimmo committed to over 2,000 suppliers, totalling 200 million EUR. The voluntary framework guiding the due diligence procedure for suppliers consists of two parts: procurement management and third-party risk management. This consists of a set of internal policies which are highlighted below.
Procurement management
The purpose of the procurement management policy is to establish a clear, consistent and transparent framework for procurement activities. It aims to ensure that goods, services and works are procured in a manner that delivers value for money while maintaining compliance with internal and external requirements.
It applies to procurement activities across the company and its subsidiaries, regardless of geographical location. All employees involved in procurement must adhere to this policy.
The objectives of implementing the policy can be summarised as follows:
- Ensure value for money and operational efficiency;
- Apply the same procurement standards and practices across Cofinimmo;
- Maintain transparency, accountability and compliance with legal and ethical standards;
- Mitigate risks and promote sustainability through sustainability-focused procurement;
- Uphold ethical practices, avoiding conflicts of interest and corruption.
Third-party risk management
The pursued maturity level is the defined or standardised level which is characterised by processes formalised with standard processes for due diligence, contracting and monitoring. Risk-based assessments, documented controls, established governance, use of technology for record-keeping and some automation are common practices. The benefits are increased consistency, more structured risk prioritisation and better alignment with industry standards.
The purpose of the third-party risk management policy is thus to ensure at least a defined or standardised maturity level by raising awareness of the common risks that arise when dealing with third parties (suppliers, vendors, contractors and service providers), by identifying important and critical third parties and by providing guidance to manage risks associated with third parties throughout their lifecycle.
It applies to all third parties across the company and its controlled subsidiaries, regardless of geographical location. All employees involved with a third party must adhere to this policy in line with the delegation of powers.
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The objectives of implementing the policy can be summarised as follows:
- Risk identification and mitigation: identify, assess and mitigate risks associated with third parties;
- Operational continuity: maintain smooth operations by managing third-party risks;
- Data security: safeguard sensitive data accessed by third parties;
- Reputation management: protect the organisation's reputation from third-party incidents;
- Compliance: ensure adherence to regulatory requirements and avoid legal penalties.
Third parties are classified into three different categories (normal, important or critical) based on their criticality and the financial risk level in line with the ERM of the Group. Minimum requirements are defined for all third parties with specific additional requirements for important and critical parties. Internal controls and metrics are defined to measure adherence to the policy.
The compliance and financial due diligence process sets out the procedure for compliance (including environmental and social issues) and financial control of the Group's counterparties (as contemplated in certain policies, like the Supplier Code of Conduct or the AML policy). The review is required prior to entering into a contractual relationship. Thereafter, automated continuous monitoring of the counterparties is planned or ad hoc monitoring in case of major event.
Finally, a contract checker lists the considerations for contract terms as guidelines when negotiating and reviewing contracts. Each third-party relationship and contract should be evaluated based on best judgement, its category (normal, important or critical third party) and the Group's third-party risk management policy, framework and/or processes.
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Nursing and care home - Leipzig (DE)
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Consolidated real estate portfolio
Overview of the real estate consolidated portfolio by segment as at 31.12.2025
| Segment | Acquisition price (x 1,000,000 EUR) | Insured value (x 1,000,000 EUR)¹ | Fair value (x 1,000,000 EUR) | Gross rental yield | Estimated rental value (x 1,000 EUR)² |
|---|---|---|---|---|---|
| Healthcare real estate | 4,356 | 1,533 | 4,681 | 5.7 % | 268,545 |
| Offices | 903 | 799 | 925 | 6.4 % | 53,640 |
| Property of distribution networks | 397 | 64 | 479 | 6.7 % | 30,836 |
| TOTAL | 5,657 | 2,396 | 6,085 | 5.9 % | 353,021 |
Overview of the top 10 investment properties of the consolidated portfolio as at 31.12.2025
| Building | Address | Geolocation | Year of construction / latest renovation | Year of acquisition | Surface area (in m²) | Contractual rents (x 1,000 EUR)³ | Occupancy rate⁴ | Share of the consolidated portfolio at fair value |
|---|---|---|---|---|---|---|---|---|
| BELLIARD 40 | Rue Belliardstraat 40 - 1000 Brussels | 50.84218, 4.37144 | 2018 | 2001 | 20,323 | 6,346 | 100.0 % | 1.9 % |
| PORT 86C | Avenue du Port/Havenlaan 86C - 1000 Brussels | 50.86626, 4.34908 | 2014 | 2020 | 16,725 | 4,841 | 100.0 % | 1.4 % |
| TERVUEREN 270-272 | Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 50.83499, 4.42050 | 1976 (2013) | 1997 | 19,580 | 4,259 | 96.0 % | 1.0 % |
| ARTS 19H | Avenue des Arts/Kunstlaan 19H - 1000 Brussels | 50.84725, 4.36984 | 2020 | 1996 | 9,186 | 2,607 | 100.0 % | 0.9 % |
| STATIONSSTRAAT 110 | Stationsstraat 110 - 2800 Mechelen | 51.02056, 4.48643 | 2002 (2025) | 2005 | 14,713 | 2,603 | 100.0 % | 0.9 % |
| CMCR LYON MASSUES - LYON | Rue Docteur Edmond - 69005 Lyon | 45.75994, 4.79672 | 1960 (2018) | 2023 | 35,039 | 3,194 | 100.0 % | 0.9 % |
| ERICH - SANDERS - WEG 4-16 - VIERSEN | Erich-Sanders-Weg, 4-16 - 41749 Viersen | 51.29384, 6.36593 | 2023 | 2023 | 16,441 | 2,442 | 100.0 % | 0.9 % |
| DAMIAAN - TREMELO | Pater Damiaanstraat, 39 - 3120 Tremelo | 50.98918, 4.67709 | 2003 (2014) | 2008 | 20,274 | 3,283 | 100.0 % | 0.9 % |
| GUIMARD 10-12 | Rue Guimardstraat 10-12 - 1040 Brussels | 50.84398, 4.36968 | 1980 (2015) | 2004 | 10,410 | 2,842 | 100.0 % | 0.9 % |
| IPPOCRATE 18 - MILAN | Via Ippocrate 18 - 20161 Milan | 45.52033, 9.16512 | 2005 | 2021 | 15,444 | 2,933 | 100.0 % | 0.8 % |
| Other | 0 | 0 | — % | 89.5 % | ||||
| TOTAL PROPERTIES AVAILABLE FOR LEASE | 2,385,523 | 358,101 | 98.4 % | 100.0 % | ||||
| TOTAL OF THE CONSOLIDATED PORTFOLIO | 2,406,455 | 358,132 | 98.4 % | 100.0 % |
1 This amount only includes assets for which the group pays the insurance premium directly. This does not include insurances taken during the works nor those borne by the occupants.
2 The estimated rental value takes into account the market data, the property's location, its quality and the tenant's financial data (EBITDA®) (if available) and, for healthcare assets the number of beds.
3 Contractual rents and estimated rental value are two different concepts, one derived from contracts, the other provided by experts. A difference between the two concepts is normal. In this case, the 2025 discrepancy is due in particular to the fact that certain indications (in particular those at the end of 2025) were not fully reflected in the rental values estimated by the independent valuers, who are not bound by the value of the contractual rents.
4 The occupancy rate is calculated as follows: contractual rents divided by (contractual rents + ERV (estimated rental value) on unlet spaces).
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The rental situation of buildings under finance lease, for which the tenants have a call option at the end of the lease, as well as properties held by associates and joint ventures is described below.
Inventory of buildings excluding investment properties
| Property | Surface area (in m²) | Contractual rents (x 1,000 EUR)¹ | Occupancy rate² | Tenant |
|---|---|---|---|---|
| PPP booked as finance lease receivables | ||||
| Courthouse - Antwerp | 72,132 | 1,766 | 100 % | Building Agency |
| Fire station - Antwerp | 23,323 | 220 | 100 % | City of Antwerp |
| Several sites at the Université Libre de Bruxelles - Brussels | 22,902 | 3,346 | 100 % | ULB - Brussels University |
| Prison - Leuze-en-Hainaut | 28,316 | 755 | 100 % | Building Agency |
| Healthcare real estate booked as finance lease receivables | ||||
| Aftercare and rehabilitation hospital (SSR) - Chalon-sur-Saône | 9,269 | 1,246 | 100 % | French Red Cross |
| Nursing and care home Sierra de la Nieves - Malaga | 4,117 | 349 | 100 % | DomusVi |
| Nursing and care home Rosario - Madrid | 4,773 | 189 | 100 % | DomusVi |
| Nursing and care home Monte Alto - Cadix | 5,698 | 143 | 100 % | DomusVi |
| Nursing and care home Costa d'en Blanes - Mallorca | 5,422 | 536 | 100 % | DomusVi |
| Nursing and care home Ciudad de Mostoles - Madrid | 8,545 | 849 | 100 % | DomusVi |
| Nursing and care home Capdepera - Mallorca | 5,477 | 428 | 100 % | DomusVi |
| Nursing and care home Can Carbonel - Mallorca | 5,570 | 883 | 100 % | DomusVi |
| Healthcare complex Home Vogelzang - Leuven | 6,725 | 863 | 100 % | VZW Home Vogelzang |
| Assets held by associates and joint ventures | ||||
| Companies developing healthcare campuses in Germany | — | — | — % | Compassio, Schönes Leben Wohnen |
| 19 sites Aldea - Belgium | 74,000 | 7,048 | 88 % | Curavi, Emeis, Vivalto |
The table on the next two pages includes:
- properties for which Cofinimmo receives rents;
- properties with lease payments partially or entirely sold to a third party and of which Cofinimmo keeps the ownership and the residual value³;
- different projects and renovations in progress, as well as land reserves;
- buildings individually representing at least 1% of the consolidated assets (those representing less than 1% of the consolidated assets have been grouped).
It does not include the properties held by the Group's subsidiaries under equity consolidation.
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| PROPERTY | Number of assets | Surface area (in m2) | Year of construction (latest renovation/extension) | A Contractual rents (x 1,000 EUR) | C=A/B Occupancy rate | B Rent + ERV on unlet premises (x 1,000 EUR) |
|---|---|---|---|---|---|---|
| HEALTHCARE REAL ESTATE | 302 | 1,848,684 | 269,039 | 99 % | 270,671 | |
| Belgium, of which: | 82 | 574,559 | 94,139 | 100 % | 94,139 | |
| Operator : Armonea | 26 | 171,938 | 1977-2018 (2009-2024) | 26,221 | 100 % | 26,221 |
| Operator : Care-Ion | 12 | 72,153 | 1996-2023 (2012-2012) | 13,741 | 100 % | 13,741 |
| Operator : Clariane (Korian) | 18 | 156,860 | 1978-2023 (2008-2024) | 25,953 | 100 % | 25,953 |
| Operator : emeis | 7 | 39,666 | 1980-2015 (2011-2011) | 5,772 | 100 % | 5,772 |
| Operator : Orelia | 9 | 64,236 | 1993-2023 (2010-2025) | 8,322 | 100 % | 8,322 |
| France, of which: | 53 | 308,894 | 43,447 | 99 % | 43,727 | |
| Operator : Clariane (Korian) | 29 | 145,015 | 1920-2009 (1999-2023) | 20,883 | 100 % | 20,883 |
| Operator : French Red Cross | 6 | 87,127 | 1960-2014 (2004-2019) | 11,359 | 100 % | 11,359 |
| Operator : DomusVi | 7 | 29,849 | 1978-2023 (2007-2019) | 4,444 | 100 % | 4,444 |
| Operator : emeis | 5 | 22,348 | 1950-2022 (2007-2020) | 4,314 | 100 % | 4,314 |
| The Netherlands, of which: | 43 | 206,146 | 31,503 | 99 % | 31,676 | |
| Operator : Stichting tanteLouise | 2 | 22,400 | 2010-2024 | 4,032 | 100 % | 4,032 |
| Germany, of which: | 58 | 403,116 | 50,608 | 98 % | 51,787 | |
| Operator : Aspria | 2 | 18,836 | 2009-2012 | 5,764 | 100 % | 5,764 |
| Operator : Azurit Rohr | 5 | 39,801 | 1904-2022 (2004-2007) | 4,531 | 100 % | 4,531 |
| Operator : Clariane (Korian) | 6 | 47,656 | 1890-2006 (1992-1992) | 4,305 | 100 % | 4,305 |
| Operator : emeis | 6 | 50,088 | 1896-2010 (2005-2020) | 6,277 | 100 % | 6,277 |
| Operator : Compassio | 5 | 45,655 | 2006-2023 (2023-2023) | 6,408 | 100 % | 6,408 |
| Operator : Stella Vitalis | 17 | 88,031 | 1991-2018 (1997-2015) | 11,284 | 100 % | 11,284 |
| Other countries (ES - FI - IE - IT - UK), of which: | 66 | 355,969 | 49,342 | 100 % | 49,342 | |
| Operator : Emera | 7 | 38,708 | 2021-2023 | 4,967 | 100 % | 4,967 |
| Operator : Reifs | 6 | 50,091 | 1982-2025 (2022-2022) | 4,082 | 100 % | 4,082 |
| Operator : Clariane (Korian) | 2 | 24,640 | 1980-2005 (1997-1997) | 4,596 | 100 % | 4,596 |
| Operator : DomusVi | 18 | 95,999 | 1985-2016 (2000-2008) | 45,943 | 100 % | 45,943 |
| Operator : Kos | 3 | 27,375 | 2003-2003 | 4,927 | 100 % | 4,927 |
| Operator : Country Court Care Homes | 3 | 10,218 | 2016-2018 (2023-2023) | 3,971 | 100 % | 3,971 |
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| PROPERTY | Number of assets | Surface area (in m²) | Year of construction (latest renovation/extension) | A Contractual rents (x 1,000 EUR) | C=A/B Occupancy rate | B Rent + ERV on unlet premises (x 1,000 EUR) |
|---|---|---|---|---|---|---|
| OFFICES | 23 | 248,336 | 53,974 | 93 % | 58,167 | |
| of which : | 23 | 248,336 | 1966-2024 (1998-2025) | 53,974 | 93 % | 58,167 |
| BELLIARD 40 | 1 | 20,323 | 2018 | 6,346 | 100 % | 6,364 |
| PORT/HAVEN B6C | 1 | 16,725 | 2014 | 4,841 | 100 % | 4,841 |
| PROPERTY OF DISTRIBUTION NETWORKS | 795 | 288,503 | 35,088 | 100 % | 35,246 | |
| Pubstone, of which : | 794 | 279,460 | 33,380 | 100 % | 33,538 | |
| Pubstone Belgium | 604 | 240,990 | 21,510 | 99 % | 21,668 | |
| Pubstone Netherlands | 190 | 38,469 | 11,870 | 100 % | 11,870 | |
| Others Belgium | 1 | 9,043 | 1,708 | 100 % | 1,708 | |
| TOTAL PROPERTIES AVAILABLE FOR LEASE | 1,120 | 2,385,523 | 358,101 | 98 % | 364,084 | |
| Healthcare renovation projects | 2 | 14,009 | ||||
| Offices renovation projects | 2 | 6,923 | ||||
| Renovation projects real estate of distribution networks | 0 | 0 | ||||
| Land reserve healthcare real estate | 0 | 0 | ||||
| Land reserve offices | 0 | 0 | ||||
| TOTAL PROPERTIES AVAILABLE FOR LEASE AND DEVELOPMENT PROJECTS | 1,124 | 2,406,455 | 358,101 | 98 % | 364,084 | |
| ASSETS HELD FOR SALE | 0 | 0 | ||||
| CONSOLIDATED PORTFOLIO TOTAL | 1,124 | 2,406,455 | 358,101 | 98 % | 364,084 | |
| of which Cofinimmo SA/NV | 92 | 608,953 | 98,361 | 100 % | 98,361 | |
| Other entities of the Group | 1,032 | 1,797,502 | 259,772 | 98 % | 265,755 |
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Market commentary¹
Healthcare real estate
The Belgian healthcare market
Demographic evolution and operator landscape in Belgium
According to the National Planning Bureau, Belgium's population aged 65 and over continues to grow, with projections indicating a further increase by 2040 to approximately 25% (+/- 3.5 million). The proportion of people aged 80 and above is also expected to rise, from 6% in 2025 to 9% by 2040.
Irrespective of the current offer, an increase in the number of nursing and care homes is required to meet the growing demand associated with the ageing of the population.
Currently, Belgium offers more than 182,000 beds across 2,577 facilities (including residential care centers, short-stay accommodations and day-car options), but this capacity will need to more than double by 2060 to meet future needs
The sector is characterized by a balanced mix of public (28%), private (25%), and non-profit (46%) operators, with several leading private groups, such as Vulpia, Korian, and Armonea holding significant market share.
In Brussels, numerous sales or reconversions of nursing homes have been observed over the last 12 months. This, combined with the impact of the 'Loi Maron', has had a favorable impact on occupancy rates.
Market trends
In 2025, transaction volumes in the Belgian healthcare real estate market increased by 37% to 215 million EUR. This volume is mainly attributable to one major transaction consisting in the sale of a portfolio, comprising 9 assets mainly located in Flanders, for a reported value of more than 140 million EUR.
Prime yields for nursing homes stood at 5,10% to 5,50%, following slightly rising interest rates during the year and indicative of prevailing investor sentiment and evolving market fundamentals.
The French healthcare market
Demographic evolution and operator landscape in France
In 2025, France is witnessing a significant rise in its population aged 65 and above, with projections indicating further growth to 26.5% (18.3 million people) by 2040. The increasing number of care-dependent individuals is intensifying demand for long-term care facilities, requiring expansion in both bed capacity and the number of care units, with approximately 15,000 new beds needed annually.
The trend shows a steady increase both in number and proportion of seniors in the French population. This is largely due to the ageing baby boomer generation and improvements in life expectancy.
According to the lasts statistics, France has approximately 7,500 nursing and care homes, offering a total capacity of around 615,000 beds but this will need to increase to 720,000 beds by 2030 and 920,000 by 2045 to meet future requirements.
Public operators provide about 45% of the beds, non-profit operators approximately 31%, and private operators around 24%. Despite the presence of numerous operators in this highly competitive market, the key players such as Clariane, DomusVi and emeis accounts for almost 40% of the private nursing homes in France.
Market trends
The investment volume in the French healthcare real estate in 2025 amounts to 1.2 billion EUR, representing a 79% increase compared with 2024. Around 35% of this investment volume relates to nursing homes and has increased since 2024 (420 million EUR in 2025).
This investment activity was mainly driven by the LeadCrest Capital Partners' acquisition of a 120 million EUR sale and lease back portfolio comprising 13 nursing homes from a joint venture between emeis and a French family office.
Furthermore, Farallon Capital, TwentyTwo Real Estate and emeis have recently partnered to create a healthcare real estate company, managing 68 assets (nursing homes and clinics) operated by emeis and mainly located in France, with additional sites in Germany and Spain.
Prime yields remained stable at 5.00% for nursing homes located in Paris and Greater Paris area but remains higher for nursing homes located in provincial regions, close to 5.50%. There is still a discrepancy between care home and clinic yields, where prime yields for SMR and MCO clinics remained competitive at 5.25% and 5.50%, respectively. Market sentiment is cautious, reflecting both ongoing challenges and emerging opportunities within the sector. A yield stabilisation was observed during 2025, following a 150 bps prime yield increase since 2022.
¹ All market commentaries were written in English by Cushman & Wakefield, CBRE, Colliers and Jones LangLaSalle.
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The Dutch healthcare market
Demographic evolution and operator landscape in the Netherlands
The Netherlands' population is ageing at an increasing rate. Data from the Central Bureau for Statistics shows that the proportion of individuals aged 65 and older grew from 21.0% to 21.4% in 2025 and is expected to reach approximately 26.1% by 2040, particularly among those aged 80 and above.
This demographic shift is fueling demand for 24-hour care and driving the need for substantial increases in care home capacity, with annual requirements estimated at 6,500 new units. The country currently provides 125,000 beds in 2,400 facilities, but projections suggest a need for an additional 30,000 beds by 2030 and 100,000 by 2040.
While the sector is predominantly operated by non-profit organisations, private operators are becoming increasingly active. Private facilities are generally smaller in scale, with fewer beds than their non-profit counterparts.
Market trends
Healthcare sector transactions in the Netherlands totaled roughly EUR 500 million in 2025, with private care centers representing approximately 10% of the total investment volume. Prime yields for nursing and care homes stood at 4.75%, indicating market caution. Policy reforms continue to shape market dynamics, and sentiment among operators and investors remains confident, driven by demographic trends and regulatory stability.
The German healthcare market
Demographic evolution and operator landscape in Germany
German demographic structure continues to weigh heavily on the number of people over 65 and is expected to reach around 23 million people by 2040. The rise in care-dependent individuals is prompting expansion in nursing and care homes, assisted living units, and rehabilitation centers, with an estimated approximately 9,000 new care places required annually. The capacity in 2023 stands at around 990,000 care places across approximately 16,500 nursing care facilities, according to Pflegeheim-Atlas Deutschland (2025) and with targets set for around 1.1 million beds by 2040.
The sector is dominated by private (around 42%) and non-profit operators (approximately 53%), with public ones owning less than 5% of homes. Leading groups such as Alloheim, Korian and Victor's Group hold substantial market positions.
After several larger and small insolvencies in the past years, the market has stabilised and operators are expanding again.
Market trends
In 2025, Germany's healthcare real estate market recorded transaction volumes of EUR 1.22 billion, which is around 6% lower than the previous year and approximately 40% below the long-term average (5-year average). Nursing and care homes accounted for approximately 50% of total investments. Prime yields for nursing homes stood at 5.1%, while assisted living yields were 4.5% and inpatient medical care facilities (clinics) yielded around 5.75%. These prime yields remain competitive compared to other asset classes. Despite challenging conditions, these trends reflect evolving investor sentiment and ongoing adjustments to market fundamentals.
The Spanish healthcare market
Demographic evolution and operator landscape in Spain
In 2025, Spain is responding to a marked increase in its population aged 65 and over, which is projected to exceed 30% (16.6 million people) by 2050. In addition, the population aged over 80 represents approx. 6% of the total population in 2025, with an estimated projection of near 11% by 2050.
According to the latest available data, Spain has a total of around 5,600 nursing homes offering a total capacity of approximately 411,000 beds with expansion targets of 457,000 beds by 2028. Plenty of operators intervene in this highly competitive market, of which the top 5 are: Grupo DomusVi España, Grupo Vitalia Home, Grupo emeis, Ballesol and Amavir who account for almost 7% of the private nursing home supply in Spain.
The operator landscape is split between public (26%) and private (74%) entities, which includes third sector (23%), administrative concessions (5%) and private sector (46%), with pipeline developments representing a notable share of total stock. Major private groups such as Grupo Vitalia Home, Grupo emeis and Grupo Emera are key contributors to sector growth.
Market trends
Spain's healthcare real estate market saw transaction volumes reach EUR 1.14 billion in 2025, a 217% increase from the previous year. Nursing and care homes providing high quality accommodation that is energy efficient attracted the majority of investment, with prime yields at 5.25%. Investor sentiment is optimistic, with a focus on pipeline growth and regional opportunities.
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The Irish healthcare market
Demographic evolution and operator landscape in Ireland
Ireland's healthcare real estate sector in 2025 is shaped by a significant increase in the elderly population, especially those aged 80 and above. Figures from the CSO (Central Statistics Office) show that the population aged 80 or over increased from 128,000 in 2011 to 208,500 in 2025 and is forecasted to reach approximately 570,000 people by 2050.
As of December 2025, Ireland had around 32,200 registered nursing home beds, with approximately 5,000 beds operated by the HSE. With a significant increase in the 65+ population expected by 2031, an additional 15,000 - 20,000 beds will be required by then, based on ESRI forecast numbers.
The private sector operates about 81% of the beds (based on the HIQA annual "Overview Report" (Older Persons Services) for 2022), while public and non-profit sectors provide around 19% with leading private groups such as Emeis Ireland, Carechoice Group, and Mowlam Healthcare holding notable market shares.
Market trends
In 2025, healthcare transactions in Ireland amounted to 43.9 million EUR, representing 1.8% of the total market. Prime yields in healthcare remain relatively stable between 5% and 5.75% depending on various circumstances like tenants' ability to pay rent, single room vs double room split, occupancy and location.
The Finnish healthcare market
Demographic evolution and operator landscape in Finland
According to World Bank, Finland had a very high old-age dependency ratio around 39% in 2025. Finland's population aged 75 and above is expected to grow significantly, driving demand for elderly care and healthcare facilities. Statistics Finland estimates that by 2045 the share of 75+ year olds is estimated to increase to ca. 900,000 people and ca. 15% share of the population, in comparison to an estimated 675,000 people and ca. 12% share in 2025. The estimated increase of 75+ year olds would indicate a notable need for additional beds. The country currently offers over 65,000 beds in over 2,000 nursing and care homes. According to Finnish Institute for Health and Welfare (THL) care homes housed approximately 55,000 elderly people in the end of 2024. The public sector accommodated ca. 46% of the elderly people care while private sector accommodates 54%.
Market trends
Finland's social infrastructure real estate market in 2025 recorded total investment volume of approximately EUR 1.4 billion, reflecting significant increase from the previous year. Prime yields for nursing and care homes stood at 5.5% by December 2025, reflecting stable investor interest and confidence in the sector.
The Italian healthcare market
Demographic evolution and operator landscape in Italy
Italy has the fifth oldest population in the world, with around 25% of its population aged +65 years in 2025. If we consider the population aged +80 years, it reflects approximately 8% of the total. Projections indicate that this trend will continue to grow further in the upcoming decades. Combined with one of the lowest birth rates globally, Italy's demographic evolution reflects a significant shift towards an older population.
The growing number of care-dependent individuals is driving demand for residential care homes, with annual requirements estimated at 1,700 new units. The current capacity is 265,000 beds across approx. 4,600 facilities, with expansion targets of 775,000 beds by 2030 and 950,000 by 2050.
The private sector dominates the sector with about 80% of the beds operated while the public and non-profit cover the rest of the market.
Market trends
In Q1-Q3 2025, transaction volumes in Italy's healthcare sector increased by 164% to nearly 290 million EUR, with nursing and care homes receiving the majority of investment. Prime yields fell slightly to 5.75%, as the market continues to evolve in response to demographic and regulatory pressures.
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The British healthcare market¹
Demographic evolution and operator landscape in United Kingdom
In 2025, the UK's healthcare real estate market is shaped by a growing elderly population, with those aged 65 and above projected to increase further. There are an estimated 13.3 million people aged 65 or over today, and this number is expected to reach 15.4 million by 2040 (21% of the population) and nearly 18.4 million by 2060 (25% of population). Additionally, the over 80s population sits at approximately 3.5 million today and is forecast to rise to 5.0 million by 2040 and 6.5 million in 2060, increasing from 5% of the population today to 9% by 2060.
This demographic trend is driving demand for nursing and care homes, requiring expansion in both bed capacity and care units, with an estimated 2,700–3,000 net additional beds required annually to meet demand. The UK currently provides approx. 468,000 beds in 10,000 independent sector homes (2024), with targets for 487,000 beds by 2030 and around 515,000 by 2040 if historic occupancy rates are to be maintained.
The sector includes public (9%), private (80%), and non-profit (11%) operators, with several leading private groups such as Barchester Healthcare, HC-One, and Care UK holding significant market share.
Operators continued to perform strongly throughout 2025, combating increasing costs with higher fees. Occupancy throughout the market stands circa 88–89%.
Market trends
The UK healthcare real estate market was active with significant corporate transactions in 2025, with investment volumes reaching £11.6 billion, marking a 176% increase compared to the previous year. Notably, a large proportion of these deals involved US capital, with Welltower leading activity through landmark acquisitions (Barchester and HC-One) totalling such as £6.6 billion in October 2025 alone. Other major transactions included investments by Omega and Franklin Templeton, further underlining the dominance of US investors in the market throughout 2025.
Yields have moved out (20–25 basis points) since the start of the year, standing at 5.25% for prime assets at year end 2025. These trends reflect adjustments to investor sentiment and market fundamentals.
The office market
The Brussels office market
Rental market/take up
In 2025, the Belgian office market recorded a total take-up of 598,000 m², representing a stabilization compared to the previous year (599,000 m²). Within Brussels, take-up reached 341,000 m² across 315 deals, reflecting a slight progression in terms of sqm but a decline in deal count.
About 200,000 m² were delivered during in 2025 and by the end of the year, 557,000 m² of office space was under construction, including 57% of speculative development, and 43% of which were pre-let. The vacancy rate increased at 8.96% at the end of 2025, with central business districts showing lower rates. By the end of 2026, the vacancy rate is projected to rise above 9%, fueled by a strong development pipeline. In Brussels' central business districts, vacancy remains generally lower, with figures around 5%, specifically 3.34% in the Leopold district, 5.19% in the Pentagon but 11.05% in the North district. Decentralised and peripheral districts show higher vacancy rates of 14.92% and 18.36%, respectively.
Prime office rents in Brussels stabilized at 390 EUR/m²/year during 2025, driven by new developments.
Investment market
Total investment volume in the Belgian office market in 2025 reached 1.03 billion EUR, with 0.91 billion EUR of this in the Brussels office market. Prime office yields in Brussels remained stable at 5.15% in the Central Business District (CBD), with long-term contract prime yields stood at 4.80% in Q4 2025.
Property of distribution networks (Pubstone)
This portfolio is diversified across geography and property types (pubs, restaurants, residential). This diversity not only supports stable income streams but also offers significant redevelopment opportunities, particularly in urban locations where mixed-use transformation is increasingly in demand.
Prime rental levels for high street retail remained stable at 1,700 EUR/m²/year throughout 2025 and are expected to stay stable over the coming period, supported by consistent leasing activity and steady demand in prime locations.
The prime yield for High Street retail properties remained stable at 4.85%. The total investment volume in the retail sector reached 2.06 billion EUR, with notable transactions including the acquisition of Cora-Galimmo portfolio by Mitiska, or the acquisition of Forum Estate by Cibus.
Looking ahead, the market is expected to remain competitive, with investors and developers closely monitoring consumer trends, regulatory changes, and opportunities for value creation through asset repositioning and redevelopment. The continued evolution of the retail landscape, shaped by e-commerce, urbanization, and changing consumer preferences, will be key factors influencing performance and strategy in the coming years.
¹ Important Note: The figures provided are based on available data and industry estimates. The care home market is dynamic, and these numbers can fluctuate. It's crucial to consult up-to-date reports from reputable sources like the Care Quality Commission (CQC), the National Care Home Association, and property market analysts for the most accurate and current information. Specific regional variations can also be significant.
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Independent real estate valuers' report
Brussels, 17 February 2026
To the Board of Cofinimmo s.a./n.v.
Re: Valuation as of 31 December 2025
Context
Cofinimmo instructed the following real estate valuers to value its consolidated real estate portfolio as of 31 December 2025 with a view to finalising its financial statements at that date.
Cushman & Wakefield (C&W), Jones Lang Lasalle (JLL), PricewaterhouseCoopers (PwC), CBRE, Colliers and Catella have each separately valued a part of Cofinimmo SA consolidated portfolio.
C&W, PwC, JLL Belgium have each separately valued a part of the offices portfolio.
C&W and PwC Belgium have each separately valued part of the healthcare portfolio in Belgium.
C&W and Catella France have each separately valued part of the healthcare portfolio in France.
CBRE and C&W The Netherlands have each separately valued part of the healthcare portfolio in The Netherlands.
CBRE and C&W Germany have each separately valued part of the healthcare portfolio in Germany.
Colliers and JLL Spain have each separately valued part of the healthcare portfolio in Spain.
The healthcare portfolio in Finland has been valued by CBRE Finland.
The healthcare portfolio in Ireland has been valued by C&W Ireland.
The healthcare portfolio in Italy has been valued by Colliers Italy.
The healthcare portfolio in the United Kingdom has been valued by JLL United Kingdom.
The portfolios of Pubstone in Belgium and the Netherlands have been valued by C&W.
The portfolio of other distribution networks in Belgium has been valued by JLL and PwC.
C&W, PwC, JLL, CBRE, Colliers and Catella have confirmed that they have the appropriate knowledge and expertise of the real estate markets in which Cofinimmo is active and have the necessary, recognised professional qualifications to perform this assessment. In conducting this assessment, they have individually confirmed that they have acted with complete independence.
As is customary, their assignment has been carried out on the basis of information provided by Cofinimmo regarding tenancy schedules, charges and taxes borne by the landlord, works to be carried out and all other factors that could affect property values. This provided set of information is assumed to be complete and accurate.
The valuation reports do not in any way constitute an assessment of the structural or technical quality of the buildings or an in-depth analysis of their energy efficiency or of the potential presence of harmful substances. This information is well known to Cofinimmo, which manages its properties in a professional way and performs technical and legal due diligence before acquiring each property.
Nevertheless, sustainability is an increasingly important factor in the real estate market. The European countries have committed to net zero carbon by 2050, with legislation already in place in the different countries to reduce CO2 emissions from buildings. Real Estate valuers are witnessing market and legislative expectations of ESG factors increasing, with a heightened focus on sustainability, health & wellbeing, and Net Zero Carbon.
It is likely that further legislation and regulations will be introduced in the coming years. Alongside this, occupiers and investors are becoming more attentive in the sustainability aspects of their buildings. Changing market expectations, policy and legal reform, and reputational impacts related to ESG represent increasing challenge to investors.
The real estate valuers contributing to this report have confirmed that they have complied with the latest RICS recommendations and have taken these aspects into account in their conclusions.
However, it should be noted that the market is evolving due to the focus from both occupiers and investors on a property's sustainability credentials. Real Estate valuers expect that awareness of sustainability matters will increase throughout all sectors of the property market.
Opinion
The valuations have been prepared in accordance with the latest national and international market practices and standards, including the International Valuation Standards issued by the International Valuation Standards Council which is incorporated within the latest version of the RICS Global Valuation -Standards (the "Red Book" of the Royal Institution of Chartered Surveyors).
The fair value is defined by IFRS 13 as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date.
The investment value (in the context of this valuation) is defined as the amount most likely to be obtained at normal conditions of sale between willing and well-informed parties, increased by transaction costs to be borne by the investor. The investment value does not reflect the costs of future investments that could improve the property, or the benefits associated with such costs.
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Valuation methodologies
The valuation methodologies adopted by the real estate valuers are mainly based on the following approaches:
I. Income Approach
1) Capitalisation method
The capitalisation method considers the current income based on contractual rents capitalised until the end of the current contract, and the market rent capitalised in perpetuity and brought to a net present value.
The future expected income takes account of:
- Non-recovered charges or taxes in a market where recovery from the tenant is usual;
- Renovation work or deferred repairs necessary at the date of valuation in order to continue to receive the rent and/or achieve the estimated market rent (this may include ESG improvements);
- Other unusual costs or revenues.
It is important to understand that in this "capitalisation" approach future rental growth and inflation are implicit in the yield and no future exit is modelled, this is why it considered a "static" or "growth implicit" method.
The yields used are based on the valuer's judgement in comparison with evidence of comparable sales and perceived market conditions. The yield should reflect the risks intrinsic to the sector (future voids, credit risk, maintenance obligations, etc.) as well as specific factors relevant to the individual property.
The structure of the calculation may be either in the form of a "term and reversion" (differentiating between contractual income during the lease and theoretical income in perpetuity after the lease period) or a "hardcore" capitalising market rent in perpetuity and making adjustments for contractual rents above or below market level.
2) Discounted Cash Flow (DCF)
The discounted cash flow approach is similar and takes account of similar anticipated costs and revenues, but rental growth and inflation are modelled explicitly over a period that could be equivalent to the remaining lease term or equal to a fixed period (generally between 10 and 18 years, but this can be varied) at the end of which a terminal value is calculated. A discount rate is applied to the anticipated net cash flow and terminal value to arrive at a present value.
The present value consists in the sum of:
- The discounted net cash flow over the projection period;
- The discounted terminal value at the end of the projection period. This value could take into account an assumption of a renewal of the lease by the tenant or assumption of vacant procession used to calculate the residual value or a combination of the two.
II. The direct comparison approach
Where there is direct comparable evidence of sale prices of very similar property, valuers first and foremost have regard to this. In commercial investment property however this is unusual as each property tends to have unique features in terms of location, tenancy situation etc. Valuers will always have regard however to such evidence as there is and compare unit prices with properties sold in the market and listed for sale. In residential property for occupation direct comparison is often the preferred method as sales are more numerous and more evidence is available.
III. The residual method
The residual method is used to arrive at the value of vacant land ripe for development or of land and building/s with the potential for redevelopment or refurbishment.
This implies that the intended use of the project is known or foreseeable in a qualitative (planning) and quantitative manner (number of square metres that can be developed, future rents, etc.).
The residual method comprises the estimation of the 'gross development value' of the site or the buildings in a developed or redeveloped form, either by comparison or by the investment method.
The value is obtained by deducting all anticipated costs from the 'gross development value' that will be incurred. These costs include demolition of any existing buildings, design costs, infrastructure works, construction costs, professional fees, agency fees and the interest costs of financing the development. A so called 'developer's profit' is also deducted from the gross development value to reflect the perceived risk of the operation.
The resulting value is at least checked against other market indicators, if they exist. For example, where a property has been valued using a method within the income approach, it will be usual to compare the resulting end value per square metre with prices observed on the market for similar properties at the valuation date. The value of development land, or buildings destined to be redeveloped or heavily refurbished will also be compared against sales of similar assets on the basis of a price per square metre to be developed.
Transaction costs
In theory, the disposal of properties is subject to a transfer tax charged by the Government and paid by the acquirer, which represent substantially all transaction costs. For properties situated in Belgium, the amount of this tax mainly depends on the mode of transfer, the capacity in which the acquirer acts and the property's location. The first two variables, and therefore the amount of tax payable, are only known once the sale is contracted. Based on a study from a panel of independent real estate experts dated June 30th 2025, the "average" transaction cost for properties over EUR 2,500,000 is assessed at 2.5%. The methodology and the average transaction cost will be reviewed every five years or if the fiscal context changes considerably.
Therefore, where the value of a property exceeds 2.5 million EUR, the investment value corresponds to the Fair Value increased by transaction costs estimated at 2.5%. Where the value of a property is below 2.5 million EUR, the investment value corresponds to the Fair Value increased by transaction costs estimated at either 12% or 12.5%, depending on the region in which the property is located.
The approach in other countries adds transfer taxes to the fair value to obtain the investment value.
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Asset subject to a sale of receivables
Cofinimmo is owner of one building for which the rent has been sold in the past to a third party. The valuers have valued this property as freehold (before sale of receivables). At the request of Cofinimmo, the value for this building mentioned below represents the freehold value net of the rent still due (residual value), as calculated by Cofinimmo. In the forthcoming quarters, the residual value will evolve in such a way as to be, at the maturity of the sale of the receivables, equivalent to the freehold value. This calculation by Cofinimmo has not been analysed in depth by the valuers.
Fair value and investment value
Taking into account the above opinions and with reference to the report of each individual independent real estate valuer, the fair value of Cofinimmo's consolidated real estate portfolio as at 31 December 2025, corresponding to the fair value under IAS/IFRS, is the aggregate sum of all the individual property values and is estimated at EUR 6,085,055,000.
Taking into account the above opinions and with reference to the report of each individual independent real estate valuer, the investment value (as defined above) of Cofinimmo's consolidated real estate portfolio as at 31 December 2025 is the aggregate sum of all the individual property values and is estimated at EUR 6,403,438,000.
On this basis, the yield on rent, received or contracted, including from the asset that is subjected to a sale of receivables, but excluding projects, assets held for sale and land and buildings undergoing refurbishment, amounts to 5.8% of the investment value.
If the properties were to be let in full, the yield would be at 5.9%. The investment properties have an occupancy rate of 98.4%.
The contractually passing rent and the estimated market rent on the vacant spaces (excluding development projects, assets held for sale and assets subject to a sale of receivables) is 3.1% above the estimated market rent for the whole portfolio at this date. This difference results mainly from the indexation of contractual rents since the inception of the in-place leases.
The consolidated real estate portfolio is broken down by segment as follows:
| Fair value in EUR | Investment value in EUR | % of the fair value | |
|---|---|---|---|
| Healthcare real estate | 4,680,781,000 | 4,925,725,000 | 77 % |
| Offices | 925,476,000 | 948,883,400 | 15 % |
| Distribution networks | 478,798,000 | 528,829,200 | 8 % |
| TOTAL | 6,085,055,000 | 6,403,438,000 | 100 % |
The consolidated real estate portfolio is broken down by expert as follows:
| Expert | Fair value in EUR | Investment value in EUR |
|---|---|---|
| C&W Belgium | 1,886,529,000 | 1,972,045,000 |
| C&W France | 482,730,000 | 515,978,000 |
| C&W The Netherlands | 216,040,000 | 238,830,000 |
| C&W Germany | 425,410,000 | 454,089,000 |
| C&W Ireland | 100,410,000 | 110,350,000 |
| Total C&W | 3,111,119,000 | 3,291,292,000 |
| Catella France | 184,170,000 | 198,040,000 |
| Total Catella | 184,170,000 | 198,040,000 |
| CBRE The Netherlands | 270,860,000 | 301,255,000 |
| CBRE Germany | 510,260,000 | 550,054,000 |
| CBRE Finland | 165,900,000 | 172,300,000 |
| Total CBRE | 947,020,000 | 1,023,609,000 |
| Colliers Spain | 151,390,000 | 156,602,000 |
| Colliers Italy | 215,960,000 | 220,279,000 |
| Total Colliers | 367,350,000 | 376,881,000 |
| JLL Belgium | 233,587,000 | 239,481,000 |
| JLL Spain | 293,350,000 | 298,891,000 |
| JLL United Kingdom | 67,797,000 | 72,468,000 |
| Total JLL | 594,734,000 | 610,840,000 |
| PwC Belgium | 880,662,000 | 902,776,000 |
| Total PwC | 880,662,000 | 902,776,000 |
| Total | 6,085,055,000* | 6,403,438,000* |
- rounded to 1,000 EUR
C&W opinion
With respect to the Belgian part of the portfolio and the Pubstone portfolio valued by C&W, C&W Belgium confirmed the aggregated sum of the properties' fair value of EUR 1,886,529,000 and investment value of EUR 1,972,045,000
Emeric Inghels*, MRICS
C&W Partner, Valuation & Advisory
*Calibri Srl
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With respect to the French part of the portfolio valued by C&W, C&W France confirmed the aggregated sum of the properties' fair value of EUR 482,730,000 and investment value of EUR 515,978,000
Jérôme Salomon, MRICS
C&W Partner
With respect to the Dutch part of the portfolio valued by C&W, C&W The Netherlands confirmed the aggregated sum of the properties' fair value of EUR 216,040,000 and investment value of EUR 238,830,000.
Fabian Pouwelse, MSc RT
C&W Associate - Valuation & Advisory
With respect to the German part of the portfolio valued by C&W, C&W Germany confirmed the aggregated sum of the properties' fair value of EUR 425,410,000 and investment value of EUR 454,089,000.
Peter Fleischmann, MRICS
C&W Partner, Valuation & Advisory Germany
With respect to the Irish part of the portfolio valued by C&W, C&W Ireland confirmed the aggregated sum of the properties' fair value of EUR 100,410,000 and investment value of UR 110,350,000.
Leona Corbett, MRICS MSCSI
C&W Associate Director, Valuation & Advisory Ireland
CBRE opinion
With respect to the Dutch part of the portfolio valued by CBRE, CBRE The Netherlands confirmed the aggregated sum of the properties' fair value of EUR 270,860,000 and investment value of EUR 301,255,000.
Annette Postma, MRICS
Director, CBRE Valuation & Advisory Services BV
With respect to the German part of the portfolio valued by CBRE, CBRE Germany confirmed the aggregated sum of the properties' fair value of EUR 510,260,000 and investment value of EUR 550,054,000.
Marcus Max, MRICS
Associate Director, Valuation Advisory Services CBRE GmbH
CBRE Finland confirmed the aggregated sum of the properties' fair value of EUR 165,900,000 and investment value of EUR 172,300,000.
Ville Kangaskokko
Associate Director, CBRE Valuation & Advisory Finland OY
Colliers opinion
Colliers Italy confirmed the aggregated sum of the properties' fair value of EUR 215,960,000 and investment value of EUR 220,279,000.
Maurizio De Angeli,
COO, Colliers Valuation Italy S.r.l
Colliers Spain confirmed the aggregated sum of the properties' fair value of EUR 151,390,000 and investment value of EUR 156,602,000.
Raul Garcia, MRICS
Director, Valuation & consulting, Colliers International Spain S.L.
Catella opinion
Catella France confirmed the aggregated sum of the properties' fair value of EUR 184,170,000 and investment value of EUR 198,040,000.
Hervé-Arthur Ratto,
Senior real estate valuer, Catella Valuation France
JLL opinion
With respect to the Belgian part of the portfolio valued by JLL, JLL Belgium confirmed the aggregated sum of the properties' fair value of EUR 233,587,000 and investment value of EUR 239,481,000.
Jeremy Greenfield, MRICS
JLL Senior Valuer, Value & Risk Advisory, Belgium
With respect to the Spanish part of the portfolio valued by JLL, JLL Spain confirmed the aggregated sum of the properties' fair value of EUR 293,350,000 and investment value of EUR 298,891,000.
Felix Painchaud, MRICS
JLL Senior Director, Value & Risk Advisory, Spain
With respect to the British part of the portfolio valued by JLL, JLL United Kingdom confirmed the aggregated sum of the properties' fair value of EUR 67,797,000 and investment value of EUR 72,468,000.
Alice McCusker, MRICS
JLL Associate, Healthcare Valuation, for and on behalf of Jones Lang LaSalle Limited
PwC opinion
With respect to the Belgian part of the portfolio valued by PwC, PwC Enterprise Advisory bv confirmed the aggregated sum of the properties' fair value of EUR 880,662,000 and investment value of EUR 902,776,000.
PwC Enterprise Advisory SRL / BV
Represented by Jean-Paul Ducarme*, FRICS, Director
(*) JP Ducarme Consulting SRL, represented by its permanent representative, Jean-Paul Ducarme
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Contents
- Corporate governance principles
- Decision-making bodies
- Rules and procedures
- Information required under Article 34 of the Royal Bureau of 14.1.2007
- Remuneration report
Head office – Office building The Gradient – Brussels (BE)
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Corporate governance principles¹
Cofinimmo seeks to maintain the highest standards of corporate governance and continuously reassesses its methods based on accepted principles, practices, and requirements in the field. It is a priority for the company to conduct business honestly and correctly. In addition to complying with applicable regulations, ethical, transparent and sustainable corporate governance helps create long-term value for all stakeholders (shareholders, tenants, occupants, suppliers, employees, the environment, etc.).
These rules and principles are set out in various charters, codes and policies. They constitute the company's corporate governance principles and are available on the website of the company www.cofinimmo.com :
- the Articles of Association;
- the Corporate Governance Charter;
- the Code of Good Conduct;
- the Supplier Code of Conduct;
- the Dealing Code;
- the Cybersecurity Policy;
- the Data Protection Statement;
- the Whistleblowing Policy;
- the Anti-Corruption, Fraud and Money Laundering Policy;
- the Remuneration Policy
- the Human Rights Policy (including labour law);
- the Sustainability Policy
- the Environmental Policy;
- the Corporate Values.
Further rules and principles are set out in internal policies and charters, such as, amongst others, the company's IT Policy, the Policy on handling personal data breaches, the Compliance Charter, the Human Resources Policy, the Tax Policy, the Risk management policy, and the Legal monitoring policy.
I. Reference code and corporate governance charter
Cofinimmo applies the Belgian Corporate Governance Code 2020 ("2020 Code") which represents its code of reference under Article 3:6 §2. 1° of the Code of Companies and Associations ("CCA"). The 2020 Code is available on the website www.corporategovernancecommittee.be.
The 2020 Code is based on the 'comply or explain' principle, whereby any departure from the principles must be explained. In 2025, the company deviated from Provisions 7.6 and 9.1 of the 2020 Code and its Remuneration Policy, and justifies it according to Article 3:6, §2. 2° of the CCA:
- Provision 7.6: non-executive Directors receive part of their remuneration in the form of company shares, which they must in principle hold for at least three years after they are awarded.
In accordance with the company's Remuneration Policy, non-executive Directors are required to acquire each year a number of shares representing at least 20% of their annual remuneration (after deduction of withholding tax). The company considered that share purchases during the period of the proposed combination with Aedifica could raise concerns from a market abuse perspective, and concluded that it was more appropriate to grant non-executive Directors a temporary extension of their share purchase obligation, pending the completion of the proposed combination with Aedifica.
The company also derived from the Remuneration Policy to allow current and former non-executive Directors to exchange their locked-up Cofinimmo's shares in Aedifica's shares, thereby enabling them to support the exchange offer in the context of the proposed combination with Aedifica. This deviation was also granted to the current and former members of the Executive Committee for the shares they own and that are locked-up in the context of the long-term remuneration plan (transition). The lock-up arrangements applicable to the Cofinimmo shares are fully transferred to the Aedifica shares received in exchange.
- Provision 9.1: the Board of Directors must assess its own performance, its interaction with executive management, as well as its size, composition, functioning and those of its committees at least once every three years. The company derived from this principle taking into account that in light of the exceptional circumstances surrounding the proposed combination with Aedifica and the associated strategic priorities, it was not appropriate at this stage to initiate a new in-depth assessment. The Board of Directors nevertheless reaffirmed its commitment to high standards of corporate governance and confirmed that such an evaluation will be undertaken should the proposed combination with Aedifica not be implemented.
The Corporate Governance Charter, which provides detailed information on governance rules applicable within the company, is available on the company's website www.cofinimmo.com.
¹ This chapter forms an integral part of the statutory and consolidated management report.
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II. Internal control and risk management systems
Cofinimmo has implemented an internal control and risk management process in accordance with corporate governance rules and with the various laws applicable to public regulated real estate companies.
The internal control and risk management process provides reasonable assurance that the items below are achieved: orderly and prudent conduct of business with clearly defined objectives, economical and efficient use of resources, adequate knowledge and control of risks to protect assets, integrity and reliability of financial and management data and compliance with laws and regulations, as well as policies, plans and internal procedures.
The Board of Directors sets the risk strategy based on a proposal from the Executive Committee and reviews the analysis of major risks. It is also responsible for monitoring the effectiveness of internal controls, assisted by the Audit Committee, the Nomination, Remuneration and Corporate Governance Committee and other specific functions:
- a Compliance Officer – Sophie Grulois, General Counsel & Secretary General
- two Risk co-Managers – Sophie Grulois, General Counsel & Secretary General and Jean Kotarakos, Chief Financial Officer
- an Internal Auditor – Christophe Pleeck, under the supervision and responsibility of Benoit Graulich, chairman of the Audit Committee.
Method
Cofinimmo applies an integrated approach to internal control and risk management, based on the Three Lines of Defence Model developed by the Institute of Internal Auditors. This model makes it possible to identify the best processes for achieving the Group's objectives and improving its governance, while controlling the associated risks.
First line – risk management and control
Cofinimmo must ensure that it identifies and controls the risks inherent in its own processes and that its self-assessment of these risks is of sufficient quality, through appropriate awareness and a risk culture.
Risk management is an integral part of corporate management and is present at all levels of the Group's responsibilities and organisation, from day-to-day financial and operational management to the analysis of investment files and the definition of strategy and objectives.
Second line – continuous monitoring
Functions within the Group, such as the risk manager and the compliance officer, support the company and management by providing expertise, assistance, monitoring and constructive criticism in the management of the risks faced by Cofinimmo.
These functions enable Cofinimmo to obtain a reasonable degree of assurance and to inform the company and management of the adequacy and effectiveness of its risk management through the identification, measurement and reporting of risks.
Third line – independent assurance
Internal audit is an evaluation function integrated into the organisation that provides independent assurance on the adequacy and effectiveness of governance and risk management by examining and evaluating the proper functioning, effectiveness and efficiency of Cofinimmo's processes, procedures and activities.
Frame of reference
The company has chosen the Enterprise Risk Management (ERM) model developed by COSO (Committee of Sponsoring Organisations of the Treadway Commission – www.coso.org) as its reference framework. COSO is a private sector organisation whose goal is to promote quality improvements in financial and non-financial reporting through the implementation of business ethics rules, an effective internal control system, and corporate governance rules.
The ERM model comprises the following components: internal environment; risk assessment; control activities; information and internal communication; surveillance and monitoring.
Component No 1: internal environment
The internal environment includes the vision, integrity, ethical values, personal skills and the manner in which the Executive Committee assigns authority, allocates responsibilities, and organises and trains staff, all under the oversight of the Board of Directors, through:
- corporate governance rules and the existence of an Audit Committee, a Nomination, Remuneration and Corporate Governance Committee consisting entirely of independent Directors as defined in Article 7:87 §1 of the CCA and the 2020 Code and an Internal Auditor, a Risk Manager, a management controller and a Compliance Officer;
- integrating the Executive Committee's consideration of risk for any investment, transaction, or commitment that may have a significant impact on the company's objectives;
- the existence of a Sustainability Policy addressing the company's sustainability vision and obligations;
- the existence of a Code of Good Conduct dealing with rules governing conflicts of interest, professional secrecy, transactions in financial instruments, corruption, fraud and money laundering, business gifts, competition, respect for personal data and whistleblowing policy irregularities. Some of these matters are the subject of specific policies or codes, such as the Dealing Code, the Data Protection Statement, the Whistleblowing Policy and the Anti-Corruption, Fraud and Money Laundering Policy;
- respect for the separation of duties principles and the application of rules regarding the delegation of powers at all levels within the Group and the application of strict criteria for human resources management, particularly with respect to selection, staff recruitment rules, training policies, the performance preview process, and definition of annual targets;
- external players are also involved in this risk control environment. Specifically, they include the Financial Services and Markets Authority (FSMA), company auditors, legal consultants, independent real estate valuers, financial institutions, rating agencies, financial analysts and shareholders.
Component No 2: risk assessment
Risk assessment includes the identification of risk events, their analysis and the measures taken to address them in an effective manner. A strategy is defined by the Board of Directors on the basis of a proposal from the Executive Committee, including the risks and opportunities associated with climate change. The strategy is then translated into operational, compliance, and reporting objectives which apply to all of the company's operating levels, from the most global level to their implementation in the functional units, through:
- an overall in-depth risk analysis of the company is carried out periodically in collaboration with all the hierarchic levels of the company, each for its respective area of competence;
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- an analysis based on strategic choices, legal constraints and the environment within which the company operates, including risks related to sustainability, such as the impact of climate change on the company's activities including:
- identification of potential risks;
- probability of occurrence;
-
impact on objectives viewed from different angles: risks relating to Cofinimmo's activities and its business segments, risks relating to Cofinimmo's financial situation, legal and regulatory risks, risks relating to sustainability.
-
an analysis formalised in a document which is presented and discussed at an Executive Committee meeting. It is updated throughout the year according to the evolution of business activities and new commitments, taking into account the lessons from the past. This document is presented once a year to the Audit Committee, which will use it, among other things, to decide on the audit assignments entrusted to the Internal Auditor. Furthermore, each major project undergoes a specific risk analysis based on an organised framework to improve the quality of information used in the decision-making process. This framework includes transition risks associated with climate change such as the energy performance of projects, as well as physical risks associated with climate change such as flood risk;
- an external audit of the risk management system enabled to identify a number of areas for improvement. These have been prioritised and are the subject of internal action plans, most of which have already been implemented or carried out.
Component No 3: control activities
Controls are implemented in the company's departments in response to the risks identified at various levels.
Financial control activities at the level of:
- budget: a budget, which is the quantified application of the company's objectives, is drawn up annually and checked each quarter. It includes both income outlook, such as rents for the year, but also costs related to the management and development of the property portfolio, as well as financial costs related to the financing structure of the activities. The budget is validated by the Executive Committee and then presented to the Board of Directors, which approves it. Variations between the estimated budget and the actual result are reviewed quarterly by the Executive Committee, the Audit Committee and the Board of Directors;
- credit: the solvency of major clients without a financial rating is analysed at various key points in time. The amounts and validity of tenants' rental guarantees are verified quarterly by the operational teams;
- accounting: the use of SAP, the company's Enterprise Resource Planning (ERP) includes a number of automatic controls. SAP maintains all accounting and financial information as well as all data related to the real estate business (i.e. monitoring of rental contracts, rent invoices, statements of charges, orders, purchases, work site budget monitoring, etc.);
- treasury: the use of multiple financing sources and financial institutions as well as staggered maturity dates limit the risk of refinancing concentration. Interest rate risk is limited by the application of a hedging policy and the use of a treasury software facilitates the day-to-day monitoring of cash positions and cash-pooling operations.
Operational control activities, including, for example:
- the rental situation is analysed every six months, as well as lease terms and the risks and opportunities associated with rental income;
- the dual signature principle is applied within the limits of delegations of authority for commitments to third parties, whether this involves asset acquisitions, rental transactions, orders of any type, invoice approvals or payments;
- the assessment of the position of customers, suppliers and counterparties to purchase and sales transactions in the context of the fight against money laundering, to ensure that third parties offer sufficient guarantees in terms of integrity;
- the use of workflow software across the different stages of commercial activity (space rental) strengthens controls at key stages of the process;
- the register and movements of COFB registered shares are integrated in a secure IT application (Capitrack) developed and supplied by Belgium's central depository, Euroclear Belgium;
- the use of an online platform that allows the monitoring of the Group's tax obligations and facilitates data exchange. Similarly, a tax control system has been put in place which allows internal control, in accordance with the rules of the Organisation for Economic Cooperation and Development (OECD), of processes and transactions with tax consequences;
- the implementation of an internal system to control the processing of personal data. In 2021, this system was audited by an external consultant specialising in this field, who concluded that the level of compliance in place was quite satisfactory.
Cofinimmo
Universal Registration Document 2025
Cofinimmo at a glance
Management report
Sustainability report
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Corporate governance statement
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Additional information
Component No 4: information and internal communication
Information dissemination and communication across the company's various levels occurs through work meetings and reporting processes, and includes:
- a quarterly management report, established by the Control Department, details income statement and balance sheet situations, key performance indicators, and acquisitions/ sales, and their impact on the income. It also includes an asset inventory and details on project progress, and the cash-flow position. It is reviewed by the Executive Committee, the Audit Committee, and the Board of Directors;
- a quarterly sustainability report, prepared by the Sustainability Department, includes key sustainability indicators and their evolution against targets, the result of the latest ratings/certifications. It also includes the sustainability dashboard. It is discussed by the Executive Committee and the Audit Committee;
- specific reports produced by each department from time to time;
- weekly meetings of the Executive Committee to systematically review important issues dealing with the company's operations and business, and to discuss property investments and divestments, construction, and rental matters in greater detail. Minutes are taken at each of these meetings. When necessary, an action plan for the implementation of decisions taken at the meeting is created.
After being awarded a Gold certificate by 'Investors in People' in 2022 and a 'Great Place To Work' certification in 2024 in all the countries in which the company is eligible for this certification (more specifically in Belgium and Germany), which is a global benchmark in terms of corporate culture, employee experience and leadership behaviours, Cofinimmo was recertified, since February 2025, as a 'Great Place To Work' 2025-2026 (Belgium and Germany) for the second consecutive year.
Component No 5: surveillance and monitoring
The company conducts ongoing and/or ad hoc assessments to verify whether the internal control components have been put in place and whether they are functioning, through:
- a quarterly closing prepared using the same procedures as for the year-end. Consolidated accounts are produced and key indicators are calculated and analysed. This data is presented in the management report referred to above and is discussed and analysed by the Executive Committee, the Audit Committee, and the Board of Directors;
- quarterly analysis prepared by each department which collect relevant information at its own level and compare it to the objectives set for the year. The Executive Committee regularly invites heads of departments to present an update on the progress of their specific business activities;
- internal auditor assignments that investigate various procedures. The results of these audits are submitted to the Audit Committee, which oversees the implementation of recommendations, and to the Board of Directors;
- integrity of data and information systems (including aspects related to cybersecurity) through the strengthening of the information system controls and measures put in place to prevent and respond to the occurrence of a cybersecurity incident that could disrupt the company's business operations. The Executive Committee deals with strategic issues on cybersecurity, which are themselves controlled by the Audit Committee. A post-disaster recovery plan defines the measures to be implemented in the event of a crisis. There are gradations in the implementation of these measures depending on the type and gravity of the incident that has occurred. This recovery plan also contains the order in which services must be restored, according to their priority, in order to allow the company to operate in a degraded mode, in other words, a mode of operation without its usual resources, in order to react quickly, provide essential services, and resume its normal business operations as quickly as possible. Backup copies of data are organised according to the 3-2-1 strategy, i.e. three copies of the same file on two different media, one of which is an off-site backup. Measures are also being taken to secure
access to the company data, particularly that relating to the IT tool supporting the financial process (SAP). In addition, this tool is subject to an annual audit by the external auditor. In terms of risk coverage, the company is insured for the consequences of a cybersecurity incident. Finally, in addition to the regular training sessions, awareness campaigns on cybersecurity risks are regularly carried out among staff members. The company also organises an annual intrusion test, with the partner responsible for the test rotating.
III. Shareholders' structure
The table below shows the Cofinimmo shareholders holding more than 5% of the capital. Transparency notifications and the control chains are available on the company's website. At the validation date of this document (19.03.2026), Cofinimmo has not received any transparency notification presenting a situation subsequent to that of 13.03.2026. According to the Euronext definition, the free float, which was 100% until 09.03.2026, now amounts to 20%.
This table discloses shareholdings as notified under the law of 02.05.2007. Notifications of changes received after 31.12.2025 have been published in accordance with the provisions of the above-mentioned law and are available on the company's website www.cofinimmo.com.
The Board of Directors declares that the shareholders listed below do not have different voting rights.
| Company | % |
|---|---|
| Aedifica SA/NV | 79.57% |
| Cofinimmo Group^{1} | 0.03% |
| Other <5% | 20.40% |
| TOTAL | 100.00% |
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IV. Governance structure
Cofinimmo has opted for a one-tier governance structure, as defined in Articles 7:85 et seq. of the CCA. It is managed by a Board of Directors, which is empowered to perform all acts necessary or useful for the achievement of the company's purpose, except for those acts for which the General Meeting is competent.
The Board of Directors has delegated the company's day-to-day management and some specific powers to the Managing Director who is assisted by an Executive Committee, consisting of members who may or may not be Directors.
The Board of Directors has also established an Audit Committee and a Nomination, Remuneration and Corporate Governance Committee to advise, monitor and prepare certain decisions to be taken by the Board of Directors. Decision-making power lies with the Board of Directors as a whole.
In 2025, as part of the proposed combination with Aedifica through a public exchange offer, the Board of Directors set up a special Defence Committee, responsible for monitoring and examining all aspects of this operation, as well as making recommendations to the Board of Directors in order to protect the interests of the company and its shareholders.
In accordance with the legislation governing regulated real estate companies and the rules of governance, the company also has a control activity carried out by the internal audit, compliance and risk management functions. Decisions on integrating, monitoring and developing sustainability objectives, including climate-related topics, into day-to-day management are guided by the Head of Sustainability.
Head office - Office building The Gradient - Brussels (BE)
Cofinimmo
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Board of Directors
- Decides on the company's strategic directions
- Actively oversees the quality of management and its compliance with the strategy
- Examines the quality of information given to investors and the public
- Determines the corporate governance
- Incorporates the risks and opportunities associated with climate change into the overall strategy
- Decides the sustainability directions and supervises their implementation
Audit Committee
- Assists the Board of Directors with respect to:
- the statutory auditor's independence
- the process of preparing financial, non-financial and sustainability-linked information
- the effectiveness of internal control and risk management mechanisms
- internal audit and its effectiveness
- legal audit of the annual and consolidated accounts
- environmental, social, IT and cybersecurity aspects
- monitoring compliance with policies and codes such as the Sustainability Policy, the Human Rights Policy, the Environmental Policy and the Supplier Code of Conduct
Managing Director, assisted by the Executive Committee
- Handles the company's day-to-day management and human resources
- Proposes the company's strategy to the Board of Directors, also in terms of sustainability
- Executes the strategy approved by the Board of Directors
- Monitors the risks and opportunities associated with climate change, and other sustainability topics
Nomination, Remuneration and Corporate Governance Committee ('NRC')
- Advises and assists the Board of Directors for all questions relating to:
- the composition of the Board of Directors, its committees and the Executive Committee
- the selection, evaluation and appointment of the members of the Board of Directors and the Executive Committee
- the remuneration policy for the members of the Board of Directors and the Executive Committee
- Assists the Board of Directors for all questions relating to governance
- Monitors compliance with policies and codes such as the Dealing Code, the Code of Good Conduct, the Whistleblowing Policy, the Corporate Values and the Anti-Corruption, Fraud and Money Laundering Policy
Risk Manager
- Ensures compliance with the strategic and operational risk management framework, both in terms of tolerance as well as roles and responsibilities
- Defines the guidelines, methodology and discipline to be followed for systematic risk management
- Responsible for risk assessment, particularly in relation to the safety of products and services
Compliance Officer
- Ensures compliance with the Code of Good Conduct: conflicts of interest, incompatible mandates, compliance with corporate values, dealing code
- Ensures compliance with all the legal and regulatory provisions in force
Internal Auditor
- Carries out all verification tasks based on the Audit Committee's directives
- Reviews the reliability, consistency, and integrity of information and operational procedures
- Reviews the systems implemented to ensure compliance with the rules, plans, procedures, laws and regulations that may have a significant impact on operations
Head of Sustainability
- Ensures a holistic approach to the sustainability aspects by integrating these aspects into the activities of the different departments
- Promotes dialogue with all stakeholders to determine where efforts should be pursued, and to develop long-term partnerships that increase the positive impact of actions taken
- Evaluates and manages the risks and opportunities associated with climate change and suggests specific and economically reasonable measures to improve the environmental performance of the company, its portfolio and, by extension, the spaces occupied by its tenants
- Collaborates with the operational teams to monitor the Group's environmental strategy in all business segments
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V. Diversity policy
Respect for differences and cultural diversity
Cofinimmo recognises the value of diversity (cultural, generational, linguistic, gender, etc.) for both the company and the community, and promotes equal opportunities, a fundamental democratic value.
Measures relating to recruitment, selection and personnel management are detailed in the 'Skilled and service-minded employees' chapter of the 'Sustainability report' (see page 115).
The main goal of governance is to pursue and achieve quality, development and sustainability. Achieving maximum quality of management is possible, among other things, through diversity, equity and inclusion (DEI).
Diversity in the Board of Directors and its committees
Diversity in the Board of Directors, under NRC's responsibility, is not only demonstrated by its high proportion of women but also by the presence of four different nationalities and a variety of backgrounds. This representation within the Board of Directors and its committees enables the company to broaden its knowledge of the different countries and market segments in which it operates (see page 147).
Diversity among management
For many years, women made up the majority of the Group's staff, many of them have management roles. In total, 31% of the Group's managers are women. All working within various departments. All employees are offered flexibility in the organisation of their working life. This flexibility is mostly used by women but is increasingly being used by male employees. The potential for development and growth within Cofinimmo remains unchanged for women returning from maternity leave, as promotions are based on the recognition of talent and skills.
In this way, Cofinimmo assumes its responsibility for the protection of women's rights (an integral part of its Human Rights Policy).
Diversity among employees
Diversity management is inseparable from human resources management. Equity, also attested to by the regular renewal of the 'Investors in People' label and the 'Great Place To Work'™ certification, is an integral part of human resources management and is sought in every area and at all levels: access to training, coaching and stress management, skills transfer, career management, etc.
Cofinimmo is one of the few Belgian real estate companies with a significant presence of women. Cofinimmo's strategy is to maintain a male/female ratio close to 50%. This ratio may vary slightly over the years, but this does not necessarily imply a change in strategy. Furthermore, employees come from varied cultural origins and educational backgrounds, which stimulates internal creativity and enhances team performance. Generational diversity, in turn, helps combine experience and innovation to identify lasting solutions.
Recruitment
In 2025, Cofinimmo recruited nine new colleagues of which seven outside Belgium. Among them, none is older than 50 and none is younger than 25 years. The company's talent outlook aims to be diverse and open to all types of profile. The company's performance on key diversity ratios (age, origin, etc.) continues to be a focus for the Group's Human Resources Department.
Staff management
As an integral part of the welcome pack, each new employee receives a copy of the Corporate Governance Charter on arrival, and must adhere to it before joining the company.
Communication
External communication regarding the company's commitment to diversity occurs mainly through documents such as the Universal Registration Document, and via the corporate website.
Internally, Cofinimmo strives to maintain open lines of communication with all stakeholders. Above all, the company is successful in fostering a shared commitment to performance improvement among its employees.
'Our commitment is to continue to measure our progress on equality, to recruit and develop the best talent, and to prevent promotion granting on the basis of gender or age alone. Our ultimate goal is nothing less than equality.'
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Cofinimmo
Universal Registration Document 2025
1 The average seniority of employees, including managers, is ten years (women 11 years, men 8 years). The average seniority of managers is 13 years (women 13 years, men 13 years).
2 The average age is 45 years.
3 9% of employees are German nationals, 7% Spanish, 5% Dutch and 3% are French. The other nationalities not mentioned account for 11% of employees, including managers.
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Decision-making bodies
Since 2020, Cofinimmo has opted for a one-tier governance structure, as defined in Articles 7:85 et seq. of the CCA. The Board of Directors has established an Audit Committee and a Nomination, Remuneration and Corporate Governance Committee to advise, oversee and prepare certain decisions to be taken by the Board. In 2025, as part of the proposed combination with Aedifica through a public exchange offer, the Board of Directors set up a special Defence Committee, responsible for monitoring and examining all aspects of this operation.
Board of Directors
Composition as at 31.12.2025
According to the general principles governing the composition of the Board of Directors, as adopted based on a proposal made by the Nomination, Remuneration, and Corporate Governance Committee, the Board of Directors currently comprises 12 Directors. This includes eight non-executive and independent Directors as defined in Article 7:87 §1 of the CCA, two non-executive and non-independent as defined in Article 7:87 §1 of the CCA and two executive Directors.
Directors are appointed for a maximum term of four years by the General Meeting and may be dismissed in the same way at any time, effective immediately and without cause. They are re-eligible.
Independent Directors, who represent all stakeholders including employees, comply with the independence criteria as set out in Article 7:87 §1 of the CCA and the 2020 Code.
The principles governing the composition of the Board of Directors, including the number of Directors, the requirements set out in the RREC Act, expertise, knowledge, independence rules, and the operating rules of the Board of Directors are provided in the Corporate Governance Charter, available on the website of the company www.cofinimmo.com.
Composition as at 10.03.2026
As part of the proposed combination with Aedifica and in accordance with the provisions of the Relationship Agreement dated 27.01.2026, non-executive Directors Anneleen Desmyter, Xavier de Walque and Michael Zahn resigned from their positions as Directors in order to facilitate the completion of the transaction. The Board of Directors took this opportunity to express its gratitude and deep appreciation for their contribution and commitment. Their resignations took effect on 10.03.2026, the date on which Aedifica took control of the company following the close of the initial acceptance period for the public exchange offer.
Furthermore, in accordance with the Relationship Agreement dated 27.01.2026, the Board of Directors meeting on 10.03.2026 decided, on the proposal of Aedifica, to co-opt Stefaan Gielens and Ingrid Daerden to replace Michael Zahn and Xavier de Walque for the remainder of their term of office. This co-optation will be submitted for ratification at the next General Meeting (see page 182).
Diversity among the Board of Directors as at 31.12.2025
The objective to achieve the ratio of at least one-third of the members of the Board whose gender is different from that of the other members, in accordance with Article 7:86 of the CCA with regard to gender diversity on the Board of Directors, has been met since 2016. In fact, the Board of Directors consists of 12 members, bringing to four the minimum number of female administrators requested by Article 7:89 of the CCA. The Board comprising four women and eight men, it complies with the mix ratio set by law.
In this respect, Cofinimmo is among the bests in class at European and global levels (see page 145).
The gender balance varies according to the vacancies on the Board and the complementarity of the various members with regard to the various aspects of diversity. In addition to gender diversity, the Board of Directors is committed to paying constant attention to its international dimension and to maintaining a balance of diversity in the broadest sense, in terms of skills, experience, nationality, age and independence.
The members of the Board of Directors therefore respond to the need for skills, expertise, knowledge and experience in the various areas that the Board deems necessary.
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Gender*
- Out of the eight independent members of the Board of Directors, four are men and four are women.
Nationality
Status
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Appointment of one Director at the Ordinary General Meeting of 14.05.2025
The term of office of Jacques van Rijckevorsel, independent Director and Chairman of the Board of Directors since 2017, expired at the end of the Ordinary General Meeting of 14.05.2025. In accordance with his wishes, the renewal of his term of office was not proposed to the Ordinary General Meeting. On the recommendation of the NRC, the Board of Directors decided on 24.10.2024 to appoint Jean Hilgers as the next Chairman of the Board of Directors with effect from the end of the Ordinary General Meeting of 14.05.2025.
The terms of office of Françoise Roels, Director and member of the Executive Committee since 2007, and Inès Archer-Toper, independent Director since 2013, also expired at the end of the Ordinary General Meeting of 14.05.2025 and were not renewed at their request.
The Board of Directors sincerely thanks Jacques van Rijckevorsel, Inès Archer-Toper and Françoise Roels for their contribution to the company over these years.
The Ordinary General Meeting of 14.05.2025 has approved the appointment of Ann Caluwaerts as an independent non-executive Director within the meaning of Article 7:87 §1 of the CCA.
Ordinary General Meeting of 13.05.2026
Given the advanced status of the integration process between Cofinimmo and Aedifica, the renewal of the terms of office of Mr Jean-Pierre Hanin and Mr Jean Kotarakos as executive Directors will not be put forward for approval at the Ordinary General Meeting on 13.05.2026. Following the vacancy created on the Board of Directors by the resignations of Xavier de Walque and Michael Zahn on 10.03.2026 as part of the combination with Aedifica, Ingrid Daerden and Stefaan Gielens were co-opted as Directors and now represent the Aedifica shareholding. The Board of Directors will propose to the Ordinary General Meeting of 13.05.2026 that it confirms the co-opting of Ingrid Daerden and Stefaan Gielens, who will complete the terms of office of Xavier de Walque, which will expire at the end of the 2028 General Meeting, and that of Michael Zahn, which will expire at the end of the 2026 General Meeting, and to approve Stefaan Gielens' new term of office for a period of three years.
Composition of the Board of Directors as at 31.12.2025
| Name | Quality | Independent | Gender | Nationality | Year of birth | Start of term | Latest renewal | End of term |
|---|---|---|---|---|---|---|---|---|
| Jean Hilgers | Non-executive Director | ☑ | M | Belgian | 1963 | 10.05.2023 | -/- | 12.05.2027 |
| Jean-Pierre Hanin | Executive Director | M | Belgian | 1966 | 08.02.2018 | 11.05.2022 | 13.05.2026 | |
| Jean Kotarakos | Executive Director | M | Belgian | 1973 | 01.06.2018 | 11.05.2022 | 13.05.2026 | |
| Ann Caluwaerts | Non-executive Director | ☑ | F | Belgian | 1966 | 14.05.2025 | -/- | 09.05.2029 |
| Olivier Chapelle | Non-executive Director | ☑ | M | Belgian | 1964 | 11.05.2016 | 08.05.2024 | 10.05.2028 |
| Nathalie Charles | Non-executive Director | ☑ | F | French | 1966 | 08.05.2024 | -/- | 10.05.2028 |
| Anneleen Desmyter | Non-executive Director | ☑ | F | Belgian | 1976 | 09.06.2022 | -/- | 13.05.2026 |
| Xavier de Walque | Non-executive Director | M | Belgian | 1965 | 24.04.2009 | 08.05.2024 | 10.05.2028 | |
| Benoit Graulich | Non-executive Director | ☑ | M | Belgian | 1965 | 05.05.2019 | 10.05.2023 | 12.05.2027 |
| Jan Suykens | Non-executive Director | ☑ | M | Belgian | 1960 | 08.05.2024 | -/- | 10.05.2028 |
| Mirjam van Velthuizen-Lormans | Non-executive Director | ☑ | F | Dutch | 1972 | 01.07.2024 | -/- | 10.05.2028 |
| Michael Zahn | Non-executive Director | M | German | 1963 | 11.05.2022 | -/- | 13.05.2026 |
Cofinimmo | Universal Registration Document 2025 | 149
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Jean Hilgers
Independent Director
Chairman of the Board of Directors
Chairman of the Nomination, Remuneration, and Corporate Governance Committee
Chairman of the Defence Committee
Member of the Audit Committee
His exceptional expertise in financial management, risk management and prudential control brings significant added value to the company and is an important asset in his role on the Audit Committee.
- Current position: Chairman of the Board of Directors of Université Catholique de Louvain
- Current mandates: AG Insurance, ING Belgique, Université Catholique de Louvain, Université Catholique de Lille, Wallonie Entreprendre
- Previous mandates: National Bank of Belgium, Belgian Audit Oversight Board, Fondation Roi Baudouin, Matexi, RTBF, Senior Advisor at Deloitte Belgium
Jean-Pierre Hanin
Managing Director - Chief Executive Officer
Effective Manager
Jean-Pierre Hanin joined Cofinimmo in February 2018 and holds several mandates in Cofinimmo Group subsidiaries. He has a Law degree from the KUL (Catholic University of Leuven). He also holds a Master's Degree in Tax Management from the Solvay Business School and an LLM from Georgetown University. He started his career as a business attorney and subsequently joined several international groups in which he assumed financial and management positions, including Chief Financial Officer and Chief Executive Officer of Lhoist Group, a global leader in lime and dolomite. More recently, he was Chief Financial Officer then manager of the 'Building Performance' division of the construction materials group Etex. His functions led him to operate in various regions around the world for over 20 years, and engage in both consolidation and development activities. He became Chairman of the Board of Directors of EPRA in June 2024. Within Cofinimmo, he chairs the Executive Committee and also directly oversees the Sustainability and Data Management Departments.
- Current position: Chief Executive Officer of Cofinimmo
- Current mandates: Various mandates in Cofinimmo Group subsidiaries, Chairman of the Board of Directors of EPRA
- Previous mandates: United Fund for Belgium
Jean Kotarakos
Executive Director - Chief Financial Officer
Effective Manager
Jean Kotarakos joined Cofinimmo in June 2018 as Chief Financial Officer. He holds a degree in Commercial Engineering from the Solvay Brussels School of Economics and Management (ULB). Since 2010, he has taught in the Real Estate Executive Programme (at ULB until 2021 and VUB since). He holds several mandates in Cofinimmo Group subsidiaries. He has held numerous financial positions in various companies during his career. After working for KPMG and D'leteren for approximately ten years, he joined Aedifica, where he was Chief Financial Officer from 2007 to May 2018. Within Cofinimmo, he oversees the Accounting, Control, External Communication, Investor Relations, IT, Mergers & Acquisitions and Treasury Departments. He serves as Risk Manager alongside Sophie Grulois.
- Current position: Chief Financial Officer of Cofinimmo
- Current mandates: Various mandates in Cofinimmo Group subsidiaries
- Previous mandates: -/-
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Ann Caluwaerts
Independent Director
Member of the Nomination, Remuneration, and Corporate Governance Committee
Member of the Defence Committee
With over 35 years of experience in operational, strategic and management roles within large listed companies, Ann Caluwaerts makes a significant contribution to the strategic decisions of the Board of Directors.
- Current position: Member of the Board of Directors of Bpost Group
- Current mandates: Bpost Group, ECS, IMEC, STEM-Platform, Vario
- Previous mandates: -/-
Olivier Chapelle
Independent Director
Member of the Nomination, Remuneration and Corporate Governance Committee
Member of the Defence Committee
His extensive experience in investment and operational management, as well as his experience as Chief Executive Officer of a listed industrial company, and his knowledge of governance issues, are major assets for Cofinimmo's entrepreneurial spirit.
- Current position: Chairman of the Board of Directors of Schréder SA (Belgium)
- Current mandates: Calyos, D'leteren Group, Elia Group, Isohemp, N-Side, Schréder, Sofindev Equity Partners (advisor)
- Previous mandates: Commission Corporate Governance, Fédération des Entreprises Belges/Verbond van Belgische Ondernemingen (FEB/VBO), Recticel
Nathalie Charles
Independent Director
Member of the Audit Committee
Her more than 35 years of professional experience, gained in operational and management positions in French and international Groups specialising in real estate in particular, and her in-depth knowledge of the dynamics of the real estate market, make a significant contribution to the Board's decision-making process.
- Current position: Director of Gecina (France)
- Current mandates: Gecina, Blackstone European Property Income Fund, SCI Foncière CRF
- Previous mandates: AXA IM Real Estate, BNP Paribas Real Estate France, ULI Trustee
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Anneleen Desmyter*
Independent Director
Her deep knowledge of the Belgian business environment and her excellent professional background contribute to the strategic growth of the company.
- Current position: Chief Executive Officer of Yally SA/NV (Belgium)
- Current mandates: Christiaens Group, Pubstone, Pubstone Group, Think Together, Yally & Affiliates
-
Previous mandates: Aldea Group, Cure Care Network, Qrf City Retail, Quares & Affiliates, Thomas More University College
-
As at 10.03.2026, Anneleen Desmyter resigned from her position as Director in order to facilitate the completion of the proposed combination with Aedifica. She was not replaced.
Xavier de Walque*
Director
Member of the Audit Committee
Member of the Defence Committee
His knowledge of finance, M&A, real estate, stock markets and the environment of listed companies, as well as his entrepreneurial spirit, are major assets to the financing policy and the sustainability of the company.
- Current position: Member of the Executive Committee and Chief Financial Officer of Cobepa SA/NV (Belgium)
- Current mandates: Various mandates in Cobepa Group subsidiaries (AGLT 2024, Cobepa North America, Financière Cronos, RPLT 2023, Sophinvest, Ulran, VCLT 2025), AGEAS
-
Previous mandates: AG Insurance, Cobid, Cobip, Cosylva, Degroof Equity, DSDC, JF Hillebrand AG, Mascagna, Mosane, Sophielux 1
-
As at 10.03.2026, Xavier de Walque resigned from his position as Director in order to facilitate the completion of the proposed combination with Aedifica and was replaced by Ingrid Daerden.
Benoit Graulich
Independent Director
Chairman of the Audit Committee
Member of the Defence Committee
Besides his general management experience, his experience in risk management and his knowledge of finance and M&A are major assets in his role as Chairman of the Audit Committee.
- Current position: Managing partner of Bencis Capital Partners (Belgium)
- Current mandates: Bencis Capital Partners and its subsidiaries, BMT International, Lotus Bakeries NV
- Previous mandates: Van de Velde NV
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Jan Suykens
Independent Director
Member of the Nomination, Remuneration and Corporate Governance Committee
Member of the Defence Committee
His 30 years of experience and solid expertise in investment management and administration in various sectors, acquired in major Belgian and international Groups, make a significant contribution to the Board's decision-making process.
- Current position: Chairman of the Board of Directors of Guberna and Aliaxis (Belgium)
- Current mandates: Aliaxis, De Warande, Guberna, Mediahuis, Revive Fund Management
- Previous mandates: Ackermans & van Haaren, Banque Van Breda, Banque Delen
Mirjam van Velthuizen-Lormans
Independent Director
Mirjam van Velthuizen-Lormans has more than 25 years of extensive experience, particularly in the healthcare sector, covering both direct care and infrastructure, gained at UMC Utrecht, Rivas and Jeroen Bosch Hospital in the Netherlands.
- Current position: Chief Financial Officer and Director of ProRail (the Netherlands)
- Current mandates: Jeroen Bosch Ziekenhuis, The Railway Museum
- Previous mandates: UMC Utrecht, Nictiz
Michael Zahn*
Director
Michael Zahn contributes to the strategic growth of the company with his extensive professional experience and in-depth knowledge of the German market.
- Current position: Independent
- Current mandates: Branicks Groupe AG (previously DIC Asset AG), Peach Property Group AG, Weisenburger Bau + Verwaltung GmbH
-
Previous mandates: Deutsche Wohnen SE, GSW Immobilien AG, Scout24, TLG Immobilien AG
-
As at 10.03.2026, Michael Zahn resigned from his position as Director in order to facilitate the completion of the proposed combination with Aedifica and was replaced by Stefaan Gielens.
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Property report
Corporate governance statement
Audited financial statements
Additional information
Board of Directors' activity report
Composition
10 non-executive members (of which 8 independent members)
2 executive members
| Number of meetings | 16 |
|---|---|
| Overall attendance rate | 97% |
| Jacques van Rijckevorsel (end term of office 14.05.2025) | 8/8 |
| Jean Hilgers | 16/16 |
| Jean-Pierre Hanin | 16/16 |
| Jean Kotarakos | 16/16 |
| Françoise Roels (end term of office 14.05.2025) | 7/8 |
| Inès Archer-Toper (end term of office 14.05.2025) | 8/8 |
| Ann Caluwaerts (start term of office 14.05.2025) | 8/8 |
| Olivier Chapelle | 16/16 |
| Nathalie Charles | 16/16 |
| Anneleen Desmyter | 16/16 |
| Xavier de Walque | 16/16 |
| Benoit Graulich | 15/16 |
| Jan Suykens | 14/16 |
| Mirjam van Velthuizen-Lormans | 15/16 |
| Michael Zahn | 15/16 |
Throughout the year, the Board of Directors paid particular attention to subjects related to sustainability, including climate-related topics, and always in the context of a global strategy.
The Board of Directors also reviewed the mapping of the company's major risks to have an up-to-date global view and an adequate action and control plan.
In 2025, as part of the proposed combination with Aedifica through a public exchange offer, the Board of Directors set up a special Defence Committee, responsible for monitoring and examining all aspects of this operation, as well as making recommendations to the Board of Directors in order to protect the interests of the company and its shareholders.
The company has continued to provide ongoing training to its employees in various areas such as cybersecurity, market abuse prevention rules, whistleblowing procedure, code of good conduct, sustainability policy in order to ensure that all employees comply with company rules, maintain a qualitative working environment and prevent financial losses.
In addition to these topics, the Board of Directors ruled on various matters in the following fields:
Strategy
- review of Cofinimmo's strategy and development, including the sustainability strategy and climate-related topics;
- analysis of the proposed combination with Aedifica through a public exchange offer.
Real estate
- analysis and approval of investment, divestment, and (re)development projects, in line with the sustainability strategy, including climate-related topics;
- disposals of office buildings, healthcare assets and properties of distribution networks;
- follow-up on tenants and operators;
- asset rotation plan.
Financial
- monitoring of the company's financing.
Sustainability
- monitoring the development of the $30^{\text{st}}$ Project, including the risks posed by climate change;
- monitoring of a sustainable financing framework;
- monitoring the implementation of governance policies.
Internal control
- internal control plans and reports of the Compliance Officer, the Risk Manager, and the Internal Auditor;
- review of major risks;
- annual report, sustainability report, and core documents pertaining to the ongoing management of internal control.
Governance
- assessment of the Executive Committee, setting its objectives, and the fixed and variable remuneration;
- implementation of a retention plan for members of the Executive Committee;
- temporary exemption from the Remuneration Policy concerning (i) the lock-up of Cofinimmo shares held by non-executive Directors and members of the Executive Committee, and (ii) the obligation for non-executive Directors to acquire $20\%$ of their annual remuneration in Cofinimmo shares;
- temporary postponement of the in-depth assessment of the Board of Directors with an external consultant;
- formation of the Board of Directors within the framework of the obligations of the NIS2 Directive;
- review of the Corporate Governance Charter and the Dealing Code.
Composition of the Board
- proposal to appoint, at the Ordinary General Meeting of 14.05.2025, Ann Caluwaerts as non-executive independent Director as defined in Article 7:87 §1 of the CCA.
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Additional information
Composition of the Nomination, Remuneration and Corporate Governance Committee
- appointment of Ann Caluwaerts as a member of the Nomination, Remuneration and Corporate Governance Committee.
Composition of the Audit Committee
- appointment of Nathalie Charles as a member of the Audit Committee.
Constitution and composition of the Defence Committee
- constitution of a Defence Committee as part of the proposed combination with Aedifica through a public exchange offer;
- appointment of Jacques van Rijckevorsel (until 14.05.2025), Jean Hilgers, Inès Archer-Toper, Olivier Chapelle, Xavier de Walque, Benoit Graulich, and Jan Suykens as members of the Defence Committee, then appointment of Ann Caluwaerts as a member of the Defence Committee, following the end of term of office of Inès Archer-Toper.
Secretary General, Compliance Officer and Risk Manager
- appointment of Sophie Grulois as Secretary General and Compliance Officer;
- appointment of Sophie Grulois and Jean Kotarakos as Risk Managers.
Audit Committee
Composition
4 members (of which 3 independent members)
| Number of meetings | 6 |
|---|---|
| Overall attendance rate | 100% |
| Benoit Graulich - Chairman of the Audit Committee | 6/6 |
| Nathalie Charles (since 14.05.2025) | 3/3 |
| Xavier de Walque | 6/6 |
| Jean Hilgers | 6/6 |
The members of the Executive Committee are not members of the Audit Committee, but are invited to attend the meetings but are not entitled to vote.
The Chairman of the Audit Committee is appointed by the members of the committee. The members of the Audit Committee have a collective expertise in the company's field of activities. Members of the Audit Committee have proven competencies in the field of accounting and auditing.
The current composition of the Audit Committee and the tasks assigned to it, meet the requirements set out in the Law of 17.12.2008 on the creation of an Audit Committee in listed and financial companies and the Law of 07.12.2016 on the organisation of the profession and the public supervision of auditors. The Audit Committee's procedural rules are detailed in the company's Corporate Governance Charter.
Audit Committee's activity report
The Audit Committee addressed matters that fall within its mission, which is to guarantee the accuracy and truthfulness of Cofinimmo's annual, half-yearly and quarterly accounts, the quality of internal and external control, and the information provided to the shareholders.
It also reviewed the following topics:
- list of recommendations made by the internal auditor;
- internal audit reports on the following topics: Procure-to-Pay (P2P) and Invoice-to-Cash (I2C) processes, supply chain and third-party management, property management, cybersecurity testing (including penetration testing);
- 2025 and 2026 planning of internal audit assignments;
- major risks;
- tax risks;
- list of incidents;
- overview of major disputes;
- financial outlook, in particular as part of the preparation of the 2025 budget finalised in February 2025;
- achievement of the company's sustainability objectives, including climate-related topics and the evolution of risks associated with climate transition;
-
annual financial report, sustainability report, and core documents pertaining to effective management of internal control;
-
portfolio valuation with independent real estate valuers;
- operational implementation of cybersecurity requirements and updating of the artificial intelligence policy;
- report on healthcare operator performance data;
- new VSME (Voluntary reporting standards for SMEs) framework in the context of simplifying the rules applicable to sustainability reporting;
- status reports on the proposed combination with Aedifica;
- achievement of financial objectives by Executive Committee members;
- recommendation to the Board of Directors regarding the appointment of persons responsible for the roles of Compliance Officer and Risk Manager;
- review of the Corporate Governance Charter and the Dealing Code.
Defence Committee
Composition
6 members (of which 5 independent members)
| Number of meetings | 17 |
|---|---|
| Overall attendance rate | 89% |
| Jacques van Rijckevorsel - Chairman of the Defence Committee (until 14.05.2025) | 10/10 |
| Jean Hilgers - Chairman of the Defence Committee (since 14.05.2025) | 17/17 |
| Inès Archer-Toper (until 14.05.2025) | 8/10 |
| Ann Caluwaerts (since 14.05.2025) | 7/7 |
| Olivier Chapelle | 14/17 |
| Xavier de Walque | 16/17 |
| Benoit Graulich | 12/17 |
| Jan Suykens | 14/17 |
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Defence Committee's activity report
As part of the proposed combination with Aedifica through a public exchange offer, the Board of Directors set up a special Defence Committee, responsible for monitoring and examining all aspects of this operation, as well as making recommendations to the Board of Directors.
To this end, the Defence Committee held 17 meetings to examine the project's strategic, financial and regulatory aspects, assess its risks and opportunities, and monitor the progress of the various stages of the proposed combination with Aedifica.
The members of the Executive Committee are not members of the Defence Committee but are invited to attend meetings in the presence of various external parties, including legal and financial advisors.
Nomination, Remuneration and Corporate Governance Committee ('NRC')
| Composition | |
|---|---|
| 5 independent members | |
| Number of meetings | 6 |
| Overall attendance rate | 87% |
| Jacques van Rijckevorsel - Chairman of the NRC (until 14.05.2025) | 3/3 |
| Jean Hilgers - Chairman of the NRC (since 14.05.2025) | 3/3 |
| Inès Archer-Toper (until 14.05.2025) | 3/3 |
| Ann Caluwaerts (since 04.12.2025) | -/- |
| Olivier Chapelle | 6/6 |
| Jan Suykens | 4/6 |
The members of the Executive Committee are not members of the NRC but some members are invited to attend meetings without taking part to the votes.
The current composition of the NRC and the tasks assigned to it fulfil the conditions of Article 7:100 of the CCA. The NRC's procedural rules are listed in the company's Corporate Governance Charter.
Nomination, Remuneration and Corporate Governance Committee's activity report
In 2025 the NRC paid particular attention to the review of the governance and the new remuneration policy.
In addition, the main topics covered during NRC meetings were as follows:
Composition of the Board of Directors
- selection process and recommendation to appoint, at the Ordinary General Meeting of 14.05.2025, Ann Caluwaerts as a non-executive independent Director as defined by Article 7:87 §1 of the CCA;
- independence criteria of a non-executive Director.
Composition of the Nomination, Remuneration and Corporate Governance Committee
- recommendation to appoint Ann Caluwaerts as a member of the Nomination, Remuneration and Corporate Governance Committee.
Evaluation, objectives and remuneration of the Executive Committee
- evaluation of the Executive Committee members and their remuneration as well as the variable remuneration criteria;
- setting the Executive Committee's 2026 objectives;
- annual review of the Executive Committee members fix remuneration.
Governance
- preparation of the remuneration report;
- preparation of the corporate governance statement;
- implementation of a retention plan for the members of the Executive Committee;
- temporary exemption from the Remuneration Policy concerning (i) the lock-up of Cofinimmo shares held by non-executive Directors and members of the Executive Committee, and (ii) the obligation for non-executive Directors to acquire 20% of their annual remuneration in Cofinimmo shares.
Evaluation of the Board of Directors and the Committee
- temporary postponement of the in-depth assessment of the Board of Directors with an external consultant.
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Executive Committee
Composition
The Board of Directors has delegated the company's day-to-day management and some specific powers to the Managing Director, who is assisted by an Executive Committee appointed by the Board of Directors.
The Executive Committee consists of six members. In addition to its chairman, Jean-Pierre Hanin (Managing Director, Chief Executive Officer), it includes the following members: Jean Katarakos (Director, Chief Financial Officer), Sébastien Berden (Chief Operating Officer), Yeliz Bicici (Chief Operating Officer),
Roel Dumont (Chief Human Resources Officer) and Sophie Grulois (General Counsel).
The Executive Committee acts as a collective body to support the Managing Director in the exercise of his mandate, helping enrich the decision-making process and ensure the effective implementation of the company's strategy. Each member is individually responsible for the operational and functional tasks assigned to them by the Managing Director, under the latter's direction.
In accordance with Article 14 of the Law of 12.05.2014 on regulated real estate companies, the members of the Executive Committee are Directors as defined in this article.
The Managing Director's and the Executive Committee's procedural rules are provided in the Corporate Governance Charter.
Gender
Age
Seniority*
- Jean-Pierre Hanin, Jean Katarakos, Sébastien Berden and Yeliz Bicici are member of the Executive Committee since 2018, Roel Dumont and Sophie Grulois since 2024.
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Jean-Pierre Hanin
Chief Executive Officer
Effective Manager
Jean-Pierre Hanin joined Cofinimmo in February 2018 and holds several mandates in Cofinimmo Group subsidiaries. He has a Law degree from the KUL (Catholic University of Leuven). He also holds a Master's Degree in Tax Management from the Solvay Business School and an LLM from Georgetown University. He started his career as a business attorney and subsequently joined several international groups in which he assumed financial and management positions, including Chief Financial Officer and Chief Executive Officer of Lhoist Group, a global leader in lime and dolomite. More recently, he was Chief Financial Officer then manager of the 'Building Performance' division of the construction materials group Etex. His functions led him to operate in various regions around the world for over 20 years, and engage in both consolidation and development activities. He became Chairman of the Board of Directors of EPRA in June 2024. Within Cofinimmo, he chairs the Executive Committee and also directly oversees the Sustainability and Data Management Departments.
Jean Kotarakos
Chief Financial Officer
Effective Manager
Jean Kotarakos joined Cofinimmo in June 2018 as Chief Financial Officer. He holds a degree in Commercial Engineering from the Solvay Brussels School of Economics and Management (ULB). Since 2010, he has taught in the Real Estate Executive Programme (at ULB until 2021 and VUB since). He holds several mandates in Cofinimmo Group subsidiaries. He has held numerous financial positions in various companies during his career. After working for KPMG and D'leteren for approximately ten years, he joined Aedifica, where he was Chief Financial Officer from 2007 to May 2018. Within Cofinimmo, he oversees the Accounting, Control, External Communication, Investor Relations, IT, Mergers & Acquisitions and Treasury Departments. He serves as Risk Manager alongside Sophie Grulois.
Sébastien Berden
Chief Operating Officer
Effective Manager
Sébastien Berden joined Cofinimmo in 2004, first as Investor Relations Officer, then as Development Manager Healthcare, and Head of Healthcare, a position he held from 2011 to 2018. He has served as Chief Operating Officer since July 2018. He is also Chairman of the Board of Directors of Aldea Group SA/NV and SCI Foncière CRF, and holds several mandates in Cofinimmo Group subsidiaries. Sébastien Berden holds a Master's Degree in Applied Economics from the University of Antwerp. He also pursued a post-graduate training in financial analysis and completed a Leadership Development Programme at Harvard Business School. In addition, he holds a post-graduate degree in Hospital and Care Management from the UCL. He started his career in 1998 at KPMG as Financial Auditor and Corporate Finance Consultant. Within Cofinimmo, he oversees the Healthcare Belgium, Healthcare France, Healthcare Netherlands, and Healthcare New Geographies Departments.
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Yeliz Bicici
Chief Operating Officer
Effective Manager
Yeliz Bicici joined Cofinimmo as a Property Manager in 2008, then as an Area Manager and subsequently as a Development Manager, before becoming Head of Development in 2014. She assumes the role of Chief Operating Officer since July 2018. She also holds several mandates in Cofinimmo Group subsidiaries. She is also a Director of Mirabel Hoiva Oy. She holds a dual Master's Degree in Real Estate (Antwerp Management School 2012 and KUL 2009), she completed the General Management Programme at the Harvard Business School in 2021 and completed post-graduate training in energy engineering (University of Ghent) and financial analysis. Before joining Cofinimmo, she worked for Robelco from 2001 to 2008 and for Uniway prior to 2001. Within Cofinimmo, she supervises the Healthcare Spain, Healthcare Germany, Healthcare Finland as well as the Development, Office, Project Management and Distribution Networks Departments.
Roel Dumont
Chief Human Resources Officer
Effective Manager
Roel Dumont joined Cofinimmo in June 2021 and has extensive experience in strategic human resources management and organisational development. After obtaining a Bachelor's Degree in Law from UFSIA and a Master's Degree in Law from KUL, he studied business administration at EMS. He started his HR career in 2000 at Alken-Moes Breweries, where he was HR Manager in Belgium and then Global Head of Reward Strategy for Scottish & Newcastle plc. In 2008, he joined the Tessenderlo Group, where he spent 13 years in various HR roles worldwide, including Vice President of Human Resources. He also chaired the European Works Council and the Belgian and UK pension funds. Since 2007, he has been a judge at the Labour Court, then at the Labour Court's Court of Appeal. At Cofinimmo, he is responsible for Human Resources and Internal Communications and has been a member of the Executive Committee since 01.06.2024.
Sophie Grulois
General Counsel & Secretary General
Effective Manager
Sophie Grulois joined Cofinimmo in April 2020. She holds a Law Degree from KUL (1998), an LLM in International Business Law from King's College London (1999) and an Executive Master in Real Estate from Solvay (2011). She also completed a finance course at Insead (2023). Sophie Grulois started her career as a lawyer specialising in corporate law. From 2004, she worked for seven years for Goodman, an Australian industrial real estate Group, as Head of Legal Affairs for Europe. From 2013 to 2020, she worked for Immobel, where she became Head of the Legal Department in 2016. In addition to her professional activities, she is active in the BE-REIT association and the UPSI/BVS. Sophie Grulois has been a member the Executive Committee since 01.06.2024. As General Counsel & Secretary General and Compliance Officer, she supervises the Legal, Corporate Governance and Information Management Departments. She also serves as a director of Aldea Group NV and other Cofinimmo Group subsidiaries. She and Jean Kotarakos serve together as Risk Managers.
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Evaluation of the Board of Directors and Committees
Under the leadership of its chairman and in accordance with the 2020 Code and its rules of procedure, the Board of Directors conducts regular evaluations of the Board and its committees' size, composition and performance as well as its interaction with the Executive Committee.
An in-depth evaluation of the Board takes place on a two-to three-year cycle to allow for effective implementation of the conclusions and decisions taken. Alternating between an in-depth external evaluation conducted with the help of an external expert and an internal evaluation allows the Board to question itself and reflect on its work in a new way. For this in-depth evaluation exercise, the Board is assisted by the NRC. For the Audit Committee and the NRC, the annual self-assessment can lead to prompt actions and reactions.
Evaluation of the Board of Directors and Committees has four objectives:
- to appraise the functioning of the Board of Directors or Committee concerned;
- to verify that important matters are being adequately prepared and discussed;
- to evaluate the contribution of each Director by their presence at the Board of Directors and Committee meetings, and their constructive engagement in discussions and the decision-making process;
- to validate the current composition of the Board of Directors or Committees.
The Board of Directors also reviews every five years whether the one-tier governance structure is still appropriate. In this context, in 2024, the Board of Directors has re-evaluated its governance structure and aligned it more closely with the one-tier model. The Managing Director is now solely responsible for the day-to-day management of the company and has been granted specific powers by the Board. The Executive Committee acts as a collective body, supporting the Managing Director in the exercise of his mandate, helping to enrich the decision-making process and ensuring the effective implementation of the organisational strategy.
The Board of Directors carried out an in-depth assessment in 2022 with the assistance of an external consultant. Several areas were reviewed and each was the subject of observations and recommendations for improvement, which were the subject of an action plan.
In 2025, the Board of Directors considered that, in light of the exceptional circumstances surrounding the proposed combination with Aedifica and the associated strategic priorities, it was not appropriate at this stage to initiate a new in-depth assessment. Nevertheless, the Board reaffirmed its commitment to high standards of corporate governance and confirmed that such an assessment would be undertaken should the proposed combination with Aedifica not be implemented.
At each Board of Directors meeting, and in the absence of the Executive Committee members, the non-executive Directors discuss topics related to the Executive Committee and evaluate their interactions with the latter.
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Competence grid
At the end of each term of office, the Board evaluates the Director concerned with the NRC's contribution and guidance, and with the assistance of an external consultant.
On this occasion, the NRC also reviews the Board members' skills and experience grid and ensures that the Board's composition remains appropriate.
The in-depth analysis covers the skills, knowledge and experience required of its members and Committees, based on the principles of diversity and independence, and covering various economic, environmental and social areas.
The main areas assessed are accounting/finance/risk management, strategic vision, corporate governance of listed companies, knowledge of the property market, knowledge of the healthcare and/or office sectors, sustainability issues including climate-related issues, legal and regulatory issues, management in an international context, remuneration and human resources, IT and cybersecurity.
Expertise in areas such as accounting/finance/risk management, strategic vision and corporate governance, which are essential to the implementation of the company's strategy, is fully represented on the Board of Directors.
Specific areas of expertise, such as those related to particular segments or geographical regions, are also well represented on the Board of Directors.
Other specialist skills, such as those related to financial reporting and sustainability issues, including climate-related issues, or remuneration and corporate governance, are appropriately represented in the specialist Committees to ensure relevant expertise in these areas. With regard to IT and cybersecurity matters, Audit Committee members Benoit Graulich and Xavier de Walque and Executive Committee members Jean-Pierre Hanin and Jean Kotarakos have particular expertise and skills in this area.
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In-depth expertise of Directors
Newly appointed Directors receive appropriate initial training, tailored to their role, and updates on the applicable legal and regulatory environment to ensure their ability to contribute quickly to the Board. Directors continually develop their knowledge of the company's business and of developments in the real estate sector.
When the term of office of an Executive Committee member comes to an end, this evaluation process takes place at the time of the annual Executive Committee assessment. The NRC then makes recommendations regarding the renewal of terms of office that are about to expire. These recommendations are submitted to the Board of Directors, who then decides to present them to the General Meeting for approval.
- IT / Cybersecurity
- Business development
- Remuneration management / Human resources
- International management
- Law / Legal field / Regulations
- Sustainability / Innovation
- Real estate market knowledge
- Experience in corporate governance of listed companies
- Strategic vision
- Accounting / Finance / Risk management
Management
The Executive Committee is assisted by a team of Heads of Department and other managers. Each person reports directly to one Head of Department or a member of the Executive Committee and assumes specific managerial responsibility (see page 157).
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Combination with Aedifica and governance organisation
As part of the proposed combination of Aedifica and Cofinimmo, and following the takeover on 10.03.2026, the company's governance has been adapted in accordance with the provisions of the Relationship Agreement concluded on 27.01.2026, which aims to organise the transitional period preceding the full legal integration of the two companies.
This transitional period provides for the necessary adjustments to reflect the new shareholding structure while ensuring the continuity and integrity of the company's decision-making process. It includes, among other things, the reorganisation of the Board of Directors and its Committees, as well as the strategic and operational autonomy of the company as long as Cofinimmo and Aedifica remain separate, and the implementation of enhanced mechanisms for the prevention and management of conflicts of interest.
Composition of the Board of Directors and its Committees
Following the takeover of Cofinimmo by Aedifica on 10.03.2026, the Board of Directors and Committees were reorganised in accordance with contractual commitments.
Board of Directors
In accordance with the Relationship Agreement, three non-executive Directors – Anneleen Desmyter, Xavier de Walque and Michael Zahn – have resigned to allow for the reorganisation of the Board of Directors.
They have been replaced, by co-optation, by two Directors proposed by Aedifica: Stefaan Gielens and Ingrid Daerden, appointed as representatives of Aedifica. Their appointment will be subject to confirmation at the next General Meeting.
As of 10.03.2026, the Board of Directors is composed of 11 members, namely: Jean Hilgers (Chairman), Jean-Pierre Hanin, Jean Kotarakos, Benoit Graulich, Olivier Chapelle, Jan Suykens, Nathalie Charles, Myriam van Velthuizen-Lormans, Ann Caluwaerts, Stefaan Gielens and Ingrid Daerden.
Committees
The Relationship Agreement also provides for the reorganisation of the Board Committees, applicable upon execution of the agreement and until the legal integration is finalised.
As of 10.03.2026, the NRC retains its configuration and is composed of Jean Hilgers (Chairman), Olivier Chapelle, Jan Suykens and Ann Caluwaerts. Stefaan Gielens attends meetings as an observer. As of the same date, following the resignation of Xavier de Walque, the Audit Committee is composed of Benoit Graulich (Chairman), Jean Hilgers and Nathalie Charles. Ingrid Daerden is invited to attend meetings as an observer. Furthermore, the Executive Committee remains in place in its current composition for the entire duration of the transitional period preceding legal integration.
Strategic autonomy and conflicts of interest
The Relationship Agreement provides for enhanced rules designed to ensure the integrity of decision-making processes and protect the company's social interest, given that some Directors are also affiliated with or proposed by Aedifica.
The company retains its strategic autonomy during this transitional phase, and Aedifica has committed to respecting the company's corporate bodies, existing decision-making procedures, equal treatment of shareholders and the absence of undue influence.
Directors appointed by Aedifica act exclusively in the interests of the company and avoid any situation of conflict of interest. The Relationship Agreement also extends the concept of functional conflict to cover, in particular, any resolution relating to a disposal of assets or linked to the commitments made by Aedifica to the Belgian Competition Authority in connection with the public offer.
All these provisions, as well as all the rules applicable during the transitional period, are set out in full in the Relationship Agreement, which is publicly available on the Cofinimmo website.
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Rules and procedures
Prevention of conflicts of interest
With regard to the prevention of conflicts of interest, the company is subject to the Articles 7.96 and 7.97 of the CCA and to the specific provisions of the RREC regulations on integrity and concerning certain transactions referred to in Article 37 of the Law of 14.05.2014 on regulated real estate companies ('RREC Act').
Directors and Executive Committee members have a duty to avoid any act which would be in conflict or appear to conflict with the interests of the company and its shareholders. They must immediately inform the Chairman of the Board of Directors or the Chairman of the Executive Committee of any possible conflict of interest.
Directors and Executive Committee members undertake not to solicit and to refuse any remuneration, in cash or in kind, or any personal benefit offered because of their professional ties with the company. This includes, but is not limited to, consulting fees, sales, rental, investment and rewards, etc. In addition, they agree not to use business opportunities intended for the company for personal gain.
Rules regarding the prevention of conflicts of interest are described more extensively in the Corporate Governance Charter.
In 2025, two decisions resulted in the application of Article 7.96 of the CCA. In the session of 20.02.2025, the Board of Directors deliberated on the achievement of the 2024 objectives and the variable remuneration for 2024 for the Executive Committee members, and in the session of 26.05.2025, the Board of Directors deliberated on granting a retention plan to the Executive Committee members.
Extract of the minutes of the Board of Directors meeting of 20.02.2025
In accordance with Article 7.96 of the CCA, the executive Directors (Mr Hanin, Mr Kotarakos, and Mrs Roels) announce that they have conflicting interest of a proprietary nature with that of the company, and therefore cannot take part in the vote.
Upon recommendation from the NRC, the Board of Directors decides to set the overall percentage of achievement:
- of the STI KPIs at:
- 104.14% for the CEO (Mr Hanin);
- 98.14% for the CFO (Mr Kotarakos);
- 94.14% for the CCA&SG (Mrs Roels);
-
96.64% globally for the Executive Committee members;
-
of the LTI transition KPIs at:
- 103.88% for the CEO (Mr Hanin);
- 103.88% for the CFO (Mr Kotarakos);
- 103.88% for the CCA&SG (Mrs Roels);
-
103.88% globally for the Executive Committee members;
-
The percentage of the variable STI remuneration applied to the fixed annual contractual remuneration is therefore:
- 52.07% for the CEO (Mr Hanin);
- 39.26% for the CFO (Mr Kotarakos);
- 37.66% for the CCA&SG (Mrs Roels);
-
38.66% globally for the Executive Committee members;
-
The percentage of the variable LTI transition applied to the fixed annual contractual remuneration is therefore:
- 51.94% for the CEO (Mr Hanin);
- 41.55% for the CFO (Mr Kotarakos);
- 41.55% for the CCA&SG (Mrs Roels);
- 41.55% globally for the Executive Committee members;
This allocation of the variable remuneration is in line with the requirements of Article 7.91 of the CCA.
Extract of the minutes of the Board of Directors meeting of 26.05.2025
In accordance with Article 7.96 of the CCA, the executive Directors (Mr Hanin and Mr Kotarakos) announce that they have conflicting interest of a proprietary nature with that of the company, and therefore cannot take part in the vote.
Upon recommendation of the NRC, and to secure retention of senior management, the Board of Directors approve unanimously a retention plan for the Executive Committee members as follows:
- retention amount of 12 months base remuneration for the CEO,
- retention amount of 6 months base remuneration for the other Executive Committee members;
- cash payment with vesting foreseen at 31/05/2026 (1 year from now) for those who are still in service or for good leavers. Bad leavers will be excluded.
No decision or transaction gave rise to the application of Article 7.97 of the CCA during the 2025 financial year.
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In addition, Article 37 of the RREC Act provides for special provisions in the event that one of the persons referred to in this article intervenes as a counterparty in a transaction with the REIT or one of the companies within its scope. During 2025, no decisions led to the application of this Article.
Code of Good Conduct
The Code of Good Conduct is an integral part of the company's corporate culture, which demands exemplary conduct from members of the corporate bodies and staff. It emphasises honesty, integrity and high ethical standards in the conduct of the company's business. The code includes explicit provisions on conflicts of interest, professional secrecy, transactions in financial instruments, fraud and money laundering, business gifts, competition, respect for personal data and a whistleblowing policy. The company is not aware of any deviations from these rules during the financial year.
Whistleblowing Policy
Cofinimmo has a whistleblowing procedure in place which allows to cover situations in which an employee, and more generally, any person working on behalf of the company, has a concern about an irregularity that affects or could potentially affect third parties including clients, suppliers, other members of the company, the company itself (e.g. its assets, income, or reputation), its subsidiaries, or the public interest. This whistleblowing policy complies with the European Parliament and Council's directive (EU) 2019/1937 of 23.10.2019 on the protection of persons who report violations of Union law and with the law of 28.11.2022 on the protection of persons who report violations of Union law or with national law within a private sector legal entity. The company has no knowledge of any irregularities reported during the financial year.
Preventive rules on market abuse
In line with the company's principles and values, a prevention code on market abuse containing the rules to be followed by Directors and designated persons wishing to trade the financial instruments issued, is implemented. This code contains restrictions relating to transactions involving Cofinimmo shares, and prohibits the purchase and sale of Cofinimmo shares during the period from the day after each quarter's closing date up to (and including) the publication of the annual, half-yearly or quarterly results. The rules contained in this code are aligned with the European Parliament and Council's regulation (EU) 596/2014 of 16.04.2014 on market abuse, the fair presentation of investment recommendations and conflicts of interest reporting. Ongoing training is provided for all members of the company. The company has no knowledge of any incidents that have occurred concerning compliance with the provisions of the prevention code relating to market abuse during the financial year.
Risk prevention against corruption and money laundering
Cofinimmo has adopted an Anti-Corruption, Fraud and Money Laundering Policy and a Supplier Code of Conduct, which make the establishment of a business relationship subject to a prior assessment of the risks of money laundering and terrorist financing, depending on the profile of the counterparty or the transaction in question. Furthermore, in line with its commitment to responsible and ethical business practices, the Group is not involved in sensitive or controversial business sectors such as arms, mining or tobacco. The company has no knowledge of any incidents relating to compliance with the provisions of the Anti-Corruption, Fraud and Money Laundering Policy and the Supplier Code of Conduct during the financial year.
Personal data protection
The General Data Protection Regulation (GDPR) protects the fundamental right of individuals to the protection of their personal data. In this context, Cofinimmo has adopted a confidentiality policy for its activities. Specific data protection agreements are concluded with suppliers, subcontractors and other business partners. Ongoing training is provided for all members of the company, and the company has a number of procedures in place, particularly in the event of a loss of personal data. To date, the company is not aware of any incident that occurred during the financial year that resulted in the loss or leakage of personal data.
Cybersecurity
Cybersecurity issues are one of the Board's main concerns, given the damaging consequences of a cyber-attack, both in terms of the company's reputation and credibility, and the financial losses that would result from business interruption or data loss. The Board of Directors is keen to ensure that this aspect is given particular attention. Training and regular exercises are in place and ongoing for members of the company. The company has a number of procedures in place, particularly in the event of an incident, as well as internal policies in this area to ensure the secure use of technology. The company has no knowledge of any incident that occurred and resulted in a breach of the integrity of its information systems, either through loss or leakage of data during the financial year.
Judicial and arbitration procedures
The Executive Committee declared that there are no government interventions, legal proceedings or arbitration procedures that could have or have recently had a significant impact on the company's financial position or profitability. The company has no knowledge of any situation or fact that could cause governmental interventions, litigation or arbitration.
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Compliance Officer and risk management
Sophie Grulois, General Counsel & Secretary General, is the Compliance Officer. Her duties include ensuring compliance with all prevailing laws and regulations. The Risk Manager position is jointly provided by Sophie Grulois, General Counsel and Secretary General, and Jean Kotarakos, Chief Financial Officer. Their duties consist of identifying and managing events that could potentially affect the organisation. The Compliance Officer and Risk Managers report regularly to the Audit Committee on their activities.
Internal audit
Christophe Pleeck is responsible for the internal audit function. His duties include examining and assessing the smooth functioning, effectiveness, and relevance of the internal control system.
Research and development
Other than the innovation involved in construction and major renovation projects, as noted in the chapter 'Transactions & achievements in 2025', no research and development activities were carried out during the 2025 financial year.
Power of representation
Article 17 of the Articles of Association stipulates that the company shall be validly represented in all acts, including those involving a public official or a ministerial officer, as well as in legal proceedings, in claiming and defending, either by two Directors acting jointly, or by the Managing Director and another member of the Executive Committee acting jointly. The company is also validly represented by representatives within the limits of their mandates.
By a notarial deed dated 08.05.2024, published in the Belgian Official Gazette (Moniteur belge/Belgisch Staatsblad) of 10.06.2024, the Board of Directors decided to confer the powers of day-to-day management and representation of the company within the framework of this management to the Managing Director. By notarial deed dated 08.05.2025, published in the Belgian Official Gazette (Moniteur belge/Belgisch Staatsblad) of 15.05.2025, the Managing Director also delegated certain specific powers for certain types of acts.
Cofinimmo's Articles of Association
The Articles of Association are published on pages 317-323 of this document. The company's Articles of Association were not updated in 2025.
Office Nursing and care home - Balen (BE)
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Information required under Article 34 of the Royal Decree of 14.11.2007
In accordance with Article 34 of the Royal Decree of 14.11.2007 on issuers' obligations pertaining to financial instruments admitted to trading on a regulated market, the company discloses and, where appropriate, explains the factors likely to have an impact in the event of a takeover bid.
Capital structure
On the cut-off date of this document, the company's capital is set at 2,041,523,111.02 EUR and is represented by 38,096,217 fully paid-up shares, each representing an equal share.
Legal, statutory limits to the transfer of securities
The transfer of company shares is not subject to any specific legal or statutory limits. In accordance with Provision 7 of the 2020 Code and the remuneration policy, non-executive Directors must invest 20% of their net annual remuneration in the company's shares. These shares are held for at least one year after the non-executive Director leaves the Board, and for at least three years after allocation. Executive Committee members must use their entire net long-term variable remuneration to acquire company's shares, and hold them for at least three years. In accordance with Provision 7 of the 2020 Code and the Remuneration Policy, the CEO and the other members of the Executive Committee must hold a specified number of company shares throughout their term of office, i.e. 8,000 shares for the CEO and 2,000 shares for the other members of the Executive Committee. All of the company shares are listed on the regulated market of Euronext Brussels.
Special control rights of shareholders
The company does not have any shareholders benefiting from special control rights.
Control mechanism provided for in any employee shareholding system when control rights are not exercised directly by the employee
No employee shareholding system has been put in place.
Legal or statutory limits to voting rights
In accordance with Articles 7:217 and 7:221 of the CCA, treasury share voting rights for the company and its subsidiaries are suspended. As at 31.12.2025, the company held 11,398 treasury shares.
Agreements between shareholders, known by the company, which could limit the transfer of shares and/or voting rights
To the company's knowledge, there are no agreements between shareholders that could limit the transfer of shares and/or the exercise of voting rights.
Rules for the nomination and replacement of members of the Board of Directors and for any modification in the Articles of Association
In accordance with Article 10 of the Articles of Association, the members of the Board of Directors are appointed for four years by the General Meeting and are always revocable by it. Directors' terms are renewable. The term of office of any Director who is not renewed ends immediately after the General Meeting which decides on the non-renewal.
In the event of one or more terms being vacant, the remaining Directors, meeting as a Board, are entitled to provisionally fill the vacancy until the next General Meeting which will proceed with the final election.
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Regarding the amendment of the company's Articles of Association, there is no regulation other than that determined by the CCA and the RREC Act.
Powers of the Board of Directors regarding the issuance or repurchase of shares
On 05.06.2024, the Extraordinary General Meeting granted authority to the Board of Directors for a period of five years from the date of publication of the minutes of this meeting in the appendices to the Belgian Official Gazette (Moniteur belge/Belgisch Staatsblad).
The Board of Directors is therefore authorised to increase the capital on one or more occasions by a maximum amount of:
- 1,020,761,555.00 EUR, (i.e. 50% of the amount of the capital as of the Extraordinary General Meeting of 05.06.2024) for capital increases through contributions in cash, providing for the possibility for the company's shareholders to exercise their preferential right or irreducible allocation right;
- 408,304,622.00 EUR, (i.e. 20% of the amount of the capital as of the Extraordinary General Meeting of 05.06.2024) for capital increases in the context of the distribution of an optional dividend;
- 204,152,311.00 EUR, (i.e. 10% of the amount of the capital as of the Extraordinary General Meeting of 05.06.2024) for:
a) capital increases through contributions in kind;
b) capital increases through contributions in cash without granting the possibility for the company's shareholders to exercise their preferential right or irreducible allocation right; or
c) any other form of capital increase,
given that the capital, within the limits of this authorisation, may under no circumstances be increased by more than 1,633,218,488.00 EUR, which represents the cumulative amount of the various authorisations with regard to authorised capital.
On the cut-off date of this document, the Board of Directors has not yet made use of this authorisation.
For a period of five years from the publication of the minutes of the Extraordinary General Meeting of 05.06.2024, the Board of Directors is specifically authorised to acquire, pledge, and alienate (even off-market) the company's treasury shares on behalf of Cofinimmo, at a unit price which cannot be less than 85% of the closing market price on the day preceding the
transaction date (acquisition, sale, and pledge) or more than 115% of the closing market price of the day preceding the date of the transaction (acquisition, pledge), without Cofinimmo being able to hold more than 10% of the total number of shares issued. On 31.12.2025, Cofinimmo held 11,398 treasury shares.
> Board of Directors (Board, in its configuration prior to 10.03.2026) and Executive Committee (EC) members at Cofinimmo's head office. From left to right: Jean Kotarakos (CFO, Board and EC member), Michael Zahn (Board member), Anneleen Desmyter (Board member), Benoit Graulich (Board member), Nathalie Charles (Board member), Jean Hilgers (Chairman of the Board), Sébastien Berden (COO, EC member), Ann Caluwaerts (Board member), Jan Suykens (Board member), Roel Dumont (CHRO, EC member), Sophie Grulois (General Counsel, EC member), Xavier de Walque (Board member), Olivier Chapelle (Board member), Yeliz Bicici (COO, EC member), Jean-Pierre Hanin (CEO, Board and EC member), Mirjam van Velthuizen-Lormans (Board member).
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Important agreements under which the issuer is a stakeholder and which take effect, are modified, or terminated in the event of a change of control following a takeover bid
It is customary to include a so-called 'Change-of-Control' clause in financing contracts that allows the lender to demand repayment of the loan in the event of a change of control of the company. A historical record of the important agreements under which the issuer is a stakeholder and which take effect, are modified, or terminated in the event of a change of control following a takeover bid prior to 2025, is available in the annual financial reports of 2024 and prior years, section 'Corporate governance statement', 'Important agreements under which the issuer is a stakeholder and which take effect, are modified, or terminated in the event of a change of control following a takeover bid'. These documents are available on the company's website www.cofinimmo.com. In 2025, no change of control clause has been approved in the context of important agreements.
As part of the proposed combination with Aedifica, a Relationship Agreement was entered into on 27.01.2026 between Aedifica and Cofinimmo, prior to the launch of the public exchange offer initiated by Aedifica. This agreement sets out the governance arrangements between the parties for the period between the settlement of the offer and the completion of the legal integration, particularly with regard to strategic autonomy, the composition of administrative bodies, the management of conflicts of interest and transactions with related parties. It also provides for mechanisms relating to the handling of business opportunities, information sharing and financial reporting requirements, as well as the principles governing the legal and economic integration of the two companies. All these provisions, as well as all the rules applicable during the transitional period, are set out in full in the Relationship Agreement, which is publicly available on the Cofinimmo website.
Agreements between the issuer and the members of the Board of Directors which provide for indemnities if Directors resign or leave office without good reason or if the employment of staff terminates due to a takeover bid
The contractual terms applicable to Directors who are members of the Executive Committee are described in the Remuneration Policy, which can be found on the company's website in the 'Governance' section.
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Remuneration report
Introduction
This remuneration report is established within the framework of the 2020 Code and of Article 3:6 §3, point 2, of the CCA.
The remuneration report provides a complete overview of the remuneration, including all benefits in whatever form, granted or due during the 2025 financial year to the non-executive Directors and members of the Executive Committee. It is part of the Remuneration Policy approved by the Ordinary General Meeting of 08.05.2024.
An external assessment of the form and content of the remuneration report, carried out in 2025, concluded that there was a high level of transparency and consistency. The majority of the examined criteria (transparency and clarity; consideration of stakeholder interests and expectations; and remuneration strategy) met applicable best practices. The analyses and justifications were considered relevant and adequately documented. Any points for attention identified will be addressed as part of a continuous improvement process.
On 14.05.2025, the General Meeting approved the 2024 Remuneration report with a majority of 88.41% of the votes cast.
In 2024, as part of its commitment to all stakeholders and taking into account feedback from shareholders and proxy advisors, the Board of Directors paid particular attention to investors' expectations in terms of remuneration.
Working closely with an external executive remuneration consultant, Willis Towers Watson, the Board of Directors has benefited from the expertise and strategic advice to develop a Remuneration Policy that is more closely aligned with benchmarks and the long-term interests of all stakeholders. Among other things, the Board of Directors reviewed the long-term remuneration plan to place greater emphasis on shareholder value creation and alignment with stakeholders and the development of the business.
This approach demonstrates the Board's ongoing commitment to responsible and sustainable corporate governance and its desire to proactively address the concerns and expectations of its shareholders. The company will continue to seek feedback from shareholders and proxy advisors to ensure that the remuneration principles are aligned with the interests of all stakeholders and market expectations.
On 08.05.2024, the General Meeting approved the new Remuneration Policy by a large majority of 96.40% of the votes cast. The Remuneration Policy entered into force on 01.01.2024 and can be found on the company's website in the 'Governance' section.
In 2025, the company has deviated from provisions 7.6 and 9.1 of the 2020 Code and its Remuneration Policy, and justifies it according to Article 3:6, §2, 2° of the CCA:
- Provision 7.6: non-executive Directors receive part of their remuneration in the form of company shares, which they must in principle hold for at least three years after they are awarded.
In accordance with the company's Remuneration Policy, non-executive Directors are required to acquire each year a number of shares representing at least 20% of their annual remuneration (after deduction of withholding tax). The company considered that share purchases during the period of the proposed combination with Aedifica could raise concerns from a market abuse perspective, and concluded that it was more appropriate to grant non-executive Directors a temporary extension of their share purchase obligation, pending the completion of the proposed combination with Aedifica.
The company also derived from the Remuneration Policy to allow current and former non-executive Directors to exchange their locked-up Cofinimmo shares in Aedifica shares, thereby enabling them to support the exchange offer in the context of the proposed combination with Aedifica. This deviation was also granted to the current and former members of the Executive Committee for the shares they own and that are locked-up in the context of the long-term remuneration plan (transition). The lock-up arrangements applicable to the Cofinimmo shares are fully transferred to the Aedifica shares received in exchange.
A. Remuneration of non-executive Directors
Non-executive Directors are remunerated in accordance with the Remuneration Policy approved at the Ordinary General Meeting held on 08.05.2024. The remuneration consists solely of a fixed annual fee and attendance fees for each meeting:
- for membership of the Board of Directors, the remuneration consists of a fixed annual fee of 30,000 EUR and an attendance fee of 2,500 EUR per Board meeting;
- for committee membership, the remuneration consists of a fixed annual fee of 6,250 EUR (12,500 EUR for committee chairmanship) and an attendance fee of 1,000 EUR per committee meeting.
Non-executive Directors living abroad receive an additional fee for attending meetings in person. This additional remuneration covers the additional time they devote to their mandate compared to a Director living in Belgium. The lump sum is 1,000 EUR per trip to attend a Board or committee meeting.
The remuneration of the Chairman of the Board of Directors is set at 100,000 EUR per year for his responsibilities as Chairman of the Board of Directors, 12,500 EUR for his responsibilities as Chairman of the NRC and an attendance fee of 1,000 EUR per NRC meeting.
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To strengthen the link between the company's strategy and the long-term interests of shareholders, non-executive Directors are required to receive part of their remuneration in the form of shares in the company. Each non-executive Director is required to purchase each year a number of shares equal to at least 20% of his annual remuneration after deduction of withholding tax:
- these shares must be held for at least one year after the non-executive Director leaves the Board and for at least three years after they are granted;
- dividends allocated during the lock-up period will be paid at the same time as to other shareholders.
To facilitate the practical application of this rule, the number of shares to be acquired by each non-executive Director is determined at the end of the year, taking into account the average share price over the previous 12 months. Non-executive Directors may anticipate this purchase obligation by purchasing a sufficient number of shares to cover the remainder of their term of office.
Non-executive Directors do not receive performance-related variable remuneration, share options, savings and pension plans or benefits in kind. There is no employment contract between the company and the non-executive Directors, who exercise their mandate as freelancers.
In 2025, as part of the proposed combination with Aedifica, the Board of Directors set up a special Defence Committee, responsible for monitoring and examining all aspects of this operation, as well as making recommendations to the Board of Directors.
In accordance with the Remuneration Policy, the remuneration of this committee consisted of attendance fees of 1,000 EUR per committee meeting, with a maximum of two attendance fees in cases where more than two meetings took place on the same day. No fixed remuneration was awarded.
Remuneration of non-executive Directors in 2025
| Name | Attendance to the Board of Directors and Committees | Number of shares held | Remuneration | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Board of Directors | Nomination, Remuneration and Corporate Governance Committee | Audit Committee | Defence Committee | Fixed remuneration (EUR) | Attendance fees (EUR) | Travel allowances (EUR) | Total remuneration (EUR) | ||
| Jacques van Rijckevorsel (end term of office 14.05.2025) | 8/8 | 3/3 | 3/3 | 10/10 | 1,223 | 46,875 | 13,000 | 59,875 | |
| Jean Hilgers | 16/16 | 3/3 | 6/6 | 17/17 | 135 | 91,250 | 45,000 | 136,250 | |
| Inès Archer-Toper (end term of office 14.05.2025) | 8/8 | 2/3 | 8/10 | 490 | 15,104 | 30,000 | 3,000 | 48,104 | |
| Ann Caluwaerts (start term of office 14.05.2025) | 8/8 | 7/7 | 85 | 20,521 | 27,000 | 47,521 | |||
| Olivier Chapelle | 16/16 | 6/6 | 14/17 | 1,228 | 36,250 | 61,000 | 97,250 | ||
| Nathalie Charles | 16/16 | 3/3 | 151 | 34,167 | 43,000 | 10,000 | 87,167 | ||
| Anneleen Desmyter* | 16/16 | 240 | 30,000 | 40,000 | 70,000 | ||||
| Xavier de Walque | 16/16 | 6/6 | 16/17 | 797 | 36,250 | 61,000 | 97,250 | ||
| Benoit Graulich | 15/16 | 6/6 | 12/17 | 974 | 42,500 | 55,500 | 98,000 | ||
| Jan Suykens | 14/16 | 4/6 | 14/17 | 300 | 36,250 | 53,000 | 89,250 | ||
| Mirjam van Velthuizen-Lormans | 15/16 | 44 | 30,000 | 37,500 | 6,000 | 73,500 | |||
| Michael Zahn** | 15/16 | 617 | 30,000 | 37,500 | 3,000 | 70,500 | |||
| TOTAL | 449,167 | 503,500 | 22,000 | 974,667 |
- In 2025, Anneleen Desmyter did not receive attendance fees (1,000 EUR per Board of Directors meeting) in the context of her mandates as an independent Director in the Pubstone and Pubstone Group subsidiaries, regulated institutional real estate companies of the Cofinimmo Group.
** Michael Zahn has concluded a consultancy contract with Cofinimmo Dienstleistungs-GmbH, a subsidiary of the Cofinimmo Group, in the context of the development and implementation of the development strategy of Cofinimmo's activities in the field of healthcare real estate in Germany. On 20.02.2025, the Board of Directors determined that, in view of the level of remuneration under the 2024 consultancy agreement, Michael Zahn would no longer serve as a non-executive Director with independent status within the meaning of Article 7.87 §1 of the CCA and the 2020 Code. As of 20.02.2025, Michael Zahn exercises his mandate as a non-executive Director. Under this contract, Michael Zahn received 20,000 EUR (excl. VAT) for his services in 2025.
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B. Remuneration of Executive Committee members
1. Governance structure
The Extraordinary General Meeting of 05.06.2024 approved the changes to the Articles of Association, which clarify the company's one-tier management model. The Managing Director is now solely responsible for the company's day-to-day management and is vested with specific powers by the Board. The Executive Committee assists the Managing Director in performing his duties.
The Executive Committee consists of six members: Jean-Pierre Hanin (Managing Director, Chairman of the Executive Committee - Chief Executive Officer), Jean Kotarakos (executive Director, Chief Financial Officer), Sébastien Berden (Chief Operating Officer), Yeliz Bicici (Chief Operating Officer), Roel Dumont (Chief Human Resources Officer) and Sophie Grulais (General Counsel & Secretary General).
2. Remuneration principle
The principles of the Remuneration Policy for the Managing Director and the Executive Committee members are based on a balanced approach between the company's business strategy, the interests and expectations of the shareholders and market positioning. Objectives are set at the same time as the annual and multi-year budgets, taking into account the latter to ensure that the objectives are in line with the company's strategy.
The objectives are a combination of financial and non-financial, collective and individual objectives, which are weighted. The Board establishes criteria that prioritise objectives that have a positive impact on the business in the short term, as part of a Short-Term Incentive Plan (STI), and in the long term (LTI), including sustainability objectives, and that are aligned with the business strategy.
3. Remuneration structure
3.1 Market positioning/benchmark
The design and level of remuneration of the Managing Director and the Executive Committee members are also regularly evaluated and compared with market levels with the assistance of a specialised external consultant. As part of the development of the 2024 Remuneration Policy, the competitiveness of the remuneration was reviewed by Willis
Tower Watson, an external consultant specialising in executive remuneration, in relation to two separate peer groups.
The first peer group consists of REITs headquartered in Belgium, to reflect Cofinimmo's local talent (and business) competitors. The companies in this group are Aedifica, Warehouses De Pauw, Montea and Xior Student Housing. An additional secondary benchmark was established in the form of a European REIT peer group to reflect a broader regional and sector perspective. The companies in this group were Aedifica, CA Immobilien Anlagen, Covivio, Deutsche Wohnen, Gecina, Klépierre, Merlin Properties Socimi, Metrovacesa, Patrizia, Warehouses De Pauw, Immofinanz.
The competitive positioning sought is the median remuneration of the peer group for all key elements of the package, with relative positions varying according to the company size compared to the peer group and seniority in the role.
In 2025, given the exceptional circumstances surrounding the proposed combination with Aedifica, as well as changes in market benchmarks, it has become increasingly important to
retain key members of management. Many comparable companies facing similar periods of transition offer additional remuneration as part of their retention strategy. The adjustment in remuneration is therefore justified and in line with market practices. Consequently, and on the recommendation of the NRC, the Board of Directors meeting on 26.05.2025 approved and implemented a non-variable remuneration package for the Managing Director and the members of his Executive Committee, including a retention amount equivalent to 12 months' fixed base salary for the Managing Director and six months' fixed base salary for the other members of the Executive Committee. This amount, payable in cash, will be acquired on 31.05.2026 for persons still in office on that date or who have left the company as good leavers, while persons considered bad leavers will be excluded.
3.2 Fixed base salary
The fixed base salary consists of a fixed cash remuneration resulting from the executive contracts and is based, among other things, on the seniority of the executive in performing his/her duties. The fixed base salary is not indexed. For the Managing Director and the members of the Executive Committee who are also members of the Board of Directors, the fixed base salary covers their services as members of the
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Board of Directors and their participation in the meetings of the various committees.
On 20.02.2025, the Board of Directors decided to increase the fixed annual remuneration of Jean Kotarakos from 378,000 EUR to 388,900 EUR for the year 2025.
3.3 Variable remuneration
3.3.1 Short-term incentive - STI
Principles
The Managing Director and the Executive Committee members are eligible for an annual Short-Term Incentive (STI) based on the achievement of predetermined annual financial, non-financial and individual performance objectives. The Board determines the measures included in the STI and sets the minimum, target and maximum achievement levels for each measure at the beginning of the performance period. It evaluates and approves the STI results and payments at the end of the performance period.
The performance measures may vary from year to year depending on strategic priorities. The weighting of each measure is between 70% and 90% for financial measures and between 10% and 30% for non-financial measures. In order to encourage the achievement of high company performance in line with the strategy, no payment will be made under the STI if 80% of the EPS (Earnings Per Share*) budget is not achieved.
The target for the Managing Director is 50% of the fixed base salary, with a maximum of 75%, and the target for the Executive Committee members is 40% of the fixed base salary, with a maximum of 60%.
2025 achievements
On 25.02.2025, the Board of Directors decided on the collective financial performance criteria and the individual non-financial performance criteria for the 2025 STI. On 19.02.2026, the Board of Directors, after the Audit Committee reviewed the data on which the performance criteria were based and on the recommendation of the NRC, which assessed the achievement of the targets, decided to grant the variable remuneration as shown in the table below.
With regard to personal objectives, the Board of Directors took the following factors into account: Jean-Pierre Hanin fully exceeded his objectives by ensuring effective execution of the strategy and demonstrating strong leadership in achieving the budget, within the specific context of the company. Jean Kotarakos fully exceeded his objectives by ensuring particularly rigorous management of balance sheet items and guaranteeing exemplary budget control within the specific context of the company. Françoise Roels achieved her objectives by successfully completing her own succession and ensuring a sustainable and structured transition within the various operational areas. With regard to the other members of the Executive Committee, the objectives were largely achieved, in the specific context of the company, in particular through the management of lease restructuring and portfolio arbitrage, the management of divestments and greenfield projects, the control of operator monitoring indicators, the proactive management of human resources and the strengthening of human resources policy, as well as the finalisation of the legal compliance framework and the management of exceptional and strategic topics.
2026 objectives
On 19.02.2026, the Board approved the collective financial performance criteria and the individual non-financial performance criteria for the 2026 STI as shown in the table below. In line with market practice and for confidentiality reasons, the specific objectives will be explained ex-post and the level of achievement will be reported in the 2026 Remuneration report.
| 2025 performance criteria | Relative weighting | Objective | 2025 results | Achievement | |
|---|---|---|---|---|---|
| Collective financial performance criteria 80% | Net result from core activities – Group share – per share* (adjusted EPS) (EUR per share) | 25% | 6.20 | 6.45 | 26.0% |
| Operating margin* as defined in external communications (%) | 15% | 83.3 | 83.5 | 15.0% | |
| Acquisitions, incl. capex and financial investments (MEUR) | 10% | 170 | 111 | 6.5% | |
| Divestments (MEUR) | 20% | 100 | 82 | 16.4% | |
| Overall occupancy rate of the portfolio (%) | 10% | 98.7 | 98.4 | 10.0% | |
| Individual non-financial performance criteria 20% | Personal objectives | ||||
| Jean-Pierre Hanin | 20% | 150% | 30.0% | ||
| Jean Kotarakos | 20% | 150% | 30.0% | ||
| Françoise Roels | 20% | 100% | 20.0% | ||
| Other members | 20% | 150% | 30.0% | ||
| 2026 performance criteria | Relative weighting | ||||
| --- | --- | --- | |||
| Collective financial performance criteria | Net result from core activities – Group share – per share* (adjusted EPS) | 25% | |||
| 80% | Operating margin* as defined in external communications | 15% | |||
| Acquisitions, capex, financial investments | 10% | ||||
| Divestments | 20% | ||||
| Overall occupancy rate of the portfolio | 10% | ||||
| Individual non-financial performance criteria | Personal objectives | 20% | |||
| 20% |
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3.3.2 Long-term incentive - LTI
Principles
The Managing Director and the Executive Committee members are eligible for long-term incentives, subject to achieving predetermined long-term financial and non-financial objectives over a three-year performance cycle.
The performance measures reflect the diversity of the long-term strategic objectives and take a multi-year perspective. The weighting of each measure is a combination of financial and sustainability performance criteria, with a majority weighting given to financial and share price-related measures. Financial objectives may include, but are not limited to, changes in EPS (Earnings Per Share*) and TSR (Total Shareholder Return). Non-financial objectives may include, but are not limited to, strategic deployment criteria and sustainability criteria to support this multi-year perspective.
The Board of Directors sets specific performance criteria for each three-year performance cycle from among those available. It sets the minimum, target and maximum levels of achievement for each criterion. It evaluates and approves the results at the end of the three-year performance cycle. Long-term incentives are paid in cash and are based on performance over a three-year performance cycle. Upon vesting, the Managing Director and the Executive Committee members have the option to purchase shares, net of withholding tax, at a unit price equal to the last closing price less a discount (100/120) and subject to the condition that the shares purchased are locked-up for a further two years.
The remuneration target for the Managing Director is 50% of the fixed base salary, with a maximum of 75%, and the remuneration target for the Executive Committee members is 40% of the fixed base salary, with a maximum of 60%.
In line with market practice and for reasons of confidentiality, the specific objectives are explained ex-post and the level of achievement reported in the remuneration report for the final year of the performance cycle concerned.
Ongoing performance cycle 2024-2025-2026
On 22.02.2024, the Board of Directors determined the collective financial performance criteria and individual non-financial performance criteria for the LTI for the 2024-2025-2026 performance cycle.
| Performance criteria | Relative weighting | |
|---|---|---|
| Collective financial performance criteria | Net result from core activities – Group share – per share* (adjusted EPS) | 45% |
| 75% | Relative Total Shareholder Return (relative TSR) | 10% |
| Strategic deployment | 20% | |
| Collective non-financial performance criteria | Sustainability | |
| 25% | E – Reduce the annual energy intensity of healthcare real estate and office buildings by 30% by 2030 taking 2017 as the reference year | 8.33% |
| S – Establish a proactive dialogue with tenants through site visits (% of visited building areas) | 8.33% | |
| G – Staff training and information | 8.33% |
Office building The Gradient - Brussels (BE)
Ongoing performance cycle 2025-2026-2027
On 25.02.2025, the Board of Directors determined the collective financial performance criteria and individual non-financial performance criteria for the LTI for the 2025-2026-2027 performance cycle.
| Performance criteria | Relative weighting | |
|---|---|---|
| Collective financial performance criteria | Net result from core activities – Group share – per share* (adjusted EPS) | 45% |
| 75% | Relative Total Shareholder Return (relative TSR) | 10% |
| Strategic deployment | 20% | |
| Collective non-financial performance criteria | Sustainability | |
| 25% | E – Reduce the annual energy intensity of healthcare real estate and office buildings by 30% by 2030 taking 2017 as the reference year | 8.33% |
| S – Establish a proactive dialogue with tenants through site visits (% of visited building areas) | 8.33% | |
| G – Staff training and information | 8.33% |
Performance cycle 2026-2027-2028
With regard to the 2026-2027-2028 performance cycle, and in light of the exceptional circumstances surrounding the proposed combination with Aedifica, the Board of Directors decided on 19.02.2026 to postpone its decision until a later meeting.
Transitional provision – principles
The Remuneration Policy approved by the General Meeting of 08.05.2024 introduces a new LTI plan with a three-year performance cycle. The new LTI plan will only produce its effects in 2027, i.e. at the end of the first three-year performance cycle (2024-2025-2026) and subject to the achievement of the performance criteria. For this reason, and in line with the Remuneration Policy, the introduction of the new LTI plan is subject to a transitional provision whereby the old plan will continue for a further two years, with the 2024 plan vesting in 2025 and the 2025 plan vesting in 2026.
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Transitional provision - 2025 achievements
On 25.02.2025, the Board of Directors determined the collective financial performance criteria and individual non-financial performance criteria for the 2025 transitional LTI. It is specified that the new members of the Executive Committee appointed with effect from 01.06.2024 will not participate in the 2024 and 2025 transitional LTI plans, but will participate in the new 2024-2025-2026 and 2025-2026-2027 LTI plans. On 19.02.2026, the Board of Directors, after the Audit Committee reviewed the data on which the performance criteria were based and upon the recommendation of the NRC, which assessed the achievement of the objectives, decided to grant the variable remuneration as shown in the table on the next page.
The variable remuneration is allocated in accordance with the provisions of Article 7.91 of the CCA.
The percentages of the target bonus allocated were determined according to the level of the net result from core activities - Group share - per share* as well as the dividend, analysed in the context of a long-term strategy showing the development of these parameters in line with the budget, as shown below.
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Net result from core activities - Group share - per share* (EPS adjusted) | 7.15 EUR | 6.95 EUR | 7.07 EUR | 6.50 EUR | 6.45 EUR |
| Dividend - per share | 6.00 EUR | 6.20 EUR | 6.20 EUR | 6.20 EUR | 6.35 EUR |
Special efforts have also enabled the company to implement a proactive Sustainability Policy. Cofinimmo is recognised as one of the most sustainable companies in Europe and worldwide. In 2025, Cofinimmo improves its ranking in the 600 Europe's Climate Leaders 2025 list by Financial Times (ranking 4th among 39 real estate companies in Europe and the United Kingdom).
With regard to the implementation of the sustainability strategy, and as announced since 2021, the aim is to reduce the energy intensity of the healthcare and office portfolios to 130 kWh/m²/year as part of the 30th Project. A linear approach to the 30th Project would imply decreasing the energy intensity to 150 kWh/m²/year and 145 kWh/m²/year respectively for 2025-2026.
Portfolio rotation, both in terms of acquisitions and disposals, the maintenance and renovation programme and development projects mean that perfect alignment with a linear approach cannot be achieved from year to year (see section Asset rotation strategy on pages 22 and 23 of this document).
The target can be missed on both the upside and the downside compared to perfect alignment with the linear approach. For this reason, an adjusted approach is taken in a so-called 'corrective' investment plan to assess the achievement of the goal of implementing the sustainability strategy and, more specifically, the 30th Project for the year in question.
The level for 2025 has been set at 150 kWh/m²/year. As the result for 2025 is 139 kWh/m²/year, the target is met.
The personal performance of the CEO and other members of the Executive Committee is assessed taking into account their long-term contribution and from a multi-year perspective. The Board of Directors took the following factors into account: Jean-Pierre Hanin exceeded his objectives by playing a key role in redefining the strategy. Jean Kotarakos achieved his objectives by preparing for the implementation of sustainability reporting requirements and exploring the use of artificial intelligence in financial management. Françoise Roels achieved her objective by ensuring her succession planning. Finally, the other members of the Executive Committee achieved their objectives, in particular by updating asset rotation plans, adjusting energy programmes, preparing the repositioning of some assets and identifying new investment opportunities.
| 2025 performance criteria | Relative weighting | Objective | 2025 results | Achievement | |
|---|---|---|---|---|---|
| Collective financial performance criteria | Net result from core activities – Group share* (EPS adjusted) (EUR per share) | 25% | 6.20 | 6.45 | 26.0% |
| 50% | Dividend (EUR per share) | 25% | 5.20 | 5.20 | 25.0% |
| Collective non-financial performance criteria | Sustainability | ||||
| 25% | E – Reduce the annual energy intensity of healthcare real estate and office buildings by 30% by 2030 taking 2017 as the reference year (kWh/m²/year) | 5% | 150 | 139 | 5.4% |
| E – EPC certification (% of certified building areas) | 4% | 85 | 87 | 4.1% | |
| S – Establish a proactive dialogue with tenants through site visits (% of visited building areas) | 4% | 90 | 100 | 4.4% | |
| S – Implement a learning development policy through staff training and information (training hours per employee) | 4% | 40 | 61.65 | 6.0% | |
| G – Develop a financial strategy consistent with sustainability objectives (billion EUR, excl. commercial paper programme) | 4% | 1.8 | 1.8 | 4.0% | |
| G – Mobilise employees (% of compliance monitoring structure for external and internal policies) | 4% | 90 | 91 | 4.1% | |
| Individual non-financial performance criteria | Personal objectives | ||||
| 25% | Jean-Pierre Hanin | 25% | 150% | 37.5% | |
| Jean Kotarakos | 25% | 100% | 25.0% | ||
| Françoise Roels | 25% | 100% | 25.0% | ||
| Other members | 25% | 105% | 26.3% |
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3.3.3 Contribution to pension scheme
The Savings and Pension Plan aims to reduce as much as possible the gap between the resources available to beneficiaries before retirement and those available after retirement. Supplementary pensions are financed exclusively by contributions from Cofinimmo. The Managing Director and the Executive Committee members benefit from a group insurance policy of the 'defined contribution' type taken out with an insurance company.
3.3.4 Other benefits
Cofinimmo pays the annual medical expenses of the Managing Director and the Executive Committee members. The company also provides the Managing Director and the Executive Committee members with a company car and reimburses them for all business expenses incurred in the course of their duties. The Managing Director and the Executive Committee members also have a laptop and a mobile phone.
3.4 2025 total remuneration
The table of total remuneration for the Executive Committee members provides an overview of the total remuneration by component, including fixed base salary, other benefits, variable remuneration and pension-related amounts.
In accordance with Article 3.6 §3 of the CCA, this information is provided on an individual basis for the executive Managing Director and the executive Directors and on an aggregate basis for the other senior executives who are members of the Executive Committee.
| Name, Position | 1. Fixed remuneration | 2. Variable remuneration | 3. Exceptional component | 4. Pension³ | 5. Total remuneration | 6. Proportion of fixed and variable remuneration | ||
|---|---|---|---|---|---|---|---|---|
| Fixed base salary¹ | Other benefits² | Short-term Incentive - STI | Long-term Incentive - transitional LTI | |||||
| Jean-Pierre Hanin | ||||||||
| Managing Director - Chief Executive Officer | 630,000 EUR | 25,785 EUR | 327,411 EUR | 366,912 EUR | 0 EUR | 100,000 EUR | 1,450,108 EUR | Fixed: 52.12% |
| Variable: 47.88% | ||||||||
| Jean Kotarakos | ||||||||
| Executive Director - Chief Financial Officer | 388,900 EUR | 25,516 EUR | 161,705 EUR | 161,744 EUR | 0 EUR | 62,000 EUR | 799,864 EUR | Fixed: 59.56% |
| Variable: 40.44% | ||||||||
| Françoise Roels | ||||||||
| Executive Director - Chief Corporate Affairs & Secretary General | ||||||||
| End of term of office 14.05.2025 | 129,938 EUR | 10,359 EUR | 48,831 EUR | 54,041 EUR | 120,000 EUR | 25,833 EUR | 389,181 EUR | Fixed: 42.73% |
| Variable: 26.43% | ||||||||
| Other members | 1,192,000 EUR | 83,916 EUR | 495,634 EUR | 282,845 EUR | 0 EUR | 204,000 EUR | 2,258,394 EUR | Fixed: 65.53% |
| Variable: 34.47% |
- Amount provided for in the management contracts.
- Company vehicle excluding VAT and fuel, laptop and mobile phone, medical insurance.
- Gross amount excluding 'premium waiver', 'disability pension' and 'death cover' (12,168 EUR for the CEO and 56,385 EUR for all other members of the Executive Committee).
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3.5 Remuneration ratio
The ratio between the CEO's total remuneration in 2025 and the lowest remuneration among employees, expressed on a full-time equivalent basis, is 18.4.
The ratio between the CEO's total annual remuneration in 2025 and the median total annual remuneration of all employees (excluding the CEO) is 9.9.
The median percentage increase in total annual remuneration for all employees (excluding the CEO) is 3.6%. These figures have been calculated on the basis of the gross monthly salaries of employees on a full-time equivalent basis.
3.6 Contractual provisions
The company has entered into a management contract of indefinite duration with the Managing Director and the Executive Committee members. They have the social status of freelancers and perform their duties with complete independence and autonomy, without any hierarchical link. However, they are guided in performing their duties by the strategic guidelines and decisions of the Board of Directors and the Managing Director and by the rules of authority and operation between the Managing Director and the Executive Committee.
3.7 Severance payment
In the 2025 financial year, Françoise Roels resigned from her position, which led to the payment of a severance fee of 120,000 EUR.
3.8 Clawback
During the 2025 financial year, there were no circumstances requiring the use of these reimbursement rights.
3.9 Shareholding requirement
In accordance with Provision 7.9 of the 2020 Code, the Board of Directors has established a minimum threshold of company shares that the Managing Director and the other members of the Executive Committee must hold throughout their term of office, namely at least 8,000 shares for the Managing Director and at least 2,000 shares for each member of the Executive Committee. The Managing Director and members of the Executive Committee have a period of four years from their appointment to achieve the minimum shareholding threshold. When new members of the Executive Committee are hired, they have a period of four years from the first vesting under the LTI to achieve the minimum shareholding threshold. They must then maintain this level throughout their term of office.
| Name | Number of shares |
|---|---|
| Jean-Pierre Hanin | 8,769 |
| Jean Kotarakos | 3,499 |
| Françoise Roels (end of term of office 14.05.2025) | 5,708 |
| Sébastien Berden | 3,291 |
| Yeliz Bicici | 3,706 |
| Roel Dumont | 90 |
| Sophie Grulois | 30 |
C. 2026 changes
The Board of Directors regularly compares the remuneration of non-executive Directors of other listed Belgian companies of similar size to ensure that it remains appropriate and in line with market practice. No changes in the remuneration of the non-executive Directors are planned for 2026.
The Board of Directors reviews the fixed remuneration of the members of the Executive Committee on an annual basis, taking into account factors such as the respective function and responsibilities, experience, skills, company performance and benchmarking with peers.
The Board of Directors meeting of 19.02.2026 decided to align the contributions to the pension scheme of Roel Dumont and Sophie Grulois with those of the other members of the Executive Committee (with the exception of the CEO) at 62,000 EUR, with effect as from 01.01.2026.
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D. Comparison of the company's remuneration and performances over the last five financial years
| Total remuneration | |||||
|---|---|---|---|---|---|
| Annual change | 2021 vs 2020 | 2022 vs 2021 | 2023 vs 2022 | 2024 vs 2023 | 2025 vs 2024 |
| Chief Executive Officer | +11.7% | -5.9% | +7.3% | +5.9% | +2.8% |
| Other members of the Executive Committee | +2.9% | -0.3% | +9.1% | +15.0% | -0.6% |
| Non-executive Directors | +13.7% | +29.5% | +8.7% | -0.6% | +48.0% |
| Company performance | |||||
| Annual change | 2021 vs 2020 | 2022 vs 2021 | 2023 vs 2022 | 2024 vs 2023 | 2025 vs 2024 |
| Net result from core activities - Group share* | +16.9% | +4.9% | +8.2% | +1.3% | +0.7% |
| Operating margin* | -0.5% | -1.3% | +1.1% | +1.5% | +0.5% |
| Strategic growth (measured by the fair value of the portfolio) | +17.3% | +8.6% | +0.5% | -3.7% | +1.4% |
| Occupancy rate of the portfolio | +0.7% | +0.6% | -0.2% | 0.0% | -0.1% |
| Dividend N paid in N+1 | +11.4% | +7.0% | +11.9% | +3.6% | -16.1% |
Average remuneration of the employees on a full-time equivalent basis
| Annual change | 2021 vs 2020 | 2022 vs 2021 | 2023 vs 2022 | 2024 vs 2023 | 2025 vs 2024 |
|---|---|---|---|---|---|
| Group employees | +1.9% | +5.8% | +11.2% | +3.2% | +4.2% |
| Company employees | +2.7% | +5.4% | +11.1% | +2.7% | +5.7% |
Chief Executive Officer
In 2023, and in order to take into account the financial consequences of inflation, the Board of Directors decided that the fixed annual remuneration of management agreements would be increased by 5%, i.e. by a gross amount of 30,000 EUR for the CEO. This salary increase is less than half the 2023 indexation for employees (employee salaries were indexed by 11.08% on 01.01.2023, in accordance with the applicable collective labour agreement).
Other Executive Committee members
In 2023, and in order to take into account the financial consequences of inflation, the Board of Directors decided that the fixed annual remuneration of the Executive Committee members under their management agreement would be increased by 5%, i.e. by a gross amount of 18,000 EUR for the CFO, 16,500 EUR for the CCA & SG, and 16,000 EUR for each of the COOs. This salary increase is less than half the 2023 indexation for employees (employee salaries were indexed by 11.08% on 01.01.2023, in accordance with the applicable collective labour agreement).
In 2024, the total remuneration of the other members of the Executive Committee increased by 15% as a result of the arrival of two new members as of 01.06.2024.
Non-executive Directors
The positive or negative changes in the remuneration of non-executive Directors in other years are usually explained by the higher or lower number of meetings and attendance rates in the years concerned.
For non-executive Directors, the increase of 29.5% in 2022 compared to 2021 takes into account, on the one hand, the higher number of non-executive Directors (nine in 2021, ten in 2022) and, on the other hand, the change in the Remuneration Policy for non-executive Directors made by the Ordinary General Meeting of 11.05.2022.
For non-executive Directors, the increase of 48% in 2025 compared to 2024 takes into account, the higher number of Board meetings and other Committees meetings as part of the proposed combination with Aedifica.
Average remuneration of employees on a full-time equivalent basis
The Group's employees include employees of Cofinimmo SA/NV as well as the employees of other companies both in the Group and internationally. The average wages were calculated based on the sum of gross monthly wages, on a full-time equivalent basis.
The positive changes in average remuneration of employees can be explained by the fact that employees who have left their jobs represent a lower wage expense than those who started their job the following year.
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In 2023, the substantial increase in employee salaries was due to an indexation of 11.08% that took place on 01.01.2023 in accordance with the applicable collective labour agreement.
E. Stock-based remuneration
As a reminder, since 2017, the company no longer grants rights to acquire shares (stock option plan) and since 2018 share-related instruments (share valuation rights). However, the former plans remain applicable with regards to the rights already granted to Mrs Françoise Roels as an Executive Committee member, and Mrs Yeliz Bicici before her appointment as Executive Committee member.
a) Rights to acquire stocks
Stock option plan
The 'Stock Option Plan' (SOP Plan) was implemented in 2006.
The exercise period is ten years from the date of grant. The share options vest at the end of the third year following the date of grant and can therefore only be exercised after the end of the calendar year following the year of grant. If the options are not exercised at the end of the exercise period, they lapse. In the event of a beneficiary's voluntary or involuntary termination of employment (except for termination on the ground of serious misconduct), vested stock options may be exercised until the end of the original term of the plan. In the event of an involuntary termination of a participant for cause, the accepted stock options, whether vested or unvested, will be cancelled.
Cofinimmo applies the IFRS 2 standard by recognising the fair value of stock options on the date of granting (i.e., three years) in accordance with the progressive acquisition method at the rate of vesting.
Stock option remuneration exercised in 2025
| Name | Main provisions of the stock option plan | Information relating to the financial year covered by the report | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening balance sheet | In the course of the year | Closing balance sheet | |||||||||
| 1. Identification of the plan | 2. Date of proposal | 3. Acquisition date | 4. End of the retention period | 5. Exercise period | 6. Exercise price | 7. Number of options at the beginning of the year | 8. a) Number of options proposed b) Value of the underlying stocks on the date of proposal | 9. a) Number of options granted b) Value of the underlying stocks on acquisition date c) Value at exercise price d) Capital gain at acquisition date | 10. Number of options offered but not yet exercised | ||
| Françoise Roels | SOP 2016 | 30.06.2016 | 30.06.2019 | 0 | 01.07.2019 - 15.06.2026 | 108.44 EUR | 1,600 | 0 | 1,600 | ||
| SOP 2015 | 30.06.2015 | 30.06.2018 | 0 | 01.07.2015 - 16.06.2025 | 95.03 EUR | 1,600 | 0 | a) 1,600 b) 152,048 c) 124,054 d) 92,954 | 0 | ||
| Total | 3,200 | 0 | 0 | 1,600 | |||||||
| Yeliz Bicici | SOP 2015 | 30.06.2015 | 30.06.2018 | 0 | 01.07.2015 - 16.06.2025 | 95.03 EUR | 200 | 0 | a) 200 b) 19,600 c) 15,792 d) 11,927 | 0 | |
| Total | 200 | 0 | 0 | 0 |
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b) Stocks or stock-based instruments
Stock appreciation rights plan
The 'Stock Appreciation Rights Plan' (SAR Plan) was first implemented in 2017. The SAR plan gives entitlement to the cash value of the difference between the Cofinimmo market share price on the date of the exercise and that on the allocation date, increased by the equivalent amount of the gross dividend allocated to the share since the allocation date. The exercise period of a SAR is ten years from the allocation date. SARs will vest only on the vesting date, all at
once, in full, after three years, i.e., on the first calendar day of the month following the third anniversary of the allocation date. If SARs have not been exercised by the end of the financial year, they become ipso facto null and void. In the event of voluntary or involuntary departure (except for termination on the ground of serious misconduct), permanent incapacity for work or entitlement to a pension (including early retirement or a pre-pension), the SARs allocated and vested must be exercised by the beneficiary in the first exercise
period following the date of the departure. Non-vested SARs are cancelled.
In the event of involuntary departure of a beneficiary on the grounds of serious misconduct, the SARs granted but not yet exercised, whether vested or not, will be cancelled. In the event of death, the SARs granted, whether vested or not, will be definitively vested and will be considered as having been exercised in the first exercise period following the death.
Remuneration in stock appreciation rights
| Name | Main provisions of the stock option plan | Information relating to the financial year covered by the report | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Opening balance sheet | In the course of the year | Closing balance sheet | ||||||||
| 1. Identification of the plan | 2. Date of proposal | 3. Acquisition date | 4. End of the retention period | 5. Exercise period | 6. Exercise price | 7. Number of options at the beginning of the year | 8. a) Number of options proposed | |||
| b) Value of the underlying stocks on the date of proposal | 9. a) Number of options granted | |||||||||
| b) Value of the underlying stocks on acquisition date | ||||||||||
| c) Value at exercise price | ||||||||||
| d) Capital gain at acquisition date | 10. Number of options offered but not yet exercised | |||||||||
| Françoise Roels | SAR 2017 | 30.06.2017 | 01.07.2020 | 0 | 01.07.2020 - 01.07.2030 | 108.02 EUR | 1,600 | 0 | 0 | 1,600 |
| SAR 2018 | 30.06.2018 | 01.07.2021 | 0 | 01.07.2021 - 16.06.2031 | 106.52 EUR | 1,600 | 0 | 0 | 1,600 | |
| Total | 3,200 | 0 | 0 | 3,200 | ||||||
| Sébastien Berden | SAR 2017 | 30.06.2017 | 01.07.2020 | 0 | 01.07.2020 - 01.07.2030 | 108.02 EUR | 250 | 0 | 0 | 250 |
| 250 | 0 | 0 | 250 | |||||||
| Total | 250 | 0 | 0 | 250 | ||||||
| Yeliz Bicici | SAR 2017 | 30.06.2017 | 01.07.2020 | 0 | 01.07.2020 - 01.07.2030 | 108.02 EUR | 250 | 0 | 0 | 250 |
| 250 | 0 | 0 | 250 | |||||||
| Total | 250 | 0 | 0 | 250 |
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Contents
- Consolidated financial statements
- Consolidated comprehensive result
- Consolidated statement of financial position
- Consolidated statement of cash flow
- Consolidated statement of changes in shareholders' equity
- Notes to the consolidated financial statements
- Statutory auditor's report on the consolidated financial statements
-
Abbreviated statutory financial statements
-
Nursing and care home - Oleiras (13)
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Consolidated financial statements
Consolidated comprehensive result (income statement)
| (x L000 EUR) | Notes | 2025 | 2024 |
|---|---|---|---|
| A. NET RESULT | |||
| I. Rental income | 6 | 353,860 | 174,506 |
| II. Writeback of lease payments sold and discounted | 6 | 617 | 280 |
| III. Rental-related expenses | 6 | -6,286 | -187 |
| Net rental income | 5, 6 | 348,191 | 174,598 |
| IV. Recovery of property charges | 7 | 1,263 | 286 |
| V. Recovery income of charges and taxes normally payable by the tenant on let properties | 8 | 37,923 | 33,046 |
| VI. Costs payable by the tenant and borne by the landlord on rental damage and redecoration at end of lease | 7 | 292 | -296 |
| VII. Charges and taxes normally payable by the tenant on let properties | 8 | -43,327 | -37,979 |
| VIII. Other rental-related income and expenditure | 0 | 0 | |
| Property result | 344,343 | 169,655 | |
| IX. Technical costs | 9 | -5,060 | -2,399 |
| X. Commercial costs | 10 | -4,339 | -2,059 |
| XI. Taxes and charges on unlet properties | -2,390 | -2,552 | |
| XII. Property management costs | 11 | -34,786 | -16,156 |
| XIII. Other property costs | 0 | 0 | |
| Property charges | -46,575 | -23,166 | |
| Property operating result | 297,768 | 146,489 | |
| XIV. Corporate management costs | 11 | -14,908 | -6,924 |
| XV. Other operating income and expenses | 0 | 0 | |
| Operating result before result on the portfolio | 282,859 | 139,565 | |
| XVI. Gains or losses on disposals of investment properties | 5, 12 | 328 | 7,319 |
| XVII. Gains or losses on disposals of other non-financial assets | 5, 12 | 0 | 0 |
| XVIII. Changes in the fair value of investment properties | 5, 13, 22 | 1,870 | -91,160 |
| XIX. Other result on the portfolio | 5, 14 | -13,669 | -4,819 |
| Operating result | 271,389 | 50,906 | |
| XX. Financial income | 15 | 16,790 | 6,586 |
| XXI. Net interest charges | 16 | -37,580 | -18,874 |
| XXII. Other financial charges | 17 | -1,365 | -588 |
| XXIII. Changes in the fair value of financial assets and liabilities | 18 | -9,628 | 17,779 |
| Financial result | -31,783 | 4,903 |
Cofinimmo | Universal Registration Document 2025
| Cofinimmo at a glance | Management report | Sustainability report | Property report | Corporate governance statement | Audited financial statements | Additional information |
|---|---|---|---|---|---|---|
| (x 1,000 EUR) | Notes | 2025 | 2024 | |||
| --- | --- | --- | --- | |||
| XXIV. Share in the result of associated companies and joint ventures | 40 | -11,908 | -5,157 | |||
| Pre-tax result | 227,698 | 50,652 | ||||
| XXV. Corporate tax | 19 | -9,175 | -4,144 | |||
| XXVI. Exit tax | 19 | 0 | 0 | |||
| Taxes | -9,175 | -4,144 | ||||
| Net result | 218,523 | 46,508 | ||||
| Attributable to | ||||||
| Minority interests | 40 | 5,060 | 4,403 | |||
| Shareholders of the parent company | 213,463 | 42,106 | ||||
| (in EUR) | ||||||
| Net result per share - Group share | 20 | 5.61 | 1.12 | |||
| Diluted net result per share - Group share | 20 | 5.61 | 1.70 | |||
| B. STATEMENT OF THE COMPREHENSIVE RESULT | ||||||
| I. Net result | 218,523 | 46,508 | ||||
| II. Other elements of the comprehensive result | -1,182 | 546 | ||||
| A. Impact on fair value of the estimated transaction costs and rights resulting from the hypothetical disposal of investment properties | 0 | 0 | ||||
| B. Change in the effective part of the fair value of authorised cash flow hedging instruments as defined under IFRS | 0 | 0 | ||||
| C. Change in the fair value of financial assets held for sale | 0 | 0 | ||||
| D. Currency translation differences linked to conversion of foreign activities | -1,182 | 546 | ||||
| E. Actuarial gains and losses on defined benefit pension plans | 0 | 0 | ||||
| F. Income tax on the 'other elements of the comprehensive result' | 0 | 0 | ||||
| G. Share in the other elements of the comprehensive result of associates/joint ventures | 0 | 0 | ||||
| H. Other elements of the 'comprehensive result' net of tax | 0 | 0 | ||||
| COMPREHENSIVE RESULT (I + II) | 217,341 | 47,054 | ||||
| Attributable to | ||||||
| Minority interests | 5,060 | 4,403 | ||||
| Shareholders of the parent company | 212,281 | 42,652 |
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Consolidated statement of financial position (balance sheet)
| (x 1,000 EUR) | Notes | 2025 | 2024 |
|---|---|---|---|
| ASSETS | |||
| I. Non-current assets | 6,329,041 | 6,303,882 | |
| A. Goodwill | 5, 21 | 0 | 0 |
| B. Intangible assets | 24 | 1,490 | 1,814 |
| C. Investment properties | 5, 22 | 6,085,055 | 5,993,928 |
| D. Other tangible assets | 24 | 2,832 | 2,936 |
| E. Non-current financial assets | 26 | 57,874 | 110,284 |
| F. Finance lease receivables | 26 | 151,324 | 156,944 |
| G. Trade receivables and other non-current assets | 25 | 3,770 | 3,732 |
| H. Deferred taxes | 32 | 8,525 | 9,664 |
| I. Participations in associates and joint ventures | 40 | 18,169 | 24,579 |
| II. Current assets | 108,865 | 136,165 | |
| A. Assets held for sale | 5, 27 | 0 | 6,400 |
| B. Current financial assets | 25 | 1,077 | 2,066 |
| C. Finance lease receivables | 26 | 4,472 | 4,542 |
| D. Trade receivables | 28 | 28,418 | 38,904 |
| E. Tax receivables and other current assets | 29 | 32,669 | 40,824 |
| F. Cash and cash equivalents | 25 | 23,777 | 25,802 |
| G. Accrued charges and deferred income | 30 | 18,452 | 17,628 |
| TOTAL ASSETS | 6,437,906 | 6,440,048 |
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(x1,000 EUR)
| Notes | 2025 | 2024 | |
|---|---|---|---|
| SHAREHOLDERS' EQUITY AND LIABILITIES | |||
| Shareholders' equity | 3,590,100 | 3,592,653 | |
| Shareholders' equity attributable to shareholders of parent company | 3,511,286 | 3,513,208 | |
| A. Capital | p. 186-187 | 2,041,523 | 2,041,523 |
| B. Share premium account | p. 186-187 | 849,053 | 849,053 |
| C. Reserves | p. 186-187 | 407,246 | 580,526 |
| D. Net result for the financial year | p. 186-187 | 213,463 | 42,106 |
| II. Minority interests | 40 | 78,815 | 79,446 |
| Liabilities | 2,847,805 | 2,825,611 | |
| I. Non-current liabilities | 1,697,879 | 1,854,596 | |
| A. Provisions | 31 | 26,943 | 25,765 |
| B. Non-current financial debts | 25 | 1,588,536 | 1,753,269 |
| a. Banks | 25 | 511,296 | 590,186 |
| b. Finance lease | 25 | 0 | 0 |
| c. Other | 25 | 1,077,239 | 1,163,082 |
| C. Other non-current financial liabilities | 25 | 18,003 | 19,749 |
| D. Trade debts and other non-current debts | 0 | 0 | |
| E. Other non-current liabilities | 0 | 0 | |
| F. Deferred tax liabilities | 32 | 64,397 | 55,813 |
| a. Exit tax | 32 | 0 | 0 |
| b. Other | 32 | 64,397 | 55,813 |
| II. Current liabilities | 1,149,927 | 971,015 | |
| A. Provisions | 0 | 0 | |
| B. Current financial debts | 25 | 999,696 | 834,068 |
| a. Borrowings | 25 | 159,712 | 119,068 |
| b. Financial lease | 25 | 0 | 0 |
| c. Other | 25 | 839,984 | 715,000 |
| C. Other current financial liabilities | 25 | 0 | 0 |
| D. Trade debts and other current debts | 33 | 126,345 | 114,273 |
| a. Exit Tax | 33 | 0 | 0 |
| b. Other | 33 | 126,345 | 114,273 |
| E. Other current liabilities | 0 | 0 | |
| F. Accrued charges and deferred income | 34 | 23,886 | 22,674 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 6,437,906 | 6,418,264 |
Cofinimmo | Universal Registration Document 2025 | 184
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Consolidated statement of cash flows
| (x 1,000 EUR) | Notes | 2025 | 2024 |
|---|---|---|---|
| CASH AND CASH EQUIVALENTS AT BEGINNING OF THE FINANCIAL YEAR | 25,802 | 19,958 | |
| OPERATING ACTIVITIES | |||
| Net result for the period | 213,463 | 63,889 | |
| Adjustments for interest charges and income | 21,976 | 27,943 | |
| Adjustments for gains and losses on disposal of property assets | -328 | 15,582 | |
| Adjustments for non-cash charges and income | 35 | 40,746 | 164,851 |
| Changes in working capital requirements | 36 | 21,631 | 6,908 |
| Cash flow resulting from operating activities | 297,489 | 279,174 | |
| INVESTMENT ACTIVITIES | |||
| Investments in intangible assets and other tangible assets | -300 | -409 | |
| Acquisitions of investment properties | 37 | -3,470 | -18,932 |
| Extensions of investment properties | 37 | -37,063 | -66,080 |
| Investments in investment properties | 37 | -54,049 | -59,138 |
| Investments in consolidated subsidiaries | -24,459 | -484 | |
| Investments in associates and joint ventures | 0 | -6,000 | |
| Disposals of investment properties | 37 | 35,219 | 153,889 |
| Disposals of assets held for sale | 37 | 10,363 | 65,029 |
| Disposal of other assets | 0 | 155 | |
| Disposal of consolidated subsidiaries | 37 | 30,665 | 16,720 |
| Payment of exit tax | 0 | 0 | |
| Finance lease receivables | 11,290 | 3,987 | |
| Other cash flows from investment activities | 3 | 8,240 | |
| Cash flow resulting from investment activities | -31,800 | 96,977 | |
| FINANCING ACTIVITIES | |||
| Capital increase | 0 | 0 | |
| Acquisition/disposal of treasury shares | 324 | 198 | |
| Dividends paid to shareholders | -236,545 | -153,415 | |
| Dividends paid to minority shareholders | -3,527 | -1,521 | |
| Transactions with minority shareholders | 40 | -2,164 | -4,014 |
| Increase of financial debts | 902 | 1,090 | |
| Decrease of financial debts | -1,555 | -159,208 | |
| Financial income received | 13,370 | 12,537 | |
| Financial charges paid | -38,676 | -40,480 | |
| Other cash flows from financing activities | 110 | -25,493 | |
| Cash flow resulting from financing activities | -267,761 | -370,306 | |
| Effect of foreign exchange rate changes | 47 | 0 | |
| CASH AND CASH EQUIVALENTS AT THE END OF THE FINANCIAL YEAR | 23,777 | 25,802 |
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Consolidated statement of changes in shareholders' equity
| (x1,000 EUR) | As at 31.12.2023 | Allocation of 2023 net income | Dividends/Coupons | Share issue | Purchase/disposal of treasury shares | Cash flow hedging | Transfer between available and unavailable reserves on disposal of assets and maturity of financial instrument | Other | Result of the financial year | As at 31.12.2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Capital | 1,970,211 | 0 | 0 | 71,313 | 0 | 0 | 0 | 0 | 0 | 2,041,523 |
| Share premiums | 896,826 | 0 | 0 | 3,598 | 0 | 0 | -51,371 | 0 | 0 | 849,053 |
| Reserves | 811,723 | -55,497 | -228,325 | 0 | 198 | 0 | 51,371 | 1,057 | 0 | 580,526 |
| Reserve of the balance of changes in fair value of property assets | 218,790 | -181,570 | 0 | 0 | 0 | 0 | 37,188 | 0 | 0 | 74,408 |
| Reserve of estimated transfer rights resulting from the hypothetical disposal of investment properties | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserve of the balance of changes in fair value of authorised hedging instruments to which the hedging accounting defined in IFRS is applied | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserve of the balance of changes in fair value of authorised hedging instruments to which the hedging accounting defined in IFRS is not applied | 176,226 | -79,622 | 0 | 0 | 0 | 0 | -1,329 | 0 | 0 | 95,275 |
| Distributable reserve | 410,692 | 205,200 | -228,325 | 0 | 0 | 0 | 15,519 | 80 | 0 | 403,166 |
| Non-distributable reserve | 7,357 | 495 | 0 | 0 | 0 | 0 | -7 | -70 | 0 | 7,774 |
| Reserve of treasury shares | -1,058 | 0 | 0 | 0 | 198 | 0 | 0 | 0 | 0 | -860 |
| Reserve for currency translation differences linked to conversion of foreign activities | -284 | 0 | 0 | 0 | 0 | 0 | 0 | 1,047 | 0 | 762 |
| Reserve for change in fair value of the convertible bond attributable to changes in 'own' credit risk | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net result of the financial year | -55,497 | 55,497 | 0 | 0 | 0 | 0 | 0 | 0 | 63,889 | 63,889 |
| Total shareholders' equity attributable to shareholders of the parent company | 3,623,262 | 0 | -228,325 | 74,910 | 198 | 0 | 0 | 1,057 | 63,889 | 3,534,991 |
| Minority interests | 75,723 | 0 | -1,521 | 0 | 0 | 0 | 0 | -4,014 | 9,258 | 79,446 |
| TOTAL SHAREHOLDERS' EQUITY | 3,698,985 | 0 | -229,846 | 74,910 | 198 | 0 | 0 | -2,958 | 73,147 | 3,614,437 |
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| (x 1,000 EUR) | As at 31.12.2024 | Allocation of 2024 net income | Dividends/Coupons | Share issue | Purchase/disposal of treasury shares | Cash flow hedging | Transfer between available and unavailable reserves on disposal of assets and maturity of financial instrument | Other | Result of the financial year | As at 31.12.2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Capital | 2,041,523 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,041,523 |
| Share premiums | 849,053 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 849,053 |
| Reserves | 580,526 | 63,889 | -236,545 | 0 | 324 | 0 | 0 | -948 | 0 | 407,246 |
| Reserve of the balance of changes in fair value of property assets | 74,408 | -125,099 | 0 | 0 | 0 | 0 | 31,137 | 0 | 0 | -19,555 |
| Reserve of estimated transfer rights resulting from the hypothetical disposal of investment properties | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserve of the balance of changes in fair value of authorised hedging instruments to which the hedging accounting defined in IFRS is applied | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserve of the balance of changes in fair value of authorised hedging instruments to which the hedging accounting defined in IFRS is not applied | 95,275 | -28,034 | 0 | 0 | 0 | 0 | 396 | 0 | 0 | 67,637 |
| Distributable reserve | 403,166 | 215,700 | -236,545 | 0 | 0 | 0 | -31,532 | 839 | 0 | 351,629 |
| Non-distributable reserve | 7,774 | 1,322 | 0 | 0 | 0 | 0 | 0 | -569 | 0 | 8,527 |
| Reserve of treasury shares | -860 | 0 | 0 | 0 | 324 | 0 | 0 | 0 | 0 | -535 |
| Reserve for currency translation differences linked to conversion of foreign activities | 762 | 0 | 0 | 0 | 0 | 0 | 0 | -1,219 | 0 | -457 |
| Reserve for change in fair value of the convertible bond attributable to changes in 'own' credit risk. | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net result of the financial year | 63,889 | -63,889 | 0 | 0 | 0 | 0 | 0 | 0 | 213,463 | 213,463 |
| Total shareholders' equity attributable to shareholders of the parent company | 3,534,991 | 0 | -236,545 | 0 | 324 | 0 | 0 | -948 | 213,463 | 3,511,286 |
| Minority interests | 79,446 | 0 | -3,527 | 0 | 0 | 0 | 0 | -2,164 | 5,060 | 78,815 |
| TOTAL SHAREHOLDERS' EQUITY | 3,614,437 | 0 | -240,072 | 0 | 324 | 0 | 0 | -3,112 | 218,523 | 3,590,100 |
Cofinimmo | Universal Registration Document 2025 | 187
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Notes to the consolidated financial statements
Note 1. General information
Cofinimmo SA/NV (the 'Company') is a public RREC (regulated real estate company) under Belgian law with registered offices at 1150 Brussels (Avenue de Tervueren/Tervurenlaan 270). The consolidated financial statements of the company for the financial year ending on 31.12.2025 comprise the company and its subsidiaries (the 'Group'). The consolidation scope at 31.12.2025 is presented in Note 40.
The consolidated financial statements and abbreviated statutory statements were adopted by the Board of Directors on 19.03.2026 and will be submitted to the General Meeting on 13.05.2026.
Note 2. Material accounting methods
A. Statement of compliance
The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS), issued by the International Financial Reporting Standards Board and adopted by the European Union as applied by the Belgian Royal Decree of 13.07.2014 concerning regulated real estate companies.
The principles and methods used to prepare the financial statements are the same as those used in the annual financial statements for the previous financial year. The following new standards, amendments and interpretations, which are mandatory for the Group from 01.01.2025, had no material impact:
- Amendments to IAS 21 'The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability', issued on 15.08.2023
A number of new standards and amendments to standards will come into force for the Group for financial years beginning on or after 01.01.2026. The Group has not early adopted any of these standards and amendments in preparing these consolidated financial statements.
The Group does not expect to early adopt these new standards and amendments and their initial application is not expected to have a material impact:
-
Amendments to IFRS 9 and IFRS 7 'Classification and Measurement of Financial Instruments', issued on 30.05.2024, will address diversity in accounting practice by making the requirements more understandable and consistent. The amendments include:
-
clarifications on the classification of financial assets with environmental, social and corporate governance (ESG) and similar features.
- clarifications on the date on which a financial asset or financial liability is derecognized. The IASB also decided to develop an accounting policy option to allow a company to derecognize a financial liability before it delivers cash on the settlement date if specified criteria are met.
The IASB has also introduced additional disclosure requirements to enhance transparency for investors regarding investments in equity instruments designated at fair value through other comprehensive income and financial instruments with contingent features, for example features tied to sustainability-linked targets.
The amendments are effective for annual reporting periods beginning on or after 01.01.2026 with early adoption permitted. These amendments have been endorsed by the European Union.
-
Amendments to IFRS 9 and IFRS 7 'Contracts Referencing Nature-dependent Electricity', issued on 18.12.2024, will help entities better report on the financial effects of nature-dependent electricity contracts, which are often structured as power purchase agreements (PPAs). Nature-dependent electricity contracts help entities to secure their electricity supply from sources such as wind and solar power. The amount of electricity generated under these contracts can vary based on uncontrollable factors such as weather conditions. Current accounting requirements may not adequately capture how these contracts affect an entity's performance. The amendments include:
-
clarifying the application of the 'own use' requirements;
- permitting hedge accounting if these contracts are used as hedging instruments; and
- adding new disclosure requirements to enable investors to understand the effect of these contracts on a company's financial performance and cash flows.
The amendments are effective for annual reporting periods beginning on or after 01.01.2026 with early adoption permitted. These amendments have been endorsed by the EU.
-
Annual Improvements Volume 11, issued on 18 July 2024, include clarifications, simplifications, corrections and changes aimed at improving the consistency of several IFRS Accounting Standards. The amended Standards are:
-
IFRS 1 First-time Adoption of International Financial Reporting Standards;
- IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7;
- IFRS 9 Financial Instruments;
- IFRS 10 Consolidated Financial Statements; and
- IAS 7 Statement of Cash Flows.
The amendments are effective for annual reporting periods beginning on or after 01.01.2026 with early adoption permitted. These amendments have been endorsed by the EU.
-
IFRS 18 'Presentation and Disclosure in Financial Statements', issued on 09.04.2024, will replace IAS 1 Presentation of Financial Statements. The new standard introduces the following key new requirements:
-
Entities are required to classify all income and expenses into five categories in the statement of profit or loss, namely the operating, investing, financing, discontinued operations and income tax categories. Entities are also required to present newly defined operating profit subtotal. Entities' net profit will not change.
- Management-defined performance measures (MPMs) are disclosed in a single note in the financial statements.
- Enhanced guidance is provided on how to group information in the financial statements.
In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method.
The standard is effective for annual reporting periods beginning on or after 01.01.2027 with early adoption permitted. The standard has been endorsed by the EU.
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- IFRS 19 Subsidiaries without Public Accountability: Disclosures, issued on 09.05.2024, and the amendments, issued on 21.08.2025, will allow eligible subsidiaries to apply IFRS Accounting Standards with reduced disclosure requirements. A subsidiary will be able to apply the new standard in its consolidated, separate or individual financial statements provided that, at the reporting date:
- it does not have public accountability; and
- its parent produces consolidated financial statements under IFRS Accounting Standards.
The standard (and its amendments) is effective for annual reporting periods beginning on or after 01.01.2027 with early adoption permitted. The standard (and its amendments) has not yet been endorsed by the EU.
- Amendments to IAS 21 'Translation to a hyperinflationary presentation currency', issued on 13.11.2025, clarify how entities should translate financial statements from a non-hyperinflationary currency into a hyperinflationary one. To reduce diversity in practice and improve the usefulness of information for investors, the amendments clarify that:
- an entity with a non-hyperinflationary functional currency uses the closing rate at the latest reporting date when translating all the financial statement amounts (including comparatives) into its presentation currency; and
- an entity uses the closing rate at the latest reporting date when translating all amounts (except comparatives) of a foreign operation with a non-hyperinflationary functional currency and applies the general price index to restate the comparatives.
The amendments are effective for annual reporting periods beginning on or after 01.01.2027 with early adoption permitted. The standard has not yet been endorsed by the EU.
In preparing its consolidated financial statements the company is required to make significant judgments that affect the application of accounting methods and to proceed to a certain number of estimations. In formulating these assumptions, management may rely on its own experience, on the assistance of third parties (independent real estate valuers in particular) and on other sources deemed relevant. Actual results may differ from these estimations. These estimations are reviewed, when necessary, on a regular basis and modified accordingly.
B. Basis of preparation
The financial statements are presented in euros, rounded to the nearest thousand. They are prepared on the historical costs basis, except the following assets and liabilities, which are stated at their fair value: investment properties, assets held for sale, convertible bonds issued, derivative financial instruments and sales options permitted to non-controlling shareholders.
Some financial figures in this Universal Registration Document have been rounded up and, consequently, the overall totals in this document may differ slightly from the exact arithmetical sum of the preceding figures.
C. Basis of consolidation
I Subsidiaries
The consolidated financial statements include the financial statements of the Company and the financial statements of the entities that it controls. The Company has control when it:
- holds power over the entity;
- is exposed or entitled to variable returns because of its ties with the entity;
- has the ability to exercise its power so as to affect the amount of the returns that it receives.
The Company must reassess whether it controls the entity when the facts and circumstances indicate that one or more of the three control elements listed above have changed.
The percentage of ownership is therefore not the decisive indicator of control.
The financial statements of the subsidiaries are included in the consolidated financial statements from the date the control starts until the date the control ends.
Where necessary, accounting principles of subsidiaries have been changed to ensure consistency with the principles adopted by the Group. The subsidiaries' financial statements cover the same accounting period as that of the Company.
II Joint ventures
A joint venture is an entity subject to an agreement whereby the parties who exercise joint control have rights over the net assets of the agreement. Under the equity accounting method, the consolidated income statement includes the Group's share in the result of joint ventures. This share is calculated from the date on which the joint control starts until the date on which the joint control ends. The financial statements of the jointly controlled entities cover the same accounting period as that of the Company.
III Associates
An associate is an entity over which the Company exercises significant influence. The consolidated income statement includes the Group's share in the profit or loss of associates, in accordance with the equity method.
D. Business combinations
When an entity is acquired, the Company assesses whether the acquisition meets the definition of a business in accordance with IFRS 3 Business combinations, which may give rise to the recognition of goodwill, or whether it is a straightforward acquisition of assets that does not give rise to the recognition of goodwill (see IFRS 3 paragraph 2(b)). In all cases encountered since 2008, acquisitions of entities have been considered as simple asset acquisitions (see Note 4).
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E. Translation of foreign currencies
The Group operates almost exclusively in the euro zone. The euro is the Group's functional currency and the presentation currency of the consolidated financial statements.
The Group has only two subsidiaries whose financial accounts are prepared in foreign currencies (Pound sterling - GBP).
The exchange rates used in the Company's consolidated accounts for the year ended 31.12.2025 are as follows:
- Rate at closing on 31.12.2025: 1 EUR = 0.8726 GBP (2024: 0.82918)
- Average rate over the 2025 financial year: 1 EUR = 0.85459 GBP (2024: 0.84685)
F. Financial instruments
I Derivative financial instruments
The Group uses derivative financial instruments to hedge against interest rate risks originating from operational, financial and investment activities (for more details about the derivative financial instruments, see Note 25).
A. Recognition of derivative financial instruments
These derivative financial instruments are interest rate swaps (IRS) and cap or floor options applied as economic hedges. In accordance with IFRS 9, derivatives are initially recognised at fair value on the date on which the contracts for derivatives are entered into and are subsequently revalued at their fair value on the following closing dates. The resulting gain or loss is recognised immediately in the result.
B. Evaluation of derivative financial instruments
Evaluation takes place for all derivative financial instruments based on the same price and volatility assumptions using an application from the independent supplier of market data (Bloomberg). This evaluation is compared to that of the banks, whereby each significant difference between the two evaluations is documented (see also point W below).
II Non-derivative financial instruments
Non-derivative financial instruments, whether assets or liabilities, are measured in accordance with IFRS 9.
G. Investment properties
Investment properties are properties held to earn rentals or for capital appreciations, or both, accounted for in accordance with IAS 40. In accordance with RECC regulations, the Company applies the fair value model, as opposed to the cost model. Even in the case of an indirect investment via the acquisition of a company holding an investment property, the latter is initially recognised at the conventional value of the transaction, then measured at fair value at the first balance sheet date following the acquisition date.
Independent real estate valuers determine the valuation of the property portfolio every three months. Any gain or loss arising, after the acquisition of a property, from a change in its fair value is recognised in the income statement. Rental income from investment properties is accounted for as described under section R.
The independent real estate valuers carry out their valuation on the basis of one or several methods in accordance with the latest national and international market practices and standards, including the 'International Valuation Standards' issued by the 'International Valuation Standards Committee', which are incorporated within the latest version of the RICS Valuation - Global Standards (the so-called 'Red Book') issued by the 'Royal Institute of Chartered Surveyors', as set out in their report (see pages 134-137). This value, referred to as the 'investment value', corresponds to the price that a third-party investor would be willing to pay in order to acquire each of the properties making up the property portfolio (fair value as evidenced in the valuation reports) plus any real estate transfer taxes to be borne by the investor (the transfer of an investment property is usually subject to the payment of real estate transfer taxes or value-added tax to the public authorities).
Properties that are being built, renovated, developed or redeveloped for future use as investment properties are classified, within investment properties, in a 'Development projects' sub-category until completion of the works. This concerns healthcare assets under construction or development (extensions) and empty office buildings that are or will be under renovation or redevelopment. At the time of completion of the works, the properties are transferred from the 'Development projects' category to the 'Properties available for rent' category or to 'Properties held for sale' if they are put up for sale. In principle, the fair value of the buildings undergoing renovation or redevelopment decreases as the end of the lease and the beginning of the works approach.
All costs directly associated with the acquisition and construction, and all subsequent capital expenditures qualifying as acquisition costs, are capitalised. Provided the project exceeds one year, interest charges are capitalised at a rate reflecting the average borrowing cost of the Group, as disclosed in the management report. Having sold its head office in 2023, the Company no longer holds 'owner-occupied property' as defined by IAS 40. The head office moved in 2024 to a portion of another building belonging to the Group, which will continue to be accounted for as an investment property.
H. Assets held for sale
Assets held for sale (from investment properties) are presented separately on the balance sheet at a value corresponding to their fair value determined by the independent real estate valuers), in accordance with IFRS 5.
I. Leases
I The Group as lessor
A. Operating and finance leases
For each lease, the Company assesses whether it is an operating lease or a finance lease, in accordance with IFRS 16. In most cases, these are operating leases of investment properties (or even assets held for sale); in rare cases, they are finance leases recognised in the balance sheet under 'Finance lease receivables'. The income generated by these two contract types is presented in Note 6.
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B. Sale of future lease payments under a long lease not qualifying as a finance lease
In 2008 and 2009, the Group assigned future rental receivables on office properties to several banks (see Note 22). At 31.12.2025, only one assignment of receivables was still active, relating to the Colonel Bourg/Kolonel Bourg 124 building.
The amount collected by the Group as a result of the sale of the future lease payments is recognised in deduction of the property's value to the extent that this sale of lease payments is apposable to third parties and that, as a consequence, the market value of the property is reduced by the amount of the future lease payments sold (hereafter 'reduced value'). Indeed, pursuant to Article 1690 of the Belgian Civil Code, a third party that would buy the properties, would be deprived of the right of receiving rental income.
The progressive reconstitution of the lease payments sold is recognised at each period under the item 'Writeback of lease payments sold and discounted' on the income statement and is added to the reduced value of the building on the assets side. This gradual constitution of the non-reduced value relies on the basis of the interest rates and inflation (indexation) conditions applied at the time of transfer and implied in the price obtained at that moment by the Group from the transferee for the sold receivables.
The change in the reduced fair value of the property is recognised separately under the item 'Changes in the fair value of investment properties' according to the following formula:
$$
\left(\left(\frac {\text {RFV year n-1}}{\text {NRFV year n-1}}\right) * \text{Cumulative change year n}\right) - \left(\left(\frac {\text {RFV year n-2}}{\text {NRFV year n-2}}\right) * \text{Cumulative change year n-1}\right)
$$
in which:
- RFV: reduced fair value of the property (resulting from the information mentioned in the two preceding paragraphs);
- NRFV: non-reduced fair value of the property (that is, if the future rental income would have not been sold and as established at each closing date by the independent real estate valuers according to the real estate market);
- Cumulative change: change of the cumulative non-reduced fair value since the disposal of the future rents.
II The Group as a lessee
The Group assesses each new contract to determine whether it is a lease under IFRS 16. If affirmative, the Group recognises a right to use for the asset and a corresponding lease liability (except for short-term contracts or contracts for low-value assets, for which the Group recognises a simple operating expense).
J. Other tangible assets and intangible assets
Other tangible assets and intangible assets are accounted for in accordance with IAS 16 and IAS 38 respectively (cost model). These assets do not include investment property or assets held for sale covered by IAS 40 and IFRS 5 respectively (see G. and H. above).
Depreciation is charged to the income statement on a straight-line basis over the expected lifetime as indicated below:
- fixture and fittings: 4-10 years;
- fixtures: 8-10 years;
- IT hardware: 3-4 years;
- IT software: 4 years.
However, IT software depreciation can be spread over a longer period of time, corresponding to the likely useful life, and according to the consumption pattern of the economic benefits associated with the asset.
K. Public-private partnerships ('PPP')
With the exception of the police station in Termonde/Dendermonde, considered as operating lease and, therefore, recognised as investment property, public-private partnerships are classified as a finance lease receivable, and are subject to IFRS 16, IFRIC 12 and SIC 29 (for more information on PPPs: see sections 'Property report' and 'Management report' in this document).
L. Cash and cash equivalents
Cash and cash equivalents comprise current accounts, cash and short-term investments.
M. Equity
The rules relating to shareholders' equity do not call for any particular comment, other than in respect of the contribution of a branch of activity made on 29.10.2021.
On 29.10.2021, the 'offices' branch of Cofinimmo SA/NV has been contributed to Cofinimmo Offices SA/NV, a wholly-owned subsidiary of Cofinimmo SA/NV. The contribution includes all the assets, liabilities, rights and obligations relating to the said branch. The contribution therefore referred in particular to the 'offices' investment properties directly held by Cofinimmo SA/NV, the participations in the subsidiaries which themselves hold office properties, the financial debts, the other assets and liabilities linked to the operation of the offices, the contracts in progress linked to the operation of the offices as well as the staff dedicated to the operation of these properties. In the context of the contribution of balance sheet items valued at fair value (mainly investment properties), the fair value reserves (in Cofinimmo SA/NV's equity) relating to the balance sheet items contributed have been transferred to the fair value reserves
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relating to the investments in subsidiaries (in Cofinimmo SA/NV's equity), in accordance with the interpretation CNC 2009/15 of the (Belgian) Accounting Standards Committee 'The accounting treatment of the contribution of a branch or of a universality of assets'. Consequently, the equity of Cofinimmo Offices SA/NV at the time of the contribution does not include any fair value reserves relating to the balance sheet items contributed by Cofinimmo SA/NV. This point of presentation has no effect either on the total amount of the equity or on the total amount of the reserves of Cofinimmo Offices SA/NV. Furthermore, it has had no effect on the Group's consolidated equity and reserves.
N. Other non-current financial liabilities
'Other non-current financial liabilities' mainly includes the fair value of derivative financial instruments, underwritten by the group. Besides, the group may give shareholders, who do not hold control on subsidiaries, an undertaking to acquire their share of the capital in these subsidiaries, should they exercise their put options. The exercise price of such options permitted to non-controlling shareholders is recognised in the 'Other non-current financial liabilities' line.
O. Employee benefits
Employee benefits are accounted for in accordance with IAS 19.
P. Provisions
Provisions are recognised in accordance with IAS 37 (see Note 31).
Q. Trade debts and other debts
Trade debts and other debts are stated at amortised cost, in accordance with IFRS 9 (see Notes 25 and 33).
R. Operating revenues
Operating revenues include revenues from lease contracts on buildings and revenues from real estate services.
Revenues from lease contracts are recognised in the item 'Rental income'. Some lease contracts allow for a period of free occupancy followed by a period during which the agreed rent is due by the tenant. In this case, the total amount of the contractual rent to be collected until the first break option for the tenant is recognised on the income statement (item 'rental income') pro rata temporis over the length of the lease contract, beginning at the start of the occupancy and ending at the first break option (i.e. the firm term of the lease). More accurately, the contractual rent expressed in annual amount is first recognised as revenue and the rent-free period spread over the firm term of the lease is then booked as an expense. The counterpart to the deferral of free occupancy could be an accrued income account, which could be debited at the start of the lease, and which corresponds to the rental income (net of the cost of rent-free periods) already earned but not yet expired.
However, when the independent real estate valuers make an estimation of the value of the building concerned using the based on discounted cash flow method, they include in this value the total rents yet to be collected. Consequently, the accrued income account referred to above would be redundant with the part of the building representing rents already earned and recognised on the income statement but not yet due. In order to avoid this redundancy, which would wrongfully swell the total of the balance sheet and of the shareholders' equity, the movements that could have been booked under the accrued income account are replaced by movements booked under the item 'Other result on the portfolio'. Once the date of the first break option is passed, there are no further movements to be recorded on the income statement, as would have been the case if an accrued income account had been used.
As a consequence, the operating result before result on the portfolio (and thus the net result from core activities of the analytical form) reflects the rents spread over the firm term of the lease, whereas the net result reflects the rents to date and as they are cashed.
The concessions granted to tenants are, on their part, booked as charges over the firm term of the lease. They refer to incentives consisting of the financing by the landlord of certain expenses normally borne by the tenant, such as the cost of the fitting works of private surfaces for example.
S. Operating expenses and financial result
I Service costs
Service costs paid, as well as those borne on behalf of the tenants, are included in the direct property expenses. Their recovery from the tenants is presented separately.
II Works carried out on properties
Works carried out that are the responsibility of the building owner are recorded in the accounts in three different ways, depending on the type of works:
- expenditure on maintenance and repairs that does not add any extra functionality or does not increase the comfort standard of the building is considered as current expenditure for the period, and as property costs;
- extensive renovation works: these are normally undertaken at intervals of 25 to 35 years and virtually involve the reconstruction of the buildings whereby, in most cases, the existing carcass work is re-used and state-of-the-art building techniques are applied; on completion of such renovation works, the property can be considered as new and expenditure is capitalised;
- improvement works: these are works carried out on an occasional basis to add functionality to the property or significantly enhance the comfort standard, thus making it possible to raise the rent and, hence, the estimated rental value. The costs of these works are capitalised by reason of the fact that and insofar as the value normally recognises a corresponding appreciation in the value of the property. Example: installation of an air conditioning system where one did not previously exist.
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Works that generate expenses to be activated are identified taking into account the previous criteria during the preparation of the budgets. The capitalised expenses are related to materials, engineering works, technical studies, internal costs, architect fees and interests during the construction.
III Commissions paid to real estate brokers and other transaction costs
Commissions relating to the acquisition of properties, transfer duties, notary fees and other ancillary costs are considered as transaction costs and included in the acquisition cost of the acquired property. These costs are also considered as part of the acquisition cost when the purchase is made as a part of an indirect investment through the acquisition of a company holding an investment property.
Commissions on property sales are deducted from the sale price obtained to determine the gain or loss made. Property valuation costs and technical valuation costs are always recognised on current expenditure.
IV Financial result
Net financing costs comprise interest payable on borrowings, calculated using the effective interest rate method, commissions paid on available but undrawn credit lines, and gains and losses on hedging instruments that are recognised on the income statement (see point F).
Interest income is recognised on the income statement as it accrues, taking into account the effective yield on the asset.
Dividend income is recognised on the income statement on the date that the dividend is declared
T. Income tax
The income tax of the financial year is accounted for in accordance with IAS 12 (see Note 19).
U. Exit tax and deferred taxes
The exit tax is the tax on the added value that arises upon approval of Belgian company without a specific tax regime as a RREC (or FIIS) or of the merger of a company without specific tax regime with a RREC (or FIIS). When the company, which does not have a RREC regime (or FIIS) but which is eligible for this regime, first enters the consolidation scope of the Group, a provision for an exit tax liability is recorded simultaneously with a revaluation added value on the property corresponding to the market value of the property, and taking into account a forecasted date of merger or approval.
Any subsequent adjustment to this exit tax liability is recognised on the income statement. When the approval or merger takes place, the provision becomes a debt and any difference is also recognised on the income statement.
The same treatment is applied mutatis mutandis to French companies eligible for the SIIC regime.
In the case of companies not eligible for the RREC, FIIS, SIIC or FBI regimes, a deferred tax is recognised on the unrealised gain or loss of the investment property, insofar as this is required by IAS 12:
- in case of an unrealised gain, a deferred tax liability shall be recognised for all taxable temporary differences, except to the extent that the deferred tax liability arises from: (a) the initial recognition of goodwill; or (b) the initial recognition of an asset or liability in a transaction which: (i) is not a business combination; (ii) at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss); and (iii) at the time of the transaction, does not give rise to equal taxable and deductible temporary differences;
- in case of an unrealised loss, a deferred tax asset shall be recognised for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilised, unless the deferred tax asset arises from the initial recognition of an asset or liability in a transaction that: (a) is not a business combination; (b) at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss); and (c) at the time of the transaction, does not give rise to equal taxable and deductible temporary differences.
V. Stock options
Equity-settled share-based payments granted to employees and members of the Executive Committee members have been measured at the fair value of those equity instruments at the date of granting (see Note 42). The last grant was in 2016 (see the remuneration report in the 'Corporate governance statement' section of this document).
W. Estimates, judgments and main sources of concern
In accordance with IAS 1 paragraph 122, the judgements that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements relate to the classification of leases (see I. above) and the classification of property transactions (see below).
When assets are acquired through the purchase of shares in companies, the Group uses the percentage of shares held and the power to appoint directors to determine whether the Group exercises joint or sole control. When an asset meets the definition of a business combination, as defined in IFRS 3, the Group revalues the assets and liabilities acquired in such a combination at their fair value. The fair value of the real estate acquired is established on the basis of the value set by the independent valuers (further details are provided in Note 40).
In accordance with IAS 1 paragraph 125, entity is required to disclose information about the assumptions it makes about the future, and other major sources of estimation uncertainty at the end of the reporting period, that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year. This applies to the fair value of investment property and assets held for sale, the fair value of financial instruments, goodwill and provisions, as detailed in note 47.
X. Rental guarantees
Guarantees received in cash are accounted for as liabilities in the balance sheet (see Note 25). Other unrecognised guarantees are included in off-balance sheet rights and commitments (see Note 38).
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Note 3. Management of operating risk
By operating risk, Cofinimmo means the risk of losses due to inadequacies in the Company's procedures or failures in its management.
The Group actively manages its client base in order to minimise vacancies and tenant turnover in the office segment. The property management team is responsible for swiftly resolving tenant complaints, while the sales team maintains regular contact with them so as to offer alternative solutions from within the portfolio should tenants require more or less space. Although this activity is fundamental to protect rental income, it has little impact on the price at which a vacant property can be let, as that price depends on the prevailing market conditions. Most of the lease contracts include a provision whereby rents are annually indexed. Before accepting a new client, an analysis of the credit risk is carried out on the basis of the opinion of an outside rating agency. An advance deposit or bank guarantee corresponding to six months' rent is generally requested from private sector tenants.
With a few exceptions, rents are payable in advance, on a monthly, quarterly or yearly basis. A quarterly provision covering property charges and taxes incurred by the Group but contractually rechargeable to tenants is also requested. Losses on lease receivables net of recoveries represent 0.227% of total turnover over the period 1996-2025. An important deterioration in the general economic situation is likely to magnify losses on lease receivables. The possible insolvency of a major tenant can represent a significant loss for Cofinimmo, as well as an unexpected vacancy or even having to rent out the vacant space at a price significantly lower than the level of the terminated contract.
Direct operating costs, on the other hand, are driven essentially by two factors:
- the age and quality of buildings, which determine the level of maintenance and repair expenses, both closely monitored by the property management team, while the execution of the works is outsourced;
- the vacancy level of office properties and the tenant turnover, which determine the level of expenses for unlet space, the letting fees, the refurbishment costs, the incentives granted to new clients, etc. Operational costs which the active commercial management of the portfolio is designed to minimise.
The healthcare facilities and the property of distribution networks assets are almost occupied at 100%. The first ones are rented to operator groups whose solvency is analysed annually. The second ones are let to large companies. The reletting or reconversion scenarios at the end of the lease are cautiously analysed and prepared in due time. The smaller buildings included in the distribution networks are sold when the tenant leaves.
Construction and refurbishment projects are prepared and supervised by the Group's project management team with a mandate to complete them on time and on budget. For the management of large-scale projects, specialised outside companies are brought in by the Group.
The risk of buildings being destroyed by fire or other calamities is assured for a total reconstruction value of 2,396 million EUR², compared to a fair value of the insured investment property (including assets held for sale) of 2,407 million EUR as at 31.12.2025, which includes the value of the land. Cover has also been taken against vacancies resulting from these events. Moreover, Cofinimmo has insurance for its public liability as the building's owner or project supervisor (details of the Group's financial risk are provided in Note 25).
Note 4. Acquisitions of subsidiaries
General information
| Company | Acquisition date | Number of entities | Segment | Country | % of ownership by Cofinimmo group as at 31.12.2025 - Global consolidation | Direct or indirect acquisition by Cofinimmo SA/NV | Building valuation to determine the acquired securities' value (x 1,000,000 EUR) |
|---|---|---|---|---|---|---|---|
| KIINTEISTÖ OY JÄRVENPÄÄN SAVIKONTIE 11 Oy | 03.07.2025 | 1 | Healthcare | Finland | 100 % | Indirect | 4 |
| KIINTEISTÖ OY ROVANIEMEN KAAMOSKUJA 12 Oy | 03.07.2025 | 1 | Healthcare | Finland | 100 % | Indirect | 8 |
| KIINTEISTÖ OY OULUN JUOKSUMARSSI 7 | 13.11.2025 | 1 | Healthcare | Finland | 100 % | Indirect | 4 |
| KIINTEISTÖ Oy JOENSUUN RASTIIJPUNTIE 1 | 11.12.2025 | 1 | Healthcare | Finland | 100 % | Indirect | 3 |
| KIINTEISTÖ Oy LAPPEENRANNAN RAVITIE 1 | 17.12.2025 | 1 | Healthcare | Finland | 100 % | Indirect | 3 |
These acquisitions were not considered as business combinations as stipulated in IFRS 3 since they are not 'business' acquisitions. A 'business' is defined as an integrated set of activities and assets.
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Note 5. Segment information
At fair value, healthcare real estate represents 77% of assets, offices 15%, property of distribution networks 8% (the different real estate segments are described on pages 26 to 44).
One client represents more than 10% of the contractual rent: the Clariane Group in the healthcare real estate segment, for 56 million EUR.
Segment information (x 1,000 EUR) – Overall portfolio
| INCOME STATEMENT | Healthcare real estate | Property of distribution networks | Offices | Unallocated amounts | Total |
|---|---|---|---|---|---|
| AT 31.12 | 2025 | 2025 | 2025 | 2025 | 2025 |
| Net rental income | 258,439 | 34,115 | 55,637 | 348,191 | |
| Property result after direct property costs | 247,969 | 31,835 | 52,751 | 332,554 | |
| Property management costs | -34,786 | -34,786 | |||
| Corporate management costs | -14,908 | -14,908 | |||
| Gains or losses on disposals of investment properties and other non-financial assets | -3,806 | 2,770 | 1,363 | 328 | |
| Changes in fair value of investment properties | 1,541 | 8,042 | -7,714 | 1,870 | |
| Other result on the portfolio | -13,794 | 334 | -208 | -13,669 | |
| Operating result | 231,910 | 42,981 | 46,193 | -49,695 | 271,389 |
| Financial result | -31,783 | -31,783 | |||
| Share in the result of associates and joint ventures | -11,908 | -11,908 | |||
| Taxes | -9,175 | -9,175 | |||
| NET RESULT | 218,523 | ||||
| Net result - Group share | 213,463 | ||||
| INCOME STATEMENT | Healthcare real estate | Property of distribution networks | Offices | Unallocated amounts | Total |
| AT 31.12 | 2024 | 2024 | 2024 | 2024 | 2024 |
| Net rental income | 261,305 | 33,894 | 56,285 | 351,484 | |
| Property result after direct property costs | 251,141 | 29,930 | 50,488 | 331,559 | |
| Property management costs | -31,315 | -31,315 | |||
| Corporate management costs | -13,421 | -13,421 | |||
| Gains or losses on disposals of investment properties and other non-financial assets | 2,407 | 1,447 | -19,436 | -15,582 | |
| Changes in fair value of investment properties | -77,190 | 8,636 | -54,736 | -123,290 | |
| Other result on the portfolio | -8,311 | -18 | 895 | -7,434 | |
| Operating result | 168,048 | 39,995 | -22,790 | -44,736 | 140,517 |
| Financial result | -56,430 | -56,430 | |||
| Share in the result of associates and joint ventures | -3,739 | -3,739 | |||
| Taxes | -7,201 | -7,201 | |||
| NET RESULT | 73,147 | ||||
| Net result - Group share | 42,106 |
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| BALANCE SHEET | Healthcare real estate | Property of distribution networks | Offices | Unallocated amounts | Total |
|---|---|---|---|---|---|
| AT 31.12 | 2025 | 2025 | 2025 | 2025 | 2025 |
| Assets | |||||
| Goodwill | |||||
| Investment properties, of which: | 4,680,781 | 478,798 | 925,476 | 6,085,055 | |
| Development projects | 178,858 | 6,496 | 44,124 | 229,478 | |
| Assets held for own use | |||||
| Assets held for sale | |||||
| Other assets | 352,850 | 352,850 | |||
| TOTAL ASSETS | 6,437,906 | ||||
| Shareholders' equity and liabilities | |||||
| Shareholders' equity | 3,590,100 | 3,590,100 | |||
| Shareholders' equity attributable to shareholders of parent company | 3,511,286 | 3,511,286 | |||
| Minority interests | 78,815 | 78,815 | |||
| Liabilities | 2,847,805 | 2,847,805 | |||
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 6,437,906 | ||||
| BALANCE SHEET | Healthcare real estate | Property of distribution networks | Offices | Unallocated amounts | Total |
| --- | --- | --- | --- | --- | --- |
| AT 31.12 | 2024 | 2024 | 2024 | 2024 | 2024 |
| Assets | |||||
| Goodwill | |||||
| Investment properties, of which: | 4,594,604 | 470,985 | 928,339 | 5,993,928 | |
| Development projects | 150,391 | 6,496 | 104,095 | 260,983 | |
| Assets held for own use | |||||
| Assets held for sale | 6,400 | 6,400 | |||
| Other assets | 439,720 | 439,720 | |||
| TOTAL ASSETS | 6,440,048 | ||||
| Shareholders' equity and liabilities | |||||
| Shareholders' equity | 3,614,437 | 3,614,437 | |||
| Shareholders' equity attributable to shareholders of parent company | 3,534,991 | 3,534,991 | |||
| Minority interests | 79,446 | 79,446 | |||
| Liabilities | 2,825,611 | 2,825,611 | |||
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 6,440,048 |
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Segment information (x 1,000 EUR) – Healthcare real estate
| INCOME STATEMENT | Belgium | France | The Netherlands | Germany | Other¹ | Total |
|---|---|---|---|---|---|---|
| AT 31.12 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 |
| Net rental income | 85,973 | 44,089 | 31,172 | 49,926 | 47,279 | 258,439 |
| Property result after direct property costs | 86,306 | 43,246 | 28,642 | 45,390 | 44,385 | 247,969 |
| Property management costs | ||||||
| Corporate management costs | ||||||
| Gains or losses on disposals of investment properties and other non-financial assets | -488 | -1,587 | -1,731 | -3,806 | ||
| Changes in fair value of investment properties | 637 | -8,168 | 12,426 | -4,181 | 828 | 1,541 |
| Other result on the portfolio | -856 | 50 | -6,248 | -4,170 | -2,570 | -13,794 |
| Operating result | 85,598 | 33,541 | 33,090 | 37,039 | 42,642 | 231,910 |
| Financial result | ||||||
| Share in the result of associates and joint ventures | ||||||
| Taxes | ||||||
| NET RESULT | ||||||
| Net result – Group share | ||||||
| INCOME STATEMENT | Belgium | France | The Netherlands | Germany | Other¹ | Total |
| AT 31.12 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |
| Net rental income | 94,238 | 42,510 | 31,861 | 48,391 | 44,305 | 261,305 |
| Property result after direct property costs | 93,818 | 41,498 | 29,531 | 44,719 | 41,574 | 251,141 |
| Property management costs | ||||||
| Corporate management costs | ||||||
| Gains or losses on disposals of investment properties and other non-financial assets | 3,322 | -30 | -884 | 2,407 | ||
| Changes in fair value of investment properties | -22,456 | -21,265 | -7,276 | -12,833 | -13,359 | -77,190 |
| Other result on the portfolio | -3,307 | -40 | -3,248 | -532 | -1,184 | -8,311 |
| Operating result | 71,376 | 20,163 | 18,123 | 31,354 | 27,031 | 168,048 |
| Financial result | ||||||
| Share in the result of associates and joint ventures | ||||||
| Taxes | ||||||
| NET RESULT | ||||||
| Net result – Group share |
¹ It consists of Spain, Finland, Ireland, Italy and the United Kingdom.
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| BALANCE SHEET | Belgium | France | The Netherlands | Germany | Other^{1} | Total |
|---|---|---|---|---|---|---|
| AT 31.12 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 |
| Assets | ||||||
| Goodwill | ||||||
| Investment properties, of which: | 1,596,503 | 666,900 | 486,900 | 935,670 | 994,807 | 4,680,781 |
| Development projects | 31,138 | 39,250 | 108,470 | 178,858 | ||
| Assets held for own use | ||||||
| Assets held for sale | ||||||
| Other assets | ||||||
| TOTAL ASSETS | ||||||
| Shareholders' equity and liabilities | ||||||
| Shareholders' equity | ||||||
| Shareholders' equity attributable to shareholders of parent company | ||||||
| Minority interests | ||||||
| Liabilities | ||||||
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | ||||||
| BALANCE SHEET | Belgium | France | The Netherlands | Germany | Other^{1} | Total |
| --- | --- | --- | --- | --- | --- | --- |
| AT 31.12 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |
| Assets | ||||||
| Goodwill | ||||||
| Investment properties, of which: | 1,593,487 | 675,960 | 486,680 | 888,930 | 949,547 | 4,594,604 |
| Development projects | 15,005 | 7,420 | 8,270 | 119,697 | 150,391 | |
| Assets held for own use | ||||||
| Assets held for sale | 6,400 | 6,400 | ||||
| Other assets | ||||||
| TOTAL ASSETS | ||||||
| Shareholders' equity and liabilities | ||||||
| Shareholders' equity | ||||||
| Shareholders' equity attributable to shareholders of parent company | ||||||
| Minority interests | ||||||
| Liabilities | ||||||
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES |
1 It consists of Spain, Finland, Ireland, Italy and the United Kingdom.
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Note 6. Rental income and rental-related expenses
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| Rental income | ||
| Gross potential income^{1} | 362,599 | 189,587 |
| Vacancy^{2} | -7,939 | -11,659 |
| Rents | 354,660 | 177,928 |
| Cost of rent-free periods | -5,593 | -3,084 |
| Concessions granted to tenants | -814 | -338 |
| Indemnities for early termination of rental contracts^{3} | 5,607 | 0 |
| Rental income (Royal Decree of 13.07.2014 form) | 353,860 | 174,506 |
| Rental-related expenses | -6,286 | -187 |
| Rent payable on rented premises | -41 | -11 |
| Writedowns on trade receivables | -6,407 | -187 |
| Writeback of writedowns on trade receivables | 163 | 11 |
| Rental income, net of rental-related expenses* (analytical form) | 347,574 | 174,318 |
| Writeback of lease payments sold and discounted | 617 | 280 |
| Rental income, net of rental-related expenses*, including writebacks of lease payments sold and discounted | 348,191 | 174,598 |
Except in some rare cases, the leases contracted by the Group are subject to indexation.
The Group leases out its investment properties under operating leases and finance leases. Only revenues from operating leases appear under rental income.
The amount under the item 'Writeback of lease payments sold and discounted' represents the difference between the discounted value (at the rate agreed upon disposal), at the beginning and at the end of the year, of the future rents (indexed at the rate agreed upon disposal) of the lease contracts for which receivables have been sold. The writeback through the income statement allows for a gradual reconstitution of the initial value of the concerned buildings at the end of the lease. It is a recurring and non-cash income item (see Note 2: 'Significant accounting methods, I. Leases, I. The group as lessor, C. Sale of future lease payments under a long lease not qualifying as a finance lease').
The change in the fair value of these buildings is determined by the independent real estate valuer and is taken as profit or loss under the item 'Changes in the fair value of investment properties' in the proportion indicated in Note 2. This time, it is a non-recurring item as it depends on the valuer's assumptions as to future market conditions.
Total rental income
When a lease is classified as a finance lease, the property is considered to be disposed of, and the Group is considered to have an interest in a finance lease instead. Payments received on the finance leases are split between 'capital' and 'interests': the capital element is taken to the balance sheet and offset against the Group's finance lease receivables and the interest element are recognised on the income statement. Hence, only the part of the rents relating to interests flows through the income statement.
Total income generated from the group's property assets, through operating and finance leases
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| Rental income from operating leases | 353,860 | 174,506 |
| Interest income in respect of finance leases | 9,614 | 4,696 |
| Capital receipts in respect of finance leases | 4,260 | 4,423 |
| TOTAL | 367,734 | 183,624 |
Total minimum future rental receivables under non-cancellable operating leases and finance leases in effect at 31 December
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| Operating lease | 4,481,962 | 4,573,911 |
| Less than one year | 357,411 | 349,783 |
| More than one year but less than two years | 346,809 | 340,234 |
| More than two years but less than three years | 336,127 | 327,283 |
| More than three years but less than four years | 316,736 | 316,477 |
| More than four years but less than five years | 305,649 | 300,548 |
| More than five years | 2,819,231 | 2,939,586 |
| Finance lease | 155,796 | 161,486 |
| Less than one year | 4,472 | 4,542 |
| More than one year but less than two years | 4,634 | 4,764 |
| More than two years but less than three years | 4,801 | 4,949 |
| More than three years but less than four years | 4,958 | 5,214 |
| More than four years but less than five years | 5,028 | 5,376 |
| More than five years | 131,902 | 136,641 |
| TOTAL | 4,637,758 | 4,735,397 |
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Note 7. Net redecoration expenses¹
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| Recovery of property charges | -1,263 | -286 |
| Costs payable by the tenant and borne by the landlord on rental damage and redecoration at end of lease² | -292 | 296 |
| TOTAL | -1,555 | 10 |
Note 8. Charges and taxes not recovered from the tenant on let properties*
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| V. Recovery income of charges and taxes normally payable by the tenant on let properties | 37,923 | 33,046 |
| Rebilling of rental charges invoiced to the landlord | 16,042 | 12,359 |
| Rebilling of withholding taxes and other taxes on let properties | 21,880 | 20,687 |
| VII. Charges and taxes normally payable by the tenant on let properties | -43,327 | -37,979 |
| Rental charges invoiced to the landlord | -18,095 | -13,287 |
| Withholding taxes and other taxes on let properties | -25,201 | -23,756 |
| Taxes on refurbishment not recovered* | -31 | -935 |
| TOTAL | -5,404 | -4,933 |
Under usual lease terms, these charges and taxes are borne by the tenants through rebilling. However, a number of lease contracts of the Group provide otherwise, leaving taxes or charges to be borne by the landlord.
Note 9. Technical costs
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| Recurrent technical costs | 3,300 | 1,806 |
| Repairs | 3,302 | 1,776 |
| Insurance premiums | -2 | 30 |
| Non-recurrent technical costs | 1,760 | 593 |
| Major repairs (building companies, architects, engineering offices, etc.)³ | 908 | 120 |
| Damage expenses | 853 | 474 |
| Losses providing from disasters and subject to insurance cover | 1,810 | 1,060 |
| Insurance compensation for losses providing from disasters | -957 | -586 |
| TOTAL | 5,060 | 2,399 |
Note 10. Commercial costs
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| Letting fees paid to real estate brokers | 0 | 0 |
| Advertising | 5 | 3 |
| Fees paid to experts | 4,334 | 2,056 |
| TOTAL | 4,339 | 2,059 |
Note 11. Management costs
Management costs are classified according to whether or not they relate to property management.
Property management costs
These costs comprise the costs of the personnel responsible for this activity, the operational costs of the company's head office and the fees paid to third parties. The management fees collected from tenants partially covering the costs of the property management activity are deducted.
The portfolio is managed in-house, except for the healthcare real estate properties in Germany.
¹ According to Annex C of the Royal Decree of 13.07.2014, the exact terminology is 'Cost payable by the tenant and borne by the landlord on rental damage and redecoration at end of lease' and 'Recovery of the property charges'.
² Refurbishment costs, net of indemnities for rental damage, are by nature not incurred on a regular basis during the financial year or from one financial year to the next.
³ With the exception of capitalised expenses.
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Corporate management costs
The corporate management costs cover the overhead costs of the Company as a legal entity listed on the stock exchange and as an RREC. These expenses are incurred in order to provide complete and continued information, economic comparability with other types of investment and
liquidity for the shareholders who invest indirectly in a property portfolio. Some costs of studies relating to the Group's expansion also come under this category.
The internal costs of property management and corporate management costs (including nonrecurring effects arising from the proposed combination with Aedifica amounting to 4,719 KEUR) are divided as follows:
| Property management costs | Corporate management costs | TOTAL | ||||
|---|---|---|---|---|---|---|
| (x 1,000 EUR) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Office charges | 3,156 | 2,957 | 1,353 | 1,267 | 4,509 | 4,225 |
| Fees paid to third parties | 10,115 | 7,398 | 4,335 | 3,171 | 14,450 | 10,569 |
| Recurrent | 6,227 | 6,236 | 2,669 | 2,673 | 8,895 | 8,909 |
| Non-recurrent | 3,889 | 1,162 | 1,667 | 498 | 5,555 | 1,660 |
| Public relations, communication and advertising | 405 | 514 | 173 | 220 | 578 | 734 |
| Personnel expenses | 19,875 | 19,344 | 8,518 | 8,290 | 28,393 | 27,635 |
| Salaries | 16,184 | 15,308 | 6,936 | 6,560 | 23,119 | 21,868 |
| Social security | 2,457 | 2,630 | 1,053 | 1,127 | 3,510 | 3,757 |
| Pensions and other benefits | 1,235 | 1,407 | 529 | 603 | 1,764 | 2,009 |
| Taxes and regulatory fees | 1,235 | 1,102 | 529 | 472 | 1,764 | 1,574 |
| TOTAL | 34,786 | 31,315 | 14,908 | 13,421 | 49,695 | 44,736 |
The independent real estate valuers' fees for the consolidated portfolio and associates amounted to 1,249 KEUR (excl. VAT) for the year 2025. These emoluments are partly calculated based on a fixed amount per square metre and partly on a fixed amount per property.
Group insurance
The Group insurance, subscribed by Cofinimmo for its employees and the members of its management, has the following objectives:
- payment of a 'Life' benefit to the affiliate in the event of life on the date of retirement;
- payment of a 'Death' benefit to the beneficiaries of the affiliate in case of death before retirement;
- payment of a disability pension in case of accident or long-term illness other than professional;
- waiver of premiums in the same cases.
In order to protect workers, the Law of 18.12.2015 aiming to ensure the sustainability and the social nature of supplementary pensions and to strengthen the supplementary nature in relation to retirement pensions provides that Cofinimmo's employees must be guaranteed a minimum return on the 'Life' portion of the premiums.
This minimum return was 3.75% of the gross premiums (excluding taxes) for the personal contributions and to 3.25% of the premiums (excluding taxes) for the employer's contributions until 31.12.2015. Between 2016 and 2024, the minimum return required by the Supplementary Pensions Act was reduced to 1.75%. From 2025 onwards, this statutory minimum return has been increased to 2.50%.
Until 31.12.2024, the rate guaranteed by the insurer was 0.1%. Cofinimmo must therefore cover part of the rates guaranteed by law. Where necessary, it must set aside additional funds to meet the guaranteed returns for past services. From 2025 onwards, the rate guaranteed by the insurer has been increased to 2.50%.
Emoluments of the auditor
The fixed emoluments of KPMG, Réviseurs d'Entreprises/Bedrijfsrevisoren for reviewing and certifying Cofinimmo's abbreviated statutory statements and consolidated financial statements amounted to 197 KEUR (excluding VAT). Its fees for the revision of the statutory accounts of Cofinimmo's subsidiaries amounted to 342 KEUR (excluding VAT) and are calculated per company based on their actual services. This amount includes the auditor's emoluments for reviewing the accounts of the Group's foreign subsidiaries. The fees for non-audit services performed by KPMG, Réviseurs d'Entreprises/Bedrijfsrevisoren, amounted to 122 KEUR (excluding VAT) during the financial year and relate to legal assignments and other assistance, in accordance with the independence rules. The auditor confirms compliance with the '70% rule (Article 3:64 of the CCA)' for the 2025 financial year.
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| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| Emoluments of the auditor | 661 | 632 |
| Emoluments for the execution of a mandate of company auditor | 539 | 526 |
| Emoluments for exceptional services or special assignments within the group | 122 | 106 |
| Other certification assignments | 89 | 65 |
| Other assignments external to the auditing duties | 34 | 41 |
| Emoluments of people with whom the auditor is connected | 0 | 0 |
| Emoluments for exceptional services or special assignments within the group | 0 | 0 |
| Other opinion missions | 0 | 0 |
| Tax advisory duties | 0 | 0 |
| Other assignments external to the auditing duties | 0 | 0 |
| TOTAL | 661 | 632 |
The emoluments of the other statutory auditors appointed for the Group's foreign companies amounted to 78 KEUR (excluding VAT) in 2025. They are not included in the table above.
Note 12. Gains or losses on disposals of investment properties and other non-financial assets
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| Disposal of investment properties | ||
| Net disposal of properties (selling price - transaction costs) | 45,583 | 235,638 |
| Book value of properties sold (fair value of assets sold) | -45,255 | -251,220 |
| SUBTOTAL | 328 | -15,582 |
| Disposal of other non-financial assets | ||
| Net disposals of other non-financial assets | 0 | 0 |
| Other | 0 | 0 |
| SUBTOTAL | 0 | 0 |
| TOTAL | 328 | -15,582 |
The disposals of investment properties relate to all segments (see Note 37 for more details).
Note 13. Changes in fair value of investment properties
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| Positive changes in the fair value of investment properties | 75,659 | 72,165 |
| Negative changes in the fair value of investment properties | -73,789 | -195,455 |
| TOTAL | 1,870 | -123,290 |
The breakdown of the changes in fair value of properties is presented in Note 23.
Note 14. Other result on the portfolio
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| Changes in the deferred taxes^{1} | -9,78 | -2,243 |
| Writeback of rents already earned but not expired | -2,703 | -4,608 |
| Goodwill impairment^{2} | 0 | 0 |
| Other^{3} | -1,255 | -583 |
| TOTAL | -13,669 | -7,434 |
Writeback of rents already earned but not expired, recognised during the period, results from the application of the accounting method in Note 2, point R.
Note 15. Financial income
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| Interests and dividends received^{4} | 3,756 | 1,868 |
| Interest receipts from finance leases and similar receivables | 9,614 | 4,696 |
| Net realised gains on the sale of finance lease receivables and similar items | 3,330 | 0 |
| Other^{5} | 90 | 22 |
| TOTAL | 16,790 | 6,586 |
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Note 16. Net interest charges
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| Nominal interest on borrowings | 50,280 | 72,782 |
| Bilateral loans - floating rate | 16,628 | 24,375 |
| Commercial paper - floating rate | 21,817 | 35,485 |
| Investment credits - floating or fixed rate | 1,270 | 1,324 |
| Bonds - fixed rate | 10,564 | 11,598 |
| Convertible bonds | 0 | 0 |
| Reconstitution of the nominal value of financial debts | 2,165 | 1,824 |
| Charges relating to authorised hedging instruments | 11,890 | 6,522 |
| Authorised hedging instruments qualifying for hedge accounting under IFRS | 0 | 0 |
| Authorised hedging instruments not qualifying for hedge accounting under IFRS | 11,890 | 6,522 |
| Income relating to authorised hedging instruments | -32,154 | -28,862 |
| Authorised hedging instruments qualifying for hedge accounting under IFRS | 0 | 0 |
| Authorised hedging instruments not qualifying for hedge accounting under IFRS | -32,154 | -28,862 |
| Other interest charges¹ | 5,398 | 2,753 |
| TOTAL | 37,580 | 55,019 |
The effective interest charge on loans corresponds to an average effective interest rate on loans of 1.47% (2024: 1.45%). The effective charge without taking into account the hedging instruments stands at 2.26% (2024: 2.97%) and only corresponds to loans recognised at amortised cost².
Cofinimmo no longer holds interest rate hedging instruments to which the hedge accounting of the cash flow is applied.
Note 17. Other financial charges
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| Bank fees and other commissions | 1,097 | 471 |
| Other | 269 | 117 |
| TOTAL | 1,365 | 588 |
Note 18. Changes in the fair value of financial assets and liabilities
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| Authorised hedging instruments qualifying for hedge accounting | 0 | 0 |
| Changes in fair value of authorised hedging instruments qualifying for hedge accounting | 0 | 0 |
| Impact of the recycling on the income statement of hedging instruments which relationship with the hedged risk was terminated | 0 | 0 |
| Authorised hedging instruments not qualifying for hedge accounting | -8,835 | 17,750 |
| Changes in fair value of authorised hedging instruments not qualifying for hedge accounting³ | -8,835 | 17,750 |
| Convertible bonds | 0 | 0 |
| Other | -793 | 29 |
| TOTAL | -9,628 | 17,779 |
The change in fair value of financial assets and liabilities is mainly due to hedging instruments (interest rate swaps, caps) whose fair value has decreased as a result of the decrease in expected future interest rates. The decrease in expected interest rates was more pronounced in the 2024 financial year, resulting in a more significant negative revaluation of these instruments.
¹ These consist mainly commissions on unused credit.
² Interest on loans at amortised cost (2025: 57,844 KEUR/2024: 77,358 KEUR) consists of 'Other interest charges', 'Reconstitution of the nominal amount of financial debts' and 'Nominal interest on loans' (with the exception of the 'Convertible bonds'). Interest on loans at fair value through the net result (2025: -20,264 KEUR/2024: -22,340 KEUR) consists of 'Costs and Proceeds from permitted hedging instruments.
³ The gross amounts are respectively a product of 15,598 KEUR (2024: 23,683 KEUR) and an expense of 24,432 KEUR (2024: 51,717 KEUR).
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Note 19. Corporate tax and exit tax
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| CORPORATE TAX | -9,175 | -4,144 |
| Parent company | -1,661 | -1,735 |
| Pre-tax result | -213,589 | -68,530 |
| Result exempted from income tax due to the RREC regime | 213,589 | 68,530 |
| Taxable result from non-deductible costs | 2,767 | 2,975 |
| Tax at rate of 25% | -692 | -744 |
| Other | -969 | -992 |
| Subsidiaries | -7,514 | -2,408 |
| EXIT TAX - SUBSIDIARIES | 0 | 0 |
The Belgian subsidiaries are subject to ordinary law, with the exception of institutional RRECs and specialised real estate investment funds (FIIS). In France (SIIC regime), Spain (Socimi regime) and Italy (it-Fund), the subsidiaries, with the exception of the Spanish service provider Cofihealthcare Spain Services S.L., benefit from a special status. The Dutch subsidiaries, with the exception of Pubstone Properties BV, benefited from the FBI regime until the end of 2024. The results of the investments in Germany, Finland, Ireland and the United Kingdom are taxable under the normal corporate tax regime.
Note 20. Net result per share - Group share
The calculation of earnings per share at the reporting date is based on the net result from core activities/net result attributable to the ordinary shareholders of 245,630 KEUR (2024: 243,840 KEUR)/ 213,463 KEUR (2024: 42,106 KEUR) and on a number of ordinary shares entitled to share in the result for the financial year ended 31.12.2025 of 38,080,889 (2024: 37,523,642).
The 2024 and 2025 diluted result per share includes the effect of the theoretical conversion of stock options.
| (in EUR) | 2025 | 2024 |
|---|---|---|
| Net result - Group share | 213,462,948 | 42,105,605 |
| Number of ordinary and preference shares entitled to share in the result of the period | 38,080,889 | 37,523,642 |
| Net result from core activities per share - Group share* | 6.45 | 6.50 |
| Net result per share - Group share | 5.61 | 1.12 |
| Net diluted result - Group share | 213,462,948 | 63,889,109 |
| Number of ordinary shares entitled to share in the result of the period taking into account the theoretical conversion of the stock options¹ | 38,082,739 | 37,532,392 |
| NET DILUTED RESULT PER SHARE - GROUP SHARE | 5.61 | 1.70 |
Dividend per share²
| (in EUR) | 2025 financial year (to be paid in 2026) | 2024 financial year (paid in 2025) |
|---|---|---|
| Gross dividends attributable to ordinary shareholders | 198,050,158.80 | 236,083,097.80 |
| Gross dividend per ordinary share | 5.20 | 6.20 |
| Net dividend per ordinary share | 3.64 | 4.34 |
A gross dividend for the 2025 financial year of 5.20 EUR per share (net dividend per share of 3.64 EUR, representing a total dividend of 198,050,158.80 EUR) will be proposed to the Ordinary General Meeting of 13.05.2026. The number of shares receiving the dividend for the 2025 financial year was on the reporting date of 38,086,569³.
The Board of Directors is proposing to cancel the right to the dividend of 9,648 remaining treasury shares. The withholding tax rate applicable to dividends allocated since 01.01.2017 is 30%. The Belgian Law provides for exemptions which dividend beneficiaries can benefit from depending on their status and the eligibility conditions to be met. In addition, the agreements in place to prevent double taxation provide for reductions in the withholding tax on dividends.
¹ In accordance with IAS 33, the 1,850 (31.12.2024: 8,750) treasury shares of the stock option plan were taken into account in the calculation of the net diluted result per share as at 31.12.2025 because they had a dilutive impact.
² Based on the parents company's result.
³ Following the conversion of 1,750 treasury shares in the 1st quarter of 2026.
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| Shares (number) | 2025 | 2024 |
|---|---|---|
| Number of shares (A) | ||
| AS AT 01.01 | 38,096,217 | 36,765,475 |
| Capital increase | 0 | 1,330,742 |
| AS AT 31.12 | 38,096,217 | 38,096,217 |
| Treasury shares held by the group (B) | ||
| AS AT 01.01 | 18,298 | 22,511 |
| Treasury shares (sold/acquired) - net | -6,900 | -4,213 |
| AS AT 31.12 | 11,398 | 18,298 |
| Number of shares outstanding (A-B) | ||
| AS AT 01.01 | 38,077,919 | 36,742,964 |
| Capital increase | 0 | 1,330,742 |
| Treasury shares (sold/acquired) - net | 6,900 | 4,213 |
| AS AT 31.12 | 38,084,819 | 38,077,919 |
Share categories
The Group issued only one share category: ordinary shares.
Ordinary shares: holders of ordinary shares are entitled to dividends when they are declared and are entitled to one vote per share at the Company's General Meetings. The par value of each ordinary share was 53.59 EUR as at 31.12.2025. The ordinary shares are listed on the First Market of Euronext Brussels.
Shares held by the Group: at 31.12.2025, the Group held 11,398 ordinary treasury shares (31.12.2024: 18,298). In accordance with the Law of 14.12.2005 on the abolition of bearer shares, as amended by the Law of 21.12.2013, the Company proceeded with the sale of the physical securities still outstanding and received a report from its auditor certifying the conformity of the procedure implemented for this sale.
Authorised capital
For more information, see chapter 'Corporate governance statement'.
Note 21. Goodwill
Since 31.12.2023 and the most recent impairment, the Group no longer has any goodwill.
Pubstone
As a reminder, Cofinimmo's acquisition in two stages (31.10.2007 and 27.11.2008) of 89.90% of the shares of Pubstone Group SA/NV (formerly Express Properties SA/NV) (see page 31 of the 2008 Annual Financial Report) generated for Cofinimmo a goodwill resulting from the positive difference between the acquisition cost and Cofinimmo's share in the fair value of the net asset acquired. More specifically, this goodwill resulted from:
- the positive difference between the conventional value offered for the property assets at the acquisition (consideration of the price paid for the shares) and the fair value of these property assets (being expressed after deduction of the real estate transfer taxes standing at 10.0% or 12.5% in Belgium and at 6.0% in the Netherlands);
- the deferred tax corresponding to the theoretical assumption required under IAS/IFRS of an immediate disposal of all the properties at the closing date. A tax rate of respectively 34% and 25% for the assets located in Belgium and in the Netherlands has been applied to the difference between the tax value and the market value of the assets at the acquisition.
| Change in goodwill (x 1,000 EUR) | Pubstone Belgium | Pubstone Netherlands | Total |
|---|---|---|---|
| COST | |||
| AT 01.01.2024 | 100,157 | 39,250 | 139,407 |
| AT 31.12.2024 | 100,157 | 39,250 | 139,407 |
| AT 31.12.2025 | 100,157 | 39,250 | 139,407 |
| WRITEDOWNS | |||
| AT 01.01.2024 | 100,157 | 39,250 | 139,407 |
| AT 31.12.2024 | 100,157 | 39,250 | 139,407 |
| AT 31.12.2025 | 100,157 | 39,250 | 139,407 |
| BOOK VALUE | |||
| AT 01.01.2024 | 0 | 0 | 0 |
| AT 31.12.2024 | 0 | 0 | 0 |
| AT 31.12.2025 | 0 | 0 | 0 |
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Note 22. Investment properties
| (x 1,000 EUR) | Properties available for rent | Development projects | Assets held for own use | Total |
|---|---|---|---|---|
| AT 01.01.2024 | 5,885,754 | 302,176 | 0 | 6,187,930 |
| Investments | 57,925 | 63,017 | 0 | 120,942 |
| Acquisitions | 10,661 | 8,270 | 0 | 18,932 |
| Transfers from/to properties available for rent and assets held for sale | -30,707 | 0 | 0 | -30,707 |
| Transfers from/to development projects and properties available for rent | 97,829 | -97,829 | 0 | 0 |
| Sales/Disposals (fair value of assets sold/disposed of) | -183,599 | 0 | 0 | -183,599 |
| Writeback of lease payments sold and discounted | 559 | 0 | 0 | 559 |
| Changes in the fair value | -108,717 | -14,651 | 0 | -123,369 |
| Currency translation differences linked to conversion of foreign activities | 3,239 | 0 | 0 | 3,239 |
| AT 31.12.2024 | 5,732,945 | 260,983 | 0 | 5,993,928 |
| Investments | 53,678 | 34,288 | 0 | 87,966 |
| Acquisitions | 10,742 | 32,337 | 0 | 43,079 |
| Transfers from/to properties available for rent and assets held for sale | -5,550 | 0 | 0 | -5,550 |
| Transfers from/to development projects and properties available for rent | 78,623 | -78,623 | 0 | 0 |
| Sales/Disposals (fair value of assets sold/disposed of) | -32,745 | -559 | 0 | -33,305 |
| Writeback of lease payments sold and discounted | 617 | 0 | 0 | 617 |
| Changes in the fair value | 20,817 | -18,948 | 0 | 1,870 |
| Currency translation differences linked to conversion of foreign activities | -3,550 | 0 | 0 | -3,550 |
| AT 31.12.2025 | 5,855,577 | 229,478 | 0 | 6,085,055 |
The main investments and divestments of investment properties are mentioned on page 31 of this document.
Comments on the real estate markets in which the Group is active are provided on pages 130-133 of this document
The fair value of the consolidated portfolio, as determined by the independent real estate valuers, reaches 6,085,055 KEUR as at 31.12.2025. It includes investment properties for 6,085,055 KEUR and the properties available for sale for 0 KEUR.
Fair value of investment properties
Investment properties are recognised at fair value using the fair value model in accordance with IAS 40. This fair value is defined (according to IFRS 13) as the price that would be received for the sale of an asset or paid for the transfer of a liability in a transaction between market participants on the valuation date. It has been estimated by independent real estate valuers.
When determining the fair value of investment properties, the planned investments (including climate-related investments) are passed on to the independent real estate valuers, who take into account, among other things, the quality of the properties at the valuation date. Specifically, valuers may apply a 'green premium' to the highest quality assets from a sustainability perspective (or a 'brown discount' to the lowest quality assets) in their valuations, which is reflected in the yield and/or estimated rental value. Therefore, the Group considers that climate-related aspects are integrated into the valuation of investment properties.
In Belgium, the transfer of ownership of a real estate property is subject to the payment of transfer rights. The amount of these rights depends on the method of transfer, the type of purchaser and the location of the property. The first two elements, and therefore the total amount of real estate transfer taxes to be paid, are only known once the transfer has been completed.
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The range of methods for the major types of property transfer and corresponding rights include:
- sale contracts for property assets: 12.5% for properties located in the Brussels-Capital Region and in the Walloon Region, 12.0% for properties located in the Flemish Region;
- sale of property assets under the rules governing estate traders: 4.0% to 8.0% depending on the regions;
- leasehold agreement for property assets (up to 99 years for building leases and leasehold): 5.0%;
- sale contracts for property assets where the purchaser is a public body (e.g. an entity of the European Union, the Federal Government, a regional government or a foreign government): tax exemption;
- contributions in kind of property assets against the issue of new shares in favour of the contributing party: tax exemption;
- sale contracts for shares of a real estate company: no taxes;
- mergers, splits and other forms of company restructuring: no taxes, etc.
The actual percentage of real estate transfer taxes therefore varies from 0% to 12.5%, whereby it is not possible to predict which rate would apply to the transfer of a given property before that transfer has effectively taken place.
The independent real estate valuers, who carry out the periodic valuation of the Belgian RECCs' assets, were asked to compute a weighted average transaction cost percentage to apply on the RECC's property portfolios, based on supporting historical data and given the range of different methods for property transfers (see above).
Based on a study conducted by a panel of independent real estate valuers² on 30.06.2025, the average transaction cost rate for properties valued at over 2,500,000 EUR is estimated at 2.5%. The methodology and average transaction cost rate will be reviewed every five years or whenever there is a significant change to the tax environment.
For transactions concerning properties located in Belgium with an overall value of less than 2.5 million EUR, real estate transfer taxes of between 12.0% and 12.5% apply, depending on the Region in which the property is located.
At 01.01.2004 (date of the first application of IAS/IFRS), the real estate transfer taxes deducted from the investment value of the property portfolio amounted to 45.5 million EUR and were recorded under a separate equity item entitled 'Impact on the fair value of estimated transaction costs and transfer rights resulting from the hypothetical disposal of investment properties'.
The 2.5% transaction costs have been applied to the subsequent acquisitions of buildings. At 31.12.2025, the difference between the investment value and the fair value of the global portfolio amounted to 318.4 million EUR or 8.36 EUR per share.
It is worth noting that the average gain in relation to the investment value realised on the disposals of assets operated since the changeover to the Sicati/Vastgoedbevak regime in 1996 stands at 5.6%. Since that date, Cofinimmo has carried out 791 disposals for a total amount of 3,177 million EUR. This capital gain would have been 5.6% if the deduction of transfer costs and duties had been recognised as early as 1996.
The transfer taxes applied to the buildings located outside Belgium differ as follows:
- for transactions relating to healthcare real estate in France, 6.20% or 6.90% of purchase costs are usually withheld depending on the department in which the asset is situated and 1.80% for assets less than five years old. As of 01.04.2025, an additional tax of 0.50% is imposed in most departments³ for a period of three years. Following this increase, real estate transfer taxes for nursing and care homes and clinics located in the Île-de-France region will now be 7.60% and 8.00%, respectively;
- the real estate transfer taxes applied to healthcare real estate in the Netherlands depend on the last purchase date, the type of building (residential, commercial, etc.) and the type of ownership. These rights usually amount to 10.4%;
- for healthcare real estate in Germany, the real estate transfer taxes depend on the Land in which the asset is located; they usually vary between 3.5% and 6.5%;
- for healthcare real estate in the other countries (Spain, Finland, Italy, Ireland, the United Kingdom), the applicable real estate transfer taxes, which are specific for each country, as well as the professional fees have been taken into account. They usually vary between 1% and 9%.
Determination of the valuation level of the fair value of investment properties
The fair value of investment properties on the balance sheet results exclusively from the portfolio's valuation by independent real estate valuers.
To determine the fair value of investment properties, the nature, characteristics and risks of these properties, as well as available market data, were examined.
Because of the state of market liquidity and the difficulty to find unquestionably comparable transaction data, the level of valuation, within the meaning of IFRS 13, of the fair value of the Cofinimmo buildings is level 3, and this for the entire real estate consolidated portfolio.
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Determination of the valuation level of the fair value of the consolidated portfolio
| (x 1,000 EUR) | 31.12.2025 | 31.12.2024 |
|---|---|---|
| Asset category¹ | Level 3 | Level 3 |
| Healthcare real estate | 4,680,781 | 4,601,004 |
| Belgium | 1,565,365 | 1,578,482 |
| France | 666,900 | 682,360 |
| The Netherlands | 486,900 | 479,260 |
| Germany | 896,420 | 880,660 |
| Other | 886,337 | 829,851 |
| Healthcare real estate under development | 178,858 | 150,391 |
| Offices | 925,476 | 928,339 |
| Offices | 881,352 | 824,244 |
| Offices under development | 44,124 | 104,095 |
| Property of distribution networks | 478,798 | 470,985 |
| TOTAL² | 6,085,055 | 6,000,328 |
Valuation methods used
The independent real estate valuers carry out the valuation on the basis of one or several methods in accordance with the latest national and international market practices and standards, including the 'International Valuation Standards' issued by the 'International Valuation Standards Committee', which are incorporated within the latest version of the RICS Valuation - Global Standards (the so-called 'Red Book') issued by the 'Royal Institute of Chartered Surveyors', as set out in their report (see pages 134-137).
This value, referred to as the 'investment value', corresponds to the price that a third-party investor would be willing to pay in order to acquire each of the properties making up the property portfolio (fair value as evidenced in the valuation reports) plus any real estate transfer taxes to be borne by the investor (the transfer of an investment property is usually subject to the payment of real estate transfer taxes or value-added tax to the public authorities).
Other considerations
If the fair value cannot be determined reliably, the properties are valued at the historical cost. In 2025, the fair value of all properties could be determined reliably so that no building was valued at historical cost.
Assets held for sale are presented separately in the balance sheet at fair value, even if the future sale price is known at the valuation date.
For the buildings for which several valuation methods were used, the fair value is the average of the results of these methods.
During the year 2025, there was no transfer between valuation levels 1, 2 and 3 (within the meaning of IFRS 13). In addition, there were changes in the valuation method of investment properties in the Netherlands and Spain, due to, on the one hand, a change of value and, on the other hand, the delivery of certain Spanish assets.
Changes in the fair value of the consolidated portfolio, based on unobservable data
| (x 1,000 EUR) | |
|---|---|
| Faire value at 01.01.2025 | 6,000,328 |
| Gains/losses recognised on the income statement | 1,870 |
| Acquisitions | 43,079 |
| Extensions/Redevelopments | 34,288 |
| Investments | 53,678 |
| Writeback of lease payments sold | 617 |
| Sales/Disposals | -45,255 |
| Currency translation differences linked to conversion of foreign activities | -3,550 |
| Faire value at 31.12.2025 | 6,085,055 |
Quantitative information related to the determination of the fair value of investment properties, based on unobservable data (level 3)
The quantitative information in the following tables is taken from the different reports produced by the independent real estate valuers. The figures are extreme values and the weighted average of the assumptions used in the determination of the fair value of investment properties. The lowest discount rates apply to specific situations.
¹ The basis for the valuations resulting in the fair values can be classified according to IFRS 13 as:
- level 1: quoted prices observable in active markets;
- level 2: observable data other than the quoted prices included in level 1;
- level 3: unobservable data.
² Including buildings held for sale for 0 KEUR in 2025 (6,400 KEUR in 2024).
Cofinimmo | Universal Registration Document 2025 | 208
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Determination of the valuation level of the fair value of investment properties
| (x 1,000 EUR) | |||||
|---|---|---|---|---|---|
| Asset category | Fair value at 31.12.2025 | Valuation method | Non-observable data1 | Extreme values(weighted average) at 31.12.2025 | Extreme values(weighted average) at 31.12.2024 |
| HEALTHCARE REAL ESTATE | 4,680,781 | ||||
| Belgium | 1,565,365 | DCF | ERV/m2(in EUR/m2) | 53 - 256 (159)2 | 56 - 250 (154) |
| Discount rate (in %) | 4.92 - 9.99 (6.04)3 | 4.70 - 10.09 (5.89) | |||
| Capitalisation rate (in %) | 4.85 - 12.03 (6.29)4 | 5.25 - 12.78 (6.47) | |||
| Inflation (in %) | 2.00 - 2.00 (2.00) | 2.00 - 2.00 (2.00) | |||
| Operating costs (in %) | 0.00 - 2.50 (1.93) | 0.00 - 2.50 (1.94) | |||
| Occupancy rate (in %) | 100 | 100 | |||
| Residual length (in years) | 7.0 - 27.0 (15.7) | 7.8 - 28.0 (16.6) | |||
| Number of m2 | 809 - 20,274 (8,103) | 809 - 20,274 (8,075) | |||
| Projection duration (in years) | 7 - 28 (16.3) | 8 - 28 (17.1) | |||
| Capitalisation | ERV/m2(in EUR/m2) | 53 - 275 (158) | 56 - 270 (154) | ||
| Capitalisation rate (in %) | 4.69 - 9.24 (5.10)5 | 4.47 - 9.60 (5.50) | |||
| Occupancy rate (in %) | 100 | 100 | |||
| Residual length (in years) | 7.0 - 27.0 (16.8) | 7.8 - 28.0 (17.7) | |||
| Number of m2 | 809 - 20,274 (8,263) | 809 - 20,274 (8,227) | |||
| France | 666,900 | DCF | ERV/m2(in EUR/m2) | 55 - 240 (156)6 | 55 - 240 (154) |
| Discount rate (in %) | 5.00 - 5.50 (5.08) | 5.00 - 6.50 (5.37) | |||
| Capitalisation rate (in %) | 5.10 - 8.00 (5.71)4 | 5.20 - 9.00 (5.91) | |||
| Inflation (in %) | 1.70 - 1.95 (1.81) | 1.70 - 2.69 (2.05) | |||
| Operating costs (in %) | 0.00 - 0.89 (0.23) | 0.00 - 0.91 (0.24) | |||
| Occupancy rate (in %) | 100 | 100 | |||
| Residual length (in years) | 0 - 10.9 (6.5) | 0.0 - 11.9 (7.4) | |||
| Number of m2 | 2,112 - 35,039 (8,681) | 2,112 - 35,039 (8,616) | |||
| Projection duration (in years) | 1 - 11 (7.5) | 1 - 12 (8.2) |
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| (x 1,000 EUR) | |||||
|---|---|---|---|---|---|
| Asset category | Fair value at 31.12.2025 | Valuation method | Non-observable data1 | Extreme values(weighted average) at 31.12.2025 | Extreme values(weighted average) at 31.12.2024 |
| Capitalisation | ERV/m2(in EUR/m2) | 55 - 240 (156)2 | 55 - 240 (154) | ||
| Capitalisation rate (in %) | 5.33 - 71.70 (6.07)3 | 4.50 - 64.00 (6.10) | |||
| Occupancy rate (in %) | 0.0 - 100.0 (99.4) | 0 - 100 (99.4) | |||
| Residual length (in years) | 0.0 - 10.9 (6.5) | 0.0 - 11.9 (7.4) | |||
| Number of m2 | 2,112 - 35,039 (8,613) | 2,112 - 35,039 (8,616) | |||
| The Netherlands | 486,900 | DCF | ERV/m2(in EUR/m2) | 96 - 414 (198)4 | 91 - 271 (185) |
| Discount rate (in %) | 5.00 - 9.36 (5.65) | 5.00 - 7.00 (5.83) | |||
| Capitalisation rate (in %) | 4.52 - 10.54 (6.39)5 | 4.82 - 14.52 (6.88) | |||
| Inflation (in %) | 2.10 - 2.90 (2.54) | 2.32 - 2.32 (2.32) | |||
| Operating costs (in %) | 1.19 - 29.75 (12.79) | 1.20 - 16.60 (11.34) | |||
| Occupancy rate (in %) | 87 - 100 (99.4) | 93 - 100 (99.4) | |||
| Residual length (in years) | 0.7 - 18.1 (11.1) | 0.4 - 19.1 (11.0) | |||
| Number of m2 | 837 - 15,066 (6,255) | 430 - 15,066 (5,477) | |||
| Projection duration (in years) | 10 - 10 (10.0) | 6 - 10 (9.9) | |||
| Capitalisation | ERV/m2(in EUR/m2) | 96 - 414 (198)4 | 91 - 414 (188) | ||
| Capitalisation rate (in %) | 4.37 - 8.75 (5.65)5 | 4.29 - 10.68 (5.64) | |||
| Occupancy rate (in %) | 87 - 100 (99.4) | 89 - 100 (99.4) | |||
| Residual length (in years) | 0.7 - 20.7 (10.1) | 0.4 - 21.7 (10.1) | |||
| Number of m2 | 837 - 15,066 (6,255) | 430 - 15,066 (6,026) | |||
| Germany | 896,420 | DCF | ERV/m2(in EUR/m2) | 42 - 335 (143)6 | 42 - 335 (142) |
| Discount rate (in %) | 4.13 - 8.75 (5.46)7 | 4.13 - 8.80 (5.35) | |||
| Capitalisation rate (in %) | 4.00 - 8.25 (4.99) | 4.00 - 8.30 (4.94) | |||
| Inflation (in %) | 1.89 - 1.90 (1.90) | 1.85 - 2.40 (2.16) | |||
| Operating costs (in %) | 3 - 57 (9) | 3 - 57 (9) | |||
| Occupancy rate (in %) | 0 - 100 (97.7) | 0 - 100 (97.7) | |||
| Residual length (in years) | 0 - 23.5 (18.1) | 0.0 - 24.5 (19.1) | |||
| Number of m2 | 2,140 - 17,450 (8,455) | 2,140 - 17,450 (8,436) | |||
| Projection duration (in years) | 10 - 15 (10.1) | 10 - 15 (10.1) |
- Net rental income is reported in Note 6.
- Estimated rental values for assets in France depend on the location and age of the assets. The highest estimated rental values are for recently built nursing and care homes in or around Paris, whilst the lowest are for nursing and care homes in the regions or which are currently vacant.
- Capitalisation rates for assets depend on the location but also on the age of the assets. The highest capitalisation rates are those for nursing and care homes that no longer have a long-term vision or are vacant, whilst the lowest are those for so-called 'prime' nursing and care homes (in Paris or for recently completed developments that comply with the latest ESG recommendations).
- Estimated rental values of assets in the Netherlands depend on the location of the assets but also on the type of business they house. Typically, the highest estimated rental value is for nursing and care homes in Amsterdam, whilst the lowest is for medical office buildings in a regional area.
- Capitalisation rates in the Netherlands depend on the location of the assets but also on the type of business they house. The highest capitalisation rates apply to nursing and care homes or acute care clinics located in regional areas, whilst the lowest rates apply to nursing and care homes located in or around Amsterdam.
- Estimated rental values of assets depend on their location, their business activity, and also on the level of state subsidies granted to the operator. Typically, in Germany, the highest estimated rental values are those of sports and wellness centres located in major cities (Hanover and Hamburg). Conversely, the lowest rental value is for assets for which the state grants little annual subsidies, given the subsidies already granted during its construction.
- The lowest discount rates apply to new or recently completed assisted-living facilities, whilst the highest rates apply to sports and wellness centres.
Cofinimmo
Universal Registration Document 2025
| Cofinimmo at a glance | Management report | Sustainability report | Property report | Corporate governance statement | Audited financial statements | Additional information |
|---|---|---|---|---|---|---|
| (x1,000 EUR) | ||||||
| --- | ||||||
| Asset category | Fair value at 31.12.2025 | Valuation method | Non-observable data1 | Extreme values(weighted average) at 31.12.2025 | Extreme values(weighted average) at 31.12.2024 | |
| Other | 886,337 | DCF | ERV/m2(in EUR/m2) | 65 - 315 (151)2 | 90 - 235 (173) | |
| Discount rate (in %) | 5.96 - 8.65 (7.17) | 5.96 - 7.60 (6.77) | ||||
| Capitalisation rate (in %) | 4.65 - 6.25 (5.35) | 4.50 - 5.60 (5.23) | ||||
| Inflation (in %) | 2.00 - 2.50 (2.00) | 2.00 - 2.00 (2.00) | ||||
| Operating costs (in %) | 0 - 21 (4) | 1 - 14 (6) | ||||
| Occupancy rate (in %) | 100 | 100 | ||||
| Residual length (in years) | 2.5 - 23.4 (9.3) | 3.5 - 24.8 (11.0) | ||||
| Number of m2 | 590 - 15,444 (7,233) | 590 - 15,444 (7,717) | ||||
| Projection duration (in years) | 10 - 15 (111) | 10 - 15 (117) | ||||
| Capitalisation | ERV/m2(in EUR/m2) | 87 - 432 (293) | 39 - 405 (182)4 | |||
| Capitalisation rate (in %) | 5.05 - 5.50 (5.35) | 5.05 - 7.45 (5.53) | ||||
| Occupancy rate (in %) | 100 | 100 | ||||
| Residual length (in years) | 10.0 - 30.6 (19.8) | 11.0 - 31.6 (20.7) | ||||
| Number of m2 | 1,501 - 7,187 (3,872) | 1,501 - 9,763 (5,423) | ||||
| Healthcare real estate under development3 | 178,858 | Residual value | ERV/m2(in EUR/m2) | 91 - 247 (125) | 89 - 231 (91) | |
| Discount rate (in %) | 4.84 - 4.84 (4.84) | 4.45 - 5.60 (4.32) | ||||
| Capitalisation rate (in %) | 5.75 - 8.00 (6.84) | n/a | ||||
| Inflation (in %) | 1.89 - 2.00 (1.97) | n/a3 | ||||
| Number of m2 | 843 - 13,000 (7,683) | 2,100 - 9,100 (8,259) | ||||
| Outstanding construction costs (in EUR/m2) | 0 - 3,371 (424) | 0 - 1,009 (314) | ||||
| Estimated construction period (in years) | 0.2 - 2.2 (0.9) | 0.1 - 1.6 (0.8) | ||||
| OFFICES | 925,476 | |||||
| Offices in operation | 881,352 | DCF | ERV/m2(in EUR/m2) | 207 - 238 (230) | 207 - 238 (231) | |
| Discount rate (in %) | 5.00 - 6.50 (5.35) | 5.25 - 6.30 (5.48) | ||||
| Capitalisation rate (in %) | 5.75 - 7.30 (6.11) | 5.00 - 7.00 (5.43) | ||||
| Inflation (in %) | 2.00 | 2.00 | ||||
| Operating costs (in %) | 1.00 | 1.00 | ||||
| Occupancy rate (in %) | 100 | 100 | ||||
| Residual length (in years) | 4.0 - 6.4 (5.6) | 2.0 - 7.4 (5.7) | ||||
| Number of m2 | 9,484 - 16,725 (15,036) | 9,484 - 16,725 (15,165) | ||||
| Projection duration (in years) | 4 - 10 (8.6) | 2 - 10 (8.3) |
1 Net rental income is reported in Note 6.
2 Estimated rental values of the assets depend on their location, but also on the country in which they are located. Typically, nursing and care homes in the UK and Ireland have the highest estimated rental values, whilst nursing and care homes in the regions of Spain have the lowest.
3 Only includes ongoing projects.
Cofinimmo | Universal Registration Document 2025
| Cofinimmo at a glance | Management report | Sustainability report | Property report | Corporate governance statement | Audited financial statements | Additional information |
|---|---|---|---|---|---|---|
| (x1,000 EUR) | ||||||
| --- | --- | --- | --- | --- | --- | |
| Asset category | Fair value at 31.12.2025 | Valuation method | Non-observable data1 | Extreme values(weighted average) at 31.12.2025 | Extreme values(weighted average) at 31.12.2024 | |
| Capitalisation | ERV/m2(in EUR/m2) | 127 - 375 (251) | 199 - 375 (283) | |||
| Capitalisation rate (in %) | 4.84 - 8.70 (5.91) | 4.75 - 6.40 (5.63) | ||||
| Occupancy rate (in %) | 46 - 100 (92) | 46 - 100 (93.3) | ||||
| Residual length (in years) | 1.5 - 17.1 (5.6) | 1.8 - 11.0 (5.3) | ||||
| Number of m2 | 3,693 - 20,323 (10,769) | 3,693 - 20,323 (10,769) | ||||
| Long-term vacancy (in months) | 0 - 24 (8) | 3 - 48 (15) | ||||
| Offices in development | 44,124 | Residual value | ERV/m2(in EUR/m2) | n/a | 177 - 310 (207) | |
| Capitalisation rate (in %) | n/a | 4.75 - 5.50 (4.88) | ||||
| Outstanding construction costs (in EUR/m2) | n/a | n/a | ||||
| Number of m2 | n/a | 3,188 - 14,713 (12,164) | ||||
| PROPERTY OF DISTRIBUTION NETWORKS | 478,798 | |||||
| Property of distribution networks | 478,798 | Capitalisation | ERV/m2(in EUR/m2) | 13 - 667 (167)2 | 18 - 501 (119) | |
| Capitalisation rate (in %) | 3.85 - 11.00 (5.88)3 | 4.25 - 9.50 (5.80) | ||||
| Occupancy rate (in %) | 0 - 100 (100) | 0 - 100 (99.6) | ||||
| Residual length (in years) | 4.3 - 9.8 (9.5) | 6.2 - 10.8 (10.5) | ||||
| Number of m2 | 47 - 9,043 (856) | 87 - 9,043 (1,106) | ||||
| Long-term vacancy (in months) | 0 - 24 (1.75) | 0 - 24 (1.75) | ||||
| TOTAL | 6,085,055 |
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Sensitivity of the building's fair value to changes of the unobservable data
A 10% increase in the estimated rental value would result in an increase of 373,105 KEUR in the fair value of the portfolio. A 10% decrease in the estimated rental value would result in a decrease of 391,259 KEUR in the fair value of the portfolio.
A 0.5% increase in capitalisation rates would result in a decrease of 397,828 KEUR in the fair value of the portfolio.
A 0.5% decrease in capitalisation rates would result in an increase of 434,297 KEUR in the fair value of the portfolio.
A ±0.5% change in the capitalisation rate and a ±10% change in the estimated rental values are reasonably foreseeable and still seems consistent with the trend in rates in 2025.
There are interrelations between the various rates and rental values, as market conditions partly determine them. As a general rule, an increase (decrease) in the estimated rental value assumptions (per m² and per year) is accompanied by an increase (decrease) in the capitalisation rates assumptions. This interrelation is not incorporated into the sensitivity analysis¹.
For investment properties under construction, the fair value is influenced by whether or not the project is completed within the budget and the timeframe originally planned for the project.
Valuation process
In accordance with the legal provisions, the valuations of properties are performed on a quarterly basis based on the valuation reports prepared by qualified and independent real estate valuers.
The independent real estate valuers are appointed for a period of three years. Their appointment is notified to the FSMA. The selection criteria include market knowledge, reputation, independence and application of professional standards.
The external valuers determine:
- whether the fair value of a property can be determined reliably;
- which valuation method must be applied to each investment property;
- the assumptions made for the unobservable data used in the valuation methods.
Assumptions adopted for the non-observable data:
The DCF method is applied for all segments but more specifically for single-tenant buildings and those with long-term occupancy.
For this:
- the residual economic life of the asset is not formally established, but recognised implicitly via the discount rate and capitalisation rate at departure (exit yield), including a factor for the ageing of the building. In all cases, this residual economic life is at least equal to the residual term of the current lease agreement;
- the long-term vacancy (or structural vacancy rate) for buildings intended for nursing and care homes is zero because all these assets are fully leased to one tenant (excluding antennas).
The capitalisation method is applied for all segments.
For this:
- the residual economic life of the asset is not formally established, but recognised implicitly by the capitalisation rate used, including a factor for the ageing of the building;
- the long-term vacancy rate (or structural vacancy rate) is generally zero for all assets in operation in the assessed portfolios. If applicable, some short-term vacancy-related corrections are considered;
- the assumptions used for the valuation and any significant changes in value are discussed quarterly between management and the valuers. Other outside sources are also examined.
Each expert uses his/her own risk-free rate or his/her own average (moving or not) of risk-free rates to determine the discount rate according to the standards of the market in question.
Using a moving average makes it possible to mitigate major fluctuations in this market parameter, which would not necessarily reflect the state of the market itself at a given time (property markets are characterised by much greater 'inertia' than financial markets, which are often more volatile). Using an average (moving or fixed) allows the market parameter to be reconciled with the most recent and appropriate view of the state of the market.
The risk premium is the difference between the expected return on a property asset and the risk-free rate available on the financial markets.
In addition to the risk-free rate and the risk premium, the discount rate takes into account other property factors such as the quality of the buildings, the location, the fixed term of the lease, the type of lease, the quality of the operator/tenant, the convertibility of the asset, the occupancy rate, the liquidity of the building and the type of ownership of the asset (full ownership, concession, surface area, etc.).
Use of properties
The management considers the current use of the investment properties recognised at fair value on the balance sheet to be optimal taking into account the possibilities on the rental market and their technical characteristics.
Disposal of lease receivables
On 22.12.2008, the Cofinimmo Group sold to a subsidiary of the Société Générale Group the usufruct fees for an initial period of 15 years payable by the European Commission and relating to the Loi/Wet 56 and Luxembourg 40 buildings located in Brussels. The usufructs from these two buildings ended between February 2022 and April 2022. Cofinimmo therefore regained full ownership of the Loi/Wet 56 building and sold the Luxembourg 40 building in Q4 2024.
On 20.03.2009, the Cofinimmo Group sold to a subsidiary of the Société Générale Group the usufruct fees for an initial period of 15 years payable by the European Commission and relating to the Nerviens/Nerviers 105 building located in Brussels. The usufruct ended in May 2023, thus before Cofinimmo sold the building in the third quarter of 2023.
¹ This is derived from the following formula: fair value = estimated rental value/capitalisation rate. Assuming that the initial fair value is 1000, it can be derived from an estimated rental value of 50 and a capitalisation rate of 5% (1000 = 50 / 0.05). To show the correlation between two concepts, the 3rd should be kept constant: for example, the fair value of 1000 can also come from an estimated rental value of 40 (i.e. 20% lower than the initial 50) and a capitalisation rate of 4% (i.e. 20% lower than the initial 0.05). Or an estimated rental value of 60 (i.e. 20% higher than the initial 50) and a capitalisation rate of 6% (i.e. 20% higher than the initial 0.05).
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On 23.03.2009, the Cofinimmo Group sold to BNP Paribas Fortis 90% of the finance lease receivables payable by the City of Antwerp relating to the fire station. At the end of the financial lease contract, the building will automatically be transferred to the City of Antwerp for free. The Cofinimmo Group also sold, on the same date and to the same bank, lease receivables payable by the Belgian State relating to the Colonel Bourg/Kolonel Bourg 124 building in Brussels and the Maire 19 building in Tournai/Doornik. The Maire 19 building was sold in December 2022, knowing the assignment of receivables for this building also ended in December 2022. Cofinimmo retains ownership of the Colonel Bourg/Kolonel Bourg 124 building in Brussels. The lease related to this building does not qualify as a finance lease.
On 28.08.2009, the Cofinimmo Group sold to BNP Paribas Fortis 96% of the lease receivables pertaining to 2011 and the subsequent years relating to the Egmont I and Egmont II buildings located in Brussels. These receivables were bought back on 13.02.2018, prior to the granting of a 99-year leasehold right to these buildings.
As at 31.12.2025, only the Colonel Bourg/Kolonel Bourg 124 building was still subject to an assignment of lease receivables.
At the time of disposal, the amount levied by the Group, resulting from disposal of future rents, has been recorded as a discount of the property value, as far as the disposal of rents is effective against third parties and, as a consequence, the property market value had to be deducted from the amount of future lease payments sold (see Note 2: Significant accounting methods, I. Leases, I. The group as lessor, B. Sale of future lease payments under a long lease not qualifying as a finance lease).
Although neither specifically foreseen nor forbidden under IAS 40, the writeback of the gross value of the properties, that of the residual value of the future receivables or lease payments sold allows, in the opinion of Cofinimmo's Board of Directors, an exact and fair presentation of the value of the properties in the consolidated balance sheet at the time of disposal of the rents. The gross value of the properties corresponds to the independent real estate value's valuation of the properties, as required by Article 47 § 1 of the Law of 12.05.2014 relating to regulated real estate companies.
In order to benefit from nominal rents, the sold receivables not terminated at the moment should be repurchased at their present value from the assignee bank. The actual redemption value of these non-terminated receivables can differ from their present value established at the moment of disposal, due to basic interest rates' evolution, applied margins on these rates, and expected inflation, as such possibly having an impact on the future rents' indexation.
Note 23. Breakdown of the changes in the fair value of investment properties
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| Properties available for lease | 20,817 | -108,717 |
| Development projects | -18,948 | -14,651 |
| Assets held for own use | 0 | 0 |
| Assets held for sale | 0 | 79 |
| TOTAL | 1,870 | -123,290 |
This section includes the changes in fair value of investment properties and assets held for sale.
Note 24. Intangible assets and other tangible assets
| (x 1,000 EUR) | Intangible assets | Other tangible assets | ||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| AT 01.01 | 1,814 | 2,128 | 2,936 | 2,111 |
| Acquisitions | 268 | 270 | 745 | 1,761 |
| IT software | 268 | 270 | ||
| Office fixtures and fittings | 35 | 129 | ||
| Right to use according to IFRS 16 | 710 | 1,632 | ||
| Depreciation | -592 | -584 | -846 | -770 |
| IT software | -592 | -584 | ||
| Office fixtures and fittings | -294 | -378 | ||
| Right to use according to IFRS 16 | -552 | -391 | ||
| Disposals | 0 | 0 | -3 | -167 |
| IT software | 0 | 0 | ||
| Office fixtures and fittings | -3 | -167 | ||
| AT 31.12 | 1,490 | 1,814 | 2,832 | 2,936 |
The intangible assets and other tangible assets are exclusively assets held for own use.
The depreciation rates used depend on the duration of the economic life:
- fixtures: 10% to 12.5%;
- IT hardware: 25% to 33%;
- IT software: 25%.
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However, IT software depreciation can be spread over a longer period corresponding to the likely useful life and according to the consumption pattern of the economic benefits associated with the asset.
Note 25. Financial instruments
A. Categories and designation of financial instruments
IFRS 9 defines three main categories in terms of classification of financial assets and liabilities, i.e. designated at fair value by means of the net result, mandatory measured at fair value by means of the net result and measured at amortised cost. IFRS 9 also defines two other classification categories: designated at fair value through other comprehensive income and measured at fair value through other comprehensive income.
Regarding the impairment of financial assets measured at amortised cost, including trade receivables and finance lease receivables, the application of the expected credit loss model in accordance with IFRS 9, has no material impact on Cofinimmo's consolidated financial statements, taking into account the relatively small amounts of trade receivables and finance leases, combined with low credit risk.
In the table hereunder, there may be significant differences between the amounts in the 'Financial assets or liabilities measured at amortised cost' column and the amounts in the 'Fair value' column (mainly for receivables or fixed-rate bonds) due to the different methodologies for calculating these two types of amounts, one being based on historical cost and the other being based on constantly changing market parameters.
| (x 1,000 EUR) | 2025 | |||||
|---|---|---|---|---|---|---|
| Designated at fair value through the net result | Must be measured at fair value through the net result | Financial assets or liabilities measured at amortised cost | Fair value | Interests accrued and not due | Qualification of fair values | |
| NON-CURRENT FINANCIAL ASSETS | 57,693 | 155,094 | 242,726 | 0 | ||
| Hedging instruments | 57,693 | 57,693 | 0 | |||
| Derivative instruments | 57,693 | 57,693 | 0 | Level 2 | ||
| Credits and receivables | 155,094 | 185,033 | 0 | |||
| Non-current financing lease receivables | 151,324 | 181,262 | 0 | Level 2 | ||
| Trade receivables and other non-current assets | 3,770 | 3,770 | 0 | Level 2 | ||
| CURRENT FINANCIAL ASSETS | 1,077 | 59,457 | 61,419 | 0 | ||
| Hedging instruments | 1,077 | 1,077 | 0 | |||
| Derivative instruments | 1,077 | 1,077 | 0 | Level 2 | ||
| Credits and receivables | 35,680 | 36,565 | 0 | |||
| Current finance lease receivables | 4,472 | 5,356 | 0 | Level 2 | ||
| Trade receivables | 28,418 | 28,418 | 0 | Level 2 | ||
| Other | 2,791 | 2,791 | 0 | Level 2 | ||
| Cash and cash equivalents | 23,777 | 23,777 | 0 | Level 2 | ||
| TOTAL | 0 | 58,770 | 214,551 | 304,145 | 0 |
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(x1,000 EUR)
| Designated at fair value through the net result | Must be measured at fair value through the net result | Financial assets or liabilities measured at amortised cost | Fair value | Interests accrued and not due | Qualification of fair values | |
|---|---|---|---|---|---|---|
| NON-CURRENT FINANCIAL LIABILITIES | 0 | 3,709 | 1,592,283 | 1,587,648 | 6,696 | |
| Non-current financial debts | 0 | 1,577,990 | 1,569,645 | 6,696 | ||
| Bonds | 995,823 | 996,162 | 5,045 | Level 2 | ||
| Convertible | 0 | Level 1 | ||||
| Mandatory convertible bonds (Mcg) | 0 | 0 | 0 | Level 2 | ||
| Lease liability | 1,788 | 1,788 | 0 | Level 2 | ||
| Credit institutions | 510,489 | 502,456 | 808 | Level 2 | ||
| Long-term commercial paper | 56,000 | 55,349 | 844 | Level 2 | ||
| Rent guarantees received | 13,890 | 13,890 | 0 | Level 2 | ||
| Other non-current financial liabilities | 3,709 | 14,294 | 18,003 | 0 | ||
| Derivatives instruments | 3,709 | 3,709 | 0 | Level 2 | ||
| Other | 14,294 | 14,294 | 0 | Level 3 | ||
| CURRENT FINANCIAL LIABILITIES | 0 | 0 | 1,052,736 | 1,052,048 | 218 | |
| Current financial debts | 0 | 0 | 999,696 | 999,008 | 218 | |
| Commercial paper | 769,984 | 769,984 | 0 | Level 2 | ||
| Bonds | 70,000 | 69,312 | 218 | Level 2 | ||
| Convertible bonds | Level 1 | |||||
| Credit institutions | 159,712 | 159,712 | 0 | Level 2 | ||
| Other | 0 | 0 | 0 | Level 2 | ||
| Other current financial liabilities | 0 | 0 | 0 | |||
| Derivative instruments | 0 | 0 | 0 | Level 2 | ||
| Trade debts * | 53,040 | 53,040 | 0 | Level 2 | ||
| TOTAL | 0 | 3,709 | 2,645,020 | 2,639,696 | 6,915 |
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(x1,000 EUR)
2024
| Designated at fair value through the net result | Must be measured at fair value through the net result | Financial assets or liabilities measured at amortised cost | Fair value | Interests accrued and not due | Qualification of fair values | |
|---|---|---|---|---|---|---|
| NON-CURRENT FINANCIAL ASSETS | 68,083 | 160,676 | 257,980 | 0 | ||
| Hedging instruments | 68,083 | 68,083 | 0 | |||
| Derivative instruments | 68,083 | 68,083 | 0 | Level 2 | ||
| Credits and receivables | 160,676 | 189,897 | 0 | |||
| Non-current financing lease receivables | 156,944 | 186,164 | 0 | Level 2 | ||
| Trade receivables and other non-current assets | 3,732 | 3,732 | 0 | Level 2 | ||
| CURRENT FINANCIAL ASSETS | 2,066 | 71,917 | 74,829 | 0 | ||
| Hedging instruments | 2,066 | 2,066 | 0 | |||
| Derivative instruments | 2,066 | 2,066 | 0 | Level 2 | ||
| Credits and receivables | 46,116 | 46,961 | 0 | |||
| Current finance lease receivables | 4,542 | 5,387 | 0 | Level 2 | ||
| Trade receivables | 38,904 | 38,904 | 0 | Level 2 | ||
| Other | 2,670 | 2,670 | 0 | Level 2 | ||
| Cash and cash equivalents | 25,802 | 25,802 | 0 | Level 2 | ||
| TOTAL | 0 | 70,149 | 232,594 | 332,809 | 0 |
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| (x1,000 EUR) | ||||||
|---|---|---|---|---|---|---|
| 2024 | ||||||
| Designated at fair value through the net result | Must be measured at fair value through the net result | Financial assets or liabilities measured at amortised cost | Fair value | Interests accrued and not due | Qualification of fair values | |
| NON-CURRENT FINANCIAL LIABILITIES | 0 | 6,195 | 1,755,875 | 1,653,799 | 7,036 | |
| Non-current financial debts | 0 | 1,742,320 | 1,634,050 | 7,036 | ||
| Bonds | 1,064,401 | 967,136 | 5,264 | Level 2 | ||
| Convertible | 0 | Level 1 | ||||
| Mandatory convertible bonds (Mcg) | 0 | 0 | 0 | Level 2 | ||
| Lease liability | 1,629 | 1,629 | 0 | Level 2 | ||
| Credit institutions | 589,305 | 579,814 | 881 | Level 2 | ||
| Long-term commercial paper | 76,000 | 74,485 | 891 | Level 2 | ||
| Rent guarantees received | 10,985 | 10,985 | 0 | Level 2 | ||
| Other non-current financial liabilities | 6,195 | 13,554 | 19,749 | 0 | ||
| Derivatives instruments | 6,195 | 6,195 | 0 | Level 2 | ||
| Other | 13,554 | 13,554 | 0 | Level 3 | ||
| CURRENT FINANCIAL LIABILITIES | 0 | 0 | 880,611 | 880,611 | 0 | |
| Current financial debts | 0 | 0 | 834,068 | 834,068 | 0 | |
| Commercial paper | 715,000 | 715,000 | 0 | Level 2 | ||
| Bonds | 0 | 0 | 0 | Level 2 | ||
| Convertible bonds | Level 1 | |||||
| Credit institutions | 119,068 | 119,068 | 0 | Level 2 | ||
| Other | 0 | 0 | 0 | Level 2 | ||
| Other current financial liabilities | 0 | 0 | 0 | |||
| Derivative instruments | 0 | 0 | 0 | Level 2 | ||
| Trade debts * | 46,743 | 46,743 | 0 | Level 2 | ||
| TOTAL | 0 | 6,195 | 2,636,686 | 2,534,610 | 7,036 |
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Monetary and non-monetary changes in financial liabilities
| (x1,000 EUR) | 31.12.2024 | Monetary Changes | Non-monetary changes | ||
|---|---|---|---|---|---|
| Acquisitions/interest acc / IFRS16 | Change in fair value | 31.12.2025 | |||
| NON-CURRENT FINANCIAL LIABILITIES | 1,660,835 | -165,587 | 72,496 | 26,600 | 1,594,344 |
| Non-current financial debts | 1,641,085 | -165,682 | 71,853 | 29,086 | 1,576,341 |
| Bonds | 972,400 | -70,000 | 71,057 | 27,750 | 1,001,206 |
| Mandatory convertible bonds (MCB) | 0 | 0 | 0 | 0 | |
| Lease liability | 1,629 | 0 | 159 | 1,788 | |
| Credit institutions | 580,696 | -75,381 | -2,523 | 473 | 503,264 |
| Long-term commercial paper | 75,376 | -20,000 | -46 | 863 | 56,193 |
| Rental guarantees received | 10,985 | -301 | 3,206 | 13,890 | |
| Other non-current financial liabilities | 19,749 | 96 | 644 | -2,486 | 18,003 |
| Derivative instruments | 6,195 | -2,486 | 3,709 | ||
| Other | 13,554 | 96 | 644 | 14,294 | |
| CURRENT FINANCIAL LIABILITIES | 880,811 | 165,628 | 5,111 | 716 | 1,052,266 |
| Current financial debts | 834,068 | 165,628 | -1,185 | 716 | 999,226 |
| Commercial paper | 715,000 | 54,984 | 769,984 | ||
| Bonds | 0 | 70,000 | -1,185 | 716 | 69,530 |
| Credit institutions | 119,068 | 40,644 | 0 | 159,712 | |
| Other | 0 | 0 | 0 | ||
| Other current financial liabilities | 0 | 0 | 0 | 0 | 0 |
| Derivative instruments | 0 | 0 | 0 | ||
| Trade debts | 46,743 | 0 | 6,297 | 53,040 | |
| TOTAL | 2,541,646 | 42 | 77,608 | 27,315 | 2,646,611 |
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Fair value of financial assets and liabilities
Some financial instruments (derivative instruments, convertible bonds) are measured at fair value after their initial entry in the balance sheet. The other financial instruments are measured at amortised cost and their fair value is given in the appendix (see table above). The fair value of financial instruments can be presented at three levels (1 to 3). The level allocation depends on the level of observability of the variables used for the evaluation of the instrument, namely:
- the level 1 fair value valuations are those derived from listed prices (unadjusted) in active markets for similar assets or liabilities;
- the level 2 fair value valuations are those established using observable data for the assets or liabilities concerned. These data may be either 'direct' (prices, other than those covered by level 1) or 'indirect' (data derived from prices);
- the level 3 fair value valuations are those that are not based on observable market data for the assets or liabilities in question.
Level 1
The convertible bonds issued by Cofinimmo which were subject to a level 1 valuation.
Level 2
All other financial assets and liabilities, namely the derivative financial instruments stated at fair value, are level 2. The fair value of financial assets and liabilities with standard terms and conditions and negotiated on active and liquid markets is determined based on stock market prices. The fair value of 'Trade receivables', 'Trade debts' as well as any other floating-rate debt is close to their book value. Bank debts are primarily in the form of rollover credit facilities. The calculation of the fair value of 'Finance lease receivables' is based on the discounted cash flow method, using a yield curve adapted to the duration of the instruments and that of the derivative financial instruments is obtained through the valorisation tool of the derivative financial instruments available on Bloomberg.
More details on the finance lease receivables can be found in Note 26.
Level 3
Currently, Cofinimmo does not hold any financial instrument meeting the definition of level 3, with the exception of sales options permitted to non-controlling shareholders (see Note 41 for further details). The exercise price of put options granted to non-controlling shareholders is measured at their fair value. This value is determined in particular based on the fair value of the share of the net assets held by these shareholders.
Lease liability
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| Lease liability as at 01.01 | 1,629 | 1,076 |
| Change in principal | 159 | 553 |
| Lease liability as at 31.12 | 1,788 | 1,629 |
B. Management of financial risk
Interest rate risk
Since the Cofinimmo Group owns a (very) long-term property portfolio, it is highly probable that the loans financing this portfolio will be refinanced upon maturity by other loans. Therefore, the company's total financial debt is regularly renewed for an indefinite future period. For reasons of cost efficiency, the Group's financing policy by debt separates the loan raising (liquidity and margins at floating rates) from the management of interest rates risks and charges (fixing and hedging of future floating interest rates). A part of the funds are borrowed at floating rate.
The strategy in this area is explained in the chapter 'Financial resources management' of this document.
Breakdown of loans (non-current and current) at floating rate and at fixed rate (calculated on their nominal values)
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| At floating rate | 1,358,161 | 1,301,276 |
| in EUR | 1,313,238 | 1,254,000 |
| in GBP (equivalent in EUR) | 44,923 | 47,276 |
| At fixed rate | 1,207,996 | 1,262,584 |
| in EUR | 1,207,996 | 1,262,584 |
| in GBP (equivalent in EUR) | ||
| TOTAL | 2,566,158 | 2,563,860 |
In accordance with its hedging policy, the Group hedges at least 50% of its total debt portfolio for at least three years by entering into fixed-rate debts and contracting interest rate derivative instruments for hedging the debt at floating rate.
The minimum three-year hedging period was chosen to offset the negative effect of a time lag between an increase in nominal interest rates, increasing interest charges, and an increase in inflation, increasing rental income from indexed leases on the net result. It is believed that a rise in actual interest rates is usually a consequence of a rise in inflation and an upturn in general economic activity, resulting in better rental conditions, which could benefit the net result.
In January 2025, Cofinimmo increased its hedging by subscribing to a 100 million EUR IRS for the year 2029. In July of this year, Cofinimmo entered into an IRS agreement for 50 million EUR covering the period from 2029 to 2031. In October, Cofinimmo concluded a new IRS agreement for 50 million EUR also covering the period from 2029 to 2032.
The banks that sign these IRS or cap contracts are usually different from those providing the funds.
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If a derivative instrument hedges an underlying debt contracted at floating rate, the hedge relationship is qualified as a cash flow hedge. If a derivative instrument hedges an underlying debt contracted at fixed rate, it is qualified as a fair value hedge. In accordance with IFRS 9, this is applicable if an efficiency test is performed and documentation is established to support the hedge. Although the financial instruments, whether issued or held, were used for hedging the interest rate risk, as the Group does not designate a relation with a particular risk, these instruments are presented in the accounting category 'Mandatory measured at fair value by means of the net result' under IFRS 9 and have not been documented for hedging.
Below are the results of a sensitivity study of the impact of changes in interest rates on the net result from core activities*. A change in interest rate will impact directly the non-hedged part of the floating debt through an increase or a decrease of interest charges, and indirectly the hedged part in function of the hedging instruments used. A change in interest rate will have as an additional consequence a change of the IRS fair value, which will be booked in the income statement.
Summary of the potential effects, on equity and the income statement, of a 1% change in the interest rate based on the year-end situation
| (x 1,000,000 EUR) | 2025 | 2024 | ||
|---|---|---|---|---|
| Change | Income statement | Shareholders' equity | Income statement | Shareholders' equity |
| +1.0% | -1.47 | 0.00 | -0.02 | 0.00 |
| -1.0% | 1.47 | 0.00 | 0.02 | 0.00 |
The table above shows that a 1% increase in interest rates would result in 2026 in a non-significant loss of 1.47 million EUR whereas it would have generated a loss of 0.02 million EUR in 2025. Moreover, a non-significant gain of 1.47 million EUR would have resulted from a 1% decrease in interest rates whereas it would have resulted in a gain of 0.02 million EUR in 2025. While the equity is not directly affected by the change of interest rate.
In a context of sustained positive interest rates, the difference between the potential impact on the future income statement at the end of 2025 and that at the end of 2024 in the event of a rise in interest rates is mainly explained by the rather lower level of hedging planned for 2026 (around 90%) than that planned at the end of 2024 for 2025 (around 100%).
Credit risk
In the framework of its activity, Cofinimmo deals with two main counterparties: banks and clients. The Group maintains a minimum rating standard for its financial counterparties. Financial counterparties with whom Cofinimmo has liabilities have an external 'investment grade' rating (minimum BBB- according to the rating agency Standard & Poor's). The financial counterparties with whom Cofinimmo has receivables also have an external 'investment grade' rating. Cofinimmo pursues a policy that is aimed at not maintaining relationships with financial counterparties that do not meet this criterion. While customer risk is mitigated by a diversification of clients and an analysis of their solvency before and during the lease contract.
Price risk
Following the conversion of convertible bonds in 2021, the company is no longer exposed to price risk.
Currency risk
Since 2021, Cofinimmo has been active in the United Kingdom. The Group owns three nursing and care homes and only generates a very limited part (< 1%) of its revenues and costs in the United Kingdom, whereby the Group is now exposed to currency risk.
Following its first investment outside the Euro zone, the Group introduced an exchange rate risk hedging policy. This policy is characterised, in part, by the implementation of a natural hedging of the exchange risk, enabling this risk to be reduced at the level of Cofinimmo. At present, Cofinimmo borrows an amount close to 40 million GBP from its creditors who have made bilateral multi-currency credits available. These external loans, which are made at floating rates and partly hedged through the subscription of an IRS in GPB (see section C. of this note), are used for the granting of an internal loan of around 40 million GBP to the subsidiary in the United Kingdom. At present, Cofinimmo is therefore not very sensitive to exchange rate risk.
The Group's functional currency being the euro, exchange rate variations may also impact rental income and costs incurred in the United Kingdom. As these items in the income statement are currently limited, Cofinimmo is not very sensitive to this exchange rate risk.
Within the framework of its hedging policy, Cofinimmo also has the possibility of contracting hedging instruments (derivatives) for existing exchange rate risks or for risks whose probability is deemed significant and material. In 2025, Cofinimmo did not make use of synthetic hedging instruments. The exposure to the exchange rate risk is now reviewed periodically and in the event of significant changes in the exchange rate or in the investments made in this currency.
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Liquidity risk
The liquidity risk is limited by the diversification of the financing sources and by the refinancing which is usually done at least one year before the maturity date of the financial debt.
Obligation of liquidity for repayments
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| Within two years | 475,049 | 155,446 |
| Between two and five years | 1,335,907 | 1,109,904 |
| Beyond five years | 59,979 | 682,309 |
| TOTAL | 1,870,935 | 1,947,659 |
Long-term undrawn loan facilities
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| Expiring within one year | 29,000 | 12,000 |
| Expiring after one year | 1,762,827 | 1,709,349 |
Collateralisation
At 31.12.2025, the carrying amount of the pledged financial assets was 58.5 million EUR (2024: 57.9 million EUR). The terms and conditions of the pledged financial assets are detailed in Note 38. During 2025, there were no payment defaults on loan agreements nor violations of the terms of these agreements.
C. Derivative financial instruments
Types of derivative financial instruments relating to interest rates
At 31.12.2025, the Group uses IRS, caps (interest rate options with a predefined maximum level) and floors (interest rate options with a predefined minimum level) to hedge its exposure to interest rate risks arising from its operational, financial and investment activity.
Interest Rate Swap (IRS)
An IRS is an interest rate forward contract whereby Cofinimmo exchanges a floating interest rate against a fixed interest rate. The IRS are detailed in the table on the following two pages.
Caps
A cap is an interest rate option whereby, in return for the payment of a one-off premium, Cofinimmo receives a floating interest rate when the latter exceeds a specific threshold (e.g. 0%) during a specific future period. The caps are described in the table on the following two pages.
Floors
A floor is an interest rate option whereby Cofinimmo, in exchange for a single premium, receives a variable interest rate if the latter falls below a certain threshold (e.g. 0%) for a specified future period. The floors are detailed in the table on the following two pages.
Floating-rate loans at 31.12.2025 hedged by derivative financial instruments
As detailed in the table below, floating-rate debt (1,358 million EUR) is obtained by deducting the elements of the debt contracted at a fixed rate and the elements not requiring coverage of the total debt (2,588 million EUR).
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| FINANCIAL DEBTS | 2,588,232 | 2,587,450 |
| Convertible bonds | ||
| Bonds at fixed rate | -1,070,000 | -1,070,000 |
| Financial Lease, Car lease, trefonds and others | -5,611 | -5,542 |
| Loans at fixed rate | -105,996 | -160,584 |
| Commercial paper at fixed rate | -32,000 | -32,000 |
| Other (accounts receivable, rental guarantees received, accrued interests not due) | -16,410 | -12,709 |
| DEBTS AT FLOATING RATE COVERED BY DERIVATIVE FINANCIAL INSTRUMENTS | 1,358,215 | 1,306,615 |
As explained in the chapter 'Financial resources management', Cofinimmo's financial policy consists in maintaining a debt-to-assets ratio of approximately 45% with partial hedging of its floating-rate debt with hedging instruments (IRS or caps).
At 31.12.2025, Cofinimmo had floating-rate debt in the notional amount of 1,358 million EUR. This amount was hedged against interest rate risk by IRS for a notional amount of 1,197 million EUR, and by caps for a notional amount of 200 million EUR.
Cofinimmo expects its portfolio to be partially financed by debt, at least from 2025 to 2031. As a result, the company will have an ongoing interest payment, which is the item hedged with the derivative financial instruments held for transaction purposes described below.
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2025 interest rate derivative financial instruments (strike and notional)
| (x 1,000 EUR) | |||||
|---|---|---|---|---|---|
| Period | Active/Forward | Instrument | Strike | Floating rate | Notional |
| 2024 2025 | Active | IRS | 1.18 % | EURIBOR 1M | 25,000 |
| 2024 2025 | Active | IRS | 1.10 % | EURIBOR 1M | 25,000 |
| 2024 2025 | Active | IRS | 1.15 % | EURIBOR 1M | 50,000 |
| 2024 2025 | Active | IRS | 1.18 % | EURIBOR 1M | 50,000 |
| 2024 2025 | Active | IRS | 1.12 % | EURIBOR 1M | 50,000 |
| 2024 2025 | Active | IRS | 0.95 % | EURIBOR 1M | 75,000 |
| 2025 2026 2027 2028 | Active | IRS | 0.91 % | EURIBOR 1M | 100,000 |
| 2025 2026 2027 2028 | Active | IRS | 0.72 % | EURIBOR 1M | 100,000 |
| 2025 | Active | IRS | 1.17 % | EURIBOR 1M | 40,000 |
| 2025 | Active | IRS | 1.26 % | EURIBOR 1M | 60,000 |
| 2025 | Active | IRS | 1.14 % | EURIBOR 1M | 50,000 |
| 2025 | Active | IRS | 1.13 % | EURIBOR 1M | 30,000 |
| 2025 | Active | IRS | 1.24 % | EURIBOR 1M | 20,000 |
| 2026 2027 2028 | Forward | IRS | 0.46 % | EURIBOR 1M | 50,000 |
| 2026 2027 2028 | Forward | IRS | 0.44 % | EURIBOR 1M | 50,000 |
| 2026 2027 2028 | Forward | IRS | -0.05 % | EURIBOR 1M | 100,000 |
| 2024 2025 | Active | IRS | 1.00 % | EURIBOR 1M | 110,000 |
| 2026 2027 2028 | Forward | IRS | 0.17 % | EURIBOR 1M | 50,000 |
| 2026 2027 2028 | Forward | IRS | 0.17 % | EURIBOR 1M | 50,000 |
| 2025 2026 2027 2028 2029 | Active | IRS | 0.80 % | EURIBOR 1M | 100,000 |
| 2026 2027 2028 2029 | Forward | IRS | -0.08 % | EURIBOR 1M | 50,000 |
| 2026 2027 2028 2029 | Forward | IRS | 1.16 % | EURIBOR 1M | 100,000 |
| 2026 2027 2028 2029 | Forward | IRS | -0.10 % | EURIBOR 1M | 50,000 |
| 2024 2025 2026 2027 | Active | IRS | 0.14 % | EURIBOR 1M | 50,000 |
| 2024 2025 | Active | IRS | 0.89 % | EURIBOR 1M | 150,000 |
| 2024 2025 | Active | IRS | 0.61 % | SONIA 3M | 22,920 |
| 2026 2027 2028 | Forward | IRS | 1.02 % | EURIBOR 1M | 150,000 |
| 2024 2025 2026 2027 2028 | Active | IRS | 1.48 % | EURIBOR 1M | -17,000 |
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(x1,000 EUR)
| Period | Active/Forward | Instrument | Strike | Floating rate | Notional |
|---|---|---|---|---|---|
| 2028 | Forward | IRS | 0.21 % | EURIBOR 1M | 100,000 |
| 2026 2027 | Forward | IRS | 0.77 % | EURIBOR 1M | 100,000 |
| 2026 2027 2028 2029 | Forward | IRS | 2.53 % | EURIBOR 1M | 75,000 |
| 2026 | Forward | IRS | 2.49 % | EURIBOR 1M | 100,000 |
| 2026 | Forward | IRS | 2.90 % | EURIBOR 1M | 50,000 |
| 2026 | Forward | IRS | 2.72 % | EURIBOR 1M | 50,000 |
| 2028 2029 2030 | Forward | CAP | 2.71 % | EURIBOR 1M | 50,000 |
| 2028 2029 2030 | Forward | IRS | 2.94 % | EURIBOR 1M | 75,000 |
| 2029 2030 | Forward | IRS | 2.66 % | EURIBOR 1M | 100,000 |
| 2029 2030 | Forward | IRS | 2.42 % | EURIBOR 1M | 100,000 |
| 2028 | Forward | IRS | 2.33 % | EURIBOR 1M | 50,000 |
| 2028 | Forward | IRS | 2.38 % | EURIBOR 1M | 75,000 |
| 2028 2029 2030 | Forward | IRS | 2.25 % | EURIBOR 1M | 100,000 |
| 2029 2030 2031 | Forward | IRS | 2.07 % | EURIBOR 1M | 100,000 |
| 2029 | Forward | IRS | 2.35 % | EURIBOR 1M | 100,000 |
| 2029 2030 2031 | Forward | IRS | 2.64 % | EURIBOR 1M | 50,000 |
| 2029 2030 2031 | Forward | IRS | 2.43 % | EURIBOR 1M | 50,000 |
| 2024 2025 | Active | IRS | 0.96 % | EURIBOR 1M | 90,000 |
| 2024 2025 | Active | CAP | 0.50 % | EURIBOR 1M | 200,000 |
Obligation of liquidity at maturity, related to derivative financial instruments
(x1,000 EUR)
Between one and two years
Between two and five years
Beyond five years
TOTAL
| 2025 | 2024 |
|---|---|
| 25,340 | 28,271 |
| 25,143 | 41,314 |
| 572 | 593 |
| 51,054 | 70,178 |
The above table mainly reflects the decrease in the earnings on hedges following the decrease expected in floating rates on the short-term maturities shown.
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The tables below represent the net positions of assets and liabilities of derivative financial instruments.
Offsetting financial assets and financial liabilities
| (x1,000 EUR) | 31.12.2025 | |||||
|---|---|---|---|---|---|---|
| Gross amount of recognised financial assets | Gross amount of financial assets offset in the statement of financial position | Net amount of financial assets presented in the position of the financial assets | Amounts not offset in the statement of financial position | Net amount | ||
| Financial instruments | Guarantees received in cash | |||||
| Financial assets | ||||||
| CAP | 247 | 247 | 0 | 247 | ||
| IRS | 58,524 | 58,524 | 0 | 58,524 | ||
| TOTAL | 58,770 | 0 | 58,770 | 0 | 0 | 58,770 |
| (x1,000 EUR) | 31.12.2025 | |||||
| Gross amount of recognised financial liabilities | Gross amount of financial liabilities offset in the statement of financial position | Net amount of financial liabilities presented in the position of the financial assets | Amounts not offset in the statement of financial position | Net amount | ||
| Financial instruments | Guarantees received in cash | |||||
| Financial liabilities | ||||||
| IRS | 3,709 | 3,709 | 3,709 | |||
| TOTAL | 3,709 | 0 | 3,709 | 0 | 0 | 3,709 |
| (x1,000 EUR) | 31.12.2024 | |||||
| Gross amount of recognised financial assets | Gross amount of financial assets offset in the statement of financial position | Net amount of financial assets presented in the position of the financial assets | Amounts not offset in the statement of financial position | Net amount | ||
| Financial instruments | Guarantees received in cash | |||||
| Financial assets | ||||||
| CAP | 5,465 | 5,465 | 0 | 5,465 | ||
| IRS | 64,684 | 64,684 | 0 | 64,684 | ||
| TOTAL | 70,149 | 0 | 70,149 | 0 | 0 | 70,149 |
| (x1,000 EUR) | 31.12.2024 | |||||
| Gross amount of recognised financial liabilities | Gross amount of financial liabilities offset in the statement of financial position | Net amount of financial liabilities presented in the position of the financial assets | Amounts not offset in the statement of financial position | Net amount | ||
| Financial instruments | Guarantees received in cash | |||||
| Financial liabilities | ||||||
| IRS | 6,195 | 6,195 | 6,195 | |||
| TOTAL | 6,195 | 0 | 6,195 | 0 | 0 | 6,195 |
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Summary of derivative financial instruments active at 31.12.2025
| Option | Period | Exercise prise | Floating rate | Currency | Notional 2025 (x 1,000 EUR) |
|---|---|---|---|---|---|
| Held for trading | |||||
| IRS | 2024 2025 | 1.18 % | 1M | EUR | 25,000 |
| IRS | 2024 2025 | 1.10 % | 1M | EUR | 25,000 |
| IRS | 2024 2025 | 1.15 % | 1M | EUR | 50,000 |
| IRS | 2024 2025 | 1.18 % | 1M | EUR | 50,000 |
| IRS | 2024 2025 | 1.12 % | 1M | EUR | 50,000 |
| IRS | 2024 2025 | 0.95 % | 1M | EUR | 75,000 |
| IRS | 2025 2026 2027 2028 | 0.91 % | 1M | EUR | 100,000 |
| IRS | 2025 2026 2027 2028 | 0.72 % | 1M | EUR | 100,000 |
| IRS | 2025 | 1.17 % | 1M | EUR | 40,000 |
| IRS | 2025 | 1.26 % | 1M | EUR | 60,000 |
| IRS | 2025 | 1.14 % | 1M | EUR | 50,000 |
| IRS | 2025 | 1.13 % | 1M | EUR | 30,000 |
| IRS | 2025 | 1.24 % | 1M | EUR | 20,000 |
| IRS | 2024 2025 | 1.00 % | 1M | EUR | 110,000 |
| IRS | 2025 2026 2027 2028 2029 | 0.80 % | 1M | EUR | 100,000 |
| IRS | 2024 2025 2026 2027 | 0.14 % | 1M | EUR | 50,000 |
| IRS | 2024 2025 | 0.89 % | 1M | EUR | 150,000 |
| IRS | 2024 2025 | 0.61 % | SONIA 3M | GBP | 22,920 |
| IRS | 2024 2025 2026 2027 2028 | 1.48 % | 1M | EUR | -17,000 |
| IRS | 2024 2025 | 0.96 % | 1M | EUR | 90,000 |
| CAP | 2024 2025 | 0.50 % | 1M | EUR | 200,000 |
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D. Management of capital
As a result of Article 13 of the Royal Decree of 13.07.2014 on RRECs, the public RREC must, where the consolidated debt-to-assets ratio exceeds 50% of the consolidated assets, draw up a financial plan accompanied by a time frame, detailing the measures taken to prevent this debt-to-assets ratio from exceeding 65% of the consolidated assets. This financial plan is subject to a special auditor's report confirming that the latter has verified the method for drawing up the plan, namely with regard to its economic bases, and that the figures it contains are coherent with the public RREC's accounts. The annual and half-yearly financial reports must justify the way in which the financial plan has been executed during the period in question and the way in which the RREC intends to execute the plan in the future.
Evolution of the debt-to-assets ratio
As at 31.03.2025, 30.06.2025 and 30.09.2025, the debt-to-assets ratio reached 41.8%, 44.4% and 43.4% respectively, remaining below 50%. As at 31.12.2025, the debt-to-assets ratio stood at 42.8%.
Debt-to-assets ratio policy
Cofinimmo's policy is to maintain a debt-to-assets ratio close to 45%. It may repeatedly rise above or fall below the 45% bar without this signalling a change in policy in one or the other direction.
Each year, Cofinimmo prepares a financial plan for the medium term which includes all the financial commitments of the Group. This plan is updated during the year when a new important commitment is made. The debt-to-assets ratio and its future evolution are calculated with each edition of this plan. Cofinimmo therefore always has a prospective view of this core parameter of its consolidated balance sheet structure to keep the debt-to-assets ratio close to 45%.
Forecast of the debt-to-assets ratio evolution
Cofinimmo's updated financial plan shows that Cofinimmo's consolidated debt-to-assets ratio should not deviate significantly from the 45% level on December 31st of each of the next three years. This forecast nevertheless remains subject to the occurrence of unforeseen events. In this respect, specific reference is made to the chapter 'Risk factors of this document'.
Decision
Cofinimmo's Board of Directors thus considers that the debt-to-assets ratio will not exceed 65% and that, for the moment, in view of the economic and real estate trends in the segments in which the Group is present, the investments planned and the expected evolution of its portfolio, it is not necessary to take additional measures to those contained in the financial plan referred to above.
Note 26. Non-current financial assets and finance lease receivables
Non-current financial assets
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| Derived instruments | 57,693 | 68,083 |
| Other non-current financial assets | 181 | 42,201 |
| Receivables towards associates | 181 | 34,929 |
| Other¹ | 0 | 7,273 |
| TOTAL | 57,874 | 110,284 |
Finance lease receivables
The Group has concluded finance leases for several buildings. Given the quality of the tenants (especially the Belgian government) on the one hand, and the low credit risk associated with financial lease receivables (established based on an analysis of historical credit losses) on the other, the model of expected credit losses under IFRS 9 has no material impact on the Group.
The Group has also granted financings linked to refurbishment works to certain tenants. The average implied interest rate on these finance leases is 4.5% for 2025 (2024: 4.5%).
¹ As at 31.12.2024, the line 'Other' represents advance payments for the acquisition of investment properties under construction.
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| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| less than one year | 8,279 | 8,799 |
| more than one year but less than two years | 8,400 | 8,795 |
| more than two years but less than three years | 8,391 | 8,916 |
| more than three years but less than four years | 8,229 | 8,749 |
| more than four years but less than five years | 7,568 | 8,745 |
| more than five years | 232,886 | 243,206 |
| Minimum lease payments | 273,753 | 287,210 |
| Deferred financial income | -117,957 | -125,724 |
| Discounted value of minimum lease payments | 155,796 | 161,486 |
| Non-current finance lease receivables | 151,324 | 156,944 |
| more than one year but less than two years | 4,634 | 4,764 |
| more than two years but less than three years | 4,801 | 4,949 |
| more than three years but less than four years | 4,958 | 5,214 |
| more than four years but less than five years | 5,028 | 5,376 |
| more than five years | 131,902 | 136,641 |
| Current finance lease receivables | 4,472 | 4,542 |
Note 27. Assets held for sale
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| AT 01.01 | 6,400 | 43,111 |
| Investments | 0 | 124 |
| Disposals | -11,950 | -67,620 |
| Change in fair value | 0 | 79 |
| Transfer from investment properties to assets held for sale | 5,550 | 30,707 |
| AT 31.12 | 0 | 6,400 |
All the assets held for sale are investment properties.
Note 28. Current trade receivables
Gross trade receivables
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| Gross trade receivables which are due but not provisioned | 8,638 | 16,321 |
| Gross trade receivables which are not due | 19,780 | 22,424 |
| Bad and doubtful receivables | 7,022 | 1,019 |
| Provisions for the impairment of receivables (-) | -7,022 | -860 |
| TOTAL | 28,418 | 38,904 |
During the financial year ending on 31.12.2025, the group recognised writedowns on trade receivables of 6,407 KEUR (187 KEUR in 2024). The Board of Directors believe that the carrying amount of trade receivables approximates their fair value.
Given the quality of the tenants on the one hand and the low credit risk associated with financial lease receivables (established based on an analysis of historical credit losses) on the other, the model of expected credit losses under IFRS 9 has no material impact on the Group.
Gross trade receivables which are due but not provisioned
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| Due under 60 days | 4,114 | 8,228 |
| Due within 60 to 90 days | 916 | 546 |
| Due beyond 90 days | 3,608 | 7,546 |
| TOTAL | 8,638 | 16,321 |
Provisions for doubtful debts
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| AT 01.01 | 534 | 714 |
| Use | 243 | -356 |
| Provisions charged to the income statement | 6,407 | 187 |
| Writebacks credited to the income statement | -163 | -11 |
| AT 31.12 | 7,022 | 534 |
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Note 29. Tax receivables and other current assets
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| Taxes | 23,785 | 32,528 |
| Taxes | 13,438 | 17,596 |
| Regional taxes | 3,995 | 5,664 |
| Withholding taxes | 6,352 | 9,269 |
| Other | 8,884 | 8,296 |
| TOTAL | 32,669 | 40,824 |
It consists mainly in taxes and deductions paid by the Group but to be re-invoiced to the tenants, re-invoicing, taxes and deductions not yet paid by the tenants or taxes paid by the Group but to be recovered.
Note 30. Deferred charges and accrued income – assets
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| Outstanding income from property | 3,706 | 3,530 |
| Rent-free periods and incentives granted to tenants to be spread | 2,782 | 2,366 |
| Prepaid property charges | 5,617 | 5,191 |
| Prepaid interests and other financial charges | 6,346 | 6,540 |
| TOTAL | 18,452 | 17,628 |
Note 31. Provisions
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| AT 01.01 | 25,765 | 26,426 |
| Provisions charged to the income statement | 1,027 | 1,230 |
| Accretion of provisions charged to the income statement | 578 | 1,386 |
| Uses | -427 | -2,975 |
| Provision writebacks credited to the income statement | 0 | -301 |
| Transfer | 0 | 0 |
| AT 31.12 | 26,943 | 25,765 |
The Group's provisions (26,943 KEUR) can be divided into two categories:
- contractual provisions defined according to IAS 37 as loss-making contracts. Cofinimmo has committed to provide maintenance for several buildings as well as works vis-à-vis tenants, with a total cost of 22,079 KEUR (2024: 21,917 KEUR);
- legal provisions to face its potential commitments vis-à-vis tenants or third parties for 4,865 KEUR (2024: 3,848 KEUR). These provisions correspond to the discounted future payments considered as likely by the Board of Directors.
Note 32. Deferred taxes
| (x 1,000 EUR) | Deferred tax assets | Deferred tax liabilities | ||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Exit Tax | 0 | 0 | 0 | 0 |
| Deferred taxes | 8,525 | 9,664 | 64,397 | 55,813 |
| Property of distribution networks in the Netherlands | 0 | 0 | 30,339 | 30,029 |
| Pubstone Properties | 0 | 0 | 30,339 | 30,029 |
| Healthcare real estate in France | 0 | 0 | 7,162 | 7,199 |
| Cofinimmo's branch office | 0 | 0 | 7,162 | 7,199 |
| Healthcare real estate in Germany | 6,138 | 6,955 | 17,379 | 15,254 |
| Healthcare real estate in the Netherlands | 0 | 0 | 6,444 | 0 |
| Healthcare real estate - Other | 2,387 | 2,710 | 3,073 | 3,330 |
| TOTAL | 8,525 | 9,664 | 64,397 | 55,813 |
The deferred taxes in the Netherlands (in the property of distribution networks and healthcare real estate) as well as the subsidiary having at least one asset in Germany correspond to the taxation, at a rate of respectively 25% and 15.825%, of the difference between the investment value of the assets, less registration rights, at their tax value.
Since 2014, the Cofinimmo's French branch is subject to a new tax ('Withholding tax on benefits realised in France by foreign entities'). A provision for deferred taxes had to be established.
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Note 33. Trade debts and other current debts
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| Trade debts | 53,040 | 46,743 |
| Other current debts | 73,305 | 67,530 |
| Exit Tax | 0 | 0 |
| Taxes, social charges and salaries debts | 27,744 | 30,103 |
| Taxes | 23,392 | 26,460 |
| Social charges | 415 | 242 |
| Salaries debts | 3,937 | 3,400 |
| Other | 45,561 | 37,427 |
| Dividend coupons | 3,181 | 1,746 |
| Provisions for withholding taxes and other taxes | 12,422 | 13,997 |
| Miscellaneous | 29,959 | 21,684 |
| TOTAL | 126,345 | 114,273 |
Note 34. Accrued charges and deferred income – liabilities
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| Rental income received in advance | 18,588 | 18,930 |
| Interests and other charges accrued and not due | 3,560 | 2,934 |
| Other | 1,738 | 810 |
| TOTAL | 23,886 | 22,674 |
Note 35. Non-cash charges and income
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| Charges and income related to operating activities | 21,540 | 135,196 |
| Changes in the fair value of investment properties | -1,870 | 123,290 |
| Writeback of lease payments sold and discounted | -617 | -559 |
| Movements in provisions and stock options | 1,179 | -662 |
| Depreciation/Writedowns (or writebacks) on intangible and tangible assets | 7,667 | 1,856 |
| Exit tax | 0 | 80 |
| Deferred taxes | 9,711 | 2,243 |
| Goodwill impairment | 0 | 0 |
| Rent-free periods | -416 | -44 |
| Minority interests | 5,060 | 9,258 |
| Other¹ | 828 | -265 |
| Charges and income related to financing activities | 19,206 | 29,655 |
| Changes in the fair value of financial assets and liabilities | 21,536 | 31,772 |
| Other | -2,330 | -2,117 |
| TOTAL | 40,746 | 164,851 |
Note 36. Changes in working capital requirements
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| Movements in asset items | 22,694 | 7,837 |
| Trade receivables | 5,332 | 5,417 |
| Tax receivables | 12,297 | -1,980 |
| Other short-term assets | 5,817 | 3,084 |
| Deferred charges and accrued income | -752 | 1,315 |
| Movements in liability items | -1,062 | -929 |
| Trade debts | 2,674 | -4,716 |
| Taxes, social charges and salaries debts | -3,697 | -2,024 |
| Other current debts | 612 | 1,681 |
| Accrued charges and deferred income | -652 | 4,130 |
| TOTAL | 21,631 | 6,908 |
¹ The amounts correspond to the difference between the price paid, plus incidental expenses, and the share in the revalued net assets of the acquired companies.
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Note 37. Evolution of the portfolio per segment during the financial year
The tables below show the movements of the portfolio per segment during the 2025 financial year in order to detail the amounts included on the statement of cash flows. By definition, these amounts are not comparable from one financial year to the next (the amounts for the 2024 financial year are stated in Note 37 relating to the 2024 financial statements, on pages 225-227 of the 2024 Universal Registration Document).
The amounts related to properties included on the statement of cash flows and in the tables below are shown in investment value.
Acquisitions of investment properties
Acquisitions made during a financial year can be realised in four ways:
- acquisition of the property directly against cash, shown under the item 'Acquisitions of investment properties' of the statement of cash flows;
- acquisition of the property against shares, these transactions are not included in the cash flow statement as they do not generate cash flow;
- acquisition of the company owning the property against cash, shown under the item 'Acquisitions of consolidated subsidiaries' of the statement of cash flows for the amount of the shares bought;
- acquisition of the company owning the property against shares, these transactions are not included in the cash flow statement as they do not generate cash flow.
| (x 1,000 EUR) | Healthcare real estate | Offices | Property of distribution networks | Total | ||||
|---|---|---|---|---|---|---|---|---|
| BE | FR | NL | DE | Other | ||||
| Properties available to rent | Direct properties | 0 | 0 | 0 | 0 | 10,742 | 0 | 10,742 |
| Properties against shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Companies against cash | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Companies against shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Subtotal | 0 | 0 | 0 | 0 | 10,742 | 0 | 10,742 | |
| Development projects | Direct properties | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Properties against shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Companies against cash | 0 | 0 | 0 | 31,300 | 1,037 | 0 | 32,337 | |
| Companies against shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Subtotal | 0 | 0 | 0 | 31,300 | 1,037 | 0 | 32,337 | |
| TOTAL | 0 | 0 | 0 | 31,300 | 11,779 | 0 | 43,079 |
The amount of 3,470 KEUR booked on the statement of cash flows under the heading 'Acquisitions of investment properties' comprises the sum of the direct property acquisitions'.
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Extensions of investment properties
Extensions of investment properties are financed in cash and are shown under the item 'Extensions of investment properties' of the statement of cash flows.
| (x1,000 EUR) | Healthcare real estate | Offices | Property of distribution networks | Total | ||||
|---|---|---|---|---|---|---|---|---|
| BE | FR | NL | DE | Other | ||||
| Development projects | 3,570 | 0 | 446 | 40 | 30,072 | 157 | 4 | 34,288 |
| TOTAL | 3,570 | 0 | 446 | 40 | 30,072 | 157 | 4 | 34,288 |
| Amount paid in cash | 1,793 | 0 | 1,713 | 52 | 33,124 | 377 | 4 | 37,063 |
| Change in provisions | 1,777 | 0 | -1,267 | -12 | -3,052 | -220 | 0 | -2,774 |
| TOTAL | 3,570 | 0 | 446 | 40 | 30,072 | 157 | 4 | 34,288 |
Investments in investment properties
Investments in investment properties are financed in cash and are shown under the item 'Investments in investment properties' of the statement of cash flows.
| (x 1,000 EUR) | Healthcare real estate | Offices | Property of distribution networks | Total | ||||
|---|---|---|---|---|---|---|---|---|
| BE | FR | NL | DE | Other | ||||
| Properties available for rent | 6,764 | 4,658 | 5,995 | 19,581 | 6,131 | 4,636 | 5,911 | 53,678 |
| Assets held for own use | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Assets held for sale | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| TOTAL | 6,764 | 4,658 | 5,995 | 19,581 | 6,131 | 4,636 | 5,911 | 53,678 |
| Amount paid in cash | 7,302 | 5,894 | 5,557 | 13,293 | 5,651 | 10,834 | 5,517 | 54,049 |
| Change in provisions | -538 | -1,235 | 438 | 6,288 | 480 | -6,198 | 394 | -371 |
| TOTAL | 6,764 | 4,658 | 5,995 | 19,581 | 6,131 | 4,636 | 5,911 | 53,678 |
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Disposals of investment properties
The amounts shown on the statement of cash flows under the item 'Disposals of investment properties' represent the net price received in cash from the buyer.
This net price consists of the net book value of the property at 31.12.2025 and the net gain or loss realised on the disposal after the deduction of the transaction costs.
| (x 1.000 EUR) | Healthcare real estate | Offices | Property of distribution networks | Total | ||||
|---|---|---|---|---|---|---|---|---|
| BE | FR | NL | DE | Other | ||||
| Investment properties | ||||||||
| Net book value | 7,955 | 0 | 18,647 | 0 | 0 | 0 | 6,144 | 32,745 |
| Result on the disposal of assets | -488 | 0 | -1,731 | 0 | 0 | 0 | 2,770 | 551 |
| Net sale price received | 7,467 | 0 | 16,916 | 0 | 0 | 0 | 8,914 | 33,297 |
| Assets held for sale | ||||||||
| Net book value | 0 | 11,950 | 0 | 0 | 0 | 0 | 0 | 11,950 |
| Result on transfer of assets | 0 | -1,587 | 0 | 0 | 0 | 0 | 0 | -1,587 |
| Net sales price received | 0 | 10,363 | 0 | 0 | 0 | 0 | 0 | 10,363 |
| Development projects | ||||||||
| Net book value | 0 | 0 | 0 | 0 | 0 | 559 | 0 | 559 |
| Result on the disposal of assets | 0 | 0 | 0 | 0 | 0 | 1,363 | 0 | 1,363 |
| Net sales price received | 0 | 0 | 0 | 0 | 0 | 1,922 | 0 | 1,922 |
| Fixed assets for own use | ||||||||
| Net book value | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gains and losses on asset disposal | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net sales price received | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| TOTAL | 7,467 | 10,363 | 16,916 | 0 | 0 | 1,922 | 8,914 | 45,583 |
Cofinimmo
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Note 38. Off-balance sheet rights and commitments
In the context of the disposal of receivables
- With regard to the assignment of lease receivables relating to the lease concluded with the Buildings Agency (Belgian Federal State) for the courthouse of Antwerp, the balance of the receivables not assigned has been pledged in favour of a bank, under certain conditions. Cofinimmo furthermore granted a tracker mortgage and a mortgage mandate on the plot of land (in accordance with Article 41 of the Law of 12.05.2014). With regard to the transfer of the finance lease debt vis-à-vis Justinvest Antwerpen SA/NV to an external trustee (JPA Properties SPRL/BVBA administered by Intertrust Belgium) concerning the construction cost of the courthouse of Antwerp, the liquidities transferred to JPA have been pledged in favour of Cofinimmo SA/NV. The benefit of the pledge has been transferred in favour of a bank, under certain conditions.
- As part of the assignment of lease receivables or annual lease payments relating to current agreements with the Buildings Agency (Belgian Federal State) on the Colonel Bourg/Kolonel Bourg 124 building as well as the current lease with the City of Antwerp on the fire station, the shares of Bestone SA/NV have been pledged in favour of a bank under certain conditions.
- In the context of other lease receivables assignments, Cofinimmo has made various commitments and granted certain guarantees, namely with regard to the assignment of the investment receivables of the prison in Leuze after the execution of the works
Call options/preferential rights
- With regard to the leases signed with the Buildings Agency (Belgian Federal State) relating to, among other properties, the courthouse of Antwerp and the police station of Termonde/Dendermonde, a call option has been granted in favour of the Agency, which, at the end of the lease, can either leave the premises, extend the contract or buy the building.
- The Cofinimmo Group is committed to and benefits from, on behalf of its subsidiaries Pubstone and Pubstone Properties, a preferential right on future developments (hospitality industry) to be realised in partnership with AB InBev, and AB InBev benefits from a preferential right on future developments (hospitality industry).
- Cofinimmo (and Pubstone Group) is committed to and benefits from preferential rights on the shares of Pubstone SA/NV and Pubstone Group; and InBev Belgium benefits from a purchase right on the shares of Pubstone SA/NV and Pubstone Group.
- Leopold Square and InBev Belgium benefit reciprocally from a preferential right on the shares of Pubstone Properties.
- Cofinimmo benefits from a call option on shares in companies holding real estate in Germany.
- In the context of a leasehold relating to a car park in Breda, Superstone has agreed with Amphia, the bare owner, a right of first offer in the context of the transfer of the leasehold right and a call option under certain conditions.
- Cofinimmo has granted various preferential rights and/or call options on leasehold, at market value, on part of its portfolio of nursing and care homes and clinics.
-
Cofinimmo has granted various preferential rights on leasehold, at market value, to the residual ownership of office buildings in Brussels.
-
Cofinimmo has call options on subsoil for which the leasehold rights to which they are encumbered - relating to buildings for nursing homes - are held by subsidiaries of Cofinimmo.
- In the context of its equity investment in a Belgian property company, Cofinimmo became the holder, in the same way as the other shareholders and under certain conditions, of a preferential right, a pre-emptive right, a follow-on right, a follow-on obligation, a put option and a call option relating to the company's shares.
Financing operations
- Cofinimmo has entered into various commitments not to undertake certain actions ('negative pledge') at the end of various financing contracts.
- Cofinimmo is committed to find a buyer for the Notes maturing in 2027 and issued by Cofinimmo Lease Finance (see page 42 of the 2001 Annual Financial Report) in the event that a withholding tax would be applicable on the interest on these Notes due to a change in tax legislation affecting a holder residing in Belgium or the Netherlands.
Guarantees
- Cofinimmo has granted various guarantees in connection with the disposal of the shares of companies that it held.
- With regard to its lease agreements, Cofinimmo receives a rental guarantee (in cash or as a bank guarantee) of an amount generally representing three to six months of rent.
- Within the context of calls for tenders, Cofinimmo regularly issues commitments to obtain bank guarantees.
- Cofinimmo SA/NV and several subsidiaries form part of a VAT unit for the Cofinimmo Group. The members of the VAT unit are jointly and severally liable to the State for the payment of VAT, interest, fines and costs due as a result of the actions of the members of the VAT unit. No member of the VAT unit is involved in a dispute with the State.
Investment commitments
In Belgium
On 12.02.2021, Cofinimmo acquired 100% of the shares of a company owning a plot of land in Genappe, in Walloon Brabant. A nursing and care home is currently under construction on this plot of land within the framework of a turnkey project. The investment budget (including the plot of land and the works) amounts to approximately 19 million EUR.
In the fourth quarter of 2025, the first phase of the project relating to the extension and renovation of nursing and care home 'Ten Berge' in Belsele, announced in February 2025 was completed. The second phase is ongoing for an estimated budget of approximately 2 million EUR.
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In Finland
Cofinimmo entered the Finnish healthcare real estate sector in the fourth quarter of 2020. Since then, several assets have been delivered. As at 31.12.2025, Cofinimmo was committed to the construction of 8 development projects for a total investment of 46 million EUR.
In Germany
Cofinimmo is committed to the construction of an eco-friendly healthcare campus in the state of North Rhine-Westphalia for 44 million EUR.
In Spain
Since the announcement of its establishment in Spain in September 2019, Cofinimmo has committed to several construction projects, of which the first deliveries took place in the course of 2021, followed by others in 2022, 2023, 2024, and 2025. At 31.12.2025, 10 construction projects were still ongoing for a total investment of 150 million EUR. Most of these projects consist in the construction of nursing and care homes.
Note 39. Ongoing development projects
The Group has ongoing development projects for approximately 78 million EUR (31.12.2024: 120 million EUR) with respect to capital expenditures contracted for but not yet incurred, for the construction of new properties and extensions. Renovation works are not included in this figure.
Note 40. Consolidation criteria and scope
Consolidation criteria
The consolidated financial statements encompass the financial statements of the parent company and those of the subsidiaries and joint ventures, as drawn up at the closing date.
Consolidation is achieved by applying the following consolidation methods.
Full consolidation for the subsidiaries
Full consolidation consists in incorporating all the assets and liabilities of the subsidiaries, as well as income and charges. Minority interests are shown in a separate item of both the balance sheet and the income statement.
The full consolidation method is applied when the parent company holds exclusive control.
The consolidated financial statements have been prepared at the same date as that on which the consolidated subsidiaries prepared their own financial statements.
Consolidation under the equity method for associates and joint ventures
The equity method consists of replacing the book value of the securities by the shareholders' equity of the entity (more details are provided in Note 2, paragraph C).
During the 2025 financial year, the Group sold the companies DZI 4. Vorrat GmbH and Rezidenzwohnen Jahnshöfe GmbH, and carried out the merger of several subsidiaries (Dutchstone, Couvent de la Chartreuse, Benostone CO 1 and SCI Cuxac II). In addition, the subsidiary DZI 5. Vorrat GmbH was fully consolidated as at 31.12.2025.
Non-controlling interests
Non-controlling interests represent third-party interests in subsidiaries neither directly nor indirectly held by the Group.
SCI Foncière CRF
Since 14.09.2023, Cofinimmo owns 50% plus one share in the capital of SCI Foncière CRF. The other shares are held by the French Red Cross.
Pubstone
At the end of 2007, Cofinimmo acquired a portfolio of pubs and restaurants owned until then by Immobrew SA/NV, a subsidiary of AB InBev Belgium and renamed Pubstone SA/NV. At 31.12.2025, AB InBev Belgium owns an indirect 10% stake in the Pubstone structure.
In addition, following the restructuring of the Pubstone Group in December 2013, AB InBev Belgium owns 10% of direct minority interests in Pubstone Properties BV.
Anheuser-Busch InBev (AB InBev) is the world's largest brewer. For further information about the group: www.ab-inbev.com
Vestastone
In May 2021, Cofinimmo invested through its subsidiary Vestastone SA/NV, in which Monceau Vesta SA/NV held a 6.5% stake, in a portfolio of nursing and care homes in Italy. In 2022, the stake of Monceau Vesta SA/NV increased to 9.1%.
It should be noted that the holding of these minority interests by third-party companies outside the Group, and therefore not controlled by Cofinimmo, is considered as non-material with regard to all the Group's equity: at 31.12.2025, minority interests amounted to 79 million EUR, compared to Cofinimmo's equity of 3,590 million EUR, i.e. 2%.
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Subsidiaries wholly owned by Cofinimmo Group
| Name and address of the registered office
List of fully consolidated subsidiaries | Direct and indirect interests and
voting rights (in %) | |
| --- | --- | --- |
| | 31.12.2025 | 31.12.2024 |
| GERMANY | | |
| COFINIMMO DIENSTLEISTUNGS-GmbH
Registered office: Frankfurt-am-Main
HRB 114372
Guiollettstraße 48 - D-60325 Frankfurt-am-Main | 100 | 100 |
| DZI 7. Vorrat GmbH & Co. KG
Registered office: Frankfurt-am-Main
HRA 53682
Guiollettstraße 48 - D-60325 Frankfurt-am-Main | 100 | 100 |
| GESTONE BICKENBACH GmbH & Co. KG
Registered office: Frankfurt-am-Main
HRB 53012
Guiollettstraße 48 - D-60325 Frankfurt-am-Main | 100 | 100 |
| GESTONE DEUTSCHLAND GmbH
Registered office: Frankfurt-am-Main
HRB 115151
Guiollettstraße 48 - D-60325 Frankfurt-am-Main | 100 | 100 |
| SENIORENQUARTIER VIERSEN GmbH & CO. KG
Registered office: Frankfurt-am-Main
HRA 53427
Guiollettstraße 48 - D-60325 Frankfurt-am-Main | 100 | 100 |
| STERN BETEILIGUNGS GmbH
Registered office: Frankfurt-am-Main
HRB 112550
Guiollettstraße 48 - D-60325 Frankfurt-am-Main | 100 | 100 |
| GESTONE GP GmbH
Registered office: Frankfurt-am-Main
HRB 122350
Guiollettstraße 48 - D-60325 Frankfurt-am-Main | 100 | 100 |
| DZI 5. VORRAT GmbH
Registered office: Düsseldorf
HRB 91480
Am Kielsgraben 8 - 40789 Monheim am Rhein | 100 | 99,99 |
| BELGIUM | | |
| BEIRESTONE 1 SA
0759 959 564
Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| BESTONE SA
0670 681 160
Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| BUILDING GREEN ONE SA
0501 599 965
Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| Name and address of the registered office
List of fully consolidated subsidiaries | Direct and indirect interests and
voting rights (in %) | |
| --- | --- | --- |
| | 31.12.2025 | 31.12.2024 |
| COFINIMMO OFFICES SA
0755 538 641
Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| COFINIMMO SERVICES SA
0437 018 652
Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| COPADE SA
0631 930 353
Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| FPR LEUZE SA
0839 750 279
Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| GECARE 1 SA
0720 629 826
Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| GESTONE CO 10 SA
0751 676 853
Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| GESTONE CO 11 SA
0751 677 150
Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| GESTONE CO 12 SA
0751 677 348
Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| GESTONE CO 13 SA
0722 900 319
Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| GESTONE CO 7 SA
0748 688 857
Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| GESTONE CO 8 SA
0751 676 556
Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| GESTONE CO 9 SA
0751 676 754
Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| GESTONE 1 SA
0655 814 822
Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| GESTONE 2 SA
0670 681 259
Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
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| Name and address of the registered office List of fully consolidated subsidiaries | Direct and indirect interests and voting rights (in %) | |
|---|---|---|
| 31.12.2025 | 31.12.2024 | |
| GESTONE 3 SA/NV 0696 911 940 Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| GESTONE 4 SA/NV 0683 716 475 Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| GESTONE 5 SA/NV 0722 901 804 Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| GESTONE 6 SA/NV 0722 902 495 Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| GESTONE 14 SA/NV 0781 898 489 Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| GESTONE 15 SA/NV 0781 898 687 Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| GESTONE 16 SA/NV 0784 853 328 Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| LEOPOLD SQUARE SA/NV 0465 387 588 Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| LEX 85 SA/NV 0811 625 031 Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| LIGNE INVEST SA/NV 0873 682 661 Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| LS OFFICES SA/NV 0755 537 849 Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| MANUJACQ BE SA/NV 0794 938 655 Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| RHEASTONE 1 SA/NV 0893 787 296 Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| RHEASTONE 6 SA/NV 0707 645 286 Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| Name and address of the registered office List of fully consolidated subsidiaries | Direct and indirect interests and voting rights (in %) | |
| --- | --- | --- |
| 31.12.2025 | 31.12.2024 | |
| RHEASTONE 7 SA/NV 0756 866 254 Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| RHEASTONE 8 SA/NV 0678 526 183 Martelarenplein 20 E - 3000 Leuven | 100 | 100 |
| RHEASTONE 9 SA/NV 0443 888 133 Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| RHEASTONE 10 SA/NV 0803 978 560 Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| RHONE ARTS SA/NV 0413 742 414 Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| STERN-FIIS 1 SA/NV 0691 982 756 Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| STERN-FIIS 2 SA/NV 0696 912 831 Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| STERN-FIIS 3 SA/NV 0696 912 930 Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| STERN-FIIS 4 SA/NV 0696 913 029 Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| XL TRONE SA/NV 0715 937 303 Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 100 | 100 |
| SPAIN | ||
| COFIHEALTHCARE SPAIN 1 SL NIF B-88542717 Calle Maldonado, 4 - 28006 Madrid | 100 | 100 |
| COFIHEALTHCARE SPAIN SERVICES SL NIF B-097582202 Calle Maldonado, 4 - 28006 Madrid | 100 | 100 |
| LAGUNE IPM SL NIF B-64205966 Calle Maldonado, 4 - 28006 Madrid | 100 | 100 |
| LAGUNE ISLAND BALEARES IPM2 SL NIF B-65223174 Calle Maldonado, 4 - 28006 Madrid | 100 | 100 |
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| Name and address of the registered office
List of fully consolidated subsidiaries | Direct and indirect interests and voting rights (in %) | |
| --- | --- | --- |
| | 31.12.2025 | 31.12.2024 |
| FINLAND | | |
| KIINTEISTÖ Oy ASKOLAN PAPPILANTIE
3088874-1
c/o Colliers International Finland, Firdonkatu 2, 00520 Helsinki | 100 | 100 |
| KIINTEISTÖ Oy HELSINGIN SVENGI
2786955-8
c/o Colliers International Finland, Firdonkatu 2, 00520 Helsinki | 100 | 100 |
| KIINTEISTÖ Oy KAUSALAN ASEMA
2958400-3
c/o Colliers International Finland, Firdonkatu 2, 00520 Helsinki | 100 | 100 |
| KIINTEISTÖ Oy KUOPION AALLONMURTAJANKATU 3-5
3133518-8
c/o Colliers International Finland, Firdonkatu 2, 00520 Helsinki | 100 | 100 |
| KIINTEISTÖ Oy LEMPÄÄLÄN MYLLYPIHA
3143578-7
c/o Colliers International Finland, Firdonkatu 2, 00520 Helsinki | 100 | 100 |
| KIINTEISTÖ Oy NASTOLAN MANNA
3003571-4
c/o Colliers International Finland, Firdonkatu 2, 00520 Helsinki | 100 | 100 |
| KIINTEISTÖ Oy RAISION VESAKUJA 2
3226914-3
c/o Colliers International Finland, Firdonkatu 2, 00520 Helsinki | 100 | 100 |
| KIINTEISTÖ Oy ROVANIEMEN RIISTAKALTIO
2992724-8
c/o Colliers International Finland, Firdonkatu 2, 00520 Helsinki | 100 | 100 |
| KIINTEISTÖ Oy ROVANIEMEN RIISTAKERO
2992919-8
c/o Colliers International Finland, Firdonkatu 2, 00520 Helsinki | 100 | 100 |
| KIINTEISTÖ Oy SIPOON JOKIKOTI
3003250-5
c/o Colliers International Finland, Firdonkatu 2, 00520 Helsinki | 100 | 100 |
| KIINTEISTÖ Oy TERVAKOSKEN PORTTI
2958406-2
c/o Colliers International Finland, Firdonkatu 2, 00520 Helsinki | 100 | 100 |
| KIINTEISTÖ Oy TURUN LINNANHERRA
2887482-6
c/o Colliers International Finland, Firdonkatu 2, 00520 Helsinki | 100 | 100 |
| KIINTEISTÖ Oy TURUN SKANSSIN AURORA
3168686-9
c/o Colliers International Finland, Firdonkatu 2, 00520 Helsinki | 100 | 100 |
| KIINTEISTÖ Oy VAASANPUISTIKKO 22 VAASA
2910835-7
c/o Colliers International Finland, Firdonkatu 2, 00520 Helsinki | 100 | 100 |
| Name and address of the registered office
List of fully consolidated subsidiaries | Direct and indirect interests and voting rights (in %) | |
| --- | --- | --- |
| | 31.12.2025 | 31.12.2024 |
| KIINTEISTÖ Oy VANTAAN HARRIKUJA 8
3006164-8
c/o Colliers International Finland, Firdonkatu 2, 00520 Helsinki | 100 | 100 |
| KIINTEISTÖ Oy YLÖJÄRVEN TAIMITIE 3
3186885-7
c/o Colliers International Finland, Firdonkatu 2, 00520 Helsinki | 100 | 100 |
| KIINTEISTÖ Oy ROVANIEMEN KAAMOSKUJA 12 Oy
3495407-2
c/o Colliers International Finland, Firdonkatu 2, 00520 Helsinki | 100 | 0 |
| KIINTEISTÖ Oy JÄRVENPÄÄN SAVIKONTIE 11 Oy
3486666-2
c/o Colliers International Finland, Firdonkatu 2, 00520 Helsinki | 100 | 0 |
| KIINTEISTÖ Oy OULUN JUOKSUMARSSI 7
3455988-1
c/o Colliers International Finland, Firdonkatu 2, 00520 Helsinki | 100 | 0 |
| KIINTEISTÖ Oy JOENSUUN RASTILIPUNTIE 1
3556593-3
c/o Colliers International Finland, Firdonkatu 2, 00520 Helsinki | 100 | 0 |
| KIINTEISTÖ Oy LAPPEENRANNAN RAVITIE 1
3556594-1
c/o Colliers International Finland, Firdonkatu 2, 00520 Helsinki | 100 | 0 |
| POLARISTONE CO 1 Oy
3007096-6
c/o Colliers International Finland, Firdonkatu 2, 00520 Helsinki | 100 | 100 |
| POLARISTONE CO 2 Oy
3146900-4
c/o Colliers International Finland, Firdonkatu 2, 00520 Helsinki | 100 | 100 |
| POLARISTONE CO 3 Oy
3146912-7
c/o Colliers International Finland, Firdonkatu 2, 00520 Helsinki | 100 | 100 |
| POLARISTONE CO 4 Oy
3207147-9
c/o Colliers International Finland, Firdonkatu 2, 00520 Helsinki | 100 | 100 |
| FRANCE | | |
| COFINIMMO INVESTISSEMENTS ET SERVICES SA
487 542 169
13, rue du Docteur Lancereaux - 75008 Paris | 100 | 100 |
| COFINEA I SAS
538 144 122
13, rue du Docteur Lancereaux - 75008 Paris | 100 | 100 |
| SCI AC NAPOLI
428 295 695
13, rue du Docteur Lancereaux - 75008 Paris | 100 | 100 |
| SCI BEAULIEU
444 644 553
13, rue du Docteur Lancereaux - 75008 Paris | 100 | 100 |
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| Name and address of the registered office
List of fully consolidated subsidiaries | Direct and indirect interests and voting rights (in %) | |
| --- | --- | --- |
| | 31.12.2025 | 31.12.2024 |
| SCI DE L'ORBIEU
383 174 380
13, rue du Docteur Lancereaux - 75008 Paris | 100 | 100 |
| SNC DU HAUT CLUZEAU
319 119 921
13, rue du Docteur Lancereaux - 75008 Paris | 100 | 100 |
| SCI OUVRE TOIT
497 494 716
13, rue du Docteur Lancereaux - 75008 Paris | 100 | 100 |
| SCI RESIDENCE FRONTENAC
348 939 901
13, rue du Docteur Lancereaux - 75008 Paris | 100 | 100 |
| LUXEMBOURG | | |
| COFINIMMO LUXEMBOURG SA
8100044
1, rue Isaac Newton - L-2242 Luxembourg | 100 | 100 |
| KAISERSTONE SA
8202584
1, rue Isaac Newton - L-2242 Luxembourg | 100 | 100 |
| MASCHSEE PROPERTIES SARL
8240471
1, rue Isaac Newton - L-2242 Luxembourg | 100 | 100 |
| UHLENHORST PROPERTIES SARL
8240610
1, rue Isaac Newton - L-2242 Luxembourg | 100 | 100 |
| WELLNESSTONE SA
8197443
1, rue Isaac Newton - L-2242 Luxembourg | 100 | 100 |
| WELLNESSTONE GP SARL
8238555
1, rue Isaac Newton - L-2242 Luxembourg | 100 | 100 |
| THE NETHERLANDS | | |
| SUPERSTONE NV
530704488
Stationslaan 402A, 4815GW Breda | 100 | 100 |
| SUPERSTONE 2 NV
77325001
Stationslaan 402A, 4815GW Breda | 100 | 100 |
| SUPERSTONE 3 NV
78160162
Stationslaan 402A, 4815GW Breda | 100 | 100 |
| SUPERSTONE 4 NV
81142579
Stationslaan 402A, 4815GW Breda | 100 | 100 |
| Name and address of the registered office
List of fully consolidated subsidiaries | Direct and indirect interests and voting rights (in %) | |
| --- | --- | --- |
| | 31.12.2025 | 31.12.2024 |
| SUPERSTONE 5 NV
81144016
Stationslaan 402A, 4815GW Breda | 100 | 100 |
| SUPERSTONE 6 NV
68297556
Stationslaan 402A, 4815GW Breda | 100 | 100 |
| SUPERSTONE 7 NV
64215490
Stationslaan 402A, 4815GW Breda | 100 | 100 |
| UNITED KINGDOM | | |
| COFIHEALTHCARE UK 1 CO LIMITED
13351765
One, Chamberlain Square - Birmingham, West midlands, B3 3AX | 100 | 100 |
| COFIHEALTHCARE UK 2 LIMITED
13346688
One, Chamberlain Square - Birmingham, West midlands, B3 3AX | 100 | 100 |
Subsidiaries held by Cofinimmo Group with minority interests (non-controlling interests)
| Name and address of the registered office
List of fully consolidated subsidiaries | Direct and indirect interests and voting rights (in %) | |
| --- | --- | --- |
| | 31.12.2025 | 31.12.2024 |
| GERMANY | | |
| ARCON-TRUST DRITTE IMMOBILIENANLAGEN GmbH & CO. KG
Registered office: Frankfurt-am-Main
HRA 53266
Guiollettstraße 48 - D-60325 Frankfurt-am-Main | 89.9 | 89.9 |
| PFLEGE PLUS + OBJEKT ALSDORF GmbH & CO. KG
Registered office: Frankfurt-am-Main
HRA 53077
Guiollettstraße 48 - D-60325 Frankfurt-am-Main | 94.9 | 94.9 |
| PFLEGE PLUS + OBJEKT BOCHUM GmbH & CO. KG
Registered office: Frankfurt-am-Main
HRA 53097
Guiollettstraße 48 - D-60325 Frankfurt-am-Main | 94.9 | 94.9 |
| PFLEGE PLUS + OBJEKT BOTTROP GmbH & CO. KG
Registered office: Frankfurt-am-Main
HRA 53100
Guiollettstraße 48 - D-60325 Frankfurt-am-Main | 94.9 | 94.9 |
| PFLEGE PLUS + OBJEKT ERFSTADT/ LIBLAR GmbH & CO. KG
Registered office: Frankfurt-am-Main
HRA 53143
Guiollettstraße 48 - D-60325 Frankfurt-am-Main | 94.9 | 94.9 |
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| Name and address of the registered office
List of fully consolidated subsidiaries | Direct and indirect interests and
voting rights (in %) | |
| --- | --- | --- |
| | 31.12.2025 | 31.12.2024 |
| PFLEGE PLUS + OBJEKT FRIEDRICHSTADT GmbH & CO. KG
Registered office: Frankfurt-am-Main
HRA 53096
Guiollettstraße 48 - D-60325 Frankfurt-am-Main | 94.9 | 94.9 |
| PFLEGE PLUS + OBJEKT GELSENKIRCHEN GmbH & CO. KG
Registered office: Frankfurt-am-Main
HRA 53144
Guiollettstraße 48 - D-60325 Frankfurt-am-Main | 94.9 | 94.9 |
| PFLEGE PLUS + OBJEKT GOSLAR GmbH & CO. KG
Registered office: Frankfurt-am-Main
HRA 53098
Guiollettstraße 48 - D-60325 Frankfurt-am-Main | 94.9 | 94.9 |
| PFLEGE PLUS + OBJEKT HAAN GmbH & CO. KG
Registered office: Frankfurt-am-Main
HRA 53127
Guiollettstraße 48 - D-60325 Frankfurt-am-Main | 94.9 | 94.9 |
| PFLEGE PLUS + OBJEKT WEIL AM RHEIN GmbH & CO. KG
Registered office: Frankfurt-am-Main
HRA 53095
Guiollettstraße 48 - D-60325 Frankfurt-am-Main | 94.9 | 94.9 |
| PFLEGE PLUS + OBJEKT WEILERWIST GmbH & CO. KG
Registered office: Frankfurt-am-Main
HRA 53094
Guiollettstraße 48 - D-60325 Frankfurt-am-Main | 94.9 | 94.9 |
| PFLEGE PLUS + OBJEKT SWISTAL GmbH & CO. KG
Registered office: Frankfurt-am-Main
HRA 53099
Guiollettstraße 48 - D-60325 Frankfurt-am-Main | 94.9 | 94.9 |
| PRESIDENTIAL NORDIC 1 GmbH & CO. KG
Registered office: Frankfurt-am-Main
HRA 53126
Guiollettstraße 48 - D-60325 Frankfurt-am-Main | 94.9 | 94.9 |
| PRESIDENTIAL NORDIC 2 GmbH & CO. KG
Registered office: Frankfurt-am-Main
HRA 53168
Guiollettstraße 48 - D-60325 Frankfurt-am-Main | 94.9 | 94.9 |
| SALZA VERWALTUNGS GmbH & CO. KG
Registered office: Frankfurt-am-Main
HRA 52930
Guiollettstraße 48 - D-60325 Frankfurt-am-Main | 94.8 | 94.8 |
| SENIORENQUARTIER DREESKAMP GmbH & CO. KG
Registered office: Frankfurt-am-Main
HRA 53426
Guiollettstraße 48 - D-60325 Frankfurt-am-Main | 89.9 | 89.9 |
| WA JÜL II GmbH & CO. KG
Registered office: Frankfurt-am-Main
HRB 53411
Guiollettstraße 48 - D-60325 Frankfurt-am-Main | 89.9 | 89.9 |
| Name and address of the registered office
List of fully consolidated subsidiaries | Direct and indirect interests and
voting rights (in %) | |
| --- | --- | --- |
| | 31.12.2025 | 31.12.2024 |
| BELGIUM | | |
| BELLIARD III-IV PROPERTIES SA
0475 162 121
Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 99.9 | 99.9 |
| PUBSTONE SA
0405 819 096
Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 99.9 | 99.9 |
| PUBSTONE GROUP SA
0878 010 643
Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 90 | 90 |
| VESTASTONE 1 CO SA
0766 519 932
Boulevard du Roi Albert II 7 - 1210 Saint-Josse-ten-Noode | 90.9 | 90.9 |
| FRANCE | | |
| SCI FONCIERE CRF
433 566 049
24-26, rue de la Pépinière - 75008 Paris | 50.0001 | 50.0001 |
| LUXEMBOURG | | |
| BAD SCHONBORN PROPERTIES SCS
B129973
1, rue Isaac Newton - L-2242 Luxembourg | 89.9 | 89.9 |
| GREAT GERMAN NURSING HOMES SCS
B123141
1, rue Isaac Newton - L-2242 Luxembourg | 94.9 | 94.9 |
| THE NETHERLANDS | | |
| PUBSTONE PROPERTIES BV
20134503
Verlengde Poolseweg 16 - 4818 CP Breda | 90 | 90 |
| ITALY | | |
| ACHESO LAGUNE
5555383
c/o Blue SGR S.p.A., Vicolo Santa Maria alla Porta, 1 - 20123 Milano | 90.9 | 90.9 |
| ACHESO LAGUNE 2
5556095
c/o Blue SGR S.p.A., Vicolo Santa Maria alla Porta, 1 - 20123 Milano | 90.9 | 90.9 |
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Associates and joint ventures
| Name and address of the registered office
List of fully consolidated subsidiaries | Direct and indirect interests and voting rights
(in %) | |
| --- | --- | --- |
| | 31.12.2025 | 31.12.2024 |
| BELGIUM | | |
| BPG CONGRES SA/NV
0713 600 789
Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 51 | 51 |
| BPG HOTEL SA/NV
0713 600 888
Avenue de Tervueren/Tervurenlaan 270 - 1150 Brussels | 51 | 51 |
| ALDEA GROUP NV
0843 673 732
Guldensporenpark 117A - 9820 Merelbeke | 26.34 | 26.34 |
| GERMANY | | |
| DZI 1. VORRAT GmbH
Registered office: Düsseldorf
HRB 88521
Am Kielsgraben 8 - 40789 Monheim am Rhein | 99.99 | 99.99 |
| DZI 4. VORRAT GmbH
Registered office: Düsseldorf
HRB 90795
Am Kielsgraben 8 - 40789 Monheim am Rhein | 99.99 | 99.99 |
Change in non-controlling interests
| (x 1,000 EUR) | Pubstone | Vestastone | SCI CRF | Total |
|---|---|---|---|---|
| InBev | Monceau Vesta | CRF | ||
| AT 31.12.2023 | 9,589 | 7,786 | 58,347 | 75,723 |
| Interests on the income statement | 2,877 | 372 | 6,009 | 9,258 |
| Dividends | -161 | -419 | -941 | -1,521 |
| Other | 0 | 0 | -4,014 | -4,014 |
| AT 31.12.2024 | 12,305 | 7,740 | 59,400 | 79,446 |
| Interests on the income statement | 3,148 | 583 | 1,329 | 5,060 |
| Dividends | -1,638 | -542 | -1,348 | -3,527 |
| Other | 0 | -6 | -2,158 | -2,164 |
| AT 31.12.2025 | 13,815 | 7,776 | 57,224 | 78,815 |
Associates and joint ventures
As at 31.12.2025, the Cofinimmo Group owns associates (Aldea Group and two companies which are developing eco-friendly healthcare campuses in the Land of North Rhine-Westphalia) and the joint ventures (BPG Congres and BPG Hotel) recognised using the equity consolidation method, since the Group exercises control over these companies pursuant to contractual cooperation agreements with its partner shareholders.
In view of their share in the result of the Cofinimmo Group in 2025, these associates and joint ventures are considered as immaterial.
Associates and joint ventures – General information
| Company | BPG Congres | BPG Hotel | Companies developing healthcare campuses in Germany | Aldea Group |
|---|---|---|---|---|
| Segment | Other | Other | Healthcare real estate | Healthcare real estate |
| Country | Belgium | Belgium | Germany | Belgium |
| % held by the Cofinimmo Group | 51 % | 51 % | 25 % - 99.99 % | 26.3 % |
| Partner shareholders | CFE (49 %) | CFE (49 %) | DZI BV | Miscellaneous |
| Date of company creation | 2018 | 2018 | 2018-2019 | 2015 |
| Accounting period | Ends on 31.12.2025 | Ends on 31.12.2025 | Ends on 31.12.2025 | Ends on 31.12.2025 |
| 31.12.2025 | 31.12.2025 | 31.12.2025 | 31.12.2025 | |
| Amount of the Cofinimmo share in the result (x 1,000 EUR) | ||||
| Share in the result of associated companies or joint ventures | 2 | 1 | -8,040 | -3,870 |
| Amount of the interest at Cofinimmo (x 1,000 EUR) | ||||
| Participations in associated companies and joint ventures | 787 | 642 | 0 | 16,741 |
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Risks and commitments related to the partner shareholders
The partnership within the framework of BPG Congres and BPG Hotel was concluded with the CFE Group as part of the NEO II public-private partnership project. Regarding this project, on 16.10.2020, the public authorities involved, namely the city of Brussels, the Brussels-Capital Region and the scri NEO, put an end to the development of the convention centre and hotel project on the Heysel, in view of the uncertainties linked to the health crisis at the time.
Cofinimmo holds 51% of the shares of these structures. However, the partnership agreement stipulates that all decisions, particularly with regard to investments and divestments, are taken in mutual consent, which implies a joint control of the company.
On 15.12.2020, Cofinimmo acquired a 26.6% stake in the capital of the Aldea Group. Cofinimmo is a partner of Aldea to support the further growth of this Group and exerts a significant influence.
As at 31.12.2025, Cofinimmo holds a stake in the capital of companies that are developing co-friendly healthcare campuses in the German Land of North Rhine-Westphalia and exerts a significant influence on these companies.
Note 41. Sales options permitted for non-controlling shareholders
The Group has committed vis-à-vis the non-controlling shareholders of certain subsidiaries to acquire their shares in the companies, if they were to exercise their put options.
The exercise price of such options permitted for non-controlling shareholders is recognised in the line 'Other non-current financial liabilities' (see Note 25).
It concerns the following companies: Great German Nursing Homes SARL, Pflege Plus + Objekt Alsdorf GmbH, Pflege Plus + Objekt Bochum GmbH, Pflege Plus + Objekt Bottrop GmbH, Pflege Plus + Objekt Erftstadt/Liblar GmbH, Pflege Plus + Objekt Friedrichstadt GmbH, Pflege Plus + Objekt Gelsenkirchen GmbH, Pflege Plus + Objekt Goslar GmbH, Pflege Plus + Objekt Haan GmbH, Pflege Plus + Objekt Swisttal GmbH, Pflege Plus + Objekt Weil am Rhein GmbH, Pflege Plus + Objekt Weilerswist GmbH, Presidential Nordic 1 GmbH & Co. KG, Presidential Nordic 2 GmbH & Co. KG, ARCON-TRUST dritte Immobilienanlagen GmbH, Bad Schonborn Properties S.C.S., Salza Verwaltungs, Seniorenquartier Dreeskamp GmbH, and WA Jül II GmbH.
In 2025, the Group's stake is 26.3%.
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Note 42. Payments based on shares
Stock option plan
In 2006, Cofinimmo launched a stock option plan whereby 8,000 stock options were granted to the Group's management. This plan was relaunched each year until 2016 inclusive. Since 2017, the stock option plan has no longer been proposed.
When they are exercised, the beneficiaries will pay the exercise price (per share) of the year in which the stock options were granted, in exchange for the delivery of securities. In the event of voluntary or involuntary departure (excluding premature termination for serious reasons) of a beneficiary, the stock options accepted and vested may be exercised after the end of the third calendar year following the year in which the stock options were granted. Options that have not been vested are cancelled, except when retiring. In the event of the involuntary departure of a beneficiary for serious reasons, all stock options accepted but not exercised, whether vested or not, are cancelled. These conditions governing the acquisition and the exercise periods in the event of a departure, whether voluntary or involuntary, will apply without prejudice to the powers of the board of directors for the members of the executive committee or the powers of the executive committee for the other participants to authorise waivers to these provisions in favour of the beneficiary, based on objective and relevant criteria.
Evolution of the number of stock options
| Year of the plan | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Granted | 6,825 | 7,525 | 3,000 | 3,320 | 4,095 | 8,035 | 5,740 | 7,215 | 6,730 | 7,300 | 8,000 |
| Cancelled | -1,600 | -1,600 | 0 | -500 | -1,067 | -1,386 | -250 | -695 | -2,125 | -2,050 | -2,350 |
| Exercised | -3,375 | -5,925 | -3,000 | -2,820 | -3,028 | -6,649 | -5,370 | -6,303 | -4,330 | -5,250 | -5,550 |
| Expired | 0 | 0 | 0 | 0 | 0 | 0 | -120 | -217 | -275 | 0 | -100 |
| AT 31.12.2025 | 1,850 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exercisable at 31.12 | 1,850 | 0 | |||||||||
| Strike price (in EUR) | 108.44 | 95.03 | 88.75 | 88.12 | 84.85 | 97.45 | 93.45 | 86.06 | 122.92 | 143.66 | 129.27 |
| Last exercise date | 15.06.2026 | 16.06.2025 | 16.06.2024 | 16.06.2023 | 18.06.2022 | 14.06.2021 | 13.06.2020 | 11.06.2019 | 12.06.2023 | 12.06.2022 | 13.06.2021 |
| Fair value of the options at the date of granting (x 1,000 EUR) | 200.86 | 233.94 | 102.99 | 164.64 | 168.18 | 363.90 | 255.43 | 372.44 | 353.12 | 261.27 | 216.36 |
Cofinimmo applies the IFRS 2 standard by recognising, over the vesting period (namely three years), the fair value of the stock options at the date of granting according to the progressive acquisition method. The annual cost of the progressive vesting is recognised under the item 'Personnel charges' on the income statement.
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Note 43. Average number of people linked by an employment contract or by a permanent service contract
| 2025 | 2024 | |
|---|---|---|
| Average number of people linked by an employment contract or by a permanent service contract | 155 | 157 |
| Employees | 149 | 150 |
| Executive management personnel | 6 | 7 |
| Full-time equivalent | 145 | 147 |
Note 44. Related-party transactions
The emoluments and insurance premiums, borne by Cofinimmo and its subsidiaries, for the benefit of the members of the Board of Directors, and recognised on the income statement, amount to 5,864,662 EUR, of which 373,125 EUR is attributed to post-employment benefits.
The chapter 'Corporate governance statement' of this document includes the composition of the various decision-making bodies and the tables on the remuneration of the non-executive and executive Directors. The difference between the amount on the income statement and that stated in the tables is explained by movements in provisions.
The Directors are not beneficiaries of the profit-sharing scheme, which exclusively concerns the employees of the Group.
Note 45. Events after closing date
No major event that could have a significant impact on the results as at 31.12.2025 took place after the closing date.
Divestment of a nursing and care home (BE)
On 28.01.2026, Cofinimmo completed the divestment of the nursing and care home 'Prince Royal', located at rue Keyenveld / Keyenveldstraat 58 in 1050 Brussels. The signing (subject to significant conditions precedent) took place last December. The site dates from 2015, has a total surface area of approximately $6,200\mathrm{m}^2$ and offers 88 beds. The proceeds of this transaction are in line with the fair value in the latest fair value published in the latest balance sheet, published before the agreement was concluded. This transaction was carried out by mutual agreement with Emeis Belgium.
Eco-friendly healthcare campus projects (DE)
In January 2026, Cofinimmo sold its participations in the companies developing the eco-friendly healthcare campuses in Bocholt and Wuppertal. As a reminder, a development project of an eco-friendly healthcare campus was cancelled in July 2024 (located in Wuppertal of which 2 million EUR had already been exposed and was still to be recovered). At the end of April 2025, the amount already exposed was recovered, and the participation in the company (accounted for under equity method) that developed the building was reduced to $25\%$ (previously $99.996\%$ ) before being totally sold mid-January 2026. The participation of the Cofinimmo Group in the company leading the project in Bocholt (owned at $99.996\%$ by the Group and accounted for under equity method, as this company is controlled by the developer) was sold early January 2026. These two transactions
are the subject of disputes by Cofinimmo's previous partner. The effects of these two transactions are booked in item 'XXIV. Share in the result of associated companies and joint ventures'.
Acquisition of a healthcare site in Finland completed
As announced in the press release dated 18.12.2025, in January 2026, the Group completed the acquisition of $100\%$ of the shares of the company that will develop a disabled care site in Oulu.
Provisional acceptance of a nursing and care home in Finland
The development project in Järvenpää, announced in July 2025, has been delivered and the lease took effect on 02.02.2026.
Proposed combination with Aedifica
The proposed combination with Aedifica through a public exchange offer is effective since 10.03.2026 and Aedifica holds since then $80\%$ of Cofinimmo's capital. This project was addressed in the press releases dated 01.05.2025, 09.05.2025, 13.05.2025, 03.06.2025, 18.07.2025, 30.09.2025, 27.10.2025, 21.01.2026, 29.01.2026, 03.03.2026, and 10.03.2026.
Dividend
The dividend proposed at the Ordinary General Meeting of 13.05.2026 will be 198,050,158.80 EUR for shares outstanding on the balance sheet date.
Note 46. Macro-economic and climate-related aspects
Cofinimmo's activities are conducted in a global context which has undergone multiple upheavals in recent years: following the outbreak of the COVID-19 coronavirus pandemic early 2020, inflation started to rise in Europe in the second half-year of 2021 to reach high levels in 2022 (then to slow down in 2023, 2024 and 2025), which led to changes in nominal interest rates, and war broke out again on the European continent since 2022, followed by the conflict in and around Israel since Q4 2023, and by that in and around Iran in March 2026.
In this respect, the situation in Ukraine and the consequences deriving from the sanctions taken towards Russia, as well as the situation in and around Israel, have no direct impact on the Group's activity nor its financial result, since the Group is not active in these geographical areas (it should be noted that Finland, which shares a border with Russia, represents $2.7\%$ of the Group's investment properties). The indirect impact of the situation in these geographical areas can be assessed through the following risk factors:
- high inflation and increasing energy prices: risk factors 'F.1.1.2 Leasing market conditions in the Group's operating segments', 'F.1.3.2 Vacancy rate';
- delays or budget overruns in the implementation of development projects: risk factor 'F.1.2.2 Investments subject to conditions';
- increasing interest rates: risk factors 'F 1.1.3 Investment market conditions in the Group's operating segments', 'F.1.1.4 Interest rate volatility', 'F.1.2.1 Negative change in the fair value of property', 'F.2.1 Liquidity risk', 'F.2.2 Contractual obligations and legal parameters', 'F.2.3 Change in the Group's public financial rating'.
In addition, although COVID-19 is no longer a global emergency, a new health crisis remains a possibility. As a reminder, throughout the 'COVID' period, the Group's operational teams remained in close contact with tenants to ensure the continuity of services and help them get through this difficult period, followed by a period of high inflation. Since then, Cofinimmo continues to review the
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situation of its counterparties on a case-by-case basis to find a balanced solution where appropriate, taking their objective situation into account.
In this context, Cofinimmo recognised writedowns of 2.0 million EUR on trade receivables in 2020, with no equivalent in 2021, those having amounted to 1.4 million EUR in 2022, 0.3 million EUR in 2023, 0.5 million EUR in 2024, and 6.4 million EUR in 2025.
Climate-related aspects are addressed in the Sustainability Report and its appendices included in the 2025 Universal Registration Document. In addition, Note 22 (investment properties) to these consolidated financial statements refers to these aspects.
Note 47. Sources of estimation uncertainty
The assets and liabilities listed below are those for which there is a significant risk of a material adjustment to their value in the following period.
I Fair value of the property portfolio
Cofinimmo's portfolio is valued quarterly by independent real estate valuers. This valuation by independent real estate valuers is intended to determine the market value of a property at a certain date, taking into account the market evolution and the characteristics of the properties. In parallel to the work of the independent real estate valuers, Cofinimmo proceeds with its own valuation of its assets with a view on their long-term operation by its teams. The portfolio is recorded at the fair value established by the independent real estate valuers in the Group's consolidated accounts (see Note 22).
Furthermore, the reports of the independent real estate valuers no longer include an explanatory note on market conditions. However, some valuers still include in their report a general comment on the current market volatility and geopolitical tensions, or highlight the importance of the valuation date.
II Financial instruments
The fair value of the Group's financial instruments is calculated on the basis of the market values in the Bloomberg'system. These fair values are compared with the quarterly estimations received from the banks, and major variations are analysed (more details are given in Note 25).
Note 48. Alternative Performance Measure – APM
For many years, Cofinimmo has used Alternative Performance Measures (APM) in its financial communications, within the meaning of the guidelines issued on 05.10.2015 by ESMA (European Securities and Market Authority). Some of these APMs are recommended by the European Public Real Estate Association (EPRA), while others have been defined by the sector or by Cofinimmo in order to provide the reader with a better understanding of its results and performance. The APM included in this universal registration document are identified by an asterisk (*). The performance indicators that are defined by IFRS rules or by law are not considered as APMs. Neither are indicators that are not based on income statement or balance sheet items. APMs are defined, commented on and reconciled with the most relevant item, total or subtotal in the financial statements for this purpose in this Note. The definitions of APM may differ from those of other concepts with the same name in the financial statements of other companies.
APM (Alternative Performance Measures) calculation details used by Cofinimmo as at 31.12.2025
Rental income, net of rental-related expenses*
Definition: Rents, less rent-free periods, concessions granted to tenants and rental-related expenses, plus compensation for early termination of the lease.
Purpose: To measure rental income, net of rent-free periods, concessions, termination indemnities and other rental-related expenses.
| (x 1,000 EUR) | 31.12.2025 | 31.12.2024 |
|---|---|---|
| Rents (gross rental revenues) | 354,660 | 358,498 |
| Cost of rent-free periods | -5,593 | -6,329 |
| Concessions granted to tenants | -814 | -801 |
| Early lease termination indemnities | 5,607 | 82 |
| I. Rental income (royal decree of 13.07.2014 form) | 353,860 | 351,450 |
| III. Rental-related expenses | -6,286 | -526 |
| Rental income, net of rental-related expenses* (analytical form) | 347,574 | 350,924 |
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Rental-related expenses and taxes on rented properties not recovered*
Definition: Difference between rental-related expenses and taxes borne by the owner, and the recuperation of rental-related expenses and taxes borne by the tenant on rented properties.
Purpose: To measure the rental-related expenses and taxes on rented properties which are not charged to tenants.
Taxes on refurbishment not recovered*
Definition: Taxes borne by the owner on buildings under renovation and therefore not chargeable to tenants.
Purpose: To measure the taxes relating to properties under renovation.
| Analytical form (x 1,000 EUR) | 31.12.2025 | 31.12.2024 |
|---|---|---|
| Rental-related expenses and taxes on rented properties not recovered* | -5,373 | -4,994 |
| Taxes on refurbishment not recovered* | -31 | -935 |
| Total | -5,404 | -5,929 |
| Royal decree of 13.07.2014 form (x 1,000 EUR) | 31.12.2025 | 31.12.2024 |
| --- | --- | --- |
| V. Recovery income of charges and taxes normally payable by the tenant on let properties | 37,923 | 43,247 |
| VII. Charges and taxes normally payable by the tenant on let properties | -43,327 | -49,177 |
| Total | -5,404 | -5,929 |
Redecoration costs, net of tenant compensation for damages*
Definition: Redecoration costs borne by the owner at the end of the lease, net of compensation for damage received.
Purpose: To measure the costs of redecorating the rental spaces following the departure of tenants, net of compensation for damage received from these tenants.
| (x 1,000 EUR) | 31.12.2025 | 31.12.2024 |
|---|---|---|
| IV. Recovery of property charges | 1,263 | 200 |
| VI. Costs payable by the tenant and borne by the owner for rental damage and redecoration at end of lease | 292 | -447 |
| Redecoration costs, net of tenant compensation for damages* (analytical form) | 1,555 | -247 |
Net result from core activities - Group share*
Definition: Net result - Group share excluding result on financial instruments - Group share* and result on portfolio - Group share.
Purpose: To measure the result of the strategic operational activities, excluding (i) the change in the fair value of financial instruments, (ii) the cost of restructuring financial instruments, and (iii) realised and unrealised gains and losses on the portfolio, or to measure the result directly impacted by the company's property and financial management, excluding the impact related to the volatility of property and financial markets
Calculation details as at 31.12.2025: see income statement - analytical form on page 66.
Restructuring costs of financial instruments*
Definition: Impact of the recycling under the income statement of hedging instruments for which the relationship with the hedged risk was terminated, as well as the result relating to the sale of hedging instruments.
Purpose: To measure the impact on the result for the period of the restructuring of financial instruments
| (x 1,000 EUR) | 31.12.2025 | 31.12.2024 |
|---|---|---|
| Impact of the recycling under the income statement of hedging instruments for which the relationship with the hedged risk was terminated | 0 | 0 |
| Others | 0 | 0 |
| Restructuring costs of financial instruments* | 0 | 0 |
Result on financial instruments - Group share*
Definition: Change in the fair value of financial instruments, plus the restructuring costs of financial instruments* and the share in the result on financial instruments of associates and joint ventures, and less minority interests related to the items listed above.
Purpose: To measure unrealised gains and losses related to financial instruments, as well as the costs related to their restructuring.
Calculation details as at 31.12.2025: see income statement - analytical form on page 66.
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Result on the portfolio - Group share*
Definition: Gains or losses on disposals of investment properties and other non-financial assets, plus/less the change in the fair value of investment properties, plus the share in the result on the portfolio of associates and joint ventures, and other items related to the portfolio and less minority interests related to the items listed above.
Purpose: To measure realised and unrealised gains and losses related to the portfolio, based on the last valuation by independent real estate valuers.
Calculation details as at 31.12.2025: see income statement - analytical form on page 66.
Result per share*
Definition: Results (net results from core activities - Group share, result on financial instruments - Group share, result on portfolio - Group share*) divided by the average number of outstanding shares.
Purpose: To measure the results per share and enable a comparison with the dividend paid per share
| 31.12.2025 | 31.12.2024 | |
|---|---|---|
| Net result from core activities - Group share* (x 1,000 EUR) | 245,630 | 243,840 |
| Average number of outstanding shares | 38,080,889 | 37,523,642 |
| Net result from core activities - Group share - per share* | 6.45 | 6.50 |
| 31.12.2025 | 31.12.2024 | |
| --- | --- | --- |
| Result on financial instruments - Group share* (x 1,000 EUR) | -9,628 | -28,345 |
| Average number of outstanding shares | 38,080,889 | 37,523,642 |
| Result on financial instruments - Group share - per share* | -0.25 | -0.76 |
| 31.12.2025 | 31.12.2024 | |
| --- | --- | --- |
| Result on portfolio - Group share* (x 1,000 EUR) | -22,539 | -151,606 |
| Average number of outstanding shares | 38,080,889 | 37,523,642 |
| Result on portfolio - Group share - per share* | -0.59 | -4.04 |
Net assets per share*
Definition: Book value of the share based on the IFRS accounts, which take account of the fair value of investment properties. Amount of shareholders' equity attributable to shareholders of the parent company, divided by the number of outstanding shares.
Purpose: To measure the value of the share based on the fair value of investment properties and enable a comparison with its share price.
| 31.12.2025 | 31.12.2024 | |
|---|---|---|
| Shareholders' equity attributable to shareholders of the parent company (x 1,000 EUR) | 3,511,286 | 3,534,991 |
| Number of outstanding shares | 38,084,819 | 38,077,919 |
| Revalued net assets per share at fair value* (in EUR/share) | 92.20 | 92.84 |
Change in gross rental revenues on a like-for-like basis*
Definition: Change from one year to the next, expressed as a percentage, of the gross rental revenues, excluding variations related to changes in scope (major renovations, acquisitions and disposals) occurring during the period.
Purpose: To identify changes in gross rental revenues which do not result from major renovations, acquisitions or disposals.
| (x 1,000 EUR) | |
|---|---|
| Gross rental revenues at 31.12.2024 at comparable scope | 338,927 |
| To include: | |
| Variations not related to changes in scope | 9,678 |
| Gross rental revenues at 31.12.2025 at comparable scope | 348,605 |
| Change in gross rental revenues on a like-for-like basis* | 2.9 % |
Cofinimmo | Universal Registration Document 2025 | 247
Cofinimmo at a glance
Management report
Sustainability report
Property report
Corporate governance statement
Audited financial statements
Additional information
Operating costs/average value of the portfolio under management*
Definition: Direct and indirect operating costs (direct property costs, property management costs and corporate management costs, corrected in the 1st, 2nd and 3rd quarters as per the effect of the application of IFRIC 21, which stipulates that taxes for which the triggering event has already occurred are recognised as at January 1st for the entire year), divided by the average value of the portfolio under management over the period, taking into account the scope inflows and outflows.
Purpose: To measure the level of operating costs compared to the average value of the property portfolio under management.
| (x 1,000 EUR) | 31.12.2025 | 31.12.2024 |
|---|---|---|
| Direct property costs | 11,788 | 13,747 |
| Of which: | ||
| - Direct property costs according to income statement | 11,788 | 13,747 |
| - IFRIC 21 effect | 0 | 0 |
| Corporate management costs | 44,976 | 44,736 |
| Of which: | ||
| - Property management costs and corporate management costs according to income statement | 49,695 | 44,736 |
| - IFRIC 21 effect | 0 | 0 |
| - Non-recurring effects arising from the proposed combination with Aedifica | -4,719 | 0 |
| Direct and indirect operating costs | 56,764 | 58,484 |
| Annualised direct and indirect operating costs | 56,764 | 58,484 |
| Average value of the portfolio under management over the period | 6,180,909 | 6,296,212 |
| Operating costs/average value of the portfolio under management* | 0.92 % | 0.93 % |
Operating margin*
Definition: Operating result (before result on the portfolio) divided by the property result, corrected in the 1st, 2nd and 3rd quarters as per the effect of the application of IFRIC 21, which stipulates that taxes for which the triggering event has already occurred are recognised as at January 1st for the entire year.
Purpose: To evaluate the company's ability to generate profit from its sole operating activity without taking into account the financial result, taxes and result on the portfolio.
| (x 1,000 EUR) | 31.12.2025 | 31.12.2024 |
|---|---|---|
| Property result | 344,343 | 345,307 |
| Of which: | ||
| - Direct property costs according to income statement | 344,343 | 345,307 |
| - IFRIC 21 effect | 0 | 0 |
| Operating result (before result on the portfolio) | 287,579 | 286,823 |
| Of which: | ||
| - Operating result (before result on the portfolio) according to income statement | 282,859 | 286,823 |
| - IFRIC 21 effect | 0 | 0 |
| - Non-recurring effects arising from the proposed combination with Aedifica | 4,719 | 0 |
| Operating margin* | 83.5 % | 83.1 % |
Average cost of debt*
Definition: Average interest rate of debt, obtained by dividing the interest charges recorded by the group for its various loans (on an annual basis) by the weighted average debt of the current period. The numerator corresponds to annualised net interest charges as shown in the income statement. The denominator corresponds to the average debt of the current period calculated by taking into account the daily drawdowns on loans (bank loans, bonds, commercial paper, etc.).
Purpose: To measure the average interest rate of the debt and analyse its evolution over time.
| (x 1,000 EUR) | 31.12.2025 | 31.12.2024 |
|---|---|---|
| Interest charges recorded by the group, annualised | 37,580 | 39,532 |
| Weighted average debt over of the period | 2,558,806 | 2,726,401 |
| Average cost of debt* | 1.5 % | 1.4 % |
Cofinimmo | Universal Registration Document 2025
Cofinimmo at a glance
Management report
Sustainability report
Property report
Corporate governance statement
Audited financial statements
Additional information
Property operating result after direct property costs*
Definition: Property result less direct property costs (technical costs, commercial costs, and taxes and charges on unlet properties).
Purpose: To measure the property operating result after direct property charges, but before property management costs and corporate management costs.
| (x 1,000 EUR) | 31.12.2025 | 31.12.2024 |
|---|---|---|
| Property result | 344,343 | 345,307 |
| IX. Technical costs | -5,060 | -6,633 |
| X. Commercial costs | -4,339 | -4,060 |
| XI. Taxes and charges on unlet properties | -2,390 | -3,054 |
| Property operating result after direct property costs* | 332,554 | 331,559 |
Pay-out ratio*
Definition: Percentage of the net result from core activities – Group share – per share distributed by way of a dividend.
Purpose: To measure the share of the net result from core activities – Group share – per share, distributed by way of a dividend.
| (EUR/share) | 31.12.2025 | 31.12.2024 |
|---|---|---|
| Dividend per share | 5.20 | 6.20 |
| Net result from core activities – Group share – per share | 6.45 | 6.50 |
| Pay-out ratio* | 81 % | 95 % |
EPRA performance indicators calculation details used by Cofinimmo as at 31.12.2025
Cofinimmo is part of the trend towards standardised reporting, aimed at improving the quality and comparability of information, and provides investors with most of the indicators calculated according to the recommendations of the EPRA (see also chapter 'EPRA BPR performance indicators' on pages 270-281 of this document). The following indicators are considered to be APM: EPRA Earnings, Diluted EPRA Earnings, EPRA NRV, EPRA NTA, EPRA NDV, EPRA Net Initial Yield (NIY), EPRA 'topped-up' NIY, EPRA Vacancy Rate, EPRA Cost Ratio (including direct vacancy costs), EPRA Cost Ratio (excluding direct vacancy costs) et EPRA LTV.
Note 49: Debt-to-assets ratio
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| Liabilities | 2,847,805 | 2,825,611 |
| To be excluded: | -118,935 | -110,447 |
| I. Non-current liabilities | -95,049 | -87,773 |
| Provisions | -26,943 | -25,765 |
| Authorised hedging instruments | -3,709 | -6,195 |
| Deferred taxes | -64,397 | -55,813 |
| II. Current liabilities | -23,886 | -22,674 |
| Provisions | 0 | 0 |
| Authorised hedging instruments | 0 | 0 |
| Accrued charges and deferred income | -23,886 | -22,674 |
| Total Debt | 2,728,870 | 2,715,164 |
| Assets | 6,437,906 | 6,440,048 |
| To be excluded: | -58,770 | -70,149 |
| Authorised hedging instruments | -58,770 | -70,149 |
| Total Assets (excluding hedging instruments) | 6,379,135 | 6,369,898 |
| DEBT-TO-ASSETS RATIO | 42.78 % | 42.62 % |
Cofinimmo | Universal Registration Document 2025 | 249
Statutory auditor's report on the consolidated financial statements
Key audit matter
Statutory auditor's report on the consolidated financial statements
Statutory auditor's report to the general meeting of Cofinimmo SA/NV on the consolidated financial statements as of and for the year ended 31 December 2025
In the context of the statutory audit of the consolidated financial statements of Cofinimmo SA/NV ("the Company") and its subsidiaries (jointly "the Group"), we provide you with our statutory auditor's report. This includes our report on the consolidated financial statements and the other legal and regulatory requirements. Our report is one and indivisible.
We were appointed as statutory auditor by the general meeting of 10 May 2023, in accordance with the proposal of the board of directors issued on the recommendation of the audit committee. Our mandate will expire on the date of the general meeting deliberating on the annual accounts for the year ended 31 December 2025. We have performed the statutory audit of the consolidated financial statements of the Group for 3 consecutive financial years.
Report on the consolidated financial statements
Unqualified opinion
We have audited the consolidated financial statements of the Group as of and for the year ended 31 December 2025, prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board, as adopted by the European Union, and with the legal and regulatory requirements applicable in Belgium. These consolidated financial statements comprise the consolidated statement of financial position (balance sheet) as at 31 December 2025, the consolidated comprehensive result (income statement), the consolidated statement of changes in shareholders' equity and the Consolidated statement of cash flows for the year then ended and notes, comprising material accounting policies and other explanatory information. The total of the consolidated statement of financial position amounts to EUR 6.437.905.612 and the consolidated comprehensive result shows a profit for the year (share of the group) of EUR 213.462.948.
In our opinion, the consolidated financial statements give a true and fair view of the Group's equity and financial position as at 31 December 2025 and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board, as adopted by the European Union, and with the legal and regulatory requirements applicable in Belgium.
Basis for our unqualified opinion
We conducted our audit in accordance with International Standards on Auditing ("ISAs") as adopted in Belgium. In addition, we have applied the ISAs as issued by the IAASB and applicable for the current accounting year while these have not been adopted in Belgium yet. Our responsibilities under those standards are further described in the "Statutory auditors' responsibility for the audit of the consolidated financial statements" section of our report. We have complied with the ethical requirements that are relevant to our audit of the consolidated financial statements in Belgium, including the independence requirements.
We have obtained from the board of directors and the Company's officials the explanations and information necessary for performing our audit.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key audit matter
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Valuation of the investment properties and assets held for sale
We refer to the sections "Investment properties" and "Assets held for sale" of the consolidated statement of financial position as well as notes 2. Material accounting methods, 22. Investment properties and 27. Assets held for sale of the consolidated financial statements.
Description
The investment properties and assets held for sale portfolio consists of buildings rented, held for sale, being renovated or developed. Investment properties and assets held for sale valued at fair value amount to EUR 6.085.055.250 per 31 December 2025 which represents 94.5% of the total assets. Investment properties and assets held for sale are recorded at fair value on the balance sheet date (projects under development are valued at fair value, after deduction of the costs necessary to finalize the project and taking into account a risk premium linked to the risks of the project implementation). In accordance with the law applicable to regulated real estate companies, investment properties and assets held for sale are valued by external real estate experts on a quarterly basis. Valuing investment properties is complex and requires a high degree of judgment. Indeed, the fair value is determined by defining the appropriate valuation technique and depends on the assumptions used in the application of this valuation model by the independent experts. Factors such as the current market rents, rental situation, investment budgets and related transaction costs as well as the nature, condition and location of the investment property or asset held for sale have a significant impact on the fair estimated value.
We have identified the valuation of investment properties and assets held for sale as a key audit matter of the audit because it represents a significant part of the consolidated balance sheet and requires a significant degree of judgment.
Our audit procedures
Assisted by our real estate valuation specialists, we carried out the following audit procedures Assessment of the design and implementation of the internal control measures relating to the investment properties and assets held for sale valuation process ;Assessment of the competence, independence and integrity of the independent appraisers ;Assessment of the valuation reports prepared by the independent appraisers for all investment properties and assets held for sale and reconciliation of the fair values with accounting and the financial statements ;Assessment of the valuation process put in place by the independent appraisers, the performance of the real estate portfolio and the assumptions and expert judgments used;Comparison of the key assumptions applied with available external sector data;
- Verification of the arithmetical accuracy of the valuation model used by the independent appraisers;
- Assessment of the integrity, accuracy and completeness of data used by independent appraisers, including rental income and other key characteristics of the underlying renting and occupancy agreements;
- Assessment, where applicable, of contracts linked to acquisitions and disposals of buildings as well as the accounting treatment of these operations;
- Assessment of the classification and adequate presentation of the investment properties in the consolidated financial statements; and
- Assessment of the appropriateness and completeness of the information provided in the consolidated accounts concerning the fair value of investment properties and assets held for sale.
Board of directors' responsibilities for the preparation of the consolidated financial statements
The board of directors is responsible for the preparation of these consolidated financial statements that give a true and fair view in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board, as adopted by the European Union, and with the legal and regulatory requirements applicable in Belgium, and for such internal control as board of directors determines, is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the board of directors is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the board of directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
Statutory auditor's responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance as to whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of the users taken on the basis of these consolidated financial statements.
When performing our audit, we comply with the legal, regulatory and professional requirements applicable to audits of the consolidated financial statements in Belgium. The scope of the statutory audit of the consolidated financial statements does not extend to providing assurance on the future viability of the Group nor on the efficiency or effectivity of how the board of directors has conducted or will conduct the business of the Group. Our responsibilities regarding the going concern basis of accounting applied by the board of directors are described below.
As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also perform the following procedures:
- Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;
- Obtain an understanding of internal controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control;
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by board of directors;
- Conclude on the appropriateness of board of directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Group to cease to continue as a going concern;
- Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation;
- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with the audit committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide the audit committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
For the matters communicated with the audit committee, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter.
Cofinimmo | Universal Registration Document 2025
Cofinimmo at a glance
Management report
Sustainability report
Property report
Corporate governance statement
Audited financial statements
Additional information
Other legal and regulatory requirements
Responsibilities of the Board of directors
The board of directors is responsible for the preparation and the content of the board of directors' annual report on the consolidated financial statements and the other information included in the annual report on the consolidated financial statements.
Statutory auditor's responsibilities
In the context of our engagement and in accordance with the Belgian additional standard which is complementary to the International Standards on Auditing as applicable in Belgium, our responsibility is to verify, in all material respects, the board of directors' annual report on the consolidated financial statements, and the other information included in the annual report and to report on these matters.
Aspects concerning the board of directors' annual report on the consolidated financial statements and other information included in the annual report on the consolidated financial statements
Based on specific work performed on the board of directors' annual report on the consolidated financial statements, we are of the opinion that this annual report is consistent with the consolidated financial statements for the same period and has been prepared in accordance with article 3:32 of the Companies' and Associations' Code.
In the context of our audit of the consolidated financial statements, we are also responsible for considering, in particular based on the knowledge gained throughout the audit, whether the board of directors' annual report on the consolidated financial statements (ie the required sections of Cofinimmo SA/NV's annual report in accordance with articles 3:6 and 3:32 of the Belgian Companies and Associations' Code, as set out in the following sections of the annual report: Management report, Corporate governance statement and Additional information) and other information included in the annual report on the consolidated financial statements, being:
- Cofinimmo at a glance
- Sustainability report; and
- Property report
contain material misstatements, or information that is incorrectly stated or misleading. In the context of the procedures carried out, we did not identify any material misstatements that we have to report to you.
Information about the independence
-
Our audit firm and our network have not performed any engagement which is incompatible with the statutory audit of the consolidated accounts and our audit firm remained independent of the Group during the term of our mandate.
-
The fees for the additional engagements which are compatible with the statutory audit referred to in article 3:65 of the Companies' and Associations' Code were correctly stated and disclosed in the notes to the consolidated financial statements.
European Single Electronic Format (ESEF)
In accordance with the draft standard on the audit of compliance of the annual report with the European Single Electronic Format (hereafter "ESEF"), we have also audited whether the ESEF-format is in accordance with the regulatory technical standards as laid down in the EU Delegated Regulation nr. 2019/815 of 17 December 2018 (hereafter "Delegated Regulation") and the Royal Decree of 14 November 2007 on the obligations of issuers of financial instruments admitted to trading on a regulated market (hereafter the "Royal Decree of 14 November 2007").
The Board of Directors is responsible for the preparation of an annual report, in accordance with the ESEF requirements, including the consolidated financial statements in the form of an electronic file in ESEF format (hereafter "digital consolidated financial statements").
It is our responsibility to obtain sufficient and appropriate information to conclude whether the format of the annual report and the XBRL tagging of the digital consolidated financial statements comply, in all material respects, with the ESEF requirements under the Delegated Regulation and the Royal Decree of 14 November 2007.
In our opinion, based on our work performed, the digital format of the annual report and the tagging of information in the official French version of the consolidated financial statements as per 31 December 2025, included in the annual report of Cofinimmo SA/NV and which will be available in the Belgian official mechanism for the storage of regulated information (STOR) of the FSMA, are, in all material respects, in compliance with the ESEF requirements under the Delegated Regulation and the Royal Decree of 14 November 2007.
Other aspect
- This report is consistent with our additional report to the audit committee on the basis of Article 11 of Regulation (EU) No 537/2014.
Zaventem, 7 April 2026
KPMG Bedrijfsrevisoren - Réviseurs d'Entreprises
Statutory Auditor represented by
Jean-François Kupper
Bedrijfsrevisor / Réviseur d'Entreprises
Cofinimmo | Universal Registration Document 2025
Cofinimmo at a glance
Management report
Sustainability report
Property report
Corporate governance statement
Audited financial statements
Additional information
Abbreviated statutory financial statements
The statutory financial statements of Cofinimmo SA/NV are summarised below in compliance with Article 3:17 of the Companies and Associations Code. This is an abbreviated version. The full version of the statutory financial statements of Cofinimmo SA/NV, the management report and the statutory auditor's report (including an unqualified opinion) relating thereto will be filed to the National Bank of Belgium within the legal deadlines and will be made available free of charge on the company's website (www.cofinimmo.com) or on simple request addressed to the head office.
Comprehensive result (income statement) (abbreviated format)
| (x1,000 EUR) | 2025 | 2024 |
|---|---|---|
| NET RESULT | ||
| I. Rental income (+) | 96,448 | 97,203 |
| II. Writeback of lease payments sold and discounted (+) | 0 | 0 |
| III. Rental-related expenses (+/-) | -6,110 | 11 |
| Net rental income | 90,338 | 97,214 |
| IV. Recovery of property charges (+) | 0 | 0 |
| V. Recovery income of charges and taxes normally payable by the tenant on rented properties (+) | 2,365 | 2,145 |
| VI. Costs payable by the tenant and borne by the landlord on rental damage and redecoration at the end of the lease (-) | 800 | 0 |
| VII. Charges and taxes normally payable by the tenant on rented properties (-) | -2,788 | -2,371 |
| VIII. Other rental income and expenditure (+/-) | 0 | 0 |
| Property result | 90,715 | 96,988 |
| IX. Technical costs (-) | -719 | -2,620 |
| X. Commercial costs (-) | -190 | -260 |
| XI. Taxes and charges on unlet properties (-) | 1 | -1 |
| XII. Property management costs (-) | -17,213 | -15,308 |
| XIII. Other property charges (-) | 0 | 0 |
| Property charges | -18,121 | -18,188 |
| Property operating result | 72,594 | 78,799 |
| XIV. Corporate management costs (-) | -7,377 | -6,560 |
| XV. Other operating income and expenses (+/-) | 0 | 0 |
Cofinimmo
Universal Registration Document 2025
| Cofinimmo at a glance | Management report | Sustainability report | Property report | Corporate governance statement | Audited financial statements | Additional information |
|---|---|---|---|---|---|---|
| (x 1,000 EUR) | 2025 | 2024 | ||||
| --- | --- | --- | ||||
| Operating result before the result on the portfolio | 65,217 | 72,239 | ||||
| XVI. Gains or losses on disposals of investment properties (+/-) | -488 | -667 | ||||
| XVII. Gains or losses on disposals of other non-financial assets (+/-) | 9 | 0 | ||||
| XVIII. Changes in the fair value of investment properties (+/-) | 304 | -28,259 | ||||
| XIX. Other result on the portfolio (+/-) | 1,204 | -3,378 | ||||
| Result on the portfolio | 1,029 | -32,304 | ||||
| Operating result | 66,246 | 39,935 | ||||
| XX. Financial income (+) | 192,840 | 195,860 | ||||
| XXI. Net interest charges (-) | -36,155 | -39,393 | ||||
| XXII. Other financial charges (-) | -9,484 | -6,232 | ||||
| XXIII. Changes in the fair value of financial assets and liabilities (+/-) | 143 | -121,640 | ||||
| Financial result | 147,343 | 28,595 | ||||
| Pre-tax result | 213,589 | 68,530 | ||||
| XXIV. Corporate tax (-) | -1,661 | -1,735 | ||||
| XXV. Exit tax (-) | 0 | 0 | ||||
| Taxes | -1,661 | -1,735 | ||||
| NET RESULT | 211,928 | 66,795 | ||||
| NET RESULT PER SHARE | 5.56 | 1.78 | ||||
| (x 1,000 EUR) | 2025 | 2024 | ||||
| --- | --- | --- | ||||
| STATEMENT OF THE COMPREHENSIVE RESULT | ||||||
| I. Net result | 211,928 | 66,795 | ||||
| II. Other elements of the comprehensive result recyclable in the income statement | 0 | 0 | ||||
| A. Impact on fair value of the estimated transaction costs and rights resulting from the hypothetical disposal of investment properties | 0 | 0 | ||||
| B. Changes in the effective part of the fair value of authorised cash flow hedge instruments as defined under IFRS | 0 | 0 | ||||
| C. Changes in the fair value of financial assets held for sale | 0 | 0 | ||||
| D. Currency translation differences linked to conversion of foreign activities | 0 | 0 | ||||
| E. Actuarial gains and losses of defined benefit pension plans | 0 | 0 | ||||
| F. Income tax relating to 'Other elements of comprehensive result' | 0 | 0 | ||||
| G. Other elements of 'comprehensive result', net of tax | 0 | 0 | ||||
| COMPREHENSIVE RESULT (I + II) | 211,928 | 66,795 |
Cofinimmo | Universal Registration Document 2025
Cofinimmo at a glance
Management report
Sustainability report
Property report
Corporate governance statement
Audited financial statements
Additional information
Appropriations
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| A. NET RESULT | 211,928 | 66,795 |
| B. TRANSFER FROM/TO RESERVES | -13,506 | 169,654 |
| 1. Transfer to the reserve of the balance (positive or negative) of changes in the fair value of property assets (-/+) | -4,836 | 130,278 |
| Financial year | -4,836 | 130,278 |
| Previous years | 0 | 0 |
| Property development | 0 | 0 |
| 2. Transfer to/from the reserve of the estimated transaction costs and rights resulting from the hypothetical disposal of investment properties (-/+) | 0 | 0 |
| 3. Transfer to the reserve of the balance of changes in fair value of authorised hedging instruments to which the hedging accounting defined in IFRS is applied (-) | 0 | 0 |
| Financial year | 0 | 0 |
| Previous years | 0 | 0 |
| 4. Transfer to the reserve of the balance of changes in fair value of authorised hedging instruments to which the hedging accounting defined in IFRS is applied (+) | 0 | 0 |
| Financial year | 0 | 0 |
| Previous years | 0 | 0 |
| 5. Transfer to the reserve of the balance of changes in fair value of authorised hedging instruments to which the hedging accounting defined in IFRS is not applied (-) | 0 | 0 |
| Financial year | 0 | 0 |
| Previous years | 0 | 0 |
| (x 1,000 EUR) | 2025 | 2024 |
| --- | --- | --- |
| 6. Transfer to the reserve of the balance of changes in fair value of authorised hedging instruments to which the hedging accounting defined in IFRS is not applied (+) | 4,389 | 19,621 |
| Financial year | 4,389 | 19,621 |
| Previous years | 0 | 0 |
| 7. Transfer to/from the reserve of the balance of translation differences on monetary assets and liabilities (-/+) | 0 | 0 |
| 8. Transfer to/from the reserve of deferred tax assets relating to real estate located abroad (-/+) | 0 | 0 |
| 9. Transfer to/from the reserve of dividends received for the repayment of financial debts (-/+) | 0 | 0 |
| 10. Transfer from/to other reserves (-/+) | 261 | -154 |
| 11. Transfer from the result carried forward from previous years (-/+) | -13,320 | 19,909 |
| C. REMUNERATION OF THE CAPITAL | -177,268 | -135,607 |
| Remuneration of the capital provided for in Article 13, § 1, first paragraph of the Royal Decree of 13.07.2014 | -177,268 | -135,607 |
| D. REMUNERATION OF THE CAPITAL FOR THE FINANCIAL YEAR - OTHER THAN C. | -21,154 | -100,842 |
| Dividends | -20,782 | -100,476 |
| Profit-sharing scheme | -372 | -366 |
| E. RESULT TO BE CARRIED FORWARD | 192,969 | 178,311 |
The allocation of the result (which will be presented at the next General Meeting) starts with RREC's statutory net result (211.9 million EUR for 2025). Non-cash elements, such as changes in the fair value of property assets and hedging instruments, are allocated to the relevant reserves. Point C then shows the amount resulting from the distribution obligation pursuant to the Royal Decree of 13.07.2014 (see page 258), while point D shows the additional amount proposed for the return of capital. The gross dividend to be proposed to the General Meeting on 13.05.2026 will be 5.20 EUR per share for the 2025 financial year, i.e. 198 million EUR, which is higher than the amount set out in the distribution obligation.
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Statement of financial situation (balance sheet) (abbreviated format)
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| I. Non-current assets | 6,119,416 | 6,048,900 |
| A. Goodwill | 0 | 0 |
| B. Intangible assets | 1,490 | 1,814 |
| C. Investment properties | 1,628,051 | 1,626,069 |
| D. Other tangible assets | 1,841 | 1,955 |
| E. Non-current financial assets | 4,396,908 | 4,324,400 |
| F. Finance lease receivables | 90,751 | 94,285 |
| G. Trade receivables and other non-current assets | 375 | 378 |
| H. Deferred taxes | 0 | 0 |
| II. Current assets | 59,840 | 74,361 |
| A. Assets held for sale | 0 | 0 |
| B. Current financial assets | 794 | 2,014 |
| C. Finance lease receivables | 2,104 | 2,283 |
| D. Trade receivables | 13,408 | 17,466 |
| E. Tax receivables and other current assets | 10,435 | 16,775 |
| F. Cash and cash equivalents | 4,321 | 2,833 |
| G. Deferred charges and accrued income | 28,778 | 32,991 |
| TOTAL ASSETS | 6,179,256 | 6,123,261 |
| (x 1,000 EUR) | 2025 | 2024 |
| --- | --- | --- |
| SHAREHOLDERS' EQUITY | 3,516,202 | 3,540,181 |
| A. Capital | 2,041,523 | 2,041,523 |
| B. Share premium account | 927,938 | 927,938 |
| C. Reserves | 334,813 | 503,925 |
| D. Net result for the financial year | 211,928 | 66,795 |
| LIABILITIES | 2,663,054 | 2,583,080 |
| I. Non-current liabilities | 1,625,116 | 1,800,570 |
| A. Provisions | 28,115 | 26,918 |
| B. Non-current financial debts | 1,585,352 | 1,759,591 |
| a. Credit institutions | 337,416 | 431,776 |
| b. Finance lease | 0 | 0 |
| c. Other | 1,247,936 | 1,327,814 |
| C. Other non-current financial liabilities | 4,487 | 6,863 |
| D. Trade debts and other non-current debts | 0 | 0 |
| E. Other non-current financial debts | 0 | 0 |
| F. Deferred taxes | 7,162 | 7,199 |
| a. Exit tax | 0 | 0 |
| b. Other | 7,162 | 7,199 |
| II. Current liabilities | 1,037,938 | 782,510 |
| A. Provisions | 0 | 0 |
| B. Current financial debts | 989,842 | 718,662 |
| a. Credit institutions | 989,842 | 718,662 |
| b. Finance lease | 0 | 0 |
| c. Other | 0 | 0 |
| C. Other current financial liabilities | 0 | 0 |
| D. Trade debts and other current debts | 42,890 | 57,782 |
| a. Exit tax | 0 | 0 |
| b. Other | 42,890 | 57,782 |
| E. Other current liabilities | 0 | 0 |
| F. Deferred charges and accrued income | 5,206 | 6,066 |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 6,179,256 | 6,123,261 |
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Calculation of the debt-to-assets ratio
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| Liabilities | 2,663,054 | 2,583,080 |
| To be excluded: | -42,931 | -45,118 |
| I. Non-current liabilities | -38,986 | -40,312 |
| Provisions | -28,115 | -26,918 |
| Authorised hedging instruments | -3,709 | -6,195 |
| Deferred taxes | -7,162 | -7,199 |
| II. Current liabilities | -5,206 | -6,066 |
| Provisions | 0 | 0 |
| Authorised hedging instruments | 0 | 0 |
| Accrued charges and deferred income | -5,206 | -6,066 |
| Uncalled amounts of acquired securities | 1,260 | 1,260 |
| Total Debt | 2,620,122 | 2,537,962 |
| Assets | 6,179,256 | 6,123,261 |
| To be excluded: | -58,487 | -65,421 |
| Authorised hedging instruments | -58,487 | -65,421 |
| Total Assets (excluding hedging instruments) | 6,120,769 | 6,057,841 |
| DEBT-TO-ASSETS RATIO | 42.81 % | 41.90 % |
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Obligation to distribute dividends according to the Royal Decree of 13.07.2014 concerning RRECs
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| Net result | 211,928 | 66,795 |
| Depreciation (+) | 1,319 | 1,273 |
| Impairments (+) | 6,110 | 0 |
| Writeback of impairments (-) | 0 | -11 |
| Writeback of lease payments sold and discounted (-) | 0 | 0 |
| Other non-cash elements (+/-) | 6,585 | 21,877 |
| Result on disposal of property assets (+/-) | 480 | 667 |
| Changes in fair value of investment properties (+/-) | -4,836 | 130,278 |
| Corrected result (A) | 221,585 | 220,879 |
| Capital gains and losses realised on property assets during the financial year (+/-) | 1,117 | -39,296 |
| Realised gains on property assets during the year, exempt from the obligation to distribute if reinvested within four years (-)1 | -1,117 | -12,074 |
| Realised gains on property assets previously exempt from the obligation to distribute and that were not reinvested within four years (+) | 0 | 0 |
| Net gains on realisation of property assets not exempt from the distribution obligation (B) | 0 | -51,371 |
| TOTAL (A+B) x 80 % | 177,268 | 135,607 |
| Debt decrease (-) | 0 | 0 |
| OBLIGATION TO DISTRIBUTE DIVIDENDS | 177,268 | 135,607 |
The obligation to distribute dividends according to the Royal Decree of 13.07.2014 is obtained by deducting from the RREC's statutory net result (211.9 million EUR for 2025) the main non-cash elements such as depreciation, changes in the fair value of property assets or changes in the fair value of hedging instruments (included under 'Other non-cash elements'). In addition to these items, the profit or loss on the sale of property assets during the financial year (compared to the fair value at the end of the previous financial year) is, in a first stage, excluded from the distribution obligation (at the level of adjusted profit or loss) in order to include, in a second stage, the financial historical capital gains or losses (compared to the acquisition value) on assets sold during the year. As historical capital gains on assets sold in 2025 are exempt from the distribution requirement if they are reinvested within four years, the adjusted 2025 result (221.6 million EUR) is unaffected. The distribution requirement is therefore equal to 80% of this adjusted result (177.3 million EUR for 2025), unless there is a reduction in debt, which would reduce this requirement (though this was not applicable during the 2025 financial year).
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Reconciliation between balance sheet and balance sheet after proposed appropriation (proforma A) and balance sheet after proposed distribution (proforma B)
| (x 1,000 EUR) | As at 31.12.2025 | Appropriation proposed at the General Meeting of 13.05.2026 | Proforma A 31.12.2025 | Distribution proposed at the General Meeting of 13.05.2026 | Proforma B 31.12.2025 |
|---|---|---|---|---|---|
| Total balance sheet | 6,179,256 | 0 | 6,179,256 | 0 | 6,179,256 |
| Provision | -28,115 | 0 | -28,115 | 0 | -28,115 |
| Liabilities | -2,634,939 | 0 | -2,634,939 | 0 | -2,634,939 |
| Net assets | 3,516,202 | 0 | 3,516,202 | 0 | 3,516,202 |
| Distribution of dividends and profit-sharing plan | 0 | 0 | 0 | -198,422 | -198,422 |
| Net assets after distribution | 3,516,202 | 0 | 3,516,202 | -198,422 | 3,317,780 |
| Capital | 2,041,523 | 0 | 2,041,523 | 0 | 2,041,523 |
| Unavailable share premiums | 356,214 | 0 | 356,214 | 0 | 356,214 |
| Available share premiums | 571,724 | 0 | 571,724 | 0 | 571,724 |
| Reserve of the positive balance of changes in the fair value of property assets | 96,978 | 4,836 | 101,814 | 0 | 101,814 |
| Reserve of the estimated transaction costs and rights resulting from the hypothetical disposal of investment properties | 0 | 0 | 0 | 0 | 0 |
| Reserve of the balance of the changes in the fair value of authorised hedging instruments qualifying for hedge accounting | 0 | 0 | 0 | 0 | 0 |
| Reserve of the balance of the changes in the fair value of authorised hedging instruments not qualifying for hedge accounting | 59,137 | -4,389 | 54,748 | 0 | 54,748 |
| Reserve for treasury shares | -1,287 | 0 | -1,287 | 0 | -1,287 |
| Other reserves declared non-distributable by the general meeting | 336 | -261 | 75 | 0 | 75 |
| Legal reserve | 0 | 0 | 0 | 0 | 0 |
| Result carried forward | 179,649 | 211,742 | 391,392 | -198,422 | 192,969 |
| Annual result | 211,928 | -211,928 | 0 | 0 | 0 |
| Total equity | 3,516,202 | 0 | 3,516,202 | -198,422 | 3,317,780 |
The table above shows the proforma change in equity resulting from the capital allocation and remuneration proposed to the General Meeting on 13.05.2026.
The 'Appropriation' column shows the proposed appropriation for the 2025 financial year, which will be submitted to the next General Meeting (see table of appropriation on page 255). The main items not allocated in 'Result carried forward' are changes in the fair value of property assets and hedging instruments (non-cash elements).
The proposed return on capital (198 million EUR, based on a gross dividend of 5.20 EUR per share for the 2025 financial year) is higher than the amount resulting from the RREC's distribution obligation (177.3 million EUR). This means that Cofinimmo will propose the payment of a dividend higher than the minimum required by the Royal Decree of 13.07.2014.
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Equity that cannot be distributed according to Article 7:212 of the Code of Companies and Associations
| (x1,000 EUR) | 2025 | 2024 |
|---|---|---|
| Total balance sheet | 6,179,256 | 6,123,261 |
| Provision | -28,115 | -26,918 |
| Liabilities | -2,634,939 | -2,556,162 |
| Net assets | 3,516,202 | 3,540,181 |
| Distribution of dividends and profit-sharing plan | -198,422 | -236,449 |
| Net assets after distribution | 3,317,780 | 3,303,733 |
| Paid-up capital or, if greater, subscribed capital | 2,041,523 | 2,041,523 |
| Share premium account unavailable for distribution according to the Articles of Association | 356,214 | 356,214 |
| Reserve of the positive balance of changes in the fair value of property assets | 101,814 | 98,531 |
| Reserve of the estimated transaction costs and rights resulting from the hypothetical disposal of investment properties | 0 | 0 |
| Reserve of the balance of the changes in the fair value of authorised hedging instruments qualifying for hedge accounting | 0 | 0 |
| Reserve of the balance of the changes in the fair value of authorised hedging instruments not qualifying for hedge accounting | 54,748 | 58,741 |
| Reserve for treasury shares | 0 | 0 |
| Other reserves declared non-distributable by the General Meeting | 75 | 692 |
| Legal reserve | 0 | 0 |
| Non-distributable equity according to Article 7:212 of Code of Companies and Associations | 2,554,374 | 2,555,701 |
| Margin remaining after distribution | 763,406 | 748,031 |
The General Meeting of 28.07.2020 decided to reduce the unavailable 'Share Premiums' account by 450,000,000 EUR by transferring to an available 'Share Premiums' account.
Proforma for the allocation and remuneration of capital that will be proposed to the General Meeting of 13.05.2026 (see previous table), the net assets after distribution exceed the non-distributable equity pursuant to Article 7:212 of the Code of Companies and Associations by 763 million EUR. This non-distributable equity consists mainly of paid-up capital, unavailable share premiums (Cofinimmo also has available share premiums that are considered distributable) and fair value reserves for property assets and hedging instruments.
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Statement of changes in shareholders' equity
| (x 1,000 EUR) | At 31.12.2023 | Allocation of the net result | Dividends/ coupons | Share issue | Acquisition/ disposals of treasury shares | Hedging of cash flows | Transfer between distributable reserves and non-distributable reserves on asset disposals | Other | Result of the financial year | At 31.12.2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Capital | 1,970,211 | 0 | 0 | 71,313 | 0 | 0 | 0 | 0 | 0 | 2,041,523 |
| Share premiums | 975,711 | 0 | 0 | 3,598 | 0 | 0 | -51,371 | 0 | 0 | 927,938 |
| Reserves | 732,409 | -51,866 | -228,230 | 0 | 239 | 0 | 51,371 | 4 | 0 | 503,925 |
| Reserve of the balance of changes in the fair value of property assets | 369,917 | -181,803 | 0 | 0 | 0 | 0 | 40,695 | 0 | 0 | 228,808 |
| Reserve of estimated transaction costs resulting from the hypothetical disposal of investment properties | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserve of the balance of changes in the fair value of authorised hedging instruments to which the hedging accounting defined in IFRS is applied | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserve of the balance of changes in the fair value of authorised hedging instruments to which the hedging accounting defined in IFRS is not applied | 145,457 | -67,596 | 0 | 0 | 0 | 0 | 501 | 0 | 0 | 78,363 |
| Distributable reserve | 824 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 824 |
| Non-distributable reserve | -1,789 | 85 | 0 | 0 | 239 | 0 | 0 | 0 | 0 | -1,466 |
| Reserve of the change in the fair value of the convertible bond attributable to the change of 'own' credit risk | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Result carried forward | 218,000 | 197,448 | -228,230 | 0 | 0 | 0 | 10,175 | 4 | 0 | 197,396 |
| Net result of the financial year | -51,866 | 51,866 | 0 | 0 | 0 | 0 | 0 | 0 | 66,795 | 66,795 |
| TOTAL SHAREHOLDERS' EQUITY | 3,626,464 | 0 | -228,230 | 74,910 | 239 | 0 | 0 | 4 | 66,795 | 3,540,181 |
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| (x1,000 EUR) | At 31.12.2024 | Allocation of the net result | Dividends/ coupons | Share issue | Acquisition/ disposals of treasury shares | Hedging of cash flows |
| --- | --- | --- | --- | --- | --- | --- |
| Capital | 2,041,523 | 0 | 0 | 0 | 0 | 0 |
| Share premiums | 927,938 | 0 | 0 | 0 | 0 | 0 |
| Reserves | 503,925 | 66,795 | -236,449 | 0 | 542 | 0 |
| Reserve of the balance of changes in the fair value of property assets | 228,808 | -130,278 | 0 | 0 | 0 | 0 |
| Reserve of estimated transaction costs resulting from the hypothetical disposal of investment properties | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserve of the balance of changes in the fair value of authorised hedging instruments to which the hedging accounting defined in IFRS is applied | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserve of the balance of changes in the fair value of authorised hedging instruments to which the hedging accounting defined in IFRS is not applied | 78,363 | -19,621 | 0 | 0 | 0 | 0 |
| Distributable reserve | 824 | 0 | 0 | 0 | 0 | 0 |
| Non-distributable reserve | -1,466 | 154 | 0 | 0 | 360 | 0 |
| Reserve of the change in the fair value of the convertible bond attributable to the change of 'own' credit risk | 0 | 0 | 0 | 0 | 0 | 0 |
| Result carried forward | 197,396 | 216,539 | -236,449 | 0 | 182 | 0 |
| Net result of the financial year | 66,795 | -66,795 | 0 | 0 | 0 | 0 |
| TOTAL SHAREHOLDERS' EQUITY | 3,540,181 | 0 | -236,449 | 0 | 542 | 0 |
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Contents
Risk factors
EPPA-BPP performance indicators
Appendices to the sustainability report
General information
Additional remarks
Glossary
Nursing and care home - Legazpi (ES)
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Risk factors
Following the 21.07.2019 entry into force of the European Parliament and Council's Regulation (EU) 2017/1129 of 14.06.2017, known as the 'Prospectus' Regulation, in particular its provisions for the presentation of risk factors, this section includes only the specific and most significant risk factors faced by the Cofinimmo Group. The inclusion of each risk factor is based on the probability of its occurrence and the estimated negative impact on the Group. Relevant risk factors are grouped into categories (numbered F.1 through F.5) and sub-categories (numbered F.1.1.1 through F.5.2), they are ranked according to their nature, the most significant risks being listed first within each category. The numbering of the risk factors makes it easier to refer from one factor to another and identify possible interdependencies. The quantified impacts of the various risk factors can be interpreted in light of the Group's 2025 financial results: it is recalled that the Group generated a net result - Group share of 213 million EUR and a net result from core activities - Group share* of 246 million EUR. As at 31.12.2025, the Group's net assets amounted to 3,511 million EUR (i.e. 92.20 EUR per share), the debt-to-assets ratio was 42.8% and contractual rents amounted to 358 million EUR at the same date.
F.1. Risks associated with Cofinimmo's activities and sectors of activity
F.1.1 Economic context
F.1.1.1 Global context
Cofinimmo's activities are conducted in a global context which has undergone multiple upheavals in recent years: following the outbreak of the COVID-19 coronavirus pandemic early 2020, inflation started to rise in Europe in the second half-year of 2021 to reach high levels in 2022 (then to slow down in 2023, 2024 and 2025), which led to changes in nominal interest rates, and war broke out again on the European continent since 2022, followed by the conflict in and around Israel since Q4 2023, and by that in and around Iran in March 2026.
In this respect, the situation in Ukraine and the consequences deriving from the sanctions taken towards Russia, as well as the situation in and around Israel, have no direct impact on the Group's activity nor its financial result, since the Group is not active in these geographical areas (it should be noted that
Finland, which shares a border with Russia, represents 2.7% of the Group's investment properties). The indirect impact of the situation in these geographical areas can be assessed through the following risk factors:
- high inflation and increasing energy prices: risk factors 'F.1.1.2 Leasing market conditions in the Group's operating segments', 'F.1.3.2 Vacancy rate';
- delays or budget overruns in the implementation of development projects: risk factor 'F.1.2.2 Investments subject to conditions';
- increasing interest rates: risk factors 'F 1.1.3 Investment market conditions in the Group's operating segments', 'F.1.1.4 Interest rate volatility', 'F.1.2.1 Negative change in the fair value of property', 'F.2.1 Liquidity risk', 'F.2.2 Contractual obligations and legal parameters', 'F.2.3 Change in the Group's public financial rating'.
In addition, although COVID-19 is no longer a global emergency, a new health crisis remains a possibility. As a reminder, throughout the 'COVID' period, the Group's operational teams remained in close contact with tenants to
ensure the continuity of services and help them get through this difficult period, followed by a period of high inflation. Since then, Cofinimmo continues to review the situation of its counterparties on a case-by-case basis to find a balanced solution where appropriate, taking their objective situation into account. In this context, Cofinimmo recognised write-downs of 2.0 million EUR on trade receivables in 2020, with no equivalent in 2021, those having amounted to 1.4 million EUR in 2022, 0.3 million EUR in 2023, 0.5 million EUR in 2024, and 6.4 million EUR in 2025.
F.1.1.2 Leasing market in the Group's operating segments
The leasing market in the Group's two main operating segments (healthcare real estate in Europe, offices in Belgium, and primarily in Brussels) could experience a fall in demand, over-supply, or the weakening of the financial position of its tenants. The effects of a high inflation rate in Europe could be assessed (see also F.1.3.2) in terms of the weakening financial situation of tenants, in the event that inflation is such that indexed rents (or charges, particularly for energy) become unaffordable for some tenants.
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Potential effects:
- A decrease in net income resulting from an increase in the vacancy rate and associated costs. At 31.12.2025, a 1% increase in the vacancy rate in the healthcare real estate segment would have had an impact of around -2.7 million EUR on the net result – Group share. For offices, the impact would have been -0.6 million EUR.
- Weakening of tenants' solvency and an increase in doubtful accounts reducing the collection of rent and/or expenses charged to the tenants by the owners. At 31.12.2025, trade receivables amount to 28 million EUR (see Note 28 of the consolidated financial statements). In the course of the 2025 financial year, writedowns in the amount of 6.4 million EUR have been recognised, up compared to the 2024 financial year, when it amounted to 0.5 million EUR. An increase in writedowns of 1 million EUR would have represented a decrease in the net result – Group share of 1 million EUR.
- A decrease in the fair value of investment properties (see F.1.2.1 below).
F.1.1.3 Investment market conditions in the Group's operating segments
The investment market in the Group's two main operating segments (healthcare real estate in Europe, offices in Belgium, and primarily in Brussels) currently sees a fall in activity (decrease in the number of transactions, mainly due to the expectation gap between selling and buying real estate investors). This can lead to a reduction in the market price observed by independent real estate valuers for properties comparable to those held by the Group, which would be reflected in the fair value of the investment properties held by the Group.
Potential effect:
- A decrease in the fair value of investment properties (see F.1.2.1 below).
F.1.1.4 Interest rate volatility
Short-term and/or long-term benchmark interest rates may be subject to significant fluctuations in international financial markets, particularly in the context of fluctuating inflation. As at 31.12.2025, half of the 2.6 billion EUR financial debt was concluded at a fixed rate and half at a floating rate. The floating-rate debt is subject to hedging. Considering these hedges and the fixed-rate debt, the interest rate risk was fully hedged at the end of the financial year (position as at 31.12.2025). However, as the financial debt fluctuates on a daily basis, while the fixed rate debt and hedges are determined by the financing and hedging contracts in place at 31.12.2025, the Group remains sensitive to changes in market interest rates on the unhedged portion of the variable rate financial debt. In addition, property investments are usually (ultra) long-term investments and the Group therefore needs to periodically refinance its financial debt (taking into account the Group's target debt-to-assets ratio), which has a shorter maturity than the investments, and/or to enter into new hedging transactions (also with a shorter maturity). Thus, as at 31.12.2025, the anticipated market interest rate risk was fully hedged as part of the long-term interest rate hedging policy. The hedging at each year-end will gradually decrease to nearly 71% (or more) at the end of 2028 based on the outlook of the debt assumptions (hedging ratio of 100% at the end of 2024, 93% at the end of 2025, 87% at the end of 2026, 84% by the end of 2027 and 71% by the end of 2028). The non-hedged part of the financial debt (which fluctuates daily) means that Cofinimmo remains subject to fluctuations in short-term market interest rates. It should also be noted that projected debt may differ from actual debt, which could result in additional exposure to changes in market interest rates.
Potential effects:
- An increase in financial charges in the event of an increase in interest rates, on the debt portion that has been concluded at a floating rate and that would not be hedged, and therefore a decrease in net assets per share. In 2026, assuming that the debt structure and level remain identical to those at 31.12.2025, and disregarding the hedging instruments put in place, an increase in interest rates of 50 basis points would result in an increase of 28 basis points in the financing costs, a decrease of the net result – Group share of 7.4 million EUR and a decrease in net assets per share of 0.20 EUR. Taking into account the hedging instruments put in place, an increase in interest rates of 50 basis points would not have a noticeable impact.
- A change in the fair value of financial instruments in the event of a change in interest rates, and hence a change in the net result – Group share and in net assets per share. In 2026, a negative change in the fair value of financial instruments of 1 million EUR would represent a decrease in the net result – Group share of 1 million EUR and a decrease in net assets per share of 0.03 EUR. A positive change would have an opposite effect of the same magnitude.
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F.1.1.5 Situation of some healthcare operators
The effects of the situation of some healthcare operators can be assessed from different angles that fit into the risk factor analysis:
- in terms of leasing market conditions in the Group's operating segments (see F.1.1.2): in the event that the occupancy rate of the said operators should durably be affected and/or as a result of an increase in their operating or financial expenses;
- in terms of concentration risk (see F.1.3.1): in the event that some of the Group's current tenants be involved in a business combination;
- in terms of vacancy rate (see F.1.3.2): in the event of early termination of leases;
- in terms of changes to social security schemes (see F.3.2): in the event that the legal framework in which these operators operate should change in a way that it becomes unfavourable to their development or to the respect of their existing commitments towards the owners of the properties they operate;
- in terms of lack of sustainability transparency (see F.5.2): in the event of a contagion effect on the reputation of Cofinimmo and/or the other owners of properties operated by these tenants.
In this instance, Colisée has had its financial ratings downgraded by Standard & Poor's (from B- to CCC- on 18.03.2025 with a negative outlook) and Moody's (from B3 to Caa2 on 21.03.2025 with a negative outlook) and has reportedly asked the holders of its financial debt ('Term Loan B' of 1,165 million EUR) to be able to defer the next interest payment originally due on 11.04.2025. With the 30-day period from the initial payment date having expired, Standard & Poor's downgraded Colisée's long-term credit rating to 'SD' (selective default) on 12.05.2025, in accordance with its methodology, due to the delay of more than 30 days in the payment of interest. Colisée was then granted an extension to pay the interest due in August 2025. Following this agreement, Standard & Poor's upgraded its financial rating to CCC- on 14.05.2025, with a positive outlook. Following an accelerated safeguard procedure in December 2025, Colisée announced (in their press release dated 08.12.2025) that it had obtained almost unanimous approval from its financial partners for a global refinancing. This will enable a one-third reduction in net debt and extend the maturity of senior debt to 2031. As part of this process, certain senior lenders will become new shareholders of Colisée. The final agreement is scheduled for April 2026. In light of the anticipated reduction in creditors' claims and the deferral of interest payments until the agreement is signed, Moody's upgraded its rating to Ca with a stable outlook on 09.01.2026 (updated on 16.01.2026). In addition, the underlying estimated occupancy rate of Colisée's relevant sites for 2025 is above the estimated average for Cofinimmo's relevant healthcare real estate portfolio in each of the three countries. The rents contractually due to Cofinimmo have been paid, in all geographies.
At the end of 2025, and the beginning of 2026, the press reported on financial difficulties in the healthcare sector. The rents contractually owed by some operators to Cofinimmo that had not been paid by 31.12.2025 were subject to a writedown.
In addition, Cofinimmo continues to review the situation of its counterparties on a case-by-case basis to find, where appropriate, a balanced solution taking their actual situation into account.
As a regulated real estate company, Cofinimmo is in no way involved in the operation of the sites leased to healthcare operators. The occupancy rate is managed by the operator of the sites, and the rents are independent of the local occupancy rate or the financial performance, within the framework of long-term contracts (see pages 48 to 51 of chapter 'Composition of the consolidated portfolio' for more details on diversification in terms of tenant and geography).
F.1.2 Property portfolio
F.1.2.1 Negative change in the fair value of property
The market value of the Group's investment properties, as reflected by the fair value recognised in the balance sheet, is subject to changes and depends on various factors. Some of these factors are outside the Group's scope of action, such as a decrease in demand and occupancy rate in the Group's operating real estate segments, a change in interest rates in the financial markets, or an increase in real estate transfer tax taken into account in the Group's operating geographical areas. Other factors also play a role in the valuation of investment properties, such as their technical condition, commercial positioning, or the investment budgets necessary for proper functioning and marketing. A significant negative change in the fair value of investment properties from one period to another would represent a significant loss in the Group's income statement, with an adverse effect on its net assets and debt-to-assets ratio. A high level of inflation in Europe, leading to an increase in nominal interest rates, would likely generate changes in the fair value of buildings that could be positive (as a result of inflation) or negative (as a result of nominal interest rates).
Potential effects:
- At 31.12.2025, a 1% change in value would have had an impact of around 60.9 million EUR on the net result (compared to 60.0 million EUR at 31.12.2024), 1.60 EUR on the net assets value per share* (compared to 1.58 EUR at 31.12.2024) and 0.41% on the debt-to-assets ratio (compared to 0.41% at 31.12.2024).
- If the cumulative changes in the fair value of properties (representing a cumulative unrealised gain of 102 million EUR as at 31.12.2025) were to be reduced to a cumulative unrealised loss in value of -763 million EUR (which would mean a writedown of 865 million EUR), the Group would be partially or totally unable to pay dividends. The amount of 763 million EUR results from the application of Article 7:212 of the Code of Companies and Associations (see page 260 of this document). It includes, in particular, distributable share premiums (of about 572 million EUR) and is understood to be after the effect of the distribution in 2026 of the proposed dividend for the 2025 financial year.
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F.1.2.2 Investments subject to conditions
Some investments announced by the Cofinimmo Group are subject to conditions, particularly for (re)construction, renovation, extension and acquisition projects that have not yet been formally completed. The committed investment programme represents 78 million EUR still to be made in 2026 (85 million EUR) and after 2026 (13 million EUR), mainly in healthcare real estate (detailed on page 3) for healthcare real estate). The main condition for each of these projects to contribute to the result in accordance with the announcements made at the time of their conclusion is that the project is completed. A project for which construction has not yet started is also usually subject to obtaining the necessary permits.
Potential effect:
- Insofar as the return generated by these investments is already reflected in the outlook (see also F.4 below) and in the market price of Cofinimmo shares, the outlook and the share price are exposed to risk in the event of significant delay or failure to make the said investments.
F.1.3 Customers
F.1.3.1 Concentration risk
Concentration risk is assessed for buildings, locations, and (groups of) tenants or operators. As at 31.12.2025, the Cofinimmo Group had a diversified customer base (approximately 213 tenants or operators), of which nearly 70 groups of operators-tenants in healthcare real estate. In 2025, the Group's five main (groups of) tenants or operators generated 44.7% of gross rental income. The two main (groups of) tenants or operators accounted respectively for 15.6% (Clariane Group) and 9.3% (AB InBev) of this income. Furthermore, the public sector generated 6.9% of gross rental income.
Potential effects:
- Significant reduction in rental income and hence net result - Group share, and net assets per share* in the event of the departure of major tenants or operators.
-
Collateral effect on the fair value of investment properties (see F.1.2.1 above).
-
Non-compliance with the diversification obligations provided for by the RREC legislation, which mandates that 'no transaction carried out by a public RREC can have the effect that more than 20% of its consolidated assets are placed in real estate assets (...) that form a single set of assets, or increase this proportion further, if it is already higher than 20%, irrespective of the cause of the initial exceedance of this percentage'. A set of assets is defined as 'one or more buildings or assets (...) whose investment risk is to be considered as a single risk for the public RREC' (Article 30 of the RREC Act). The fair value of investment properties operated by entities of Clariane Group and AB InBev represents respectively 13.7% and 7.0% of the consolidated assets.
F.1.3.2 Vacancy rate
A vacancy may arise in the event of non-renewal of expiring lease contracts, early termination, or unforeseen events, such as tenant/operator bankruptcies (see chapter 'Composition of the consolidated portfolio'). Given the high occupancy rate observed as at 31.12.2025 in the Group's operating sectors (healthcare real estate: 99.4%; offices: 92.8%; property of distribution networks: 99.6%; Group: 98.4%), the risk of future vacancies is naturally greater than the opportunity to increase the occupancy rate in each of these segments. The effects of a high level of inflation in Europe could also be assessed (see F.1.1.2) in terms of vacancy rate, in the event that inflation should be such that it makes indexed rents unaffordable for some tenants and would therefore increase vacancy rate.
Potential effect:
- As at 31.12.2025, a 1% increase in the vacancy rate at the Group level would have had an impact of about 3.6 million EUR on the net result - Group share, excluding amounts normally borne by tenants/operators and marketing costs borne by the Group.
F.2 Risks related to Cofinimmo's financial situation
F.2.1 Liquidity risk
Cofinimmo's investment strategy is largely based on its ability to raise funds, whether borrowed capital or shareholder's equity. This ability depends particularly on circumstances that Cofinimmo does not control (such as the state of international capital markets, banks' ability to grant credit, market participants' perception of the Group's solvency, market participants' perception of real estate in general and the Group's operating segments in particular). The Group could therefore encounter difficulties in obtaining financing necessary for growth or for the exercise of its activities. Cofinimmo monitors liquidity risk on an ongoing basis by keeping a close eye on the debt-to-assets ratio, headroom on committed credit lines, its ability to sell assets, interest rate hedging, the cost of debt and the net result from core activities - Group share (in absolute terms and per share), while maintaining an ongoing dialogue with investors in the capital markets and with its network of banking institutions. As at 31.12.2025, Cofinimmo's financial debt consisted mainly of bonds, commercial paper and bank loans. This debt was fully hedged, resulting in an average cost of debt, including bank margins, of 1.5%. In addition, the maturities for the years 2025 and 2026 have been limited to approximately 22% of total financing. The chapter 'Financial resources management' of this document details the Group's financing strategy and how it is implemented. It also presents the Group's debt structure and a timetable of financial commitments.
Potential effects:
- Inability to finance acquisitions or development projects.
- Financing at a higher cost than expected, with an impact on the net result - Group share, and hence on net assets per share*.
- Inability to meet the Group's financial commitments (operating activities, interest or dividend payments, repayment of maturing debts, etc).
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F.2.2 Contractual obligations and legal parameters
Cofinimmo Group is contractually or statutorily obliged to comply with certain obligations and certain parameters or ratios, particularly within the framework of its contracted credit agreements. Non-compliance with these commitments, parameters, or ratios entails risks for the Group. The main legal obligations, parameters, or ratios are specified in regulations on regulated real estate companies (Belgian Law of 12.05.2014 and Royal Decree of 12.07.2014).
The most relevant elements for risk factors are the debt-to-assets ratio (limited to 65% by regulations and 60% by credit agreements) and the assessment of concentration (see F.1.3.1 above).
Potential effects:
- Penalties imposed by the regulator in the event of non-compliance with legal obligations or the resulting parameters or ratios.
- Loss of confidence from the Group's credit providers, or even the arising of early repayment obligations for some or all loans. Almost all of the debt instruments (representing 3.6 billion EUR as at 31.12.2025) are indeed subject to acceleration or cross-default clauses.
F.2.3 Change in the group's public financial rating
Cofinimmo Group has a public financial rating determined by an independent rating agency. This rating may be adjusted at any time. Standard & Poor's ('S&P') granted Cofinimmo a BBB rating between May 2012 and May 2013. The rating was then reduced to BBB-between May 2013 and May 2015. Since 2015, Cofinimmo has benefited from a BBB rating for the long term (stable outlook) and A-2 for the short term (confirmed on 25.03.2025, and subject to a report published on 16.04.2025). In addition, S&P placed Cofinimmo's rating on 'Positive Watch' on 04.06.2025, following the press release published by Cofinimmo on 03.06.2025 regarding its proposed combination with Aedifica, and this positive outlook has been reiterated by S&P on 05.11.2025. Cofinimmo's rating was indeed upgraded by one notch (BBB+) on 16.03.2026.
Potential effects:
- A rating downgrade would have a direct effect on the Group's financing cost, and therefore on the net result - Group share, and on the net assets per share*.
- A rating downgrade could also have an indirect effect on credit providers' willingness to lend to Cofinimmo, on its financing cost, or on its ability to finance its growth and activities.
F.2.4 Risks arising in the event of a change of control
Most of the loan agreements (syndicated loan, bilateral loans, bonds, etc.) concluded by Cofinimmo Group include a so-called 'change of control' clause. This ensures that in the event of a change of control of Cofinimmo SA/NV (or more precisely in the event of the takeover of Cofinimmo SA/NV), lenders have the option to cancel the loans granted and require early repayment. Belgium, and the RRECs in particular, have seen two recent examples: the acquisition of control of 100% of the shares and delisting of Befimmo on 06.01.2023, then Intervest on 25.04.2024. Since the beginning of May 2025, Cofinimmo is concerned by a similar issue (proposed combination with Aedifica through a public exchange offer). This project is effective since 10.03.2026, and Aedifica holds since then 80% of Cofinimmo's capital.
Potential effect:
- Early repayment of loans, to be financed by significant asset disposals, shareholder's equity contributions in cash, or new financing, it should be noted that, as part of the proposed combination with Aedifica, Cofinimmo obtained waivers (or did not need to get any) for approximately 90% of the long-term committed credit lines granted by banks (situation detailed in the response memo included in the prospectus dated 29.01.2026). At the time of change of control (10.03.2026), the long-term committed credit lines were reduced by 165 million EUR, and will be further reduced by an additional tranche of 100 million EUR six months after the actual date of the change of control. Conversely, the bond debt did not require any waivers, given the expected stability (or even improvement) of the published financial rating, e de Cofinimmo (see F.2.3 above).
F.3 Legal and regulatory risks
F.3.1 RREC, FIIS, SIIC, SOCIMI, FII and UK-REIT regimes
Cofinimmo and some of its subsidiaries have the particular tax status in some countries of regulated real estate company ('RREC', qualified as public in the case of Cofinimmo SA/NV, and institutional in the case of certain subsidiaries), specialised real estate investment funds ('FIIS'), of listed real estate investment company ('SIIC'), of sociedades cotizadas de inversión en el mercado inmobiliario ('SOCIMI'), of fundi di investimento immobiliari ('FII') and of UK real estate investment trust (UK-REIT since 01.01.2026). These statuses are reflected in tax transparency for part of the Group's activities in Belgium, France, Spain and Italy. They are granted subject to the fulfilment of a series of conditions determined by the Belgian Law of 12.05.2014 ('RREC Act') and the Royal Decree of 12.07.2014 ('RREC Royal Decree'); together comprising the 'RREC legislation', the Royal Decree of 09.11.2016 on specialised real estate investment funds and the French, Spanish and Italian legislations. There is therefore a risk of non-compliance of the Group's activities with these regulatory requirements. In addition, legislation may be subject to change by the legislator (see chapter 'General information' on page 314).
Furthermore, when a Belgian company under common law is absorbed by a RREC, or obtains the status of SIRI or FIIS, it is liable for an exit tax on its unrealised capital gains and tax-exempt reserves, at a rate lower than the common law tax rate. The exit tax is calculated in accordance with the provisions of Belgian circular CJJH.423/567.729 of 23.12.2004, the interpretation or practical application of which may be modified at any time. The real value of a property as referred to in the circular is calculated after deduction of real estate transfer tax or VAT. This real value differs from (and may therefore be lower than) the fair value of the property (determined according to the IFRS standards) as provided in the balance sheet of Cofinimmo.
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Potential effects:
- In the event of non-compliance, the sanctions may go as far as the loss of the status in question, including losing the tax transparency benefit. This would cause a significant reduction in the net result – Group share, and the net assets per share*, as well as an obligation to early repayment of a large number of loans.
- A decrease in the net result – Group share, and the net assets per share*, in the event of an unfavourable legislative change.
- An increase in the revenue base on which the exit tax is calculated, decreasing the net result – Group share, and the net assets per share*.
F.3.2 Changes to social security schemes
In healthcare real estate (accounting for 75% of contractual rents and 77% of investments properties), the income of tenants/operators is often derived from subsidies provided by the local social security scheme, at least partially, whether directly or indirectly. These schemes depend on national, regional or local authorities, and are subject to reform from time to time.
Potential effects:
- A reduction in the healthcare real estate tenants/operators' solvency in the geographical area affected by any unfavourable reform, with an adverse impact on their ability to honour commitments to Cofinimmo (see F.1.1.2 above).
- A decrease in the fair value of part of the investment properties and hence of the net assets per share* (see F.1.2.1 above).
F.3.3 Preventive double taxation agreement between Belgium and France
As at 31.12.2025, the preventive double taxation agreement signed on 09.11.2021 between Belgium and France was not ratified by all competent levels of power. The impact of this agreement, once ratified, could be an increase in the 'branch tax' of Cofinimmo's French branch tax result to bring it to 25% (compared to 5% currently). The agreement being applicable the year following its ratification by all parties, the increase in 'branch tax' will not be due in 2026 for the 2025 result.
Potential effect:
- Upon its ratification, at the earliest in 2026, the new agreement will be applicable (at the earliest) in 2027 and the increase in the 'branch tax' that would be due in 2027 on the 2026 result could represent an additional (non-budgeted) yearly expense of around 5 million EUR, i.e. 0.13 EUR per share.
F.4 Risks relating to internal control
An inadequate internal control system may prevent the parties concerned (Internal Auditor, Compliance Officer, Risk Officer, Executive Committee, Audit Committee, Board of Directors) from performing their duties, which could jeopardise the effectiveness of internal control (see chapter 'Corporate governance principles', section 'Internal control and risk management'). In this respect, Cofinimmo voluntarily publishes guidance (in particular on the net result from core activities - Group share - per share* and dividend per share), this guidance is subject to risks relating to internal control.
Potential effects:
- The company would not be managed in an orderly and conservative manner, endangering the optimal allocation of resources.
- Shortcomings in terms of risk management, cybersecurity included, could lead to poor protection of the company's assets.
- Lack of integrity and reliability of financial and management data.
- Shortcomings in terms of compliance with legislation (in particular regarding Article 17 of the RREC Act), as well as internal management procedures and directives.
F.5 Risks related to sustainability
F.5.1 Building sustainability
The attractiveness of the Cofinimmo Group's asset portfolio depends in particular on their sustainability (location, energy intensity, proximity to transport modes, etc.) and their resilience to climate change (see section 'Sustainability strategy' of this document). Shortcomings in this area are likely to discourage potential tenants/operators or potential buyers. Transitional and physical climate-related risks are likely to affect the fair value of properties either positively (in which case they are referred to as a 'green premium') or negatively (in which case they are referred to as a 'brown discount').
Potential effects:
- Vacancy rate (see F.1.3.2 above).
- Negative change in the fair value of properties (see F.1.2.1 above), in the event of a 'brown discount'.
F.5.2 Sustainability transparency
Corporate sustainability aspects (previously grouped under the abbreviation 'ESG') are particularly important, both in terms of the general public opinion and for private or institutional investors. These cover many aspects, for example, the effects of the company's activities on the environment, the community and governance, that are assessed according to reference frameworks that are not yet fully defined or standardised, or that are not yet recognised by all stakeholders. There may therefore be a risk of a perceived lack of transparency in some of these aspects.
Potential effects:
- A deterioration of the Group's reputation among various stakeholders.
- Difficulty accessing capital market (debt and equity).
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EPRA BPR performance indicators¹
EPRA – Performance indicators
| Definition | 31.12.2025 | 31.12.2024 | |||
|---|---|---|---|---|---|
| (x 1,000 EUR) | EUR/share | (x 1,000 EUR) | EUR/share | ||
| 1 EPRA Earnings* | Current result from strategic operational activities. | 245,630 | 6.45 | 243,840 | 6.50 |
| Diluted EPRA Earnings* | Current result from strategic operational activities taking into account financial instruments with a potential dilutive impact at the closing date. | 245,630 | 6.45 | 243,840 | 6.50 |
| 2 EPRA NRV* | The EPRA Net Reinstatement Value (NRV) assumes that the company will never sell its assets, and provides an estimate of the amount required to reconstitute the company. | 3,861,301 | 101.39 | 3,861,326 | 101.41 |
| EPRA NTA* | The EPRA Net Tangible Assets (NTA) assumes that the company acquires and disposes assets, of which would result in the materialisation of certain deferred taxes that cannot be avoided. | 3,541,428 | 92.99 | 3,545,437 | 93.11 |
| EPRA NDV* | The EPRA Net Disposal Value (NDV) represents the value accruing to the company's shareholders in a scenario of disposal of its assets, resulting in the settlement of deferred taxes, the liquidation of financial instruments and the recognition of other liabilities for their maximum amount, all net of taxes. | 3,624,690 | 95.17 | 3,678,927 | 96.62 |
| Definition | 31.12.2025 | 31.12.2024 | |||
| --- | --- | --- | --- | ||
| 3 EPRA Net Initial Yield (NIY)* | Annualised gross rental income based on the passing rents at the closing date, less property charges, divided by the market value of the portfolio, increased with estimated transaction costs resulting from the hypothetical disposal of investment properties. | 5.4 % | 5.4 % | ||
| EPRA 'topped-up' NIY* | This measure incorporates an adjustment to the EPRA NIY in respect of the expiration of rent-free periods and other incentives. | 5.6 % | 5.6 % | ||
| 4 EPRA Vacancy Rate* | Estimated Rental Value (ERV) of vacant space divided by the ERV of the total portfolio. | 17 % | 15 % | ||
| 5 EPRA Cost Ratio (including direct vacancy costs)* | Administrative/operational expenses per the IFRS income statement, including the direct costs of vacant buildings, divided by the gross rental income, less ground rent costs. | 18.4 % | 19.8 % | ||
| EPRA Cost Ratio (excluding direct vacancy costs)* | Administrative/operational expenses per the IFRS income statement, less the direct costs of vacant buildings, divided by the gross rental income, less ground rent costs. | 16.3 % | 17.3 % | ||
| 6 EPRA LTV* | Debt divided by the market value of the properties. | 41.9 % | 42.2 % | ||
| 7 EPRA LFL | Like-for-like gross rental income growth compares the growth of the gross rental income of the portfolio that has been consistently in operation, and not under development, during the 2 full preceding periods that are described. | 2.9 % | 1.7 % | ||
| 8 EPRA Capex (x 1,000,000 EUR) | Capitalised expenses for the financial period. | 131 | 140 |
¹ Data not required by RREC regulations and not subject to government control. The auditor has verified that EPRA Earnings, EPRA NRV, EPRA NTA, EPRA NDV, EPRA Cost Ratios, EPRA LTV, EPRA LFL and EPRA Capex have been calculated in accordance with the definitions set out in the EPRA Best Practices Recommendations and that the financial data used to calculate these ratios are consistent with the accounting data in the audited consolidated financial statements.
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EPRA Earnings and EPRA Earnings Per Share (EPS)1
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| Earnings per IFRS income statement | 213,463 | 63,889 |
| Adjustments to calculate EPRA Earnings*, to exclude: | 32,167 | 179,951 |
| (i) Changes in fair value of investment properties and assets held for sale | 2,088 | 128,481 |
| Changes in fair value of investment properties | -1,870 | 123,290 |
| Writeback of rents earned but not expired (other result on the portfolio) | 2,703 | 4,608 |
| Others (other result on the portfolio) | 1,255 | 583 |
| (ii) Gains or losses on disposal of investment properties and other non-financial assets | -328 | 15,582 |
| (iii) Gains or losses on disposal of trading properties including impairment charges in respect of trading properties | 0 | 0 |
| (iv) Tax on gains or losses on disposals | 0 | 0 |
| (v) Goodwill impairment (other result on the portfolio) | 0 | 0 |
| (vi) Changes in fair value of financial instruments | 9,628 | 28,345 |
| (vii) Costs & interest on acquisitions and joint ventures | 0 | 0 |
| (viii) Adjustments related to funding structure | 0 | 0 |
| (ix) Adjustments related to non-operating and exceptional items | 1,390 | 0 |
| Net realised gains on disposal of finance lease receivables and similar items | -3,330 | 0 |
| Non-recurring effects arising from the potential combination with Aedifica | 4,719 | 0 |
| (x) Deferred taxes in respect of EPRA adjustments (other result on the portfolio) | 9,711 | 2,323 |
| (xi) Adjustments related to joint ventures | 12,011 | 2,998 |
| (xii) Minority interests in respect of the above adjustments | -2,333 | 2,222 |
| EPRA Earnings* | 245,630 | 243,840 |
| Number of shares | 38,080,889 | 37,523,642 |
| EPRA EPS* (in EUR/share) | 6.45 | 6.50 |
| Diluted EPRA Earnings* | 245,630 | 243,840 |
| Diluted number of shares | 38,080,889 | 37,523,642 |
| Diluted EPRA EPS* (in EUR/share) | 6.45 | 6.50 |
1 The summary and the comments on the consolidated income statements are on pages 62-63 of this document.
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EPRA Net Asset Value*
| (x 1,000 EUR) | 2025 | 2024 | ||||
|---|---|---|---|---|---|---|
| EPRA NRV* | EPRA NTA* | EPRA NDV* | EPRA NRV* | EPRA NTA* | EPRA NDV* | |
| IFRS equity attributable to the parent company shareholders | 3,511,286 | 3,511,286 | 3,511,286 | 3,534,991 | 3,534,991 | 3,534,991 |
| Includes/Excludes: | ||||||
| i) Hybrid instruments | 0 | 0 | 0 | 0 | 0 | 0 |
| Diluted net asset value (NAV) | 3,511,286 | 3,511,286 | 3,511,286 | 3,534,991 | 3,534,991 | 3,534,991 |
| Includes: | ||||||
| ii.a) Revaluation of investment properties available for rent (if the IAS 40 cost model is applied) | 0 | 0 | 0 | 0 | 0 | 0 |
| ii.b) Revaluation of investment properties (if the IAS 40 cost model is applied) | 0 | 0 | 0 | 0 | 0 | 0 |
| ii.c) Revaluation of other non-current investments | 0 | 0 | 0 | 0 | 0 | 0 |
| iii) Revaluation of finance lease receivables | 30,823 | 30,823 | 30,823 | 30,066 | 30,066 | 30,066 |
| iv) Revaluation of assets held for sale | 0 | 0 | 0 | 0 | 0 | 0 |
| Diluted NAV at fair value | 3,542,109 | 3,542,109 | 3,542,109 | 3,565,057 | 3,565,057 | 3,565,057 |
| Excludes: | ||||||
| v) Deferred taxes relating to revaluations of investment properties at fair value | 55,872 | 55,872 | 0 | 46,148 | 46,148 | 0 |
| vi) Fair value of financial instruments | -55,061 | -55,061 | 0 | -63,954 | -63,954 | 0 |
| vii) Goodwill resulting from deferred taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| viii.a) Goodwill according to IFRS balance sheet | 0 | 0 | 0 | 0 | 0 | 0 |
| viii.b) Intangible assets according to IFRS balance sheet | 0 | -1,490 | 0 | 0 | -1,814 | 0 |
| Includes: | 0 | 0 | 0 | 0 | 0 | 0 |
| ix) Fair value of fixed interest rate debt | 0 | 0 | 82,582 | 0 | 0 | 113,870 |
| x) Revaluation of intangible assets at fair value | 0 | 0 | 0 | 0 | 0 | 0 |
| xi) Real estate transfer taxes | 318,382 | 0 | 0 | 314,075 | 0 | 0 |
| NAV | 3,861,301 | 3,541,428 | 3,624,690 | 3,861,326 | 3,545,437 | 3,678,927 |
| Diluted number of shares | 38,084,819 | 38,084,819 | 38,084,819 | 38,077,919 | 38,077,919 | 38,077,919 |
| NAV per share (in EUR/share) | 101.39 | 92.99 | 95.17 | 101.41 | 93.11 | 96.62 |
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EPRA Net Initial Yield (NIY)1 and EPRA 'topped-up' NIY
| (x1,000,000 EUR) | 2025 | 2024 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Healtcare Real Estate | Offices | Property of distribution networks | Grand total consolidated portfolio | Healtcare Real Estate | Offices | Property of distribution networks | Grand total consolidated portfolio | |||||||||
| BE | FR | NL | DE | Other | BE | FR | NL | DE | Other | |||||||
| Investment properties at fair value | 1,596.5 | 666.9 | 486.9 | 935.7 | 994.8 | 925.5 | 478.8 | 6,085.1 | 1,593.5 | 682.4 | 486.7 | 888.9 | 949.5 | 928.3 | 471.0 | 6,000.3 |
| Assets held for sale | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -6.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -6.4 |
| Development projects | -31.1 | 0.0 | 0.0 | -39.3 | -108.5 | -44.1 | -6.5 | -229.5 | -15.0 | 0.0 | -7.4 | -8.3 | -119.7 | -104.1 | -6.5 | -261.0 |
| Properties available for lease | 1,565.4 | 666.9 | 486.9 | 896.4 | 886.3 | 881.4 | 472.3 | 5,855.6 | 1,578.5 | 676.0 | 479.3 | 880.7 | 829.9 | 824.2 | 464.5 | 5,732.9 |
| Estimated transfer costs and rights resulting from the hypothetical disposal of investment properties | 39.1 | 47.1 | 53.2 | 65.6 | 33.8 | 22.0 | 49.9 | 310.7 | 39.5 | 43.6 | 52.0 | 64.6 | 33.5 | 20.6 | 52.7 | 306.6 |
| Gross up completed property portfolio valuation | 1,604.5 | 714.0 | 540.1 | 962.0 | 920.1 | 903.4 | 522.2 | 6,166.3 | 1,617.9 | 719.6 | 531.3 | 945.3 | 863.3 | 844.8 | 517.2 | 6,039.5 |
| Annualised gross rental revenues | 92.4 | 43.4 | 31.0 | 48.8 | 47.9 | 51.1 | 35.1 | 349.8 | 89.0 | 43.3 | 30.5 | 48.5 | 44.8 | 49.0 | 35.0 | 340.1 |
| Property charges | 0.3 | -0.5 | -2.4 | -4.6 | -2.7 | -2.6 | -1.4 | -13.9 | -0.4 | -0.4 | -2.2 | -3.5 | -2.6 | -3.0 | -1.3 | -13.4 |
| Annualised net rental revenues | 92.7 | 43.0 | 28.7 | 44.2 | 45.3 | 48.5 | 33.6 | 335.9 | 88.6 | 42.9 | 28.3 | 45.0 | 42.2 | 45.9 | 33.7 | 326.7 |
| Rent-free periods expiring within 12 months and other lease incentives | 1.8 | 0.0 | 0.5 | 1.8 | 1.4 | 2.8 | 0.0 | 8.3 | 4.3 | 0.2 | 1.0 | 1.3 | 1.8 | 2.3 | 0.0 | 10.9 |
| Topped-up annualised net rental income | 94.5 | 43.0 | 29.1 | 46.0 | 46.7 | 51.3 | 33.6 | 344.2 | 92.9 | 43.1 | 29.3 | 46.4 | 44.0 | 48.2 | 33.7 | 337.7 |
| EPRA NIY* | 5.8 % | 6.0 % | 5.3 % | 4.6 % | 4.9 % | 5.4 % | 6.4 % | 5.4 % | 5.5 % | 6.0 % | 5.3 % | 4.8 % | 4.9 % | 5.4 % | 6.5 % | 5.4 % |
| EPRA 'topped-up' NIY* | 5.9 % | 6.0 % | 5.4 % | 4.8 % | 5.1 % | 5.7 % | 6.4 % | 5.6 % | 5.7 % | 6.0 % | 5.5 % | 4.9 % | 5.1 % | 5.7 % | 6.5 % | 5.6 % |
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EPRA Vacancy Rate*1
| (x 1,000 EUR) | 2025 | 2024 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Healthcare real estate | Offices | Property of distribution networks | Grand total consolidated portfolio | Healthcare real estate | Offices | Property of distribution networks | Grand total consolidated portfolio | |||||||||
| BE | FR | NL | DE | Other | BE | FR | NL | DE | Other | |||||||
| Estimated rental value of vacant space (A) | 0 | 280 | 173 | 1,179 | 0 | 4,194 | 157 | 5,983 | 0 | 280 | 195 | 1,179 | 0 | 3,393 | 147 | 5,194 |
| Estimated rental value of the whole portfolio (B) | 87,754 | 44,259 | 32,647 | 52,255 | 51,631 | 53,640 | 30,836 | 353,021 | 87,031 | 44,585 | 31,887 | 51,717 | 47,286 | 49,823 | 30,544 | 342,874 |
| EPRA Vacancy Rate* (A/B) | 0.0 % | 0.6 % | 0.5 % | 2.3 % | 0.0 % | 7.8 % | 0.5 % | 1.7 % | 0.0 % | 0.6 % | 0.6 % | 2.3 % | 0.0 % | 6.8 % | 0.5 % | 1.5 % |
EPRA LFL²
| (x 1,000 EUR) | 2025 | 2024 | 2025 | 2024 | 2025 | 2025 | 2024 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Average fair value of properties available for rent corresponding to gross rental income at comparable scope | Gross rental income - at current scope | Acquisitions | Disposals | Other | Regularisation of rental income related to previous periods | Change in the gross rental income - at comparable scope | Gross rental income - at current scope | Gross rental income - at comparable scope | Gross rental income - at comparable scope | Like-for-like gross rental income (%) | Like-for-like gross rental income (%) | |
| Healthcare real estate | 4,442,583 | 263,984 | 3,675 | -6,942 | -1,065 | 0 | 7,221 | 266,872 | 255,501 | 262,721 | 2.8 % | 1.6% |
| Healthcare real estate Belgium | 1,565,365 | 95,553 | 173 | -3,916 | -1,065 | 0 | 2,668 | 93,413 | 91,213 | 93,881 | 2.9 % | 1.5% |
| Healthcare real estate France | 665,208 | 42,684 | 675 | -700 | 0 | 0 | 1,283 | 43,941 | 41,380 | 42,663 | 3.1 % | 2.0% |
| Healthcare real estate The Netherlands | 478,144 | 32,098 | 560 | -2,326 | 0 | 0 | 1,134 | 31,467 | 29,258 | 30,392 | 3.9 % | 2.0% |
| Healthcare real estate Germany | 896,420 | 48,883 | 199 | 0 | 0 | 0 | 1,350 | 50,432 | 48,883 | 50,233 | 2.8 % | 1.3% |
| Healthcare real estate Other | 837,445 | 44,767 | 2,067 | 0 | 0 | 0 | 785 | 47,619 | 44,767 | 45,552 | 1.8 % | 1.9% |
| Offices | 811,143 | 59,895 | 1,683 | -10,073 | 0 | 0 | 1,375 | 52,880 | 49,817 | 51,192 | 2.8 % | 1.5% |
| Property of distribution networks (± 70% in Belgium, ± 30% in the Netherlands) | 472,302 | 34,620 | 0 | -794 | 0 | 0 | 1,083 | 34,908 | 33,609 | 34,692 | 3.2 % | 2.9% |
| GRAND TOTAL PORTFOLIO | 5,726,028 | 358,498 | 5,358 | -17,809 | -1,065 | 0 | 9,678 | 354,660 | 338,927 | 348,605 | 2.9 % | 1.7% |
The change in gross rental income on a like-for-like basis of 2.9% (1.7% in 2024) breaks down into 2.7% (2.8% in 2024) indexation of rents, 0.6% (0.5% in 2024) new rentals, -0.4% (-0.5% in 2024) departures and -0.1% (-1.1% in 2024) renegotiations.
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Investment properties - Rental data¹
| (x 1,000 EUR) | 2025 | 2024 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Segment | Gross rental income for the period | Net rental income for the period | Available rental space (in m²) | Passing rent at the end of the period | ERV at the end of the period² | Vacancy rate at the end of the period | Gross rental income for the period | Net rental income for the period | Available rental space (in m²) | Passing rent at the end of the period | ERV at the end of the period² | Vacancy rate at the end of the period |
| Healthcare real estate | 266,872 | 258,439 | 1,848,683 | 269,039 | 268,545 | 0.6% | 263,984 | 261,305 | 1,847,482 | 264,795 | 262,507 | 0.6% |
| Healthcare real estate Belgium | 93,413 | 85,973 | 574,559 | 94,139 | 87,754 | 0.0% | 95,553 | 94,238 | 583,438 | 93,296 | 87,031 | 0.0% |
| Healthcare real estate France | 43,941 | 44,089 | 308,894 | 43,447 | 44,259 | 0.6% | 42,684 | 42,510 | 314,654 | 43,437 | 44,585 | 0.6% |
| Healthcare real estate The | 31,467 | 31,172 | 206,146 | 31,503 | 32,647 | 0.5% | 32,098 | 31,861 | 212,482 | 31,552 | 31,887 | 0.6% |
| Healthcare real estate Germany | 50,432 | 49,926 | 403,116 | 50,608 | 52,255 | 2.3% | 48,883 | 48,391 | 403,116 | 49,861 | 51,717 | 2.3% |
| Healthcare real estate Other | 47,619 | 47,279 | 355,968 | 49,342 | 51,631 | 0.0% | 44,767 | 44,305 | 333,792 | 46,649 | 47,286 | 0.0% |
| Offices | 52,880 | 55,637 | 248,336 | 53,974 | 53,640 | 7.8% | 59,895 | 56,285 | 233,623 | 51,238 | 49,823 | 6.8% |
| Property of distribution networks | 34,908 | 34,115 | 288,503 | 35,088 | 30,836 | 0.5% | 34,620 | 33,894 | 298,097 | 35,043 | 30,544 | 0.5% |
| GRAND TOTAL PORTFOLIO | 354,660 | 348,191 | 2,385,522 | 358,101 | 353,021 | 1.7% | 358,498 | 351,484 | 2,379,202 | 351,076 | 342,874 | 1.5% |
Investment properties - Valuation data³
| (x 1,000 EUR) | 2025 | 2024 | ||||||
|---|---|---|---|---|---|---|---|---|
| Segment | Fair value of the portfolio | Changes in fair value over the period | EPRA NIY* | Changes in fair value over the period | Fair value of the portfolio | Changes in fair value over the period | EPRA NIY* | Changes in fair value over the period |
| Healthcare real estate | 4,501,923 | 21,166 | 5.4% | 0.5% | 4,444,213 | -64,536 | 5.3% | -1.4% |
| Healthcare real estate Belgium | 1,565,365 | 1,071 | 5.8% | 0.1% | 1,578,482 | -22,361 | 5.5% | -1.4% |
| Healthcare real estate France | 666,900 | -8,168 | 6.0% | -1.2% | 675,960 | -18,629 | 6.0% | -2.7% |
| Healthcare real estate The | 486,900 | 12,471 | 5.3% | 2.6% | 479,260 | -6,754 | 5.3% | -1.4% |
| Healthcare real estate Germany | 896,420 | -3,821 | 4.6% | -0.4% | 880,660 | -10,471 | 4.8% | -1.2% |
| Healthcare real estate Other | 886,337 | 19,613 | 4.9% | 2.3% | 829,851 | -6,320 | 4.9% | -0.8% |
| Offices | 881,352 | -8,395 | 5.4% | -0.9% | 824,244 | -52,819 | 5.4% | -6.0% |
| Property of distribution networks | 472,302 | 8,046 | 6.4% | 1.7% | 464,488 | 8,637 | 6.5% | 1.9% |
| GRAND TOTAL PORTFOLIO | 5,855,577 | 20,817 | 5.4% | 0.4% | 5,732,945 | -108,717 | 5.4% | -1.9% |
| Reconciliation with IFRS consolidated income statement | ||||||||
| Investment properties under development | 229,478 | -18,948 | 260,983 | -14,651 | ||||
| Assets held for sale | 0 | 0 | 6,400 | 79 | ||||
| TOTAL | 6,085,055 | 1,870 | 6,000,328 | -123,290 |
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Investment properties - Lease data
| (x 1,000 EUR) | Lease figures according to their end date | |||||||
|---|---|---|---|---|---|---|---|---|
| Average lease length (in years) | Passing rents of the leases maturing in | ERV of the leases maturing in¹ | ||||||
| Until the break² | Until the end of the lease | Year 1 | Year 2 | Year 3-5 | Year 1 | Year 2 | Year 3-5 | |
| Healthcare real estate | 14.3 | 14.4 | 2,376 | 1,162 | 13,986 | 1,978 | 1,318 | 14,036 |
| Healthcare real estate Belgium | 16.4 | 16.4 | 0 | 0 | 16 | 0 | 0 | 0 |
| Healthcare real estate France | 6.5 | 7.4 | 2,082 | 0 | 483 | 1,650 | 0 | 400 |
| Healthcare real estate The Netherlands | 10.2 | 10.4 | 253 | 1,157 | 3,288 | 291 | 1,312 | 3,515 |
| Healthcare real estate Germany | 18.1 | 18.1 | 41 | 59 | 204 | 2 | 58 | 159 |
| Healthcare real estate Other | 15.6 | 15.7 | 0 | 0 | 9,523 | 0 | 0 | 9,523 |
| Offices | 5.7 | 7.0 | 2,426 | 2,387 | 17,641 | 2,279 | 1,889 | 15,265 |
| Property of distribution networks | 9.5 | 9.5 | 0 | 0 | 1,708 | 0 | 0 | 1,231 |
| GRAND TOTAL PORTFOLIO | 12.5 | 13.9 | 4,802 | 3,549 | 33,335 | 4,257 | 3,206 | 30,533 |
| (x 1,000 EUR) | Lease figures according to their revision date (break) | |||||||
| --- | --- | --- | --- | --- | --- | --- | ||
| Passing rents of the leases subject to revision in | ERV of the leases subject to revision in¹ | |||||||
| Year 1 | Year 2 | Year 3-5 | Year 1 | Year 2 | Year 3-5 | |||
| Healthcare real estate | 5,377 | 2,850 | 15,912 | 4,750 | 3,043 | 15,931 | ||
| Healthcare real estate Belgium | 0 | 0 | 16 | 0 | 0 | 0 | ||
| Healthcare real estate France | 4,820 | 1,687 | 1,664 | 4,100 | 1,725 | 1,380 | ||
| Healthcare real estate The Netherlands | 517 | 1,157 | 4,032 | 613 | 1,312 | 4,430 | ||
| Healthcare real estate Germany | 41 | 5 | 677 | 37 | 6 | 599 | ||
| Healthcare real estate Other | 0 | 0 | 9,523 | 0 | 0 | 9,523 | ||
| Offices | 3,234 | 6,607 | 17,814 | 2,941 | 5,918 | 15,328 | ||
| Property of distribution networks | 0 | 0 | 1,708 | 0 | 0 | 1,231 | ||
| GRAND TOTAL PORTFOLIO | 8,611 | 9,456 | 35,434 | 7,692 | 8,961 | 32,490 |
¹ ERV = Estimated Rental Value.
² First break option for the tenant.
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| Cofinimmo at a glance | Management report | Sustainability report | Property report | Corporate governance statement | Audited financial statements | Additional information |
|---|---|---|---|---|---|---|
EPRA Cost Ratios*
| (x 1,000 EUR) | 2025 | 2024 |
|---|---|---|
| Include: | ||
| (I) Administrative/operating expense line per IFRS income statement | 66,206 | 70,990 |
| Cost of rent-free periods | 5,593 | 6,329 |
| Charges and taxes not recovered from the tenant on let properties | 5,404 | 5,929 |
| Net redecoration expenses | -1,555 | 247 |
| Technical costs | 5,060 | 6,633 |
| Commercial costs | 4,339 | 4,060 |
| Taxes and charges on unlet properties | 2,390 | 3,054 |
| Corporate management costs | 44,976 | 44,736 |
| Corporate management costs according to the income statement | 49,695 | 44,736 |
| Non-recurring effects arising from the proposed combination with Aedifica | -4,719 | 0 |
| (II) Net service charge costs/fees | 0 | 0 |
| (III) Management fees less actual/estimated profit element | 0 | 0 |
| (IV) Other operating income/recharges intended to cover overhead expenses less any related profits | 0 | 0 |
| (V) Share of Joint Ventures expenses | 0 | 0 |
| Exclude (if part of the above): | ||
| (VI) Investment property depreciation | 0 | 0 |
| (VII) Ground rent costs | 0 | 0 |
| (VII) Service charge costs recovered through rents but not separately invoiced | 0 | 0 |
| EPRA COSTS (INCLUDING DIRECT VACANCY COSTS) (A) | 66,206 | 70,990 |
| (IX) Direct vacancy costs | -7,794 | -8,984 |
| EPRA COSTS (EXCLUDING DIRECT VACANCY COSTS) (B) | 58,412 | 62,006 |
| (X) Gross Rental Income less ground rents – per IFRS | 359,453 | 177,590 |
| (XI) Less: service fee and service charge costs components of Gross Rental Income (if relevant) | 0 | 0 |
| (XII) Add: share of Joint Ventures (Gross Rental Income less ground rents) | 0 | 0 |
| GROSS RENTAL INCOME (C) | 359,453 | 177,590 |
| EPRA Cost Ratio (including direct vacancy costs)* (A/C) | 18.4 % | 40.0 % |
| EPRA Cost Ratio (excluding direct vacancy costs)* (B/C) | 16.3 % | 34.9 % |
| Overhead and operating expenses capitalised (incl. share of joint ventures) | 2,750 | 4,500 |
Cofinimmo capitalises the overhead costs and operational expenses (legal fees, project management fees, capitalised interests, etc.) directly linked to development projects
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Development projects
In the course of 2025, Cofinimmo carried out multiple redevelopment projects. For details on these ongoing and future projects, see page 31 of chapter 'Caring'.
EPRA Capex
| (x 1,000,000 EUR) | 31.12.2025 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Group (excl. joint ventures) | Healthcare real estate | Offices | Property of distribution networks | Joint ventures (proportionate share) | Group total | |||||
| BE | FR | NL | DE | Other | ||||||
| Acquisitions1 | 43 | 0 | 0 | 0 | 31 | 12 | 0 | 0 | 0 | 432 |
| Development3 | 33 | 3 | 0 | 0 | 0 | 29 | 0 | 0 | 0 | 334 |
| External costs capitalised | 33 | 3 | 0 | 0 | 0 | 29 | 0 | 0 | 0 | 33 |
| Overhead and other expenses capitalised | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Investment properties | 54 | 7 | 5 | 6 | 20 | 6 | 5 | 6 | 0 | 544 |
| Incremental lettable space5 | 28 | 6 | 2 | 4 | 9 | 3 | 2 | 2 | 0 | 28 |
| No incremental lettable space | 24 | 1 | 3 | 2 | 11 | 3 | 2 | 3 | 0 | 24 |
| Tenant incentives | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Overhead and other expenses capitalised | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
| Other material non-allocated types of expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capitalised interest (if applicable) | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 14 |
| Total Capex6 | 131 | 10 | 5 | 6 | 51 | 48 | 5 | 6 | 0 | 1314 |
| Conversion from accrual to cash basis | 3 | -1 | 1 | 1 | -6 | 3 | 6 | 0 | 0 | 3 |
| Total Capex on cash basis | 134 | 9 | 6 | 7 | 45 | 51 | 11 | 6 | 0 | 134 |
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(x1,000,000 EUR)
31.12.2024
| Group (excl. joint ventures) | Healthcare real estate | Offices | Property of distribution networks | Joint ventures (proportionate share) | Group total | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| BE | FR | NL | DE | Other | ||||||
| Acquisitions | 19 | 0 | 0 | 0 | 0 | 19 | 0 | 0 | 0 | 19 |
| Development | 60 | 0 | 2 | 5 | 0 | 36 | 17 | 0 | 0 | 60 |
| External costs capitalised | 60 | 0 | 2 | 5 | 0 | 36 | 17 | 0 | 0 | 60 |
| Overhead and other expenses capitalised | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Investment properties | 58 | 10 | 14 | 5 | 7 | 2 | 13 | 6 | 0 | 58 |
| Incremental lettable space¹ | 49 | 8 | 14 | 4 | 7 | 1 | 12 | 2 | 0 | 49 |
| No incremental lettable space | 8 | 2 | 0 | 1 | 0 | 1 | 1 | 3 | 0 | 8 |
| Tenant incentives | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Overhead and other expenses capitalised | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
| Other material non-allocated types of expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capitalised interest (if applicable) | 3 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 3 |
| Total Capex | 140 | 10 | 16 | 10 | 7 | 59 | 31 | 6 | 0 | 140 |
| Conversion from accrual to cash basis | 4 | 4 | -1 | 0 | 2 | 1 | -2 | 0 | 0 | 4 |
| Total Capex on cash basis | 144 | 14 | 15 | 9 | 9 | 60 | 29 | 7 | 0 | 144 |
¹ Including major projects already (partially) income-generating.
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EPRA LTV®
| (x 1,000,000 EUR) | 31.12.2025 | |||||
|---|---|---|---|---|---|---|
| Debt-to-assets ratio according to the Royal Decree of 13.07.2014 concerning RRECs | Group EPRA LTV® as reported | Proportionate consolidation | Group EPRA LTV® Combined | |||
| Share of Joint Ventures | Share of Material Associates | Non-controlling Interests | ||||
| Include: | ||||||
| Borrowings from financial institutions | 671 | 671 | 29 | 0 | -41 | 659 |
| Commercial paper | 827 | 827 | 0 | 0 | 0 | 827 |
| Hybrids (including convertibles, preference shares, debt, options, perpetuals) | 0 | 0 | 0 | 0 | 0 | 0 |
| Bond loans | 1,071 | 1,071 | 0 | 0 | 0 | 1,071 |
| Foreign currency derivatives (futures, swaps, options and forwards) | 0 | 0 | 0 | 0 | 0 | 0 |
| Net debts | 160 | 0 | 0 | 0 | 0 | 0 |
| Owner-occupied property (debt) | 0 | 0 | 0 | 0 | 0 | 0 |
| Current accounts (equity characteristic) | 0 | 0 | 0 | 0 | 0 | 0 |
| Exclude: | ||||||
| Cash and cash equivalents | 0 | -24 | -5 | 0 | 2 | -26 |
| Net debt (a) | 2,729 | 2,545 | 24 | 0 | -39 | 2,530 |
| Include: | ||||||
| Owner-occupied property | 0 | 0 | 0 | 0 | 0 | 0 |
| Investment properties at fair value | 5,856 | 5,856 | 38 | 0 | -157 | 5,737 |
| Properties held for sale | 0 | 0 | 0 | 0 | 0 | 0 |
| Properties under development | 229 | 229 | 30 | 0 | 0 | 259 |
| Intangibles | 1 | 1 | 2 | 0 | 0 | 4 |
| Net receivables | 274 | 31 | -27 | 0 | 36 | 40 |
| Financial assets | 18 | 18 | -18 | 0 | 0 | 0 |
| Total property value (b) | 6,379 | 6,136 | 25 | 0 | -121 | 6,040 |
| LTV® (a/b) | 42.8 % | 41.5 % | 41.9 % |
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(x1,000,000 EUR)
| 31.12.2024 | ||||||
|---|---|---|---|---|---|---|
| Debt-to-assets ratio according to the Royal Decree of 13.07.2014 concerning RRECs | Group EPRA LTV* as reported | Proportionate consolidation | Group EPRA LTV* Combined | |||
| Share of Joint Ventures | Share of Material Associates | Non-controlling interests | ||||
| Include: | ||||||
| Borrowings from financial institutions | 709 | 709 | 55 | 0 | -43 | 721 |
| Commercial paper | 792 | 792 | 0 | 0 | 0 | 792 |
| Hybrids (including convertibles, preference shares, debt, options, perpetuals) | 0 | 0 | 0 | 0 | 0 | 0 |
| Bond loans | 1,070 | 1,070 | 0 | 0 | 0 | 1,070 |
| Foreign currency derivatives (futures, swaps, options and forwards) | 0 | 0 | 0 | 0 | 0 | 0 |
| Net debts | 144 | 0 | 0 | 0 | 0 | 0 |
| Owner-occupied property (debt) | 0 | 0 | 0 | 0 | 0 | 0 |
| Current accounts (equity characteristic) | 0 | 0 | 0 | 0 | 0 | 0 |
| Exclude: | ||||||
| Cash and cash equivalents | 0 | -26 | -8 | 0 | 4 | -29 |
| Net debt (a) | 2,715 | 2,545 | 47 | 0 | -39 | 2,554 |
| Include: | ||||||
| Owner-occupied property | 0 | 0 | 0 | 0 | 0 | 0 |
| Investment properties at fair value | 5,733 | 5,733 | 47 | 0 | -157 | 5,623 |
| Properties held for sale | 6 | 6 | 0 | 0 | 0 | 6 |
| Properties under development | 261 | 261 | 88 | 0 | 0 | 349 |
| Intangibles | 2 | 2 | 3 | 0 | 0 | 4 |
| Net receivables | 343 | 80 | -48 | 0 | 35 | 67 |
| Financial assets | 25 | 60 | -60 | 0 | 0 | 0 |
| Total property value (b) | 6,370 | 6,142 | 30 | 0 | -122 | 6,050 |
| LTV* (a/b) | 42.6 % | 41.4 % | 42.2 % |
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Appendices to the sustainability report
EPRA sBPR performance indicators
Cofinimmo constantly strives to communicate clearly and transparently with its stakeholders. To this end, Cofinimmo applies the sustainability Best Practices Recommendations (sBPR), promulgated by EPRA. The summary tables presented on the following pages have been adapted to take into account the EPRA sBPR Guidelines of April 2024, which provide for, among other things, an update to the reporting template. The method for calculating EPRA KPIs was also refined at the same time.
Organisational boundaries
The data is calculated based on information in the possession of Cofinimmo as landlord, and Cofinimmo Services and Superstone as property managers. It also includes the data collected from the buildings' occupants. In this way, an operational control approach is adopted. Surface areas under operational control (directly managed or controlled by the owner) include the operational multi-tenant leases (202,924/2,608,724 m²). Their GHG emissions are considered as scopes 1 and 2.
Cofinimmo has no operational control over consumption in buildings in the following segments: single-tenant healthcare real estate, single-tenant office buildings, property of distribution networks, PPP and other finance leases, which together represent 92% of the portfolio. These buildings are indirectly managed (controlled by the tenant) and their GHG emissions are considered as scope 3.
For sustainability indicators, it is important to note that 1,143 buildings of the portfolio are included, without distinction between operational and financial leases.
Coverage
Coverage per segment is always expressed in m². The surface areas used match the surface area of the buildings as in the chapter 'Property report' (see pages 125-133).
For each indicator, coverage is expressed in terms of number of buildings and total surface area. The ten (parts of) buildings in the PPP segment correspond to six contracts. Data is missing for one contract relating to five (parts of) buildings, which represents less than 0.5% of coverage.
The portfolio is therefore 100% covered in terms of energy consumption for 1,138 of the 1,143 buildings. For water consumption, coverage is 81%. Coverage of waste data is 98% for the portfolio directly managed.
Consumption estimations
In this appendix, estimations refer to the filling in of missing annual data. The estimated consumption for all resources is established according to the same formula in the healthcare real estate and office segments. To obtain an annual consumption corresponding to a calendar year, an extrapolation of the consumption is carried out on the basis of the last recorded annual consumption for the missing period. The method has been validated and these data are verified for a sample of sites during external assurance.
Energy consumption in the property of distribution networks segment was estimated by extrapolation based on actual data available for 101 buildings regarding electricity and 96 buildings regarding fuels within this sector.
For Cofinimmo's head office in Brussels, no data was estimated. For head offices abroad, the estimated portion is not significant.
The proportion of estimated data, expressed as a percentage of total consumption, is presented by segment in the tables below.
Nursing and care home - Raisio (FI)
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Third-party assurance
In accordance with ISAE 3000, all the environmental, social and governance performance indicators, included on pages 282-301, have been subject to a third-party assurance by KPMG Bedrijfsrevisoren/Réviseurs d'Entreprises (see the 'Statutory auditor's report on information relating to sustainability'). This report provides an external and objective perspective on the data and helps ensure that it reflects the reality as closely as possible. No observations were made. The monitored indicators correspond to the 28 performance indicators recommended by EPRA. They are considered to be material for the real estate sector.
Limitations on consumption
Consumption data is provided directly by the tenant for a sample of surface areas (82% of the portfolio indirectly managed), comprising a mix of operational and financial leases.
In total, 100% of the consumption data for the private spaces of multi-tenant buildings is obtained by the landlord's property manager (75%) or by the distribution network's operator with the formal agreement of the tenant (25%).
For multi-tenant office buildings and medical office buildings for which Cofinimmo Services and Superstone provide property management (8% of the portfolio), Cofinimmo can only act on the consumption of the shared technical equipment of these assets.
Normalisation
Normalisation is clearly indicated for each indicator. The environmental intensity indicators are always expressed per unit of surface area. The surface area used to calculate the intensity of the various environmental performance indicators is shown in each column concerned.
Analysis per segment
In addition to the distinction between buildings under or outside of operational control, a distinction is made according to the following segments: healthcare real estate, offices, property of distribution networks, PPP and other finance leases.
The impact of Cofinimmo's head offices is transparently communicated in a separate table. Segmentation is therefore done in the same way as for the financial analysis.
Cofinimmo's head offices
The results for each EPRA indicator, as well as the evolution of the results, are presented in a transparent manner in a separate table. With regard to the head offices, no estimate has been made for the headquarters located in Belgium, which accounts for the majority of emissions. For head offices located outside Belgium, estimates have been made for most categories, as it is more difficult for Cofinimmo, in its capacity as tenant, to obtain information.
The social performance indicators relating to the employees cover all employees (149 people as at 31.12.2025) in Belgium (115 people), in France (4 people), in the Netherlands (6 people), in Germany (14 people) and in Spain (10 people).
Environmental performance indicators cover the surface areas in Belgium (4,818 m²), and the surface areas occupied in France (90 m²), the Netherlands (200 m²), Germany (245 m²) and Spain (311 m²).
Performance
The results relating to electricity, district heating, fuels, and water consumption, as well as waste, cover both the investment properties under Cofinimmo's operational control and those under the operational control of the tenants. All 2025 data were extracted from the energy accounting.
The findings on the environmental indicators below concern the 2024-2025 analysis in absolute terms. For the total portfolio, there was a 2.6% decrease in scopes 1, 2 (location-based) and 3 emissions intensity, of which 5.7% in the intensity of scopes 1 and 2 (location-based). This decrease in carbon intensity is mainly linked to the decline in emission factors between 2024 and 2025. For electricity by country, the emission factors used are those of the IEA (International Energy Agency), and for fuels, those of DEFRA (Department for Environment, Food & Rural Affairs).
The average energy intensity of 139 kWh/m²/year is consistent with the objective of reducing the energy intensity of the portfolio by 30% and is explained by the following factors (without priority and not exhaustive):
- selective asset rotation within the portfolio;
- development projects and maintenance programme.
Water consumption per m² is three times higher in the healthcare real estate segment than in the office segment, which can be explained by the sanitary needs in this segment.
With a like-for-like asset mix, water consumption remains stable.
With a like-for-like asset mix, the quantities of waste in tonnes increased slightly by 3%, 57% of the collected waste is now recycled.
The buildings with BREEAM or BREEAM-equivalent certifications represent of the portfolio. In the context of ISO 14001 certification, the principles of BREEAM New Construction and/or BREEAM In-Use certification also apply to the overall portfolio. As with what is required for a BREEAM certification, the same approach is followed for property management, project management and development.
More details on performance by indicator are available on the following pages and in the notes at the end of the results for each indicator.
The material stakes relating to energy intensity and GHG emissions are included on pages 103-114. The objectives relating to the coverage of energy intensity and GHG emissions are included in the 'Dashboard' (see pages 302-303).
The ratio of basic salary and remuneration for women and men is stable. More details on the material issue related to employees can be found on the pages 115-121.
Total energy consumption amounts to 359,910 MWh, of which 54,078 MWh comes from renewable sources and 305,832 MWh from non-renewable sources.
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Publication
The environmental and social indicators are published in full in this chapter (see pages 282-301).
The qualitative information relating to the governance indicators is published in the 'Corporate governance statement' chapter (see pages 138-179).
Reporting period
The indicators cover the period from 01.01.2025 to 31.12.2025. A comparison is made with the 2024 figures. No adjustments were made to the 2024 historical data on an individual basis.
Materiality
A comprehensive materiality analysis was carried out and is documented in the chapter 'Major trends and their impacts on the sustainability strategy' (see pages 91-96).
This analysis has shown that the EPRA performance indicators relating to energy and GHG emissions, employees and governance are material. All the indicators are displayed on the following pages in order to remain vigilant about the indicators currently categorised as non-material.
100%
Electricity coverage
100%
Fuels coverage
81%
Water coverage
359,910 MWh
Total energy consumption
11%
Waste coverage
2,608,724 m²
Portfolio surface area
Renewable/non-renewable energy consumption (in MWh)
Energy mix (in MWh)
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Environmental performance indicators
Energy consumption
Total portfolio and consolidated portfolio by segment
| EPRASustainability Performance Measures(Environment) | Third-partyassured? | Total portfolio | Performance by segment type |
|---|---|---|---|
| EPRACode | Units ofmeasure | Indicator | Category |
| 2024 | 2025 | 2024 | 2025 |
| Elec-Abs,Elec-LfL | MWh | Electricity | for landlord shared services |
| (sub)metered exclusively to tenants | N/D | N/D | N/D |
| Total landlord-obtained electricity | 17,965 | 17,419 | 16,616 |
| Total tenant-obtained electricity | 96,256 | 126,650 | 91,265 |
| Total electricity | 114,220 | 144,070 | 107,880 |
| Proportion of electricity from renewable sources | 2% | 25% | |
| Quantity of electricity from renewable sources | 2,596 | 37,853 | |
| % Proportion of electricity by source | Solar photovoltaic | 2% | 5% |
| Other | 96% | 95% | |
| MWh | Quantity of electricity by source | Solar photovoltaic | 2,596 |
| Other | 18,625 | 136,866 | |
| No. applicable properties | Electricity disclosure coverage | 351 | 1,138 |
| m² of applicable properties | Proportion of electricity estimated | 2,108,356 | 2,597,106 |
| % | Proportion of electricity estimated | 12% | 21% |
| DHEC-Abs,DHEC-LfL | MWh | District heating and cooling | Total landlord-obtained district heating and cooling |
| Total tenant-obtained district heating and cooling | 6,376 | 12,665 | 6,253 |
| Total district heating and cooling | 7,026 | 13,098 | 6,396 |
| Proportion of district heating and cooling from renewable sources | 100% | 100% | |
| No. applicable properties | District heating and cooling disclosure coverage | 25 | 29 |
| m² of applicable properties | Proportion of district heating and cooling estimated | 95,265 | 155,101 |
| % | Proportion of district heating and cooling estimated | 24% | 69% |
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| EPRA Sustainability Performance Measures (Environment) | Third-party assured? | Total portfolio | Performance by segment type |
|---|---|---|---|
| EPRA Code | Units of measure | Indicator | Category |
| 2024 | 2025 | 2024 | 2025 |
| Fuels-Abs, Fuels-LfL | MWh | Fuels | Total landlord-obtained fuels |
| Total tenant-obtained fuels | 153,668 | 190,651 | |
| Total fuels | 165,306 | 202,743 | |
| Proportion of fuels from renewable sources | 1% | ||
| % | Proportion of fuels by source | Natural gas | |
| Fuel oil | 6% | 6% | |
| Bioenergy: wood pellets | 1% | 2% | |
| Propane | 2% | 2% | |
| MWh | Quantities of fuels by source | Natural gas | |
| Fuel oil | 9,856 | 12,681 | |
| Bioenergy: wood pellets | 2,428 | 3,128 | |
| Propane | 2,670 | 3,856 | |
| No. applicable properties | Fuels disclosure coverage | 309 | |
| m² of applicable properties | 1,939,368 | ||
| % | Proportion of fuels estimated | 23% | |
| Energy-int | kWh/m²/year | ||
| kWh/revenue in EUR/year | Energy intensity | Energy | ✓ |
- Cofinimmo has no control over the private consumption of the tenants of the buildings. It can only influence the consumption of the shared technical equipment of the directly managed buildings.
- Since 2025, electricity from renewable sources represents the sum of electricity consumed under a green contract and electricity produced on site.
- All electricity consumed in directly managed buildings is linked to green electricity contracts.
- The values shown represent the total consumption of the buildings, without distinction between private and common areas, except for electricity in directly managed multi-tenant buildings, where a breakdown is made between the consumption of the buildings' common technical equipment and the private consumption purchased by the landlord and the tenant.
- Direct consumption of nuclear energy, as well as the use of coal and lignite, is zero.
- In 2025, total energy data coverage reached 100%, which explains the overall increase in energy consumption in absolute terms and the increase in the percentage of estimates.
- Cofinimmo's buildings are not supplied with district cooling, the conversion factor used for district heating is 278 kWh/GJ.
- The buildings in the healthcare real estate segment, supplied by an urban heat production system, are located in France, Germany, the Netherlands and Finland. No office buildings or property of distribution network buildings are supplied with district heating.
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Portfolio in finance lease
| EPRA Sustainability Performance Measures (Environment) | Third-party assured? | Performance by segment type | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EPRA Code | Units of measure | Indicator | Category | FIN | PPP | ||||||||
| 2024 (Abs) | 2025 (Abs) | 2024 (LfL) | 2025 (LfL) | Δ (LfL) | 2024 (Abs) | 2025 (Abs) | 2024 (LfL) | 2025 (LfL) | |||||
| Elec-Abs, Elec-LfL | MWh | Electricity | Total tenant-obtained electricity | 2,774 | 3,618 | 2,774 | 2,657 | -4.2% | 5,795 | 7,303 | 5,099 | 7,303 | |
| Total electricity | 2,774 | 3,618 | 2,774 | 2,657 | -4.2% | 5,795 | 7,303 | 5,099 | 7,303 | ||||
| Proportion of electricity from renewable sources | 0% | 56% | 6% | 56% | |||||||||
| Quantity of electricity from renewable sources | 0 | 614 | 370 | 4,281 | |||||||||
| % | Proportion of electricity by source | Solar photovoltaic | 0% | 0% | 6% | 5% | |||||||
| Other | ✓ | 100% | 100% | 94% | 95% | ||||||||
| MWh | Quantity of electricity by source | Solar photovoltaic | 0 | 0 | 370 | 371 | |||||||
| Other | 2,774 | 3,618 | 5,425 | 6,932 | |||||||||
| No. applicable properties | Electricity disclosure coverage | 7 | 9 | 7 | 6 | 5 | 5 | ||||||
| m² of applicable properties | 39,602 | 55,596 | 39,602 | 138,855 | 135,055 | 135,055 | |||||||
| % | Proportion of electricity estimated | 0% | 14% | 0% | 2% | 45% | 0% | 51% | 0% | ||||
| DHEC-Abs, DHEC-LfL | MWh | District heating and cooling | Total tenant-obtained district heating and cooling | N/A | 550 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |
| Total district heating and cooling | N/A | 550 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||
| Proportion of district heating and cooling from renewable sources | ✓ | N/A | 100% | N/A | N/A | ||||||||
| No. applicable properties | District heating and cooling disclosure coverage | 0 | 1 | 0 | 0 | 0 | 0 | ||||||
| m² of applicable properties | 0 | 9,269 | 0 | 0 | 0 | 0 | |||||||
| % | Proportion of district heating and cooling estimated | N/A | 100% | N/A | N/A | N/A | N/A | N/A | N/A |
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| EPRA Sustainability Performance Measures (Environment) | Third-party assured? | Performance by segment type |
|---|---|---|
| EPRA Code | Units of measure | Indicator |
| 2024 (Abs) | 2025 (Abs) | 2024 (i.f.) |
| Fuels-Abs. Fuels-Ut. | kWh | Fuels |
| Total fuels | 2,529 | |
| Proportion of fuels from renewable sources | 0% | |
| % | Proportion of fuel by source | Natural gas |
| Fuel oil | 0% | |
| Bioenergy: wood pellets | 0% | |
| Propane | 31% | |
| kWh | Quantities of fuels by source | Natural gas |
| Fuel oil | 0 | |
| Bioenergy: wood pellets | 0 | |
| Propane | 778 | |
| No. applicable properties | Fuels disclosure coverage | |
| m² of applicable properties | ||
| % | Proportion of fuels estimated | |
| Energy-Int | kWh/m²/year | Energy Intensity |
| kWh/revenue (€)/year | N/A |
- Cofinimmo has no control over the private consumption of the tenants of the buildings. It can only influence the consumption of the shared technical equipment of the directly managed buildings.
- Since 2025, electricity from renewable sources represents the sum of electricity consumed under a green contract and electricity produced on site.
- The values shown represent the total consumption of the buildings, without distinction between private and common areas.
- Direct consumption of nuclear energy, as well as the use of coal and lignite, is zero.
- In 2025, total energy data coverage reached 100%, which explains the overall increase in energy consumption in absolute terms and the increase in the percentage of estimates.
- Cofinimmo's buildings are not supplied with district cooling, the conversion factor used for district heating is 278 kWh/GJ.
- The building under other finance leases, supplied by an urban heat production system, is located in France. No PPP buildings are supplied with district heating.
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Cofinimmo's head offices
| EPRA Sustainability Performance Measures (Environment) | Third-party assured? | HEADQUARTERS | ||||
|---|---|---|---|---|---|---|
| EPRA Code | Units of measure | Indicator | Category | 2024 (Abs) | 2025 (Abs) | |
| Elec-Abs, Elec-LTL | MWh | Electricity | for landlord shared services | 54 | 234 | |
| Total landlord-obtained electricity | 226 | 364 | ||||
| Total electricity | 323 | 406 | ||||
| Proportion of electricity from renewable sources | 70% | 90% | ||||
| Quantity of electricity from renewable sources | 226 | 364 | ||||
| % | Proportion of electricity by source | Solar photovoltaic | ✓ | N/D | N/D | |
| Other | N/D | N/D | ||||
| MWh | Quantity of electricity by source | Solar photovoltaic | N/D | N/D | ||
| Other | N/D | N/D | ||||
| No. applicable properties | Electricity disclosure coverage | 5 | 5 | |||
| m² of applicable properties | 5,664 | 5,664 | ||||
| % | Proportion of electricity estimated | 30% | 10% | |||
| EPRA Sustainability Performance Measures (Environment) | Third-party assured? | HEADQUARTERS | ||||
| --- | --- | --- | --- | --- | --- | --- |
| EPRA Code | Units of measure | Indicator | Category | 2024 (Abs) | 2025 (Abs) | |
| Fuels-Abs, Fuels-LTL | MWh | Fuels | Total landlord-obtained fuels | 229 | 193 | |
| Total fuels | 229 | 193 | ||||
| Proportion of fuels from renewable sources | N/A | N/A | ||||
| % | Proportion of fuel by source | Natural gas | ✓ | 100% | 100% | |
| No. applicable properties | Fuels disclosure coverage | 4 | 4 | |||
| m² of applicable properties | 5,464 | 5,464 | ||||
| % | Proportion of fuels estimated | 26% | 30% | |||
| Energy-Int | kWh/m²/year | Energy intensity | Energy | ✓ | 101 | 106 |
- Electricity from renewable sources represents the sum of electricity consumed under a green contract and electricity generated on site.
- Cofinimmo has a green electricity supply contract for its directly managed portfolio, which includes its head office in Belgium.
- The energy mix of offices outside Belgium is unknown and is therefore considered non-renewable.
- Energy data for head offices on a like-for-like basis is not available due to the relocation of offices in Belgium in 2024.
- Direct consumption of nuclear energy, as well as the use of coal and lignite, is zero.
- Cofinimmo's head offices are not connected to a district heating or cooling network.
- The estimated proportion of electricity has decreased thanks to improved energy data quality for locations outside Belgium.
- The increase in electricity consumption in absolute terms is mainly due to the relocation of Cofinimmo's head office in Belgium from a single-tenant building to a multi-tenant building.
- The Breda head office in the Netherlands does not rely on any fossil fuels on site.
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Total direct and indirect GHG emissions
Total portfolio and consolidated portfolio by segment
| EPRASustainability Performance Measures(Environment) | Third-partyassured? | Total portfolio | Performance by segment type | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EPRACode | Units of measure | Indicator | Category | Absolute performance (Abs) | HEALTHCARE | OFFICES | DISTRIBUTION NETWORK | |||||
| 2024 | 2025 | 2024 (Abs) | 2025 (Abs) | 2024 (Abs) | 2025 (Abs) | 2024 (Abs) | 2025 (Abs) | |||||
| GHG-Dir-Abs | tCO2e | Direct | Total direct scope 1 | 2,473 | 2,536 | 338 | 380 | 2,134 | 2,156 | N/A | N/A | |
| Natural gas | 2,163 | 2,243 | 338 | 380 | 1,825 | 1,863 | N/A | N/A | ||||
| Fuel oil | ✓ | 309 | 293 | N/A | N/A | 309 | 293 | N/A | N/A | |||
| Bioenergy: wood pellets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||
| Bioenergy: biopropane | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||
| GHG-Indir-Abs | Indirect (scope 2) | Total indirect scope 2 market-based | 284 | 248 | 117 | 76 | 168 | 172 | N/A | N/A | ||
| Scope 2 electricity | 168 | 172 | 0 | 0 | 168 | 172 | N/A | N/A | ||||
| Local district heating | 117 | 76 | 117 | 76 | N/A | 0 | N/A | N/A | ||||
| Total indirect scope 2 location-based | 3,226 | 2,794 | 1,160 | 694 | 2,066 | 2,100 | N/A | N/A | ||||
| Scope 2 electricity | 3,109 | 2,718 | 1,043 | 618 | 2,066 | 2,100 | N/A | N/A | ||||
| Local district heating | 117 | 76 | 117 | 76 | N/A | 0 | N/A | N/A | ||||
| GHG-Indir-Abs | Indirect (scope 3) | Total indirect scope 3 | 50,113 | 60,940 | 44,545 | 47,632 | 1,723 | 1,372 | 631 | 7,967 | ||
| Electricity sub-metered to occupiers | 17,164 | 18,597 | 14,786 | 14,582 | 844 | 700 | 186 | 2,847 | ||||
| Natural gas | ✓ | 28,653 | 34,867 | 25,632 | 27,112 | 879 | 671 | 445 | 5,120 | |||
| Fuel oil | 2,503 | 3,324 | 2,503 | 3,324 | N/A | N/A | N/A | N/A | ||||
| Wood pellets | 27 | 36 | 27 | 36 | N/A | N/A | N/A | N/A | ||||
| Propane | 621 | 897 | 440 | 454 | N/A | N/A | N/A | N/A | ||||
| District heating | 1,145 | 2,220 | 1,145 | 2,124 | N/A | N/A | N/A | N/A | ||||
| Total | Scope 1 + scope 2 (location-based) | 5,699 | 5,330 | 1,498 | 1,074 | 4,201 | 4,256 | N/A | N/A | |||
| Scope 1 + scope 2 (market-based) | 2,757 | 2,784 | 455 | 456 | 2,302 | 2,328 | N/A | N/A | ||||
| Scope 1 + scope 2 (location-based) + scope 3 | 55,812 | 66,270 | 46,043 | 48,706 | 5,924 | 5,628 | 631 | 7,967 | ||||
| Scope 1 + scope 2 (market-based) + scope 3 | 52,870 | 63,724 | 45,000 | 48,088 | 4,025 | 3,700 | 631 | 7,967 | ||||
| % | Proportion of scope 1 + scope 2 (market-based) estimated | N/D | 12% | N/D | 0% | N/D | 14% | N/D | N/A | |||
| GHG-Int | kgCO2e/m3/year | Scope 1 and 2 emissions (location-based) | 27.8 | 26.3 | 30.6 | 25.4 | 26.7 | 26.5 | N/A | N/A | ||
| kgCO2e/revenue in EUR/year | GHG emissions intensity | N/D | 0.13 | N/D | 0.14 | N/D | 0.13 | N/A | N/A | |||
| kgCO2e/m3/year | Scope 1 and 2 emissions (market-based) | 14.3 | 13.7 | 11.5 | 10.8 | 14.8 | 14.5 | N/A | N/A | |||
| kgCO2e/revenue in EUR/year | ✓ | 0.008 | 0.070 | N/D | 0.060 | N/D | 0.070 | N/A | N/A | |||
| No. applicable properties | GHG disclosure coverage | 351 | 1,138 | 278 | 304 | 25 | 25 | 35 | 795 | |||
| m3 of applicable properties | 2,108,356 | 2,597,106 | 1,645,618 | 1,862,693 | 255,259 | 255,259 | 29,021 | 288,503 | ||||
| % | Proportion of scope 1 + scope 2 (market-based) + scope 3 estimated | N/D | 26% | N/D | 18% | N/D | 15% | N/D | 88% |
- The $\mathrm{CO}_{2}$ emission factor for electricity varies by country and is based on raw data from the IEA 2025 source.
- The $\mathrm{CO}_{2}$ emission factor is 202.7 g CO2e/kWh for natural gas, 232.58 g CO2e/kWh for propane, 285.23 g CO2e/kWh for fuel oil, 11.5 g CO2e/kWh for pellets, and 175.29 g CO2e/kWh for district heating (source: DEFRA 2025).
- Taking into account market conversion coefficients, indirect emissions (scope 2) from the directly managed portfolio are reduced to zero following the green electricity contract signed by Cofinimmo Services and Superstone for all areas under operational control.
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Portfolio in finance lease
| EPRA Sustainability Performance Measures (Environment) | Third-party assured? | Performance by segment type | ||||||
|---|---|---|---|---|---|---|---|---|
| EPRA Code | Units of measure | Indicator | Category | FIN | PPP | |||
| 2024 (Abs) | 2025 (Abs) | 2024 (Abs) | 2025 (Abs) | |||||
| GHG-Indir-Abs | tCO₂e | Indirect (scope 3) | Total indirect scope 3 | 1,015 | 1,340 | 2,199 | 2,630 | |
| Electricity sub-metered to occupiers | 475 | 429 | 861 | 1,038 | ||||
| Natural gas | 359 | 372 | 1,339 | 1,592 | ||||
| Fuel oil | N/A | N/A | N/A | N/A | ||||
| Wood pellets | N/A | N/A | N/A | N/A | ||||
| Propane | 181 | 442 | N/A | N/A | ||||
| District heating | ✓ | N/A | 96 | N/A | N/A | |||
| Total | Scope 1 + scope 2 (location-based) + scope 3 | 1,015 | 1,340 | 2,199 | 2,630 | |||
| Scope 1 + scope 2 (market-based) + scope 3 | 1,015 | 1,340 | 2,199 | 2,630 | ||||
| % | Proportion of scope 1 + scope 2 (market-based) estimated | N/D | N/A | N/D | N/A | |||
| No. applicable properties | GHG disclosure coverage | 7 | 9 | 6 | 5 | |||
| m² of applicable properties | 39,602 | 55,598 | 138,855 | 135,055 | ||||
| % | Proportion of scope 1 + scope 2 (market-based) + scope 3 estimated | N/D | 21% | N/D | 0% |
- The PPP and other finance lease sectors do not impact scope 1 and 2 as they consist solely of indirectly managed properties.
- The CO₂ emission factor for electricity varies by country and is based on raw data from the IEA 2025 source.
- The CO₂ emission factor is 202.7 g CO₂e/kWh for natural gas, 232.58 g CO₂e/kWh for propane, 285.23 g CO₂e/kWh for fuel oil, 11.5 g CO₂e/kWh for pellets, and 175.29 g CO₂e/kWh for district heating (source: DEFRA 2025).
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Cofinimmo's head offices
| EPRA Sustainability Performance Measures (Environment) | Third-party assured? | HEADQUARTER | ||||
|---|---|---|---|---|---|---|
| EPRA Code | Units of measure | Indicator | Category | 2024 (Abs) | 2025 (Abs) | |
| OHO-Dir-Abs | tCO2e | Direct | Total direct scope 1 | 275 | 212 | |
| Natural gas | ✓ | 47 | 39 | |||
| Bioenergy: wood pellets | N/A | N/A | ||||
| OHO-Indir-Abs | Indirect (scope 2) | Total indirect scope 2 market-based | 27 | 22 | ||
| Scope 2 electricity | 27 | 22 | ||||
| Local district heating | N/A | N/A | ||||
| Total indirect scope 2 location-based | 59 | 73 | ||||
| Scope 2 electricity | 59 | 73 | ||||
| Local district heating | N/A | N/A | ||||
| OHO-Indir-Abs | Indirect (scope 3) | Total indirect scope 3 | 456 | 389 | ||
| Total | Scope 1 + scope 2 (location-based) | 334 | 285 | |||
| Scope 1 + scope 2 (market-based) | 302 | 234 | ||||
| Scope 1 + scope 2 (location-based) + scope 3 | 790 | 673 | ||||
| Scope 1 + scope 2 (market-based) + scope 3 | 758 | 623 | ||||
| % | Proportion of scope 1 + scope 2 (market-based) estimated | 40% | 24% | |||
| OHO-Int | kgCO2e/m3/year | OHO emissions intensity | Scope 1 and 2 emissions (location-based) | 59.0 | 50.3 | |
| kgCO2e/m3/year | Scope 1 and 2 emissions (market-based) | 53.4 | 41.3 | |||
| No. applicable properties | GHG disclosure coverage | ✓ | 5 | 5 | ||
| m3 of applicable properties | 5,664 | 5,664 | ||||
| % | Proportion of scope 1 + scope 2 (market-based) + scope 3 estimated | N/D | 27% |
- The $\mathrm{CO}_{2}$ emission factor for electricity varies by country and is based on raw data from the IEA 2025 source.
- The $\mathrm{CO}_{2}$ emission factor is 202.7 gCO2e/kWh for natural gas (source: DEFRA 2025).
- Taking into account market conversion coefficients, indirect emissions (scope 2) from the head office in Belgium are now zero following the green electricity contract signed by Cofinimmo Services for all areas under its operational control.
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Water consumption by supply source
The total volume of consumed water is used to supply the air-conditioning installations, the sanitary facilities and the kitchenettes. Consequently, no priority substances are found in the water discharge. The only water supply source is municipal water. The total water withdrawal is equal to 0.
According to the United Nations Environment Programme, the built environment accounts for 20% of water consumption. Aware of this impact, Cofinimmo is committed to ensuring sustainable water cycle management. The company has equipped its buildings with remotely readable water meters. These meters not only measure water consumption but also enable immediate action to be taken when a discrepancy is detected. Outdoor features such as green roofs and the limitation of impermeable surfaces also help to manage rainwater and thus reduce the risk of flooding.
Applied to water, the circular economy principle allows water to be recovered and reused for various purposes, thus offering a solution to water scarcity. This includes the treatment and reuse of black and grey water, creating a closed loop. Although rainwater harvesting is not yet viable everywhere, it is systematically considered for new buildings.
Total portfolio and consolidated portfolio by segment
| EPRA Sustainability Performance Measures (Environment) | Third-party assured? | Total portfolio | Performance by segment type | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EPRA Code | Units of measure | Indicator | Category | Absolute performance (Abs) | Like-for-Like performance (LfL) | HEALTHCARE | OFFICES | DISTRIBUTION NETWORK | |||||||||||||||||
| 2024 | 2025 | 2024 | 2025 | Δ | 2024 (Abs) | 2025 (Abs) | 2024 (LfL) | 2025 (LfL) | Δ (LfL) | 2024 (Abs) | 2025 (Abs) | 2024 (LfL) | 2025 (LfL) | Δ (LfL) | 2024 (Abs) | 2025 (Abs) | 2024 (LfL) | 2025 (LfL) | Δ (LfL) | ||||||
| Water-Abs, Water-LfL | m²/year | Water | Total landlord-obtained water | 64,034 | 62,055 | 60,376 | 62,055 | 2.8% | 12,803 | 11,195 | 9,145 | 11,195 | 22.4% | 51,231 | 50,860 | 51,231 | 50,860 | -0.7% | N/A | N/A | N/A | N/A | N/A | ||
| Total tenant-obtained water | 1,481,265 | 1,483,244 | 1,050,883 | 1,049,773 | -0.1% | 1,116,946 | 1,349,640 | 996,081 | 985,324 | -1.1% | 6,877 | 18,192 | 6,375 | 7,444 | 16.8% | 103 | 198 | 103 | 198 | 92.2% | |||||
| Total water | ✓ | 1,545,299 | 1,545,299 | 1,111,828 | 1,111,828 | 0.1% | 1,129,749 | 1,360,835 | 1,005,226 | 996,519 | -0.9% | 58,108 | 69,052 | 57,606 | 58,304 | 1.2% | 103 | 198 | 103 | 198 | 92.2% | ||||
| Municipal water supplies or other public or private utilities | 1,545,299 | 1,545,299 | 1,111,259 | 1,111,828 | 0.1% | 1,129,749 | 1,360,835 | 1,005,226 | 996,519 | -0.9% | 58,108 | 69,052 | 57,606 | 58,304 | 1.2% | 103 | 198 | 103 | 198 | 92.2% | |||||
| Water-int | m²/ revenue in EUR/ year | Water intensity | Water | ||||||||||||||||||||||
| m²/m²/ year | ✓ | N/D | 0.004 | N/D | 0.005 | N/D | 0.001 | N/D | 0.000 | ||||||||||||||||
| 0.67 | 0.73 | 0.77 | 0.82 | 0.27 | 0.27 | 0.01 | 0.02 | ||||||||||||||||||
| No. applicable properties | Water disclosure coverage | 288 | 322 | 248 | 252 | 282 | 222 | 22 | 25 | 20 | 1 | 1 | 1 | ||||||||||||
| m² of applicable properties | 1,964,961 | 2,113,521 | 1,642,570 | 1,458,944 | 1,658,567 | 1,300,763 | 216,157 | 255,259 | 197,709 | 9,043 | 9,043 | 9,043 | |||||||||||||
| % | Proportion of water estimated | 20% | 26% | 23% | 26% | 22% | 28% | 24% | 28% | 16% | 21% | 15% | 16% | 9% | 0% | 9% | 0% |
- The values shown represent the total consumption of the building, without distinction between private and common areas.
- Cofinimmo has no influence over tenants' private consumption in the buildings. It can only act on the consumption of the common technical equipment in the buildings it manages directly.
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Portfolio in finance lease
| EPRA Sustainability Performance Measures (Environment) | Third-party assured? | Performance by segment type | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EPRA Code | Units of measure | Indicator | Category | FIN | PPP | |||||||||
| 2024 (Abs) | 2025 (Abs) | 2024 (LfL) | 2025 (LfL) | Δ (LfL) | 2024 (Abs) | 2025 (Abs) | 2024 (LfL) | 2025 (LfL) | Δ (LfL) | |||||
| Water-Abs Water-LfL | m³/year | Water | Total tenant-obtained water | 33,630 | 58,407 | N/A | N/A | N/A | 48,954 | 56,807 | 48,324 | 56,807 | 17.6% | |
| Total water | ✓ | 33,630 | 58,407 | N/A | N/A | N/A | 48,954 | 56,807 | 48,324 | 56,807 | 17.6% | |||
| Municipal water supplies or other public or private utilities | 33,630 | 58,407 | N/A | N/A | N/A | 48,954 | 56,807 | 48,324 | 56,807 | 17.6% | ||||
| Water-Int | m³/m²/year | Water intensity | Water | N/D | 1.05 | 0.35 | 0.42 | |||||||
| No. applicable properties | Water disclosure coverage | ✓ | 7 | 9 | 0 | 6 | 5 | 5 | ||||||
| m² of applicable properties | 39,602 | 55,598 | 0 | 138,855 | 135,055 | 135,055 | ||||||||
| % | Proportion of water estimated | 0% | 14% | N/A | N/A | 10% | 0% | 10% | 0% |
- The values shown represent the total consumption of the building, without distinction between private and common areas.
- Cofinimmo has no influence over tenants' private consumption in the buildings. It can only act on the consumption of the common technical equipment in the buildings it manages directly.
Cofinimmo's head offices
Cofinimmo does not have separate water meters for its own water consumption at its headquarters.
Only water consumption at the headquarters in Belgium is monitored at building level, not at the level of the floors occupied specifically by Cofinimmo.
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Waste by type and disposal route
Total portfolio and consolidated portfolio by segment
| EPRA Sustainability Performance Measures (Environment) | Third-party assured? | Total portfolio | Performance by segment type | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EPRA Code | Units of measure | Indicator | Category | Absolute performance (Abs) | Like-for-Like performance (LfL) | HEALTHCARE | OFFICES | DISTRIBUTION NETWORK | |||||||||||||||
| 2024 | 2025 | 2024 | 2025 | Δ | 2024 (Abs) | 2025 (Abs) | 2024 (LfL) | 2025 (LfL) | Δ (LfL) | 2024 (Abs) | 2025 (Abs) | 2024 (LfL) | 2025 (LfL) | Δ (LfL) | 2024 (Abs) | 2025 (Abs) | 2024 (LfL) | 2025 (LfL) | |||||
| Waste-Abs, Waste-LfL | Tonnes | Total weight of waste generated | Hazardous waste | 3,244 | 3,873 | 3,244 | 3,203 | -1.3% | 0 | 0 | 0 | 0 | 0.0% | 3,244 | 3,343 | 3,244 | 3,203 | -1.3% | 0 | N/A | N/A | N/A | |
| Non-hazardous waste | 955,246 | 1,147,067 | 812,258 | 834,938 | 2.8% | 210,846 | 210,448 | 142,720 | 137,757 | -3.5% | 734,336 | 817,204 | 669,538 | 697,181 | 4.1% | 5,687 | N/A | N/A | N/A | ||||
| Total weight of waste generated via disposal and diversion route | Recycled | 554,685 | 657,368 | 470,829 | 501,377 | 6.5% | 74,039 | 67,847 | 39,469 | 37,593 | -4.8% | 475,711 | 550,285 | 431,360 | 463,784 | 7.5% | 2,955 | N/A | N/A | N/A | |||
| Incinerated | 403,805 | 493,572 | 344,673 | 336,764 | -2.3% | 136,807 | 142,601 | 103,251 | 100,164 | -3.0% | 261,869 | 270,262 | 241,422 | 236,600 | -2.0% | 2,732 | N/A | N/A | N/A | ||||
| Composition of total weight of waste generated | Paper | 492,728 | 580,031 | 420,653 | 449,484 | 6.9% | 73,885 | 67,800 | 39,469 | 37,593 | -4.8% | 416,863 | 477,262 | 381,184 | 411,891 | 8.1% | 0 | N/A | N/A | N/A | |||
| PMC | 17,382 | 18,654 | 15,054 | 12,675 | -15.8% | 0 | 47 | 0 | 0 | 0.0% | 16,907 | 17,975 | 15,054 | 12,675 | -15.8% | 475 | N/A | N/A | N/A | ||||
| Glass | 13,121 | 16,542 | 8,951 | 9,175 | 2.5% | 154 | 0 | 0 | 0 | 0.0% | 12,967 | 13,374 | 8,951 | 9,175 | 2.5% | 0 | N/A | N/A | N/A | ||||
| Mixed municipal | 403,805 | 493,571 | 344,672 | 336,763 | -2.3% | 136,807 | 142,601 | 103,251 | 100,164 | -3.0% | 261,870 | 270,261 | 241,421 | 236,599 | -2.0% | 2,732 | N/A | N/A | N/A | ||||
| Food waste | 24,776 | 34,525 | 19,495 | 23,738 | 21.8% | 0 | 0 | 0 | 0 | 0.0% | 22,296 | 34,525 | 19,495 | 23,738 | 21.8% | 2,480 | N/A | N/A | N/A | ||||
| Other | 6,679 | 7,038 | 6,679 | 6,303 | -5.6% | 0 | 1 | 0 | 0 | 0.0% | 6,679 | 7,036 | 6,679 | 6,303 | -5.6% | 0 | N/A | N/A | N/A | ||||
| % | Proportion of total weight of waste generated | Hazardous waste | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 1% | 1% | 0% | 0% | N/A | N/A | N/A | |||
| Non-hazardous waste | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | N/A | N/A | N/A | ||||||||
| Proportion of waste generated via disposal and diversion route | Recycled | 58% | 57% | 58% | 60% | 35% | 32% | 28% | 27% | 64% | 67% | 64% | 66% | 52% | N/A | N/A | N/A | ||||||
| Incinerated | 42% | 43% | 42% | 40% | 65% | 68% | 72% | 73% | 36% | 33% | 36% | 34% | 48% | N/A | N/A | N/A | |||||||
| Composition of total waste generated | Paper | 51% | 50% | 52% | 54% | 35% | 32% | 28% | 27% | 57% | 58% | 57% | 59% | 0% | N/A | N/A | N/A | ||||||
| PMC | 2% | 2% | 2% | 2% | 0% | 0% | 0% | 0% | 2% | 2% | 2% | 2% | 8% | N/A | N/A | N/A | |||||||
| Glass | 1% | 1% | 1% | 1% | 0% | 0% | 0% | 0% | 2% | 2% | 1% | 1% | 0% | N/A | N/A | N/A | |||||||
| Mixed municipal | 42% | 43% | 42% | 40% | 65% | 68% | 72% | 73% | 36% | 33% | 36% | 34% | 48% | N/A | N/A | N/A | |||||||
| Food waste | 3% | 3% | 2% | 3% | 0% | 0% | 0% | 0% | 3% | 4% | 3% | 3% | 44% | N/A | N/A | N/A | |||||||
| Other | 1% | 1% | 1% | 1% | 0% | 0% | 0% | 0% | 1% | 1% | 1% | 1% | 0% | N/A | N/A | N/A | |||||||
| No. of applicable properties | Waste disclosure coverage | 38 | 35 | 26 | 14 | 12 | 11 | 22 | 22 | 15 | 1 | 0 | 0 | ||||||||||
| m² of applicable properties | 275,848 | 284,913 | 187,527 | 43,141 | 39,197 | 24,131 | 219,864 | 217,400 | 163,396 | 9,043 | N/A | 0 |
- Waste is collected at source according to type: mixed municipal waste, paper, cardboard, plastic, cans, glass, etc.
- The breakdown of waste by disposal route varies based on the type of waste. The recycling and incineration of waste with energy recovery are the only disposal routes. No waste produced by Cofinimmo has been disposed to landfill.
- The figures shown represent the total quantities for the buildings, without distinction between private and common areas.
- Cofinimmo has no influence over the quantities produced by tenants in the buildings. It can only act on the quantities produced by the buildings it manages directly.
- Waste classified as hazardous is handled directly by the tenants. However, part of the quantities shown in the table above remain the responsibility of Cofinimmo.
- Conversion factor depending on type: mixed municipal waste $55\mathrm{kg} / \mathrm{m}^3$ , paper/cardboard $110\mathrm{kg} / \mathrm{m}^3$ , plastic/cans $7\mathrm{kg} / \mathrm{m}^3$ , organic $360\mathrm{kg} / \mathrm{m}^3$ and glass $320\mathrm{kg} / \mathrm{m}^3$
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Portfolio in finance lease
| EPRA Sustainability Performance Measures (Environment) | Third-party assured? | Performance by segment type |
|---|---|---|
| EPRA Code | Units of measure | Indicator |
| 2024 (Abs) | 2025 (Abs) | |
| Waste-Abs, Waste-LFL | Tonnes | Total weight of waste generated |
| Non-hazardous waste | 4,377 | |
| Total weight of waste generated via disposal and diversion route | Recycled | |
| Incinerated | 2,397 | |
| Landfill | N/D | |
| Composting | N/D | |
| Composition of total weight of waste generated | Paper | |
| PMC | 0 | |
| Glass | 0 | |
| Mixed municipal | 2,397 | |
| Food waste | 0 | |
| Other | 0 | |
| % | Proportion of total weight of waste generated | Hazardous waste |
| Non-hazardous waste | ✓ | 100% |
| Proportion of waste generated via disposal and diversion route | Recycled | |
| Incinerated | 55% | |
| Landfill | N/D | |
| Composting | N/D | |
| Composition of total waste generated | Paper | |
| PMC | 0% | |
| Glass | 0% | |
| Mixed municipal | 55% | |
| Food waste | 0% | |
| Other | 0% | |
| No. of applicable properties | Waste disclosure coverage | |
| m². of applicable properties |
- Waste is collected at the source by type: mixed municipal waste, paper, cardboard, plastic, cans, glass, etc.
- The breakdown of waste by disposal route varies based on the type of waste. The recycling and incineration of waste with energy recovery are the only disposal routes. No waste produced by Cofinimmo has been disposed to landfill.
- The values shown represent the total quantities for the buildings, without distinction between the private and common areas
- Cofinimmo has no control over the private quantities of building tenants. It can only influence the quantities of the directly managed buildings.
- Waste classified as hazardous is handled directly by the tenants. However, part of the amount shown in the table above remains the responsibility of Cofinimmo.
- Conversion factor depending on type: mixed municipal waste 55 kg/m², paper/cardboard 110 kg/m², plastic/cans 7 kg/m², organic 360 kg/m³ and glass 320 kg/m³.
- Waste data for PPP and other finance lease sectors on a like-for-like basis is not available due to a lack of data for 2024.
- No information is available for other finance lease buildings.
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Cofinimmo's head offices
| EPRA Sustainability Performance Measures (Environment) | Third-party assured? | HEADQUARTERS | ||||
|---|---|---|---|---|---|---|
| EPRA Code | Units of measure | Indicator | Category | 2024 (Abs) | 2025 (Abs) | |
| Waste-Abs, Waste-UL | Tonnes | Total weight of waste generated | Hazardous waste | 0 | 0 | |
| Non-hazardous waste | 27 | 23 | ||||
| Total weight of waste generated via disposal and diversion route | Recycled | 17 | 14 | |||
| Incinerated | 10 | 10 | ||||
| Composition of total weight of waste generated | Paper | 14 | 13 | |||
| PMC | 3 | 0 | ||||
| Glass | N/D | N/D | ||||
| Mixed municipal | 10 | 10 | ||||
| Food waste | N/D | N/D | ||||
| Other | N/D | N/D | ||||
| % | Proportion of total weight of waste generated | Hazardous waste | 0% | 0% | ||
| Non-hazardous waste | 100% | 100% | ||||
| Proportion of waste generated via disposal and diversion route | Recycled | 64% | 58% | |||
| Incinerated | 36% | 42% | ||||
| Composition of total waste generated | Paper | 61% | 57% | |||
| PMC | 11% | 1% | ||||
| Glass | N/D | N/D | ||||
| Mixed municipal | 36% | 42% | ||||
| Food waste | N/D | N/D | ||||
| Other | N/D | N/D | ||||
| No. of applicable properties | Waste disclosure coverage | 5 | 5 | |||
| m² of applicable properties | 5,664 | 5,664 |
- Waste is collected at the source by type: mixed municipal waste, paper, cardboard, plastic, cans, glass, etc.
- The breakdown of waste by disposal route varies based on the type of waste. The recycling and incineration of waste with energy recovery are the only disposal routes. No waste produced by Cofinimmo has been disposed to landfill.
- Conversion factor depending on type: mixed municipal waste 55 kg/m², paper/cardboard 110 kg/m², plastic/cans 7 kg/m², organic 360 kg/m² and glass 320 kg/m².
- No like-for-like indicators are available due to the relocation of Cofinimmo's Belgian head offices in mid-2024 from a single-tenant building to a multi-tenant building.
- No individual waste tracking is available for offices leased outside Belgium.
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Type and number of assets with certifications
Total portfolio
| EPRA Sustainability Performance Measures (Environment) | Third-party assured? | Total portfolio | ||||
|---|---|---|---|---|---|---|
| EPRA Code | Units of measure | Indicator | Category | Absolute performance (Abs) | ||
| 2024 | 2025 | |||||
| Cert-Tot | % | Mandatory (Energy Performance Certificates) | % portfolio certified by fair value (in EUR) | 85% | 91% | |
| A/B | 26% | 28% | ||||
| C | 15% | 14% | ||||
| D | 8% | 8% | ||||
| E | 5% | 5% | ||||
| F | 4% | 4% | ||||
| G/H | 1% | 3% | ||||
| Voluntary (BREEAM or similar) | Percentage of rental income from BREEAM certified assets | 12.2% | 13.2% | |||
| Outstanding | 0.0% | 0.3% | ||||
| Excellent | 7.2% | 7.7% | ||||
| Very Good | 4.4% | 4.6% | ||||
| Good/Pass | 0.5% | 0.6% |
- EPC certification is regulated differently in each country and segment.
- For some EPC certifications, the score is 0 kWh/m²/year due to a lack of information. These certifications are excluded from the average.
- The balance of certified buildings is distributed as follows: 12% of certificates are labelled X in Belgium (Flemish region) due to a lack of data on the certificate, 8% have no label mentioned on the certificate and for 9% a certificate is not required under the applicable legislation.
- 27% of rents correspond to buildings with an EPC rating of B or higher.
- For property of distribution networks, no BREEAM nor BREEAM-equivalent certification is available. One certification of an asset in finance lease with level Excellent is HQE-certified.
- The BREEAM-certified buildings are located in Belgium, Spain, Finland and Germany. The HQE-certified asset is located in France.
- In the context of the ISO 14001 certification, the principles of BREEAM New Construction and/or BREEAM In-Use certification are also applicable to the entire portfolio.
- A copy of each BREEAM certification is available on the Group's website.
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Social performance indicators
Consolidated portfolio under operational control
| EPRA Sustainability Performance Measures (Social) | Third-party assured? | Total consolidated portfolio | Performance by segment type | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| EPRA Code | Units of measure | Indicator | Category | DIRECTLY MANAGED | HEALTHCARE | OFFICES | ||||
| 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | |||||
| H&S-Asset | % of assets | Health and safety | Asset health and safety assessments | 93% | 94% | 76% | 73% | 98% | 100% | |
| H&S-Comp | Total number of assets | Number of incidents | ✓ | 0 | 0 | 0 | 0 | 0 | 0 | |
| Comty-Eng | % of assets | Community | Community engagement, impact assessments & development programmes | 74% | 79% | 0% | 0% | 100% | 100% |
- The assessment is based on the annual monitoring of fire audits (96% of the directly managed portfolio) and asbestos monitoring (93% of the directly managed portfolio). In 2025, no infringements related to fire audits and asbestos monitoring with a penalty or health impact on the occupant were detected.
- In the indirectly managed portfolio, these assessments are carried out as part of the due diligence process at the time of acquisition. The annual monitoring is the responsibility of the tenants. During the monitoring visits, no violations with penalty or health impact were found.
- The Group has one The Lounge® by Cofinimmo site, where the Group provides its tenants and their visitors with modern, inspiring and pleasant shared spaces, equipped with catering, meeting, networking and relaxation areas. All spaces are managed on site by the community manager. This concept responds to the growing need for diversity in workplaces.
Cofinimmo's head offices
The managerial approach to human capital is described on pages 115-121.
| EPRA Sustainability Performance Measures (Social) | Third-party assured? | Corporate performance | ||||||
|---|---|---|---|---|---|---|---|---|
| EPRA Code | Units of measure | Indicator | Category | COFINIMMO SA | ||||
| 2024 | 2025 | 2025 | 2025 | |||||
| Male | Female | Male | Female | |||||
| Diversity-Emp | % | Gender diversity | Proportion of male and female | 47% | 53% | 48% | 52% | |
| Gender by level | Board of Directors | 64% | 36% | 60% | 40% | |||
| Executive Committee | 57% | 43% | 67% | 33% | ||||
| Managers | 68% | 32% | 69% | 31% | ||||
| Employees | 47% | 53% | 43% | 57% | ||||
| Number and % | Number of governing bodies by age range | ≥ 50 years old | ✓ | 13 | 11 | |||
| 30 - 50 years old | 1 | 1 | ||||||
| ≤ 30 years old | 0 | 0 | ||||||
| Proportion of employees including managers by age range | ≥ 50 years old | 35% | 35% | |||||
| 30 - 50 years old | 59% | 59% | ||||||
| ≤ 30 years old | 6% | 6% | ||||||
| Diversity-Pay | Ratio | Male and female remuneration by level | Board of Directors | N/D | 29% | |||
| Executive Committee | N/D | 26% | ||||||
| Managers | N/D | 2% | ||||||
| Employees including managers | N/D | 22% |
- In 2024, 13% of women and 1% of men worked part-time. In 2025, 19% of women and 3% of men worked part-time.
- The Chairman is male, which explains the difference in the pay gap at board level. Non-independent members are excluded from the calculation, as they are included in the Executive Committee.
- The CEO is male, which explains the difference in the pay gap at Executive Committee level.
- At employee level, the gender pay gap mainly reflects the gender distribution across different job categories, rather than unequal pay for comparable jobs within the same category.
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| EPRA Sustainability Performance Measures (Social) | Third-party assured? | Corporate performance | ||||||
|---|---|---|---|---|---|---|---|---|
| EPRA Code | Units of measure | Indicator | Category | COFINIMMO SA | ||||
| 2024 | 2025 | Male | Female | |||||
| Emp-Training | Number of hours | Average hours of training per employee | All employees | 52 | 44 | 64 | 56 | |
| Average hours of training by level | Board of Directors | N/D | N/D | 0 | 0 | |||
| Executive Committee | ✓ | N/D | N/D | 75 | 69 | |||
| Managers | N/D | N/D | 55 | 93 | ||||
| Employees including managers | N/D | N/D | 66 | 52 | ||||
| Emp-Dev | % of employees | Employees receiving performance appraisals | Total | 100% | 100% | |||
| Employees receiving performance appraisals by level | Board of Directors | 0% | 0% | 0% | 0% | |||
| Executive Committee | ✓ | 100% | 100% | 100% | 100% | |||
| Managers | 100% | 100% | 100% | 100% | ||||
| Employees | 100% | 100% | 100% | 100% | ||||
| Emp-Turnover | Number of employees | Direct employees | N/D | N/D | 71 | 78 | ||
| Total number of new hires | N/D | N/D | 2 | 7 | ||||
| Rate of new hires in % | Total number of employees including managers | N/D | N/D | 2.8% | 8.9% | |||
| Total turnover (departures) | N/D | N/D | 3 | 7 | ||||
| Total rate of turnover (departures) in % | N/D | N/D | 4.2% | 8.9% | ||||
| Number of employees by level | Total | 9 | 5 | 6 | 4 | |||
| Total number of new hires | N/D | N/D | 0 | 1 | ||||
| Rate of new hires in % | Board of Directors | N/D | N/D | 0.0% | 25.0% | |||
| Total turnover (departures) | N/D | N/D | 1 | 1 | ||||
| Total rate of turnover (departures) in % | N/D | N/D | 15.4% | 25.0% | ||||
| Total | 4 | 3 | 4 | 2 | ||||
| Total number of new hires | N/D | N/D | 0 | 0 | ||||
| Rate of new hires in % | Executive Committee | ✓ | N/D | N/D | 0.0% | 0.0% | ||
| Total turnover (departures) | N/D | N/D | 0 | 1 | ||||
| Total rate of turnover (departures) in % | N/D | N/D | 0.0% | 40.0% | ||||
| Total | 17 | 8 | 18 | 8 | ||||
| Total number of new hires | N/D | N/D | 0 | 0 | ||||
| Rate of new hires in % | Managers | N/D | N/D | 0.0% | 0.0% | |||
| Total turnover (departures) | N/D | N/D | 0 | 1 | ||||
| Total rate of turnover (departures) in % | N/D | N/D | 0.0% | 12.5% | ||||
| Total | N/D | N/D | 53 | 70 | ||||
| Total number of new hires | N/D | N/D | 2 | 7 | ||||
| Rate of new hires in % | Employees | N/D | N/D | 3.7% | 9.9% | |||
| Total turnover (departures) | N/D | N/D | 3 | 6 | ||||
| Total rate of turnover (departures) in % | N/D | N/D | 5.6% | 8.5% |
See notes below the first table on the next page.
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| EPRA Sustainability Performance Measures (Social) | Third-party assured? | Corporate performance | ||||
|---|---|---|---|---|---|---|
| EPRA Code | Units of measure | Indicator | Category | COFINIMMO SA | ||
| 2024 | 2025 | |||||
| H&S-Emp | Per 100,000 hours worked | Injury rate | Direct employees | 0 | 0 | |
| Per 100,000 hours worked | Lost day rate | Direct employees | 0 | 0 | ||
| % | Absentee rate | Direct employees | ☑ | 1.6% | 1.9% | |
| Total number | Fatalities | Direct employees | 0 | 0 | ||
| Human rights | Direct employees | 0 | 0 |
- Regulations for the sector require companies to provide three days of training per employee in 2025, four days from 01.01.2026, and five days from 01.01.2028.
- The denominator for turnover corresponds to the average number of employees on 01.01.2025 and 31.12.2025. On average, there were 149.5 employees (including managers) in 2025, with a turnover rate of 6.7%.
- Intergroup employees turnover is not taken into account.
- In 2025, no one was sanctioned or dismissed for non-compliance with the Anti-Corruption, Fraud and Money Laundering Policy.
- The number of KPIs not published for the year 2024 is due to the adaptation of the reporting table in line with the EPRA sBPR recommendations.
- According to the Belgian law, the denominator of the absenteeism rate is the total number of working days, including days off. This represents 37,846 days.
- The number of days of absenteeism per employee is 4.8 days.
- The absenteeism rate is expressed as the proportion of days lost due to incapacity for work, excluding authorised absences, in relation to the total number of working days scheduled for employees over the same period.
Governance performance indicators
Cofinimmo's head offices
| EPRA Sustainability Performance Measures (Governance) | Third-party assured? | Corporate performance | ||||||
|---|---|---|---|---|---|---|---|---|
| EPRA Code | Units of measure | Indicator | Category | COFINIMMO SA | ||||
| 2024 | 2025 | |||||||
| Male | Female | Male | Female | |||||
| Gov-Board | Total number | Board composition | Composition of highest governance body | 14 | 12 | |||
| Executive members | 2 | 1 | 2 | 0 | ||||
| Non-executive members | 7 | 4 | 6 | 4 | ||||
| Average tenure in years | 6 | 6 | ||||||
| Total non-executives with environmental and social competencies | ☑ | N/D | 9 | |||||
| % | Proportion of | Total non-executives with environmental and social competencies | N/D | 90% | ||||
| Gov-Selec | Narrative | Board selection | Gov-Selec and Gov-COI indicators are detailed in the 'Corporate governance principles' section (see pages 139-146). | |||||
| Gov-COI | Narrative | Conflicts of interest |
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Dashboard
| Reducing energy intensity (reflecting ESRS E1 Climate change) | Main objective | Secondary objectives | Actions | 2025 | 2024 | Status |
|---|---|---|---|---|---|---|
| Smart and green energy Cut energy use and boost renewables through smart monitoring and deep renovation, targeting a 30% reduction in energy intensity by 2030. | Reduce the energy intensity of buildings by 30% to reach the level of 130 kWh/m2/year by 2030. | Energy intensity target of 150 kWh/m2/year by end 2025 and of 145 kWh/m2/year by end 2026. | 139 kWh/m2/year | 138 kWh/m2/year | 7% below the 2025 target | |
| Increase renewable energy production. | Prioritise installation of photovoltaic solar panels as investment in construction/renovation/extension projects. | 7,204 MWh energy production | 4,015 MWh energy production | +79% compared to 2024 | ||
| Improve the portfolio's energy performance with a building renovation programme. | Assess the annual renovation rate according to the five-year portfolio renewal target. | From 2026 to 2030, Cofinimmo is planning to refurbish 6.8% of its portfolio excluding new constructions and acquisitions (healthcare real estate and office segments). | From 2025 to 2029, Cofinimmo is planning to refurbish 6.0% of its portfolio excluding new constructions and acquisitions (healthcare real estate and office segments). | +0.8% compared to 2024 | ||
| Smart monitoring of the energy intensity of buildings. | Increase the coverage to 100%, with a minimum of 85%, achieved based on actual data. | 100% | 80% | +20% compared to 2024 | ||
| Sustainable by design Create responsible buildings by applying life cycle analysis, circular approach to water and materials, promoting greener mobility, safeguarding biodiversity, achieving leading certifications. | Improve the collection of water consumption data. | Increase the coverage to 85%, with a minimum of 75%, achieved based on actual data. | 81% | 71% | +10% compared to 2024 | |
| Promote the use of alternative transport modes to fossil fuel cars by improving facilities. | Assess the installation of charging stations and parking spaces for bicycles. | 9% of parking spaces are equipped with charging stations, and of parking spaces for bicycles are available in the healthcare real estate and office segments | 26% of parking spaces are equipped with charging stations, and 35% of parking spaces for bicycles are available in the office segment | Scope expansion to include the healthcare real estate segment | ||
| Life cycle analysis of materials used in development projects. | Carry out life cycle analysis of each development or renovation project. | out of 6 projects | 4 out of 8 projects | +33% compared to 2024 | ||
| Mitigate the risk on biodiversity. | Prioritise sites based on biodiversity risks. | high-risk sites | n/a | First analysis in 2025 | ||
| Receive BREEAM certifications or equivalent. | Plan to obtain BREEAM or equivalent certification in order to maintain at least a stable level of certified coverage of the portfolio. | 13% | 11% | +2% compared to 2024 |
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| Skilled and service-minded employees (reflecting ESRS S1 Own workforce) | Main objective | Secondary objectives | Actions | 2025 | 2024 | Status |
|---|---|---|---|---|---|---|
| Inclusive growth Foster employee development, embrace inclusivity, and enable healthy, sustainable mobility choices while contributing positively to society. | Develop the necessary framework for employee development. | Continued employee training, aiming for 40 hours of training per employee by end 2026. | 9,880 hours of training were followed by 100% of employees, representing an average of seven days of training per employee | 8,430 hours of training were followed by 100% of employees, representing an average of six days of training per employee | +17% compared to 2024 | |
| Governing business with integrity (reflecting ESRS G1 Business conduct) | Together for sustainability Engage tenants and employees in dialogue, collaboration, and certified practices to turn ambition into shared action. | Implement a mobility plan. | Raise awareness among staff members of alternative means of transport. | 27,897 km cycled to head office | 28,292 km cycled to head office | -1% compared to 2024 |
| Establish a proactive dialogue with tenants through building visits. | Plan a visit for 90% of the portfolio. | 100% | 100% | 10% above the 2025 target | ||
| ISO 14001 certification for the environmental management system. | Progressively extend the certification scope. | 54% | 48% | +6% compared to 2024 | ||
| Promote a collaboration agreement between Cofinimmo and the tenant in order to actively promote sustainability. | 85% of the surface areas covered by a collaboration agreement to share consumption data (through a green clause, a green charter, a proxy or a simple e-mail exchange). | 83% | 80% | +3% compared to 2024 | ||
| Mobilise employees. | Define a global sustainability objective in the annual individual objectives of each employee. | 100% of collaborators with sustainability objectives | 100% of collaborators with sustainability objectives | In line with the 2025 target |
The above dashboard was updated in 2025 to include the double materiality analysis. The mature implementation objectives were also updated to prioritise those that still require specific efforts.
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Link between topics of Cofinimmo and SDGs
17 UN goals to transform our world
The UN Sustainable Development Goals (SDGs) are intended to provide incentives for all countries – poor, rich and middle-income – to take action to promote prosperity while protecting the planet. They recognise that poverty can only be eradicated if it is coupled with strategies to increase economic growth and address a range of social needs, including education, health, social protection and employment opportunities while combatting climate change and protecting the environment.
Primary ambitions
3. Good health
To be a leading European healthcare REIT with a top-quality portfolio and a desire to develop innovative property concepts in order to meet healthcare challenges.
11. Sustainable cities and communities
The sustainability of cities is based on urban equilibrium. Offices, residential buildings, shops and green spaces must coexist, while single-function neighbourhoods are gradually doomed to disappear. Cofinimmo is committed to taking sociodemographic developments (e.g. age, population, immigration) and changing demand (e.g. more single-parent families, changes in the local population, unemployment) into account when designing buildings.
13. Climate action
Cofinimmo believes that it is possible to aim for a net zero society by 2050 while guaranteeing the interests of all stakeholders. Its 30th Project fits perfectly into this framework.
The aim of this ambitious project is to reduce energy intensity by 30% by 2030 (compared to 2017 levels) to reach a level of 130 kWh/m²/year. To achieve this goal, a 360-degree approach is being applied, taking into account the entire lifecycle of buildings.
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| SDG | Topics | Pages | |
|---|---|---|---|
| 3 | Good health and well-being | • Establish a proactive dialogue with tenants through building visits. | |
| • Gradually remediate buildings that still contain traces of asbestos. | 64 | ||
| 4 | Quality education | • Develop the necessary framework for employee development. | 118-120 |
| 6 | Clean water and sanitation | • Improve the collection of water consumption data. | 293-294 |
| 7 | Affordable and clean energy | • Increase renewable energy production. | |
| • Improve the portfolio's energy performance with a building renovation programme. | |||
| • Smart monitoring of the energy intensity of buildings. | 11 | ||
| 8 | Decent work and economic growth | • Develop a financial strategy that is consistent with sustainability objectives. | |
| • Mobilise employees. | 57-65 | ||
| 116-118 | |||
| 10 | Reduced inequalities | • Ensure sufficient diversity at the different levels of the company's hierarchy. | |
| • Audit and research potential improvements related to the accessibility of buildings to people with reduced mobility (PRM). | 145-146 | ||
| 65 | |||
| 11 | Sustainable cities and communities | • Promote the use of alternative transport modes to fossil fuel cars by improving facilities. | |
| • Implement a mobility plan. | |||
| • Mitigate the risk on biodiversity. | |||
| • Receive BREEAM certifications or equivalent. | 302-303 | ||
| 12 | Responsible consumption and production | • Life cycle analysis of materials used in development projects. | |
| • Improve waste sorting in directly managed buildings by raising awareness among occupants. | 302 | ||
| 295-297 | |||
| 13 | Measures relating to the fight against climate change | • Reduce the energy intensity of buildings by 30% to reach the level of 130 kWh/m²/year by 2030. | |
| • Annual assessment of the head offices' carbon footprint. | 110-111 | ||
| 109 | |||
| 16 | Peace, justice and strong institutions | • Maximise the transparency of the company's sustainability information. | |
| • ISO 14001 certification for the environmental management system. | 91-96 | ||
| 97-98 | |||
| 17 | Partnerships for the implementation of goals | • Promote a collaboration agreement between Cofinimmo and the tenant in order to actively promote sustainability. | |
| • Include a separate clause in contracts and calls for tenders regarding the adoption of sustainability practices by subcontractors. | |||
| • Annually review the materiality analysis for the company's sustainability topics. | 99-102 |
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VSME content index
Compliance with VSME standards (see pages 306-310) has been reviewed by the auditor, KPMG Réviseurs d'Entreprises SRL / Bedrijfsrevisoren BV (see the 'Statutory auditor's report on information relating to sustainability'). If the information referenced in the index only refers to part of the page, the text appears in green. Cofinimmo is not subject to the European legislation on publication of sustainability information by companies (Directive (EU) 2022/2464). The sustainability report is therefore a voluntary initiative. The reporting period covers the financial and tax year going from 01.01.2025 to 31.12.2025. There is no significant restatement of information compared to information reported in the 2024 Sustainability Report.
BASIC MODULE – GENERAL INFORMATION
| B1 – Basis for preparation | PAGES | ||
|---|---|---|---|
| B1.24.a | Basis for preparation | OPTION B: basic and comprehensive module | |
| B1.24.b | List of omitted disclosures deemed to be classified or sensitive information | 324 | |
| B1.24.c | Basis for reporting | Sustainability Report established on a consolidated basis | |
| B1.24.d | List of subsidiaries covered in the report | 236-241 | See Note 40. |
| B1.24.ei | Legal form | 314 | |
| B1.24.eii | NACE sector classification code | 314 | See NACEBEL Codes. |
| B1.24.eiii | Size of balance sheet | 183 | |
| B1.24.eiv | Turnover | 184 | |
| B1.24.ev | Number of employees | 244 | See Note 43. |
| B1.24.evi | Country of primary operations and location of significant assets | 8 | See geographical breakdown of portfolio. |
| B1.24.evii | Geolocation of sites owned, leased or managed | 125 | |
| B1.25 | Sustainability-related certification or label | 103, 115, 122 | |
| B2 – Practices, policies and future initiatives for transitioning towards a more sustainable economy | |||
| B2.26.a | The undertaking has sustainability practices in place | 103-124 | |
| B2.26.b | The undertaking has policies on sustainability issues | 103-124 | https://www.cofinimmo.com/about-us/governance/charters/ |
| B2.26.c | The undertaking has future initiatives or forward-looking plans that are being implemented on sustainability issues | 103-124 | |
| B2.26.d | The undertaking has targets to monitor the implementation of the policies and the progress achieved towards meeting targets | 103-124, 302-303 | |
| B2.27 | Measures taken to reduce its negative impacts and to enhance its positive impacts on people and the environment | 93-94 | |
| B2.28 | Complete information provided under B2 with the datapoints found in C2 | See C2.48 and C2.49. |
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BASIC MODULE – ENVIRONMENTAL METRICS
| B3 – Energy and greenhouse gas emissions | PAGES | |
|---|---|---|
| B3.29 | Total energy consumption and breakdown of energy consumption | 284 |
| B3.30 | Estimated gross greenhouse gas (GHG) emissions | 108 |
| B3.31 | GHG emission intensity per turnover | 104 |
| B4 – Pollution of air, water and soil | ||
| B4.32 | Emissions of pollutants in own operations | The Group is not required to report pollutant emissions from its own activities, and a voluntary report was assessed as irrelevant. |
| B5 – Biodiversity | ||
| B5.33 | Number and area of sites owned, leased or managed in or near a biodiversity sensitive area | Three sites (with a ground use of m² in total) are located near an area that is sensitive in terms of biodiversity. |
| B5.34.a | Total use of land | 191,460 m² in total for the 11 high-risk sites. |
| B5.34.b | Total sealed area | 145,296 m² in total for the 11 high-risk sites. |
| B5.34.c | Total nature-oriented area on-site | 46,164 m² in total for the 11 high-risk sites. |
| B5.34.d | Total nature-oriented area off-site | Not applicable. |
| B6 – Water | ||
| B6.35 | Total water withdrawal and amount of water withdrawn at sites located in areas of high water-stress | 293-294 The amount of water abstracted from sites located in areas exposed to high water stress amounts to 537,875 m³ for healthcare real estate and office segments. |
| B6.36 | Water consumption | The Group has not implemented production processes that require high water consumption. |
| B7 – Resource use, circular economy and waste management | ||
| B7.37 | Application of circular economy principles | 95, 112-113 |
| B7.38.a | Total annual generation of waste broken down by type (non-hazardous and hazardous) | 295-297 |
| B7.38.b | Total annual waste diverted to recycling or reuse | 295-297 |
| B7.38.c | Annual mass-flow of relevant materials used | Cofinimmo does not operate in a sector that uses significant material flows within the meaning of this article. |
1 The risk is determined by taking into account three criteria, with a specific risk weighting for each criterion. The three criteria are the surface area of the building, the distance from the nearest protected area, and the presence of species on the red list.
2 High water stress is based on MSCI's analysis of water scarcity risk. This risk is assessed using IPCC-compliant CMP6 climate models and a high-resolution hydrological model, with results calculated and applied consistently at the catchment scale. Water scarcity is expressed as the number of days per year when water demand exceeds supply by more than 60%. The threshold for high water stress is determined as 290 days or more.
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BASIC MODULE – SOCIAL METRICS
| B8 – Workforce – General characteristics | PAGES | ||
|---|---|---|---|
| B8.39.a | Number of employees by type of employment contract (temporary or permanent) | All employees (149 people) are recruited for an indefinite term. | |
| B8.39.b | Number of employees by gender | 299 | As of 31.12.2025, the gender breakdown of employees (including managers) is as follows: 78 women and 71 men. |
| B8.39.c | Number of employees by country of the employment contract | 283 | |
| B8.40 | Employee turnover rate | 301 | See footnote 2 below the table. |
| B9 – Workforce – Health and safety | |||
| B9.41.a | Number and rate of recordable work-related accidents | 301 | There were no work-related accidents in 2025. |
| B9.41.b | Number of fatalities as a result of work-related injuries and work-related ill health | There were no work-related deaths in 2025. | |
| B10 – Workforce – Remuneration, collective bargaining and training | |||
| B10.42.a | Employees receive pay equal or above applicable minimum wage, determined by the national minimum wage law or through a collective bargaining agreement | 116 | |
| B10.42.b | Percentage gap in pay between female and male employees | 299 | |
| B10.42.c | Percentage of employees covered by collective bargaining agreements | Cofinimmo is part of Joint Committee 200 which governs the status of all employees of Cofinimmo and Cofinimmo Offices. Employees working under the Pubstone entity are members of Joint Committee 323. There is no trade union representation within Cofinimmo due to a lack of candidates in the compulsory employee elections held every four years. The most recent social elections have taken place in May 2024. During the compulsory social elections, Cofinimmo informs all employees of their right to free association and collective bargaining. | |
| B10.42.d | Average number of annual training hours per employee, by gender | 300 |
BASIC MODULE – GOVERNANCE METRICS
| B11 - Convictions and fines for corruption and bribery | PAGES | ||
|---|---|---|---|
| B11.43 | Number of convictions and total amount of fines incurred for violation of anti-corruption and anti-bribery laws | 164 |
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COMPREHENSIVE MODULE – GENERAL INFORMATION
| C1 – Strategy: business model and sustainability – related initiatives | PAGES | |
|---|---|---|
| C1.47.a | Description of significant groups of products and/or services offered | 17-18 |
| C1.47.b | Description of significant markets the undertaking operates in | 30 |
| C1.47.c | Description of main business relationships | 99-102 |
| C1.47.d | Description of key strategy elements that relate to or affect sustainability issues | 20-21 |
| C2 – Description of practices, policies and future initiatives for transitioning towards a more sustainable economy | ||
| C2.48 | Description of practices, policies and future initiatives for transitioning towards a more sustainable economy | 103-124 |
| C2.49 | Most senior level accountable for implementing the policies | 144 |
COMPREHENSIVE MODULE – ENVIRONMENTAL METRICS
| B3 – Energy and greenhouse gas emissions | PAGES | |
|---|---|---|
| B3.50.51 | Quantification of scope 3 GHG emissions | 108 |
| B3.52.53 | Reporting of significant scope 3 categories with scope 1 and scope 2 emissions | 108 |
| C3 – GHG reduction targets and climate transition | ||
| C3.54 | GHG emission reduction targets for scope 1, scope 2 and significant scope 3 emissions | 104, 108 |
| C3.55 | Adoption of a transition plan for climate change mitigation | 110-114 |
| C3.56 | Foreseen adoption of a transition plan for climate change mitigation | Not applicable, see C3.55. |
| C4 – Climate risks | ||
| C4.57.a | Description of climate-related hazards and climate-related transition events | 105-107 |
| C4.57.b | Exposure and sensitivity assessment of assets, activities and value chain to climate-related hazards and climate-related transition events | 105-109 |
| C4.57.c | Time horizons of any climate-related hazards and transition events identified | 105-109 |
| C4.57.d | Disclosure on climate change adaptation actions for any climate-related hazards and transition events | 114 |
| C4.58 | Potential adverse effects of climate risks on financial performance or business operation | 269 |
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COMPREHENSIVE MODULE – SOCIAL METRICS
| C5 – Additional (general) workforce characteristics | PAGES | |
|---|---|---|
| C5.59 | Female-to-male ratio at management level | 299 |
| C5.60 | Total self-employed workers without personnel that are working exclusively for the undertaking, and total temporary workers provided by undertakings primarily engaged in employment activities | As at 31.12.2025, Cofinimmo called on two temporary workers and four external consultants (short and long term). |
| C6 – Additional own workforce information – Human rights policies and processes | ||
| C6.61.a | The undertaking has a code of conduct or human rights policy for own workforce | https://www.cofinimmo.com/about-us/governance/charters/ |
| C6.61.bi | The code of conduct or human rights policy for own workforce covers child labour | See human rights policy. |
| C6.61.bii | The code of conduct or human rights policy for own workforce covers forced labour | See human rights policy. |
| C6.61.biii | The code of conduct or human rights policy for own workforce covers human trafficking | See human rights policy. |
| C6.61.biv | The code of conduct or human rights policy for own workforce covers discrimination | See human rights policy. |
| C6.61.bv | The code of conduct or human rights policy for own workforce covers accident prevention | See human rights policy. |
| C6.61.bvi | The code of conduct or human rights policy for own workforce covers other topics | Human rights policy also covers freedom of association and collective bargaining, working conditions, prohibition of all forms of harassment, threats and abuse, and whistleblowing and data protection. |
| C6.61.c | Complaints-handling mechanism for own workforce | 164 In the countries where Cofinimmo operates, complaints and feedback mechanisms are required by law (see Whistleblowing Policy). This represents 100% of the activities concerned. |
| C7 – Severe negative human rights incidents | ||
| C7.62.a | Confirmed incidents in own workforce related to child labour, forced labour, human trafficking, discrimination or other | In 2025, no incidents were reported. |
| C7.62.b | Description of actions taken to address confirmed incidents | Not applicable. |
| C7.62.c | Confirmed incidents involving workers in the value chain, affected communities, consumers and end-users | In 2025, no incidents were reported. Respect for human rights is a red line in the collaboration with the partners. In addition, exposure is low given Cofinimmo's geography and business. |
COMPREHENSIVE MODULE – GOVERNANCE METRICS
| C8 – Revenues from certain activities and exclusion from EU reference benchmarks | PAGES | |
|---|---|---|
| C8.63 | Revenues derived from activities in controversial weapons, the cultivation and production of tobacco, fossil fuel (coal, oil and gas) sector or chemicals production | Not applicable. |
| C8.64 | Exclusion from any EU reference benchmarks that are aligned with the Paris Agreement | Not applicable. |
| C9 – Gender diversity ratio in the governance body | ||
| C9.65 | Gender diversity ratio in the governance body | 299 |
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Statutory auditor's report on information relating to sustainability
Independent Auditor's Limited Assurance Report on selected environmental, social and governance information published in the "2025 Universal registration document" of Cofinimmo NV/SA for the year ending 31 December 2025
To the Board of Directors of Cofinimmo NV/SA
Conclusion
We have performed a limited assurance engagement on whether Cofinimmo NV/SA (hereafter "the Company")'s selected environmental, social and governance information as of and for the year ended 31 December 2025 published in the "Universal registration document 2025" ("the Document") under the section "EPRA sBPR performance indicators" and "VSME content index" subtitle, "Third-party assurance" as well as marked in green under the section "Report on the indicators for the green & social portfolio" ("the Selected Information") has been prepared in accordance with i) the European Public Real Estate Association regarding sustainability reporting (EPRA sBPR, 4th version) based on the Global Reporting Initiative (GRI) standards, ii) the Basic and Comprehensive Module of the Voluntary standard for non-listed micro, small- and medium-sized undertakings (hereafter "VSME Standard") issued on the 30th of July 2025, and iii) the Cofinimmo Sustainable Finance Framework May 2020 - (hereafter "the Applicable Criteria").
The Selected Information should be read and understood together with the Applicable Criteria, as described in the table below.
| Selected Information | Criteria Reference |
|---|---|
| Total electricity consumption | EPRA 4.1 / GRI 302-1 |
| Like-for-like total electricity consumption | EPRA 4.2 / GRI 302-1 |
| Total district heating & cooling consumption | EPRA 4.3 / GRI 302-1 |
| Like-for-like total district heating & cooling consumption | EPRA 4.4 / GRI 302-1 |
| Total fuel consumption | EPRA 4.5 / GRI 302-1 |
| Like-for-like total fuel consumption | EPRA 4.6 / GRI 302-1 |
| Building energy intensity | EPRA 4.7 / GRI 302-3 |
| Total direct greenhouse gas (GHG) emissions | EPRA 4.8 / GRI 305-1 |
| Total indirect greenhouse gas (GHG) emissions | EPRA 4.9 / GRI 305-2 / GRI 305-3 |
| Greenhouse gas (GHG) intensity from building energy consumption | EPRA 4.10 / GRI 305-4 |
| Total water consumption | EPRA 4.11 / GRI 303-3-a / GRI 303-5-a |
| Like-for-like total water consumption | EPRA 4.12 / GRI 303-3-a / GRI 303-5-a |
| Building water intensity | EPRA 4.13 |
| Total weight of waste by disposal route | EPRA 4.14 / GRI 306-4 / GRI 306-5 |
| Like-for-like total weight of waste by disposal route | EPRA 4.15 / GRI 306-4 / GRI 306-5 |
| Type and number of sustainably certified assets | EPRA 4.16 |
| Selected Information | Criteria Reference |
| --- | --- |
| Employee gender diversity | EPRA 5.1 / GRI 405-1 |
| Gender pay ratio | EPRA 5.2 / GRI 405-2 |
| Training and development | EPRA 5.3 / GRI 404-1 |
| Employee performance appraisals | EPRA 5.4 / GRI 404-3 |
| Employee turnover and retention | EPRA 5.5 / GRI 401-1 |
| Employee health and safety | EPRA 5.6 / GRI 403-9 |
| Asset health and safety assessments | EPRA 5.7 / GRI 416-1 |
| Asset health and safety compliance | EPRA 5.8 / GRI 416-2 |
| Community engagement, impact assessments and development programmes | EPRA 5.9 / GRI 413-1 |
| Composition of the highest governance body | EPRA 6.1 / GRI 2-9 |
| Nominating and selecting the highest governance body | EPRA 6.2 / GRI 2-10 |
| Process for managing conflicts of interest | EPRA 6.3 / GRI 2-15 |
Cofinimmo | Universal Registration Document 2025
Cofinimmo at a glance
Management report
Sustainability report
Property report
Corporate governance statement
Audited financial statements
Additional information
| Selected Information | Criteria Reference |
|---|---|
| Basis for preparation | VSME - B1 |
| Practices, policies and future initiatives for transitioning | VSME - B2 |
| Energy and greenhouse gas emissions | VSME - B3 |
| Pollution of air, water and soil | VSME - B4 |
| Biodiversity | VSME - B5 |
| Water | VSME - B6 |
| Resource use, circular economy and waste management | VSME - B7 |
| Workforce – General characteristics | VSME - B8 |
| Workforce – Health and safety | VSME - B9 |
| Workforce – Remuneration, collective bargaining and training | VSME - B10 |
| Convictions and fines for corruption and bribery | VSME - B11 |
| Strategy: Business Model and Sustainability – Related Initiatives | VSME - C1 |
| Description of practices, policies and future initiatives for transitioning towards a more sustainable economy | VSME - C2 |
| GHG reduction targets and climate transition | VSME - C3 |
| Climate risks | VSME - C4 |
| Additional (general) workforce characteristics | VSME - C5 |
| Additional own workforce information - Human rights policies and processes | VSME - C6 |
| Severe negative human rights incidents | VSME - C7 |
| Revenues from certain activities and exclusion from EU reference benchmarks | VSME - C8 |
| Gender diversity ratio in the governance body | VSME - C9 |
| Green and Social Bonds | The Cofinimmo Sustainable Finance Framework May 2020 that has been based on the ‘International Capital Market Association’ (ICMA)’s Green Bond Principles (GBP), Social Bond Principles (SBP), and Sustainability Linked Loan Principles (SLLP). |
| Green and Social Loans | |
| Sustainable Benchmark Bonds | |
| Sustainable Treasury Notes |
Based on the procedures performed and evidence obtained, nothing has come to our attention to cause us to believe that the Company's Selected Information for the year ended 31 December 2025 is not prepared, in all material respects, in accordance with the Applicable Criteria.
Our conclusion on the Selected Information does not extend to any other information that accompanies or contains the Selected Information and our report.
Basis for conclusion
We conducted our engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000 (Revised): "Assurance Engagements Other Than Audits or Reviews of Historical Financial Information", issued by the International Auditing and Assurance Standards Board (IAASB). Our responsibilities under this standard are further described in the "Our responsibilities" section of our report.
We have complied with the independence and other ethical requirements of the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA).
We are the statutory auditor of the Company and therefore independent from the Company in accordance with the Belgian independence rules and other relevant ethical requirements applicable in Belgium.
Our firm applies International Standard on Quality Management (ISQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements, issued by the IAASB. This standard requires the firm to design, implement and operate a system of quality management, including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.
Limitation of use of the Assurance Report
Our report is intended solely for the use of the Company, to whom it is addressed, in connection with their Document as of and for the year ended 31 December 2025 and should not be used for any other purpose. We do not accept or assume and deny any liability or duty of care to any other party to whom this report may be shown or into whose hands it may come.
Responsibilities of the Board of Directors for the Selected Information
The Board of Directors of the Company is responsible for: designing, implementing and maintaining internal control relevant to the preparation of the Selected Information that it is free from material misstatement, whether due to fraud or error; selecting or developing suitable criteria for preparing the Selected Information and appropriately referring to or describing the criteria used; and preparing and properly calculating the Selected Information in accordance with the Applicable Criteria.
Our responsibilities
We are responsible for planning and performing the engagement to obtain limited assurance about whether the Selected Information is free from material misstatement, whether due to fraud or error; forming an independent conclusion, based on the procedures we have performed and the evidence we have obtained; and reporting our conclusion to the Board of Directors of the Company.
Cofinimmo
Universal Registration Document 2025
Cofinimmo at a glance
Management report
Sustainability report
Property report
Corporate governance statement
Audited financial statements
Additional information
We exercised professional judgment and maintained professional skepticism throughout the engagement. We designed and performed our procedures to obtain evidence about the Selected Information that is sufficient and appropriate to provide a basis for our conclusion. Our procedures selected depended on our understanding of the Selected Information and other engagement circumstances, and our consideration of areas where material misstatements are likely to arise. In carrying out our engagement, the procedures we performed primarily consisted of: we have considered the process used to prepare the Selected Information contained therein; we have evaluated the appropriateness of the Applicable Criteria used and their consistent application, including the reasonableness of estimates made by management; we have interviewed the Company's management and have inspected selected documentation to gain an understanding of the Company's activities, its environment as well as the applicable reporting framework which gave rise to need for reporting estimates to be recognized and disclosed; we obtained an understanding of how management selected, identified and applied the relevant method, assumptions and sources of data within the applicable reporting framework; we evaluated the plausibility of the identified method and selected assumptions, as well as the relevance and reliability of selected data sources used in its application, also we verified the mathematical accuracy of the selected calculations; we interviewed relevant staff responsible for providing the information, for carrying out internal control procedures, and for consolidating the Selected Information; we inspected relevant internal and external documentation, on a sample basis, in order to determine the reliability of the Selected Information; and we performed analytical review procedures to confirm our understanding of trends in the Selected Information.
The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.
Zaventem, April 7, 2026
KPMG Réviseurs d'Entreprises BV/SRL
represented by
Jean-François Kupper
Tanguy Legein
Réviseur d'Entreprises
Réviseur d'Entreprises
Cofinimmo
Universal Registration Document 2025
Cofinimmo at a glance
Management report
Sustainability report
Property report
Corporate governance statement
Audited financial statements
Additional information
General information
Type and name
(Article 1 of the Articles of Association)
Cofinimmo: a public regulated real estate company incorporated under Belgian Law or a public RREC incorporated under Belgian Law.
Registered office, e-mail address and website
(Article 2 of the Articles of Association)
The registered office is located avenue de Tervueren/Tervurenlaan 270, 1150 Brussels (Tel.: +32 2 373 00 00).
The Board of Directors may relocate the registered office of the company, provided that such relocation does not require a change in the language of the Articles of Association pursuant to the applicable language regulations. This decision does not require an amendment to the Articles of Association, unless the registered office is transferred to another Region. In this case, the Board of Directors has the power to amend the Articles of Association.
If, due to the relocation of the registered office, the language of the Articles of Association needs to be changed, only the General Meeting has the power to take this decision subject to the rules prescribed for the amendment of the Articles of Association.
The company can establish administrative offices, branches, or agencies in Belgium or abroad by a simple decision made by the Board of Directors.
The company's email address is [email protected]. Its website is www.cofinimmo.com.
The information on the website is not part of a prospectus unless such information is incorporated by reference. The Board of Directors may change the company's email address and website in accordance with the CCA.
Brussels Trade Register
The company is registered with the Brussels Trade Register (Registre des Personnes Morales/Rechtspersonenregister) under No. 0426.184.049. Its VAT number is BE0426.184.049 and its Legal Entity Identifier (LEI) is 549300 TM914CSF6KI389.
NACEBEL codes
Cofinimmo and most of its subsidiaries carry out their economic activities in Belgium under NACE codes 68.201 (renting and operating of own or leased residential real estate, except social housing) and 68.203 (renting and operating of own or leased non-residential real estate, except land), according to the statistical classification of economic activities of enterprises in Belgium 'NACEBEL 2008'.
Constitution, legal form and publication
Cofinimmo was established as a limited liability company under Belgian Law (société anonyme/naamloze vennootschap) on 29.12.1983, by deed enacted before the Notary André Nerincx in Brussels and published in the annexes of the Belgian Official Gazette (Moniteur belge/Belgisch Staatsblad) of 27.01.1984 under No. 891-11. The company has the legal form of a limited liability company incorporated under Belgian Law.
On 01.04.1996, Cofinimmo was approved as a public fixed-capital real estate investment trust (Sicofi/Vastgoedbevak) incorporated under Belgian Law, registered with the Financial Services and Markets Authority (FSMA).
On 26.08.2014, it has been subject to the regulated real estate companies (sociétés immobilières réglementées/gereglementeerde vastgoedvennootschappen) legal regime provided for in the Belgian Law of 12.05.2014 on regulated real estate companies (RREC Act). The company is also governed by the provisions of the Royal Decree of 13.07.2014 on regulated real estate companies.
The Articles of Association have been amended on various occasions, most recently on 05.06.2024 by deed enacted before the Notary Tim Carnewal in Brussels and published in the annexes to the Belgian Official Gazette (Moniteur belge/Belgisch Staatsblad) of 12.06.2024.
The company's shares are admitted to trading on a regulated market as meant by Article 1:11 of the CCA.
Duration
(Article 5 of the Articles of Association)
The company is constituted for an unlimited term.
Purpose of the company
(Article 3 of the Articles of Association)
The purpose of the company is available in the section 'Articles of Association'.
Financial year
(Article 28 of the Articles of Association)
The financial year starts on January 1st and ends on December 31st of each year.
Locations where documents accessible to the public may be consulted
The company has filed its memorandum and Articles of Association and must file its coordinated Articles of Association and all other documents to be published in the annexes of the Belgian Official Gazette (Moniteur belge/Belgisch Staatsblad) with the registry of the French-speaking Commercial Court in Brussels, where they are available to the public. A copy of the latest version of the company's coordinated Articles of Association and Corporate Governance Charter is also available on the company's website.
Cofinimmo | Universal Registration Document 2025
Cofinimmo at a glance
Management report
Sustainability report
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Corporate governance statement
Audited financial statements
Additional information
The audited annual statutory accounts and the consolidated annual accounts, together with the report of the Board of Directors and the Statutory Auditor's report, are filed with the National Bank of Belgium, where they are made available to the public. In addition, as a listed company, the company is required to publish a consolidated annual report (comprising the consolidated financial statements to be filed with the National Bank of Belgium and a responsibility statement) and a consolidated half-yearly report (comprising the (condensed) consolidated financial statements, the auditor's report, if audited or reviewed, and a responsibility statement). These reports are available to the public on the company's website.
As a listed company, the company is also required to disclose to the public 'inside information', information about its shareholder structure and certain other information. In accordance with the Royal Decree of 14.11.2007 on the obligations of issuers of financial instruments admitted to trading on a Belgian regulated market, this information and documentation are made available via the company's website, press releases, Euronext Brussels communication channels or a combination of these means. All press releases issued by the company are made available on its website.
Decisions relating to the appointment and dismissal of members of the Board of Directors and the Executive Committee are published in the annexes of the Belgian Official Gazette (Moniteur belge/Belgisch Staatsblad) and on the company's website.
Notices convening General Meetings are published in the annexes of the Belgian Official Gazette (Moniteur belge/Belgisch Staatsblad) and two national daily newspapers. From the date of publication of the notice of meeting, this notice of meeting and all documents relating to the General Meeting are made available on the company's website, as required by law.
All press releases, yearly and half-yearly reports, as well as half-yearly financial information are published by the Group and are available on the company's website.
Annual financial reports and registration documents may be obtained from the registered office and are available on the company's website. They are sent each year to the registered shareholders and any parties expressing a wish to receive them. They include reports by the real estate valuers and the Statutory Auditor.
Tax regimes
Belgium: The Public Regulated Real Estate Company (Public RREC)
The public regulated real estate company (public RREC) has a status similar to that which exists in many countries: real estate investment trust (REIT) in the US, G-REIT in Germany, société d'investissements immobiliers cotée (SIRC) in France, and UK-REIT in the United Kingdom.
This regime is currently governed by the Law of 12.05.2014 and the Royal Decree of 13.07.2014 on regulated real estate companies.
The main characteristics of the public RREC are:
- closed-end company;
- stock exchange listing;
- activity consisting of providing buildings to users; as an ancillary activity, the RREC can invest its assets in listed securities;
- the Belgian subsidiaries of a public RREC can be approved as institutional RRECs;
- diversification of risk: no more than 20% of the consolidated property portfolio invested in properties that form a single real estate compound;
- consolidated debt is limited to 65% of the market value of assets; the value of mortgages and other securities is limited to 50% of the total fair value of the properties and 75% of the value of the mortgaged property;
- very strict rules governing conflicts of interest;
- regular valuation of the property portfolio by independent real estate valuers; properties recognised at their fair value; no amortisation;
- results (rental income and capital gains on disposals minus operating expenses and financial charges) are exempt from corporate tax;
- at least 80% of the sum of the corrected result and of the net realised gains on disposals of property assets not exempted from compulsory distribution are subject to compulsory distribution; the decrease in debt during the financial year must however be subtracted from the minimum amount to be distributed;
- withholding tax of 30% unless exemption or reduction according to international convention.
Companies applying for public or institutional RREC status, or which merge with a RREC, are subject to an exit tax, which is treated in the same way as a liquidation tax, on net unrealised gains and tax-exempt reserves, at a rate of 12.75%, until 31.12.2019 and at a rate of 15% as from 01.01.2020. Cofinimmo obtained its public RREC status on 26.08.2014. It had previously operated under the Sicafi/Vastgoedbevak status since 01.04.1996.
Belgium: The Institutional Regulated Real Estate Company (Institutional RREC)
The institutional RREC, governed by the Law of 12.05.2014 and the Royal Decree of 13.07.2014, is a 'light' version of the public RREC. It enables the public RREC to extend the taxation characteristics of its legal form to its subsidiaries and to undertake specific partnerships and projects with third parties. The institutional RREC status is acquired upon approval by the FSMA.
The main characteristics of the institutional RREC are:
- unlisted company controlled for more than 25% by a public RREC;
- registered shares held by eligible investors or natural persons with a minimum holding of 100,000 EUR;
- no diversification or debt-to-assets ratio requirement (consolidation at public RREC level);
- obligation to distribute dividends;
- owned jointly or exclusively by a public RREC;
- exclusive purpose of providing buildings to users;
- no obligation to appoint a real estate valuer as real estate assets are appraised by the valuer of the public RREC;
- statutory accounts drawn up in accordance with IFRS regulations (same accounting scheme as the public RREC);
- strict rules on operations and conflicts of interest; subject to auditing by the FSMA.
Cofinimmo | Universal Registration Document 2025
Cofinimmo at a glance
Management report
Sustainability report
Property report
Corporate governance statement
Audited financial statements
Additional information
Belgium: The Specialised Real Estate Investment Fund (B-REIF – Fonds d'Investissement Immobilier Spécialisé 'FIIS'/Gespecialiseerd Vastgoedbeleg-gingsfonds 'GVBF')
The specialised real estate investment funds ('B-REIF') are governed by the Royal Decree of 09.11.2016 relating to specialised real estate investment trusts (Belgian Official Gazette (Moniteur belge/Belgisch Staatsblad) of 18.11.2016). This tax system allows real estate investment in a flexible and efficient trust mechanism.
The main features of a B-REIF are:
- a light regulatory regime without the approval and direct supervision of the FSMA, subject to certain conditions being met. Only the registration on a list held by the Belgian Ministry of Finance is required;
- financial instruments issued by a B-REIF can only be acquired by eligible investors;
- the B-REIF may be exempted from the AIFM Law (Law of 19.04.2014 on alternative investment funds and their managers), if certain criteria are met;
- the B-REIF is subject to a minimum investment volume of at least 10,000,000 EUR at the end of the second financial year following its inclusion in the B-REIF list;
- the B-REIF is a closed fund with fixed capital and cannot be listed;
- the B-REIF invests in real estate, defined broadly, but without mandatory diversification requirements or (the use of) leverage limits;
- the B-REIF draws up its statutory accounts by applying IFRS (excluding Belgian GAAP);
- the B-REIF is subject to an obligated annual distribution of 80% of its results;
- the duration of a B-REIF is limited to ten years with the possibility of extending this period by consecutive periods of up to five years each.
France: The Société d'Investissements Immobiliers Cotée (SIIC)
The société d'investissements immobiliers cotée (SIIC) tax regime, introduced by the French finance Law for 2003 No. 2002-1575 of 30.12.2002 authorises the creation in France of real estate companies subject to a specific tax regime, similar to that of the RREC regime in Belgium.
The Cofinimmo Group opted for the SIIC regime for the first time on 04.08.2008 through its French branch.
The essential characteristic of this tax regime is to introduce a system of taxation of profits at the level of the shareholder (the company is not, itself, subject to corporate tax because of its strictly real estate activities) and allows Cofinimmo to benefit from an exemption from corporate tax on the rental income and realised gains of its French branch and subsidiaries in return for an obligation to distribute 95% of the profits from the letting of its property assets. The results of the French branch are subject to a 5% withholding tax (branch tax) in the application of the Franco-Belgian double taxation agreement currently in force.
The main characteristics of the SIIC regime are:
- an exemption from corporate tax on the fraction of profits arising from i) the letting of buildings, ii) capital gains on property disposals, iii) capital gains on disposals of shares in subsidiaries having opted for the SIIC regime or in other companies with a similar purpose, iv) proceeds distributed by subsidiaries having opted for the SIIC regime, and v) shares in profits of companies engaged in a real estate activity;
- results distribution obligation: 95% of the exempted profits arising from rental income, 60% of the exempted profits arising from the disposal of properties, shares in companies and subsidiaries subject to the SIIC regime, and 100% of the dividends distributed to them by their subsidiaries subject to corporate tax having opted for the SIIC regime;
- when opting for the SIIC regime, payment over four years of an exit tax at the reduced rate of 19% on unrealised capital gains relating to properties and shares of companies not subject to corporate tax held by the SIIC or its subsidiaries having opted for the SIIC regime.
Germany
The investments of Cofinimmo or its subsidiaries in Germany do not benefit from the G-REIT regime, which is not accessible to them.
Spain
The investments of Cofinimmo or its subsidiaries in Spain have benefited from the ES-REIT (SUB-SOCIMI) regime since 01.01.2022.
In order to benefit from the SUB-SOCIMI regime, the SIRP and the Spanish subsidiaries of the SIRP must fulfil certain conditions:
- the SIRP must have as its main corporate purpose the acquisition and development of real estate for rental purposes;
- 95% of the SIRP's shareholders must be identifiable;
- the SUB-SOCIMI subsidiaries must meet the distribution requirements: 100% of the profits from dividends received, at least 50% of the profits from the sale of property and shares and at least 80% of the remaining profits.
Finland
The investments of Cofinimmo or its subsidiaries in Finland do not benefit from the FIN-REIT regime, which is not accessible to them.
United Kingdom
The investments of Cofinimmo or its subsidiaries in the United Kingdom benefit from the UK-REIT regime since 01.01.2026.
Italy
The investments of Cofinimmo or its subsidiaries in Italy do not benefit from the IT-REIT regime but that of IT-Fund.
Cofinimmo
Universal Registration Document 2025
Cofinimmo at a glance
Management report
Sustainability report
Property report
Corporate governance statement
Audited financial statements
Additional information
Capital
The issued capital of 2,041,523,111.02 EUR is fully paid up. The shares have no par value. There was no changes in share capital in 2025. The history of share capital changes prior to 2025 is available in the Annual Financial Reports of the previous years which are available on the company's website www.cofinimmo.com.
Description of share types
As at 31.12.2025, Cofinimmo had issued 38,096,217 shares. The procedure referred to in the Articles of Association, as provided by Law, is applicable to modify their rights.
Authorised capital
As at 31.12.2025, the amount by which the Board of Directors can increase the subscribed capital within the framework of the authorised capital is 1,633,218,488.00 EUR.
On 05.06.2024, the Extraordinary General Meeting granted the Board of Directors a new authorisation for a period of five years from the date of publication of the minutes of this meeting in the annexes to the Belgian Official Gazette (Moniteur belge/Belgisch Staatsblad).
The Board of Directors is therefore authorised to increase the capital on one or more occasions by a maximum amount of:
- 1,020,761,555.00 EUR, i.e. 50% of the amount of the capital on the date of the Extraordinary General Meeting of 05.06.2024, for capital increases by contributions in cash, providing for the possibility of exercising the preferential right or the irreducible allocation right by the shareholders of the company;
- 408,304,622.00 EUR, i.e. 20% of the amount of the capital on the date of the Extraordinary General Meeting of 05.06.2024, for capital increases in the context of the distribution of an optional dividend;
- 204,152,311.00 EUR, i.e. 10% of the amount of the capital on the date of the Extraordinary General Meeting of 05.06.2024, for:
a) capital increases through contributions in kind;
b) capital increases through contributions in cash without the possibility for the company's shareholders to exercise their preferential subscription right or irreducible allocation right, or
c) any other form of capital increase,
it being understood that the capital, within the framework of this authorisation, may under no circumstances be increased by an amount exceeding 1,633,218,488.00 EUR, being the cumulative amount of the various authorisations with regard to authorised capital.
Changes in treasury shares (own shares)
The number of treasury shares held by the Cofinimmo Group as at 01.01.2025 amounted to 18,298. All these shares are entitled to a share of the results of the financial year starting on 01.01.2025.
The number of treasury shares held by the Cofinimmo Group as at 31.12.2025 amounted to 11,398, which represents a level of self-ownership of 0.03%.
Changes in treasury shares in 2025
| Position as at 01.01.2025 | 18,298 |
|---|---|
| Transfers of shares as part of the stock option plan | 6,900 |
| Position as at 31.12.2025 | 11,398 |
Shareholding
The shareholding structure is set out in the chapter 'Cofinimmo on the stock market' of this Universal Registration Document. It is also available on the company's website.
Articles of Association
Summary of the 2025 changes
There were no changes to the Articles of Association in 2025.
Articles of Association - extracts
The complete coordinated Articles of Association can be consulted at the registry of the French-speaking Commercial Court in Brussels, at the company's head office and on the website www.cofinimmo.com.
Cofinimmo
Universal Registration Document 2025
Cofinimmo at a glance
Management report
Sustainability report
Property report
Corporate governance statement
Audited financial statements
Additional information
Article 3 - Purpose
3.1. The Company's sole purpose is to:
(a) place, directly or through a company in which it holds a stake in accordance with the provisions of the RREC regulations, buildings at the disposal of users; and
(b) within the limits set by the RREC regulations, hold the real property mentioned in Article 2, sub-paragraph 5, vi to xi of the RREC Act.
Real property means:
i. buildings as defined in Article 517 et seq. of the Civil Code and rights in rem in buildings, excluding buildings used for forestry, agricultural or mining activities;
ii. shares or units with voting rights issued by real estate companies more than twenty-five percent (25%) of whose capital is held directly or indirectly by the Company;
iii. option rights for real property;
iv. shares of public regulated real estate companies or institutional regulated real estate companies provided, in the case of the latter, more than twenty-five percent (25%) of the capital is held directly or indirectly by the Company;
v. rights arising from financial leasing agreements concluded with the Company as lessee for one or more properties, or contracts conferring similar rights of use;
vi. the units of public and institutional real estate investment companies (Sicafi/Vastgoedbevak);
vii. the units of foreign real estate funds included on the list referred to in Article 260 of the Act of 19 April 2014 on alternative undertakings for collective investment and their managers;
viii. the units of real estate funds established in another Member State of the European Economic Area and not included on the list referred to in Article 260 of the Act of 19 April 2014 on alternative undertakings for collective investment and their managers, provided they are subject to supervision equivalent to that applicable to public real estate investment companies (Sicafi/Vastgoedbevak);
ix. shares or units issued by companies (i) with legal personality, (ii) governed by the law of another Member State of the European Economic Area, (iii) whose shares are admitted (or not admitted) to trading on a regulated market and that form the object (or do not form the object) of prudential control, (iv) whose main activity is the acquisition or construction of buildings in order to make them available to users or the direct or indirect holding of shares in companies engaged in a similar activity, and (v) that are exempt from income tax on profits relating to the activity referred to in point (iv) above, subject to compliance with certain constraints, taking into account at least the statutory obligation to distribute a portion of their income to shareholders (so-called real estate investment trusts or REITs);
x. the real estate certificates referred to in the Act of 11 July 2018;
xi. the shares or units of specialised real estate investment funds (B-REIT).
The real estate properties referred to in Article 3.1. (b), paragraph 2, (vi), (vii), (viii), (ix) and (xi) of the SIR law, which constitute shares in alternative investment funds within the meaning of European regulations, cannot be qualified as shares with voting rights issued by real estate companies, regardless of the amount of the participation held directly or indirectly by the Company.
If the RREC regulations change in the future and designate other types of assets as real property within the meaning of these rules, the Company may also invest in these additional types of assets.
(c) conclude in the long term, if applicable in cooperation with third parties, directly or through a company in which it holds a stake in accordance with the provisions of the RREC regulations, with a contracting authority or adheres to one or more:
i. DBF agreements, so-called 'Design-Build-Finance' agreements;
ii. DB(F)M agreements, so-called 'Design-Build-(Finance)-Maintain' agreements;
iii. DBF(M)O agreements, so-called 'Design-Build-Finance-(Maintain)-Operate'-agreements; and/or
iv. public works concession contracts relating to buildings and/or other real property infrastructure and related services, on the basis of which:
(i) the regulated real estate company is responsible for ensuring availability, maintenance and/or operation for a public entity and/or citizens as end users, in order to meet a societal need and/or allow the provision of a public service; and
(ii) the regulated real estate company, without necessarily having any rights in rem, may assume, in whole or in part, the financing risk, the availability risk, the demand risk and/or the operating risk; and
(d) ensure in the long term, if applicable in cooperation with third parties, directly or through a company in which it holds a stake in accordance with the RREC regulations, the development, establishment, management or operation, with the possibility to sub-contract these activities, of:
i. facilities and installations for the transport, distribution or storage of electricity, gas, combustible fossil or non-fossil fuels and energy in general, including assets related to such infrastructure;
ii. installations for the transport, distribution, storage or purification of water, including assets related to such infrastructure;
iii. installations for the production, storage and transport of renewable or non-renewable energy, including assets related to such infrastructure; or
iv. incinerators and waste disposal facilities, including assets related to such infrastructure
(e) hold initially less than 25% of the capital of a company that performs the activities mentioned in Article 3.1 (c) above, provided this stake is converted through the transfer of shares, within a period of two years or any other longer period required by the public entity with which the contract is concluded and upon expiry of the setting-up phase of the PPP project (within the meaning of the RREC regulations), into a stake that complies with the RREC regulations.
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Should the RREC regulations be amended in the future and authorise the performance of other activities by the Company, the Company may also exercise these new activities.
In the context of ensuring the availability of buildings, the Company may in particular perform all activities associated with the construction, fitting out, renovation, development, acquisition, transfer, management and operation of buildings.
3.2. On an ancillary or temporary basis, the Company may invest in securities not constituting real property within the meaning of the RREC regulations. These investments shall be made in accordance with the Company's risk management policy and shall be diversified in order to ensure adequate risk diversification. The Company may also hold unallocated cash, in any currency, in the form of sight or term deposits or any easily negotiable money market instrument.
It may also carry out transactions involving hedging instruments, intended solely to hedge interest rate and currency risk in the context of the financing and management of the Company's activities as referred to in the RREC Act, with the exception of purely speculative transactions.
3.3. The Company may enter into finance leases, as lessor or lessee, for one or more buildings. Finance leasing activity, with the option to purchase the buildings, may only be performed on an ancillary basis, unless the buildings are intended to be used in the public interest, including for social housing or education (in which case it can be a main activity).
3.4. The Company may take an interest, by means of a merger or otherwise, in any business, enterprise or company with a similar or related purpose that is likely to promote the development of its business and, in general, may carry out all operations directly or indirectly related to its purpose, as well as all acts that are useful or necessary for the realisation of its purpose. In general, the Company is required to carry out all its activities and operations in accordance with the rules and within the limits set out in the RREC regulations and any other applicable legislation.
Article 4 - Prohibitions
The Company may not:
- act as a property developer in accordance with the RREC regulations, except on an occasional basis;
- participate in an underwriting or guarantee syndicate;
- lend financial instruments, with the exception of loans subject to the conditions and provisions of the Royal Decree of 7 March 2006;
- acquire financial instruments issued by a company or association under private law that has been declared bankrupt, entered into an amicable settlement with its creditors, is currently subject to a judicial reorganisation procedure, has obtained a suspension of payments or has been subject to a similar measure abroad;
- conclude contractual agreements or provisions of its articles by which it derogates from the voting rights to which it is entitled according to applicable law, based on a shareholding of twenty-five percent (25%) plus one share in companies in its consolidated group.
Article 6 - Capital
6.1 Subscribed and paid-up capital
The capital is 2,041,523,111.02 EUR and is divided into 38,096,217 fully paid-up shares without nominal value, each representing an equal share of the capital.
6.2 Authorised capital
The Board of Directors is authorised to increase the capital on one or more occasions by a maximum amount of:
1° 1,020,761,555.00 EUR, namely 50% of the capital on the date of the Extraordinary General Meeting of 05.06.2024, rounded down, if applicable, for capital increases by means of cash contributions with the possibility for the Company's shareholders to exercise a preemptive right or priority allocation right;
2° 408,304,622.00 EUR, namely 20% of the capital on the date of the Extraordinary General Meeting of 05.06.2024, rounded down, if applicable, for capital increases in the context of the distribution of an optional dividend;
3° 204,152,311.00 EUR, namely 10% of the capital on the date of the Extraordinary General Meeting of 05.06.2024, rounded down, if applicable for:
a. capital increases by means of contributions in kind;
b. capital increases by means of cash contributions without the possibility for the Company's shareholders to exercise a preemptive right or priority allocation right, or
c. any other type of capital increase;
it being specified (i) that the capital, pursuant to the exercise of the authorised capital, may never be increased by an amount exceeding 1,633,218,488.00 EUR, namely the cumulated amount of the authorisations referred to in points 1°, 2° and 3° and (ii) that any capital increase must take place in accordance with the RREC regulations.
This proposed authorisation has been granted for a renewable period of five years as from the publication date of the minutes of the General Meeting of 05.06.2024 in the appendices of the Belgian Official Gazette (Moniteur belge/Belgisch Staatsblad) (...).
6.3 Acquisition, pledge and disposal of treasury shares
The Company may acquire, pledge and dispose of its treasury shares at the conditions provided for by law.
For a period of five years from publication in the Belgian Official Gazette (Moniteur belge/Belgisch Staatsblad) of the decision of the Extraordinary General Meeting of 05.06.2024, the Board of Directors may acquire, pledge and dispose of (including over-the-counter) the Company's treasury shares on behalf of the Company at a unit price which may not be less than eighty-five percent (85%) of the closing market price on the day preceding the date of the transaction (for an acquisition or pledge) and which may not be greater than one hundred fifteen percent (115%) of the closing market price on the day preceding the date of the translation (for an acquisition or pledge), it being noted that the Company may at no time hold more than ten percent (10%) of its total outstanding shares.
The Board of Directors is also expressly authorised to dispose of the Company's treasury shares to one or more specified persons other than employees of the Company or of its subsidiaries, in accordance with the provisions of the Code of Companies and Associations.
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The above-mentioned authorisations extend to acquisitions and disposals of the Company's shares by one or more direct subsidiaries of the latter, within the meaning of the statutory provisions on the acquisition of shares of a parent company by its subsidiaries.
6.4 Capital increases
Any capital increase shall be carried out in accordance with the provisions of the Code of Companies and Associations and the RREC regulations.
The Company may not subscribe directly or indirectly to its own capital increase.
For any capital increase, the Board of Directors shall determine the price, the issue premium, if any and the conditions for issuance of the new securities, unless the General Meeting takes a decision on these points.
If the General Meeting decides to request the payment of an issue premium, the amount thereof must be credited to one or more distinct accounts in the equity section of the balance sheet.
Contributions in kind may also relate to a dividend entitlement in the context of the distribution of an optional dividend, with or without a complementary cash injection.
In the event of a capital increase by way of a cash contribution pursuant to a decision of the General Meeting or within the limits of the authorised capital, the pre-emptive right of shareholders may only be restricted or abolished provided, insofar as required by the RREC regulations, a priority allocation right is granted to the existing shareholders upon allocation of the new securities. If applicable, this priority allocation right shall meet the following conditions pursuant to the RREC regulations:
- it extends to all newly issued securities;
- it is granted to shareholders in proportion to the capital represented by their shares at the time of the transaction;
- a maximum price per share is announced no later than the day before the opening of the public subscription period, which must last for at least three trading days.
The priority allocation right is applicable to the issuance of shares, convertible bonds and subscription rights that are exercisable through cash contributions.
In accordance with the RREC regulations, such a right should not be granted in the event of a capital increase through a cash contribution carried out at the following conditions:
- the capital increase is effected by means of the authorised capital;
- the total value of the capital increases carried out over a period of twelve (12) months, in accordance with this paragraph, does not exceed 10% of the amount of capital as it stood at the time of the decision to increase the capital.
Nor should it be granted in the event of a cash contribution with restriction or cancellation of the pre-emptive right of shareholders, complementary to a contribution in kind in the context of the distribution of an optional dividend, provided a grant of the latter is effectively open to all shareholders.
Capital increases by means of a contribution in kind are subject to the rules set out in the Code of Companies and Associations.
Moreover, the following conditions must be respected in the event of a contribution in kind, pursuant to the RREC regulations:
- the identity of the contributor must be mentioned in the report prepared by the board of directors on the capital increase through a contribution in kind as well as, if applicable, in the notice calling the General Meeting to vote on the capital increase;
-
the issue price may not be less than the lower of (a) a net asset value per share determined within the four-month period prior to the date of the contribution agreement or, at the Company's choosing, prior to the date of the document formalising the capital increase and (b) the average closing price for the period of thirty calendar days preceding this same date. In this regard, it is permitted to deduct from the amount referred to in point 2 (b) an amount corresponding to the gross undistributed dividends of which the new shares could be deprived, provided the board of directors specifically justifies the value of the accrued dividends to be deducted in a special report and sets out the financial conditions of the transaction in the annual financial report;
-
unless the issue price or, in the case mentioned in article 6.6, the exchange ratio, as well as the conditions thereof, are determined and communicated to the public no later than the working day following the conclusion of the contribution agreement, mentioning the period within which the capital increase will effectively be carried out, the document formalising the capital increase shall be executed within a maximum period of four months; and
- the report mentioned at point 1° above must also explain the impact of the proposed contribution on the situation of former shareholders, in particular with regard to their share of the profits, the net asset value per share and the capital as well as in terms of voting rights.
In accordance with the RREC regulations, these supplementary conditions are not, in any case, applicable to the contribution of a dividend entitlement in the context of the distribution of an optional dividend, provided the grant thereof is effectively open to all shareholders.
6.5 Capital reduction
The Company can carry out capital reductions in accordance with the applicable legal provisions.
6.6 Mergers, divisions and similar operations
In accordance with the RREC regulations, the additional conditions referred to in article 6.4 in the event of a contribution in kind are applicable mutatis mutandis to mergers, divisions and similar transactions referred to in the RREC regulations.
In the latter case, the 'date of the contribution agreement' is understood to mean the filing date of the proposed merger or division agreement.
Article 7 - Types of shares
The shares have no nominal (i.e. par) value.
The shares shall be in registered or dematerialised form, at the choosing of their owner or holder (hereinafter, the 'Holder') and within the limits set by law. The Holder may, at any time and no expense, request the conversion of registered shares into dematerialised form and vice versa. A dematerialised share is represented by an entry in the Holder's name in an account with an accredited account holder or clearing institution.
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The Company shall keep at its registered office a register of all registered shares, if applicable in electronic form. The Holders of registered shares are entitled to access the register in full.
Article 9 - Admission to trading and disclosure of substantial shareholdings
The Company's shares must be admitted to trading on a regulated Belgian market in accordance with the RREC regulations.
For purposes of the statutory rules on the disclosure of substantial shareholdings in issuers whose shares are admitted to trading on a regulated market, the thresholds whose crossing gives rise to a notification obligation are fixed at five percent (5%) and multiples of five percent (5%) of the total number of outstanding voting rights.
Apart from the exceptions provided for by law, no one may cast at a General Meeting of the Company more votes than those attached to the securities the person declared to hold, pursuant to and in accordance with the law, at least twenty (20) days prior to the date of the general meeting. The voting rights attached to undeclared securities shall be suspended.
Article 10 - Composition of the Board of Directors
The Company is managed by a Board of Directors composed of at least five members, appointed by the General Meeting for a term of four years in principle.
The General Meeting may remove a director from office at any time, with immediate effect and without cause.
The Directors may be re-elected.
The Board of Directors shall include at least three independent Directors in accordance with the applicable statutory provisions.
Unless the General Meeting's appointment decision provides otherwise, the term of office of out-going Directors, who have not been re-elected, ends immediately following the General Meeting at which Directors were re-elected.
In the event of one or more vacancies, the remaining Directors, at a meeting of the Board, shall be empowered to provisionally fill the vacancies, until the next General Meeting. The first General Meeting that follows shall decide whether to confirm the appointment of the co-opted Director(s). The Directors' remuneration, if any, may not be determined based on the operations and transactions carried out by the Company or its group companies.
The Directors must be natural persons and meet the requirements of good repute and expertise provided for in the RREC regulations. They may not fall under any of the prohibitions referred to in the RREC regulations.
The appointment of Directors is subject to the prior approval of the Financial Services and Markets Authority (FSMA).
The Board of Directors may appoint one or more observers who may attend all or some Board meetings, in accordance with the conditions determined by the Board.
Article 17 - Representation of the company and the signing of documents
The Company is validly represented in all acts, including those involving a public or ministerial official as well as before a court, as claimant or defendant, by two Directors acting jointly or the Managing Director and another member of the Executive Committee, acting jointly.
The Company is moreover validly represented by the holders of powers of attorney within the limits of their mandates.
Article 19 - Meeting
The Annual General Meeting shall be held on the second Wednesday in the month of May at three-thirty in the afternoon in the Brussels-Capital Region.
Should this day be a public holiday, the meeting shall take place on the next working day at the same time, not including Saturday or Sunday.
Ordinary or Extraordinary General Meetings shall be held at the place indicated in the notice calling the meeting.
The threshold above which one or more shareholders may, in accordance with the Code of Companies and Associations, request that a General Meeting be held in order to submit one or more proposals is fixed at ten percent (10%) of the capital. Notices shall be sent within the time limits and in accordance with the provisions of the Code of Companies and Associations.
One or more shareholder(s) holding at least 3% of the Company's capital may, in accordance with the provisions of the Code of Companies and Associations, request the inclusion of items on the agenda of any General Meeting and submit proposals for resolutions on the items included or to be included on the agenda.
Article 20 - Admission to the General Meeting
The right to participate in a General Meeting and to exercise voting rights is subject to recordation of the shares in the shareholder's name at midnight (Belgian time) on the fourteenth day preceding the General Meeting (hereinafter the record date), either by way of an entry in the Company's shareholders' register or an entry in the accounts of an accredited account holder or clearing institution, without regard to the number of shares held by the shareholder on the day of the General Meeting.
The holders of dematerialised shares who wish to take part in a General Meeting must produce an attestation from an accredited account holder or clearing institution certifying the number of dematerialised shares recorded in the shareholder's name in its accounts on the record date. They must provide the Company, or the person it has designated to this end, with this attestation and indicate their intention to participate in the General Meeting, if applicable by sending a proxy, no later than the sixth day preceding the date of the General Meeting, using the Company's e-mail address or the specific e-mail address indicated in the notice of the General Meeting.
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The holders of registered shares that wish to attend the meeting must inform the Company, or any person it has designated to this end, of their intention to participate no later than the sixth day preceding the date of the General Meeting, using the Company's e-mail address or the e-mail address specifically indicated in the notice and, if applicable, by sending a proxy, or by any other means of communication indicated in the notice.
Article 21 - Proxy voting
All shareholders entitled to attend a General Meeting may arrange to be represented by a proxy holder, who need not be a shareholder.
A shareholder may only designate, for a given General Meeting, one proxy holder, unless provided otherwise by the Code of Companies and Associations.
The proxy must be signed by the shareholder and be sent to the Company's e-mail address or the e-mail address specifically indicated in the notice of the meeting, at the latest six days before the meeting.
The Board of Directors may establish a proxy form.
If several persons have rights in the same share, the Company may suspend the exercise of the voting right until a single person is designated as the holder of the share in its regard.
Article 23 - Number of votes
Each share carries one vote, without prejudice to the cases in which the voting rights are suspended pursuant to the Code of Companies and Associations or any other applicable legislation
Article 24 - Decision-making
The General Meeting may validly take decisions and vote without regard to the percentage of the capital present or represented, except in those cases where the Code of Companies and Associations imposes a quorum.
The General Meeting may only take valid decisions on amendments to the Articles of Association if half the capital is present or represented. If this condition is not met, a second meeting will need to be convened and decisions taken at the second meeting will be valid, regardless of the percentage of capital present or represented.
The General Meeting cannot vote on items that do not appear on the agenda.
Unless provided otherwise by law, decisions are approved by the General Meeting, regardless of the number of shares represented at the meeting, by a simple majority of votes cast. Blank or irregular ballots are not counted.
The Articles of Association may only be amended by a majority of at least three-quarters of the votes cast or, for amendments to the purpose or an object of the Company, four-fifths of the votes cast, excluding abstentions.
Voting shall be by show of hands or roll call unless the General Meeting decides otherwise by a simple majority of votes cast. Any proposed amendment to the Articles of Association shall first be submitted to the FSMA.
An attendance list indicating the names of the shareholders and the number of shares held by each shall be signed by each shareholder or the shareholder's representative before entering the meeting.
Article 25 - Distance voting
Upon authorisation by the Board of Directors in the notice calling the meeting, shareholders shall be authorised to vote remotely or via the Company's website, using a form prepared and provided by the Company. This form must indicate the date and place of the meeting, the shareholder's name or company name, domicile or registered office, the number of votes which the shareholder wishes to cast at the meeting, the type of shares held and the items on the agenda for the meeting (including proposed resolutions) and include a space allowing the shareholder to vote for or against each resolution or to abstain as well as the deadline by which the voting form must reach the Company. It shall expressly stipulate that the form must be signed and reach the Company no later than the sixth day prior to the meeting.
In accordance with Article 7.137 of the Code of Companies and Associations, the Board of Directors may provide that each shareholder and any other securities holder referred to in article 7.137 of the Code of Companies and Associations may also participate remotely in the General Meeting through an electronic means of communication made available to him/her by the Company.
Shareholders who participate in the General Meeting through such a means are deemed to be present at the place where the meeting is held in order to comply with the quorum and majority requirements.
The electronic means of communication referred to above must enable the Company to verify the status and identity of the shareholder, in accordance with the procedures laid down by the Board of Directors. The Board of Directors may set any additional conditions to ensure the security of the electronic means of communication. The electronic means of communication must at least enable the securities holders
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referred to in the first paragraph to have direct, simultaneous and continuous access to the discussions at the meeting and, as far as the shareholders are concerned, to exercise their voting right on all matters on which the meeting is called to decide. The Board of Directors may provide that the electronic means of communication also allows to take part in the deliberations and to ask questions.
If the Board of Directors makes use of the option to participate remotely in the General Meeting via an electronic means of communication, the notice calling the General Meeting will mention the applicable procedures and terms and conditions.
Part VI - Winding-up - Liquidation
Article 32 - Loss of capital
In the event of loss of half or three quarters of the capital, the Directors must submit to the General Meeting the question of the Company's winding-up, in accordance with the conditions of the Code of Companies and Associations.
Article 33 - Appointment and powers of liquidators
If the Company is wound up, for any reason and at any time whatsoever, liquidation shall be carried out by a liquidator or liquidators appointed by the General Meeting.
If it appears from the report summarising the Company's assets and liabilities prepared in accordance with the Code of Companies and Associations that all creditors cannot be satisfied in full, the appointment of the liquidator(s) in the Articles of Association or by the General Meeting must be submitted to the President of the Business Court, unless it appears from this summary that the Company only has debts to its shareholders and all shareholders who are creditors of the Company confirm in writing their agreement with the appointment.
In the absence of the appointment of a liquidator or liquidators, the members of the Board of Directors shall be considered, by operation of law, as liquidators with regard to third parties, without however possessing the powers which the Law and the Articles of Association grant to the liquidator(s) appointed in the Articles of Association, by Law or by the Court, with respect to liquidation transactions.
The General Meeting shall determine the liquidators' fees, where appropriate.
The Company's liquidation shall be concluded in accordance with the provisions of the Code of Companies and Associations.
Article 34 - Allocation of liquidation proceeds
No distribution may be made to shareholders before the meeting at which the liquidation is closed.
Except in the case of a merger, the net assets of the Company, after the settlement of all liabilities or consignment of the amounts necessary to this end, shall be allocated first to reimbursement of the paid-in capital, with any possible remainder allocated equally amongst the shareholders of the Company, in proportion to their shareholdings.
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Additional remarks
This Universal Registration Document, including the Annual Financial Report and the Sustainability Report, contains regulated information as defined in the Royal Decree of 14.11.2007 on issuers' obligations on financial instruments admitted to trading on a regulated market.
This Universal Registration Document was filed on 10.04.2026 with the Financial Services and Markets Authority (FSMA), as the competent authority under Regulation (EU) 2017/1129¹, without prior approval in accordance with Article 9 of that regulation. In accordance with the same article, this Universal Registration Document also serves as an Annual Financial Report. The Universal Registration Document may be used for the purposes of a public offer of securities or the admission of securities to trading on a regulated market if it, along with any amendments and a securities note and summary approved in accordance with Regulation (EU) 2017/1129, are approved by the FSMA.
ESEF
In accordance with Directive 2004/109/EC of 15.12.2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a market, the Universal Registration Document including the 2025 Annual Financial Report has been prepared in accordance with the requirements of the ESEF (European Single Electronic Format). The ESEF version is the official version and is available on the company's website (www.cofinimmo.be). Any other version not in ESEF format is not an official version.
Languages
This Universal Registration Document, including the Annual Financial Report and the Sustainability Report, has been filed with the FSMA in French. The Dutch and English versions are translations made under Cofinimmo's responsibility. Only the French version constitutes legal evidence.
Availability of the Universal Registration Document including the Annual Financial Report and the Sustainability Report
A free copy of this Universal Registration Document, including the Annual Financial Report and the Sustainability Report, can be obtained free of charge upon request by contacting:
Cofinimmo SA/NV
Avenue de Tervueren/Tervurenlaan 270,
1150 Brussels,
Belgium
Tel.: +32 2 373 00 00
Email: [email protected]
This document is also available on the website www.cofinimmo.com.
Statements
Royal Decree of 14.11.2007
Responsible persons
The following persons are responsible for the information contained in this registration document: Jean Hilgers, Independent Director; Chairman of the Board of Directors; Jean-Pierre Hanin, Managing Director; Jean Kotarakos, Executive Director; Ann Caluwaerts, Independent Director, Olivier Chapelle, Independent Director; Nathalie Charles, Independent Director; Ingrid Daerden, Director; Stefaan Gielens, Director; Benoit Graulich, Independent Director; Jan Suykens, Independent Director, and Mirjam van Velthuizen-Lormans, Independent Director.
The Company, represented by its Board of Directors, declares that it has taken all reasonable precautions to ensure that:
- the financial statements, prepared in compliance with applicable accounting standards, give a true picture of the portfolio, the financial situation and the results of Cofinimmo SA/NV and the subsidiaries included in the consolidation;
- the management report contains a truthful account of the position of the business, the results and the performance of Cofinimmo SA/NV and its consolidated subsidiaries, as well as a description of the main risks and uncertainties they face.
Annex I to the Delegated Regulation (EU) 2019/980 of 14.03.2019 supplementing Regulation (EU) 2017/1129 of 14.06.2017
Responsible persons, information from third parties, expert reports, and approval by the competent authority
The Company, represented by its Board of Directors, declares that the information contained in this Universal Registration Document including the Annual Financial Report and the Sustainability Report is, factually correct and contains no omissions that would alter its intent and purpose.
The Company, represented by its Board of Directors, declares that the information published in the Universal Registration Document including the Annual Financial Report and the Sustainability Report, and originating from third parties, such as the independent real estate valuers' report and the statutory auditor's reports, has been included with the consent of the person having endorsed its content, form, and context. This information has been faithfully reproduced and, to the
¹ Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14.06.2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market and repealing Directive 2003/71/EC.
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best of the company's knowledge, and in so far as it is able to ascertain from data published by the same third parties, no information has been omitted which would render this document inaccurate or misleading.
The Universal Registration Document including the Annual Financial Report and the Sustainability Report is a document filed with the Financial Services and Markets Authority (FSMA), as the competent authority under Regulation (EU) 2017/1129, without prior approval in accordance with Article 9 of the said regulation. The Universal Registration Document may be used for the purposes of a public offer of securities or the admission of securities to trading on a regulated market if it, as well as any amendments and a securities note and summary approved in accordance with Regulation (EU) 2017/1129, are approved by the FSMA.
Administration, management, and general management bodies
Cofinimmo SA/NV declares that, regarding the Directors and/or members of the Executive Committee:
- no family ties exist between them;
- there is no information relating to (i) convictions for fraud within the last five years, (ii) bankruptcies, receiverships, liquidations or placing of companies under judicial administration, and (iii) official public accusations and/or sanctions by statutory or regulatory authorities (including designated professional bodies), that must be disclosed;
- no court has denied the right to hold office as a member of the administrative, management, or supervisory bodies of an issuer or to participate in the management or conduct of the issuer's business over the last five years;
- no conflict of interest exists between their positions within Cofinimmo SA/NV and their private interests.
Furthermore, the company is not aware of any conflicts of interest between the duties owed to the company by the members of the Board of Directors or the members of the Executive Committee and the other duties or private interests of these persons. As a Belgian listed company, the company is required to comply with the procedures set out in Article 7:96 of the CCA regarding conflicts of interest within the Board of Directors and Article 7:97 of the CCA regarding transactions with related parties.
Outlook
The company, represented by its Board of Directors, declares that the outlook or estimated profit was determined and prepared on a basis comparable to the historical financial information and in accordance with the issuer's accounting policies.
Operation of administrative and management bodies
The company, represented by its Board of Directors, declares that no service contracts are in place with the Directors and/or members of the Executive Committee that provide for the granting of benefits at the end of such a contract, with the exception of a consultancy agreement between a subsidiary of the Group and Michael Zahn (see page 170) and the information included in the Remuneration Policy in the section 'Contractual terms of the members of the Executive Committee' available on the company website.
Main shareholders
The company, represented by its Board of Directors, declares that:
- no Directors or members of the Executive Committee directly or indirectly hold a percentage of the share capital or voting rights of Cofinimmo SA/NV that requires notification under legislation on the disclosure of major shareholdings;
- the main shareholders of Cofinimmo SA/NV do not hold different voting rights.
Judicial and arbitration proceedings
The company, represented by its Board of Directors, declares that, over the past 12 months, no administrative, legal or arbitration proceedings have been initiated that could have or have had significant effects on the financial situation or profitability of Cofinimmo SA/NV.
Significant change in the financial position
The company, represented by its Board of Directors, declares that there have been no significant changes in the Group's financial position since the end of the last financial year.
Available documents
The company, represented by its Board of Directors, declares that during the period of validity of the Universal Registration Document including the Annual Financial Report and the Sustainability Report, the latest version of the Articles of Association of Cofinimmo SA/NV as well as all reports, letters and other documents, valuations and declarations established by an expert at the request of Cofinimmo SA/NV, part of which are included or referred to in the Universal Registration Document including the Annual Financial Report and the Sustainability Report, may be accessed on the website www.cofinimmo.com.
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Information incorporated by reference
The Annual Financial Reports of the past five years (notably those of financial years 2023 and 2024, included as reference material in this Annual Financial Report), which include the Annual Statutory Accounts, the Consolidated Annual Accounts and the Statutory Auditor's Reports, as well as the Half-yearly Financial Reports, can be accessed on the website www.cofinimmo.com.
The Statutory Auditor for the historical information for 2023, 2024 and 2025 is the company KPMG Réviseurs d'Entreprises SRL/Bedrijfsrevisoren BV, represented by Mr Jean-François Kupper.
| Information | Document | Section/Chapter |
|---|---|---|
| Historical financial information for the last three financial years | Annual Financial Report 2025 | Fully (including the key figures on p. 8, the summary of the consolidated accounts on p. 66 to 74 and the annual accounts on p. 181 to 249) |
| Annual Financial Report 2024 | Fully (including the key figures on p. 8, the summary of the consolidated accounts on p. 62 to 69 and the annual accounts on p. 169 to 256) | |
| Annual Financial Report 2023 | Fully (including the key figures on p. 26, the summary of the consolidated accounts on p. 100 to 106 and the annual accounts on p. 250 to 331) | |
| Statutory auditor's statement | Annual Financial Report 2025 | Statutory auditor's report on: |
| The outlook on p. 87; | ||
| The consolidated financial statements on p. 250-252 | ||
| Annual Financial Report 2024 | Statutory auditor's report on: | |
| The outlook on p. 82; | ||
| The consolidated financial statements on p. 245-247 | ||
| Annual Financial Report 2023 | Statutory auditor's report on: | |
| The outlook on pages 114-115; | ||
| The consolidated accounts on 320-323 | ||
| Information on major investments | Annual Financial Report 2025 | Healthcare real estate on p. 26 to 35; |
| Property of distribution networks on p. 42 to 44; | ||
| Public-Private Partnerships on p. 44; | ||
| Offices on p. 36 to 41 | ||
| Annual Financial Report 2024 | Healthcare real estate on p. 24 to 32; | |
| Property of distribution networks on p. 38 to 40; | ||
| Public-Private Partnerships on p. 40; | ||
| Offices on p. 33 to 37 | ||
| Annual Financial Report 2023 | Healthcare real estate on p. 36 to 61; | |
| Property of distribution networks on p. 62 to 69; | ||
| Public-Private Partnerships on p. 66; | ||
| Offices on p. 70 to 77 |
Cofinimmo
Universal Registration Document 2025
326
Cofinimmo at a glance
Management report
Sustainability report
Property report
Corporate governance statement
Audited financial statements
Additional information
| Information | Document | Section/Chapter |
|---|---|---|
| Breakdown of total revenue by type of activity and by market for the last three financial years | Annual Financial Report 2025 | Annual accounts in Note 5 (segment information) on p. 195 to 198 |
| Annual Financial Report 2024 | Annual accounts in Note 5 (segment information) on p. 182 to 189 | |
| Annual Financial Report 2023 | Annual accounts in Note 5 (segment information) on p. 264 to 269 | |
| Description of financial position and operational results | Annual Financial Report 2025 | Chapter Financial resources management on p. 52 to 65; and Notes on the consolidated accounts on p. 188 to 249 |
| Notes on the consolidated accounts on p. 176 to 244 | ||
| Annual Financial Report 2024 | Chapter Financial resources management on p. 87 to 99; and Notes on the consolidated accounts on p. 256 to 319 | |
| Notes on the consolidated accounts on p. 256 to 319 | ||
| Annual Financial Report 2025 | Chapter Corporate governance principles on p. 139; Consolidated financial statement in Note 43 p. 244 | |
| Notes on the consolidated accounts on p. 256 to 319 | ||
| Information on personnel | Annual Financial Report 2025 | Chapter Corporate governance principles on p. 127; Consolidated financial statement in Note 43 p. 239 |
| Notes on the consolidated accounts in Note 43 p. 239 | ||
| Annual Financial Report 2023 | Chapter Corporate governance statements in Note 43 p. 313 | |
| Notes on the consolidated accounts in Note 43 p. 313 | ||
| Important agreements concerning a change of control in the event of a takeover bid | Annual Financial Report 2025 | Chapter Corporate governance principles on p. 168 |
| Annual Financial Report 2024 | Chapter Corporate governance principles on p. 156 | |
| Annual Financial Report 2023 | Chapter Corporate governance statement on p. 232 |
Cofinimmo
Universal Registration Document 2025
327
Cofinimmo at a glance
Management report
Sustainability report
Property report
Corporate governance statement
Audited financial statements
Additional information
Certification of accounts
A as for any limited liability company, an external auditor appointed by the General Meeting must certify the annual accounts and review the half-yearly accounts. Since the company is a RREC, the external auditor must also prepare special reports at the request of the FSMA.
The Statutory Auditor is KPMG Réviseurs d'Entreprises SRL /Bedrijfsrevisoren BV, a private limited liability company incorporated under Belgian law, having its registered office at Luchthaven Brussel Nationaal 1K, B-1930 Zaventem, under company number 0419.122.548 (RPM Brussels, Dutch-speaking division), represented by Jean-François Kupper, Certified Auditor by the FSMA and registered with the Institut des Réviseurs d'Entreprises/Instituut voor Bedrijfsrevisoren under number A0253.
The auditor KPMG, Réviseurs d'Entreprises/ Bedrijfsrevisoren, received fixed remuneration of 197 KEUR (excluding VAT) for reviewing and certifying Cofinimmo's statutory and consolidated accounts. Its fees for reviewing the statutory accounts of Cofinimmo subsidiaries amounted to 342 KEUR (excluding VAT), including the compensation for reviewing the accounts of the Group's foreign subsidiaries. The fees paid to the KPMG Group for legal and other assistance totalled 122 KEUR (excluding VAT) for the financial year.
The fees cap of 70% of audit fees applied to other services provided by the auditor KPMG Réviseurs d'Entreprises/ Bedrijfsrevisoren, is respected.
Independent real estate valuers
The independent real estate valuers designated by the Group to certify the overall value of its property portfolio are the following companies.
| Expert | Country | Identification | Head office |
|---|---|---|---|
| CATELLA | France | Catella Valuation Advisors SAS | |
| RSC Paris B 435 339 098 | 184 rue de la Pompe | ||
| 75116 Paris - France | |||
| CBRE | Finland | CBRE Finland Oy | |
| Register 21970698 | Arkadiankatu 4-6, | ||
| 00100 Helsinki - Finland | |||
| Netherlands | CBRE Valuation & Advisory Services BV | ||
| KvK 34202510 | Anthony Fokkerweg 15 | ||
| 1059 CM Amsterdam - The Netherlands | |||
| Germany | CBRE GmbH | ||
| HRB 13347 | Gross Gallusstrasse 18 | ||
| 60312 Frankfurt am Main - Germany | |||
| COLLIERS | Italy | Colliers Valuation Italy Srl | |
| TVA 06180000967 | Corso Matteotti 10 | ||
| 20121 Milano - Italy | |||
| Spain | COLLIERS INTERNATIONAL SPAIN S.L. | ||
| CIF BB3381673 | Paseo de la Castellana 141, 14th floor | ||
| 28046 Madrid - Spain | |||
| CUSHMAN & WAKEFIELD | Germany | Cushman & Wakefield (U.K.) LLP - German Branch | |
| Register OC 328588 | Bleidenstraße 6 | ||
| 60313 Frankfurt am Main - Germany | |||
| Belgium | Cushman & Wakefield Belgium SA | ||
| RPM Brussels 0422.118.165 | Avenue Marnix 23 | ||
| 1000 Bruxelles - Belgium | |||
| France | Cushman & Wakefield Valuation France SA | ||
| RCS Nanterre 332 111 574 | 185-186 avenue Charles de Gaulle | ||
| 92000 Neuilly-sur-Seine - France | |||
| Netherlands | Cushman & Wakefield Netherlands B.V. | ||
| KvK 33260655 | Gustav Mahlerlaan 362-364, P.O. Box 74030 | ||
| 1070 BA Amsterdam - The Netherlands | |||
| Ireland | Cushman & Wakefield Commercial Ireland Limited | ||
| Register 443760 | Unit 2 Dockgate, Dock Road - Galway - Ireland | ||
| PRICEWATERHOUSECOOPERS | Belgium | PricewaterhouseCoopers Enterprise Advisory SRL | |
| RPM Brussels 0415.622.333 | Culliganlaan 5 | ||
| 1831 Machelen - Belgium | |||
| JONES LANG LASALLE | Belgium | Jones Lang LaSalle SRL | |
| RPM Brussels 0403.376.874 | Rue Montoyer 10 | ||
| 1000 Brussels - Belgium | |||
| Spain | Jones Lang LaSalle Espana SA | ||
| CIF A-78492303 | Pº de la Castellana, 79 - 4º Planta | ||
| 28046 Madrid - Spain | |||
| United Kingdom | Jones Lang Lasalle Limited Registre in England & Wales 1188567 | Warwick Street 30 | |
| London W1B 5NH - United Kingdom | |||
| STADIM | Belgium | Stadim CBVA | |
| RPM Brussels 0458.797.033 | Mechelsesteenweg 180 | ||
| 2018 Antwerp - Belgium |
Cofinimmo
Universal Registration Document 2025
Cofinimmo at a glance
Management report
Sustainability report
Property report
Corporate governance statement
Audited financial statements
Additional information
Real estate valuers' mandates at 31.12.2025
| Segment | Number of assets under mandate¹ | Location | Natural persons | Start of mandate | End of mandate |
|---|---|---|---|---|---|
| CATELLA | |||||
| Healthcare real estate | 6 | France | Hervé-Arthur Ratto | 01.10.2023 | 30.09.2026 |
| CBRE | |||||
| Healthcare real estate | 21 | Finland | Ville Kangaskokko* | 30.06.2025 | 30.09.2026 |
| Healthcare real estate | 23 | The Netherlands | Annette Postma | 30.06.2023 | 31.03.2026 |
| Healthcare real estate | 37 | Germany | Marcus Max* | 30.06.2025 | 31.12.2026 |
| COLLIERS | |||||
| Healthcare real estate | 8 | Italy | Marizio De Angeli | 01.04.2024 | 31.03.2027 |
| Healthcare real estate | 16 | Spain | Raul Garcia | 01.07.2025 | 30.06.2028 |
| CUSHMAN & WAKEFIELD | |||||
| Offices | 13 | Belgium | Emeric Ingels | 01.01.2023 | 31.12.2025 |
| Healthcare real estate | 22 | Germany | Peter Fleischmann | 01.10.2023 | 30.09.2026 |
| Healthcare real estate | 56 | Belgium | Emeric Ingels | 01.01.2023 | 31.12.2025 |
| Healthcare real estate | 47 | France | Jérôme Salomon | 01.01.2023 | 31.12.2025 |
| Healthcare real estate | 20 | The Netherlands | Fabian Pouwelse | 01.01.2024 | 31.12.2026 |
| Healthcare real estate | 8 | Ireland | Leona Corbett* | 31.12.2025 | 31.12.2026 |
| Property of distribution networks – Pubstone | 190 | The Netherlands | Emeric Ingels | 01.01.2023 | 31.12.2025 |
| Property of distribution networks – Pubstone | 604 | Belgium | Emeric Ingels | 01.01.2023 | 31.12.2025 |
| PRICEWATERHOUSECOOPERS | |||||
| Offices | 7 | Belgium | Jean-Paul Ducarme | 01.01.2023 | 31.12.2025 |
| Property of distribution networks – Other | 1 | Belgium | Jean-Paul Ducarme | 01.01.2023 | 31.12.2025 |
| Healthcare real estate | 27 | Belgium | Jean-Paul Ducarme | 01.01.2023 | 31.12.2025 |
| JONES LANG LASALLE | |||||
| Offices | 5 | Belgium | Jeremy Greenfield | 30.09.2024 | 31.12.2025 |
| Property of distribution networks – Other | 1 | Belgium | Jeremy Greenfield | 30.09.2024 | 31.12.2025 |
| Healthcare real estate | 26 | Spain | Felix Painchaud | 01.04.2025 | 31.03.2028 |
| Healthcare real estate | 3 | United Kingdom | Alice McCusker* | 30.09.2025 | 30.06.2027 |
¹ Including investment properties and assets held for sale.
* Taking over from previous representative.
Cofinimmo | Universal Registration Document 2025 | 329
Cofinimmo at a glance
Management report
Sustainability report
Property report
Corporate governance statement
Audited financial statements
Additional information
Real estate valuers' mandates as at 31.12.2025 for associates
| Segment | Number of assets under mandate | Location | Natural persons | Start of mandate | End of mandate |
|---|---|---|---|---|---|
| STADIM | |||||
| Healthcare real estate | 19 | Belgium | Céline Janssens | 01.01.2024 | 31.12.2026 |
| CUSHMAN & WAKEFIELD | |||||
| Healthcare real estate | 2 | Germany | Peter Fleischmann | 01.10.2023 | 30.09.2026 |
In accordance with Article 47 of the Law of 12.05.2014 on RRECs, the independent real estate valuers value all properties in the portfolio of the public RREC and its subsidiaries at the end of each financial year. The valuation determines the value of the properties appearing in the balance sheet. Furthermore, at the end of each of the year's first three quarters, the valuers update the overall valuation made at the end of the previous financial year, based on market developments and the nature of the properties concerned. Lastly, in accordance with the Provisions of Article 47 of the Law of 12.05.2014 on RRECs, valuers value each property to be acquired or disposed of by the RREC (or a company within its scope) prior to the transaction. The transaction must be carried out at the value determined by the valuer when the other party is a company with which the public RREC is related or linked by participating interests or when any of the above-mentioned parties gain an advantage from the transaction.
The valuation of a building consists of determining its value at a given date, i.e. the price at which the property could probably be exchanged under normal sales conditions between consenting and well-informed parties, which is the fair value as defined by the IAS/IFRS reference system. This value, when increased by the transaction costs to be borne by the investor, is therefore referred to as the 'investment value'.
Transactions other than sales may lead to the mobilisation of the portfolio, or a portion thereof, as illustrated by the operations carried out by Cofinimmo since it acquired the status of RREC (formerly Sicafi/Vastgoedbevak).
Valuation depends on the following criteria:
- location;
- building age and type; state of repair and level of comfort; architectural appearance, sustainability;
- gross/net surface area ratio; number of parking spaces;
- rental conditions;
- for healthcare real estate, the ratio of rents/operating cash flow before rents.
In 2025, the remuneration of the independent real estate valuers for the valuation of the company's consolidated portfolio as well as the associates, calculated quarterly based on a fixed lump sum plus a fixed fee, was 1,249 KEUR (excluding VAT), distributed as follows: 645 KEUR for Cushman & Wakefield, 117 KEUR for PricewaterhouseCoopers, 155 KEUR for Jones Lang LaSalle, 235 KEUR for CBRE, 63 KEUR for Colliers, 20 KEUR for Stadim and 13 KEUR for Catella.
Cofinimmo
Universal Registration Document 2025
Cofinimmo at a glance
Management report
Sustainability report
Property report
Corporate governance statement
Audited financial statements
Additional information
Glossary
Assisted-living units
Small apartments providing accommodation for (semi)-autonomous elderly people combined with domestic and meal services.
B-REIF
(Belgian Real Estate Investment Fund - Fonds d'Investissement Immo-bilier Spécialisé 'FIIS'/Gespecialiseerd Vastgoedbeleggings-fonds 'GVBF')
Belgian fiscal status of institutional alternative collective investment institutions with a fixed number of institutional units whose exclusive purpose is collective real estate investment.
BREEAM
(Building Research Establishment Environmental Assessment Method)
Method of assessing the building's environmental performance and sustainability (www.breeam.org).
Call option
The right to purchase a specific financial instrument at a preset price and during a specific period.
CDP
(Carbon Disclosure Project)
CDP is a not-for-profit institution that runs the global disclosure system for investors, companies, cities, states and regions in order to manage their environmental impacts.
Contractual rents
Rents as defined contractually in leases at the closing date, before deduction of rent-free periods or other incentives granted to the tenants.
Dach und Fach
German term for leases stipulating that the maintenance costs of the building's roof and structure, and sometimes of technical equipment, are borne by the owner.
Debt-to-assets ratio
Legal ratio calculated according to RREC legislation as financial and other debts divided by total assets.
Dividend yield
Gross dividend divided by the average share price during the year.
Double net
So-called 'double net' rental contracts (leases) or yields imply that maintenance costs are, to a greater or lesser extent, borne by the owner (lessor). These costs include expenses for the maintenance of roofs, walls, façades, technical and electrical installations, surroundings, the water supply and drainage systems. Specific provisions of the lease may state that part or all of these maintenance costs can be charged to the lessee.
Due diligence
Procedure intended to establish a complete and certified inventory of a company, asset, or real estate portfolio (accounting, economic, legal and tax aspects) before a financing or acquisition transaction.
EPC
(Energy Performance Certification)
This index, originating in the 2002/91/EC European Directive, expresses the amount of energy needed for the various requirements related to normal building use. It results from a calculation of various factors that influence energy demand (insulation, ventilation, solar and internal contributions, heating systems, etc).
EPRA
(European Public Real Estate Association)
An association of European real estate companies listed on the stock market whose purpose is to promote the industry (www.epra.com).
EPRA Europe
European FTSE EPRA/NAREIT Global Real Estate Index created by EPRA composed of representative stocks of the European listed real estate segment.
ESG
(Environment, Social and Governance)
Environmental, social and governance aspects of an organisation. In French, this abbreviation is often replaced by RSE, for corporate social responsibility.
Ex-date
Date from which stock exchange trading takes place without the entitlement to the forthcoming dividend payment (due to the 'detachment of the coupon', which formerly represented the dividend), i.e. three working days after the Ordinary General Meeting.
Fair value
Realised value of investment properties as defined by IAS/IFRS accounting standards, i.e. before the addition of real estate transfer taxes, as determined by the independent valuers. Real estate transfer taxes are set at a flat rate of 2.5% for properties located in Belgium, as determined by the independent real estate valuers. However, for properties with a value of less than 2.5 million EUR, the applicable taxes are the registration duties depending on the location of the property (12% or 12.5%). For properties located in other countries (France, the Netherlands, Germany, Spain, Finland, Italy, Ireland, the United Kingdom), the real estate transfer taxes applied generally vary between 1% and 10.4%.
Cofinimmo
Universal Registration Document 2025
Cofinimmo at a glance
Management report
Sustainability report
Property report
Corporate governance statement
Audited financial statements
Additional information
Financial rating
Rating awarded by specialised agencies (Standard & Poor's in Cofinimmo's case) providing a company's short-term and long-term financial soundness estimate. These ratings influence the rate at which a company can raise financing.
Free float
Percentage of shares held by the public. According to the EPRA and Euronext definitions, this includes all shareholders (exceptions apply) who individually own less than 5% of the total number of shares.
FSMA
(Financial Services and Markets Authority)
The independent regulatory authority governing financial markets in Belgium.
GHG emissions
(Greenhouse Gas)
Quantity of greenhouse gases emitted into the atmosphere as a result of an organisation's activities.
GPR250
(Global Property Research 250)
Stock exchange index of the 250 largest listed real estate companies worldwide.
Green & social bonds
Green and social bonds whose income is intended to (re)finance projects with a positive contribution to sustainable, environmental, or societal development. In December 2016, Cofinimmo became the first European real estate company to issue green and social bonds.
Gross rental yield
The ratio between the (initial) rent of an acquired asset and its acquisition value, transaction fees not deducted.
IAS/IFRS
(International Accounting Standards/International Financial Reporting Standards)
International accounting standards of the International Accounting Standards Board (IASB) in order to prepare the financial statements.
Investment value
Fair value of investment properties as established by real estate valuers, with the inclusion of transaction costs.
IRS
(Interest Rate Swap)
An interest rate exchange contract (usually fixed against floating or vice-versa) between two parties to exchange financial flows calculated on a fixed notional amount, frequency, and maturity.
Leasehold right
A temporary real right which consists in having full use of a property belonging to another party, in return for an annual acknowledgement fee to the lessor in recognition of his/her right of ownership ('canon/pacht'). In Belgium, a leasehold has a minimum term of 15 years and a maximum term of 99 years.
Market capitalisation
Stock market price at close multiplied by the total number of outstanding shares on that date.
MCB
(mandatory Convertible Bonds)
Debt instrument which enables the debtor to reimburse his loans in shares on the due date. Holders of MCB are called 'MCB holders'.
Medical office building
Building where a number of different healthcare professionals (physicians, psychologists, dentists, physiotherapists, pharmacists, etc.) receive their patients/customers.
Net asset value per share*
This is the book value per share based on the IFRS accounts, which take into account the fair value of investment properties. It is calculated by dividing the amount of equity attributable to equity holders of the parent company by the number of shares in issue.
Net result
Net result from core activities plus (+) result on financial instruments plus (+) result on the portfolio*.
Net result from core activities*
Operating result before the result on the portfolio*, plus (+) the financial result (financial income minus (-) financial charges), minus (-) income taxes.
Net zero roadmap
A net zero roadmap defines how to reach GHG emissions reduction targets in line with a 1.5°C climate scenario. It generally includes a detailed energy performance inventory to determine a reduction target for each building, a prioritisation of strategic assets based on a defined set of key factors (age, use, planned installations, etc.), an economically viable list of all measures likely to reduce GHG emissions from strategic buildings, and a plan and budget to implement these measures in line with the set target.
Occupancy rate
Is calculated by dividing the (indexed, excluding assets held for sale) contractual rents of the current leases by the sum of these contractual rents and the vacant spaces' Estimated Rental Value, the latter being calculated on the basis of the current rents' level on the market.
Operating margin*
Operating result before the result on the portfolio divided by the property result.
Pay-out ratio*
Percentage of the net result from core activities - Group share - per share* distributed by way of a dividend.
PPP
(Public-Private Partnership)
Partnership between the public and private sectors on projects with a public destination : urban renewal, infrastructure works, public buildings, etc.
Prime yield rate
The prime yield rate is the lowest rate of return observed over a given period for the acquisition of an asset of excellent quality, ideally located in the most sought-after geographical area and meeting current investor expectations and criteria. It therefore serves as a benchmark for property professionals and investors.
Cofinimmo
Universal Registration Document 2025
Cofinimmo at a glance
Management report
Sustainability report
Property report
Corporate governance statement
Audited financial statements
Additional information
Record date
Date on which positions are closed to identify the dividend-entitled shareholders, i.e. two working days after the ex-date.
REIT
(Real Estate Investment Trust)
A listed real estate investment trust in the United States.
RREC
(Regulated Real Estate Company)
Status created in 2014 with the same objectives as the Real Estate Investment Trusts (REIT) in different countries: REIT (USA), SIIC (France). RRECs are supervised by the Financial Services and Markets Authority (FSMA) and subject to specific regulations.
Result on financial instruments*
Change in fair value of the financial instruments, plus (+) the restructuring costs of the financial instruments*.
Result on the portfolio*
Realised and unrealised gains and losses compared with the latest valuation of the real estate values, plus (+) the exit tax due following the entry of any asset into the RREC, SIIC regimes.
Royal Decree of 14.11.2007
Royal Decree relating to the obligations of financial instruments' issuers admitted for trading on a regulated market.
Royal Decree of 13.07.2014
Royal Decree relating to regulated real estate companies (RREC).
SDG
(Sustainable Development Goals)
Seventeen goals to transform our world by 2030 in order to promote prosperity while protecting the planet. (Source: www.un.org/sustainabledevelopment).
SICAFI
(Société d'Investissement à Capital Fixe Immobilier)
Status created in 1995 to promote collective investment in real estate. SICAFIs are supervised by the Financial Services and Markets Authority (FSMA) and subject to specific regulations.
SIIC
(Société d'Investissement Immobilier Cotée - French Reit Regime)
French tax status, comparable to the RREC status.
SMR
(Clinique de soins médicaux et de réadaptation)
Special care facility providing medical, rehabilitative, preventive, transitional and coordinating care to patients following a hospital stay (for a medical or surgical condition or chronic illness).
Take-up
Occupancy of rental spaces.
Triple net
So-called 'triple net' lease contracts or yields imply that insurance costs, taxes and maintenance expenses are borne by the tenant (lessee). It mainly concerns the leases for nursing and care homes in Belgium, Spain, Ireland and the United Kingdom.
Velocity
Parameter indicating a share's circulation speed. It is obtained by dividing the total volume of shares traded during the financial year by the total number of shares outstanding during that period.
VSME standards
(Voluntary sustainability reporting for non-listed SMEs)
Voluntary sustainability reporting standards for small and medium-sized companies. For companies with fewer than 1,000 employees, the European Commission proposes adopting a voluntary standard based on the VSME standards developed by EFRAG (European Financial Reporting Advisory Group).
Withholding tax
Tax withheld by a bank or by another financial intermediary on a dividend payment.
Cofinimmo
Universal Registration Document 2025
.
COFINIMMO
Avenue de Tervueren/Tervurenlaan 270
B - 1150 Brussels
Tel. +32 2 373 00 00
R.L.P. of Brussels
VAT: BE0426.184.049
www.cofinimmo.com
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Pictures
Buildings: Georges De Kinder, Hannelore Veelaert, High level photography Ltd, David Plas, Lemon One, Kuvio, Adriaan van Dam Fotografie, Backbone, Yvan Glavie, OilinWater, Melting Prod
Portraits: Melting Prod, David Plas
Cofinimmo®
together in real estate
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