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2025 Annual results

Results higher than the outlook and active portfolio management leading to a low debtto-assets ratio (42.8%)
Confirmation of the 2025 dividend (payable in 2026)
Proposed combination with Aedifica through a public exchange offer is ongoing

Results of Cofinimmo (Euronext Brussels: COFB) higher than the outlook

Net result from core activities – Group share* (equivalent to EPRA Earnings* and excluding non-recurring effects arising from the proposed combination with Aedifica) up 0.7% at 246 million EUR, higher than the outlook
Net result – Group share at 213 million EUR (up 150 million EUR)
Gross dividend for the 2025 financial year, payable in 2026, confirmed at 5.20 EUR per share

Excellent operational performance

Gross rental income of 355 million EUR (up nearly 3% on a like-for-like basis*)
High occupancy rate: 98.4%
Particularly long residual lease length: 13 years

Solid financial structure

Low debt-to-assets ratio: 42.8%
Very low average cost of debt*: 1.5%
Rating BBB/Stable/A-2 confirmed by S&P on 25.03.2025 (report published on 16.04.2025, with a 'positive watch' published on 04.06.2025 and reiterated on 05.11.2025)
Headroom on committed credit lines of 1,031 million EUR, available for new opportunities
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
Valuation of the consolidated portfolio stabilised since the beginning of the financial year
Gross investments: 111 million EUR
Divestments: 82 million EUR
Six provisional acceptances completed in the financial year following a cumulative investment of 88 million EUR spread over the last years

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2026 outlook

2026 investment budget (gross investments of 310 million EUR and divestments of 110 million EUR), leading to a debt-to-assets ratio estimated by the end of 2026 at approximately 44%
Net result from core activities – Group share – per share* (equivalent to EPRA EPS* and excluding non-recurring effects arising from the proposed combination with Aedifica) of 6.35 EUR allowing the distribution of a gross dividend (for the 2026 financial year, payable in 2027) of 5.20 EUR per share
Proposed combination with Aedifica through a public exchange offer is ongoing

Sustainability

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)
Ten BREEAM certifications granted in healthcare real estate in Finland, Spain and Germany but also in offices
Renewal of the 'Great Place To Work™' certification in Belgium and Germany
Cofinimmo extends the scope of its ISO 14001 certification to include its activities in Spain
EPRA Sustainability Best Practices Recommendations Gold Award for the 12th consecutive year
Cofinimmo entered the S&P Global Sustainability 2026 Yearbook

Jean-Pierre Hanin, CEO of Cofinimmo: "A portfolio both focused on healthcare real estate in nine countries and diversified by asset types, operational performance higher than the outlook, a solid financial structure, a debt-to-assets ratio in line with our year-end outlook, and a recognised sustainability leader position are all key elements that enable us to approach 2026 with confidence and continue to prepare the proposed combination with Aedifica through a public exchange offer, which is ongoing, and actively participate in the expansion and renewal of the healthcare infrastructure in Europe.

As we start this new year, which is likely to be a period of transition, it is important to remember that 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. Together with the Board of Directors, we would like to express our deepest gratitude for the outstanding work delivered by Cofinimmo's teams."

^* 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 APMs included in this press release are identified by an asterisk (*). Performance indicators defined by IFRS rules or by law are not considered to be APMs. Nor are indicators that are not based on income statement or balance sheet items. APMs are defined, commented on and reconciled to the most relevant item, total or subtotal in the financial statements in the relevant press release, which can be found on Cofinimmo's website (www.cofinimmo.com/investors/reports-and presentations - 'Calculation details of the Alternative Performance Measures at 31.12.2025). Definitions of APMs may differ from those of other concepts with the same name in the financial statements of other companies.

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1.		Summary of activity	5
2.		Consolidated key figures	8
	2.1.	Global figures	8
	2.2.	Data per share – group share	9
	2.3.	Performance indicators based on the EPRA standard	10
3.		Evolution of the consolidated portfolio	11
4.		Major events occurring in 2025	13
	4.1.	Healthcare real estate in Belgium	13
	4.2.	Healthcare real estate in France	13
	4.3.	Healthcare real estate in the Netherlands	14
	4.4.	Healthcare real estate in Germany	15
	4.5.	Healthcare real estate in Spain	16
	4.6.	Healthcare real estate in Finland	17
	4.7.	Healthcare real estate in Ireland	19
	4.8.	Healthcare real estate in Italy	19
	4.9.	Healthcare real estate in the United Kingdom	19
	4.10	). Property of distribution networks	19
		4.10.1. Pubstone	20
		4.10.2. Other - Belgium	20
	4.11	L. Public-private partnership	20
	4.12	2. Offices	20
5.		Events after 31.12.2025	21
	5.1.	Healthcare real estate in Belgium	21
	5.2.	Healthcare real estate in Germany	21
	5.3.	Healthcare real estate in Finland	21
	5.4.	Proposed combination with Aedifica	21
6.		Operating results	22
	6.1.	Occupancy rate (calculated based on rental income)	22
	6.2.	Main tenants	24
	6.3.	Weighted average residual lease length	25
	6.4.	Portfolio maturity	25
	6.5.	Changes in gross rental revenues on a like-for-like basis*	26
7.		Financial resources management	26
	7.1.	Financing operations in 2025	27
		7.1.1. Other financing operations since 01.01.2025	27
	7.2.	Debt structure	27
		7.2.1. Non-current financial debt	27
		7.2.2. Current financial debts	28
	7.3.	Availabilities	28
	7.4.	Consolidated debt-to-assets ratio	28
	7.5.	Weighted average residual maturity of financial debts	29
	7.6.	Average cost of debt* and hedging of interest rates	29
	7.7.	Financial rating	31

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	7.8.	Treasury shares	31
8.	Sι	immary of the results and the consolidated statements as at 31.12.2025	31
	8.1. Co	ndensed consolidated income statement - Analytical form (x 1,000 EUR)	32
	8.2. Co	ndensed consolidated balance sheet (x 1,000 EUR)	35
9.	Co	onsolidated portfolio at 31.12.2025	37
10	. 20	026 outlook	40
	10.1.	Investment programme	40
	10.2.	Net result from core activities* and dividend per share	42
11	. Su	stainability	43
	11.1.	Initiatives adopted in response to climate change	43
	11.2.	References, notations and certifications	43
12	. In	formation related to shares and bonds	45
	12.1.	Stock market performance	45
	12.2.	Dividend for the 2025 financial year	46
	12.3.	Shareholding	46
13	. Co	orporate governance	46
	13.1.	Proposed combination with Aedifica	47
	13.2.	Ordinary General Meeting	47
	13.3.	Composition of the Board Committees	47
14	. M	ain risks and uncertainties	47
15	. Sh	areholder calendar	49
16	. Ap	ppendices	50
	16.1. 13.07.2 (x 1,000	Appendix 1: Condensed quarterly consolidated comprehensive result - Royal decree of 014 form DEUR)	50
	16.2.	Appendix 2: Condensed quarterly consolidated balance sheet (x 1,000 EUR)	52

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1. Summary of activity

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.

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 nine countries.

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.

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, four 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.

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 ESG and ES&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. Finally, the company also distinguished itself by being

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granted a new Gold award for the implementation of the EPRA Sustainability Best Practices Recommendations for the 12th consecutive year.

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 outlook¹ (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.

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 – noncash 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.

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 main risks and uncertainties are stated in section 14). Moreover, Cofinimmo was placed on 'positive watch' by S&P on 04.06.2025 and reiterated on 05.11.2025 (see section 7.7).

The demand for healthcare infrastructure is growing throughout Europe, with country specific dynamics. Based on the information currently available and the assumptions detailed in section 10.1 below (gross investments of 310 million EUR and divestments of 110 million EUR in 2026), and considering the divestments carried out in 2025, Cofinimmo expects, barring major unforeseen events, to achieve rental income, net of rental charges* of 351 million EUR (including the effect of divestments made in 2025 and budgeted in 2026 amounting to 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

¹ i.e. the quarterly outlook derived from the annual outlook presented in the 2024 Universal Registration Document, published on 11.04.2025.

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246 million EUR as of 31.12.2025), i.e. 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). Based on the same data and assumptions, the debt-to-assets ratio would be at 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).

This outlook (provided¹ subject to the main risks and uncertainties stated, see section 14 below) 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).

Besides, it is important to note that the proposed combination with Aedifica through a public exchange offer is ongoing (see more specifically the press release dated 29.01.2026).

¹ Without considering the proposed combination with Aedifica — see section 13.1.

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2. Consolidated key figures

2.1. Global figures

(x 1,000,000 EUR)	31.12.2025	31.12.2024
Portfolio of investment properties (in fair value)	6,085	6,000
(x 1,000 EUR)	31.12.2025	31.12.2024
Property result	344,343	345,307
Operating result before result on the portfolio	287,5791	286,823
Net result from core activities - Group share*	245,630	243,840
Result on financial instruments - Group share*	-9,628	-28,345
Result on the portfolio - Group share*	-22,5392	-151,606
Net result - Group share	213,463	63,889
Operating margin*	83.5%1	83.1%
	31.12.2025	31.12.2024
Operating costs/average value of the portfolio under management*3	0.92%1	0.93%
Weighted residual lease length (in years)4	13	13
Occupancy rate5	98.4%	98.5%
Gross rental yield at 100% occupancy6	5.9%	5.9%
Net rental yield at 100% occupancy7	5.6%	5.6%
Debt-to-assets ratio8	42.8%	42.6%
Average cost of debt*9	1.5%	1.4%
Average debt maturity (in years)	3	4

¹ Excluding non-recurring effects arising from the proposed combination with Aedifica.

Including 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.

Average value of the portfolio to which are added the receivables transferred for the buildings whose maintenance costs payable by the owner are still met by the Group through total cover insurance premiums.

⁴ Until the first break option for the lessee.

⁵ Calculated based on actual rents (excluding development projects and assets held for sale) and, for vacant space, the rental value estimated by the independent real estate valuers.

⁶ Passing rents, increased by the estimated rental value of vacant space, divided by the investment value of the portfolio (fair value increased by transaction costs), excluding development projects and assets held for sale.

⁷ Passing rents, increased by the estimated rental value of vacant space, minus direct costs, divided by the investment value of the portfolio (fair value increased by transaction costs), excluding development projects and assets held for sale.

⁸ Legal ratio calculated in accordance with the legislation on RRECs such as financial and other debt divided by total assets.

⁹ Including bank margins.

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2.2. Data per share – group share

(in EUR)	31.12.2025	31.12.2024
Net result from core activities – Group share – per share*	6.451	6.50
Result on financial instruments – Group share – per share*	-0.25	-0.76
Result on the portfolio – Group share – per share*	-0.592	-4.04
Net result – Group share – per share	5.61	1.70
Net asset value per share (in EUR)	31.12.2025	31.12.2024
Net asset value per share* (IFRS)	92.20	92.84
Diluted net asset value per share (in EUR)	31.12.2025	31.12.2024
Diluted net asset value per share (IFRS)	92.19	92.81

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 (see section 7.8) 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.

¹ 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.

² Including 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

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2.3. Performance indicators based on the EPRA standard¹

(in EUR per share)	31.12.2025	31.12.2024
EPRA Earnings Per Share (EPS)*	6.452	6.50
Diluted EPRA EPS*	6.452	6.50
(in EUR per share)	31.12.2025	31.12.2024
EPRA Net Reinstatement Value (NRV)*	101.39	101.41
EPRA Net Tangible Assets (NTA)*	92.99	93.11
EPRA Net Disposal Value (NDV)*	95.17	96.62
	31.12.2025	31.12.2024
EPRA Net Initial Yield (NIY)*	5.4%	5.4%
EPRA 'topped-up' NIY*	5.6%	5.6%
EPRA Vacancy Rate*	1.7%	1.5%
EPRA cost ratio (including direct vacancy costs)*	18.4% 3	19.8%
EPRA cost ratio (excluding direct vacancy costs)*	16.3%3	17.3%
EPRA LTV*	41.9%	42.2%
EPRA LFL	2.9%	1.7%
EPRA Capex (x 1,000,000 EUR)4	131	140

¹ Data not required by the RREC regulations and not subject to control by public authorities. The Statutory Auditor verified whether the data EPRA Earnings Per Share (EPS), EPRA Net Reinstatement Value (NRV), EPRA Net Tangible Assets (NTA), EPRA Net Disposal Value (NDV), EPRA cost ratios, EPRA LTV, EPRA LFL and EPRA Capex were calculated in accordance with the definitions set out in the EPRA Best Practices Recommendations and whether the financial data used in the calculation of these ratios were consistent with the accounting data as included in the audited consolidated financial statements.

² 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.

³ Excluding non-recurring effects arising from the proposed combination with Aedifica

⁴ Investments in investment properties only. Changes in non-current financial assets, in participations and in receivables in associates are not accounted for here as at 31.12.2024 and 31.12.2025.

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3. Evolution of the consolidated portfolio

Segment	Investments in 2025	Divestments in 2025	Investments in the 4th quarter of 2025	Divestments in the 4th quarter of 2025	Fair value as at 31.12.2025	Reference
		in million EUR			in billion EUR
Healthcare real estate	1011	712	403	6	4.7	4.1 - 4.9
Distribution networks and public private partnerships	6	11	3	1	0.5	4.10 & 4.11
Offices	5	1	3	0	0.9	4.12
TOTAL	111	82	46	7	6.1	/

Cofinimmo made 29 million EUR net investments in the 2025 financial year. The amounts received from the divestments detailed above are in line with (or higher than, in the case of transactions carried out by Pubstone) the latest fair values reflected in the last published balance sheet before the agreements were concluded (signing date).

The portfolio breakdown per segment and sub-segment is as follows:

Segment / Sub-segment	Number of beds (rounded)	Fair value (%)
Healthcare real estate		77%
Cure centres4	3,500	11%
Primary care5	-	2%
Care centres6	27,000	62%
Other7	-	2%
Property of distribution networks8		8%
Offices9		15%

¹ Of which 120 million EUR in investment properties, -7 million EUR in changes in non-current financial assets and -12 million EUR in changes in participations and receivables in associates.

² Of which 42 million EUR in investment properties and 29 million EUR in participations and receivables in associates.

³ Of which 56 million EUR in investment properties and -17 million EUR in changes in participations and receivables in associates.

⁴ Specialised acute care clinics, rehabilitation clinics and psychiatric clinics.

⁵ Medical office buildings.

⁶ Nursing and care homes, assisted-living units and disabled care facilities.

⁷ Mainly sport & wellness centres.

⁸ Property of distribution networks consists mainly (94%) of the Pubstone portfolio.

⁹ Office buildings are mainly located in Brussels' CBD (72%) and are partially let to public authorities (42%).

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The portfolio breakdown per country is as follows:

Country	Fair value (%)
Belgium	47%
France	11%
The Netherlands	10%
Germany	15%
Spain	7%
Finland	3%
Ireland	2%
Italy	4%
United Kingdom	1%

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4. Major events occurring in 2025

4.1. Healthcare real estate in Belgium

Investments in 2025: 10 million EUR
Investments during the 4th quarter of 2025: 3 million EUR
Divestments in 2025: 8 million EUR
Healthcare real estate portfolio in Belgium at 31.12.2025: 1,597 million EUR (83 sites)

In Belgium, Cofinimmo holds investment properties in healthcare real estate for a fair value of 1.6 billion EUR, 17 million EUR in participations in associates, and 14 million EUR in finance lease receivables. During the year 2025, Cofinimmo invested 10 million EUR in investment properties within the framework of development projects and divested 8 million EUR.

Main accomplishments:

– Divestment of the nursing and care home 'Le Ménil' in Braine-l'Alleud

In July 2025, Cofinimmo divested the nursing and care home 'Le Ménil' (operated by Armonea) in Braine-l'Alleud in Wallonia. The site dates from 1991 and has a total surface area of approximately 5,400 m². This sale represents a total amount of approximately 8 million EUR excluding real estate transfer taxes (i.e. approximately 9 million EUR including real estate transfer taxes).

– Extension and renovation of the nursing and care home 'Ten Berge' in Flanders

In the 4th quarter of 2025, the first phase of the extension and renovation project of the nursing and care home 'Ten Berge' in Belsele, announced in February 2025, was completed.

4.2. Healthcare real estate in France

Investments in 2025: 5 million EUR
Investments during the 4th quarter of 2025: 1 million EUR
Divestments in 2025: 13 million EUR
Divestments during the 4th quarter of 2025: 6 million EUR
Healthcare real estate portfolio in France at 31.12.2025: 667 million EUR (53 sites)

In France, Cofinimmo holds investment properties in healthcare real estate for a fair value of 667 million EUR and financial lease receivables for 20 million EUR. During the year 2025, Cofinimmo invested 5 million EUR in investment properties, and divested 13 million EUR.

Main accomplishments:

– Divestment of a healthcare site

In January 2025, Cofinimmo sold a healthcare asset in Louviers (vacant, formerly operated by Emeis), in the Eure department (Normandy region). This divestment represents a total amount of 1 million EUR. This building was recognised on the balance sheet as of 31.12.2024 among non-current assets held for sale.

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– Divestment of the rehabilitation clinic 'Institut Hélio Marin' in Hyères

In July 2025, Cofinimmo divested the rehabilitation clinic 'Institut Hélio Marin' in Hyères. The site has a total surface area of approximately 13,000 m². This sale represents a total amount of 6 million EUR (rounded amount identical with or without real estate transfer taxes).

– Divestment of a rehabilitation clinic in Belloy-en-France

In the 4th quarter of 2025, Cofinimmo sold a rehabilitation clinic in Belloy-en-France (operated by Emeis), in the Val d'Oise department (Île-de-France region). This divestment amounts to more than 2 million EUR (rounded amount identical with or without real estate transfer taxes).

– Divestment of a nursing and care home in Cuxac

In the 4th quarter of 2025, Cofinimmo sold a nursing and care home in Cuxac (operated by Philogeris), in the Aube department (Languedoc-Roussillon). This divestment amounts to more than 2 million EUR (rounded amount identical with or without real estate transfer taxes).

4.3. Healthcare real estate in the Netherlands

Investments in 2025: 6 million EUR
Investments during the 4th quarter of 2025: 3 million EUR
Divestments in 2025: 21 million EUR
Healthcare real estate portfolio in the Netherlands at 31.12.2025: 487 million EUR (43 sites)

In the Netherlands, Cofinimmo holds a healthcare real estate portfolio with a fair value of 487 million EUR. During the year 2025, Cofinimmo invested 6 million EUR in investment properties and divested 21 million EUR.

Main accomplishments:

– Provisional acceptance of a nursing and care home in Vlijmen

The development project in Vlijmen, announced in September 2023, has been delivered and the lease took effect on 07.02.2025. As a reminder, this nursing and care home offers 30 beds spread over a total surface area of approximately 2,100 m². The investment budget for the plot of land and the works amounted to approximately 9 million EUR. A double-net lease has been signed with the operator Martha Flora (DomusVi Group) for 15 years. The rent will be indexed based on the Dutch consumer price index. The site has an A+++ energy performance level.

– Divestment of two healthcare sites in Voorschoten and Almere

Cofinimmo completed the divestment of two healthcare sites in Voorschoten (South Holland) and Almere (Flevoland). These sales account for a total amount of approximately 5 million EUR (rounded amount identical with or without real estate transfer taxes).

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– Divestment of three healthcare assets in Tiel, Velp and Weesp

In May and June, Cofinimmo has completed the divestment of three healthcare assets in the Netherlands. The total sale price of these assets amounts to more than 12 million EUR, excluding real estate transfer tax (i.e. approximately 13 million EUR real estate transfer tax included).

Name	Location	Year1	Surface area (approx.) in m²
Hof van Arkel / Hoogeindestraat 2	Tiel	2012	1,400
Kastanjehof	Velp	2012	1,400
Regionaal Medisch Centrum	Weesp	1991 (2019)	2,600

4.4. Healthcare real estate in Germany

Investments in 2025: 38 million EUR
Investments during the 4th quarter of 2025: 21 million EUR
Divestments in 2025: 29 million EUR
Healthcare real estate portfolio in Germany at 31.12.2025: 936 million EUR (59 sites)

In Germany, Cofinimmo holds a healthcare real estate portfolio for a fair value of 936 million EUR. During the year 2025, Cofinimmo invested 38 million EUR, mainly in investment properties (51 million EUR), after taking into account -12 million EUR in changes in participations and receivables in associates, and divested for 29 million EUR in participations and receivables in associates

Main accomplishments:

– Eco-friendly healthcare campus projects in North Rhine-Westphalia

At the end of April, 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 mentioned in the press release dated 21.02.2025 (section 4.4), 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 (see section 4.4 of the press release dated 24.10.2025):

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'.

¹ Year of construction (latest renovation).

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4.5. Healthcare real estate in Spain

Investments in 2025: 27 million EUR
Investments during the 4th quarter of 2025: 5 million EUR
Healthcare real estate portfolio in Spain at 31.12.2025: 445 million EUR (31 sites)

Cofinimmo entered Spain in September 2019 and as at 31.12.2025, it holds a healthcare real estate portfolio for a fair value of 445 million EUR in investment properties as well as 40 million EUR in finance lease receivables. On that date, the Group has 38 nursing and care homes in operation (31 investment properties offering approximately 4,840 beds, and 7 finance lease offering 935 beds) as well as 10 development projects, and one land reserve. These will eventually represent a cumulative investment of almost 520 million EUR for approximately 7,240 beds. During the year 2025, Cofinimmo invested 27 million EUR, mainly in investment properties within the framework of development projects, after taking into account a change of -7million EUR in non-current financial assets (this change corresponds to prepayment made between 2021 and 2024, and recognised as non-current financial assets at the time, and which were transferred in 2025 to investment properties upon delivery of the building concerned). Cross-litigations are opposing Cofinimmo to its previous partner, notably regarding several projects whose direct control has been taken over by Cofinimmo.

Main accomplishments:

– Provisional acceptance of a nursing and care home in Vicálvaro (Madrid)

The development project in Vicálvaro, announced on 20.09.2021, has been delivered and the lease took effect on 28.01.2025. As a reminder, the nursing and care home offers 132 beds spread over a total surface area of approximately 5,300 m². The investment budget for the plot of land and the works amounted to approximately 11 million EUR. A double-net lease has been signed with the operator Amavir for 25 years. The rent will be indexed based on the Spanish consumer price index. The energy performance label of the site is A.

– Provisional acceptance of a nursing and care home in Maracena (Andalusia)

The development project in Maracena, announced on 22.11.2022, was delivered and the lease took effect on 07.07.2025. As a reminder, the nursing and care home offers 180 beds spread over a total surface area of approximately 9,100 m². The investment budget for the plot of land and the works amounted to approximately 13 million EUR. A triple-net lease with a fixed term of 30 years was signed with the operator Grupo REIFS. The rent will be indexed according to the Spanish consumer price index. The site was granted an A energy performance level and is undergoing BREEAM New Construction Excellent certification.

– Healthcare operations transferred from Clece to Emera for six nursing and care homes

During the 2nd and 3rd quarters of 2025, healthcare operations were transferred from Clece to Emera (that already operates the nursing and care home Legazpi in Madrid since 2022) for six operating nursing and care homes located in Vigo, Oleiros, Castellón, Cartagena, Lérida and Tarragona. Additionally, Emera will assume operational responsibilities for three development projects in Murcia, and Mallorca, in addition to that in El Cañaveral. To date, Clece no longer operates any sites owned by Cofinimmo. This change of operator is a result of Clece's strategic decision to refocus its elderly care activities in Spain. The transfer was executed through a mutual agreement between Cofinimmo and Clece, ensuring that the contractual terms for the concerned assets remain in place.

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– Provisional acceptance of a nursing and care home in Dos Hermanas

The development project in Dos Hermanas, announced on 28.04.2023, has been delivered and the lease took effect on 24.11.2025. As a reminder, the nursing and care home offers 135 beds spread over a total surface area of approximately 7,700 m². The investment budget for the plot of land and the works amounted to approximately 13 millions EUR. A triple-net lease has been signed with the operator Grupo REIFS for 30 years. The rent will be indexed based on the Spanish consumer price index. The site has been granted an A energy performance label and a BREEAM New Construction Excellent certification.

4.6. Healthcare real estate in Finland

Investments in 2025: 12 million EUR
Investments during the 4th quarter of 2025: 7 million EUR
Healthcare real estate portfolio in Finland at 31.12.2025: 166 million EUR (16 sites)

Cofinimmo entered Finland in November 2020, where it holds a healthcare real estate portfolio for a fair value of 166 million EUR. During the year 2025, Cofinimmo invested 12 million EUR in investment properties within the framework of development projects.

Main accomplishments:

During the financial year, Cofinimmo carried out a series of investments in Finland, listed in the table hereunder and commented below. The amounts corresponding to the construction works of the sites will be paid according to the percentage of completion of the projects. The rents will be indexed annually according to the Finnish consumer price index and the gross rental yield will amount to approximately 7%.

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Location	Pipeline (in MEUR)	Surface area (in m²)	Capacity	Lease	Comple tion date	Operator	Agreement status
'1. Rovaniemi	8	2,600	63 beds (NCH1 )	15 years NN	Q4 2026	Esperi Care Oy	Closed (under construction)
2. Järvenpää	4	1,100	30 beds (disabled care)	15 years NN	Q1 2026	Esperi Care Oy	Closed (delivered in February 2026)
3. Oulu	4	1,200	33 beds (NCH1 )	15 years NN	Q4 2026	Esperi Care Oy	Closed (under construction)
4. Joensuu	3	1,000	23 beds (disabled care)	15 years NN	Q4 2026	Esperi Care Oy	Closed (under construction)
5. Lappeenranta	3	800	19 beds (disabled care)	15 years NN	Q1 2027	Esperi Care Oy	Closed (under construction)
6. Oulu	6	1,700	32 beds (disabled care)	20 years NN	Q4 2026	Finnish nationwide foundation	Closed in January 2026 (under construction
7. Järvenpää	9	2,700	57 apartments (NCH – light care)1	20 years NN	Q2 2027	Nonna Group	Signed
8. Hämeenlinna	9	2,700	57 apartments (NCH – light care)1	20 years NN	Q2 2027	Nonna Group	Signed
TOTAL	46	13,800	200 beds and 114 apartments

– Acquisition of two healthcare assets under construction in Rovaniemi and Järvenpää

In July 2025, Cofinimmo has acquired (from the listed company Toivo Group Oy) 100% of the shares of the companies owning two healthcare assets under construction in Finland. The first asset, a nursing and care home, is currently under construction in Rovaniemi, the capital of Lapland. The Rovaniemi area counts approximately 64,000 inhabitants. The building will be dedicated to elderly residents with intensive care needs. The second asset is currently under construction in Järvenpää, a city of about 47,000 inhabitants located in the province of Southern Finland, which is part of the Helsinki metropolitan area (1,600,000 inhabitants). The complex will be dedicated to patients with physical or mental impairments. The combination of triple glass windows with aluminium frames and shades, thick wall insulation, solar panels, geothermal heating and LED lighting will help reduce the energy intensity of the buildings, for which an A energy performance level will be aimed.

– Acquisition of one healthcare asset under construction in Oulu

In November 2025, Cofinimmo has acquired (from the listed company Toivo Group Oy) 100% of the shares of the company owning one sustainable nursing and care home in Oulu, the fourth largest city in Finland, which counts approximately 220,000 inhabitants and whose population is expected to grow by 14% by 2040. The building will be dedicated to elderly residents with intensive care needs. The site is located in a newly built residential area, 8 km east of Oulu city centre. The latest sustainability standards including geothermal heating, solar panels, triple-glass windows

NCH – Nursing and care home.

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with shades, thick-wall insulation, and LED lighting will significantly reduce the energy intensity of the building, for which an A energy performance level will be aimed.

– Acquisition of two healthcare assets in Joensuu and Lappeenranta and signature of a private agreement to acquire three additional development projects in Oulu, Järvenpää and Hämeenlinna

In December 2025, the Cofinimmo Group completed the acquisition (from the listed company Toivo Group Oy) of 100% of the shares of the companies developing two disabled care care assets. The two assets are currently under construction in Joensuu (Eastern Finland) and Lappeenranta (Southern Finland), whose population amounts to approximately 75,000 and 73,000 inhabitants respectively. The facilities will also be dedicated to patients with physical or mental impairments. In addition, Cofinimmo has signed a private agreement with Rakennusliike Lapti Oy to acquire, under certain conditions, the companies that will develop the disabled care asset in Oulu (this acquisition has been finalised since, in January 2026 - see section 5.3) and two nursing and care homes in Järvenpää and Hämeenlinna. The latest sustainability standards including solar panels, triple-glass windows with shades, thick-wall insulation, and LED lighting will significantly reduce the energy intensity of the buildings, for which an A energy performance level will be aimed. In addition to the above, the disabled care facility in Oulu will rely on geothermal heating and will be equipped with charging stations for electric vehicles, which will enable Cofinimmo to aim for a BREEAM In-Use Excellent certification for this building.

4.7. Healthcare real estate in Ireland

▪ Healthcare real estate portfolio in Ireland at 31.12.2025: 100 million EUR (8 sites)

Cofinimmo entered Ireland in January 2021, where it holds a healthcare real estate portfolio with a fair value of 100 million EUR.

4.8. Healthcare real estate in Italy

▪ Healthcare real estate portfolio in Italy at 31.12.2025: 216 million EUR (8 sites)

Cofinimmo entered Italy in May 2021, where it holds a healthcare real estate portfolio with a fair value of 216 million EUR.

4.9. Healthcare real estate in the United Kingdom
Healthcare real estate portfolio in the United Kingdom at 31.12.2025: 68 million EUR (3 sites )

Cofinimmo entered the United Kingdom in July 2021, where it holds a healthcare real estate portfolio with a fair value of 68 million EUR.

4.10. Property of distribution networks

Investments in 2025: 6 million EUR
Investments during the 4th quarter of 2025: 3 million EUR
Divestments in 2025: 7 million EUR
Divestments during the 4th quarter of 2025: 1 million EUR
Property of distribution networks portfolio at 31.12.2025: 479 million EUR

Cofinimmo's distribution networks portfolio has a fair value of 479 million EUR. During the year 2025, Cofinimmo invested 6 million EUR in this portfolio and divested 7 million EUR from it.

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4.10.1. Pubstone

– Divestment of 27 pubs and restaurants of the Pubstone portfolio

During the year 2025, the Cofinimmo Group divested 27 pubs and restaurants of the Pubstone BE and NL portfolios, for a total amount of 9 million EUR, higher than the latest fair value of the assets as determined by Cofinimmo's independent real estate valuers prior to the conclusion of the agreements (signing date).

4.10.2. Other - Belgium

Since 30.09.2021, two assets have been allocated to this segment, i.e. the land reserve Tenreuken, located in Brussels, and the federal police station located Kroonveldlaan 30, Dendermonde/Termonde.

4.11. Public-private partnership

▪ Divestments in 2025: 4 million EUR

Cofinimmo also invests in special-use buildings in Belgium through public-private partnerships (PPPs), booked as finance leases. To date, these comprise six contracts covering assets in operation (of which five under Cofinimmo SA/NV, and one under the company FPE Leuze SA/NV, wholly owned by Cofinimmo).

– Divestment of a police station

Cofinimmo sold one asset from its public-private partnership (PPP) portfolio (accounted for as finance lease). The asset is located at Prins Boudewijnlaan 43a in Edegem, in the province of Antwerp (Belgium). The office building dates from 2008 and was purpose-built for the police services of the HEKLA zone (Hove-Edegem-Kontich-Lint-Aartselaar). It has a total surface area of approximately 3,800 m² and is fully let. The proceeds from this disposal amount to approximately 7 million EUR and exceeds by 3 million EUR the carrying amount of the receivable recorded in Cofinimmo's accounts before the transaction. The gains realised are booked under item 'XX. Financial income' in the official format of the income statement defined by the Royal Decree of 13.07.2014 (see section 16.1) and under 'Other result on the portfolio' in the analytical form (see section 8.1).

4.12. Offices

Investments in 2025: 5 million EUR
Investments during the 4th quarter of 2025: 3 million EUR
Divestments in 2025: 1 million EUR
Office portfolio in 31.12.2025: 925 million EUR (25 sites)

Cofinimmo's office portfolio has a fair value of 0.9 billion EUR, located for more than three quarters in the Brussels' CBD area. During the year 2025, Cofinimmo invested 5 million EUR. As at 31.12.2025, the Cofinimmo Offices SA/NV subsidiary had a balance sheet of 1.0 billion EUR, equity of 0.7 billion EUR and a debt-to-assets ratio of approximately 26%.

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Main accomplishments:

– Provisional acceptance of the renovation of the office building Stationsstraat 110 – Mechelen/Malines in the 'Other' segment

The complete renovation of this approximately 15,000 m² office building, leased to 'Het Facilitair Bedrijf' (Flemish Community), was delivered at the end of January 2025. After the works, its energy performance is well above current legal requirements, thanks to extensive energy upgrades, a focus on the circularity of materials, and complete interior refurbishment. The site, for which Cofinimmo aims to be granted the Belgian sustainability label 'GRO Excellent' and Accessibility label A+, also offers excellent mobility options by public transport, bicycle, foot, and car. A lease renewal has been signed for 18 years with the tenant and the rent will be indexed based on the Belgian consumer price index.

5. Events after 31.12.2025

5.1. Healthcare real estate in Belgium

– Divestment of a nursing and care home in Brussels

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 (this divestment file was obviously not included in the amounts mentioned in section 2 of the press release dated 18.12.2025 relating to the 2025 divestments). 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 latest fair value reflected in the latest balance sheet, published before the agreement was concluded. This transaction was carried out by mutual agreement with Emeis Belgium.

5.2. Healthcare real estate in Germany

– Eco-friendly healthcare campus projects in North Rhine-Westphalia

In January 2026, Cofinimmo sold its participations in the companies developing the eco-friendly healthcare campuses in Bocholt and Wuppertal (see section 4.4 above).

5.3. Healthcare real estate in Finland

– Acquisition of the company developing a healthcare asset in Oulu completed

As announced in the press release dated 18.12.2025 (see section 4.6), 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 Järvenpää

The development project in Järvenpää, announced in July 2025 (see section 4.6), has been delivered and the lease took effect on 02.02.2026.

5.4. Proposed combination with Aedifica

The proposed combination with Aedifica through a public exchange offer is ongoing (see section 13.1).

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6. Operating results

6.1. Occupancy rate (calculated based on rental income)

The occupancy rate as at 31.12.2025 amounts to 98.4% (compared to 98.5% as at 31.12.2024). It is calculated based on actual rents and, for vacant space, the rental value estimated by the independent real estate valuers and broken down below per activity segment:

As a reminder, 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.

^<sup>1 The 'other' segment was transferred to the 'office' segment on 01.01.2019. The occupancy rate for offices would have been 89.1% as at 31.12.2018 and 88.3% as at 31.12.2017 with this transfer.

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Country								Occupancy rate
			Market data1						Cofinimmo's relevant portfolio2				Scope coverage3
	2021	2022	2023	2024	2025	20214	2022 4	2023 4	2024 4	e20255	2021	2022		2023 20246	e2025
Belgium	90%	89%	92%	93%	n/a6	87%	92%	94%	95%					93% 100% 100% 100% 100%	100%
France	89%	87%	89%	90%	n/a6	89%	91%	91%	91%	92%	91%	92%	96%	99%	100%
The Nether lands	93%	95%	94%	93%	n/a6	n/a	94%	94%	96%	95%	n/a	36%	36%	34%	100%
Germany	88%	n/a7		89% n/a 7	n/a6	85%	85%	84%	86%			88% 100% 100%	98%	98%	100%
Spain	88%		91% n/a 5	92%	n/a6	84%	92%	94%	95%					96% 100% 100% 100% 100%	100%
Finland	88%	87%	86%	86%	n/a6	n/a8	95%	99%	98%		96% n/a 8			100% 100% 100%	100%
Ireland	83%	84%	89%	92%	n/a6	92%	93%	94%	96%					96% 100% 100% 100% 100%	100%
Italy	n/a 7	n/a 7	n/a 7	89%	n/a6	59%	84%	93%	97%			97% 100% 100% 100%		63%	100%
United Kingdom	79%	83%	86%	90%	n/a6	94%	96%	97%	97%					94% 100% 100% 100% 100%	100%
TOTAL						86%	90%	92%	92%		93% 98% 9	94%	93%	92%	100%

¹ 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.

⁵ Actual data available in the summer of the following year.

⁶ 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).

⁸ Only one newly built asset still in ramp up phase.

⁹ Excluding countries without data set.

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6.2. Main tenants

As at 31.12.2025, the Cofinimmo Group had a diversified customer base (approximately 210 tenants or operators) including more than 70 groups of operators-tenants in healthcare real estate.

Tenants	Contractual rents	Average residual lease term (in years)
Clariane	16%	9
AB InBev	9%	10
Colisée	8% 1	13
Public sector	7%	8
DomusVi	5%	12
Top 5 tenants	45%	10
Emeis	5% 2	12
Care-Ion	4%	22
French Red Cross	3%	7
Stella Vitalis	3%	22
Aspria	3%	21
Top 10 tenants	62%	12
Top 20 tenants	75%	13
Other tenants	25%	10
TOTAL	100%	13

In the office segment, public tenants account for 42% of the portfolio.

¹ Of which 7.3% in Belgium (under the Armonea banner). The remaining share being spread equally between France and Italy. See also section 14 on main risks and uncertainties below.

² Of which 1.2% in France, 1.6% in Belgium, 1.8% in Germany and 0.3% in Spain. In addition, the Aldea Group, in which Cofinimmo has a 26.3% stake, holds 9 sites leased to Emeis in Belgium, representing approximately less than half of its rental income.

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6.3. Weighted average residual lease length

Taking the break options into account, the weighted average residual lease length amounts to 13 years for the consolidated portfolio and to 14 years for the healthcare real estate portfolio, as shown in the graph below:¹

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.

6.4. Portfolio maturity

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%

In total, 66% of leases are long term (over nine years).

¹ For the 'Healthcare' segment, the weighted average residual lease length in years per country is as follows: Belgium (16), France (7), the Netherlands (10), Germany (18), Spain (20), Finland (16), Ireland (12), Italy (5) and the United Kingdom (31).

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6.5. Changes in gross rental revenues on a like-for-like basis*

	Gross rental	Gross rental	Change	Like-for-like
	revenues at	revenues at		change*
	31.12.2025	31.12.2024
	(x 1,000,000 EUR)	(x 1,000,000 EUR)
Healthcare real estate	266.9	264.0	+1.1%	+2.8%
Offices	52.9	59.9	-11.7%	+2.8%
Property of distribution networks	34.9	34.6	+0.8%	+3.2%
TOTAL PORTFOLIO	354.7	358.5	-1.1%	+2.9%

The year-on-year change in gross rental income amounted to -1.1%, as a result of changes in the consolidation scope. 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, the 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%).

7. 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' of the 2024 Universal Registration Document published on 11.04.2025). At the end of 2025, Cofinimmo's debt consisted mainly (around 74%) of sustainable financing contracted in recent 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. They are generally subject to conditions related to:

compliance with RRECs legislation;
compliance with debt-to-assets ratio levels and hedging of financial expenses by the cash flow;
the 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.

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7.1. Financing operations in 2025

7.1.1. Other financing operations since 01.01.2025

7.1.1.1. Evolution of all financing

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:

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 2030;
12.11.2025: Extension of a 50 million EUR credit line for one additional year, to bring its maturity to 2031;
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.

7.1.1.2. 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.

7.2. Debt structure

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	NC	—	70.0	99.609	—	1.7000	26.10.2016	26.10.2026
S	NC	Sustainable	500.0	99.222	—	0.8750	12.02.2020	12.02.2030
S	NC	Sustainable	500.0	99.823	—	1.0000	24.01.2022	24.01.2028

7.2.1. Non-current financial debt

As at 31.12.2025, Cofinimmo's non-current financial debt was 1,589 million EUR. These are detailed hereunder.

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7.2.1.1. 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 commercial paper.

7.2.1.2. Bank facility

511 million EUR of committed bilateral and syndicated loans, with an initial term of five to ten 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.

7.2.2. Current financial debts

As at 31.12.2025, Cofinimmo's current financial debts amounted to 1,000 million EUR. These are detailed hereunder.

7.2.2.1. 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 commercial paper with an initial term higher than one year and maturing within the next 12 months.

7.2.2.2. Bank facility

– 160 million EUR, mainly for bilateral credit loans maturing within the next 12 months.

7.3. 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.

7.4. 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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7.5. Weighted average residual maturity of financial debts

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 below. 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.

Timetable of long-term financial commitments to date (x 1,000,000 EUR)

**7.6. Average cost of debt* and hedging of interest rates**

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 3 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.

¹ i.e. the annual outlook presented in the 2024 Universal Registration Document, published on 11.04.2025.

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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 below.

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' on page 259 of the 2024 Universal Registration Document published on 11.04.2025.

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7.7. 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.

7.8. Treasury shares

In accordance with Article 8:6 of the Royal Decree of 29.04.2019 executing the Code of Companies and Associations, 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	Stock Option Plan 2015	200	95.03
03.06.2025	Stock Option Plan 2015	1,600	95.03
04.06.2025	Stock Option Plan 2015	2,050	95.03
05.06.2025	Stock Option Plan 2015	150	95.03
05.06.2025	Stock Option Plan 2016	150	108.44
10.06.2025	Stock Option Plan 2015	200	95.03
13.06.2025	Stock Option Plan 2015	200	95.03
13.06.2025	Stock Option Plan 2016	300	108.44
02.12.2025	Stock Option Plan 2016	2,050	108.44

An overview stating all disposals of treasury shares made by Cofinimmo 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.

8. Summary of the results and the consolidated statements as at 31.12.2025

The auditor KPMG, Réviseurs d'Entreprises/Bedrijfsrevisoren, represented by Jean-François Kupper, Statutory Auditor, completed its plenary audit work and confirmed that the accounting information contained in this press release calls for no reservations on its part and is in agreement with the financial statements adopted by the Board of Directors.

The accounting principles and methods used to draw up the financial statements are identical to those used to prepare the annual financial statements for the previous financial year, as the new standards, amendments and interpretations required to be applied to the Group from 01.01.2025 had no material impact.

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8.1. 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
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	3,658	-15,582
assets 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

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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 - see section 7.8)	38,084,819	38,077,919
Total number of shares used to calculate the result per share*	38,080,889	37,523,642

Comments on the condensed consolidated income statement – Analytical form

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 (see section 6.5). 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 outlook¹ 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 Aedifica) 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 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

¹ i.e. the quarterly outlook derived from the annual outlook presented in the 2024 Universal Registration Document, published on 11.04.2025.

² Excluding gains realised on the divestment of a finance lease receivable, which accounts for an amount exceeding 3 million EUR and booked under item 'XX. Financial income' in the official format of the income statement defined by the Royal Decree of 13.07.2014 (see section 16.1), as mentioned in section 4.11.

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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. This change was +0.1% for the 2025 financial year (see section 9) 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 in section 4.4 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 taxes¹ . 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 1.4 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

¹ Deferred taxes on the unrealised capital gains relating to the buildings owned by certain subsidiaries.

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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.

8.2. Condensed consolidated balance sheet (x 1,000 EUR)

ASSETS	31.12.2025	31.12.2024
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

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SHAREHOLDERS' EQUITY AND LIABILITIES	31.12.2025	31.12.2024
Shareholders' equity	3,590,100	3,614,437
I. Shareholders' equity attributable to shareholders of the parent company	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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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.

9. Consolidated portfolio at 31.12.2025

GLOBAL CONSOLIDATED PORTFOLIO OVERVIEW

Extract from the report prepared by the independent real estate experts Cushman & Wakefield, Jones Lang LaSalle, PwC, CBRE, Colliers, and Catella based on the investment value

(x 1,000,000 EUR)	31.12.2025	31.12.2024
Total investment value of the portfolio	6,403.4	6,314.4
Projects, land reserve and assets held for sale	-237.1	-274.9
Total properties in operation	6,166.3	6,039.5
Contractual rents	358.1	351.1
Gross yield on properties in operation	5.8%	5.8%
Contractual rents + Estimated rental value on unlet space on the valuation date	364.1	356.3
Gross yield at 100% portfolio occupancy	5.9%	5.9%
Occupancy rate of properties in operation2	98.4%	98.5%

As at 31.12.2025, the item 'Projects, land reserve and assets held for sale' includes primarily:

office buildings in redevelopment of which Loi/Wet 85 and Loi/Wet 89 (Brussels' CBD);
development projects in healthcare real estate in Belgium, Spain, Finland and Germany;
a healthcare asset in redevelopment in Belgium for which a disposal is being considered;
as well as land reserves.

¹ Including development projects and assets held for sale.

² Calculated based on rental income.

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Buildings	Surface area (in m²)	Contractual rents (x 1,000 EUR)	Occupancy rate	Rents + ERV on unlet premises (x 1,000 EUR)
Offices	244,199	53,320	92.7%	57,514
Office buildings with sold lease receivables	4,137	653	100.0%	653
Subtotal offices	248,336	53,974	92.8%	58,167
Healthcare	1,848,684	269,039	99.4%	270,671
Property of distribution networks	288,503	35,088	99.6%	35,246
Subtotal of investment properties & properties which receivables have been sold	2,385,523	358,101	98.4%	364,084
Projects, renovations & assets held for sale	20,932	-	-	-
Land reserve	-	-	-	-
TOTAL PORTFOLIO	2,406,455	358,101	98.4%	364,084

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Consolidated portfolio as at 31.12.2025

In the table below, the 'changes over the period' (4th column) should be read in conjunction with the 'amount' (2nd column) of the fair value for each row. The three subtotals in bold and the total in red are weighted averages.

Segment		Fair value		Net rental income	Property result after direct property costs*
	Amount (x 1,000 EUR)	(in %)	Changes over the period1	(x 1,000 EUR)	(x 1,000 EUR)	(in %)
Healthcare real estate	4,680,781	76.9%	0.1%	258,439	247,969	74.6%
Belgium	1,596,503	26.2%	0.1%	85,973	86,306	26.0%
France	666,900	11.0%	-1.2%	44,089	43,246	13.0%
The Netherlands	486,900	8.0%	2.8%	31,172	28,642	8.6%
Germany	935,670	15.4%	-0.3%	49,926	45,390	13.6%
Spain	444,740	7.3%	0.3%
Finland	165,900	2.7%	0.2%
Ireland	100,410	1.7%	0.3%	47,279	44,385	13.3%
Italy	215,960	3.5%	0.2%
United Kingdom	67,797	1.1%	—%
Offices	925,476	15.2%	-0.8%	55,637	52,751	15.9%
Distribution networks2	478,798	7.9%	1.8%	34,115	31,835	9.6%
TOTAL PORTFOLIO	6,085,055	100.0%	0.1%	348,191	332,554	100.0%

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 as from 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.

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.

Yield per segment	Healthcare real estate BE + FR	Healthcare real estate DE + NL	Healthcare real estate ES + FI + IE + IT + UK	Offices	Property of distribution networks	Total
Gross rental yield at 100 % occupancy	5.9%	5.6%	5.4%	6.4%	6.7%	5.9%
Net rental yield at 100 % occupancy	5.9%	5.0%	5.0%	5.8%	6.3%	5.6%

¹ Without the initial effect from the changes in the scope.

² The 7.9% share of property of distribution networks is broken down as follows: Pubstone – 5.1%, Pubstone – the Netherlands 2.3% and Other – Belgium 0.5%.

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10. 2026 outlook

10.1. Investment programme

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 (66 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 table hereunder details the main development projects in progress. The project delivered in the 4th quarter (in Dos Hermanas in Spain) does not appear in the table below (compared to that published in the press release dated 24.10.2025). 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.

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Project	Type (of works)	Number of beds	Surface area (in m²)	Estimated first lease date	Total invest ments	Total invest ments as at 31.12.2025	Total invest ments in 2026	Total invest ments after 2026
		(after works)				(x 1,000,000 EUR)
Healthcare real estate
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
Santa Cruz de Tenerife (Canary Islands)	Construction of a nursing and care home	124	5,700	Q1 2027	27	20	6	2
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
Järvenpää1	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

Project delivered after 31.12.2025.

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Project	Type (of works)	Number of beds	Surface area (in m²)	Estimated first lease date	Total invest ments	Total invest ments as at 31.12.2025	Total invest ments in 2026	Total invest ments after 2026
		(after works)				(x 1,000,000 EUR)
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)	571	2,700	Q2 2027	9	0	6	3
Hämeenlinna	Construction of a nursing and care home (light care)	571	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

**10.2. Net result from core activities* and dividend per share**

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).

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 provided² subject to the main risks and uncertainties stated below (see section 14).

Section 8.1 includes information on the expected writeback of lease payments sold and discounted in 2026.

¹ It refers to the number of apartments.

² Without considering the proposed combination with Aedifica (see section 13.1).

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11. Sustainability

Sustainability aspects are stated in the chapter 'Sustainability Report' of the 2024 Universal Registration Document (from page 83), published on 11.04.2025. In previous editions (i.e. until 2023), this chapter was called 'ESG report'. Only the latest information is mentioned below.

11.1. Initiatives adopted in response to climate change

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. Initiatives adopted in response to climate change are stated in the Universal Registration Document, as mentioned above.

11.2. References, notations and certifications

Several BREEAM certifications were granted during the year: in January 2025, one nursing and care home located in Finland was granted a BREEAM In-Use Excellent certification. Early April 2025, the new flagship (M10) of the office segment, whose provisional acceptance took place in July 2024, was granted a BREEAM New Construction Outstanding certification. In May 2025, two nursing and care homes located in Spain were granted BREEAM In-Use Very Good certifications. In June 2025, one nursing and care home in Spain was granted a BREEAM In-Use Excellent certification. In September 2025, one nursing and care home located in Spain and one nursing and care home located in Germany were granted BREEAM In-Use Very Good certifications. In November and December, 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. The office building The Gradient, which houses Cofinimmo's head office, was granted an ActiveScore Gold certification, it was also the first building in Belgium to be certified ModeScore Gold, highlighting Cofinimmo's commitment to a soft and active mobility;
In February 2025, Cofinimmo's Great Place To Work™ certification in Belgium and Germany was renewed. Great Place To Work™ is the global benchmark in terms of corporate culture, employee experience and leadership behaviours which are proven to generate a higher level of revenues than the market, to retain employees and promote innovation;
In March 2025, then in October 2025, the Group saw its Sustainalytics rating improve. The rating granted by Sustainalytics was updated and improved on 27.10.2025. Cofinimmo is considered by Sustainalytics to have a negligible risk of undergoing material financial impacts due to environmental, social or governance factors. Ratings are available on Cofinimmo's website (www.cofinimmo.com/esg/performance-data);
On 24.04.2025, 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;
Since 2008, Cofinimmo has been using an ISO 14001-certified environmental management system throughout the entire life cycle of the buildings in its portfolio. Renewed every three years, this certificate enables the company to manage the environmental aspects of its activities holistically. Cofinimmo has implemented the environmental management system in all countries where it operates, although the scope of ISO 14001 certification was previously limited to its activities in Belgium. Cofinimmo successfully extended the scope of the certification in June 2025 to include its activities in Spain and will file for a triannual renewal of its ISO 14001 certification in 2026;
On 25.07.2025, the ISS ESG rating was confirmed at C+. Cofinimmo has also been reclassified as Prime according to ISS ESG rating methodology. The ISS ESG Prime label acknowledges the quality of the Group's performance in the social and environmental fields. Consequently, Cofinimmo's bonds and shares may be considered by ISS as a responsible investment;
On 16.09.2025, Cofinimmo's S&P Global CSA rating was reviewed at 54/100 for 2025, which remains well above the real estate sector average of 33/100. Cofinimmo's rating shows a 32-point increase over the last six years. The CSA rating focuses on sustainability criteria that are sector-specific and financially meaningful;

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On 17.09.2025, Cofinimmo was granted, for the twelfth consecutive year, 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;
In September 2025, the flagship office building M10 (Montoyer 10, located in Brussels' CBD, close to the European institutions) has been awarded a WELL CORE™ Platinum certification by the International WELL Building Institute (IWBI). This first WELL CORE™ Platinum label for Cofinimmo is the highest distinction of the WELL Building Standard and rewards Cofinimmo's commitment to well-being, sustainability and human-centred design. It guarantees healthy indoor spaces, light and comfort, mobility and accessibility, as well as sustainability;
On 01.10.2025, GRESB informed Cofinimmo that its standing investment score GRESB Real Estate Assessment had been improved, now amounting to 72/100 for 2025. Cofinimmo was granted a GRESB Green Star rating for the ninth consecutive year;
The energy intensity of Cofinimmo's portfolio has already been reduced by 26%, going from 190 kWh/m² in 2017 to 139 kWh/m² in 2025. In the short term, this is an important step to reduce GHG emissions in the medium and long term.

In addition, the following events took place after 31.12.2025:

In January 2026, Cofinimmo was granted a new Cycle Friendly Employer Gold certification for the period 2026-2029. Cofinimmo was the second Belgian company to receive this certification, this demonstrates that cycling is the preferred mode of transportation, thanks to excellent cycling infrastructure, comprehensive and effective incentives, the daily use of bicycles throughout the company and active support from management;
Several BREEAM certifications were granted at the beginning of 2026: one office building was granted a BREEAM In-Use Very Good certification, whereas another office building was granted a BREEAM In-Use Good certification.
On 08.01.2026, Cofinimmo has renewed its B rating in the 'Climate Change' category of the Carbon Disclosure Project (CDP), on a scale going from A to D-. This score has been stable since 2020, based on a questionnaire that changes each year to remain in line with the performance expected by more than 640 Capital Markets Signatories (representing more than a quarter of all institutional assets).
Since 18.02.2026, Cofinimmo entered the S&P Global Sustainability 2026 Yearbook, whose members are selected based on their CSA score (see above for the 2025 update on Cofinimmo's score). To be included in the Yearbook, companies must be among the top 15% of their sector and must achieve a CSA score within 30% of the score of the best-performing company in their sector. This year, more than 9,200 companies assessed under the CSA 2025 were considered for the 2026 Sustainability Yearbook. Only 848 companies, spread across 59 sectors, were among the highest-ranking companies selected for inclusion in this year's directory, among which Cofinimmo, alongside only eight other European REITs.

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12. Information related to shares and bonds

12.1. Stock market performance

Share (COFB)

ISIN BE0003593044	31.12.2025	31.12.2024	31.12.2023
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 yield1	7.4%	10.1%	8.3%
Gross return (over 12 months)2	54.4%	-14.1%	-8.0%
Volume (over 12 months, in number of shares) on
Euronext Average daily volume3	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
Share of the capital held by shareholders with an ownership of less than 5%	95%	94%	93%

¹ Gross dividend on the average share price.

² Data provided by Bloomberg. It can be approximated as: Stock market price at close plus coupon (adjusted to take into account the evolution of the share price between the ex-date and closing date), divided by the stock market price at opening.

³ Average calculated based on the number of stock exchange days on which volume was recorded.

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Bonds

		Cofinimmo SA/NV		Cofinimmo SA/NV		Cofinimmo SA/NV
	70 million EUR – 2016-2026			500 million EUR –		500 million EUR –
		ISIN BE0002267368		2020-2030	2022-2028
				ISIN BE6325493268		ISIN BE0002838192
	31.12.2025	31.12.2024	31.12.2025	31.12.2024	31.12.2025	31.12.2024
Share price (over the period, in % of nominal)
At close	98.84	96.75	88.50	85.65	96.49	93.46
Average	98.14	94.27	87.08	80.52	95.21	90.18
Average yield through maturity	3.1%	3.6%	3.457%	3.610%	2.773%	3.279%
(annual average)
Effective yield at issue	1.7%	1.7%	0.957%	0.957%	1.030%	1.030%
Interest coupon (in %)
Gross (per tranche of 100,000 EUR)	1.70	1.70	0.875	0.875	1.000	1.000
Net (per tranche of 100,000 EUR)	1.19	1.19	0.613	0.613	0.700	0.700
Number of securities	700	700	5,000	5,000	5,000	5,000

12.2. Dividend for the 2025 financial year

The Board of Directors expects to propose, for the 2025 financial year, a gross dividend of 5.20 EUR (3.64 EUR net) per share at the Ordinary General Meeting of 13.05.2026.

12.3. Shareholding

The table below shows the Cofinimmo shareholders who own more than 5% of the capital. The transparency notifications and the chain of controlled undertakings are available on the website. At the time of approval of this press release, Cofinimmo has not received any transparency notification providing a new position after that received on 28.01.2026. According to the Euronext definition, the free float is 100%.

Company	%
BlackRock, Inc.	5.06%
Cofinimmo Group	0.03%
Others <5%	94.91%
TOTAL	100.00%

13. Corporate governance

With respect to corporate governance, Cofinimmo seeks to maintain the highest standards and continuously reassesses its methods in relation to the principles, practices and requirements of the field. Cofinimmo's corporate governance practice is compliant with the 2020 Belgian Corporate Governance Code.

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13.1. Proposed combination with Aedifica

The proposed combination with Aedifica through a public exchange offer is ongoing and 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 and 29.01.2026.

13.2. Ordinary General Meeting

The Ordinary General Meeting was held on 14.05.2025 at 3:30 p.m. The topics on the agenda were as follows:

Acknowledgement of the Management Report on the statutory and consolidated financial year ending 31.12.2024;
Acknowledgement of the Statutory Auditor's Report on the statutory annual accounts as at 31.12.2024 and the Statutory Auditor's Report on the consolidated annual accounts as at 31.12.2024;
Acknowledgement of the consolidated annual accounts as at 31.12.2024;
Approval of the statutory annual accounts as at 31.12.2024 and allocation of the result;
Approval of the remuneration report for the financial year ending 31.12.2024;
Discharge to the Directors;
Discharge to the Statutory Auditor;
Appointment of one non-executive Director;
Delegation of powers to implement decisions taken;
Miscellaneous.

All proposals on the agenda of the Ordinary General Meeting have been addressed and approved (see press release dated 14.05.2025). The General Meeting appointed Mrs Ann Caluwaerts, with immediate effect, as independent Director in accordance with Article 7:87 of the Code of Companies and Associations and Provision 3.5 of the 2020 Belgian Corporate Governance Code, until the end of the Ordinary General Meeting that will be held in 2029. Cofinimmo would also like to express its gratitude to Jacques van Rijckevorsel, Françoise Roels and Inès Archer-Toper for their contribution and vision within the framework of the Group's strategy throughout their mandate.

13.3. Composition of the Board Committees

On 14.05.2025, the Board of Directors appointed, with immediate effect, Mrs Nathalie Charles, independent Director, as a new member of the Audit Committee.

On 05.12.2025, the Board of Directors appointed, with immediate effect, Mrs Ann Caluwaerts, independent Director, as a new member of the Nomination, Remuneration and Corporate Governance Committee.

14. Main risks and uncertainties

The Board of Directors believes that the main risk factors summarised on pages 258 to 263 of the 2024 Universal Registration Document, published on 11.04.2025, are still relevant for the 2025 financial year. These will be updated in the 2025 Universal Registration Document to be published in April 2026. As a reminder (see press release dated 24.10.2025), three risk factors have evolved in the financial year as indicated below:

F.1.1.5 Situation of some healthcare operators:
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

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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 (see section 6.1). 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.
F.2.4 Risks arising in the event of a change of control: these risks could materialise in connection with the execution of 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, 27.10.2025, 21.01.2026 and 29.01.2026);
F.2.3 Change in the Group's public financial rating: the risk presented in the Universal Registration Document could be accompanied by an opportunity to improve the financial rating (see section 7.7 above).

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15. Shareholder 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 year1	As from 21.05.2026
Coupon	Nr. 41
Ex date2	18.05.2026
Record date3	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)

¹ 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.

³ Date on which positions are recorded in order to identify shareholders entitled to the dividend.

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16. Appendices

16.1. Appendix 1: Condensed quarterly consolidated comprehensive result - Royal decree of 13.07.2014 form (x 1,000 EUR)

A. NET RESULT	Q1 2025	Q2 2025	Q3 2025	Q4 2025		31.12.2025 31.12.2024
I. Rental income	86,652	86,750	87,047	93,410	353,860	351,450
II. Writeback of lease payments sold and discounted	154	154	154	154	617	559
III. Rental-related expenses	5	10	-19	-6,282	-6,286	-526
Net rental income	86,811	86,914	87,183	87,283	348,191	351,484
IV. Recovery of property charges	130	152	105	875	1,263	200
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	43,247
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	-447
VII. Charges and taxes normally borne by the tenant on let properties	-26,416	-5,019	-5,893	-5,998	-43,327	-49,177
VIII. Other rental-related income and expenditure	0	0	0	0	0	0
Property result	84,071	86,828	87,230	86,213	344,343	345,307
IX. Technical costs	-637	-1,006	-2,106	-1,311	-5,060	-6,633
X. Commercial costs	-981	-1,111	-885	-1,361	-4,339	-4,060
XI. Taxes and charges on unlet properties	-1,386	-516	-249	-238	-2,390	-3,054
XII. Property management costs	-8,715	-7,609	-8,667	-9,796	-34,786	-31,315
XIII. Other property costs	0	0	0	0	0	0
Property charges	-11,719	-10,242	-11,907	-12,707	-46,575	-45,063
Property operating result	72,353	76,586	75,323	73,506	297,768	300,244
XIV. Corporate management costs	-3,735	-3,261	-3,714	-4,198	-14,908	-13,421
XV. Other operating income and expenses	0	0	0	0	0	0
Operating result before result on the portfolio	68,618	73,326	71,608	69,308	282,859	286,823
XVI. Gains or losses on disposals of investment properties	1,776	-559	21	-910	328	-15,582
XVII. Gains or losses on disposals of other non-financial assets	0	0	0	0	0	0
XVIII. Changes in the fair value of investment properties	5,590	-2,677	-979	-65	1,870	-123,290
XIX. Other result on the portfolio	-3,774	-2,259	-3,324	-4,311	-13,669	-7,434
Operating result	72,210	67,831	67,326	64,022	271,389	140,517
XX. Financial income	2,889	4,807	6,301	2,793	16,790	12,661
XXI. Net interest charges	-8,845	-9,372	-9,552	-9,811	-37,580	-39,532
XXII. Other financial charges	-278	-377	-286	-424	-1,365	-1,214
XXIII. Change in the fair value of financial instruments and liabilities	2,929	-14,651	-692	2,786	-9,628	-28,345
Financial result	-3,305	-19,593	-4,228	-4,656	-31,783	-56,430
XXIV. Share in the result of associated companies and joint ventures	533	1,133	-1,870	-11,703	-11,908	-3,739
Pre-tax result	69,437	49,371	61,227	47,662	227,698	80,348
XXV. Corporate tax	-3,242	-2,269	-1,553	-2,111	-9,175	-7,122
XXVI. Exit tax	0	0	0	0	0	-80
Taxes	-3,242	-2,269	-1,553	-2,111	-9,175	-7,201
NET RESULT	66,195	47,101	59,675	45,551	218,523	73,147
Attributable to:
Minority interests	1,931	-877	1,728	2,278	5,060	9,258
Shareholders of the parent company	64,264	47,979	57,947	43,273	213,463	63,889

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Brussels, 20.02.2026, 07:30 a.m. CET

B. STATEMENT OF COMPREHENSIVE RESULT	Q1 2025	Q2 2025	Q3 2025	Q4 2025	31.12.2025	31.12.2024
I. Net result	66,195	47,101	59,675	45,551	218,523	73,147
II. Other elements of comprehensive result	-178	-582	-503	81	-1,182	1,027
A. Impact on fair value of the estimated transaction costs and rights resulting from the hypothetical disposal of investment properties	0	0	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	0	0
C. Changes in the fair value of financial assets held for sale	0	0	0	0	0	0
D. Currency translation differences linked to conversion of foreign activities	-178	-582	-503	81	-1,182	1,027
E. Actuarial gains and losses on defined benefit pension plans	0	0	0	0	0	0
F. Income tax relating to 'Other elements of comprehensive result'	0	0	0	0	0	0
G. Share in the other elements of comprehensive income of associates and joint ventures	0	0	0	0	0	0
H. Other elements of 'comprehensive result', net of tax	0	0	0	0	0	0
COMPREHENSIVE RESULT (I+II)	66,017	46,520	59,172	45,632	217,341	74,174
Attributable to:
Minority interests	1,931	-877	1,728	2,278	5,060	9,258
Shareholders of the parent company	64,086	47,397	57,444	43,354	212,281	64,916

The Q3 and Q4 2025 columns in the two tables before include the non-recurring effects arising from the proposed combination with Aedifica and the divestment of a finance lease receivable, which partially offset each other and respectively represent a net income of 0.5 million EUR (Q3) / a net expense of 1.9 million EUR (Q4), i.e. a net expense of 1.4 million EUR over the financial year, as explained in section 8.1 above.

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Brussels, 20.02.2026, 07:30 a.m. CET

16.2. Appendix 2: Condensed quarterly consolidated balance sheet (x 1,000 EUR)

ASSETS	Q1 2025	Q2 2025	Q3 2025		Q4 2025 31.12.2024
I. Non-current assets	6,304,148	6,269,144	6,278,318	6,329,041	6,303,882
A. Goodwill	0	0	0	0	0
B. Intangible assets	1,786	1,756	1,631	1,490	1,814
C. Investment properties	6,010,119	6,015,802	6,024,377	6,085,055	5,993,928
D. Other tangible assets	2,854	2,507	2,305	2,832	2,936
E. Non-current financial assets	95,565	59,696	66,423	57,874	110,284
F. Finance lease receivables	156,246	155,971	152,074	151,324	156,944
G. Trade receivables and other non-current assets	3,731	1,904	1,904	3,770	3,732
H. Deferred taxes	8,730	8,429	8,464	8,525	9,664
I. Participations in associated companies and joint ventures	25,117	23,078	21,140	18,169	24,579
II. Current assets	162,122	153,927	144,142	108,865	136,165
A. Assets held for sale	12,640	5,400	4,790	0	6,400
B. Current financial assets	10,561	5,803	3,214	1,077	2,066
C. Finance lease receivables	4,975	4,662	4,429	4,472	4,542
D.Trade receivables	39,709	40,580	45,523	28,418	38,904
E. Tax receivables and other current assets	34,145	40,220	29,803	32,669	40,824
F. Cash and cash equivalents	29,481	24,711	27,077	23,777	25,802
G. Accrued charges and deferred income	30,611	32,550	29,306	18,452	17,628
TOTAL ASSETS	6,466,270	6,423,071	6,422,460	6,437,906	6,440,048

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Brussels, 20.02.2026, 07:30 a.m. CET

SHAREHOLDERS' EQUITY AND LIABILITIES	Q1 2025	Q2 2025	Q3 2025		Q4 2025 31.12.2024
Shareholders' equity	3,680,411	3,485,383	3,544,548	3,590,100	3,614,437
I. Shareholders' equity attributable to shareholders of the parent company	3,599,035	3,410,292	3,467,736	3,511,286	3,534,991
A. Capital	2,041,523	2,041,523	2,041,523	2,041,523	2,041,523
B. Share premium account	849,053	849,053	849,053	849,053	849,053
C. Reserves	644,195	407,473	406,970	407,246	580,526
D. Net result of the financial year	64,264	112,243	170,190	213,463	63,889
II. Minority interests	81,376	75,090	76,811	78,815	79,446
Liabilities	2,785,859	2,937,688	2,877,912	2,847,805	2,825,611
I. Non-current liabilities	1,867,258	1,895,878	1,683,952	1,697,879	1,854,596
A. Provisions	25,756	25,551	26,185	26,943	25,765
B. Non-current financial debt	1,765,826	1,791,729	1,576,892	1,588,536	1,753,269
a. Credit establishments	615,440	637,061	428,933	511,296	590,186
b. Finance lease	0	0	0	0	0
c. Other	1,150,386	1,154,668	1,147,959	1,077,239	1,163,082
C. Other non-current financial liabilities	17,719	19,519	19,369	18,003	19,749
D. Trade debts and other non-current debts	0	0	0	0	0
E. Other non-current liabilities	0	0	0	0	0
F. Deferred tax liabilities	57,957	59,079	61,506	64,397	55,813
a. Exit tax	0	0	0	0	0
b. Other	57,957	59,079	61,506	64,397	55,813
II. Current liabilities	918,601	1,041,810	1,193,959	1,149,927	971,015
A. Provisions	0	0	0	0	0
B. Current financial debts	761,485	883,789	1,038,512	999,696	834,068
a. Credit establishments	31,985	124,789	268,512	159,712	119,068
b. Finance lease	0	0	0	0	0
c. Other	729,500	759,000	770,000	839,984	715,000
C. Other current financial liabilities	0	0	0	0	0
D. Trade debts and other current debts	132,409	134,134	131,726	126,345	114,273
a. Exit tax	0	0	0	0	0
b. Other	132,409	134,134	131,726	126,345	114,273
E. Other current liabilities	0	0	0	0	0
F. Accrued charges and deferred income	24,706	23,887	23,722	23,886	22,674
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	6,466,270	6,423,071	6,422,460	6,437,906	6,440,048

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Brussels, 20.02.2026, 07:30 a.m. CET

For more information:

Head of External Communication Head of Investor Relations

Tel. : +32 2 373 60 32 Tel. : +32 2 777 14 08

Philippe Etienne Lynn Nachtergaele

[email protected] [email protected]

About Cofinimmo:

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 an independent company that applies the highest standards of corporate governance and sustainability, Cofinimmo offers its tenants services and manages its portfolio through a team of approximately 150 employees in Brussels, Paris, Breda, Frankfurt and Madrid.

Cofinimmo is listed on Euronext Brussels (BEL20) and benefits from the REIT system in Belgium (RREC), in France (SIIC), in Spain (SOCIMI) and in the United Kingdom (UK-REIT). Its activities are supervised by the Financial Services and Markets Authority (FSMA), the Belgian regulator.

AI assistant

Cofinimmo — Audit Report / Information 2025

3933_er_2026-02-20_4ba07ea7-e307-4fb4-8999-fb694ce39537.pdf

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2025 Annual results

Results of Cofinimmo (Euronext Brussels: COFB) higher than the outlook

Excellent operational performance

Solid financial structure

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2026 outlook

Sustainability

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1. Summary of activity

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2. Consolidated key figures

2.1. Global figures

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2.2. Data per share – group share

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2.3. Performance indicators based on the EPRA standard1

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3. Evolution of the consolidated portfolio

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The portfolio breakdown per country is as follows:

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4. Major events occurring in 2025

4.1. Healthcare real estate in Belgium

Main accomplishments:

– Divestment of the nursing and care home 'Le Ménil' in Braine-l'Alleud

– Extension and renovation of the nursing and care home 'Ten Berge' in Flanders

4.2. Healthcare real estate in France

Main accomplishments:

– Divestment of a healthcare site

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– Divestment of the rehabilitation clinic 'Institut Hélio Marin' in Hyères

– Divestment of a rehabilitation clinic in Belloy-en-France

– Divestment of a nursing and care home in Cuxac

4.3. Healthcare real estate in the Netherlands

Main accomplishments:

– Provisional acceptance of a nursing and care home in Vlijmen

– Divestment of two healthcare sites in Voorschoten and Almere

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– Divestment of three healthcare assets in Tiel, Velp and Weesp

4.4. Healthcare real estate in Germany

Main accomplishments:

– Eco-friendly healthcare campus projects in North Rhine-Westphalia

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4.5. Healthcare real estate in Spain

Main accomplishments:

– Provisional acceptance of a nursing and care home in Vicálvaro (Madrid)

– Provisional acceptance of a nursing and care home in Maracena (Andalusia)

– Healthcare operations transferred from Clece to Emera for six nursing and care homes

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– Provisional acceptance of a nursing and care home in Dos Hermanas

4.6. Healthcare real estate in Finland

Main accomplishments:

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– Acquisition of two healthcare assets under construction in Rovaniemi and Järvenpää

– Acquisition of one healthcare asset under construction in Oulu

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4.7. Healthcare real estate in Ireland

4.8. Healthcare real estate in Italy

4.10. Property of distribution networks

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4.10.1. Pubstone

– Divestment of 27 pubs and restaurants of the Pubstone portfolio

4.10.2. Other - Belgium

4.11. Public-private partnership

▪ Divestments in 2025: 4 million EUR

– Divestment of a police station

4.12. Offices

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Main accomplishments:

– Provisional acceptance of the renovation of the office building Stationsstraat 110 – Mechelen/Malines in the 'Other' segment

5. Events after 31.12.2025

5.1. Healthcare real estate in Belgium

Cofinimmo Audit Report / Information 2025

2.3. Performance indicators based on the EPRA standard¹

**7.6. Average cost of debt* and hedging of interest rates**

**10.2. Net result from core activities* and dividend per share**