Cofinimmo : 2022 Half-year financial report

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Half-Year Financial Report

Solid results showing a 6% increase in the net result from core activities - group share:

• Net result from core activities - group share of Cofinimmo (Euronext Brussels: COFB) at 109 million EUR (103 million EUR as at 30.06.2021)
• Gross dividend outlook for the 2022 financial year confirmed at 6.20 EUR per share
• The level of debt-to-assets ratio is adequate for financing the investments currently planned (approximately 600 million EUR gross, i.e. 460 million EUR net)

Investments in healthcare real estate since 01.01.2022:

• 240 million EUR investments in healthcare real estate in Europe in the 1st half-year
• With 4.1 billion EUR, healthcare real estate accounts for 68% of the group's consolidated portfolio, which now reaches 6.0 billion EUR

Recentering of the office portfolio in line with the strategy:

• Disposals of office buildings already announced in the decentralised area of Brussels for approximately 75 million EUR to be carried out in 2023 and 2024

Partial disposal of the property of distribution networks portfolio:

• Further disposal of part of the Cofinimur I portfolio (for more than 30 million EUR in the 1st half-year of 2022)

ESG:

• 2021 Sustainable Growth Award granted by Euronext Brussels, rewarding the strongest sustainable growth over the last decade
• Several BREEAM certifications in healthcare real estate

Solid operational performance:

• Gross rental revenues up 9.5% over the last 12 months
• High occupancy rate: 98.0%
• Particularly long residual lease length: 13 years

Efficient management of the financial structure:

• Interest rate risk hedged at nearly 90% (or more) until the end of 2025
• Average cost of debt: 1.2% (1.1% as at 31.12.2021)
• Debt-to-assetsratio: 46.2% (44.2% as at 31.12.2021)
• Rating BBB/A-2 confirmed by S&P
• Second sustainable bond issued in January 2022 for 500 million EUR at 1% over 6 years (2.5 times oversubscribed)
• Capital increases of nearly 61 million EUR (optional dividend and contribution in kind, unbudgeted)

▪ Early refinancing and set up of new bank financing for a total amount of nearly 400 million EUR (at credit spreads comparable to those of previous financial years), including 315 million EUR of new sustainability-linked syndicated credit line

• Headroom on committed credit lines of approximately 783 million EUR as at 30.06.2022, after deduction of the backup of the commercial paper programme

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Jean-PierreHanin, CEO of Cofinimmo: "The first half-year of 2022 was marked by the dynamism of our investments in healthcare real estate in Europe, with 240 million EUR invested during the half-year, and an additional 52 million EUR announced after its closing. In order to finance our growth while executing our ESG objectives, we issued a second 500 million EUR sustainable bond at fixed rate (1%) over 6 years at the beginning of the financial year, demonstrating that sustainable investment and sustainable financing are priorities for the group. This was also highlighted by the 2021 Sustainable Growth Award granted in January by Euronext Brussels to reward the company with the strongest sustainable growth over the last decade. In addition, the capital increases of May and June (optional dividend and contribution in kind), totalling nearly 61 million EUR, illustrate the shareholders' confidence in the group."

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1. Interim management report .....................................................................................................................	5
1.1.	Summary of activity since 01.01.2022 .............................................................................................	5
1.2.	Consolidated key figures..................................................................................................................	7
1.2.1.		Global figures...............................................................................................................................	7
1.2.2. Data per share - group share ......................................................................................................	8
1.2.3. Performance indicators based on the EPRA standard.................................................................	9
1.3.	Evolution of the consolidated portfolio ...........................................................................................	9
1.4.	Major events occurring in the first half-year of 2022 ....................................................................	11
1.4.1. Healthcare real estate in Belgium .............................................................................................	11
1.4.2. Healthcare real estate in France................................................................................................	13
1.4.3. Healthcare real estate in the Netherlands ................................................................................	14
1.4.4. Healthcare real estate in Germany............................................................................................	15
1.4.5. Healthcare real estate in Spain..................................................................................................	18
1.4.6. Healthcare real estate in Finland...............................................................................................	23
1.4.7. Healthcare real estate in Ireland ...............................................................................................	25
1.4.8. Healthcare real estate in Italy....................................................................................................	25
1.4.9. Healthcare real estate in the United Kingdom ..........................................................................	25
1.4.10.	Property of distribution networks.........................................................................................	25
1.4.11.	Offices ...................................................................................................................................	27
1.5.	Events after 30.06.2022 .................................................................................................................	29
1.5.1. Healthcare real estate in the Netherlands ................................................................................	29
1.5.2. Healthcare real estate Spain......................................................................................................	29
1.5.3. Healthcare real estate in Italy....................................................................................................	31
1.6.	Operating results ...........................................................................................................................	32
1.6.1. Occupancy rate (calculated based on rental income) ...............................................................	32
1.6.2.		Main tenants..............................................................................................................................	32
1.6.3. Average residual lease length....................................................................................................	33
1.6.4.		Portfolio maturity ......................................................................................................................	33
1.6.5. Changes in gross rental revenues on a like-for-like basis ..........................................................	34
1.7.	Management of financial resources ..............................................................................................	34
1.7.1. Capital increases since 01.01.2022............................................................................................	34
1.7.2. Other financing operations since 01.01.2022............................................................................	35
1.7.3.		Debt structure ...........................................................................................................................	36
1.7.4.		Non-current financial debts.......................................................................................................	36
1.7.5.		Current financial debts ..............................................................................................................	37
1.7.6.		Availabilities...............................................................................................................................	37
1.7.7.		Consolidated debt-to-assets ratio .............................................................................................	37
1.7.8. Weighted average residual maturity of financial debts ............................................................	37
1.7.9. Average cost of debt and hedging of the interest rate .............................................................	38
1.7.10.	Financial rating ......................................................................................................................	39
1.7.11.	Disposal of treasury shares ...................................................................................................	39
1.8.	Consolidated portfolio as at 30.06.2022........................................................................................	40
1.9.	Outlook for 2022............................................................................................................................	42
1.9.1.		2022 investments ......................................................................................................................	42
1.9.2. Net results from core activities and dividend per share............................................................	45
1.10. Information on shares and bonds..................................................................................................	45
1.10.1.	Share performance................................................................................................................	45
1.10.2.	Dividend for the 2022 fiscal year ..........................................................................................	47
1.10.3.	Shareholding .........................................................................................................................	47
1.11. Environmental, Social and Governance (ESG)................................................................................	47
1.11.1.	Initiatives adopted in response to climate change ...............................................................	47
1.11.2.	References, notations and certifications...............................................................................	47
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	1.11.3.	Investigations and inspections towards some healthcare operators ...................................	48
	1.12.	Corporate governance ...................................................................................................................	48
	1.12.1.	Ordinary general meeting of 11.05.2022 ..............................................................................	48
	1.13.	Main risks and uncertainties..........................................................................................................	49
	1.14.	2022 shareholder calendar ............................................................................................................	49
2.	Summary financial statements ................................................................................................................	50
	2.1.	Consolidated comprehensive result - Royal Decree of 13.07.2014 form (x 1,000 EUR) ...............	50
	2.2.	Consolidated income statement - Analytical form (x 1,000 EUR) .................................................	52
	2.3.	Consolidated balance sheet (x 1,000 EUR) ....................................................................................	55
	2.4.	Calculation of the consolidated debt-to-assets ratio.....................................................................	56
	2.5.	Consolidated cash flow statement.................................................................................................	57
	2.6.	Consolidated statement of changes in equity ...............................................................................	58
	2.7.	Notes to the interim summary financial statements .....................................................................	60
3.	Statement of compliance ........................................................................................................................	79
4.	Information on forecast statements .......................................................................................................	79
5.	Appendices ..............................................................................................................................................	80
	5.1.	Appendix 1: Independent real estate valuers' report....................................................................	80
	5.2.	Appendix 2: Statutory auditor's report..........................................................................................	88

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1. Interim management report

1.1. Summary of activity since 01.01.2022

For almost 40 years, Cofinimmo has been developing, managing and investing in rental real estate. Attentive 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 consolidates its leadership in European healthcare real estate.

The pandemic that the world has been experiencing for more than two years now 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 property portfolio in nine countries.

During the first half-year of 2022, Cofinimmo made several investments (for 240 million EUR) in various healthcare real estate sub-segments in Europe. Thanks to these operations, healthcare real estate assets (4.1 billion EUR) account for 68% of the group's consolidated portfolio as at 30.06.2022, which now reaches

6.0 billion EUR. In addition, after 30.06.2022, the group announced new investments for 52 million EUR (of which 27 million EUR already made in Italy and the Netherlands). Ongoing development projects represent a financial envelope of more than 760 million EUR to be achieved by 2024.

In the office segment, Cofinimmo is also executing its strategy which consists in rebalancing its office portfolio between the various sub-segments to the benefit of high-quality buildings located in Brussels' Central Business District of Brussels (CBD). The group announced the future disposal of the Everegreen as well as Woluwe 62, Herrmann-Debroux44-46 and Souverain/Vorst 36 buildings, located in the decentralised area of Brussels, for approximately 75 million EUR to be carried out in 2023 and 2024.

Cofinimmo constantly evaluates its assets portfolio based on the key points of its strategy and the available market opportunities. In this context, the group continued the partial disposal of its property of distribution networks Cofinimur I in France. As at 30.06.2022, the fair value of the 151 assets already sold (in 2021 and 2022) reached 73 million EUR (of which 31 million EUR in the 1st half-year of 2022).

As part of the ESG policy adopted by the group for almost 15 years now, and which remains a priority, the group's extensive efforts have been rewarded again. Cofinimmo further improved its performance in terms of ESG (Equileap and Sustainalytics), and received several new BREEAM certifications in healthcare real estate. Moreover, Cofinimmo has distinguished itself by obtaining in January the 2021 Sustainable Growth Award from Euronext Brussels, rewarding the company with the strongest sustainable growth over the last decade.

In terms of financing, Cofinimmo issued a 2nd sustainable bond for 500 million EUR in January 2022 (at 1% fix over 6 years, 2.5 times oversubscribed), demonstrating that sustainable investment and sustainable financing are priorities for the group. In addition to the (non-budgeted) capital increases totalling nearly 61 million EUR (contribution in kind and optional dividend), Cofinimmo also carried out early refinancing and set up new bank financing for a total amount of nearly 400 million EUR (at credit spreads comparable to those of previous financial years), of which 315 million EUR of new sustainability-linked syndicated credit line. The interest rate risk is hedged at 100% for the 2022 financial year through the use of IRS and caps, and at nearly 90% (or more) until the end of 2025. As at 30.06.2022, Cofinimmo had 783 million EUR of headroom of its credit lines after deduction of the backup of the commercial paper programme.

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