Cofinimmo : Quarterly information - 1st quarter of 2024

PRESS RELEASE

REGULATED INFORMATION

Brussels, 26.04.2024, 7:30 a.m. CET

Quarterly information

1st quarter of 2024

Operational performance in line with the outlook and balance between investments and divestments: the portfolio transformation continues

Cofinimmo (Euronext Brussels: COFB) has balanced investments and divestments in the 1st quarter (with a neutral impact on the debt-to-assets ratio):

• 30 million EUR gross investments, mainly in healthcare real estate in Europe
• 30 million EUR divestments, in the three sectors of activity
• 1 million EUR net investments
• With 4.6 billion EUR, healthcare real estate accounts for 75% of the group's consolidated portfolio, which reaches 6.2 billion EUR

Solid operational performance:

• Gross rental revenues up 3.4% (or 2.2% on a like-for-like* basis)
• High occupancy rate: 98.4%
• Particularly long residual lease length: 13 years

Efficient management of the financial structure:

• Interest rate risk fully hedged as at 31.03.2024 as part of the long-term interest rate hedging policy
• Average cost of debt*: 1.4% as at 31.03.2024
• Debt-to-assetsratio: 43.1% as at 31.03.2024
• Rating BBB/Stable/A-2 confirmed by S&P on 18.03.2024
• Headroom on committed credit lines of close to 1 billion EUR as at 31.03.2024, after deduction of the backup of the commercial paper programme

Solid results from a portfolio in transformation:

• Net result from core activities - group share* at 55 million EUR (53 million EUR as at 31.03.2023)
• Net result - group share at 17 million EUR (17 million EUR as at 31.03.2023)
• Gross dividend outlook for the 2024 financial year confirmed at 6.20 EUR per share, subject to the evolution of the net result from core activities - group share - per share* and the evolution of the debt- to-assets ratio

ESG:

• Cofinimmo has been recognised as the #1 company in Belgium in terms of gender equality by Equileap
• Renewal and improvement of several ESG labels
• Several BREEAM certifications were granted in healthcare real estate in Spain
• Cofinimmo is the only real estate player, among 10 Belgian companies, listed in the 600 Europe's Climate
  Leaders 2024 by the Financial Times

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PRESS RELEASE

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Brussels, 26.04.2024, 7:30 a.m. CET

Jean-PierreHanin, CEO of Cofinimmo: "Cofinimmo's 2024 first quarter results are in line with the outlook made at the beginning of the year and are part of the active management of our balance sheet and our portfolio in transformation. During the first quarter, we have been able to balance investments (enabling us to actively participate in the expansion and renewal of the healthcare real estate portfolio in Europe) and divestments (through selective asset arbitrages), with a neutral impact on the debt-to-assets ratio."

Next ordinary and extraordinary general meetings:

Wednesday 08.05.2024 at 3:00 p.m. (see press release dated 05.04.2024).

The 2023 universal registration document including the annual financial report and the ESG report

is available on the website www.cofinimmo.com

• For many years, Cofinimmo has been using Alternative Performance Measures (APMs) 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 and reconciled to the most relevant item, total or subtotal in the financial statements in the corresponding 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 31.03.2024'). 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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Brussels, 26.04.2024, 7:30 a.m. CET

1.	Summary of activity	4
2.	Consolidated key figures	6
	2.1. Global figures	6
	2.2. Data per share - group share	7
	2.3. Performance indicators based on the EPRA standard	8
3. Evolution of the consolidated portfolio	8
4. Major events occurring in the first quarter of 2024	10
	4.1. Healthcare real estate in Belgium	10
	4.2. Healthcare real estate in France	10
	4.3. Healthcare real estate in the Netherlands	10
	4.4. Healthcare real estate in Germany	11
	4.5. Healthcare real estate in Spain	11
	4.6. Healthcare real estate in Finland	12
	4.7. Healthcare real estate in Ireland	12
	4.8. Healthcare real estate in Italy	12
	4.9. Healthcare real estate in the United Kingdom	13
	4.10.	Property of distribution networks	13
	4.10.1. Pubstone	13
	4.10.2. Other - Belgium	13
	4.11.	Offices	13
5.	Events after 31.03.2024	14
	5.1. Healthcare real estate in France	14
6.	Operating results	15
	6.1. Occupancy rate (calculated based on rental income)	15
	6.2. Main tenants	17
	6.3. Weighted average residual lease length	18
	6.4. Portfolio maturity	18
	6.5. Changes in gross rental revenues on a like-for-like basis*	19
7.	Financial resources management	19
	7.1. Financing transactions since 01.01.2024	20
	7.1.1. Overall evolution of the financing operation	20
	7.1.2.	Interest rate hedging	20
	7.2. Availabilities	20
	7.3. Consolidated debt-to-assets ratio	20
	7.4. Weighted average residual maturity of financial debts	20
	7.5. Average cost of debt* and hedging of the interest rate	21
	7.6. Financial rating	22
	7.7. Treasury shares	22
8. Environmental, Social and Governance (ESG)	23
	8.1. Initiatives adopted in response to climate change	23
	8.2. References, notations and certifications	23
	8.3. Developments in the situation of some healthcare operators	23
9. Condensed consolidated income statement - Analytical form (x 1,000 EUR)	25
10. Condensed consolidated balance sheet (x 1,000 EUR)	28
11. Consolidated portfolio as at 31.03.2024	29
12. Outlook for 2024	31
	12.1.	Investment programme	31
	12.2.	Net results from core activities* and dividend per share	34
13. Corporate governance	34
	13.1.	General meetings	34
	13.2.	Shareholding	34
14. Main risks and uncertainties	35
15. Shareholder calendar	35
16. Appendices	36
	16.1.	Appendix 1: Consolidated comprehensive result - Royal decree of 13.07.2014 form (x 1,000 EUR)	36
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Brussels, 26.04.2024, 7:30 a.m. CET

1. Summary of activity

Cofinimmo has been acquiring, developing and managing rental properties for 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 consolidates its leadership in European healthcare real estate.

The pandemic that the world has been experiencing in recent years has highlighted the importance of the healthcare segment for each and every one of us. Through its investments, Cofinimmo is actively participating in the operation, maintenance, expansion and renewal of the healthcare property portfolio in nine countries.

During the first quarter, Cofinimmo made several investments (for 30 million EUR), mainly in various healthcare real estate sub-segments in Europe. Thanks to these operations, healthcare real estate assets (4.6 billion EUR) account for 75% of the group's consolidated portfolio as at 31.03.2024, which reaches 6.2 billion EUR.

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 disposals for more than 30 million EUR, contributing to the reduction by 0.3% of the debt-to-assets ratio. These are noticeable in the three sectors of activity.

Consequently, Cofinimmo has balanced investments and divestments in the first quarter (1 million EUR net investment, with a neutral impact on the debt-to-assets ratio).

Cofinimmo has been adopting a proactive ESG policy for more than 15 years. This is a real priority for the group, which once again distinguished itself in 2024. Several ESG labels previously granted have been renewed or improved (Equileap, Carbon Disclosure Project). As a result, Cofinimmo has been recognised as the #1 company in Belgium in terms of gender equality by Equileap. Moreover, Cofinimo was granted several new BREEAM certifications in healthcare real estate in Spain. On 25.04.2024, Cofinimmo's ESG efforts were praised again by the international financial press (Financial Times), with the group being the only real estate company, among 10 Belgian groups, listed in the 600 Europe's Climate Leaders 2024.

In terms of financing, Cofinimmo reinforced its financial resources and its balance sheet structure during the previous financial years (cumulative capital increases of 565 million EUR in 2021, 114 million EUR in 2022, and 247 million EUR in 2023). 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 only remaining financing to be repaid in 2024 is the 55 million EUR Green & Social Bond 2016-2024, maturing next December. Since this loan was contracted on favourable terms, it will be held until maturity. As at 31.03.2024, Cofinimmo had close to one billion EUR of headroom on committed credit lines, after deduction of the backup of the commercial paper programme. In addition, the interest rate risk is fully hedged as at 31.03.2024 as part of the long-term interest rate hedging policy.

The group's momentum in terms of investments, divestments and financing (average cost of debt* at 1.4%), coupled with efficient management of the existing portfolio in transformation (occupancy rate of 98.4%, gross rental income up 2.2% on a like-for-like basis* thanks to recent indexations, which usually take place on the anniversary date of the contract, operating margin* at 82.0%), enabled the company to realise a net result from core activities - group share* of 55 million EUR as at 31.03.2024, (compared to the 53 million EUR that were made as at 31.03.2023, i.e. a 2% increase). This was mainly due to the investments made, higher than the effect of divestments, as well as the positive effect of contracts indexation. The net result from core

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Brussels, 26.04.2024, 7:30 a.m. CET

activities - group share - per share* amounts to 1.49 EUR (in line with the outlook1, compared to 1.62 EUR as at 31.03.2023), taking into account the issuance of shares in 2023. The effect of divestments and capital increases on this indicator is -0.12 EUR per share and -0.18 EUR per share respectively, i.e. -0.30 EUR per share in total over the first three months of the 2024 financial year.

The net result - group share amounts to 17 million EUR (i.e. 0.48 EUR per share) as at 31.03.2024, compared to 17 million EUR (i.e. 0.53 EUR per share) as at 31.03.2023. This stability is due to the fact that the increase in the net result from core activities - group share* is offset by the net impact of the change in the fair value of hedging instruments and investment properties - non-cash items - between the first three months of 2023 and the first three months of 2024.

With a debt-to-assets ratio of 43.1% as at 31.03.2024 (compared to 43.8% as at 31.12.2023), Cofinimmo's consolidated balance sheet (whose BBB/Stable/A-2 rating was confirmed on 18.03.2024) shows a strong solvency (information on main risks and uncertainties are stated in section 14).

Based on the information currently available and the assumptions detailed in section 12.1 below (320 million EUR gross investments and 270 million EUR divestments in 2024, with these net investments having a near neutral effect on the debt-to-assets ratio), Cofinimmo confirms the guidance published in the press release dated 23.02.2024 which provided, barring major unforeseen events, to achieve a net result from core activities - group share* of 6.40 EUR per share for the 2024 financial year, taking into account the prorata temporis dilutive effects of the capital increases carried out in 2023 (approximately 0.50 EUR per share) and the divestments carried out in 2023 and budgeted in 2024 (approximately 0.40 EUR per share). Based on the same data and assumptions, the debt-to-assets ratio would remain nearly stable at approximately 44% as at 31.12.2024. This ratio does not take into account possible additional changes in the fair value of investment properties (which will be determined by the independent real estate valuers).

These items (provided subject to the main risks and uncertainties stated, see section 14 below) allow to confirm the outlook for the gross dividend (6.20 EUR per share for the 2024 financial year, payable in 2025), subject to the evolution of the net result from core activities - group share - per share* and the evolution of the debt-to-assets ratio.

1 i.e. the quarterly outlook derived from the annual outlook presented in the 2023 universal registration document, published on 05.04.2024.

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Brussels, 26.04.2024, 7:30 a.m. CET

2. Consolidated key figures

2.1. Global figures

(x 1,000,000 EUR)	31.03.2024	31.12.2023
Portfolio of investment properties (in fair value)	6,187	6,231
(x 1,000 EUR)	31.03.2024	31.03.2023
Property result	82,315	81,053
Operating result before result on the portfolio	65,133	64,074
Net result from core activities - group share*	54,666	53,368
Result on financial instruments - group share*	10,609	-17,170
Result on the portfolio - group share*	-47,800	-18,723
Net result - group share	17,475	17,476
Operating margin*	82.0%	81.9%
	31.03.2024	31.12.2023
Operating costs/average value of the portfolio under management*1	0.96%	0.98%
Weighted average residual lease length2 (in years)	13	13
Occupancy rate3	98.4%	98.5%
Gross rental yield at 100% occupancy4	5.8%	5.8%
Net rental yield at 100% occupancy5	5.5%	5.5%
Debt-to-assets ratio6	43.1%	43.8%
Average cost of debt*7	1.4%	1.4%
Weighted average residual maturity of financial debts (in years)	4	4

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4

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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.

Until the first break option for the lessee.

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.

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

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

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

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Brussels, 26.04.2024, 7:30 a.m. CET

2.2. Data per share - group share

(in EUR)	31.03.2024	31.03.2023
Net result from core activities - group share - per share*	1.49	1.62
Result on financial instruments - per share - group share*	0.29	-0.52
Result on portfolio - group share - per share *	-1.30	-0.57
Net result - group share - per share	0.48	0.53
Net asset value per share (in EUR)	31.03.2024	31.12.2023
Net asset per share* (IFRS)	99.10	98.61
Diluted net asset value per share (in EUR)	31.03.2024	31.12.2023
Diluted net asset per share (IFRS)	99.07	98.58

The IFRS financial statements are presented before appropriation. The net assets per share* as at 31.12.2023 therefore included the 2023 dividend proposed for payment in 2024. The change in the net assets per share between 31.12.2023 and 31.03.2024 derives mainly from the impact on the net result mentioned above (0.48 EUR per share).

The 11,100 treasury shares of the stock option plan have been taken into account in the calculation of the diluted net assets per share as at 31.03.2024 because they have a dilutive impact.

The 11,300 treasury shares of the stock option plan have been taken into account in the calculation of the diluted net assets per share as at 31.12.2023 because they have a dilutive impact.

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Brussels, 26.04.2024, 7:30 a.m. CET

2.3. Performance indicators based on the EPRA standard1

(in EUR per share)	31.03.2024	31.03.2023
EPRA earnings*	1.49	1.62
EPRA diluted earnings*	1.49	1.62
(in EUR per share)	31.03.2024	31.12.2023
EPRA Net Reinstatement Value (NRV)*	107.05	106.54
EPRA Net Tangible Assets (NTA)*	98.31	98.11
EPRA Net Disposal Value (NDV)*	104.49	103.97
	31.03.2024	31.12.2023
EPRA net initial yield (NIY)*	5.5%	5.5%
EPRA 'topped-up' NIY*	5.5%	5.5%
EPRA vacancy rate*	1.7%	1.6%
EPRA cost ratio (direct vacancy costs included)*	21.7%	21.6%
EPRA cost ratio (direct vacancy costs excluded)*	17.9%	18.8%
EPRA LTV*	42.4%	43.1%

The Mandatory Convertible Bonds (MCB) issued in 2011 no longer exist since 31.12.2023 (as the last reimbursements took place in the 4th quarter of 2023). As at 31.03.2023, they were not taken into account in the calculation of the EPRA Diluted earnings, concept defined by the EPRA Best Practice Recommendations.

3. Evolution of the consolidated portfolio

Segment	Investments in the	Divestments in the first	Fair value as at	Reference
	first quarter of	quarter of 2024	31.03.2024
	2024
Healthcare real estate	25 million EUR2	16 million EUR	4.6 billion EUR	4.1 to 4.9
Distribution networks	-	2 million EUR	0.5 billion EUR	4.10
Offices	5 million EUR	12 million EUR	1.1 billion EUR	4.11
TOTAL	30 million EUR	30 million EUR	6.2 billion EUR	/

Cofinimmo has balanced investments and divestments in the 1st quarter (1 million EUR net investment, with a neutral impact on the debt-to-assets ratio).

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

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2

Data not required by the RREC regulations and not subject to control by public authorities. The statutory auditor verified whether the data 'EPRA Result', 'EPRA Net Reinstatement Value (NRV)', 'EPRA Net Tangible Assets (NTA)', 'EPRA Net Disposal Value (NDV)' and 'EPRA Cost Ratio' 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.

Of which 24 million EUR in investment properties and 1 million EUR in changes in participations and receivables in associates.

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Brussels, 26.04.2024, 7:30 a.m. CET

Segment / Sub-segment	Number of beds (rounded up)	Fair value (%)
Healthcare real estate		75%
Cure centres1	3,500	10%
Primary care2	-	2%
Care centres3	27,000	61%
Others4	-	2%
Property of distribution networks5		7%
Offices		17%
Brussels CBD	-	12%
Brussels outside CBD	-	4%
Other regions	-	2%

The portfolio geographical breakdown is as follows:

Country	Fair value (%)
Belgium	49%
France	11%
The Netherlands	10%
Germany	14%
Spain	6%
Finland	2%
Ireland	2%
Italy	3%
United Kingdom	1%

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Specialised acute care clinics, rehabilitation clinics and psychiatric clinics.

Medical office buildings.

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

Mainly sport & wellness centres.

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

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Brussels, 26.04.2024, 7:30 a.m. CET

4. Major events occurring in the first quarter of 2024

• 4.1. Healthcare real estate in Belgium

• Investments in the first quarter of 2024: 1 million EUR
• Divestments in the first quarter of 2024: 16 million EUR
• Healthcare real estate portfolio in Belgium at 31.03.2024: 1,646 million EUR (88 operational sites)

In Belgium, Cofinimmo holds investments properties in healthcare real estate for a fair value of 1.6 billion EUR, 15 million EUR in participations in associates, and 15 million EUR in finance lease receivables. During the first quarter of 2024, Cofinimmo invested 1 million EUR in investment properties within the framework of development projects and divested 16 million EUR.

Main accomplishments:

• Divestment of a nursing and care home in Brussels

On 16.02.2024, Cofinimmo granted a 99-year leasehold right on the nursing and care home Gray Couronne in Brussels. The total amount received on this occasion is in line with the latest fair value (as at 30.09.2023) as determined by Cofinimmo's independent real estate valuer, prior to the signature of the agreement.

This transaction was carried out by mutual agreement with Emeis Belgium, the operator of the nursing and care home, which had announced in its press release dated 16.02.2023 that it wanted to close certain establishments in Brussels.

• Divestment of a nursing and care home in Brussels

On 08.03.2024, Cofinimmo has divested the nursing and care home Van Zande in Brussels. The total amount received on this occasion is in line with the latest fair value (as at 31.12.2023) as determined by Cofinimmo's independent real estate valuer, prior to the conclusion of the sale.

This transaction was carried out by mutual agreement with Korian Belgium (Clariane group), the operator of the nursing and care home, whose operation ended in September 2022.

• 4.2. Healthcare real estate in France

• Healthcare real estate portfolio in France at 31.03.2024: 690 million EUR (57 operational sites)

In France, Cofinimmo holds investment properties in healthcare real estate for a fair value of 690 million EUR and finance lease receivables for 20 million EUR.

• 4.3. Healthcare real estate in the Netherlands

• Investments in the first quarter of 2024: 2 million EUR
• Healthcare real estate portfolio in the Netherlands at 31.03.2024: 495 million EUR (52 operational sites)

In the Netherlands, Cofinimmo holds a healthcare real estate portfolio for a fair value of 495 million EUR. During the first quarter of 2024, Cofinimmo invested 2 million EUR in investment properties.

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