Roadshow Presentation 30.06.2020

Prepared on 30.07.2020

Living

Caring Working

Table of content

H1 2020 highlights

p. 3

Information on Covid-19

p. 4

Company profile

p. 5

Property portfolio

p. 16

Caring

p. 20

Living

p. 31

Working

p. 34

Financial results

p. 40

Financial resources

p. 49

Investment pipeline & 2020 outlook

p. 57

Appendices

p. 62

Roadshow presentation - 30.06.2020

2

H1 2020 Highlights

RESULTS IN LINE WITH OUTLOOK ANNOUNCED LAST APRIL

  • Net result from core activities - Group share:
    • 88 million EUR (vs. 75 million EUR as at 30.06.2019), i.e. +18%
  • Confirmation of budgeted gross dividend for 2020, payable in 2021: 5.80 EUR/share (up compared to 2019)

INVESTMENTS IN HEALTHCARE REAL ESTATE SINCE 01.01.2020

  • Investments of 182 million EUR in the 1st half-year
  • With 2.6 billion EUR (i.e. +7% over 6 months), healthcare real estate accounts for 57% of the total portfolio, which reaches 4.5 billion EUR as at 30.06.2020

RECENTERING OF THE OFFICE PORTFOLIO IN LINE WITH STRATEGY

  • Acquisition of a building containing offices and a medical centre in the Central Business District of Brussels (CBD) for 40 million EUR
  • Provisional acceptance of the Quartz office building

ESG

  • Delivery of several projects which contribute to the objective of reducing the energy intensity of the portfolio by 30% by 2030
  • Support of initiatives aiming at fighting against the coronavirus pandemic and its effects in the healthcare sector, and more particularly in nursing and care homes as well as hospitals

SOLID OPERATIONAL PERFORMANCE

  • Gross rental revenues up 10.6% over the 1st half-year (or 1.6% on a like-for-like basis)
  • Operating margin increased to 83.1% (vs. 82.6% at 31.12.2019)
  • High occupancy rate: 97.5% at 30.06.2020 (vs. 97.0% at 31.12.2019)
  • Particularly long residual lease length: 12 years

EFFICIENT MANAGEMENT OF FINANCIAL STRUCTURE

  • Capital increases of almost 143 million EUR (contributions in kind and optional dividend)
  • Headroom on committed credit lines of nearly 900 million EUR at 01.07.2020 (after backup of the commercial paper programme)
  • No significant credit lines maturing prior to September 2021
  • Average cost of debt down: 1.3% (1.4% at 31.12.2019)
  • Low debt-to-assetsratio: 41.8% (vs. 41.0% at 31.12.2019)
  • Rating BBB/A-2 confirmed by S&P

Roadshow presentation - 30.06.2020

3

Information on COVID-19

Business continuity

  • Cofinimmo has implemented several measures to ensure the continuity of its activities…
  • … while making the health and well-being of all its stakeholders its priority

Telework

  • As from 09.03.2020: teleworking for all tasks which do not require a physical presence on site
  • No particular difficulties were experienced
  • This measure was adapted to fall within the framework the decisions taken by the authorities

Counterparties

  • The operational teams remain in close contact with the group's tenants to ensure the continuity of services and help them
  • Cofinimmo reviews the situation of its counterparties on a case-by-casebasis in order to find a balanced solution where appropriate
  • In case of doubts as to the ability of some tenants to pay their rents, Cofinimmo has adopted a conservative approach and has booked writedowns on trade receivables (approx. 2 million EUR)

Investments

  • The lockdown measures have had very little impact on ongoing construction sites and investment projects
  • As from mid-May, Cofinimmo was able to resume the execution of its growth strategy…
  • … and is still aiming at achieving the investment budget of 375 million EUR planned for 2020
  • Investments in H1 amount to 231 million EUR

Balance sheet

  • BBB/A-2rating was confirmed on 20.04.2020
  • Debt-to-assetsratio of 41.8% as at 30.06.2020
  • Headroom on committed credit lines of nearly 900 million EUR at 01.07.2020 (after backup of the commercial paper programme)
  • Balance sheet shows a strong solvency, which is a valuable asset when addressing the current crisis

Risks

  • Information on risks and uncertainties related to the coronavirus COVID-19 are stated in section 'Investment pipeline & 2020 outlook' (see below)

Roadshow presentation - 30.06.2020

4

Company profile

Nursing and care home 'Henri Dunant' - Evere (BE)

About Cofinimmo

Leading Belgian listed

REIT invested in

healthcare (57%), offices (30%)

  • distribution networks (12%)

Leading listed healthcare property investor, with pan-Europeancombined presence in Belgium, France, the Netherlands, Germany and Spain

Office property investor in Belgium only

Total portfolio

fair value: 4.5 billion EUR

REIT status in Belgium (SIR/GVV), France (SIIC)

and the Netherlands (FBI)

Average weighted residual lease term of the current leases: 12 years

Portfolio breakdown by segment

(30.06.2020 - based on a fair value of 4,460 million EUR)

12%30%

57%

Healthcare Distribution networks Offices

Portfolio breakdown by country

Internal real estate

Total

market capitalisation:

management platform

3.3 billion EUR (as at 29.07.2020)

Approx. 130 employees

ESG embedded in the organisation, as evidenced by application of ESG reporting guidelines such as GRI, sBPR EPRA and Euronext ESG

and by assessments such as GRESB, Sustainalytics, MSCI ESG, Vigeo Eiris, Standard Ethics, Ethibel, BREEAM, European Women on Boards, Equileap and Investors in People

* The construction process of a nursing and care home is ongoing in several Spanish cities.

(30.06.2020 - based on a fair value of 4,460 million EUR)

12%

10%

12%

<1% *

66%

Belgium France Netherlands Germany Spain

On 30.06.2020, the healthcare portfolio in Spain represents 0.5% of the total fair value of the group's consolidated portfolio.

6

Share of healthcare > 57%

Portfolio breakdown by segment

(30.06.2020 - based on a fair value of 4,460 million EUR)

100%

90%

99%

95%

74%

62%

58%

56%

49%

47%

46%

41%

40%

38%

38%

34%

31%

30%

80%

70%

60%

16%

13%

12%

19%

18%

17%

17%

50%

17%

18%

18%

40%

16%

15%

14%

30%

20%

18%

40%

42%

45%

45%

50%

56%

57%

26%

30%

34%

35%

37%

10%

1%

5%

8%

22%

0%

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

H1 2020

Healthcare

Distribution networks

Offices

Roadshow presentation - 30.06.2020

7

Geographical presence

Portfolio breakdown by country

(30.06.2020 - based on a fair value of 4,460 million EUR)

100%

6%

7%

2%

3%

4%

11%

<1%

<1% *

5%

5%

5%

5%

5%

5%

12%

12%

8%

9%

9%

90%

10%

11%

11%

16%

16%

16%

15%

9%

10%

10%

80%

16%

16%

15%

14%

12%

70%

12%

60%

50%

86%

79%

79%

66%

66%

66%

100%

100%

94%

84%

84%

79%

77%

74%

72%

72%

40%

30%

20%

10%

0%

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

H1 2020

Belgium

France

Netherlands

Germany

Spain

* The construction process of a nursing and care home is ongoing in several Spanish cities. On 30.06.2020 the total fair value of the healthcare portfolio in Spain represents 0.5%.

Roadshow presentation - 30.06.2020

8

Active portfolio rotation

Healthcare real estate:

Net investments: 2,389 million EUR

500

491

491

400

306

300

200

161

161

182

86

122

97 104 104 88

100

81

67

20

48

0

-3

-2-4

-11-1

-28

0

-100

-47

-200

-127

-300-400

Offices:

Net divestments: -646 million EUR

500

403

400

300

200

109

116

105

92

100

62

48

36

19

37

22

43

34

44

18

11

0

-100

-51

-18

-7

0

-26

-92

-74

-73

-107

-200

-149

-161

-200

-300

-290

-253

-400

-345

Investments

Disposals

Investments

Disposals

Roadshow presentation - 30.06.2020

9

ESG (1)

Setting ambitious science-based targets in 2020 with project 30³

  • Science-basedtarget to reduce by 30% the energy intensity of the portfolio by 2030, to reach 130 kWh/m², compared to 2017, in the spirit of the Paris Agreement (COP21)
  • Participation in Carbon Disclosure Project (CDP) as from 2020

Targets to contribute to project 30³

  • Healthcare
    • Equip all sites with remote meters
    • Green Charter for new leases
    • Selective acquisitions and disposals
  • Distribution networks
    • Ongoing refurbishment of the current portfolio
    • Long-termmaintenance programme
  • Offices
    • Remote meters already in place
    • Green Charters already enforced
    • Ongoing refurbishment of the current portfolio
    • Long-termmaintenance programme
    • Selective acquisitions and disposals

New mobility policy to encourage the use of alternative modes of transportation

  • Plug-inHybrid Electric Vehicle (PHEV)
  • Cycling
  • Public transport

Roadshow presentation - 30.06.2020

10

ESG (2)

Previous initiatives:

  • Signatory of the 10 principles of the United Nations Global Compact since September 2018
  • Sustainability Report since 2014
    • Application of GRI-standards, sBPR EPRA and Euronext ESG
    • External assessment by Deloitte (published on April 9, 2020)
    • Application of EU Directive 2014/95 on non-financial reporting on a voluntary basis
  • ISO 14001 certification
    • First certification in 2008
    • Environmental Management System for all the activities along the life cycle of the buildings, i.e. property management, project management and development (principles and policies are applicable to all segments, certification is applicable to 80 office buildings in Belgium)

Roadshow presentation - 30.06.2020

11

ESG (3)

Since

Green Star

A rating

2012

with 70%,

Since 2016

compared

to 45% in

2014

EE+

4 sites

Gold: 2018

Very strong

good to excellent

Silver: 2015

SE Belgian Index

BREEAM in use

Standard:

SE Best in Class Index

8 sites good to very

2012

Since 2015

good

Overall ESG

Constituent of Ethibel

Risk Rating

Sustainability Index (ESI)

score of 15.1

Excellence Europe

Low risk

since 2018

Based on Vigeo Eiris

Equileap Global Top

Only Belgian company in

Top 20 of

100

Gender Diversity Index

75 out of 3.500

companies

Disclaimer statement - The use by Cofinimmo of any MSCI ESG RESEARCH LLC or its affiliates ("MSCI") data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of Cofinimmo by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided 'as-is' and without warranty. MSCI names and logos are trademarks or service marks of MSCI.

Roadshow presentation - 30.06.2020

12

ESG (4) in the COVID-19 context

The current covid-19 context enables Cofinimmo to focus on the 's' of ESG, that can also refer to 'solidarity'

  • Telework instead of temporary unemployment scheme
  • Cooperation with tenants, and analysis of their specific situation on a case-by-case basis
  • Targeted savings programme
    • Savings on building opex
    • Savings on overheads
    • Savings on management and non-executive directors remunerations
  • Use of savings: Donations
    • Contribution to the common fund-raising platform set up for the benefit of five academic hospitals that are on the front line in the fight against the coronavirus (operation #clapandact)
    • Contribution to a fund supported by the King Baudouin Foundation to finance private initiatives to support the management and the staff of nursing and care homes
    • Contribution to other initiatives
      • France: Fondation de France
      • The Netherlands: Oranje Fonds

Roadshow presentation - 30.06.2020

13

On the stock market

High visibility

Sound daily liquidity

Market cap at 30.06.2020: 3.3 billion EUR

Free float: 95% (Euronext criteria: 100%)

Number of shares: 27,061,917

Average volume traded daily: 6 million EUR

Major indices: Bel20, EPRA Europe, GPR 250

Velocity: 50% (Euronext criteria: 47%)

ESG indices: Euronext Vigeo Europe 120, Eurozone 120,

Benelux 20

Total return from 30.06.2019 to 29.07.2020: +12%

140

130

120

110

100

90

80

70

60

30/06/2019

30/09/2019

31/12/2019

31/03/2020

30/06/2020

COFB TR

Bel20 TR index

EPRA Europe TR index

Roadshow presentation - 30.06.2020

14

On the stock market

in the COVID-19 context

Total return from 31.12.2019 to 29.07.2020: -2%

140

130

120

110

100

90

80

70

60

31/12/2019

31/03/2020

30/06/2020

COFB TR

Bel20 TR index

EPRA Europe TR index

Roadshow presentation - 30.06.2020

15

Property portfolio

Quartz Office building - Brussels CBD

High occupancy, quality tenants

Occupancy rate (31.12.2019 vs. 30.06.2020)

100%

99.8%

99.9%

99.2%

99.3%

92.7%

97.0%

97.5%

91.5%

80%

60%

40%

31.12.2019

30.06.2020

31.12.2019

30.06.2020

31.12.2019

30.06.2020

31.12.2019

30.06.2020

20%

0%

Healthcare

Distribution networks

Offices

Total

LHS: Top 10 tenants (30.06.2020 - as a % of contractual rents) & RHS: lease maturity (30.06.2020 - in years)

20%

40

15,2%

15%

30

11,1%

10,0%

10%

20

6,7%

4,2%

5%

3,7%

10

2,9%

2,9%

2,4%

1,7%

0%

0

Group Korian

AB Inbev

Group

Public Sector

Orpea

Stella Vitalis

MAAF

Aspria

Care-Ion

Orelia

Colisée

Roadshow presentation - 30.06.2020

17

Long average residual lease term

Weighted average residual lease term

(30.06.2020 - in years)

2524

20

19

15

15

12

11

10

5

3

4

2

0

Lease maturities in contractual rents

(30.06.2020 - in % of global rents)

Lease maturities

Share of rent

Lease maturities > 9 years

58.0%

Healthcare real estate

43.2%

Distribution networks - Pubstone

11.1%

Offices - public sector

2.0%

Offices - private sector

1.6%

Lease 6-9 years

5.6%

Offices

3.3%

Healthcare real estate

2.2%

Lease < 6 years

36.5%

Offices

23.2%

Healthcare real estate

10.2%

Distribution networks - Cofinimur I

3.0%

Roadshow presentation - 30.06.2020

18

Gross/net yields per segment

Gross/net yields at 100% occupancy (31.12.2009 - 30.06.2020)

8,0%

7,1%

7,0%

7,0%

7,0%

7,0%

6,9%

6,9%

6,9%

6,7%

6,5%

6,2%

6,2%

6,1%

7,0%

6,0%

6,7%

6,5%

6,6%

6,6%

6,6%

6,5%

6,4%

6,4%

6,1%

5,0%

5,9%

5,8%

5,8%

5,8%

4,0%

3,0%

2,0%

1,0%

0,0%

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Q1 2020

Q2 2020

Gross yield

Net yield

Gross/net yields at 100% occupancy - per segment (30.06.2020)

7.1%

5.6%

5.5%

6.3% 6.0%

6.2%

6.1%

5.8%

Gross

Gross

Net

Gross

Net

Gross

Net

Gross Net Net

Healthcare

Distribution networks

Offices

Total

Roadshow presentation - 30.06.2020

19

Healthcare

Caring

Market potential offering strong growth opportunities

Cure centres

Specialised acute care clinics

Revalidation clinics

Psychiatric clinics

Primary care

Medical office buildings

Care centres

Skilled nursing facilities

Assisted living

Disabled care facilities

SPAIN

Other

Sport & wellness centres

NETHERLANDS

GERMANY

BELGIUM

FRANCE

Roadshow presentation - 30.06.2020

21

Healthcare portfolio at 30.06.2020

FAIR VALUENUMBER OF SITESSURFACE AREA

2.6billion EUR

207

1,134,000m2

(5,480 m2 per site on average)

Portfolio breakdown by country

(30.06.2020 - based on a fair value of 2,565 million EUR)

12%

16%

20%

1%

52%

Belgium

France

Netherlands

Germany

Spain

Portfolio breakdown by tenant type

(30.06.2020 - based on a fair value of 2,565 million EUR)

3%

12%

80%

4%

Care centres (16,300 beds)

Primary care

Cure centres (2,300 beds)

Sport & wellness centres

Roadshow presentation - 30.06.2020

22

Belgium: Q2 2020: acquisition

Flanders

Acquisition of six healthcare sites through contributions in kind

Surface

> 38,000 m2

Investment

∼ 105 million EUR

No. of beds

562

Operator

Orelia Zorg SA/NV

Lease

27 years - NNN

Yield

∼ 4.5%

Roadshow presentation - 30.06.2020

23

Netherlands: Q1 2020: project completion

Rijswijk

Extension of an orthopædic clinic

Surface

∼ 4,000 m2

Budget of works

∼ 11 million EUR

Operator

Bergman Clinics

Lease

15 years - NNN

Yield

>6%

Roadshow presentation - 30.06.2020

24

Netherlands: Q2 2020: acquisition

The Hague - Rivierenbuurt

Renovation of a nursing and care home

Surface

∼ 5,400 m2

Investment

∼ 4 million EUR

Budget of works

∼ 10 million EUR

No. of beds

87

Operator

HWW zorg

Lease

15 years - NN

Yield

> 5.5%

Expected end

Q3 2021

of works

Energy label

A (D before)

Roadshow presentation - 30.06.2020

25

Netherlands: Q3 2020: project completion

Bergeijk

Reconversion to a medical office building

Surface

∼ 3,400 m2

Investment

>5 million EUR

Budget of works

>2 million EUR

Tenant

85% let to

different

healthcare

providers

Lease

15 years - NN

Yield

∼ 6%

Energy label

A

Roadshow presentation - 30.06.2020

26

Netherlands: Q3 2020: acquisition

Bergen op Zoom - Moermont

Acquisition of a nursing and care home

Surface

> 16,000 m2

Investment

46 million EUR

No. of beds

> 220

Operator

tanteLouise

Lease

14 years - NN

Yield

∼ 5%

Energy label

A

Roadshow presentation - 30.06.2020

27

Germany: Q2 2020: project completion

Kaarst

Construction of a psychiatric clinic

Surface

∼ 8,000 m2

Investment

∼ 22 million EUR

No. of beds

∼ 70 and 20 day care

units

Operator

Oberberg

Lease

20 years - NN

Yield

∼ 6%

Energy label

VDE

(German benchmark)

Roadshow presentation - 30.06.2020

28

Germany: Q2 2020: acquisition under CP

Bickenbach

Acquisition of a nursing and care home

Surface

∼ 6,000 m2

Investment

∼ 16 million EUR

No. of beds

145

Operator

Alloheim

Lease

23 years - 'Dach

und Fach'

Yield

>5%

Expected closing

Q3 2020

Roadshow presentation - 30.06.2020

29

Spain: 2020: developments on track

As at 30.06.2020: 3 assets under construction ∼ 20 million EUR

Vigo (Galicia)

Oleiros (Galicia)

Cartagena (Murcia)

Nursing and care home

Nursing and care home

Nursing and care home

Surface

∼ 5,000 m2

Surface

∼ 5,400 m2

Surface

∼ 7,000 m2

No. of beds

∼ 140

No. of beds

∼ 140

No. of beds

∼ 180

Budget

∼ 8 million EUR

Budget

∼ 11 million EUR

Budget

∼ 13 million EUR

Lease

20 years - NN

Lease

20 years - NN

Lease

20 years - NN

After 30.06.2020

Andalusia

Catalonia

Valencia

Nursing and care home

Construction project

Construction project

Investment

∼ 8 million EUR

Budget

∼ 14 million EUR

Budget

∼ 8 million EUR

Lease

20 years - NN

Lease

20 years - NN

Lease

20 years - NN

Roadshow presentation - 30.06.2020

30

Distribution networks

Living

Distribution networks portfolio at 30.06.2020

FAIR VALUE

NUMBER OF SITES

SURFACE AREA

0.6billion EUR

1,194

381,000m2

Portfolio breakdown by country

(30.06.2020 - based on a fair value of 557 million EUR)

25%

22%

Portfolio breakdown by tenant type

(30.06.2020 - based on a fair value of 557 million EUR)

22%

78%

53%

Belgium

Netherlands

France

Pubstone

MAAF

Roadshow presentation - 30.06.2020

32

Distribution networks

PUBSTONE (2007)

Sale & leaseback of pubs and restaurants portfolio with AB InBev

  • 1 tenant: AB InBev
  • Fixed rents, indexed to CPI
  • Initial net yield: 6.15%
  • Initial lease length: 27 years
  • Average expected initial lease length: 23 years

At 30.06.2020

  • 708 pubs in BE and 218 pubs in NL
  • Fair value: 435 million EUR
  • Gross yield: 6.3%
  • Occupancy rate: 99%
  • 146 pubs sold since acquisition

COFINIMUR I (2011)

Sale & leaseback of insurance branches portfolio with MAAF

  • 1 tenant: MAAF
  • Fixed rents, indexed to index of commercial leases
  • Initial net yield: 6.18%
  • Initial lease length: 10 years

At 30.06.2020

  • 268 insurance branches in FR
  • Fair value: 122 million EUR
  • Gross yield: 6.3%
  • Occupancy rate: 98%
  • 22 agencies sold since acquisition

Roadshow presentation - 30.06.2020

33

Offices

Working

Office portfolio at 30.06.2020

FAIR VALUE

NUMBER OF SITES

SURFACE AREA

1.3billion EUR

77

540,000m2

Portfolio breakdown by district

(30.06.2020 - based on a fair value of 1,339 million EUR)

27%

8%

5%

11%

49%

Brussels CBD

Brussels Decentralised

Brussels Periphery

Antwerp

Other regions

Portfolio breakdown by tenant type

(30.06.2020 - based on a contractual rents)

22%

78%

Private sector

Public sector

Roadshow presentation - 30.06.2020

35

Brussels CBD: Q1 2020: acquisition

Trône/Troon 100

Acquisition of a building containing offices and a medical centre

Surface

∼ 7,200 m2

Investment

∼ 40 million EUR

Tenant

Multi-tenant including

Centre Hospitalier

Interrégional Edith

Cavell (CHIREC)

Yield

>4%

Expected end

Q3 2020

of works

Energy label

B+

Roadshow presentation - 30.06.2020

36

Brussels CBD: Q2 2020:

Provisional acceptance Quartz

QUARTZ - Brussels CBD

BREEAM certificate 'Excellent' aimed

Surface

∼ 9,200 m2

Investment

23 million EUR

Tenant

100% pre-let, namely

to European Free

Trade Association

(EFTA)

Occupancy

Since 01.07.2020

Usufruct

As from 01.01.2021

Roadshow presentation - 30.06.2020

37

Recentering of the office portfolio (1)

Serenitas & Moulin à Papier - Assignment of property rights

- December 2018

Surface

23,000 m2

Consideration

∼ 27 million EUR

Closing

Q2 2020 (done)

Col. Bourg 105 - May 2019

Surface

2,600 m2

Consideration

∼ 3 million EUR

Closing

Q3 2019 (done)

Woluwe 102 - June 2019

Surface

8,000 m2

Consideration

∼ 8 million EUR

Closing

Q3 2019 (done)

Souverain/Vorst 23/25 - July 2019

Surface

57,000 m2

Consideration

∼ 50 million EUR

Closing

Q4 2019 (done)

Corner building - October 2019

Surface

3,500 m2

Consideration

∼ 4 million EUR

Closing

Q4 2019 (done)

Waterloo Office Park (I, J & L) - December 2019

Surface

8,200 m2

Consideration

∼ 9 million EUR

Closing

Q4 2019 (done)

Leuvensesteenweg 325 - April 2020

Surface

6,300 m2

Consideration

∼ 4 million EUR

Closing

Q4 2020 (to do)

Roadshow presentation - 30.06.2020

38

Recentering of the office portfolio (2)

  • Increasing presence in the CBD (thanks to the acquisitions of Trône 100 in 2020, Loi 85 and Ligne 13 in 2019, and Arts 27 in 2018)
  • Decreasing presence in the decentralised districts (thanks to the sale of Souverain 24, Colonel Bourg 105, Woluwe 102, Souverain 23/25, Corner, Serenitas and Moulin à Papier) and in the periphery /satellites region (thanks to the sale of the 3 WOP buildings)

Breakdown by district

(based on fair value - including development projects and assets held for sale)

100%

11%

11%

10%

90%

80%

35%

41%

32%

70%

60%

50%

40%

30%

54%

48%

58%

20%

10%

0%

31/12/2018

31/12/2019

30/06/2020

Brussels CBD

Brussels Decentralised

Brussels Periphery/Satellites

Leuvensesteenweg 325: A sale agreement has been signed; the notary

deed will be signed in the coming months.

Roadshow presentation - 30.06.2020

39

Financial results

Nursing and care home 'Sionsberg' - Dokkum (NL)

Positive like-for-like rental growth

Like-for-like rental growth breakdown by segment

Gross rental

Gross rental

Growth

Like-for-like

revenues

revenues

growth

(x 1,000,000 EUR)

(x 1,000,000 EUR)

30.06.2020

30.06.2019

Healthcare real estate

71

59

+19.4%

+1.3%

Offices

36

35

+1.4%

+2.4%

Property of distribution networks

19

19

+0.0%

+1.0%

Total

126

114

+10.6%

+1.6%

Breakdown by transaction type of like-for-like rental growth since 30.06.2019

4%

3%

2,0%

2%

1,3%

1,6%

1%

0%

-1%

Indexation

New lettings

Departures

Renegociations

Total

-1,4%

-0,3%

-2%

-3%

-4%

Roadshow presentation - 30.06.2020

41

Net result from core activities - Group share

Net result from core activities - Group share (EPRA Earnings)

88 million EUR, 18% above PY and in line with outlook* Net result from core activities - Group share (EPRA EPS) 3.40 EUR/share, 5% above PY and in line with outlook*

(x 1,000,000 EUR)

30.06.2020

30.06.2019

Rents (gross rental revenues)

126

114

Rent-free periods, concessions and termination indemnities

-3

-2

Writedowns on trade receivables

-2

1

Net rental revenues

121

112

Writeback of lease payments sold and discounted

5

4

Operating charges

-25

-29

Operating result before result on portfolio

100

87

Financial result

-7

-7

Share in the result of associated companies and joint-ventures

0

0

Taxes

-2

-3

Minority interests

-2

-3

Net result from core activities - Group share

88

75

Number of shares entitled to share in the result

25,934,821

23,094,406

Net result from core activities - Group share per share

3.40

3.23

* As already disclosed on 28.04.2020. This outlook is set under the assumptions disclosed on the slides 'Information on COVID-19 impact' (see below).

Roadshow presentation - 30.06.2020

42

Net result - Group share

Net result - Group share:

60 million EUR

Net result - Group share (per share):

2.31 EUR/share

(x 1,000,000 EUR)

30.06.2020

30.06.2019

Net result from core activities - Group share

88

75

Result on financial instruments - Group share

-18

-32

Result on the portfolio - Group share

-10

29

Net result - Group share*

60

71

Number of shares entitled to share in the result

25,934,821

23,094,406

Net result - Group share per share**

2.31

3.07

*This fluctuation is mainly due to the increase in the net result from core activities - Group share and to changes in values (investment properties, hedging instruments, goodwill, i.e. non-cash changes) between the first semester of 2019 and the first semester of 2020.

**The net result - Group share at 30.06.2020 takes into account the issues of shares in 2019 and in June 2020.

Roadshow presentation - 30.06.2020

43

Balance sheet

Breakdown of assets

(x 1,000,000 EUR)

4.800

2

0

178

201

4.400

108

108

4.000

3.600

3.200

2.800

4,460

2.400

4,247

2.000

1.600

1.200

800

400

0

31.12.2019

30.06.2020

Other assets not taken into account in the ratio

Other assets taken into account in the ratio

Finance lease receivables

Investment properties & assets held for sale

Breakdown of equity and liabilities

(x 1,000,000 EUR)

4.800

156

173

4.400

4.000

3.600

1,868

1,986

3.200

2.800

83

76

2.400

2.000

1.600

2,451

2,511

1.200

800

400

0

31.12.2019

30.06.2020

Liabilities not taken into account in the ratio

Liabilities taken into account in the ratio

Minority interests

Shareholders' equity

Roadshow presentation - 30.06.2020

44

Debt-to-assets ratio

30.06.2020 31.12.2019

Debt-to-assets ratio

41.8%

41.0%

Roadshow presentation - 30.06.2020

45

EPRA financial KPI's on 30.06.2020

30.06.2020

30.06.2019

EPRA Earnings per share (in EUR)

3.40

3.23

EPRA Diluted Earnings per share (in EUR)

3.40

3.23

30.06.2020

31.12.2019

EPRA Net Initial Yield (NIY)

5.7%

5.6%

EPRA Vacancy Rate

2.6%

3.0%

EPRA Cost ratio (cost of vacancy excluded)

17.1%

18.0%

Roadshow presentation - 30.06.2020

46

New EPRA Net Asset Value metrics

As at 30.06.2020 (x 1,000,000 EUR)

EPRA NRV

EPRA NTA

EPRA NDV

EPRA NAV

EPRA NNNAV

IFRS Equity attributable to shareholders

2,511

2,511

2,511

2,511

2,511

Include / Exclude:

i) Hybrid instruments

0

0

0

0

0

Diluted NAV

2,511

2,511

2,511

2,511

2,511

Include:

ii.a) Revaluation of IP (if IAS 40 cost option is used)

0

0

0

0

0

ii.b) Revaluation of IPUC (if IAS 40 cost option is used)

0

0

0

0

0

ii.c) Revaluation of other non-current investments

0

0

0

0

0

iii) Revaluation of tenant leases held as finance leases

91

91

91

91

91

iv) Revaluation of trading properties

0

0

0

0

0

Diluted NAV at Fair Value

2,603

2,603

2,603

2,603

2,603

Exclude:

v) Deferred tax in relation to fair value gains of IP

44

44

44

vi) Fair value of financial instruments

87

87

87

vii) Goodwill as a result of deferred tax

-36

-36

-36

-36

viii.a) Goodwill as per the IFRS balance sheet

-11

-11

viii.b) Intangibles as per the IFRS balance sheet

-1

Include:

ix) Fair value of fixed interest rate debt

-6

-6

x) Revaluation of intangibles to fair value

0

xi) Real estate transfer tax

188

0

NAV

2,886

2,686

2,550

2,698

2,597

Fully diluted number of shares

27,033,753

27,033,753

27,033,753

27,033,753

27,033,753

NAV per share (in EUR)

106.76

99.36

94.32

99.81

96.06

Roadshow presentation - 30.06.2020

47

New EPRA Net Asset Value metrics

As at 31.12.2019 (x 1,000,000 EUR)

EPRA NRV

EPRA NTA

EPRA NDV

EPRA NAV

EPRA NNNAV

IFRS Equity attributable to shareholders

2,451

2,451

2,451

2,451

2,451

Include / Exclude:

i) Hybrid instruments

0

0

0

0

0

Diluted NAV

2,451

2,451

2,451

2,451

2,451

Include:

ii.a) Revaluation of IP (if IAS 40 cost option is used)

0

0

0

0

0

ii.b) Revaluation of IPUC (if IAS 40 cost option is used)

0

0

0

0

0

ii.c) Revaluation of other non-current investments

0

0

0

0

0

iii) Revaluation of tenant leases held as finance leases

78

78

78

78

78

iv) Revaluation of trading properties

0

0

0

0

0

Diluted NAV at Fair Value

2,530

2,530

2,530

2,530

2,530

Exclude:

v) Deferred tax in relation to fair value gains of IP

43

43

43

vi) Fair value of financial instruments

71

71

71

vii) Goodwill as a result of deferred tax

-44

-44

-44

-44

viii.a) Goodwill as per the IFRS balance sheet

-13

-13

viii.b) Intangibles as per the IFRS balance sheet

-1

Include:

ix) Fair value of fixed interest rate debt

-10

-10

x) Revaluation of intangibles to fair value

0

xi) Real estate transfer tax

180

0

NAV

2,780

2,586

2,462

2,600

2,519

Fully diluted number of shares

25,822,662

25,822,662

25,822,662

25,822,662

25,822,662

NAV per share (in EUR)

107.67

100.13

95.36

100.69

97.56

Roadshow presentation - 30.06.2020

48

Financial resources

Nursing and care home 'De Gerstjens' - Erembodegem (BE)

Regular access to capital markets: equity

(x 1,000,000 EUR)

350

300

250

200

150

107

100

75

50

29

0

2002 2003 2004

285296

155

44

44

75

72

98

69

32

33

99

19

63

92

5

38

22

11

31

33

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

H1

2020

Contributions in kind

Sale of treasury shares

Optional dividend

Rights issue

Roadshow presentation - 30.06.2020

50

Regular access to capital markets: bonds

(x 1,000,000 EUR)

400

350

20

300

55

250

200

26

173

150

140

219

191

100

190

100

50

50

70

50

0

2009

2010

2011

2012

2013

2014

2015

2016

Straight bonds

Convertible bonds

Green & Social bonds

29

10

2017

2018

2019

H1 2020

Treasury notes

Roadshow presentation - 30.06.2020

51

2020 Financing activity

Q1 Financing developments:

  • New bilateral credit line of 50 million EUR for 5 years
  • Maturity of bilateral credit line of 50 million EUR concluded in 2015
  • Repayment of 140 million EUR bonds issued in 2012
  • New bilateral credit line of 20 million EUR for 4 years with a Spanish bank
  • Issue of long-term commercial paper of 24 million EUR for 8 years
  • Repayment of 6 million EUR long-term commercial paper issued in 2015
  • New bilateral credit line of 50 million EUR for 5 years

Q2 Financing developments:

  • Early refinancing of bilateral credit line of 55 million EUR to postpone its maturity to 2028 and 2029
  • Extension of the long-term commercial paper programme from 800 million EUR to 950 million EUR
  • Early refinancing of bilateral credit line of 40 million EUR refinanced by a Green & Social Loan of 3 years
  • Extension of syndicated loan
    • With 1 year to postpone its maturity to 01.07.2025
    • From 400 million EUR to 428 million EUR
  • New bilateral credit line of 38 million EUR for 7 years (replacing a line of 25 million EUR ending in 2025)
  • Issue of long-term commercial paper of 5 million EUR for 8 years

Q3 2020 Financing developments:

  • New credit line of 500 million EUR for 2 years

Increased hedging horizon over 9 years:

  • IRS: 2025 (100 million EUR), 2026 - 2028 (200 million EUR) and 2029 (100 million EUR)
  • CAP: 2020 (150 million EUR), 2021 (100 million EUR) and 2022 (250 million EUR)

Roadshow presentation - 30.06.2020

52

ESG: 135 million EUR in

Green & Social financing

Green & Social Bond in 2016 (55 million EUR)

Cofinimmo, one Belgian banking group, the Belgian State, the Walloon Region and a Belgian wastewater treatment company are the only few Belgian bonds issuers taking part in the Euronext ESG Bonds community

Green & Social Loan in 2019 (40 million EUR)

Green & Social Loan in 2020 (40 million EUR)

Vigeo Eiris is of the opinion that the Green & Social Bond issued in 2016 by Cofinimmo remains aligned with the Sustainability Bond Guidelines 2018.

The same framework has been applied to the Green & Social Loan 2019.

In May 2020, Vigeo Eiris confirmed in its Second Party Opinion that the sustainable financing framework is in line with the 2018 Green Bond Principles, Social Bond Principles and Green Loan Principles.

Roadshow presentation - 30.06.2020

53

Solid debt metrics

30.06.2020

31.12.2019

Average debt (x 1,000,000 EUR)

1,749

1,692

Average cost of debt

1.3%

1.4%

Average debt maturity

4 years

4 years

Average cost of debt and debt maturity

Drawn debt breakdown - 1.9 billion EUR

(30.06.2020 - x 1,000,000 EUR)

10%

8%

4 4

6%

3

3

5

5

5

6

4

5

4

4

4

3

12%

43%

1,853

4%

4.2% 4.1% 3.9%

2%

0%

3.4%

2

2.9%

2.4%

1.9%

1.9%

1

1.4%

1.3%

0

million

22%

23%

2011

2012

2013

2014

Average cost of debt

2015

2016

2017

2018

2019

H1

2020

Average debt maturity (in years)

Bank facilities

Straight bonds & long-term commercial paper

Convertible bonds

Short-term commercial paper & others

Roadshow presentation - 30.06.2020

54

Well-spread debt maturities

Debt maturities (x 1,000,000 EUR) as at 30.06.2020

900

800

700

600

500

400

300

200

100

0

30

219

10

2020 2021

Drawn credit lines

623

95

100

200

100

150

150

89

56

55

80

40

3

2022

2023

2024

2025

2026

Straight bonds & LT CP

Convertible bonds

10

28

78

53

29

14

2027 2028 2029

Undrawn credit lines

Roadshow presentation - 30.06.2020

55

Hedging ratio > 60% until 2024

Share of expected fixed, hedged and unhedged debt as at 30.07.2020

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

11%12%

34%

33%

33%

36%

55%54%

45%

56%

56%

56%

34%

34%

21%

11%

11%

8%

H1 2020

2020

2021

2022

2023

2024

Fixed rate debt

Hedged floating rate debt

Unhedged floating rate debt

Roadshow presentation - 30.06.2020

56

Investment pipeline & 2020 outlook

Belliard 40 office building - Brussels CBD

Breakdown of 2020 pipeline: outlook*

231 million EUR done at 30.06.2020; FY outlook: 375 million EUR (gross)

Healthcare

Distribution networks

Offices

350

300

293

250

200

150

100

78

50

4

0

-7

-4

-50

-100

-84

Done at 30.06.20: 182

Done at 30.06.20: 1

Done at 30.06.20: 48

Committed: 85

Capex: 3

Capex: 10

DD: 26

DD: 20

Theoretical: 0

*This outlook is set under the assumptions disclosed on the slide 'Information on COVID-19 - Risks' (see below).

Roadshow presentation - 30.06.2020

58

Breakdown of projects

Project

Type (of works)

Number of

Area (after

Estimated

Total

Total

Total

Total

beds (after

works)

completion

invest-

invest-

investments

investments

works)

date

ments

ments

to realise

after 2020

at

before

30.06.2020

31.12.2020

(x 1,000,000 EUR)

I. Development projets in progress

Healthcare

Zonneweelde -

Renovation & reconstruction of a

200

15,000 m2

Q1 2021

6

-

5

1

Rijmenam (BE)

nursing & care home*

Fundis -

Demolition/Reconstruction of a

135

11,000 m²

Q4 2021

25

13

4

7

Rotterdam (NL)

nursing & care home and

renovation of rehabilitation

centre

Bergeijk (NL)

Construction of a medical office

-

3,400 m²

Q3 2020

8

8

-

-

building

The Hague (NL)

Complete renovation of a nursing

87

5,400 m2

Q3 2021

14

5

3

6

& care home

Vigo (ES)

Construction of a nursing & care

140

6,000 m²

Q4 2020

8

6

2

-

home

Oleiros (ES)

Construction of a nursing & care

140

5,700 m²

Q3 2021

11

6

4

1

home

Cartagena (ES)

Construction of a nursing & care

180

7,000 m²

Q3 2021

13

5

3

5

home

Offices

Quartz -

Demolition/reconstruction

-

9,200 m2

Q3 2020

23

23

-

-

Brussels CBD

  1. Acquisitions in progress Healthcare

Bickenbach (DE)

Nursing and care home

145

6,000 m²

Q3 2020

16

-

16

-

Other sites (ES)

Construction of nursing & care

180

7,700 m2

Q3 2021

14

-

11

4

homes

III. Total

137

65

48

23

* The first stage of the renovation and extension was delivered in Q1 2019.

59

Roadshow presentation - 30.06.2020

2020 outlook* in the COVID-19 context

2020 net result from core activities (EPRA Earnings):

6.60 - 6.85 EUR/share

2020 gross dividend, payable in 2021:

5.80 EUR/share

2020

2019

Outlook

Actual

Number of shares entitled to share in the result of the period

26,478,781

24,456,099

Net result from core activities per share (in EUR)

6.60 - 6.85

6.81

Gross dividend per share (in EUR)

5.80

5.60

Pay-out ratio

85% - 88%

82%

*As already disclosed on 28.04.2020. This outlook is set under the assumptions disclosed on the slides 'Information on COVID-19 impact' (see below).

Roadshow presentation - 30.06.2020

60

Information on COVID-19 - Risks

In addition to the information included in the 2019 annual financial report, and as already mentioned in the press releases dated 09.04.2020 and 28.04.2020), it is specified that:

  • in the office segment, the surface areas rented directly to merchants (retailers, restaurants, ...) account for approximately 0.2% of the Group's contractual rents;
  • in the healthcare real estate segment, the wellness & sport centres account for less than 3% of the Group's contractual rents. These centres, located in Belgium and Germany, have been closed to the public since March and are only (partially) open again since the end of May/beginning of June. The operators' loss of income was significant during this period, and the return to normal is happening gradually and in line with the measures taken to address the health crisis.

Taking into account the current status of investment files, and the evolution of the current crisis, the investment and divestment budget for 2020 published on 13.02.2020 (and detailed in the annual financial report) remains the group's objective.

Based on the information currently available and the evolution of the current crisis, the level of net result from core activities - group share budgeted for 2020, should only be affected to a limited extent by the current situation in Europe (as announced in the press release of 09.04.2020 and that of 28.04.2020); it is expected to be within the range of 6.60 to 6.85 EUR/share (compared to 7,10 EUR/share estimated on 13.02.2020). Based on these projections, the budgeted gross dividend for the financial year 2020, payable in 2021, can be confirmed at EUR 5.80 per share.

Besides, in accordance with the Valuation Practice Alert of 02.04.2020 published by the Royal Institute of Chartered Surveyors ('RICS'), the independent real estate valuers' report mentions that it has been prepared taking into account a 'material valuation uncertainty', as defined by the RICS standards.

Roadshow presentation - 30.06.2020

61

Appendices

Ligne 13 office building - Brussels CBD

Update on Brussels office market

Source: Cushman & Wakefield - Marketbeat Brussels Office Q2 2020

Roadshow presentation - 30.06.2020

63

NEO II project

Consortium between CFE and Cofinimmo to build NEO II

Project launched by the city of Brussels to confirm its role as an international conference city

Signing could take place at the earliest by the end of 2020

  • Offer expired mid-December 2019
  • Early 2020 contracting authorities requested negotiations be postponed until September 2020

Construction could begin at the earliest by 2022

Roadshow presentation - 30.06.2020

64

Shareholder calendar

Event

Date

Interim report: results as at 30.09.2020

19.11.2020

Annual press release: results as at 31.12.2020

25.02.2021

Publication of 2020 Universal Registration Document including the Annual Financial

09.04.2021

Report and the Sustainabiliy Report

Interim report: results as at 31.03.2021

29.04.2021

2020 Ordinary General Meeting

12.05.2021

Half-Year Financial Report: results as at 30.06.2021

28.07.2021

Interim report: results au 30.09.2021

27.10.2021

Annual press release: results as at 31.12.2021

24.02.2022

Roadshow presentation - 30.06.2020

65

Balance sheet (x 1,000 EUR)

ASSETS

30.06.2020

31.12.2019

Non-current assets

4,613,096

4,397,253

Goodwill

46,827

56,947

Intangible assets

1,156

935

Investment properties

4,453,904

4,218,523

Other tangible assets

1,976

1,278

Non-current financial assets

79

2,121

Finance lease receivables

105,264

105,651

Trade receivables and other non-current assets

1,277

1,016

Deferred taxes

1,121

1,162

Participations in associated companies and joint ventures

1,492

9,621

Current assets

132,794

160,986

Assets held for sale

6,396

28,764

Current financial assets

4

2

Finance lease receivables

2,327

2,258

Trade receivables

25,343

23,443

Tax receivables and other current assets

22,479

37,639

Cash and cash equivalents

36,827

31,569

Accrued charges and deferred income

39,419

37,311

TOTAL ASSETS

4,745,890

4,558,239

SHAREHOLDERS' EQUITY AND LIABILITIES

30.06.2020

31.12.2019

Shareholders' equity

2,587,706

2,533,960

Shareholders' equity attributable to shareholders of the parent company

2,511,326

2,451,335

Capital

1,450,210

1,385,227

Share premium account

804,557

727,330

Reserves

196,761

134,163

Net result of the financial year

59,798

204,615

Minority interests

76,380

82,625

Liabilities

2,158,184

2,024,279

Non-current liabilities

1,206,377

1,025,918

Provisions

23,622

24,176

Non-current financial debts

1,042,272

873,546

Other non-current financial liabilities

95,275

84,227

Deferred taxes

45,207

43,969

Current liabilities

951,807

998,361

Current financial debts

811,027

870,993

Other current financial liabilities

2,658

96

Trade debts and other current debts

121,784

112,435

Accrued charges and deferred income

16,339

14,837

66

TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES

4,745,890

4,558,239

Income statement (x 1,000 EUR)

30.06.2020

30.06.2019

Rental income, net of rental-related expenses*

120,828

112,069

Writeback of lease payments sold and discounted (non-cash item)

4,722

4,392

Taxes and charges on rented properties not recovered*

-2,201

-2,709

Taxes on refurbishment not recovered*

-780

-4,116

Redecoration costs, net of tenant compensation for damages*

272

-1,196

Property result

122,841

108,440

Technical costs

-1,411

-2,383

Commercial costs

-1,265

-713

Taxes and charges on unlet properties

-2,457

-2,870

Property result after direct property costs

117,708

102,474

Corporate management costs

-17,500

-15,643

Operating result (before result on the portfolio)

100,208

86,830

Financial income

4,608

5,606

Net interest charges

-11,666

-12,331

Other financial charges

-364

-281

Share in the net result from core activities of associated companies and joint ventures

270

278

Taxes

-2,465

-2,983

Net result from core activities*

90,590

77,120

Minority interests related to the net result from core activities

-2,384

-2,559

Net result from core activities - Group share

88,206

74,560

Change in the fair value of hedging instruments

-19,112

-32,222

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*

-19,112

-32,222

Minority interests related to the result on financial instruments

1,083

0

Result on financial instruments - Group share*

-18,029

-32,222

Gains or losses on disposals of investment properties and other non-financial assets

3,350

3,001

Changes in the fair value of investment properties

7,697

35,073

Share in the result on the portfolio of associated companies and joint ventures

0

-461

Other result on the portfolio

-25,087

-8,930

Result on the portfolio*

-14,039

28,683

Minority interests regarding the result on the portfolio

3,661

-25

Result on the portfolio - Group share*

-10,379

28,659

Net result

57,439

73,580

Minority interests

2,359

-2,584

Net result - Group share

59,798

70,997

67

Disclaimer

This presentation is directed to financial analysts and institutional investors and is not to be considered as an incentive to invest or as an offer to acquire Cofinimmo shares.

The information herein is extracted from Cofinimmo annual and half-yearly reports and press releases but does not reproduce the whole content of these documents. Only the French annual and half-yearly reports and press releases form legal evidence.

This presentation contains forward-looking statements based on the Group's plans, estimates and forecasts, as well as on its reasonable expectations regarding external events and factors. By its nature, the forward-looking statements are subject to risks and uncertainties that may have as a consequence that the results, financial situation, performance and actual figures differ from this information. Given these uncertainty factors, the statements made regarding future developments cannot be guaranteed.

Please consult our press release dd. 30.07.2020 for an identification of the Alternative Performances Measures (as defined in the ESMA guidelines) used by Cofinimmo.

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Contact

FOR MORE INFORMATION:

Jochem Binst

Lynn Nachtergaele

Head of External Communication & Investor Relations

Investor Relations Officer

T +32 (0)2 373 60 32

T +32 (0)2 777 14 08

jbinst@cofinimmo.be

lnachtergaele@cofinimmo.be

www.cofinimmo.com

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Notes

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Cofinimmo SA published this content on 30 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 July 2020 15:50:07 UTC