Slide 1: Annual results 2024
Annual results 2024 Brussels, 19 February 2025 -1-
Slide 2: Capital Markets Day 7&8 May 2025 Ireland
Capital Markets Day 7&8 May 2025 Ireland Event reserved for institutional investors and by invitation only Clondalkin Dublin - Ireland -2-
Slide 3: Table of content
Table of content 4 Highlights FY 2024 7 Strategy 15 Achievements 17 Portfolio analysis 29 Financials 43 Shares & shareholders 49 Outlook 52 Conclusion -3-
Slide 4: Highlights FY 2024
Highlights FY 2024 Résidence le Douaire Anderlues – Belgium -4-
Slide 5: Highlights FY 2024
Highlights FY 2024 >€6.2 billion 8 €160 million 41.3% fair value countries (of which ~€71m to be debt-to-assets ratio real estate portfolio invested) committed investment programme €673 million €338.1 million 635 Headroom on committed +8% YoY, 3.3% LfL healthcare sites 31 credit lines rental income
Slide 6: Investment activity
Investment activity New investments & pipeline completions1 €110 million €24 million €188 million €25 million in new investments announced in 2024 (see map) €29 million 31 projects (~ €297 million) completed in 2024 1 See FY 2024 press release for more details. -6-
Slide 7: Strategy
Strategy Tahtimarssi Oulu – Finland -7-
Slide 8: Aedifica at a glance
Aedifica at a glance Pure-play Market reference Belgian REIT Long-term stable healthcare in European listed (RREC/SIR/GVV) cash flows healthcare real estate >€6.2 billion real estate portfolio Growth potential ~ €2.8 billion Inflation-linked driven by demographic market cap contracts evolution €160
Slide 9: Exploring European markets
Exploring European markets Track record of entering new markets & creating a platform for future growth 2005 2013 2016 2019 2020 2021 # sites 79 99 70 118 217 28 22 2 Pipeline - €37m - €36m €48m - €16m €24m Portfolio €1,255m €1,176m €673m €1,279m €1,132m €94m €425m €2m Data as per 31 December 2024 -
Slide 10: Demographic evolution
Demographic evolution Ageing in Belgium Ageing in Germany 25% 25% 20% 20% 15% 70 + 15% 70 + 75 + 75 + 10% 80 + 10% 80 + 85 + 85 + 5% 5% 0% 0% 2023 2030 2040 2050 2060 2023 2030 2040 2050 2060 Source: Eurostat, 2023 Source: Eurostat, 2023 Ageing in the Netherlands Ageing in the United Kingdom 25% 25%
Slide 11: Demographic evolution
Demographic evolution Ageing in Finland Ageing in Sweden 30% 30% 25% 25% 20% 20% 70 + 70 + 15% 75 + 15% 75 + 80 + 80 + 10% 10% 85 + 85 + 5% 5% 0% 0% 2023 2030 2040 2050 2060 2023 2030 2040 2050 2060 Source: Eurostat, 2023 Source: Eurostat, 2023 Ageing in Ireland Ageing in Spain 30% 30% 25% 25% 20% 2
Slide 12: Sustainability
Sustainability 2023 Environmental Data report highlights Great Place To Work • 5% nEUI reduction (167 kWh/m² in ‘22 & 158 kWh/m² Employee survey conducted in 2024 for in ‘23) the fourth year in a row • 86% data coverage of energy consumption (from 83% 94% participation rate in ‘22) 85% Trust Index s
Slide 13: Sustainability
Sustainability Strategy • Commitment to the Paris Agreement to achieve net zero GHG emissions for our entire portfolio by 2050: focus on lifecycle assessment of our properties • Green lease annex added to lease contracts to facilitate cooperation with operators in reducing the portfolio’s carbon foo
Slide 14: Sustainability
Sustainability CRREM Research project 158 kWh/m² 130 kWh/m² Aedifica actual 20232 nEUI target for 2030 1 ‘Carbon Risk Real Estate Monitor’ framework yoy Translates long-term policies (COP21 Paris Agreement) into science-based targets that are global warming scenarios, country and building type speci
Slide 15: Achievements
Achievements Loughshinny Nursing Home -15- Dublin – Ireland
Slide 16: Achievements: investment properties evolution
Achievements Investment properties1 evolution & focus on Europe EVOLUTION SINCE 2006 GEOGRAPHICAL BREAKDOWN (FAIR VALUE)2 CAGR: 21% (as of 31 December 2024) 6,218 6,183 1 2 0 0 0 5,849 5 2 2 1 1 1 2 1 5,704 12 9 13 5 7 7 7 7 12 15 14 12 12 12 12 11 11 4,896 14 17 17 18 18 18 17 18 19 19 3,815 23 18
Slide 17: Portfolio analysis
Portfolio analysis Kutomokuja Helsinki - Finland -17-
Slide 18: Healthcare real estate portfolio
Healthcare real estate portfolio Healthcare segment breakdown FOCUS ON CARE FACILITIES FOR ELDERLY PEOPLE 8% 6% Elderly care homes 15% Senior housing 86% Mixed-use elderly care buildings Childcare centres 3% 68% Other care segments Marketable investment properties incl. assets classified as held for
Slide 19: Healthcare real estate portfolio
Healthcare real estate portfolio Geographical breakdown DIVERSIFICATION ACROSS EUROPEAN COUNTRIES >0% 2% 7% 21% Belgium Germany Sweden 19% Netherlands Capital recycling: 22 assets United Kingdom were divested in Feb. 2025 Finland to provide extra firepower. 19% Sweden Aedifica is exploring options t
Slide 20: Healthcare real estate tenants
Healthcare real estate tenants Tenant diversification1 9% 6% 635 sites with approx. 5% Municipalities / 320 tenants (or >150 wellbeing counties (FI) 4% ‘groups’) representing European, national and 54% 4% local profit and not-for- 4% profit operators 4% No ‘operator group’ 4% leases more than 10% of
Slide 21: Operators' occupancy
Operators’ occupancy1 Mature assets portfolio 93% 94% 92% 86% 86% YoY growth in all countries Care homes occupancy1 >85% Belgium Germany Netherlands United Ireland 1 Occupancy data as at 30 September 2024. Kingdom 2 LfL occupancy looks at 09/2023 and Like-for-like 09/2024: an asset is included in th
Slide 22: UK & Channel islands healthcare portfolio
UK & Channel islands healthcare portfolio Rent cover evolution 2.8 2.6 2.3x Rent cover over the last 2.4 12m for UK mature portfolio 2.2 2.0 1.8 2.5x 1.6 Q3 2024 rent cover 1.4 for UK mature portfolio 1.2 (x) 1.0 Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep 2020 2020 2020
Slide 23: Healthcare real estate tenants
Healthcare real estate tenants Tenant diversification1 4% 6% Profit Predominantly private operators Non-profit Potential for growing public and non-profit Public segments among tenants 90% 1 Based on the contractual rents. -23-
Slide 24: Lease maturity
Lease maturity UNEXPIRED LEASE TERM WAULT BY COUNTRY 1% 11% < 5 years Avg 16% 22 23 19 years 5 to 10 years 21 10 to 15 years 19 72% 15 ≥ 15 years 12 11 19 years years Weighted average unexpired 100 % Occupancy rate lease term Belgium Germany Netherlands United Kingdom Finland Sweden Ireland Marketab
Slide 25: Age of buildings
Age of buildings >60% OF THE PORTFOLIO IS LESS THAN 15 YEARS OLD 1% 26% 0-5 years 6-10 years 38% 11-15 years >15 years Project 20% Age profile based on a weighted average of the gross square footage of our 15% properties using completion date of a construction or renovation phase done on site. -25-
Slide 26: Resilience in portfolio valuation
Resilience in portfolio valuation GROSS YIELDS ON FAIR VALUE LIKE-FOR-LIKE PORTFOLIO VALUATION Conservative valuation yields 6.60 Resilient portfolio valuation despite changed 6.40 market conditions 6.4 6.20 6.3 12 Q4 2024 Avg 5.9 Change in 6.00 6.1 months vs Q3 6.0 FV LFL +0.38% 2024 5.80 +0.12% 5.
Slide 27: Portfolio growth
Portfolio growth Development projects Somer Valley House – Midsomer Norton (UK) Dublin Stepaside – Dublin (IE) Completed: Q4 2024 Completed: Q4 2024 Helsinki Käräjätuvantie – Helsinki (FI) Spaldrick House – Port Erin (Isle of Man) Completed: Q4 2024 Completed: Q3 2024 -27-
Slide 28: Committed development projects
Committed development projects Pipeline €160 million of which €71 million to be invested GEOGRAPHICAL SPLIT EXPECTED DELIVERY DATE €16m €29m 10% 18% 100% pre-let €48m 2025 €24m 15% 30% €10 million €23m expected rental 15% 2026 €108m income €36m 22% 67% €37m 23% 2027 6.1% initial yield on cost Finlan
Slide 29: Financials
Financials Helsinki Käräjätuvantie -29- Helsinki - Finland
Slide 30: Income Statement
Income Statement EPRA Earnings EPRA EARNINGS YOY INCREASE OF 7% +9% Operating result before result on Consolidated incom e statem ent - analytical form at 31/12/2024 31/12/2023 portfolio mainly following (x €1,000) increased net rental income Rental income 338,138 314,174 Rental-related charges -157
Slide 31: Income Statement
Income Statement Net result EARNINGS PER SHARE Consolidated incom e statem ent - analytical form at 31/12/2024 31/12/2023 (x €1,000) EPRA Earnings* 234,581 219,579 Changes in fair value of financial assets and liabilities -18,708 -50,878 Changes in fair value of investment properties 15,195 -143,636
Slide 32: Rental income
Rental income +2.0 338.1 +5.9 +0.4 +14.6 +11.2 -1.6 314.2 -8.5 8% in € m increase YoY Rental Indexation Rent reversion Disposals Deliveries Acquisitions Contingent FX impact Rental income rent income FY 2023 FY 2024 -32-
Slide 33: Rental income
Rental income +4.9 338.1 +7.0 +1.1 -0.1 +10.0 314.2 +2.7 +2.0 -3.6 8% increase YoY in € m Rental Belgium Germany Netherlands United Finland Sweden Ireland Spain Rental income Kingdom income FY 2023 FY 2024 +3.1% rent indexation Change: -4.9% +3.3% +7.1% +12.3% +12.8% +25.9% +27.4% - +7.6% Like-for-l
Slide 34: EPRA Earnings
EPRA Earnings +24.0 +0.5 -3.7 234.6 -5.4 -0.3 219.6 7% increase YoY in € m 1 Non-recurring FBI tax refund of €4.2 million vs. 1 EPRA Rental income Operating Financial result Tax EPRA earnings EPRA one-off tax refund of Earnings costs of associates Earnings €9.0 million in 2023). FY 2023 FY 2024 -34-
Slide 35: Debt-to-assets ratio
Debt-to-assets ratio 56% 56% 50% 50% 43% 45% 42% 43% 44% 46% Financial policy: 41% 40% 40% 41% 37% debt-to-assets ratio ~40% with a maximum of 45% Bank covenants stand at a maximum of 60%. March June March June Oct Dec March June Mar June Dec June Sept Dec Dec 2019 2019 2020 2020 2020 2020 2021 2021
Slide 36: Debt-to-assets ratio
Debt-to-assets ratio €67m €100m €153m €219m €418m €207m €459m €286m €254m €380m rights issue rights issue rights issue rights issue rights issue ABB rights issue ABB ABB rights issue Oct 2010 Dec 2012 June 2015 Mar 2017 May 2019 Apr 2020 Oct 2020 Jun 2021 Jun 2022 July 2023 60% 7,000 6,000 41.3% 50%
Slide 37: Strong track record in accessing equity capital markets
Strong track record in accessing equity capital markets 800 700 207 600 500 47 1 400 26 300 418 459 286 255 380 200 7 219 3 in € m 100 100 11 153 8 17 16 5 16 47 55 - Rights issue Contribution in kind Optional dividend Accelerated bookbuilding -37-
Slide 38: Credit facilities
Credit facilities Diversified sources of funding €2,518 million 12% 4% Investment credits Investment credits total financial debt Term loans Term loans 56% 3% bank facilities Revolving loans Debt financing YTD: Revolving loans • €355 million early refinancing of 39% USPP GBP which €205 million of 20
Slide 39: Credit rating & KPI's
Credit rating & KPI’s Solid investment grade rating BBB with 6.2x 8.5x stable outlook ICR2 Net debt/EBITDA3 Credit rating S&P Global1 Unsecured 2.0% 47% financing except Average cost of debt sustainable financing out − Hoivatilat: certain incl. commitment fees of committed credit lines particulariti
Slide 40: Credit facilities
Credit facilities Well spread debt maturity profile 900 800 240 700 10 600 153 €673 million1 500 126 headroom on committed credit 400 lines on December 31 to finance 597 204 capex & liquidity needs 300 169 223 512 200 3.8 years in € m 100 221 230 115 105 weighted average debt maturity 121 50 12 - 50
Slide 41: Credit facilities
Credit facilities Interest rate hedging1 11% 13% 14% 4% 24% 59% 50% 52% 52% 89% 44% of debt hedged by derivatives or fixed rate debt as of 31 December 2024 18% 4.4 years 35% 35% 34% 32% Weighted average hedge 23% maturity 1 Projected debt. 31/12/2024 31/12/2025 31/12/2026 31/12/2027 31/12/2028 Fixed
Slide 42: Net asset value
Net asset value Discount on 18 February 2025 21% vs NAV at FV excl. IAS 39 22% vs NAV at FV incl. IAS 39 19% vs EPRA NTA Net asset value per share (in €) 31/12/2024 31/12/2023 Net asset value, excl. changes in fair value of hedging 75.70 73.86 instruments* Effect of the changes in fair value of hedg
Slide 43: Shares & shareholders
Shares & shareholders Fredenbeck Fredenbeck - Germany -43-
Slide 44: Shareholding
Shareholding1 INTERNATIONAL & DIVERSIFIED SHAREHOLDERS BASE1 5% Belgium 8% United States 2% Netherlands 3% United Kingdom 36% 3% One shareholder Luxembourg 4% holding more than 5% of Ireland the company’s capital 2 4% France Germany ~1/4 retail shareholders 6% Sweden ~3/4 institutional Norway shareh
Slide 45: Withholding tax legislation
Withholding tax legislation Withholding tax: What’s included? 1 − General rule: 30% - Elderly care homes, senior − Reduced to 15% for healthcare REITs investing more than housing, mixed-use elderly 80% of its portfolio in residential healthcare real estate care buildings, disabled care in the Europe
Slide 46: Withholding tax
Withholding tax Continuously changing legal framework The withholding tax rate for Belgian listed companies has changed several times since Aedifica was established. 2006 2013 2016 2017 2022 standard rate 25% 25% 27% 30% 30% rate for REITs 15% - - - - rate for REITs 0% 15% 15% 15% investing in speci
Slide 47: Aedifica's Executive Committee
Aedifica’s Executive Committee Sven Bogaerts Chief Mergers & Charles-Antoine van Aelst Acquisitions Officer Chief Investment Officer Raoul Thomassen Stefaan Gielens Ingrid Daerden Chief Operating Officer Chief Executive Officer Chief Financial Officer -47-
Slide 48: Organisation & team
Organisation & team 1 3 INTERNATIONAL TEAM 6 11 HQ (Belgium) Local teams in 7 countries Belgium managing the portfolio 11 59 Finland and the group’s growth UK Germany Netherlands International staff of Sweden 131 people of which 33 Ireland 46 women and 85 men 7 Number of employees per country (As pe
Slide 49: Outlook
Outlook Oulu Vaarapiha Oulu - Finland -49-
Slide 50: Outlook 2025
Outlook 2025 €355 million 2.1% rental income €110 million average cost of debt (+ 5.2% vs. 2024) pipeline deliveries in 2025 0.87 EUR/GBP foreign exchange assumption €238 million ~ €190 million EPRA Earnings asset rotation Estimated current taxes for the Dutch (+ 1.6% vs. 2024) subsidiaries for 2025
Slide 51: Outlook medium-term
Outlook medium-term Drivers for future growth while maintaining a solid debt-to-asset ratio € / share 7.0 6.5 6.0 • Strong fundamental tailwinds 5.5 3 5.0 4.76 5.02 4.93 5.01 2 remain intact 4.35 4.5 4.23 3.90 4.00 3 • Demography 4.0 3.74 3.70 3.80 3.5 3.15 3.25 3.07 1 3.40 • Improving operator perf
Slide 52: Conclusion
Conclusion Priesty Fields Care Home Congleton – United Kingdom -52-
Slide 53: Investment highlights
Investment highlights Attractiveness for shareholders PURE-PLAY FAIR VALUE HISTORY HEALTHCARE REIT IN EUROPE OF PORTFOLIO SHOWING RESILIENCE 19 YEARS WEIGHTED AVERAGE LEASE STRONG UNDERLYING TERM DEMOGRAPHIC TRENDS SOLID TRACK RECORD IN INVESTMENT, EQUITY AND DEBT-FINANCING LONG-TERM GROWTH STRONG D
Slide 54: Thank you
Thank you INVESTOR RELATIONS ir@aedifica.eu Rue Belliard/Belliardstraat 40 bte 11 1040 Brussels, Belgium -54-
Slide 55: Stefaan Gielens - CEO, Ingrid Daerden - CFO
Stefaan Gielens - Chief Executive Officer Ingrid Daerden - Chief Financial Officer -55-
Slide 56: Aedifica SA/NV
Aedifica SA/NV Public REIT under Belgian Law Regulated Real Estate Company (RREC) Société immobilière réglementée (SIR) Gereglementeerde vastgoedvennootschap (GVV) Rue Belliard 40 / Belliardstraat 40 (box 11) 1040 Brussels Tel: +32 (0)2 626 07 70 - Fax: +32 (0)2 626 07 71 info@aedifica.eu - www.aedi
Slide 57: Forward-looking statement
Forward-looking statement This Presentation includes forward-looking statements that reflect the Company's intentions, beliefs or current expectations concerning, among other things, the Company’s results, condition, performance, prospects, growth, strategies and the industry in which the Company op
Slide 58: Appendix
Appendix LTS Winschoten Winschoten - Netherlands -58-
Slide 59: Belgian healthcare portfolio
Belgian healthcare portfolio PORTFOLIO OF 79 ASSETS €1,255 m ~8,200 5.7% 19 years portfolio residents yield on WAULT fair value fair value <1% 16 ~€1,255 m Inflation- exposure to tenant portfolio outlook linked the Brussels market groups as of triple net long 18 February 2025 leases -59-
Slide 60: Belgian healthcare portfolio
Belgian healthcare portfolio Marketable investment properties -60-
Slide 61: Belgian healthcare portfolio
Belgian healthcare portfolio Twee Poorten, ‘t Spelthof Tienen – 129 units Lubbeek – 121 units Hof Van Schoten, Schoten – 101 units Sorgvliet, Linter – 110 units -61-
Slide 62: German healthcare portfolio
German healthcare portfolio PORTFOLIO OF 99 ASSETS €1,176 m ~10,000 5.5% 21 years portfolio residents yield on WAULT fair value fair value 4 26 ~€1,198 m Inflation- projects tenant portfolio outlook linked to be groups as of double net long completed 18 February 2025 leases with various indexation l
Slide 63: German healthcare portfolio
German healthcare portfolio Marketable investment properties Projects in the investment programme -63-
Slide 64: German healthcare portfolio
German healthcare portfolio Seniorenquartier Weyhe, Seniorenquartier Gera, Gera - Weyhe - 109 units 123 units Fredenbeck, Fredenbeck – Seniorenhaus Lessingstrasse, 94 units Wurzen - 73 units -64-
Slide 65: Dutch healthcare portfolio
Dutch healthcare portfolio PORTFOLIO OF 70 ASSETS €673 m ~3,200 6.1% 15 years portfolio residents yield on WAULT fair value fair value 22 ~€665 m Inflation- tenant portfolio outlook linked groups as of mostly triple net 18 February 2025 long leases -65-
Slide 66: Dutch healthcare portfolio
Dutch healthcare portfolio Marketable investment properties -66-
Slide 67: Dutch healthcare portfolio
Dutch healthcare portfolio Villa Florian, Blaricum - 29 units Nieuw Heerenhage, Heerenveen - 126 units Martha Flora Breda, Breda – 28 units LLT Almere Buiten, Almere - 38 units -67-
Slide 68: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio PORTFOLIO OF 118 ASSETS €1,279 m ~7,600 6.4% 22 years portfolio residents yield on WAULT fair value fair value 3 18 ~€1,290 m Inflation- projects tenant portfolio outlook linked to be groups as of triple net long completed 18 February 2025 leases with genera
Slide 69: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio Marketable investment properties Projects in the investment programme -69-
Slide 70: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio York Bluebeck Drive, York The Mount, – 66 units Wargrave - 65 units Copperfield Court, Broadstairs - 66 units Dawlish, Dawlish - 71 units -70-
Slide 71: Finnish healthcare portfolio
Finnish healthcare portfolio PORTFOLIO OF 217 ASSETS €1,132 m ~16,300 6.0% 12 years portfolio residents & yield on WAULT fair value children fair value 5 54 ~€1,183 m Inflation- projects tenant portfolio outlook linked to be groups as of double net long completed 18 February 2025 leases >6.5% 23% Ex
Slide 72: Finnish healthcare portfolio
Finnish healthcare portfolio Marketable investment properties Projects in the investment programme -72-
Slide 73: Finnish healthcare portfolio
Finnish healthcare portfolio Helsinki Ensikodintie, Tampere Teräskatu, Helsinki – 32 units Tampere - 240 units Espoo Kuurinkallio, Espoo – 75 children and 26 units Tahtimarssi, Oulu – 350 children -73-
Slide 74: Swedish healthcare portfolio
Swedish healthcare portfolio PORTFOLIO OF 28 ASSETS €94 m ~1,300 6.3% 11 years Inflation- portfolio residents & yield on WAULT linked fair value children fair value double net long leases 15 ~€40 m Strategic divestments tenant portfolio outlook 22 small-scale residential care centres (‘LSS’) groups
Slide 75: Swedish healthcare portfolio
Swedish healthcare portfolio Marketable investment properties -75-
Slide 76: Swedish healthcare portfolio
Swedish healthcare portfolio Mesta 6:56, Eds Prästgård 1:115, Upplands Stockholm – 140 children Väsby – 100 children Östhamra 1:52, Kallberga 8:269, Kallinge - Norrtälje - 125 units 120 children -76-
Slide 77: Irish healthcare portfolio
Irish healthcare portfolio PORTFOLIO OF 22 ASSETS €425 m ~2,300 5.6% 23 years portfolio residents yield on WAULT fair value fair value 1 6 ~€441 m Inflation- project tenant portfolio outlook linked to be groups as of triple net long completed 18 February 2025 leases -77-
Slide 78: Irish healthcare portfolio
Irish healthcare portfolio Marketable investment properties Project in the investment programme -78-
Slide 79: Irish healthcare portfolio
Irish healthcare portfolio Dublin Stepaside, Beaumont Lodge, Stepaside - 119 units Dublin - 221 units Clondalkin Nursing Home, Dublin - 150 units Northwood Nursing Home, Dublin - 121 units -79-
Slide 80: Spanish healthcare portfolio
Spanish healthcare portfolio PIPELINE OF 2 PROJECTS & 1 PLOT OF LAND €2 m 2 1 portfolio projects plot of land fair value to be completed 1 ~€26 m Inflation- tenant portfolio outlook linked group as of triple net long 18 February 2025 leases -80-
Slide 81: Notes
fl Notes aedifica |" housing with care -81-