Slide 1: Q1 2025 results
Q1 2025 results Brussels, 29 April 2025 -1-
Slide 2: Table of content
Table of content 3 Highlights Q1 2025 6 Strategy 14 Achievements 16 Portfolio analysis 26 Financials 40 Shares & shareholders 46 Outlook 49 Conclusion -2-
Slide 3: Highlights Q1 2025
Highlights Q1 2025 Résidence le Douaire Anderlues – Belgium -3-
Slide 4: Highlights Q1 2025
Highlights Q1 2025 >€6.1 billion 7 €126 million 39.9% fair value countries (of which ~€66m to be debt-to-assets ratio, real estate portfolio invested) committed reduced to 39.5% after investment programme deducting cash from disposals received on March 31 €62.6 million 607 3 >€800 million +5% YoY he
Slide 5: Investment activity
Investment activity New investments & pipeline completions1 €11 million €250 million new investments anticipated for FY 2025 €11 million in new investments announced in Q1 2025 (see map) 3 projects (~ €45.5 million) completed in Q1 2025 1 See Q1 2025 press release for more details. -5-
Slide 6: Strategy
Strategy Tahtimarssi Oulu – Finland -6-
Slide 7: 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 >€6.1 billion real estate portfolio Growth potential ~ €3.3 billion Inflation-linked driven by demographic market cap contracts evolution €126
Slide 8: 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 98 68 119 219 22 2 Pipeline - €37m - €16m €33m €16m €24m Portfolio €1,256m €1,165m €671m €1,288m €1,160m €426m €2m Data as per 31 March 2025 -8-
Slide 9: 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 10: Demographic evolution
Demographic evolution Ageing in Finland Ageing in Ireland 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 Spain 30% 25% 20% 70 + 15% 75 + 80 + 10% 85
Slide 11: 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 12: 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 13: 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 14: Achievements
Achievements Loughshinny Nursing Home -14- Dublin – Ireland
Slide 15: Investment properties evolution & focus on Europe
Achievements Investment properties1 evolution & focus on Europe EVOLUTION SINCE 2006 GEOGRAPHICAL BREAKDOWN (FAIR VALUE)2 CAGR: 21% 6,218 6,121 1 2 0 0 0 (as of 31 March 2025) 5,849 5 2 2 1 1 2 9 5 7 7 7 5,704 12 12 13 15 14 12 12 12 11 11 4,896 14 17 17 18 18 18 18 19 19 3,815 23 18 23 22 21 20 100
Slide 16: Portfolio analysis
Portfolio analysis Kutomokuja Helsinki - Finland -16-
Slide 17: Healthcare real estate portfolio
Healthcare real estate portfolio Healthcare segment breakdown FOCUS ON CARE FACILITIES FOR ELDERLY PEOPLE 7% 6% Elderly care homes 15% Senior housing 87% Mixed-use elderly care buildings 3% Childcare centres 69% Other care segments Marketable investment properties incl. assets classified as held for
Slide 18: Healthcare real estate portfolio
Healthcare real estate portfolio Geographical breakdown DIVERSIFICATION ACROSS EUROPEAN COUNTRIES <1% 7% 21% Belgium Germany 19% Netherlands United Kingdom Finland 20% Ireland Spain 22% 11% Marketable investment properties incl. assets classified as held for sale (€5,968 m), excl. rights of use of p
Slide 19: Healthcare real estate tenants
Healthcare real estate tenants Tenant diversification1 10% 6% 607 sites with approx. 5% 300 tenants (or >140 4% ‘groups’) representing European, national and 53% 4% Municipalities / wellbeing counties (FI) local profit and not-for- profit operators 4% 4% No ‘operator group’ 4% leases more than 10% o
Slide 20: Healthcare real estate tenants
Healthcare real estate tenants Tenant diversification1 4% 7% Profit Predominantly private operators Non-profit Potential for growing Public public and non-profit segments among 89% tenants 1 Based on the contractual rents. -20-
Slide 21: Lease maturity
Lease maturity UNEXPIRED LEASE TERM WAULT BY COUNTRY 2% 11% Avg 21 22 22 18 years < 5 years 19 16% 5 to 10 years 15 10 to 15 years 12 71% ≥ 15 years in years 18 years <2% Weighted average unexpired 100 % Expiring in the Belgium Germany Netherlands United Kingdom Finland Ireland Occupancy rate lease
Slide 22: Age of buildings
Age of buildings 60% OF THE PORTFOLIO IS LESS THAN 15 YEARS OLD 1% 24% 0-5 years 6-10 years 40% 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. -22-
Slide 23: Resilience in portfolio valuation
Resilience in portfolio valuation GROSS YIELDS ON FAIR VALUE LIKE-FOR-LIKE PORTFOLIO VALUATION Conservative valuation yields 6.60 Positive portfolio valuation during 5 consecutive 6.40 quarters 6.4 6.20 LFL 6.2 +0.38% valuation 6.00 6.1 change Avg 5.9 5.80 Belgium 0.1% 5.8 5.8 +0.25% Germany 0.0% 5.
Slide 24: Portfolio growth
Portfolio growth Development projects St Mary’s – Lincoln (UK) Completed: Q1 2024 Helsinki Käräjätuvantie – Helsinki (FI) Completed: Q4 2024 Somer Valley House – Spaldrick House – Port Erin (Isle of Man) Midsomer Norton (UK) Completed: Q3 2024 -24- Completed: Q4 2024
Slide 25: Committed development projects
Committed development projects Pipeline €126 million of which €66 million to be invested GEOGRAPHICAL SPLIT EXPECTED DELIVERY DATE 100% pre-let €16m 13% €29m 2025 €8 million €37m 23% 29% expected rental €16m 13% income €63m 50% 2026 €24m 6.3% 19% €34m initial yield on cost €33m 27% 2027 26% Refillin
Slide 26: Financials
Financials Helsinki Käräjätuvantie -26- Helsinki - Finland
Slide 27: Income Statement
Income Statement EPRA Earnings up 5% EPRA EARNINGS YOY INCREASE OF 5% Consolidated income statement - analytical format 31/03/2025 31/03/2024 (x €1,000) +15% Operating result before result on Rental income 92,977 82,006 portfolio mainly following Rental-related charges -139 53 increased net rental i
Slide 28: Income Statement
Income Statement Net result EARNINGS PER SHARE Consolidated incom e statem ent - analytical form at 31/03/2025 31/03/2024 (x €1,000) Positive l-f-l FV change in investment properties driven by EPRA Earnings* 62,577 59,833 indexation and strong tenant rent Changes in fair value of financial assets an
Slide 29: Rental income
Rental income +0.6 93.0 +4.0 +2.3 +3.7 +2.4 82.0 -0.1 -1.9 13% in € m increase YoY Rental Indexation Rent reversion Disposals Deliveries Acquisitions Contingent FX impact Rental income rent 1 income Q1 2024 Q1 2025 1 Contingent rent includes this quarter a non-recurring historical catch-up payment o
Slide 30: Rental income
Rental income +0.7 93.0 +1.6 +7.3 0.0 -0.1 82.0 +0.7 +0.1 +0.7 +13% Year-on-Year + 3.2% increase LFL in € m rental income Rental Belgium Germany Netherlands United Finland Sweden Ireland Spain Rental income Kingdom income Q1 2024 Q1 2025 +2.5% rent indexation Change: +3.7% +4.5% +0.9% +38.2% +10.9%
Slide 31: EPRA Earnings
EPRA Earnings +11.0 -0.6 -3.2 62.6 59.8 -4.4 -0.1 5% increase YoY in € m 1 Non-recurring FBI tax refund of €4.2 million in 1 EPRA Rental Operating Financial Tax EPRA EPRA 2024. Earnings income costs result Earnings of Earnings Q1 2024 associates Q1 2025 -31-
Slide 32: Debt-to-assets ratio
Debt-to-assets ratio Financial policy: debt-to-assets ratio ~40% with a maximum of 45% 56% 56% 50% 50% 43% 45% 43% 44% 46% Q1 2025 42% 41% 40% 40% 41% 40% 37% 39.9% decreasing to 39.5% after deducting cash from disposal received on March 31 March June March June Oct Dec March June Mar June Dec June
Slide 33: Debt-to-assets ratio below 40%
Debt-to-assets ratio below 40% €67m €100m €153m €219m €418m €207m €459m €286m €254m €380m rights issue Oct 2010 rights issue Dec 2012 rights issue June 2015 rights issue Mar 2017 rights issue May 2019 ABB Apr 2020 rights issue Oct 2020 ABB Jun 2021 ABB Jun 2022 rights issue July 2023 39.9% Debt-to-a
Slide 34: 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 -34-
Slide 35: Credit facilities
Credit facilities Diversified sources of funding Investment credits €2,400 million 12% 4% Investment credits total financial debt 3% Term loans Term loans 55% Revolving loans bank facilities Debt financing YTD: Revolving loans • €70 million early refinancing USPP GBP (Sustainability Linked Loan) for
Slide 36: Credit rating & KPI's
Credit rating & KPI’s Solid investment grade rating BBB with 6.1x 7.7x stable outlook ICR2 Net debt/EBITDA3 Credit rating S&P Global1 Unsecured 2.2% 51% financing except Average cost of debt sustainable financing out − Hoivatilat: certain incl. commitment fees of committed credit lines particulariti
Slide 37: Credit facilities
Credit facilities Well spread debt maturity profile 900 800 700 25 221 600 144 >€800 million1 220 headroom on committed credit 500 lines and cash on March 31 to 400 210 finance capex & liquidity needs 300 180 514 512 200 188 3.7 years 65 175 in € m 100 208 228 weighted average debt maturity 86 50 10
Slide 38: Credit facilities
Credit facilities Interest rate hedging1 8% 13% 14% 24% 59% 55% 52% 52% 92% 44% of debt hedged by derivatives or fixed rate debt as of 31 March 2025 18% 4.2 years 37% 35% 34% Weighted average hedge 32% 23% maturity 1 Projected debt. 31/03/2025 31/12/2025 31/12/2026 31/12/2027 31/12/2028 Fixed rate d
Slide 39: Net asset value
Net asset value Discount on 28 April 2025 12% vs NAV at FV excl. IAS 39 13% vs NAV at FV incl. IAS 39 9% vs EPRA NTA Net asset value per share (in €) 31/03/2025 31/12/2024 Net asset value, excl. changes in fair value of hedging 77.00 75.70 instruments* Effect of the changes in fair value of hedging
Slide 40: Shares & shareholders
Shares & shareholders Fredenbeck Fredenbeck - Germany -40-
Slide 41: 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 42: 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 43: 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 44: 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 -44-
Slide 45: Organisation & team
Organisation & team 2 INTERNATIONAL TEAM 6 13 HQ (Belgium) Local teams in 7 countries Belgium managing the portfolio 13 57 Finland and the group’s growth UK Germany International staff of Netherlands 129 people of which 32 Ireland 47 women and 82 men 6 Number of employees per country (As per 31 Marc
Slide 46: Outlook
Outlook Oulu Vaarapiha Oulu - Finland -46-
Slide 47: Outlook 2025
Outlook 20251 €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 202
Slide 48: Outlook medium-term
Outlook medium-term Drivers for future growth while maintaining a solid debt-to-asset ratio 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 4.0 3.74 3.70 3.80 3.90 4.00 3 Demography 3.25 3.40 3.5 3.0 3.15 2.80 3.07 1 • Improving operator perfo
Slide 49: Conclusion
Conclusion Priesty Fields Care Home Congleton – United Kingdom -49-
Slide 50: Investment highlights
Investment highlights Attractiveness for shareholders PURE-PLAY FAIR VALUE HISTORY HEALTHCARE REIT IN EUROPE OF PORTFOLIO SHOWING RESILIENCE 18 YEARS WEIGHTED AVERAGE LEASE STRONG UNDERLYING TERM DEMOGRAPHIC TRENDS SOLID TRACK RECORD IN INVESTMENT, EQUITY AND DEBT-FINANCING LONG-TERM GROWTH STRONG D
Slide 51: Thank you
Thank you INVESTOR RELATIONS ir@aedifica.eu Rue Belliard/Belliardstraat 40 bte 11 1040 Brussels, Belgium -51-
Slide 52: Stefaan Gielens - Chief Executive Officer; Ingrid Daerden - Chief Financial Officer
Stefaan Gielens - Chief Executive Officer Ingrid Daerden - Chief Financial Officer -52-
Slide 53: 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 54: 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 55: Appendix
Appendix LTS Winschoten Winschoten - Netherlands -55-
Slide 56: Belgian healthcare portfolio
Belgian healthcare portfolio PORTFOLIO OF 79 ASSETS €1,256 m ~8,200 5.8% 19 years portfolio residents yield on WAULT fair value fair value <1% 16 ~€1,256 m Inflation- exposure to tenant portfolio outlook linked the Brussels market groups as of triple net long 29 April 2025 leases -56-
Slide 57: Belgian healthcare portfolio
Belgian healthcare portfolio Marketable investment properties -57-
Slide 58: 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 -58-
Slide 59: German healthcare portfolio
German healthcare portfolio PORTFOLIO OF 98 ASSETS €1,165 m ~9,800 5.5% 21 years portfolio residents yield on WAULT fair value fair value 4 26 ~€1,199 m Inflation- projects tenant portfolio outlook linked to be groups as of double net long completed 29 April 2025 leases with various indexation limit
Slide 60: German healthcare portfolio
German healthcare portfolio Marketable investment properties Projects in the investment programme -60-
Slide 61: 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 -61-
Slide 62: Dutch healthcare portfolio
Dutch healthcare portfolio PORTFOLIO OF 68 ASSETS €671 m ~3,200 6.2% 15 years portfolio residents yield on WAULT fair value fair value 22 ~€671 m Inflation- tenant portfolio outlook linked groups as of mostly triple net 29 April2025 long leases -62-
Slide 63: Dutch healthcare portfolio
Dutch healthcare portfolio Marketable investment properties -63-
Slide 64: 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 -64-
Slide 65: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio PORTFOLIO OF 119 ASSETS €1,288 m ~7,700 6.4% 22 years portfolio residents yield on WAULT fair value fair value 1 18 ~€1,223 m Inflation- project to be tenant portfolio outlook linked completed groups as of triple net long 29 April 2025 leases with generally
Slide 66: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio Marketable investment properties Project in the investment programme -66-
Slide 67: 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 -67-
Slide 68: Finnish healthcare portfolio
Finnish healthcare portfolio PORTFOLIO OF 219 ASSETS €1,160 m ~16,600 6.1% 12 years portfolio residents & yield on WAULT fair value children fair value 6 60 ~€1,196 m Inflation- projects tenant portfolio outlook linked to be groups as of double net long completed 29 April 2025 leases >6.5% 22% Exper
Slide 69: Finnish healthcare portfolio
Finnish healthcare portfolio Marketable investment properties Projects in the investment programme -69-
Slide 70: 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 -70-
Slide 71: Irish healthcare portfolio
Irish healthcare portfolio PORTFOLIO OF 22 ASSETS €426 m ~2,300 5.6% 22 years portfolio residents yield on WAULT fair value fair value 1 6 ~€442 m Inflation- project tenant portfolio outlook linked to be groups as of triple net long completed 29 April 2025 leases -71-
Slide 72: Irish healthcare portfolio
Irish healthcare portfolio Marketable investment properties Project in the investment programme -72-
Slide 73: 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 -73-
Slide 74: Spanish healthcare portfolio
Spanish healthcare portfolio PIPELINE OF 2 PROJECTS & 1 PLOT OF LAND €2 m 28 1 portfolio assets plot of land fair value 1 ~€26 m Inflation- tenant portfolio outlook linked group as of triple net long 29 April 2025 leases -74-
Slide 75: 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 76: 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 77: Notes
fl Notes aedifica |" housing with care -77-