Aedifica Sa · EURONEXT:AED
Aedifica Sa — Aedifica Sicafi Bruxelle — H1 2025 Earnings Presentation
55 slides from Aedifica Sa's earnings presentation, Jul 30, 2025
Slide 1: H1 2025 results
H1 2025 results Brussels, 30 July 2025 -1-
Slide 2: Table of content
Table of content 3 Highlights H1 2025 7 Financials 17 Portfolio analysis 28 Outlook -2-
Slide 3: Highlights H1 2025
Highlights H1 2025 Kuopio Lönnrotinkatu Kuopio - Finland -3-
Slide 4: Highlights H1 2025
Highlights H1 2025 ~€6.2 billion 7 €178 million 42.4% fair value countries committed debt-to-assets ratio, real estate portfolio investment programme YTD reduced to 42% after 613 deducting excess cash healthcare sites 2.2% €123.3 million +0.5% 7 Average cost of debt +4% YoY l-f-l marketable projects
Slide 5: Investment activity
Investment activity New investments & pipeline completions1 €25 million €69 million €250 million new investments & projects anticipated €27 million for FY 2025 Over €121 million in new investments & projects announced YTD (see map) 7 projects (~ €65 million) completed YTD 1 See H1 2025 press release
Slide 6: Strategy roll out well on-track YTD
Strategy roll out well on-track YTD New investments 250 121 & projects Projects 65.5 110 completions Asset rotation 121.2 190 in € m Realized YTD Targets 2025 -6-
Slide 7: Financials
Financials Seniorenquartier Weyhe -7- Weyhe – Germany
Slide 8: Income Statement
Income Statement EPRA Earnings up 4% EPRA EARNINGS YOY INCREASE OF 4% Consolidated incom e statem ent - analytical form at (x €1,000) 30/06/2025 30/06/2024 +10% Operating result before result on Rental income 180,844 165,768 portfolio mainly following Rental-related charges -221 -54 increased net re
Slide 9: Income Statement
Income Statement Net result EARNINGS PER SHARE Consolidated incom e statem ent - analytical form at (x €1,000) 30/06/2025 30/06/2024 Positive l-f-l FV change in investment properties driven by EPRA Earnings* 123,320 118,756 indexation and strong tenant rent Changes in fair value of financial assets
Slide 10: Rental income
Rental income +0.7 180.8 +4.0 +4.6 +6.0 +4.2 165.8 0.1 -4.6 9% increase YoY in € m Rental Indexation Rent reversion Disposals Deliveries Acquisitions Contingent FX impact Rental income rent 1 income Q2 2024 Q2 2025 1 Contingent rent includes a non-recurring historical catch-up payment of ~€4.0 milli
Slide 11: Rental income
Rental income +3.5 +0.7 0.0 180.8 +9.6 165.8 +1.5 +1.1 -0.1 -1.3 +9% Year-on-Year + 3.0% increase LFL rental income in € m Rental Belgium Germany Netherlands United Finland Sweden Ireland Spain Rental income Kingdom income Q2 2024 Q2 2025 +2.5% rent indexation Change: +4.2% +3.6% -0.4% +25.3% +11.8%
Slide 12: 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 42.4% Debt-to-assets rati
Slide 13: Credit facilities
Credit facilities Diversified sources of funding €2,586 million 3% Investment Investmentcredits credits total financial debt 14% Term Termloans loans 55% 3% bank facilities Debt financing YTD: Revolving Revolvingloans loans • €230 million early & new refinancing with maturities 39% USPP USPPGBP GBP
Slide 14: Credit rating & KPI's
Credit rating & KPI’s Solid investment grade rating BBB with 6.0x 8.2x stable outlook ICR2 Net debt/EBITDA3 Credit rating S&P Global1 ~4% 2.2% Credit Watch encumbered assets Average cost of debt with positive implications incl. commitment fees following agreement Unsecured announcement between finan
Slide 15: Credit facilities: debt maturity profile
Credit facilities Well spread debt maturity profile 900 800 700 280 55 600 97 142 ~€600 million1 500 headroom on committed credit 400 365 lines and cash on June 30 to finance capex & liquidity needs 300 129 497 512 200 225 3.5 years 100 222 223 65 weighted average debt maturity in € m 50 103 12 50 5
Slide 16: Interest rate hedging
Credit facilities Interest rate hedging1 13% 12% 15% 23% 56% 53% 53% 51% 87% 45% of debt hedged by derivatives or fixed rate debt as of 30 June 2025 20% 4.0 years 34% 35% 34% 32% Weighted average hedge 24% maturity 1 Projected debt. 30/06/2025 31/12/2025 31/12/2026 31/12/2027 31/12/2028 Fixed rate d
Slide 17: Portfolio analysis
Portfolio analysis Oulu Satamatie 34 Oulu - Finland -17-
Slide 18: Healthcare real estate portfolio
Healthcare real estate portfolio Healthcare segment breakdown FOCUS ON CARE FACILITIES FOR ELDERLY PEOPLE 7% 5% Elderly care homes 16% Senior housing 88% Mixed-use elderly care buildings 3% Childcare centres Other care segments 69% 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 <1% 7% 21% Belgium Germany 20% Netherlands United Kingdom Finland 20% Ireland Spain 21% 11% Marketable investment properties incl. assets classified as held for sale (€6,002 m), excl. rights of use of p
Slide 20: Healthcare real estate tenants
Healthcare real estate tenants Tenant diversification1 10% 6% 613 sites with approx. 4% 300 tenants (or >140 Municipalities / 4% wellbeing counties (FI) ‘groups’) representing European, national and 53% 4% local profit and not-for- profit operators 4% 4% No ‘operator group’ 3% leases more than 10% o
Slide 21: Operators' occupancy
Operators’ occupancy1 Mature assets portfolio YOY GROWTH IN ALL COUNTRIES OCCUPANCY EVOLUTION Average care homes occupancy1 90% 100% 95% 93% 94% 90% 87% 86% 90% 85% 80% SEP DEC MAR JUNE SEP DEC MAR 2023 2023 2024 2024 2024 2024 2025 Belgium Germany Netherlands United Ireland Belgium Ireland United K
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 2.3x 1.6 Q1 2025 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 Dec Mar 2020 20
Slide 23: Lease maturity
Lease maturity UNEXPIRED LEASE TERM WAULT BY COUNTRY 1% 12% Avg < 5 years 21 22 22 18 years 19 16% 5 to 10 years 15 10 to 15 years 12 71% ≥ 15 years in years 18 years <1% Weighted average unexpired 100 % Expiring in the Belgium Germany Netherlands United Kingdom Finland Ireland Occupancy rate lease
Slide 24: Resilience in portfolio valuation
Resilience in portfolio valuation GROSS YIELDS ON FAIR VALUE LIKE-FOR-LIKE PORTFOLIO VALUATION Conservative valuation yields Positive portfolio valuation during 6 consecutive 6.60 quarters 6.40 6.4 +0.38% LFL 6.20 valuation 6.2 6.00 6.1 Avg 6.0 change +0.25% Belgium 0.1% 5.80 5.8 +0.21% Germany 0.1%
Slide 25: Committed development projects
Committed development projects Pipeline €178 million YTD GEOGRAPHICAL SPLIT EXPECTED DELIVERY DATE 100% pre-let €12m 7% €41m 23% €43m €12 million 24% 2025 expected rental €43m €70m 24% 39% income 2026 6.5% €47m initial yield on cost 26% €65m 2027 €36m 20% 37% Continuing to replenish the United Kingd
Slide 26: Organisation & team
A= aecifica || housing with care
Slide 27: Organisation & team
Organisation & team INTERNATIONAL TEAM Local teams in 6 countries managing the portfolio and the group’s growth International staff of 131 people of which 48 women and 83 men Number of employees per country (As per 30 June 2025) -27-
Slide 28: Outlook
Outlook Oulu Vaarapiha Oulu - Finland -28-
Slide 29: Outlook
Outlook Drivers for future growth while maintaining a solid debt-to-asset ratio €5.01/share €4.00/share 7.0 EPRA EPS 2025 4 Gross DPS 2025 4 6.5 6.0 5.5 3 5.02 2 4.93 5.01 5.0 4.76 4.5 4.23 4.35 3 Strong fundamental tailwinds 3.90 4.00 4.0 3.5 3.25 3.74 1 3.40 3.70 3.80 remain intact 3.15 3.07 3.0 2
Slide 30: Exchange offer on all Cofinimmo shares
Exchange offer on all Cofinimmo shares KEY HIGHLIGHTS - Agreement reached to unite & create a - Aedifica’s shareholders approved the capital leading European healthcare REIT (on increase with over 99.9% votes in favour at 03/06/2025) the EGM on 11/07/2025 - Exchange ratio of 1.185 new Aedifica - Pro
Slide 31: Thank you
Thank you QUESTION? INVESTOR RELATIONS ➢ Via Teams: ir@aedifica.eu ✓ type your question in the Q&A Rue Belliard/Belliardstraat 40 bte 11 section or 1040 Brussels, Belgium ✓ raise your hand to interact live ➢ Via telephone: ✓ Press « * 5 » to « raise your hand » ✓ A voice prompt will indicate when yo
Slide 32: Stefaan Gielens - CEO, Ingrid Daerden - CFO
Stefaan Gielens - Chief Executive Officer Ingrid Daerden - Chief Financial Officer -32-
Slide 33: 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 34: 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 35: Appendix
Appendix LTS Winschoten Winschoten - Netherlands -35-
Slide 36: Belgian healthcare portfolio
Belgian healthcare portfolio PORTFOLIO OF 79 ASSETS €1,257 m ~8,200 5.8% 19 years portfolio residents yield on WAULT fair value fair value <1% 16 ~€1,257 m Inflation- exposure to tenant portfolio outlook linked the Brussels market groups as of triple net long 29 July 2025 leases -36-
Slide 37: Belgian healthcare portfolio
Belgian healthcare portfolio Marketable investment properties -37-
Slide 38: 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 -38-
Slide 39: German healthcare portfolio
German healthcare portfolio PORTFOLIO OF 98 ASSETS €1,167 m ~10,000 5.6% 21 years portfolio residents yield on WAULT fair value fair value 3 26 ~€1,199 m Inflation- projects tenant portfolio outlook linked to be groups as of double net long completed 29 July 2025 leases with various indexation limit
Slide 40: German healthcare portfolio
German healthcare portfolio Marketable investment properties Projects in the investment programme -40-
Slide 41: 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 -41-
Slide 42: Dutch healthcare portfolio
Dutch healthcare portfolio PORTFOLIO OF 68 ASSETS €675 m ~3,200 6.2% 15 years portfolio residents yield on WAULT fair value fair value 22 ~€643 m Inflation- tenant portfolio outlook linked groups as of mostly triple net 29 July 2025 long leases -42-
Slide 43: Dutch healthcare portfolio
Dutch healthcare portfolio Marketable investment properties -43-
Slide 44: 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 -44-
Slide 45: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio PORTFOLIO OF 118 ASSETS €1,255 m ~7,700 6.4% 22 years portfolio residents yield on WAULT fair value fair value 4 18 ~€1,222 m Inflation- projects to be tenant portfolio outlook linked completed groups as of triple net long 29 July 2025 leases with generally
Slide 46: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio Marketable investment properties Project in the investment programme -46-
Slide 47: 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 -47-
Slide 48: Finnish healthcare portfolio
Finnish healthcare portfolio PORTFOLIO OF 226 ASSETS €1,160 m ~16,900 6.1% 12 years portfolio residents & yield on WAULT fair value children fair value 10 61 ~€1,258 m Inflation- projects tenant portfolio outlook linked to be groups as of double net long completed 29 July 2025 leases >6.5% 21% Exper
Slide 49: Finnish healthcare portfolio
Finnish healthcare portfolio Marketable investment properties Projects in the investment programme -49-
Slide 50: 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 -50-
Slide 51: Irish healthcare portfolio
Irish healthcare portfolio PORTFOLIO OF 22 ASSETS €428 m ~2,300 5.6% 22 years portfolio residents yield on WAULT fair value fair value 2 6 ~€471 m Inflation- projects tenant portfolio outlook linked to be groups as of triple net long completed 29 July 2025 leases -51-
Slide 52: Irish healthcare portfolio
Irish healthcare portfolio Marketable investment properties Project in the investment programme -52-
Slide 53: 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 -53-
Slide 54: Spanish healthcare portfolio
Spanish healthcare portfolio 1 ASSET, 1 PROJECT & 1 PLOT OF LAND €14 m 2 1 portfolio assets plot of land fair value 1 ~€26 m Inflation- tenant portfolio outlook linked group as of triple net long 29 July 2025 leases -54-
Slide 55: Notes
fl Notes aedifica |" housing with care -55-
Aedifica Sicafi Bruxelle — H1 2025 Earnings Presentation on 6ix