Slide 1: Healthcare real estate: the future is promising
Healthcare real estate THE FUTURE IS PROMISING Finance Avenue, 15 November 2025 -1-
Slide 2: 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 3: 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 4: Healthcare real estate tenants
Healthcare real estate tenants Tenant diversification1 9% 6% 615 sites with approx. 5% 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% of
Slide 5: 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 6: 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 Data as at 31 March 2025. (x) 1.0 Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec M
Slide 7: 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 7 consecutive 60% quarters 40% 6.4 +0.38% LFL 20% +0.35% valuation 6.2 Avg 6.0 change 00% 6.1 Belgium 0.0% 80% 5.8 +0.25% Germany 0.1% 60%
Slide 8: Portfolio growth
Portfolio growth - Turning ‘demand’ into ‘growth’ - Requires a new balance between - Cost of capital - Cost of construction - Rent payment capacity -8-
Slide 9: Portfolio growth: development projects
Portfolio growth Development projects Rovaniemi Koivuojankatu – Jyväskylä Lahjaharjuntie – Rovaniemi (FI) JyväskylÄ (FI) To be completed in Q2 2026 Completed: Q3 2025 Lappeenranta Tyysterniementie – Lappeenranta (FI) To be completed: Q2 2026 Kokkola Kruunupyyntie - Kokkola (FI) Completed: Q3 2025 -9
Slide 10: Committed development projects
Committed development projects Pipeline €189 million of which €111 million to be invested GEOGRAPHICAL SPLIT EXPECTED DELIVERY DATE 100% pre-let €12m 6% €37m 19% €12 million €36m €58m 2025 expected rental 19% 31% €70m 37% income 2026 6.5% €40m initial yield on cost 21% 2027 €43m €82m 23% 44% 14 new
Slide 11: Limerick cancer centre
Limerick cancer centre – development in Limerick (IE) announced in July 2025 -11-
Slide 12: Investment activity
Investment activity New investments & pipeline completions1 €25 million €90 million €163 million new investments & projects announced YTD (see map) €27 million €13 million Over €66 million new investments & projects announced in Q3 €250 million anticipated for FY 2025 9 projects (€81 million) €7 mil
Slide 13: Strategy roll-out well on-track YTD
Strategy roll-out well on-track YTD New investments 250 163 & projects Projects 81 110 completions Asset rotation 125 190 in € m Realized YTD Targets 2025 -13-
Slide 14: Novaedat Mutxamel
Novaedat Mutxamel – care home in Alicante (ES) acquired in September 2025 -14-
Slide 15: Exchange offer on all Cofinimmo shares
Exchange offer on all Cofinimmo shares KEY HIGHLIGHTS - Agreement unite & create a leading - Prospectus to be published after approval by the European healthcare REIT (June 2025) FSMA with all offer details (terms, timeline, etc.) - Exchange ratio of 1.185 new Aedifica - Transaction conditional to a
Slide 16: Reinforcing our position in key European markets
Reinforcing our position in key European markets while expanding our presence in both Northern & Southern Europe By GAV Ireland LEGEND Ireland Spain Finland 2% UK 7% <1% Aedifica + Cofinimmo Netherlands Italy 3% 1% UK 4% 11% 22% Spain Aedifica Cofinimmo 7% Netherlands 10% Finland Belgium Belgium 19%
Slide 17: Building a new Belgian listed European champion
Building a new Belgian listed European champion #1 Reference European healthcare REIT and #4 Global healthcare REIT European healthcare-focused listed real estate players (GAV in €bn) Healthcare #1 Other 12,1 1,4 6,1 6,0 5,1 10,8 1,4 3,8 3,2 4,2 4,6 1,1 0,8 0,9 Combined Aedifica Cofinimmo1 group HEA
Slide 18: Material value creation for shareholders
Material value creation for shareholders ✓ Substantial geographical overlap and shared healthcare focus for seamless integration i Strategic fit ✓ Further diversification and strengthening of tenant profile ✓ Creation of the reference healthcare REIT in Europe with combined GAV1 of c. €12.1 billion2
Slide 19: Timeline
Timeline Announcement of Aedifica’s intention to launch a 1 May conditional exchange offer on all Cofinimmo shares Agreement reached to unite & create a leading 3 June European healthcare REIT S&P Global placed Aedifica’s BBB rating on 4 June CreditWatch Positive Aedifica shareholders give broad sup
Slide 20: Aedifica 20 years
A= aecifica || housing with care
Slide 21: Stefaan Gielens - Chief Executive Officer
Stefaan Gielens - Chief Executive Officer -21-
Slide 22: 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 ir@aedifica.eu - www.aedifi
Slide 23: 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 24: Appendix
Appendix LTS Winschoten Winschoten - Netherlands -24-
Slide 25: Outlook
Outlook Drivers for future growth while €5.10/share4 EPRA EPS 20255 maintaining a solid debt-to-asset ratio Guidance increased 7.0 €4.00/share 6.5 Gross DPS 2025 6.0 5.5 2 3 5.10 5.02 4.93 5.0 4.5 4.23 4.35 4.76 3 Strong fundamental tailwinds 3.90 4.00 4.0 3.25 3.74 3.40 3.70 3.80 remain intact 3.5
Slide 26: 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 27: 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 28: 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 Other care segments 69% Marketable investment properties incl. assets classified as held for
Slide 29: Healthcare real estate portfolio
Healthcare real estate portfolio Geographical breakdown DIVERSIFICATION ACROSS EUROPEAN COUNTRIES <1% 7% 21% Belgium Germany 20% Netherlands United Kingdom Finland 19% Ireland Spain 21% 11% Marketable investment properties incl. assets classified as held for sale (€6,014 m), excl. rights of use of p