Care Property Invest Sa · EURONEXT:CPINV
Care Property Invest Sa — H1 2026 Earnings Presentation
42 slides from Care Property Invest Sa's earnings presentation, September 2026
Slide 1: Building a Caring Future Together HY 2026
HY 2026 Building a Caring Future Together
Slide 2: CEO Patrick Couttenier and CFO Filip Van Zeebroeck
BuildingaCaringFutureTogether CEO CFO Patrick Couttenier Filip Van Zeebroeck /couttenier /FilipVanZeebroeck patrick.couttenier@ filip.vanzeebroeck@ carepropertyinvest.be carepropertyinvest.be +32 478 88 30 49 +32 494 91 10 93 Care Property Invest I 2
Slide 3: Agenda
Care Property Invest Building a Caring Future Together 3 01 Care Property Invest In a nutshell 02 Our portfolio High-end and sustainable buildings 03 Strategic focus Building a caring future together 04 Financial information Figures and guidance 05 Share and shareholders A solid dividend investment
Slide 4: Care Property Invest in a nutshell
Care Property Invest in a nutshell Building a Caring Future Together www.carepropertyinvest.be 01
Slide 5: Company profile
Care Property Invest Care Property Invest in a nutshell 5 Company profile Pure Play Healthcare Belgian REIT / EPRA Lean, mean and agile organisation structure Profitability in line with conservative risk profile Index Growth potential in all Stable Cash Flows based on 4 Core Countries markets LT con
Slide 6: Key figures HY 2026
Care Property Invest Care Property Invest in a nutshell 6 Key figures HY 2026 Financial Operations Risk Fair value portfolio: 1.39 B EUR 4 Countries EPRA LTV: 48.19% • Leases: 212 M EUR (15%) 160 sites Headroom on financing: 74 M EUR • Investm. Prop. : 1,179 M EUR (85%) 25 operators Average cost of
Slide 7: Split in investment properties vs finance leases
Care Property Invest Care Property Invest in a nutshell 7 Split in investment properties vs Evolution of fair value of total portfolio finance leases at fair value in million EUR as at 30 June 2026 €1,400 m 15% €1,200 m €1,000 m €800 m €600 m €400 m 85% €200 m Finance leases (IFRS 16) €0 m 2013 2014
Slide 8: Projects: new acquisitions 2025
Care Property Invest Care Property Invest in a nutshell 8 Projects NEW ACQUISITIONS 2025 Project Location Date Type Conv. Value Agreement Operator (in € million) Belgium Berkenhof Heers 02/12/2025 Acquisition € 19.0 20 Y - triple net Korian Frederickxhof Lummen 02/12/2025 Acquisition € 12.5 20 Y - t
Slide 9: Projects: disposals and completions
Care Property Invest Care Property Invest in a nutshell 9 Projects DISPOSALS 2025 Project Location Selling Date Type Conv. Value Agreement Operator (in € million) Belgium De Nieuwe Ceder Deinze 01/10/2025 Investment Property € 9.4 N/A Selys & Kompas Total € 9.4 NEW COMPLETIONS 2026 Project Location
Slide 10: Our portfolio
Our portfolio High-end and sustainable buildings Building a Caring Future Together www.carepropertyinvest.be 02
Slide 11: 4 core markets within the Eurozone
Care Property Invest Our portfolio 11 • CP Invest focuses on 4 core markets within the Eurozone/EEA: Belgium, The Netherlands, Spain and Ireland. Ireland • CP Invest’s real estate portfolio is distributed (in terms of Fair FV: €95 m United Kingdom Value) as follows: Belgium (66%), The Netherlands (1
Slide 12: Belgian healthcare real estate market
Care Property Invest Our portfolio 12 Population 100 +136% Projected +136% 80 growth in age cat. 85+ +20% total population of +20% in age 60 cat. 66-85 +9.4% 40 +9.4% Evol. ageing population 20 85+ 66-85 Age bracket now 2040 2070 0-65 65+ (nominal) 2.4m 3.0m 3.5m 0 2025 2030 2040 2050 2060 2070 65+
Slide 13: Dutch healthcare real estate market
Care Property Invest Our portfolio 13 Population +157% Projected +157% growth total in age cat. 85+ +13% population of +13% +15.3% in age cat. 66-85 +15,3% Evol. ageing population 85+ 65-85 Age bracket now 2040 2070 0-65 65+ (nominal) 3.7 4.8m 5.5m 2025 2030 2040 2050 2060 2070 65+ (in %) 20.5% 25%
Slide 14: Spanish healthcare real estate market
Care Property Invest Our portfolio 14 Population 100 +157% Projected +152% growth in age cat. 85+ 80 +13% total population of +31% 60 in age cat. 66-85 +6.7% 40 +6.7% Evol. ageing population 85+ 20 65-85 Age bracket now 2040 2070 0-65 65+ (nominal) 11.5m 14.6m 16.4m 0 2025 2030 2040 2050 2060 2070 6
Slide 15: Irish healthcare real estate market
Care Property Invest Our portfolio 15 Population 100 +250% Projected +250% growth in age cat. 85+ 80 +72% total population of +72% in age 60 +24.4% cat. 66-85 40 Evol. ageing population +24.4% 85+ Age bracket now 2055 20 66-85 Total population 5.1 m 6.4m 0-65 Total population - +25.5% 0 2022 2027 20
Slide 16: Geographical distribution
Care Property Invest Our portfolio 16 Geographical Geographical distribution of the number of projects Geographical distribution of the number of residential units distribution (1) 7% 6% 9% 9% 9% 35% 39% 11% 160 acquired projects in portfolio 11% as at 30 June 2026 13% 32% 18% 30 June 2026 30 June 2
Slide 17: Project structure
Care Property Invest Our portfolio 17 Project structure Structure subsidised by the Flemish Government Triple net leasehold contracts (1) Design-build-finance structure with 100% investment repayment at end of leasehold. Average remaining term of the finance leases (initial portfolio only) at 30 Jun
Slide 18: Annual rental income loss and average needed replacement value
Care Property Invest Our portfolio 18 Annual rental income loss and average needed replacement value - in k EUR Annual rental income loss Average replacement value at 5.75% yield 0 25,000 20,000 −500 -898k -898k 15,000 −1,000 12,310 10,000 −1,500 5,000 −2,000 0 2025 2026 2027 2028 2029 2030 2031 203
Slide 19: Distribution operators
Care Property Invest Our portfolio 19 Belgium Spain 3% 3% 3% 3% 3% 4% Colisee Emera 4% 20% 4% 23% Hesta-C/My Assist Forum de Inversiones 4% Public Inmobiliarias Mare Nostrum S.A. 4% Orelia Other (1) 5% 6% Korian Ireland 5% Vulpia Silverstream Healthcare 6% Other(1) (2) 17% DomusVi 15% 10% The Nether
Slide 20: Strategic focus
Strategic focus Building a caring future together Building a Caring Future Together www.carepropertyinvest.be 03
Slide 21: Strategic focus: moving within strategic boundaries
Care Property Invest Our strategic focus 21 Strategic focus: moving within strategic boundaries 2026-2027 Tekengebied 1 Europa Focus remains on 4 existing Focus on strong financial structure geographic markets for new growth and interest risk management Belgium, The Netherlands, Spain and Ireland •
Slide 22: Financial information
Financial information Figures and guidance Building a Caring Future Together www.carepropertyinvest.be 04
Slide 23: HY 2026 Figures
Care Property Invest Figures and guidance 23 HY 2026 Figures Operational KPI’s Guidance 2026: Average indexation 2026: 2.45% Occupancy rate: 100% Sustained dividend - stable average real occupancy rate: 94.57% at 30 June 2026 We dispose of a well–managed portfolio of assets in well-chosen geographie
Slide 24: Key figures P&L Statement
Care Property Invest Figures and guidance 24 Key figures Period closed on 30 June - in K EUR 2026 Var 2025 Var 2024 Net rental result 40,846 11.60% 36,599 6.56% 34,346 P&L Real estate operating result 40,839 11.62% 36,589 6.55% 34,341 General expenses and other operating result (cash) -4,722 -19.77%
Slide 25: Rental income
Care Property Invest Figures and guidance 25 Rental income In million EUR €50.00 €3.64 €0.39 €0.30 €0.07 €40.99 €40.00 €36.59 €30.00 €20.00 €10.00 €0.00 Rental Income June YTD 2025 Belgium The Netherlands Spain Ireland Rental Income June YTD 2026 Change : BE NL ES IE Total Change : 15.02% 5.91% 9.95
Slide 26: Key figures balance sheet
Care Property Invest Figures and guidance 26 Key figures Consolidated in K EUR balance HY 2026 FY 2025 FY 2024 Receivables financial leases 165,672 165,814 166,440 sheet Trade payables related to fixed assets 6,932 7,365 8,192 Investment properties 1,178,698 1,175,906 1,015,282 Other assets not incl
Slide 27: Like-for-like portfolio valuation
Care Property Invest Figures and guidance 27 Like-for-like 0.5% 0.4% 0.4% portfolio 0.3% valuation 0.2% 0.1% 0.14% 0.1% 0.04% 0.0% 0% −0.1% −0.2% Average overall valuation yield of 5.73% −0.3% −0.3% −0.4% −0.5% −0.6% −0.7% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Slide 28: Valuation yields
Care Property Invest Figures and guidance 28 Valuation 7.00% 6% 8% 6% 3% 4% yields 8% 4% 2% 1% 1% 6.0 6% 6.0 2% 2% 3% 0% 2% 6% 6% 5.9 3% 5.9 5.9 8% 5.8 5% 6% 9% 9% 5.8 5.8 5.8 5.8 7% 5.7 5.7 5.7 5.7 5.7 5.7 5.6 5.6 6.00% 5.6 5.5 5.5 5.5 5.4 5.4 5.4 5.00% 4.00% % 5.82% P1 = Q2/2025 P2 = Q3/2025 3.00%
Slide 29: Debt ratio under control
Care Property Invest Tekengebied 33 Figures and guidance 29 Debt ratio under control Debt Ratio 60% Under control 50% 48.19% 47.31% 47.14% 47.00% 46.36% 45.40% 43.55% EPRA LTV 40% 30% 20% 10% 0% 2023 2023 HYHY2024 2024 2024 2024 HYHY2025 2025 2025 2025 HY 2026 FC HY 2026 2026 FC 2026
Slide 30: Hybrid business model and EPRA LTV compared to peers
Care Property Invest Figures and guidance 30 CPI’s hybrid business model results in an overstated EPRA LTV compared to peers • From an economic perspective, the Company’s finance lease portfolio should be viewed as a portfolio of receivables supported by government-backed cash flows. • Due to the pr
Slide 31: Financial headroom
Care Property Invest Figures and guidance 31 Financial EPRA LTV of 48.19% gives margin: Up to 45%: for €-81.2 million headroom Up to 50%: for €50.5 million Debt ratio Debt ratio of 49.89% (RREC-law) gives margin: Up to 50%: for €2.8 million Up to 60%: for €347.0 million (covenant credit contracts) U
Slide 32: Debt Maturity Wall
Care Property Invest Figures and guidance 32 Debt Maturity Wall in KEUR €200,000 €150,000 44,500 For the funds which can be 'rolled over' 84,000 10,000 at the unilateral €100,000 request of CP Invest, The undrawn credit the expiry date of the 500 lines also include credit facility is 1,500 the speci
Slide 33: Weighted average interest rate and outstanding debts
Care Property Invest Figures and guidance 33 Weighted average 5% interest 674.4 700 659.3 4.5% rate and 4% 580.9 563.5 600 outstanding 540.7 3.5% 500 debts 3% 423.3 3.22% 3.11% 400 3.06% 2.5% 326.9 2.90% Weighted average debt maturity 2% 300 2.31% (incl. CP): 4.62 years 2.01% 1.5% 1.90% 200 Weighted
Slide 34: Financial obligations: hedge ratio
Care Property Invest Figures and guidance 34 Financial obligations Hedge ratio - future evolution 100% 8.04% 8.63% 5.45% 4.44% 12.87% Floating rate debt not hedged 27.06% 17.02% 17.02% Floating rate debt hedged - CAP 80% Floating rate debt hedged - IRS Fixed rate debt 60% 74.22% 55.71% 73.41% 55.50%
Slide 35: Debt structure
Care Property Invest Figures and guidance 35 Debt structure €21m Commercial paper (12%) 3% €21m Bonds (3%) €79m €79m 3% • Short-term CP program of max. 200 12% • Spread maturities to 2030 12% MEUR fully hedged • 5 bonds • Current margin 55 bps Loans (85%) • Existing CP is usually rolled over, but •
Slide 36: Net financial debt and interest coverage
Tekengebied 27 Care Property Invest EBITDA and interest coverage ratio Figures and guidance 36 Net financial debt EBITDA and interest coverage ratio 5% 14 Net financial debt/ 4.5 4.3 4.3 EBITDA 4.5% 4.2 4.1 Interest coverage ratio 12 3.8 Bank covenant limit 4% 13.5 3.4 3.5 3.5 CPInvest 11.9 3.2 10 3
Slide 37: Share and shareholders
Share and shareholders A solid dividend investment Building a Caring Future Together www.carepropertyinvest.be 05
Slide 38: Turning dividends into durable performance
Care Property Invest Share and shareholders 38 Performance(1) 0.63 1.00 Total return of the share Attractive risk-return profile (incl. reinvestment of dividends) since IPO: 731% 851% 7.21% 7.69% Annual total return(2) 731% Consistent long-term returns underline robust performance 116% Annual averag
Slide 39: EPS and DPS evolution
Care Property Invest Share and shareholders 39 EPS and DPS Adjusted EPRA earnings per share (€/share) Gross dividend (in €/share) evolution 1.4 €1.24 (1) €1.16 1.2 (3) €1.06 (1) (2) €1.07 €1.11 €1.03 (1) €0.99 (1) €0.92 1 €0.86 €1.00 €1.00 €1.00 €1.00 €1.00 €0.74 0.8 A gross dividend of €1.00/share
Slide 40: Key investment highlights
Key investment highlights Building a Caring Future Together www.carepropertyinvest.be 06
Slide 41: Key investment highlights
Care Property Invest Key investment highlights 41 1 management Sound financial Key investment 2 Operational highlights excellence 3 Long-term view on value creation 4 Opportunistically explore options to create shareholder value 5 Ready to accelerate growth if good opportunities arise
Slide 42: Thank you
Thank you Building a Caring Future Together www.carepropertyinvest.be