Vital Infrastructure Property Trust · TSX:VITL.UN
Vital Infrastructure Property Trust — Northwest Healthcare Properties Real Estate Investment Trust — Q4 2025 Earnings Presentation
25 slides from Vital Infrastructure Property Trust's earnings presentation, Feb 24, 2026
Slide 1: Northwest Healthcare Properties REIT Investor Presentation
Northwest Healthcare Properties REIT Investor Presentation February 24, 2026 TSX: NWH.UN NWH REIT | Hospital | Q4 2025Brazil e Maternidade, | 1
Slide 2: We are a global owner/operator of Healthcare Infrastructure
We are a global owner/operator of Healthcare Infrastructure 133 $5.6B 13.0M 96% 12.3 PROPERTIES GROSS ASSETS SQ.FT. OCCUPANCY WALE (YRS) 6 ~7,500 ~240 1,300+ BBB(low) COUNTRIES HOSPITAL BEDS OPERATING THEATRES TENANTS INVESTMENT GRADE CREDIT RATING NWH REIT | Q4 2025 | 2
Slide 3: Portfolio Overview
| Caxias D’Or Hospital, Brazil Portfolio Overview NOI Is Strongly Diversified By Regions & Asset Mix1 REGIONS ASSET MIX Other North 2% America Brazil 36% 25% Inpatient Facilities Europe 52% 22% Outpatient Facilities 46% Australia 17% 1. Proportionate NOI NWH REIT | Q4 2025 | 3
Slide 4: Non-Discretionary Tenants
| Dalbergstr. 22, Germany Non-Discretionary Tenants Resilient cash flows underpinned by Non-Discretionary spending Discretionary Hospital / Surgery <5% Primary & General Care Specialty Care Diagnostics & Ancillary Services Wellness & Preventative Health 7% 3% Medical Research & Education 3% Non-Medi
Slide 5: Strong cash flow durability
| St. John of God Specialist Centre, Australia Strong cash flow durability Northwest’s tenant revenues are supported by high quality & highly rated credit 4% >95% GOVERNMENT + PRIVATE INSURANCE 47% 49% <5% NON-CREDIT AA+ (Government & Self-Pay) A (Private Insurance) Non-Credit Sources: Based on a we
Slide 6: Lease Maturity Profile
Lease Maturity Profile1 100% 90% >64% 80% Of leases mature post 2034 70% >64% % of leases expiring 60% 50% <5% Average annual lease 40% expiry over the next 8yrs 30% 20% ~88% 10% Renewal rate achieved on over 780k square feet of expiring 0% leases in FY 2025 2026 2027 2028 2029 2030 2031 2032 2033 2
Slide 7: 2025 Year in Review
2025 Year in Review Financial and Operating Performance December 31, December 31, Operating Priorities % change Outcome 2024 2025 SPNOI Growth(1) 4.0% 3.1% (0.9%) 3-4% annual growth achieved Funds From Operations (“FFO”) 0.36 0.44 22.2% Strong YoY growth achieved 3%-4% ($/unit)(1) Annual SPNOI growt
Slide 8: 2025 Year in Review
2025 Year in Review Balance Sheet KPI’s December 31, December 31, Balance Sheet Priorities 2024 2025 % change Outcome <50% AUM ($M) 8,281.6 5,630.5 (32.0%) Successful asset disposal strategy and business simplification Debt ($M)(1) 2,686.3 2,047.4 (23.8%) >$600M of debt repaid Debt to GBV Debt to Gr
Slide 9: 2025 Achievements
| Cambrian Centre, Canada 2025 Achievements Improved Financial Strengthened Portfolio through Flexibility through Occupancy and Lease Renewals Balance Sheet Optimization Increased same-property NOI(1) by 3.1% and secured 1.1 million We reduced leverage to the low-50% range, sq. ft. in new, renewed,
Slide 10: Introducing Vital Infrastructure
Q4 2025 Introducing Vital Infrastructure FEBRUARY 24, 2026 TSX : VITL.UN Frankston Public Hospital, Australia
Slide 11: Introducing Vital Infrastructure Property Trust
Introducing Vital Infrastructure Property Trust Investing in Healthcare Infrastructure TSX : VITL.UN Who we are: What we do: Our new ticker Proven Partners We invest in, operate (TSX : VITL.UN ) in Health Systems and partner to strengthen Is expected to be healthcare infrastructure effective March 1
Slide 12: Tailwinds for Healthcare Infrastructure Investing
Tailwinds for Healthcare Infrastructure Investing 1 Demographics – Aging Population 2 Growing Healthcare Spending 3 Movement to Outpatient Facilities Hospital Caxias, Brazil 12
Slide 13: Demographics - Aging Population
Demographics - Aging Population In the next decade, Canadian’s aged 65 and above will account for ~1/4 of the population... a 28% increase from today 24.0% +2M 22.0% PEOPLE (65+) 20.0% % of Population (65+) 18.0% 16.0% 14.0% 12.0% Sources: Statistics Canada, 2025 13
Slide 14: Growing Healthcare Spending
Growing Healthcare Spending Spending on Canadian Healthcare is expected to grow at ~5% pa for the next 25 years ANNUAL PHYSICIAN HEALTHCARE SPENDING VISITS & COSTS – USA (1) – CANADA (2) Age 2 Visits / year < 45 $5,100 / year $1.3T 4 Visits / year 45 - 64 $11,300 / year $374 B 7 Visits / year 2024A
Slide 15: Movement to Outpatient
Movement to Outpatient Procedures in US Outpatient Facilities continue to grow (1) 125 2,500 120 2,400 Technology Advances 2,300 115 2,200 In - patient admissions 110 Outpatient Visits 2,100 105 2,000 Cost Efficiency 100 1,900 95 1,800 90 1,700 Better Patient Outcomes 85 1,600 In-patient per 1,000 O
Slide 16: Vital Owns and Manages Critical Healthcare Infrastructure Along a Patient's Journey
Vital Owns and Manages Critical Healthcare Infrastructure Along a Patient’s Healthcare Journey Where we focus HOME MEDICAL CLINIC / AMBULATORY IN - PATIENT SPECIALIZED OUTPATIENT DIAGNOSTIC SURGERY CENTRE HOSPITALS REHABILITATION FACILITY IMAGING CENTRE CENTRES HOME HOSPICE SKILLED NURSING LONG - TE
Slide 17: Building Canada's Future Healthcare Infrastructure
Building Canada’s Future Healthcare Infrastructure Significant Investment in Modern Healthcare Infrastructure is Needed in Canada “Compared to inpatient settings, ambulatory centres can provide surgery times that are shorter, with faster recoveries, lower infection rates and efficiency gains ranging
Slide 18: Development Opportunities
Development Opportunities Adaptive local market conditions to provide significant growth opportunities ▪ Design and construction of a purpose built, four - storey medical Vital Infrastructure Property Trust has outpatient and ambulatory surgical centre an Unwavering First - call Advantage ▪ Formally
Slide 19: Geographic Footprint
Geographic Footprint Strategic portfolio simplification accelerates Americas focus REGIONS (1) North America Brazil North America Brazil 28% 17% 45% 28% 2021 2025 (2) Europe Europe 31% 9% Australasia 24% Australia 18% Transitioning global footprint to regional strength Streamlined operations to maxi
Slide 20: REIT Universe – Listed REIT Sector
REIT Universe – Listed REIT Sector The Canadian REIT universe is dominated by traditional property sectors, Healthcare / Senior Living make up < 14% of the total Office Storage 5% 2% Diversified ANNUAL 5% COMPANY TICKER SHARE PRICE ($) MARKET CAP DISTRIBUTION Industrial YIELD 11% Healthcare & Senior
Slide 21: Why Invest in Vital?
Why Invest in Vital? Opportunity to Access an Established Global Portfolio of Critical Healthcare Infrastructure 1 Unique Asset Base: Only Canadian REIT owning critical Healthcare Infrastructure 2 Sector Fundamentals: Defensive and recession resistant asset class with strong demand tailwinds 3 Incom
Slide 22: Board of Trustees / Management
Board of Trustees / Management Vital's strong governance framework ensures diversity is considered in determining optimal board composition. POSITION APPOINTED TO POSITION INDEPENDENCE Board of Trustees Bobby Julien Chair 2025 Independent Peter Aghar Trustee 2024 Independent Graham Garner Trustee 20
Slide 23: Summary
Summary Vital Infrastructure Property Trust Ticker VITL.UN (1) Listed Exchange TSX Distribution Payable (C$) $0.03 / Monthly Unit Price (2 ) $6.02 Market Capitalization (C$) (2 ) $1. 5 Billion Distribution Yield (2 ) 6.0 % 52 - Week Trading Range (2 ) $ 4.44 - $ 6.02 Volume Weighted Avg. Price (20 -
Slide 24: Non-IFRS Measures
Non - IFRS Measures As defined in the Q4 2025 MD&A 1. Adjusted EBITDA 8. Investment Properties on a Proportionate Basis 2. AFFO 9. Liquidity 3. AFFO per Unit 10. Net Asset Value (“NAV”) 4. AFFO Payout Ratio 11. Net Operating Income 5. Debt to Adjusted EBITDA (“NOI”) 6. Debt to Gross Book Value 12. S
Slide 25: Forward Looking Disclaimer
Forward Looking Disclaimer This presentation provides a summary description of Northwest Healthcare Properties hospitals, the REIT’s ability to successfully complete its planned dispositions, Real Estate Investment Trust (“NWH” or the “REIT”) . This presentation should be read in developments and ac
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