Slide 1: Q3 2025 results
Q3 2025 results Brussels, 28 October 2025 -1-
Slide 2: Table of content
Table of content 3 Highlights Q3 2025 8 Strategy 16 Achievements 18 Portfolio analysis 29 Financials 44 Shares & shareholders 49 Outlook 51 Conclusion -2-
Slide 3: Highlights Q3 2025
Highlights Q3 2025 Limerick Cancer Center Limerick - Ireland -3-
Slide 4: Highlights Q3 2025
Highlights Q3 2025 €6.2 billion 7 €189 million 41.2% fair value countries committed debt-to-assets ratio real estate portfolio investment programme YTD 2.2% €185.8 million Average cost of debt +4% YoY 615 healthcare sites 9 EPRA earnings projects completed BBB YTD (~ €81m) S&P Global credit rating €
Slide 5: Exchange offer on all Cofinimmo shares
Exchange offer on all Cofinimmo shares KEY HIGHLIGHTS - Agreement reached to unite & create a - Prospectus to be published after approval by leading European healthcare REIT (June the FSMA with full offer details (terms, timeline, 2025) etc.) - Exchange ratio of 1.185 new Aedifica - Transaction cond
Slide 6: 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 7: 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 -7-
Slide 8: Strategy
Strategy Hoge Haeghe Almere Almere – The Netherlands -8-
Slide 9: 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 €6.2 billion real estate portfolio Growth potential ~ €3.0 billion Inflation-linked driven by demographic market cap contracts evolution €189 m
Slide 10: 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 67 118 228 22 2 Pipeline - €36m - €58m €40m €43m €12m Portfolio €1,256m €1,168m €666m €1,248m €1,223m €432m €22m Data as per 30 September 2025 -10-
Slide 11: 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 12: 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 13: Sustainability
Sustainability 2024 Environmental Data report highlights Great Place To Work • 3% nEUI reduction (from 158 kWh/m² in ‘23 to 154 Employee survey conducted in 2024 for kWh/m² in ‘24) the fourth year in a row. • 92% portfolio EPC coverage (+2% vs ‘23) 94% participation rate • 3% l-f-l fuel consumption
Slide 14: 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 15: Sustainability
Sustainability CRREM Research project 154 kWh/m² 130 kWh/m² Aedifica actual 20242 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 16: Achievements
Achievements Oulu Satamatie 34 Oulu - Finland -16-
Slide 17: Achievements: investment properties evolution & focus on Europe
Achievements Investment properties1 evolution & focus on Europe EVOLUTION SINCE 2006 GEOGRAPHICAL BREAKDOWN (FAIR VALUE)2 6,218 6,192 CAGR: 20% 5,849 5,704 5 2 1 2 2 1 <1 1 <1 2 <1 9 5 7 7 7 (as of 30 September 2025) 12 12 13 15 14 12 4,896 12 12 11 11 14 17 17 18 23 22 21 19 3,815 19 23 18 18 18 19
Slide 18: Portfolio analysis
Portfolio analysis Villa Temporis Hasselt – Belgium -18-
Slide 19: 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 20: 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
Slide 21: 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 22: 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 23: 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 24: 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. -24-
Slide 25: Lease maturity
Lease maturity UNEXPIRED LEASE TERM WAULT BY COUNTRY 1% 25 11% Avg 22 22 < 5 years 20 18 years 16% 5 to 10 years 19 14 10 to 15 years 12 72% ≥ 15 years in years 18 years <1% Belgium Germany Netherlands United Kingdom Weighted average unexpired 100 % Expiring in the Occupancy rate Finland Ireland Spa
Slide 26: 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 27: 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 -2
Slide 28: 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 29: Financials
a aedifica |' ‘ausing with care
Slide 30: 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) 30/09/2025 30/09/2024 +9% Operating result before result on Rental income 271,791 251,045 portfolio mainly following Rental-related charges -436 7 increased net renta
Slide 31: Income Statement
Income Statement Net result EARNINGS PER SHARE Consolidated incom e statem ent - analytical form at (x €1,000) 30/09/2025 30/09/2024 Positive l-f-l FV change in investment properties driven by EPRA Earnings* 185,825 178,326 indexation and strong tenant rent Changes in fair value of financial assets
Slide 32: Rental income
Rental income 280 +6.3 +0.1 271.8 270 +6.2 -0.3 +0.6 +9.0 260 +6.0 251.0 250 -7.1 240 230 220 8% increase YoY in € m 210 200 Rental Indexation Rent Disposals Deliveries Acquisitions Contingent Other FX impact Rental 1 income reversion rent income Q3 2024 Q3 2025 1 Contingent rent includes a non-recu
Slide 33: Rental income
Rental income 280 +5.6 +0.8 +0.2 271.8 270 +13.3 -2.8 260 +1.4 +1.3 251.0 250 -0.1 +8% 240 Year-on-Year 230 220 + 3.1% increase LFL rental income 210 in € m 200 Rental Belgium Germany Netherlands United Finland Sweden Ireland Spain Rental income Kingdom income Q3 2024 Q3 2025 +1.9% rent indexation C
Slide 34: EPRA Earnings
EPRA Earnings +20.3 -0.6 -4.3 +0.0 185.8 178.3 -7.7 -0.2 4% increase YoY in € m 1 Non-recurring FBI tax refund of €4.2 million in 1 EPRA Rental Operating Financial Tax EPRA Non- EPRA 2024. Earnings income costs result Earnings of controlling Earnings Q3 2024 associates interests Q3 2025 -34-
Slide 35: Debt-to-assets ratio
Debt-to-assets ratio 56% 56% 50% 50% 43% 45% 43% 44% 46% 42% 41% 40% 40% 41% 41% 37% Financial policy: debt-to-assets ratio ~40% with a maximum of 45% March June March June Oct Dec March June Mar June Dec June Sept Dec Dec Sep Bank covenants stand at a maximum of 60%. 2019 2019 2020 2020 2020 2020 2
Slide 36: Debt-to-assets ratio
Debt-to-assets ratio €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 41.2% Debt-to-assets rati
Slide 37: 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 -37-
Slide 38: Credit facilities
Credit facilities Diversified sources of funding €2,504 million 3% Investment Investmentcredits credits total financial debt 15% Term loans 53% Term loans bank facilities 4% Debt financing YTD: Revolving Revolvingloans loans • €280 million early & new refinancing 38% with maturities between 3 & 7 ye
Slide 39: Credit rating & KPI's
Credit rating & KPI’s Solid investment grade rating BBB with 6.1x 7.9x 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 40: Credit facilities
Credit facilities Well spread debt maturity profile 900 800 263 700 55 600 128 140 ~€614 million1 500 headroom on committed credit 400 383 lines and cash on 30 Sept. to 300 finance capex & liquidity needs 159 463 511 300 200 3.4 years 100 192 220 40 weighted average debt maturity in € m 50 50 77 75
Slide 41: Credit facilities
Credit facilities Interest rate hedging1 12% 12% 12% 16% 88% 47% of debt hedged by derivatives or fixed rate debt 53% 53% 53% 51% as of 30 September 2025 29% 3.9 years Weighted average hedge maturity (increased to 4.1 35% 35% 35% 33% years incl. IRS added in 24% October 2025) 1 Projected debt. 30/09
Slide 42: Net asset value
Net asset value Discount on 27 October 2025 15% vs NAV at FV excl. IAS 39 16% vs NAV at FV incl. IAS 39 16% vs EPRA NTA Net asset value per share (in €) 30/09/2025 31/12/2024 Net asset value, excl. changes in fair value of hedging 75.29 75.70 instruments* Effect of the changes in fair value of hedgi
Slide 43: Shares & shareholders
Shares & shareholders Fredenbeck Fredenbeck - Germany -43-
Slide 44: Shareholding
Shareholding1 INTERNATIONAL & DIVERSIFIED SHAREHOLDERS BASE1 Belgium 2% 12% United States 2% 2% United Kingdom 31% 2% Netherlands One shareholder 4% France holding more than 5% of Germany the company’s capital 2 7% Norway ~1/3 retail shareholders Sweden ~2/3 institutional 7% Switzerland shareholders
Slide 45: 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 46: 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 47: Organisation & team
A= aecifica || housing with care
Slide 48: Organisation & team
Organisation & team 6 2 INTERNATIONAL TEAM 13 HQ (Belgium) Local teams in 6 countries Belgium managing the portfolio 12 56 Finland and the group’s growth UK Germany International staff of Netherlands 130 people of which 31 Ireland 52 women and 78 men 9 Number of employees per country (As per 30 Sept
Slide 49: Outlook
Outlook Oulu Vaarapiha Oulu - Finland -49-
Slide 50: 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 51: Conclusion
Conclusion Priesty Fields Care Home Congleton – United Kingdom -51-
Slide 52: 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 53: Thank you
Thank you INVESTOR RELATIONS ir@aedifica.eu Rue Belliard/Belliardstraat 40 bte 11 1040 Brussels, Belgium -53-
Slide 54: Stefaan Gielens - CEO, Ingrid Daerden - CFO
Stefaan Gielens - Chief Executive Officer Ingrid Daerden - Chief Financial Officer -54-
Slide 55: 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 56: 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 57: Appendix
Appendix LTS Winschoten Winschoten - Netherlands -57-
Slide 58: Belgian healthcare portfolio
Belgian healthcare portfolio PORTFOLIO OF 79 ASSETS €1,256 m ~8,200 5.9% 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 27 October 2025 leases -58-
Slide 59: Belgian healthcare portfolio: marketable investment properties
Belgian healthcare portfolio Marketable investment properties -59-
Slide 60: 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 -60-
Slide 61: German healthcare portfolio
German healthcare portfolio PORTFOLIO OF 98 ASSETS €1,168 m ~10,000 5.6% 20 years portfolio residents yield on WAULT fair value fair value 3 25 ~€1,199 m Inflation- projects tenant portfolio outlook linked to be groups as of double net long completed 27 October 2025 leases with various indexation li
Slide 62: German healthcare portfolio
German healthcare portfolio Marketable investment properties Projects in the investment programme -62-
Slide 63: 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 -63-
Slide 64: Dutch healthcare portfolio
Dutch healthcare portfolio PORTFOLIO OF 67 ASSETS €666 m ~3,100 6.2% 14 years portfolio residents yield on WAULT fair value fair value 22 ~€679 m Inflation- tenant portfolio outlook linked groups as of mostly triple net 27 October 2025 long leases -64-
Slide 65: Dutch healthcare portfolio
Dutch healthcare portfolio Marketable investment properties -65-
Slide 66: Dutch healthcare portfolio
Dutch healthcare portfolio Villa Florian, Sinnehiem, Blaricum - 29 units Hauwerlijk – 92 units Heerenhage, Heerenveen – 126 units LLT Almere Buiten, Almere - 38 units -66-
Slide 67: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio PORTFOLIO OF 118 ASSETS €1,248 m ~7,700 6.4% 22 years portfolio residents yield on WAULT fair value fair value 4 18 ~€1,216 m Inflation- projects to be tenant portfolio outlook linked completed groups as of triple net long 27 October 2025 leases with general
Slide 68: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio Marketable investment properties Project in the investment programme -68-
Slide 69: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio York Bluebeck Drive, York The Mount, – 66 units Wargrave - 65 units To be completed Q2 2026 Copperfield Court, Broadstairs - 66 units Dawlish, Dawlish - 71 units -69-
Slide 70: Finnish healthcare portfolio
Finnish healthcare portfolio PORTFOLIO OF 228 ASSETS €1,223 m ~17,100 6.1% 12 years portfolio residents & yield on WAULT fair value children fair value 11 61 ~€1,285 m Inflation- projects tenant portfolio outlook linked to be groups as of double net long completed 27 October 2025 leases >6.5% 21% Ex
Slide 71: Finnish healthcare portfolio
Finnish healthcare portfolio Marketable investment properties Projects in the investment programme -71-
Slide 72: Finnish healthcare portfolio
Finnish healthcare portfolio Helsinki Ensikodintie, Jyväskylä Lahjaharjuntie, Helsinki – 32 units Jyväskylä – 172 units Kokkola Kruunupyyntie, Kokkola – 61 children Tahtimarssi, Oulu – 350 children -72-
Slide 73: Irish healthcare portfolio
Irish healthcare portfolio PORTFOLIO OF 22 ASSETS €431 m ~2,300 5.6% 22 years portfolio residents yield on WAULT fair value fair value 2 6 ~€474 m Inflation- projects tenant portfolio outlook linked to be groups as of triple net long completed 27 October 2025 leases -73-
Slide 74: Irish healthcare portfolio
Irish healthcare portfolio Marketable investment properties Projects in the investment programme -74-
Slide 75: Irish healthcare portfolio
Irish healthcare portfolio Dublin Stepaside, Limerick Cancer Stepaside - 119 units Center, Limerick – To be completed Q4 2026 Clondalkin Nursing Home, Dublin - 150 units Northwood Nursing Home, Dublin - 121 units -75-
Slide 76: Spanish healthcare portfolio
Spanish healthcare portfolio 2 ASSETS, 1 PROJECT & 1 PLOT OF LAND €22 m 5.4% 1 Inflation- portfolio yield on plot of land linked fair value fair value triple net long leases 1 2 ~€34 m project tenant portfolio outlook groups as of 27 October 2025 -76-
Slide 77: Spanish healthcare portfolio
Spanish healthcare portfolio Marketable investment properties Project in the investment programme -77-
Slide 78: Spanish healthcare portfolio
Spanish healthcare portfolio Novaedat Mutxamel, Alicante - 120 units Tomares Miro, Tomares - 180 units -78-
Slide 79: Notes
fl Notes aedifica |" housing with care -79-