Slide 1: Capital Markets Day 2025: Ireland
Capital Markets Day 2025: Ireland 7th & 8th May 2025 Dublin, Ireland -1-
Slide 2: Introduction & Welcome
Introduction & Welcome Loughshinny Nursing Home Dublin - Ireland -2-
Slide 3: Introduction & Welcome
Introduction & Welcome Opening of Session Welcome Property tour Intro to speakers Agenda for the morning… -3-
Slide 4: Contents
Contents 1 Introduction & Welcome 2 Ireland’s Healthcare Landscape 3 Ireland: Demography 4 Ireland: Funding System (& Economic Overview) 5 Evolution of Irish (Aedifica) Portfolio 6 Irish Portfolio: Deeper Dive 7 Headline Trends, Opportunities & Challenges -4-
Slide 5: Irish Healthcare Landscape
Irish Healthcare Landscape Beaumont Lodge (Transitional Care Unit) Dublin – Ireland -5-
Slide 6: Irish Health Landscape: Established models of provision but all under-supplied
Irish Health Landscape Established models of provision but all under-supplied ➢ Primary Care ➢ Secondary Care ➢ Tertiary Care ▪ 1st line of defence ▪ 2-Tier System ▪ 2-Tier System of provision ▪ Population-health based ▪ Public & Private (but for how long?) approach ▪ System fits between US and ▪ 31
Slide 7: Capacity Review (2018): Forecast Summary
Irish Health Landscape Capacity Review (2018): Forecast Summary Key Observations (Services for Older Persons): - Forecast period was 2016 to 2031 - Population growth has already exceeded levels present and projected at time of scenario modelling (2016 data / 2018 publication) - Combined demand for l
Slide 8: Capacity Review (2018): Forecast Summary (incl. Scenarios)
Irish Health Landscape Capacity Review (2018): Forecast Summary (incl. Scenarios) Table adjacent illustrates increases and decreases for the various service / Point of Delivery (POD) settings within the 3 sectors (Primary, Acute [Secondary] and Older Persons [Tertiary]) under the various reform scen
Slide 9: Capacity Review: Acute & Residential Care (Reform Impacts)
Irish Health Landscape Capacity Review: Acute & Residential Care (Reform Impacts) -9- Source: PA Consulting – Capacity Review (2018)
Slide 10: Reimbursement & Regulatory Structures
Irish Health Landscape Reimbursement & Regulatory Structures ➢ Primary Care (PCCs) ➢ Secondary Care (Hospitals) ➢ Tertiary Care (Nursing Homes & ▪ Funding (of Services): ▪ Funding (of Services): Residential Care / Institutions) ▪ Self-pay / out of pocket ▪ Self-pay / out of pocket ▪ Funding (of Serv
Slide 11: Demography
Ireland: Demography Fern Dean - Stepaside Dublin – Ireland -11-
Slide 12: Setting the Scene: Pop Distribution by Region (Census 2022)
Ireland: Demography Setting the Scene: Pop Distribution by Region (Census 2022) Total Pop: 0.420m Total Pop: 0.764m 8.1% of State 14.8% of State No. 75+: 31k (6.0%) No. 75+: 41k (5.4%) Dub + Mid-east (agg.) Total Pop: 2.22m (43% of State Pop.) No. 75+: 128k (5.8%) Border Region Total Pop: 0.486m Mid
Slide 13: Population Growth: 2006 to 2022 (Census)
Ireland: Demography Population Growth: 2006 to 2022 (Census) Ireland: Pop Growth 2006 - 2022 Key Observations: 5,149.10 - Total Pop Growth 2006 – 2022: +21.4% (909k) 84.40 2022 250.90 776.30 - Total Pop Growth 2016 – 2022: +8.1% (387k) - Pop Growth 2006 – 2022: 4,761.90 - 65 and over +65.9% 67.60 20
Slide 14: Population Growth Forecasts: 2022 to 2057
Ireland: Demography Population Growth Forecasts: 2022 to 2057 Ireland: Pop Forecast 2022 - 2057 Key Observations: - Total Pop Growth 2022 – 2027: +7.7% (+398k) - Total Pop Growth 2022 – 2032: +13.3% (+688k) 7,005.40 2057 396.30 - Total Pop Growth 2022 – 2057: +35.1% (+1.82m) 1,098.20 1,944.40 65+: M
Slide 15: Pop Growth Drivers: Life Expectancy & Fertility Rates
Ireland: Demography Pop Growth Drivers: Life Expectancy & Fertility Rates 4th of EU27 Median Age (2021): 6th of EU27 Ireland 38.5yrs (youngest) EU 44yrs Source: OECD (2023) Country Health Profile - Ireland Source: Central Statistics Office (CSO) – Health in Ireland: Key Trends (2023) Source: Central
Slide 16: Pop Growth Drivers: Perceived Health Status
Ireland: Demography Pop Growth Drivers: Perceived Health Status Delusion or Fact? - AVLOS (acute) 2013 5.5 days - AVLOS (acute) 2022 6.1 days (+11%) - AVLOS (psych) 2022 18.8 days - Hospital bed utilisation: - 93.3% (curative); - 6.7% (rehab / LTC) - Life expectancy drop (Covid-19) in Ireland was lo
Slide 17: Funding System
Ireland: Funding System Fern Dean – Typical Bedroom Dublin – Ireland -17-
Slide 18: Macro & Micro Profile
Ireland: Fundings System Macro & Micro Profile > ECONOMY • Ireland (IRL): a parliamentary republic in Western Europe (WEU) Dublin • Member of EU since 1973, and member of the Eurozone since 1999 • National currency: Euro (EUR) Mid-East • Population 2022: 5.15m inhabitants (+8% on 2016 Census) • GDP
Slide 19: Govt. Expenditure by Sector (2025)
Ireland: Funding System Govt. Expenditure by Sector (2025) Total: €120.05 bn (2025) 21.45% Source: CSO, Dept of Health, Irish Government -19-
Slide 20: Govt. Expenditure (Total) – Last Years (Current & Capital)
Ireland: Funding System Govt. Expenditure (Total) – Last 10 Years (Current & Capital) €90.3bn (86%) €50.5bn €14.8bn €3.6bn (14%) Source: CSO, Dept of Health, Irish Government -20-
Slide 21: Govt. Expenditure by Sector (3 Year Comp)
Ireland: Funding System Govt. Expenditure by Sector (3 Year Comp) +15.7% €22.3bn €25.8bn Source: CSO, Dept of Health, Irish Government -21-
Slide 22: Whole of (Health) System
Ireland: Funding System Whole of (Health) System -22-
Slide 23: Govt. Expenditure – Health: Last Years (Current & Capital)
Ireland: Funding System Govt. Expenditure – Health: Last 10 Years (Current & Capital) Capital +284% Source: CSO, Dept of Health, Irish Government -23-
Slide 24: Govt. Expenditure - Health (Breakdown)
Ireland: Funding System Govt. Expenditure - Health (Breakdown) Includes Fair Deal budget Includes other elements of older person budgets Includes other elements of older person budgets Source: CSO, Dept of Health, Irish Government -24-
Slide 25: Govt. Expenditure – Health (Care Programme)
Ireland: Funding System Govt. Expenditure – Health (Care Programme) Includes Fair Deal budget Source: CSO, Dept of Health, Irish Government -25-
Slide 26: Whole of (Health) System: 2014 – 2022 By Category
Ireland: Funding System Whole of (Health) System: 2014 – 2022 By Category 10% of total budget 25% of total budget 55% of total budget 36% of total budget -26-
Slide 27: Whole of (Health) System: 2017 – 2021 By Financing Scheme
Ireland: Funding System Whole of (Health) System: 2017 – 2021 By Financing Scheme -27-
Slide 28: Whole of (Health) System: 2017 – 2021 By Function
Ireland: Funding System Whole of (Health) System: 2017 – 2021 By Function -28-
Slide 29: Whole of (Health) System: 2017 – 2021 By Provider
Ireland: Funding System Whole of (Health) System: 2017 – 2021 By Provider Source: CSO, Dept of Health, HSE -29-
Slide 30: Health Expenditure (2021): International Comparisons
Ireland: Funding System Health Expenditure (2021): International Comparisons Ireland (2021): - % expressed on GNI basis* - Total $ / capita ranked 14th - Public $ / capita ranks 14th - Private $ / capita ranks 9th -30-
Slide 31: Evolution of Irish Portfolio
Evolution of Irish Portfolio Clondalkin Lodge Dublin – Ireland -31-
Slide 32: Evolution of Aedifica in Ireland
Evolution of Aedifica in Ireland From 2021 to Now Aug 22: Bartra Beaumont July 21: 221 beds Coolmine (Dublin) Group Loughshinn 62 beds + y 123 beds 22 bed ext. (Dublin) Millbrook Northwood Feb 21: Manor, Sept 21: Mar 22: May 22: 118 beds Bridhaven Dublin; Altadore 58 Crumlin Craddock (Dublin) 182 be
Slide 33: Irish Portfolio: Deeper Dive
Irish Portfolio: Deeper Dive Bartra Healthcare – Reception (Beaumont) Dublin – Ireland -33-
Slide 34: Homes & Beds by Region (2024)
Irish Portfolio: Deeper Dive Homes & Beds by Region (2024) No. Homes by Region (2024) No. Beds by Region (2024) Total 21 Total 2,205 West 0 West - Mid-west 0 Mid-west - South-west 2 South-west 280 South-east 6 South-east 461 Midlands 1 Midlands 45 Border 0 Border - Mid-east 4 Mid-east 435 45% of bed
Slide 35: Contracted Annual Rent by Region (2024)
Irish Portfolio: Deeper Dive Contracted Annual Rent by Region (2024) Contracted Annual Rent by Region - 2024 (€) Contracted Annual Rent (€) / Bed pa by Region (2025) 30,000,000 16,000 Dublin: excl. Beaumont = 13,976 €12,700 / bed pa 25,000,000 14,000 23,861,601 12,000 58% of rent (Dublin); 73% 10,82
Slide 36: Portfolio Metrics (2024)
Irish Portfolio: Deeper Dive Portfolio Metrics (2024) Portfolio Summary (2024): Annual Trading Performance (2024): 21 Operating Assets (10 homes delivered since summer 2022) 21 operating assets 6 Tenants (Bartra, Coolmine, Mowlam, Silver Stream, Virtue & Vivalto) 15 trading at maturity 2,204 beds (2
Slide 37: Portfolio in Context: NHI Survey 2023/24
Irish Portfolio: Deeper Dive Portfolio in Context: NHI Survey 2023/24 NHI Industry Survey – Comparison 2020/21 v. 2023/24 Metric Variance 2023/24 2020/21 No. Homes (3.5%) 437 453 No. Beds +6.26% 27,160 25,561 Avg. Capacity +10.7% 62 beds 56 beds Occupancy (%) 92.3% 89.8% Weekly Rate (€) +5.8% €1,178
Slide 38: Headline Trends, Opportunities & Challenges
Headline Trends, Opportunities & Challenges Loughshinny Nursing Home -38- Dublin – Ireland
Slide 39: What next?
Headline Trends, Opportunities & Challenges What next? Demand: strong across all sub-sectors Supply: unlikely to satisfy demand in short/medium term Key Indicators: positive – occupancy / €AWF / rent covers Headwinds: global / macro / tariffs / staffing / financing (RE / services) Opportunities: age
Slide 40: Get in touch
Get in touch INVESTOR RELATIONS ir@aedifica.eu Rue Belliard/Belliardstraat 40 bte 11 1040 Brussels, Belgium -40-
Slide 41: Gary Watson – Country Lead (Ireland)
Gary Watson – Country Lead (Ireland) Gary.Watson@aedifica.eu -41-
Slide 42: 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