Vital Infrastructure Property Trust · TSX:VITL.UN
Vital Infrastructure Property Trust — Vital Infrastructure Ppty — Q2 2026 Earnings Presentation
38 slides from Vital Infrastructure Property Trust's earnings presentation, Aug 13, 2026
Slide 1: Q2 2026 Investor Presentation
Q2 2026 Investor Presentation August 2026 TSX: VITL.UN Frankston Public Hospital, Australia
Slide 2: Presenters
Presenters Zach Vaughan Stephanie Karamarkovic CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER • +20 years of real estate investment and • +18 years of real estate finance and asset management experience accounting experience • Accomplished executive with strong • Responsible for accounting and fina
Slide 3: Vital Owns and Manages Critical Healthcare Infrastructure
Vital Owns and Manages Critical Healthcare Infrastructure Along a Patient’s Healthcare Journey Where we focus HOME MEDICAL CLINIC / DIAGNOSTIC AMBULATORY IN - PATIENT SPECIALIZED LONG - TERM SKILLED HOSPICE HOME OUTPATIENT IMAGING SURGERY HOSPITALS REHABILITATION CARE / NURSING FACILITY CENTRE CENTR
Slide 4: Demographics – Aging Population
Demographics – Aging Population In the next decade, Canadians aged 65 and above will account for ~1/4 of the population... a 28% increase from today 24.0% 22.0% +2M PEOPLE (65+) 20.0% % of Population (65+) 18.0% 16.0% 14.0% 12.0% Sources: Statistics Canada, 2025 4
Slide 5: Growing Healthcare Spending
Growing Healthcare Spending Spending on Canadian Healthcare is expected to grow at ~5% pa for the next 25 years ANNUAL PHYSICIAN VISITS & COSTS – HEALTHCARE SPENDING – UNITED STATES (1) CANADA (2) Age < 45 ++ 2 Visits/year $1.3T US$5,100/year 3.5x 45 - 64 ++ 4 Visits/year ++ US$11,300/year $374 B 65
Slide 6: Movement to Outpatient
Movement to Outpatient Procedures in U.S. 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 Cost Efficiency 105 2,000 100 1,900 95 1,800 Better Patient Outcomes 90 1,700 85 1,600 In-patient per 1,000
Slide 7: Hospitalization Trends in Canada and the U.S.
Hospitalization Trends in Canada and the U.S. Canada inpatient hospitalizations continue to rise, while U.S. volumes decline (1) In the U.S., care delivery has steadily shifted from inpatient to SPECIALTY PROCEDURES MIGRATING TO OUTPATIENT outpatient settings over the years, while Canada remains ear
Slide 8: Canada is Early in the Outpatient Infrastructure Transition
Canada is Early in the Outpatient Infrastructure Transition Canada’s healthcare system is nearing a critical inflection point UNITED STATES CANADA Highly developed outpatient Canada represents an underpenetrated Market Maturity Early - stage outpatient migration ecosystem outpatient healthcare marke
Slide 9: 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 rangin
Slide 10: Building Canada’s Next Generation of Healthcare Infrastructure
Building Canada’s Next Generation of Healthcare Infrastructure Building next - generation healthcare infrastructure together Lakeridge Health (Jerry Coughlan Health & Wellness Centre) Royal Victoria Regional Health Centre Built in 2023 in Pickering, Ontario, through a partnership Partnership with Ro
Slide 11: Strategic Re-Entry Into the U.S. Market
Strategic Re - Entry Into the U.S. Market East New York Health Hub Acquisition of East New York Health Hub, located at 101 Pennsylvania Avenue, Brooklyn, New York, for C$126.7M (US$89.9M) 2019 142,249 7 YEARS BUILT GLA (SQ FT) STORIES AdvantageCare Home to Leading Healthcare Providers: Physician NNN
Slide 12: Healthcare Infrastructure
Healthcare Infrastructure We are a global owner/operator of Healthcare Infrastructure 106 $5.4B (1) 11.3M 97% 13.0 PROPERTIES GROSS ASSETS SQ FT OCCUPANCY WALE (YRS) 6 ~7,200 ~200 850+ BBB (low) stable COUNTRIES HOSPITAL BEDS OPERATING THEATRES TENANTS INVESTMENT GRADE CREDIT RATING Pro forma as at
Slide 13: Portfolio Overview
Portfolio Overview NOI is strongly diversified by regions & asset mix (1) REGIONS ASSET MIX Other 2% North Brazil America 29% 44% Outpatient Facilities Inpatient 39% Facilities 59% Europe 8% Australia 19% Caxias D’Or Hospital, Brazil Note: (1) Based on proportionate NOI for the three months ended Ju
Slide 14: Non-Discretionary Tenants
Non - Discretionary Tenants Resilient cash flows underpinned by non - discretionary spending Discretionary Hospital / Surgery Primary & General Care <5% Specialty Care Diagnostics & Ancillary Services Wellness & Preventative Health 7% 3% Medical Research & Education 3% Non-Medical / Other 16% 59% 7%
Slide 15: Strong Cash Flow Durability
Strong Cash Flow Durability Vital’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 St. John of God Specialist Centre, Australia Sources: Based on a weight
Slide 16: Lease Maturity Profile
Lease Maturity Profile (1) 100% 90% >70% 80% OF LEASES MATURE POST 2034 >70% 70% 60% % of leases expiring 50% <4% AVERAGE ANNUAL LEASE 40% EXPIRY OVER THE NEXT 8 YRS 30% 20% 10% 0% 2026 2027 2028 2029 2030 2031 2032 2033 2034+ Note: (1) Based on gross leasable area as at June 30, 2026, pro forma for
Slide 17: Strong Macro Tailwinds Yet Valuation Gap Remains
Strong Macro Tailwinds Yet Valuation Gap Remains Illustrative valuation sensitivity Vital’s distribution yield remains attractive Vital’s distribution yield exceeds the average vs. healthcare - focused TSX peers across all Canadian REIT sectors DISTRIBUTION YIELD (%) IFRS NAV ANNUAL COMPANY TICKER S
Slide 18: Q2 2026 Highlights
Q2 2026 Highlights Earnings Growth, Strong Real Estate Operations & Capital Management +3.2% $7.66 SPNOI (1)(2) growth for Q2 2026, over Net Asset Value Per Unit comparable prior year period 49% 85% Debt to Gross Book Value (Pro forma) (1)(3) AFFO payout ratio 8.0x $153M Debt to Adjusted EBITDA (Pro
Slide 19: Why Invest in Vital?
Why Invest in Vital? Opportunity to access an established global portfolio of critical healthcare infrastructure 1 Unique Asset Base: Only listed Canadian REIT owning critical Healthcare Infrastructure 2 Sector Fundamentals: Defensive and recession resistant asset class with strong demand tailwinds
Slide 20: Q2 2026 Results
YF VITAL | erercsr INFRASTRUCTURE | TRUST Q2 2026 Results WI VITAL ne
Slide 21: Proportionate Income Statement
Proportionate Income Statement (1) THREE MONTHS ENDED C$ MILLIONS JUNE 30, 2026 JUNE 30, 2025 VARIANCE (%) Primarily driven by the deconsolidation of Vital Trust, whose NOI is no longer included following deconsolidation. Net Operating Income 59.6 65.0 (8.3%) Excluding this impact, NOI increased due
Slide 22: Proportionate Balance Sheet
Proportionate Balance Sheet (1) C$ BILLIONS JUNE 30, 2026 DECEMBER 31, 2025 VARIANCE (#) VARIANCE (%) Investment Properties 3.2 3.0 0.2 6.8% Sale of portfolio of European assets Assets Held For Sale - 0.5 (0.5) (100.0%) completed in Q2 2026 Other Assets 0.5 0.5 (0.0) (2.9%) Total Assets 3.6 3.9 (0.3
Slide 23: Net Operating Income Bridge ($M)
Net Operating Income Bridge ($M) Positive foreign exchange impact was Vital Trust NOI excluded following its primarily driven by the strengthening of deconsolidation upon completion of the the Brazilian real and Australian dollar internalization relative to the Canadian dollar 3.7 1.1 $65.0 $59.6 (9
Slide 24: Driving Operational Excellence
Driving Operational Excellence Streamlining the Business to Enhance Operational Efficiency and Drive Long - Term Value General & Administrative Expenses (“G&A”) (1) Headcount $12.4 $12.6 $12.3 $12.2 229 $11.7 $11.6 $11.6 Reduction of ~40% y/y $10.4 $10.6 39 $10.0 136 53 8 Q1 2024 Q2 2024 Q3 2024 Q4
Slide 25: Executing Our Growth Strategy In North America
Executing Our Growth Strategy In North America Two recent outpatient acquisitions (~C$153M): 1 completed, 1 committed Date of Actual / Ownership Property Name Expected Location Type Tenant Area Occupancy Interest Purchase Price WALE Closing Acquired United States Integrated Brooklyn, C$126.7M East N
Slide 26: Net Asset Value Bridge
Net Asset Value Bridge (1) $22M $25M $20M $26M Distributions losses Losses related to Mark - to- market gains on Vital Unrealized FX gain on related to the European transaction costs related to Trust units (NZ$1.81/unit at net equity and others portfolio sale the European portfolio sale Q1 2026 vs.
Slide 27: Debt Maturity Profile
Debt Maturity Profile Vital’s debt maturities (1)(2) ~$210M >$250M of Australian joint venture term debt (at the REIT's share) was refinanced Available Liquidity Reflecting subsequent to Q2 2026, extending the maturity from December 2026 to Recent Subsequent December 2028 Acquisition Activity Econom
Slide 28: Interest Rate Hedging Profile
Interest Rate Hedging Profile Cost of Debt is well hedged, managing risk (1)(2) DEBT COMPOSITION RATES JUNE 30, DECEMBER 31, 2026 2025 $2,000 5.18% 5.39% 6.0% 5.14% 5.17% 5.5% Weighted Average Variable Debt 5.16% 4.88% 5.0% $1,500 4.5% Weighted Average Interest Rate 4.0% Weighted Average Fixed Rate
Slide 29: Appendix
YF VITAL | erercsr INFRASTRUCTURE | TRUST Appendix
Slide 30: Proportionate Income Statement
Proportionate Income Statement (three months ended June 30) JUNE 30, 2026 JUNE 30, 2025 PROPORTIONATE BASIS CHANGE C$ MILLIONS IFRS BASIS ADJUSTMENTS (1) PROPORTIONATE PROPORTIONATE (#) (%) BASIS (1) BASIS (1) Net Operating Income 48.8 10.8 59.6 65.0 (5.4) (8.3%) Management Fee Income 3.7 (1.0) 2.7
Slide 31: Proportionate Balance Sheet
Proportionate Balance Sheet JUNE 30, 2026 DECEMBER 31, 2025 PROPORTIONATE BASIS CHANGE C$ BILLIONS IFRS BASIS ADJUSTMENTS (1) PROPORTIONATE PROPORTIONATE (#) (%) BASIS (1) BASIS (1) Investment Properties 2.4 0.7 3.2 3.0 0.2 6.8% Assets Held for Sale - - - 0.5 (0.5) (100.0%) Other Assets 0.8 (0.3) 0.
Slide 32: Top 10 Tenants
Top 10 Tenants The Reit's Five Largest The REIT’s 10 largest tenants for the three (1) Tenants Include: months ended June 30, 2026 1 Rede D'Or, Brazil TOP 10 TENANTS REPRESENT 47.0% OF PROPORTIONATE RENTAL REVENUE Brazil's largest integrated healthcare network, operating one of the country's TENANT
Slide 33: Case Study: Jerry Coughlan Health & Wellness Centre
Case Study: Jerry Coughlan Health & Wellness Centre A purpose built four - storey ambulatory surgical & medical outpatient centre in Pickering, Ontario 65.4k 4 >9,000 GLA OPERATING SURGERIES (SQ FT) THEATRES PER YEAR >50% 207 75 years MAJOR TENANT ON - SITE GROUND OCCUPANCY PARKING BAYS LEASE Jerry
Slide 34: Case Study: Outpatient Surgical Centre Development
Case Study: Outpatient Surgical Centre Development (Partnership with Royal Victoria Regional Health Centre) Construction of a new healthcare services building on existing Royal Victoria Regional Health centre property in Barrie, Ontario 119k $112M Q4 2029 GLA TOTAL COST EXPECTED Rendered Image of Am
Slide 35: Board of Trustees / Management
Board of Trustees / Management Vital’s strong governance framework ensures diversity is considered in determining optimal board composition POSITION APPOINTED TO POSITION INDEPENDENCE Board of Trustees Bobby Julien Chair 2025 Independent Peter Aghar Trustee 2024 Independent Graham Garner Trustee 202
Slide 36: Summary
Summary VITAL INFRASTRUCTURE PROPERTY TRUST ANALYST COVERAGE Ticker VITL.UN Brokerage Name Analyst Contact Listed Exchange TSX ATB Cormark Capital Markets Sairam Srinivas Sairam.Srinivas@atb.com Distribution Payable (C$) $0.03 / Monthly BMO Capital Markets Tom Callaghan Tom.Callaghan@bmo.com Unit Pr
Slide 37: Non-GAAP Measures
Non - GAAP Measures As defined in the Q2 2026 MD&A 1. Adjusted EBITDA 7. Investment Properties on a Proportionate Basis 2. AFFO 8. Net Asset Value (“NAV”) 3. AFFO per Unit 9. Net Operating Income 4. AFFO Payout Ratio (“NOI”) 5. Debt to Adjusted EBITDA 10. Same Property NOI (“Same Property NOI”/ “SPN
Slide 38: Forward Looking Disclaimer
Forward Looking Disclaimer This presentation provides a summary description of Vital Infrastructure Property Trust Such forward - looking statements are also qualified in their entirety by the inherent risks (“Vital” or the “REIT”) . This presentation should be read in conjunction with and is qualif
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