Care Property Invest Sa · EURONEXT:CPINV
Care Property Invest Sa — FY2024 Earnings Presentation
42 slides from Care Property Invest Sa's earnings presentation, Oct 1, 2025
Slide 1: Earnings call 2024 & Q4 2024 Strategic Outlook 2025 and beyond
Earnings call 2024 & Q4 2024 Strategic Outlook 2025 and beyond
Slide 2: Key features
Care Property Invest 2 Key features Financial Operations Risk Fair value portfolio: 1.3 B EUR 4 Countries EPRA LTV 45,40% • Leases: 225 m EUR (17%) 151 sites Headroom on financing: • Investm. Prop. : 1.105 m EUR 55 M EUR 26 operators Average cost of debt : 3.22% Income : 69,6m EUR (+5,6%) Agile, cos
Slide 3: Potential investor concerns
Care Property Invest 3 Potential Balance Sheet/Leverage investor Somewhat higher leverage than some peers, though mitigated by the wallet share Quality of Portfolio of public sector income in portfolio and Above average quality of portfolio (age, concerns difference IFRS LTV/ EPRA LTV, still being e
Slide 4: Acquisitions and completions 2024
Care Property Invest 4 Overview Acquisitions and completions 2024 NEW ACQUISITIONS 2024/2025 Project Location Date Type Conv. Value Agreement Operator (in € million) The Netherlands Fleurâge Residences Bloemendaal 15/01/2025 Acquisition € 10.1 20 Y - triple net Domus Valuas Total € 10.1 COMPLETIONS
Slide 5: Planned completions 2025
Care Property Invest 5 Overview Planned completions 2025 Project Location Date Type Conv. Value Agreement Operator (in € million) Spain Solimar Elche Elche Q1 2025 Development € 10.8 20 Y - triple net Vivalto The Netherlands Saamborgh Almelo Almelo Q2 2025 Development € 8.9 20 Y - triple net Saambor
Slide 6: Agenda
Care Property Invest 6 03 Overview 4 markets 04 Sustainability 01 Annual figures 2024 and guidance 2025 05 Strategy 2025 and beyond 02 Historical portfolio
Slide 7: Annual figures 2024 and guidance 2025
Annual figures 2024 and guidance 2025 Building a Caring Future Together www.carepropertyinvest.be 01
Slide 8: Annual figures 2024 & guidance 2025
Care Property Invest Annual figures 2024 and guidance 2025 8 Annual figures 2024 & guidance 2025 Operational KPI’s Rent collection rate: 99% Strong 2024 profitability and 2025 outlook: arrow-right arrow-right Average indexation 2024: 1.62% with a payoutratio of 93%: arrow-right Occupancy rate: 100%
Slide 9: Key figures P&L Statement
Care Property Invest Annual figures 2024 and guidance 2025 9 Key figures Period closed on 31 December - in K EUR 2024 Var 2023 Var 2022 Net rental result 69,614 5.63% 65,906 21.20% 54,379 P&L Real estate operating result 69,600 5.65% 65,880 21.24% 54,340 General expenses and other operating result (
Slide 10: Rental income
Care Property Invest Annual figures 2024 and guidance 2025 10 Rental income In million EUR €2.0 €0.9 €69.6 €70.00 €65.9 €0.9 €60.00 €50.00 €40.00 €30.00 €20.00 €10.00 €0.00 Rental Income Dec YTD 2023 Indexation Acquisitions Completions Rental Income Dect YTD 2024
Slide 11: Rental income by country
Care Property Invest Annual figures 2024 and guidance 2025 11 Rental income In million EUR €0.61 €0.76 €69.61 €65.91 €1.02 €1.32 €70.00 €60.00 €50.00 €40.00 €30.00 €20.00 €10.00 €0.00 Rental Income Dec YTD 2023 Belgium The Netherlands Spain Ireland Rental Income Dect YTD 2024 BE NL ES IE TOTAL Chang
Slide 12: Key figures Balance sheet
Care Property Invest Annual figures 2024 and guidance 2025 12 Key figures Consolidated in K EUR Balance FY 2024 FY 2023 FY 2022 sheet Receivables financial leases 166,440 166,705 177,018 Trade payables related to fixed assets 8,192 8,968 11,738 Investment properties 1,015,282 994,465 934,269 Other a
Slide 13: Like-for-like portfolio valuation
Care Property Invest Annual figures 2024 and guidance 2025 13 Like-for-like 0.5% portfolio 0.4% 0.3% 0.2% 0.2% valuation 0.1% 0.1% 0.1% 0% −0.1% −0.2% −0.3% −0.3% −0.4% −0.5% −0.5% −0.6% −0.6% −0.7% Average overall valua- −0.7% −0.8% tion yield of 5.60% −0.9% −1% −1.1% −1.2% −1.3% −1.4% −1.4% −1.5%
Slide 14: Gross yields on fair value
Care Property Invest Annual figures 2024 and guidance 2025 14 Gross yields on fair value 10% 9% 8% Yield 7% 5.60% Average yield 6% 5% 5.86% 5.88% 5.67% 5.40% 4% 3% 2% 1% 0% Belgium The Netherlands Spain Ireland
Slide 15: Debt Ratio
Care Property Invest Annual figures 2024 and guidance 2025 15 Debt 60% Ratio 50% 51.34% Under control 46.51% 45.51% 45.40% 43.55% 43.57% 40% EPRA LTV 30% 20% 10% 0% 2022 2022 2023 2023 Q1Q12024 2024 Q2Q22024 2024 Q3 2024 Q4 Q3 2024 2024 Q4 2024
Slide 16: Financial obligations
Care Property Invest Annual figures 2024 and guidance 2025 16 Financial EPRA LTV of 45.40% gives margin: obligations arrow-right Up to 45%: for €-8.4 million arrow-right Up to 50%: for €114.8 million Debt ratio Future cash-out committed developments as at 31 December 2024: €2.5 million (Almelo and E
Slide 17: Financial obligations: debt maturity
Care Property Invest Annual figures 2024 and guidance 2025 17 Financial €200,000 20,000 obligations 1,500 €150,000 Debt maturity - in K EUR €100,000 30,000 41,500 164,635 17,500 1,500 50,000 €50,000 78,416 For the funds which can 66,807 54,715 10,000 17,500 be 'rolled over' at the 500 21,332 18,236
Slide 18: Weighted average interest rate and financial debts
Care Property Invest Annual figures 2024 and guidance 2025 18 Weighted 4.5% 18 years 4.17% average 4.01% 4% 3.76% 16 years 3.36% 3.39% interest rate 3.32% 3.5% 14 years 3.15% 3.12% 2.90% 3.25% and financial 3.19% 3.22% 3% 14.6y 12 years 3.15% 13.6y 2.35% 2.90% debts 2.5% 2.22% 2.14% 10 years 1.92% 2
Slide 19: Financial obligations: hedge ratio
Care Property Invest Annual figures 2024 and guidance 2025 19 Financial obligations Hedge ratio - future evolution(1) 100% 6.47% 7.91% 6.34% 14.63% 8.84% 8.84% Fixed rate debt 80% Floating rate debt hedged - IRS Floating rate debt hedged - CAP 60% Floating rate debt not hedged 66.33% 78.97% 66.25% 6
Slide 20: Dividends per share
Care Property Invest Annual figures 2024 and guidance 2025 20 Dividends Adjusted EPRA earnings per share (€/share) Gross dividend (in €/share) per share 1.4 €1.24 (1) 1.2 €1.06 (1) €1.07 €1.07 (3) €1.03 (2) €0.99 (1) 1 €0.92 (1) €0.86 €1.00 €1.00 €1.00 €1.00 0.8 €0.74 €0.66 A gross dividend of €1.00
Slide 21: Shareholder structure
Care Property Invest Annual figures 2024 and guidance 2025 21 Shareholder structure 100% 80% 38.00% 38.50% We take the interests of all our shareholders into account 60% 40% Care Property Invest shares are 100% free-float 62.00% 61.50% 20% Private investors Institutional investors 0% 2024 2023
Slide 22: Historical portfolio
Historical portfolio Building a Caring Future Together www.carepropertyinvest.be 02
Slide 23: Historical portfolio overview
Care Property Invest Historical portfolio 23 Historical portfolio • CP Invest owns a total of 1.988 assisted living apartments / service flats spread over 76 different sites in Flanders based on a financial leasing structure with a public or not- overview for-profit organisation (the ‘Historical Por
Slide 24: Spread building rights fee vs related debt maturity
Care Property Invest Historical portfolio 24 Spread building rights fee vs related debt maturity Evolution of the final 40000 building rights fees 35000 and related debt 30000 maturity relating to 25000 the initial portfolio 20000 15000 10000 Final building rights fee 5000 (cash in) - in K EUR 0 Rel
Slide 25: Historical portfolio overview
Care Property Invest Historical portfolio 25 Historical • CP Invest is proactively reaching out to its public and not-for- profit clients in order to discuss the extension of the financial portfolio leases preferably combined with the execution of and financing by CP Invest of sustainability and/or
Slide 26: Overview 4 markets
Overview 4 markets Building a Caring Future Together www.carepropertyinvest.be 03
Slide 27: Focus on our 4 core markets
Care Property Invest Overview 4 markets 27 Focus • CP Invest focuses on 4 core markets within the Eurozone/EEA: Belgium, The Netherlands, Spain and Ireland. On our 4 core markets • CP Invest’s real estate portfolio is distributed (in terms of Fair Value) as follows: Belgium (64%), The Netherlands (1
Slide 28: Belgian healthcare real estate market
Care Property Invest Overview 4 markets 28 Population 100 +136% Projected +136% 2 3 growth in age cat. 85+ 30 32 80 12 13 +20% total 24 31 4 26 16 population of +20% in age 60 29 5 cat. 66-85 11 28 6 +9.4% 1 15 27 22 18 23 14 40 7 17 8 +9.4% Evol. ageing population 10 19 21 85+ 20 20 Age bracket now
Slide 29: Dutch healthcare real estate market
Care Property Invest Overview 4 markets 29 Population +157% Projected +157% 11 growth in age cat. 85+ +13% total population of +13% in age cat. 20 66-85 28 +15.3% 14 8 18 27 16 +15,3% Evol. ageing population 13 19 26 10 12 7 24 85+ 4 2 Age bracket now 2040 2070 6 9 65-85 1 0-65 65+ (nominal) 3.7 4.8
Slide 30: Spanish healthcare real estate market
Care Property Invest Overview 4 markets 30 Population 100 +157% Projected +152% growth in age cat. 85+ 80 +13% total 8 population of +31% in age cat. 60 66-85 +6.7% 1 3 40 6 +6.7% Evol. ageing population 85+ 20 65-85 Age bracket now 2040 2070 5 0-65 65+ (nominal) 11.5m 14.6m 16.4m 4 0 2025 2030 2040
Slide 31: Irish healthcare real estate market
Care Property Invest Overview 4 markets 31 Population 100 +250% Projected +250% growth in age cat. 85+ 80 +72% total population of +72% in age 60 +24.4% cat. 66-85 2 40 Evol. ageing population 6 4 +24.4% 5 85+ Age bracket now 2055 3 7 20 66-85 Total population 5.1 m 6.4m 0-65 Total population - +25.
Slide 32: Strategy 2025 and beyond
Strategy 2025 And beyond Building a Caring Future Together www.carepropertyinvest.be 04
Slide 33: Strategic focus 2025 (1/2)
Care Property Invest Strategy 2025 And beyond 33 Strategic focus 2025 -1/2 Tekengebied 1 Europa Focus remains on 4 existing geographic markets for new growth Focus on strong financial structure • Sound hedging policy, though allowing for interest Belgium, The Netherlands, Spain and Ireland risk mana
Slide 34: Strategic focus 2025 (2/2)
Care Property Invest Strategy 2025 And beyond 34 Strategic focus 2025 -2/2 Dynamic management of Aiming to be a partner for existing portfolio of buildings different stakeholders in view of in view of • profitability • sector innovation and innovative concepts, • future-proof character of portfolio
Slide 35: Governance
Care Property Invest Strategy 2025 And beyond 35 Governance Executive Committee new composition with Chief Legal Counsel and Chief Business Development Officer (all FTE of CPI) Update Upcoming changes in BOD improved diversification and competence mix • Gender • International experience • Sector kno
Slide 36: Sustainability Matters
Sustainability Matters Building a Caring Future Together www.carepropertyinvest.be 05
Slide 37: Our sustainability ambitions
Care Property Invest SustainabilityMatters 37 Our sustainability ambitions Building lasting relationships Investing in Leading through sustainable ethical practices SOCIAL buildings We are committed to ensure GOVERNANCE ENVIRONMENTAL equal access to sustainable and high-performing healthcare housing
Slide 38: Sustainability highlights: energy efficiency
Care Property Invest SustainabilityMatters 38 Sustainability highlights Peer review 2023 2024 Target 2030 Energy Efficiency Care Property Invest 132 kWh/m 128 kWh/m 110 kWh/m2 target 2 (1) 2 CP Invest commits to reach Peer 1 142 kWh/m2 (not published yet) 130 kWh/m2 110 an average energy efficiency
Slide 39: Sustainability highlights
Care Property Invest SustainabilityMatters 39 Sustainability highlights Recent Fleet electrification Validated targets ESG remuneration by SBTi building portfolio 20% of the total pay-out of (average age) 20% management’s long-term incentive is subject to ESG INVESTMENT PROPERTIES 32% criteria and i
Slide 40: Sustainability reporting legislation
Care Property Invest SustainabilityMatters 40 Sustainability arrow-right CP Invest is actively preparing for upcoming sustainability reporting legislation such reporting as the Corporate Sustainability Reporting Directive (CSRD), the European Sustainability legislation Reporting Standards (ESRS) and
Slide 41: Key Take-aways
Care Property Invest 41 Key Take-aways Pure Play Healthcare Belgian REIT / EPRA Index Lean, mean and agile organisation structure Profitability in line with conservative risk profile Growth potential in all Stable Cash Flows based Highlights 4 Core Countries markets on LT contracts (leases 10 yrs ;
Slide 42: Thank you
Thank you Building a Caring Future Together www.carepropertyinvest.be