Xior Student Housing N.v. · EURONEXT:XIOR
Xior Student Housing — H1 2025 Earnings Presentation
43 slides from Xior Student Housing's earnings presentation, Aug 7, 2025
Slide 1: Xior Student Housing Presentation H1 2025 results
XIOR STUDENT HOUSING Presentation H1 2025 results
Slide 2: Table of Contents
TABLE OF CONTENTS 1. Highlights H1 2025 3 2. Operational update 8 3. Financial & portfolio update 12 Q&A 22 ESG update 23 Appendix Financials 27 Appendix Organisation 37 2
Slide 3: Highlights H1 2025
HIGHLIGHTS H1 2025 3
Slide 4: Summary H1 2025 results
Summary H1 2025 results Unique & in a robust driving rents & growing market valuations platform • LTV <50% Financial • Financing needs covered for 18 months strength • ICR improved towards 3 • Pricing power (LfL at +5.36%) Rental • Occupancy at 98% growth • New acquisitions Wroclaw & Warsaw (900 uni
Slide 5: A leading platform in growing & resilient market
A leading platform in growing & resilient market “6 students competing for 1 “Setting the bed” “Strategically standard positioned WIDESPREAD UNDERSUPPLY across Europe” for success” Low provision rate of 16% (avg) UNIQUE SCALABLE PLATFORM POTENTIAL FOR FUTURE GROWTH High international student growth
Slide 6: Recap milestones H1 2025
Recap milestones H1 2025 Capital Growth Dividend January 2025 March/April 2025 June 2025 Closing Warsaw & Wroclaw Optional dividend Successful ABB of 80 MEUR 47% take-up c. €25 m capital increase #units: 900 Gross yield: c. 10.5% Wroclaw: Nom. agreement 240 units Capital reinforced - Platform expand
Slide 7: Active pipeline: on track to deliver future growth
Active pipeline: on track to deliver future growth towards 23,000 units Wenedow – Warsaw Boavista – Porto • Finishing works • Topping out reached • 404 units • 532 units • Delivery September 2025 • Delivery 2026 Transenster – Seraing Brinktoren – Amsterdam • Construction started • Floor 20 of 28 rea
Slide 8: Operational Update
OPERATIONAL UPDATE 8
Slide 9: Operating performance - Rental season in full swing
Operating performance - Rental season in full swing 5.36% 98% Min. 5% ♦ Booking rates in all countries in line with or above Occupancy last year LfL (H1 ‘25) rate LfL guidance ♦ 98% full occupancy outlook confirmed based on current booking rates ♦ High retention, strong demand and qualitative offer
Slide 10: IT Digitisation: Fully on track
IT Digitisation: Fully on track Key benefits Planning & roll-out • Scalable platform • 2/3rd of NL units now live (19 residences) • 1 way of working • NL fully rolled out in 2025 • Full integration between students & staff • Iberia roll-out start exp. Q4 2025 • Consolidation of data & processes • Be
Slide 11: My Xior – My Room – My control
My Xior – My Room – My control Join our students in discovering the benefits of My Xior! Scan the QR code to watch or click here 11
Slide 12: Financial Update
G sifL) —_— = it i Ui i ? foye UML Mi SOLO EOS SPIELE: FINANCIAL UPDATE
Slide 13: Key figures H1 2025 - Rental growth drives valuations
Key figures H1 2025 - Rental growth drives valuations LTV Undrawn LfL growth Positive credit lines 49.84% 5.36% (Q2’25 YoY) Occupancy revaluations 98% (vs 2024) Debt ratio €135 mio (Guidance FY 2025 @ Min. 5%) +1.7% 49.63% (incl. new (Guidance <50%) commitments) EPRA EPS Net debt 100% 1.10 EUR Opera
Slide 14: Investment activity H1 2025
Investment activity H1 2025 - Investment activity drives rental growth, margins & portfolio quality 67 MEUR acquisitions Additional units Wroclaw & Warsaw (Poland) +c. 900 10.5% gross yield c. 24 MEUR disposals (non-strategic assets) 5 MEUR sold Sold units 19 MEUR signed agreements c. 202 Capital re
Slide 15: Active pipeline - Value creation by executing active pipeline
Active pipeline - Value creation by executing active pipeline Development active pipeline to support earnings growth 13 MEUR additional rental income with limited cost to come of 24 MEUR Attractive cities with very low letting risk Fully funded without external financing LTV to remain below
Slide 16: Future pipeline - Future development potential & earnings growth
Future pipeline - Future development potential & future earnings growth Development future pipeline to support earnings growth Future development potential including extension (add-on) potential on existing sites Permit applications & studies ongoing Construction only to start up, if opportune
Slide 17: Annualised net rent potential for future growth
Annualised net rent potential for future growth* Increase Decrease Total *This chart is not intended to be interpreted as a profit forecast or guidance. It is purely for illustrative purposes. It shows the short- and medium-term effects of indexation based on economic forecasts, the impact of commit
Slide 18: Balance sheet – 100% of financing needs covered
Balance sheet – 100% of financing needs covered for 18 months LTV Cost of debt 49.84 % 3.03 % Net debt/EBITDA (adj) vs 50.99% end 2024 11.69x Debt ratio Debt maturity ICR 49.63 % 4.6 years Interest Cover Ratio vs 50.64% end 2024 2.92 x Total debt Hedge ratio 100% €1.8 bn 92 % Financing needs covered
Slide 19: Financing update: Solid liquidity & funding secured until 2027
Financing update: Solid liquidity & funding secured until 2027 DEBT MATURITIES PER 06.08.2025 • All maturing loans until Q1 2027 largely extended or renewed; incl. new agreed loans after H1 ‘25 • 100 % of funding needs covered for 18 months • Well spread debt profile with 22 lenders and 4.6 years av
Slide 20: Optimising capital structure and financial flexibility
Optimising capital structure and financial flexibility Focus to enhance Asset rotation Forex risks balance sheet quality Keep LTV < 50% Continued asset FX risk under control (also after execution active pipeline) rotation Largely natural hedging Maintain to + Liquidity > € 100m recycle capital into
Slide 21: Strong operational outlook
Strong operational outlook Rental growth Occupancy rate EPS/DPS 2025 Growth pipeline internally funded LfL min 5% 98% €2.21/€1.768 + 1,500 units 80% payout + c. €13 mio rental income “Proven pricing power “Structural “Track record of “Future earnings above inflation” undersupply drives sustained ear
Slide 22: Q&A
Q&A 22
Slide 23: ESG Update
ESG UPDATE 23
Slide 24: ESG acceleration in 2025 & further
ESG accelaration in 2025 & further • Electricity purchase: 100% green • CO2 intensity reduction of 65% between 2020-2024 (CO2/m²) PLANET • Further roll-out: Climate plan & ESG capex program (hybrid heat pumps, solar, …) • Energy monitoring: in completion phase & parallel coupling with operations ini
Slide 25: ESG acceleration in 2025 & further
ESG accelaration in 2025 & further CO2 reduction • Sustainable Finance Framework includes green assets & social assets based on affordability, making part of the portfolio also eligible for social financing targets validated • The total value of eligible assets increases to c. 2.3 bn EUR (per 30.06.
Slide 26: The path to net zero carbon - SBTi targets validated
The path to net zero carbon - SBTi targets validated Sustainable Finance • Target to reduce CO2 footprint (scope 1 & 2) by 42% by 2030 (versus 2020) Framework • 2025: Scope 3 measurement new classification & new targets • New climate plan & ESG Capex program “Green & Social” New ESG Report publish
Slide 27: Appendix Financials
\ minaRneReEs SBS SB SB eS et mp 27
Slide 28: Track record
Track record 2022 H1 2025 2007 2019 2022 c. 1bn EUR investments c. 900 additional units Founders enter March 2019 Basecamp acquisition LTV & Debt ratio <50% the (BE) student Entry into GE, PL, DK, SE Successful ABB of c. 80 MEUR housing scene Entry into Spain Other acquisitions: Liège, with first as
Slide 29: Widespread undersupply
Widespread undersupply Xior countries UK Total Students 8,357,498 2,940,000 High demand % international 13.7% 25.8% 6:1 CAGR (4y) tot | int 1.5%* | 6.1%* 4.6% | NA % Prov. rate 16.6%* 40% Xior Market Share 1.7% NA *Weighted averages, based on the proportion of Xior’s portfolio in each country. The B
Slide 30: Portfolio overview
Portfolio overview* Belgium – 8 5,011 units 675 units 583 units Antwerp Leuven Germany – 2 Sweden – 1 Brussels Liège/Seraing Ghent Namur Potsdam Malmö Hasselt Leipzig Mechelen 2% 2% 17% 1,786 units 8,715 units The Netherlands – 15 Denmark – 3 Amsterdam Groningen The Hague Breda Leeuwarden Utrecht Ly
Slide 31: Key financials 30.06.2025
Key financials 30.06.20251 in KEUR 30/06/2025 30/06/2024 Net rental result 86,643 83,273 Property result 92,922 85,646 Operating result before result on the portfolio 65,951 61,872 Financial result (excl. variations in the fair value of financial assets and liabilities) -17,009 -18,518 EPRA earnings
Slide 32: NAV - Valuation yields & Operational metrics
NAV1 - Valuation yields & Operational metrics in EUR 06/2025 03/2025 12/2024 12/2023 12/2022 31/12/2021 31/12/2020 31/12/2019 31/12/2018 31/12/2017 EPRA NAV per share – group share 38.86 40.21 40.02 40.63 43.00 37.93 34.00 35.16 31.45 28.14 EPRA NTA per share 38.74 40.10 39.91 40.55 42.96 37.92 33.9
Slide 33: Maturity profile per 06.08.2025
Maturity profile per 06.08.2025 First large maturity in Q1 2027* Undrawn credit lines increased to € 135m 200000000 180000000 160000000 140000000 120000000 100000000 80000000 60000000 40000000 20000000 0 2025 2025 2026 2026 2026 2026 2027 2027 2027 2027 2028 2028 2028 2028 2029 2029 2029 2029 2030 2
Slide 34: Nomination agreements
Nomination agreements1 University City Location #Units End date RENTAL CONTRACT Saxion Hogescholen Enschede Ariënsplein 113 31/07/2026 Saxion Hogescholen Enschede Ariënsplein 1 (educational facility) 31/08/2027 Saxion Hogescholen Enschede Ariënsplein 1 (educational facility) 28/02/2029 Saxion Hogesc
Slide 35: Nomination agreements
Nomination agreements1 University City Location #Units End date GUARANTEE CONTRACT Hogeschool Zuyd Maastricht Vijverdalseweg 35 31/07/20262 Hogeschool Zuyd Maastricht Annadal 18 31/07/20262 Rotterdam School of Management (RSM) Rotterdam Woudestein 21 31/12/2025 Hogeschool Utrecht Utrecht Willem Dree
Slide 36: Outlook EPS & DPS
Outlook EPS1 & DPS2 EPS & DPS growth €2,40 €2,21 €2,21 €2,21 €2,20 €2,07 €2,00 €1,80 2025 guidance at €1,80 least stable with €1,70 €1,60 1,768 1,768 1,768 2024 €1,60 1,66 €1,46 €1,43 EPS 2024: € 2.21 €1,40 1,44 DPS 20242: € 1.768 1,36 €1,20 €1,17 1,3 1,25 1,2 1,15 €1,00 2016 2017 2018 2019 2020 202
Slide 37: Appendix Organisation
APPENDIX ORGANISATION 37
Slide 38: Occupancy is King & Service is Queen
Occupancy is King & Service is Queen “We have residents Student satisfaction: & guests, not 86.5% tenants & customers” +~10pp YoY Baselife community: Community as a service 38
Slide 39: Student housing with the X factor
Student housing with the factor Strengths Pure player in student housing Defensive & solid asset class Pricing power Long term owner & operator Diversified continental BE-REIT Full value chain in house Sustainable growth strategy Young portfolio Focus on earnings per share (EPS) Cooperation with uni
Slide 40: Market drivers - Increasing demand for student rooms
Market drivers - Increasing demand for student rooms • Existing shortage • Professionalisation of the market • Further consolidation • More regulations • Higher expectations & standards from students • Growing student population: • Rise in international students • Brexit & affordable education on th
Slide 41: Group structure
Group structure STRUCTURE • Aloxe NV, the holding company held by the CEO (82%) and CFO (18%) • Founding shareholders remain committed • Management responsible for the implementation of the strategy and the management and growth of the portfolio • Dutch real estate assets fiscally structured through
Slide 42: Disclaimer
Disclaimer This presentation has been prepared by the management of XIOR STUDENT HOUSING NV (the "Company") and the Company assumes responsibility for the information contained in this presentation. It does not constitute or form part of, and should not be construed as, an offer, solicitation or inv
Slide 43: Thank you!
Thank you! +32 3 257 04 89 Frankrijklei 64-68 2000 Antwerp Belgium www.xior.eu ir@xior.be Follow the #XIORFAMILY