Care Property Invest Sa · EURONEXT:CPINV
Care Property Invest Sa — H1 2025 Earnings Presentation
53 slides from Care Property Invest Sa's earnings presentation, Sep 2, 2025
Slide 1: HY 2025
HY 2025
Slide 2: CEO and CFO contact details
Care Property Invest 2 CEO CFO Patrick Couttenier Filip Van Zeebroeck /couttenier /FilipVanZeebroeck patrick.couttenier@ filip.vanzeebroeck@ carepropertyinvest.be carepropertyinvest.be +32 478 88 30 49 +32 494 91 10 93
Slide 3: In a nutshell
Care Property Invest 3 01 Care Property Invest In a nutshell 02 Our portfolio High-end and sustainable buildings 03 Strategic focus Building a caring future together 04 Financial information Figures and guidance 05 Governance Improved diversification and competence 06 Share and shareholders A solid
Slide 4: Care Property Invest in a nutshell
Care Property Invest in a nutshell Building a Caring Future Together www.carepropertyinvest.be 01
Slide 5: Key Take-aways
Care Property Invest Care Property Invest 5 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 contrac
Slide 6: Key figures HY 2025
Care Property Invest Care Property Invest 6 Key figures HY 2025 Financial Operations Risk Fair value portfolio: 1.25 B EUR 4 Countries EPRA LTV: 47.31% • Leases: 222 M EUR (18%) 151 sites Headroom on financing: • Investm. Prop. : 1,027 M EUR 64 M EUR 25 operators Average cost of debt: 3.03% Income:
Slide 7: Split in investment properties
Care Property Invest Care Property Invest 7 Split in investment properties Evolution of fair value of total portfolio vs finance leases at fair value in million EUR as at 30 June 2025 €1,400 m 18% €1,200 m €1,000 m €800 m €600 m €400 m €200 m 82% Finance leases (IFRS 16) €0 m 2013 2014 2015 2016 201
Slide 8: Projects
Care Property Invest Care Property Invest 8 Projects NEW ACQUISITIONS 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 NEW COMPLETIONS 2025 Project L
Slide 9: Our portfolio
Our portfolio High-end and sustainable buildings Building a Caring Future Together www.carepropertyinvest.be 02
Slide 10: CP Invest focuses on 4 core markets
Care Property Invest Our portfolio 10 • CP Invest focuses on 4 core markets within the Eurozone/ EEA: Belgium, The Netherlands, Spain and Ireland. Ireland FV: €95 m United Kingdom • CP Invest’s real estate portfolio is distributed (in terms of Fair Value) as follows: Belgium (63%), The Netherlands T
Slide 11: Belgian healthcare real estate market
Care Property Invest Our portfolio 11 Population 100 +136% Projected +136% 80 growth in age cat. 85+ +20% total population of +20% in age 60 cat. 66-85 +9.4% 40 +9.4% Evol. ageing population 20 85+ 66-85 Age bracket now 2040 2070 0-65 65+ 2.4m 3.0m 3.5m 0 (nominal) 2025 2030 2040 2050 2060 2070 65+
Slide 12: Dutch healthcare real estate market
Care Property Invest Our portfolio 12 Population +157% Projected +157% growth in age cat. 85+ +13% total population of +13% in age cat. 66-85 +15.3% +15,3% Evol. ageing population 85+ 65-85 Age bracket now 2040 2070 0-65 65+ 3.7 4.8m 5.5m (nominal) 2025 2030 2040 2050 2060 2070 65+ (in %) 20.5% 25%
Slide 13: Spanish healthcare real estate market
Care Property Invest Our portfolio 13 Population 100 +157% Projected +152% growth in age cat. 85+ 80 +13% total population of +31% in age cat. 60 66-85 +6.7% 40 +6.7% Evol. ageing population 85+ 20 65-85 Age bracket now 2040 2070 0-65 65+ 11.5m 14.6m 16.4m 0 (nominal) 2025 2030 2040 2050 2060 2070 6
Slide 14: Irish healthcare real estate market
Care Property Invest Our portfolio 14 Population 100 +250% Projected +250% growth in age cat. 85+ 80 +72% total population of +72% in age 60 +24.4% cat. 66-85 40 Evol. ageing population +24.4% 85+ Age bracket now 2055 20 66-85 Total population 5.1 m 6.4m 0-65 Total population - +25.5% 0 2022 2027 20
Slide 15: Geographical distribution
Care Property Invest Our portfolio 15 Geographical Geographical distribution of the number of projects Geographical distribution of the number of residential units distribution (1) 7% 7% 10% 11% 32% 10% 39% 151 acquired projects in portfolio 11% as at 30 June 2025 11% 16% (1) Excludes finance lease
Slide 16: Distribution projects by age of the buildings
Care Property Invest Our portfolio 16 Distribution Investment properties in operation projects by age 3% of the buildings 16% 46% % < 1 year ago 1 to 5 years ago 36% 5 to 10 years ago > 10 years ago 30 June 2025
Slide 17: Lease Maturity
Care Property Invest Our portfolio 17 Lease Maturity Tekengebied 8 Unexpired lease term -investment prop Unexpired lease term 30 Average unexpired lease term by country Investment properties Investment properties 1% 1% 25 Average: 18 years 24% 20 39% 15 19 years 18 years 19 years 10 15 years 5 34% 0
Slide 18: The legacy portfolio of finance leases
Care Property Invest Our portfolio 18 The legacy Initiative of the Flemish government portfolio of Building and financing of 2,000 qualitative and affordable finance leases service flats targeted at 75+ year-olds (assisted living units) in Flanders and Brussels How it started Cooperation with: Local
Slide 19: Project structure
Care Property Invest Our portfolio 19 Project structure Structure subsidised by the Flemish Government Triple net leasehold contracts (1) Design-build-finance structure with 100% investment repayment at end of leasehold. Average remaining term of the finance leases (initial portfolio only) at 30 Jun
Slide 20: Spread building rights fee vs related debt maturity
Care Property Invest Our portfolio 20 Spread building rights fee vs related debt maturity Evolution of the final 40000 35000 building rights fees 30000 and related debt 25000 maturity relating to 20000 the legacy portfolio 15000 10000 Final building rights fee 5000 (cash in) - in K EUR 0 Related deb
Slide 21: Distribution operators
Care Property Invest Our portfolio 21 Belgium Spain 3% 3% 3% 3% 4% 3% Colisee Emera 3% 4% 23% 25% My Assist Forum de Inversiones 3% Inmobiliarias Mare Nostrum S.A. 4% Public 5% Other (1) Orelia 6% Korian 7% Ireland Vulpia Silverstream Healthcare 6% Other(1) (2) DomusVi 15% 8% 14% The Netherlands 8%
Slide 22: Strategic focus
Strategic focus Building a caring future together Building a Caring Future Together www.carepropertyinvest.be 03
Slide 23: Strategic focus 2025 - 1/2
Care Property Invest Strategic focus 23 Strategic focus 2025 - 1/2 Tekengebied 1 Europa Focus remains on 4 existing geographic markets for new growth Focus on strong financial structure Belgium, The Netherlands, Spain and Ireland • Sound hedging policy, though allowing for interest risk management o
Slide 24: Strategic focus 2025 - 2/2
Care Property Invest Strategic focus 24 Strategic focus 2025 - 2/2 Dynamic management of Multi-solution approach existing portfolio of buildings of legacy portfolio Serviceflats in view of in view of NV • OPENBARE BE VA K N A A R B E L G I S C H R E C H T • profitability • Case-by-case approach towa
Slide 25: Sustainability highlights
Care Property Invest Strategic focus 25 Sustainability highlights ESG remuneration 20% of the total pay-out of management’s 20% long-term incentive is subject to ESG criteria and is paid out if the Company’s Validated targets Energy Efficiency target long-term sustainability goals are achieved. by S
Slide 26: Sustainability reporting
Care Property Invest Strategic focus 26 Sustainability Our Sustainability Strategy Built around three commitments: reporting 1. Investing in Sustainable Buildings 2. Building Lasting Relationships 3. Leading Through Ethical Practices Commitment Beyond Regulation While the scope of future sustainabil
Slide 27: Cybersecurity and ICT
Care Property Invest Strategic focus 27 Cybersecurity IT - and Cyber Security improvements are focus points in the ongoing digital transition. and ICT • Providing security awareness for all employees via trainings and tests • All information is stored on secured cloud servers within Europe • Adding
Slide 28: Financial information
Financial information Figures and guidance Building a Caring Future Together www.carepropertyinvest.be 04
Slide 29: Half-Year 2025 Figures and Guidance 2025
Care Property Invest Financial information 29 Half-Year 2025 Guidance 2025 Figures Operational KPI’s Rent collection rate: 98% Improved 2025 outlook: with a payoutratio of 90%: arrow-right arrow-right Average indexation 2025: 3.08% arrow-right Occupancy rate: 100% - stable average real occupancy rat
Slide 30: Key figures P&L Statement
Care Property Invest Financial information 30 Key figures Period closed on 30 June - in K EUR 2025 Var 2024 Var 2023 Net rental result 36,599 6.56% 34,346 6.25% 32,324 P&L Real estate operating result 36,589 6.55% 34,341 6.30% 32,306 General expenses and other operating result (cash) -3,942 15.57% -
Slide 31: Rental income
Care Property Invest Financial information 31 Rental income In million EUR €40.00 €0.54 €0.54 €36.60 €34.35 €0.39 €0.78 €30.00 €20.00 €10.00 €0.00 Rental Income June YTD 2024 Belgium The Netherlands Spain Ireland Rental Income June YTD 2025 Change : BE NL ES IE Total Change : 1.66% 13.31% 21.64% 24.
Slide 32: Rental income
Care Property Invest Financial information 32 Rental income Breakdown (in K €) Finance leases Investment properties €40,000 €30,000 76% 74% €20,000 72% 67% 62% 54% €10,000 47% 42% 27% 53% 46% 38% 33% 28% 26% 24% 73% 58% €0 HY 2017 HY 2018 HY 2019 HY 2020 HY 2021 HY 2022 HY 2023 HY 2024 HY 2025 HY 20
Slide 33: Key figures Balance sheet
Care Property Invest Financial information 33 Key figures Consolidated in K EUR Balance HY 2025 FY 2024 FY 2023 Receivables financial leases 166,303 166,440 166,705 sheet Trade payables related to fixed assets 7,785 8,192 8,968 Investment properties 1,028,561 1,015,282 994,465 Other assets not inclu
Slide 34: Like-for-like portfolio valuation
Care Property Invest Financial information 34 Like-for-like 0.5% portfolio 0.4% 0.4% valuation 0.3% 0.2% 0.2% 0.1% 0.1% 0% −0.1% −0.2% Average overall valuation yield of 5.66% −0.3% −0.3% −0.3% −0.4% −0.5% −0.6% −0.6% −0.7% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Slide 35: Gross yields on fair value
Care Property Invest Financial information 35 Gross yields on 7.00% fair value 6.00% 5.00% 5.88% 5.92% 5.93% 5.86% 5.82 % 5.82% 5.67% 5.72% 5.66% 5.65% 5.60% 5.61% 5.44% 5.49% P1 = Q4/2024 5.40% 4.00% P2 = Q1/2025 P3 = Q2/2025 3.00% 2.00% 1.00% 0.00% P1 P2 P3 P1 P2 P3 P1 P2 P3 P1 P2 P3 P1 P2 P3 Belg
Slide 36: Debt Ratio
Care Property Invest Financial information 36 Debt 60% Ratio 50% 51.34% Under control 45.40% 47.31% 43.55% 40% EPRA LTV 30% 20% 10% 0% 2022 2022 2023 2023 2024 2024 HY 2025 HY 2025
Slide 37: Financial headroom
Care Property Invest Financial information 37 Financial EPRA LTV of 47.31% gives margin: Up to 45%: for €-52.5 million headroom Up to 50%: for €67.5 million Debt ratio Debt ratio of 49.45% (RREC-law) gives margin: Up to 50%: for €13.4 million Up to 60%: for €321.4 million (covenant credit contracts)
Slide 38: Debt Maturity Wall
Care Property Invest Financial information 38 Debt Maturity Wall in KEUR €200 The undrawn credit lines also include the specific back- €150 For the funds which can up lines within the 51,000 framework of the be 'rolled over' at the MTN program. unilateral request of Contractually, 100% 1,500 CP Inve
Slide 39: Weighted average interest rate and outstanding debts
Care Property Invest Financial information 39 Weighted average interest 5% 594.8 580.9 600 563.5 540.7 rate and 4.5% 500 outstanding 4% 423.3 3.5% debts 3% 3.22% 400 326.9 3.03% 2.90% 2.5% 300 Weighted average debt maturity 2% 2.31% (incl. CP): 4.34 years 2.01% 1.90% 200 1.5% Weighted average IRS ma
Slide 40: Hedge ratio
Care Property Invest Financial information 40 Hedge ratio Future evolution(1) 100% 10.73% 11.05% 12.41% 10.92% 18.10% 8.41% 8.41% Floating rate debt not hedged 80% 8.41% Floating rate debt hedged - CAP Floating rate debt hedged - IRS 60% Fixed rate debt 63.04% 75.10% 63.01% 62.17% 70.06% 40% 89% of
Slide 41: Debt structure
Care Property Invest Financial information 41 Debt structure €21m Commercial paper (15%) 4% Bonds (4%) €90m • Short-term CP program of max. 15% • Spread maturities to 2030 200 MEUR fully hedged • 5 bonds • Margin of 65 bps • Interest in CP market has been on Loans (81%) the rise for the last few mon
Slide 42: Net financial debt
Care Property Invest Financial information 42 Net financial debt EBITDA and interest coverage ratio 5% 14 Net financial debt/ 4.5 EBITDA 4.2 4.3 4.3 4.5% 4.1 Interest coverage ratio 12 3.8 Bank covenant limit 4% 13.5 3.7 CPInvest 3.4 11.9 3.2 10 3.5% 10.7 10.3 10.2 3% 2.7 9.7 9.6 9.2 8 2.5% 8.9 6.9
Slide 43: Governance
Governance Diversification and competence Building a Caring Future Together www.carepropertyinvest.be 05
Slide 44: Governance: Executive Committee
Care Property Invest Governance 44 Governance Executive Committee Executive Committee new composition with Chief Legal Counsel and Chief Business Development Officer (all FTE of CPI)
Slide 45: Governance: New Board Directors
Care Property Invest Governance 45 Governance INGE BOETS Chair of Board of Directors New Board Directors Chair of Nomination and Remuneration Committee • Master of Economics / Additional certificates, including Strategic Leadership • experienced independent non-executive director in various sectors
Slide 46: Share and shareholders
Share and shareholders A solid investment Building a Caring Future Together www.carepropertyinvest.be 06
Slide 47: Solid share track record
Care Property Invest Share and shareholders 47 IPO on 7 February 1996 at EUR 5.95 (adjusted for stock split). Improved liquidity since the capital increase of March 2015 and through the appointment of KBC Securities as liquidity provider As from 19 December 2016: inclusion share in the Euronext Brus
Slide 48: Dividends per share
Care Property Invest Share and shareholders 48 Dividends Adjusted EPRA earnings per share (€/share) Gross dividend (in €/share) per share 1.4 €1.24 (1) €1.11 (3) 1.2 €1.11 (3) €1.06 (1) €1.07 €1.03 (2) €0.99 (1) 1 €0.92 (1) €0.86 €1.00 €1.00 €1.00 €1.00 0.8 €0.74 A gross dividend of €1.00/share was
Slide 49: Evolution stock price and EPRA NTA
Care Property Invest Share and shareholders 49 Evolution stock price €30 €28 and EPRA €26 €24 NTA €22 €20 €18 17.79 €16 €14 12.48 €12 €10 €8 Stock price EPRA NTA €6 €4 €2 €0 HY 2025 HY2020 HY2023 HY2024 HY2022 FY2020 FY2023 HY2019 FY2024 HY2016 FY2022 HY2018 HY2021 HY2017 FY2019 FY2016 FY2018 FY2015
Slide 50: International and Diversified Shareholder Base
Care Property Invest Share and shareholders 50 International and Diversified Shareholder Base 1.9% 1.4% 1.7% 100% free float 2.7% Belgium 2.8% 3.5% Luxemburg 3.9% France United Kingdom 5.1% • Institutional Shareholders: Switzerland 36.2%. United States • Private Shareholders: Ireland 9.4% 57.5%. Ger
Slide 51: Key investment highlights
Key investment highlights Building a Caring Future Together www.carepropertyinvest.be 07
Slide 52: Key investment highlights
Care Property Invest Key investment highlights 52 1 focused strategy Consistent execution of the Key investment highlights 2 single country team Cost efficient operations – 3 Long term view on (1) Gross dividend yield of 8.01%, based on the share value creation(1) price on 30 June 2025 and the propo
Slide 53: Thank you
Thank you Building a Caring Future Together www.carepropertyinvest.be