Slide 1: Annual results 2024
Annual results 2024 Brussels, 19 February 2025 -1-
Slide 2: Capital Markets Day 7&8 May 2025, Ireland
Capital Markets Day 7&8 May 2025 Ireland Event reserved for institutional investors and by invitation only Clondalkin Dublin - Ireland -2-
Slide 3: Table of content
Table of content 4 Highlights FY 2024 7 Financials 17 Portfolio analysis 27 Outlook 30 Shares & shareholders -3-
Slide 4: Highlights FY 2024
Highlights FY 2024 Résidence le Douaire Anderlues – Belgium -4-
Slide 5: Highlights FY 2024
Highlights FY 2024 >€6.2 billion 8 €160 million 41.3% fair value countries (of which ~€71m to be debt-to-assets ratio real estate portfolio invested) committed investment programme €673 million €338.1 million 635 Headroom on committed +8% YoY, 3.3% LfL healthcare sites 31 credit lines rental income
Slide 6: Investment activity
Investment activity New investments & pipeline completions1 €110 million €24 million €188 million €25 million in new investments announced in 2024 (see map) €29 million 31 projects (~ €297 million) completed in 2024 1 See FY 2024 press release for more details. -6-
Slide 7: Financials
Financials Helsinki Käräjätuvantie -7- Helsinki - Finland
Slide 8: Income Statement
Income Statement EPRA Earnings EPRA EARNINGS YOY INCREASE OF 7% +9% Operating result before result on Consolidated incom e statem ent - analytical form at 31/12/2024 31/12/2023 portfolio mainly following (x €1,000) increased net rental income Rental income 338,138 314,174 Rental-related charges -157
Slide 9: Income Statement
Income Statement Net result EARNINGS PER SHARE Consolidated incom e statem ent - analytical form at 31/12/2024 31/12/2023 (x €1,000) EPRA Earnings* 234,581 219,579 Changes in fair value of financial assets and liabilities -18,708 -50,878 Changes in fair value of investment properties 15,195 -143,636
Slide 10: Rental income
Rental income +2.0 338.1 +5.9 +0.4 +14.6 +11.2 -1.6 314.2 -8.5 8% in € m increase YoY Rental Indexation Rent reversion Disposals Deliveries Acquisitions Contingent FX impact Rental income rent income FY 2023 FY 2024 -10-
Slide 11: Rental income
Rental income +4.9 338.1 +7.0 +1.1 -0.1 +10.0 314.2 +2.7 +2.0 -3.6 8% increase YoY in € m Rental Belgium Germany Netherlands United Finland Sweden Ireland Spain Rental income Kingdom income FY 2023 FY 2024 +3.1% rent indexation Change: -4.9% +3.3% +7.1% +12.3% +12.8% +25.9% +27.4% - +7.6% Like-for-l
Slide 12: Debt-to-assets ratio
Debt-to-assets ratio €67m €100m €153m €219m €418m €207m €459m €286m €254m €380m rights issue rights issue rights issue rights issue rights issue ABB rights issue ABB ABB rights issue Oct 2010 Dec 2012 June 2015 Mar 2017 May 2019 Apr 2020 Oct 2020 Jun 2021 Jun 2022 July 2023 60% 7,000 6,000 41.3% 50%
Slide 13: Credit facilities
Credit facilities Diversified sources of funding €2,518 million 12% 4% Investment credits Investment credits total financial debt Term loans Term loans 56% 3% bank facilities Revolving loans Debt financing YTD: Revolving loans • €355 million early refinancing of 39% USPP GBP which €205 million of 20
Slide 14: Credit rating & KPI's
Credit rating & KPI’s Solid investment grade rating BBB with 6.2x 8.5x stable outlook ICR2 Net debt/EBITDA3 Credit rating S&P Global1 Unsecured 2.0% 47% financing except Average cost of debt sustainable financing out − Hoivatilat: certain incl. commitment fees of committed credit lines particulariti
Slide 15: Credit facilities
Credit facilities Well spread debt maturity profile 900 800 240 700 10 600 153 €673 million1 500 126 headroom on committed credit 400 lines on December 31 to finance 597 204 capex & liquidity needs 300 169 223 512 200 3.8 years in € m 100 221 230 115 105 weighted average debt maturity 121 50 12 - 50
Slide 16: Credit facilities
Credit facilities Interest rate hedging1 11% 13% 14% 4% 24% 59% 50% 52% 52% 89% 44% of debt hedged by derivatives or fixed rate debt as of 31 December 2024 18% 4.4 years 35% 35% 34% 32% Weighted average hedge 23% maturity 1 Projected debt. 31/12/2024 31/12/2025 31/12/2026 31/12/2027 31/12/2028 Fixed
Slide 17: Portfolio analysis
Portfolio analysis Kutomokuja Helsinki - Finland -17-
Slide 18: Healthcare real estate portfolio
Healthcare real estate portfolio Healthcare segment breakdown FOCUS ON CARE FACILITIES FOR ELDERLY PEOPLE 8% 6% Elderly care homes 15% Senior housing 86% Mixed-use elderly care buildings Childcare centres 3% 68% Other care segments Marketable investment properties incl. assets classified as held for
Slide 19: Healthcare real estate portfolio
Healthcare real estate portfolio Geographical breakdown DIVERSIFICATION ACROSS EUROPEAN COUNTRIES >0% 2% 7% 21% Belgium Germany Sweden 19% Netherlands Capital recycling: 22 assets United Kingdom were divested in Feb. 2025 Finland to provide extra firepower. 19% Sweden Aedifica is exploring options t
Slide 20: Healthcare real estate tenants
Healthcare real estate tenants Tenant diversification1 9% 6% 635 sites with approx. 5% Municipalities / 320 tenants (or >150 wellbeing counties (FI) 4% ‘groups’) representing European, national and 54% 4% local profit and not-for- 4% profit operators 4% No ‘operator group’ 4% leases more than 10% of
Slide 21: Operators' occupancy
Operators’ occupancy1 Mature assets portfolio 93% 94% 92% 86% 86% YoY growth in all countries Care homes occupancy1 >85% Belgium Germany Netherlands United Ireland 1 Occupancy data as at 30 September 2024. Kingdom 2 LfL occupancy looks at 09/2023 and Like-for-like 09/2024: an asset is included in th
Slide 22: UK & Channel islands healthcare portfolio
UK & Channel islands healthcare portfolio Rent cover evolution 2.8 2.6 2.3x Rent cover over the last 2.4 12m for UK mature portfolio 2.2 2.0 1.8 2.5x 1.6 Q3 2024 rent cover 1.4 for UK mature portfolio 1.2 (x) 1.0 Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep 2020 2020 2020
Slide 23: Healthcare real estate tenants
Healthcare real estate tenants Tenant diversification1 4% 6% Profit Predominantly private operators Non-profit Potential for growing public and non-profit Public segments among tenants 90% 1 Based on the contractual rents. -23-
Slide 24: Lease maturity
Lease maturity UNEXPIRED LEASE TERM WAULT BY COUNTRY 1% 11% < 5 years Avg 16% 22 23 19 years 5 to 10 years 21 10 to 15 years 19 72% 15 ≥ 15 years 12 11 19 years years Weighted average unexpired 100 % Occupancy rate lease term Belgium Germany Netherlands United Kingdom Finland Sweden Ireland Marketab
Slide 25: Resilience in portfolio valuation
Resilience in portfolio valuation GROSS YIELDS ON FAIR VALUE LIKE-FOR-LIKE PORTFOLIO VALUATION Conservative valuation yields 6.60 Resilient portfolio valuation despite changed 6.40 market conditions 6.4 6.20 6.3 12 Q4 2024 Avg 5.9 Change in 6.00 6.1 months vs Q3 6.0 FV LFL +0.38% 2024 5.80 +0.12% 5.
Slide 26: Committed development projects
Committed development projects Pipeline €160 million of which €71 million to be invested GEOGRAPHICAL SPLIT EXPECTED DELIVERY DATE €16m €29m 10% 18% 100% pre-let €48m 2025 €24m 15% 30% €10 million €23m expected rental 15% 2026 €108m income €36m 22% 67% €37m 23% 2027 6.1% initial yield on cost Finlan
Slide 27: Outlook
Outlook Oulu Vaarapiha Oulu - Finland -27-
Slide 28: Outlook 2025
Outlook 2025 €355 million 2.1% rental income €110 million average cost of debt (+ 5.2% vs. 2024) pipeline deliveries in 2025 0.87 EUR/GBP foreign exchange assumption €238 million ~ €190 million EPRA Earnings asset rotation Estimated current taxes for the Dutch (+ 1.6% vs. 2024) subsidiaries for 2025
Slide 29: Outlook medium-term
Outlook medium-term Drivers for future growth while maintaining a solid debt-to-asset ratio € / share 7.0 6.5 6.0 • Strong fundamental tailwinds 5.5 3 5.0 4.76 5.02 4.93 5.01 2 remain intact 4.35 4.5 4.23 3.90 4.00 3 • Demography 4.0 3.74 3.70 3.80 3.5 3.15 3.25 3.07 1 3.40 • Improving operator perf
Slide 30: Shares & shareholders
Shares & shareholders Fredenbeck Fredenbeck - Germany -30-
Slide 31: Shareholding
Shareholding1 INTERNATIONAL & DIVERSIFIED SHAREHOLDERS BASE1 5% Belgium 8% United States 2% Netherlands 3% United Kingdom 36% 3% One shareholder Luxembourg 4% holding more than 5% of Ireland the company’s capital 2 4% France Germany ~1/4 retail shareholders 6% Sweden ~3/4 institutional Norway shareh
Slide 32: Withholding tax legislation
Withholding tax legislation Withholding tax: What’s included? 1 − General rule: 30% - Elderly care homes, senior − Reduced to 15% for healthcare REITs investing more than housing, mixed-use elderly 80% of its portfolio in residential healthcare real estate care buildings, disabled care in the Europe
Slide 33: Withholding tax
Withholding tax Continuously changing legal framework The withholding tax rate for Belgian listed companies has changed several times since Aedifica was established. 2006 2013 2016 2017 2022 standard rate 25% 25% 27% 30% 30% rate for REITs 15% - - - - rate for REITs 0% 15% 15% 15% investing in speci
Slide 34: Thank you
Thank you QUESTION? INVESTOR RELATIONS ➢ Via Teams: ir@aedifica.eu ✓ type your question in the Q&A Rue Belliard/Belliardstraat 40 bte 11 section or 1040 Brussels, Belgium ✓ raise your hand to interact live ➢ Via telephone: ✓ Press « * 5 » to « raise your hand » ✓ A voice prompt will indicate when yo
Slide 35: Stefaan Gielens - CEO; Ingrid Daerden - CFO
Stefaan Gielens - Chief Executive Officer Ingrid Daerden - Chief Financial Officer -35-
Slide 36: 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
Slide 37: Forward-looking statement
Forward-looking statement This Presentation includes forward-looking statements that reflect the Company's intentions, beliefs or current expectations concerning, among other things, the Company’s results, condition, performance, prospects, growth, strategies and the industry in which the Company op
Slide 38: Appendix
Appendix LTS Winschoten Winschoten - Netherlands -38-
Slide 39: Belgian healthcare portfolio
Belgian healthcare portfolio PORTFOLIO OF 79 ASSETS €1,255 m ~8,200 5.7% 19 years portfolio residents yield on WAULT fair value fair value <1% 16 ~€1,255 m Inflation- exposure to tenant portfolio outlook linked the Brussels market groups as of triple net long 18 February 2025 leases -39-
Slide 40: Belgian healthcare portfolio
Belgian healthcare portfolio Marketable investment properties -40-
Slide 41: Belgian healthcare portfolio
Belgian healthcare portfolio Twee Poorten, ‘t Spelthof Tienen – 129 units Lubbeek – 121 units Hof Van Schoten, Schoten – 101 units Sorgvliet, Linter – 110 units -41-
Slide 42: German healthcare portfolio
German healthcare portfolio PORTFOLIO OF 99 ASSETS €1,176 m ~10,000 5.5% 21 years portfolio residents yield on WAULT fair value fair value 4 26 ~€1,198 m Inflation- projects tenant portfolio outlook linked to be groups as of double net long completed 18 February 2025 leases with various indexation l
Slide 43: German healthcare portfolio
German healthcare portfolio Marketable investment properties Projects in the investment programme -43-
Slide 44: German healthcare portfolio
German healthcare portfolio Seniorenquartier Weyhe, Seniorenquartier Gera, Gera - Weyhe - 109 units 123 units Fredenbeck, Fredenbeck – Seniorenhaus Lessingstrasse, 94 units Wurzen - 73 units -44-
Slide 45: Dutch healthcare portfolio
Dutch healthcare portfolio PORTFOLIO OF 70 ASSETS €673 m ~3,200 6.1% 15 years portfolio residents yield on WAULT fair value fair value 22 ~€665 m Inflation- tenant portfolio outlook linked groups as of mostly triple net 18 February 2025 long leases -45-
Slide 46: Dutch healthcare portfolio
Dutch healthcare portfolio Marketable investment properties -46-
Slide 47: Dutch healthcare portfolio
Dutch healthcare portfolio Villa Florian, Blaricum - 29 units Nieuw Heerenhage, Heerenveen - 126 units Martha Flora Breda, Breda – 28 units LLT Almere Buiten, Almere - 38 units -47-
Slide 48: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio PORTFOLIO OF 118 ASSETS €1,279 m ~7,600 6.4% 22 years portfolio residents yield on WAULT fair value fair value 3 18 ~€1,290 m Inflation- projects tenant portfolio outlook linked to be groups as of triple net long completed 18 February 2025 leases with genera
Slide 49: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio Marketable investment properties Projects in the investment programme -49-
Slide 50: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio York Bluebeck Drive, York The Mount, – 66 units Wargrave - 65 units Copperfield Court, Broadstairs - 66 units Dawlish, Dawlish - 71 units -50-
Slide 51: Finnish healthcare portfolio
Finnish healthcare portfolio PORTFOLIO OF 217 ASSETS €1,132 m ~16,300 6.0% 12 years portfolio residents & yield on WAULT fair value children fair value 5 54 ~€1,183 m Inflation- projects tenant portfolio outlook linked to be groups as of double net long completed 18 February 2025 leases >6.5% 23% Ex
Slide 52: Finnish healthcare portfolio
Finnish healthcare portfolio Marketable investment properties Projects in the investment programme -52-
Slide 53: Finnish healthcare portfolio
Finnish healthcare portfolio Helsinki Ensikodintie, Tampere Teräskatu, Helsinki – 32 units Tampere - 240 units Espoo Kuurinkallio, Espoo – 75 children and 26 units Tahtimarssi, Oulu – 350 children -53-
Slide 54: Swedish healthcare portfolio
Swedish healthcare portfolio PORTFOLIO OF 28 ASSETS €94 m ~1,300 6.3% 11 years Inflation- portfolio residents & yield on WAULT linked fair value children fair value double net long leases 15 ~€40 m Strategic divestments tenant portfolio outlook 22 small-scale residential care centres (‘LSS’) groups
Slide 55: Swedish healthcare portfolio
Swedish healthcare portfolio Marketable investment properties -55-
Slide 56: Swedish healthcare portfolio
Swedish healthcare portfolio Mesta 6:56, Eds Prästgård 1:115, Upplands Stockholm – 140 children Väsby – 100 children Östhamra 1:52, Kallberga 8:269, Kallinge - Norrtälje - 125 units 120 children -56-
Slide 57: Irish healthcare portfolio
Irish healthcare portfolio PORTFOLIO OF 22 ASSETS €425 m ~2,300 5.6% 23 years portfolio residents yield on WAULT fair value fair value 1 6 ~€441 m Inflation- project tenant portfolio outlook linked to be groups as of triple net long completed 18 February 2025 leases -57-
Slide 58: Irish healthcare portfolio
Irish healthcare portfolio Marketable investment properties Project in the investment programme -58-
Slide 59: Irish healthcare portfolio
Irish healthcare portfolio Dublin Stepaside, Beaumont Lodge, Stepaside - 119 units Dublin - 221 units Clondalkin Nursing Home, Dublin - 150 units Northwood Nursing Home, Dublin - 121 units -59-
Slide 60: Spanish healthcare portfolio
Spanish healthcare portfolio PIPELINE OF 2 PROJECTS & 1 PLOT OF LAND €2 m 2 1 portfolio projects plot of land fair value to be completed 1 ~€26 m Inflation- tenant portfolio outlook linked group as of triple net long 18 February 2025 leases -60-
Slide 61: Notes
fl Notes aedifica |" housing with care -61-