Slide 1: Q1 2026 results
Q1 2026 results Brussels, 19 May 2026 -1-
Slide 2: Table of content
Table of content 3 Highlights Q1 2026 7 Strategy 12 Achievements 14 Portfolio analysis 27 Financials 38 Shares & shareholders 42 Outlook 44 Conclusion -2-
Slide 3: Highlights Q1 2026
Highlights Q1 2026 Sinnehiem Haulerwijk – -3- The Netherlands
Slide 4: Creating Europe's leading healthcare REIT
Creating Europe’s leading healthcare REIT ✓ 80% of Cofinimmo shares tendered during the exchange offer (10 March 2026) ✓ A new Board of Directors and Executive Committee have been appointed ✓ EGMs of Aedifica and Cofinimmo convened in June 2026 to approve the merger ✓ Legal merger expected to be eff
Slide 5: Highlights Q1 2026
Highlights Q1 2026 €12.4 billion €11.0 billion €50 million 40.4% fair value fair value New investments Debt-to-assets ratio Group portfolio healthcare portfolio announced (5 new projects added to the 2.0% pipeline) Average cost of debt €74.5million 923 +19% YoY healthcare sites €1,820 million EPRA e
Slide 6: Investment activity
Investment activity New investments & pipeline completions1 €7million €6 million €50 million new investments & €22 million projects announced in Q1 2026 (see map) 4 projects (€29 million) completed in Q1 2026 €15 million 1 See Q1 2026 press release for more details. -6-
Slide 7: Strategy
Strategy Hoge Haeghe Almere Almere – The Netherlands -7-
Slide 8: Aedifica at a glance
Aedifica at a glance Pure-play Market reference Belgian REIT Long-term stable Healthcare focus in European listed (RREC/SIR/GVV) cash flows healthcare real estate €12.4 billion real estate portfolio Growth potential ~ €5.7 billion Inflation-linked driven by demographic market cap contracts evolution
Slide 9: Exploring European markets
Exploring European markets Track record of entering new markets & creating a healthcare platform for future growth 2005 2013 2016 2019 2020 2021 2026 # sites1 160 158 111 120 248 30 35 53 8 Pipeline €38m €100m €13m €46m €106m €86m €150m - - Portfolio €2,795m €2,088m €1,192m €1,338m €1,411m €549m €39
Slide 10: Demographic evolution
Demographic evolution Belgium Germany Finland 25% 25% 25% 20% 20% 20% 70+ 70+ 70+ 15% 15% 15% 75+ 75+ 75+ 10% 80+ 10% 80+ 10% 80+ 5% 85+ 5% 85+ 5% 85+ 0% 0% 0% 2025 2030 2040 2050 2060 2025 2030 2040 2050 2060 2025 2030 2040 2050 2060 The Netherlands United Kingdom Ireland 25% 20% 25% 20% 20% 15% 70
Slide 11: Sustainability
Sustainability CRREM Research project Aedifica standalone 154 kWh/m² 130 kWh/m² Aedifica actual 20242 nEUI target for 2030 1 ‘Carbon Risk Real Estate Monitor’ framework yoy Translates long-term policies (COP21 Paris Agreement) into science-based targets that are global warming scenarios, country and
Slide 12: Achievements
Achievements Oulu Satamatie 34 Oulu - Finland -12-
Slide 13: Achievements
Achievements Investment properties1 evolution & focus on Europe EVOLUTION SINCE 2006 GEOGRAPHICAL BREAKDOWN (FAIR VALUE)2 12,413 1 2 <1 <1 <1 5 2 2 1 1 2 2 9 5 7 7 7 12 12 13 15 14 12 5 3 12 12 11 11 6 14 17 11 17 18 23 18 19 21 21 11 6,2186,285 5,849 18 5,704 18 18 12 17 18 4,896 100 19 20 95 3,815
Slide 14: Portfolio analysis
Portfolio analysis Villa Temporis Hasselt – Belgium -14-
Slide 15: Real estate portfolio
Real estate portfolio Segment breakdown 1 FOCUS ON CARE FACILITIES FOR ELDERLY PEOPLE 4% 2% 7% Elderly care homes 2% 3% Mixed-use elderly care Elderly care homes Cure Mixed-use elderly Cure centers centers care €11 billion Childcare centers Healthcare properties 2 9% Childcare centres Senior housing
Slide 16: Real estate portfolio
Real estate portfolio Portfolio geographical breakdown1 DIVERSIFICATION ACROSS EUROPEAN COUNTRIES 3% 2% 5% 6% Belgium 33% Germany Finland 11% United Kingdom The Netherlands France 11% Ireland Spain 1 Based on Marketable Investment Properties incl. Assets Italy classified as held for sale (€12,000m).
Slide 17: Real estate portfolio
Real estate portfolio Healthcare portfolio geographical breakdown1 DIVERSIFICATION ACROSS EUROPEAN COUNTRIES 2% 4% 5% 6% 26% Belgium Germany Finland 13% United Kingdom Netherlands France Ireland 13% 20% Spain 1 Healthcare portfolio. Based on Marketable Investment Italy Properties incl. assets classi
Slide 18: Real estate tenants
Real estate tenants Tenant diversification pro forma1 12% 7% 923 healthcare sites 4% representing European, national and local profit 4% and not-for-profit 3% 59% operators 3% 2% No ‘operator group’ 2% leases more than 12% of 2% 2% Aedifica’s consolidated assets North Bay Group (UK) Municipalities 1
Slide 19: Operators' occupancy
Operators’ occupancy1 Mature assets portfolio Aedifica standalone OCCUPANCY STRONG IN ALL COUNTRIES OCCUPANCY EVOLUTION Average care homes occupancy1 91% 100% 95% 96% 94% B 90% 91% 87% 90% Ir U 85% N G 80% SEP DEC MAR JUNE SEP DEC MAR SEP 2023 2023 2024 2024 2024 2024 2025 2025 Belgium Germany Nethe
Slide 20: Operators' rent cover
Operators’ rent cover1 Mature assets portfolio Aedifica standalone 2.4 1.8 1.6 (x) 1.4 Belgium Germany UK Ireland Portfolio coverage: 82% 65% 100% 100% 1 Rent cover data for Aedifica standalone as at 30 Sept. 2025. Rent cover is calculated as EBITDARM LTM divided by Contractual Rent LTM. An asset is
Slide 21: Lease maturity
Lease maturity WAULT BY SEGMENTS1 WAULT BY COUNTRY (HEALTHCARE)1 22 21 19 20 Group average: 17 15 years 16 12 12 9 7 in years in years 7 4 Healthcare Distribution Offices Belgium Germany The Netherlands networks United Kingdom Finland Ireland Spain France Italy 1 Based on contractual rent of the Mar
Slide 22: Resilience in healthcare portfolio valuation
Resilience in healthcare portfolio valuation GROSS YIELDS 6.8% ON FAIR VALUE Conservative 6.6% valuation yields 6.6 6.4% 6.5 6.4 6.2% 6.0% Avg 6.0 6.0 6.0 5.8% 5.8 5.6% 5.7 5.7 5.4% 5.5 5.2% in % 5.0% -22-
Slide 23: Resilience in portfolio valuation
Resilience in portfolio valuation LIKE-FOR-LIKE PORTFOLIO VALUATION Positive portfolio valuation for 2 years LFL valuation +0.46% change Belgium 0.0% Germany 0.0% +0.38% +0.35% The Netherlands 1.0% United Kingdom 1.3% Finland 0.0% Ireland 0.1% +0.25% Spain 0.7% +0.21% +0.18% Italy 0.1% France -0.5%
Slide 24: Portfolio growth
Portfolio growth Development projects Pirkkala Pereensaarentie - Pirkkala (FI) Kilcoole – Kilcoole (IE) To be completed in Q4 2026 To be completed: Q3 2027 Lappeenranta Tyysterniementie – Lappeenranta (FI) To be completed: Q2 2026 Stadtlohn - Stadtlohn (DE) To be completed: Q2 2028 -24-
Slide 25: Committed development projects
Committed development projects Pipeline of €539 million of which €275 million to be invested GEOGRAPHICAL SPLIT EXPECTED DELIVERY DATE €13m €17m 2% 3% 100% €38m €43m 7% healthcare 8% €46m €150m 9% 28% 2026 2026 €275m 2027 2027 100% pre-let €86m 16% €204m 51% 2028 38% 2028 €106m 20% >2028 ~5.8%1 €100
Slide 26: Offices & distribution networks
Offices & distribution networks OFFICES €0.9bn 23 6.3% Fair value sites FV yield 72% 93% 6 years Brussels’ CBD occupancy WAULT DISTRIBUTION NETWORKS €0.5bn 784 7.4% Fair value sites FV yield ~€4 million 100% 9 years divested in Q1 occupancy WAULT (11 pubs) -26-
Slide 27: Financials
Financials De Kroon Dronten – The Netherlands -27-
Slide 28: Income Statement
Income Statement1 EPRA Earnings up 19% EPRA EARNINGS YOY INCREASE OF 19% Consolidated incom e statem ent - analytical form at 31/03/2026 31/03/2025 (x €1,000) Rental income 113,437 92,977 Rental-related charges -64 -139 +21% Net rental income 113,373 92,838 Operating result before result on Operatin
Slide 29: Income Statement
Income Statement Net result EARNINGS PER SHARE Consolidated incom e statem ent - analytical form at 31/03/2026 31/03/2025 (x €1,000) EPRA Earnings* 74,536 62,577 Positive l-f-l FV change Changes in fair value of financial assets and liabilities 22,000 -781 in investment properties most Changes in fa
Slide 30: Rental income
Rental income 120 +21.3 113.4 110 100 +2.1 +0.6 +1.0 +1.3 93.0 +0.1 -1.6 -3.5 90 -0.9 22% 80 increase YoY 70 in € m 60 Rental Indexation Rent Disposals Deliveries Acquisitions Contingent Other FX impact Cofinimmo Rental income reversion rent 1 income Q1 2025 Q1 2026 1 Contingent rent included a non-
Slide 31: Rental income
Rental income +2.1 113.4 +3.0 +2.7 +0.8 +2.4 +1.7 +0.6 +3.9 +0.6 + 22% +6.0 Year-on-Year (Group) -3.0 + 1.6% 93 increase LFL rental income (Group) + 1.9% increase LFL rental in € m income (healthcare) Rental Belgium The Netherlands Finland Spain Italy Distribution Rental income Germany United Irelan
Slide 32: EPRA Earnings
EPRA Earnings 90 85 +20.5 80 +0.1 -4.0 74.5 75 -1.5 -0.3 -3.5 70 65 62.6 60 55 19% 50 increase YoY in € m 45 40 EPRA Rental Operating Financial Tax EPRA Non- EPRA Earnings income costs result Earnings of controlling Earnings Q1 2025 associates interests Q1 2026 -32-
Slide 33: Debt-to-assets ratio
Debt-to-assets ratio €67m €100m €153m €219m €418m €207m €459m €286m €254m €380m rights issue Oct 2010 rights issue Dec 2012 rights issue June 2015 rights issue Mar 2017 rights issue May 2019 ABB Apr 2020 rights issue Oct 2020 ABB Jun 2021 ABB Jun 2022 rights issue July 2023 40.4% Debt-to-assets rati
Slide 34: Credit facilities
Credit facilities Diversified sources of funding €4,979 million 4% Investment credits Investment credits total financial debt Term loans loans 37% Term 24% 24% bank facilities Debt financing in Q1 2026: Revolvingloans Revolving loans • €3,420m increase due to the inclusion of Cofinimmo USPP USPPGBP
Slide 35: Credit rating & KPI's
Credit rating & KPI’s Solid investment grade rating 7.3x 7.9x BBB+ with ICR1 Net debt/EBITDA2 stable outlook Credit rating S&P Global ~4% 2.0% encumbered assets Average cost of debt A-2 incl. commitment fees Short-term issuer rating following the successful Unsecured exchange offer for financing 52%
Slide 36: Credit facilities
Credit facilities WELL SPREAD DEBT MATURITY PROFILE INTEREST RATE HEDGING 1,800 1,600 1,400 503 96.1% 1,200 641 676 of debt hedged by derivatives 1,000 390 or fixed rate debt as per Q1 800 395 335 600 58 3.6 years in € m 400 646 749 236 445 500 200 512 100 156 80 60 106 17 45 50 89 11 Weighted avera
Slide 37: Net asset value
Net asset value Discount on 18 May 2026 14% vs IFRS NAV 11% vs EPRA NTA Net asset value per share (in €) 31/03/2026 31/12/2025 IFRS Net asset value 79.79 77.05 EPRA Net Tangible Assets (in €/share) 31/03/2026 31/12/2025 EPRA NTA 80.34 78.40 -37-
Slide 38: Shares & shareholders
Shares & shareholders Helsinki Käräjätuvantie Helsinki - Finland -38-
Slide 39: Shareholding
Shareholding1 INTERNATIONAL & DIVERSIFIED SHAREHOLDERS BASE1 One shareholder holding more than 5% of the company’s 7% Belgium capital 2 8% United States 2% ~1/4 retail shareholders Netherlands ~2/4 institutional shareholders 2% 34% Luxemburg 3% 100% free float United Kingdom 4% France Major indices
Slide 40: 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 41: 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 42: Outlook
Outlook Oulu Vaarapiha Oulu - Finland -42-
Slide 43: Outlook 2026
Outlook 2026 Aedifica – Cofinimmo: EPS & DPS one group guidance from Q1 2026 Consolidation Integration - Dividend policy: 80% of recurring scoping, planning and consolidated EPRA Earnings from Q1 2026 execution in 2026 - Guidance for the combined entity will €300 million Synergies run rate impact du
Slide 44: Conclusion
Conclusion Priesty Fields Care Home Congleton – United Kingdom -44-
Slide 45: Investment highlights
Investment highlights Attractiveness for shareholders PURE-PLAY focus FAIR VALUE HISTORY HEALTHCARE REIT IN EUROPE OF PORTFOLIO SHOWING RESILIENCE 15 YEARS WEIGHTED AVERAGE LEASE STRONG UNDERLYING TERM DEMOGRAPHIC TRENDS SOLID TRACK RECORD IN INVESTMENT, EQUITY AND DEBT-FINANCING LONG-TERM GROWTH ST
Slide 46: Thank you
Thank you INVESTOR RELATIONS EVENTS 2026 ir@aedifica.eu May 21 Kempen European Real Estate Seminar, Amsterdam Rue Belliard/Belliardstraat 40 bte 11 1040 Brussels, Belgium Jun 11 Environmental Data Report publication https://aedifica.eu/investors/ Jun 11 Morgan Stanley European Real Estate Capital Ma
Slide 47: Stefaan Gielens - CEO; Ingrid Daerden - CFO
Stefaan Gielens - Chief Executive Officer Ingrid Daerden - Chief Financial Officer -47-
Slide 48: 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 49: 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 50: Appendix
Appendix LTS Winschoten Winschoten - Netherlands -50-
Slide 51: EPRA NTA
EPRA NTA +6.61 80.34 78.40 -0.28 +1.32 +0.62 +2.46 -8.81 in € EPRA NTA Transaction PPA EPRA result Property value Badwill Other EPRA NTA 31/12/2025 impact increases 31/03/2026 -51-
Slide 52: Belgian healthcare portfolio
Belgian healthcare portfolio PORTFOLIO OF 160 ASSETS €2,795 m ~18,100 6.0% 17 years portfolio residents yield on WAULT fair value fair value 3 22 ~€2,833 m Inflation- projects to be tenant portfolio outlook linked completed groups as of triple net long 18 May 2026 leases 4% exposure to the Brussels
Slide 53: Belgian healthcare portfolio
Belgian healthcare portfolio Marketable investment properties Project in the investment programme -53-
Slide 54: 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 -54-
Slide 55: German healthcare portfolio
German healthcare portfolio PORTFOLIO OF 158 ASSETS €2,088 m ~16,400 5.7% 19 years portfolio residents yield on WAULT fair value fair value 4 38 ~€2,210 m Inflation- projects tenant portfolio outlook linked to be groups as of double net long completed 18 May 2026 leases with various indexation limit
Slide 56: German healthcare portfolio
German healthcare portfolio Marketable investment properties Projects in the investment programme -56-
Slide 57: German healthcare portfolio
German healthcare portfolio Seniorenquartier Weyhe, Seniorenquartier Gera, Gera - Weyhe - 109 units 123 units Stadtlohn, Stadtlohn – To Seniorenhaus Lessingstrasse, be completed in Q2 2028 Wurzen - 73 units -57-
Slide 58: Dutch healthcare portfolio
Dutch healthcare portfolio PORTFOLIO OF 111 ASSETS €1,192 m ~4,600 6.4% 12 years portfolio residents yield on WAULT fair value fair value 1 46 ~€1,205 m Inflation- acquisition tenant portfolio outlook linked subject to groups as of mostly triple net outstanding 18 May 2026 long leases conditions -58
Slide 59: Dutch healthcare portfolio
Dutch healthcare portfolio Marketable investment properties -59-
Slide 60: Dutch healthcare portfolio
Dutch healthcare portfolio Villa Florian, Sinnehiem, Blaricum - 29 units Hauwerlijk – 92 units De Kroon, Dronten – 43 units LLT Almere Buiten, Almere - 38 units -60-
Slide 61: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio PORTFOLIO OF 120 ASSETS €1,338 m ~7,900 6.5% 22 years portfolio residents yield on WAULT fair value fair value 4 17 ~€1,369 m Inflation- UK REIT projects to be tenant portfolio outlook linked regime completed and groups as of 1 forward triple net long Since
Slide 62: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio Marketable investment properties Project in the investment programme -62-
Slide 63: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio York Bluebeck Drive, York The Mount, – 66 units Wargrave - 65 units To be completed Q2 2026 Copperfield Court, Homefield, Douglas (Isle Broadstairs - 66 units of Man) – 73 units -63- To be completed Q1 2027
Slide 64: Finnish healthcare portfolio
Finnish healthcare portfolio PORTFOLIO OF 248 ASSETS €1,411 m ~18,100 6.0% 12 years portfolio residents & yield on WAULT fair value children fair value 19 60 ~€1,524m Inflation- projects tenant portfolio outlook linked to be groups as of double net long completed 18 May 2026 leases >6.5% 19% Experie
Slide 65: Finnish healthcare portfolio
Finnish healthcare portfolio Marketable investment properties Projects in the investment programme -65-
Slide 66: Finnish healthcare portfolio
Finnish healthcare portfolio Helsinki Ensikodintie, Tampere Kanavanportti, Helsinki – 32 units Tampere – 62 units Kokkola Kruunupyyntie, Kokkola – 61 children Mikkeli Pehtorintie, Mikkeli – 15 children -66-
Slide 67: Irish healthcare portfolio
Irish healthcare portfolio PORTFOLIO OF 30 ASSETS €549 m ~2,900 5.7% 20 years portfolio residents yield on WAULT fair value fair value 3 8 ~€635 m Inflation- projects tenant portfolio outlook linked to be groups as of triple net long completed 18 May 2026 leases -67-
Slide 68: Irish healthcare portfolio
Irish healthcare portfolio Marketable investment properties Projects in the investment programme -68-
Slide 69: Irish healthcare portfolio
Irish healthcare portfolio Kilcoole, Kilcoole - To Limerick Cancer be completed Q3 2027 Center, Limerick – To be completed Q4 2026 Crumlin, Dublin – To be completed Q1 2028 Northwood Nursing Home, Dublin - 121 units -69-
Slide 70: Spanish healthcare portfolio
Spanish healthcare portfolio PORTFOLIO OF 35 ASSETS €398 m ~5,400 5.5% 21 years portfolio residents yield on WAULT fair value fair value 10 8 €548 m Inflation- SOCIMI projects tenant portfolio outlook linked regime to be groups as of triple net long completed 18 May 2026 leases -70-
Slide 71: Spanish healthcare portfolio
Spanish healthcare portfolio Marketable investment properties Project in the investment programme -71-
Slide 72: Spanish healthcare portfolio
Spanish healthcare portfolio Novaedat Mutxamel, Alicante - 120 units Tomares Miro, Tomares - 180 units -72-
Slide 73: French healthcare portfolio
French healthcare portfolio PORTFOLIO OF 53 ASSETS €664 m ~5,100 6.7% 6 years portfolio residents yield on WAULT fair value fair value 7 €660m Inflation- SIIC tenant portfolio outlook linked regime groups as of double net leases 18 May 2026 -73-
Slide 74: French healthcare portfolio
French healthcare portfolio Marketable investment properties -74-
Slide 75: French healthcare portfolio
French healthcare portfolio Villa Bauci, Fontainebleau Clinique de la Pointe, Revin -75-
Slide 76: Italian healthcare portfolio
Italian healthcare portfolio PORTFOLIO OF 8 ASSETS €216 m ~1,300 5.8% 4 years portfolio residents yield on WAULT fair value fair value 4 €216 m Inflation- tenant portfolio outlook linked groups as of double net leases 18 May 2026 -76-
Slide 77: Italian healthcare portfolio
Italian healthcare portfolio Marketable investment properties -77-
Slide 78: Italian healthcare portfolio
Italian healthcare portfolio Sant’Andrea, Monza (Milano) San Faustino, Milano -78-
Slide 79: Notes
fl Notes aedifica |" housing with care -79-