Aedifica Sa · EURONEXT:AED
Aedifica Sa — Aedifica Sicafi Bruxelle — H1 2026 Earnings Presentation
66 slides from Aedifica Sa's earnings presentation, Sep 1, 2026
Slide 1: H1 2026 results
H1 2026 results Brussels, 1 September 2026 -1-
Slide 2: Table of content
Table of content 3 Highlights H1 2026 6 Financials 15 Portfolio analysis 28 Outlook 31 Conclusion -2-
Slide 3: Highlights H1 2026
Highlights H1 2026 Maison Neo, Rocourt – -3- Belgium
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) ✓ Legal merger by absorption effective since July 1st, 2026. Cofinimmo was delisted from Euronext. ✓ New Board of Directors and Executive Committee have been appointed Integration a
Slide 5: Investment activity
Investment activity New investments & pipeline completions1 Finland €48million €195 million United Kingdom €60 million new investments & projects announced in YTD (see map) Germany €42 million (€84m in H1 2026) Spain 13 projects €45 million (€106 million) completed YTD (€73m in H1 2026) 1 See H1 202
Slide 6: Financials
Financials Militza Brugge Bruges - Belgium -6-
Slide 7: Income Statement
Income Statement1 EPS YoY increase of +5% EPRA EARNINGS YOY INCREASE OF 54% +62% Consolidated income statement - analytical format 30/06/2026 30/06/2025 (x €1,000) Rental income 292,313 180,844 Operating result before result on Writeback of lease payments sold and discounted 170 0 portfolio 1.9% Ren
Slide 8: Income Statement
Income Statement Net result EARNINGS PER SHARE Positive l-f-l FV change Consolidated income statement - analytical format 30/06/2026 30/06/2025 in investment properties most (x €1,000) pronounced in the UK, the EPRA Earnings* 189,905 123,320 Netherlands & Spain Bargain purchase gain Changes in fair
Slide 9: Rental income
Rental income Like-for-like variation1 5.1% 5.0% + 1.7% 3.4% increase LFL rental income (Group) 2.6% 2.1% 2.1% 1.6% 1.7% + 1.9% increase LFL rental 0.4% 0.4% income (healthcare) -0.8% +1.9% rent indexation -1.3% +0.2% rent reversion Belgium Germany Netherlands United Finland Ireland Spain France Ita
Slide 10: 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 42.7%1 60% 14,000 Debt-to
Slide 11: Credit facilities
Credit facilities Diversified sources of funding Investment credits 3% Investment credits €5,345 million 20% Termloans Term loans 44% total financial debt 23% bank facilities Revolvingloans Revolving loans Debt financing in H1 2026: 3% USPPGBP USPP GBP • €930 million new 5 to 7-year credit facilitie
Slide 12: Credit rating & KPI's
Credit rating & KPI’s Solid investment grade rating 7.6x 8.3x BBB+ with ICR1 Net debt/EBITDA2 stable outlook Credit rating S&P Global ~3% 1.9% encumbered assets Average cost of debt A-2 incl. commitment fees Short-term issuer rating following the successful Unsecured exchange offer for financing 61%
Slide 13: Credit facilities
Credit facilities Well spread debt maturity profile 1,800 1,600 1,400 459 ~€1,487 million1 1,200 headroom on committed credit 521 997 lines and cash on 30 June to 1,000 433 158 finance capex & liquidity needs 800 420 600 171 3.3 years 772 231 400 751 500 weighted average debt maturity 512 150 in € m
Slide 14: Credit facilities
Credit facilities Interest rate hedging1 10% 12% 20% 90% 38% of debt hedged by derivatives 51% or fixed rate debt 51% 51% as of 30 June 2026 45% 3.4 years 40% Weighted average hedge 28% maturity 39% 37% 36% Min. 60% 22% 21% hedging policy 1 Projected debt. 30/06/2026 31/12/2026 31/12/2027 31/12/2028
Slide 15: Portfolio analysis
Portfolio analysis Villa Temporis Hasselt – Belgium -15-
Slide 16: Real estate portfolio
Real estate portfolio Segment breakdown 1 FOCUS ON CARE FACILITIES FOR ELDERLY PEOPLE 4% Elderly care homes 2% 7% 2% Mixed-use elderly care 2% Elderly care homes Cure centers 3% Mixed-use elderly care Cure centersChildcare centers €11 billion Childcare centres Healthcare properties 2 Senior housing
Slide 17: Real estate portfolio
Real estate portfolio Geographical breakdown1 DIVERSIFICATION ACROSS EUROPEAN COUNTRIES GROUP PORTFOLIO HEALTHCARE PORTFOLIO 2% 2% 4% 4% 5% 5% Belgium 5% 6% 26% Germany 33% Finland 11% 11% United Kingdom Netherlands France 11% 13% Ireland 20% Spain 17% 12% Italy 13% 1 Based on Marketable Investment
Slide 18: Real estate tenants
Real estate tenants Tenant diversification pro forma1 12% 7% 924 healthcare sites 4% representing European, national and local profit 4% and not-for-profit 57% 3% operators 3% No ‘operator group’ 3% 3% leases more than 12% of 2% Aedifica’s consolidated 2% assets North Bay Group (UK) Municipalities 1
Slide 19: Operators' occupancy
Operators’ occupancy1 Mature assets portfolio OCCUPANCY STRONG IN ALL COUNTRIES OCCUPANCY EVOLUTION Average care homes occupancy1 91% 100% Incl. former Cofinimmo assets 96% 95% B 96% 93% G 89% 90% 89% 87% 90% N U Like-for-like 85% F YoY growth I (bps)2: -57 +232 +247 +72 +192 +170 +68 80% S Belgium
Slide 20: Operators' rent cover
Operators’ rent cover1 Stabilized assets portfolio 2.3 2.0 1.8 1.5 (x) 1.4 Belgium Germany Netherlands UK Ireland Portfolio coverage2: 79% 66% 35% 100% 99% 1 Rent cover data LTM as at 31 March 2026. Rent cover is calculated as EBITDARM LTM divided by Contractual Rent LTM. 2 Based on the contractual
Slide 21: Lease maturity
Lease maturity WAULT BY SEGMENTS1 WAULT BY COUNTRY (HEALTHCARE)1 22 21 19 19 Group average: 15 years 17 16 12 12 9 in years in years 7 7 7 Healthcare Distribution Offices Belgium Germany Netherlands networks United Kingdom Finland Ireland Spain France Italy 1 Based on contractual rent of the Marketa
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% 6.4 6.3 6.2% Avg 6.0 6.0% 6.0 6.0 5.8% 5.6% 5.7 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 LFL Positive portfolio valuation more than 2 years 6 months valuation change Incl. offices & Belgium 0.3% +0.46% pubs Germany 0.0% The Netherlands 1.4% United Kingdom 1.5% +0.35% Finland 0.0% Ireland 0.2% Spain 1.9% +0.25% +0.21% It
Slide 24: Offices & distribution networks
Offices & distribution networks OFFICES €0.9bn 23 6.3% Fair value sites FV yield 72% 93% 7 years Brussels’ CBD occupancy WAULT DISTRIBUTION NETWORKS €0.5bn 776 7.4% Fair value sites FV yield ~€3 million 100% 9 years divested in H1 occupancy WAULT (12 pubs) -24-
Slide 25: Portfolio growth
Portfolio growth Development projects Acomb Manor – York (UK) To be completed in Q4 2026 Mikkeli Pehtorintie – Mikkeli (FI) To be completed: Q4 2026 Jyväskylä Linnantie – Jyväskylä (FI) To be completed: Q2 2027 Stadtlohn - Stadtlohn (DE) To be completed: Q2 2028 -25-
Slide 26: European healthcare platform
European healthcare platform Capital deployment with EPS accretive transactions • Constantly refuelling pipeline Development • Target €500 to €750 million pipeline • 6.5% yield target Creating Europe’s Standing assets • Daily ongoing investment activity leading healthcare • Small to medium-size asse
Slide 27: Committed development projects
Committed development projects Pipeline of €531 million of which €275 million to be invested GEOGRAPHICAL SPLIT EXPECTED DELIVERY DATE €13m €16m 2% 3% 100% €39m 7% €122m €43m healthcare 8% €47m 23% 9% 2026 2026 €250m 47% 2027 2027 100% pre-let €87m 16% 2028 2028 €120m €222m 42% 23% >2028 >2028 ~5.8
Slide 28: Outlook
Outlook Oulu Vaarapiha Oulu - Finland -28-
Slide 29: Outlook 2026
Outlook 2026 €656 million ~€5.5 million ~1.9% rental income synergy savings average cost of debt (1/3 estimated full run-rate synergies of €16 million during 2027) €436 million €110 million 0.87 EUR/GBP EPRA Earnings asset rotation for 2026 foreign exchange assumption of which €54 million achieved Y
Slide 30: Outlook
Outlook Drivers for future growth while maintaining a solid debt-to-asset ratio €5.35/share EPRA EPS 2026 (+4% vs. 2025) 7.0 6.5 6.0 CAGR: 7.8% 3 €4.20/share 5.5 EPRA EPS over 10Y 5.35 2 5.15 5.0 4.76 5.02 4.93 Gross DPS 2026 4.5 4.23 4.35 4.20 3 (+5% vs. 2025) 3.90 4.00 4.0 3.74 3.70 3.80 3.5 3.25
Slide 31: Conclusion
Conclusion Priesty Fields Care Home Congleton – United Kingdom -31-
Slide 32: Capital Markets Day
Capital Markets Day 24 & 25 November 2026 London -32- This event is intended exclusively for institutional investors. Attendance by invitation only.
Slide 33: Thank you
Thank you QUESTION? INVESTOR RELATIONS ➢ Via teleconference (for analysts): ir@aedifica.eu ✓ Press « # 5 » to « raise your hand » Rue Belliard/Belliardstraat 40 bte 11 ✓ A voice prompt will indicate when 1040 Brussels, Belgium your line is open ➢ Via chat box: ✓ type your question in the chat box se
Slide 34: Stefaan Gielens - CEO; Ingrid Daerden - CFO
Stefaan Gielens - Chief Executive Officer Ingrid Daerden - Chief Financial Officer -34-
Slide 35: 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 36: 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 37: Appendix
Appendix LTS Winschoten Winschoten - Netherlands -37-
Slide 38: EPRA NTA
EPRA NTA 6.47 78.40 77.82 2.71 0.54 0.82 2.46 -7.02 -6.57 EPRA NTA Transaction PPA EPRA result Property Badwill Dividend Other EPRA NTA 31/12/2025 impact value 30/06/2026 increases -38-
Slide 39: Belgian healthcare portfolio
Belgian healthcare portfolio PORTFOLIO OF 159 ASSETS €2,784 m ~18,200 6.0% 17 years portfolio residents yield on WAULT fair value fair value 3 20 ~€2,823 m Inflation- projects to be tenant portfolio outlook linked completed groups as of triple net long 1 September 2026 leases 4% exposure to the Brus
Slide 40: Belgian healthcare portfolio
Belgian healthcare portfolio Marketable investment properties Project in the investment programme -40-
Slide 41: Belgian healthcare portfolio
Belgian healthcare portfolio Battavia, Grimbergen – ‘t Spelthof 82 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 156 ASSETS €2,079 m ~16,200 5.7% 19 years portfolio residents yield on WAULT fair value fair value 4 39 ~€2,199 m Inflation- projects tenant portfolio outlook linked to be groups as of double net long Completed & 1 1 September 2026 leases with various acquisi
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, Weyhe - 109 units Seniorenheim Parkhöle Lindenfels, Lindenfels – 165 units Stadtlohn, Stadtlohn – To Seniorenhaus Lessingstrasse, be completed in Q2 2028 Wurzen - 73 units -44-
Slide 45: Dutch healthcare portfolio
Dutch healthcare portfolio PORTFOLIO OF 111 ASSETS €1,198 m ~4,600 6.3% 12 years portfolio residents yield on WAULT fair value fair value 1 46 ~€1,209 m Inflation- acquisition tenant portfolio outlook linked subject to groups as of mostly triple net outstanding 1 September 2026 long leases condition
Slide 46: Dutch healthcare portfolio
Dutch healthcare portfolio Marketable investment properties -46-
Slide 47: Dutch healthcare portfolio
Dutch healthcare portfolio Villa Florian, Alphen aan de Rijn, Blaricum - 29 units Alphen aan de Rijn – 45 units De Kroon, Dronten – 43 units LLT Almere Buiten, Almere - 38 units -47-
Slide 48: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio PORTFOLIO OF 119 ASSETS €1,356 m ~7,800 6.4% 22 years portfolio residents yield on WAULT fair value fair value 4 16 ~€1,415 m Inflation- UK REIT projects to be tenant portfolio outlook linked regime completed and groups as of 1 forward triple net long Since
Slide 49: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio Marketable investment properties Project 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 To be completed Q2 2026 Homefield, Douglas (Isle Beechwood Care Centre, of Man) – 73 units Bridlington - 62 units -50- To be completed Q1 2027
Slide 51: Finnish healthcare portfolio
Finnish healthcare portfolio PORTFOLIO OF 251 ASSETS €1,430 m ~18,400 6.0% 12 years portfolio residents & yield on WAULT fair value children fair value 20 56 ~€1,560m Inflation- projects tenant portfolio outlook linked to be groups as of double net long completed 1 September 2026 leases >6.5% 19% 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 Kanavanportti, Helsinki – 32 units Tampere – 62 units Helsinki Radiokatu, Helsinki - Mikkeli Pehtorintie, Mikkeli – 15 children To be completed in Q4 2026 -53-
Slide 54: Irish healthcare portfolio
Irish healthcare portfolio PORTFOLIO OF 30 ASSETS €550 m ~2,900 5.7% 19 years portfolio residents yield on WAULT fair value fair value 3 8 ~€637 m Inflation- projects tenant portfolio outlook linked to be groups as of triple net long completed 1 September 2026 leases -54-
Slide 55: Irish healthcare portfolio
Irish healthcare portfolio Marketable investment properties Projects in the investment programme -55-
Slide 56: 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 -56-
Slide 57: Spanish healthcare portfolio
Spanish healthcare portfolio PORTFOLIO OF 37 ASSETS €430 m ~5,800 5.5% 21 years portfolio residents yield on WAULT fair value fair value 9 9 €582 m Inflation- SOCIMI projects tenant portfolio outlook linked regime to be groups as of triple net long completed 1 September 2026 leases -57-
Slide 58: Spanish healthcare portfolio
Spanish healthcare portfolio Marketable investment properties Project in the investment programme -58-
Slide 59: Spanish healthcare portfolio
Spanish healthcare portfolio Jardines de Eztebe, Bilbao – 147 units Tomares Miro, Tomares - 180 units Amavir Jaen, Jaen – Salamanca Raimundo, Salamanca – 160 units 160 units - To be completed Q3 2028 -59-
Slide 60: French healthcare portfolio
French healthcare portfolio PORTFOLIO OF 53 ASSETS €664 m ~5,100 6.6% 7 years portfolio residents yield on WAULT fair value fair value 7 €661m Inflation- SIIC tenant portfolio outlook linked regime groups as of double net leases 1 September 2026 -60-
Slide 61: French healthcare portfolio
French healthcare portfolio Marketable investment properties -61-
Slide 62: French healthcare portfolio
French healthcare portfolio Villa Bauci, Fontainebleau Villa Villers-sur-Mer, Villers-sur-Mer -62-
Slide 63: Italian healthcare portfolio
Italian healthcare portfolio PORTFOLIO OF 8 ASSETS €216 m ~1,300 5.7% 7 years portfolio residents yield on WAULT fair value fair value 4 €216 m Inflation- tenant portfolio outlook linked groups as of double net leases 1 September 2026 -63-
Slide 64: Italian healthcare portfolio
Italian healthcare portfolio Marketable investment properties -64-
Slide 65: Italian healthcare portfolio
Italian healthcare portfolio Sant’Andrea, Monza (Milano) San Faustino, Milano -65-
Slide 66: Notes
fl Notes aedifica |" housing with care -66-
Aedifica Sicafi Bruxelle — H1 2026 Earnings Presentation on 6ix