Aedifica Sa · EURONEXT:AED
Aedifica Sa — Aedifica Sicafi Bruxelle — FY 2025 Earnings Presentation
80 slides from Aedifica Sa's earnings presentation, Feb 13, 2026
Slide 1: FY 2025 results
FY 2025 results Brussels, 13 February 2026 -1-
Slide 2: Table of content
Table of content 3 Highlights FY 2025 8 Strategy 16 Achievements 18 Portfolio analysis 29 Financials 42 Shares & shareholders 48 Outlook 52 Conclusion -2-
Slide 3: Highlights FY 2025
Highlights FY 2025 De Kroon Dronten – The Netherlands -3-
Slide 4: Highlights FY 2025
Highlights FY 2025 €6.3 billion 618 €293 million 40.8% fair value healthcare sites New investments Debt-to-assets ratio real estate portfolio announced in 2025 (22 new projects & fwd 2.1% €244.8 million 7 purchases & 10 acquisitions) Average cost of debt +4% YoY countries EPRA earnings €276 million
Slide 5: Exchange offer on all Cofinimmo shares
Exchange offer on all Cofinimmo shares ✓ Agreement reached to unite & create a leading European healthcare REIT (June 2025) ✓ Exchange Ratio of 1.185 new Aedifica shares per Cofinimmo share ✓ Transaction recommended by Cofinimmo’s Board ✓ S&P Global placed Aedifica’s BBB rating on CreditWatch Positi
Slide 6: Investment activity
Investment activity New investments & pipeline completions1 €25.5 million €111.5 million €85.5 million €25.5 million €293 million new investments & €20.5 million projects announced in 2025 (see map) €16.5 million 11 projects (€96 million) €7.5 million completed in 2025 1 See FY 2025 press release fo
Slide 7: Successful strategy roll-out
Successful strategy roll-out New investments & projects 250 well above FY2025 target (€250m), New investments driven by improved operator 250 250 293 293 & projects performance & a more active investment market Projects Projects completions: on track 96 110 completions Asset rotation Main target: Sw
Slide 8: Strategy
Strategy Hoge Haeghe Almere Almere – The Netherlands -8-
Slide 9: Aedifica at a glance
Aedifica at a glance Pure-play Market reference Belgian REIT Long-term stable healthcare in European listed (RREC/SIR/GVV) cash flows healthcare real estate €6.3 billion real estate portfolio Growth potential ~ €3.6 billion Inflation-linked driven by demographic market cap contracts evolution €276 m
Slide 10: Exploring European markets
Exploring European markets Track record of entering new markets & creating a platform for future growth 2005 2013 2016 2019 2020 2021 # sites 79 99 68 117 230 22 3 Pipeline €17m €34m €13m €40m €70m €102m - Portfolio €1,255m €1,190m €694m €1,253m €1,234m €433m €34m Data as per 31 December 2025 -10-
Slide 11: Demographic evolution
Demographic evolution Ageing in Belgium Ageing in Germany 25% 25% 20% 20% 15% 70 + 15% 70 + 75 + 75 + 10% 80 + 10% 80 + 85 + 85 + 5% 5% 0% 0% 2023 2030 2040 2050 2060 2023 2030 2040 2050 2060 Source: Eurostat, 2023 Source: Eurostat, 2023 Ageing in the Netherlands Ageing in the United Kingdom 25% 25%
Slide 12: Demographic evolution
Demographic evolution Ageing in Finland Ageing in Ireland 30% 30% 25% 25% 20% 20% 70 + 70 + 15% 75 + 15% 75 + 80 + 80 + 10% 10% 85 + 85 + 5% 5% 0% 0% 2023 2030 2040 2050 2060 2023 2030 2040 2050 2060 Source: Eurostat, 2023 Source: Eurostat, 2023 Ageing in Spain 30% 25% 20% 70 + 15% 75 + 80 + 10% 85
Slide 13: Sustainability
Sustainability 2024 Environmental Data report highlights Great Place To Work • 3% nEUI reduction (from 158 kWh/m² in ‘23 to 154 Employee survey conducted in 2025 for kWh/m² in ‘24) the fifth year in a row. • 92% portfolio EPC coverage (+2% vs ‘23) 97% participation rate (+3 percentage • 3% l-f-l fue
Slide 14: Sustainability
Sustainability Strategy • Commitment to the Paris Agreement to achieve net zero GHG emissions for our entire portfolio by 2050: focus on lifecycle assessment of our properties • Green lease annex added to lease contracts to facilitate cooperation with operators in reducing the portfolio’s carbon foo
Slide 15: Sustainability
Sustainability CRREM Research project 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 building type speci
Slide 16: Achievements
Achievements Oulu Satamatie 34 Oulu - Finland -16-
Slide 17: Investment properties evolution & focus on Europe
Achievements Investment properties1 evolution & focus on Europe EVOLUTION SINCE 2006 GEOGRAPHICAL BREAKDOWN (FAIR VALUE)2 CAGR: 20% 6,218 6,285 5 2 1 2 2 1 <1 1 <1 2 <1 12 9 13 5 7 7 7 (as of 31 December 2025) 5,849 12 15 14 12 5,704 12 12 11 11 14 4,896 17 17 18 23 22 21 19 19 3,815 23 18 18 18 19
Slide 18: Portfolio analysis
Portfolio analysis Villa Temporis Hasselt – Belgium -18-
Slide 19: Healthcare real estate portfolio
Healthcare real estate portfolio Healthcare segment breakdown FOCUS ON CARE FACILITIES FOR ELDERLY PEOPLE 7% 6% Elderly care homes 15% Senior housing 87% Mixed-use elderly care buildings 3% Childcare centres Other care segments 69% Marketable investment properties incl. assets classified as held for
Slide 20: Healthcare real estate portfolio
Healthcare real estate portfolio Geographical breakdown DIVERSIFICATION ACROSS EUROPEAN COUNTRIES 1% 7% 21% Belgium Germany 20% Netherlands United Kingdom Finland 19% Ireland Spain 21% 11% Marketable investment properties incl. assets classified as held for sale (€6,092 m), excl. rights of use of pl
Slide 21: Healthcare real estate tenants
Healthcare real estate tenants Tenant diversification1 9% 6% 618 sites with approx. 5% 310 tenants (or ~140 4% Municipalities / wellbeing counties (FI) ‘groups’) representing European, national and 4% 55% local profit and not-for- 4% profit operators 4% No ‘operator group’ 3% leases more than 10% of
Slide 22: Operators' occupancy
Operators’ occupancy1 Mature assets portfolio 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 Netherlands United Irelan
Slide 23: Operators' rent cover
Operators’ rent cover1 Mature assets portfolio 2.4 1.8 1.6 (x) 1.4 Belgium Germany UK Ireland Portfolio coverage: 82% 65% 100% 100% 1 Rent cover data as at 30 Sept. 2025. Rent cover is calculated as EBITDARM LTM divided by Contractual Rent LTM. An asset is included in the calculation only if it is m
Slide 24: Healthcare real estate tenants
Healthcare real estate tenants Tenant diversification1 4% 6% Profit Predominantly private operators Non-profit Potential for growing Public public and non-profit segments among 90% tenants 1 Based on the contractual rents. -24-
Slide 25: Lease maturity
Lease maturity UNEXPIRED LEASE TERM WAULT BY COUNTRY 1% 12% 27 < 5 years Avg 22 22 18 years 20 16% 5 to 10 years 18 10 to 15 years 14 71% 12 ≥ 15 years in years 18 years <1% Belgium Germany Netherlands United Kingdom Weighted average unexpired 100 % Expiring in the Occupancy rate Finland Ireland Spa
Slide 26: Resilience in portfolio valuation
Resilience in portfolio valuation GROSS YIELDS ON FAIR VALUE LIKE-FOR-LIKE PORTFOLIO VALUATION Conservative valuation yields Positive portfolio valuation for 2 years .6% LFL LTM .4% +0.46% 6.5 valuation .2% +0.38% change 6.2 +0.35% Belgium 0.0% Avg 6.0 .0% 6.1 Germany 0.4% .8% 5.9 +0.25% Netherlands
Slide 27: Portfolio growth
Portfolio growth Development projects Rovaniemi Koivuojankatu – Kilcoole – Kilcoole (IE) Rovaniemi (FI) To be completed: Q3 2027 To be completed in Q2 2026 Lappeenranta Tyysterniementie – Lappeenranta (FI) To be completed: Q2 2026 Kokkola Kruunupyyntie - Kokkola (FI) Completed: Q3 2025 -27-
Slide 28: Committed development projects
Committed development projects Pipeline €276 million of which €187 million to be invested GEOGRAPHICAL SPLIT EXPECTED DELIVERY DATE €13m €17m 100% pre-let €17m 5% 6% 6% €18 million 2026 €34m expected rental 12% €102m 37% €102m income 37% €157m 2027 €40m 57% 6.5% 15% initial yield on cost 2030 €70m 2
Slide 29: Financials
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Slide 30: Income Statement
Income Statement EPRA Earnings up 4% EPRA EARNINGS YOY INCREASE OF 4% Consolidated incom e statem ent - analytical form at (x €1,000) 31/12/2025 31/12/2024 +8% Operating result before result on Rental income 360,954 338,138 portfolio mainly following Rental-related charges -453 -157 increased net re
Slide 31: Income Statement
Income Statement Net result EARNINGS PER SHARE Consolidated incom e statem ent - analytical form at 31/12/2025 31/12/2024 Positive l-f-l FV change (x €1,000) in investment properties most pronounced in the Netherlands, EPRA Earnings* 244,783 234,581 UK & Ireland by indexation & Changes in fair value
Slide 32: Rental income
Rental income 370 +6.3 +1.0 361.0 360 +7.5 -0.4 350 +8.7 +1.0 +10.5 340 338.1 -9.8 330 320 7% increase YoY in € m 310 300 Rental Indexation Rent Disposals Deliveries Acquisitions Contingent Other FX impact Rental 1 income reversion rent income FY 2024 FY 2025 1 Contingent rent includes a non-recurri
Slide 33: Rental income
Rental income 370 +7.5 361.0 +0.9 +0.5 360 +13.1 -4.3 350 +3.3 +1.4 338.1 340 +0.3 +7% 330 Year-on-Year 320 310 + 2.7% 300 increase LFL rental income in € m 290 280 Rental Belgium Germany Netherlands United Finland Sweden Ireland Spain Rental income Kingdom income FY 2024 FY 2025 +2.6% rent indexati
Slide 34: EPRA Earnings
EPRA Earnings +22.5 -0.7 -3.4 +0.1 244.8 -8.0 -0.3 234.6 4% increase YoY in € m 1 Non-recurring FBI tax refund of €4.2 million in 1 EPRA Rental Operating Financial Tax EPRA Non- EPRA 2024. Earnings income costs result Earnings of controlling Earnings FY 2024 associates interests FY 2025 -34-
Slide 35: 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 40.8% Debt-to-assets rati
Slide 36: Strong track record in accessing equity capital markets
Strong track record in accessing equity capital markets 800 700 207 600 500 47 1 400 26 300 418 459 286 255 380 200 7 219 3 in € m 100 100 11 153 8 17 16 5 16 47 55 - Rights issue Contribution in kind Optional dividend Accelerated bookbuilding -36-
Slide 37: Credit facilities
Credit facilities Diversified sources of funding €2,488 million 3% Investmentcredits Investment credits total financial debt 20% Term Term loans loans 49% bank facilities Debt financing in 2025: Revolvingloans Revolving loans • €585 million early & new refinancing 3% with maturities between 3 & 7 ye
Slide 38: Credit rating & KPI's
Credit rating & KPI’s Solid investment grade rating BBB with 6.2x 7.8x stable outlook ICR2 Net debt/EBITDA3 Credit rating S&P Global1 ~3% 2.1% Credit Watch encumbered assets Average cost of debt with positive implications incl. commitment fees following agreement Unsecured announcement between finan
Slide 39: Credit facilities
Credit facilities Well spread debt maturity profile 900 800 700 303 200 600 95 8 ~€743 million1 500 headroom on committed credit 400 339 lines and cash on 31 Dec. to 380 finance capex & liquidity needs 300 491 500 200 45 3.4 years 165 220 40 weighted average debt maturity in € m 100 165 130 12 11 -
Slide 40: Credit facilities
Credit facilities Interest rate hedging1 12% 17% 21% 50% 53% 60% 88% 50% 48% of debt hedged by derivatives or fixed rate debt as of 31 December 2025 27% 17% 3.8 years 35% 33% 31% Weighted average hedge 23% 23% maturity 1 Projected debt. 31/12/2025 31/12/2026 31/12/2027 31/12/2028 31/12/2029 Fixed ra
Slide 41: Net asset value
Net asset value Discount on 12 February 2026 0% vs NAV at FV excl. IAS 39 1% vs NAV at FV incl. IAS 39 1% vs EPRA NTA Net asset value per share (in €) 31/12/2025 31/12/2024 Net asset value, excl. changes in fair value of hedging 76.34 75.70 instruments* Effect of the changes in fair value of hedging
Slide 42: Shares & shareholders
Shares & shareholders Helsinki Käräjätuvantie Helsinki - Finland -42-
Slide 43: Shareholding
Shareholding1 INTERNATIONAL & DIVERSIFIED SHAREHOLDERS BASE1 7% Belgium 8% United States 2% Netherlands 2% Two shareholders 34% Luxemburg holding more than 5% of 3% United Kingdom the company’s capital 2 4% France ~1/4 retail shareholders 4% Ireland ~2/4 institutional Germany shareholders 6% Sweden
Slide 44: 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 45: 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 46: Organisation & team
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Slide 47: Organisation & team
Organisation & team 6 2 INTERNATIONAL TEAM 13 HQ (Belgium) Local teams in 6 countries Belgium managing the portfolio 13 56 Finland and the group’s growth UK Germany International staff of Netherlands 130 people of which 31 Ireland 47 women and 83 men 9 Number of employees per country (As per 31 Dece
Slide 48: Outlook
Outlook Oulu Vaarapiha Oulu - Finland -48-
Slide 49: Outlook 2026
Outlook 2026 Aedifica standalone1 €370 million €300 million ~ 2.1% rental income new investments target average cost of debt (+ 2.5% vs. 2025) >€247 million €160 million 0.885 EUR/GBP EPRA Earnings pipeline deliveries in 2026 foreign exchange assumption >€5.20 €100 million ~ 42% debt-to-assets ratio
Slide 50: Outlook 2026
Outlook 2026 Control of Cofinimmo EPS & DPS guidance from Q1 2026 - Dividend policy: 80% of recurring Consolidation Integration consolidated EPRA Earnings expected from Q1 scoping, planning and 2026 execution in 2026 - Guidance for the combined entity will be provided at the half year results €300 m
Slide 51: Material value creation for shareholders of both companies
Material value creation for shareholders of both companies ✓ Substantial geographical overlap and shared healthcare focus i Strategic fit ✓ Further diversification and strengthening of tenant profile ✓ Creation of the largest healthcare-focused REIT in Europe (by GAV) with combined GAV of c. €12.2 b
Slide 52: Conclusion
Conclusion Priesty Fields Care Home Congleton – United Kingdom -52-
Slide 53: Investment highlights
Investment highlights Attractiveness for shareholders PURE-PLAY FAIR VALUE HISTORY HEALTHCARE REIT IN EUROPE OF PORTFOLIO SHOWING RESILIENCE 18 YEARS WEIGHTED AVERAGE LEASE STRONG UNDERLYING TERM DEMOGRAPHIC TRENDS SOLID TRACK RECORD IN INVESTMENT, EQUITY AND DEBT-FINANCING LONG-TERM GROWTH STRONG D
Slide 54: Thank you
Thank you INVESTOR RELATIONS ir@aedifica.eu Rue Belliard/Belliardstraat 40 bte 11 1040 Brussels, Belgium -54-
Slide 55: Stefaan Gielens - CEO, Ingrid Daerden - CFO
Stefaan Gielens - Chief Executive Officer Ingrid Daerden - Chief Financial Officer -55-
Slide 56: 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 57: 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 58: Appendix
Appendix LTS Winschoten Winschoten - Netherlands -58-
Slide 59: Belgian healthcare portfolio
Belgian healthcare portfolio PORTFOLIO OF 79 ASSETS €1,255 m ~8,200 5.9% 18 years portfolio residents yield on WAULT fair value fair value 1 14 ~€1,272 m Inflation- project tenant portfolio outlook linked groups as of triple net long <1% 12 February 2026 leases exposure to the Brussels market -59-
Slide 60: Belgian healthcare portfolio
Belgian healthcare portfolio Marketable investment properties Project in the investment programme -60-
Slide 61: 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 -61-
Slide 62: German healthcare portfolio
German healthcare portfolio PORTFOLIO OF 99 ASSETS €1,190 m ~10,100 5.6% 20 years portfolio residents yield on WAULT fair value fair value 3 27 ~€1,246 m Inflation- projects tenant portfolio outlook linked to be groups as of double net long completed 12 February 2026 leases with various (incl. 1 for
Slide 63: German healthcare portfolio
German healthcare portfolio Marketable investment properties Projects in the investment programme -63-
Slide 64: 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 -64-
Slide 65: Dutch healthcare portfolio
Dutch healthcare portfolio PORTFOLIO OF 68 ASSETS €694 m ~3,100 6.2% 14 years portfolio residents yield on WAULT fair value fair value 1 27 ~€707 m Inflation- project to be tenant portfolio outlook linked completed groups as of mostly triple net 12 February 2026 long leases -65-
Slide 66: Dutch healthcare portfolio
Dutch healthcare portfolio Marketable investment properties -66-
Slide 67: 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 -67-
Slide 68: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio PORTFOLIO OF 117 ASSETS €1,253 m ~7,700 6.5% 22 years portfolio residents yield on WAULT fair value fair value 4 16 ~€1,223 m Inflation- projects to be tenant portfolio outlook linked completed groups as of triple net long 12 February 2026 leases with genera
Slide 69: UK & Channel Islands healthcare portfolio
UK & Channel Islands healthcare portfolio Marketable investment properties Project in the investment programme -69-
Slide 70: 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 -70- To be completed Q1 2027
Slide 71: Finnish healthcare portfolio
Finnish healthcare portfolio PORTFOLIO OF 230 ASSETS €1,234 m ~17,200 6.1% 12 years portfolio residents & yield on WAULT fair value children fair value 13 57 ~€1,311 m Inflation- projects tenant portfolio outlook linked to be groups as of double net long completed 12 February 2026 leases >6.5% 19% E
Slide 72: Finnish healthcare portfolio
Finnish healthcare portfolio Marketable investment properties Projects in the investment programme -72-
Slide 73: Finnish healthcare portfolio
Finnish healthcare portfolio Helsinki Ensikodintie, Tampere Kanavanportti, Helsinki – 32 units Tampere – 62 units Kokkola Kruunupyyntie, Kokkola – 61 children Tahtimarssi, Oulu – 350 children -73-
Slide 74: Irish healthcare portfolio
Irish healthcare portfolio PORTFOLIO OF 22 ASSETS €433 m ~2,300 5.6% 22 years portfolio residents yield on WAULT fair value fair value 4 6 ~€535 m Inflation- projects tenant portfolio outlook linked to be groups as of triple net long completed 12 February 2026 leases -74-
Slide 75: Irish healthcare portfolio
Irish healthcare portfolio Marketable investment properties Projects in the investment programme -75-
Slide 76: 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 -76-
Slide 77: Spanish healthcare portfolio
Spanish healthcare portfolio 3 ASSETS & 1 PLOT OF LAND €34 m ~440 5.5% 1 portfolio residents yield on plot of land fair value fair value 2 €34 m Inflation- SOCIMI tenant portfolio outlook linked regime groups as of triple net long 12 February 2026 leases -77-
Slide 78: Spanish healthcare portfolio
Spanish healthcare portfolio Marketable investment properties Project in the investment programme -78-
Slide 79: Spanish healthcare portfolio
Spanish healthcare portfolio Novaedat Mutxamel, Alicante - 120 units Tomares Miro, Tomares - 180 units -79-
Slide 80: Notes
fl Notes aedifica |" housing with care -80-
Aedifica Sicafi Bruxelle — FY 2025 Earnings Presentation on 6ix