Publication Annual Report 2025

Annual Report 2025

Care Property Invest nv /

Annual Report 2025

Regulated information

published on 23 April 2026, after trading hours 6 p.m.

Annual Report

for the period from 1 January 2025 up to and including 31 December 2025 AUDITED

Care Property Invest declares that:

the 2025 Annual Report was filed as a Universal Registration Document with the FSMA on 23 April 2026, as the competent authority under Regulation (EU) 2017/1129, without prior approval pursuant to Article 9 of Regulation (EU) 2017/1129;

the Universal Registration Document may be used for a public offer of securities or the admission of securities to trading on a regulated market, provided that it has been approved by the FSMA, along with any amendments, a securities note, and a summary approved in accordance with Regulation (EU) 2017/1129.

The Dutch version as well as the English version of this annual report are legally binding.

Within the framework of their contractual relationship with the Company, investors can therefore always appeal to the translated versions. Care Property invest, represented by its responsible persons, is responsible for the translation and the consistency between the Dutch and English language versions. However, in case of discrepancies between language versions, the Dutch version always prevails.

The 2025 Annual Report is available in multiple formats, including the official version in the European Single Electronic Format (ESEF), as required by applicable laws and regulations. In the event of any inconsistencies between the available formats, only the ESEF version shall be deemed legally valid and binding, and shall therefore take precedence over all other formats.

The Company obtained an EPS of

€1.16 and proposes to pay out a DPS of €1.00.

Care Property Invest I Annual Report 2025

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Care Property Invest nv I Annual Report 2025

1. Appropriation of the result 75

2. Outlook 76

3. Main risks and uncertainties 79

4. Research and development 79

9. Treasury shares 80

8. Capital increases within the context of authorised capital 80

10. Internal organisation Care Property Invest 81

11. Corporate Governance Statement 82

III. Sustainability Statement 132

1. General information 132

2. Environmental information 158

3. Social information 172

4. Governance information 182

5. Appendices 188

IV. Real Estate Report 208

1. Status of the real estate market in which the Company operates 208

2. Analysis of the full consolidated real estate portfolio 212

3. Summary tables consolidated real estate portfolio 218

4. Report of the real estate experts 230

1. Consolidated financial statements as at 31 December 2025 260

2. Notes to the consolidated financial statements 266

3. Auditor's report 323

4. Abridged statutory financial statements as at 31 December 2025 330

VIII. Permanent Document 340

1. General information 340

2. Information likely to affect any public takeover bid 345

3. Declarations (Annex I to Regulation (EU) No. 2019/980) 348

4. Other declarations 349

5. History of the Company and its share capital 350

6. Coordinated Articles of Association 352

7. The public regulated real estate company (RREC) 364

IX. Glossary 372

1. Definitions 372

2. Abbreviations 382

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The highlights of 2025 through the eyes of our newly appointed Chair of the Board of Directors

Inge Boets

Chair of the Board of Directors since 28 May 2025

If you have any questions or remarks regarding the content of this report,

we are happy to provide the necessary clarification.

Send an email to filip.vanzeebroeck@carepropertyinvest.be and we will get back to you as soon as possible.

Since 28 May 2025, I have had the privilege of working together with the newly composed Board of Directors and the Executive Committee, led by Patrick Couttenier, to help shape the future of

Care Property Invest.

Our motto, 'Building a Caring Future Together', perfectly reflects the role we wish to play in addressing the important societal challenge of providing the best possible conditions for a dignified and valuable living environment for elderly people.

Our Board of Directors has been rejuvenated and strengthened in terms of knowledge and expertise, allowing us today to combine continuity with fresh perspectives, international insights and diversity.

In December 2025, the renewed Board of Directors immediately took its first major strategic decision: the substantial expansion of our Belgian portfolio through the acquisition of nine healthcare real estate sites. This investment forms an important foundation for our further growth. I am particularly proud of the way in which the Executive Committee, supported by the Board of Directors, has successfully completed this transaction.

With this, we are building a Company that is both economically and socially relevant, and continues to create value for its shareholders and all stakeholders.

I invite you to read the enclosed annual report, in which we outline how we have adapted our governance, further developed our strategy to be a relevant European healthcare real estate platform, and continued to work with our partners on 'Building a Caring Future Together'.

Board of Directors of Care Property Invest, from left to right: Filip Van Zeebroeck, Michel Van Geyte, Dirk Van den Broeck, Inge Boets, Sonia González Valverde, Patrick Couttenier,

Valérie Jonkers, Bart Bots, Carol Riské and Peter Van Heukelom.

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We offer our shareholders protection

of purchasing power through indexed

long-term lease agreements and our

dividend policy. Furthermore,

the demographic reality of an ageing

population offers prospects for

profitable growth.

Dear shareholders, dear partners,

2025 was marked by an exceptional combination of rising long-term interest rates, declining inflation and a slowdown in economic growth. This macro-economic context placed clear pressure on real estate markets, and in particular on listed real estate companies.

Higher financing costs are making new investments more difficult, while the stock markets currently fail to adequately reflect the intrinsic value of real estate. As a result, companies seeking to finance further growth face a rising cost of capital.

Healthcare real estate: structural growth in a changing sector

Demand for healthcare real estate remains robust and structurally increasing, despite the challenging macro-economic environment. Demographic ageing

across Europe continues to be the primary driver of this growth. Several countries are already experiencing a historic shortage of modern, high-quality healthcare real estate.

Within our portfolio, occupancy rates have again risen to nearly pre-COVID levels, confirming the stability

of underlying operations. At the same time, the sector continues to face several challenges, including significantly higher operating costs, labour shortages in the healthcare sector and the impact of deferred indexation effects.

However, thanks to various supportive measures, we see profitability improving steadily, creating renewed room for further scaling by our care operators to meet growing needs.

A considerable share of the current healthcare real estate supply is outdated and no longer aligned with evolving and future care requirements. This ageing is felt even more acutely as the care sector is undergoing a technological acceleration: digitalisation, home automation and artificial intelligence are increasingly reshaping the way care is organised. These developments impose new,

more advanced requirements on buildings and are essential design principles for every new development or renovation.

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