Press release annual results 2025
Financial highlights | |||
Key figure | 31/12/2025 | 31/12/2024 | Evolution |
Fair value real estate portfolio | €1,391.4 m | €1,240.5 m | +12% |
EPRA NTA | €17.42 | €18.25 | -5% |
Occupancy rate | 100% | 100% | = |
EPRA LTV | 47.14% | 45.40% | +4% |
Normalised net financial debt / EBITDA (1) | 9.4 | 9.6 | -2% |
01/01/2025- | 01/01/2024- | ||
31/12/2025 | 31/12/2024 | ||
Weighted average interest cost over the period | 3.11% | 3.22% | -3% |
Interest coverage ratio | 3.45 | 3.22 | +7% |
Rental income | €73.9 m | €69.6 m | +6% |
EBITDA was normalised, whereby the impact of the acquisition of Welfare Estates nv was annualised.
Operational KPIs
Adjusted EPRA earnings amounted to €43.5 million (+9.3% compared to 31 December 2024), or €1.16 per share.
Collection rate of rent due up to 31 December 2025: 98%.
Average indexation: 3.08% and occupancy rate: 100%.
EBITDA distribution by business model: 79.6% investment properties and 20.4% finance leases.
Regulated information
publication on 2 March 2026, after trading hours at 6 p.m.
Press release annual results 2025 financial year
for the period from 1 January 2025 up to and including 31 December 2025 AUDITED
Care Property Invest states that:
The Dutch version as well as the English version of this press release are llegally 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 conformity of the Dutch and English language versions. However, in case of discrepancies between language versions, the Dutch version always prevails.
Care Property Invest I Press release annual results 2025
Solid solvency and liquidity
Debt ratio under control with an EPRA LTV of 47.14%. The increase compared to 31 December 2024 is mainly attributable to the acquisition of Welfare Estates nv, completed through a combination of debt financing and a capital increase.
Limited liabilities from committed development projects: €10.6 million (of which €1.8 million cash outflows expected in 2026).
Stable portfolio valuation: +0.21% like-for-like fair value increase for the investment properties between 31 December 2024 and 31 December 2025. The decrease in the fair value of the finance leases compared to 31 December 2024 is mainly due to the OLO interest rates applied at closing and the natural expiry of the lease terms.
Available capacity on credit lines as at 31 December 2025: €91.0 million.
Risk-averse profile
Long-term indexed contracts with 23% of rental income originating from local authorities.
Active in solid markets: Belgium (66.2%), The Netherlands (18.2%), Spain (8.3%) and Ireland (7.3%).
Hedge ratio on financial debts: 89%.
Average remaining term of financial debts (including commercial paper): 4.64 years.
Average remaining term of interest rate swaps: 6.22 years.
Shareholders
Proposal to distribute a gross dividend of €1.00 per share for the 2025 financial year, divided between coupons 21 and 22. This equals the dividend paid for the 2024 financial year. After deduction of the 15% withholding tax, the proposed net dividend amounts to €0.85 per share.
Based on the current legislative framework, and given that the real estate portfolio consists entirely of healthcare real estate located within the European Economic Area (EEA), the 15% withholding tax rate is guaranteed over the long term.
The Ordinary General Meeting of the Company will be held on 27 May 2026 at 11:00 a.m. at the Company's 3
headquarters, Horstebaan 3, 2900 Schoten.
Care Property Invest Press release annual results 2025
ContentSummary of activities during the 2025 financial year 6
Mission and strategy 7
Corporate values 7
Mission: Building a Caring Future Together 9
Investment opportunities 9
Strategy 10
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Important events 14
Important real estate transactions during the 2025 financial year 14
Other events during the 2025 financial year 15
Events after the closing of the 2025 financial year 17
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Analysis of the consolidated real estate portfolio 18
Geographical distribution 18
Distribution of the number of projects per operator 19
Distribution of income received from rental and long lease agreements per operator 19
Operator occupancy rates 20
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Care Property Invest on the Stock Market 21
Stock price and volume 21
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Synthesis of the consolidated balance sheet and the global result statement 24
Consolidated global result statement 24
Net result per share on a consolidated basis 25
Components of the net result 25
Consolidated balance sheet 29
Net assets and net value per share on a consolidated basis 33
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EPRA (European Public Real Estate Association) - Membership 34
The EPRA-index 35
EPRA key performance indicators: overview 35
- Appropriation of the result 44
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Outlook 45
Assumptions 45
Conclusion on debt ratio outlook 46
Conclusion on outlook for dividends and distributable results 46
- Main risks and uncertainties 47
- Financial calendar 47
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Alternative Performance Measures 48
Operating margin 48
Financial result before changes in fair value of financial assets and liabilities 48
Equity before the reserve for the balance of changes in fair value of authorised hedging instruments and excluding the variation in fair value of financial assets/liabilities 49
Interest coverage ratio 49
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Care Property Invest Press release annual results 2025
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Summary of activities during the 2025 financial year
Strategy
Care Property Invest, founded on 30 October 1995 and the first listed real estate investor in Belgium in 1996, faced a significantly altered and volatile macroeconomic environment from 2023 onwards. While this constrained the Company's growth in recent years, in 2025 the Company succeeded in returning its portfolio to a growth trajectory.
Real estate
In 2025, the Company was able to add 11 new projects to its real estate portfolio, representing a total investment value of approximately €167
million. These include 10 up-and-running projects (nine in Belgium and one in The Netherlands) and one development project located in Spain.
Of particular strategic importance is the acquisition of Welfare Estates nv. This transaction, involving
the simultaneous takeover of nine operational healthcare real estate projects in Belgium, represents an investment value of approximately
€142.6 million and contributed fundamentally to the increase of our real estate portfolio from €1,240 million as at 31 December 2024 to €1,391 million(1) as at 31 December 2025.
(i) Investment properties are recognised at fair value in accordance with IAS 40, while finance lease receivables are recognised at cost in accordance with IFRS 16.
Based on balance sheet values as at 31 December 2025, finance lease receivables (IFRS 16) represent 13% of the total real estate portfolio, while investment properties (IAS 40) represent 87%.
The value of finance lease receivables included in the balance sheet as at 31 December 2025 amounts to
€173,178,650. The fair value of finance lease receivables amounted to €215,479,000 as at 31 December 2025.
The fair value of finance lease receivables is a mandatory disclosure under IFRS 16.
Financial
In 2025, Care Property Invest received approximately €73.9 million in rental income, an increase of 6.2% compared to the previous financial year. As a result of this increased rental
income, adjusted EPRA earnings rose from €39.8 million for the 2024 financial year to €43.5 million for the 2025 financial year, an increase of 9.32%. This resulted in adjusted EPRA earnings per share of €1.16 for the 2025 financial year compared to
€1.07 for the 2024 financial year.
A proposal will be submitted to the general meeting to distribute an unchanged gross dividend of €1.00 per share for the 2025 financial year. After deduction of withholding tax, this corresponds to a net dividend of €0.85 per share, matching the dividend distributed for the 2024 financial year.
Transparency of financial and sustainability reporting
In September 2025, Care Property Invest's reporting efforts were rewarded for the ninth consecutive year with an EPRA BPR Gold Award. The Company also received an EPRA sBPR Gold Award for its sustainability reporting for the fourth consecutive year.
Outlook
In the coming years, the Company aims to continue its growth trajectory in a sustainable manner, while acknowledging continued macroeconomic uncertainty. This means that the Company will limit its growth to ensure that the debt ratio (cfr. RREC RD) remains below 50% and that the increased cost of capital is translated into higher returns, thereby safeguarding the value-accretive nature of new investments.
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Mission and strategy
Corporate values
Professionalism
At Care Property Invest, we believe that excellence in healthcare real estate and strong financial performance go hand in hand with creating the best possible care environments. Our commitment to professionalism drives us to continuously improve and innovate, ensuring that we can keep meeting the evolving needs of our investors, care operators and their residents.
Integrity
As a listed healthcare investor, we consider integrity to be of paramount importance. In all circumstances, we strive for transparency and act in line with social and ethical standards and legal requirements. We want to build lasting relationships and have a positive impact on society. Sincerity is a crucial core value in this regard.
Change-driven mindset
Our society is constantly changing. Care Property Invest prepares for the future and monitors
new trends and developments in the market on a daily basis. By being willing to evaluate and improve our own operations, we are growing as an organisation in line with these changes. This focus on change makes us an agile company and a reliable partner, with an eye for the challenges and opportunities of tomorrow.
Schoten (BE) I Headquarters Care Property Invest
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Care Property Invest Press release annual results 2025
100
80
60
40
20
Demographic evolution
85+
100
80
60
40
20
Demographic evolution
85+
Mission: Building a Caring Future Together
Europe faces a huge demographic challenge. In the coming decades, the number of elderly people in need of care in the EU, and consequently the demand for quality care
infrastructure, will increase exponentially. Care Property Invest aims to provide an appropriate response to this.
Care Property Invest's mission is to make well-
0
+9,4%
total Belgian population of
PROJECTED GROWTH
2025
Belgian population(1)
66-85
0-65
+9,4%
+136%
+20%
66-85
0-65
Dutch population(2)
+157%
+13%
+15,3%
2030
2040
+136%
in age category 85+
+20%
in age category 66-85
2050
2060
2070
0
+15,3%
total Dutch population of
PROJECTED GROWTH
2025
2030
2040
+157%
in age category 85+
+13%
in age category 66-85
2050
2060
2070
considered investments in high-quality real estate solutions for seniors and people with disabilities in Europe. We acquire, build and renovate high-quality healthcare real estate (residential care centres, groups of assisted living apartments, residential places for people with disabilities, etc.) and help care entrepreneurs to develop their projects in an optimally organised way and at
the best possible prices. We do this in the most
Investment opportunities
As a healthcare real estate investor, we create sustainable growth for all our stakeholders through the following investment opportunities, both in the public and in the private domain in Belgium, The Netherlands, Spain and Ireland:
Developing and investing in healthcare real estate (investment properties)
100
80
60
40
20
0
Demographic evolution
0-65
+6,7%
+152%
+31%
Spanish population(3)
85+
66-85
100
80
60
40
20
0
Demographic evolution
0-65
+250%
+72%
+24,4%
Irish population(4)
85+
66-85
sustainable way and from a solid organisation, in close consultation with all stakeholders and completely tailored to the end users. In this way, we guarantee future residents all living comfort.
At the same time, we aim to create value for our shareholders. As the first Public Regulated Real Estate Company (public RREC) under Belgian law, Care Property Invest aims for an attractive long-term return. As our real estate portfolio consists entirely of healthcare real estate located within the European Economic Area (EEA), shareholders only pay 15% withholding tax.
Care Property Invest acquires land and/or buildings and projects under construction/ development by care entrepreneurs. Care Property Invest can also undertake the redevelopment of existing buildings.
Care Property Invest will always make these projects available on a long-term basis to operators specialising in running residential care centres, groups of assisted living apartments, accommodation for people with disabilities, etc.
In pursuing its strategy, management of Care
2055
+6,7%
total Spanish population of
PROJECTED GROWTH
+24,4%
total Irish population of
PROJECTED GROWTH
+250%
in age category 85+
+72%
in age category 66-85
+152%
in age category 85+
+31%
in age category 66-85
2025
2030
2040
2050
2060
2070
2022
2027
2030
2035
2040
2045
2050
Property Invest ensures that all the requirements
of the RREC Act and the RREC Royal Decree (RREC-RD) are consistently complied with.
Design-Build-Finance (finance leases)
The initial investment portfolio of Care Property Invest consists of finance leases. The Company records the income from that portfolio, as well as all finance leases that the Company has
Based on data from Statbel, the Belgian statistical office - Population projections 1992-2071, https://statbel.fgov.be.
Based on data from Central Bureau of Statistics (CBS) - 'Forecast intervals of population; age group, 2024-2070', https://opendata.cbs.nl.
Based on data from the Organisation for Economic Cooperation and Development (OECD), https://stats.oecd.org.
Based on data from the Irish Central Statistics Office (CSO) - 'Projected population, 2016 - 2051', https://www.cso.ie. Censuses are conducted every five years.
concluded since its incorporation, consistently as rental income and not as interest income or any other financial income, as would be the case with a mortgage REIT.
In a 'Design-Build-Finance' formula, Care Property Invest provides end-to-end support to the initiator by taking on the project development, from architecture, cooperation with contractors, project realisation and follow-up up to and including the financing of the project.
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