Rapport financier intermédiaire Q1 2026 (EN)– 12/05/2026

NET RENTAL INCOME 20,251,287 18,278,414

1. Components of the net result

   PROPERTY RESULT 20,250,051 18,276,303

   Amounts in EUR 31/03/2026 31/03/2025
   NET RESULT / GLOBAL RESULT 17,880,306	18,079,475
   Non-cash elements included in the net result -5,600,684	-6,508,641
   Depreciations, impairments and reversal of impairments 246,284	98,297

   IX Technical costs (-) -85 -198

   PROPERTY CHARGES	-85	-198
   PROPERTY OPERATING RESULT	20,249,966	18,276,104

   1. General expenses of the Company (-) -2,920,852 -1,808,717

   2. Other operating income and expenses (+/-) 181,724 -149,520

   Changes in fair value of investment properties -55,575 -3,670,872

   Changes in fair value of derivatives -6,310,184 -3,603,432

   Projects' profit or loss margin attributed to the period 214,863	201,925
   Deferred taxes 303,929	465,441
   ADJUSTED EPRA EARNINGS 12,279,622	11,570,834

   OPERATING RESULT BEFORE RESULT ON PORTFOLIO		17,510,838	16,317,867
   XVIII Changes in fair value of investment properties (+/-)		55,575	3,670,872
   OPERATING RESULT		17,566,412	19,988,739
   XX	Financial income (+)	6,134	583

   XXI Net interest expenses (-)	-5,045,201	-4,418,831
   XXII Other financial costs (-)	-199,376	-195,382
   XXIII Changes in fair value of financial assets and liabilities (+/-)	6,310,184	3,603,432
   FINANCIAL RESULT	1,071,742	-1,010,198
   RESULT BEFORE TAXES	18,638,155	18,978,540
   XXIV Corporation tax (-)	-757,849	-899,065
   TAXES	-757,849	-899,065
   NET RESULT (group share)	17,880,306	18,079,475
   Other elements of the global result	0	0
   GLOBAL RESULT	17,880,306	18,079,475

   Adjusted EPRA earnings per share based on weighted average number of outstanding shares

   € 0.2905 € 0.3128

   Gross yield compared to the initial issuing price in 1996	4.88%	5.26%
   Gross yield compared to stock market price on closing date	2.37%	2.59%

   Both the weighted average number of outstanding shares and the number of shares amounted to 36,988,833 as at 31 March 2025 and increased to 42,272,952 shares as at 31 March 2026. On neither date did the Company hold any treasury shares.

   The number of shares changed following the completion of a cash capital increase on 15 December 2025, in the context of which 5,284,119 new shares were issued. From that date, the Company's share capital amounts to

   €251,502,928 and is represented by a total of 42,272,952 fully paid-up shares.

   The gross yield is calculated in table '2.2 Net result per share on a consolidated basis' by dividing the net result per share by, respectively, the initial issue price in 1996 (i.e. € 5.9495) and the stock market price on the closing date. In table '2.3 Components of the net result', the gross yield is calculated by dividing the adjusted EPRA earnings per share by, respectively, the initial issue price in 1996 (i.e. € 5.9495) and the stock market price on the closing date. The share price amounted to€12.26 as at 31 March 2026 and €12.06 as at 31 March 2025. At present, there are no instruments that have a potentially dilutive effect on the net result per share.

   Notes to the global result statement

   Operating result

   The Company's operating result decreased by 12.12% compared to 31 March 2025, while the operating result before result on portfolio increased by 8.18% over the same period.

   Rental income as at 31 March 2026 increased by 11.62% compared to the same period last year.

   The variation in rental income is mainly explained by (i) the investment properties acquired in 2025 (€2.1 million), (ii) the projects completed during the 2025 and 2026 financial years (€0.2 million),

   (iii) the indexation of the pre-existing lease agreements (unchanged portfolio), which was fully applied and averaged 2.5% as at 31 March 2026 (€0.4 million), (iv) the rent adjustments in the finance lease portfolio, where for several buildings the ground lease expired and the ground rent was replaced by a rent calculated on the basis of the EURIBOR interest rates applicable on the expiry date of the ground lease (€-0.3 million), and (v) other variations (€-0.2 million), which also include the effect of the sale of De Nieuwe Ceder in Deinze in 2025.

   Rental income from investment properties represented 79% of total rental income as at 31 March 2026, while the leasehold fees ('canons') received by the Company in the context of its finance leases represented 21% of total rental income. In relation to EBITDA, investment properties represented 84.3% and finance leases 15.7%.

   As at the date of this report, 96% of the total rent invoiced for the first quarter of 2026 had been effectively collected, including the fully applied indexations. In the context of the

   bankruptcy of Homyad bv, part of the Apricusa care group, the Company wrote off a final limited amount during the first quarter of 2026. As already communicated in the press release of 26 January, once AVIQ had provided its approval, a sustainable solution was found for the projects concerned. This approval

   has since been obtained and the relevant properties have been transferred to another operator (see also section 1.2.1 'Projects transferred to another operator' on page 5).

   The Company's general expenses increased by €1,112,135 compared to 31 March 2025. The main explanation for this increase is that the 2025 figures include the reversal of a bonus provision following an agreement with the former CEO, Peter Van Heukelom (€-0.96 million).

   Other operating income and expenses increased from €-149,520 as at 31 March 2025 to €181,724 as at 31 March 2026. The increase is partly attributable to compensation received amounting to € 0.5 million following the late delivery of the project located in Elche. This is offset by a decrease of € 0.1 million, compared to 31 March 2025, in project management fees, which largely relate to the recovery of

   the pre-financing of ongoing projects in The Netherlands.

   This section also includes the profit and loss margin of projects amounting to €-214,863. This is a non-cash item that is adjusted for the calculation of adjusted EPRA earnings.

   Variations in the fair value of investment properties remained virtually unchanged during the first quarter of the 2026 financial year compared to 31 December 2025.

   Financial result

   Net interest expenses increased by €0.6 million compared to the 2025 financial year. This

   was mainly due to the fact that the average outstanding amount of financial debt during the first quarter of 2026 was higher than during the same period last year. The weighted average interest rate decreased slightly and amounted to 3.06% as at 31 March 2026, compared to 3.08%

   as at 31 March 2025.

   To mitigate the impact of rising market interest rates, the Company uses interest rate swaps and caps. As at 31 March 2026, 95.71% of its outstanding debts were hedged.

   The financial result as at 31 March 2026 was impacted by €6,310,184 due to the increase in the fair value of the authorised hedging

   instruments. As at that date, the total cumulative impact amounted to €13,866,675, compared to

   €7,421,164 as at 31 December 2025.

   The variation in fair value of financial assets and liabilities is a non-cash element and is therefore not taken into account for the calculation of the distributable result, i.e., the adjusted EPRA earnings.

   Taxes

   The amount of taxes as at 31 March 2026 includes estimated and prepaid corporation tax as well as deferred tax (receivable) relating to the Irish and Dutch real estate projects.

   Adjusted EPRA earnings

   The adjusted EPRA earnings on a consolidated basis amounted to €12,279,622 as at 31 March 2026 compared to €11,570,834 as at 31 March 2025. This represents an increase of 6.13%, mainly driven by higher rental income.

   Adjusted EPRA earnings per share decreased from €0.3128 as at 31 March 2025 to €0.2905 as at 31 March 2026. representing a decrease of 7.14%, due to the increase in the number of shares issued.

2. Consolidated balance sheet

   Notes to the consolidated balance sheet

   Amounts in EUR	31/03/2026	31/12/2025
   ASSETS
   I. NON-CURRENT ASSETS	1,373,216,259	1,373,058,357

   B. Intangible assets	155,038	145,354
   C. Investment properties	1,176,006,555	1,175,905,795
   D. Other tangible fixed assets	4,352,419	4,350,902
   E. Financial fixed assets	20,366,772	18,016,596
   F. Finance lease receivables	160,861,971	163,010,186
   G. Trade receivables and other non-current assets	7,251,008	7,427,709
   H. Deferred tax - assets	4,222,496	4,201,815
   II. CURRENT ASSETS	22,051,055	19,304,183
   C. Finance lease receivables	4,881,528	2,803,859
   D. Trade receivables	10,614,830	10,048,821
   E. Tax receivables and other current assets	1,544,547	1,324,098
   F. Cash and cash equivalents	3,156,695	3,525,830
   G. Deferrals and accruals	1,853,455	1,601,575

   Investment Properties

   The Company's real estate portfolio increased by €100,760 during the first quarter of 2026. The limited variation is explained by the further completion of development projects as well as

   improvements to existing investment properties.

   During the first quarter of 2026, one project was completed with a conventional value of approximately €10.9 million.

   The real estate experts confirm the fair value of the real estate portfolio for a total amount of €1,174.6 million (excluding €1.4 million in

   TOTAL ASSETS	1,395,267,315	1,392,362,540
   EQUITY AND LIABILITIES
   EQUITY	721,166,035	703,285,732

   rights in rem). The fair value corresponds to the investment value (or deed-in-hand value, being the value including all acquisition costs) less the transaction duties. These duties depend on the country and/or region in which the property is located.

   A.	Capital	251,502,928	251,502,928
   B.	Share premium	322,137,683	322,137,683
   C.	Reserves	70,317,324	70,481,504
   D. Net result for the financial year		77,208,101	59,163,617
   LIABILITIES		674,101,280	689,076,808
   I. Non-current liabilities		532,379,137	576,937,139
   B. Non-current financial liabilities		520,803,714	561,635,564
   C. Other non-current financial liabilities		6,496,079	10,591,458
   E. Other non-current liabilities		2,339,218	2,294,602
   F. Deferred tax - liabilities		2,740,125	2,415,515
   II. Current liabilities 141,722,143 112,139,669
   B. Current financial liabilities		130,761,303	101,162,323
   D. Trade payables and other current liabilities		4,529,927	5,151,114
   E. Other current liabilities		156,578	188,045
   F. Deferrals and accruals		6,274,335	5,638,187
   TOTAL EQUITY AND LIABILITIES 1,395,267,315 1,392,362,540

   Other tangible fixed assets

   As at 31 March 2026, this item contains

   €4,352,419 of 'tangible fixed assets for own use', which remains virtually unchanged compared to 31 December 2025 and largely relate to the head office in Schoten.

   Finance lease receivables

   The item 'finance lease receivables' includes all final building rights fees that are due for repayment at the end of the contract for the 76 projects in the initial portfolio, and during the term of the contract for the projects 'Hof ter Moere' in Moerbeke (BE), 'Hof Driane' in

   Herenthout (BE) and 'Assisted Living Apartments De Stille Meers' in Middelkerke (BE).

   Unlike the projects in the initial portfolio, for the aforementioned reason, the ground rent for the projects in Moerbeke, Herenthout and Middelkerke consists not only of a revenue component, but also of a repayment of the

   investment value, as a result of which the amount of the receivable will gradually decrease over the term of the leasehold agreement.

   Trade receivables regarding the projects included in the item 'Finance lease receivables' The difference between the nominal value of the building lease payments (included under the item 'finance lease receivables') and the fair value, which at the time of making available is calculated by discounting future cash flows, is

   included under the item 'trade receivables' and is depreciated on an annual basis.

   The fair value of the finance leases amounted to

   €213,473,000 as at 31 March 2026. To determine this fair value, the Company consults Cushman & Wakefield, an independent party, in order to obtain a market-based valuation of this portfolio.

   The fair value is calculated by discounting the future cash flows, taking into account the historically applied indexations.

   As discount rate, the OLO interest rates applicable on the closing date are used, depending on the remaining term of the underlying contract, increased by a margin. For discounting future ground rents, the weighted average OLO interest rate amounted to 3.16% and the weighted average risk margin to 0.96% as at 31 March 2026.

   For discounting the final lease payments applicable to the projects in the initial portfolio, these amounted to 3.42% and 1.02%, respectively. This results in an average value of €102,042 per assisted living apartment, which can be considered conservative given that future indexations are not taken into account.

   The decrease in the fair value of the leases compared to 31 December 2025, when the fair value amounted to

   €215,479,000, is due to the increase in the OLO interest rates used at the closing date and the further expiry of lease terms.

   Debts and liabilities

   As a result of a lower investment pace during the first quarter of 2026 and the use of operating cash flow generated to reduce existing financial debts, the Company's financial debts decreased by approximately

   €11 million compared to 31 December 2025.

   As at 31 March 2026, the Company had a programme with Belfius (arranger) amounting to €300 million, consisting of an MTN and a CP component, with Belfius and KBC as dealers. As at 31 March 2026, €87.2 million was drawn in commercial paper and €21.0 million in bonds. As at 31 December 2025, the amounts drawn amounted to €88.9 million in commercial paper and €21.0 million in bonds.

   Amounts in EUR	31/03/2026	31/12/2025
   Average remaining term of financial debt	4.72	4.64
   Nominal amount of current and non-current financial debts	650,727,328	661,960,198
   Weighted average interest rate over the period (1)	3.06%	3.11%
   Nominal amount of derivative instruments	491,564,054	455,461,017
   Fair value of hedging instruments	13,866,675	7,421,164

   (1) The weighted average interest rate refers to interest rates after conversion of variable interest rates to fixed interest rates through swaps.

   The Company hedged 95.71% of its debts as at 31 March 2026, either through an interest rate swap or cap, or by means of a fixed interest rate. The weighted average remaining maturity of the interest rate swaps amounted to

   6.03 years.

   The consolidated debt ratio, calculated in accordance with Article 13, §1, 2° of the RREC Royal Decree, amounted to 48.05% as at 31 March 2026. The available headroom for further investments and for completing the development projects already acquired before reaching a debt ratio of 60% amounted to €409.5 million.

   The Company emphasises that its strategy is to keep the debt ratio below 50%. Before reaching this level, it still has a capacity of €53.3 million.

   The other non-current financial liabilities relate to the inclusion of the fair value of the financial instruments entered into. Financial instruments with a positive fair value are included in the item financial fixed assets.

   The other non-current liabilities amount to €2,339,218 and remain virtually unchanged compared to 31 December 2025. They concern the debts relating to the rights in rem for the projects 'La Résidence du Lac' in Genval (BE) and 'Villa Wulperhorst' in Zeist (NL), which are included in the balance sheet in accordance with IFRS 16.

   Trade and other current liabilities decreased from €5,151,114 as at 31 December 2025 to €4,529,927 as at 31 March 2026. This is mainly because the number of invoices still to be received relating to projects decreased markedly, as most of the projects were delivered or nearly completed.

   The other current liabilities also decreased compared to 31 December 2025. This item amounts to €156,578 and relates to short-term liabilities for development projects.

   2.5 Net assets and net value per share on a consolidated basis (1)
   Amounts in EUR	31/03/2026	31/12/2025
   Total assets	1,395,267,315	1,392,362,540
   Liabilities	-674,101,280	-689,076,808
   NET ASSETS	721,166,035	703,285,732
   Net value per share	€ 17.06	€ 16.64
   Total assets	1,395,267,315	1,392,362,540
   Current and non-current liabilities (excluding 'fair value of derivatives')	-687,967,955	-696,497,972
   NET ASSETS EXCLUDING 'FAIR VALUE DERIVATIVES'	707,299,360	695,864,568
   Net value per share excluding 'fair value of derivatives'	€ 16.73	€ 16.46
   Total assets including the calculated fair value of finance lease receivables	1,435,847,074	1,434,662,890
   Current and non-current liabilities (excluding 'fair value of derivatives', 'deferred taxes' and 'intangibles')	-689,605,364	-698,429,625

   NET ASSETS EXCLUDING 'FV DERIVATIVES', 'DEFERRED TAXES' AND 'INTANGIBLES' AND INCLUDING 'FV LEASE RECEIVABLES' (EPRA NTA)	746,241,710	736,233,265
   Net value per share excluding 'FV of derivatives', 'deferred taxes' and 'intangibles' and including 'FV of finance lease receivables' (EPRA NTA)	€ 17.65	€ 17.42

   (1) In accordance with the RREC Law, the net value per share is calculated on the basis of the total number of shares less own shares. On neither date did the Company hold any own shares.

   2.6 EPRA performance indicators

   Period closed on 31/03/2026 31/03/2025

Period closed on 31/03/2026 31/12/2025