Annual Financial Report 2025

Profile

The reference in residential real estate

241.757 m²

investment properties available for rent

8,3%

THE NETHERLANDS

11,3%

FLANDERS

71,4%

BRUSSELS

8,9%

WALLONIA

Home Invest Belgium is a Belgian listed regulated real estate company (GVV, SIR or RREC) that specialises in the purchase, development, rental and management of residential real estate property.

With a portfolio in Belgium and The Netherlands valued in excess of € 967 million, Home Invest Belgium provides its tenants with young, sustainable and quality properties along with the benefits of a professional management. One of the major competitive advantages of Home Invest Belgium is that it develops its own projects, thereby ensuring the growth of its real estate portfolio.

The company aims to offer its shareholders a return at least equal to that which they would obtain by

investing directly in residential property, without all the problems of management that this involves.

Home Invest Belgium shares are listed on the Euronext Brussels regulated market (HOMI). It benefits from

the Belgian tax status of a public regulated real estate company (RREC). Its activities are monitored by the Financial Services and Markets Authority (FSMA).

Risk factors

Jourdan 95, Brussel

4

Proactive management

As a real estate investor, Home Invest Belgium operates in a constantly changing environment. This results in several potential risks.

The occurrence of these risks could have an adverse effect on the company, its business, outlook, financial situation or results.

Home Invest Belgium regularly assesses the compa-ny's exposure to the below-mentioned risks within the context of its general management, its investment and divestment decisions, its funding sources and the actions that need to be taken to prevent these risks occurring and/or at least to limit their impact should they occur.

The list is based on information known whilst this report was drawn up. Consequently, there may be other unknown or unlikely risks or risks which are not included. Risks which are not assumed to have the potential to adversely impact the company have not been included as well. This list may not, under any circumstances, be considered as exhaustive.

RISK FACTORS

Market risks 6

Risks related to the real estate portfolio 7

Risks related to tenants and leases 10

Risks related to regulations

and the political situation 12

Financial risks 14

Risks related to the internal organisation 17

Risks related to climate change 19

1. MARKET RISKS

   1. Inflation risk

      Description of the risk

      A variation in inflation may lead to a variation in interest rates. In case of increases in inflation and in inter-

      est rates, there is a risk that the financial costs will increase faster than the increase in the rents. This could have an impact on the net result of the company.

      Risk mitigation

      Home Invest Belgium has taken the following measures to mitigate this type of risk:

      • the lease agreements provide for an indexation of the base rent (predominantly linked to the health index), in accordance with the applicable legislation;

      • the company's hedging policy aimed on the one hand at being financed at fixed interest rates and on the other by entering into hedging contracts that convert the floating rate into a fixed rate (Interest Rate Swap agreements or IRS).

   2. Concentration risk

      Description of the risk

      In the event of a sudden default or departure of a major tenant, the turnover and the net result of the company could fall significantly.

      Risk mitigation

      Given the particularities of residential real estate and the type of buildings in which Home Invest Belgium has invested, the concentration risk is spread over a large number of tenants. The portfolio comprises 2 tenants for which the annual rent exceeds € 1.0 million as at 31 December 2025. The most important tenants are Center Parcs Netherlands with an annual contractual rent of € 3.3 million (8.8% of the total contractual rent) for a major property complex (Port Zélande) in The Netherlands, followed by Be-Apart with a total rent of € 2.3 million (6.1% of the total contractual rent) spread over 4 properties in Belgium (further details can be found in the Real Estate Report).

      Home Invest Belgium is the holder of a building right relating to the buildings CV9, CV10 an CV18 located in Louvain-La-Neuve. The fair value of these building rights represents 2.9% of the fair value of the investment properties available for rent.

      The building right expires on 7 June 2026. At that time, the lessor will have the option to (i) pay Home Invest Belgium the market value of the constructions, or (ii) renew the building right for a period of 49 years in the form of a long lease.

      UCL has informed Home Invest Belgium that it will not be renewing the building rights and has therefore

      opted for payment of the market value of the constructions. Based on external valuation reports, the market value of the constructions is estimated at approximately € 50 million.

      On 7 June 2026, the contractual rents under the building rights will cease and Home Invest Belgium will have a claim against UCL amounting to the market value of the buildings. The annual contractual rents on these buildings amount to € 4.2 million as at 31 December 2025 and represent 11.2% of Home Invest Belgium's total contractual rents.

      This concentration risk is also mitigated by the geographic diversification of the real estate portfolio.

   3. Risk of the real estate market

      Description of the risk

      Rents, vacancy rates and the valuation of the buildings are strongly influenced by the supply and demand on the market.

      The main risks that may arise from this are:

      • a decrease in rental income due to vacancy and re-letting costs;

      • a decrease in rents and the value of the portfolio when new leases are concluded or when existing leases are extended;

      • capital losses on any sales;

      • a decrease in the rental yield due to higher purchase prices.

        Risk mitigation

        Home Invest Belgium anticipates these risks by pursuing a diversified investment policy in terms of geographical spread and type of real estate.

        Home Invest Belgium also wants to continue to expand its portfolio so that the weight of each building in

        the portfolio is kept to a minimum, and the property management and operational margin improve through economies of scale. The diversification, portfolio growth and management of the group's portfolio, however, cannot completely exclude the above-mentioned risks.

   4. Economic risk

      Description of the risk

      The group's activities are affected by the general economic climate and are affected by economic cycles, as these affect both the tenants' available income (and therefore their capacity to meet their obligations), the demand for rental properties and the valuation of the

      real estate, as well as the availability and cost of the financing. A decline in the main macroeconomic indicators could negatively affect Home Invest Belgium's activities and development prospects. In addition, there is a risk that co-contractors (service providers, banks providing credit and hedging, contractors, etc.) will default or go bankrupt.

      Risk mitigation

      In order to limit these risks, Home Invest Belgium strives within the guidelines of its investment strategy to diversify its investments, both geographically and in function of various diversification themes (including typology of buildings, tenants, alternative applicability, etc, ….).

      Despite the group's diversification efforts, a negative

      shift in key macroeconomic indicators or defaults of its various partners could still negatively impact the group's assets, activities, financial position and prospects.

2. RISKS RELATED TO THE REAL ESTATE PORTFOLIO

   1. Incorrect choices as regards own-account investments or developments

      Description of the risk

      An error in the choice of investments or developments for own account could result in a mismatch with market demand, potentially with the following negative effects: (i) an increase in rental vacancies, (ii) a fall in rental income and the sale price of the property and consequently (iii) a decline in company revenue.

      Risk mitigation

      These following factors make it possible to mitigate this risk:

      • each acquisition is subject to a strategic analysis, accompanied by a technical, legal, tax and accounting due diligence (audit);

      • developments on the rental market are closely monitored and development projects are adjusted where necessary to better meet the needs of the market;

      • internal and external valuation (by an independent expert) of each property to be acquired or developed;

      • asset diversification:

        • a maximum of 20% of the company's real estate portfolio may be invested in one property complex (RREC legislation);

        • the board of directors has set limits for development projects for own account:

          • a maximum of 12.5% of the real estate portfolio may be invested in one development project;

          • a maximum of 25% of the real estate portfolio may be invested in development projects.

   2. Risks related to mergers, contributions and demergers

      Description of the risk

      A significant number of properties in the Home Invest Belgium portfolio were acquired through mergers and demergers of companies or in the framework of acquisition of shares acquired in real estate companies. It is possible that hidden liabilities have been transferred to the company further to these transactions which cannot be recovered against the transferor or the vendor.

      Risk mitigation

      Home Invest Belgium has taken the usual precautions in the context of this type of transaction:

      • a technical, legal, tax and accounting due diligence has been carried out for each transaction;

      • the company endeavours to obtain the necessary contractual or financial guarantees from the transferor for hidden liabilities.

   3. Risk of obsolescence in the real estate portfolio

      Description of the risk

      The obsolescence of the real estate portfolio can result in: (i) reduced commercial attractiveness on the rental and/or acquisition market, (ii) a negative impact on occupancy rates, (iii) an increase in the maintenance and renovation costs of the real estate portfolio,

      (iv) a fall in the fair value of the properties and consequently (v) a negative impact on the net result, net assets and debt ratio of the company.

      Risk mitigation

      Home Invest Belgium manages this risk through:

      • maintaining and renovating its buildings regularly, and systematically replacing obsolete installations;

      • the constant renovation of the real estate portfolio and investment in project developments for own account;

      • sale of the buildings that no longer match the

        company's investment profile.

   4. Negative change in the fair value of buildings

      Description of the risk

      The company is exposed to changes in the fair value of its portfolio, as they appear in the independent quarterly valuations.

      A negative change in the fair value of the buildings will have an adverse effect on the company's net result, net assets and debt ratio.

      Risk mitigation

      This risk is mitigated by the following factors:

      • Home Invest Belgium ensures that its real estate portfolio is regularly maintained and renovated to uphold or even increase its rental income and to facilitate new rentals or the sale of its assets;

      • the sale of buildings that no longer match the

        company's investment profile;

      • the company's investment strategy focuses on high-quality properties and development projects that generate immediate high returns and stable income;

      • fluctuations in market values are absorbed because the portfolio is diversified, including geographically.

   5. Risk of destruction of buildings

      Description of the risk

      There is a risk that buildings may be destroyed completely or partially, by fire, natural disaster, accident, terrorist attack, etc. In this case, there is a risk of a loss of rental income and hence a fall in the net results of the company, together with a fall in the net assets of the company and a rise in its debt ratio.

      Risk mitigation

      The risk that properties owned entirely by the RREC are destroyed by fire, explosion or other disasters is covered by appropriate insurance policies. These

      insure the reconstruction value (excluding land) and the vacancy while the building is being reconstructed. The policies are concluded by the company or, for properties that are owned in co-ownership, by the various co-ownership associations.

   6. Risk related to administrative permits

      Description of the risk

      As part of its property development activities, Home Invest Belgium must obtain a number of administrative permits (urban, environmental and other permits) before commencing any development, renovation or conversion work. The processing of the permit applications by the competent administrative services can take a certain amount of time. This period of time cannot always be controlled.

      Moreover, once issued these administrative permits may sometimes be subject to appeals or objections by third parties. This can lead to delays and additional costs or even the abandoning of projects for which study costs have been incurred, which can have an adverse effect on the business and the results of Home Invest Belgium.

      Risk mitigation

      This risk is limited by (i) the integration into the feasibility studies of prudent time frames for obtaining permits, (ii) daily monitoring of these permit application files by the teams, and (iii) calling upon external advisers specialised in this field.

   7. Risks related to the performance of works (poor project management)

      Description of the risk

      Poor management of a renovation or development project may have the following consequences: (i) an increase in the company's operating costs, (ii) a fall in the profitability of the project and (iii) a delay in the reception of the work or project and consequently a similar delay in the collection of rent for these buildings (which has a negative impact on the company's result).

      Risk mitigation

      The technical management of the buildings and the coordination of the renovation and development works are undertaken by specialised internal teams who monitor the quality of the various sites.

      The risk of poor management is also mitigated by the following elements:

      • the limits set by the board of directors on own-ac-count developments, see point 2.1 above;

      • the assistance provided by consultants and specialised contractors;

      • the staggering over time of development projects;

      • taking out an 'all construction site risks' insurance

        policy to cover all the works in progress.

   8. Risk of default by co-contracting parties (works contractors, etc.) other than tenants

      Description of the risk

      A default by or the bankruptcy of a contractor or a supplier with which the company has concluded an agreement can have an impact on the performance schedule and, in certain cases, on the budget for these works.

      Risk mitigation

      Home Invest Belgium mitigates this risk by (i) a rigorous selection of specialised contractors, (ii) using a variety of contractors for a site as far as possible and

      (iii) requesting financial guarantees.

   9. Risk of imbalance between supply and demand on the rental market

      Description of the risk

      Hundreds of new apartments are placed on the market every year. Most of these are sold to private investors who then offer them for rent. This creates a potential risk of surplus supply.

      Risk mitigation

      Home Invest Belgium keeps a constant eye on the balance between supply and demand on the local rental markets of its investments. This parameter is also taken into account in its investment and divestment decisions.

   10. Risks associated with climate-driven construction innovation

       Description of the risk

       Home Invest Belgium faces risks relating to obsolescence, liveability and value retention due to the rapid evolution of building technologies (including technical installations and circularity), new building materials and changing construction standards linked to climate change and new building regulations. These dynamics increase the likelihood of investments or renovations becoming obsolete quickly, failing to meet demand in the rental market, failing to meet tenants' new needs due to climate change, or generating unexpected lifecycle costs, which can lead to unforeseen OPEX and CAPEX and potentially underperformance relative to expectations.

       Risk mitigation

       To mitigate these risks, Home Invest Belgium has a strong team of construction experts, from engineers to architects, who are involved in every investment and renovation from the outset. They carry out thorough technical due diligence and apply the necessary checks at every stage of the project.

       In addition, the construction team organises regular coordination meetings with Home Invest Belgium's property managers to document operational lessons learnt, ensuring that insights from operations feed back into design and renovation decisions. This helps to minimise surprises throughout the lifecycle and improve market fit.

3. RISKS RELATED TO TENANTS AND LEASES

   The entire turnover of Home Invest Belgium consists of rents generated by leasing properties to third parties (individuals, public authorities, retailers, companies, embassies and foreign delegations, retirement home operators and holiday centre operators).

   1. Risk of reduced solvency or insolvency of tenants

      Description of the risk

      Delays or defaults in the payment of rent may (i) have a negative impact on results, (ii) give rise to an unexpected vacancy and (iii) lead to unforeseen costs related to the conclusion of leases on less favourable terms or even the granting of rent-free periods.

      Risk mitigation

      Home Invest Belgium endeavours to limit this risk by taking the following measures:

      • the company has a diversified investment policy in terms of both sectors and the type of tenants targeted, always in accordance with the relevant applicable legislation;

      • the tenants are carefully selected on the basis of their financial strength (that is their ability to pay the rent due on a regular basis);

      • each tenant is required to provide a bank guarantee

        which is in principle equal to two months' rent;

      • rents are payable in advance and almost always on a monthly basis;

      • provisions for charges and taxes are payable in advance;

      • the company applies a rigorous procedure for monitoring outstanding payments.

        If there is any doubt about the quality of a receivable, this is provisionally treated as a loss and is recorded as such in the results.

   2. Vacancy risk

      Description of the risk

      Home Invest Belgium is exposed to the risk of loss of rent caused by the departure of tenants. This can

      adversely affect the results and lead to a fall in the fair value of the property, particularly in context of weak economic conditions, for the following reasons:

      • the departure may involve unexpected costs (marketing, repair or renovation costs);

      • the search for new tenants can take some time; during this period, the charges related to unrented properties are borne by the owner;

      • the new tenants could negotiate a lower rent or a rent-free period;

      • if a property stands vacant for a long period, this leads to a lower real estate portfolio occupancy rate, which may adversely affect the results.

        Risk mitigation

        Given the very large number of tenants and bearing in mind the demographic outlook in Belgium, and the fact that housing is an essential need, the risk that vacancies may increase substantially can be considered to be low.

        The company adopts a proactive commercial policy to maintain a high occupancy rate. It is able to draw on its experience to gear its offer to the market demand.

   3. Risk related to the rate of property turnover

      Description of the risk

      The normal duration of a lease depends mainly on the type of property rented and is usually as follows:

      • 1 or 9 year(s) for principal residence leases;

      • 3 to 12 months for furnished apartments;

      • 9 years, renewable three times, for commercial leases;

      • a minimum of 3 years for office space; and

      • 9 to 27 years for residential care centres.

        The lease agreements entered into by Home Invest Belgium with private individuals are on average shorter than leases for business properties. This more limited duration can consequently lead to a higher turnover than that recorded for business properties and thus higher management costs over the life of the property.

        Risk mitigation

        The RREC deals with this risk by (i) taking it into account in the preliminary profitability analyses and (ii) increasing the loyalty of individual tenants by providing highly qualified managers and property managers and calling upon external building management bodies or agents.

   4. Risks associated with the processing and storage of personal data during the letting process

      Description of the risk

      Home Invest Belgium manages a portfolio of over 2,000 rental properties, resulting in a constant influx of tenants and prospective tenants. This requires the collection and storage of significant amounts of confidential information. The main risks involved are unequal treatment and discrimination, breaches of

      privacy, misuse of personal data and non-compliance with the GDPR and other data protection regulations. Inadequate management of these risks could have legal, reputational and operational consequences for Home Invest Belgium.

      Risk mitigation

      Home Invest Belgium applies a fair, transparent and non-discriminatory tenant selection process based on

      clear acceptance criteria set out in policy documents and procedures. Staff receive regular training on privacy and non-discrimination. Furthermore, data collection is limited to what is essential, securely stored and managed by authorised personnel in accordance with the GDPR and related legislation.

      Compliance is ensured through internal audits and continuous monitoring by team leads and executive management. In the event of incidents or complaints, Home Invest Belgium follows established protocols for swift resolution. Furthermore, Home Invest Belgium will introduce a 'good neighbour' charter and a sustainable tenancy charter in 2026 to promote fairness, respect and sustainability across the entire portfolio.

   5. Risk relating to the quality and safety of the rental property

      Description of the risk

      Compliance with all safety regulations and maintenance obligations is essential for Home Invest Belgium. Failure to meet these requirements may lead to legal consequences and reputational damage. Noncompliance also poses risks to the safety and well-be-ing of tenants, which may undermine trust and affect occupancy rates.

      Risk mitigation

      Home Invest Belgium ensures that all buildings comply with established safety and maintenance standards through a multi-faceted approach. The experienced

      in-house property management team, supported by digital tools, carries out regular inspections, oversees timely maintenance and applies strict safety protocols to protect tenants.

      The Solution Centre also proactively runs safety campaigns via various communication channels and consistently delivers maintenance solutions in tenants' flats.

      For many years, the construction team has ensured that all projects meet the latest safety standards. They also make every new-build fully accessible to residents and visitors with reduced mobility, thereby promoting inclusion and safety across the entire property portfolio.

4. RISKS RELATED TO REGULATIONS AND THE POLITICAL SITUATION

   1. Regulations

      Description of the risk

      The company is subject to an ever-larger number of increasingly complex laws and rules as well as to

      possible developments in their interpretation or application by the authorities or the courts. This is true, among other things, for the following areas: accounting, tax, environment, urban planning and government contracts.

      The development of and non-compliance with the regulations exposes the company to the risk that it may be held liable or incur civil, criminal or administrative penalties, as well as the risk that permits are not granted or renewed. Such penalties could have a negative impact on the activity, the result, the profitability, the financial situation and/or the prospects of the company.

      Risk mitigation

      Home Invest Belgium has the necessary skills in house to ensure meticulous compliance with the regulations in force and anticipate developments in this legislation (regulatory monitoring). The advice of external consultants is also sought on a regular basis.

   2. RREC status

      Description of the risk

      Since 2 September 2014, the company has been approved by the Financial Services and Markets Authority (FSMA) as a 'public regulated real estate company under Belgian law', abbreviated to 'public RREC' or 'public RREC under Belgian law. To maintain this status, the company is subject to the provisions of the Belgian act of 12 May 2014 and the Belgian royal decree of 13 July 2014 on regulated real estate companies (the 'RREC legislation'), as amended from time to time. These contain restrictions on (among other things) its activities, the debt ratio, the appropriation of the earnings, conflicts of interest and corporate governance.

      Ensuring that these specific requirements are permanently met depends among other things on the ability of the company to successfully manage its assets, indebtedness and compliance with internal audit procedures. It could be that the company may not be able to meet these requirements in the event of a significant change of circumstances, (financial or otherwise).

      As a public RREC, Home Invest Belgium is exposed to the risk of changes in RREC legislation, the consequences of which are difficult to estimate. There is also a risk that the supervisory authority (the FSMA) may impose penalties in the event of an infringement

      of the applicable rules, including the loss of accreditation as a public RREC. Loss of accreditation as a public RREC is generally considered in the company's credit agreements to be an event that renders the loans entered into by the company payable in advance. The loss of this status would also have a negative impact on the business, results, profitability, financial position and prospects of the company. In this case, the company would also lose the advantage of the special tax system applicable to public RRECs (see point 4.3.).

      Risk mitigation

      The skills of the team members and compliance with strict internal control procedures enable Home Invest Belgium to successfully manage its assets and thus meet these specific requirements.

      Moreover, on 8 April 2009 the company set up an audit committee, notwithstanding the exemption granted under Article 7:99 BCCA.

      The company cannot overcome the risk of future changes in the legislation on RREC itself. It limits this risk by closely following the planned legislative changes locally (Belgium and The Netherlands) and by being an active member of various professional

      associations. An example of such is the membership of the non-profit organisation BE-REIT Association, one of whose objectives is to defend the interests of the RREC sector.

   3. Tax status

      Description of the risk

      As a residential public RREC, any profits generated in Belgium are subject to corporate income tax albeit only on a reduced basis. This consists of the non-admitted expenses, abnormal or gratuitous benefits received and unjustified remunerations and commissions.

      Company profits generated abroad are taxable in the country where they are made according to the law applicable there and are exempt from tax in Belgium. The net profits generated by Home Invest Belgium from its property investments in The Netherlands are therefore subject to corporation tax and exempt from tax in Belgium.

      The net profits generated by Home Invest Belgium through its property investments in The Netherlands are therefore subject to corporation tax there and are exempt from taxes in Belgium.

      As a residential public RREC, Home Invest Belgium is thus subject to a particular tax system, some aspects of which present specific risks.

      In the context of risk mitigation, this also takes the exit tax into account, which is due at the moment of merger by absorption of another real estate company on the latent capital gains and the tax free reserves. The exit tax is calculated in accordance with the provisions of Circular Ci.RH.423/567.729 of 23 December 2004, the interpretation or practical application of which may alter.The 'actual value' of a property, as referred to

      in this circular, is calculated after deduction of registration duties or VAT. This 'actual value' differs from (and may therefore be less than) the fair value of the property as stated in the company's IFRS financial statements.

      This rate is 15% for mergers from 1 January 2020.

      The risks related to regulations include the effects of measures taken or planned by the legislator, in particular as regards taxation.

      The dividends are subject to a withholding tax of 30%.

      Risk mitigation

      Home Invest Belgium carefully monitors the development of the various laws on this subject and is gradually adapting to changes in the regulations.

   4. Urban planning and environmental regulations

      Description of the risk

      A change in the urban planning and environmental regulations might (i) increase the costs incurred to maintain the buildings in operating condition, (ii) have an impact on the fair value of properties and therefore

      (iii) have a negative impact on the profitability of the company.

      Risk mitigation

      Home Invest Belgium carefully monitors the development of the various laws on this subject and is gradually adapting to changes in the regulations.

   5. Risk related to a change in international accounting rules (IFRS)

      Description of the risk

      A change in international accounting rules (IFRS) can affect reporting, capital requirements and the use of financial products.

      Risk mitigation

      Home Invest Belgium manages this risk through (i) constant monitoring of developments in this area and assessment of their possible consequences and (ii) frequent discussions and contacts with the statutory auditor on this subject.

   6. Deflation risk

      Description of the risk

      In the event of deflation or a full or partial freeze on rents imposed by the government, growth in rental income could be curbed.

      Risk mitigation

      The current legislation on residential leases does not provide for the possibility of establishing a rent floor in the event of deflation.

   7. ESG compliance risk

      Description of the risk

      The ESG (Environmental, Social, Governance) environment in which Home Invest Belgium operates is constantly changing due to new regulations and the ever-increasing demands of shareholders. As a result, Home Invest Belgium runs the risk of failing to respond to these developments in a timely or adequate manner. Failure to monitor and adjust proactively could result in Home Invest Belgium failing to comply with current or future ESG legislation, relevant frameworks and sectoral best practices. This could have negative con-

      sequences for compliance, reputation and shareholder confidence.

      Risk mitigation

      To mitigate the identified risks relating to ESG compliance and best practices, Home Invest Belgium recruited a specialist sustainability expert in 2025. This expert is responsible for monitoring relevant developments and addressing potential shortcomings in relation to ESG legislation and sectoral standards. To remain up to date, Home Invest Belgium actively participates in organisations such as EPRA, BE-REIT and UPSI (and YUB). In addition, Home Invest Belgium maintains close contacts with regulatory bodies such as the FSMA and EFRAG, and participates in sec-

      tor meetings where sustainability experts from the property sector come together. For the 2025 financial year, Home Invest Belgium will report quantitative ESG data. The necessary data is collected by the various teams, including HR, Finance, Construction, Property Management and the Solution Centre. Prior to publication, the Sustainability Manager carries out a check to ensure that the reported information is accurate and reliable.

5. FINANCIAL RISKS

   1. Debt ratio

      Description of the risk

      Under the law (RREC Royal Decree) Home Invest Belgium's debt ratio, may not exceed 65%. The company risks losing its RREC status if it were to exceed this 65% ratio.

      Home Invest Belgium has concluded credit agreements and issued bond loans allowing a maximum consolidated debt of up to 60% and 65% for some.

      Risk mitigation

      Home Invest Belgium's debt ratio (within the meaning of the Belgian Royal Decree of 13 July 2014) is stated in section 3.3 of the management report. On 31 December 2025, it amounts to 48,14%. This section also states the additional theoretical debt capacity of Home Invest Belgium, taking into account the maximum permitted debt ratio for RRECs (65% of the total assets) or the bank covenants (60% of total assets). The debt ratio is monitored every quarter and the evolution of the debt ratio is estimated during the approval procedure for each major investment project.

      If the consolidated debt ratio exceeds 50%, a financial plan with an implementation schedule must be drawn up describing the measures that will be taken to prevent that ratio from going to exceed 65% (Article 24 of the Belgian Royal Decree of 13 July 2014).

   2. Liquidity risk

      Description of the risk

      The liquidity risk means that, at some point, Home Invest Belgium may no longer have the necessary liquid resources and no longer obtain the necessary financing to meet its current liabilities.

      CREDIT LINES

      There is a risk that the credit lines may not be extended. Moreover, credit margins may be increased when the credit lines are extended upon maturity.

      In addition, there is a risk that financing contracts may be cancelled, terminated or reviewed due to the failure to fulfil obligations ('covenants') entered into under the terms of these financing agreements.

      If Home Invest Belgium does not fulfil its obligations and, more generally, fails to comply with the terms of current financing contracts, it consequently runs the risk of mandatory early repayment of these loans.

      COMMERCIAL PAPER ISSUE (TREASURY NOTES)

      As part of the diversification of its funding sources, Home Invest Belgium issued treasury notes ("billets de trésorerie"/ "thesauriebewijzen") for a nominal value of

      € 8.5 million, with maturity dates in 2026.

      It is possible that Home Invest Belgium may not be able to redeem the bonds or the treasury notes ("billets

      de trésorerie"/ "thesauriebewijzen") at maturity. The contractual documentation for the bond issue and the issue of treasury notes ("billets de trésorerie"/ "the-sauriebewijzen") further stipulates that, in the event of a change of control of the company, bondholders or holders of treasury notes ("billets de trésore-rie"/ "thesauriebewijzen") can require advance repayment of the bonds issued by Home Invest Belgium.

      Risk mitigation

      On 31 December 2025, Home Invest Belgium had

      € 456.50 million in financial debts, composed of:

      • Bilateral credit lines drawn for an amount of

        € 399.00 million. The drawn bilateral credit lines were concluded with 7 different financial institutions with well-spread maturity dates until 2031. Home Invest Belgium has no maturity dates in 2026. The next maturity date is in the second half of 2027.

      • Bond loans for an amount of € 49 million with maturities between 2028 and 2032.

      • Short-term treasury notes (commercial paper) for an amount of € 8.5 million. Notwithstanding the short-term nature of the outstanding treasury notes, the outstanding amount is fully covered by available long-term credit lines (back-up lines).

        For more information on the Home Invest Belgium financing structure, please refer to the 'Financial Statements' chapter of this report.

        Bearing in mind the legal status of the RREC and given the nature of the properties in which Home Invest Belgium invests, the risk that the credit lines will not be renewed is limited.

        Based on the current conditions and outlook, as far as Home Invest Belgium is aware, there are no elements that indicate that one or more of the commitments it has entered into may no longer be respected. This risk is considered to be theoretical as the company strives scrupulously to honour its obligations.

        Furthermore, the liquidity risk of the RREC is limited by:

      • the diversification of its funding sources;

        • the diversification of credit lines with six major European financial institutions;

        • the maintenance of a sustainable relationship with strong banking partners which benefit from a good financial rating;

        • the maturity of the debt, as the average length of the

          company's financing amounts to 4.4 years;

        • a regular analysis of the company's debt structure enabling it to negotiate refinancing in line with market conditions before its credit lines fall due.

   3. Currency risk

      The Home Invest Belgium real estate portfolio consists solely of properties located in Belgium and The Netherlands and all its lease agreements and credit lines are denominated in euros. Consequently, the company is not exposed to any currency risk.

   4. Counterparty risk

      Description of the risk

      The conclusion of a credit or hedging instrument with a financial institution creates a counterparty risk

      should this institution default. This risk could lead to a lack of liquidity at this financial institution or even the loss of liquid assets deposited there.

      Risk mitigation

      Although this risk can be considered to be slight, the possibility that one or more of Home Invest Belgium's banking counterparties may default cannot be entirely ruled out. To limit this counterparty risk, Home Invest Belgium uses different leading banks in the market not only to spread the sources of its financing and interest rate hedging instruments up to a certain level, but also to keep a close eye on the value for money

      of the services provided. It should also be noted that the liquid assets available to the RREC are primarily used to reduce its debts and that Home Invest Belgium therefore never has large sums deposited on account.

   5. Risk related to changes in interest rates

      Description of the risk

      Short- and long-term interest rates on (international) financial markets can fluctuate sharply. Except for the bond issue, all Home Invest Belgium's financial debt is currently at floating rates (bilateral credit lines at the EURIBOR rate).

      This allows Home Invest Belgium to take advantage of any favourable developments in interest rates, but implies the potential risk of increased financial costs should interest rates rise.

      Risk mitigation

      To cover the risk of rising interest rates, Home Invest Belgium enters into interest rate hedging instruments for a part of its financial debts. This prudent policy can be explained as follows: a possible rise in nominal interest rates without a corresponding increase in inflation would have the effect of driving up real interest rates.

      In that case, the increase in real interest rates would not be offset by the indexation of rental income.

      In addition, a time difference is always observed between the rise in nominal interest rates and indexation of rental income.

      This is why the board of directors has set itself the target of maintaining its share of the financial liabilities at a variable interest rate (which is not hedged by hedging instruments) below 15% compared to the fair value of the real estate portfolio. The risk increase in interest rates is covered by interest rate swaps.

   6. Risk of change in the fair value of hedging instruments

      Description of the risk

      Any change in the interest curve affects the fair value of hedging instruments. Home Invest Belgium records negative changes in the fair value of interest rate hedging instruments if the current rates are lower than those used to calculate the IRS contracts.

      These variations may lead to an increase in the financial charges and consequently impact the result, but they do not affect the cash position or the EPRA earnings.

      Risk mitigation

      Note 25 to the Financial Statements provides an overview of the fair value of the hedging instruments. A rise or fall in interest rates would theoretically increase or decrease the market value of the financial hedging instruments.

      At the end of the 2025 financial year, the fall in interest rates observed in the past few years had a positive impact of € 12.32 million (value that could be obtained to cancel the hedging on 31 December 2025) (see Note 25 to the 'Financial Statements').

   7. Risk related to the liquidity of the share

      Description of the risk

      It is difficult for shareholders to modify their position in Home Invest Belgium quickly upwards or downwards.

      For the 2025 financial year, the total volume of Home Invest Belgium shares traded on the stock market amounted to 2,796,141 compared with 2,526,444 shares for the 2024 financial year.

      Risk mitigation

      This risk is mitigated by the following elements:

      • the RREC works actively on its external communication (press releases, meetings with financial analysts, participation in road shows) in order to improve its reputation among investors;

      • a contract has been concluded with KBC Securities which serves as liquidity provider.

   8. Risk related to the distribution of the dividend

      Description of the risk

      Pursuant to Article 7:212 BCCA and the Belgian Royal Decree of 13 July 2014, the distribution of dividends may be limited. No distribution may be made when, at the balance sheet date of the previous financial year, the net assets as shown in the annual accounts are less or, as a result of such distribution, would

      become less than the amount of the paid-up capital or, if this amount is higher, the capital called up, plus any reserves not available for distribution in accordance with the law or the articles of association.

      Risk mitigation

      This risk is mitigated by the following elements:

      • maintaining and increasing the company's profits;

      • regularly transferring part of the profits recorded to the reserve.

        For further information on the calculation in the context of Article 7:212 BCCA and the Belgian Royal Decree of 13 July 2014 and the remaining margin, please refer to the notes to the financial statements.

6. RISKS RELATED TO THE INTERNAL ORGANISATION

   1. Reporting risk

      Description of the risk

      Failures in reporting could compromise the relevance of the information made available to the executive managers.

      Risk mitigation

      The company therefore applies an adequate internal and external reporting process with cascaded reviews at various levels, both internal (members of staff, executive management, audit committee and board of directors) and external (statutory auditor).

   2. Risk related to information technology

      Description of the risk

      IT is a key tool for a company like Home Invest Belgium. The loss or non-availability of data could result in (i) a disruption in commercial activity (as the company is active primarily in the apartment building sector where tenant turnover is the highest), (ii) an interruption in investment activity and/or (iii) a disruption of the internal and external reporting process.

      Risk mitigation

      The management of the IT systems (hardware and software), access security and data continuity have been entrusted to an external service provider based on a "service agreement".

   3. Risks associated with operational innovation

      Description of the risk

      Innovation plays a central role in the day-to-day management and operation of Home Invest Belgium's rental portfolio. As both the size of the portfolio and the number of tenants increase, the workload for internal teams rises. This carries the risk of operational backlogs arising and of staff spending time on tasks that offer little or no added value.

      In addition, the growing reliance on digital tools and automation processes leads to increased exposure to cyber security risks. These risks can result in disruptions to operational processes or the compromise of sensitive data, which could have a direct impact on the continuity of Home Invest Belgium's services.

      Risk mitigation

      Home Invest Belgium pursues a strategic, internal IT innovation agenda aimed at optimising operational processes and ensuring data quality. The IT team develops robust, IT-driven processes, tools and dashboards, creating highly automated and data-driven workflows. Thanks to this approach, employees gain access to structured and easily understandable data. This enables them to work more efficiently and focus on initiatives that genuinely add value to the organisation. Recognising that digitalisation brings new cyber risks, Home Invest Belgium implements best practices in the field of security. The IT team organises internal training sessions to enhance employees' cyber awareness and digital skills.

      In addition, regular stress tests are carried out under the supervision of the IT team, so that vulnerabilities are identified in good time and can be addressed. In this way, Home Invest Belgium continues to respond proactively to the risks faced by a digitally supported organisation and ensures the continuity of its services.

   4. Risk related to team members

      Description of the risk

      The company is exposed to organisational risk to some extent in the event of the departure of certain members of the management team and key personnel. The unforeseen departure of certain staff members could have adverse consequences for the development of the company and result in additional management costs.

      Risk mitigation

      This risk is mitigated by the permanent monitoring of the internal organisation by the management and the board of directors. If Home Invest Belgium is confronted with a departure, it can outsource the function of the departing staff member and/or set in motion an emergency procedure to recruit a new staff member.

   5. Risks associated with the working environment

      Description of the risk

      Maintaining a positive, safe and healthy working environment at Home Invest Belgium involves various risks. If the workplace is not supportive and inclusive, or if employees and contractors are not given meaningful roles, there is a risk of lower job satisfaction, higher staff turnover and declining operational standards.

      Furthermore, a lack of priority given to the health and safety of our staff can undermine productivity, morale and the overall effectiveness of the organisation.

      Risk mitigation

      Home Invest Belgium attaches the utmost importance to a supportive and inclusive environment for all employees and contractors, and recognises that they are the backbone and most valuable asset of the

      organisation. Executive management therefore continuously monitors all risks related to a positive, safe and healthy working environment, in collaboration with HR and the health and safety advisor.

      By setting a good example in this regard and by communicating clear policies, positive values and a strong culture are embedded throughout the company.

      In this way, Home Invest Belgium creates a positive, safe and healthy working environment where meaningful work, high operational standards and the health and safety of its employees are central to retaining top talent.

   6. Sustainable governance risk

      Description of the risk

      Home Invest Belgium faces reputational, operational and financial risks if its ethical culture, governance controls and internal policies are not sufficiently robust or do not align with internal and external expectations. Management emphasises that sustainable growth is only possible if Home Invest Belgium maintains and demonstrates a strong ethical culture that protects and strengthens its reputation among stakeholders.

      Risk mitigation

      To effectively manage the various risks relating to sustainable governance, Home Invest Belgium adopts a proactive and cyclical approach. Home Invest Belgium carries out continuous monitoring of internal policies, procedures and processes. These are systematically evaluated and updated where necessary, so that they always align with changing internal and external requirements and expectations. Through this approach, potential exposure to events that could damage Home Invest Belgium's reputation, business operations or financial position is actively reduced

      on an annual basis. In the 2025 financial year, Home Invest Belgium developed and published additional policy measures specifically aimed at anti-bribery and corruption, as well as responsible procurement from sustainable suppliers.

      Furthermore, both the Code of Conduct and the Governance Charter have been updated to ensure that Home Invest Belgium continues to meet current standards and expectations. All changes and additions to these policies are communicated clearly and transparently to both employees and contractors. To support implementation, targeted training sessions have been organised to ensure that all those involved possess the necessary knowledge and skills to apply the new

      standards and procedures correctly in their day-to-day operations.

7. RISKS RELATED TO CLIMATE CHANGE

   1. Risks associated with CO₂e emissions

      from the property portfolio

      Risk description

      Like all property investors, the Home Invest Belgium portfolio faces increasing risks due to its reliance on non-renewable energy, which results in significant CO₂e emissions from the buildings. These risks include potential negative impacts on property valuations, greater difficulty in achieving European decarbonisation targets, higher capital costs and an increased risk of vacancy due to high utility costs. As energy-in-tensive buildings become less attractive to investors, financial institutions and tenants, there is a risk that these assets will become 'stranded' and require write-downs, which could reduce the total value of Home Invest Belgium's portfolio, thereby impacting the debt ratio.

      Risk management

      Home Invest Belgium adopts a proactive approach by setting ambitious EPC targets for its residential portfolio, which guide its acquisition, divestment and

      renovation strategies. These targets are systematically monitored by collecting final EPC figures for each asset, with the intention of transitioning in future to targets based on actual energy and water consumption. The processes and controls for recording energy consumption, water consumption and emissions in the first reporting year, 2025, have been implemented and will be evaluated and further strengthened in the 2026 financial year.

      In addition, both the Head of Investment and the Head of Portfolio closely monitor and implement strategies to improve the sustainability of the assets. As a result, the portfolio demonstrates year-on-year value growth and Home Invest Belgium is able to report a lower transition Value at Risk (VaR) than the MSCI benchmark

      for Belgium and the Netherlands, which underlines the effectiveness of sustainable asset management. The property management, investment, construction and sustainability teams will continue to work in 2026 to further decarbonise the portfolio and make it independent of fossil fuels.

   2. Risks associated with the climate resistance of the property portfolio

Risk description

Due to climate change, Home Invest Belgium's property portfolio is increasingly exposed to both transition risks and physical climate risks. Examples include extreme weather conditions, such as storms, floods

or heatwaves, which can cause significant damage and require costly repairs or renovations. In addition, evolving regulations (transition risks) regarding climate resilience may impose additional obligations and financial burdens on owners.

Risk management

To gain insight into the potential financial consequences of climate risks for Home Invest Belgium's property portfolio, Home Invest Belgium carried out a comprehensive climate risk analysis across the entire property portfolio in 2025. This analysis was conducted using best-practice climate models and the MSCI climate risk tool. The results show that the portfolio is well-resilient to extreme weather conditions and the impact of climate change.

In addition, insights from the climate risk analysis are proactively integrated into renovation and divestment strategies for the current portfolio, and the MSCI tool is used during due diligence processes for new investments, ensuring that climate factors influence decision-making regarding the portfolio.

Overview

Charles Woeste, Brussel

20

The highlights of the year

2025 was again a good year for Home Invest Belgium.

The average occupancy amounted to 98,2%.

OVERVIEW

Letter to the shareholders 23

Key figures 25

Our course 26

Strategy 28

The like-for-like rental growth was 4,0%.

Dear shareholder,

After the challenges of the Covid pandemic and lockdowns in 2020-2021, followed by the energy crisis in 2021-2023 and the accompanying high inflation fought by an unprecedentedly rapid and sharp rise in interest rates, we can look back on 2024-2025 as years of normalisation. Inflation rates gradually came under control; interest rates stabilised and even fell slightly.

Remarkably, HOMI weathered these turbulent years of significant exogenous shocks very well. HOMI delivered very solid results during this challenging period, proving itself to be a solid value time and again.

In 2025, HOMI again posted strong results with the main achievements being:

• Acquisition transactions: Acquisition of the Jardin Leopold development project in Brussels (Laeken), comprising 56 sustainable rental properties, and a definitive agreement with Cityforward for the future acquisition and conversion of eight projects in Brussels' European Quarter into approximately 700 sustainable rental properties.

• Sales transactions: during 2025, Home Invest Belgium sold property investments with a total net sales value of € 36.5 million. The net sales value was on average 14.1% above the estimated fair value as at 31 December 2024.

• Completions: We are proud of the completion of the Jourdan 95 residential project in Brussels (Saint-Gilles) with 48 sustainable rental units and the Citydox residential project in Brussels (Anderlecht) with 163 sustainable rental units.

• Operational efficiency: The streamlining of our organisation, which we started 5 years ago, is bearing fruit. The operating margin rose to 76.5%.

  Operational efficiency	2020	2021	2022	2023	2024	2025
  Full financial year	67.4%	71.9%	71.8%	73.0%	76.8%	76.5%

• Rental income: Rental income rose to € 38.81 million, an increase of 47.1% since 2020.

  Rental income

  2020

  2021

  2022

  2023

  2024

  2025

  € 38.81 mio

Full financial year € 26.7 mio € 27.54 mio € 31.46 mio € 34.79 mio € 36.51 mio

• Operating expenses: Operating costs1 are well under control and amount to € 6.84 million.

  Operating expenses

  2020

  2021

  2022

  2023

  2024

  2025

  € -6.84 mio

Full financial year € -6.58 mio € -5.79 mio € -6.76 mio € -6.87 mio € -6.10 mio

• EPRA earnings: EPRA earnings per share continued to rise to € 1.21.

  EPRA earnings per share	2020	2021	2022	2023	2024	2025
  Full financial year	€ 0.89	€ 0.99	€ 1.08	€ 1.13	€ 1.16	€ 1.21

  Our policy of selling mature real estate investments and reinvesting them in new projects not only creates added value for shareholders, but is also part of a broader social commitment. HOMI contributes to the creation of new residential environments in a market characterised by a growing shortage of affordable rental housing. Moreover, we have been committed to energy efficiency for years. As a result, HOMI has a young and future-proof real estate portfolio that is among the best in the sector.

  1 Operating Expenses = 'property expenses' + 'general expenses of the company and other operating income and expenses'

  HOMI has set clear ambitions to improve energy efficiency even further:

  The units in Home Invest Belgium's property portfolio have an average primary energy

  consumption of 104 kWh/m²/year by 31 December 2025.

• Home Invest Belgium's ambition is to further reduce the average primary energy consumption of

  
  
  

  the residential portfolio to <100 kWh/m²/year by 31 December 2026.

• By comparison, the average energy consumptionas determined on the basis of the EPB certificates issued in 2024 for the Brussels housing market, is 254 kWh/m²/year in the Brussels Capital Region. Only 19% of the market is below 150 kWh/m²/year; only 7% of the market is below 95 kWh/m²/year.

  Given Home Invest Belgium's strong operating results, a distribution of € 1.16 per share will be proposed to shareholders for the financial year 2025 (compared to € 1.14 for 2024), marking an increase for the 26th consecutive year.

  The distribution to shareholders will consist of the combination of:

• a gross dividend of € 1.03 per share (an increase of € 0.01 compaired with € 1.02 for 2024), which will be proposed at the annual general meeting on 5 May 2026;

• an equity reduction of € 0.13 per share (an increase of € 0.01 compared to € 0.12 for 2024) which requires a decision by an extraordinary general meeting.

  HOMI's track-record as a firm goes back a long way. The dividend increasing for the 26th

  consecutive year.

  We end the year with a robust balance sheet and balanced financing structure:

• Debt ratio of 48.14% (RREC Royal Decree) and 47.35% (IFRS) at 31 December 2025.

• The financing cost in 2025 is 2.19%.

• Home Invest Belgium has € 59 million of freely available credit lines.

• No maturities of credit lines or bond loans in 2026 and the first half of 2027. The next maturities are in the second half of 2027. The approved development pipeline is fully financed.

These elements illustrate the strong results we achieved in 2025 and place us in an excellent position to start 2026. Thanks to our quality portfolio, flexible organisation and unique expertise, we look to the future with confidence.

We wish you an enjoyable reading of this report. On behalf of the board of directors and the entire team, we thank you for the trust you place in us.

Preben Bruggeman Liévin Van Overstraeten

CEO, effective leader Chairman of the board of directors

EVOLUTION OF THE FAIR VALUE OF THE REAL ESTATE PORTFOLIO (IN MILLION €)

EVOLUTION OF THE SHARE PRICE AND GROSS DISTRIBUTION

Significant events

1999

• Incorporation of Home Invest Belgium

• Approval as a real estate investment fund

• IPOPortfolio of 13 properties with a total value of

€ 41 million

2001

Acquisition of the Résidence Clos Saint-Géry in Ghlin

2003

• Axa becomes a shareholder

• Contribution of the Clos de la Pépinière, Bosquet-Jourdan and Jourdan-Munt/Monnaie buildings in Brussels

  
  
  
  
  

  2005

  Acquisition of the Giotto building in Brussels

  
  
  

  2006

  • Capital increase of

    € 31.6 million through the issue of new shares

  • Acquisition of Florida buildings in Waterloo

    2007

    Acquisition of Erainn and Voisin buildings in Brussels

    
    
    
    
    

    2008

• Acquisition of portfolio in Liège

• Van Overstraeten group becomes a shareholder

• Contribution towards the Sippelberg, Lambermont and Baeck buildings in Brussels

  2009

  Acquisition of Haverwerf in Mechelen, Les Érables in Brussels and City Gardens in Leuven

  
  
  
  
  

  2011

  Completion of the renovation of the City Gardens real estate complex in Leuven

  2012

  Contribution of the Odon Warland building in Brussels

  
  
  
  
  

  2013

• Acquisition of a real estate complex in Louvain-la-Neuve

• Completion of the town house apartment building at rue Belliard, 21 in Brussels

• Acquisition of the developments projects The Horizon, Troon, The Link and The Inside in Brussels and of Koningin Astrid in Kraainem.

  2014

• Approval as a Regulated Real Estate Company (RREC)

• € 39.8 million bond issue

• Acquisition of La Résidence property in Brussels

  
  
  
  
  

  2015

  • Completion of the Troon and The Link buildings

  • Acquisition of the Livingstone building in Brussels

  • Agreement for the acquisition of the Brunfaut renovation project in Brussels

  • Renovation of the Clos Saint-Géry houses in Ghlin and the Charles Woeste and ArchView buildings in Brussels

    2016

• Completion of The Horizon building in Brussels

• Acquisition of The Pulse project in Molenbeek and start of work

• Acquisition of the Scheldevleugel building in Oudenaarde

• Initial investment in The Netherlands through the acquisition of holiday homes in Ouddorp (Port Zélande)

  
  
  
  
  

  2017

  • Acquisition of the Jourdan 95 project in Saint-Gilles

  • Consolidation of the position in Center Parcs Port Zélande in The Netherlands

  • Acquisition of shares in company Investers NV

  • Acquisition of the Liberty's

    building in Auderghem

  • Acquisition of The Factory project and commencement of works

    2018

• May: inauguration of The Pulse project in Molenbeek

• Acquisition of shares in Immobilière Meyers-Hennau, owner of a building in Laeken.

• Acquisition of 51.43% of the shares in Sunparks De Haan NV via a newly incorporated company (De Haan

  Vakantiehuizen), in which Home Invest Belgium holds 50% of the shares

  
  
  
  
  

  2019

  • April: completion of the project The Crow-n in Kraainem

  • November: acquisition of BE-Real Estate, owner of 4 aparthotels in Brussels.

  • November: acquisition of the Samberstraat project in Antwerp

    2020

• May: acquisition of a building in rue Léon Théodor in Jette

• June: completion of the

  "Le Mosan" housing project

  in Liège

• August: opening of "The Factory" development project in Molenbeek

• December: acquisition of the "Niefhout" development project in Turnhout

  
  
  
  
  

  2021

• June: delivery of the project

  "The Felicity" in Laeken

• October: purchase of an office building in Antwerp -Ankerrui 9

• November: purchase of a building plot in Anderlecht in the "City Dox" project and initial purchase of a residential project in Oss,

  The Netherlands (Verdistraat 81-87)

  2022

• March: completion of The Fairview project

• June: delivery of RQE residence in the European district

  of Brussels

• October: purchase of a shell building "Block D" in the new Quartier Bleu district in Hasselt

  
  
  
  
  

  2023

  • June: finalisation of the renovation of L'Angelot in Namur

  • June: completion of Niefhout residential project in Turnhout

  • June: capital increase

    - 1,791,706 new shares

    2024

• March: appointment of Preben Bruggeman as CEO

• March: completion of residential project in Antwerp

• June: HOMI celebrates 25 anniversary on the stock exchange

• June: completion of residential project in Hasselt

  
  
  

  2025

  
  
  

  • January: acquisition Jardin Leopold development project in Brussels (Laeken)

  • April: completion of the Jourdan 95 residential project in Brussels (Saint-Gilles)

  • Augustus: final agreement with Cityforward: future acquisition and conversion of eight projects in Brussels' European Quarter into around 700 sustainable rental units

  • November : completion of the City Dox residential project in Brussels (Anderlecht)

Home Invest Belgium is the market leader in the development and management of affordable rental properties in the Belgian market. We can guarantee our tenants stability, quality and professionalism with over

2.500 units in our ever-expanding portfolio.

It is more than just a place to live, and we provide our tenants with a place to build their lives in properties that shape vibrant communities. It is our explicit ambition to be the "landlord of choice" for tenants, with a solution for their housing needs throughout various stages in life and lifestyles.

We want to make it possible for our shareholders to invest in real estate in a safe, trouble-free and sus-tainably profitable manner thanks to our listing on the stock exchange.

The company exercises its activities in compliance with the legal framework applicable to Regulated real estate companies (RREC). The main features of these companies can be summarised as follows:

• barring exceptional circumstances, a maximum of 20% of the total value of the real estate portfolio may be invested in a single property complex;

• the debt ratio is limited to 65% of total assets;

• the dividend paid out must correspond at least to the positive difference between 80% of the adjusted result and the net debt reduction of the RREC during the financial year in question, which is subject to Article 7:212 BCCA and the relevant provisions under the RREC Act.

  Investments

  PRIORITY TO QUALITY AND CAPITAL

  GAIN POTENTIAL

  In the common interest of its tenants and its shareholders, Home Invest Belgium targets high-quality residential properties that are able to generate high returns (measured on the basis of net rental income) with sufficient potential to create value (reflected in the development of the fair value), particularly through the use of its team's specialised real estate knowledge. Each building is subjected to technical, legal, financial and tax due diligence tests. In addition, each building is assessed on the basis of its intrinsic properties such as location, accessibility, immediate surroundings and energy performance.

  Home Invest Belgium strives to anticipate demographic developments and social trends, both in general and specifically for the residential property market.

  Brussels and the other major Belgian cities remain the historic markets of Home Invest Belgium. The company also invested in The Netherlands.

  Development

  PRIORITY TO SUSTAINABILITY AND INNOVATION

  To promote the growth and rejuvenation of its real estate portfolio, Home Invest Belgium pays particular attention to seeking opportunities to acquire sizeable project developments for its own account. This may involve office building conversion projects or the transformation of industrial sites into residential property.

  Home Invest Belgium applies very demanding quality and sustainability criteria to its projects. The company closely follows demographic changes and trends in the residential market, such as the decline in the size of dwellings, the emergence of shared space, the demand for the provision of services in buildings and environmental concerns. The company also develops new housing concepts which add depth to the idea of 'life in the city'.

  Such development projects have the following advantages:

• better control of the product, bearing in mind its suitability for the rental market and its technical, commercial and environmental qualities;

• the possibility of finding major assets more easily, avoiding competition from unit-by-unit sales by project developers and investors;

• a higher initial return owing to the lack of margin to be paid to a third project developer.

Home Invest Belgium takes care of the development and implementation of these projects itself. Given the positive experience gained from on-going projects, the board of directors has confirmed project development activity as a major growth area for the company in the years to come.

The company aims to achieve strong annual growth in its real estate portfolio, partly as a result of its own development projects.

The project developments for own account is subject to the following limitations:

• neither the RREC nor any of its subsidiaries may operate as a real estate developer, except for occasional transactions (Article 41 of the RREC Act);

• the total costs of the development projects may not exceed 25% of the total value of the real estate portfolio (including projects). Project costs should be understood to mean the total costs (acquisition, work, fees, taxes, financial costs) for buildings for which the necessary permits have been obtained, and the acquisition price plus the study costs for projects for which no permits have yet been issued (objective of the board of directors);

• the total cost price of one development project may not exceed 12.5% of the total value of the real estate portfolio (projects included) (objective of the board of directors).

Management report

Niefhout, Turnhout

30