Half-Yearly Report 2025

1. Notes to the consolidated results for the first half of 2025 14

   1. Consolidated balance sheet 16

   2. Composition of borrowing 17

2. Data according to the EPRA reference system 20

   1. EPRA Key Performance Indicators 20

3. Transactions and achievements 21

   1. Transactions and achievements during the first half of 2025 21

   2. Transactions and achievements after the first half of 2025 22

4. Operational & corporate update 23

   1. Rental season update 23

   2. Winning tender: Wroclaw military school 23

   3. Update My Xior: integrated IT platform & app 23

   4. Successful integration of IT & Marketing and one uniform brand identity 24

5. Portfolio & pipeline 24

   1. Update pipeline 24

   2. Update divestments 25

6. Forecast for the second half of 2025 25

   1. Growth prospects for the second half of financial year 2025 25

7. The Xior share 26

   1. The share on Euronext Brussels 26

      RISKS FOR THE REMAINING MONTHS OF 2025 29

      3

   2. Shareholders 27

1. Property market 30

   1. The market in which Xior operates 30

   2. Student housing trend 34

2. Property portfolio 35

   1. Portfolio summary 35

   2. Description and diversification of the property portfolio 36

   3. Fair value of the Belgian properties 40

   4. Report by property experts Stadim, Cushman & Wakefield and CBRE at 30 June 2025 42

5 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE FIRST HALF OF 2025 45

1. Condensed consolidated income statement 46

2. Overview of total earnings 47

3. Condensed consolidated balance sheet 48

4. Consolidated statement of changes in equity 50

5. Condensed consolidated cash flow statement 54

6. Notes 55

   1. Financial reporting principles - General 55

   2. Consolidation 55

7. Segment information 56

8. Alternative Performance Measures (APMs) 60

   1. Glossary of the Alternative Performance Measures (APMs) used by Xior Student Housing 60

9. Other notes 69

   1. Real estate result 69

   2. Result on the portfolio 71

   3. Financial result 72

   4. Investment property 73

   5. Financial fixed assets and other non-current financial liabilities - Permitted hedging instruments 74

   6. Capital 75

   7. Earnings per share 76

   8. Financial debt 77

      . 79

      . 79

      . 80

      . 81

      . 81

      . 82

      . 83

      . 83

      . 85

   9. Financial assets and liabilities 78

   10. Transactions with related parties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

   11. Post balance sheet events . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

   12. Scope of consolidation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

   13. Debt ratio. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

   14. Off-balance sheet rights and obligations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

   15. Statutory Auditor's Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

   16. Statement accompanying the half-yearly financial report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

   17. Forward-looking statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1. 1. COMPOSITION OF DEBT

      As at 30 June 2025, the Company had concluded financing agreements with 22 lenders for a total of MEUR 1,769. As at 30 June 2025, the Company had drawn down a total of MEUR 1,675 in financing. Of the undrawn amount, MEUR 58.6 is being held as a backup for the drawn down CP amount.

      The Company seeks to spread the loan maturities, with the average maturity being 4.60 years as at 30 June 2025.

      Xior has taken out a number of sustainability loans and bond loans for a total amount of approx, MEUR 1,099, of which MEUR 907 had been drawn down as at 30 June 2025.

      The new Sustainable Finance Framework includes not only environmental criteria (E) in order to finance its greenest assets, but now also includes social criteria (S) based on affordability and social pricing. This makes Xior's social portfolio also eligible for sustainable financing.

      Based on the criteria stated in the Sustainable Finance Framework, the most ecological and social buildings were selected from the total property portfolio to make up the Sustainable Assets Portfolio. There is a total of approximately EUR 1.86 billion in green eligible assets and approximately MEUR 416 in social eligible assets (a total of approximately EUR 2.27 billion) that can be financed through sustainable loans as at 30 June 2025.

      into account ongoing divestments until they have been fully realised.

      PRINCE

      Antwerp - Belgium

      
      
      

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      HALF-YEARLY FINANCIAL REPORT 2025 XIOR

      INTERIM MANAGEMENT REPORT 2025 XIOR 19

      SUSTAINABLE FINANCE FRAMEWORK

      The loan-to-value ratio (LTV) as at 30 June 2025 is 49.84%. LTV ratio is calculated as follows: total financing divided by the total real estate investments.

      The interest cover ratio was 2.92 as at 30 June 2025.

      Net debt/EBITDA (adjusted)

      Net debt/EBITDA (adjusted) as at H1 2025 is 11.69. For the detailed calculations, we refer you to Chapter 5.8 (Alternative Performance Measures (APMs)). Net debt/ EBITDA is not a covenant.

      As at 30 June 2025 the average maturity of outstanding loans was 4.60 years. The Company has always concluded financing contracts with a minimum maturity of 3 years.

      For a further breakdown of debts according to maturity, see Chapter 5.9.8 of this Half-Yearly Report.

      The graph below provides an overview of the maturities of all loans after processing all extensions and new lending. This graph takes into account all extensions and new loans approved up to the date of publication.

      Sustainable

      Finance

      F

      ramework

      Green sustainable financing

      € 1,099m

      € 907 m drawn

      Total sustainable assets

      € 2.27 bn

      € 1.86 bn green eligible assets

      € 416 m social eligible assets *

      62%

      of total

      financing

      * excluding social assets that were already included as green assets - the total social eligible assets are €770m

      
      
      

      200 000 000

      Overview of loan maturities

      150 000 000

      Xior will report annually in its sustainability

      reporting on the al able loans until they sustainable assets. the following infor sustainable loans, t ed to green investm tion, portfolio geog versus refinancing gible assets.

      We also refer yo Sustainable build communities - S a Sustainable Fina 2024 Annual Finan

      location of the sustain-are fully used to finance The report will contain mation: total amount of otal amount not allocat-ents, portfolio composi-raphical split, financing and an overview of eli-

      In addition, Xior is substantially protected against rising interest rates by the long-term hedging of its existing debt position, with 92% of its drawn down loans (MEUR 1,732) being hedged for a 5.2-year term, with either Interest Rate Swap agreements (MEUR 1,162) or fixed interest rates (MEUR 430) as at 30 June 2025. This type of hedging is not carried out at the level of individual financing arrangements, but rather for a longer term than the underlying loans. This means that

      ing agreements relate to compliance with an LTV ratio ( loan-to-value, i.e. the outstanding amount of credit in relation to the value of the property portfolio calculated according to the Royal Decree on Regulated Real Estate Companies), which must always be less than 60%, an interest coverage ratio that must be greater than 2.5, and hedging of at least 70% of the financing debt.

      As at 30 June 2025, the debt ratio was

      100 000 000

      50 000 000

      0

      2025

      Q3

      2026

      Q1

      2026

      Q2

      2026

      Q3

      2026

      Q4

      2027

      Q1

      2027

      Q2

      2027

      Q3

      2027

      Q4

      2028

      Q1

      2028

      Q2

      2028

      Q3

      2028

      Q4

      2029

      Q1

      2029

      Q2

      2029

      Q3

      2029

      Q4

      2030

      Q1

      2030

      Q2

      2030

      Q3

      2030

      Q4

      2031

      Q1

      2031

      Q3

      2032

      Q1

      2032

      Q2

      2032

      Q3

      2033

      Q4

      2036

      Q1

      2051

      Q4

      2053

      Q3

      u to Chapter 9.3.2.5 ings in sustainable ustainable assets and nce Framework in the cial Report.

      there is no additional interest risk on the maturity date of individual financing facilities.

      The average financing cost

      during H1 2025 is 3.03% (H1 2024: 3.14%).
      
      

      The main covenants that the Company must adhere to in relation to these financ-

      49.63%. The debt ratio is calculated as follows: liabilities (excluding provisions, accruals and deferrals, interest rate hedging instruments and deferred taxes) divided by total assets (excluding interest rate hedging instruments).

      ABN Amro Argenta Bank of China Banque de Lux Belfius Bank BNP Paribas Fortis Caisse d'Epargne CDP/Natixis CPH Danske Bank DZ Hyp Ethias

      ING Bank
      KBC Bank
      Nagelmackers
      Novo Banco
      Nykrediet
      Pensio B
      Pricoa
      Rabobank
      Sparkasse Leipzig
      USPP
      vdk bank
      
      

      The above graph does not include loans with quarterly repayments and CP notes, as that would make the graph unreadable.

      OVERWALE

      Ghent - Belgium

      
      
      

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2. DATA ACCORDING TO THE EPRA REFERENCE SYSTEM7

   1. EPRA KEY PERFORMANCE INDICATORS

3. TRANSACTIONS AND ACHIEVEMENTS

   1. TRANSACTIONS AND ACHIEVEMENTS DURING THE FIRST HALF OF 2025

      These details are not required by the regulations on Regulated Real Estate Companies. For the detailed calculations, we refer you to Chapter

      5.8 (Alternative Performance Measures (APMs)).

      30/06/2025

      EPRA metrics Definition in KEUR EUR per share

      EPRA earnings	Underlying result from strategic operational activities.	46,626 1.02
      EPRA NAW	Net asset value (NAV) adjusted to take into account the fair value of the investment properties and excluding certain elements that do not form part of a financial model of long term property investments.	1,815,983 38.89
      EPRA NNNAW	EPRA net asset value (NAV) adjusted to take into account (i) the fair value of the financial instruments, (ii) the fair value of debts and (iii) deferred taxes.	1,747,233 37.42
      EPRA Net Reinstatement Value (NRV)	Assumes that entities never sell property and aims to show the value needed to rebuild the property.	2,014,932 43.15
      EPRA Net Tangible Asset (NTA)	Assumes that entities buy and sell assets, causing certain levels of unavoidable deferred tax to crystallise.	1,809,117 38.74
      EPRA Net Disposal Value (NDV)	Represents the shareholder value in a "sell-off scenario", in which deferred tax, financial instruments and certain other adjustments are calculated to their fullest extent, after deduction of the resulting tax.	1,814,002 38.85

      7 Financial performance indicator

      calculated in accordance with the EPRA (European Public Real Estate Association) Best Practice Recommendations. See also https://www.epra.com.

      ABB of approx. MEUR 80

      On 21 January 2025, Xior successfully completed a capital increase through an accelerated private placement ("ABB"). This resulted in 2,877,698 new shares being issued at an issue price of EUR 27.80 per share. Given the issue price and the number of new shares, the capital increase therefore resulted in gross proceeds of EUR 80,000,004. The new shares have been listed on the stock exchange since 21 January 2025.

      Expansion in Poland with 2 new student residences

      On 16 January 2025, Xior announced its intention to strengthen its position through the planned acquisition of two first-class and fully operational student residences in Wroclaw and Warsaw. This will allow Xior to increase its inventory by around 900 units in one step, resulting in a total of around 3,600 beds in Poland. These are residences in Wroclaw (775 units) and Warsaw (117 units), representing an investment value of MEUR 55 and MEUR 12 respectively.

      Extraordinary General Meeting of 4 April 2025

      An Extraordinary General Meeting of Xior Student Housing NV was held on 4 April. At this, the renewal of the authorisation

      of authorised capital was approved by the Company's shareholders. The notarial deed and the updated articles of association are available on the website.

      Second and last Basecamp acquisition earn-out

      On 9 April 2025, Xior announced that the second and last tranche of the earn-out compensation, amounting to approximately MEUR 16, that forms part of the Basecamp acquisition would be paid on 14 April 2025. As part of this, coupon no. 27 was detached on 10 April 2025 (ex-date). As part of the earn-out, a capital increase was carried out of 595,418 shares at approximately EUR 26.896 per share. The new shares have been listed on the stock exchange since 16 April 2025.

      Publication of Annual Financial Report (including Sustainability Report) for 2024

      On 15 April 2025, Xior published its Annual Financial Report and the notice convening the General Meeting.

      Successful closing of two residences in Wroclaw and Warsaw

      Xior announces the successful completion of the acquisition of two first-class student

      residences in Poland, located in Wroclaw and Warsaw. The purchase of the residence in Warsaw was completed on 24 March 2025, while the acquisition of the residence in Wrocław was successfully completed on 16 April 2025, well within the expected timeframe.

      Annual General Meeting

      The Annual General Meeting of Xior Student Housing NV took place on 15 May 2025, including approval of the annual accounts for 2024. The Annual General Meeting also approved the distribution of a dividend of EUR 1.768 gross or EUR 1.2376 net8 per aandeel (verdeeld over coupons nr. 25 en nr. 26).

      Optional dividend

      On 15 May 2025, Xior announced the terms and conditions for an optional dividend. On 5 June it was announced that approximately 46.6% of Xior shareholders entitled to dividend payments opted to make a contribution of their net dividend entitlement in exchange for new shares rather than taking a cash dividend payment. This result led to a Xior capital increase (including issue premium) of approximately MEUR 23.7, with the creation of 877,695 new shares.

      8 Taking account of a withholding tax of 30%.

      BASECAMP BY XIOR

      Wroclaw - Poland

      BASECAMP BY XIOR

      Warsaw - Poland

      
      
      

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   2. TRANSACTIONS AND ACHIEVEMENTS AFTER THE FIRST HALF OF 2025

      New loan

      After the balance sheet date, a new credit facility of 100 MEUR was granted by Rabobank, a new financing partner for the group. The addition of Rabobank as a new lender confirms the continued confidence in Xior's business model and strategy.

      The financing consists of two tranches:

      • 50 MEUR with a maturity date in Q1 2030 (2.5 years +1 +1)

      • 50 MEUR with a maturity date in Q1 2031 (3.5 years +1 +1)

4. OPERATIONAL & CORPORATE UPDATE

   1. RENTAL SEASON UPDATE

      Demand for high-quality student housing remains high throughout Europe. This year, the rental season is once again proceeding especially smoothly. The persistent scarcity of high-quality student rooms and the growing student population both play an important role in this. In addition, a reduced level of development activity is further exacerbating this deficit. Due to this combination of limited supply and strong demand, rents can easily be increased in line with inflation without adversely affecting demand. In addition, short-term leases make it possible to absorb increases in inflation more quickly.

      In Xior's traditional core markets, rental activity is fully in line with the strong levels of previous years. Thanks to an early start of the rental season, high retention and continued demand, many cities are almost fully let. In all markets, rental momentum continues towards peak occupancy at the start of the academic year.

      In the new markets (Germany, Poland and the Nordics), rentals are also running smoothly, with booking rates in line with or even higher than last year. Based on these current booking rates, full occupancy is also in sight in these markets at the start of the academic year.

      In Poland, where the rental season traditionally peaks a little later, booking rates are

      higher than last year and continue to rise day by day. Rental of the newest residence, Wenedów in Warsaw - which will be completed in September - has got off to a good start and is in a strong growth phase. As the academic year in Poland does not start until the end of September/beginning of October, the real rental peak is not expected until the coming weeks, which will further boost occupancy rates in the coming weeks.

      These strong rental levels confirm that rent increases to offset inflation do not have any negative impact on the demand for student rooms. Xior continues to focus on a healthy product range with a variety of price categories in order to guarantee affordability for students, while optimising rental income.

   2. WINNING TENDER: WROCLAW MILITARY SCHOOL

      Xior is proud to announce that it has once again won the public tender for the Wroclaw Military School. Our collaboration with the school has been confirmed for a 2-year contract starting on 30 September 2025 and ending on 30 September 2027. The school will be taking up 416 beds, or 240 units, in the Xior residence in Wroclaw. The residence has a total of 775 units. Thanks to this collaboration, the school can offer safe and comfortable student accommodation to a large number of its students. Winning this tender will generate a total return of MEUR

      4.4 for Xior over the duration of the contract.

   3. UPDATE MY XIOR: INTEGRATED IT PLATFORM & APP

      Since 2021, Xior has been working on rolling out a fully digital customer journey via a new IT platform with an associated app, My Xior. This new digital platform centralises all front-end and back-end data and combines operational and financial processes such as check-in and check-out, payments, invoices and maintenance. The result is a scalable plug-and-play platform that is ready for future deployment in new residences and acquisitions.

      The implementation is running smoothly and is on track according to the timeline. Currently, the platform is live in 50% of Dutch residences, with the target of having the entire Dutch portfolio live by the end of 2025. The next countries on the agenda for further rollout are Spain and Portugal. In order to provide a smooth transition, the operational teams will be trained internally on the new platform and the app.

      Click below to watch a short animation video on the benefits of the platform

      Discover 'My Xior'

   4. SUCCESSFUL INTEGRATION OF IT & MARKETING AND ONE UNIFORM BRAND IDENTITY

      With the acquisition of Basecamp, it was not only Xior's property portfolio that grew,

      but also its workforce. Important departments such as Marketing and IT had to be integrated into Xior's structure at that time. This integration has now been successfully completed.

      An international Marketing team has been built up, spread across different Xior countries, collaborating flexibly, resulting in strong links with the local operational teams. In addition, the team was expanded to include other skills, allowing more tasks - such as graphic work - to be insourced. As well as greater cost efficiency, this aligns more closely with Xior's needs.

      The IT team is now also managing the full deployment of both Xior's processes and those of the former Basecamp. This meant that contracts with external IT support partners could be terminated. Because all IT processes are now managed in-house, the result is a smoother and more reliable operation overall and a faster response time to both internal and external requests.

      Finally, the Xior brand identity was rebrand-ed to further strengthen Xior's identity, while retaining some recognisable Basecamp elements to integrate both brands into a single visual style.

   5. ESG UPDATE

      In H1 2025, Xior took further steps in its climate strategy and ESG investments. Based on the energy audits carried out in 2024, a priority list was drawn up of buildings with the highest CO₂ impact and the most room

      for improvement in terms of EPC labels. The first investments within the ESG CAPEX plan have already been initiated and include the replacement of outdated heating systems with more energy-efficient alternatives, combined with the installation of solar panels on existing residences.

      In addition, a complete recalculation of Xior's CO₂ emissions was carried out, including an analysis of the embedded carbon in the new developments. 2024 was set as the new reference year, as the portfolio has changed fundamentally compared to the previous base year 2020 due to various acquisitions and expansions. As a result, the original calculations were no longer representative. New long-term commitments within the framework of Xior's Net Zero Plan are currently being finalised and will be submitted to the SBTi (Science Based Targets initiative) for validation later this year.

      New developments will also focus on higher energy performance and circular principles. The acquisition of the former sustainable Basecamp residences will be used to harmonise construction and operational energy standards with Xior's climate ambitions.

      With these actions, Xior confirms its commitment to achieving a low-carbon portfolio by 2050, in line with European climate targets.

      BASECAMP BY XIOR

      Wroclaw - Poland

      PROJECT TRANSENSTER

      Liège - Belgium

      
      
      

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      HALF-YEARLY FINANCIAL REPORT 2025 XIOR

      INTERIM MANAGEMENT REPORT 2025 XIOR 25

5. PORTFOLIO & PIPELINE

   income per year after completion (6% yield-on-cost), representing a significant increase

   Boavista. On Thursday 26 June 2025, the topping out of the building was celebrated,

6. FORECAST FOR THE SECOND HALF OF 2025

   1. UPDATE PIPELINE

      The active pipeline represents a total investment volume of approximately 214 MEUR, most of which has already been invested. The remaining investment amount is only 24 MEUR and will be fully financed from the com-pany's own self-financing capacity - without the need for additional debt or capital, and while maintaining a debt ratio below 50%.

      The active pipeline represents more than 1,500 additional units, which will be delivered in part in 2025 and 2026 and is proceeding entirely according to plan. In June, two important milestones took place: the groundbreak-ing ceremony of Project Trasenster in Seraing (Liège) and the topping-out ceremony of Project Boavista in Porto. Both projects are on schedule for completion by the start of the 2026 academic year. The construction of Brinktoren in Amsterdam is also advancing as planned, with completion expected in 2026. Project Wenedów in Warsaw is in its final stages and is set to be delivered already next month.

      Upon full completion, the portfolio will increase to 23,000 units, an increase of 11% compared to 20,700 units at the end of 2024. In addition, these projects will generate approximately 13 MEUR in additional rental

      in top-line revenue, without external financing.

      Laying the foundation stone for Trasenster - Liège, Belgium

      On 19 June 2025, the foundation stone was laid for Project Trasenster in Seraing, near Liège. This large-scale project includes not just the construction of approximately 302 student rooms (for both students and young professionals), but also the renovation of the Trasenster Castle. Its completion is planned for the start of the 2026 academic year. Laying this foundation stone marks the start of an exceptional project in the region.

      With Project Trasenster, Xior intends to further reinforce its presence and position in Wallonia, in addition to Flanders and Brussels. It is also a nice addition to the residences that Xior already has in its portfolio in Namur and Liège. In addition, there is particularly high demand for student housing in the Belgian student market, which generally results in rapid and full occupancy. The new residence in Seraing will be no exception.

      Topping out celebration at project Boavista - Porto, Portugal

      An important milestone was also celebrated in Porto in the construction of Project

      officially completing the highest point of the construction. With this milestone, the structural phase of the works has been completed and it is now possible to move on to further finishing. This brings Xior one step closer to the completion of this project, which will accommodate around 530 students. The completion of the project is planned for the start of the 2026 academic year.

   2. UPDATE DIVESTMENTS

   Xior continues to adopt an opportunistic approach to divestments, with the purpose of further improving the quality of the portfolio and creating shareholder value through targeted asset rotation to newer and more profitable buildings.

   In the first quarter of 2025, the sale of two smaller buildings was completed (with 43 units in total) for an amount of MEUR 5.5. Further divestment initiatives were also launched in the second quarter, focusing on some non-strategic residences and development projects. These transactions have already realised a sales value of MEUR 19 for three smaller residences in Ghent, Antwerp and Leuven, and the Place Neujean development project.

   1. GROWTH PROSPECTS FOR THE SECOND HALF OF FINANCIAL YEAR 2025

      It remains Xior's priority to keep the LTV below 50%. The property portfolio is also growing thanks to the further realisation of the active project development pipeline and new acquisitions. The structural imbalance between supply and demand is expected to

      lead to further rent increases (like-for-like growth).

      Thanks to the increase in results due to the 2 recent acquisitions, the completion of approx. 400 new student rooms in 2025 and the expected like-for-like rental growth of min. 5%, which confirms its pricing power for student housing, Xior can confirm its earnings forecast of at least EUR 2.21 per

      share & a gross dividend forecast of EUR 1.768 per share for the 2025 financial year. This takes into account the impact of the committed sales to date and the new shares on EPS.

      Xior expects an occupancy rate similar to the current rate for 2025.

      PROJECT BOAVISTA

      Porto - Portugal

      
      
      

      26

      
      
      

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      INTERIM MANAGEMENT REPORT 2025 XIOR 27

      DATA PER SHARE		30/06/25	31/12/24	31/12/23	31/12/22
      Number of shares issued1		46,695,094	42,344,283	38,227,797	34,752,543
      Weighted average number of shares2		45,856,803	41,118,335	37,142,375	30,005,985
      Market capitalisation (in EUR)		1,435,874,140.50	1,255,507,991	1,135,365,571	1,004,348,493
      Free float3		82.78%	81.02%	86.68%	72.15%
      Share price (closing price) for relevant period (in EUR)
      Highest		31.75	35.50	32.95	52.40
      Lowest		25.30	24.45	25.20	26.25
      Average		28.86	29.72	28.90	41.40
      At year-end		30.75	29.65	29.70	28.90
      Volume (in number of shares)
      Number of shares traded		8,370,308	11,163,729	11,435,588	11,426,394
      Average daily volume		66,962	43,608	44,670	44,461
      Velocity		18.25%	27.15%	30.79%	38.08%
      NAV (IFRS) (in EUR)		37.42	38.60	39.70	42.77
      EPRA NAV	(in EUR)4	38.89	40.04	40.65	43.01
      Dividend payment ratio		80.00%	80.00%	80.00%	80.00%
      EPRA earnings	/per share (in EUR)5	1.02	2.22	2.22	2.08
      EPRA earnings	/per share (in EUR) - group share5	1.01	2.21	2.21	2.07

7. THE XIOR SHARE

   1. THE SHARE ON EURONEXT BRUSSELS

      The Xior share (ISIN code BE0974288202) has been listed on the regulated Euronext Brussels market since 11 December 2015. Xior is included in the Bel Mid index and in the EPRA Index, making Xior the first fully dedicated student housing REIT in continental Europe to be included in this index. Xior

      has also been included in the Morgan Stanley Capital International (MSCI) Global Small Cap Index since November 2021.

      The closing price for the first half of 2025 was EUR 30.75, which represented an 18% discount compared to the net asset value

      per share as at 30 June 2025 (see also Royal Decree on Regulated Real Estate Companies), which was EUR 37.42 per share. Xior's market capitalisation on Euronext Brussels rose to approx. MEUR 1,436 in the first half of 2025.

      
      
      
      
      
      

      1 The data is displayed as it is made available on the website of Euronext Brussels, without any adjustments for corporate events such as capital increases and coupon detachments.

      2 In relation to the relative dividend entitlement.

      3 Approximate estimate taking account of the known percentages of shareholders who issued a transparency notice (based on the current total number of shares (denominator))

      4 Based on total amount of outstanding shares. - For APM definitions, use and reconciliation tables, please refer to Chapter 5.8 of the Half year Report. All APMs are marked with

      .
      
      

      5 Based on the total number of outstanding shares.

      Market: Symbol: ISIN code: Trading:

      Index:

      Euronext Brussels XIOR BE0974288202

      Continuous

      BEL Mid, EPRA Index & MSCI Global Small Cap Index

      Liquidity provider: Van Lanschot Kempen Wealth Management NV

      
      
      

      Share price evolution of Xior (in EUR)

      70,0

      67,5

      65,0

      62,5

      60,0

      57,5

      55,0

      52,5

      50,0

      47,5

      45,0

      42,5

      40,0

      37,5

      35,0

      32,5

      30,0

      27,5

      25,0

      22,5

      20,0

      12/'15 03/'16 06/'16 09/'16 12/'16 03/'17 06/'17 09/'17 12/'17 03/'18 06/'18 09/'18 12/'18 03/'19 06/'19 09/'19 12/'19 03/'20 06/'20 09/'20 12/'20 03/'21 06/'21 09/'21 12/'21 03/'22 06/'22 09/'22 12/'22 03/'23 06/'23 09/'23 12/'23 03/'24 06/'24 09/'24 12/"24 03/'25 06/'25

      Share price (in EUR per share) Net Asset Value EPRA NAV Net Asset Value IFRS NAV

      
      
      

   2. SHAREHOLDERS

1. PROPERTY MARKET

   1. THE MARKET IN WHICH XIOR OPERATES

      Xior Student Housing is active in the student housing market in continental Europe, a sector that is structurally characterised by a shortage of high-quality, affordable and professionally managed student housing. The growing international student population, combined with demographic trends, the expansion of English-language courses and the increasing length of study programmes are structurally driving up demand. The market is rapidly becoming more professional and continuing to grow, offering numerous opportunities for private investors and developers.

      ZERNIKE TOWER

      Groningen - The Netherlands

      "WITH ITS RESIDENCES, XIOR OFFERS A SOLUTION TO THE SHORTAGE OF HIGH-QUALITY, SUSTAINABLE YET AFFORDABLE HOUSING THAT IS IN HARMONY WITH LOCAL COMMUNITIES AND IDEALLY ALSO ADDS VALUE TO THE LOCAL ENVIRONMENT."

      
      
      

      32

      HALF-YEARLY FINANCIAL REPORT 2025 XIOR

      PROPERTY REPORT 2025 XIOR 33

      Belgium

      Belgium has more than 525,000 students and can expect a shortage in student housing over the next few years. This is a result of the increasing shortfall between supply and demand, fuelled by the steady increase in international students (16.8%).

      The PBSA (purpose-built student accommodation) market remains underdeveloped, with a total provision rate of 8.2% and a private share of 8.1%. Especially in cities such as Brussels and Ghent, supply is inadequate. The occupancy rate is around 98%, resulting in waiting lists and rising rents (e.g. average EUR 800 in Brussels). The market is largely dominated by private players such as Xior and Upkot.

      Due to the clear interest of international students in high-quality student housing, the Belgian PBSA market is starting to grow sharply. The increase in both the total number of students and of international students indicates the potential for higher investment capacity.

      The Netherlands

      With nearly 800,000 students (of whom 16% are international), the Netherlands is one of the most competitive markets, with

      a structural shortage of PBSA beds. The total provision rate is 20.2%, of which only 10.2% is private. Traditionally dominated by housing corporations such as DUWO, SSH, etc., the majority of the PBSA stock in the Netherlands is non-private. However, over the past 10 years, both international and local brands such as Xior Student Housing, The Social Hub and Student Experience have begun to infiltrate and expand the Dutch student housing market.

      In cities such as Amsterdam, Utrecht and Rotterdam, the pressure is high, resulting in waiting lists of up to three years. The major shortages sometimes force students to stay in alternative forms of housing. The government has launched a National Action Plan for Student Housing, which aims to provide 60,000 extra beds by 2030.

      Spain

      Spain is one of the most dynamic growth markets with a student population of 1.9 million, of whom more than 200,000 are international. The opportunity of following a high-quality education while experiencing a vibrant cultural lifestyle is clearly appealing.

      The PBSA market is expanding strongly, with a total provision rate of 8.3% and a private share of 10.2%. The occupancy rate is 99%

      and rents increased by 8.4% in 2024. The average rent for a studio is over EUR 1,200 in Madrid and Barcelona, where scarcity is greatest.

      Private parties manage 89% of the new projects, with Xior being one of the top five operators. Investment activity has increased sharply, including international funds acquiring large portfolios.

      Portugal

      With one of the lowest provision rates (6.1%), yet one of the highest annual growth rates among international students, Portugal represents one of the least saturated PBSA markets in Europe with an occupancy rate of 98% among 448,000 students and 17.3% international students.

      In recent years, private operators and international investors have helped transform the growing PBSA market in Portugal by adding modern student residences with well equipped rooms. In 2024, Xior expanded its Portuguese portfolio with the acquisition of Campo Pequeno in Lisbon. The government is investing to provide 20,000 extra beds using EU funds by 2026.

      Poland

      Poland is growing rapidly as an international education destination with 1.2 million students, but has a provision rate of only 9.8%, with a very low private share of 2.3%, making the market one of the least accessible for incoming students. Only 1 in 40 incoming students have access to private PBSAs.

      Now that developers and investors are attempting to build up a large portfolio in several cities across Europe, Poland can benefit from its size and its numerous academic cities, comparable to Spain, France, Germany and Italy. Basecamp by Xior and Student Depot are pioneers in this new market, where rents increased by an average of 6.75% annually between 2022 and 2024.

      Germany

      With almost 3 million students, 16.4% of whom are international, Germany is one of the largest student markets in Europe. The total provision rate is 12.7%, with 7.8% in the private sector. The market is still dominated by public players, but private providers have now grown to 55% of the pipeline.

      Germany is considered to be one of the more mature PBSA markets in Europe, driven primarily by the growth of internation-

      al students, favourable government policies for PBSAs that support the quality and affordability of student housing, and families having increasing disposable income.

      Denmark

      Denmark has the highest provision rate in Europe at 32.1%, but that means only one in three students has access to PBSA. In Copenhagen and Aarhus, the proportion is high, but the occupancy rate is almost 99%. The market remains highly regulated, with growing interest from international investors.

      Recently, restrictions on English-language courses were lifted, regenerating the flow of international students. Strong demand among the younger population, as well as the expected increase in the number of English-language programmes, is likely to widen the gap between supply and demand over the coming years, so creating new opportunities for potential investors.

      Sweden

      Sweden has a strong public student housing system, where local and non-private institutions have historically played a central role. Nevertheless, the current supply of around 100,000 PBSA beds for a student population

      of more than 400,000 does not appear to be sufficient to meet the increasing demand. This leads to waiting lists that can range from months to years.

      The gap between supply and demand is further amplified by social and cultural factors. For example, Swedish young people leave their parents' homes on average at the age of 21.4 years (five years earlier than the European average), which increases the need for independent student housing.

      f Swedish students with ducts.

      ancial Report 2024 Xior,

      Although the market has so far largely been dominated by domestic investors, international interest is starting to grow. The combination of sharply rising property prices, a regulated rental market and a growing shortage of affordable housing is increasingly making renting the norm. These developments create a fertile ground for professional private players such as Xior, who can offer a perfect response to the changing housing needs o

      their high-quality pro

      Source: Annual Fin BONARD, 2025

      ATALAYA

      Malaga- Spain

      
      
      
      
      
      

      ‌34 HALF-YEARLY FINANCIAL REPORT 2025 XIOR PROPERTY REPORT 2025 XIOR 35

      ARC

      Liège - Belgium

   2. STUDENT HOUSING EVOLUTION

      The student housing market is changing fast. New housing models such as co-living, compact living and hybrid living are increasingly becoming the response to students' changing lifestyles. These concepts create flexible living environments where living, studying, working and relaxing combine seamlessly. In this way, long and short stay can merge smoothly together, making student housing increasingly multifunctional.

      Xior focuses on the changing student population. International and Erasmus students have different expectations than local students: they often seek independent, ready-to-move-in and furnished units, with a flexible length of stay and minimal administrative hassle. Young professionals also stay in student residences for longer after their studies, for example during their first few years at work or during a doctorate. In order to respond to these trends, Xior deliberately allocates a defined part of its rooms to short-stay rentals and equips them with the necessary facilities.

      The Roxi (Brussels) and ARC (Liège) residences are examples of this updated product. These co-living concepts are specifically aimed at master's students and young professionals and, in addition to spacious rooms, also offer shared luxury facilities such as wellness areas, cinemas, skybars and libraries. Through this kind of initiative, Xior is broadening its clientele and responding flexibly to the demands of the market.

      In addition, the entire sector is focusing on professionalisation and scaling-up. Educational institutions are actively seeking out partners to create high-quality, affordable and professionally managed student rooms. This has resulted in an increasing number of public-private partnerships, with major players such as Xior playing a key role in the housing policy of universities and cities.

      Over the next few years, the demand for student housing will continue to increase in the eight countries in which Xior operates. This growth is fuelled, among other things, by the internationalisation of higher education, the further expansion of English-language courses and the attractive quality of life in Western and Southern Europe. Students are increasingly choosing their university based on the overall picture: quality of education, costs, employment prospects and availability of reliable housing. Professionally managed student residences such as Xior are often a decisive factor in this context.

      HOUSING STUDENTS MEANS HOUSING THE FUTURE, HOUSING THE GENERATIONS FACING THE CONSEQUENCES OF SOCIETY'S CHOICES AND ACTIONS TODAY. THAT'S WHY WE FIND IT ESSENTIAL TO ALIGN WITH THE VALUES SET BY THESE STUDENTS THEMSELVES, BY DOING BUSINESS IN A SUSTAINABLE

      WAY WHILST ALSO EDUCATING THEM TO DO RIGHT FOR THEIR LIVING ENVIRONMENT AND THE PLANET, SO THAT WE CAN MAKE AN IMPACT TOGETHER. THIS WAY, WE CAN BUILD TOWARDS A BRIGHT FUTURE FOR OUR STUDENTS AND OUR

      PLANET.

2. PROPERTY PORTFOLIO

   ovided below.

   Other Fair Value

   119 582,741,556

   14 301,052,268

   A summary and description of the Company's property portfolio, including its composition and diversification, is pr

   1. PORTFOLIO SUMMARY

      	Rental income as at 30 June 2025	Units rooms	Units beds	Units
      Belgium	15,307,117	4,459	4,459
      Germany & Poland	9,541,587	4,038	4,227
      Iberia	16,126,600	4,177	4,540	2	569,371,000
      The Netherlands	29,969,085	6,528	6,528	91	1,123,779,335
      Nordics	13,829,428	2,369	2,369	1	469,224,810
      Under construction - Belgium	0	0	0	0	15,094,900
      Under construction - Germany & Poland	0	0	0	0	37,600,000
      Under construction - Iberia	0	0	0	0	44,300,000
      Under construction - The Netherlands	0	0	0		93,844,569
      To be developed - Belgium	0	0	0	0	10,185,390
      To be developed - Iberia	0	0	0	0	21,845,000
      To be developed - The Netherlands	0	0	0	0	39,309,872
      To be reconverted - Belgium	0	0	0	0	22,169,805
      To be reconverted - The Netherlands	2,002,170	0	0	1	142,950,812
      Total 86,775,988		21,571	22,123	228	3,473,469,316

      (1) The stated number of units and beds refers to the current number of lettable units and beds excluding the pipeline. The stated number of other units refers to the number of parking spaces and commercial units currently available.

      (2) The total Fair Value estimated by the valuation expert was KEUR 3,473,469 as at 30 June 2025. The consolidated balance sheet includes investment properties for an amount of KEUR 3,473,456. The difference is due to a) the properties involved in joint ventures, the 100% value of the properties is included in the table above, but is not included in the accounts under investment property (KEUR 81,900); b) a number of properties that are under construction or renovation - in determining the amount recorded in the consolidated balance sheet, expected future construction costs and any development margin were taken into account (cost to come and any development margin were deducted from the Fair Value) (KEUR 12,772); c) certain structural works that will be carried out on a number of properties in the portfolio (lift renewal, installation upgrades, energy investments, etc.), and for these as well, the expected costs were taken into account in determining the amount recorded in the consolidated balance sheet (KEUR 2,396); and d) for a number of projects, costs have already been incurred and capitalised, while the projects are still in a preliminary phase and no accurate estimate of the future project value can yet be made. We believe that the value at least corresponds to the costs incurred (KEUR 97,054).

      36

      ‌HALF-YEARLY FINANCIAL REPORT 2025 XIOR

      PROPERTY REPORT 2025 XIOR 37

   2. DESCRIPTION AND DIVERSIFICATION OF THE PROPERTY PORTFOLIO

      1. General description of the property portfolio

         1. Property portfolio type

            The following graph shows the diversification of rental income for each type of prop-

         2. Geographical diversification of the property portfolio

            The following graphics show the diversification of the property portfolio by country based on its Fair Value.

            As at 30 June 2025, the Company's property portfolio consisted of 120 properties. Of these, 47 properties were located in Belgium, 42 in the Netherlands, 11 in Spain, 6 in Portugal, 7 in Poland, 4 in Denmark, 1 in Sweden and 2 in Germany. These properties offer a total of 21,571 lettable student rooms (and 22,123 lettable beds). The property portfolio also includes two properties used for only short stay activities: Roxi Zaventem with 99 units and the substructure of

            the Zernike tower in Groningen with 231 units. As at 30 June 2025, the property portfolio, excluding buildings that are under construction and are being converted, had a total occupancy rate of 98%.

            The property portfolio's total Fair Value as at 30 June 2025 was KEUR 3,473,4569. This is a strategically diversified property portfolio, including within its student property (the core activity of the Company as a so-called

            pure player in student housing) a mix both in terms of geographical diversification as well as of student property types (see different types of student rooms). The large number of different tenants, on the one hand, and of various room types, on the other, so as to attract a wide range of different types of student or tenants, also ensures a good diversification in terms of tenant types.

            erty based on the rental income achieved as at 30 June 2025 for the respective properties in the property portfolio.

            Rent spread by property type

            Country	Number of properties	Total Fair Value in MEUR	% of the property portfolio	Total Rent in MEUR	% of Total Rent
            The Netherlands	42	1,400	40	60.9	33
            Belgium	47	630	18	29.4	16
            Spain & Portugal	17	636	18	45.8	25
            Denmark, Germany, Poland and Sweden	14	808	23	49.7	27

            Overview of property diversification, Total Fair Value and Total Rent

      2. Breakdown into sub-portfolios

         The following summary lists the property portfolio by sub-portfolio. Each sub-portfolio

         shows the fair value, rental income, acquisition value and insured value.

         Region	Fair Value as at 30.06.2025	Total rent (i)	Insured value 2025	Acquisition value excl. costs Q2 2025
         Belgium	630,191,650	29,442,748	375,137,490	562,849,932
         Germany & Poland	338,652,268	24,179,927	307,583,422	276,535,361
         Iberia	635,516,000	45,796,527	279,980,985	467,084,962
         The Netherlands	1,399,884,588	60,948,528	701,865,525	1,202,175,275
         Nordics	469,224,810	25,568,413	462,426,628	569,211,598
         Total	3,473,469,316	185,936,142	2,126,994,050	3,077,857,129

         Rental Income is the annual rent based on the tenancy schedule as at 31 December 202410.

         
         
         

         Student 91.39%

         Other 8.61%

         Fair value - spread by country

         Total Rent - spread by country

         (i) The Spanish and Portuguese properties have an all-in price. For inclusion in this table, the rents were included with the allowances for costs such as F&B, linen, cleaning, electricity, gas, water, and internet, whereas the rents in the income statement are included excluding these allowances.

         The strong focus on student property, which accounts for 91% of rental income can be seen from the above summary. Apart from retail spaces, the "Other" segment (9%) also includes rent from other activities, including Roxi Brussels and the Skovbrynet 4 building located in Kongens Lyngby, which is rented out to residential tenants.

         
         
         

         Belgium 18%

         Denmark 11%

         Belgium 16%

         
         
         

         Denmark 12%

         Xior Student Housing's property portfolio is insured for a total rebuild value of MEUR 2,127, which does not include the land on which the properties were built, compared to a Fair Value of MEUR 3,473 (including the land) as of 30 June 2025. This is 61% of the Fair Value. KEUR 680 was paid in insurance premiums during the first 6 months.

         The insured value does not take into account insurance for "all construction site risks" for projects under development. As soon as the project has been finalised and is ready for rental, fire insurance is taken out for the property's total reconstruction value.

         The insurance policies also include additional cover for lost rent if the properties are no longer usable. The lost rent will be paid out until the building has been reconstructed. Xior Student Housing also has civil liability (third party) insurance.

         WITH YEARS OF EXPERIENCE IN STUDENT HOUSING, XIOR HAS BECOME AN EXPERT IN STUDENT HOUSING AND HAS BUILT STRONG PARTNERSHIPS WITH DEVELOPERS, EDUCATIONAL INSTITUTIONS, LOCAL COMMUNITIES AND NEIGHBOURHOODS.

         Germany 2%

         The Netherlands 40%

         Poland 7%

         Portugal 7%

         Spain 12%

         Sweden 2%

         The RREC's diversified property portfolio comprises 120 properties across 42 cities in eight European countries. The locations of the various properties in Belgium, the Netherlands, Spain, Portugal, Poland, Denmark, Sweden and Germany and what they represent in the property portfolio in terms of Fair Value and Total Rent are

         Germany 3%

         The Netherlands 33%

         Poland 10%

         Portugal 7%

         Spain 17%

         Sweden 2%

         9 This is the Fair Value as included in the balance sheet as of 30 June 2025. We refer you to Chapter 4.2.1 for the reconciliation between the value included in the balance sheet and the valuation by the Valuation Expert.

         10 For properties acquired in the course of 2025 the contractual rental income as at 30 June 2025 was included.

         shown below:

         38

         HALF-YEARLY FINANCIAL REPORT 2025 XIOR

         PROPERTY REPORT 2025 XIOR 39

         Fair Value and total rent - spread by city

         City Fair Value Rent

         Sweden

         Aarhus Amsterdam Antwerp & Mechelen

         Barcelona

         Breda Brussels

         Delft The Hague Eindhoven Enschede

         Ghent Granada Groningen Hasselt Katowice Kongens Lyngby Copenhagen

         Krakow Leeuwarden

         Leiden Leipzig Leuven Lisbon

         3%

         10%

         4%

         2%

         2%

         5%

         2%

         1%

         2%

         3%

         3%

         1%

         6%

         1%

         1%

         6%

         2%

         1%

         1%

         1%

         1%

         3%

         4%

         Aarhus 3%

         Amsterdam 6%

         Antwerp & Mechelen 3%

         Barcelona 3%

         Breda 2%

         Brussels 5%

         Delft 2%

         The Hague 1%

         Eindhoven 2%

         Enschede 2%

         Ghent 2%

         Granada 2%

         Groningen 6%

         Hasselt 1%

         Katowice 2%

         Kongens Lyngby 6%

         Copenhagen 2%

         Krakow 2%

         Leeuwarden 1%

         Leiden 1%

         Leipzig 2%

         Leuven 2%

         Lisbon 6%

         Belgium Denmark Germany

         The Netherlands Poland

         Portugal Spain Sweden

         Leiden The Hague

         Denmark Aarhus

         Kongens Lyngby

         Copenhagen

         Malmö

         Poland

         Potsdam

         Łódź

         Warsaw

         Germany

         Leipzig

         Wroclaw

         Katowice

         Krakow

         Leeuwarden

         Groningen

         Amsterdam

         Wageningen

         Lodz

         Liège & Namur

         2% Lodz 3%

         3% Liège & Namur 2%

         Delft

         Rotterdam

         Utrecht

         Enschede

         Maastricht

         Madrid Malaga

         4% Maastricht 4%

         5% Madrid 6%

         1% Malaga 3%

         Breda

         The Netherlands

         Eindhoven

         Malmö Porto Potsdam Rotterdam

         Seville

         2% Malmö 2%

         1% Porto 2%

         1% Potsdam 1%

         4% Rotterdam 1%

         1% Seville 2%

         Ghent

         Antwerp

         Mechelen

         Leuven

         Brussels

         Belgium

         Hasselt

         Liège

         Venlo

         Maastricht

         Porto

         Portugal

         Lisbon

         Vaals

         Utrecht Vaals Venlo

         Wageningen

         Warsaw Wroclaw Zaragoza

         2% Utrecht

         1% Vaals

         1% Venlo

         1% Wageningen

         1% Warsaw

         2% Wroclaw

         1% Zaragoza

         2% "DUE TO A SIGNIFICANT

         2%

         1% IMBALANCE BETWEEN

         1% SUPPLY AND DEMAND AND

         1% A GROWING INTERNATIONAL

         3% STUDENT POPULATION,

         2% THERE CONTINUES TO BE A CONSIDERABLE SHORTAGE OF

         STUDENT HOUSING."

         Namur

         Granada

         Spain

         Seville

         Malaga

         Madrid

         Zaragoza

         Barcelona

         
         
         

         40

         ‌HALF-YEARLY FINANCIAL REPORT 2025 XIOR

         PROPERTY REPORT 2025 XIOR 41

         Voskenslaan - Ghent

         ARC - Liège

         Campus PXL - Hasselt

         Rue Mélot - Namur

         Zernike toren - Groningen

         Studio Park - Breda

         Barajasweg - Amsterdam

         Malaga Teatinos - Malaga

         Xior Granada - Granada

         Pontoneros - Zaragoza

         Asprela - Porto

         Lumiar - Lisbon

         Campo Pequeno - Lisbon

         Basecamp by Xior - Lyngby

         Basecamp by Xior - Aarhus

         Basecamp by Xior - Copenhagen

         Basecamp by Xior - Leipzig

         Basecamp by Xior - Potsdam Basecamp by Xior Lodz II - Lodz Basecamp by Xior - Katowice

         
         
         

         1. Diversification in terms of Fair Value

         The following tables show the property portfolio top 10 in terms of Fair Value.

         Top 10 Fair Value Q2 2025

         Skovbrynet 2 and 2A, 2800 Kongens Lyngby Calle Tajo S/N (Xior Picasso - Xior Velázquez), Madrid Hoogeweg 1-3 (Zernike Tower), Groningen

         Helsingforsgade 4, Aarhus Project Bokelweg - Heer Bokelweg 121-171, Rotterdam

         Brink Toren - Kavel 7, Amsterdam Birketinget 6, Copenhagen

         Tåtplatsen, Einar Hansens Esplanad 10, 211 77, Malmö

         Karspeldreef 15-18, Amsterdam Brouwersweg 100 / Becanusstraat 13-17 (Annadal), Maastricht

         0 30,000,000 60,000,000 90,000,000 120,000,000 150,000,000

         With a total value of MEUR 150, the site at Skovbrynet 2-2A in Kongens Lyngby has the highest Fair Value in the property portfolio. This represents 4.32% of the property portfolio's total Fair Value. The proper-

         ties at Calle Tajo S/N (Xior Picasso - Xior Velázquez) in Madrid and Hoogeweg 1-3 (Zernike Tower) in Groningen complete the top 3 biggest properties in the property portfolio in terms of Fair Value. They represent

         3.69% and 3.66% of the property portfolio's total Fair Value, respectively. The other 117 properties represent 88.34% of the of the property portfolio in terms of Fair Value.

   3. FAIR VALUE OF THE BELGIAN PROPERTIES

      Fair value (as determined by IFRS 13) is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the valuation date, in the principal market for the asset or liability. From the sell-er's perspective, this is the investment property value net of transfer taxes. In Belgium, the effective amount of this tax depends on the transfer method, the status of the buyer and the geographical location of the asset. The first two elements, and hence the full amount of the taxes due, are therefore only known when the transfer of ownership has been completed.

      As a result, the actual percentage of the transfer taxes varies from 0% to 12.50%. In 2006 a panel of independent property appraisers analyzed a representative number of transactions to determine the average impact of transfer taxes within the Belgian market. The panel of independent property appraisers determined the average impact of transfer taxes at 2.5%. In 2016 and 2025,

      an update of this calculation was prepared in accordance with the methodology applied in 2006, confirming the earlier percentages.

      The panel of independent property appraisers has concluded that a general approach across subsectors is logical and consistent and that the rate of 2.5% can be maintained for properties above MEUR 2.5. Below this threshold, it could be observed that the standard rate of registration duties was applied. The rate will be reviewed every 5 years or when the fiscal context would change considerably. The rate will only be adapted if the hurdle of 0.5% has been exceeded.

      Xior Student Housing only has limited assets in its Belgian portfolio that have individually a value below MEUR 2.5. Some of these properties, located in Leuven, are situated next to each other and were therefore historically considered as a cluster by the valuation expert. Consequently, the fair value is determined by deducting 2.5% from the value of the properties (in accordance with the valua-

      tion at "fair value" of its valuation appraisers) for these cluster properties. In accordance with its strategy, Xior Student Housing does in principle not have the intention to sell individual properties within these clusters with an investment value below MEUR 2.5. Xior Student Housing follows the valuation of the independent appraisers in accordance with the RREC legislation.

      42

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      PROPERTY REPORT 2025 XIOR 43

   4. REPORT BY PROPERTY EXPERTS STADIM, CUSHMAN & WAKEFIELD AND CBRE AT 30 JUNE 2025

1. CONDENSED CONSOLIDATED INCOME STATEMENT

   NET RESULT 65,671 71,486

2. OVERVIEW OF TOTAL EARNINGS

1. CONDENSED CONSOLIDATED BALANCE SHEET

   ASSETS in KEUR	Note	30/06/25	31/12/24
   I Fixed assets		3,578,731	3,398,938
   B Intangible fixed assets		5,480	4,863
   C Investment properties	5.9.4	3,473,456	3,314,053
   Property available to let		3,055,091	2,905,287
   Project developments		418,365	408,766
   D Other tangible fixed assets		10,654	11,309
   Fixed assets for own use		10,654	11,309
   E Financial fixed assets	5.9.5	12,323	7,690
   Permitted hedging instruments		10,392	5,045
   Other		1,932	2,645
   G Trade receivables and other fixed assets		40,917	34,775
   H Deferred taxes - assets		20,527	18,480
   I Shareholdings in associated companies and joint ventures, equity movements		15,374	7,768
   II Current assets		117,947	121,507
   D Trade receivables		2,168	3,015
   E Tax receivables and other current assets		68,142	37,603
   Taxes		23,996	7,329
   Others		44,147	30,274
   F Cash and cash equivalents		6,296	9,462
   G Accruals and deferrals		41,340	71,426
   Prepaid property charges		6,711	28,318
   Accrued, rental income not yet due		20,972	37,109
   Other		13,657	5,999
   TOTAL ASSETS		3,696,678	3,520,445

   50

   ‌HALF-YEARLY FINANCIAL REPORT 2025 XIOR

   CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE FIRST HALF OF 2025 XIOR 51

2. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

   Figures in KEUR	Capital	Issue premiums	Reserves	Net result for the year	Minority interests	Equity
   Balance sheet as per 31 December 2023	681,298	737,356	108,134	-9,897	777	1,517,667

   Appropriation of net result 2023						0
   Transfer of the result on the portfolio to reserves			-32,131	32,131		0
   Transfer of operating result to reserves			19,765	-19,765		0
   Result of the period				66,141	368	66,509
   Other elements recognised in the comprehensive result						0
   Impact on fair value of estimated transaction fees and costs resulting from the hypothetical disposal of investment properties						0
   Variations in fair value of financial assets and liabilities			-35,486	35,486		0
   Issue of new shares	18,913					18,913
   Capital raise through contribution in kind or cash	97,685					97,685
   Cost of issuing new shares and of capital increase	-1,610					-1,610
   Partial allocation of capital to share premiums	-42,502	42,502				0
   Dividends				-65,667		-65,667
   Acquisition minority stake						0
   Conversion of foreign operations			275			275
   Other Reserves			-26,602	27,518	-185	731
   Balance sheet as per 31 December 2024	753,784	779,858	33,955	65,947	960	1,634,503
   Appropriation of net result 2024						0
   Transfer of result on the portfolio to reserves			-9,249	9,249		0
   Transfer of operating result to reserves			33,240	-33,240		0
   Result for the period				65,236	435	65,671
   Other elements recognised in the comprehensive income						0
   Impact on fair value of estimated transaction fees and costs at resulting from the hypothetical disposal of investment properties						0
   Variations in the fair value of financial assets and liabilities			-17,313	17,313		0
   Issue of new shares	23,716					23,716
   Capital raise through contributions in kind or cash	96,014					96,014
   Cost of issuing new shares and capital increase	-2,341					-2,341
   Partial allocation of capital to share premiums	-41,415	41,415				0
   Dividends				-72,697		-72,697
   Acquisition minority stake						0
   Conversion of foreign operations			4,315			4,315
   Other Reserves			-15,355	13,416	-9	-1,948
   Balance sheet as per 30 June 2025	829,758	821,273	29,593	65,224	1,386	1,747,233

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   Detail of reserves Figures in KEUR	Reserve for the balance of variations in the fair value of property	Reserve for the impact on the fair value of the estimated transaction fees and costs resulting from the hypothetical disposal of investment properties	Reserve for the balance of the variations in the fair value of permitted hedging instruments that are not subject to hedging accounting as defined under IFRS	Reserve for the share of profit or loss and unrealised income of subsidiaries, associated companies and joint ventures accounted for using the equity method	Reserve for the conversion of foreign activities	Other reserves	Retained earnings from previous financial years	Total reserves
   Balance as per 31 December 2023	62,055	-30,421	60,123	-7,774	4,723	102	19,325	108,134

   Net appropriation of earnings							17,816	17,816
   Transfer of result on the portfolio to reserves	-27,656	-4,475		0			32,131	0
   Transfer of operating result to reserves								0
   Other elements recognised in the comprehensive income								0
   Impact on fair value of estimated transaction fees and costs resulting from the hypothetical disposal of investment properties								0
   Variations in the fair value of financial assets and liabilities			-35,486				35,486	0
   Issue of new shares								0
   Capital raise through contributions in kind								0
   Cost of issuing new shares and of capital increase								0
   Capital reduction to form available reserves to cover future losses
   Dividends							-65 667	-65 667
   Conversion differences					275			275
   Other							-26 602	-26 602
   Balance as per 31 December 2024	34,399	-34,896	24,637	-7,774	4,998	102	12,488	33,955
   Net appropriation of earnings							79,376	79,376
   Transfer of result on the portfolio to reserves	-2,277	-6,972		0			9,249	0
   Transfer of operating result to reserves								0
   Other elements recognised in the comprehensive income								0
   Impact on fair value of estimated transaction fees and costs resulting from the hypothetical disposal of investment properties								0
   Variations in the fair value of financial assets and liabilities			-17,313				17,313	0
   Issue of new shares								0
   Capital raise through contributions in kind								0
   Cost of issuing new shares and of capital increase								0
   Dividends							-72,697	-72,697
   Conversion differences					4,315			4,315
   Other							-15,355	-15,355
   Balance as per 30 June 2025	32,122	-41,868	7,324	-7,774	9,313	102	30,373	29,593

   54

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   CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE FIRST HALF OF 2025 XIOR 55

3. CONDENSED CONSOLIDATED CASH FLOW STATEMENT

   CONSOLIDATED CASH FLOW OVERVIEW (in KEUR)	30/06/25	31/12/24
   CASH AND CASH EQUIVALENTS AT BEGINNING OF FINANCIAL YEAR	9,462	13,768
   1. Cash flow from operating activities	22,504	56,544
   Cash flow relating to operations:	25,900	56,120
   Operating result before portfolio result	53,543	116,204
   Interest paid	-24,541	-53,815
   Interest received	0	0
   Corporate tax paid	-1,507	-3,914
   Other	-1,595	-2,355
   Non-cash elements added to/deducted from earnings	211	400
   * Amortisations and impairments
   Depreciation/impairments (or writebacks) of tangible and intangible assets	211	400
   * Other non-cash elements	0	0
   Variations in the fair value of the investment properties	0	0
   Other non-cash elements	0	0
   Change in the working capital required1	-3,607	24
   * Change in assets	-7,178	15,528
   Trade and other receivables	847	1,295
   Tax receivables and other current assets	-14,783	6,175
   Accruals and deferred income	6,758	8,058
   *Change in liabilities	3,571	-15,504
   Trade payables and other current liabilities	1,206	-12,752
   Other current liabilities	1,399	3,694
   Accruals and deferred income	966	-6,446
   2. Cash flow from investing activities	-116,484	-13,560
   Acquisition of investment properties and property developments	-107,762	-137,743
   Sale of investment property	5,629	148,118
   Purchase of shares in property companies2	0	-2,500
   Acquisition of other fixed assets	-173	-1,917
   Change in long-term financial assets	-7,100	-7,391
   Receipts from trade receivables and other long-term assets	-7,078	-12,127
   Assets held for sale	0	0
   3. Cash flow from financing activities	90,814	-48,185
   * Change in financial liabilities and financial debts
   - Increase in financial debts	46,112	234,931
   - Reduction in financial debts	-5,206	-235,000
   - Repayment of shareholder loans	0	0
   - Change in other liabilities	95	-47
   - Increase in minority interests	0	0
   * Change in equity
   - Increase (+) / Decrease (-) in capital/issue premiums	80,000	0
   - Costs for the issue of shares	-2,341	-1,611
   Dividend from the previous financial year	-27,846	-46,458
   Increase in cash following mergers/acquisitions	0	895
   CASH AND CASH EQUIVALENTS AT END OF FINANCIAL YEAR	6,296	9,462

   1 The movement in working capital cannot be reconciled with the movement on the balance sheet, as it includes an adjustment for the impact of the acquisitions made during the year.

   2 Purchase of shares in property companies: This refers to the price paid for the shares of the various property companies that were acquired. This price does not correspond to the value of the properties, as the companies were partially financed with debt.

4. NOTES

   1. FINANCIAL REPORTING PRINCIPLES - GENERAL

      Xior Student Housing NV is a public Regulated Real Estate Company (RREC) that is subject to Belgian law and has its registered office in Antwerp.

      This interim financial information for the period ending 30 June 2025 was drawn up in accordance with IAS 34 "Interim Financial Reporting". This interim report must be read together with the financial statement for the financial year ending 31 December 2024. In the first half of 2025, Xior did not add any new IFRS standards or interpretations to the accounting principles, and the valuation rules it applied to the preparation of the interim financial information are identical to those applied for the financial year ending 31 December 2024.

      These figures include Xior Student Housing NV and its subsidiaries (the "Group").

      No statutory half-year financial report was prepared as at 30 June 2025. Financial statements are only prepared in accordance with the articles of association at year-end.

   2. CONSOLIDATION

      The figures published in this Half-Year Report represent consolidated figures; subsidiaries have been consolidated in accordance with the relevant legislation.

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      CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE FIRST HALF OF 2025 XIOR 57

5. SEGMENT INFORMATION