Presentation 9M 2025 results

XIOR STUDENT HOUSING

Presentation 9M 2025 results

TABLE OF CONTENTS

1. Highlights 9M 2025 3

2. Operational update 9

3. Financial update 15

Q&A 25

ESG update 26

Appendix Financials 30

Appendix Organisation 40

HIGHLIGHTS 9M 2025

Summary 9M results

rents & valuations

robust market

Unique & growing platform

in a driving

Rental growth

Financial strength

Improved quality

Valuations up

• Pricing power (LfL at +5.42%) -> Fy guidance at min. 5%

• Occupancy at 98%

• New delivery of Wenedów Warsaw

• Further execution active pipeline: portfolio to reach 23,000 units fully self-funded

• Financing needs covered for 18 months

• LTV <50%

• ICR improved towards 3

• Asset rotation continues, improving portfolio quality

• Xior wins "Best value for money" award (GSL)

• Rental growth & recent market transactions increase valuations

• Student housing is attractive and resilient asset class

Guidance EPS/DPS 2025 confirmed at €2.21/€1.768

A leading platform in a growing & resilient market

"Setting the standard across Europe"

UNIQUE SCALABLE PLATFORM

Leading pan-European student platform

Operational efficiency

scale & excellence

Strong brand recognition

"6 students

competing for 1

bed"

WIDESPREAD UNDERSUPPLY

Low provision rate of 16% (avg)

High international student growth

(4Y CAGR 6.1%)

High quality and affordable education

"Strategically positioned for success"

POTENTIAL FOR FUTURE GROWTH

Earnings growth secured strong pricing power & high occupancy

Robust pipeline for future growth

Expansion potential in all Xior cities

Pickup in market transactions confirms attractiveness of student housing

Recap milestones 9M 2025

Capital reinforced - Platform expanded - Leverage reduced

April 2025

Wroclaw, PL

#units: 775

Investment value: c. 55 MEUR

Gross return: c. 11.1%

September 2025

Closing Wenedów (Warsaw, PL)

#units: 404

Investment value: c. 38.5 MEUR

Gross return: c. 9%

Dividend

June 2025

Optional dividend 47% take-up

c. €25 m capital increase

Growth

March 2025

Wolska (Warsaw, PL)

#units: 117

Investment value: c. 12 MEUR

Gross return: c. 8%

Capital

January 2025

Successful ABB of 80 MEUR

Preview of the finished tower

Brinktoren, Amsterdam

Floor 25 of 28 reached

Total of 266 units fully leased

Delivery summer of 2026

Innovative construction with prefab elements

Click here to watch the Brinktoren take shape

Lower floors in completion phase

7

Active pipeline: on track to deliver future growth towards 23,000 units

Transenster - Seraing

• Construction started

• Foundation stone was laid on 19 June 2025

• 302 units

• Delivery 2026

Boavista - Porto

• Construction progressing fully on schedule

• Some rooms already in finishing phase

• 532 units

• Delivery 2026

Active pipeline

€ 10,2m additional rent guaranteed - limited remaining capex of € 22m - fully self-funded

OPERATIONAL UPDATE

Operating performance - Successful rental season

• Academic year has started in all countries

• Portfolio once again achieves maximum occupancy

• Existing residences performing strongly & new residences outperforming

• Continuing to strengthen value proposition: dynamic pricing + focus on service and community

• First applications for academic year 2026 already coming in

5.42%

LfL (Q3 '25)

98%

Occupancy rate

Min. 5%

LfL guidance

Operational update

GSL Award - Best Value for Money (Europe)

Based on feedback of 150,000 students

New nomination agreements

• Brinktoren (Amsterdam, NL)

  266 units - entire residence

• Namur (BE)

  12 units

• Ommegang (Brussels, BE)

  Entire residence

• Málaga Atalaya & Málaga Teatinos (ES)

Entire residences - during summer months

Baselife: community as a service

Vibrant Communities

Managing spaces and services to foster personal, social, and professional wellbeing

Care

Caring for our people, planet, and community

BASELIFE

By Basebuddy's

Future

Fun

Creating opportunities today that positively impact tomorrow

Connecting to each other and the world through fun-filled adventures

Baselife: what is a Basebuddy?

The Basebuddy role is designed to help build a community

by residents for residents

Hosting 1000+ events every year

"Occupancy is

King &

Serv een"

ice is Qu

Student satisfaction: 86.5%

+~10pp YoY

IT Digitisation: fully on track

Planning & roll-out

100% Dutch portfolio live & rolled out 40% of full Xior portfolio

• NL teams fully trained

• Key User Structure roll-out ongoing (incl. internal ticketing helpdesk)

• Pilot projects in Portugal (Benfica & Alameda)

Key benefits

• 1 way of working

• Full integration between students & staff

• Integration operational & financial data

• Reporting & control functionalities

• System performance

• Smoother working with scalable platform

Scan the QR code to watch or click here

FINANCIAL UPDATE

Key figures 9M 2025 - Rental growth drives valuations

LfL growth 5.42% (Q3'25 YoY)

(Guidance FY 2025

@ Min. 5%)

Occupancy 98%

Positive revaluations

(vs 2024)

+1.8%

LTV 49.75%

Debt ratio 49.58%

Undrawn credit lines

€162 mio

(incl. new commitments)

EPRA EPS

1.52 EUR

(group share)

(Guidance FY 2025

@ 2.21 EUR)

Operational margin 86.66%

NTA

38.69 EUR

Net debtEBITDA (adj)

11.59 x

ICR: 2.97

100%

funding needs covered

(for 18 months)

Investment activity 9M 2025 - Investment activity drives rental growth, margins & portfolio quality

67 MEUR acquisitions Wroclaw & Warsaw (Poland) 10.5% gross yield

Additional units

+c. 900

c. 24 MEUR disposals (non-strategic assets)

All sold per October 2025

Capital recycling via opportunistic asset rotation

Sold units

c. 202

Execution active pipeline

Wenedow: delivered

Brinktoren & Boavista: on track for 2026 Seraing: started Q1 2025, on track for 2026 Bagatten: permit received

Additional units

404 in 2025

1,150 in 2026

Active pipeline - Value creation by executing active pipeline

Development active pipeline to support earnings growth

✓ +10 MEUR additional rental income with limited cost to come of 22 MEUR

• Attractive cities with very low letting risk (Brinktoren fully leased)

• Fully funded without external financing

• LTV to remain below 50% (excl. any revaluation gains)

• ICR & net debt/EBITDA to further improve

Future pipeline - Future development potential & future earnings growth

Development future pipeline to support earnings growth

• Future development potential including extension (add-on) potential on existing sites

• Permit applications & studies ongoing

• Construction only to start up, if opportune (permit in place, attractive yield)

• Attractive cities with very low letting risk

• YoC target of +6.5%

*Boavista developed in JV so not included in IP developments balance sheet @ €414m

Annualised net rent potential for future growth*

Increase Decrease Total

*This chart is not intended to be interpreted as a profit forecast or guidance. It is purely for illustrative purposes. It shows the short- and medium-term effects of indexation based on

Balance sheet - 100% of financing needs covered for 18 months

Debt ratio

49.58 %

vs 50.64% end 2024

Undrawn lines

€162 mio

(incl. new commitments)

LTV

49.75 %

vs 50.99% end 2024

Total debt

€1.9 bn

Debt maturity

4.7 years

Cost of debt

3.06 %

Hedge duration

5.1 years

Hedge ratio

91 %

Net debt/EBITDA (adj)

11.59x

ICR

Interest Cover Ratio

2.97 x 100%

Financing needs covered

(18 months)

100% committed capex

100% refinancing

100% commercial paper

Financing update: Solid liquidity & funding secured until 2027

DEBT MATURITIES PER 30.09.2025

250000000

200000000

150000000

100000000

50000000

0

ABN Amro

Argenta

Bank of China Banque De Lux Belfius Bank

BNP Paribas Fortis CDP/Natixis Danske Bank

DZ Hyp Ethias ING Bank KBC Bank

Nagelmackers Novo Banco Nykredit Pensio B Pricoa

Sparkasse Leipzig USPP

vdk Rabobank

• All maturing loans until Q2 2027 largely extended or renewed; incl. new agreed loans after Q3 '25

• 100% of funding needs covered for 18 months

• Well spread debt profile with 23 lenders and 4.7 years average duration

• Continued access to new lending with existing and new lenders

EVOLUTION HEDGE RATIO

Hedged variable rate debt

Fixed-interest debts

Unsecured floating rate debt

9%

24%

16%

20%

25% 29%

49%

19%

19%

64%

74%

86% 86%

96% 96% 97% 97%

18%

67% 64%

55%

52%

• Continued high level of hedging

• Macro hedging in place limiting the risk of higher interest rates

• Average cost of debt at 3.06% (for FY 2025 stable CoD expected)

16%

34%

20%

16%

11%

9%

6%

9%

6%

4%

4%

3%

30/ 09/ 2025

3%

30/ 09/ 2037

2025 Q4

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

Optimising capital structure and financial flexibility

Focus to enhance balance sheet quality

Keep

LTV < 50%

(also after execution active pipeline)

Maintain

Liquidity > € 100m

Improve

Net debt/EBITDA

Improve

Interest cover ratio (ICR)

Asset rotation

Continued asset rotation

to

recycle capital into higher yielding assets

Forex risks

FX risk under control

Largely natural hedging

+

Currency swaps

with growing PLN portfolio

Strong operational outlook

Rental growth

LfL min 5%

"Proven pricing power above inflation"

Occupancy rate

98%

"Structural undersupply drives occupancy"

EPS/DPS 2025

€2.21/€1.768

80% payout

"Track record of sustained earnings"

Growth pipeline internally funded

+ 1,100 units

+ c. €10 mio

rental income

"Future earnings growth locked in"

Q&A

ESG UPDATE

ESG acceleration in 2025 & further

PLANET

PEOPLE

employees & students

GOVERNANCE

• Electricity purchase: 100% green

• CO2 intensity reduction of 65% between 2020-2024 (CO2/m²)

• Further roll-out: Climate plan & ESG capex program (hybrid heat pumps, solar, …)

• Energy monitoring: in completion phase & parallel coupling with operations initiated

• PV installations: new installations ongoing & performance upgrade existing installations

  
  
  

  HR strategy covering full employee lifecycle & improved dialogue with students

• Annual employee survey: 73% satisfaction

• Semi-annual customer survey: 86.5% satisfaction (+10%)

• International roll-out of Baselife & Basebuddy program

  
  
  

• Double materiality finalized

• New roadmap will be rolled out with aligned KPI and targets

• Project management office to mitigate risks & enable opportunities

ESG acceleration in 2025 & further

CO2 reduction targets validated by SBTi

• Sustainable Finance Framework includes green assets & social assets based on affordability, making part of the portfolio also eligible for social financing

• The total value of eligible assets increases to c. 2.28 bn EUR (per 30.09.2025)

• All existing financing can be made sustainable

Per 30.09.2025

Per 31.12.2024

South Campus DGNB Silver

Katowice

BREEAM

Very Good

Leipzig

LEED

Gold

Malmö

BREEAM

Very Good

Łódź II

BREEAM

Very Good

Potsdam

LEED

Gold

Rotterdam

BREEAM in

use Good

Zaragoza

LEED

Silver

Lisbon

BREEAM in

use Very Good

Lyngby

DGNB

Silver

Aarhus

DGNB

Gold

The path to net zero carbon - SBTi targets validated

Sustainable Finance Framework

"Green & Social"

• Target to reduce CO2 footprint (scope 1 & 2) by 42% by 2030 (versus 2020)

• 2025: Scope 3 measurement new classification & new targets

• New climate plan & ESG Capex program

New ESG Report published

APPENDIX FINANCIALS