Presentation 9M 2025 results (December '25 update)

XIOR STUDENT HOUSING

Presentation 9M 2025 results (Dec '25 update)

TABLE OF CONTENTS

1. 2015-2025: A decade of transformation 3

2. Financial update 11

3. Operational update 21

4. Summary 9M 2025 27

Q&A 32

ESG update 33

Appendix Financials 37

Appendix Organisation 46

A DECADE OF TRANSFORMATION

"We built the foundations. Now we build the future."

"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

RETURN

Accelerate rental performance

EPS GROWTH

Operational excellence

EFFICIENCY

Smart cost reduction

QUALITY

Deliver superior student experience

Pricing power

Maximise lfl rental growth Market-based & dynamic pricing

Customer value proposition

RETURN

Accelerate rental

Rental growth

Contribution of 2025 deliveries & acquisitions 2026-2027 execution pipeline

Faster ramp-up via digital sales office

B2B revenue desk

Dedicated team to unlock extra revenue Cross-border sales approach

Boost summer occupancy Noms & corporate partnerships

performance

Capital recycling

Asset rotation

Reallocate capital to higher yielding assets

Digital efficiency

Roll-out My Xior platform System integration & consolidation

Automation of admin workflows IT insourcing

Operational efficiency

Lean operational model Standardised processes Insourced maintenance

Scale & synergies

Shared services model Cross border knowledge sharing

Centralised procurement

Cost discipline & budgeting

Keep tight cost & overhead control Zero-based budgeting (selected categories)

EFFICIENCY

Smart cost reduction

Energy & utility optimisation

Digital metering across full portfolio Real-time utility monitoring

Continuous cost benchmarking across buildings

Contract optimisation

Baselife & community model

Further roll-out of cost-light Baselife model Proven uplift in satisfaction & retention Service & community drive pricing power

QUALITY

Digital customer experience

Seamless digital touchpoints Faster issue handling

Survey results 87.2%

Deliver superior student experience

Standardised operating procedures (SOPs)

Bi-annual satisfaction surveys

Clear action plan driving quality improvement

Harmonised quality standards across countries Consistent service delivery at scale

Fully funded with internal cash generation with stable LTV

EPS growth resumes as Xior enters a new phase of disciplined execution

2025 guidance at

EPS 2025: € 2.21

DPS 20251: € 1.768

2026 guidance at

EPS 2026: € 2.30

DPS 20261: € 1.84

1 Subject to approval AGM.

FINANCIAL UPDATE

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 '25

@ 2.21 EUR)

(Guidance FY '26 @2.30 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)

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

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

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

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

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

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

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

Rental growth

LfL min 5%

"Proven pricing power above inflation"

Occupancy rate

98%

"Structural undersupply drives occupancy"

EPS/DPS 2026

€2.30/€1.84

80% payout

"Track record of sustained earnings"

Growth pipeline internally funded

+ 1,100 units

+ c. €10 mio

rental income

"Future earnings growth locked in"

OPERATIONAL UPDATE

• 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

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

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

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

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 orclick here

SUMMARY 9M 2025

rents & valuations

robust market

Unique & growing platform

in a driving

Rental growth

Financial strength

Improved quality

Guidance EPS/DPS 2025 confirmed at €2.21/€1.768 Guidance EPS/DPS 2026 at €2.30/€1.84 (+4%)

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

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

30