Xior Student Housing
Presentation Q1 2025 results
Highlights Q1 2025
Xior: A leading platform in rocksolid & resilient market
"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
Widespread undersupply
*Weighted averages, based on the proportion of Xior's portfolio in each country.
Sources: BONARD, 2025 | Statista Research Department | HESA Student records
Strong start of 2025: Growth continues
Pricing power confirmed (+5.50%) EPS/DPS guidance confirmed
LfL guidance 2025 5% confirmed Focus on internal value creation
Further execution pipeline Divestments grows portfolio-quality Acquisitions in Poland completed
Net portfolio growth
Successful start of 2025
January 2025: Successful ABB of 80 MEUR
♦ Approx. 900 income generating units added to Xior's portfolio
♦ Strengthening Xior's position in Poland and increasing scale
♦ Debt reduction
New Dutch spring budget memorandum
Key Points
• Temporary freeze rent indexation for social housing in 2025 & 2026 (from 5% to 0%)
• Compensation scheme to offset loss of rental income
Impact on Xior
• Limited to social housing segment in NL (c. 30 MEUR) & limited to indexation
• Estimated impact max. 640,000 EUR for 2025 (excluding compensation)
• Factors mitigating impact:
• LfL rental growth on new contracts from higher maximum rents (WWS)
• High tenant turnover: 30% churn rate leading to rental growth
• ESG Capex program improving energy labels & rents
• 50% of NL portfolio unaffected (middle & free rent, short stay, commercial rent)
Conclusion
• Limited impact: Rent freeze only on index of Dutch social housing (50% of NL portfolio)
• Continued rental growth: Rent adjustments (WWS) ensure rental growth
• Positive valuations: Rent increases (WWS) and reduced transfer tax NL (10.4% to 8%)
• Supply imbalance: Government measures expected to reduce new supply
8
Operational update
Operating performance
Rental season already started in several countries
Strong start rental season 2025-2026
BE: high retention up to 70%, Ghent fully let, Leuven c. 80% reservations
NL: 100% fully let (open-ended contracts)
Iberia: Spain 48% 'in the books' (vs 45% last year) Portugal c. 65% let, in line vs 2024
Other Xior countries: later start of rental season
Smooth integration of new assets ♦ Wenedòw PL: waiting list of up to 1,200 people
Effective business model with proven pricing power Sustained demand unaffected by higher rental prices
Occupancy & rental growth
7,00% 6,00%
5,00%
4,00% 3,00% 2,00% 1,00% 0,00%
2021
2022
2023
Rental growth (LfL)
2024
Occupancy
2025 Est.
Rental growth & high occupancy driven by growing demand and structural undersupply
98% 98%
97%
97% 96% 96% 95%