AI assistant
Aedifica SA Interim / Quarterly Report 2026
3904_10-q_2026-05-19_13516ba3-0d11-4966-ba4d-77939093afc7.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
aedifica housing with care
PRESS RELEASE Regulated information
19 May 2026 – after closing of markets
AEDIFICA
Public limited liability company
Public regulated real estate company under Belgian law
Office: Rue Belliard 40 (box 11), 1040 Brussels
Enterprise number: 0877.248.501 (RLE Brussels)
(the 'Company')
Interim financial report
1st quarter 2026
Creating Europe's leading healthcare REIT¹
- Aedifica acquired control over Cofinimmo on 10 March 2026, with 80% of the shares tendered during the exchange offer
- A new Board of Directors has been appointed
- The newly composed Executive Committee has been appointed and will be effective as of the legal merger
- Extraordinary general meetings of Aedifica and Cofinimmo are convened in June to approve the merger by absorption of Cofinimmo by Aedifica, with effect from 1 July 2026
- The legal merger will accelerate the integration of the teams & portfolios and the realisation of synergies, with a full run-rate impact expected during 2027
Robust operational performance driving strong results²
- EPRA Earnings* amounted to €74.5 million (+19% compared to 31 March 2025) or €1.32/share
- Rental income increased to €113.4 million (+22% compared to 31 March 2025)
- 1.6% increase in rental income on a like-for-like basis* in Q1³
- Weighted average unexpired lease term of 15 years and occupancy rate of 99.2%
Real estate portfolio* of €12.4 billion as at 31 March 2026²
- Healthcare portfolio amounting to €11.0 billion: 923 properties for nearly 80,000 end users across 9 countries
- Valuation of marketable investment properties increased by 0.18% on a like-for-like basis in Q1³
- €50 million in new investments announced in Q1 (5 new projects added to pipeline)
- 4 projects totalling €29 million delivered in Q1
- Investment pipeline of €539 million
Solid balance sheet and strong liquidity
- 40.4% debt-to-assets ratio as at 31 March 2026 (compared to 40.8% on 31 Dec. 2025)
- €1,820 million of headroom on committed credit lines to finance CAPEX and liquidity needs
- €150 million contracted in new long-term bank financing
- Average cost of debt* including commitment fees of 2.0%
- S&P raised Aedifica's credit ratings from BBB to BBB+ with a stable outlook and assigned a short-term issuer rating of A-2, following the successful exchange offer for Cofinimmo
- EPRA NTA* of €80.34/share (vs. €78.40/share on 31 Dec. 2025)
Dividend outlook
- An increasing dividend of €4.20/share (gross) proposed for the 2026 financial year
¹ This information is subject to a disclaimer, see page 24.
² These numbers are consolidated with Cofinimmo as of 10 March 2026.
³ These like-for-like numbers include the Cofinimmo portfolio.
PRESS RELEASE
Regulated information
19 May 2026 – after closing of markets
Consolidated key figures & EPRA performance indicators 4
| Property-related key figures | 31/03/2026 | 31/12/2025 |
|---|---|---|
| Fair value of real estate portfolio* (in € million) 5 | 12,413 | 6,285 |
| Number of properties | 1,730 | 618 |
| Gross yield based on fair value (in %) | 6.1% | 6.0% |
| EPRA Net Initial Yield* (NIY) (in %) | 5.6% | 5.6% |
| EPRA Topped-up NIY* (in %) | 5.6% | 5.6% |
| Occupancy rate (in %) | 99.2% | 99.9% |
| EPRA Vacancy Rate* (in %) | 0.8% | 0.1% |
| WAULT (in years) | 15 | 18 |
| Like-for-like rental growth (group currency, in %) | 1.6%6 | 2.7% |
| Financial key figures | 31/03/2026 | 31/12/2025 |
| Debt-to-assets ratio (in %) | 40.4% | 40.8% |
| EPRA LTV* | 39.9% | 39.7% |
| Average cost of debt (in %) | 1.8% | 2.0% |
| Average cost of debt (incl. commitment fees, in %) | 2.0% | 2.1% |
| Weighted average maturity of drawn credit lines (in years) | 3.0 | 3.4 |
| Interest Cover Ratio* (ICR) 7 | 7.3 | 6.2 |
| Hedge ratio (in %) | 96.1% | 88.3% |
| Weighted average maturity of hedging (in years) | 3.6 | 3.8 |
| Net debt/EBITDA* 8 | 7.9 | 7.8 |
| 31/03/2026 | 31/03/2025 | |
| Rental income (in € million) | 113.4 | 93.0 |
| EPRA Earnings* (in € million) | 74.5 | 62.6 |
| Net result (owners of the parent) (in € million) | 432.3 | 62.8 |
| EPRA Cost Ratio* (including direct vacancy costs) (in %) | 15.0% | 14.1% |
| EPRA Cost Ratio* (excluding direct vacancy costs) (in %) | 14.9% | 14.1% |
| Key figures per share | 31/03/2026 | 31/12/2025 |
| IFRS NAV (in €/share) | 79.79 | 77.05 |
| EPRA NRV* (in €/share) | 89.09 | 87.09 |
| EPRA NTA* (in €/share) | 80.34 | 78.40 |
| EPRA NDV* (in €/share) | 81.50 | 77.73 |
| 31/03/2026 | 31/03/2025 | |
| EPRA Earnings* (in €/share) | 1.32 | 1.32 |
| Net result (owners of the parent) (in €/share) | 7.67 | 1.32 |
- Alternative Performance Measure (APM) in accordance with ESMA (European Securities and Market Authority) guidelines published on 5 October 2015. Aedifica has used APMs in accordance with ESMA guidelines in its financial communication for many years. Some of these APMs are recommended by the European Public Real Estate Association (EPRA) and others have been defined by the industry or by Aedifica in order to provide readers with a better understanding of the Company's results and performance. The APMs used in this interim financial report are identified with an asterisk (*). Performance measures defined by IFRS standards or by Law are not considered to be APMs, neither are those that are not based on the consolidated income statement or the balance sheet. The APMs are defined, annotated and connected with the most relevant line, total or subtotal of the financial statements in Appendix 4.
4 See section 4.3 for more information on key figures stemming from the financial statements.
5 Including marketable investment properties, assets classified as held for sale*, development projects and rights of use related to plots of land held in 'leasehold' in accordance with IFRS 16.
6 Mentioned 1.6% is including the Cofinimmo portfolio. Aedifica standalone like-for-like rental growth stands at 2.0%.
7 Calculated based on the ratio of 'operating result before result on portfolio' (lines I to XV of the consolidated income statement and including the interest income from financial leases from line XX) to 'net interest charges' (line XXI) on a 12-month rolling basis.
8 Not adjusted for projects under construction.
2/44
PRESS RELEASE
Regulated information
19 May 2026 – after closing of markets
1. Summary of the activities since 1 January 2026
While an ageing European population is driving the need for additional healthcare real estate capacity and market sentiment among operators is changing, Aedifica has continued to demonstrate that it is ready to meet the moment.
Having set the stage for the creation of Europe's leading healthcare REIT throughout 2025, Aedifica completed the largest transaction in its 20-year history, successfully executing its exchange offer for Cofinimmo. Throughout this major transaction, Aedifica remained focused on its strategic objectives, adding several new projects to its pipeline while continuing to execute its ongoing investment programme and manage its property portfolio. Aedifica once again posted strong results across the board, reflected in EPRA Earnings* up 19% compared to the first quarter of 2025.
CREATING EUROPE'S LEADING HEALTHCARE REIT⁹
Recognising the significant opportunity for value creation in combining Aedifica and Cofinimmo to create a larger, more financially robust healthcare real estate platform, the two companies united through an exchange offer launched by Aedifica (see section 2.4). This transaction was settled on 10 March 2026, with 80% of Cofinimmo shares tendered and nearly 36 million new Aedifica shares issued.
Thanks to its increased scale, the combined group is well placed to reduce capital costs and achieve sustainable earnings growth per share. This was recognised just a few days after the transaction, when S&P raised Aedifica's credit ratings from BBB to BBB+ with a stable outlook and assigned the Group a short-term issuer rating of A-2. Furthermore, the transaction has established a platform that is perfectly positioned to lead the next phase of growth in the healthcare real estate sector.
Following the successful conclusion of the exchange offer, Aedifica started integrating the teams and portfolios into a single platform, and preparing for the legal merger. Extraordinary general meetings to approve the merger will be held in June. This merger will accelerate the integration process and the realisation of expected synergies, with a full run-rate impact expected during 2027.
HEALTHCARE PORTFOLIO OF OVER €11.0 BILLION
At the end of March, after taking control of Cofinimmo, Aedifica's healthcare real estate portfolio amounted to €11,014 million (compared to €6,285 million at the end of 2025). With 923 sites, the healthcare portfolio has a capacity of approx. 67,200 residents and 12,700 children. Taking into account the offices and distribution networks, Aedifica's investment properties portfolio¹⁰ amounts to €12,413 million. The investment programme amounted to €539 million¹¹.
In the first quarter of the year, five new projects have been added to the investment programme amounting to nearly €50 million, while four development projects totalling €29 million were completed.
⁹ This information is subject to a disclaimer, see page 24.
¹⁰ Marketable investment properties including assets classified as held for sale*. See Appendix 4.1.
¹¹ As at 31 March 2026. See section 2.3 or see table in Appendix 3 'Overview of the investment programme'.
3/44
PRESS RELEASE
Regulated information
19 May 2026 – after closing of markets
HEALTHY BALANCE SHEET
Aedifica boasts a healthy balance sheet. As at 31 March 2026, the consolidated debt-to-assets ratio amounted to 40.4%, well below the 45% threshold the Group imposes on itself in its financial policy. Following four quarters of positive portfolio valuations in 2025, expert valuations of marketable investment properties continued to increase in the first quarter of 2026, supported by improved operator performance.
Following Aedifica's successful exchange offer for Cofinimmo, the Group's committed credit facilities mechanically increased by €3,420 million, while the total amount of issued short-term treasury notes increased to €1,221 million as at 31 March 2026.
In addition, since the beginning of the year, financial resources were strengthened by contracting approx. €150 million in new long-term bank financing. Moreover, €176 million in bank facilities have been successfully extended by another year. At the end of March, the headroom on committed credit lines stood at €1,820 million, providing sufficient resources to finance the execution of the investment programme and liquidity needs.
The average cost of debt* including commitment fees stands at 2.0% thanks to the Group's interest rate hedges covering 96% of financial debt. The hedging's weighted average maturity is 3.6 years.
In addition, 52% of committed long-term credit lines are linked to sustainability KPIs, underlining the Group's efforts to integrate ESG criteria into its financial policy.
SOLID RESULTS SUPPORTING AN INCREASING DIVIDEND
In the first quarter of 2026, Aedifica's portfolio generated a rental income of €113.4 million, a 22% increase as compared to the same period last year. This increase is mainly explained by the consolidation of the Cofinimmo portfolio, acquisitions, the projects delivered from the pipeline and the indexation of rents, amounting to 1.6% on a like-for-like basis. This resulted in EPRA Earnings* reaching €74.5 million (€62.6 million as at 31 March 2025, a 19% increase), i.e. €1.32 per share. Aedifica's total profit amounts to €432.3 million (€62.8 million as at 31 March 2025). The net result includes the badwill following the integration of Cofinimmo into the consolidation scope.
For the 2026 financial year, the Board of Directors anticipates an increase in the gross dividend of 5.0% to €4.20 per share.
Detailed guidance for the combined entity regarding the 2026 financial year will be announced in the half-year report, which is due to be published in early September 2026.
BUILT FOR WHAT COMES NEXT
Driven by significant structural demand, the healthcare real estate market is starting a new cycle. Supported by rising occupancy rates and generally strong rent covers, healthcare operators are again in a position to think about growth and addressing the ageing of Europe's population.
With a solid balance sheet and a well-positioned portfolio, and the strength and expertise of a larger platform, Aedifica is in excellent shape to meet the demand for quality, affordable care properties and seize the next growth phase in healthcare real estate.
4/44
PRESS RELEASE Regulated information
2. Important events
2.1. Investments, completions, disposals during the 1st quarter
- Aedifica acquired 80% of the shares in Cofinimmo
In 2025, Aedifica and Cofinimmo reached an agreement to create the leading healthcare REIT in Europe. The combination of both companies was achieved through a successful exchange offer, with around 80% of Cofinimmo shares being tendered during the initial acceptance period (see section 2.4 for more details on the transaction). Consequently, Aedifica has become the controlling shareholder of Cofinimmo. The transaction was settled on 10 March 2026 through the issuance of 35,920,425 new Aedifica shares (see section 3.3 for more details on the capital increase).
Aedifica and Cofinimmo have since continued to prepare for the integration of their teams and portfolios, which will be formalised through a legal merger by absorption of Cofinimmo by Aedifica. Extraordinary general meetings of both companies will be convened in June to approve the merger, which is expected to take effect on 1 July 2026.
The investments, completions and disposals realised by Cofinimmo from 10 March 2026 onwards have also been included in the tables in this section of the interim financial report.
- €50 million in new investments in Germany, Finland, the UK and Spain
During the first quarter of 2026, Aedifica added five new development projects in Germany, Finland, the UK and Spain to its investment programme for a total amount of approx. €50 million.
| Healthcare real estate | Type | Location | Date | Investment (€ million) | Pipeline^{1} (€ million) | Completion | Lease | Operator |
|---|---|---|---|---|---|---|---|---|
| Germany | - | 22 | ||||||
| Stadtlohn | Development | Stadtlohn | 19/01/2026 | - | 22 | Q2 2028 | 30 yrs - NN | Specht Gruppe |
| Finland | - | 7 | ||||||
| Mikkeli Pehtorintie | Development | Mikkeli | 08/01/2026 | - | 3 | Q4 2026 | 20 yrs - NN | Mehiläinen |
| Pirkkala | Development | Pirkkala | 26/01/2026 | - | 4 | Q4 2026 | 20 yrs - NN | Ikifit |
| Pereensaarentie | ||||||||
| United Kingdom^{2} | - | 6 | ||||||
| Ashurst Park | Extension | Tunbridge Wells | 26/03/2026 | - | 6 | Q4 2026 | 30 yrs - NNN | Bondcare |
| Spain | - | 15 | ||||||
| Seville | Development | Seville | 31/03/2026 | - | 15 | Q4 2027 | 30 yrs - NNN | Reifs |
| Total | - | 50 |
1 The amounts in this column include the budgets for projects that Aedifica will finance. The development projects are listed in the overview of the investment programme (see Appendix 3).
2 Amounts in GBP were converted into EUR based on the exchange rate of the transaction date.
5/44
PRESS RELEASE
Regulated information
- 4 projects completed for €29 million
Over the course of the first quarter 2026, four projects from the investment programme were completed for a total amount of €29 million.
| Healthcare real estate | Type | Location | Date | Investment 1 (6 million) | Lease | Operator |
|---|---|---|---|---|---|---|
| Finland | 13 | |||||
| Vihti Puhurikuja | Development | Vihti | 13/02/2026 | 7 | 15 yrs - NN | Kaarikeskus |
| Jyväskylä Toivonlenkki | Development | Jyväskylä | 30/03/2026 | 3 | 20 yrs - NN | Mehiläinen |
| Oulu Pikku-Ikkankatu | Development | Oulu | 31/03/2026 | 3 | 15 yrs - NN | Espen |
| Ireland | 16 | |||||
| Sligo Finisklin Road | Development | Sligo | 23/02/2026 | 16 | 25 yrs - NNN | Coolmine Caring Services Group |
| Total | 29 |
1 The amounts in this column only include the works that were carried out, except for the investment amount of the project in Sligo, which also includes the contractual value of the plot of land.
- 5 properties divested in Belgium and the Netherlands
During the first quarter of 2026, five pubs located in Belgium and the Netherlands were divested for approx. €2 million.
| Name | Location | Date | Selling price (€ million) |
|---|---|---|---|
| Distribution networks | 2 | ||
| 5 pubs | Belgium & Netherlands | March 2026 | |
| Total | 2 |
Stadtlohn in Stadtlohn (Germany)
Care home to be completed by Q2 2028
Pirkkala Pereensaarentie in Pirkkala (Finland)
Care home to be completed by Q4 2026
2.2. Investments, completions and disposals after 31 March 2026
- €14 million in new investments in Finland
After 31 March 2026, Aedifica has added two development projects in Finland to its investment programme for a total amount of approx. €14 million.
| Healthcare real estate | Type | Location | Date | Investment (€ million) | Pipeline^{1} (€ million) | Completion | Lease | Operator |
|---|---|---|---|---|---|---|---|---|
| Finland | - | 14 | ||||||
| Jyväskylä Linnantie | Development | Jyväskylä | 08/04/2026 | - | 5 | Q2 2027 | 20 yrs - NN | Humana |
| Hämeenlinna | Development | Hämeenlinna | 12/05/2026 | - | 9 | Q3 2027 | 20 yrs - NN | Ikifit |
| Vanainkatu | ||||||||
| Total | - | 14 |
1 The amounts in this column include the budgets for projects that Aedifica will finance.
- 2 projects completed in Spain
After 31 March 2026, two development projects in Spain have been completed for approx. €28 million.
| Healthcare real estate | Type | Location | Date | Investment^{1} (€ million) | Lease | Operator |
|---|---|---|---|---|---|---|
| Spain | 28 | |||||
| Murcia | Development | Murcia | 08/04/2026 | 14 | 25 yrs - NNN | Emera |
| Valladolid | Development | Valladolid | 13/04/2026 | 14 | 25 yrs - NNN | Genesenior |
| Total | 28 |
1 The amount in this column only includes the works that were carried out.
- 5 disposals in the UK and Belgium
After 31 March 2026, two UK care homes and three pubs located in Belgium were divested for approx. €11 million.
| Name | Location | Date | Selling price (€ million) |
|---|---|---|---|
| Healthcare real estate | 10 | ||
| United Kingdom^{1} | 10 | ||
| Tree tops | Staffordshire | 02/04/2026 | |
| Bentley Manor | Cheshire | 02/04/2026 | |
| Distribution networks | 1 | ||
| 3 pubs | Belgium | April 2026 | |
| Total | 11 |
1 Amounts in GBP were converted into EUR based on the exchange rate of the transaction date.
7/44
2.3. Investment programme as at 31 March 2026
As at 31 March 2026, Aedifica had a total investment programme of approx. €539 million, of which approx. €264 million has already been spent and approx. €275 million remains to be invested (see Appendix 3 for a complete overview). The projects have an average initial yield on cost of approx. 5.8%. Following the integration of the Cofinimmo pipeline, the average initial yield on cost of the Group's committed pipeline decreased from 6.5% on 31 December 2025 towards 5.8%, mainly due to some legacy Spanish projects. The target remains to aim for an initial yield on cost in the range of 6-6.5% for new development projects.
The total investment budget can be broken down as follows:
Expected deliveries of projects and closings of acquisitions
Expected evolution of the investment programme (approximate, in € million) based on anticipated completion dates and not considering the addition of new projects
2.4. Aedifica's exchange offer on Cofinimmo¹²
OPPORTUNITY FOR VALUE CREATION
Over the years, both Aedifica and Cofinimmo have built substantial portfolios of healthcare properties in key European markets, supported by strong tenant bases. Recognising this strategic alignment, Aedifica assessed that combining the two companies to create Europe's leading healthcare REIT would present a significant opportunity for value creation, as the resulting group would be well-placed to reduce capital costs and achieve sustainable earnings growth per share thanks to its increased scale. Furthermore, a combination would establish a platform that is perfectly positioned to lead the next phase of growth in the healthcare real estate sector.
EXCHANGE OFFER FOR ALL COFINIMMO SHARES
With these strategic advantages in mind, Aedifica laid the groundwork to unite with Cofinimmo through an all-share exchange offer, with the unanimous support of the boards of both companies. After receiving the necessary approvals from Aedifica's shareholders and various relevant competition authorities¹³, the Group entered into a dialogue with the Belgian Competition Authority (BCA) in the second half of 2025. In January 2026, the BCA approved the transaction, on the condition that Aedifica would divest €300 million in Belgian healthcare assets over the course of several years. Following the approval of the transaction prospectus, the exchange offer was open to Cofinimmo shareholders from 30 January 2026 through 2 March 2026. Cofinimmo shareholders were offered 1.185 new Aedifica shares for each share of Cofinimmo they tendered.
80% OF COFINIMMO SHARES EXCHANGED
During the acceptance period, a total of 30,312,595 Cofinimmo shares were tendered to the exchange offer, with Aedifica acquiring 79.57% of the shares in Cofinimmo. The settlement payment took place on 10 March 2026. 35,920,425 new Aedifica shares were issued and listed that day (see section 3.3), bringing the total number of Aedifica shares to 83,470,544. All shares have coupon no. 36 and following attached, entitling the shareholder to the full dividend for the 2025 financial year.
MERGER BY ABSORPTION
Given the strong result of the exchange offer, Aedifica opted not to reopen. Instead, it initiated a merger by absorption of Cofinimmo, while starting the process of integrating the teams and portfolios into a single platform. By the end of April, the merger proposal was approved by the boards and filed with the registry of the Enterprise Court. To approve the legal merger, Aedifica will convene an extraordinary general meeting on 12 June 2026, while Cofinimmo is expected to organise an extraordinary general meeting on 30 June 2026. Following the legal merger, the remaining Cofinimmo shares will be exchanged for Aedifica shares at an exchange ratio of 1.1784¹⁴.
LOOKING FORWARD
The combination of the two companies is expected to generate operational and financial synergies. This was confirmed when S&P Global raised Aedifica's credit ratings from BBB to BBB+ with a stable outlook and assigned the Company an A-2 short-term issuer rating¹⁵. Taking into account the expected synergies and strong strategic fit, EPRA Earnings per share are expected to increase, creating scope to increase dividends in the future while maintaining a sustainable payout ratio of consolidated EPRA Earnings. The legal merger will further accelerate the integration process and the realisation of expected synergies, with a full run-rate impact during 2027.
All information relating to the exchange offer and the legal merger is available on the Aedifica website.
¹² This information is subject to a disclaimer, see page 24.
¹³ Approval was obtained from competition authorities in the Netherlands and Germany and France provided FDI clearance.
¹⁴ As set out in more detail in the merger proposal published on 30 April 2026, this exchange ratio takes into account, amongst other things, the dividends distributed in May 2026.
¹⁵ See section 3.3 of this interim financial report and the press release of 13 March 2026.
2.5. Other events
Agreement with Armonea
At the end of 2025, Colisée group, of which Armonea is a part, announced a financial recovery plan. In this context, early 2026 talks between Armonea and Aedifica resulted in specific agreements for certain properties. On 21 April 2026, the Colisée group announced in a press release that their financial recovery plan was approved by the Paris Economic Affairs Court, initiating the closing of its restructuring procedure. To date, Armonea (representing 7% of the Group's annual contractual rents) has continued to pay all contractually due rent to the Company.
Offices: new lease at M10 in Brussels CBD
Cofinimmo Offices has signed a third lease in the office building Montoyer 10 ('M10'), in Brussels' Central Business District ('CBD'), confirming the prime rent of previous leases (400 EUR/m²/year). The M10 occupation rate now reaches 57%.
Impression: Mikkeli Pehtorintie in Mikkeli (Finland)
Child protection centre to be completed by Q4 2026
3. Management of financial resources
3.1. Financial debts
In the first quarter of 2026, the Aedifica group's committed credit facilities mechanically increased by €3,420 million as a result of the successful completion of Aedifica's exchange offer on Cofinimmo on 10 March 2026. Furthermore, Aedifica contracted a new bank facility of €150 million with a 5-year maturity and a new counterparty, in order to further strengthen and diversify its financial resources. In addition, €176 million in committed bank facilities, which can be extended at the lender's discretion, have been successfully extended by another year, until 2029 or 2031.
On 31 March 2026, the total amount of short-term treasury notes (including those issued by Cofinimmo and Hoivatilat) stands at €1,234 million, fully backed by committed credit facilities in case of non-renewal.
Taking these elements into account, the maturity dates of Aedifica's financial debts as at 31 March 2026 are as follows:
| Financial debt
(in € million) 1 | Committed financing | | Short-term
treasury notes 2 |
| --- | --- | --- | --- |
| | Lines | Utilisation | |
| 31/12/2026 | 472 | 223 | 1,194 |
| 31/12/2027 | 1,382 | 706 | 40 |
| 31/12/2028 | 1,641 | 1,138 | - |
| 31/12/2029 | 568 | 123 | - |
| 31/12/2030 | 1,488 | 847 | - |
| 31/12/2031 | 953 | 558 | - |
| 31/12/2032 | 95 | 50 | - |
| >31/12/2032 | 200 | 100 | - |
| Total debt as at 31 March 2026 | 6,799 | 3,745 | 1,234 |
1 Amounts in GBP were converted into EUR based on the exchange rate of 31 March 2026 (0.87278 EUR/GBP).
2 Including overdraft
As at 31 March 2026, the weighted average maturity of the drawn financial debt is 3.0 years. Available committed financing amounts to €3,054 million. After deducting the backup for the short-term treasury notes, the available liquidity stands at €1,820 million.
Loans contracted under Aedifica's and Cofinimmo's respective Sustainable Finance Frameworks or linked to sustainability KPIs amount to €3,534 million (52% of committed credit lines). In addition, all short-term treasury notes issued by Cofinimmo (31 March 2026: €741 million) are sustainable. This demonstrates the Group's wish to further diversify its sources of financing and to integrate ESG criteria into its financial policy.
The average cost of debt* including commitment fees stands at 2.0% (31 December 2025: 2.1%) owing to the interest rate hedges the Aedifica group has in place and to the contribution of short-term treasury notes to the drawn debt.
As at 31 March 2026, 96.1% of financial debt is hedged against interest rate risk, i.e., the ratio of the sum of the fixed rate debt and the notional amount of derivatives divided by the total financial debt. The hedging's weighted average maturity is 3.6 years.
As part of its financial policy, Aedifica aims to keep its debt-to-assets ratio below 45%. As at 31 March 2026, the Group's consolidated debt-to-assets ratio amounts to 40.4%.
11/44
3.2. Credit rating
In March 2026, S&P Global announced that it had raised Aedifica's credit ratings following the successful takeover exchange offer for Cofinimmo (see section 2.4 above). Both Aedifica's long-term issuer credit rating and the issue rating on its unsecured debt were raised from BBB to BBB+$^{16}$, with a stable outlook. The stable outlook reflects the expectation that the combined group, supported by strong demand across the elderly care sector, will generate stable cash flow through its robust healthcare portfolio over the next 24 months while maintaining its current financial policy. Furthermore, Aedifica was assigned a short-term issuer rating of A-2.
S&P's credit rating research is available on Aedifica's website.
3.3. Equity
In the framework of Aedifica's exchange offer for Cofinimmo (see section 2.4 above), a total of 30,312,595 Cofinimmo shares were tendered during the initial acceptance period. On 10 March 2026, as shareholders were offered 1.185 new Aedifica shares for each Cofinimmo share tendered, Aedifica issued 35,920,425 new shares at an issue price of approx. €73.96 per share (i.e. €2,656,591,336.09 including share premium). The new shares were issued with coupon 36 attached, granting the right to the full dividend for the 2025 financial year, and are thus fungible.
Following this transaction, the total number of Aedifica shares amounts to 83,470,544 and the share capital amounts to €2,202,602,669.09.
Following the legal merger with Cofinimmo on 1 July 2026, it is expected that a further 9,162,060 new Aedifica shares will be issued, bringing the total number of Aedifica shares to approx. 92,632,604.
Vihti Puhurikuja in Vihti (Finland)
Care home completed in February 2026
Sligo Finisklin Road in Sligo (Ireland)
Care home completed in February 2026
$^{16}$ See press release published on 13 March 2026.
4. Summary of the consolidated results as at 31 March 2026
4.1. Portfolio as at 31 March 2026
During the first quarter of 2026, the fair value of Aedifica's real estate portfolio17 increased by approx. €6,128 million, from €6,285 million to €12,413 million. This value of €12,413 million includes the marketable investment properties including assets classified as held for sale (€12,078 million) and the development projects (€334 million). The increase in marketable investment properties comes mainly from the successful takeover exchange offer on Cofinimmo and completed development projects (see section 2.1 above) and changes in the fair value of marketable investment properties recognised in income (+€26.9 million, or +0.4%). The changes in the fair value of marketable investment properties18, as assessed by independent valuation experts, are broken down as follows19:
Healthcare real estate: +€26.9 million (+0.4%)
- Belgium: +€1.2 million (+0.1%)
- Germany: +€3.1 million (+0.3%)
- Netherlands: +€8.0 million (+1.1%)
- United Kingdom: +€15.1 million (+1.2%)
- Finland: -€0.4 million (0.0%)
- Ireland: +€0.1 million (0.0%)
- Spain: -€0.2 million (-0.6%)
- France: +€0.0 million (0.0%)
- Italy: +€0.0 million (0.0%)
Offices: -€0.1 million (0.0%)
Distribution network properties: +€0.0 million (0.0%)
Following four quarters of positive portfolio valuations in 2025, expert valuations of marketable investment properties increased again by 0.18% in the first quarter of 2026 (on a like-for-like basis, excluding any impact from currency translation)20. The most pronounced increases in portfolio valuations were recorded in the United Kingdom, the Netherlands and Germany.
Evolution of expert valuations per quarter on a like-for-like basis (in %)
17 See table in Appendix 4.1 'Investment properties'.
18 Including gains and losses on acquisitions and assets classified as held for sale*.
19 The fair value of the real estate assets used for the entry into scope of Cofinimmo corresponds to the fair values determined by the independent valuation experts at the end of the first quarter of 2026. As a result, no additional fair value movement was recognized for the Cofinimmo real estate portfolio between the acquisition date (i.e. the change of control date) and the end of the first quarter of 2026.
20 Although Cofinimmo's portfolio entered the Group's scope on 10 March, the assets are included in the like-for-like calculation.
13/44
As at 31 March 2026, Aedifica's portfolio (including the healthcare, office and distribution network segments) comprised 1,730 properties, with a total surface area of approx. 4,658,200 m² and an overall occupancy rate of 99.2% (calculated according to the EPRA methodology). The weighted average unexpired lease term (WAULT) for the Company's total portfolio is 15 years.
The healthcare segment of Aedifica's real estate portfolio comprised 923 care properties, with a total capacity of nearly 67,200 residents and 12,700 children, and a total surface area of approx. 4,124,565 m². The total (healthcare) portfolio has an overall occupancy rate of 99.7% (calculated according to the EPRA methodology). The weighted average unexpired lease term (WAULT) for the Company's (healthcare) portfolio is 16 years.
Geographical breakdown (in terms of fair value)
Breakdown by facility type (in terms of fair value)
Impression: Jyväskylä Linnantie in Jyväskylä (Finland)
Residential care centre for disabled people to be completed by Q2 2027
4.2. Gross yield by property type & country
The table below presents the portfolio's gross yield by property type & country, compared to the fair value of the marketable investment properties. On average, the gross yield based on the fair value amounts to 6.1%.
| Situation as at 31 March 2026 | Number of sites | Fair value (x €1,000) | Annual contractual rents (x €1,000) | Gross yield 1 (%) |
|---|---|---|---|---|
| Healthcare real estate | 923 | 10,651,709 | 641,484 | 6.0% |
| Belgium | 160 | 2,795,114 | 167,690 | 6.0% |
| Germany | 158 | 2,087,900 | 118,124 | 5.7% |
| Netherlands | 111 | 1,192,370 | 75,841 | 6.4% |
| United Kingdom 2 | 120 | 1,338,455 | 86,370 | 6.5% |
| Finland | 248 | 1,410,830 | 84,326 | 6.0% |
| Ireland | 30 | 548,720 | 31,118 | 5.7% |
| Spain | 35 | 398,330 | 21,994 | 5.5% |
| France | 53 | 663,720 | 43,518 | 6.6% |
| Italy | 8 | 216,270 | 12,503 | 5.8% |
| Offices | 23 | 878,009 | 55,170 | 6.3% |
| Distribution networks | 784 | 469,803 | 34,873 | 7.4% |
| Marketable investment properties 3 | 1,730 | 11,999,521 | 731,558 | 6.1% |
| Development projects 4 | - | 334,350 | - | - |
| Right of use of plots of land | - | 78,868 | - | - |
| Investment properties 3 | - | 12,412,739 | - | - |
| Situation as at 31 December 2025 | Number of sites | Fair value (x €1,000) | Annual contractual rents (x €1,000) | Gross yield 1 (%) |
| --- | --- | --- | --- | --- |
| Healthcare real estate | 618 | 6,092,344 | 366,240 | 6.0% |
| Belgium | 79 | 1,255,280 | 73,981 | 5.9% |
| Germany | 99 | 1,190,020 | 66,847 | 5.6% |
| Netherlands | 68 | 693,910 | 43,175 | 6.2% |
| United Kingdom 5 | 117 | 1,252,567 | 81,022 | 6.5% |
| Finland | 230 | 1,233,640 | 74,990 | 6.1% |
| Ireland | 22 | 432,802 | 24,340 | 5.6% |
| Spain 6 | 3 | 34,125 | 1,884 | 5.5% |
| France | - | - | - | - |
| Italy | - | - | - | - |
| Offices | - | - | - | - |
| Distribution networks | - | - | - | - |
| Marketable investment properties 3 | 618 | 6,092,344 | 366,240 | 6.0% |
| Development projects 4 | - | 113,957 | - | - |
| Right of use of plots of land | - | 78,920 | - | - |
| Investment properties 3 | - | 6,285,221 | - | - |
1 Based on the fair value (re-assessed every three months). For healthcare real estate, the gross yield and the net yield are generally equal ('triple net' contracts) with the operating charges, the maintenance costs and the rents on empty spaces related to the operations generally being supported by the operator in Belgium, the United Kingdom, Ireland, Spain, and (often) the Netherlands and Italy. In Germany, Finland and France (and the Netherlands and Italy, in some cases), the net yield is generally lower than the gross yield, with certain charges remaining the responsibility of the owner, such as the repair and maintenance of the roof, structure and facades of the building ('double net' contracts).
2 Amounts in GBP were converted into EUR based on the exchange rate of 31 March 2026 (0.87278 EUR/GBP).
3 Including assets classified as held for sale*.
4 From the first quarter of 2026 onwards, the land reserve will be presented under 'development projects'.
5 Amounts in GBP were converted into EUR based on the exchange rate of 31 December 2025 (0.87228 EUR/GBP).
6 Aedifica's portfolio in Spain included projects under construction, the plots of land generating limited rental income.
15/44
4.3. Consolidated results
| Consolidated income statement - analytical format
(x €1,000) | 31/03/2026 | 31/03/2025 |
| --- | --- | --- |
| Rental income | 113,437 | 92,977 |
| Rental-related charges | -64 | -139 |
| Net rental income | 113,373 | 92,838 |
| Operating charges | -16,983 | -13,009 |
| Operating result before result on portfolio | 96,391 | 79,829 |
| EBIT margin (%) | 85.0% | 86.0% |
| Financial result excl. changes in fair value | -15,467 | -13,933 |
| Corporate tax | -2,634 | -2,954 |
| Share in the profit or loss of associates and joint ventures accounted for using the equity method in respect of EPRA Earnings | -100 | -220 |
| Non-controlling interests in respect of EPRA Earnings | -3,654 | -145 |
| EPRA Earnings (owners of the parent) | 74,536 | 62,577 |
| Denominator (IAS 33) | 56,330,667 | 47,550,119 |
| EPRA Earnings (owners of the parent) per share (€/share) | 1.32 | 1.32 |
| EPRA Earnings | 74,536 | 62,577 |
| Changes in fair value of financial assets and liabilities | 22,000 | -781 |
| Changes in fair value of investment properties | 29,716 | 9,914 |
| Gains and losses on disposals of investment properties | 323 | -12,083 |
| Tax on profits or losses on disposals | 0 | 0 |
| Goodwill impairment, PPA amortisation and badwill | 314,430 | 0 |
| Deferred taxes in respect of EPRA adjustments | -6,501 | 3,360 |
| Share in the profit or loss of associates and joint ventures accounted for using the equity method in respect of the above | -198 | -168 |
| Non-controlling interests in respect of the above | -1,974 | -18 |
| Roundings | 0 | 0 |
| Profit (owners of the parent) | 432,332 | 62,801 |
| Denominator (IAS 33) | 56,330,667 | 47,550,119 |
| Earnings per share (owners of the parent - IAS 33 - €/share) | 7.67 | 1.32 |
Following the takeover of Cofinimmo on 10 March, the consolidated income statement now includes 22 days of Cofinimmo's contribution to the Group's results for the first quarter.
In the context of this takeover, certain balance sheet items of Cofinimmo, mainly financial debt (+€86.6 million) and finance lease receivables (+€30.5 million), were remeasured at fair value as part of the purchase price allocation ("PPA") exercise performed upon acquisition. The difference between the net equity value after PPA adjustments and the fair value of the Aedifica shares issued at the date of control, led to the recognition of a bargain purchase gain ("badwill") amounting to €316.1 million, which was fully recognised in the profit and loss statement at acquisition date. The PPA adjustments relating to the remeasured balance sheet items will subsequently be amortised over the remaining duration of the underlying instruments, in accordance with the regular accounting principles applied to financial debt and finance lease receivables (€1.7 million in the first quarter of 2026). These elements have no monetary impact.
The consolidated turnover (consolidated rental income) for the first quarter of the current financial year (1 January 2026 – 31 March 2026) amounted to €113.4 million, an increase of approx. 22% compared to the turnover of €93.0 million on 31 March 2025.
16/44
Aedifica's consolidated rental income by country is presented in the table below.
| Consolidated rental income (x €1,000) | 2026.01 - 2026.03 | 2025.01 - 2025.03 | Var. (%) on a like-for-like basis* 1 | Var. (%) 2 |
|---|---|---|---|---|
| Healthcare real estate | 108,371 | 92,977 | +1.9% | 16.6% |
| Belgium | 24,053 | 18,093 | +1.7% | 32.9% |
| Germany | 19,834 | 15,919 | +2.5% | 24.6% |
| Netherlands | 12,741 | 10,321 | +5.2% | 23.4% |
| United Kingdom | 21,842 | 24,925 3 | +4.2% | -12.4% |
| Finland | 18,322 | 17,768 | +0.4% | 3.1% |
| Ireland | 6,475 | 5,920 | +2.0% | 9.4% |
| Spain | 1,683 | 31 | +4.1% | 5317.9% |
| France | 2,659 | - | +0.3% | - |
| Italy | 762 | - | +1.3% | - |
| Offices | 2,965 | - | -2.5% | - |
| Distribution networks | 2,101 | - | +2.4% | - |
| Total | 113,437 | 92,977 | +1.6% | +22.0% |
1 The variation on a like-for-like basis is shown for each country in the local currency. The total variation on a like-for-like basis is shown in the Group currency. For like-for-like purposes, full-quarter consolidation is assumed in both 2025 and 2026 (i.e. no pro-rata adjustment).
2 The variation is shown for each country in the local currency. The total variation is shown in the Group currency. The segments and countries that were not part of Aedifica's portfolio in the first quarter of 2025 do not display any value.
3 The first quarter of 2025 includes one off non-recurring profit rents.
The increase in consolidated rental income can be attributed to the growth of Aedifica's portfolio through acquisitions and the completion of development projects from the investment programme, and is supported by the indexation of rental income and contingent rents.
The 1.6% like-for-like variation* in rental income²¹ can be broken down into +2.0% indexation of rents, +0.1% rent reversion and contingent rents, and -0.5% exchange rate fluctuation.
Taking into account the rental-related charges (€0.1 million), the net rental income amounts to €113.4 million (+22% compared to 31 March 2025).
The property result amounts to €113.5 million (31 March 2025: €92.9 million). This result, less other direct costs, leads to a property operating result of €107.2 million (31 March 2025: €90.1 million). This implies an operating margin* of 94.5% (31 March 2025: 97.1%).
After deducting overheads of €10.7 million (31 March 2025: €10.2 million) and taking into account other operating income and charges, the operating result before result on the portfolio has increased by 21% to reach €96.4 million (31 March 2025: €79.8 million). This implies an EBIT margin* of 85.0% (31 March 2025: 86.0%).
Taking into account the cash flows generated by hedging instruments, Aedifica's net interest charges amount to €14.3 million (31 March 2025: €12.7 million). Taking into account other income and charges of a financial nature, and excluding the net impact of the revaluation of hedging instruments to their fair value (non-cash movements accounted for in accordance with IAS 39 are not included in the EPRA Earnings as explained below), the financial result excl. changes in fair value represents a net charge of €15.5 million (31 March 2025: €13.9 million).
Corporate taxes are composed of current taxes, deferred taxes, tax on profits or losses on disposals and exit tax. In conformity with the special tax system of Belgian RRECs, the taxes included in the EPRA Earnings* (31 March 2026: charge of €2.6 million; 31 March 2025: charge of €3.0 million) consist
21 For like-for-like purposes, full-quarter consolidation is assumed in both 2025 and 2026 (i.e. no pro-rata adjustment).
17/44
primarily of tax on the result of consolidated subsidiaries, tax on profits generated outside of Belgium and Belgian tax on Aedifica's non-deductible expenditures.
The share in the result of associates and joint ventures mainly includes the result of the participation in Immobe NV/SA and Aldea Group NV/SA (consolidated respectively since 31 March 2019 and 31 December 2020 using the equity method).
Non-controlling interests mainly include the minority shareholders of Cofinimmo NV/SA and are expected to be reduced following the merger and delisting of Cofinimmo.
EPRA Earnings* (see Appendix 4.6.1) reached €74.5 million (31 March 2025: €62.6 million), or €1.32 per share (31 March 2025: €1.32 per share), based on the weighted average number of shares outstanding during the period and taking into account the higher number of shares resulting from the capital increase of 10 March 2026. The table below illustrates the evolution of the weighted average over the course of 2026, taking into account the capital increase on 10 March and the anticipated capital increase on 1 July related to the announced merger.
| Denominator IAS 33^{1} | Number of shares outstanding | Number of days |
|---|---|---|
| 01/01/2026 – 09/03/2026 | 47,550,119 | 68 |
| 10/03/2026 – 31/03/2026 | 83,470,544 | 22 |
| 01/04/2026 – 30/06/2026 | 83,470,544 | 91 |
| 01/07/2026 – 30/09/2026 | 92,632,604 | 92 |
| 01/10/2026 – 31/12/2026 | 92,632,604 | 92 |
1 This table gives a forward-looking view as from Q3 2026 onwards.
| Denominator IAS 33^{1} | Number of shares outstanding | Weighted average number of shares |
|---|---|---|
| 01/01/2026 – 31/03/2026 | 83,470,544 | 56,330,667 |
| 01/01/2026 – 30/06/2026 | 83,470,544 | 69,975,578 |
| 01/01/2026 – 30/09/2026 | 92,632,604 | 77,610,913 |
| 01/01/2026 – 31/12/2026 | 92,632,604 | 81,397,202 |
1 This table gives a forward-looking view as from Q3 2026 onwards.
The income statement also includes elements with no monetary impact (i.e., non-cash) that vary in line with external market parameters. These consist amongst others of changes in the fair value of investment properties (accounted for in accordance with IAS 40), changes in the fair value of financial assets and liabilities (accounted for in accordance with IAS 39), other results on portfolio and deferred taxes (arising from IAS 40):
- Over the first quarter, the combined changes in the fair value of marketable investment properties and development projects²² represent an increase of €29.7 million for the period (31 March 2025: an increase of €9.9 million).
- In order to limit the interest rate risk stemming from the financing of its investments, Aedifica has put in place long-term hedges which allow for the conversion of variable-rate debt to fixed-rate debt, or to capped-rate debt. Changes in the fair value of financial assets and liabilities
²² That change corresponds to the sum of the positive and negative variations of the fair value of the buildings as at 31 December 2025 or the time of entry of new buildings in the portfolio, and the fair value estimated by the valuation experts as at 31 March 2026. It also includes ancillary acquisition costs and changes in the right of use of plots of land. From the first quarter of 2026 onwards, the land reserve will be presented under ‘development projects’.
18/44
taken into the income statement as at 31 March 2026 represent an income of €22.0 million (31 March 2025: charge of €0.8 million).
- Gains and losses on disposals of investment properties (31 March 2026: gain of €0.3 million; 31 March 2025: loss of €12.1 million, which was mainly related to the disposal of the Swedish portfolio) are also taken into account here.
- Deferred taxes in respect of EPRA adjustments (charge of €6.5 million as at 31 March 2026, compared to an income of €3.4 million on 31 March 2025) arose from the recognition at fair value of buildings located abroad, in conformity with IAS 40.
Taking into account the non-monetary elements described above, the profit (owners of the parent) amounts to €432.3 million (31 March 2025: €62.8 million). The basic earnings per share (as defined by IAS 33) is €7.67 (31 March 2025: €1.32).
4.4. Net asset value per share
As at 31 March 2026, the net asset value (NAV) per share, based on the fair value of investment properties, amounted to €79.79 (31 December 2025: €77.05 per share). The IFRS NAV per share is calculated by dividing the equity by the total number of shares entitled to a dividend on the closing date.
| Number of shares | 31/03/2026 | 31/12/2025 | 31/03/2025 |
|---|---|---|---|
| Total number of shares on the stock market | 83,470,544 | 47,550,119 | 47,550,119 |
| Total number of treasury shares | 855 | 8,067 | 8,067 |
| Number of shares outstanding after deduction of the treasury shares | 83,469,689 | 47,542,052 | 47,542,052 |
| Weighted average number of shares outstanding (IAS 33) | 56,330,667 | 47,550,119 | 47,550,119 |
| Number of dividend rights 1 | 83,470,544 | 47,550,119 | 47,550,119 |
1 Based on the rights to the dividend for the shares issued during the year.
19/44
5. Dividend
5.1. Dividend for the 2025 financial year
As proposed, the Annual General Meeting of 12 May 2026 decided to distribute a gross dividend of €4.00 per share for the 2025 financial year (+3% compared to the 2024 dividend). After deduction of the withholding tax of 30% (see below), the net dividend per share amounts to €2.80. The dividend (represented by coupon no 36, which was detached on 13 May 2026 (after trading hours)) will be paid as from 19 May 2026.
All Cofinimmo shareholders who tendered their shares in the exchange offer received their new Aedifica shares on 10 March 2026 with coupon 36 attached, entitling them to the full Aedifica dividend for 2025.
| Coupon | Period | Ex-coupon date | Payment date | Gross dividend | Net dividend |
|---|---|---|---|---|---|
| 36 | 01/01/2025 – 31/12/2025 | 14/05/2026 | as from 19/05/2026 | €4.00 | €2.80 |
- 30% withholding tax
Since 1 January 2026, the withholding tax on dividends distributed by Aedifica amounts to 30%.
From 2017 to 2025, Aedifica shareholders benefited from a reduced withholding tax of 15% instead of 30%, which is granted to shareholders of REITs investing more than 80%[23] of their portfolio in residential healthcare real estate situated in a member state of the European Economic Area (EEA).
As a result of Brexit, the UK is no longer part of the EEA since 1 January 2021. A transition regime was provided for UK assets acquired prior to 1 January 2021 so that they could be included in the calculation of the 80% threshold until the end of the 2025 financial year. However, as this transition regime has now ended, and given its portfolio in the UK and its non-residential care properties in other countries, Aedifica no longer meets the 80% threshold. Consequently, the Company's shareholders are no longer able to benefit from the reduced withholding tax rate of 15%.
Aedifica's combination with Cofinimmo (see section 2.4) will not change anything in terms of the applicable withholding tax rate for dividends payable by Aedifica in May 2026. Considering the current composition of Cofinimmo's portfolio with offices, distribution networks and non-residential healthcare real estate, Aedifica's and Cofinimmo's consolidated real estate portfolio will not reach the 80% threshold.
5.2. Dividend outlook for the 2026 financial year
The Board of Directors continues to pay close attention to the shifting economic, financial and political context, as well as the associated impact on the Group's activities.
Based on the currently available information, and without any unforeseen developments, the Board of Directors proposes a gross dividend of €4.20/share for the 2026 financial year (+5% compared to the 2025 dividend).
Detailed guidance for the combined entity regarding the 2026 financial year will be announced in the half-year report, which is due to be published in early September 2026.
20/44
6. Financial calendar²⁴
| Financial calendar | |
|---|---|
| Coupon 36 - ex-coupon date | 14/05/2026 |
| Payment dividend relating to the 2025 financial year | As from 19/05/2026 |
| 2025 Environmental Data Report | June 2026 |
| Extraordinary General Meeting related to the legal merger with Cofinimmo | 12/06/2026 |
| Half-year results 30/06/2026 | 01/09/2026 – 07:30 AM |
| Interim results 30/09/2026 | 18/11/2026 – 17:40 PM |
| Annual press release 31/12/2026 | February 2027 |
| 2026 Annual Report | March 2027 |
7. Corporate governance
7.1. Changes within the Board of Directors
Following the successful completion of the exchange offer, Ms Katrien Kesteloot and Mr Luc Plasman resigned as Directors of Aedifica. The Board wants to thank them for their commitment and contribution to Aedifica's success over the past years.
On 12 May 2026, with immediate effect and for a period of three years (until the end of the Ordinary General Meeting to be held in 2029), the General Meeting approved the appointment of Mr Jean Hilgers, Ms Ann Caluwaerts, Ms Nathalie Charles and Ms Mirjam van Velthuizen-Lormans as non-executive independent Directors, and renewed Ms Marleen Willekens' mandate as a non-executive independent Director.
Aedifica's new Board of Directors now includes ten members, bringing expertise from both Aedifica and Cofinimmo into the new, combined entity. Mr Stefaan Gielens, CEO of Aedifica, is the only remaining Executive Director. Mr Serge Wibaut will remain Chair of the Board in anticipation of the execution of the legal merger, after which he will be replaced by Mr Jean Hilgers.
All information regarding the new composition of the Board, including the CVs of the Directors, is available on Aedifica's website.
| Name | Audit & Risk Committee | Nomination & Remuneration Committee | |
|---|---|---|---|
| Serge Wibaut | Chair of Board | Member | Member |
| Jean Hilgers | Vice-Chair of Board | Member | Chair |
| Stefaan Gielens | Executive Director | ||
| Ann Caluwaerts | Member | ||
| Nathalie Charles | Member | ||
| Elisabeth May-Roberti | Member | ||
| Rikke Lykke | |||
| Kari Pitkin | |||
| Mirjam van Velthuizen-Lormans | |||
| Marleen Willekens | Chair |
²⁴ These dates are subject to change.
7.2. Changes within the Executive Committee
Within the context of the successful completion of the exchange offer for Cofinimmo, the composition of Aedifica's Executive Committee will be reorganised to reflect the combination with Cofinimmo and its strategic priorities. Upon execution of the legal merger, whereby Aedifica will absorb Cofinimmo, Aedifica's Executive Committee will be composed of the following members:
| Name | Function |
|---|---|
| Stefaan Gielens | Chief Executive Officer (CEO) |
| Ingrid Daerden | Chief Financial Officer (CFO) |
| Yeliz Bicici | Chief Operating Officer (COO) |
| Charles-Antoine van Aelst | Chief Investment Officer (CIO) |
| Sven Bogaerts | Chief Legal Officer (CLO) |
| Roel Dumont | Chief Human Resources Officer (CHRO) |
The Board of Directors wishes the new Executive Committee every success in their assignment. As this means that Mr Raoul Thomassen's assignment within Aedifica's Executive Committee will come to an end, the Board of Directors would like to extend its sincere and heartfelt thanks for his dedication, commitment and valuable contribution to Aedifica's development and success over the past years. The Board wishes him every success in his future endeavours.
22/44
About Aedifica
Aedifica is a Regulated Real Estate Company under Belgian law specialised in European healthcare real estate, particularly in elderly care. Aedifica has developed a property portfolio totalling approx. €12.4 billion across Belgium, Germany, the Netherlands, the United Kingdom, Finland, Ireland, Spain, France and Italy.
Aedifica is listed on Euronext Brussels (2006) and Euronext Amsterdam (2019) and is identified by the following ticker symbols: AED; AED:BB (Bloomberg); AOO.BR (Reuters).
Since 2020, Aedifica has been part of the BEL 20, Euronext Brussels' leading share index. Moreover, since 2023, Aedifica has been part of the BEL ESG, the index tracking companies that perform best on ESG criteria. Aedifica is also included in the EPRA, Stoxx Europe 600 and GPR indices. Its market capitalisation amounted to approx. €5.7 billion as at 18 May 2026.
BEL20 by EUROBEAT
BEL ESG by EUROBEAT
Forward-looking statement
This document contains forward-looking information that involves risks and uncertainties, including statements about Aedifica's plans, objectives, expectations and intentions. Readers are cautioned that forward-looking statements include known and unknown risks and are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of Aedifica. Should one or more of these risks, uncertainties or contingencies materialise, or should any underlying assumptions prove incorrect, actual results could vary materially from those anticipated, expected, estimated or projected. As a result, Aedifica does not assume any responsibility for the accuracy of these forward-looking statements.
For all additional information
Ingrid Daerden
Chief Financial Officer
T +32 2 626 07 70
Delphine Noirhomme
Investor Relations Manager
T +32 2 626 07 70
www.aedifica.eu
Disclaimer relating to all information on the exchange offer for Cofinimmo shares
SUBJECT TO CERTAIN EXCEPTIONS, THE INFORMATION RELATING TO THE EXCHANGE OFFER ON ALL COFINIMMO SHARES (INCLUDING THE PROPOSED MERGER BY ABSORPTION BETWEEN AEDIFICA AND COFINIMMO) CONTAINED IN THIS REPORT IS NOT FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISCLOSURE OTHERWISE, WHETHER DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, SWITZERLAND, SOUTH AFRICA, THE UNITED KINGDOM OR ANY OTHER STATE OR JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE LAWS OF THAT JURISDICTION OR WOULD REQUIRE ADDITIONAL DOCUMENTS TO BE COMPLETED OR REGISTERED, OR REQUIRE ANY MEASURE TO BE UNDERTAKEN IN ADDITION TO THE REQUIREMENTS UNDER BELGIAN LAW.
THIS REPORT DOES NOT CONSTITUTE AN OFFER, OR ANY SOLICITATION OF ANY OFFER, TO BUY OR SUBSCRIBE FOR ANY SECURITIES IN AEDIFICA OR COFINIMMO.
ANY OFFER WILL BE MADE ONLY IN COMPLIANCE WITH THE TAKEOVER ACT AND THE TAKEOVER DECREE (EACH AS DEFINED HEREIN), AND BY MEANS OF A PROSPECTUS APPROVED BY THE FSMA PURSUANT TO THE TAKEOVER DECREE AND SUBJECT TO THE TERMS AND CONDITIONS TO BE SET OUT THEREIN.
24/44
Appendices
1. Consolidated income statement
1.1. Year-over-year comparison
| (x €1,000) | 31/03/2026 | 31/03/2025 | |
|---|---|---|---|
| I. | Rental income | 113,437 | 92,977 |
| II. | Writeback of lease payments sold and discounted | 0 | 0 |
| III. | Rental-related charges | -64 | -139 |
| Net rental income | 113,373 | 92,838 | |
| IV. | Recovery of property charges | 6 | 0 |
| V. | Recovery of rental charges and taxes normally paid by tenants on let properties | 4,625 | 2,833 |
| VI. | Costs payable by the tenant and borne by the landlord on rental damage and repair at end of lease | -17 | 0 |
| VII. | Charges and taxes not recovered by the tenant on let properties | -4,636 | -2,802 |
| VIII. | Other rental-related income and charges | 139 | 22 |
| Property result | 113,490 | 92,891 | |
| IX. | Technical costs | -1,034 | -603 |
| X. | Commercial costs | -294 | -40 |
| XI. | Charges and taxes on unlet properties | -158 | -11 |
| XII. | Property management costs | -4,005 | -1,764 |
| XIII. | Other property charges | -814 | -345 |
| Property charges | -6,305 | -2,763 | |
| Property operating result | 107,185 | 90,128 | |
| XIV. | Overheads | -10,733 | -10,222 |
| XV. | Other operating income and charges | -62 | -77 |
| Operating result before result on portfolio | 96,390 | 79,829 | |
| XVI. | Gains and losses on disposals of investment properties | 323 | -12,083 |
| XVII. | Gains and losses on disposals of other non-financial assets | 0 | 0 |
| XVIII. | Changes in fair value of investment properties | 29,716 | 9,914 |
| XIX. | Other result on portfolio | 314,430 | 0 |
| Operating result | 440,859 | 77,660 | |
| XX. | Financial income | 972 | 265 |
| XXI. | Net interest charges | -14,280 | -12,697 |
| XXII. | Other financial charges | -2,158 | -1,501 |
| XXIII. | Changes in fair value of financial assets and liabilities | 22,000 | -781 |
| Net finance costs | 6,534 | -14,714 | |
| XXIV. | Share in the profit or loss of associates and joint ventures accounted for using the equity method | -299 | -388 |
| Profit before tax (loss) | 447,094 | 62,558 | |
| XXV. | Corporate tax | -9,135 | 567 |
| XXVI. | Exit tax | 0 | -161 |
| Tax expense | -9,135 | 406 | |
| Profit (loss) | 437,959 | 62,964 | |
| Attributable to: | |||
| Non-controlling interests | 5,627 | 163 | |
| Owners of the parent | 432,332 | 62,801 | |
| Basic earnings per share (€) | 7.67 | 1.32 | |
| Diluted earnings per share (€) | 7.67 | 1.32 |
1.2. Reconciliation of the consolidated income statement
| Situation as at 31 March 2026(x €1,000) | Aedifica(standalone) | Cofinimmo(standalone) | Badwill 25 | ICOeliminationand Minoritypostings | Combinedentity | |
|---|---|---|---|---|---|---|
| I. | Rental income | 92,129 | 21,335 | - | -28 | 113,437 |
| II. | Writeback of lease payments sold and discounted | - | - | - | - | 0 |
| III. | Rental-related charges | -60 | -3 | - | - | -63 |
| Net rental income | 92,070 | 21,332 | - | -28 | 113,373 | |
| IV. | Recovery of property charges | - | - | - | - | 6 |
| V. | Recovery of rental charges and taxes normally paid by tenants on let properties | 2,872 | 1,759 | - | -6 | 4,625 |
| VI. | Costs payable by the tenant and borne by the landlord on rental damage and repair at end of lease | - | -17 | - | - | -17 |
| VII. | Charges and taxes not recovered by the tenant on let properties | -2,877 | -1,759 | - | - | -4,636 |
| VIII. | Other rental-related income and charges | 182 | -44 | - | - | 138 |
| Property result | 92,247 | 21,277 | - | -34 | 113,490 | |
| IX. | Technical costs | -765 | -269 | - | - | -1,034 |
| X. | Commercial costs | -31 | -263 | - | - | -294 |
| XI. | Charges and taxes on unlet properties | -12 | -147 | - | - | -158 |
| XII. | Property management costs | -2,242 | -1,763 | - | - | -4,005 |
| XIII. | Other property charges | -729 | -86 | - | - | -815 |
| Property charges | -3,778 | -2,528 | - | - | -6,306 | |
| Property operating result | 88,469 | 18,749 | - | -34 | 107,185 | |
| XIV. | Overheads | -9,976 | -789 | - | 32 | -10,733 |
| XV. | Other operating income and charges | -62 | - | - | - | -62 |
| Operating result before result on portfolio | 78,431 | 17,960 | - | -1 | 96,390 | |
| XVI. | Gains and losses on disposals of investment properties | - | 323 | - | - | 323 |
| XVII. | Gains and losses on disposals of other non-financial assets | - | - | - | - | - |
| XVIII. | Changes in fair value of investment properties | 29,891 | -175 | - | - | 29,716 |
| XIX. | Other result on portfolio | - | - | 314,430 | - | 314,430 |
| Operating result | 108,322 | 18,108 | 314,430 | -1 | 440,859 | |
| XX. | Financial income | 372 | 600 | - | - | 972 |
| XXI. | Net interest charges | -12,356 | -1,926 | - | 1 | -14,280 |
| XXII. | Other financial charges | -1,654 | -504 | - | - | -2,158 |
| XXIII. | Changes in fair value of financial assets and liabilities | 11,855 | 10,145 | - | - | 22,000 |
| Net finance costs | -1,782 | 8,316 | - | 1 | 6,534 | |
| XXIV. | Share in the profit or loss of associates and joint ventures accounted for using the equity method | -300 | - | - | - | -300 |
| Profit before tax (loss) | 106,240 | 26,423 | 314,430 | - | 447,094 | |
| XXV. | Corporate tax | -8,522 | -613 | - | - | -9,135 |
| XXVI. | Exit tax | - | - | - | - | 0 |
| Tax expense | -8,522 | -613 | - | - | -9,135 | |
| Profit (loss) | 97,718 | 25,811 | 314,430 | - | 437,959 | |
| Attributable to: | ||||||
| Non-controlling interests | 348 | 437 | -342 | 5,184 | 5,627 | |
| Owners of the parent | 97,370 | 25,373 | 314,773 | -5,184 | 432,332 | |
| Basic earnings per share (€) | - | - | - | - | 7.67 | |
| Diluted earnings per share (€) | - | - | - | - | 7.67 |
25 Including PPA amortization.
27/44
2. Consolidated balance sheet
| ASSETS
(x €1,000) | | 31/03/2026 | 31/12/2025 |
| --- | --- | --- | --- |
| I. | Non-current assets | | |
| A. | Goodwill | 59,748 | 59,748 |
| B. | Intangible assets | 1,899 | 589 |
| C. | Investment properties | 12,394,127 | 6,215,599 |
| D. | Other tangible assets | 6,412 | 3,461 |
| E. | Non-current financial assets | 122,120 | 40,912 |
| F. | Finance lease receivables | 180,867 | 0 |
| G. | Trade receivables and other non-current assets | 0 | 0 |
| H. | Deferred tax assets | 9,140 | 883 |
| I. | Equity-accounted investments | 40,475 | 22,049 |
| Total non-current assets | | 12,814,788 | 6,343,241 |
| II. | Current assets | | |
| A. | Assets classified as held for sale | 18,612 | 69,622 |
| B. | Current financial assets | 964 | 0 |
| C. | Finance lease receivables | 4,925 | 0 |
| D. | Trade receivables | 62,340 | 17,469 |
| E. | Tax receivables and other current assets | 26,112 | 9,074 |
| F. | Cash and cash equivalents | 44,999 | 21,952 |
| G. | Deferred charges and accrued income | 45,065 | 15,765 |
| Total current assets | | 203,017 | 133,882 |
| TOTAL ASSETS | | 13,017,805 | 6,477,123 |
28/44
| EQUITY AND LIABILITIES
(x €1,000) | | 31/03/2026 | 31/12/2025 |
| --- | --- | --- | --- |
| EQUITY | | | |
| I. Issued capital and reserves attributable to owners of the parent | | | |
| A. | Capital | 2,122,296 | 1,203,638 |
| B. | Share premium account | 3,364,594 | 1,719,001 |
| C. | Reserves | 740,758 | 496,627 |
| | a. Legal reserve | 0 | 0 |
| | b. Reserve for the balance of changes in fair value of investment properties | 385,854 | 398,579 |
| | d. Reserve for the balance of changes in fair value of authorised hedging instruments qualifying for hedge accounting as defined under IFRS | 1,626 | 1,234 |
| | e. Reserve for the balance of changes in fair value of authorised hedging instruments not qualifying for hedge accounting as defined under IFRS | 98,767 | 44,949 |
| | f. Reserve of exchange differences relating to foreign currency monetary items | 82 | 82 |
| | g. Foreign currency translation reserves | -5,794 | -4,730 |
| | h. Reserve for treasury shares | -409 | -49 |
| | j. Reserve for actuarial gains and losses of defined benefit pension plans | -363 | -363 |
| | k. Reserve for deferred taxes on investment properties located abroad | -130,882 | -84,884 |
| | m. Other reserves | 0 | 0 |
| | n. Result brought forward from previous years | 385,886 | 135,817 |
| | o. Reserve- share NI & OCI of equity method invest | 5,991 | 5,992 |
| D. | Profit (loss) of the year | 432,332 | 244,434 |
| Equity attributable to owners of the parent | | 6,659,980 | 3,663,700 |
| II. | Non-controlling interests | 837,601 | 5,605 |
| TOTAL EQUITY | | 7,497,581 | 3,669,305 |
| LIABILITIES | | | |
| I. | Non-current liabilities | | |
| A. | Provisions | 27,434 | 0 |
| B. | Non-current financial debts | 3,279,276 | 1,933,720 |
| | a. Borrowings | 1,509,674 | 1,142,383 |
| | c. Other | 1,769,602 | 791,337 |
| C. | Other non-current financial liabilities | 133,748 | 95,577 |
| | a. Authorised hedges | 4,924 | 6,963 |
| | b. Other | 128,824 | 88,614 |
| D. | Trade debts and other non-current debts | 0 | 0 |
| E. | Other non-current liabilities | 0 | 0 |
| F. | Deferred tax liabilities | 232,170 | 159,603 |
| Non-current liabilities | | 3,672,628 | 2,188,900 |
| II. Current liabilities | | | |
| A. | Provisions | 0 | 0 |
| B. | Current financial debts | 1,609,869 | 551,287 |
| | a. Borrowings | 308,885 | 67,287 |
| | c. Other | 1,300,984 | 484,000 |
| C. | Other current financial liabilities | 3,601 | 3,191 |
| D. | Trade debts and other current debts | 191,583 | 47,434 |
| | a. Exit tax | 82 | 82 |
| | b. Other | 191,501 | 47,352 |
| E. | Other current liabilities | 0 | 0 |
| F. | Accrued charges and deferred income | 42,543 | 17,006 |
| Total current liabilities | | 1,847,596 | 618,918 |
| TOTAL LIABILITIES | | 5,520,224 | 2,807,818 |
| TOTAL EQUITY AND LIABILITIES | | 13,017,805 | 6,477,123 |
29/44
3. Overview of the investment programme
| Investment programme (in € million)1 | Operator | Current budget | Invest. as at 31/03/2026 | Future invest. |
|---|---|---|---|---|
| Projects in progress | ||||
| Completion 2026 | 263 | 187 | 75 | |
| BE | 21 | 19 | 2 | |
| Belsele | Orelia | 2 | 0 | 2 |
| Genappe | Clariane | 19 | 19 | 0 |
| DE | 49 | 38 | 11 | |
| North Rhine-Westphalia | Compassio | 44 | 34 | 10 |
| Am Parnassturm | Vitanas | 5 | 4 | 1 |
| UK | 25 | 14 | 11 | |
| The Mount | Hamberley Care Homes | 16 | 10 | 5 |
| Ashurst Park | Bondcare | 6 | 1 | 5 |
| St. Joseph's | Emera | 3 | 3 | 1 |
| FI | 86 | 48 | 38 | |
| Finland – pipeline ‘elderly care homes’ | Multiple tenants | 63 | 33 | 29 |
| Finland – pipeline ‘childcare centres’ | Multiple tenants | 13 | 9 | 4 |
| Finland – pipeline ‘other’ | Multiple tenants | 9 | 5 | 5 |
| IE | 27 | 13 | 13 | |
| Limerick cancer centre | UPMC & Bon Secours | 27 | 13 | 13 |
| ES | 55 | 55 | 0 | |
| Alicante | Vivalto | 14 | 14 | 0 |
| Castellón de la Plana | Vivalto | 14 | 14 | 0 |
| Murcia2 | Emera | 14 | 14 | 0 |
| Valladolid2 | Grupo Norte | 14 | 14 | 0 |
| Completion 2027 | 189 | 61 | 128 | |
| DE | 29 | 10 | 19 | |
| Seniorenquartier Gummersbach3 | Specht Gruppe | 29 | 10 | 19 |
| UK | 7 | 1 | 6 | |
| Lavender Villa | Emera | 7 | 1 | 6 |
| FI | 21 | 1 | 20 | |
| Finland – pipeline ‘elderly care homes’ | Multiple tenants | 18 | 0 | 18 |
| Finland – pipeline ‘other’ | Multiple tenants | 3 | 1 | 2 |
| IE | 59 | 5 | 54 | |
| Crumlin | Bartra Healthcare | 35 | 2 | 32 |
| Kilcoole | Muskerry | 25 | 3 | 22 |
| ES | 73 | 44 | 30 | |
| Córdoba | Amavir | 17 | 11 | 5 |
| Ourense | Domus Vi | 13 | 10 | 4 |
| Oviedo | Amavir | 14 | 11 | 4 |
| Santa Cruz de Tenerife | Domus Vi | 14 | 12 | 2 |
| Seville | Reifs | 15 | 0 | 15 |
| Completion 2028 | 43 | 15 | 28 | |
| DE | 22 | 1 | 21 | |
| Stadtlohn3 | Specht Gruppe | 22 | 1 | 21 |
| ES | 21 | 14 | 8 | |
| Palma de Mallorca | Emera | 21 | 14 | 8 |
| Completion 2030 | 17 | 0 | 17 | |
| BE | 17 | 0 | 17 | |
| Coham | Clariane | 17 | 0 | 17 |
| Forward purchases & acquisitions subject to outstanding conditions | 27 | 0 | 27 | |
| Completion 2026 | 13 | 0 | 13 | |
| NL | 13 | 0 | 13 | |
| Sinnehiem | Stichting Liante & Stichting ZuidOostZorg | 13 | 0 | 13 |
| Completion 2027 | 14 | 0 | 14 | |
| UK | 14 | 0 | 14 | |
| Homefield | Emera | 14 | 0 | 14 |
| TOTAL INVESTMENT PROGRAMME as at 31/03/2026 | 539 | 264 | 275 |
1 The figures in this table are rounded amounts. The sum of certain figures might therefore not correspond to the stated total. Amounts in GBP were converted into EUR based on the exchange rate of 31 March 2026 (0.87278 EUR/GBP).
2 This project has already been completed after 31 March 2026 (see section 2.2).
3 Although still under construction, development projects often already generate limited rental income, in particular for the plots of land that have already been acquired. Their values are therefore no longer mentioned in the table above. This explains why the estimated investment values differ from those mentioned earlier.
30/44
4. Calculation details of the Alternative Performance Measures (APMs)
Aedifica has used Alternative Performance Measures in accordance with ESMA (European Securities and Market Authority) guidelines published on 5 October 2015 in its financial communication for many years. Some of these APMs are recommended by the European Public Real Estate Association (EPRA) and others have been defined by the industry or by Aedifica in order to provide readers with a better understanding of the Company's results and performance. The APMs used in this interim financial report are identified with an asterisk (*). Performance measures defined by IFRS standards or by Law are not considered to be APMs, neither are those that are not based on the consolidated income statement or the balance sheet. The definition of APMs, as applied to Aedifica's financial statements, may differ from those used in the financial statements of other companies.
4.1. Investment properties
Aedifica uses the performance measures presented below to determine the value of its investment properties; however, these measures are not defined under IFRS. They reflect alternate clustering of investment properties with the aim of providing the reader with the most relevant information.
| (x €1,000) | 31/03/2026 | 31/12/2025 |
|---|---|---|
| Marketable investment properties | 11,980,909 | 6,022,722 |
| + Assets classified as held for sale | 18,612 | 69,622 |
| + Right of use of plots of land | 78,868 | 78,920 |
| Marketable investment properties including assets classified as held for sale*, or investment properties portfolio | 12,078,389 | 6,182,870 |
| + Development projects 1 | 334,350 | 113,957 |
| Investment properties including assets classified as held for sale, or real estate portfolio | 12,412,739 | 6,285,221 |
1 From the first quarter of 2026 onwards, the land reserve will be presented under 'development projects'.
4.2. Rental income on a like-for-like basis*
Aedifica uses the net rental income on a like-for-like basis* to reflect the performance of investment properties excluding the effect of scope changes.
| (x €1,000) 1 | 01/01/2026 - 31/03/2026 | 01/01/2025 - 31/03/2025 |
|---|---|---|
| Rental income | 179,842 | 179,629 |
| - Scope changes | -5,153 | -7,647 |
| = Rental income on a like-for-like basis* | 174,689 | 171,981 |
1 For like-for-like purposes, full-quarter consolidation is assumed in both 2025 and 2026 (i.e. no pro-rata adjustment).
31/44
4.3. Average cost of debt*
Aedifica uses average cost of debt and average cost of debt (incl. commitment fees) to reflect the costs of its financial debts; however, these performance measures are not defined under IFRS. They represent annualised net interest charges deducted by reinvoiced interests and IFRS 16 (and commitment fees) divided by weighted average financial debts.
| (x €1,000) | 31/03/2026 | 31/12/2025 |
|---|---|---|
| Weighted average financial debts (a) | 3,093,579 | 2,459,590 |
| XXI. Net interest charges | -14,280 | -50,236 |
| Reinvoiced interests (incl. in XX. Financial income) | 0 | 0 |
| Interest cost related to leasing debts booked in accordance with IFRS 16 | 424 | 1,593 |
| Annualised net interest charges (b) | -56,194 | -48,643 |
| Average cost of debt* (b)/(a) | 1.8% | 2.0% |
| Commitment fees (incl. in XXII. Other financial charges) | -1,575 | -3,902 |
| Annualised net interest charges (incl. commitment fees) (c) | -62,581 | -52,545 |
| Average cost of debt* (incl. commitment fees) (c)/(a) | 2.0% | 2.1% |
4.4. Interest Cover Ratio* (ICR)
Aedifica uses the Interest Cover Ratio to measure its ability to meet interest payments obligations related to debt financing and should be at least equal to 2.0x. The ICR is calculated based on the 'Operating result before result on the portfolio' (lines I to XV of the consolidated income statement and including the interest income from financial leases from line XX) divided by 'Net interest charges' (line XXI) on a 12-month rolling basis.
| (x €1,000) | 01/04/2025 - 31/03/2026 | 01/01/2025 - 31/12/2025 |
|---|---|---|
| Operating result before result on portfolio (TTM) 1 | 609,309 | 312,073 |
| XXI. Net interest charges (TTM) 1 | -82,915 | -50,236 |
| Interest Cover Ratio* | 7.3 | 6.2 |
1 TTM (Trailing Twelve Months) means that the calculation is based on financial figures for the past twelve months.
4.5. Net debt/EBITDA
This APM indicates how long a company would have to operate at its current level to pay off all its debts. It is calculated by dividing net financial debts, i.e., long-term and current financial debts minus cash and cash equivalents (numerator) by the EBITDA of the past twelve months (TTM) (denominator). EBITDA is the operating result before result on portfolio (including the interest income from financial leases) plus depreciation and amortisation.
| (x €1,000) | 31/03/2026 | 31/12/2025 |
|---|---|---|
| Non-current and current financial debts | 4,889,145 | 2,485,007 |
| - Cash and cash equivalents | -44,999 | -21,952 |
| Net debt (IFRS) | 4,844,146 | 2,463,055 |
| Operating result before result on portfolio (TTM) 1 | 609,309 | 312,073 |
| + Depreciation and amortisation of other assets (TTM) 1 | 3,932 | 2,508 |
| EBITDA (IFRS) | 613,241 | 314,581 |
| Net Debt / EBITDA | 7.9 | 7.8 |
1 TTM (Trailing Twelve Months) means that the calculation is based on financial figures for the past twelve months.
The Net debt/EBITDA ratio is not adjusted for projects under construction or recently completed projects that increase debt but do not contribute, or do not fully contribute, to rental income.
33/44
4.6. Key performance indicators according to the EPRA principles
Aedifica is committed to standardising reporting to improve the quality and comparability of information and makes most of the indicators recommended by EPRA available to its investors. The following indicators are considered to be APMs:
4.6.1. EPRA Earnings*
| EPRA Earnings* | 31/03/2026 | 31/03/2025 |
|---|---|---|
| x €1,000 | ||
| Earnings (owners of the parent) per IFRS income statement | 432,332 | 62,801 |
| Adjustments to calculate EPRA Earnings*, exclude: | ||
| (i) Changes in value of investment properties, development properties held for investment and other interests | -29,716 | -9,914 |
| (ii) Profits or losses on disposal of investment properties, development properties held for investment and other interests | -323 | 12,083 |
| (iii) Profits or losses on sales of trading properties including impairment charges in respect of trading properties | 0 | 0 |
| (iv) Tax on profits or losses on disposals | 0 | 0 |
| (v) Goodwill impairment, PPA amortisation and badwill | -314,430 | 0 |
| (vi) Changes in fair value of financial instruments and associated close-out costs | -22,000 | 781 |
| (vii) Acquisition costs on share deals and non-controlling joint venture interests (IFRS 3) | 0 | 0 |
| (viii) Adjustments related to funding structure | 0 | 0 |
| (ix) Adjustments related to non-operating and exceptional items | 0 | 0 |
| (x) Deferred taxes in respect of EPRA adjustments | 6,501 | -3,360 |
| (xi) Adjustments (i) to (x) above in respect of joint ventures | 198 | 168 |
| (xii) Non-controlling interests in respect of the above | 1,974 | 18 |
| Roundings | 0 | 0 |
| EPRA Earnings* (owners of the parent) | 74,536 | 62,577 |
| Number of shares (Denominator IAS 33) | 56,330,667 | 47,550,119 |
| EPRA Earnings per Share (EPRA EPS - in €/share) | 1.32 | 1.32 |
| EPRA Earnings diluted per Share (EPRA diluted EPS - in €/share) | 1.32 | 1.32 |
4.6.2. EPRA Net Asset Value indicators
| Situation as at 31 March 2026 | EPRA Net Reinstatement Value* | EPRA Net Tangible Assets* | EPRA Net Disposal Value* |
|---|---|---|---|
| x €1,000 | |||
| NAV per the financial statements (owners of the parent) | 6,659,980 | 6,659,980 | 6,659,980 |
| NAV per the financial statements (in €/share) (owners of the parent) | 79.79 | 79.79 | 79.79 |
| (i) Effect of exercise of options, convertibles and other equity interests (diluted basis) | - | - | - |
| Diluted NAV, after the exercise of options, convertibles and other equity interests | 6,659,980 | 6,659,980 | 6,659,980 |
| Include: | |||
| (ii.a) Revaluation of investment properties (if IAS 40 cost option is used) | - | - | - |
| (ii.b) Revaluation of investment properties under construction (IPUC) (if IAS 40 cost option is used) | - | - | - |
| (ii.c) Revaluation of other non-current investments | - | - | - |
| (iii) Revaluation of tenant leases held as finance leases | -1,769 | -1,769 | -1,769 |
| (iv) Revaluation of trading properties | - | - | - |
| Diluted NAV at Fair Value | 6,658,211 | 6,658,211 | 6,658,211 |
| Exclude: | |||
| (v) Deferred taxes in relation to fair value gains of IP | 223,020 | 223,020 | - |
| (vi) Fair value of financial instruments | -113,491 | -113,491 | - |
| (vii) Goodwill as a result of deferred taxes | 16,788 | 16,788 | 16,788 |
| (vii.a) Goodwill as per the IFRS balance sheet | - | -76,536 | -76,536 |
| (vii.b) Intangibles as per the IFRS balance sheet | - | -1,899 | - |
| Include: | |||
| (ix) Fair value of fixed interest rate debt | - | - | 203,974 |
| (ix) Revaluation of intangibles to fair value | - | - | - |
| (xi) Real estate transfer tax | 651,936 | - | - |
| Include/exclude: | |||
| Adjustments (i) to (v) in respect of joint venture interests | - | - | - |
| Adjusted net asset value (owners of the parent) | 7,436,463 | 6,706,093 | 6,802,438 |
| Number of shares on the stock market | 83,470,544 | 83,470,544 | 83,470,544 |
| Adjusted net asset value (in €/share) (owners of the parent) | 89.09 | 80.34 | 81.50 |
| (x €1,000) | Fair value | as % of total portfolio | % of deferred tax excluded |
| Portfolio that is subject to deferred tax and intention is to hold and not to sell in the long run | 6,776,389 | 55% | 100% |
| Situation as at 31 December 2025 | EPRA Net Reinstatement Value* | EPRA Net Tangible Assets* | EPRA Net Disposal Value* |
|---|---|---|---|
| x €1,000 | |||
| NAV per the financial statements (owners of the parent) | 3,663,700 | 3,663,700 | 3,663,700 |
| NAV per the financial statements (in €/share) (owners of the parent) | 77.05 | 77.05 | 77.05 |
| (i) Effect of exercise of options, convertibles and other equity interests (diluted basis) | - | - | - |
| Diluted NAV, after the exercise of options, convertibles and other equity interests | 3,663,700 | 3,663,700 | 3,663,700 |
| Include: | |||
| (ii.a) Revaluation of investment properties (if IAS 40 cost option is used) | - | - | - |
| (ii.b) Revaluation of investment properties under construction (IPUC) (if IAS 40 cost option is used) | - | - | - |
| (ii.c) Revaluation of other non-current investments | - | - | - |
| (iii) Revaluation of tenant leases held as finance leases | - | - | - |
| (iv) Revaluation of trading properties | - | - | - |
| Diluted NAV at Fair Value | 3,663,700 | 3,663,700 | 3,663,700 |
| Exclude: | |||
| (v) Deferred taxes in relation to fair value gains of IP | 158,572 | 158,572 | - |
| (vi) Fair value of financial instruments | -33,869 | -33,869 | - |
| (vii) Goodwill as a result of deferred taxes | 16,788 | 16,788 | 16,788 |
| (vii.a) Goodwill as per the IFRS balance sheet | - | -76,536 | -76,536 |
| (vii.b) Intangibles as per the IFRS balance sheet | - | -589 | - |
| Include: | |||
| (ix) Fair value of fixed interest rate debt | - | - | 91,996 |
| (ix) Revaluation of intangibles to fair value | - | - | - |
| (xi) Real estate transfer tax | 336,055 | - | - |
| Include/exclude: | |||
| Adjustments (i) to (v) in respect of joint venture interests | - | - | - |
| Adjusted net asset value (owners of the parent) | 4,141,246 | 3,728,066 | 3,695,948 |
| Number of shares on the stock market | 47,550,119 | 47,550,119 | 47,550,119 |
| Adjusted net asset value (in €/share) (owners of the parent) | 87.09 | 78.40 | 77.73 |
| (x €1,000) | Fair value | as % of total portfolio | % of deferred tax excluded |
| Portfolio that is subject to deferred tax and intention is to hold and not to sell in the long run | 3,639,155 | 59% | 100% |
36/44
4.6.3. EPRA Net Initial Yield (NIY) and EPRA Topped-up NIY
| EPRA Net Initial Yield (NIY) and EPRA Topped-up NIY | 31/03/2026 | Offices | Distribution networks | Total | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Healthcare real estate | |||||||||||||
| x €1,000 | BE | DE | NL | UK | FI | IE | ES | FR | IT | Total | |||
| Investment properties – wholly owned | 2,831,898 | 2,148,541 | 1,192,370 | 1,344,292 | 1,469,380 | 567,330 | 486,040 | 660,370 | 216,270 | 10,916,491 | 922,469 | 476,299 | 12,315,259 |
| Investment properties – share of JVs/Funds | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Trading properties (including share of JVs) | - | - | - | 15,262 | - | - | - | 3,350 | - | 18,612 | - | - | 18,612 |
| Less: developments | -36,784 | -60,641 | - | -21,099 | -58,550 | -18,610 | -87,710 | - | - | -283,394 | -44,460 | -6,496 | -334,350 |
| Completed property portfolio | 2,795,114 | 2,087,900 | 1,192,370 | 1,338,455 | 1,410,830 | 548,720 | 398,330 | 663,720 | 216,270 | 10,651,709 | 878,009 | 469,803 | 11,999,521 |
| Allowance for estimated purchasers' costs | 70,047 | 146,121 | 125,720 | 90,628 | 31,341 | 55,275 | 10,220 | 46,882 | 4,325 | 580,559 | 21,950 | 49,427 | 651,936 |
| Gross up completed property portfolio valuation | 2,865,161 | 2,234,021 | 1,318,090 | 1,429,083 | 1,442,171 | 603,995 | 408,550 | 710,602 | 220,595 | 11,232,268 | 899,959 | 519,230 | 12,651,457 |
| Annualised cash passing rental income | 168,191 | 117,974 | 75,593 | 86,370 | 84,100 | 30,218 | 20,832 | 43,518 | 12,503 | 639,299 | 55,170 | 34,873 | 729,341 |
| Property outgoings1 | -1,611 | -5,736 | -3,501 | -2,854 | -209 | -574 | -378 | -415 | -283 | -15,561 | -1,017 | -600 | -17,178 |
| Annualised net rents | 166,079 | 112,237 | 72,092 | 83,516 | 83,890 | 29,644 | 20,454 | 43,104 | 12,220 | 623,738 | 54,153 | 34,273 | 712,164 |
| Add: notional rent expiration of rent free periods or other lease incentives | -501 | 150 | 248 | - | 227 | 900 | 1,162 | - | - | 2,185 | - | - | 2,285 |
| Topped-up net annualised rent | 166,079 | 112,387 | 72,340 | 83,516 | 84,117 | 30,544 | 21,616 | 43,104 | 12,220 | 625,923 | 54,153 | 34,273 | 714,349 |
| EPRA NIY (in %) | 5.8% | 5.0% | 5.5% | 5.8% | 5.8% | 4.9% | 5.0% | 6.1% | 5.5% | 5.6% | 6.0% | 6.6% | 5.6% |
| EPRA Topped-up NIY (in %) | 5.8% | 5.0% | 5.5% | 5.8% | 5.8% | 5.1% | 5.3% | 6.1% | 5.5% | 5.6% | 6.0% | 6.6% | 5.6% |
1 The scope of the real-estate charges to be excluded for calculating the EPRA Net Initial Yield is defined in the EPRA Best Practices and does not correspond to 'real-estate charges' as presented in the consolidated IFRS accounts.
37/44
| EPRA Net Initial Yield (NIY) and EPRA Topped-up NIY | 31/12/2025 Healthcare real estate | Offices | Distribution networks | Total | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BE | DE | NL | UK | FI | IE | ES | FR | IT | Total | ||||
| x €1,000 | |||||||||||||
| Investment properties – wholly owned | 1,255,280 | 1,201,500 | 693,910 | 1,202,143 | 1,277,680 | 460,435 | 34,125 | - | - | 6,125,073 | - | - | 6,125,073 |
| Investment properties – share of JVs/Funds | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Trading properties (including share of JVs) | - | - | - | 69,622 | - | - | - | - | - | 69,622 | - | - | 69,622 |
| Less: developments | - | -11,480 | - | -19,198 | -44,040 | -27,633 | - | - | - | -102,351 | - | - | -102,351 |
| Completed property portfolio | 1,255,280 | 1,190,020 | 693,910 | 1,252,567 | 1,233,640 | 432,802 | 34,125 | - | - | 6,092,344 | - | - | 6,092,344 |
| Allowance for estimated purchasers' costs | 31,641 | 80,038 | 72,400 | 83,554 | 24,737 | 42,937 | 749 | - | - | 336,056 | - | - | 336,056 |
| Gross up completed property portfolio valuation | 1,286,921 | 1,270,058 | 766,310 | 1,336,121 | 1,258,377 | 475,739 | 34,874 | - | - | 6,428,400 | - | - | 6,428,400 |
| Annualised cash passing rental income | 74,485 | 66,547 | 42,931 | 81,022 | 74,668 | 24,340 | 723 | - | - | 364,716 | - | - | 364,716 |
| Property outgoings 1 | -629 | -1,850 | -1,595 | -1,037 | -2,039 | -342 | -79 | - | - | -7,572 | - | - | -7,572 |
| Annualised net rents | 73,856 | 64,697 | 41,336 | 79,985 | 72,629 | 23,998 | 644 | - | - | 357,145 | - | - | 357,145 |
| Add: notional rent expiration of rent free periods or other lease incentives | -504 | 300 | 244 | - | 322 | - | 1,162 | - | - | 1,523 | - | - | 1,523 |
| Topped-up net annualised rent | 73,352 | 64,997 | 41,580 | 79,985 | 72,951 | 23,998 | 1,806 | - | - | 358,668 | - | - | 358,668 |
| EPRA NIY (in %) | 5.7% | 5.1% | 5.4% | 6.0% | 5.8% | 5.0% | 1.8% | - | - | 5.6% | - | - | 5.6% |
| EPRA Topped-up NIY (in %) | 5.7% | 5.1% | 5.4% | 6.0% | 5.8% | 5.0% | 5.2% | - | - | 5.6% | - | - | 5.6% |
1 The scope of the real-estate charges to be excluded for calculating the EPRA Net Initial Yield is defined in the EPRA Best Practices and does not correspond to 'real-estate charges' as presented in the consolidated IFRS accounts.
38/44
4.6.4. EPRA Vacancy Rate*
| Investment properties – Rental data | 31/03/2026 | ||||||
|---|---|---|---|---|---|---|---|
| Gross rental income 1 | Net rental income 2 | Lettable space (in m²) | Contractual rents 3 | Estimated rental value (ERV) on empty spaces | Estimated rental value (ERV) | EPRA Vacancy rate (in %) | |
| x €1,000 | |||||||
| Healthcare real estate | 107,776 | 103,046 | 4,192,105 | 641,484 | 1,968 | 641,693 | 0.0% |
| Belgium | 23,871 | 23,457 | 1,081,335 | 167,690 | - | 158,771 | 0.0% |
| Germany | 19,772 | 18,237 | 1,029,568 | 118,124 | 1,184 | 120,504 | 1.0% |
| Netherlands | 12,694 | 11,514 | 537,773 | 75,841 | 252 | 76,893 | 0.3% |
| United Kingdom | 21,550 | 20,838 | 364,572 | 86,370 | - | 92,453 | 0.0% |
| Finland | 18,310 | 17,949 | 396,832 | 84,326 | 252 | 81,940 | 0.3% |
| Ireland | 6,475 | 6,330 | 163,132 | 31,118 | - | 30,258 | 0.0% |
| Spain | 1,683 | 1,535 | 234,125 | 21,994 | - | 24,150 | 0.0% |
| France | 2,659 | 2,544 | 308,894 | 43,518 | 280 | 44,221 | 0.6% |
| Italy | 762 | 642 | 75,873 | 12,503 | - | 12,503 | 0.0% |
| Offices | 2,963 | 2,695 | 255,259 | 55,170 | 3,811 | 53,870 | 7.1% |
| Distribution networks | 2,100 | 1,890 | 285,311 | 34,873 | 75 | 29,992 | 0.3% |
| Total marketable investment properties | 112,839 | 107,631 | 4,732,675 | 731,526 | 5,855 | 725,555 | 0.8% |
| Reconciliation to income statement | |||||||
| Properties sold in 2026 | - | - | |||||
| Properties held for sale | 292 | 292 | |||||
| Land reserve | 242 | 229 | |||||
| Other Adjustments 4 | - | -968 | |||||
| Total marketable investment properties | 113,373 | 107,187 |
1 The total 'gross rental income' defined in EPRA Best Practices, reconciled with the consolidated IFRS income statement, corresponds to the 'net rental income' of the consolidated IFRS accounts.
2 The total 'net rental income' defined in EPRA Best Practices, reconciled with the consolidated IFRS income statement, corresponds to the 'property operating result' of the consolidated IFRS accounts.
3 The current rent at the closing date plus future rent on leases signed as at 31 March 2026.
4 The 'Other Adjustments' are Cofinimmo overhead costs allocated to the operational net rental income lines of the P&L.
39/44
| Investment properties – Rental data | 31/03/2025 | ||||||
|---|---|---|---|---|---|---|---|
| Gross rental income 1 | Net rental income 2 | Lettable space (in m²) | Contractual rents 3 | Estimated rental value (ERV) on empty spaces | Estimated rental value (ERV) | EPRA Vacancy rate (in %) | |
| x €1,000 | |||||||
| Healthcare real estate | 90,465 | 87,829 | 2,188,090 | 355,068 | 341 | 354,740 | 0.1% |
| Belgium | 18,093 | 17,940 | 505,484 | 72,586 | - | 70,089 | 0.0% |
| Germany | 15,656 | 15,043 | 557,911 | 63,885 | - | 64,203 | 0.0% |
| Netherlands | 10,248 | 9,507 | 347,700 | 41,496 | 75 | 41,730 | 0.2% |
| United Kingdom | 23,813 | 23,221 | 335,228 | 82,357 | - | 86,598 | 0.0% |
| Finland | 16,704 | 16,330 | 308,921 | 70,674 | 266 | 68,609 | 0.4% |
| Ireland | 5,920 | 5,822 | 117,368 | 23,946 | - | 23,387 | 0.0% |
| Spain | 31 | 4 | 15,478 | 124 | - | 124 | 0.0% |
| France | - | - | - | - | - | - | 0.0% |
| Italy | - | - | - | - | - | - | 0.0% |
| Offices | - | - | - | - | - | - | 0.0% |
| Distribution networks | - | - | - | - | - | - | 0.0% |
| Total marketable investment properties | 90,465 | 87,829 | 2,188,090 | 355,068 | 341 | 354,740 | 0.1% |
| Reconciliation to income statement | |||||||
| Properties sold in 2025 | 1,235 | 1,161 | |||||
| Properties held for sale | 1,123 | 1,123 | |||||
| Land reserve | 15 | 15 | |||||
| Other Adjustments | - | - | |||||
| Total marketable investment properties | 92,838 | 90,128 |
1 The total 'gross rental income' defined in EPRA Best Practices, reconciled with the consolidated IFRS income statement, corresponds to the 'net rental income' of the consolidated IFRS accounts.
2 The total 'net rental income' defined in EPRA Best Practices, reconciled with the consolidated IFRS income statement, corresponds to the 'property operating result' of the consolidated IFRS accounts.
3 The current rent at the closing date plus future rent on leases signed as at 31 March 2025.
40/44
4.6.5. EPRA Cost Ratios*
| EPRA Cost ratios* (x €1,000) | 31/03/2026 | 31/03/2025 |
|---|---|---|
| Administrative/operating expense line per IFRS statement | -17,047 | -13,148 |
| Rental-related charges | -64 | -139 |
| Recovery of property charges | 6 | - |
| Charges and taxes not recovered by the tenant on let properties | -11 | 31 |
| Other rental-related income and charges | 139 | 22 |
| Net redecoration expenses | -17 | |
| Technical costs | -1,034 | -603 |
| Commercial costs | -294 | -40 |
| Charges and taxes on unlet properties | -158 | -11 |
| Property management costs | -4,005 | -1,764 |
| Other property charges | -814 | -345 |
| Overheads | -10,733 | -10,222 |
| Other operating income and charges | -62 | -77 |
| EPRA Costs* (including direct vacancy costs) (A) | -17,047 | -13,148 |
| Charges and taxes on unlet properties | 158 | 11 |
| EPRA Costs* (excluding direct vacancy costs) (B) | -16,889 | -13,137 |
| Gross Rental Income (C) | 113,437 | 92,977 |
| EPRA Cost Ratio* (including direct vacancy costs) (A/C) | 15.0% | 14.1% |
| EPRA Cost Ratio* (excluding direct vacancy costs) (B/C) | 14.9% | 14.1% |
| Overhead and operating expenses capitalised (including share of joint ventures) | 669 | 176 |
As explained in Note 2.2 of Aedifica's 2025 Annual Report (summary of material accounting policy information): Aedifica capitalises overhead costs and operational expenses (project management fees, marketing costs, legal fees, etc.) that are directly linked to development projects.
41/44
4.6.6. Capital expenditure
| Capital expenditure | Group
(excl. joint
ventures) | Healthcare real estate | | | | | | | | | | Offices | Distribution
networks | Joint
venture
(proportionate
share) | Total group |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | | BE | DE | NL | UK | FI | IE | ES | FR | IT | Total | | | | |
| x €1,000 | 31/03/2026
(3 months) | | | | | | | | | | | | | | 31/03/2026
(3 months) |
| Property related capex | | | | | | | | | | | | | | | |
| (1) Acquisitions ¹ | 6,069,647 | 1,571,841 | 935,540 | 490,310 | 67,783 | 174,200 | 100,660 | 449,290 | 663,720 | 216,270 | 4,669,614 | 922,470 | 477,563 | - | 6,069,647 |
| (2) Development | 26,463 | 7 | 3,217 | 149 | 2,851 | 13,393 | 6,788 | 58 | - | - | 26,463 | 0 | 0 | - | 26,463 |
| (3) Investment
properties | 2,422 | 144 | -1,059 | 257 | 2,730 | 350 | - | - | - | - | 2,422 | 0 | - | - | 2,422 |
| Incremental
lettable space | 2,530 | - | - | 30 | 2,447 | 53 | - | - | - | - | 2,530 | - | - | - | 2,530 |
| No incremental
lettable space | -108 | 144 | -1,059 | 227 | 283 | 297 | - | - | - | - | -108 | 0 | - | - | -108 |
| Capex related
incentives | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| (4) Capitalised interests | 819 | - | 145 | 1 | 146 | 281 | 246 | - | - | - | 819 | 0 | 0 | - | 819 |
| Total capex | 6,099,351 | 1,571,992 | 937,843 | 490,717 | 73,510 | 188,224 | 107,694 | 449,348 | 663,720 | 216,270 | 4,699,318 | 922,470 | 477,563 | - | 6,099,351 |
| Conversion from accrual
to cash basis | -1,263 | - | -145 | -227 | -146 | -499 | -246 | 0 | 0 | 0 | -1,263 | 0 | 0 | - | -1,263 |
| Total capex on cash
basis | 6,098,088 | 1,571,992 | 937,698 | 490,490 | 73,364 | 187,725 | 107,448 | 449,348 | 663,720 | 216,270 | 4,698,055 | 922,470 | 477,563 | - | 6,098,088 |
¹ Including forward purchases.
42/44
| Capital expenditure | Group(excl. joint ventures) | Healthcare real estate | Offices | Distribution networks | Joint venture(proportionate share) | Total group |
|---|---|---|---|---|---|---|
| 31/03/2025(3 months) | BE | DE | NL | UK | FI | IE |
| x €1,000 | ||||||
| Property related capex | ||||||
| (1) Acquisitions1 | 88,295 | 441 | 21,321 | 12,620 | - | 42,338 |
| (2) Development | 88,314 | 523 | 6,943 | 259 | 17,328 | 48,557 |
| (3) Investment properties | 9,306 | 157 | 2,169 | 523 | 5,213 | 1,660 |
| Incremental lettable space | 5,837 | - | - | 358 | 5,088 | 391 |
| No incremental lettable space | 3,469 | 157 | 2,169 | 165 | 125 | 1,269 |
| Capex related incentives | - | - | - | - | - | - |
| Other | - | - | - | - | - | - |
| (4) Capitalised interests | 1,929 | - | 326 | 1 | 302 | 502 |
| Total capex | 187,844 | 1,121 | 30,759 | 13,403 | 22,843 | 93,057 |
| Conversion from accrual to cash basis | -2,431 | -91 | -326 | -166 | -302 | -1,165 |
| Total capex on cash basis | 185,413 | 1,030 | 30,433 | 13,237 | 22,541 | 91,892 |
1 Including forward purchases.
2 Negative capex for Ireland due to the reversal of deferred considerations from the previous year.
4.6.7. EPRA LTV*
| EPRA LTV* | 21/05/2026 | ||||
|---|---|---|---|---|---|
| Group – as reported | Share of joint ventures | Share of material associates | Non-controlling interest | Combined | |
| x €1,000 | |||||
| Include: | |||||
| Borrowings from Financial Institutions | 2,024,462 | - | 6,275 | 153,700 | 1,877,037 |
| Commercial paper | 1,230,984 | - | - | 153,437 | 1,077,547 |
| Hybrids (including convertibles, preference shares, debt, options and forwards) | - | - | - | - | - |
| Bond loans | 1,633,699 | - | - | 214,177 | 1,419,522 |
| Foreign currency derivatives (futures, swaps, options and forwards) | - | - | - | - | - |
| Net payables | 103,131 | - | - | 17,380 | 85,751 |
| Owner-occupied property (debt) | - | - | - | - | - |
| Current accounts (equity characteristics) | - | - | - | - | - |
| Exclude: | |||||
| Cash and cash equivalents | 44,999 | - | 5,339 | 5,167 | 45,171 |
| Net debt (A) | 4,947,277 | - | 936 | 533,527 | 4,414,686 |
| Include: | |||||
| Owner-occupied property | - | - | - | - | - |
| Investment properties at fair value | 11,980,909 | - | 11,121 | 1,234,910 | 10,757,120 |
| Properties held for sale | 18,612 | - | 11,514 | 684 | 29,442 |
| Properties under development | 334,350 | - | - | 46,645 | 287,705 |
| Intangibles | - | - | - | - | - |
| Net receivables | - | - | 414 | 60 | 354 |
| Financial assets | - | - | - | - | - |
| Total property value (B) | 12,333,871 | - | 23,049 | 1,282,299 | 11,074,621 |
| LTV (A/B) | 40.11% | - | - | - | 39.86% |
| EPRA LTV* | 31/12/2025 | ||||
| --- | --- | --- | --- | --- | --- |
| Group – as reported | Share of joint ventures | Share of material associates | Non-controlling interest | Combined | |
| x €1,000 | |||||
| Include: | |||||
| Borrowings from Financial Institutions | 1,415,652 | - | 6,275 | 26,862 | 1,395,065 |
| Commercial paper | 484,000 | - | - | - | 484,000 |
| Hybrids (including convertibles, preference shares, debt, options and forwards) | - | - | - | - | - |
| Bond loans | 585,355 | - | - | - | 585,355 |
| Foreign currency derivatives (futures, swaps, options and forwards) | - | - | - | - | - |
| Net payables | 20,891 | - | - | 827 | 20,064 |
| Owner-occupied property (debt) | - | - | - | - | - |
| Current accounts (equity characteristics) | - | - | - | - | - |
| Exclude: | |||||
| Cash and cash equivalents | 21,952 | - | 5,339 | 53 | 27,238 |
| Net debt (A) | 2,483,946 | - | 936 | 27,636 | 2,457,246 |
| Include: | |||||
| Owner-occupied property | - | - | - | - | - |
| Investment properties at fair value | 6,022,722 | - | 11,121 | 41,176 | 5,992,667 |
| Properties held for sale | 69,622 | - | 11,514 | - | 81,136 |
| Properties under development | 113,957 | - | - | 794 | 113,163 |
| Intangibles | - | - | - | - | - |
| Net receivables | - | - | - | - | - |
| Financial assets | - | - | 414 | 208 | 206 |
| Total property value (B) | 6,206,301 | - | 23,049 | 42,178 | 6,187,172 |
| LTV (A/B) | 40.02% | - | - | - | 39.72% |