Aedifica NV/SA: 2025 half year financial report

Please find below Aedifica’s 2025 half year financial report.

Robust operational performance driving strong results

• EPRA Earnings* amounted to €123.3 million (+4% compared to 30 June 2024), or €2.59/share
• Rental income increased to €180.8 million (+9% compared to 30 June 2024)
• 3.0% increase in rental income on a like-for-like basis in the first half of the year
• Weighted average unexpired lease term of 18 years and occupancy rate of 100%

Real estate portfolio* of nearly €6.2 billion as at 30 June 2025

• 613 healthcare properties for 48,600 end users across 7 countries
• Valuation of marketable investment properties increased by 0.46% on a like-for-like basis in H1
• 31 properties, including the entire portfolio in Sweden, divested for approx. €105 million as part of strategic asset rotation programme
• Acquisition of a portfolio of 6 Finnish care properties totalling €38 million
• Replenishing the investment programme: 8 new projects totalling approx. €46 million in the first half. After 30 June, 3 new projects in Ireland and Finland amounting to €38 million were added to the pipeline
• Investment programme (YTD) of €178 million in pre-let development projects and acquisitions in progress, offering an average initial yield on cost of 6.5%. To date, 7 projects from the committed pipeline were delivered for a total investment budget of approx. €65 million

Solid balance sheet and strong liquidity

• 42.4% debt-to-assets ratio as at 30 June 2025; after deducting excess cash, the debt-to-assets ratio decreases to 42%
• Average cost of debt* including commitment fees of 2.2%
• S&P Global reconfirmed BBB credit rating and placed Aedifica’s rating on CreditWatch with positive implications following the announcement of the agreement between Aedifica and Cofinimmo to unite
• EPRA NTA* stands at €75.10/share (compared to €76.63/share as at 31 December 2024, before distribution of the dividend)

Outlook for 2025 on track

• EPRA Earnings* for 2025 are estimated at €238 million, or €5.01/share
• Proposed dividend for the 2025 financial year: €4.00/share (gross), representing a pay-out ratio of 80% of consolidated EPRA Earnings

Attachments

• 2025 half year financial report
• Halfjaarlijks financieel verslag 2025
• Rapport financier semestriel 2025