Aedifica SA

Latest Results (11.04.2026):

Aedifica SA — 3rd quarter 2025: EPRA Earnings for the first nine months reached €185.8 million (up 4% vs. 30 Sept. 2024), or €3.91 per share, driven by strong rental performance and portfolio operations. Rental income rose to €271.8 million (+8% YTD) with 3.1% like‑for‑like growth; the real estate portfolio stood at €6.192 billion (615 healthcare properties), 100% occupancy and an 18‑year WAULT. The company filed its request with the Belgian Competition Authority on 27 Oct. 2025 in relation to the exchange offer on all Cofinimmo shares.

Headline earnings

EPRA Earnings (owners) €185.8m (+4% y/y) — €3.91 per share; consolidated net result (owners) €194.1m — €4.08 per share. EPRA Earnings were reported as above budget for the period.

Rental income and like‑for‑like growth

Rental income for 9M 2025: €271.8m (+8.3% vs. 9M 2024). Like‑for‑like rental growth was 3.1% (group currency), comprising ~2.6% indexation, 0.4% reversion/contingent rents and minor FX effects.

Portfolio and valuations

Fair value of real estate portfolio €6,192m (30/09/2025). 615 properties serving ~48,900 end users across 7 countries; occupancy 100%; WAULT 18 years. Expert valuations: +0.4% in Q3 and +0.8% YTD on a like‑for‑like basis.

Investment activity and pipeline

YTD announced investments ~€163m (8 acquisitions + development projects); pipeline ~€189m with average initial yield on cost ≈6.5%. Nine projects (€81m) delivered in 2025 so far.

Asset rotation / disposals

Strategic asset rotation: 33 properties divested YTD for ≈€125m (including Sweden exit and other sales) to recycle capital into higher‑return projects.

Balance sheet & funding

Debt‑to‑assets ratio 41.2% (well below the 45% internal threshold). Available headroom on committed credit lines ≈€614m. Average cost of debt including commitment fees 2.2%; 87.9% of debt hedged. S&P BBB rating reconfirmed and placed on CreditWatch with positive implications.

Exchange offer on Cofinimmo

Aedifica filed its approval request with the Belgian Competition Authority (BCA) on 27 Oct. 2025; the IPS market test led to commitments (including €300m of Belgian asset disposals over time). Final decision is expected within 55 working days; opening of the acceptance period is indicated around the end of January 2026 (subject to the BCA decision).

Outlook & dividend

2025 standalone outlook (excl. exchange‑offer costs): estimated rental income ≈€360m; EPRA Earnings ≈€242m or ≈€5.10 per share (up from prior €5.01 estimate). Proposed gross dividend for 2025 reconfirmed at €4.00 per share (payable May 2026).