Aedifica SA

AED

Equity

ISIN BE0003851681 / Valor 2736001

Euronext - Euronext Brussels (2026-07-27)

EUR 70.60+0.79%

Aedifica SA
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About company

Aedifica SA is a real estate investment company specializing in healthcare real estate, with a focus on care homes and senior living facilities across Europe. The company has a diverse portfolio that includes properties in Finland, the United Kingdom, Belgium, Germany, the Netherlands, and Spain. In Finland, Aedifica operates through its subsidiary Hoivatilat, managing care homes, day-care centers, and specialist residential care centers. The UK market saw Aedifica's entry in 2019 with the acquisition of 90 care homes, and the company has since expanded its presence there. In Belgium, Aedifica has been active since 2006, amassing a substantial portfolio of care homes and senior apartments. The company entered the German market in 2013 and the Dutch market in 2016, both of which have seen significant growth in their portfolios. Aedifica is also investing in new projects in Spain, with developments underway in Sevilla and Zamora. The company's strategy involves acquiring and developing purpose-built, modern care facilities, with a focus on geographical diversification and potential for property enhancements.

Summarized from source with an LLMView SourceSector: Finance

Cofinimmo takeover & merger

Aedifica acquired control of Cofinimmo (80% of shares tendered) on 10 March 2026, issuing 35,920,425 new Aedifica shares. Boards and a new Executive Committee were appointed; extraordinary general meetings are convened in June to approve a legal merger by absorption effective 1 July 2026. Management expects full run‑rate synergies to materialise in 2027.

Q1 2026 operational results

EPRA Earnings were €74.5m (+19% vs Q1 2025) or €1.32/share. Rental income rose to €113.4m (+22% y/y). Like‑for‑like rental growth was +1.6% (including Cofinimmo). Portfolio occupancy was 99.2% and WAULT (weighted average unexpired lease term) stood at 15 years.

Portfolio & valuations

Consolidated real estate portfolio was €12,413m as at 31 March 2026 (includes marketable investment properties €12,078m and development projects €334m). Healthcare assets totalled ~€11.0bn across 923 properties. Expert valuations increased +0.18% on a like‑for‑like basis in Q1 2026.

Investment pipeline & activity

Investment programme ~€539m (≈€264m spent, ≈€275m remaining). Q1 additions: five projects (~€50m) and four completions (~€29m). Post‑Q1 activity included further Finnish projects (~€14m) and Spanish completions (~€28m). Average initial yield on cost of the committed pipeline ~5.8%; target for new development projects remains ~6–6.5%.

Balance sheet & financing

Debt‑to‑assets ratio 40.4% (below the 45% self‑imposed limit). Headroom on committed credit lines ≈€1,820m after accounting for short‑term treasury note backup. Committed facilities rose mechanically by ~€3,420m following the Cofinimmo transaction; ~€150m new long‑term bank financing added. Average cost of debt including commitment fees ~2.0%; 96% of financial debt hedged.

Credit rating

S&P upgraded Aedifica’s long‑term issuer and unsecured debt rating from BBB to BBB+ with a stable outlook and assigned a short‑term issuer rating of A‑2, citing the successful exchange offer and the combined group’s strengthened profile.

Earnings, NAV & dividend

Net result (owners) was €432.3m for Q1 2026 (this includes a large non‑cash bargain purchase gain/badwill from the Cofinimmo integration). EPRA NTA €80.34/share (vs €78.40 at 31/12/2025); IFRS NAV €79.79/share. EPRA Earnings per share remained €1.32. The Board proposes a gross dividend of €4.20/share for FY2026 (+5% vs 2025); note withholding tax on dividends is 30% from 2026.

Summarized from source with an LLMView Source

Key figures

9.20%1Y

14.8%3Y

-39.6%5Y

Performance

18.4%1Y

22.5%3Y

24.2%5Y

Volatility