Aedifica SA

AED

Equity

ISIN BE0003851681 / Valor 2736001

Euronext - Euronext Brussels (2025-12-19)

EUR 66.80-0.74%

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

EPRA earnings and EPS

EPRA Earnings for the first nine months of 2025: €185.8m (+4% y/y), €3.91 per share (weighted average shares). Net result (owners) €194.1m; IAS earnings per share €4.08.

Rental income and operational performance

Rental income YTD to 30 Sept. 2025: €271.8m (+8% vs. 30 Sept. 2024). Like‑for‑like rental growth +3.1% YTD. Occupancy 100% and WAULT ~18 years.

Portfolio size and valuations

Fair value of the real estate portfolio €6,192m (615 properties). Expert valuations: +0.4% in Q3 and +0.8% YTD on a like‑for‑like basis; strongest valuation moves in NL, UK and IE.

Investments, pipeline and disposals

YTD announced investments ~€163m (8 acquisitions + 14 projects); pipeline ~€189m with avg initial yield on cost ~6.5%. Strategic disposals: 33 properties sold YTD for ≈€125m to recycle capital.

Balance sheet, liquidity and funding

Debt‑to‑assets ratio 41.2% (below the 45% limit). Available headroom on committed credit lines ≈€614m. Average cost of debt incl. commitment fees 2.2%; 88% of debt hedged; weighted maturity of drawn debt ~3.4 years.

Net asset values and EPRA metrics

EPRA NTA €76.58/share (vs. €76.63 at 31 Dec. 2024, before dividend). EPRA NRV €86.35/share. Reported small change in NAV related to fair‑value hedging effects.

Outlook and dividend

Updated 2025 outlook (standalone): estimated rental income ≈€360m, EPRA Earnings ≈€242m (~€5.10/share, up from €5.01 previously), and proposed gross dividend reconfirmed at €4.00/share (payable May 2026). Figures exclude exchange‑offer transaction costs.

Exchange offer on Cofinimmo

Aedifica has filed the exchange‑offer package with the Belgian Competition Authority (filed 27 Oct. 2025); the BCA decision is expected within 55 working days. Aedifica has offered commitments including divestments of up to €300m of Belgian assets if required.

Credit rating

S&P: BBB (investment grade) reconfirmed; rating placed on CreditWatch with positive implications after the Cofinimmo combination announcement (possible upgrade if transaction proceeds).

Summarized from source with an LLMView Source

Key figures

23.2%1Y

-8.90%3Y

-29.1%5Y

Performance

19.7%1Y

23.8%3Y

24.0%5Y

Volatility