Aedifica NV/SA: 2026 half year financial report

Please find below Aedifica’s 2026 half year financial report.

Creating Europe’s leading healthcare REIT

On 10 March 2026, Aedifica acquired control over Cofinimmo with 80% of the shares tendered during the exchange offer
On 1 July 2026, Cofinimmo was delisted from Euronext following a legal merger by absorption with Aedifica
A new Board of Directors and Executive Committee have been appointed

Robust operational performance driving strong results

EPRA Earnings per share increased to €2.71 (+5% compared to 30 June 2025), highlighting the accretiveness of the Cofinimmo transaction
EPRA Earnings amounted to €189.9 million (+54% compared to 30 June 2025)
Rental income increased to €292.3 million (+62% compared to 30 June 2025)
1.7% increase in rental income on a like-for-like basis in H1
Weighted average unexpired lease term of 15 years and occupancy rate of 99.1%

Real estate portfolio of €12.5 billion as at 30 June 2026

Healthcare portfolio of €11.1 billion: 924 properties for over 80,000 end users across 9 countries
Valuation of marketable investment properties increased by 0.35% on a like-for-like basis in H1
€84 million of new investments in H1, with an additional €111 million announced over summer, bringing the investment total to €195 million YTD
Investment programme of €531 million as at 30 June 2026

Solid balance sheet and strong liquidity

42.7% debt-to-assets ratio as at 30 June 2026 (incl. seasonal effect of dividend payment; compared to 40.8% on 31 Dec. 2025)
€1,487 million of headroom on committed credit lines to finance CAPEX and liquidity needs
€620 million inaugural syndicated credit facility for the combined entity, bringing the total amount of long-term bank (re)financing contracted to €930 million
Attractive average cost of debt incl. commitment fees of 1.9%
S&P reconfirmed BBB+ credit rating (stable outlook) and A-2 short-term issuer rating

Outlook for 2026

EPRA Earnings for 2026 are estimated at €436 million, or €5.35/share
A dividend of €4.20/share (gross) proposed for the 2026 financial year, increasing by 5%
With legal merger completed, expected synergies will accelerate further, reaching full run-rate impact of at least €16 million during 2027

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