Earnings release
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets AEDIFICA Public limited liability company Public regulated real estate company under Belgian law Office: Rue Belliard 40 (box 11), 1040 Brussels Enterprise number: 0877.248.501 (RLE Brussels) (the ‘Company’) 1/38 Interim financial report 3rd quarter 2025 Progress on Aedifica’s exchange offer on all Cofinimmo shares - Aedifica has formally filed its request for approval of the transaction with the Belgian Competition Authority (BCA) on 27 October - Final decision from BCA anticipated within 55 working days Robust operational performance driving strong results above budget - EPRA Earnings* amounted to €185.8 million (+4% compared to 30 Sept. 2024) or €3.91/share - Rental income increased to €271.8 million (+8% compared to 30 Sept. 2024) - 3.1% increase in rental income on a like-for-like basis* in the first 9 months of the year - Weighted average unexpired lease term of 18 years and occupancy rate of 100% Real estate portfolio* of €6.2 billion as at 30 September 2025 - 615 healthcare properties for 48,900 end users across 7 countries - Valuation of investment properties increased by 0.4% in Q3 and 0.8% YTD on a like-for-like basis - 33 properties were divested for €125 million as part of strategic asset rotation programme (YTD) - €163 million in new investments announced to date in 2025 (14 new projects added to pipeline & 8 acquisitions) - Pipeline of €189 million, offering an average initial yield on cost of 6.5%. 9 projects totalling €81 million have been delivered so far in 2025 Solid balance sheet and strong liquidity - 41.2% debt-to-assets ratio as at 30 September 2025 - €614 million of headroom on committed credit lines to finance CAPEX and liquidity needs - Average cost of debt* including commitment fees of 2.2% - S&P reconfirmed BBB credit rating and placed Aedifica’s rating on CreditWatch with positive implications following the announcement of the agreement between Aedifica & Cofinimmo to unite - EPRA NTA* of €76.58/share (vs. €76.63/share on 31 Dec. 2024, before distribution of dividend) Improved outlook for 20251 - Estimated EPRA Earnings* per share for the full 202 5 financial year are increased to approx. €5.10/share (previously €5.01/share), excluding the transaction costs related to the exchange offer - Proposed dividend for the 2025 financial year reconfirmed: €4.00/share (gross) 1 This is Aedifica's outlook on a standalone basis. It does not include any impact from the exchange offer on Cofinimmo shares.
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets 2/38 Consolidated key figures & EPRA performance indicators 2 Property-related key figures 30/09/2025 31/12/2024 Fair value of real estate portfolio* (in € million) 3 6,192 6,218 Number of properties 615 635 Gross yield based on fair value (in %) 6.0% 5.9% EPRA Net Initial Yield* (NIY) (in %) 5.5% 5.3% EPRA Topped-up NIY* (in %) 5.6% 5.5% Occupancy rate (in %) 100% 100% EPRA Vacancy Rate* (in %) 0.1% 0.1% WAULT (in years) 18 19 Like-for-like rental growth (group currency, in %) 3.1% 3.3% Financial key figures 30/09/2025 31/12/2024 Debt-to-assets ratio (in %) 41.2% 41.3% EPRA LTV* 40.2% 40.6% Average cost of debt* (in %) 2.0% 1.9% Average cost of debt* (incl. commitment fees, in %) 2.2% 2.0% Weighted average maturity of drawn credit lines (in years) 3.4 3.8 Interest Cover Ratio* (ICR) 4 6.1 6.2 Hedge ratio (in %) 87.9% 89.0% Weighted average maturity of hedging (in years) 3.9 4.4 Net debt/EBITDA* 5 7.9 8.5 30/09/2025 30/09/2024 Rental income (in € million) 271.8 251.0 EPRA Earnings* (in € million) 185.8 178.3 Net result (owners of the parent) (in € million) 194.1 171.0 EPRA Cost Ratio* (including direct vacancy costs) (in %) 13.2% 13.9% EPRA Cost Ratio* (excluding direct vacancy costs) (in %) 13.2% 13.9% Key figures per share 30/09/2025 31/12/2024 EPRA NRV* (in €/share) 86.35 86.46 EPRA NTA* (in €/share) 76.58 76.63 EPRA NDV* (in €/share) 76.16 77.19 30/09/2025 30/09/2024 EPRA Earnings* (in €/share) 3.91 3.75 Net result (owners of the parent) (in €/share) 4.08 3.60 * Alternative Performance Measure (APM) in accordance with ESMA (European Securities and Market Authority) guidelines published on 5 October 2015. Aedifica has used APMs in accordance with ESMA guidelines in its financial communication for many years. Some of these APMs are recommended by the E uropean Public Real Estate Association (EPRA) and others have been defined by the industry or by Aedifica in order to provide readers with a better understanding of the Company’s results and performance. The APMs used in this report are identified with an asterisk (*). Performance measures defined by IFRS standards or by Law are not considered to be APMs, neither are those that are not based on the consolidated income statement or the balance sheet. The APMs are defined, annotated and connected with the mos t relevant line, total or subtotal of the financial statements, in Appendix 4. 2 See section 4.3 for more information on key figures stemming from the financial statements. 3 Including marketable investment properties, assets classified as held for sale*, development projects, rights of use related to plots of land held in ‘leasehold’ in accordance with IFRS 16 and land reserve. 4 Calculated based on the definition set out in the prospectus of Aedifica's Sustainability Bond: the ratio of ‘operating result before result on portfolio’ (lines I to XV of the consolidated income statement) to ‘net interest charges’ (line XXI) on a 12-month rolling basis. 5 Not adjusted for projects under construction.
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets 3/38 1. Summary of the activities since 1 July 2025 In the third quarter of 2025, Aedifica once again posted strong results across the board, as reflected in EPRA Earnings* that were ahead of budget and up 4% compared to Q3 2024. In addition, while Aedifica continued its dialogue with the Belgian Competition Authority regarding its exchange offer on all Cofinimmo shares (see section 2.4), the Group replenished its pipeline with several new projects. Since the beginning of the year, the Group has announced new investments totalling €163 million in the healthcare real estate sector, which will continue to require additional capacity in the years to come due to the ageing European population. REPLENISHING THE PIPELINE Since the beginning of the year, Aedifica has divested 33 care properties for a total amount of approx. €125 million as part of its strategic asset rotation programme . These divestments have given Aedifica extra firepower to pursue new investment opportunities and replenish its development programme with new projects offering attractive yields. Throughout 2025 , fourteen new projects have been added to the pipeline. Taking into account the projects that have been delivered so far, these new additions bring the size of the investment programme to approx. €189 million6, offering an average initial yield on cost of approx. 6.5%. In addition, Aedifica announced the acquisition of eight trading care properties throughout the year , bringing the total amount of investments announced to date in 2025 to approx. €163 million. At the end of September, Aedifica’s real estate portfolio amounted to €6,1 92 million (compared to €6,218 million at the end of 2024), including 61 5 sites with a capacity of nearly 36,300 residents and 12,600 children. HEALTHY BALANCE SHEET Aedifica boasts a healthy balance sheet. As at 30 September 2025, the consolidated debt -to-assets ratio amounted to 41.2%, well below the 45% threshold the Group imposes on itself in its financial policy. Following four quarters of positive portfolio valuations in 2024, expert valuations of marketable investment properties continued to increase in 2025, supported by improved operator performance and market conditions. Since the beginning of the year, financial resources were strengthened by contracting approx. €280 million in long-term bank financing (early refinancing and new financing). Moreover, € 320 million in bank facilities have been successfully extended by one year. At the end of September, the headroom on committed credit lines stood at €61 4 million, providing sufficient resources to finance the execution of the investment programme and liquidity needs. The average cost of debt* including commitment fees stands at 2.2% thanks to the Group’s interest rate hedges covering 88% of financial debt. The hedging’s weighted average maturity is 3.9 years. In addition, 52% of committed long -term credit lines are linked to sustainability KPIs, underlining the Group’s efforts to integrate ESG criteria into its financial policy. 6 As at 30 September 2025. See table in Appendix 3 ‘Overview of the investment programme’.
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets 4/38 SOLID RESULTS In the first nine months of 2025, Aedifica’s portfolio generated a rental income of €271.8 million, a strong increase of more than 8% as compared to the same period last year . This resulted in EPRA Earnings* above budget reaching €185. 8 million (€178.3 million as at 30 September 2024, an increase of over 4%), i.e. €3.91 per share. Aedifica’s total profit amounts to €1 94.1 million ( €171.0 million as at 30 September 2024). These solid results allow Aedifica’s Board of Directors to reaffirm the gross dividend guidance of € 4.00 per share for the 202 5 financial year and adjust the estimated EPRA Earnings* upwards to approx. €5.10 per share (see section 5 ‘Outlook’). Limerick cancer centre in Limerick (Ireland) Cancer centre to be completed by Q1 2027
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets 5/38 2. Important events 2.1. Investments, completions and disposals during the 3rd quarter - Over €66 million in new investments in Finland, Ireland and Spain During the third quarter of 202 5, Aedifica announced six new development projects in Finland and Ireland, totalling approx. € 59 million, and acquired a brand -new care property in Spain for approx. €7.5 million. Throughout 2025, as at the publication date of this report, the Group announced the acquisition of eight care properties (one of which is subject to an outstanding condition) totalling €58 million. Meanwhile, it has added fourteen new projects totalling €105 million to the pipeline . This brings Aedifica’s total investments announced so far in 2025 to approx. €163 million. Name Type Location Date Investment (€ million) Pipeline 1 (€ million) Completion Lease Operator Finland - 32.5 Joensuu Suppakuja Development Joensuu 03/07/2025 - 5 Q2 2026 15 yrs - NN Attendo Rovaniemi Koivuojankatu Development Rovaniemi 03/07/2025 - 6.5 Q2 2026 15 yrs - NN Attendo Lappeenranta Tyysterniementie Development Lappeenranta 25/07/2025 - 7.5 Q2 2026 15 yrs - NN Mehiläinen Kokkola Kimalaisenpolku Development Kokkola 03/08/2025 - 7 Q2 2026 15 yrs - NN Mehiläinen Vihti Puhurikuja Development Vihti 25/09/2025 - 6.5 Q1 2026 15 yrs - NN Kaarikeskus Ireland - 26.5 Limerick cancer centre Development Limerick 02/07/2025 - 26.5 Q1 2027 30 yrs - NNN UPMC & Bon Secours Spain 7.5 - Novaedat Mutxamel Acquisition Alicante 18/09/2025 7.5 - - 20 yrs - NN Novaedat Total 7.5 59 1 The amounts in this column are the budgets for projects that Aedifica will finance. The development projects are listed in the overview of the investment programme (see Appendix 3). Novaedat Mutxamel in Alicante (ES) Care home acquired in September 2025 Rovaniemi Koivuojankatu in Rovaniemi (FI) Care home to be completed by Q2 2026
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets 6/38 - 2 projects completed for nearly €15 million Over the course of the third quarter, two development projects in Finland were completed for a total amount of approx. €14.5 million. At the publication date of this report, a total of nine projects amounting to approx. €81 million have been delivered in 2025 so far. Name Type Location Date Investment 1 (€ million) Lease Operator Finland 14.5 Kokkola Kruunupyyntie Development Kokkola 02/07/2025 4.5 15 yrs - NN Norlandia Jyväskylä Lahjaharjuntie Development Jyväskylä 11/09/2025 10 15 yrs - NN Mehiläinen Total 14.5 1 The amounts in this column only include the works that were carried out . - 1 disposal in the Netherlands Aedifica’s strategic asset rotation programme is based on two principles: - managing and enhancing the composition and asset quality of the portfolio, and - recycling capital that can be redeployed in quality assets offering a better return. During the third quarter, a property located in the Netherlands was divested for nearly €17 million. Name Location Date Selling price (€ million) Netherlands 16.7 Zorgresidentie Mariëndaal Velp 01/07/2025 Total 16.7 At the publication date of this report , 33 buildings have already been sold under Aedifica's strategic asset rotation programme since the beginning of the year, totalling approx. €125 million. Kokkola Kruunupyyntie in Kokkola (Finland) Child day-care centre completed in July 2025
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets 7/38 2.2. Investments, completions and disposals after 30 September 2025 - 1 new investment in the Netherlands After 30 September 2025, Aedifica has announced the acquisition, subject to an outstanding administrative condition, of a care home in the Netherlands for approx. €13 million. Name Type Location Date Investment (€ million) Pipeline 1 (€ million) Completion Lease Operator Netherlands - 13 Sinnehiem Acquisition 2 Haulerwijk 16/10/2025 - 13 Q1 2026 WAULT 7 yrs - NN Stichting Liante & Stichting ZuidOostZorg Total - 13 1 The amount in this column is the budget that Aedifica will finance. 2 Acquisition subject to the usual condition of approval by the supervisory authority, given that the seller is a housing association . Sinnehiem in Haulerwijk (NL) Trading care home to be acquired in the coming months (as announced in October 2025)
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets 8/38 - 1 project completed in Finland After 30 September 2025, a development project in Finland has been completed for approx. €5.5 million. Name Type Location Date Investment 1 (€ million) Lease Operator Finland 5.5 Vantaa Haravakuja Development Vantaa 22/10/2025 5.5 15 yrs - NN Mehiläinen Total 5.5 1 The amount in this column only includes the works that were carried out. - 1 disposal in Germany After 30 September 2025, a property located in Germany was divested for approx. €4.2 million. Name Location Date Selling price (€ million) Germany 4.2 Am Bäkepark Berlin 21/10/2025 Total 4.2
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets 9/38 2.3. Investment programme as at 30 September 2025 Aedifica has started to replenish its development programme with new projects offering attractive yields. The Group has already added fourteen new projects totalling approx. €105 million to its pipeline throughout 2025. As at 30 September 2025, Aedifica had a total investment programme of approx. € 189 million, of which approx. €78 million has already been spent and approx. €111 million remains to be invested (see Appendix 3 for a complete overview). The projects have an average initial yield on cost of approx. 6.5%. The total investment budget can be broken down as follows: Expected deliveries of projects and closings of acquisitions Expected evolution of the investment programme (approximate, in € million) based on anticipated completion dates and not considering the addition of new projects €58m 31% €43m 23% €40m 21% €36m 19% €12m 6% Finland Ireland United Kingdom Germany Spain €37m 19% €82m 44% €70m 37% 2025 2026 2027 189 13 -5 -31 ~165 0 50 100 150 200 250 Pipeline 30/09/2025 additions post closing completions post closing expected completions Q4 Pipeline 31/12/2025 189 13 -5 -31 ~165 0 50 100 150 200 250 Pipeline 30/09/2025 additions post closing completions post closing expected completions Q4 Pipeline 31/12/2025
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets 10/38 2.4. Exchange offer on all Cofinimmo shares7 Over the years, both Aedifica and Cofinimmo have built substantial portfolios of healthcare properties in key European markets with strong tenant bases. Recognising this strategic alignment, Aedifica assessed that combining the two companies would present a significant opportunity for value creation. Following Aedifica's announcement on 1 May 2025 of its intent to launch an exchange offer on all Cofinimmo shares, the two companies' managements and Boards held discussions regarding a potential combination. On 3 June 2025, an agreement was reached on the terms for creating a leading healthcare REIT in Europe, which was unanimously supported by the Boards of Aedifica and Cofinimmo. In accordance with the terms of the agreement 8, Aedifica has launched an all -share voluntary offer for 100% of the shares of Cofinimmo, based on an exchange ratio of 1.185 new Aedifica shares for each Cofinimmo share. In addition to a minimum acceptance threshold of 50%+1 of outstanding Cofinimmo shares, the exchange offer is subject to limited, customary closing conditions. Approval has already been obtained from competition authorities in the Netherlands and Germany and France has provided FDI clearance. At the Extraordinary General Meeting (EGM) of 11 July 2025, Aedifica shareholders expressed strong support for the exchange offer. Of the 54.6% of outstanding shares represented, over 99.9% voted in favour of the capital increase to implement the exchange offer. Following the approval by the EGM, Aedifica initiated the procedure for approval of the Prospectus by the FSMA. The Prospectus, which will contain detailed information on the terms, timing and manner of participation in the exchange offer for Cofinimmo shareholders, will be published after approval by the FSMA and before the start of the offer period. The transaction is still subject to the approval by the Belgian Competition Authority (BCA). In mid -July, Aedifica announced 9 that further questions had been asked by the investigation and prosecution service (IPS) and that it could not be excluded that the authority’s review process would take longer than initially expected, thereby impacting the initially announced indicative timeline for the exchange offer. End of September, Aedifica announced that it had entered into discussions with the IPS about potential commitments, including the disposal of assets in Belgium, it might be prepared to offer to obtain in a timely manner the approval of the transaction 10. Aedifica has concluded its discussions with the IPS and has formally filed its request for approval of the transaction with the consent of the IPS on 27 October 202511. In response to concerns raised by the IPS, Aedifica has expressed its willingness to commit to the disposal of healthcare assets from the total combined portfolio in Belgium totalling €300 million spread over the coming years. The transaction will be submitted to the college of the BCA for approval after a market testing by the IPS of the commitments offered by Aedifica. A final decision from the college is anticipated within 55 working days. Aedifica expects to decide on the opening of the acceptance period around the date of the decision of the college, currently foreseen towards the end of January 2026, and will provide a further update on the timeline closer thereto. All information relating to this transaction is available on the Aedifica website. 7 This information is subject to a disclaimer, see page 23. 8 See press release of 3 June 2025. 9 See press release of 18 July 2025. 10 See press release of 30 September 2025. 11 See press release of 27 October 2025.
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets 11/38 3. Management of financial resources 3.1. Financial debts During the first nine months of 202 5, Aedifica strengthened its financial resources by contracting long - term bank facilities totalling €280 million (early refinancing and new financing) with maturities ranging from 3 to 7 years. In addition, €235 million in bank facilities with extension options – initially maturing in 2026 and already extended once – have been successfully extended by another year to 2028, together with €85 million in bank facilities – initially maturing in 2029 – which have been extended for the first time by one year to 2030. In addition, Aedifica increased its issuance of short -term treasury notes by € 66.1 million, optimising its cost of debt. The total amount of short -term treasury notes stands at € 380.1 million, backed by committed credit facilities in case of non-renewal. Taking these elements into account, the maturity dates of Aedifica’s financial debts as at 30 September 2025 are as follows: Financial debt (in € million) 1 Committed financing Short-term treasury notes Lines Utilisation 31/12/2025 50 - 309 31/12/2026 351 192 71 31/12/2027 641 513 - 31/12/2028 865 603 - 31/12/2029 117 77 - 31/12/2030 387 87 - >31/12/2030 706 651 - Total debt as at 30 September 2025 3,118 2,124 380 1 Amounts in GBP were converted into EUR based on the exchange rate of 30 September 2025 (0.87298 EUR/GBP). As at 30 September 202 5, the weighted average maturity of the drawn financial debt is 3.4 years. Available committed financing amounts to € 994 million. After deducting the backup for the short -term treasury notes, the available liquidity stands at €613.9 million. Loans contracted under Aedifica’s Sustainable Finance Framework or linked to sustainability KPIs amount to €1,636 million (52% of committed long-term credit lines), demonstrating the Group’s wish to further diversify its sources of financing and to integrate ESG criteria into its financial policy. The average cost of debt* including commitment fees stands at 2.2% (31 December 2024: 2.0%) owing to the interest rate hedges Aedifica had in place. As at 30 September 2025, 87.9% of financial debt is hedged against interest rate risks, i.e., the ratio of the sum of the fixed rate debt and the notional amount of derivatives divided by the total financial debt. The hedging’s weighted average maturity is 3.9 years. As part of its financial policy, Aedifica aims to keep its debt -to-assets ratio below 45%. As at 30 September 2025, the Group’s consolidated debt-to-assets ratio amounts to 41.2%.
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets 12/38 3.2. Credit rating Aedifica benefits from an investment-grade BBB rating with a stable outlook from S&P, reflecting the strength of the Group’s balance sheet and its liquidity. The stable outlook reflects the predictable rental income supported by resilient health care assets and overall long leases which should continue to generate stable cash flows over t he next few years. S&P’s credit rating research is available on Aedifica’s website. In June 2025, following the announcement of the agreement by Aedifica and Cofinimmo to the all-share exchange offer (see section 2.4 above), S&P Global announced in a release that it had placed Aedifica’s BBB ratings on CreditWatch with positive implications12. This reflects the likelihood that S&P Global could raise Aedifica's ratings by one notch to BBB+ if the transaction proceeds in line with the proposed terms. Jyväskylä Lahjaharjuntie in Jyväskylä (FI) Care home completed in September 2025 12 See press release published on 5 June 2025.
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets 13/38 4. Summary of the consolidated results as at 30 September 2025 4.1. Portfolio as at 30 September 2025 During the first nine months of 2025, the fair value of Aedifica’s real estate portfolio*13 decreased by approx. € 26 million, from € 6,218 million to € 6,192 million. This value of € 6,192 million includes the investment properties portfolio* (€ 6,106 million) and the development projects (€ 87 million). The decrease in marketable investment properties is due to disposals – in particular the sale of the Group’s entire portfolio in Sweden – and is partly offset by acquisitions, the completion of development projects (see section 2.1 above) and changes in th e fair value of marketable investment properties recognised in income (+€45.0 million, or + 0.7% over the first nine months). The changes in the fair value of marketable investment properties 14, as assessed by independent valuation experts, are broken down as follows: - Belgium: +€0.6 million (+0.1%) - Germany: -€0.4 million (-0.0%) - Netherlands: +€16.6 million (+2.5%) - United Kingdom: +€17.8 million (+1.4%) - Finland: +€3.7 million (+0.3%) - Ireland: +€6.3 million (+1.5%) - Spain: +€0.6 million In the first nine months of 2025, following four quarters of positive portfolio valuations in 2024, expert valuations of marketable investment properties were up again. They increased by 0.35% in Q 3 and 0.82% YTD (on a like -for-like basis, excluding any impact from currency translation). The most pronounced increases in portfolio valuations were recorded in the Netherlands, the United Kingdom and Ireland, and mainly relate to the indexation of rents and strong operational performance of tenants leading to a strong rental coverage in the UK and Ireland, which had a positive impact on fair value. Evolution of expert valuations per quarter on a like-for-like basis (in %) 13 See table in Appendix 4.1 ‘Investment properties’. 14 Including gains and losses on acquisitions and assets classified as held for sale*. +0.02% +0.12% +0.12% +0.38% +0.25% +0.21% +0.35% 0.0% 0.1% 0.2% 0.3% 0.4% 0.5% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets 14/38 As at 30 September 2025, Aedifica’s portfolio comprised 615 care properties, with a total capacity of nearly 36,300 residents and 12,600 children, and a total surface area of approx. 2,222,000 m2. The total portfolio has an overall occupancy rate 15 of 100%. The weighted average unexpired lease term (WAULT) for the Company’s portfolio is 18 years. - €1,256 million in Belgium (79 sites) - €1,248 million in the United Kingdom (118 sites) - €1,223 million in Finland (228 sites) - €1,168 million in Germany (98 sites) - €666 million in the Netherlands (67 sites) - €432 million in Ireland (22 sites) - €22 million in Spain (3 sites) Geographical breakdown (in terms of fair value) Breakdown by facility type (in terms of fair value) 15 Rate calculated according to the EPRA methodology. 21% 19% 11% 21% 20% 7% <1% Belgium Germany Netherlands United Kingdom Finland Ireland Spain 69% 3% 15% 6% 7% Elderly care homes Senior housing Mixed-use elderly care buildings Childcare centres Other care segments
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets 15/38 4.2. Gross yield by country The table below presents the portfolio’s gross yield by country , compared to the fair value of the marketable investment properties. On average, the gross yield based on the fair value amounts to 6.0%. 30/09/2025 (x €1,000) BE DE NL UK 2 FI SE IE ES 3 Marketable investment properties 4 Development projects Right of use of plots of land Land reserve Investment properties 4 Fair value 1,255,663 1,167,580 665,720 1,247,788 1,222,970 - 431,706 22,280 6,013,707 86,846 79,143 12,766 6,192,462 Annual contractual rents 73,667 65,170 41,236 80,338 74,448 - 24,262 1,214 360,336 - - - - Gross yield (%) 1 5.9% 5.6% 6.2% 6.4% 6.1% - 5.6% 5.4% 6.0% - - - - 31/12/2024 (x €1,000) BE DE NL UK 5 FI SE 5 IE ES 3 Marketable investment properties 4 Development projects Right of use of plots of land Land reserve Investment properties 4 Fair value 1,254,966 1,176,156 673,240 1,278,890 1,131,710 93,641 424,760 2,122 6,035,485 95,677 74,011 12,966 6,218,139 Annual contractual rents 71,719 64,225 41,173 81,721 68,279 5,938 23,900 124 357,080 - - - - Gross yield (%) 1 5.7% 5.5% 6.1% 6.4% 6.0% 6.3% 5.6% - 5.9% - - - - 1 Based on the fair value (re-assessed every three months). For healthcare real estate, the gross yield and the net yield are generally equal (‘triple net’ contracts) with the operating charges, the maintenance costs and the rents on empty spaces related to the operations generally being supported by the operator in Belgium, the United Kingdom, Ireland, Spain and (often) the Netherlands. In Germany and Finland (and the Netherlands, in some cases), the net yield is generally lower than the gross yield, with ce rtain charges remaining the responsibility of the owner, such as the repair and maintenance of the roof, structure and facades of the building (‘double net’ contracts). 2 Amounts in GBP were converted into € based on the exchange rate of 30 September 2025 (0.87298 EUR/GBP) 3 Aedifica's portfolio in Spain also includes a project under construction, the plot of land generating limited rental income. 4 Including assets classified as held for sale*. 5 Amounts in GBP and SEK were converted into € based on the exchange rate of 31 December 2024 (0.82735 EUR/GBP and 11.45869 EUR/SEK)
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets 16/38 4.3. Consolidated results Consolidated income statement - analytical format 30/09/2025 30/09/2024 (x €1,000) Rental income 271,791 251,045 Rental-related charges -436 7 Net rental income 271,355 251,052 Operating charges* -35,551 -34,948 Operating result before result on portfolio 235,804 216,104 EBIT margin* (%) 86.9% 86.1% Financial result excl. changes in fair value* -41,030 -36,691 Corporate tax -8,323 -585 Share in the profit or loss of associates and joint ventures accounted for using the equity method in respect of EPRA Earnings -191 -18 Non-controlling interests in respect of EPRA Earnings -435 -484 EPRA Earnings* (owners of the parent) 185,825 178,326 Denominator (IAS 33) 47,550,119 47,550,119 EPRA Earnings* (owners of the parent) per share (€/share) 3.91 3.75 EPRA Earnings* 185,825 178,326 Changes in fair value of financial assets and liabilities -10,508 -17,494 Changes in fair value of investment properties 47,921 -179 Gains and losses on disposals of investment properties -11,485 326 Tax on profits or losses on disposals 0 0 Goodwill impairment 0 0 Deferred taxes in respect of EPRA adjustments -17,409 9,213 Share in the profit or loss of associates and joint ventures accounted for using the equity method in respect of the above -162 498 Non-controlling interests in respect of the above -66 309 Roundings 0 0 Profit (owners of the parent) 194,116 170,999 Denominator (IAS 33) 47,550,119 47,550,119 Earnings per share (owners of the parent - IAS 33 - €/share) 4.08 3.60 The consolidated turnover (consolidated rental income) over the first nine months of the 2025 financial year (1 January 2025 – 30 September 2025) amounted to €271.8 million, an increase of more than 8% as compared to the turnover of €251.0 million in the same period last year. Aedifica's consolidated rental income by country is presented in the table below. Consolidated rental income (x €1,000) 2025.01 - 2025.03 2025.04 - 2025.06 2025.07- 2025.09 2025.01 - 2025.09 2024.01 - 2024.09 Var. (%) on a like- for-like basis* 1 Var. (%) 2 Belgium 18,093 18,193 18,298 54,584 52,219 +3.0% +4.5% Germany 15,919 16,317 16,146 48,382 47,069 +2.4% +2.8% Netherlands 10,321 10,281 10,107 30,709 30,824 +3.5% -0.4% United Kingdom 24,925 20,159 22,787 67,871 54,557 +5.2% +24.3% Finland 16,685 16,916 17,425 51,026 45,388 +1.2% +12.4% Sweden 1,083 14 -1 1,096 3,865 +1.8% -72.4% Ireland 5,920 5,932 5,975 17,827 17,030 +2.2% +4.7% Spain 31 55 210 296 93 - - Total 92,977 87,867 90,947 271,791 251,045 +3.1% +8.3% 1 The variation on a like -for-like basis* is shown for each country in the local currency. The total variation on a like -for-like basis* is shown in the Group currency. 2 The variation is shown for each country in the local currency. The total variation is shown in the Group currency.
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets 17/38 The increase in consolidated rental income can be attributed to the growth of Aedifica's portfolio through acquisitions and the completion of development projects from the investment programme, and is supported by the indexation of rental income and contingent rents. Contingent rents include a non - recurring historical catch-up payment of approx. £3.2 million, which was invoiced in the first quarter. In addition to this historical catch-up invoicing, there are contingent rents based on the tenants' operational performance in the previous year, amounting to £3.0 million at the end of September. The 3.1% like-for-like variation* in rental income can be broken down into + 2.6% indexation of rents, +0.4% rent reversion and contingent rents, and +0.1% exchange rate fluctuation. Taking into account the rental-related charges (€0.4 million), the net rental income amounts to €271.4 million (+8% compared to 30 September 2024). The property result amounts to €271.8 million (30 September 2024: €251.7 million). This result, less other direct costs , leads to a property operating result of €262.7 million (30 September 2024: €242.2 million). This implies an operating margin* of 96.8% (30 September 2024: 96.5%). After deducting overheads of €26.4 million (30 September 2024: €25.0 million) and taking into account other operating income and charges, the operating result before result on the portfolio has increased by 9% to reach €235.8 million (30 September 2024: €216.1 million). This implies an EBIT margin* of 86.9% (30 September 2024: 86.1%). Taking into account the cash flows generated by hedging instruments , Aedifica’s net interest charges amount to of €37.9 million (30 September 2024: €33.7 million). Taking into account other income and charges of a financial nature, and excluding the net impact of the revaluation of hedging instruments to their fair value (non -cash movements accounted for in accordance with IAS 39 are not included in the EPRA Earnings* as explained below), the financial result excl. changes in fair value* represents a net charge of €41.0 million (30 September 2024: €36.7 million). Corporate taxes are composed of current taxes, deferred taxes, tax on profits or losses on disposals and exit tax. In conformity with the special tax system of Belgian RRECs, the taxes included in the EPRA Earnings* (30 September 202 5: charge of € 8.3 million; 30 September 2024: charge of €0.6 million) consist primarily of tax on the result of consolidated subsidiaries, tax on profits generated outside of Belgium and Belgian tax on Aedifica’s non-deductible expenditures. Since 1 January 2025, the Fiscal Investment Institutions (Fiscale Beleggingsintellingen, ‘FBI’) regime no longer applies to REITs investing directly in real estate in the Netherlands, resulting in an increase in the current corporate taxes. As a reminder, the 2024 figures include a one -off refund of €4.2 million. For 2025, the current taxes for the Dutch subsidiaries are estimated to amount to approx. €5.0 million. Since 1 February 2024, the UK subsidiaries have benefited from a REIT regime. Under REIT legislation, companies are exempt from UK corporation tax on UK property investment income and gains on UK property. However, R EITs must distribute 90% of underlying tax -exempt property income (not gains) to shareholders within twelve months. These distributions are subject to a 20% withholding tax. Following the double tax treaty between the United Kingdom and Belgium, the net impac t of the withholding tax amounts to o nly 15%. The final dividend distribution from AED UK Holdings Ltd to the parent entity, Aedifica NV/SA, is planned for the fourth quarter, and the related withholding tax on the dividend will be recognised in corporate taxes following the distribution.
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets 18/38 The share in the result of associates and joint ventures mainly includes the result of the participation in Immobe NV (consolidated since 31 March 2019 using the equity method). EPRA Earnings* (see Appendix 4.7.1) reached €185.8 million (30 September 2024: €178.3 million), or €3.91 per share (30 September 2024: €3.75 per share) , based on the weighted average number of shares outstanding. This result (absolute and per share) is above budget. The income statement also includes elements with no monetary impact (i.e., non -cash) that vary in line with external market parameters. These consist amongst others of changes in the fair value of investment properties (accounted for in accordance with IAS 40), changes in the fair value of financial assets and liabilities (accounted for in accordance with IAS 39), other results on portfolio and deferred taxes (arising from IAS 40): - Over the first nine months of 2025, the combined changes in the fair value of marketable investment properties16 and development projects represent an increase of €47.9 million for the period (30 September 2024: a decrease of €0.2 million). - In order to limit the interest rate risk stemming from the financing of its investments, Aedifica has put in place long-term hedges which allow for the conversion of variable-rate debt to fixed- rate debt, or to capped-rate debt. Changes in the fair value of financial assets and liabilities taken into the income statement as at 30 September 2025 represent a charge of €10.5 million (30 September 2024: charge of €17.5 million). - Deferred taxes in respect of EPRA adjustments (charge of €17.4 million as at 30 September 2025, compared to a n income of € 9.2 million as at 30 September 2024) arose from the recognition at fair value of buildings located abroad, in conformity with IAS 40. In the first half of 2024, deferred taxes were positively impacted by obtaining REIT status in the UK. In 2025, deferred taxes mainly increased in Ireland, the Netherlands, and Finland. This increase was partly offset by the reversal of accrued deferred taxes following the disposal of the Swedish assets. Gains and losses on disposals of investment properties (30 September 2025: loss of €11.5 million; 30 September 2024: gain of €0.3 million) mainly relate to the Swedish portfolio. This portfolio was sold at a limited discount of 3.9% between the conventional disposal value and the latest fair value as at 31 December 2024. In addition, during the historical holding period of the assets, currenc y translation differences were already accounted for in equity on a quarterly basis and were therefore already reflected in the net asset value. Following the termination of the activities in Sweden, these amounts had to be reclassified from equity to the income statement and are presented together with the loss on disposal and transaction costs. Taking into account the non -monetary elements described above, the profit (owners of the parent) amounts to €194.1 million ( 30 September 2024: €171.0 million). The basic earnings per share (as defined by IAS 33) is €4.08 (30 September 2024: €3.60). 16 That change corresponds to the sum of the positive and negative variations of the fair value of the buildings as at 31 December 2024 or the time of entry of new buildings in the portfolio, and the fair value estimated by the valuation experts as at 30 September 2025. It also includes ancillary acquisition costs and changes in the right of use of plots of land and the land reserve.
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets 19/38 4.4. Net asset value per share The table below details the change in the net asset value per share17. Excluding the non-monetary effects (i.e., non-cash) of the changes in fair value of hedging instruments18, the net asset value per share based on the fair value of investment properties amounted to €75.29 as at 30 September 2025 (31 December 2024: €75.70 per share). Net asset value per share (in €) 30/09/2025 31/12/2024 Net asset value excl. changes in fair value of hedging instruments* 75.29 75.70 Effect of the changes in fair value of hedging instruments 0.69 0.91 Net asset value 75.97 76.61 Number of shares on the stock market 47,550,119 47,550,119 Number of shares 30/09/2025 31/12/2024 30/09/2024 Total number of shares on the stock market 47,550,119 47,550,119 47,550,119 Total number of treasury shares 855 8,067 67 Number of shares outstanding after deduction of the treasury shares 47,549,264 47,542,052 47,550,052 Weighted average number of shares outstanding (IAS 33) 47,550,119 47,550,119 47,550,119 Number of dividend rights 19 47,550,119 47,550,119 47,550,119 17 Recall that IFRS requires the presentation of the annual accounts before appropriation. The net asset value of €75.70 per share as at 31 December 2024 (as published in the 2024 Annual Report) thus included the gross dividend distributed in May 2025. 18 The effect of the changes in fair value of hedging instruments of +€0.69 per share as at 30 September 2025 is the impact in equity of the fair value of hedging instruments, which is positive for €32.7 million, mainly booked in the assets on the balance sheet. 19 Based on the rights to the dividend for the shares issued during the year.
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets 20/38 5. Outlook and dividend20 The Board of Directors continues to pay close attention to the shifting economic , financial and political context, as well as the associated impact on the Group’s activities. The EPRA Earnings* (both absolute and per share ) exceeded the budget in the first nine months of 2025. Taking into account these results, Aedifica's Board of Directors has updated the outlook for the current financial year. On the basis of the currently available information and the projected real estate portfolio, and without taking into account transaction costs related to the exchange offer on all Cofinimmo or any other unforeseen developments, rental income for the 2025 financial year is estimated to reach approx. €360 million, resulting in approx. €242 million in EPRA Earnings*. The Board of Directors anticipates EPRA Earnings* of approx. €5.10 per share. In addition, the Board reaffirmed the dividend outlook of €4.00 (gross) per share, payable in May 2026. Outlook for 2025 Estimated rental income €360 million EPRA Earnings* €242 million EPRA Earnings* per share approx. €5.10 Gross dividend €4.00 20 This is Aedifica's outlook on a standalone basis. It does not include any impact from the exchange offer on Cofinimmo shares.
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets 21/38 6. Corporate Social Responsibility 6.1. Aedifica posts excellent ESG ratings Aedifica's CSR efforts are paying off, as evidenced by its ESG ratings awarded in 202 5. In its sixth participation in the GRESB 21, Aedifica achieved 75/100 for the reference year 202 4. This score is in line with last year’s score (75/100) and the overall GRESB average (76/100). Within the ‘Healthcare Listed’ category, Aedifica continues to demonstrate strong ESG performance, ranking in the top half of a growing and increasingly competiti ve peer group. The Group’s progress reflects its firm commitment to sustainability and long-term value creation. While Aedifica maintained its excellent ‘Negligible’ Sustainalytics Risk Rating (9.6), the Group further improved its MSCI rating to ‘AAA’. In addition, Aedifica's report ing on its efforts in the field of corporate social responsibility in 202 4 (published in the Annual Report of March 2025 and the Environmental Data Report of June 2025) was awarded a sixth consecutive ‘EPRA sBPR Gold Award’. Visit Aedifica’s website to find out more about its sustainability scores. 7. Financial calendar22 Financial calendar Annual press release 31/12/2025 13/02/2026 – 07:30 CEST 2025 Annual Report March 2026 Interim results 31/03/2026 28/04/2026 – 17:40 CEST Annual General Meeting 2026 12/05/2026 Payment dividend relating to the 2025 financial year May 2026 2025 Environmental Data Report June 2026 Half year results 30/06/2026 29/07/2026 – 07:30 CEST Interim results 30/09/2026 27/10/2026 – 17:40 CEST 21 GRESB (Global Real Estate Sustainability Benchmark) is an independent real estate benchmark that assesses the sustainability policy of real estate companies. Each year GRESB evaluates the sustainability performance of real estate in terms of environmental, social and governance aspects (ESG) on the basis of international reporting frameworks and regional guidelines. 22 These dates are subject to change.
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets 22/38 About Aedifica Aedifica is a Regulated Real Estate Company under Belgian law specialised in European healthcare real estate, particularly in elderly care. Aedifica has developed a portfolio of 615 sites in Belgium, Germany, the Netherlands, the United Kingdom, Finland, Ireland and Spain, worth approx. €6.2 billion. Aedifica is listed on Euronext Brussels (2006) and Euronext Amsterdam (2019) and is identified by the following ticker symbols: AED; AED:BB (Bloomberg); AOO.BR (Reuters). Since 2020, Aedifica has been part of the BEL 20, Euronext Brussels’ leading share index. Moreover, since 2023, Aedifica has been part of the BEL ESG, the index tracking companies that perform best on ESG criteria. Aedifica is also included in the EPRA, Stoxx Eu rope 600 and GPR indices. Aedifica’s market capitalisation was approx. € 3.0 billion as at 2 8 October 2025. Forward-looking statement This document contains forward -looking information that involves risks and uncertainties, including statements about Aedifica’s plans, objectives, expectations and intentions. Readers are cautioned that forward-looking statements include known and unknown risks and are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of Aedifica. Should one or more of these risks, uncertainties or contingencies materialise, or should any underlying assumptions prove incorrect, actual results could vary materially from those anticipated, expected, estimated or projected. As a result, Aedifica does not assume any responsibility for the accuracy of these forward-looking statements. For all additional information Ingrid Daerden Chief Financial Officer T +32 2 626 07 70 ingrid.daerden@aedifica.eu Delphine Noirhomme Investor Relations Manager T +32 2 626 07 70 delphine.noirhomme@aedifica.eu www.aedifica.eu
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets 23/38 Disclaimer relating to all information on the exchange offer for Cofinimmo shares SUBJECT TO CERTAIN EXCEPTIONS, THE INFORMATION RELATING TO THE EXCHANGE OFFER ON ALL COFINIMMO SHARES CONTAINED IN THIS REPORT IS NOT FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISCLOSURE OTHERWISE, WHETHER DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, SWITZERLAND, SOUTH AFRICA, THE UNITED KINGDOM OR ANY OTHER STATE OR JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE LAWS OF THAT JURISDICTION OR WOULD REQUIRE ADDITI ONAL DOCUMENTS TO BE COMPLETED OR REGISTERED, OR REQUIRE ANY MEASURE TO BE UNDERTAKEN IN ADDITION TO THE REQUIREMENTS UNDER BELGIAN LAW. THIS REPORT DOES NOT CONSTITUTE AN OFFER, OR ANY SOLICITATION OF ANY OFFER, TO BUY OR SUBSCRIBE FOR ANY SECURITIES IN AEDIFICA OR COFINIMMO. ANY OFFER WILL BE MADE ONLY IN COMPLIANCE WITH THE TAKEOVER ACT AND THE TAKEOVER DECREE (EACH AS DEFINED HEREIN), AND BY MEANS OF A PROSPECTUS TO BE APPROVED BY THE FSMA PURSUANT TO THE TAKEOVER DECREE AND SUBJECT TO THE TERMS AND CONDITIONS TO BE SET OUT THEREIN.
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets 24/38 Appendices 1. Consolidated income statement (x €1,000) 30/09/2025 30/09/2024 I. Rental income 271,791 251,045 II. Writeback of lease payments sold and discounted 0 0 III. Rental-related charges -436 7 Net rental income 271,355 251,052 IV. Recovery of property charges 0 3 V. Recovery of rental charges and taxes normally paid by tenants on let properties 7,671 7,596 VI. Costs payable by the tenant and borne by the landlord on rental damage and repair at end of lease 0 0 VII. Charges and taxes not recovered by the tenant on let properties -7,678 -7,544 VIII. Other rental-related income and charges 444 602 Property result 271,792 251,709 IX. Technical costs -2,016 -2,857 X. Commercial costs 0 -18 XI. Charges and taxes on unlet properties -35 -67 XII. Property management costs -5,566 -5,077 XIII. Other property charges -1,437 -1,508 Property charges -9,054 -9,527 Property operating result 262,738 242,182 XIV. Overheads -26,387 -25,038 XV. Other operating income and charges -547 -1,040 Operating result before result on portfolio 235,804 216,104 XVI. Gains and losses on disposals of investment properties -11,485 326 XVII. Gains and losses on disposals of other non-financial assets 0 0 XVIII. Changes in fair value of investment properties 47,921 -179 XIX. Other result on portfolio 0 0 Operating result 272,240 216,251 XX. Financial income 1,112 808 XXI. Net interest charges -37,927 -33,654 XXII. Other financial charges -4,215 -3,845 XXIII. Changes in fair value of financial assets and liabilities -10,508 -17,494 Net finance costs -51,538 -54,185 XXIV. Share in the profit or loss of associates and joint ventures accounted for using the equity method -353 480 Profit before tax (loss) 220,349 162,546 XXV. Corporate tax -25,468 8,493 XXVI. Exit tax -264 135 Tax expense -25,732 8,628 Profit (loss) 194,617 171,174 Attributable to: Non-controlling interests 501 175 Owners of the parent 194,116 170,999 Basic earnings per share (€) 4.08 3.60 Diluted earnings per share (€) 4.08 3.60
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets 25/38 2. Consolidated balance sheet ASSETS 30/09/2025 31/12/2024 (x €1,000) I. Non-current assets A. Goodwill 87,363 87,363 B. Intangible assets 681 1,047 C. Investment properties 6,116,482 6,117,932 D. Other tangible assets 3,709 4,348 E. Non-current financial assets 41,514 54,273 F. Finance lease receivables 0 0 G. Trade receivables and other non-current assets 0 0 H. Deferred tax assets 765 823 I. Equity-accounted investments 24,195 31,586 Total non-current assets 6,274,709 6,297,372 II. Current assets A. Assets classified as held for sale 75,980 100,207 B. Current financial assets 0 0 C. Finance lease receivables 0 0 D. Trade receivables 29,037 19,526 E. Tax receivables and other current assets 12,673 11,334 F. Cash and cash equivalents 20,498 18,451 G. Deferred charges and accrued income 15,273 16,934 Total current assets 153,461 166,452 TOTAL ASSETS 6,428,170 6,463,824
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets 26/38 EQUITY AND LIABILITIES 30/09/2025 31/12/2024 (x €1,000) EQUITY I. Issued capital and reserves attributable to owners of the parent A. Capital 1,203,638 1,203,638 B. Share premium account 1,719,001 1,719,001 C. Reserves 495,836 515,505 a. Legal reserve 0 0 b. Reserve for the balance of changes in fair value of investment properties 397,217 364,698 d. Reserve for the balance of changes in fair value of authorised hedging instruments qualifying for hedge accounting as defined under IFRS 1,161 1,708 e. Reserve for the balance of changes in fair value of authorised hedging instruments not qualifying for hedge accounting as defined under IFRS 44,949 62,735 f. Reserve of exchange differences relating to foreign currency monetary items 82 58 g. Foreign currency translation reserves -5,246 33,471 h. Reserve for treasury shares -49 -459 j. Reserve for actuarial gains and losses of defined benefit pension plans -363 -363 k. Reserve for deferred taxes on investment properties located abroad -84,884 -88,576 m. Other reserves 0 -669 n. Result brought forward from previous years 136,978 136,099 o. Reserve- share NI & OCI of equity method invest 5,991 6,803 D. Profit (loss) of the year 194,116 204,831 Equity attributable to owners of the parent 3,612,591 3,642,975 II. Non-controlling interests 5,434 5,122 TOTAL EQUITY 3,618,025 3,648,097 LIABILITIES I. Non-current liabilities A. Provisions 0 0 B. Non-current financial debts 1,991,549 2,065,194 a. Borrowings 1,200,493 1,263,111 c. Other 791,056 802,083 C. Other non-current financial liabilities 97,631 94,901 a. Authorised hedges 8,624 10,922 b. Other 89,007 83,979 D. Trade debts and other non-current debts 0 124 E. Other non-current liabilities 0 0 F. Deferred tax liabilities 150,540 133,238 Non-current liabilities 2,239,720 2,293,457 II. Current liabilities A. Provisions 0 0 B. Current financial debts 508,428 448,442 a. Borrowings 128,328 134,392 c. Other 380,100 314,050 C. Other current financial liabilities 3,170 3,281 D. Trade debts and other current debts 36,781 48,933 a. Exit tax 738 1,400 b. Other 36,043 47,533 E. Other current liabilities 0 0 F. Accrued charges and deferred income 22,046 21,614 Total current liabilities 570,425 522,270 TOTAL LIABILITIES 2,810,145 2,815,727 TOTAL EQUITY AND LIABILITIES 6,428,170 6,463,824
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets 27/38 3. Overview of the investment programme Projects and renovations (in € million) 1 Operator Current budget Invest. as at 30/09/2025 Future invest. Projects in progress 174 78 97 Completion 2025 37 35 2 FI 8 7 1 Finland – pipeline ‘childcare centres’ Multiple tenants 3 2 1 Finland – pipeline ‘other’ Multiple tenants 5 5 0 IE 16 16 1 Sligo Finisklin Road 2 Coolmine Caring Services Group 16 16 1 ES 12 12 0 Zamora Av.de Valladolid 2 Neurocare Home 12 12 0 Completion 2026 82 30 52 DE 7 3 4 Am Parnassturm Vitanas 5 3 2 Seniorenzentrum Berghof Azurit 2 0 2 FI 49 17 32 Finland – pipeline ‘elderly care homes’ Multiple tenants 32 9 23 Finland – pipeline ‘childcare centres’ Multiple tenants 11 5 6 Finland – pipeline ‘other’ Multiple tenants 6 3 3 UK 26 10 16 Lavender Villa Emera 7 1 6 St. Joseph’s Emera 3 2 2 The Mount Hamberley Care Homes 16 8 8 Completion 2027 55 12 43 DE 29 8 21 Seniorenquartier Gummersbach 2 Specht Gruppe 29 8 21 IE 27 5 22 Limerick cancer centre UPMC & Bon Secours 27 5 22 Projects subject to outstanding conditions/forward purchases 14 0 14 Completion 2027 14 0 14 UK 14 0 14 Homefield Emera 14 0 14 TOTAL INVESTMENT PROGRAMME as at 30/09/2025 189 78 111 Changes in fair value 3 Roundings & other 6 On balance sheet 87 Projects/acquisitions subject to outstanding conditions added after 30/09/2025 13 NL 13 Sinnehiem Stichting Liante & Stichting ZuidOostZorg 13 Projects completed after 30/09/2025 -5 FI -5 Vantaa Haravakuja Mehiläinen -5 TOTAL INVESTMENT PROGRAMME as at 28/10/2025 197 1 The figures in this table are rounded amounts. The sum of certain figures might therefore not correspond to the stated total. Amounts in GBP were converted into EUR based on the exchange rate of 30 September 2025 (0.87298 EUR/GBP). 2 Although still under construction, development projects often already generate limited rental income, in particular for the plots of land that have already been acquired. Their values are therefore no longer mentioned in the table above. This explains why the estimated inv estment values differ from those mentioned earlier. Over the first nine months of 2025, fourteen new projects were added to the investment programme (for a total amount of approx. €105 million), while eight projects were completed (for a total amount of approx. €75.5 million). After 30 September 2025, Aedifica has announced the acquisition, subject to an outstanding administrative condition, of a care home in the Netherlands for approx. €13 million , while one development project in Finland amounting to approx. €5.5 million was completed (see section 2.2 above).
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets 28/38 4. Calculation details of the Alternative Performance Measures (APMs) Aedifica has used Alternative Performance Measures in accordance with ESMA (European Securities and Market Authority) guidelines published on 5 October 2015 in its financial communication for many years. Some of these APMs are recommended by the European Public Real Estate Association (EPRA) and others have been defined by the industry or by Aedifica in order to provide readers with a better understanding of the Company’s results and performance. The APMs used in this interim financial report are identified with an asterisk (*). Performance measures defined by IFRS standards or by Law are not considered to be APMs, neither are those that are not based on the consolidated income statement or the balance sheet. The definition of APMs, as applied to Aedifica’s financial statements, may differ from those used in the financial statements of other companies. 4.1. Investment properties Aedifica uses the performance measures presented below to determine the value of its investment properties; however, these measures are not defined under IFRS. They reflect alternate clustering of investment properties with the aim of providing the reader with the most relevant information. (x €1,000) 30/09/2025 31/12/2024 Marketable investment properties 5,937,727 5,935,278 + Assets classified as held for sale 75,980 100,207 + Right of use of plots of land 79,143 74,011 + Land reserve 12,766 12,966 Marketable investment properties including assets classified as held for sale*, or investment properties portfolio 6,105,616 6,122,462 + Development projects 86,846 95,677 Investment properties including assets classified as held for sale*, or real estate portfolio* 6,192,462 6,218,139 4.2. Rental income on a like-for-like basis* Aedifica uses the net rental income on a like -for-like basis* to reflect the performance of investment properties excluding the effect of scope changes. (x €1,000) 01/01/2025 - 30/09/2025 01/01/2024 - 30/09/2024 Rental income 271,791 251,045 - Scope changes -21,470 -8,212 = Rental income on a like-for-like basis* 250,321 242,833
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets 29/38 4.3. Average cost of debt* Aedifica uses average cost of debt* and average cost of debt* (incl. commitment fees) to reflect the costs of its financial debts; however, these performance measures are not defined under IFRS. They represent annualised net interest charges deducted by reinvoiced interests and IFRS 16 (and commitment fees) divided by weighted average financial debts. (x €1,000) 30/09/2025 31/12/2024 Weighted average financial debts (a) 2,453,204 2,421,976 XXI. Net interest charges -37,927 -46,701 Reinvoiced interests (incl. in XX. Financial income) 0 324 Interest cost related to leasing debts booked in accordance with IFRS 16 1,192 1,429 Annualised net interest charges (b) -49,115 -44,948 Average cost of debt* (b)/(a) 2.0% 1.9% Commitment fees (incl. in XXII. Other financial charges) -2,852 -3,514 Annualised net interest charges (incl. commitment fees) (c) -52,928 -48,462 Average cost of debt* (incl. commitment fees) (c)/(a) 2.2% 2.0% 4.4. Interest Cover Ratio* (ICR) Aedifica uses the Interest Cover Ratio* to measure its ability to meet interest payments obligations related to debt financing and should be at least equal to 2.0x. The ICR* is calculated based on the definition set out in the prospectus of Aedifica’s Sustainabilit y Bond: ‘Operating result before result on the portfolio’ (lines I to XV of the consolidated income statement) divided by ‘Net interest charges’ (line XXI) on a 12-month rolling basis. (x €1,000) 01/10/2024 - 30/09/2025 01/01/2024 - 31/12/2024 Operating result before result on portfolio (TTM) 1 309,956 290,256 XXI. Net interest charges (TTM) 1 -50,974 -46,701 Interest Cover Ratio* 6.1 6.2 1 TTM (Trailing Twelve Months) means that the calculation is based on financial figures for the past twelve months.
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets 30/38 4.5. Net debt/EBITDA* This APM indicates how long a company would have to operate at its current level to pay off all its debts. It is calculated by dividing net financial debts, i.e., long-term and current financial debts minus cash and cash equivalents (numerator) by the EBITDA of the past twelve months (TTM) (denominator). EBITDA is the operating result before result on portfolio plus depreciation and amortisation . (x €1,000) 30/09/2025 31/12/2024 Non-current and current financial debts 2,499,977 2,513,636 - Cash and cash equivalents -20,498 -18,451 Net debt (IFRS) 2,479,479 2,495,185 Operating result before result on portfolio (TTM) 1 309,956 290,256 + Depreciation and amortisation of other assets (TTM) 1 2,509 2,508 EBITDA (IFRS) 312,465 292,764 Net Debt / EBITDA 7.9 8.5 1 TTM (Trailing Twelve Months) means that the calculation is based on financial figures for the past twelve months. The Net debt/EBITDA ratio is not adjusted for projects under construction or recently completed projects that increase debt but do not contribute, or do not fully contribute, to rental income. 4.6. Equity Aedifica uses equity excl. changes in fair value of hedging instruments* to reflect equity before non-cash effects of the revaluation of hedging instruments; however, this performance measure is not defined under IFRS. It represents the line ‘equity attributable to owners of the parent’ without cumulated non - cash effects of the revaluation of hedging instruments. (x €1,000) 30/09/2025 31/12/2024 Equity attributable to owners of the parent 3,612,591 3,642,975 - Effect of the changes in fair value of hedging instruments -32,721 -43,214 Equity excl. changes in fair value of hedging instruments* 3,579,870 3,599,761
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets 31/38 4.7. Key performance indicators according to the EPRA principles Aedifica is committed to standardising reporting to improve the quality and comparability of information and makes most of the indicators recommended by EPRA available to its investors. The following indicators are considered to be APMs: 4.7.1. EPRA Earnings* EPRA Earnings* 30/09/2025 30/09/2024 x €1,000 Earnings (owners of the parent) per IFRS income statement 194,116 170,999 Adjustments to calculate EPRA Earnings*, exclude: (i) Changes in value of investment properties, development properties held for investment and other interests -47,921 179 (ii) Profits or losses on disposal of investment properties, development properties held for investment and other interests 11,485 -326 (iii) Profits or losses on sales of trading properties including impairment charges in respect of trading properties 0 0 (iv) Tax on profits or losses on disposals 0 0 (v) Goodwill impairment 0 0 (vi) Changes in fair value of financial instruments and associated close-out costs 10,508 17,494 (vii) Acquisition costs on share deals and non-controlling joint venture interests (IFRS 3) 0 0 (viii) Adjustments related to funding structure 0 0 (ix) Adjustments related to non-operating and exceptional items 0 0 (x) Deferred taxes in respect of EPRA adjustments 17,409 -9,213 (xi) Adjustments (i) to (x) above in respect of joint ventures 162 -498 (xii) Non-controlling interests in respect of the above 66 -309 Roundings 0 0 EPRA Earnings* (owners of the parent) 185,825 178,326 Number of shares (Denominator IAS 33) 47,550,119 47,550,119 EPRA Earnings* per Share (EPRA EPS* - in €/share) 3.91 3.75 EPRA Earnings* diluted per Share (EPRA diluted EPS* - in €/share) 3.91 3.75
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets 32/38 4.7.2. EPRA Net Asset Value indicators Situation as per 30 September 2025 EPRA Net Reinstatement Value* EPRA Net Tangible Assets* EPRA Net Disposal Value* x €1,000 NAV per the financial statements (owners of the parent) 3,612,591 3,612,591 3,612,591 NAV per the financial statements (in €/share) (owners of the parent) 75.97 75.97 75.97 (i) Effect of exercise of options, convertibles and other equity interests (diluted basis) - - - Diluted NAV, after the exercise of options, convertibles and other equity interests 3,612,591 3,612,591 3,612,591 Include: (ii.a) Revaluation of investment properties (if IAS 40 cost option is used) - - - (ii.b) Revaluation of investment properties under construction (IPUC) (if IAS 40 cost option is used) - - - (ii.c) Revaluation of other non-current investments - - - (iii) Revaluation of tenant leases held as finance leases - - - (iv) Revaluation of trading properties - - - Diluted NAV at Fair Value 3,612,591 3,612,591 3,612,591 Exclude: (v) Deferred taxes in relation to fair value gains of IP 149,662 149,662 (vi) Fair value of financial instruments -32,721 -32,721 (vii) Goodwill as a result of deferred taxes 45,161 45,161 45,161 (vii.a) Goodwill as per the IFRS balance sheet -132,524 -132,524 (vii.b) Intangibles as per the IFRS balance sheet -681 Include: (ix) Fair value of fixed interest rate debt 96,072 (ix) Revaluation of intangibles to fair value - (xi) Real estate transfer tax 331,439 - Include/exclude: Adjustments (i) to (v) in respect of joint venture interests - - - Adjusted net asset value (owners of the parent) 4,106,131 3,641,488 3,621,300 Number of shares on the stock market 47,550,119 47,550,119 47,550,119 Adjusted net asset value (in €/share) (owners of the parent) 86.35 76.58 76.16 (x €1,000) Fair value as % of total portfolio % of deferred tax excluded Portfolio that is subject to deferred tax and intention is to hold and not to sell in the long run 3,585,245 59% 100%
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets 33/38 Situation as per 31 December 2024 EPRA Net Reinstatement Value* EPRA Net Tangible Assets* EPRA Net Disposal Value* x €1,000 NAV per the financial statements (owners of the parent) 3,642,975 3,642,975 3,642,975 NAV per the financial statements (in €/share) (owners of the parent) 76.61 76.61 76.61 (i) Effect of exercise of options, convertibles and other equity interests (diluted basis) 1,366 1,366 1,366 Diluted NAV, after the exercise of options, convertibles and other equity interests 3,642,975 3,642,975 3,642,975 Include: (ii.a) Revaluation of investment properties (if IAS 40 cost option is used) - - - (ii.b) Revaluation of investment properties under construction (IPUC) (if IAS 40 cost option is used) - - - (ii.c) Revaluation of other non-current investments - - - (iii) Revaluation of tenant leases held as finance leases - - - (iv) Revaluation of trading properties - - - Diluted NAV at Fair Value 3,642,975 3,642,975 3,642,975 Exclude: (v) Deferred taxes in relation to fair value gains of IP 132,315 132,315 (vi) Fair value of financial instruments -43,214 -43,214 (vii) Goodwill as a result of deferred taxes 45,161 45,161 45,161 (vii.a) Goodwill as per the IFRS balance sheet -132,524 -132,524 (vii.b) Intangibles as per the IFRS balance sheet -1,047 Include: (ix) Fair value of fixed interest rate debt 115,013 (ix) Revaluation of intangibles to fair value - (xi) Real estate transfer tax 333,915 - Include/exclude: Adjustments (i) to (v) in respect of joint venture interests - - - Adjusted net asset value (owners of the parent) 4,111,151 3,643,666 3,670,625 Number of shares on the stock market 47,550,119 47,550,119 47,550,119 Adjusted net asset value (in €/share) (owners of the parent) 86.46 76.63 77.19 (x €1,000) Fair value as % of total portfolio % of deferred tax excluded Portfolio that is subject to deferred tax and intention is to hold and not to sell in the long run 2,845,975 47% 100%
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets 34/38 4.7.3. EPRA Net Initial Yield* (NIY) and EPRA Topped-up NIY* EPRA Net Initial Yield* (NIY) and EPRA Topped-up NIY* 30/09/2025 x €1,000 BE DE NL UK FI SE IE ES Total Investment properties – wholly owned 1,255,663 1,173,570 665,720 1,192,925 1,251,880 - 450,825 33,990 6,024,573 Investment properties – share of JVs/Funds - - - - - - - - - Trading properties (including share of JVs) - 4,210 - 71,770 - - - - 75,980 Less: developments - -10,200 - -16,907 -28,910 - -19,119 -11,710 -86,846 Completed property portfolio 1,255,663 1,167,580 665,720 1,247,788 1,222,970 - 431,706 22,280 6,013,707 Allowance for estimated purchasers' costs 31,634 78,021 70,230 83,807 24,431 - 42,860 458 331,441 Gross up completed property portfolio valuation 1,287,297 1,245,601 735,950 1,331,595 1,247,401 - 474,566 22,738 6,345,148 Annualised cash passing rental income 74,171 64,428 40,918 80,338 74,448 - 22,571 314 357,188 Property outgoings 1 -557 -1,819 -1,628 -1,035 -1,944 - -327 -95 -7,404 Annualised net rents 73,615 62,609 39,290 79,303 72,504 - 22,244 219 349,784 Add: notional rent expiration of rent free periods or other lease incentives -504 741 318 - - - 1,691 900 3,147 Topped-up net annualised rent 73,111 63,351 39,608 79,303 72,504 - 23,936 1,119 352,931 - EPRA NIY (in %) 5.7% 5.0% 5.3% 6.0% 5.8% - 4.7% 0.0% 5.5% EPRA Topped-up NIY (in %) 5.7% 5.1% 5.4% 6.0% 5.8% - 5.0% 0.0% 5.6% EPRA Net Initial Yield* (NIY) and EPRA Topped-up NIY* 31/12/2024 x €1,000 BE DE NL UK FI SE IE ES Total Investment properties – wholly owned 1,254,966 1,166,330 665,440 1,274,181 1,169,900 40,485 435,256 24,397 6,030,955 Investment properties – share of JVs/Funds - - - - - - - - - Trading properties (including share of JVs) - 14,690 7,800 24,561 - 53,156 - - 100,207 Less: developments - -4,864 - -19,852 -38,190 - -10,496 -22,275 -95,677 Completed property portfolio 1,254,966 1,176,156 673,240 1,278,890 1,131,710 93,641 424,760 2,122 6,035,485 Allowance for estimated purchasers' costs 31,620 78,727 69,460 85,243 22,533 3,980 42,315 37 333,915 Gross up completed property portfolio valuation 1,286,586 1,254,883 742,700 1,364,133 1,154,243 97,621 467,075 2,159 6,369,400 Annualised cash passing rental income 71,785 63,368 40,369 71,623 68,279 5,683 22,209 124 343,442 Property outgoings 1 -416 -2,128 -1,485 -933 -1,948 -398 -112 -122 -7,543 Annualised net rents 71,370 61,240 38,884 70,690 66,331 5,285 22,097 2 335,899 Add: notional rent expiration of rent free periods or other lease incentives -67 857 804 10,098 - 255 1,691 - 13,638 Topped-up net annualised rent 71,303 62,097 39,688 80,788 66,331 5,540 23,788 2 349,537 EPRA NIY (in %) 5.5% 4.9% 5.2% 5.2% 5.7% 5.4% 4.7% 0.0% 5.3% EPRA Topped-up NIY (in %) 5.5% 4.9% 5.3% 5.9% 5.7% 5.7% 5.1% 0.0% 5.5% 1 The scope of the real-estate charges to be excluded for calculating the EPRA Net Initial Yield is defined in the EPRA Best Practices and does not c orrespond to ‘real-estate charges’ as presented in the consolidated IFRS accounts.
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets 35/38 4.7.4. EPRA Vacancy Rate* Investment properties – Rental data 30/09/2025 x €1,000 Gross rental income¹ Net rental income² Lettable space (in m²) Contractual rents³ Estimated rental value (ERV) on empty spaces Estimated rental value (ERV) EPRA Vacancy rate (in %) Segment Belgium 54,569 53,771 505,527 73,667 - 70,411 0.0% Germany 48,049 45,766 557,911 65,170 - 65,440 0.0% Netherlands 29,954 27,955 338,972 41,236 86 41,067 0.2% United Kingdom 64,837 62,829 335,228 80,338 - 83,435 0.0% Finland 51,033 50,090 325,338 74,448 255 72,180 0.4% Sweden - - - - - - - Ireland 17,827 17,471 117,368 24,262 - 23,527 0.0% Spain 146 63 20,624 1,214 - 1,261 0.0% Total marketable investment properties 266,415 257,945 2,200,968 360,336 340 357,321 0.1% Reconciliation to income statement Properties sold during the 2025 financial year 1,884 1,760 Properties held for sale 3,011 3,009 Land reserve 45 24 Other Adjustments - - Total marketable investment properties 271,355 262,738 Investment properties – Rental data 30/09/2024 x €1,000 Gross rental income¹ Net rental income² Lettable space (in m²) Contractual rents³ Estimated rental value (ERV) on empty spaces Estimated rental value (ERV) EPRA Vacancy rate (in %) Segment Belgium 50,581 49,751 487,732 69,394 - 64,820 0.0% Germany 46,265 43,778 557,911 64,506 - 65,197 0.0% Netherlands 29,481 27,764 350,375 41,086 75 41,906 0.2% United Kingdom 52,668 50,878 338,187 78,911 - 81,455 0.0% Finland 45,324 43,958 287,789 65,414 141 63,846 0.2% Sweden 3,860 3,550 23,963 6,014 - 5,778 0.0% Ireland 17,030 16,808 117,368 22,436 - 21,582 0.0% Spain 93 -20 15,478 124 - 124 0.0% Total marketable investment properties 245,302 236,467 2,178,802 347,886 216 344,708 0.1% Reconciliation to income statement Properties sold during the 2024 financial year 2,979 2,985 Properties held for sale 2,205 2,196 Land reserve 566 534 Other Adjustments - - Total marketable investment properties 251,052 242,182 1 The total ‘gross rental income’ defined in EPRA Best Practices, reconciled with the consolidated IFRS income statement, corre sponds to the ‘net rental income’ of the consolidated IFRS accounts. 2 The total ‘net rental income’ defined in EPRA Best Practices, reconciled with the consolidated IFRS income statement, corresp onds to the ‘property operating result’ of the consolidated IFRS accounts. 3 The current rent at the closing date plus future rent on leases signed as at 30 September 2025 or 30 September 2024.
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets 36/38 4.7.5. EPRA Cost Ratios* EPRA Cost ratios* (x €1,000) 30/09/2025 30/09/2024 Administrative/operating expense line per IFRS statement -35,987 -34,941 Rental-related charges -436 7 Recovery of property charges - 3 Charges and taxes not recovered by the tenant on let properties -7 52 Other rental-related income and charges 444 602 Technical costs -2,016 -2,857 Commercial costs 0 -18 Charges and taxes on unlet properties -35 -67 Property management costs -5,566 -5,077 Other property charges -1,437 -1,508 Overheads -26,387 -25,038 Other operating income and charges -547 -1,040 EPRA Costs* (including direct vacancy costs) (A) -35,987 -34,941 Charges and taxes on unlet properties 35 67 EPRA Costs* (excluding direct vacancy costs) (B) -35,952 -34,874 Gross Rental Income (C) 271,791 251,045 EPRA Cost Ratio* (including direct vacancy costs) (A/C) 13.2% 13.9% EPRA Cost Ratio* (excluding direct vacancy costs) (B/C) 13.2% 13.9% Overhead and operating expenses capitalised (including share of joint ventures) 571 1,214 As explained in Note 2.2 of Aedifica’s 202 4 Annual Report (summary of material accounting policy information): Aedifica capitalises overhead costs and operational expenses (project management fees, marketing costs, legal fees, etc.) that are directly linked to development projects.
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets 37/38 4.7.6. Capital expenditure Capital expenditure Group (excl. joint ventures) Joint venture (proportionate share) Total group x €1,000 30/09/2025 (9 months) BE DE NL UK FI SE IE ES 30/09/2025 (9 months) Property related capex (1) Acquisitions 1 50,208 441 - - - 39,966 - 2,300 7,501 - 50,208 (2) Development 59,412 411 5,787 132 14,427 30,154 - 6,826 1,675 - 59,412 (3) Investment properties 6,609 93 678 -31 5,118 1,304 -133 -420 - - 6,609 Incremental lettable space 5,222 - - - 5,047 175 - - - - 5,222 No incremental lettable space 1,387 93 678 -31 71 1,129 -133 -420 - - 1,387 Capex related incentives - - - - - - - - - - - Other - - - - - - - - - - - (4) Capitalised interests 1,244 - 203 - 184 312 - 541 4 - 1,244 Total capex 117,473 945 6,668 101 19,729 71,736 -133 9,247 9,180 - 117,473 Conversion from accrual to cash basis -1,231 - -203 31 -184 -883 133 -121 -4 - -1,231 Total capex on cash basis 116,242 945 6,465 132 19,545 70,853 0 9,126 9,176 - 116,242 Capital expenditure Group (excl. joint ventures) Joint venture (proportionate share) Total group x €1,000 31/12/2024 (12 months) BE DE NL UK FI SE IE ES 31/12/2024 (12 months) Property related capex (1) Acquisitions 1 224,987 45,854 - 25,172 143,681 9,280 - 1,000 - - 224,987 (2) Development 136,084 4,772 9,835 5,398 19,569 56,690 6,772 17,502 15,546 - 136,084 (3) Investment properties 8,616 545 2,269 1,624 2,162 1,970 - 46 - - 8,616 Incremental lettable space 3,025 - - 89 2,037 899 - - - - 3,025 No incremental lettable space 5,591 545 2,269 1,535 125 1,071 - 46 - - 5,591 Capex related incentives - - - - - - - - - - - Other - - - - - - - - - - - (4) Capitalised interests 4,101 275 485 213 347 1,917 239 619 6 - 4,101 Total capex 373,788 51,446 12,589 32,407 165,759 69,857 7,011 19,167 15,552 - 373,788 Conversion from accrual to cash basis -5,508 -309 -485 -213 -347 -3,230 -299 -619 -6 - -5,508 Total capex on cash basis 368,280 51,137 12,104 32,194 165,412 66,627 6,712 18,548 15,546 - 368,280 1 Including forward purchases.
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PRESS RELEASE Regulated information 28 October 2025 – after closing of markets 38/38 4.7.7. EPRA LTV* EPRA LTV* 30/09/2025 Proportionate consolidation Group – as reported Share of joint ventures Share of material associates Non- controlling interest Combined x €1,000 Include: Borrowings from Financial Institutions 1,534,597 - 6,275 26,840 1,514,032 Commercial paper 380,100 - - - 380,100 Hybrids (including convertibles, preference shares, debt, options and forwards) - - - - - Bond loans 585,280 - - - 585,280 Foreign currency derivatives (futures, swaps, options and forwards) - - - - - Net payables - - - 956 -956 Owner-occupied property (debt) - - - - - Current accounts (equity characteristics) - - - - - Exclude: Cash and cash equivalents 20,498 - 4,930 34 25,394 Net debt (A) 2,479,479 - 1,345 27,762 2,453,062 Include: Owner-occupied property - - - - - Investment properties at fair value 5,937,727 - 14,503 41,100 5,911,130 Properties held for sale 75,980 - 10,808 253 86,535 Properties under development 86,846 - - 433 86,413 Land reserve 12,766 - - 305 12,461 Intangibles - - - - - Net receivables 4,929 - 510 12 5,427 Financial assets - - - - - Total property value (B) 6,118,248 - 25,821 42,103 6,101,966 LTV (A/B) 40.53% 40.20% EPRA LTV* 31/12/2024 Group – as reported Share of joint ventures Share of material associates Non- controlling interest Combined x €1,000 Include: Borrowings from Financial Institutions 1,614,531 - 9,551 26,776 1,597,306 Commercial paper 314,050 - - - 314,050 Hybrids (including convertibles, preference shares, debt, options and forwards) - - - - - Bond loans 585,055 - - - 585,055 Foreign currency derivatives (futures, swaps, options and forwards) - - - - - Net payables 18,073 - - 896 17,177 Owner-occupied property (debt) - - - - - Current accounts (equity characteristics) - - - - - Exclude: Cash and cash equivalents 18,451 40 6,137 52 24,576 Net debt (A) 2,513,258 -40 3,414 27,620 2,489,012 Include: Owner-occupied property - - - - - Investment properties at fair value 5,935,278 - 16,320 40,789 5,910,809 Properties held for sale 100,207 - 17,907 227 117,887 Properties under development 95,677 465 - 144 95,998 Land reserve 12,966 - - 328 12,638 Intangibles - - - - - Net receivables - 4 390 - 394 Financial assets - - - - - Total property value (B) 6,144,128 469 34,617 41,488 6,137,726 LTV (A/B) 40.91% 40.55%