Slides
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-1- Brussels, 1 September 2026 H1 2026 results
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-2- Table of content 3 Highlights H1 2026 6 Financials 15 Portfolio analysis 28 Outlook 31 Conclusion
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-3- Maison Neo, Rocourt – Belgium Highlights H1 2026
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-4- Creating Europe’s leading healthcare REIT 80% of Cofinimmo shares tendered during the exchange offer (10 March 2026) ✓ New Board of Directors and Executive Committee have been appointed Integration and realisation of synergies accelerate as from legal merger with full run-rate expected in 2027 Legal merger by absorption effective since July 1st, 2026. Cofinimmo was delisted from Euronext. ✓ ✓ ✓
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-5- See H1 2026 press release for more details. Investment activity New investments & pipeline completions1 13 projects (€106 million) completed YTD (€73m in H1 2026) 1 €48million €195 million new investments & projects announced in YTD (see map) (€84m in H1 2026) €60 million €45 million €42 million Germany United Kingdom Spain Finland
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-6- Militza Brugge Bruges - Belgium Financials
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-7- Consolidated income statement - analytical format (x €1,000) Rental income 292,313 180,844 Writeback of lease payments sold and discounted 170 0 Rental-related charges 821 -221 Net rental income 293,304 180,623 Operating charges* -39,196 -24,162 Operating result before result on portfolio 254,108 156,461 EBIT margin* (%) 86.6% 86.6% Financial result excl. changes in fair value* -37,487 -27,135 Corporate tax -7,976 -5,507 Share in the profit or loss of associates and joint ventures accounted for using the equity method in respect of EPRA Earnings 111 -196 Non-controlling interests in respect of EPRA Earnings -18,851 -303 EPRA Earnings* (owners of the parent) 189,905 123,320 Denominator (IAS 33) 69,975,578 47,550,119 EPRA Earnings* (owners of the parent) per share (€/share) 2.71 2.59 30/06/2026 30/06/2025 EPS YoY increase of +5% Income Statement1 EPRA EARNINGS YOY INCREASE OF 54% +62% Operating result before result on portfolio 1 Following the takeover of Cofinimmo on March 10, the consolidated income statement includes 113 days of Cofinimmo's contribution to the Group’s results for H1. 1.9% Average cost of debt Non-controlling interests Cofinimmo minority shareholders until the full merger
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-8- Consolidated income statement - analytical format (x €1,000) EPRA Earnings* 189,905 123,320 Changes in fair value of financial assets and liabilities -580 -12,221 Changes in fair value of investment properties 25,703 24,846 Gains and losses on disposals of investment properties 1,185 -11,937 Tax on profits or losses on disposals 0 0 Goodwill impairment, PPA amortisation and badwill 307,500 0 Adjustments related to non-operating and exceptional items -5,328 0 Deferred taxes in respect of EPRA adjustments -12,150 -11,061 Share in the profit or loss of associates and joint ventures accounted for using the equity method in respect of the above -2,277 156 Non-controlling interests in respect of the above 5,611 35 Roundings 0 0 Profit (owners of the parent) 509,569 113,138 Denominator (IAS 33) 69,975,578 47,550,119 Earnings per share (owners of the parent - IAS 33 - €/share) 7.28 2.38 30/06/2026 30/06/2025 Bargain purchase gain (‘Badwill’) related to the difference between the net equity value of Cofinimmo after PPA adjustments and the market price (on March 10) of the new issued shares. Income Statement Net result EARNINGS PER SHARE Positive l-f-l FV change in investment properties most pronounced in the UK, the Netherlands & Spain Integration costs non-recurring items excluded from EPRA Earnings
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-9- 1.6% 2.1% 5.1% 5.0% 0.4% 2.1% 3.4% 0.4% -0.8% -1.3% 2.6% 1.7% Belgium Germany Netherlands United Kingdom Finland Ireland Spain France Italy Offices Distribution networks Total Like-for-like variation1 1 The variation is shown for each country in the local currency. The total variation is shown in the Group currency. For like-for-like purposes, full half-year consolidation is assumed in both 2025 and 2026 (i.e. no pro-rata adjustment). +1.9% rent indexation +0.2% rent reversion -0.4% FX rate Rental income + 1.7% increase LFL rental income (Group) + 1.9% increase LFL rental income (healthcare)
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-10- 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 0% 10% 20% 30% 40% 50% 60% Debt-to-assets ratio (%) Fair value portfolio (€ million) Debt-to-assets ratio €67m rights issue Oct 2010 €100m rights issue Dec 2012 €153m rights issue June 2015 €219m rights issue Mar 2017 €418m rights issue May 2019 €207m ABB Apr 2020 €459m rights issue Oct 2020 €286m ABB Jun 2021 €254m ABB Jun 2022 €380m rights issue July 2023 42.7%1 Debt-to-assets ratio as per 30 June 2026 Financial policy: debt-to-assets ratio ~40% with a maximum of 45%2 1 Including seasonal effect of the dividend payment. 2 Bank covenants stand at a maximum of 60%.
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-11- 3% 23% 18% 4% 29% 3% 20% Investment credits Term loans Revolving loans USPP GBP Sustainable bond Medium Term Note Short Term Treasury Notes Debt financing in H1 2026: • €930 million new 5 to 7-year credit facilities, incl. €620 m syndicated facility • €211 million facilities with extension options extended to 2029 or 2031 • Short-Term Treasury Notes Programme stands at €1,081 million. The STN programme was increased from €600m to €1,500m ahead of the Cofinimmo merger, maintaining access to cost-effective funding. €5,345 million total financial debt Credit facilities 44% bank facilities 56% DCM Diversified sources of funding Ongoing good access to (unsecured) bank financing & short-term treasury notes Revolving loans Investment credits Term loans USPP GBP Sustainable bonds Medium-term notes Short-term treasury notes 1 Short-term treasury notes fully covered with long-term committed credit lines. 1
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-12- Solid investment grade rating Credit rating & KPI’s 1.9% Average cost of debt incl. commitment fees 7.6x ICR1 Unsecured financing (except very limited cases) 1 Ratio of ‘operating result before result on portfolio’ incl. ‘interest income from financial leases’ to ‘net interest charges’ (12mrolling). 2 Not adjusted for projects under construction or recent deliveries which do not (fully) contribute to EBITDA. 8.3x Net debt/EBITDA2BBB+ with stable outlook Credit rating S&P Global A-2 Short-term issuer rating following the successful exchange offer for Cofinimmo 61% sustainable financing out of committed credit lines ~3% encumbered assets
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-13- 80 60 751 17 512 500 12 34 772 433 315 420 171 50 137 8 158 459 231 521 997 45 150 - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 Bond & LT notes Drawn Bank Debt Undrawn Bank Debt Well spread debt maturity profile Credit facilities ~€1,487 million1 headroom on committed credit lines and cash on 30 June to finance capex & liquidity needs in € m Financing needs in current business plan are covered till January 2028 1 After deduction of the short-term treasury notes. 3.3 years weighted average debt maturity
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-14- 39% 37% 36% 22% 21% 51% 51% 45% 40% 28% 10% 12% 20% 38% 51% 30/06/2026 31/12/2026 31/12/2027 31/12/2028 31/12/2029 Fixed rate debt Swaps Unhedged floating rate debt Credit facilities Interest rate hedging1 90% of debt hedged by derivatives or fixed rate debt as of 30 June 2026 3.4 years Weighted average hedge maturity Min. 60% hedging policy 1 Projected debt.
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-15- Villa Temporis Hasselt – Belgium Portfolio analysis
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-16- 60% 13% 7% 3% 2% 2% 2% 7% 4% Elderly care homes Mixed-use elderly care Cure centers Childcare centres Senior housing Disabled care facilities Other Offices Distribution networks Real estate portfolio Segment breakdown 1 1 Marketable Investment Properties incl. assets classified as held for sale (€12,048m). 2 Investment Properties incl. assets classified as held for sale. FOCUS ON CARE FACILITIES FOR ELDERLY PEOPLE Mixed-use elderly care Cure centers Childcare centers Senior housing Other care segments Offices Distribution networks €11 billion Healthcare properties 2 Elderly care homes 89% Healthcare Disabled care facilities
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-17- 33% 17%12% 11% 11% 5% 5% 4% 2% Real estate portfolio Geographical breakdown1 DIVERSIFICATION ACROSS EUROPEAN COUNTRIES Netherlands Ireland Belgium Germany United Kingdom Finland Spain Italy France 1 Based on Marketable Investment Properties incl. assets classified as held for sale (€12,048m). 26% 20% 13% 13% 11% 6% 5% 4% 2% HEALTHCARE PORTFOLIOGROUP PORTFOLIO
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-18- 12% 7% 4% 4% 3% 3% 3% 3% 2% 2% 57% Real estate tenants Tenant diversification pro forma1 1 Based on the contractual rents. 924 healthcare sites representing European, national and local profit and not-for-profit operators No ‘operator group’ leases more than 12% of Aedifica’s consolidated assets Municipalities (Finland) North Bay Group (UK)
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-19- 93% 89% 87% 90% 89% 96% 96% Belgium Germany Netherlands United Kingdom Finland Ireland Spain 80% 85% 90% 95% 100% SEP 2023 DEC 2023 MAR 2024 JUNE 2024 SEP 2024 DEC 2024 MAR 2025 JUN 2025 SEP 2025 DEC 2024 MAR 2026 Belgium Germany Netherlands United Kingdom Finland Ireland Spain Mature assets portfolio Operators’ occupancy1 Portfolio coverage3: 96% 77% 100% 100% 100% Like-for-like YoY growth (bps)2: 1 Occupancy data for Aedifica as at 31 March 2026. 2 LfL occupancy looks at 03/2025 and 03/2026: an asset is included in the LfL calculation only if it is mature in both reporting periods. 3 Based on the contractual rent of mature assets. 4 Clariane, emeis & Attendo H1 2026 results respectively reported on 31 July 2026, 29 July 2026 and 20 August 2026. OCCUPANCY STRONG IN ALL COUNTRIES Average care homes occupancy1 91% OCCUPANCY EVOLUTION Belgium Netherlands Ireland Germany United Kingdom94% - -- 93% - - -- - Clariane4: emeis4: 69% 83% - 94% 92% 89% -57 +192 +170+72 +68+247+232 - 87% -- -Attendo4: -- SpainFinland Incl. former Cofinimmo assets
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-20- 1.4 1.5 2.0 2.3 1.8 Belgium Germany Netherlands UK Ireland Operators’ rent cover1 Stabilized assets portfolio Portfolio coverage2: 79% 66% 100% 99% (x) 1 Rent cover data LTM as at 31 March 2026. Rent cover is calculated as EBITDARM LTM divided by Contractual Rent LTM. 2 Based on the contractual rent of stabilized assets. Assets are considered 'stabilized' and included in the scope once they have been operating for at least two years. Assets are excluded from the scope if they are (partially) vacant for renovation works. 35%
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-21- 17 19 12 22 12 19 21 7 7 Belgium Germany Netherlands United Kingdom Finland Ireland Spain France Italy in years 16 9 7 Healthcare Distribution networks Offices Lease maturity WAULT BY SEGMENTS1 WAULT BY COUNTRY (HEALTHCARE)1 1 Based on contractual rent of the Marketable Investment Properties incl. assets classified as held for sale. Group average: 15 years in years
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-22- 6.0 5.7 6.3 6.4 6.0 5.7 5.5 6.6 5.7 5.0% 5.2% 5.4% 5.6% 5.8% 6.0% 6.2% 6.4% 6.6% 6.8% in % GROSS YIELDS ON FAIR VALUE Conservative valuation yields Resilience in healthcare portfolio valuation Avg 6.0
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-23- +0.25% +0.21% +0.35% +0.46% +0.18% +0.10% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 6 months LFL valuation change Belgium 0.3% Germany 0.0% The Netherlands 1.4% United Kingdom 1.5% Finland 0.0% Ireland 0.2% Spain 1.9% Italy 0.0% France -0.4% Healthcare 0.5% Offices -0.8% Distribution networks -0.1% Total 0.35% LIKE-FOR-LIKE PORTFOLIO VALUATION Positive portfolio valuation more than 2 years Resilience in portfolio valuation Healthcare (QoQ LFL change) - Q1 2026: +0.27% - Q2 2026: +0.15% Incl. offices & pubs
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-24- DISTRIBUTION NETWORKS Offices & distribution networks OFFICES €0.5bn Fair value 776 sites ~€3 million divested in H1 (12 pubs) €0.9bn Fair value 23 sites 72% Brussels’ CBD 93% occupancy 6.3% FV yield 7.4% FV yield 7 years WAULT 9 years WAULT 100% occupancy
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-25- Portfolio growth Jyväskylä Linnantie – Jyväskylä (FI) To be completed: Q2 2027 Development projects Stadtlohn - Stadtlohn (DE) To be completed: Q2 2028 Acomb Manor – York (UK) To be completed in Q4 2026 Mikkeli Pehtorintie – Mikkeli (FI) To be completed: Q4 2026
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-26- European healthcare platform Capital deployment with EPS accretive transactions Standing assets portfolios transactions M&A Development pipeline • Large-scale opportunities • Capital recycling in divesting non-core portfolios Creating Europe’s leading healthcare platform through EPS accretive opportunities • Constantly refuelling pipeline • Target €500 to €750 million • 6.5% yield target • Daily ongoing investment activity • Small to medium-size asset portfolios • Immediately cash flow generating • Targeting EPS accretion
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-27- €250m 47% €222m 42% €43m 8% €16m 3% 2026 2027 2028 >2028 €122m 23% €120m 23% €103m 20% €87m 16% €47m 9% €39m 7% €13m 2% Spain Germany Finland Ireland United Kingdom Belgium Netherlands United Kingdom Germany Committed development projects Pipeline of €531 million of which €275 million to be invested GEOGRAPHICAL SPLIT EXPECTED DELIVERY DATE 100% healthcare 100% pre-let Finland IrelandSpain Belgium 2026 2027 2028 >2028 ~5.8%1 initial yield on cost Netherlands 1 Initial YoC decreased following Cofinimmo’s pipeline integration due to some legacy Spanish projects. The target remains to aim for an initial YoC of 6-6.5% for new development projects.
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-28- Oulu Vaarapiha Oulu - Finland Outlook
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-29- Outlook 2026 €656 million rental income €5.35/share EPRA EPS (+4% vs. 2025) €4.20/share Gross DPS (+ 5% vs. 2025) ~ 42% debt-to-assets ratio (end 2026) 0.87 EUR/GBP foreign exchange assumption No assumption on portfolio valuation change ~1.9% average cost of debt ~€5.5 million synergy savings (1/3 estimated full run-rate synergies of €16 million during 2027) €436 million EPRA Earnings €110 million asset rotation for 2026 of which €54 million achieved YTD €300 million Belgian assets disposals will have no impact on 2026 rental income
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-30- 1.48 1.71 1.80 1.82 1.82 1.86 1.86 1.90 2.00 2.10 2.25 2.50 2.80 3.07 3.40 3.70 3.80 3.90 4.00 4.20 1.01 1.81 2.09 1.99 1.87 2.141.95 2.05 2.39 2.43 3.15 3.25 3.74 4.23 4.35 4.76 5.02 4.93 5.15 5.35 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 DPS (€/share) EPS (€/share) in €/share Capital increase Capital increase Capital increase Capital increase Capital increase Capital increase ABB ABB ABB Capital increase Strong fundamental tailwinds remain intact • Demography in the 2nd half of '20s • Improving operator performance 1. Prorata of the €4.60 dividend (18 months) over 12 months. 2. Including the one-off impact from FBI tax refund of €9 million. 3. Outlook. 1 2 3 3 Outlook Drivers for future growth while maintaining a solid debt-to-asset ratio €5.35/share EPRA EPS 2026 (+4% vs. 2025) €4.20/share Gross DPS 2026 (+5% vs. 2025) CAGR: 7.8% EPRA EPS over 10Y
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-31- Conclusion Priesty Fields Care Home Congleton – United Kingdom
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-32- This event is intended exclusively for institutional investors. Attendance by invitation only. Capital Markets Day 24 & 25 November 2026 London
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-33- QUESTION? ➢ Via teleconference (for analysts): ✓ Press « # 5 » to « raise your hand » ✓ A voice prompt will indicate when your line is open ➢ Via chat box: ✓ type your question in the chat box section below the player Thank you INVESTOR RELATIONS ir@aedifica.eu Rue Belliard/Belliardstraat 40 bte 11 1040 Brussels, Belgium
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-34- Stefaan Gielens - Chief Executive Officer Ingrid Daerden - Chief Financial Officer
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-35- Aedifica SA/NV Public REIT under Belgian Law Regulated Real Estate Company (RREC) Société immobilière réglementée (SIR) Gereglementeerde vastgoedvennootschap (GVV) Rue Belliard 40 / Belliardstraat 40 (box 11) 1040 Brussels Tel: +32 (0)2 626 07 70 - Fax: +32 (0)2 626 07 71 info@aedifica.eu - www.aedifica.eu A black background with a black square Description automatically generated with medium confidence
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-36- Forward-looking statement This Presentation includes forward-looking statements that reflect the Company's intentions, beliefs or current expectations concerning, among other things, the Company’s results, condition, performance, prospects, growth, strategies and the industry in which the Company operates. These forward-looking statements are subject to risks, uncertainties and assumptions and other factors that could cause the Company's actual results, condition, performance, prospects, growth or opportunities, as well as those of the markets it serves or intends to serve, to differ materially from those expressed in, or suggested by, these forward-looking statements. The Company cautions you that forward-looking statements are not guarantees of future performance and that its actual results and condition and the development of the industry in which the Company operates may differ materially from those made in or suggested by the forward-looking statements contained in this document. In addition, even if the Company's results, condition, and growth and the development of the industry in which the Company operates are consistent with the forward-looking statements contained in this document, those results or developments may not be indicative of results or developments in future periods. The Company and each of its directors, officers and employees expressly disclaim any obligation or undertaking to review, update or release any update of or revisions to any forward-looking statements in this Presentation or any change in the Company's expectations or any change in events, conditions or circumstances on which these forward-looking statements are based, except as required by applicable law or regulation.
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-37- Appendix LTS Winschoten Winschoten - Netherlands
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-38- 78.40 -6.57 2.46 2.71 0.54 6.47 -7.02 0.82 77.82 EPRA NTA 31/12/2025 Transaction impact PPA EPRA result Property value increases Badwill Dividend Other EPRA NTA 30/06/2026 EPRA NTA
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-39- Belgian healthcare portfolio PORTFOLIO OF 159 ASSETS €2,784 m portfolio fair value ~18,200 residents 6.0% yield on fair value Inflation- linked triple net long leases 20 tenant groups ~€2,823 m portfolio outlook as of 1 September 2026 17 years WAULT 4% exposure to the Brussels market 3 projects to be completed
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-40- Belgian healthcare portfolio Marketable investment properties Project in the investment programme
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-41- Belgian healthcare portfolio Sorgvliet, Linter – 110 units Battavia, Grimbergen – 82 units ‘t Spelthof Lubbeek – 121 units Hof Van Schoten, Schoten – 101 units
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-42- German healthcare portfolio PORTFOLIO OF 156 ASSETS €2,079 m portfolio fair value ~16,200 residents 5.7% yield on fair value 39 tenant groups 4 projects to be Completed & 1 acquisition subject to outstanding conditions ~€2,199 m portfolio outlook as of 1 September 2026 19 years WAULT Inflation- linked double net long leases with various indexation limitations (through caps, hurdles...)
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-43- German healthcare portfolio Marketable investment properties Projects in the investment programme
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-44- German healthcare portfolio Stadtlohn, Stadtlohn – To be completed in Q2 2028 Seniorenquartier Weyhe, Weyhe - 109 units Seniorenhaus Lessingstrasse, Wurzen - 73 units Seniorenheim Parkhöle Lindenfels, Lindenfels – 165 units
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-45- Dutch healthcare portfolio PORTFOLIO OF 111 ASSETS €1,198 m portfolio fair value ~4,600 residents 6.3% yield on fair value Inflation- linked mostly triple net long leases 46 tenant groups ~€1,209 m portfolio outlook as of 1 September 2026 12 years WAULT 1 acquisition subject to outstanding conditions
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-46- Dutch healthcare portfolio Marketable investment properties
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-47- Dutch healthcare portfolio LLT Almere Buiten, Almere - 38 units Villa Florian, Blaricum - 29 units De Kroon, Dronten – 43 units Alphen aan de Rijn, Alphen aan de Rijn – 45 units
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-48- UK & Channel Islands healthcare portfolio PORTFOLIO OF 119 ASSETS €1,356 m portfolio fair value ~7,800 residents 6.4% yield on fair value 16 tenant groups 4 projects to be completed and 1 forward purchase ~€1,415 m portfolio outlook as of 1 September 2026 22 years WAULT Inflation- linked triple net long leases with generally a 2%- 4% indexation collar UK REIT regime Since 1 February 2024
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-49- UK & Channel Islands healthcare portfolio Marketable investment properties Project in the investment programme
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-50- UK & Channel Islands healthcare portfolio Beechwood Care Centre, Bridlington - 62 units York Bluebeck Drive, York – 66 units The Mount, Wargrave - 65 units To be completed Q2 2026 Homefield, Douglas (Isle of Man) – 73 units To be completed Q1 2027
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-51- Finnish healthcare portfolio PORTFOLIO OF 251 ASSETS €1,430 m portfolio fair value ~18,400 residents & children 6.0% yield on fair value Inflation- linked double net long leases 56 tenant groups 20 projects to be completed ~€1,560m portfolio outlook as of 1 September 2026 12 years WAULT 19% share of public tenants in Finnish portfolio Experienced development team in-house ‘Build & hold’ model giving access to development margins >6.5% yield on cost for new development projects
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-52- Finnish healthcare portfolio Marketable investment properties Projects in the investment programme
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-53- Finnish healthcare portfolio Mikkeli Pehtorintie, Mikkeli – 15 children To be completed in Q4 2026 Helsinki Ensikodintie, Helsinki – 32 units Tampere Kanavanportti, Tampere – 62 units Helsinki Radiokatu, Helsinki -
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-54- Irish healthcare portfolio PORTFOLIO OF 30 ASSETS €550 m portfolio fair value ~2,900 residents 5.7% yield on fair value Inflation- linked triple net long leases 8 tenant groups 3 projects to be completed ~€637 m portfolio outlook as of 1 September 2026 19 years WAULT
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-55- Irish healthcare portfolio Marketable investment properties Projects in the investment programme
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-56- Irish healthcare portfolio Crumlin, Dublin – To be completed Q1 2028 Kilcoole, Kilcoole - To be completed Q3 2027 Limerick Cancer Center, Limerick – To be completed Q4 2026 Northwood Nursing Home, Dublin - 121 units
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-57- Spanish healthcare portfolio PORTFOLIO OF 37 ASSETS €430 m portfolio fair value Inflation- linked triple net long leases 9 tenant groups €582 m portfolio outlook as of 1 September 2026 5.5% yield on fair value ~5,800 residents SOCIMI regime 21 years WAULT 9 projects to be completed
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-58- Spanish healthcare portfolio Marketable investment properties Project in the investment programme
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-59- Spanish healthcare portfolio Tomares Miro, Tomares - 180 units Amavir Jaen, Jaen – 160 units Jardines de Eztebe, Bilbao – 147 units Salamanca Raimundo, Salamanca – 160 units - To be completed Q3 2028
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-60- French healthcare portfolio PORTFOLIO OF 53 ASSETS €664 m portfolio fair value Inflation- linked double net leases 7 tenant groups €661m portfolio outlook as of 1 September 2026 6.6% yield on fair value ~5,100 residents 7 years WAULT SIIC regime
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-61- French healthcare portfolio Marketable investment properties
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-62- French healthcare portfolio Villa Villers-sur-Mer, Villers-sur-Mer Villa Bauci, Fontainebleau
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-63- Italian healthcare portfolio PORTFOLIO OF 8 ASSETS €216 m portfolio fair value Inflation- linked double net leases 4 tenant groups €216 m portfolio outlook as of 1 September 2026 5.7% yield on fair value ~1,300 residents 7 years WAULT
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-64- Italian healthcare portfolio Marketable investment properties
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-65- Italian healthcare portfolio San Faustino, Milano Sant’Andrea, Monza (Milano)
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-66- Notes