Earnings release
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Half year financial report Regulated information 1 September 2026 – before opening 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’) 1/99 2026 half year financial report Creating Europe’s leading healthcare REIT - On 10 March 2026, Aedifica acquired control over Cofinimmo with 80% of the shares tendered during the exchange offer - On 1 July 2026, Cofinimmo was delisted from Euronext following a legal merger by absorption with Aedifica - A new Board of Directors and Executive Committee have been appointed Robust operational performance driving strong results1 - EPRA Earnings* per share increased to €2.71 (+5% compared to 30 June 2025), highlighting the accretiveness of the Cofinimmo transaction - EPRA Earnings* amounted to €189.9 million (+54% compared to 30 June 2025) - Rental income increased to €292.3 million (+62% compared to 30 June 2025) - 1.7% increase in rental income on a like-for-like basis in the first half of the year2 - Weighted average unexpired lease term of 15 years and occupancy rate of 99.1% Real estate portfolio* of €12.5 billion as at 30 June 2026 - Healthcare portfolio of €11.1 billion: 924 properties for over 80,000 end users across 9 countries - Valuation of marketable investment properties increased by 0.35% on a like-for-like basis in H1 - €84 million of new investments in H1 , with an additional €111 million announced over summer, bringing the investment total to €195 million YTD (13 new projects added to pipeline & 3 acquisitions) - 9 projects totalling €73 million completed in H1 - Investment programme of €531 million as at 30 June 2026 Solid balance sheet and strong liquidity - 42.7% debt-to-assets ratio as at 30 June 20263 (compared to 40.8% on 31 Dec. 2025) - €1,487 million of headroom on committed credit lines to finance CAPEX and liquidity needs - €620 million inaugural syndicated credit facility for the combined entity, fully linked to sustainability KPIs , bringing the total amount of long-term bank (re)financing contracted to €930 million - Average cost of debt* including commitment fees of 1.9% - S&P reconfirmed Aedifica’s BBB+ credit ratings (stable outlook) and its short-term issuer rating of A-2 - EPRA NTA* of €77.82/share (vs. €78.40/share on 31 December 2025, before distribution of the dividend) Outlook for 2026 - EPRA Earnings* for 2026 are estimated at €436 million, or €5.35/share - A dividend of €4.20/share (gross) proposed for the 2026 financial year, increasing by 5% - With legal merger completed, expected synergies will accelerate further, reaching full run -rate impact of at least €16 million during 2027 1 These numbers are consolidated with Cofinimmo as of 10 March 2026. 2 These like-for-like numbers include the Cofinimmo portfolio. The like-for-like rental income reflects the performance of a constant property portfolio, excluding the impact of acquisitions, disposals, developments and other factors affecting comparability. 3 Including seasonal effect of the dividend payment.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 2/99 Consolidated key figures & EPRA performance indicators 4 Property-related key figures 30/06/2026 31/12/2025 Fair value of real estate portfolio* (in € million) 5 12,478 6,285 Number of properties 1,723 618 Gross yield based on fair value (in %) 6.1% 6.0% EPRA Net Initial Yield* (NIY) (in %) 5.5% 5.6% EPRA Topped-up NIY* (in %) 5.6% 5.6% Occupancy rate (in %) 99.1% 99.9% EPRA Vacancy Rate* (in %) 0.9% 0.1% WAULT (in years) 15 18 Like-for-like rental growth (group currency, in %) 1.7%6 2.7% Financial key figures 30/06/2026 31/12/2025 Debt-to-assets ratio (in %) 42.7% 40.8% EPRA LTV* 42.2% 39.7% Average cost of debt* (in %) 1.7% 2.0% Average cost of debt* (incl. commitment fees, in %) 1.9% 2.1% Weighted average maturity of committed financial debt (in years) 3.3 3.5 Interest Cover Ratio* (ICR) 7 7.6 6.2 Hedge ratio (in %) 89.6% 88.3% Weighted average maturity of hedging (in years) 3.4 3.8 Net debt/EBITDA* 8 8.3 7.8 30/06/2026 30/06/2025 Rental income (in € million) 292.3 180.8 EPRA Earnings* (in € million) 189.9 123.3 Net result (owners of the parent) (in € million) 509.6 113.1 EPRA Cost Ratio* (including direct vacancy costs) (in %) 13.1% 13.5% EPRA Cost Ratio* (excluding direct vacancy costs) (in %) 13.0% 13.5% Key figures per share 30/06/2026 31/12/2025 IFRS NAV (in €/share) 76.87 77.05 EPRA NRV* (in €/share) 86.57 87.09 EPRA NTA* (in €/share) 77.82 78.40 EPRA NDV* (in €/share) 78.09 77.73 30/06/2026 30/06/2025 EPRA Earnings* (in €/share) 2.71 2.59 Net result (owners of the parent) (in €/share) 7.28 2.38 * Alternative Performance Measure (APM) in accordance with ESMA (European Securities and Market Authority) guidelines published on 5 October 2015. Aedifica has used Alternative Performance Measures in accordance with ESMA guidelines 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 half year 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 APMs are defined, annotated and connected with the most relevant line, total or subtotal of the financial statements, in Note 16 of the Condensed Consolidated Financial Statements. 4 See section 4.3 of the Interim Management Report for more information on key figures stemming from the financial statements. 5 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. 6 The mentioned 1.7% figure includes the Cofinimmo portfolio. Aedifica’s standalone like-for-like rental growth stands at 2.3%. 7 Calculated based on the ratio of ‘operating result before result on portfolio’ (lines I to XV of the consolidated income stat ement and including the interest income from financial leases from line XX ) to ‘net interest charges’ (line XXI) on a 12 -month rolling basis. 8 Not adjusted for projects under construction.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 3/99 Contents I. Interim Management Report ........................................................................................................ 4 1. Summary of the activities since 1 January 2026 ......................................................................... 4 2. Important events .......................................................................................................................... 6 3. Management of financial resources........................................................................................... 14 4. Summary of the consolidated results as at 30 June 2026 ........................................................ 17 5. Outlook and dividend ................................................................................................................. 27 6. Corporate social responsibility ................................................................................................... 28 7. Principal risks and uncertainties ................................................................................................ 29 II. EPRA ............................................................................................................................................ 30 III. Stock market performance ........................................................................................................ 31 1. Stock price and volume ............................................................................................................. 31 2. Graphic illustration of Aedifica’s stock price .............................................................................. 32 3. Shareholding structure .............................................................................................................. 33 4. Financial calendar...................................................................................................................... 33 IV. Property report ............................................................................................................................ 34 1. Market trends ............................................................................................................................. 34 2. Portfolio analysis as at 30 June 2026 ........................................................................................ 41 3. Summary of Aedifica’s portfolio as at 30 June 2026 ................................................................. 45 4. Valuation experts’ reports .......................................................................................................... 47 V. Condensed consolidated financial statements ....................................................................... 52 1. Consolidated income statement ................................................................................................ 52 2. Consolidated statement of comprehensive income ................................................................... 54 3. Consolidated balance sheet ...................................................................................................... 54 4. Consolidated cash flow statement ............................................................................................. 56 5. Consolidated statement of changes in equity ............................................................................ 57 6. Notes ......................................................................................................................................... 59 7. Auditors’ report (limited review) ................................................................................................. 97 VI. Forward-looking statement ........................................................................................................ 98 VII. Responsible persons statement ............................................................................................... 98
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Half year financial report Regulated information 1 September 2026 – before opening of markets 4/99 I. Interim Management Report9 1. Summary of the activities since 1 January 2026 “With the legal merger with Cofinimmo now complete, Aedifica has created a platform that benefits from greater operational strength, a strong balance sheet, and lower capital costs. As a unified European leader in healthcare real estate, we can continue to build on our synergies and leverage the strength and expertise of our larger platform to meet the growing demand for high-quality and affordable care properties.” Stefaan Gielens, CEO of Aedifica While an ageing European population is driving the need for additional healthcare real estate capacity and market sentiment among operators is changing as their financial health is gradually improving, Aedifica has continued to demonstrate that it is ready to meet the moment. After setting the scene for the creation of Europe’s leading healthcare REIT throughout 2025, Aedifica successfully executed its exchange offer for Cofinimmo and the subsequent legal merger in the first half of 2026 , thus completing the largest transaction in its 20-year history. Throughout this major transaction, Aedifica remained focused on its strategic objectives . The Group added several new projects to its pipeline in the UK, Finland and Spain, while continuing to execute its ongoing investment programme and manage its property portfolio. Aedifica posted strong results across the board once again. This is reflected in EPRA earnings per share of €2.71, marking a 5% increase compared to the first half of 2025 and demonstrating the immediate earnings accretion of the Cofinimmo transaction. CREATING EUROPE’S LEADING HEALTHCARE REIT Recognising the significant opportunity for value creation in combining Aedifica and Cofinimmo to form a larger, more financially robust healthcare real estate platform, the two companies united through an exchange offer launched by Aedifica in which 80% of Cofinimmo shares were tendered, followed by a merger by absorption of Cofinimmo. As a result of the completion of th is legal merger on 1 July 2026 , Cofinimmo was delisted from Euronext, leading to the automatic exchange of the remaining free float shares into new Aedifica shares (see section I.2.4). Thanks to its increased scale and synergies expected to kick in with a full run-rate impact of at least €16 million during 2027, the combined group is well placed to reduce capital costs and achieve sustainable growth in earnings per share. This was recognised just a few days after the exchange offer closed, when S&P raised Aedifica’s credit ratings from BBB to BBB+ with a stable outlook and assigned the Group a short-term issuer rating of A-2. Furthermore, the transaction has established a platform that is perfectly positioned to lead the next phase of growth in the healthcare real estate sector. HEALTHCARE PORTFOLIO OF €11.1 BILLION At the end of June, after taking control of Cofinimmo, Aedifica’s healthcare real estate portfolio amounted to €11,084 million (compared to €6,285 million at the end of 2025 ). With 924 sites, the healthcare portfolio has a capacity of approx. 67,400 residents and 12,900 children. Taking into account the offices and distribution networks, Aedifica’s investment properties portfolio10 amounts to €12,478 million. The investment programme amounted to €531 million11. 9 This Interim Management Report provides an update on the Management Report published as part of the 2025 Annual Report. It only covers the significant changes that have taken place since the Annual Report was issued. 10 Marketable investment properties including assets classified as held for sale*. See Note 16.1 ‘Investment properties’. 11 As at 30 June 2026. See section I.2.3 or see table in section IV.3.2 ‘Overview of the investment programme’.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 5/99 Throughout 2026, as at the publication date of this report, Aedifica has announced approx. €195 million in new investments, while twelve projects and one forward purchase from the investment programme were completed totalling approx. €1 06 million and divestments amounted to €54 million (see section s I.2.1 & I.2.2). HEALTHY BALANCE SHEET Aedifica boasts a healthy balance sheet. As at 30 June 2026, after payment of the dividend, the consolidated debt-to-assets ratio amounted to 42.7%, well below the 45% threshold the Group imposes on itself in its financial policy. Following four consecutive quarters of positive portfolio valuations in 2025, expert valuations of marketable investment properties continued to increase in 2026. Following Aedifica’s successful exchange offer for Cofinimmo, the Group’s committed credit facilities mechanically increased by €3,420 million, while the total amount of short -term treasury notes increased to €1,081 million as at 30 June 2026. In addition, in the first half of 2026, financial resources were strengthened by contracting approx. €930 million in long-term bank facilities (early refinancing and new financing), including a €620 million sustainability-linked syndicated credit facility with a five -year maturity subscribed by a consortium of eight international banks . Moreover, €211 million in bank facilities have been successfully extended by another year. At the end of June, the headroom on committed credit lines stood at €1, 487 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 an attractive 1.9%, owing to the interest rate hedges the Aedifica group has in place covering 90% of financial debt and the contribution of short -term treasury notes to the drawn debt. The hedging’s weighted average maturity is 3.4 years. In addition, 61% of committed long-term debt is linked to sustainability KPIs, underlining the Group’s efforts to integrate ESG criteria into its financial policy. SOLID RESULTS SUPPORTING AN INCREASING DIVIDEND In the first half of 202 6, Aedifica’s portfolio generated a rental income of € 292.3 million, a strong increase of 62% as compared to the same period last year. This increase is mainly explained by the consolidation of the Cofinimmo portfolio, acquisitions, the projects delivered from the pipeline and the indexation of rents, amounting to 1.9% on a like -for-like basis. This resulted in EPRA Earnings* reaching €189.9 million (€123.3 million as at 30 June 2025, a 54% increase), i.e. €2.71 per share. Aedifica’s total profit amounts to €509.6 million (€113.1 million as at 30 June 2025). The net result includes the badwill following the integration of Cofinimmo into the consolidation scope. For the 2026 financial year, Aedifica expects rental income to increase to €656 million, resulting in €436million in EPRA Earnings* (€5.35 per share). The Board of Directors anticipates a 5% increase in the gross dividend to €4.20 per share. BUILT FOR WHAT COMES NEXT Driven by significant structural demand, the healthcare real estate market is starting a new cycle. Supported by rising occupancy rates and improving rent covers, healthcare operators are again in a position to think about growth and addressing the ageing of Europe's population. With a solid balance sheet and a well-positioned portfolio, and the strength and expertise of a larger platform, Aedifica is in excellent shape to meet the demand for quality, affordable care properties and seize the next growth phase in healthcare real estate.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 6/99 2. Important events 2.1. Investments, completions and disposals during the 1st half - Aedifica integrates Cofinimmo through exchange offer and legal merger by absorption In 2025, Aedifica and Cofinimmo reached an agreement to create the leading healthcare REIT in Europe. The combination of the two companies was implemented during the first half of 202612: - On 10 March 2026, Aedifica became the controlling shareholder of Cofinimmo following a successful exchange offer, with around 80% of Cofinimmo shares being tendered during the initial acceptance period. - On 1 July 2026, t he combination was subsequently finalised through a legal merger by absorption of Cofinimmo , which became effective on 1 July 2026. As a result, Cofinimmo was delisted from Euronext, leading to the automatic exchange of the remaining free float Cofinimmo shares into new Aedifica shares. The investments, completions and disposals realised by Cofinimmo from 10 March 2026 onwards have also been included in the tables in this section of the half year financial report. Beechwood Care Centre – Bridlington Care home acquired in July 2026 12 See section I.2.4 for more details on both the exchange offer and the legal merger , and section I.3.3 for more details on the related capital increases.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 7/99 - €84 million in new investments in Germany, the UK, Finland and Spain During the first half of 202 6, Aedifica announced seven new projects in Germany, the UK, Finland and Spain, totalling approx. €64 million, and the acquisition (subject to outstanding conditions) of a trading German care home for €20 million. Taking into account the investments announced over summer totalling approx. €111 million (see section I.2.2), Aedifica’s total investments announced so far in 2026 amount to approx. €195 million. Healthcare real estate Type Location Date Investment (€ million) Pipeline 1 (€ million) Completion Lease Operator Germany - 42 Stadtlohn Development Stadtlohn 19/01/2026 - 22 Q2 2028 30 yrs - NN Specht Gruppe Gevita Residenz Acquisition 2 Lörrach 18/06/2026 - 20 - 25 yrs - NN Argentum United Kingdom 3 - 6 Ashurst Park Extension Tunbridge Wells 26/03/2026 - 6 Q4 2026 30 yrs - NNN Bondcare Finland - 21 Mikkeli Pehtorintie Development Mikkeli 08/01/2026 - 3 Q4 2026 20 yrs - NN Mehiläinen Pirkkala Pereensaarentie Development Pirkkala 26/01/2026 - 4 Q4 2026 20 yrs - NN Ikifit Jyväskylä Linnantie Development Jyväskylä 08/04/2026 - 5 Q2 2027 20 yrs - NN Humana Hämeenlinna Vanainkatu Development Hämeenlinna 12/05/2026 - 9 Q3 2027 20 yrs - NN Ikifit Spain - 15 Seville Development Seville 31/03/2026 - 15 Q4 2027 30 yrs - NNN Reifs Total - 84 1 The amounts in this column include the budgets for projects that Aedifica will finance or acquisitions of which the conditions precedent will be fulfilled in the course of the coming months . The development projects are listed in the overview of the investment programme ( see section 3.2 of the Property Report). 2 Acquisition subject to outstanding conditions, which are mainly of administrative nature. 3 Amounts in GBP were converted into EUR based on the exchange rate of the transaction date. Stadtlohn in Stadtlohn (Germany) Care home to be completed by Q2 2028 Pirkkala Pereensaarentie in Pirkkala (Finland) Care home to be completed by Q4 2026
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Half year financial report Regulated information 1 September 2026 – before opening of markets 8/99 - 9 projects completed for €73 million Over the course of the first half of 202 6, nine projects from the investment programme were delivered for a total amount of approx. €73 million. Taking into account the completions over summer (see section I.2.2), a total of twelve projects and one forward purchase amounting to approx. €106 million have been completed in 2026 so far. Healthcare real estate Type Location Date Investment 1 (€ million) Lease Operator Finland 29 Vihti Puhurikuja Development Vihti 13/02/2026 7 15 yrs - NN Kaarikeskus Jyväskylä Toivonlenkki Development Jyväskylä 30/03/2026 3 20 yrs - NN Mehiläinen Oulu Pikku-Iikankatu Development Oulu 31/03/2026 3 15 yrs - NN Esperi Oulu Kihokkitie Development Oulu 29/05/2026 4 25 yrs - NN City of Oulu Joensuu Suppakuja Development Joensuu 03/06/2026 5 15 yrs - NN Attendo Helsinki Radiokatu Development Helsinki 30/06/2026 7 24 yrs - NN City of Helsinki Ireland 16 Sligo Finisklin Road Development Sligo 23/02/2026 16 25 yrs - NNN Coolmine Caring Services Group Spain 28 Murcia Development Murcia 08/04/2026 14 25 yrs - NNN Emera Valladolid Development Valladolid 13/04/2026 14 25 yrs - NNN Genesenior Total 73 1 The amounts in this column only include the works that were carried out, except for the investment amount of the project in S ligo, which also includes the contractual value of the plot of land. - €27 million in divestments in Belgium, the Netherlands and the UK During the first half of 2026, three care homes and a leasehold in Belgium and the UK, and twelve pubs located in Belgium and the Netherlands were divested for approx. € 27 million as part of Aedifica’s strategic asset rotation programme. Taking into account the divestments over summer (see section I.2.2), eighteen properties, a plot of land, a leasehold and the bare ownership related to two office buildings have been sold since the beginning of the year, totalling approx. €54 million. Location Date Selling price (€ million) Healthcare real estate 1 24 Tree tops Staffordshire 02/04/2026 Bentley Manor Cheshire 02/04/2026 Tillens Brussels 23/06/2026 Noordduin (leasehold of plot of land) Koksijde 17/06/2026 Distribution networks 3 9 pubs Belgium H1 2026 3 pubs Netherlands H1 2026 Total 27 1 Amounts in GBP were converted into EUR based on the exchange rate of the transaction date.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 9/99 2.2. Investments, completions and disposals after 30 June 2026 - €111 million in new investments in the UK, Finland and Spain After 30 June 2026, Aedifica has announced four new development projects in Spain and Finland, two acquisitions of trading care homes in the UK and Spain and two forward purc hases in the UK, totalling approx. €111 million. Healthcare real estate Type Location Date Investment (€ million) Pipeline 1 (€ million) Completion Lease Operator United Kingdom 2 16 38 Beechwood Care Centre Acquisition Bridlington 23/07/2026 16 - - 30 yrs - NNN North Bay Group Bowburn Manor Forward purchase Durham 23/07/2026 - 19 Q4 2026 30 yrs - NNN North Bay Group Acomb Manor Forward purchase York 23/07/2026 - 19 Q4 2026 30 yrs - NNN North Bay Group Finland - 27 Salo Haukkalankuja Development Salo 03/07/2026 - 7 Q2 2027 15 yrs - NN Mehiläinen Oulu Mäkituvantie Development Oulu 24/07/2026 - 11 Q4 2027 15 yrs - NN Mehiläinen Nokia Pinsiöntie Development Nokia 29/07/2026 - 9 Q4 2027 15 yrs - NN Mehiläinen Spain 17 13 Salamanca Raimundo Development Salamanca 14/07/2026 - 13 Q3 2028 30 yrs - NNN Neurocare Home Jardines de Eztebe Acquisition Bilbao 23/07/2026 17 - - 20 yrs - NN Grupo Jardines Total 33 78 1 The amounts in this column are the budgets for projects that Aedifica will finance. 2 Amounts in GBP were converted into EUR based on the exchange rate of the transaction date. Jardines de Eztebe in Bilbao (Spain) Care home acquired in July 2026 Acomb Manor in York (UK) Care home to be completed by Q4 2026
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Half year financial report Regulated information 1 September 2026 – before opening of markets 10/99 Sinnehiem in Haulerwijk (Netherlands) Care home acquired in July 2026 Rovaniemi Koivuojankatu in Rovaniemi (Finland) Care home completed in July 2026 - 4 completions in the Netherlands and Finland for €33 million After 30 June 2026, a forward purchase in the Netherlands , and three projects in Finland have been completed for a total amount of approx. €33 million. Healthcare real estate Type Location Date Investment 1 (€ million) Lease Operator Netherlands 13 Sinnehiem Forward purchase Haulerwijk 13/07/2026 13 WAULT 6 yrs - NN Stichting Liante & ZuidOostZorg Finland 20 Rovaniemi Koivuojankatu Development Rovaniemi 02/07/2026 6 20 yrs - NN Attendo Rovaniemi Kaamoskuja Development Rovaniemi 17/08/2026 8 15 yrs - NN Esperi Kokkola Kimalaisenpolku Development Kokkola 31/08/2026 6 15 yrs - NN Mehiläinen Total 33 1 The amounts in this column only include the works that were carried out. - €27 million in divestments in Belgium and the Netherlands After 30 June 202 6, a care home, two pubs and the bare ownership related to two office buildings in Belgium, and a plot of land in the Netherlands, were divested for a total amount of approx. €27 million. Location Date Selling price (€ million) Healthcare real estate 10 Flatel Brussels 13/07/2026 Parc Imstenrade (plot of land) Heerlen 01/07/2026 Offices 16 Egmont I & II (bare ownership) Brussels 06/07/2026 Distribution networks 1 2 pubs Belgium Q3 2026 Total 27 1 Amounts in GBP were converted into EUR based on the exchange rate of the transaction date.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 11/99 2.3. Investment programme as at 30 June 2026 As at 30 June 202 6, Aedifica had a total investment programme of approx. € 531 million, of which approx. €268 million has already been spent and approx. € 263 million remains to be invested (see section 3.2 of the Property Report for a complete overview). The projects have an average initial yield on cost of approx. 5.8%. Following the integration of the Cofinimmo pipeline, the average initial yield on cost of the Group’s committed pipeline decreased from 6.5% on 31 December 2025 towards 5.8%, mainly due to some legacy Spanish projects. The target remains to aim for an initial yield on cost in the range of 6-6.5% for new development projects. 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 €122m 23% €120m 23% €103m 20% €87m 16% €47m 9% €39m 7% €13m 2% Spain Germany Finland Ireland United Kingdom Belgium Netherlands €250m 47% €222m 42% €43m 8% €16m 3% 2026 2027 2028 >2028 531 78 -288 ~322 0 100 200 300 400 500 600 Pipeline 30/06/2026 Additions post closing Completions 2026 Pipeline 31/12/2026
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Half year financial report Regulated information 1 September 2026 – before opening of markets 12/99 2.4. Legal merger by absorption of Cofinimmo OPPORTUNITY FOR VALUE CREATION Over the years, both Aedifica and Cofinimmo have built substantial portfolios of healthcare properties in key European markets, supported by strong tenant bases. Recognising this strategic alignment, Aedifica assessed that combining the two companies to create Europe’s leading healthcare REIT would present a significant opportunity for value creation, as the resulting group would be well-placed to reduce capital costs and achieve sustainable earnings growth per share thanks to its increased scale. Furthermore, a combination would establish a platform that is perfectly positioned to lead the next phase of growth in the healthcare real estate sector. EXCHANGE OFFER FOR ALL COFINIMMO SHARES With these strategic advantages in mind, Aedifica laid the groundwork to unite with Cofinimmo through an all-share exchange offer, with the unanimous support of the boards of both companies. After receiving the necessary approvals from Aedifica’s shareholders and various relevant competition authorities13, the Group entered into a dialogue with the Belgian Competition Authority (BCA) in the second half of 2025. In January 2026, the BCA approved the transaction, on the condition that Aedifica would divest €300 million in Belgian healthcare assets over the course of several years. Following the approval of the transaction prospectus, the exchange offer was open to Cofinimmo shareholders from 30 January 2026 through 2 March 2026. Cofinimmo shareholders were offered 1.185 new Aedifica shares for each share of Cofinimmo they tendered. 80% OF COFINIMMO SHARES EXCHANGED During the acceptance period, a total of 30,312,595 Cofinimmo shares were tendered to the exchange offer, with Aedifica acquiring 79.57% of the shares in Cofinimmo. The settlement payment took place on 10 March 2026. 35,920,425 new Aedifica shares were issued and listed that day (see section I.3.3). All shares had coupon no. 36 and following attached, entitling the shareholder to the full dividend for the 2025 financial year, which was distributed on 19 May 2026. MERGER BY ABSORPTION & DELISTING OF COFINIMMO Following the successful exchange offer, Aedifica initiated a merger by absorption of Cofinimmo, while starting the process of integrating the teams and portfolios into a single platform. The merger was approved by the Extraordinary General Meetings of Aedifica and Cofinimmo on 12 and 30 June 2026, respectively, and became effective on 1 July 2026 at 00:00 AM CET. As a result of the completion of the legal merger, Cofinimmo was delisted from Euronext, leading to the automatic exchange of the remaining 7,775,000 free float Cofinimmo shares into new Aedifica shares at an exchange ratio of 1.178414. This resulted in the issuance of 9,162,060 new Aedifica shares (see section I.3.3), bringing the total number of shares to 92,632,604. All shares have coupon no. 37 and following attached, entitling the shareholder to the full dividend for the 2026 financial year. All information relating to this transaction is available on the Aedifica website. 13 Approval was obtained from competition authorities in the Netherlands and Germany and France provided FDI clearance. 14 This exchange ratio, as set out in more detail in the merger proposal, takes into account, amongst other things, the dividends distributed in May 2026.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 13/99 2.5. Other events - Agreement with Armonea At the end of 2025, Colisée group, of which Armonea is a part, announced a financial recovery plan. In this context, early 2026 talks between Armonea and Aedifica resulted in specific agreements for certain properties. On 21 April 2026, the Colisée group announced in a press release that their financial recovery plan was approved by the Paris Economic Affairs Court, initiating the closing of its restructuring procedure. To date, Armonea (representing 7% of the Group’s annual contractual rents) has continued to pay all contractually due rent to the Company. - Transfer of operations of care home in Belgium to new operator In Belgium, the operation of the Klein Veldekens care campus was transferred from Armonea to the Vulpia group in early July . Following the transfer, Vulpia now operates 1 8 Aedifica care properties, representing approx. 3% of the Group’s contractual rental income. - Offices: new leases signed at M10 in Brussels CBD and Bourget 40 in Brussels In Q2 2026, Cofinimmo Offices has signed a new lease for the office building Montoyer 10 (‘M10’) in Brussels’ Central Business District ('CBD’), confirming the prime rent of previous leases (€400/m²/year). Following this transaction, the M10 occupancy rate has now reached 57%. In addition, a 30-year usufruct agreement was signed with the NATO Communications and Information Agency (NCIA) for the Bourget 40 office building located in east Brussels directly opposite the NATO headquarters. Bourget 40 offers approx. 14,300 m² of office space and is part of the ‘Leopold Square’ complex, which comprises four buildings (Bourget 40, 42, 44 and 50). Mikkeli Pehtorintie in Mikkeli (Finland) Child protection centre to be completed by Q4 2026
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Half year financial report Regulated information 1 September 2026 – before opening of markets 14/99 3. Management of financial resources 3.1. Financial debts In the first half of 2026, the Group’s committed credit facilities mechanically increased by €3,420 million as a result of the successful completion of Aedifica’s exchange offer on Cofinimmo on 10 March 2026. Furthermore, Aedifica strengthened its financial resources by securing €930 million of long-term committed bank facilities (early refinancing and new financing) with maturities ranging from five to seven years. This includes a €620 million sustainability -linked syndicated revolving credit facility with a five - year maturity, two one-year extension options and an accordion option of up to €100 million. In addition, €211 million in committed bank facilities have been successfully extended by another year, until 2029 or 2031. On 30 June 2026, the total amount of short -term treasury notes (including those issued by Cofinimmo and Hoivatilat) stands at €1,081 million (excluding overdraft), fully backed by committed credit facilities in case of non-renewal. To ensure continued access to a cost-effective source of funding, on 16 June 2026, Aedifica increased the maximum size of its treasury notes programme from €600 million to €1 .5 billion, in anticipation of the merger by absorption of Cofinimmo into Aedifica on 1 July 2026. Taking these elements into account, the maturity dates of Aedifica’s financial debts as at 30 June 2026 are as follows: Financial debt (in € million) 1 Committed financing Short-term treasury notes 2 Lines Utilisation 31/12/2026 122 112 1,003 31/12/2027 990 832 80 31/12/2028 1,643 1,184 - 31/12/2029 563 332 - 31/12/2030 1,452 932 - 31/12/2031 1,668 671 - 31/12/2032 95 50 - >31/12/2032 299 149 - Total debt as at 30 June 2026 6,832 4,262 1,083 1 Amounts in GBP were converted into EUR based on the exchange rate of 30 June 2026 (0.86161 EUR/GBP). 2. Including overdraft. As at 30 June 2026, the weighted average maturity was 3.3 years for the committed financial debt totalling €6,832 million. Available committed financing amounts to €2,570 million. After deducting the backup for the short-term treasury notes and overdraft, the available liquidity stands at €1,487 million . Long-term debt contracted under Aedifica’s Sustainable Finance Framework , or linked to sustainability KPIs, amounts to €4,155 million (61% of committed credit lines). In addition, all short-term treasury notes issued by Cofinimmo (30 June 2026: €587 million) are sustainable, as is the portion of Aedifica’s short- term treasury notes issued after the update to its Treasury Notes Programme (30 June 2026: €77 million). This demonstrates the Group’s wish to further diversify its sources of financing and to integrate ESG criteria into its financial policy.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 15/99 The average cost of debt* including commitment fees stands at an attractive 1.9% (31 December 2025: 2.1%), owing to the interest rate hedges in place and the contribution of short-term treasury notes to the drawn debt. As part of its financial policy, Aedifica aims to keep its debt -to-assets ratio below 45%. As at 30 June 2026, the Group’s consolidated debt-to-assets ratio amounts to 42.7%15. As at 30 June 202 6, 89.6% 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 3.4 years. - Interest rate hedging16 3.2. Credit rating In March 2026, S&P Global announced that it had raised Aedifica’s credit ratings following the successful takeover exchange offer for Cofinimmo (see section I.2.4 above). Both Aedifica’s long-term issuer credit rating and the issue rating on its unsecured debt were raised from BBB to BBB+ 17, with a stable outlook. Furthermore, Aedifica was assigned a short-term issuer rating of A-2. The stable outlook – which has been reconfirmed on 20 July 2026 – reflects the expectation that the combined group, supported by strong demand across the elderly care sector, will generate stable cash flow through its robust healthcare portfolio over the next 24 months while maintaining its current financial policy. S&P’s credit rating research is available on Aedifica’s website. 15 Including seasonal effect of the dividend payment. 16 Based on projected debt. 17 See press release published on 13 March 2026. 39% 37% 35% 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
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Half year financial report Regulated information 1 September 2026 – before opening of markets 16/99 3.3. Equity Since the beginning of the year, Aedifica completed two capital increases totalling €3.3 billion. - Exchange offer for Cofinimmo: capital increase of €2,657 million In the context of Aedifica’s exchange offer for Cofinimmo (see section I.2.4 above), a total of 30,312,595 Cofinimmo shares were tendered during the initial acceptance period. On 10 March 2026, as shareholders were offered 1.185 new Aedifica shares for each Cofinimmo share tendered, Aedifica issued 35,920,425 new shares at an issue price of approx. €73.96 per share (i.e. €2,656,591,336.09 including share premium). The new shares were issued with coupon no. 36 and following attached, granting the right to the full dividend for the 2025 financial year. Following this transaction, the total number of Aedifica shares amounted to 83,470,544 and the share capital to €2,202,602,669.09. - Merger by absorption of Cofinimmo: capital increase of €669 million As a result of the completion of the legal merger by absorption of Cofinimmo, Cofinimmo was delisted from Euronext, leading to the automatic exchange of the remaining 7,775,000 free float Cofinimmo shares into new Aedifica shares. On 1 July 2026, as shareholders were offered 1.1784 new Aedifica shares for each Cofinimmo share, Aedifica issued 9,162,060 new shares at an issue price of approx. €73.05 per share (i.e. €669,281,417.54 including share premium). The new shares were issued with coupon no. 37 and following attached, granting the right to the full dividend for the 2026 financial year. Following this transaction, the total number of Aedifica shares amounts to 92,632,604 and the share capital to €2,444,369,127.58. Jyväskylä Linnantie in Jyväskylä (Finland) Residential care centre for disabled people to be completed by Q2 2027
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Half year financial report Regulated information 1 September 2026 – before opening of markets 17/99 4. Summary of the consolidated results as at 30 June 2026 4.1. Portfolio as at 30 June 2026 During the first half of 2026, the fair value of Aedifica’s real estate portfolio*18 increased by approx. €6,192 million, from € 6,285 million to € 12,478 million. This value of €12,478 million includes the marketable investment properties including assets classified as held for sale * (€12,127 million) and the development projects (€ 351 million). The increase in marketable investment properties comes mainly from the successful takeover exchange offer on Cofinimmo and completed development projects (see section I.2.1 above) and changes in the fair value of marketable investment properties recognised in income (+25.2 million, or +0.4%). The changes in the fair value of marketable investment properties 19, as assessed by independent valuation experts, are broken down as follows20: Healthcare real estate: +€31.1 million - Belgium: +€0.1 million - Germany: +€1.2 million - Netherlands: +€12.1 million - United Kingdom: +€16.5 million - Finland: -€2.2 million - Ireland: +€0.8 million - Spain: +€3.4 million - France: -€0.4 million - Italy: -€0.4 million Offices: -€4.6 million Distribution networks: -€1.4 million Following four consecutive quarters of positive portfolio valuations in 202 5, and taking into account all segments of the former Cofinimmo portfolio, expert valuations of marketable investment properties continued to increase by 0.10% in Q2 and 0.35% YTD (on a like -for-like basis, excluding any impact from currency translation)21. The most significant increases in portfolio valuations were recorded in the United Kingdom, the Netherlands, and Spain. These increases were mainly due to the indexation of rents and an improved rental coverage, which had a positive impact on fair value. Evolution of expert valuations per quarter on a like-for-like basis (in %) 18 See table in Note 16.1 ‘Investment properties’. 19 Including gains and losses on acquisitions and assets classified as held for sale*. 20 The fair value of the real estate assets used for the entry into scope of Cofinimmo corresponds to the fair values determined by the independent valuation experts at the end of the first quarter of 2026. As a result, no additional fair value movement was recognised for the Cofinimmo real estate portfolio between the acquisition date (i.e. the change of control date) and the end of the first quarter of 2026. 21 Although Cofinimmo's portfolio entered the Group's scope on 10 March, the assets are included in the like-for-like calculation. +0.25% +0.21% +0.35% +0.46% +0.18% +0.10% 0.0% 0.1% 0.2% 0.3% 0.4% 0.5% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
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Half year financial report Regulated information 1 September 2026 – before opening of markets 18/99 Geographical breakdown of total portfolio 22 (in terms of fair value) Breakdown of total portfolio by facility type (in terms of fair value) As at 30 June 2026, Aedifica’s total portfolio (including the healthcare, office and distribution network segments) comprised 1,723 properties, with a total surface area of approx. 4,642,865 m2 and an overall occupancy rate of 99.1% (calculated according to the EPRA methodology). The weighted average unexpired lease term (WAULT) for the Company’s portfolio is 15 years. The healthcare segment of Aedifica’s real estate portfolio comprised 92 4 care properties, with a total capacity of nearly 6 7,400 residents and 13,000 children, and a total surface area of approx. 4,117,828 m2. The healthcare portfolio has an overall occupancy rate of 99.7% (calculated according to the EPRA methodology). The WAULT for the Company’s healthcare portfolio is 16 years. Geographical breakdown of healthcare portfolio 23 (in terms of fair value) 22 Marketable investment properties including assets classified as held for sale* , excluding right of use of plots of land (€12,048 million). 23 Marketable healthcare investment properties including assets classified as held for sale*, excluding right of use of plots of land (€10,706 million). 33% 17%12% 11% 11% 5% 5% 4% 2%Belgium Germany Finland United Kingdom Netherlands France Ireland Spain Italy 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 care properties Offices Distribution networks 26% 19% 13% 13% 11% 6% 5% 4% 2%Belgium Germany Finland United Kingdom Netherlands France Ireland Spain Italy 89% healthcare
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Half year financial report Regulated information 1 September 2026 – before opening of markets 19/99 - Operator occupancy rates and rent covers steadily rising Demonstrating the resilience of the sector, care home operators across Europe are seeing their occupancy rates rise again following the COVID -19 pandemic, returning to or already exceeding pre - pandemic levels. Operator occupancy rates for stabilised assets are around 91% and showing an increasing trend. The table below lists the occupancy rates of operators, as well as their like -for-like growth (expressed in base points), for the regions for which the Group was able to collect a sufficient amount of relevant data as at 31 March 2026. This takes into account data from the former Cofinimmo portfolio . Only ‘stabilised’ assets24 are considered in the table. In Germany and the Netherlands in particular, there has been a strong recovery in occupancy, with a like-for-like year-on-year growth of more than 2%. Operator occupancy rate 31/03/2026 Y/Y growth (in base points) on a like-for-like basis Data coverage25 Ireland 96% +170 100% Spain 96% +68 100% Belgium 93% -57 96% United Kingdom 90% +72 100% Germany 89% +232 94% Finland 89% +192 77% Netherlands 87% +247 69% In addition, several key regions where the Group collected sufficient relevant data are showing strong rent covers. As at 31 March 2026, the rent cover26 over twelve months on stabilised assets of Aedifica’s UK portfolio reached 2.3x, while the rent cover of the Irish portfolio reached 1.8x. Rent covers 31/03/2026 Data coverage25 United Kingdom 2.3 100% Netherlands 2.0 35% Ireland 1.8 99% Germany 1.5 66% Belgium 1.4 79% 24 Assets are considered 'stabilised' 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. 25 Based on the contractual rent of stabilised assets as at 31 March 2026. 26 Rent cover calculated as the tenants’ Ebitdarm for the last twelve months divided by the rent for the same period.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 20/99 4.2. Gross yield by property type & country The table below presents the portfolio’s gross yield by property type & country, compared to the fair value of the marketable investment properties. On average, the gross yield based on the fair value amounts to 6.1%. Situation as at 30 June 2026 Number of sites Fair value (x €1,000) Annual contractual rents (x €1,000) Gross yield 1 (%) Healthcare real estate 924 10,706,163 644,661 6.0% Belgium 159 2,783,967 166,776 6.0% Germany 156 2,078,950 118,251 5.7% Netherlands 111 1,197,630 76,006 6.3% United Kingdom 2 119 1,356,440 87,365 6.4% Finland 251 1,429,690 85,449 6.0% Ireland 30 549,545 31,319 5.7% Spain 37 429,771 23,712 5.5% France 53 664,260 43,529 6.6% Italy 8 215,910 12,253 5.7% Offices 23 874,379 54,951 6.3% Distribution networks 776 467,905 34,758 7.4% Marketable investment properties 3 1,723 12,048,447 734,370 6.1% Development projects 4 - 350,565 - - Right of use of plots of land - 78,595 - - Investment properties 3 - 12,477,607 - - Situation as at 31 December 2025 Number of sites Fair value (x €1,000) Annual contractual rents (x €1,000) Gross yield 1 (%) Healthcare real estate 618 6,092,344 366,240 6.0% Belgium 79 1,255,280 73,981 5.9% Germany 99 1,190,020 66,847 5.6% Netherlands 68 693,910 43,175 6.2% United Kingdom 5 117 1,252,567 81,022 6.5% Finland 230 1,233,640 74,990 6.1% Ireland 22 432,802 24,340 5.6% Spain 6 3 34,125 1,884 5.5% France - - - - Italy - - - - Offices - - - - Distribution networks - - - - Marketable investment properties 3 618 6,092,344 366,240 6.0% Development projects 4 - 113,957 - - Right of use of plots of land - 78,920 - - Investment properties 3 - 6,285,221 - - 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 and Italy. In Ger many, Finland and France (and the Netherlands and Italy, in some cases), the net yield is generally lower than the gross yield, with certain charges remaining the responsibility of the owner, such as the repair and maintenance of the roof, structure and facades of the building (‘doub le net’ contracts). 2 Amounts in GBP were converted into EUR based on the exchange rate of 3 0 June 2026 (0.86161 EUR/GBP). 3 Including assets classified as held for sale*. 4 The land reserve is no longer presented as a separate category, but is now included under ‘development projects’. The present ation of the 2025 figures has also been adjusted to facilitate comparability . 5 Amounts in GBP were converted into EUR based on the exchange rate of 31 December 2025 (0.87228 EUR/GBP). 6 Aedifica's portfolio in Spain included projects under construction, the plots of land generating limited rental income.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 21/99 4.3. Consolidated results27 The Condensed Consolidated Financial Statements, prepared in accordance with IAS 34, are presented on page 52 of this half year financial report. In the following sections of the Interim Management Report, the financial statements are presented and analysed in an analytical form, aligned with Aedifica’s internal reporting. Consolidated income statement – analytical format 30/06/2026 30/06/2025 (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 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 Following the takeover of Cofinimmo on 10 March 2026, the consolidated income statement now includes 113 days of Cofinimmo's contribution to the Group's results for the first half of the year. In the context of th is takeover, certain balance sheet items of Cofinimmo, mainly financial debt (+€86.6 million) and finance lease receivables (+€30.5 million), were remeasured at fair value as part of the purchase price allocation (‘PPA’) exercise performed upon acquisition. The difference between the net equity value after PPA adjustments and the fair value of the Aedifica shares issued at the date of control, led to the recognition of a bargain purchase gain ( ‘badwill’) amounting to €316.1 million, which was fully recognised in the profit and loss statement at acquisition date. The PPA adjustments relating to the remeasured balance sheet items will subsequently be amorti sed over the remaining duration of 27 The consolidated income statement covers the six-month period from 1 J anuary 20 26 to 3 0 June 2026. Acquisitions are accounted for on the date of the effective transfer of control. These operations therefore present different impacts on the income statement, depending on whether they took place at the beginning, during, or at the end of the period.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 22/99 the underlying instruments, in accordance with the regular accounting principles applied to financial debt and finance lease receivables (€8.6 million in the first half of 2026). These elements have no monetary impact. The consolidated turnover ( consolidated rental income ) for the first half of the 20 26 financial year (1 January 2026 – 30 June 2026) amounted to €292.3 million, an increase of approx. 62% as compared to the turnover of €180.8 million on 30 June 2025. Aedifica's consolidated rental income by country is presented in the table below. Consolidated rental income (x €1,000) 2026.01 - 2026.03 2026.04 - 2026.06 2026.01 - 2026.06 2025.01 - 2025.06 Var. (%) on a like- for-like basis* 1 Var. (%) 2 Healthcare real estate 108,371 157,920 266,291 180,844 +1.9% +47.2% Belgium 24,053 41,231 65,284 36,286 +1.6% +79.9% Germany 19,834 29,257 49,091 32,236 +2.1% +52.3% Netherlands 12,741 18,774 31,515 20,602 +5.1% +53.0% United Kingdom 21,842 21,150 42,992 45,084 3 +5.0% -4.6% Finland 18,322 20,100 38,422 34,698 +0.4% +10.7% Ireland 6,475 7,729 14,204 11,852 +2.1% +19.8% Spain 1,683 5,812 7,495 86 +3.4% +8615.1% France 2,659 10,877 13,536 - +0.4% - Italy 762 2,990 3,752 - -0.8% - Offices 2,965 12,413 15,378 - -1.3% - Distribution networks 2,101 8,543 10,644 - +2.6% - Total 113,437 178,876 292,313 180,844 +1.7% +61.6% 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. For like-for-like purposes, full half-year consolidation is assumed in both 2025 and 2026 (i.e. no pro -rata adjustment). 2 The variation is shown for each country in the local currency. The total variation is shown in the Group currency. The segments and countries that were not part of Aedifica’s portfolio in the first half of 2025 do not display any value. 3 The first half of 2025 includes one-off non-recurring contingent rents. 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. The 1.7% like-for-like variation* in rental income can be broken down into +1.9% indexation of rents, +0.2% rent reversion and contingent rents, and -0.4% exchange rate fluctuation. The historical catch - up of contingent rents received in 2025 is excluded from the like-for-like calculation. Taking into account the rental-related charges (€0.8 million), which are positive due to the reversal of accruals from the past, the net rental income amounts to €292.3 million (+62% compared to 30 June 2025). The property result amounts to € 293.4 million (30 June 2025: €180.8 million). This result, less other direct costs, leads to a property operating result of €275.1 million (30 June 2025: €175.3 million). This implies an operating margin* of 93.8% (30 June 2025: 97.1%). After deducting overheads of € 21.2 million (30 June 2025: €18.6 million) and taking into account other operating income and charges, the operating result before result on the portfolio has increased by 62% to reach € 254.1 million (30 June 202 5: €156.5 million). This implies an EBIT margin* of 86.6% (30 June 202 5: 86.6%). Using a different calculation method to obtain a more normalised income statement (which would not exclude mainly pre -acquisition tax items from the Cofinimmo income statement), the EBIT margin would decrease to approx. 85.5%.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 23/99 The share of each segment in the operating result before result on the portfolio (segment result according to IFRS 8) is detailed in Note 3 of the Condensed Consolidated Financial Statements. Taking into account the cash flows generated by hedging instruments, Aedifica’s net interest charges amount to €35.5 million (30 June 2025: €25.0 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 €37.5 million (30 June 2025: charge of €27.1 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 June 2026: charge of €8.0 million; 30 June 2025: charge of €5.5 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. The share in the result of associates and joint ventures mainly includes the result of the participation in Immobe NV /SA and Aldea Group NV/SA, which have been consolidated using the equity method since 31 March 2019 and 31 December 2020, respectively. Non-controlling interests mainly include the minority shareholders of Cofinimmo NV/SA and have been reduced following the merger and delisting of Cofinimmo on 1 July 2026. EPRA Earnings* (see Note 16.8.1) reached €189.9 million (30 June 2025: €123.3 million), or €2.71 per share (30 June 2025: €2.59 per share), based on the weighted average number of shares outstanding during the period and taking into account the higher number of shares resulting from the capital increase of 10 March 2026. The table below illustrates the evolution of the weighted average over the course of 2026, taking into account the capital increase o f 10 March and the capital increase o f 1 July related to the merger by absorption of Cofinimmo. Denominator IAS 33 1 Number of shares outstanding Number of days 01/01/2026 – 09/03/2026 47,550,119 68 10/03/2026 – 31/03/2026 83,470,544 22 01/04/2026 – 30/06/2026 83,470,544 91 01/07/2026 – 30/09/2026 92,632,604 92 01/10/2026 – 31/12/2026 92,632,604 92 Denominator IAS 33 1 Number of shares outstanding Weighted average number of shares 01/01/2026 – 31/03/2026 83,470,544 56,330,667 01/01/2026 – 30/06/2026 83,470,544 69,975,578 01/01/2026 – 30/09/2026 92,632,604 77,610,913 01/01/2026 – 31/12/2026 92,632,604 81,397,202 1 This table gives a forward-looking view as from Q3 2026 onwards.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 24/99 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 half of 2026, the combined changes in the fair value of marketable investment properties and development projects 28 represent an increase of €25.7 million for the period (30 June 2025: an increase of €24.8 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 . These financial instruments are detailed in Note 7 of the attached Condensed Consolidated Financial Statements. Changes in the fair value of financial assets and liabilities taken into the income statement as at 30 June 2026 represent a charge of €0.6 million (30 June 2025: charge of €12.2 million). - Gains and losses on disposals of investment properties (30 June 2026: gain of €1.2 million; 30 June 2025: loss of € 11.9 million, which was mainly related to the disposal of the Swedish portfolio) are also taken into account here. - Deferred taxes in respect of EPRA adjustments (charge of €12.2 million as at 30 June 2026, compared to a charge of €11.1 million on 30 June 2025) arose from the recognition at fair value of buildings located abroad, in conformity with IAS 40. - Adjustments related to non-operating and exceptional items resulting from the integration of Cofinimmo and the related costs of €5.3 million. Taking into account the elements described above, the profit (owners of the parent) amounts to €509.6 million (30 June 2025: €113.1 million). The basic earnings per share (as defined by IAS 33) is €7.28 (30 June 2025: €2.38). Salamanca Raimundo in Salamanca (Spain) Care home to be completed by Q3 2028 Salo Haukkalankuja in Salo (Finland) Care home to be completed by Q2 2027 28 That change corresponds to the sum of the positive and negative variations of the fair value of the buildings as at 31 December 2025 or the time of entry of new buildings in the portfolio, and the fair value estimated by the valuation experts as at 30 June 2026. It also includes ancillary acquisition costs and changes in the right of use of plots of land.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 25/99 4.4. Consolidated balance sheet Consolidated balance sheet 30/06/2026 31/12/2025 (x €1,000) Investment properties including assets classified as held for sale* 12,477,607 6,285,221 Other assets included in debt-to-assets ratio 506,460 151,071 Other assets 99,018 40,831 Total assets 13,083,085 6,477,123 Equity Equity excl. changes in fair value of hedging instruments 6,325,669 3,629,831 Effect of the changes in fair value of hedging instruments 90,745 33,869 Non-controlling interests 799,508 5,605 Equity 7,215,922 3,669,305 Liabilities included in debt-to-assets ratio 5,543,685 2,624,246 Other liabilities 323,478 183,572 Total equity and liabilities 13,083,085 6,477,123 Debt-to-assets ratio (%) 42.7% 40.8% As at 30 June 2026, investment properties including assets classified as held for sale* represent 95% (31 December 202 5: 97%) of the assets recognised on Aedifica’s balance sheet , valued in accordance with IAS 4029 at €12,478 million (31 December 2025: €6,285 million). This heading includes: - Marketable investment properties including assets classified as held for sale* (30 June 2026: €12,048 million; 31 December 202 5: €6,092 million) increase in the amount of approx. €5,956 million. - Development projects30 (30 June 2026: €351 million; 31 December 2025: €114 million) consist primarily of investment properties under construction or renovation . They are part of a multi - annual investment programme (see section 3.2 of the Property Report). - The right of use related to plots of land held in ‘leasehold’ in accordance with IFRS 16 (30 June 2026: €79 million; 31 December 2025: €79 million). The item ‘Other assets included in debt-to-assets ratio’ includes, amongst other things: - Goodwill amounting to € 59.7 million arising from the acquisition of Hoivatilat (which is the positive difference between the price paid for the shares of Hoivatilat Oyj and the accounting value of the acquired net assets); - Non-current finance lease receivables of €181.6 million, and the current part for €5.0 million; and - Holdings in associated companies and joint ventures including the 25 .0% stake in Immobe NV/SA which amounts to €20.1 million as at 30 June 2026 (31 December 2025 : €22.0 million), and the 26.3% stake in Aldea NV/SA which amounts to €15.1 million as at 30 June 2026. 29 The investment properties are represented at their fair value as determined by the valuation experts ( Cushman & Wakefield Belgium NV/SA, Stadim BV/SRL, PricewaterhouseCoopers Enterprise Advisory BV/SRL, Jones Lang LaSalle BV/SRL, Cushman & Wakefield (UK) LLP German Branch, Savills Advisory Services GmbH & Co. KG, CBRE GmbH, Cushman & Wakefield Netherlands BV, Capital Value Taxaties BV, CBRE Valuation & Advisory Services BV, Knight Frank LLP, Jones Lang Lasalle Limited, Cushman & Wakefield Finland Oy, CBRE Finland Oy, CBRE Unlimited Company, Cushman & Wakefield Commercial Ireland Limited, Jones Lang LaSalle España SA, Colliers International Spain SL, Cushman & Wakefield Valuation France SA, Newmark Valuation & Advisory SAS and Colliers Valuation Italy Srl). 30 The land reserve is no longer presented as a separate category, but is now included under ‘development projects’ . The presentation of the 2025 figures has also been adjusted to facilitate comparability.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 26/99 The other assets included in the debt -to-assets ratio represent 4% of the total balance sheet (31 December 2025: 2%). The other assets (30 June 2026: €99.0 million; 31 December 2025: €40.8 million) include the fair value of hedging instruments. Since Aedifica’s incorporation, its capital has increased as a result of various real estate activities (contributions, mergers, etc.) and capital increases in cash. As at 30 June 202631, the Company’s capital amounts to €2,203 million (31 December 2025: €1,255 million). Equity (also called net assets), which represents Aedifica’s intrinsic net value and takes into account the fair value of its investment portfolio, amounts to €6,416 million, taking into account the effect of the changes in fair value of hedging instruments ( 31 December 202 5: € 3,664 million, including the €333.9 million dividend distributed in May 2026). As at 30 June 2026, liabilities included in the debt-to-assets ratio (as defined in the Royal Decree of 13 July 2014 on RRECs) reached € 5,544 million (31 December 2025: €2,624 million). Of this amount, €5,256 million (31 December 202 5: €2,485 million) is effectively drawn on the Company’s credit lines. Aedifica’s consolidated debt-to-assets ratio amounts to 42.7% (31 December 2025: 40.8%). Other liabilities of € 323.5 million (31 December 202 5: €183.6 million) represent the deferred taxes (30 June 202 6: € 238.9 million; 31 December 202 5: €1 59.6 million), accrued charges and deferred income (30 June 202 6: €49.9 million; 31 December 202 5: €17.0 million), provisions (30 June 2026: €26.4 million; 31 December 2025: nil) and the fair value of hedging instruments ( 30 June 202 6: €8.3 million; 31 December 2025: €7.0 million). 4.5. Net asset value per share As at 3 0 June 2026, the net asset value (NAV) per share, based on the fair value of investment properties, amounted to €7 6.87 (31 December 2025: €77.05 per share 32). The IFRS NAV per share is calculated by dividing the equity by the total number of shares entitled to a dividend on the closing date. Number of shares 30/06/2026 31/12/2025 30/06/2025 Total number of shares on the stock market 83,470,544 47,550,119 47,550,119 Total number of treasury shares 855 855 855 Number of shares outstanding after deduction of the treasury shares 83,469,689 47,549,264 47,549,264 Weighted average number of shares outstanding (IAS 33) 69,975,578 47,550,119 47,550,119 Number of dividend rights 33 83,470,544 47,550,119 47,550,119 31 The capital reserves have been decreased with the cost incurred to raise capital. 32 Recall that IFRS requires the presentation of the annual accounts before appropriation. The net asset value of €77.05 per share as at 31 December 2025 (as published in the 2025 Annual Report) thus included the gross dividend distributed in May 2026. 33 Based on the rights to the dividend for the shares issued during the year.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 27/99 5. Outlook and dividend 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. On the basis of the currently available information and the projected real estate portfolio, and without any unforeseen developments, the Board of Directors estimates that EPRA Earnings* for the 2026 financial year will amount to € 436 million, while EPRA Earnings* per share will amount to € 5.35, a 4% increase compared to 2025. The gross dividend for 2026, payable in May 2027, is expected to increase by 5% to €4.20 per share34. This outlook for 2026 is based on the following underlying operational and financial assumptions: - Rental income of €656 million. - Synergy savings of approx. €5.5 million in 2026. This corresponds to one third of the full run- rate synergies, which are estimated to be at least €16 million and are expected to be reached during 2027. - Disposals as part of the strategic asset rotation programme amounting to € 110 million for the full financial year, of which €54 million has already been achieved to date. The divestment of €300 million of Belgian healthcare assets, as required by the Belgian competition authorities, is not expected to impact rental income in 2026. - The average cost of debt is estimated at approx. 1.9% in 2026. - Foreign exchange rate assumption for Pound Sterling of 0.8695 EUR/GBP for the second half of the year. - Debt-to-assets ratio around 42% at the end of 2026. Outlook for 2026 Estimated rental income €656 million EPRA Earnings* €436 million EPRA Earnings* per share €5.35 Gross dividend €4.20 34 Since 1 January 2026, the withholding tax on dividends distributed by Aedifica amounts to 30%. See section 3.3 ‘Withholding tax’ of the ‘Financial Review’ chapter of the 2025 Annual Report for more information.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 28/99 6. Corporate social responsibility 6.1. 2025 Environmental Data Report Aedifica already incorporated a large amount of CSR - related information in its 2025 Annual Report . Therefore, similar to last year, Aedifica has opted not to publish a separate CSR report. Instead, an Environmental Data Report providing an update on its environmental performance, including KPIs, was published in June 2026. Highlights - The portfolio’s average net energy use intensity (nEUI) decreased by 4%, from 154 kWh/m² in 2024 to 148 kWh/m² in 202 5, marking progress towards Aedifica's target of 130 kWh/m² by 2030. - The energy data coverage increased from 83% in 2024 to 86% in 2025 , reflecting the Group’s ongoing efforts to understand the energy and GHG intensity of its portfolio. - EPC coverage of the entire portfolio increased from 92% in 2024 to 93% in 2025. Visit Aedifica’s website to find out more about its sustainability scores. 6.2. Aedifica ranks among the Financial Times’ 2026 Climate Leaders and Time Magazine’s 750 World’s Most Sustainable Companies On 15 June 2026, Aedifica was one of three Belgian real estate companies to be listed in the Financial Times ’ ‘Europe's Climate Leaders 2026’ ranking. With a score of 77.1, Aedifica achieved the fourth highest ranking among the 34 European real estate companies included in the ranking. The label is granted to companies that have been successful in reducing their greenhouse gas emissions relative to their revenues. On 23 June 2026, Aedifica was listed alongside only two other Belgian real estate companies in the 2026 edition of Time Magazine ’s ‘750 World’s Most Sustainable Companies ’. This ranking, carried out by Statista, recognises the 750 leading companies in terms of sustainability from more than 40 countries. Over 5,000 companies were analysed based on over 20 key sustainability performance indicators, such as CDP score, GRI alignment, CO₂ emissions and energy intensity reduction.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 29/99 7. Principal risks and uncertainties The Board of Directors considers the key risk factors and uncertainties summarised on pages 120–127 of the 2025 Annual Report to be relevant for the remainder of the 2026 financial year. However, the risks related to real estate transfer taxes in connection with the exchange offer for, and merger by absorption of, Cofinimmo has evolved over the past few months. - Risks related to real estate transfer taxes in connection with the exchange offer for and merger by absorption of Cofinimmo As part of the merger by absorption of Cofinimmo, Aedifica has indirectly acquired German and Dutch property companies, which may give rise to local real estate transfer taxes. - Germany: As set out in the Prospectus related to the exchange offer for Cofinimmo, the merger may give rise to German real estate transfer tax (Grunderwerbsteuergesetz) amounting to approx. €45 million. However, following recent European case law (the Nova Iberomoldes judgment of the Court of Justice of the European Union), Aedifica considers that there are defensible legal arguments for challenging this lev y, although there is no certainty that this position will be accepted by the German tax authorities or the competent courts. If this position is not accepted, Aedifica may still be required to pay the tax due, where applicable together with any interest and legal costs. - Netherlands: In the Prospectus related to the exchange offer for Cofinimmo, it was set out that Aedifica expected that it could invoke the so-called merger exemption from Dutch transfer taxes. If the exemption were not to apply, Dutch transfer tax amounting to approx. €63.4 million would be due. Aedifica considers that this merger exemption applies, but, as a precautionary measure, has requested confirmation from the Dutch Tax Authorities regarding the application of this exemption. To date, the Dutch Tax Authorities have not yet communicated their formal position to Aedifica. Although Aedifica is of the opinion that no Dutch transfer tax is due – a view supported by legal arguments and, in addition, by recent European case law (the Nova Iberomoldes judgment of the Court of Justice of the European Union) – there is no certainty regarding the final application of the relevant Dutch tax legislation until a definitive position from the Dutch Tax Authorities has been provided. Should the Dutch tax authorities or the competent courts ultimately not uphold Aedifica’s position, this could result in a significant tax liability, potentially increased by any interest and legal costs. Brussels, 31 August 2026 the Board of Directors
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Half year financial report Regulated information 1 September 2026 – before opening of markets 30/99 II. EPRA35 The EPRA (‘ European Public Real Estate Association’) is the voice of Europe’s publicly traded real estate sector and the most widely used global benchmark for listed real estate. The Aedifica share has been included in the ‘FTSE EPRA/NAREIT Developed Europe Index’ since March 2013. As at 30 June 202 6, Aedifica is included in the EPRA Europe index with a weighting of approx. 2.9% and in the EPRA Belgium index with a weighting of approx. 34.6%. Key performance indicators according to the EPRA principles 30/06/2026 30/06/2025 EPRA Earnings* (in €/share) 2.71 2.59 EPRA Cost Ratio* (including direct vacancy costs) (in %) 13.1% 13.5% EPRA Cost Ratio* (excluding direct vacancy costs) (in %) 13.0% 13.5% 30/06/2026 31/12/2025 EPRA Net Reinstatement Value* (NRV) (in €/share) 86.57 87.09 EPRA Net Tangible Assets* (NTA) (in €/share) 77.82 78.40 EPRA Net Disposal Value* (NDV) (in €/share) 78.09 77.73 EPRA Net Initial Yield* (NIY) (in %) 5.5% 5.6% EPRA Topped-up NIY* (in %) 5.6% 5.6% EPRA Vacancy Rate* (in %) 0.9% 0.1% EPRA LTV* (in %) 42.2% 39.7% The EPRA indicators listed in the table above are considered alternative performance measures (APMs); they are discussed in Note 16. 35 The data in this chapter are not compulsory according to the RREC regulation and are not subject to verification by public authorities. The data as at 30 June 2026 in this chapter have not been reviewed by the statutory auditor.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 31/99 III. Stock market performance Aedifica offers investors a valuable alternative to direct real estate investments, combining optimal real estate income with a limited risk profile. The Group's investment strategy provides shareholders with attractive returns, recurring dividends and opportunities for growth and capital appreciation. Since 2020, the Aedifica share has been included in the BEL 20, the leading stock index comprising the 20 most important companies listed on Euronext Brussels. The Company’s inclusion confirms the market’s confidence in its investment strategy. Additionall y, the share has been trading on Euronext Amsterdam since November 2019. 1. Stock price and volume Aedifica is registered in the BEL 20 Index with a weighting of approx. 4.7% (30 June 2026). In addition, the Aedifica share is also included in the BEL ESG, EPRA, GPR 250 and Stoxx Europe 600 indices. The share price fluctuated between €66.50 and €80.05 over the first half of 2026 and closed at €70.60 on 30 June 202 6, an increase of nearly 5% compared to 31 December 2025 (€67.50). Based on the stock price as at 30 June 2026, Aedifica shares have a discount of 8.2% as compared to the net asset value per share. Between Aedifica’s IPO ( after deducting the coupons representing the preferential subscription or priority allocation rights issued as part of capital increases ) and 30 June 2026, Aedifica’s stock price increased by 108.7%, as compared to a n increase of 37.4% for the B EL 20 index and a decrease of 38.8% for the EPRA Europe index over the same period. The average daily volume of the Aedifica share over the past twelve months was approx. €8,321,000 or approx. 120,000 shares, resulting in a velocity of 50.9%. Aedifica continues its efforts to further broaden its investor base by regularly participating in road shows and events for both institutional and private investors. Aedifica share 30/06/2026 31/12/2025 Share price at closing (in €) 70.60 67.50 Net asset value per share (in €) 76.87 77.05 Premium (+) / Discount (-) -8.2% -12.4% Market capitalisation (in €) 5,893,020,406 3,209,633,033 Free float 1 100.0% 100.0% Total number of shares listed 83,470,544 47,550,119 Denominator for the calculation of the net asset value per share 2 83,470,544 47,550,119 Average daily volume 119,937 83,941 Velocity 3 50.9% 45.0% Gross dividend per share (in €) 4 4.20 4.00 Gross dividend yield 5 5.9% 5.9% 1 Percentage of the capital of a company held by the market, according to the definition of Euronext. 2 Including the 35,920,425 new Aedifica shares issued and listed on 10 March as part of the exchange offer on Cofinimmo (these new shares were entitled to the full dividend for the 2025 financial year). 3 Annualised total volume of exchanged shares divided by the total number of shares listed on the market, according to the definition of Euronext. 4 2026: dividend that will be proposed to the Annual General Meeting. 5 Gross dividend per share divided by the closing share price.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 32/99 2. Graphic illustration of Aedifica’s stock price The charts below illustrate Aedifica’s share price between the IPO and 30 June 202 6. Aedifica’s total return36 compared to indices Aedifica’s stock price evolution compared to indices 36 Total shareholder return represents the share price performance over the period, assuming all dividends are reinvested in the share on the ex-dividend date, as calculated by Bloomberg using its adjusted price methodology. Taking into account the value of the subscription rights of the rights issues, the IPO price of €41 was adjusted to €33.93. 0 100 200 300 400 500 600 700 Aedifica EPRA Europe EPRA Europe 0 50 100 150 200 250 300 350 400 Aedifica EPRA Belgium EPRA Europe BEL20 Return Var. (%) Aedifica 157 361 EPRA Belgium 5,830 170 EPRA Europe 4,586 134 Spot Var. (%) Aedifica 71 109 EPRA Belgium 1,263 -11 EPRA Europe 1,633 -39 BEL20 5,751 37
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Half year financial report Regulated information 1 September 2026 – before opening of markets 33/99 3. Shareholding structure The table below provides an overview of Aedifica’s shareholders who hold more than 5% of the voting rights as at 30 June 2026 (based on the number of shares communicated by the shareholders concerned on the date of notification). Declarations of transparency and control strings are available on Aedifica’s website. SHAREHOLDERS Voting rights (in #) Date on which the threshold is crossed Voting rights (in %) BlackRock, Inc. 4,829,214 12/03/2026 5.79 Stichting Pensioenfonds ABP 37 4,281,807 02/06/2026 5.13 Others < 5% 89.08 Total 100.00 On 30 June 2026, the total number of Aedifica shares amounted to 83,470,544. According to Euronext’s definition, Aedifica’s free float is 100%. 4. Financial calendar38 Financial calendar Interim results 30/09/2026 18/11/2026 – 17:40 PM Annual press release 31/12/2026 17/02/2027 – 07:30 AM 2026 Annual Report March 2027 Interim results 31/03/2027 27/04/2027 – 17:40 PM Annual General Meeting 2027 11/05/2027 Payment dividend relating to the 2026 financial year May 2027 Half year results 30/06/2027 28/07/2027 – 07:30 AM Interim results 30/09/2027 26/10/2027 – 17:40 PM 37 The most recent transparency notification from Stichting Pensioenfonds ABP dates from 1 July 2026. In that notification, Stichting Pensioenfonds ABP stated that it held 4,411,528 voting rights (4.76%). 38 These dates are subject to change. Register & join Aedifica’s H1 2026 results webcast 1 September 2026 – 10:00 AM
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Half year financial report Regulated information 1 September 2026 – before opening of markets 34/99 IV. Property report 1. Market trends39 1.1. Healthcare real estate European trends In the European Union and the United Kingdom, the population of persons over 80 years old has increased to more than 31 million people (2025). This segment of the population is growing faster than other age groups. It is expected that this older segment of the European population will double to over 60 million people by 2060. This demographic trend will further stimulate demand for healthcare real estate, underpinning the resilience of the sector. Population ageing in Europe (%)40 European operators can be divided into three categ ories: public, non-profit and private. The landscape of operators varies from country to country depending on the local social security system. At a European level, private care operators manage approx. 34% of the total number of beds in residential care centres. This private segment is growing as these care providers are expanding their activities in both domestic and foreign markets. European governments are facing the challenge of addressing several key societal needs. As a result, they are increasingly focusing on financing care and care dependency rather than providing care as public operators. Furthermore, both private and public operators will increasingly rely on private investors to finance healthcare infrastructure that meets the needs of the ageing population. Healthcare operators across Europe are facing similar phenomena. Not only is the sector confronted with limited staff availability, but it has also been impacted by cost increases resulting from inflation since 2022 (affecting wages and other operational costs). However, operators' occupancy rates are normalising back to pre-COVID-19 pandemic levels, or even exceeding them. Combined with increased revenues per resident, this is gradually improving the financial health of operators. 39 This section was prepared by Aedifica and reflects the opinion of the valuation experts. 40 This chart was prepared using publicly available information from Eurostat and the UK Office for National Statistics. 0% 5% 10% 15% 20% 25% 2025 2030 2040 2050 2060 70 + 75 + 80 + 85 +
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Half year financial report Regulated information 1 September 2026 – before opening of markets 35/99 Although investment volumes in European healthcare real estate declined significantly in 2023 due to increased financing costs, following significant growth in previous years, the current upward trend is expected to strengthen in the medium to long term. This is because the demographic trend of an ageing population is set to accelerate from the mid -2020s onwards, while the development of additional healthcare infrastructure appears to be slowing down in the short term. Furthermore, an outdated stock of care properties requires investment for replacement. Prime yields of care homes have decompressed in 2023 and 2024 , rising by between 50 and 100 basis points, with differences in magnitude between countries. Belgium - Population aged ≥80: From 5.6% now to 10.2% in 2060. - # care home beds: Approx. 150,000 units in 1,500 care homes. - Future demand 41: The current increase in supply will not meet demand over time. Estimates suggest that capacity would need to double to around 360,000 beds by 2070 (assuming a constant percentage of care home beds relative to the population aged 80+). - Operator market : Approx. 30% of care home beds in Belgium are managed by the public sector, 38% by the non-profit sector, and 32% by private operators. However, there are regional differences: in Flanders, the non‑profit sector manages approx. 54% of beds, the public sector 25%, and the private sector roughly 21%. In Wallonia, private operators account for 4 6% of beds, with public and non ‑profit sectors operating approx. 2 9% and 2 5% respectively. In Brussels-Capital, 63% of beds are operated by the private sector, 2 3% by the public sector, and 14% by non‑profit organisations. - Investment volume: Approx. €215 million in 2025. - Prime net yield: 5.1% - 5.5%. - Other remarks: While there is a policy focus in Belgium on enabling elderly people to remain at home for longer, the use of formal home care services remains relatively low compared to neighbouring countries. Depending on the region, only around 5 -8% of seniors receive s uch support. Consequently, residents are likely to move into care homes later in life, resulting in increased demand for more intensive and complex care in residential settings. This will not reduce the underlying need for additional capacity; on the contr ary, against a backdrop of persistent shortages in overall care provision and a structural shortage of care staff, Belgium’s growing elderly population is expected to increase demand for both care home capacity and home-based care services. Germany - Population aged ≥80: From 7.2% now to 10.5% in 2060. - # care home beds: 985,000 units in 16,115 care facilities. - Future demand41: Forecasts predict that approx. 168,000 extra beds will be needed by 2040, offering significant prospects for growth and consolidation. In some regions, demand already exceeds supply. - Operator market: Approx. 53% of care home beds are operated by non-profit operators, 42.5% by private operators and 4.5% by public operators. Although the German market is increasingly consolidating and privatising, it remains highly fragmented, with the ten largest private operators currently holding a market share of only 14%. 41 This estimated forecast does not take into account the additional capacity needed to replace outdated infrastructure.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 36/99 - Investment market : The German healthcare real estate market is set for stable growth throughout 2026, driven by favourable demographic trends and sustained investor interest. Core segments like care homes and assisted living facilities remain attractive due to their resilience and long-term demand. However, the limited availability of building sites, coupled with the high cost of plots and building materials, restricts opportunities to create new care home capacity. Consequently, investment is currently focused more on existing sites and renovations. ESG considerations and hybrid care models are also shaping investment strategies. In general, the market is undergoing gradual consolidation, with larger operators expanding through acquisitions and portfolio transactions. Limited availability of modern assets continues to support demand for prime properties, while investment is increasingly focused on operator quality and lease sustainability. Sale-and-leaseback structures and international capital remain key drivers of transaction activity. - Investment volume: Approx. €1.8 billion in H1 2026 (€1.2 billion in 2025). - Prime net yield: Approx. 5.1%. Netherlands - Population aged ≥80: From 5.5% now to 10.2% in 2060. - # care home beds: 125,000 units in 2,400 care facilities. - Future demand41: Estimates suggest that around 150,000 additional care beds will be required by 2050 to maintain current levels of care, in addition to the redevelopment of outdated existing care infrastructure. However, current Dutch healthcare policy is focused on replacing obsolete intramural care facilities rather than materially expanding the overall care home bed stock. Future demand is increasingly expected to be accommodated through alternative housing and care concepts, including assisted living, care -integrated housing and private senior living schemes. As a result, significant investment in both the renewal of existing care infrastructure and the development of additional care-oriented housing remains necessary. - Operator market: Approx. 90% of care home beds are operated by non-profit operators. Private operators account for approx. 10% and mainly operate small -scale sites. While the private sector's market share remains small compared to the non -profit sector, it has grown considerably in recent years. Newly developed properties in both the non -profit and private sectors generally tend to be larger than older care homes. This reflects the growing need for operational efficiency, as scale is increasingly important for maintaining a sustainable operating model in an environment characterised by rising labour costs and staffing shortages. - Investment market : Investor appetite for Dutch healthcare real estate remains strong, particularly for newly developed properties operated by financially sound operators. The recent one-off increase in Dutch NHC reimbursement rates is expected to improve the financial viability of care developments. By better reflecting actual construction costs, the higher reimbursement levels could facilitate the redevelopment of properties and encourage investment in care properties. - Investment volume: Approx. €300 million in H1 2026 (€500 million in 2025). - Prime net yield: Approx. 4.5%.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 37/99 United Kingdom - Population aged ≥80: From 5.2% now to 9.6% in 2060. - # care home beds: Approx. 481,000 units in 11,150 care facilities. - Future demand41: An increasingly ageing population with higher healthcare needs is expected to significantly drive demand for healthcare real estate in the UK in the near future . Estimates anticipate a shortfall of over 200,000 beds by 2050 due to the demographic shift. - Operator market: With approx. 5,500 care home operators, many of which are independent private players operating small and outdated buildings, the UK’s senior care market is still very fragmented. The five largest care home operators have a market share of 13% of the total bed capacity, while the top 10 account for 18%. - Investment market: The UK healthcare real estate investment market continues to benefit from strong structural fundamentals, supported by demographic -driven demand, constrained supply and a transparent regulatory framework. Although transaction volumes in the first half of 2 026 remained relatively subdued, investor sentiment remains constructive. Interest from North American capital remains particularly strong, with investors targeting scalable healthcare platforms and opportunities across care, specialist healthcare, private medical and medical office assets. This continued appetite underlines the defensive characteristics of the UK market and its long-term consolidation potential. - Investment volume: Approx. £215 million in H1 2026 (£4.9 billion in 202542) - Prime net yield: 4.5% - 5.0% (6.5% - 7.5% for mid-market real estate). - Other remarks: The UK elderly care market is financed by a mix of public (Local Authorities and the National Health Service) and private funds (self -payers). The latter category’s market share has risen sharply in recent years (46%). People who meet certain conditions regarding care needs can get social care services funded by Local Authorities after an assessment of their financial situation (43%). The NHS provides funding to seniors with continuing care needs (9%). Finland - Population aged ≥80: From 6.3% now to 11.1% in 2060. - # care home beds: 80,000 units in 2,650 care facilities. - Future demand41: The demand for healthcare real estate remains high, while supply is limited. Demographic projections suggest that the current capacity would need to nearly double by 2060 in order to meet demand. - Operator market: Finnish well-being services counties – funded through national taxes – are responsible for providing care to residents. Either they provide care themselves as public operators, or they organise care by outsourcing to private or non -profit care operators. Private healthcare operators have a market share of approx. 55%. - Childcare: Over 80% of children aged 1 to 6 are enrolled full- or part-time in a day-care centre. Approx. 28% of day care centres are operated by private operators and their share is expected to increase in the future. - Investment volume: Approx. €150 million in H1 2026 (€960 million in 2025). - Prime net yield: Approx. 5.0%. 42 The UK transaction volume for 2025 does not take into account the Welltower transactions, as the publicly available information did not distinguish between the transaction price for the real estate and the operating entities.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 38/99 Ireland - Population aged ≥80: From 3.6% now to 10.6% in 2060. - # care home beds: 26,000 units in 410 care facilities (private & voluntary providers). - Future demand41: Ireland’s older population is increasing at an unprecedented pace. In order to keep up with demand, according to the Economic & Social Research Institute (ESRI), across both public and private/voluntary sectors, 21,000 – 28,000 additional short and long-stay elderly care beds will be required by 2040, assuming no closures. - Operator market : Approx. 20% of care home beds are operated by the public sector while approx. 70% are operated by the private sector (split 50:50 between groups and individual operators) and 10% are run by non-profit operators. - Investment volume: Approx. €110 million in H1 2026 (€160 million in 2025). - Prime net yield: Approx. 5.0% - 5.5%. - Other remarks: Virtually all care homes are entered into the Fair Deal ('Nursing Home Support Scheme'), which provides a guaranteed weekly rate per bed. Budget 2026 allocated an additional €92 million to Fair Deal, which was described as the largest ever increase to the scheme's budget. This brings the total Older Persons Services budget to over €3 billion. The scheme is supported by government funds to make up the shortfall for any residents that cannot afford care. Spain - Population aged ≥80: From 6.2% now to 14.2% in 2060. - # care home beds: 413,000 units in 5,650 care facilities and an additional 4 6,000 beds under construction. - Future demand 41: Estimates suggest that the current care home capacity is insufficient, with approx. 237,000 additional beds needed by 2035 to meet the needs of an ageing population. The 40,900 additional beds currently under construction will not be enough to cover demand. - Operator market: 45% of care home beds are operated by the private sector, while 2 8% are operated by the public sector, 2 2% in the third sector and 5% in administrative concessions. The market remains fragmented, with the top 10 operators accounting for only 20% of the total stock of beds. - Investment market: Market sentiment for 2026 remains positive. Healthcare real estate is seen as a safe haven sector thanks to strong fundamentals (such as demographics) and an imbalance in supply and demand, particularly in Spain's hotspots. - Investment volume: Approx. €480 million in H1 2026 (€1.1 billion in 2025). - Prime net yield: Approx. 5.25%.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 39/99 France - Population aged ≥80: From 6.2% now to 11.8% in 2060. - # care home beds: 615,000 units in 7,500 care facilities. - Future demand41: Demand is expected to grow steadily driven by the ageing population, with the population aged ≥80 expected to almost double by 2060. - Operator market : Despite a fragmented market, Clariane, DomusVi and emeis account for nearly 40% of the private care home sector in France. Public, non -profit and private operators represent approx. 45%, 31% and 24% of total bed capacity, respectively. - Investment market: Investor appetite is being supported by favourable demographic trends, resilient cash flows, and the ongoing shortage of elderly care facilities. The market continues to attract pan -European investors through sale -and-leaseback transactions and strategic partnerships with operators. The outlook remains positive, given that existing elderly care bed capacity significantly falls short of long-term demand. - Investment volume: €610 million in H1 2026 (€670 million in 2025). - Prime net yield: Approx. 5.0% - 5.5%. Italy - Population aged ≥80: From 7.8% now to 15.9% in 2060. - # care home beds: 270,000 units in 8,000 care facilities. - Future demand41: Demand for care home beds is expected to grow significantly in the future, driven by the rapid growth of the population aged over 80, the age group with the highest rates of care dependency. To achieve an ideal coverage rate of 5 beds per 100 people aged over 65, it is estimated that at least 440,000 new beds would need to be added by 2035. - Operator market : According to the most recent data (2026), 62% of care home beds are operated by non-profit and religious organisations, 25% by the private sector, and 13% by the public sector. Established operators in the Italian market include KOS, Sereni Orizzonti and Clariane, alongside other players such as Gheron Group, Coop Selios, La Villa Group, Villa Cora Group and Colisée. These groups operate sizeable networks across elderly care and other healthcare segments, with several pursuing further expansion in Italy and across Europe. - Investment market: Compared with most Western European countries, the Italian care home market is structurally underdeveloped, creating opportunities for long -term growth. The sector is gradually becoming more organised, with growing interest from international investors, healthcare REITs and infrastructure funds interested in demographic-driven real estate. Market activity is increasingly characterised by platform acquisitions, sale-and-leaseback transactions, and long-term partnerships between investors and operators. - Investment volume: Approx. €650 million in 2025. - Prime net yield: Approx. 5.5% - 6.0%.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 40/99 1.2. Offices - Rental market In the first half of 2026, the Belgian office market recorded a total take -up of 321,800 m², representing an increase of approximately 35% compared to the previous year (237,600 m²). Within Brussels, take- up reached 149,600 m² across 115 deals, reflecting a decline in the number of deals. The market also saw a decline in deal count from the previous year (136 deals). In the first half, 467,000 m² of office space was under construction in Brussels , 34% of which was pre - let. A total of 9,000 m² has already been delivered. The vacancy rate increased to 9.2% by the end of the first half of 2026, with central business districts showing lower rates at 6.4%. By 2027, the vacancy rate is forecast to rise to 9.6%, based on assumptions around city GDP growth, office -based employment, expected take-up and new supply. Vacancy rates remain much lower in Brussels' central business districts, with figures around 6.4% – specifically 4.3% in the Leopold district, 11.0% in the North district and 5.5% in the Pentagon. Decentralised and peripheral districts show higher vacancy rates of 11.3% and 17.4%, respectively. Prime office rents in Brussels rose to €380 -400/m²/year in H1 2026, driven by demand and the shift towards higher-quality properties. - Investment market In the first half of 2026, the total investment volume in the Belgian office market reached €216 million, of which €139 million was in the Brussels office market. In the Central Business District (CBD), prime office yields remained stable at 5.15%, with lo ng-term contract prime yields standing at 4.75% in Q2 2026. 1.3. Distribution networks The distribution networks portfolio is diversified in terms of both geography and property types (pubs, restaurants and residential properties). This diversity not only supports stable income streams, but also offers significant redevelopment opportunities, particularly in urban locations where demand for mixed- use developments is growing. Supported by limited supply, prime rental levels for high street retail remained stable at €1,750/m² per year throughout the first half of 2026, underlining investor confidence in well-located assets with strong tenant covenants. The prime yield for high street retail properties also remained stable at 4.85%. Total investment in the retail sector reached €392 million, with notable transactions including the acquisition of Espace Shopping Hydrion in Arlon and The Mint in Brussels. Looking ahead, the market is expected to remain competitive, with investors and developers closely monitoring consumer trends, regulatory changes, and opportunities for value creation through asset repositioning and redevelopment. The continued evolution o f the retail landscape, shaped by e - commerce, urban isation, and changing consumer preferences, will be key factors influencing performance and strategy in the coming years.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 41/99 2. Portfolio analysis as at 30 June 202643 2.1. Key figures Geographical breakdown of total portfolio 44 (in terms of fair value) Breakdown of total portfolio by facility type (in terms of fair value) Age of buildings (in m² based on age of construction phases within each asset) Unexpired lease term (in terms of fair value) The weighted average unexpired lease term (WAULT) for all buildings in the Company’s portfolio is 15 years. The overall occupancy rate of the portfolio equals 99.1%. 43 Properties in the Channel Islands and Isle of Man are presented under the UK portfolio. 44 Marketable investment properties including assets classified as held for sale* , excluding right of use of plots of land (€12,048 million). 33% 17%12% 11% 11% 5% 5% 4% 2%Belgium Germany Finland United Kingdom Netherlands France Ireland Spain Italy 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 care properties Offices Distribution networks 17% 20% 16% 45% 2% 0-5 years 6-10 years 11-15 years >15 years Project 6% 23% 16% 55% < 5 years 5 to 10 years 10 to 15 years ≥ 15 years 89% healthcare
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Half year financial report Regulated information 1 September 2026 – before opening of markets 42/99 2.2. Breakdown of contractual rents by tenant group Country Tenant group Number of sites 30/06/2026 31/12/2025 HEALTHCARE REAL ESTATE 924 88% 100% Belgium 159 23% 20% Korian Belgium 1 43 7% 6% Armonea 2 46 7% 6% Vulpia 17 3% 4% CARE-ION 12 2% - Orelia 10 1% 0% Emeis 3 10 1% 0% Vivalto Home 4 4 1% 0% Other <1% 17 2% 4% Germany 156 16% 18% Azurit Rohr 28 3% 4% Residenz Management 5 16 2% 3% Stella Vitalis 17 2% - Emeis 3 11 1% 1% Vitanas 6 10 1% 2% Compassio 5 1% - Alloheim 9 1% 0% ASPRIA 7 2 1% - Korian Germany 1 7 1% 0% Specht & Tegeler 6 1% 1% Other <1% 45 4% 7% Netherlands 111 10% 12% Korian Netherlands 1 21 1% 3% Martha Flora 8 13 1% 1% Stichting Tantelouise 2 1% - NNCZ 5 1% 1% Other <1% 70 7% 6% United Kingdom 119 12% 22% Maria Mallaband 18 2% 5% Bondcare Group 21 2% 4% North Bay Group 22 2% 3% Welltower 15 1% 2% Emera 9 7 1% 1% Oyster Care Homes 4 1% 1% Anchor Hanover Group 5 1% 1% Renaissance 9 1% 1% Country Court Care Homes 3 1% - Other <1% 15 2% 3% Finland 251 12% 20% Municipalities/Wellbeing counties 39 2% 4% Attendo 35 2% 3% Mehiläinen 25 1% 2% Norlandia 18 1% 2% Esperi 14 1% 0% Touhula 23 1% 1% Pilke 22 1% 1% Ikifit 8 1% 0% Other <1% 67 3% 7% 1 Part of Clariane group. 2 Part of Colisée group. 3 Part of Emeis group. 4 Part of Vivalto group. 5 Part of Specht Gruppe. 6 Part of Domidep group. 7 Part of David Lloyd group. 8 Part of DomusVi group. 9 Part of Emera group.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 43/99 Country Tenant group Number of sites 30/06/2026 31/12/2025 Ireland 30 4% 7% Bartra Healthcare 4 1% 2% Emera 1 8 1% 2% DomusVi 2 7 1% - Other <1% 11 1% 3% Spain 37 3% 1% Emera 1 9 1% - DomusVi 2 11 1% - Reifs 6 1% - Other <1% 11 1% 1% France 53 6% - Clariane 3 29 3% - Croix Rouge Française 6 2% - DomusVi 2 7 1% - Emeis 5 1% - Other <1% 6 0% - Italy 8 2% - KOS 3 1% - Clariane 3 2 1% - Other <1% 3 0% - OFFICES 23 7% - Belgium 23 7% - Multiple tenants 16 5% - Single tenant 7 3% - DISTRIBUTION NETWORKS 776 5% - Belgium 591 3% - AB InBev 577 3% - Other <1% 14 0% - Netherlands 185 2% - AB InBev 185 2% - TOTAL 1,723 100% 100% 1 Part of Emera group. 2 Part of DomusVi group. 3 Part of Clariane group. - Tenant exposure 12% 7% 4% 4% 3% 3% 3% 3% 2% 2% 57% Clariane Colisée AB InBev Emeis DomusVi Emera Azurit Rohr Vulpia Maria Mallaband FI municipalities/ wellbeing counties Other
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Half year financial report Regulated information 1 September 2026 – before opening of markets 44/99 Aedifica’s real estate portfolio is operated by approx. 190 tenant groups. Nine groups operate properties in multiple countries in which the Group operates: Clariane, Colisée, Ab InBev, Emeis, Emera, DomusVi, David Lloyd, Vivalto and Domidep. The weight of these groups in Aedifica’s contractual rents is broken down by country in the table below. Tenant Country Number of sites 30/06/2026 31/12/2025 Clariane group 102 12% 9% Belgium 43 7% 6% Germany 7 1% 0% Netherlands 21 1% 3% France 29 3% - Italy 2 1% - Colisée group 50 7% 6% Belgium 46 7% 6% France 2 0% - Italy 2 0% - AB InBev group 762 4% - Belgium 577 3% - Netherlands 185 2% - Emeis group 34 4% 3% Belgium 10 1% 0% Germany 11 1% 1% Netherlands 6 0% 0% France 5 1% - Spain 2 0% - Emera group 25 3% 3% Belgium 1 0% 0% United Kingdom 7 1% 1% Ireland 8 1% 2% Spain 9 1% - DomusVi group 39 3% 1% Netherlands 13 1% 1% Germany 1 0% - Ireland 7 1% - France 7 1% - Spain 11 1% - David Lloyd group 3 1% - Belgium 1 0% - Germany 2 1% - Vivalto group 5 1% 1% Belgium 4 1% 0% Ireland 1 0% 0% Domidep group 11 1% 2% Germany 10 1% 2% France 1 0% -
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Half year financial report Regulated information 1 September 2026 – before opening of markets 45/99 3. Summary of Aedifica’s portfolio as at 30 June 2026 3.1. Overview of fair value, contractual rents and gross yields by country1 # Sites Total surface (m²) # Residents # Children Fair value of marketable investment properties 2 Contractual rent Estimated rental value (ERV) Gross yield 3 Healthcare real estate 924 4,117,828 67,383 12,947 €10,706,163,120 €644,660,541 €646,891,684 6.0% Belgium 159 1,068,884 18,246 - €2,783,967,314 €166,776,396 €161,061,303 6.0% Germany 156 995,712 16,177 - €2,078,950,000 €118,250,871 €120,352,194 5.7% Netherlands 111 537,831 4,637 - €1,197,630,000 €76,006,461 €77,232,921 6.3% United Kingdom 119 358,833 7,803 - £1,168,720,000 €1,356,439,806 £75,274,482 €87,365,070 £79,485,625 €92,252,606 6.4% Finland 251 383,488 5,455 12,947 €1,429,690,000 €85,449,074 €83,093,208 6.0% Ireland 30 147,993 2,879 - €549,545,000 €31,318,614 €30,257,900 5.7% Spain 37 240,319 5,757 - €429,771,000 €23,712,193 €26,167,373 5.5% France 53 308,894 5,092 - €664,260,000 €43,529,169 €44,221,485 6.6% Italy 8 75,873 1,337 - €215,910,000 €12,252,693 €12,252,693 5.7% Offices 23 248,336 - - €874,379,236 €54,951,239 €54,132,321 6.3% Distribution networks 776 276,700 - - €467,905,280 €34,758,276 €30,813,915 7.4% Total marketable investment properties 2 1,723 4,642,865 67,383 12,947 €12,048,447,636 €734,370,056 €731,837,920 6.1% Right of use related to plots of land held in ‘leasehold’ - - - - €78,594,822 - - - Total investment properties portfolio 2 - - - - €12,127,042,458 - - - 1 Amounts in GBP were converted into EUR based on the exchange rate of 30 June 2026 (0.86161 EUR/GBP). 2 Including assets classified as held for sale*. 3 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 and Ita ly. In Germany, Finland and France (and the Netherlands and Italy, in some cases), the net yield is generally lower than the gross yield, with certain 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). Tomares Miró in Tomares (ES) Care home completed in June 2025
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Half year financial report Regulated information 1 September 2026 – before opening of markets 46/99 3.2. Overview of the investment programme Investment programme (in € million) 1 Operator Current budget Invest. as at 30/06/2026 Future invest. Projects in progress 484 268 216 Completion 2026 217 173 43 BE 22 20 2 Belsele Orelia 2 1 2 Genappe Korian Belgium 20 20 0 DE 49 40 9 North Rhine-Westphalia Compassio 44 35 8 Am Parnassturm Vitanas 5 4 1 UK 25 18 8 The Mount Hamberley Care Homes 16 13 3 Ashurst Park Bondcare 6 2 4 St. Joseph’s Emera 3 3 0 FI 66 48 18 Finland – pipeline ‘elderly care homes’ Multiple tenants 57 42 15 Finland – pipeline ‘other’ Multiple tenants 9 7 3 IE 27 20 7 Limerick cancer centre UPMC & Bon Secours 27 20 7 ES 28 28 0 Alicante Vivalto 15 15 0 Castellón de la Plana Vivalto 13 13 0 Completion 2027 207 78 129 DE 29 11 18 Seniorenquartier Gummersbach 3 Specht Gruppe 29 11 18 UK 7 1 6 Lavender Villa Emera 7 1 6 FI 37 12 25 Finland – pipeline ‘elderly care homes’ Multiple tenants 27 8 19 Finland – pipeline ‘childcare centres’ Multiple tenants 2 1 1 Finland – pipeline ‘other’ Multiple tenants 8 3 4 IE 61 6 54 Crumlin Bartra Healthcare 36 2 34 Kilcoole Muskerry 25 4 21 ES 73 47 27 Córdoba Amavir 17 11 7 Ourense Domus Vi 13 10 4 Oviedo Amavir 14 11 3 Santa Cruz de Tenerife Domus Vi 14 13 2 Seville Reifs 15 3 12 Completion 2028 43 17 27 DE 22 2 20 Stadtlohn 3 Specht Gruppe 22 2 20 ES 21 15 6 Palma de Mallorca Emera 21 15 6 Completion 2030 17 0 17 BE 17 0 17 Coham Clariane 17 0 17 Forward purchases & acquisitions subject to outstanding conditions 47 0 47 Completion 2026 33 0 33 DE 20 0 20 Gevita Residenz Argentum 20 0 20 NL 13 0 13 Sinnehiem 2 Stichting Liante & Stichting ZuidOostZorg 13 0 13 Completion 2027 15 0 15 UK 15 0 15 Homefield Emera 15 0 15 TOTAL INVESTMENT PROGRAMME as at 30/06/2026 531 268 263 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 3 0 June 2026 (0.86161 EUR/GBP). 2 This acquisition has already been completed after 30 June 2026 (see section I.2.2). 3 Although still under construction, development projects often already generate limited rental income, in particular for the p lots of land that have already been acquired. Their values are therefore no longer mentioned in the table above. This explains why the estimated investment values differ from those mentioned earlier.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 47/99 4. Valuation experts’ reports 4.1. Report of Aedifica’s valuation experts45 This report summarises the valuation experts’ estimate of the fair value of investment properties held by the Aedifica group as of 30 June 2026, excluding the assets directly or indirectly held by Cofinimmo NV/SA (of which Aedifica, on 30 June 2026, held 79.57% of the shares). Any reference in this report, whether explicit or implicit, to the assets directly or indirectly held by, or to the portfolio of, Aedifica (group) shall be construed as excluding any as sets directly or indirectly held by Cofinimmo NV/SA. Aedifica assigned to each of the ten valuation experts the task of determining the fair value (from which the investment value is derived46) of one part of its portfolio of investment properties. Assessments are established taking into account the remarks and definitions contained in the reports and following the guidelines of the International Valuation Standards issued by the ‘IVSC’. Each of the ten valuation experts has confirmed that: - they acted individually as valuation expert and have a relevant and recognised qualification, as well as an ongoing experience for the location and the type of buildings they assessed; - their opinion of fair value was primarily derived using comparable recent market transactions on arm’s length terms; - the relevant properties were considered in the context of current leases and of all rights and obligations that these commitments entail; - they evaluated each entity individually; - that their assessment: - does not take into account a potential value that can be generated by offering the whole portfolio on the market; - does not take into account selling costs applicable to a specific transaction, such as brokerage fees or advertising; - is based on the inspection of real estate properties and information provided by Aedifica (i.e. rental status and surface area, sketches or plans, rental charges and property taxes related to the property, and compliance and pollution matters); and - is made under the assumption that no non -communicated piece of information is likely to affect the value of the property; - they assumed the information provided to them to be accurate and complete. 45 The expert report was reproduced with the agreement of Cushman & Wakefield Belgium NV/SA, Stadim BV/SRL, C&W (UK) LLP German Branch, Savills Advisory Services GmbH & Co. KG, Cushman & Wakefield Netherlands BV, Capital Value Taxaties BV, K night Frank LLP, Cushman & Wakefield Finland Oy), CBRE Advisory (Ireland) Ltd. and Jones Lang LaSalle España SA. The sum of all elements of the portfolio individually assessed by the abovementioned valuation experts constitutes Aedifica’s whole consolidated portfolio, excluding the assets directly or indirectly held by Cofinimmo NV/SA (of which Aedifica, on 30 June 2026, held 79.57% of the shares), as the legal merger between Aedifica (as absorbing company) and Cofinimmo (as the company being absorbed) only became effective as of 1 July 2026 at 00h00 AM (i.e., after the period to which this estimate pertains - https://aedifica.eu/wp-content/uploads/2026/06/AED_CP2026_EN_legal-merger-completion_2026-06- 30_TV.pdf). Up to, and including 30 June 2026 (i.e., the date before the legal merger became effective), Cofinimmo NV/SA’s assets, are valued by its own real estate experts. 46 ‘Investment value’ is defined by Aedifica as the value assessed by a valuation expert, of which transfer costs are not deducted (also known as ‘gross capital value’).
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Half year financial report Regulated information 1 September 2026 – before opening of markets 48/99 Based on the ten assessments, the consolidated fair value of the portfolio amounted to €6,330,712,92647 as at 30 June 202 6. The marketable investment properties 48 held by Aedifica group amounted to €6,187,076,896. Contractual rents amounted to €373,964,641 which corresponds to an initial rental yield of 6.04% compared to the fair value of marketable investment properties. The current occupancy rate amounts to 99.87%. Assuming that the marketable investment properties are 100% rented and that the current vacancy is let at market rent, contractual rent would amount to €374,443,998, i.e. an initial yield of 6.05% compared to the fair value of the marketable investment properties. The above-mentioned amounts include the fair values and contractual rents of the UK assets in pounds sterling and converted into euros using the exchange rate as at 30 June 202 6 (1.16062 GBP/EUR). As of 30 June 2026, the consolidated real estate portfolio is broken down by countries as follows: Healthcare real estate Total fair value Fair value (marketable investment properties) Contractual rent (marketable investment properties) Initial yield on fair value Belgium €1,259,606,243 €1,256,073,369 €74,850,549 6.0% Finland €1,315,480,000 €1,268,590,000 €77,068,375 6.1% Germany €1,217,140,000 €1,184,370,000 €67,411,971 5.7% Ireland €475,415,000 €448,885,000 €25,467,256 5.7% Spain €36,941,000 €34,531,000 €1,892,756 5.5% Netherlands €706,850,000 €706,850,000 €43,930,580 6.2% United Kingdom €1,319,280,683 €1,287,777,527 €83,343,154 6.5% Total €6,330,712,926 €6,187,076,896 €373,964,641 6.0% In the context of a reporting in compliance with the International Financial Reporting Standards, our evaluations reflect the fair value. The fair value is defined by IAS 40 and IFRS 13 as ‘the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date’. The IVSC considers that the definition of fair value under IAS 40 and IFRS 13 is generally consistent with market value. 47 The abovementioned portfolio is broken down in two lines on the balance sheet (lines ‘I.C. Investment properties’ and ‘II.A. Assets classified as held for sale’). 48 ‘Marketable investment properties’ are defined by Aedifica as investment properties including assets classified as held for sale and excluding development projects. Marketable investment properties are hence completed properties that are let or lettable.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 49/99 4.2. Report of Cofinimmo’s valuation experts49 This report summarises the valuation experts’ estimate of fair value of investment properties held by the Cofinimmo group as of 30 June 2026. Cofinimmo assigned to each of the fifteen valuation experts the task of determining the fair value (from which the investment value is derived50) of one part of its portfolio of investment properties. Assessments are established taking into account the remarks and definitions contained in the reports and following the guidelines of the International Valuation Standards issued by the ‘IVSC’. Each of the fifteen valuation experts has confirmed that: - they acted individually as valuation expert and have a relevant and recognised qualification, as well as an ongoing experience for the location and the type of buildings they assessed; - their opinion of fair value was primarily derived using comparable recent market transactions on arm’s length terms; - the relevant properties were considered in the context of current leases and of all rights and obligations that these commitments entail; - they evaluated each entity individually; - that their assessment: - does not take into account a potential value that can be generated by offering the whole portfolio on the market; - does not take into account selling costs applicable to a specific transaction, such as brokerage fees or advertising; - is based on the inspection of real estate properties and information provided by Cofinimmo (i.e. rental status and surface area, sketches or plans, rental charges and property taxes related to the property, and compliance and pollution matters); and - is made under the assumption that no non -communicated piece of information is likely to affect the value of the property; - they assumed the information provided to them to be accurate and complete. Based on the fifteen assessments, the consolidated fair value of the portfolio amounted to €6,068,299,49851 as of 30 June 2026. The marketable investment properties52 held by Cofinimmo group amounted to €5,861,370, 741. Contractual rents amounted to €360,40 5,415 which corresponds to an initial rental yield of 6.1% compared to the fair value of marketable investment properties. The current occupancy rate amounts to 98.3%. Assuming that the marketable investment properties are 100% rented and that the current vacancy is let at market rent, contractual rent would amount to €366,457,927 i.e. an initial yield of 6.3% compared to the fair value of the marketable investment properties. 49 The expert report was reproduced with the agreement of Cushman & Wakefield Belgium NV/SA, PricewaterhouseCoopers Enterprise Advisory BV/ SRL, Jones Lang LaSalle BV/SRL, Cushman & Wakefield Valuation France SA, Newmark Valuation & Advisory SAS, Cushman & Wakefield Netherlands BV, CBRE Valuation & Advisory Services BV, Cushman & Wakefield (UK) LLP German Branch, CBRE GmbH, Colliers International Spain SL, Jones Lang LaSalle España SA, Cushman & Wakefield Commercial Ireland Limited, Colliers Valuation Italy Srl, CBRE Finland Oy, Jones Lang Lasalle Limited. The sum of all elements of the portfolio individually assessed by the abovementioned valuation experts constitutes Cofinimmo’s whole consolidated portfolio. 50 ‘Investment value’ is defined by Cofinimmo as the value assessed by a valuation expert, of which transfer costs are not deducted (also known as ‘gross capital value’). 51 The abovementioned portfolio is broken down in two lines on the balance sheet (lines ‘I.C. Investment properties ’ and ‘II.A. Assets classified as held for sale’). 52 ‘Marketable investment properties’ are defined by Cofinimmo as investment properties including assets classified as held for sale and excluding development projects. Marketable investment properties are hence completed properties that are let or lettable.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 50/99 The above-mentioned amounts include the fair values and contractual rents of the UK assets in pounds sterling and converted into euros using the exchange rate as at 30 June 2026 (1.16062 GBP/EUR). Cofinimmo is owner of one office building for which the rent has been sold in the past to a third party. The valuers have valued this property as freehold (before sale of receivables). At the request of Cofinimmo, the value for this building mentioned below represents the freehold value net of the rent still due (residual value), as calculated by Cofinimmo. In the forthcoming quarters, the residual value will evolve in such a way as to be, at the maturity of the s ale of the receivables, equivalent to the freehold value. This calculation by Cofinimmo has not been analysed in depth by the valuers. As of 30 June 2026, the consolidated real estate portfolio is broken down by segment and countries as follows : Total fair value Fair value (marketable investment properties) Contractual rent (marketable investment properties) Initial yield on fair value Healthcare real estate €4,674,980,190 €4,519,086,225 €270,695,900 6.0% Belgium €1,556,017,911 €1,527,893,945 €91,925,847 6.0% France €664,260,000 €664,260,000 €43,529,169 6.6% Netherlands €490,780,000 €490,780,000 €32,075,881 6.5% Germany €934,610,000 €894,580,000 €50,838,900 5.7% Spain €460,280,000 €395,240,000 €21,819,437 5.5% Finland €183,800,000 €161,100,000 €8,380,699 5.2% Ireland €100,660,000 €100,660,000 €5,851,358 5.8% Italy €215,910,000 €215,910,000 €12,252,693 5.7% United Kingdom €68,662,279 €68,662,279 €4,021,916 5.9% Offices €918,917,565 €874,379,236 €54,951,239 6.3% Distribution networks €474,401,743 €467,905,280 €34,758,276 7.4% Total €6,068,299,498 €5,861,370,741 €360,405,415 6.1% In the context of a reporting in compliance with the International Financial Reporting Standards, our evaluations reflect the fair value. The fair value is defined by IAS 40 and IFRS 13 as ‘the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date’. The IVSC considers that the definition of fair value under IAS 40 and IFRS 13 is generally consistent with market value.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 51/99 4.3. Overview of the opinions of the valuation experts53 Valuation expert Fair value of valued assets of portfolio as at 30 June 2026 Investment value (before deduction of transfer costs54) BE AED Cushman & Wakefield Belgium NV/SA Gregory Lamarche MRICS €647,045,500 €663,482,500 BE AED Stadim BV/SRL Nicolas Janssens €612,560,743 €628,009,710 BE COFB Cushman & Wakefield Belgium NV/SA Gregory Lamarche MRICS €1,714,156,858 €1,783,480,196 BE COFB Jones Lang LaSalle BV/SRL Greet Hex MRICS €229,868,832 €235,670,494 BE COFB PricewaterhouseCoopers Enterprise Advisory BV/ SRL Geoffroy Jonckheere MRICS €866,741,529 €888,463,435 DE AED Savills Advisory Services GmbH & Co. KG Thomas Berger MRICS €613,060,000 €658,485,650 DE AED Cushman & Wakefield (UK) LLP German Branch Peter Fleischmann MRICS €604,080,000 €640,420,000 DE COFB Cushman & Wakefield (UK) LLP German Branch Peter Fleischmann MRICS €427,150,000 €455,970,528 DE COFB CBRE GmbH Marcus Max MRICS €507,460,000 €547,546,499 NL AED Cushman & Wakefield Netherlands BV Fabian Pouwelse MRICS €572,200,000 €630,520,000 NL AED Capital Value Taxaties BV Rik Rozendal & Ian Ijnzen €134,650,000 €148,920,000 NL COFB Cushman & Wakefield Netherlands BV Fabian Pouwelse MRICS €357,470,000 €395,556,073 NL COFB CBRE Valuation & Advisory Services BV Roderick Smorenburg MRICS €271,880,000 €302,535,000 UK 55 AED Knight Frank LLP Kieren Cole MRICS & Andrew Sage MRICS £1,136,703,385 €1,319,280,683 £1,220,599,730 €1,416,652,459 UK 55 COFB Jones Lang Lasalle Limited Alice McCusker MRICS £59,160,000 €68,662,279 £63,235,712 €73,392,632 FI AED Cushman & Wakefield Finland Oy Ville Suominen MRICS €1,315,480,000 €1,341,897,992 FI COFB CBRE Finland Oy Ville Kangaskokko €183,800,000 €191,100,000 IE AED CBRE Advisory (Ireland) Ltd Aidan Reynolds €475,415,000 €522,638,580 IE COFB Cushman & Wakefield Commercial Ireland Limited Eithne O’Neill MRICS €100,660,000 €111,370,000 ES AED Jones Lang LaSalle España SA Felix Painchaud MRICS €36,941,000 €37,757,605 ES COFB Colliers International Spain SL Raul Garcia MRICS €155,250,000 €160,596,000 ES COFB Jones Lang LaSalle España SA Felix Painchaud MRICS €305,030,000 €311,127,091 FR COFB Cushman & Wakefield Valuation France SA Jean-Philippe Carmarans MRICS €481,230,000 €514,371,970 FR COFB Newmark Valuation & Advisory SAS Hervé-Arthur Ratto €183,030,000 €196,811,040 IT COFB Colliers Valuation Italy Srl Maurizio De Angeli MRICS €215,910,000 €220,228,200 Total AED €6,330,712,926 €6,688,784,496 Total COFB €6,068,299,498 €6,388,219,158 TOTAL €12,399,012,424 €13,077,003,654 of which: Marketable investment properties €12,002,642,157 €12,652,479,924 Development projects56 €350,564,788 €375,692,423 Assets classified as held for sale €45,805,480 €48,831,307 53 The valuation expert values only a part of Aedifica’s portfolio and does not take responsibility for the valuation of the por tfolio as a whole. The valuation expert therefore signs only for the accuracy of the figures of the assets he values. No further liability for any other valuation expert will be accepted. 54 In this context, the transfer costs require adaptation to the market conditions. Based on the analysis of a large number of transactions in Belgium, the Belgian experts acting at the request of publicly traded real estate companies, reunited in a working group, came to the following conclusion: given the various ways to transfer property in Belgium, the weighted average of the transfer costs was estimated at 2.5%, for investment properties with a value in excess of €2.5 million. The investment value corresponds therefore to the fair value plus 2.5% of transfer costs. The fair value is also calculated by dividing the investment value by 1.025. Properties in Belgium below the threshold of €2.5 million remain subject to usual transfer costs (12.0% or 12.5% depending on their location). Their fair value corresponds thus to the value excluding transfer costs. Assets located in Germany, the Netherlands, the United Kingdom, Finland, Ireland , Spain, France and Italy are not concerned by this footnote. In the assessment of their investment value, the usual local transfer costs and professional fees are taken into account. 55 Amounts in GBP were converted into EUR based on the exchange rate of 1.16062 GBP/EUR as at 30 June 2026. 56 The land reserve is no longer presented as a separate category, but is now included under ‘development projects’. The presentation of the 2025 figures has also been adjusted to facilitate comparability.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 52/99 V. Condensed consolidated financial statements 1. Consolidated income statement 1.1. Year-over-year comparison57 (x €1,000) Notes 30/06/2026 30/06/2025 I. Rental income 292,313 180,844 II. Writeback of lease payments sold and discounted 170 0 III. Rental-related charges 821 -221 Net rental income 293,304 180,623 IV. Recovery of property charges 105 0 V. Recovery of rental charges and taxes normally paid by tenants on let properties 11,868 4,856 VI. Costs payable by the tenant and borne by the landlord on rental damage and repair at end of lease -65 0 VII. Charges and taxes not recovered by the tenant on let properties -11,893 -4,847 VIII. Other rental-related income and charges 100 211 Property result 293,419 180,843 IX. Technical costs -2,787 -1,296 X. Commercial costs -1,602 -4 XI. Charges and taxes on unlet properties -275 -21 XII. Property management costs -12,709 -3,404 XIII. Other property charges -973 -778 Property charges -18,346 -5,503 Property operating result 275,073 175,340 XIV. Overheads -21,243 -18,558 XV. Other operating income and charges 278 -321 Operating result before result on portfolio 254,108 156,461 XVI. Gains and losses on disposals of investment properties 1,185 -11,937 XVII. Gains and losses on disposals of other non-financial assets 0 0 XVIII. Changes in fair value of investment properties 25,703 24,846 XIX. Other result on portfolio 302,172 0 Operating result 583,168 169,370 XX. Financial income 3,774 801 XXI. Net interest charges -35,495 -25,012 XXII. Other financial charges -5,766 -2,924 XXIII. Changes in fair value of financial assets and liabilities 7 -580 -12,221 Net finance costs -38,067 -39,356 XXIV. Share in the profit or loss of associates and joint ventures accounted for using the equity method -2,166 -40 Profit before tax (loss) 542,935 129,974 XXV. Corporate tax -20,132 -16,369 XXVI. Exit tax 6 -199 Tax expense -20,126 -16,568 Profit (loss) 522,809 113,406 Attributable to: Non-controlling interests 13,240 268 Owners of the parent 509,569 113,138 Basic earnings per share (€) 8 7.28 2.38 Diluted earnings per share (€) 8 7.28 2.38 57 The main reason for the variations in the consolidated income statement is the integration of Cofinimmo.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 53/99 1.2. Reconciliation of the consolidated income statement The table below is not part of the Condensed consolidated financial statements and is provided for informational purposes only. Situation as at 30 June 2026 (x €1,000) Notes Aedifica (standalone) Cofinimmo (standalone) Badwill 58 ICO elimination and minority postings Combined entity I. Rental income 183,251 109,205 0 -143 292,313 II. Writeback of lease payments sold and discounted 0 170 0 0 170 III. Rental-related charges 3 818 0 0 821 Net rental income 183,254 110,193 0 -143 293,304 IV. Recovery of property charges 0 105 0 0 105 V. Recovery of rental charges and taxes normally paid by tenants on let properties 5,518 6,378 0 -28 11,868 VI. Costs payable by the tenant and borne by the landlord on rental damage and repair at end of lease 0 -65 0 0 -65 VII. Charges and taxes not recovered by the tenant on let properties -5,514 -6,379 0 0 -11,893 VIII. Other rental-related income and charges 330 -230 0 0 100 Property result 183,588 110,002 0 -171 293,419 IX. Technical costs -1,538 -1,249 0 0 -2,787 X. Commercial costs -46 -1,556 0 0 -1,602 XI. Charges and taxes on unlet properties -43 -232 0 0 -275 XII. Property management costs -4,429 -8,280 0 0 -12,709 XIII. Other property charges -940 -33 0 0 -973 Property charges -6,996 -11,350 0 0 -18,346 Property operating result 176,592 98,652 0 -171 275,073 XIV. Overheads -17,800 -3,609 0 166 -21,243 XV. Other operating income and charges 278 0 0 0 278 Operating result before result on portfolio 159,070 95,043 0 -5 254,108 XVI. Gains and losses on disposals of investment properties 135 1,050 0 0 1,185 XVII. Gains and losses on disposals of other non- financial assets 0 0 0 0 0 XVIII. Changes in fair value of investment properties 39,668 -13,965 0 0 25,703 XIX. Other result on portfolio -1,586 -3,742 307,500 0 302,172 Operating result 197,287 78,386 307,500 -5 583,168 XX. Financial income 708 3,080 0 -14 3,774 XXI. Net interest charges -25,376 -10,138 0 19 -35,495 XXII. Other financial charges -3,366 -2,400 0 0 -5,766 XXIII. Changes in fair value of financial assets and liabilities 7 1,721 -2,301 0 0 -580 Net finance costs -26,313 -11,759 0 5 -38,067 XXIV. Share in the profit or loss of associates and joint ventures accounted for using the equity method -732 -1,434 0 0 -2,166 Profit before tax (loss) 170,242 65,193 307,500 0 542,935 XXV. Corporate tax -16,653 -3,479 0 0 -20,132 XXVI. Exit tax 6 0 0 0 6 Tax expense -16,647 -3,479 0 0 -20,126 Profit (loss) 153,595 61,714 307,500 0 522,809 Attributable to: Non-controlling interests 589 4,019 -1,758 10,390 13,240 Owners of the parent 153,006 57,694 309,259 -10,390 509,569 Basic earnings per share (€) 8 7.28 Diluted earnings per share (€) 8 7.28 58 Including PPA amortisation.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 54/99 2. Consolidated statement of comprehensive income (x €1,000) 30/06/2026 30/06/2025 I. Profit (loss) 522,809 113,406 II. Other comprehensive income recyclable under the income statement A. Impact on fair value of estimated transaction costs resulting from hypothetical disposal of investment properties 0 0 B. Changes in the effective part of the fair value of authorised cash flow hedge instruments as defined under IFRS 1 212 271 D. Currency translation differences linked to conversion of foreign activities 2 11,711 -23,612 H. Other comprehensive income, net of taxes 3 -364 -813 Comprehensive income 534,368 89,252 Attributable to: Non-controlling interests 13,240 268 Owners of the parent 521,128 88,984 1. Corresponds to ‘Changes in the effective portion of the fair value of hedging instruments (accrued interests)’ as detailed in Note 7. 2. Mainly correponds to the movement of the year of the reserve ‘g. Foreign currency translation reserves’ for GBP, and SEK up to FY2025. 3. Mainly includes the transfer to the income statement of interests paid on hedging instruments and the amortisation of terminated derivatives (see Note 7). 3. Consolidated balance sheet59 ASSETS Notes 30/06/2026 31/12/2025 (x €1,000) I. Non-current assets A. Goodwill 59,748 59,748 B. Intangible assets 1,765 589 C. Investment properties 4 12,431,802 6,215,599 D. Other tangible assets 5,752 3,461 E. Non-current financial assets 103,749 40,912 F. Finance lease receivables 181,576 0 G. Trade receivables and other non-current assets 0 0 H. Deferred tax assets 10,219 883 I. Equity-accounted investments 35,157 22,049 Total non-current assets 12,829,768 6,343,241 II. Current assets A. Assets classified as held for sale 4 45,805 69,622 B. Current financial assets 2,430 0 C. Finance lease receivables 4,973 0 D. Trade receivables 66,141 17,469 E. Tax receivables and other current assets 31,272 9,074 F. Cash and cash equivalents 55,611 21,952 G. Deferred charges and accrued income 47,085 15,765 Total current assets 253,317 133,882 TOTAL ASSETS 13,083,085 6,477,123 59 The main reason for the variations in the consolidated balance sheet is the integration of Cofinimmo. The current part of the authorised hedges under L.II.C.a was not adjusted for 31/12/2025, in the interest of maintaining comparability with the published figures.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 55/99 EQUITY AND LIABILITIES Notes 30/06/2026 31/12/2025 (x €1,000) EQUITY I. Issued capital and reserves attributable to owners of the parent A. Capital 5 2,123,912 1,203,638 B. Share premium account 3,364,594 1,719,001 C. Reserves 418,339 496,627 a. Legal reserve 0 0 b. Reserve for the balance of changes in fair value of investment properties 451,980 398,579 d. Reserve for the balance of changes in fair value of authorised hedging instruments qualifying for hedge accounting as defined under IFRS 1,083 1,234 e. Reserve for the balance of changes in fair value of authorised hedging instruments not qualifying for hedge accounting as defined under IFRS 82,686 44,949 f. Reserve of exchange differences relating to foreign currency monetary items 185 82 g. Foreign currency translation reserves 6,594 -4,730 h. Reserve for treasury shares -409 -49 j. Reserve for actuarial gains and losses of defined benefit pension plans -363 -363 k. Reserve for deferred taxes on investment properties located abroad -156,945 -84,884 m. Other reserves 1,418 0 n. Result brought forward from previous years 26,591 135,817 o. Reserve- share NI & OCI of equity method invest 5,519 5,992 D. Profit (loss) of the year 509,569 244,434 Equity attributable to owners of the parent 6,416,414 3,663,700 II. Non-controlling interests 799,508 5,605 TOTAL EQUITY 7,215,922 3,669,305 LIABILITIES I. Non-current liabilities A. Provisions 26,364 0 B. Non-current financial debts 6 3,464,040 1,933,720 a. Borrowings 1,734,454 1,142,383 c. Other 1,729,586 791,337 C. Other non-current financial liabilities 135,969 95,577 a. Authorised hedges 7 7,911 6,963 b. Other 128,058 88,614 D. Trade debts and other non-current debts 0 0 E. Other non-current liabilities 0 0 F. Deferred tax liabilities 238,903 159,603 Non-current liabilities 3,865,276 2,188,900 II. Current liabilities A. Provisions 0 0 B. Current financial debts 6 1,791,836 551,287 a. Borrowings 591,336 67,287 c. Other 1,200,500 484,000 C. Other current financial liabilities 7 3,615 3,191 a. Authorised hedges 363 - b. Other 3,252 3,191 D. Trade debts and other current debts 156,499 47,434 a. Exit tax 70 82 b. Other 156,429 47,352 E. Other current liabilities 0 0 F. Accrued charges and deferred income 49,937 17,006 Total current liabilities 2,001,887 618,918 TOTAL LIABILITIES 5,867,163 2,807,818 TOTAL EQUITY AND LIABILITIES 13,083,085 6,477,123
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Half year financial report Regulated information 1 September 2026 – before opening of markets 56/99 4. Consolidated cash flow statement (x €1,000) 30/06/2026 30/06/2025 CASH FLOW FROM OPERATING ACTIVITIES Profit (loss) 509,569 113,138 Adjustments for non-monetary items -309,927 -2,692 Tax expense 9,118 12,611 Amortisation, depreciation and write-downs 237 1,476 Change in fair value of investment properties (+/-) -25,703 -24,846 Changes in fair value of the derivatives 580 12,221 Goodwill impairment, PPA amortisation and badwill -307,500 0 Other adjustment for non-monetary items 13,341 -4,154 Gains and losses on disposals of investment properties -1,185 11,937 Net finance costs 37,681 27,135 Changes in working capital requirements -43,103 -18,396 Changes in net assets resulting from foreign exchange differences linked to the conversion of foreign operations (+/-) -5,038 21,317 Net cash from operating activities 187,997 152,439 CASH FLOW RESULTING FROM INVESTING ACTIVITIES Purchase of real estate companies 1 24,860 -38,237 Purchase of marketable investment properties and development projects -5,435 -183 Purchase of intangible and other tangible assets 281 -223 Development costs -96,691 -38,358 Disposals of real estate companies and investment properties 27,583 112,796 Net changes in non-current receivables -2,777 1 Net cash from investing activities -52,179 35,796 CASH FLOW FROM FINANCING ACTIVITIES Capital increase, net of costs 2 -27,588 0 Dividend for previous fiscal year and interim dividend -380,240 -185,475 Net changes in borrowings 342,468 68,190 Net changes in other non-current financial liabilities -585 -376 Net financial items received (+) / paid (-) -36,213 -27,268 Net cash from financing activities -102,159 -144,929 TOTAL CASH FLOW FOR THE PERIOD Total cash flow for the period 33,659 43,306 RECONCILIATION WITH BALANCE SHEET Cash and cash equivalents at beginning of period 21,952 18,451 Total cash flow for the period 33,659 43,306 Cash and cash equivalents at end of period 55,611 61,757 1. No cash consideration was paid for the purchase of the real estate companies. The cash and cash equivalents acquired through the purchase of Cofinimmo amounts to €24,860 k (see Note 15). 2. Some types of capital increases (contributions in kind, partial demergers) do not result in any cash flow.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 57/99 5. Consolidated statement of changes in equity (x €1,000) 01/01/2025 Capital increase in cash ¹ Capital increase in kind ¹ Allocation to minority result Acquisitions / disposals of treasury shares Consolidated comprehensive income Appropriation of the previous year's result Other transfer relating to asset disposals 2 Transfers between reserves Other and roundings 31/12/2025 Capital 1,203,638 0 0 0 0 0 0 0 0 0 1,203,638 Share premium account 1,719,001 0 0 0 0 0 0 0 0 0 1,719,001 Reserves 515,505 0 0 0 410 -38,675 19,385 0 0 2 496,627 a. Legal reserve 0 0 0 0 0 0 0 0 0 0 0 b. Reserve for the balance of changes in fair value of investment properties 364,698 0 0 0 0 0 25,287 8,349 245 0 398,579 d. Reserve for the balance of changes in fair value of authorised hedging instruments qualifying for hedge accounting as defined under IFRS 1,708 0 0 0 0 -474 0 0 0 0 1,234 e. Reserve for the balance of changes in fair value of authorised hedging instruments not qualifying for hedge accounting as defined under IFRS 62,735 0 0 0 0 0 -17,785 0 0 -1 44,949 f. Reserve of exchange differences relating to foreign currency monetary items 58 0 0 0 0 0 24 0 0 0 82 g. Foreign currency translation reserves 33,471 0 0 0 0 -38,201 0 0 0 0 -4,730 h. Reserve for treasury shares -459 0 0 0 410 0 0 0 0 0 -49 j. Reserve for actuarial gains and losses of defined benefit pension plans -363 0 0 0 0 0 0 0 0 0 -363 k. Reserve for deferred taxes on investment properties located abroad -88,576 0 0 0 0 0 3,692 0 0 0 -84,884 m. Other reserves -669 0 0 0 0 0 669 0 0 0 0 n. Result brought forward from previous years 136,099 0 0 0 0 0 8,311 -8,349 -245 1 135,817 o. Reserve- share NI & OCI of equity method invest 6,803 0 0 0 0 0 -813 0 0 2 5,992 Profit (loss) 204,831 0 0 0 0 244,434 -204,831 0 0 0 244,434 Equity attributable to owners of the parent 3,642,975 0 0 0 410 205,759 -185,446 0 0 2 3,663,700 Non-controlling interests 5,122 0 0 0 0 686 0 0 0 -203 5,605 TOTAL EQUITY 3,648,097 0 0 0 410 206,445 -185,446 0 0 -201 3,669,305 1. For more details, see Note 5 of the condensed consolidated financial statements of this half year financial report and section 1.3.3 ‘Equity’ of the ‘Financial Review’ chapter of the 2025 Annual Report. 2. This column shows the reserve made available through the sale of assets, detailed in section 1.1 ‘Investments and disposals in 2025’ of the ‘Financial Review’ chapter of the 2025 Annual Report.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 58/99 (x €1,000) 01/01/2026 Capital increase in cash ¹ Capital increase in kind ¹ Allocation to minority result Acquisitions / disposals of treasury shares Consolidated comprehensive income ² Appropriation of the previous year's result Other transfer relating to asset disposals ⁴ Transfers between reserves Other and roundings 30/06/2026 Capital 1,203,638 -27,586 947,860 0 0 0 0 0 0 -1 2,123,912 Share premium account 1,719,001 0 1,645,593 0 0 0 0 0 0 0 3,364,594 Reserves 496,627 0 0 0 0 11,559 -89,448 0 0 -399 418,339 a. Legal reserve 0 0 0 0 0 0 0 0 0 0 0 b. Reserve for the balance of changes in fair value of investment properties 398,579 0 -17,615 0 0 0 74,272 -2,986 0 -271 451,980 d. Reserve for the balance of changes in fair value of authorised hedging instruments qualifying for hedge accounting as defined under IFRS 1,234 0 0 0 0 -152 0 0 0 1 1,083 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 0 46,787 0 0 0 -9,050 0 0 0 82,686 f. Reserve of exchange differences relating to foreign currency monetary items 82 0 0 0 0 0 103 0 0 0 185 g. Foreign currency translation reserves -4,730 0 -430 0 0 11,754 0 0 0 0 6,594 h. Reserve for treasury shares -49 0 -361 0 0 0 0 0 0 1 -409 j. Reserve for actuarial gains and losses of defined benefit pension plans -363 0 0 0 0 0 0 0 0 0 -363 k. Reserve for deferred taxes on investment properties located abroad -84,884 0 -45,997 0 0 0 -26,065 0 0 1 -156,945 m. Other reserves 0 0 0 0 0 0 0 1,418 0 0 1,418 n. Result brought forward from previous years 135,817 0 17,615 0 0 -43 -128,236 1,568 0 -131 26,591 o. Reserve- share NI & OCI of equity method invest 5,992 0 0 0 0 0 -472 0 0 -1 5,519 Profit (loss) 244,434 0 0 0 0 509,569 -244,434 0 0 0 509,569 Equity attributable to owners of the parent 3,663,700 -27,586 2,593,454 0 0 521,128 -333,882 3 0 0 -400 6,416,414 Non-controlling interests 5,605 0 826,381 -32,478 0 0 0 0 0 0 799,508 TOTAL EQUITY 3,669,305 -27,586 3,419,835 -32,478 0 521,128 -333,882 0 0 -400 7,215,922 1. For more details, see Note 5 of the condensed consolidated financial statements of this half year financial report. 2. For more details, see the comprehensive income table on page 54. 3. For more details on the pay-out of the 2025 dividend, see the corrected profit table on page 186 of the 2025 Annual Report. 4. This column shows the reserve made available through the sale of assets, detailed in Note 4 and section 2.1 of the Interim Management Report.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 59/99 6. Notes Note 1: General information Aedifica is a Belgian listed company that is specialised in offering innovative and sustainable real estate that meets the needs of care operators and their clients across Europe, focusing in particular on housing for elderly people with care needs. Aedifica is listed on Euronext Brussels (2006) and Euronext Amsterdam (2019). Since 2020, the Company 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. It is also included in the EPRA, Stoxx Europe 600 and GPR 250 indices. Aedifica NV/SA (referred to in the Condensed Consolidated Financial Statements as ‘ the Company’ or ‘the Parent’) is a limited liability company having opted for public Regulated Real Estate Company (RREC) status under Belgian law. The Company is entered in the Brussels Registry of Legal Entities (R.L.E., or ‘R.P.R.’ in Dutch / ‘R.P.M.’ in French) under No. 0877.248.501. Its primary shareholders are listed in Note 5. The address of its registered office is as follows: Belliardstraat / Rue Belliard 40, B-1040 Brussels (telephone: +32 (0)2 626 07 70). The Aedifica Group (referred to as ‘the Group’) is composed of the parent company and its subsidiaries. The Condensed Consolidated Financial Statements as at 30 June 2026 were approved by the Board of Directors on 31 August 2026. Note 2: Accounting policies 1. Basis of preparation The Condensed Consolidated Financial Statements cover the six-month period from 1 January 2026 to 30 June 2026. While this financial information has not been audited, it was subject to a limited review by the auditor. The Condensed Consolidated Financial Statements have been prepared in accordance with the International Financial Reporting Standards (‘IFRS’) as adopted by the European Union and the interpretations as published by the International Accounting Standards Board (‘IASB’) and the International Financial Re porting Interpretations Committee (‘IFRIC’), to the extent to which they are applicable to the Group's activities and are effective for the financial years starting on or after 31 December 2025. They have also been prepared in accordance with the Royal Decree of 13 July 2014 on Regulated Real Estate Companies. The Consolidated Financial Statements are prepared in euros, and presented in thousands of euros. The Consolidated Financial Statements have been prepared with application of the historical cost convention, except for the following assets and liabilities, which are measured at fair value: investment properties, investment properties held for sale, financial assets and liabilities held for hedging purposes or not (mainly derivatives), put options granted to non -controlling shareholders and equity -accounted investments.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 60/99 The Consolidated Financial Statements have been prepared in accordance with accrual accounting principles on a going concern basis. The preparation of the Consolidated Financial Statements in conformity with IFRS requires significant judgment in the application of accounting policies (including the classification of lease contracts, identification of business combinations, and calculat ion of deferred taxes) and the use of certain accounting estimates (such as goodwill impairment tests and determination of fair value of investment properties). Underlying assumptions are based on prior experience, input from third parties (notably real estate experts), and on other relevant factors. Actual results may vary on the basis of these estimates. Consequently, the assumptions and estimates are regularly revisited and modified as necessary. The new and amended standards and interpretations listed below are compulsory for the Group since 1 January 202 6, but had no significant impact on the current Condensed Consolidated Financial Statements: - Annual Improvements Volume 11 (applicable as from 1 January 2026) ; - amendments to IFRS 9 and IFRS 7 ‘Contracts Referencing Nature -dependent Electricity’ (applicable as from 1 January 2026); - amendments to IFRS 9 and IFRS 7 on the classification and measurement of financial instruments (applicable as from 1 January 2026). Certain new standards, amendments and interpretations of existing standards have been published and will be compulsory for financial years starting on or after 1 January 2026. These amendments, which the Group did not apply early, are as follows (situation as at 23 July 2026): - new standard for IFRS 14 ‘Regulatory Deferral Accounts’ (for which no application date can be determined because the EU has decided not to start the approval process of this provisional standard, pending the publication of a final standard); - IFRS 18 ‘Presentation and Disclosure in Financial Statements’ (applicable as from 1 January 2027); - IFRS 19 ‘Subsidiaries without Public Accountability: disclosures’ (applicable as from 1 January 2027, subject to EU approval); - IFRS 20 ‘Regulatory Assets and Regulatory Liabilities’ (applicable as from 1 January 2029, subject to EU approval); - Amendments to the Fair Value Option in IAS 28 ‘Investments in Associations and Joint Ventures’ (applicable as from 1 January 2027, subject to EU approval); - Amendments to IAS 21 ‘The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency’ ( applicable as from 1 January 2027, subject to EU approval); - Amendments to IFRS 19 ‘Subsidiaries without Public Accountability: Disclosures’ (applicable as from 1 January 2027, subject to EU approval).
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Half year financial report Regulated information 1 September 2026 – before opening of markets 61/99 2. Summary of material changes on accounting policy information In the context of the acquisition of Cofinimmo, the Group has adopted some new accounting policies for income and balance sheet items: 2.1 Finance leases as lessor For each lease, the Company assesses whether it is an operating lease or a finance lease, in accordance with IFRS 16. In most cases, these are operating leases of investment properties (or even assets held for sale); in rare cases, they are finance leases recognised in the balance sheet under ‘Finance lease receivables’. 2.2 Sale of future lease payments under a long lease not qualifying as a finance lease The proceeds from the sale of future lease payments are deducted from the value of the related property, resulting in a ‘reduced value’ when the assignment is enforceable against third parties. This reduction is progressively reversed through line II. in the income statement (‘Writeback of lease payments sold and discounted’), based on the interest rate and indexation assumptions applicable at the time of the transaction. Changes in the reduced fair value of the property are recognised separately in line XVIII. of the income statement (‘Changes in the fair value of investment properties’). 2.3 Provisions Provisions are recognised in accordance with IAS 37 and comprise contractual provisions for loss - making contracts, notably relating to maintenance and works commitments towards tenants, and legal provisions for potential obligations towards tenants or thir d parties. Legal provisions correspond to the discounted value of future payments considered likely by the Board of Directors. 3. Expected effects of IFRS 18 Based on what has been published and our analysis so far, we do not expect significant changes to the nature of the line items in our income statement under the current EPRA guidelines, as the business is primarily focused on acquiring real estate assets and collecting rents . The main change we anticipate relates to how foreign exchange effects will be allocated between operating and financing activities in the income statement.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 62/99 Note 3: Operating segments Following the acquisition of Cofinimmo by Aedifica, the Group reassessed its operating segments, taking into account the activities of the enlarged Group and the way in which its performance is monitored and managed internally. Prior to the acquisition, Aedifica was focused exclusively on healthcare real estate. Since the financial year starting on 1 July 2019, Aedifica's healthcare activities have been reported on a geographical basis by country. This segmentation reflected the geographical markets in which Aedifica operated and was consistent with the Group's organisation and internal management reporting used for the assessment of performance and operational decision-making. Cofinimmo's portfolio comprised healthcare real estate, similarly managed and monitored on a geographical basis, as well as two distinct non -healthcare activities: Offices and Distribution networks. The acquisition therefore required an assessment of the appropriate operating segments for the combined Group. The determination of the operating segments of the combined Group has been based primarily on the internal organisation and management reporting of the enlarged Group, rather than solely on the historical external reporting structures of Aedifica or Cofinimmo. - Healthcare activities Before the acquisition, Aedifica's activities consisted exclusively of healthcare real estate and were managed and reported geographically by country. Cofinimmo's healthcare activities are similar in nature to Aedifica's existing healthcare activities. Following the acquisition, these activities are integrated into the Group's healthcare real estate operations and continue to be monitored internally on a country -by-country basis. The acquisition has therefore not changed the underlying management approach for the healthcare portfolio. Geography remains the relevant basis on which management monitors the performance of the healthcare activities, assesses the respective markets and makes operational and investment decisions. Consequently, it was considered appropriate to maintain the existing country -based segmentation for the Group's healthcare activities, incorporating Cofinimmo's healthcare portfolio into the corresponding geographical segments. - Offices and Distribution networks In addition to healthcare real estate, the Cofinimmo acquisition introduced two activities that are distinct from the Group's healthcare operations: Offices and Distribution networks. These activities have different characteristics from healthcare real estate in terms of, amongst others, the nature of the properties, tenant base, underlying market dynamics and operational management. More importantly, Offices and Distribution networks continue to be separately identified and monitored in the internal management reporting of the combined Group. Their performance is reviewed separately from the healthcare activities for management and decision-making purposes. It was therefore considered appropriate to maintain Offices and Distribution networks as separate segments rather than incorporating these activities into the geographical healthcare segments.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 63/99 The segmentation below reflects Aedifica’s property types and the geographic markets in which it operates, and is consistent with the Group’s organisation. (x €1,000) 30/06/2026 Healthcare real estate Offices Distribution networks Non- allocated Total BE DE NL UK FI IE ES FR IT Total SEGMENT RESULT I. Rental income 65,284 49,091 31,515 42,992 38,422 14,204 7,495 13,536 3,752 266,291 15,378 10,644 - 292,313 II. Writeback of lease payments sold and discounted - - - - - - - - - - 170 - - 170 III. Rental-related charges 650 180 -14 - 20 - - - - 836 -13 -2 - 821 Net rental income 65,934 49,271 31,501 42,992 38,442 14,204 7,495 13,536 3,752 267,127 15,535 10,642 - 293,304 IV. Recovery of property charges - - - - - - - - - - 105 - - 105 V. Recovery of rental charges & taxes normally paid by tenants on let properties 139 4,089 1,381 774 942 24 122 587 45 8,103 3,369 396 - 11,868 VI. Costs payable by the tenant and borne by the landlord on rental damage and repair at end of lease - - -7 - - - - - - -7 -58 - - -65 VII. Charges & taxes not recovered by the tenant on let properties -168 -4,101 -1,401 -783 -897 -24 -122 -587 -45 -8,128 -3,369 -396 - -11,893 VIII. Other rental-related income and charges -13 -304 -129 2 406 0 -12 -54 3 -101 136 65 - 100 Property result 65,892 48,955 31,345 42,985 38,893 14,204 7,483 13,482 3,755 266,994 15,718 10,707 - 293,419 IX. Technical costs -57 -1,201 -867 -7 -261 -11 -4 -7 - -2,415 -27 -345 - -2,787 X. Commercial costs -121 -445 -185 -3 -297 -2 -42 -99 -41 -1,235 -167 -200 - -1,602 XI. Charges and taxes on unlet properties - -113 - - -44 - - -31 - -188 -79 -8 - -275 XII. Property management costs -799 -2,394 -1,194 -1,510 -91 -353 -364 -491 -247 -7,443 -819 -347 -4,100 -12,709 XIII. Other property charges - 236 -236 - -710 - 31 -18 -283 -980 41 -34 - -973 Property charges -977 -3,917 -2,482 -1,520 -1,403 -366 -379 -646 -571 -12,261 -1,051 -934 -4,100 -18,346 Property operating result 64,915 45,038 28,863 41,465 37,490 13,838 7,104 12,836 3,184 254,733 14,667 9,773 -4,100 275,073 XIV. Overheads - - - - - - - - - - - - -21,243 -21,243 XV. Other operating income and charges - - - - - - - - - - - - 278 278 OPERATING RESULT BEFORE RESULT ON PORTFOLIO 64,915 45,038 28,863 41,465 37,490 13,838 7,104 12,836 3,184 254,733 14,667 9,773 -25,065 254,108 SEGMENT ASSETS Marketable investment properties 2,783,967 2,078,950 1,197,630 1,313,985 1,429,690 549,545 429,771 660,910 215,910 10,660,358 874,379 467,905 - 12,002,642 Development projects 31,657 72,800 - 31,503 69,590 26,530 67,450 - - 299,530 44,539 6,496 - 350,565 Right of use of plots of land - 3,246 - - 75,349 - - - - 78,595 - - - 78,595 Investment properties 12,431,802 Assets classified as held for sale - - - 42,455 - - - 3,350 - 45,805 - - - 45,805 Other assets ¹ 35,157 - - - 59,748 - - - - 94,905 - - 510,573 605,478 Total assets 13,083,085 Equity Equity attributable to owners of the parent - - - - - - - - - - - - 6,416,414 6,416,414 Non-controlling interests - - - - - - - - - - - - 799,508 799,508 Liabilities - - - - - - - - - - - - 5,867,163 5,867,163 Total equity and liabilities 13,083,085 GROSS YIELD IN FAIR VALUE ² 6.0% 5.7% 6.3% 6.4% 6.0% 5.7% 5.5% 6.6% 5.7% 6.0% 6.3% 7.4% - 6.1% 1. The figures in Belgium relate to investments accounted for using the equity method and the figure in Finland relates to goodwill. The ‘Non-allocated’ section includes all other lines of the assets. 2. The gross yield in fair value is calculated by dividing the contractual rent by the fair value of the marketable investment properties and assets classified as held for sale.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 64/99 (x €1,000) 30/06/2025 Healthcare real estate Offices Distribution networks Non- allocated Total BE DE NL UK FI IE ES FR IT Total SEGMENT RESULT I. Rental income 36,286 32,236 20,602 45,084 34,698 11,852 86 - - 180,844 - - - 180,844 II. Writeback of lease payments sold and discounted - - - - - - - - - - - - - - III. Rental-related charges -15 -220 -185 320 29 - -150 - - -221 - - - -221 Net rental income 36,271 32,016 20,417 45,404 34,727 11,852 -64 - - 180,623 - - - 180,623 IV. Recovery of property charges - - - - - - - - - - - - - - V. Recovery of rental charges & taxes normally paid by tenants on let properties -87 2,942 686 799 510 6 - - - 4,856 - - - 4,856 VI. Costs payable by the tenant and borne by the landlord on rental damage and repair at end of lease - - - - - - - - - - - - - - VII. Charges & taxes not recovered by the tenant on let properties 90 -2,937 -690 -799 -508 -3 - - - -4,847 - - - -4,847 VIII. Other rental-related income and charges - -9 -25 - 245 - - - - 211 - - - 211 Property result 36,274 32,012 20,388 45,404 34,974 11,855 -64 - - 180,843 - - - 180,843 IX. Technical costs -95 -190 -553 -122 -327 -9 - - - -1,296 - - - -1,296 X. Commercial costs - - -4 - - - - - - -4 - - - -4 XI. Charges and taxes on unlet properties - -9 -1 - -11 - - - - -21 - - - -21 XII. Property management costs -443 -1,068 -411 -1,205 -22 -215 -40 - - -3,404 - - - -3,404 XIII. Other property charges 93 -10 -221 - -637 - -3 - - -778 - - - -778 Property charges -445 -1,277 -1,190 -1,327 -997 -224 -43 - - -5,503 - - - -5,503 Property operating result 35,829 30,735 19,198 44,077 33,977 11,631 -107 - - 175,340 - - - 175,340 XIV. Overheads - - - - - - - - - - - - -18,558 -18,558 XV. Other operating income and charges - - - - - - - - - - - - -321 -321 OPERATING RESULT BEFORE RESULT ON PORTFOLIO 35,829 30,735 19,198 44,077 33,977 11,631 -107 - - 175,340 - - -18,879 156,461 SEGMENT ASSETS Marketable investment properties 1,256,638 1,163,080 659,620 1,181,454 1,206,260 428,447 14,078 - - 5,909,577 - - - 5,909,577 Development projects 3,506 14,100 - 12,071 24,970 15,113 14,190 - - 83,950 - - - 83,950 Right of use of plots of land - 3,302 - - 75,305 - - - - 78,607 - - - 78,607 Investment properties 6,072,134 Assets classified as held for sale - 3,730 15,560 73,075 - - - - - 92,365 - - - 92,365 Other assets ¹ 27,004 - - - 87,363 - - - - 114,367 - - 157,566 271,933 Total assets 6,436,432 Equity Equity attributable to owners of the parent - - - - - - - - - - - - 3,546,924 3,546,924 Non-controlling interests - - - - - - - - - - - - 5,361 5,361 Liabilities - - - - - - - - - - - - 2,884,147 2,884,147 Total equity and liabilities 6,436,432 GROSS YIELD IN FAIR VALUE ² 5.8% 5.6% 6.2% 6.4% 6.1% 5.6% 5.7% - - 6.0% - - - 6.0% 1. The figures in Belgium relate to investments accounted for using the equity method and the figure in Finland relates to goodwill. The ‘Non-allocated’ section includes all other lines of the assets. 2. The gross yield in fair value is calculated by dividing the contractual rent by the fair value of the marketable investment properties and assets classified as held for sale. The Group’s operations are not subject to significant seasonal variations. Provided the composition of the investment propert y portfolio remains stable, rental income and underlying operating performance are generated evenly throughout the financial year.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 65/99 Note 4: Investment properties (x €1,000) 30/06/2026 31/12/2025 Marketable investment properties 12,002,642 6,022,722 + Assets classified as held for sale 45,805 69,622 + Right of use of plots of land 78,595 78,920 Marketable investment properties including assets classified as held for sale*, or investment properties portfolio 12,127,042 6,171,264 + Development projects 1 350,565 113,957 Investment properties including assets classified as held for sale*, or real estate portfolio* 12,477,607 6,285,221 1 The land reserve (€64,536 k) is no longer presented as a separate category, but is now included under ‘development projects’. The presentation of the 2025 figures (land reserve: €11,606 k) has also been adjusted to facilitate comparability. Assets classified as held for sale (line II.A. included in the assets on the balance sheet) amount to €45.8 million as at 30 June 202 6. They relate to eight care properties in the United Kingdom and one care property in France that are considered to be non-strategic assets. The evolution of the marketable investment properties and development projects is detailed in the following table: (x €1,000) Marketable investment properties Development projects TOTAL CARRYING AMOUNT AS AT 01/01/2025 5,935,278 108,644 6,043,922 Acquisitions 79,717 8,578 88,295 Disposals -145,417 - -145,417 Capitalised interest charges - 1,929 1,929 Capitalised development costs 64 827 891 Other capitalised expenses 9,242 87,488 96,730 Spreading of rental gratuities and concessions 4,047 - 4,047 Transfers due to completion 99,261 -99,261 - Changes in fair value 70,754 6,774 77,528 Other expenses booked in the income statement - - - Net exchange difference on foreign operations -60,808 -1,022 -61,830 Assets classified as held for sale 30,584 - 30,584 CARRYING AMOUNT AS AT 31/12/2025 6,022,722 113,957 6,136,679 CARRYING AMOUNT AS AT 01/01/2026 6,022,722 113,957 6,136,679 Acquisitions 5,846,059 229,012 6,075,071 Disposals -25,925 -473 -26,398 Capitalised interest charges - 1,895 1,895 Capitalised development costs 246 747 993 Other capitalised expenses 27,679 69,021 96,700 Spreading of rental gratuities and concessions 902 - 902 Transfers due to completion 65,487 -65,487 - Changes in fair value 25,153 1,645 26,798 Other expenses booked in the income statement - - - Net exchange difference on foreign operations 16,502 248 16,750 Assets classified as held for sale 23,817 - 23,817 CARRYING AMOUNT AS AT 30/06/2026 12,002,642 350,565 12,353,207 Other capitalised expenses totalling €96,700 k consist of regular capex works and earn-outs on existing investment properties, and capex and ancillary costs on development projects.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 66/99 Acquisitions, as detailed in section I.2.1, can be realised in four ways: - Acquisition of a property directly, paid in cash, presented under the item ‘Purchase of Investment Properties and Development Projects’ of the cash flow statement; - Acquisition of a property, paid in shares, these transactions are not included in the cash flow statement as they do not generate cash flow; - Acquisition of the company owning a property, paid in cash, shown under the item ‘Purchase of Real Estate companies’ of the cash flow statement for the amount of the shares bought; - Acquisition of the company owning a property, paid in shares, these transactions are not included in the cash flow statement as they do not generate cash flow. (x €1,000) 30/06/2026 31/12/2025 Marketable investment properties Properties against cash - 41,622 Properties against shares - - Companies against cash - 38,095 Companies against shares 5,846,059 - Development projects Properties against cash 5,435 4,951 Properties against shares - - Companies against cash - 3,627 Companies against shares 223,577 - TOTAL 6,075,071 88,295 The main element is the acquisition of the Cofinimmo group under ‘companies against shares’ for an amount of €5,846,059 k, see also Note 15 on Business Combinations. The amount of €5,435 k included in the cash flow statement under the heading ‘Purchase of marketable investment properties and development projects’ comprises the sum of the properties paid in cash. The amount of €24,860 k included in the cash flow stateme nt under the heading ‘Purchase of real estate companies’ comprises the sum of the companies paid in cash (nil) and the cash and cash equivalents acquired through the purchase (€24,860 k). For a detailed description of the valuation method applied by the independent valuation experts, please refer to Note 21 ‘Investments properties’ in the Financial Statements of the 2025 Annual Report. The same valuation rules were applied for the entire group (including the acquired Cofinimmo assets).
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Half year financial report Regulated information 1 September 2026 – before opening of markets 67/99 Note 5: Equity With the aim of creating Europe’s leading healthcare REIT 60, Aedifica successfully executed its exchange offer for Cofinimmo, acquiring 79.57% of the shares. Aedifica then completed the legal merger by absorbing Cofinimmo on 1 July 2026, resulting in Cofinimmo being delisted from Euronext. Following these transactions, the total number of Aedifica shares increased to approx. 92.6 million, with share capital reaching €2.4 billion. In this context, Aedifica completed one capital increase in the first half of 202661: - 10 March 2026: capital increase of approx. €2. 7 billion (including share premium) by issuing 35,920,425 new Aedifica shares in the context of the successful exchange offer for Cofinimmo. As per notary deed, the capital increase value is composed of an amount equal to the current exact fractional value of the Company’s existing shares (i.e. rounded to €26.39 per share) multiplied by the total number of new shares issued. It amounts to €947,860 k, which is booked to the ‘Capital’ account. The balance with the issue price – the price per share of Aedifica’s ordinary shares on 10 March (i.e. €72.20 per share, totalling €1,645,593 k) – is booked to the ‘share premium’ account. The costs allocate d to the capital increase are deducted from the ‘capital’ account. These are the amounts before subtracting the costs of raising capital. Furthermore, on 1 July 2026, Aedfica has completed an additional capital increase of €669.3 million (including share premium) by issuing 9,162,060 new shares in the context of the legal merger with Cofinimmo61. The capital has evolved in the following manner since the beginning of the financial year: Number of shares Capital (x €1,000) Situation at the beginning of the previous year 47,550,119 1,254,742 Situation at the end of the previous year 47,550,119 1,254,742 Capital increase of 10 March 2026 (in the context of the exchange offer for Cofinimmo) 35,920,425 947,860 Situation as at 30 June 2026 83,470,544 2,202,603 Capital is presented above before subtracting the costs of raising capital (the capital value presented on the balance sheet, is shown net of these costs, in accordance with IFRS). After subtracting these costs , capital amounts to €2,123,912 k. The table below provides an overview of Aedifica’s shareholders who hold more than 5% of the voting rights as at 30 June 2026 (based on the number of shares communicated by the shareholders concerned on the date of notification ). Declarations of transparency and control strings are available on Aedifica’s website. According to the definition of Euronext, Aedifica’s free float amounts to 100%. SHAREHOLDERS Voting rights (in #) Date on which the threshold is crossed Voting rights (in %) BlackRock, Inc. 4,829,214 12/03/2026 5.79 Stichting Pensioenfonds ABP 62 4,281,807 02/06/2026 5.13 Others < 5% 89.08 Total 100.00 The capital increases that occurred prior to 1 January 2026 are disclosed in the ‘Standing Documents’ section of the 2025 Annual Report. All subscribed shares are fully paid -up, with no par value. The shares are either registered or dematerialised and grant vote each. All issued Aedifica shares are listed on the regulated markets of Euronext Brussels and Euronext Amsterdam. As at 30 June 2026, Aedifica NV/SA holds 855 treasury shares. 60 See section 2.4 of the Interim Management Report for more details. 61 See section 3.3 of the Interim Management Report for more details. 62 The most recent transparency notification from Stichting Pensioenfonds ABP dates from 1 July 2026. In that notification, Stichting Pensioenfonds ABP stated that it held 4,411,528 voting rights (4.76%).
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Half year financial report Regulated information 1 September 2026 – before opening of markets 68/99 The Board of Directors is authorised to increase the capital in one or more instalments 63, on the dates and in accordance with the terms and conditions as will be determined by the Board of Directors, by a maximum amount of: - 1) 50% of the amount of the capital on the date of the Extraordinary General Meeting of 14 May 2024, as the case may be, rounded down to the euro cent , for capital increases by contribution in cash whereby the possibility is provided for the exercise of the preferential subscription right or the priority allocation right by the shareholders of the Company , - 2) 20% of the amount of the capital on the date of the Extraordinary General Meeting of 14 May 2024, as the case may be, rounded down to the euro cent , for capital increases in the framework of the distribution of an optional dividend, and - 3) 10% of the amount of the capital on the date of the Extraordinary General Meeting of 14 May 2024, as the case may be, rounded down to the euro cent , for a. capital increases by contribution in kind, b. capital increases by contribution in cash without the possibility for the shareholders of the Company to exercise the preferential subscription right or priority allocation right, or c. any other kind of capital increase, provided that the capital within the context of the authorised capital can never be increased by an amount higher than the capital on the date of the Extraordinary General Meeting that has approved the authorization (in other words, the sum of the capital increases in application of the proposed authorisations cannot exceed the amount of the capital on the date of the Extraordinary General Meeting that has approved the authorisation). This authorisation is granted for a renewable period of two years, calculated from the publication of the minutes of the Extraordinary General Meeting of 14 May 2024 , in the annexes to the Belgian Official Gazette. For each capital increase, the Board of Directors will determine the price, the issue premium (if any) and the terms and conditions of issue of the new securities. The capital increases that are thus decided on by the Board of Directors may be subscribed to in cash, in kind, or by means of a mixed contribution, or by incorporation of reserves, including profits carried forward and issue premiums as well as all equity components under the Company’s statutory IFRS financial statements (drawn up in accordance with the regulations applicable to the regulated real estate companies) which are subject to conversion into capital, with or without the creation of new securities . These capital increases can also be realised through the issue of convertible bonds, subscription rights or bonds repayable in shares or other securities which may give rise to the creation of the same securities. On 30 June 2026, the remaining balance of the authorised capital amounts to: - 1) €1,101,301,334.54 for capital increases by contribution in cash whereby the possibility is provided for the exercise of the preferential subscription right or the priority allocation right by the shareholders of the Company; - 2) €440,520,533.82 for capital increases in the framework of the distribution of an optional dividend; - 3) €220,260,266.91 for a. capital increases by contribution in kind, b. capital increases by contribution in cash without the possibility for the shareholders of the Company to exercise the preferential subscription right or priority allocation right, or c. any other kind of capital increase ; provided that the capital within the context of the authorised capital can never be increased by an amount that exceeds the legal maximum amount of the capital of € 2,202,602,669.09, on the dates and in accordance with the terms and conditions as will be determined by the Board of Directors . 63 The Extraordinary General Meeting of 14 May 2024 renewed of the authorisation regarding the authorised capital.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 69/99 Note 6: Borrowings64 (x €1,000) 30/06/2026 31/12/2025 Non-current financial debts 3,464,040 1,933,720 Credit institutions 1,734,454 1,142,383 Other 1,729,586 791,337 Current financial debts 1,791,836 551,287 Credit institutions 591,336 67,287 Other 1,200,500 484,000 TOTAL 5,255,876 2,485,007 The classification between current and non-current financial debts is based on the maturity dates of the credit lines on which the drawings are made instead of the maturity dates of the drawings. The borrowings (30 June 2026: €5,25 6 million) represent the debt at amortised cost and include the PPA adjustments (€79 million), the debt at nominal value stands at €5,345 million as at 30 June 2026. On 30 June 2026, Aedifica had committed credit facilities totalling €4,900 million granted by 28 banks and an institutional investor. - Depending on its funding requirements, Aedifica can draw up to €4,726 million under floating - rate facilities denominated in euros or pounds sterling and indexed to EURIBOR or SONIA, provided that the debt-to-assets ratio does not exceed 60% and the other customary covenants are complied with. Of these facilities, €272 million were contracted directly by Hoivatilat Oyj and €1,673 million by Cofinimmo NV/SA and its subsidiaries, which were integrated into the Group following the successful exchange offer on 10 March 2026. Most of these facilities are bilateral, except for a €290 million syndicated facility originally contracted by Cofinimmo NV/SA, and Aedifica NV/SA’s first syndicated facility signed on 29 June 2026. The latter is a €620 million facility with an initial five-year maturity, two one-year extension options and an accordion option of up to €100 million. - Aedifica also has investment loans, some with fixed interest rates totalling €137 million, and others with floating interest rates totalling €38 million. Aedifica NV/SA also has a treasury notes programme . On 16 June 2026 , the maximum size of this programme was increased by €900 million, from €600 million to €1 ,500 million, in anticipation of the merger by absorption of Cofinimmo into Aedifica on 1 July 2026. Following the legal merger, no new issuances will be made under Cofinimmo’s treasury notes programme. Hoivatilat Oyj also issues short- term treasury notes in its own name. As at 30 June 2026, the total outstanding amount of short-term treasury notes was €1,083 million (listed under the heading ‘Other’ of ‘Current financial debts’). The entire amount of short-term treasury notes issued is fully backed by available funds on committed long-term credit lines. Both Aedifica and Cofinimmo have also issued long-term treasury notes under their respective programmes. As at 30 June 2026, the total outstanding amount of long -term treasury notes was €153 million, of which €87 million was issued by Aedifica NV/SA and €66 million by Cofinimmo NV/SA. These amounts are presented on line ‘Other’ of the ‘Non -current financial debts’ or line ‘Other’ of the ‘Current financial debts” depending on their maturity date. 64 See Note 15 for details regarding Cofinimmo’s contribution to the Group’s balance sheet after its acquisition.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 70/99 Moreover, in 2021, Aedifica NV/SA successfully issued a bond (‘USPP’) of £180 million through a private placement with US, UK and Canadian institutional investors. The bonds have maturities of 7 and 12 years with a coupon of 2.58% and 2.79% respectively. Both Aedifica NV/SA and Cofinimmo NV/SA also issued public bonds: ISIN code Nominal amount (in € million) Maturity (years) Issue date Maturity date Coupon (%) BE0002267368 70 10 26/10/2016 26/10/2026 1.700% BE6325493268 500 10 02/12/2020 02/12/2030 0.875% BE6330288687 500 10 09/09/2021 09/09/2031 0.750% BE0002838192 500 6 24/01/2022 24/01/2028 1.000% Long-term debt contracted under Aedifica’s and Cofinimmo’s respective Sustainable Finance Frameworks, or linked to sustainability KPIs , amounts to €4,155 million (61% of committed long-term credit lines), of which €2,517 million is drawn on 30 June 2026. In addition, all short-term treasury notes issued by Cofinimmo (30 June 2026: €587 million) are sustainable, as is the portion of Aedifica’s short- term treasury notes issued after the update to its Treasury Notes Programme (30 June 2026: €77 million). This demonstrates 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 1.9% (31 December 2025: 2.1%) owing to the interest rate hedges in place. Taking into account the duration of the drawings, the carrying amount of the financial debts with variable interest rate approximates their fair value (€ 3,255 million). The interest rate hedges are discussed in Note 7. The fair value of the financial debts with fixed interest rate (€2,001 million) is estimated at €1,842 million. As at 30 June 2026, the ratio between the secured financial debt and the total consolidated assets was 2%, while the ratio between the encumbered assets and the total consolidated assets was 3%. Taking these elements into account, the maturity dates of Aedifica’s financial debts as at 30 June 2026 are as follows: Financial debt (in € million) 1 Committed financing Short-term treasury notes 2 Lines Utilisation 31/12/2026 122 112 1,003 31/12/2027 990 832 80 31/12/2028 1,643 1,184 - 31/12/2029 563 332 - 31/12/2030 1,452 932 - 31/12/2031 1,668 671 - 31/12/2032 95 50 - >31/12/2032 299 149 - Total debt as at 30 June 2026 6,832 4,262 1,083 1 Amounts in GBP were converted into EUR based on the exchange rate of 30 June 2026 (0.86161 EUR/GBP). 2. Including overdraft. As at 30 June 202 6, the weighted average maturity was 3.3 years for the committed financial debt totalling €6,832 million. Available committed financing amounts to € 2,570 million. After deducting the backup for the short-term treasury notes and overdraft, the available liquidity stands at €1,487 million.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 71/99 Note 7: Hedging instruments Aedifica takes on a large proportion of its financial debts at floating rates and is therefore able, where appropriate, to benefit from low interest rates on the unsecured portion of its borrowings. In order to limit the interest rate risk, Aedifica has put in place hedges that allow for the conversion of floating -rate debt to fixed-rate debt, or to capped-rate debt (‘cash flow hedges’). Furthermore, the acquisition of the healthcare real estate portfolio in the United Kingdom in February 2019 has exposed the Group to foreign exchange rate risk. Following the successful completion of the exchange offer on Cofinimmo in March 2026, Cofinimmo’s hedges are included in the table below as at 30 June 2026. The foreign exchange rate risk is partly hedged by loans denominated in pound sterling, providing a natural hedge against exposure to assets in the United Kingdom: on the one hand by a private placement of £180 million and on the other hand by bank loans totalling £199.2 million (see Note 6). 1. Management of interest rate risk 1.1 Framework All hedges (interest rate swaps or ‘IRS’ and caps) are related to existing or highly probable risks. Aedifica applies hedge accounting to some derivatives initiated before 2017 that meet the criteria to allow hedge accounting. From 2017, in line with market pr actice, Aedifica chose not to apply hedge accounting to derivatives, even if they meet those strict criteria. The change in the fair value of the financial derivatives has no impact on EPRA Earnings, the main KPI for dividend distribution, and therefore th e application of hedge accounting has limited added value. Nevertheless, all derivatives provide economic hedging against interest rate risk, regardless of their accounting method. All hedges are provided in the framework of the hedging policy set out in Note 3 5 of the 2025 Annual Report. The fair value of these instruments is assessed on the basis of the present value of the estimated expected cash flows based on market data. This fair value is adjusted in accordance with IFRS 13 to reflect the company’s own credit risk (‘debit valuation adjustment’ or ‘DVA’) and the counterparty’s credit risk (‘credi t valuation adjustment’ or ‘CVA’). The tables below list the Company’s hedging instruments.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 72/99 INSTRUMENT Notional amount (x 1,000) Beginning Periodicity (months) Duration (years) Hedge accounting (yes/no) Interest rate (in %) Fair value (x €1,000) Analysis as at 31 December 2025 IRS €25,000 02/08/2019 3 8 Yes 0.33 688 IRS €50,000 01/07/2024 3 4 No 0.08 2,576 IRS €50,000 02/01/2023 3 5 No 2.50 -369 IRS €50,000 01/04/2025 3 3 No 2.50 -383 IRS 1 €1,750 30/09/2019 3 12 No 1.55 41 IRS 2 €7,978 01/04/2011 3 32 Yes 4.89 -1,365 IRS €25,000 03/02/2020 3 10 Yes 0.66 1,427 IRS €15,000 01/07/2019 3 10 No 2.01 141 IRS €8,000 01/07/2019 3 10 No 2.05 64 IRS €12,000 01/07/2019 3 10 No 1.99 119 IRS 2 €17,454 31/07/2014 3 29 No 4.39 -2,070 IRS €25,000 03/07/2019 3 10 No 1.04 1,154 IRS €200,000 01/07/2024 3 4 No -0.02 10,835 IRS €50,000 02/01/2025 3 4 No 0.05 3,214 IRS €50,000 01/01/2023 3 3 No 1.58 1 IRS €50,000 01/01/2023 3 5 No 2.69 -562 IRS €50,000 01/01/2027 3 3 No 2.25 278 IRS €50,000 01/04/2027 3 3 No 2.28 308 IRS €50,000 01/04/2027 3 3 No 2.30 271 IRS €50,000 01/04/2027 3 3 No 2.25 350 IRS €50,000 03/02/2025 3 4 No 0.15 3,151 IRS €100,000 01/07/2024 3 4 No 0.07 5,197 IRS €50,000 01/07/2024 3 4 No 0.12 2,535 IRS €50,000 02/01/2023 3 4 No 1.30 368 IRS €50,000 02/01/2024 3 3 No 2.53 -299 IRS €50,000 01/04/2027 3 3 No 2.16 478 IRS €50,000 02/01/2025 3 3 No 2.56 -432 IRS €50,000 03/01/2028 3 4 No 2.09 771 IRS €50,000 02/01/2025 3 3 No 0.06 3,192 IRS €50,000 02/01/2026 3 3 No 2.44 -305 IRS €50,000 03/01/2028 3 5 No 2.30 475 IRS €50,000 01/01/2023 3 3 No 2.59 -458 IRS €50,000 01/01/2025 3 3 No 2.85 -719 IRS €50,000 03/01/2028 3 5 No 2.37 374 IRS £50,000 28/07/2022 3 5 No 2.46 843 IRS £60,000 07/07/2022 3 5 No 2.43 1,009 IRS £50,000 28/07/2022 3 5 No 2.29 975 TOTAL 3 €1,770,610 33,874 1 Notional amount to be amortised over the duration of the swap. 2 Notional amount to be amortised over the duration of the swap. Aedifica and the bank may liquidate these contracts in advance every 10 years. 3 Notional amounts in GBP are converted into EUR based on the exchange rate of 31 December 2025 (0.87228 EUR/GBP)
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Half year financial report Regulated information 1 September 2026 – before opening of markets 73/99 INSTRUMENT Notional amount (x 1,000) Beginning Periodicity (months) Duration (years) Hedge accounting (yes/no) Interest rate (in %) Fair value (x €1,000) Analysis as at 30 June 2026 IRS €25,000 02/08/2019 3 8 Yes 0.33 591 IRS €50,000 01/07/2024 3 4 No 0.08 2,425 IRS €50,000 02/01/2023 3 5 No 2.50 33 IRS €50,000 01/04/2025 3 3 No 2.50 39 IRS 1 €1,604 30/09/2019 3 12 No 1.55 44 IRS 2 €7,834 01/04/2011 3 32 Yes 4.89 -1,310 IRS €25,000 03/02/2020 3 10 Yes 0.66 1,406 IRS €15,000 01/07/2019 3 10 No 2.01 228 IRS €8,000 01/07/2019 3 10 No 2.05 112 IRS €12,000 01/07/2019 3 10 No 1.99 188 IRS 2 €16,963 31/07/2014 3 29 No 4.39 -1,954 IRS €25,000 03/07/2019 3 10 No 1.04 1,178 IRS €200,000 01/07/2024 3 4 No -0.02 10,126 IRS €50,000 02/01/2025 3 4 No 0.05 3,056 IRS €50,000 01/01/2023 3 5 No 2.69 -112 IRS €50,000 01/01/2027 3 3 No 2.25 446 IRS €50,000 01/04/2027 3 3 No 2.28 402 IRS €50,000 01/04/2027 3 3 No 2.30 365 IRS €50,000 01/04/2027 3 3 No 2.25 444 IRS €50,000 03/02/2025 3 4 No 0.15 3,014 IRS €100,000 01/07/2024 3 4 No 0.07 4,890 IRS €50,000 01/07/2024 3 4 No 0.12 2,393 IRS €50,000 02/01/2023 3 4 No 1.30 290 IRS €50,000 02/01/2024 3 3 No 2.53 -19 IRS €50,000 01/04/2027 3 3 No 2.16 574 IRS €50,000 02/01/2025 3 3 No 2.56 -14 IRS €50,000 03/01/2028 3 3 No 2.09 674 IRS €50,000 02/01/2025 3 4 No 0.06 3,038 IRS €50,000 02/01/2026 3 3 No 2.44 114 IRS €50,000 03/01/2028 3 3 No 2.30 376 IRS €50,000 01/01/2023 3 5 No 2.59 -33 IRS €50,000 01/01/2025 3 3 No 2.85 -231 IRS €50,000 03/01/2028 3 3 No 2.37 274 IRS £50,000 28/07/2022 3 5 No 2.46 838 IRS £60,000 07/07/2022 3 5 No 2.43 964 IRS £50,000 28/07/2022 3 5 No 2.29 919 IRS €100,000 15/01/2026 1 4 No 1.16 4,425 IRS €100,000 15/01/2026 1 3 No 1.46 2,930 IRS €100,000 15/01/2025 1 4 No 0.72 4,230 IRS €50,000 15/01/2026 1 3 No 0.46 2,440 IRS €50,000 15/01/2026 1 3 No 0.44 2,466 IRS €100,000 15/01/2026 1 2 No 0.77 2,548 IRS €100,000 17/01/2028 1 1 No 0.21 2,101 IRS €100,000 15/01/2026 1 3 No -0.05 6,134 IRS €50,000 15/01/2026 1 3 No 0.17 2,812 IRS €50,000 15/01/2026 1 3 No 0.17 2,810 IRS €100,000 15/01/2025 1 5 No 0.80 5,652 IRS €50,000 15/01/2026 1 4 No -0.08 4,322 IRS €50,000 15/01/2026 1 4 No -0.10 4,365 IRS €50,000 15/01/2023 1 5 No 0.14 1,760 IRS €150,000 15/01/2026 1 3 No 1.02 5,263 IRS €75,000 15/01/2026 1 4 No 2.51 -158 IRS €100,000 15/01/2026 1 1 No 2.49 -94 IRS €50,000 15/01/2026 1 1 No 2.90 -159 IRS €50,000 15/01/2026 1 1 No 2.72 -110 IRS €50,000 15/01/2028 1 3 No 2.71 -274 IRS €75,000 15/01/2028 1 3 No 2.94 -899 IRS €100,000 15/01/2029 1 2 No 2.66 -190 IRS €100,000 15/01/2029 1 2 No 2.42 249 IRS €50,000 15/01/2028 1 1 No 2.33 40 IRS €75,000 15/01/2028 1 1 No 2.38 20 IRS €100,000 15/01/2028 1 3 No 2.25 732 IRS €100,000 15/01/2029 1 3 No 2.07 1,451 IRS €100,000 15/01/2029 1 1 No 2.35 172 IRS €50,000 15/01/2029 1 3 No 2.64 -49 IRS €50,000 15/01/2029 1 3 No 2.43 230 IRS 3 -€17,000 15/05/2022 1 7 No 1.48 -456 IRS £20,000 15/10/2021 1 5 No 0.61 217 TOTAL 4 €4,053,312 90,750 1 Notional amount to be amortised over the duration of the swap. 2 Notional amount to be amortised over the duration of the swap. Aedifica and the bank may liquidate these contracts in advance every 10 years. 3 IRS receives fixed rate against EURIBOR. 4 Notional amounts in GBP are converted into EUR based on the exchange rate of 30 June 2026 (0.86161 EUR/GBP)
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Half year financial report Regulated information 1 September 2026 – before opening of markets 74/99 The total notional amount of €4,053 million presented in the table above is broken down as follows: - operational and active instruments: €2,703 million of IRS. - instruments with forward start: €1,350 million of IRS. The total fair value of the hedging instruments presented in the table above (+€90,750 k) can be broken down as follows: €96,593 k on line I.E. for the non-current part and €2,430 k on line II.B for the current part of the asset side of the consolidated balance sheet, and €7,910 k on line I.C.a. for the non-current part and €363 k on line II.C.a for the current part of the liability side of the consolidated balance sheet. 1.2. Derivatives for which hedge accounting is applied (x €1,000) 30/06/2026 31/12/2025 Changes in fair value of the derivatives Beginning of the year 1,234 1,708 Changes in the effective portion of the fair value of hedging instruments (accrued interests) 212 796 Transfer to the income statement of interests paid on hedging instruments -274 -1,090 Transfer to the reserve account regarding revoked designation 0 0 Transfer to the reserve account of the net gain or loss on matured hedges -89 -180 AT YEAR-END 1,083 1,234 The amounts recorded in equity will be transferred to net finance costs in line with the payment of interest on the hedged financial debt, between 1 July 2026 and 31 July 2043. The equity value as at 30 June 2026 includes the effective part (as defined in IFRS 9) of the change in fair value (loss of €62 k) of the financial instruments corresponding to the derivatives for which hedge accounting may be applied. These financial instruments are ‘level 2’ derivatives (according to IFRS 13p81). The ineffective part (according to IAS 39) is nil as at 30 June 2026. 1.3. Derivatives for which hedge accounting is not applied The financial result includes a loss of €72 k (31 December 2025: a loss of €9,045 k), arising from the change in the fair value of derivatives for which hedge accounting is not applied (in line with IFRS 9, as listed in the aforementioned framework). These financial instruments are ‘level 2’ derivatives (as defined in IFRS 13p81). 1.4. Sensitivity analysis The fair value of the hedging instruments is determined by the interest rates on the financial markets. These changes partly explain the change in the fair value of the hedging instruments between 1 January 2026 and 30 June 2026. This resulted in a loss of € 72 k, recognised in the income statement, and to a loss of €62 k, recognised in equity. A change in the interest rate curve would impact the fair value of instruments for which hedge accounting is applied (in accordance with IFRS 9), and recognised in equity (line ‘I.C.d. Reserve for the balance of changes in fair value of authorised hedging instruments qualifying for hedge accounting as defined under IFRS’). All else being equal, a positive change of 10 bps of the interest rate curve at the balance sheet date would have a positive impact on equity in the amount of € 161 k (€ 188 k on
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Half year financial report Regulated information 1 September 2026 – before opening of markets 75/99 31 December 2025). A negative change of 10 bps would have a negative impact in the same range. The sensitivity of the ‘mark-to-market’ value of these instruments to an increase of 10 bps of the interest rate is estimated to have a positive impact of €8,138 k (€3,766 k on 31 December 2025) on the income statement. Conversely, a decrease of 10 bps in the interest rate would have a negative impact of a similar magnitude. 2. Management of foreign exchange risk All hedges (forward purchase contracts of foreign currencies) are related to existing or highly probable risks. The hedging instruments are derivatives for which Aedifica will not systematically apply hedge accounting and which provide economic hedging against foreign exchange risk. All hedges are provided in the framework of the hedging policy set out in Note 3 5 of the 2025 Annual Report. The fair value of these instruments is assessed on the basis of the present value of the estimated cash flows based on market data. These financial instruments are ‘level 2’ derivatives (according to IFRS 13p81). As at 30 June 2026, Aedifica had no hedging contracts in place. During the first half of 2026, cash flows linked to Aedifica’s external debt denominated in pound sterling partially offset the net cash flows resulting from financial income on intra -group loans, other intra -group revenues, and capital expenditure in the United Kingdom. In addition, some forward contracts were contracted and settled during the first half of 2026 to further hedge financial income from intra-group loans.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 76/99 Note 8: Earnings per share Earnings per share (‘EPS’ as defined by IAS 33) are calculated as follows: 30/06/2026 30/06/2025 Profit (loss) (Owners of the parent) (x €1,000) 509,569 113,138 Weighted average number of shares outstanding during the period 69,975,578 47,550,119 Basic EPS (in €) 7.28 2.38 Diluted EPS (in €) 7.28 2.38 Aedifica uses EPRA Earnings* to comply with the EPRA’s recommendations and to measure its operational and financial performance; however, this performance measure is not defined under IFRS (see Note 16). It is calculated as follows: (x €1,000) 30/06/2026 30/06/2025 Profit (loss) (Owners of the parent) 509,569 113,138 Changes in fair value of investment properties -25,703 -24,846 Gain and losses on disposal of investment properties -1,185 11,937 Deferred taxes in respect of EPRA adjustments 12,150 11,061 Tax on profits or losses on disposals 0 0 Changes in fair value of financial assets and liabilities 580 12,221 Goodwill impairment, PPA amortisation and badwill -307,500 0 Acquisition costs on share deals and non-controlling joint venture interests 5,328 0 Share in the profit or loss of associates and joint ventures accounted for using the equity method in respect of EPRA adjustments 2,277 -156 Non-controlling interests in respect of the above -5,611 -35 Roundings 0 0 EPRA Earnings* 189,905 123,320 Weighted average number of shares outstanding during the period 69,975,578 47,550,119 EPRA Earnings* per share (in €) 2.71 2.59 EPRA Earnings* diluted per Share (in €) 2.71 2.59 The calculation in accordance with the model recommended by EPRA is included in Note 16.8.1 of the Condensed Consolidated Financial Statements. Note 9: Net asset value per share As at 30 June 2026, the net asset value (NAV) per share, based on the fair value of investment properties, amounted to €76.87 (31 December 2025: €77.05 per share). The IFRS NAV per share is calculated by dividing the equity by the total number of shares entitled to a dividend on the closing date. Recall that IFRS requires the presentation of the annual accounts before appropriation. The net asset value of €7 7.05 per share as at 31 December 202 5 (as published in the 202 5 Annual Report) thus included the gross dividend distributed in May 2026.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 77/99 Note 10: Contingencies and commitments Aedifica’s co mmitments as at 30 June 20 26 are stated below. The contingencies as at 31 December 2025 are listed in Note 36 of the Consolidated Financial Statements included in the 2025 Annual Report (see page 168). NAME Country Type Progress Budget 1 (in € million) Alicante ES Construction In progress (forward funding) 15 Am Parnassturm DE Renovation In progress (forward funding) 5 Ashurst Park UK Extension In progress (forward funding) 6 Belsele BE Renovation In progress (forward funding) 2 Castellón de la Plana ES Contruction In progress (forward funding) 13 Coham BE Extension & renovation In progress (forward funding) 17 Córdoba ES Construction In progress (forward funding) 17 Crumlin IE Construction In progress (forward funding) 36 Finland – pipeline ‘elderly care homes’ FI Construction In progress (forward funding) 84 Finland – pipeline ‘childcare centres’ FI Construction In progress (forward funding) 2 Finland – pipeline ‘other’ FI Construction In progress (forward funding) 17 Genappe BE Construction In progress (forward funding) 20 Gevita Residenz DE Acquisition Acquisition subject to outstanding conditions 20 Homefield UK Acquisition Forward purchase 15 Kilcoole IE Construction In progress (forward funding) 25 Lavender Villa UK Extension In progress (forward funding) 7 Limerick cancer centre IE Construction In progress (forward funding) 27 North-Rhine-Westphalia DE Construction In progress (forward funding) 44 Ourense ES Construction In progress (forward funding) 13 Oviedo ES Construction In progress (forward funding) 14 Palma de Mallorca ES Construction In progress (forward funding) 21 Santa Cruz de Tenerife ES Construction In progress (forward funding) 14 Seniorenquartier Gummersbach 3 DE Construction In progress (forward funding) 29 Seville ES Construction In progress (forward funding) 15 Sinnehiem 2 NL Acquisition Acquisition subject to outstanding conditions 13 St. Joseph’s UK Extension In progress (forward funding) 3 Stadtlohn 3 DE Construction In progress (forward funding) 22 The Mount UK Construction In progress (forward funding) 16 TOTAL 531 1 The acquisition values mentioned below respect the requirements laid down in Article 49 § 1 of the Belgian Act of 12 May 2014 on Regulated Real Estate Companies (at the time of the signing of the agreements which generated the commitment). The figures in this table are rounded amounts. Amounts in GBP were converted into EUR based on the exchange rate of 30 June 2026 (0.86161 EUR/GBP). 2 This acquisition has already been completed after 30 June 2026 (see section I.2.2). 3 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 estimate d investment values differ from those mentioned earlier.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 78/99 Note 11: Dividends paid The General Meeting of 12 May 2026 approved the distribution of the result of the 2025 financial year as proposed by the Board of Directors. A gross dividend of €4.00 (represented by coupon no. 36) was paid out to shareholders on 19 May 2026. The total amount distributed was approx. €333.9 million. After deduction of the withholding tax of 30%65, the total net dividend per share amounted to €2.80. All Cofinimmo shareholders who tendered their shares in the exchange offer (see section I.2.4) received their new Aedifica shares on 10 March 2026 with coupon 36 attached, which entitled them to the full Aedifica dividend for 2025. Coupon Period Ex-coupon date Payment date Gross dividend (€) Net dividend (€) Shares entitled to dividend 36 01/01/2025 – 31/12/2025 14/05/2026 19/05/2026 4.00 2.80 83,470,544 Note 12: Post-closing events The table below lists all post-balance sheet events up to and including 31 August 2026, the closing date of this report. See section I.2.2 for more information about these events. NAME Date Transaction Country Location Legal merger by absorption of Cofinimmo & capital increase 01/07/2026 Completion of legal merger by absorption of Cofinimmo: delisting of Cofinimmo triggered the automatic exchange of the remaining shares, resulting in the issuance of 9,162,060 new Aedifica shares66 - - Parc Imstenrade 01/07/2026 Disposal of a plot of land NL Heerlen Rovaniemi Koivuojankatu 02/07/2026 Completion of a development project FI Rovaniemi Salo Haukkalankuja 03/07/2026 Announcement of a new development project FI Salo Egmont I & II 06/07/2026 Disposal of the bare ownership of two office buildings BE Brussels Sinnehiem 13/07/2026 Completion of a forward purchase NL Haulerwijk Flatel 13/07/2026 Disposal of a care home BE Brussels Salamanca Raimundo 14/07/2026 Announcement of a new development project ES Salamanca Beechwood Care Centre 23/07/2026 Acquisition of a care home UK Bridlington Bowburn Manor 23/07/2026 Forward purchase of a new development project UK Durham Acomb Manor 23/07/2026 Forward purchase of a new development project UK York Jardines de Eztebe 23/07/2026 Acquisition of a care home ES Bilbao Oulu Mäkituvantie 24/07/2026 Announcement of a new development project FI Oulu Nokia Pinsiöntie 29/07/2026 Announcement of a new development project FI Nokia Rovaniemi Kaamoskuja 17/08/2026 Completion of a development project FI Rovaniemi Kokkola Kimalaisenpolku 31/08/2026 Completion of a development project FI Kokkola 65 Since 1 January 2026, the withholding tax on dividends distributed by Aedifica amounts to 30%. See section 3.3 ‘Withholding tax’ of the ‘Financial Review’ chapter of the 2025 Annual Report for more information. 66 The corresponding non -controlling interests balance of €717,088 k on the merger date will be transferred to the parent's reserves, resulting in a merger difference.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 79/99 Note 13: Related party transactions Related party transactions (as defined under IAS 24 and the Belgian Companies and Associations Code) relate exclusively to the remuneration of the members of the Board of Directors and the Executive Committee (€7,721 k for the first half of 2026, compared to €2,559 k for the first half of 2025). (x €1,000) 30/06/2026 30/06/2025 Short-term benefits 2,849 2,411 Post-employment benefits 560 138 Other long-term benefits 302 0 Termination benefits 3,091 0 Share-based payments 920 10 Total 7,721 2,559 Note 14: Consolidation scope The following entities were added to the consolidation scope in the first half of 2026: - Cofinimmo NV/SA67 - Koy Hämeenlinnan Vanainkatu Oy - Koy Oulun Mäkituvantie Oy - Kiinteistö Oy Hämeenlinnan Keinukatu 3 - Kiinteistö Oy Järvenpäan Alhorinne 4 - Polaristone Co 7 The following entities were eliminated from the consolidation scope in the first half of 2026: - AED GVBF 2 NV/SA - AED GVBF 3 NV/SA - AED GVBF 4 NV/SA - AED GVBF 5 NV/SA - AED GVBF 6 NV/SA - AED GVBF 7 NV/SA - AED GVBF 8 NV/SA - AED GVBF 9 NV/SA - AED GVBF 10 NV/SA - AED GVBF 11 NV/SA - BGP Congres68 - BGP Hotel - Gestone Co 12 - Gestone 16 67 Including all subsidiaries that were part of the Cofinimmo group on 10 March 2026. 68 The entity was acquired as part of the Cofinimmo Group acquisition and was subsequently removed from the scope of consolidation between the acquisition date and 30 June 2026.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 80/99 Note 15: Business combinations Aedifica and Cofinimmo joined forces to create the leading healthcare REIT in Europe. The combination of both companies was achieved through a successful exchange offer, with approx. 79.57% of Cofinimmo shares being tendered during the initial acceptance period (see section I.2.4 for more details on the transaction). Consequently, Aedifica has become the controlling shareholder of Cofinimmo. The transaction became effective on 10 March 2026 through the issuance of 35,920,425 new Aedifica shares (see section I.3.3 for more details on the capital increase). Key terms of the exchange offer: - Cofinimmo shareholders were offered 1.185 new Aedifica shares for each share of Cofinimmo they tendered; - Aedifica is listed on the Brussels Stock Exchange and the Amsterdam Stock Exchange. The transaction has been accounted for as a business combination using the acquisition method of accounting under IFRS 3. The purchase consideration amounts to €2,593,454,685, representing the fair value of the share issuance based on Aedifica's stock price on the acquisition date (€72.20 per share). This resulted in the recognition of badwill, which is presented on line XIX. Other result on the portfolio. The table below provides information on the fair value of the net asset acquired, badwill and their consideration69. ASSETS Book value PPA adjustment Fair value (x €1,000) I. Non-current assets A. Goodwill - - - B. Intangible assets 1,330 - 1,330 C. Investment properties 6,069,647 - 6,069,647 D. Other tangible assets 3,303 - 3,303 E. Non-current financial assets 63,813 - 63,813 F. Finance lease receivables 151,324 30,456 181,780 H. Deferred tax assets 8,300 - 8,300 I. Equity-accounted investments 18,725 - 18,725 Total non-current assets 6,316,443 30,456 6,346,900 II. Current assets A. Assets classified as held for sale - - 0 B. Current financial assets 435 - 435 C. Finance lease receivables 4,472 - 4,472 D. Trade receivables 42,819 - 42,819 E. Tax receivables and other current assets 20,035 - 20,035 F. Cash and cash equivalents 24,860 - 24,860 G. Deferred charges and accrued income 32,107 - 32,107 Total current assets 124,727 - 124,727 TOTAL ASSETS 6,441,171 30,456 6,471,627 69 The PPA exercise is not final yet. Figures may still be updated in the future.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 81/99 EQUITY AND LIABILITIES Book value PPA adjustment Fair value (x €1,000) EQUITY II. Non-controlling interests -79,705 - -79,705 TOTAL EQUITY -79,705 - -79,705 LIABILITIES I. Non-current liabilities A. Provisions -27,434 - -27,434 B. Non-current financial debts -1,544,165 86,635 -1,457,530 C. Other non-current financial liabilities -37,677 - -37,677 F. Deferred tax liabilities -66,110 - -66,110 Non-current liabilities -1,675,386 86,635 -1,588,750 II. Current liabilities B. Current financial debts -968,007 - -968,007 D. Trade debts and other current debts -60,034 - -60,034 E. Other current liabilities -84,121 - -84,121 F. Accrued charges and deferred income -34,336 - -34,336 Total current liabilities -1,146,498 - -1,146,498 TOTAL LIABILITIES -2,821,883 86,635 -2,735,248 TOTAL EQUITY AND LIABILITIES -2,901,589 86,635 -2,814,954 Net asset acquired 3,539,582 117,092 3,656,673 Non-controlling interests (20.4315%) -747,113 Badwill -316,106 Consideration 2,593,455 Of which share issuance 2,593,455 The fair value of the finance lease receivables on the acquisition date amounts to €181,780k. The gross amount of finance lease receivables is €151,324 k in the long term and €4,472 k in the short term, and it is expected that the full contractual amounts will be collected. The fair value of the trade receivables and other current assets equals their gross amount. The fair value of the non-current financial debt at the acquisition date amounts to €1,457,530 k, and the gross amount of non-current financial debt is €1,544,165 k. The Non-Controlling Interests relating to the acquisition of Cofinimmo are calculated using the ‘proportionate share of identifiable net assets’ method, in accordance with the option available under IFRS 3 (i.e. net asset acquired of €3,656,673 k multiplied by the non -controlling interests detention percentage of 20.4315% = €747,113 k). From the acquisition date, Cofinimmo NV/SA has contributed € 110,051 k in revenue and €56,586 k in profit before tax from the Group's continuing operations. If the combination had taken place at the beginning of the year, revenue from continuing operations would have been €176,340 k, and profit before tax from continuing operations for the Group would have been €91,538 k. The attributable costs of the share issuance, totalling €27,588 k, have been charged directly to equity as a reduction in capital. Management has analysed the net asset acquired and concluded that two elements required adjustment to their fair value. Finance lease receivables are recognised at amortised cost. Given the long -term maturity of these receivables, their fair value would be materially different if they were transferred to another party. In the liabilities, bonds and long -term debts with a fixed interest rate are recognised at amortised cost. Given the evolution of interest rates, the fair value of fixed-rate debt differs from its book value.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 82/99 Note 16: 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 half year financial report are identified with an asterisk (*). Performance measures defined by IFRS standards or by Law are not considered to be A PMs, 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. Note 16.1: 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) 30/06/2026 31/12/2025 Marketable investment properties 12,002,642 6,022,722 + Assets classified as held for sale 45,805 69,622 + Right of use of plots of land 78,595 78,920 Marketable investment properties including assets classified as held for sale*, or investment properties portfolio 12,127,042 6,171,264 + Development projects 1 350,565 113,957 Investment properties including assets classified as held for sale*, or real estate portfolio* 12,477,607 6,285,221 1 The land reserve (€64,536 k) is no longer presented as a separate category, but is now included under ‘development projects’. The presentation of the 2025 figures (land reserve: €11,606 k) has also been adjusted to facilitate comparability. Note 16.2: 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)I 1 01/01/2026 - 30/06/2026 01/01/2025 - 30/06/2025 Rental income 358,833 354,247 - Scope changes -10,018 -11,427 = Rental income on a like-for-like basis* 348,815 342,819 1 For like-for-like purposes, full half-year consolidation is assumed in both 2025 and 2026 (i.e. no pro-rata adjustment).
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Half year financial report Regulated information 1 September 2026 – before opening of markets 83/99 Note 16.3: Operating charges*, operating margin* and EBIT margin* Aedifica uses operating charges* to aggregate the operating charges*. It represents items IV. to XV. of the income statement . Aedifica uses the operating margin* and the EBIT margin* to reflect the profitability of its rental activities. They represent the pro perty operating result divided by net rental income and the operating result before result on portfolio divided by net rental incom e, respectively. 30/06/2026 (x €1,000) Healthcare real estate Offices Distribution networks Non- allocated TOTAL BE DE NL UK FI IE ES FR IT Total SEGMENT RESULT Rental income (a) 65,284 49,091 31,515 42,992 38,422 14,204 7,495 13,536 3,752 266,291 15,378 10,644 - 292,313 Net rental income (b) 65,934 49,271 31,501 42,992 38,442 14,204 7,495 13,536 3,752 267,127 15,535 10,642 - 293,304 Property result (c) 65,892 48,955 31,345 42,985 38,893 14,204 7,483 13,482 3,755 266,994 15,718 10,707 - 293,419 Property operating result (d) 64,915 45,038 28,863 41,465 37,490 13,838 7,104 12,836 3,184 254,733 14,667 9,773 -4,100 275,073 OPERATING RESULT BEFORE RESULT ON PORTFOLIO (e) 64,915 45,038 28,863 41,465 37,490 13,838 7,104 12,836 3,184 254,733 14,667 9,773 -25,065 254,108 Operating margin* (d)/(b) 93.8% EBIT margin* (e)/(b) 86.6% Operating charges* (e)-(b) 39,196 30/06/2025 (x €1,000) Healthcare real estate Offices Distribution networks Non- allocated TOTAL BE DE NL UK FI IE ES FR IT Total SEGMENT RESULT Rental income (a) 36,286 32,236 20,602 45,084 34,698 11,852 86 - - 180,844 - - - 180,844 Net rental income (b) 36,271 32,016 20,417 45,404 34,727 11,852 -64 - - 180,623 - - - 180,623 Property result (c) 36,274 32,012 20,388 45,404 34,974 11,855 -64 - - 180,843 - - - 180,843 Property operating result (d) 35,829 30,735 19,198 44,077 33,977 11,631 -107 - - 175,340 - - - 175,340 OPERATING RESULT BEFORE RESULT ON PORTFOLIO (e) 35,829 30,735 19,198 44,077 33,977 11,631 -107 - - 175,340 - - -18,879 156,461 Operating margin* (d)/(b) 97.1% EBIT margin* (e)/(b) 86.6% Operating charges* (e)-(b) 24,162
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Half year financial report Regulated information 1 September 2026 – before opening of markets 84/99 Note 16.4: Financial result excl. changes in fair value of financial instruments* Aedifica uses the financial result excl. changes in fair value of financial instruments* to reflect its financial result before the non -cash effect of financial instruments; however, this performance measure is not defined under IFRS. It represents the total of items XX., XXI. and XXII. of the income statement. (x €1,000) 30/06/2026 30/06/2025 XX. Financial income 3,774 801 XXI. Net interest charges -35,495 -25,012 XXII. Other financial charges -5,766 -2,924 Financial result excl. changes in fair value of financial instruments* -37,487 -27,135 Note 16.5: 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) 30/06/2026 31/12/2025 Weighted average financial debts (a) 4,109,477 2,459,590 XXI. Net interest charges -35,495 -50,236 Reinvoiced interests (incl. in XX. Financial income) 0 0 Interest cost related to leasing debts booked in accordance with IFRS 16 894 1,593 Annualised net interest charges (b) -69,775 -48,643 Average cost of debt* (b)/(a) 1.7% 2.0% Commitment fees (incl. in XXII. Other financial charges) -3,980 -3,902 Annualised net interest charges (incl. commitment fees) (c) -77,801 -52,545 Average cost of debt* (incl. commitment fees) (c)/(a) 1.9% 2.1% Note 16.6: 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 ‘Operating result before result on the portfolio’ (lines I to XV of the consolidated income statement and including the interest income from financial leases from line XX ) divided by ‘Net interest charges’ (line XXI) on a 12-month rolling basis. (x €1,000) 01/07/2025 - 30/06/2026 01/01/2025 - 31/12/2025 Operating result before result on portfolio (TTM) 1 620,160 312,073 XXI. Net interest charges (TTM) 1 -82,088 -50,236 Interest Cover Ratio* 7.6 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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Half year financial report Regulated information 1 September 2026 – before opening of markets 85/99 Note 16.7: 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 (including the interest income from financial leases) plus depreciation and amortisation. (x €1,000) 30/06/2026 31/12/2025 Non-current and current financial debts 5,255,876 2,485,007 - Cash and cash equivalents -55,611 -21,952 Net debt (IFRS) 5,200,265 2,463,055 Operating result before result on portfolio (TTM) 1 620,160 312,073 + Depreciation and amortisation of other assets (TTM) 1 3,128 2,508 EBITDA (IFRS) 623,289 314,581 Net Debt / EBITDA 8.3 7.8 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.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 86/99 Note 16.8: 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: Note 16.8.1: EPRA Earnings* EPRA Earnings* 30/06/2026 30/06/2025 x €1,000 Earnings (owners of the parent) per IFRS income statement 509,569 113,138 Adjustments to calculate EPRA Earnings*, exclude: (i) Changes in value of investment properties, development properties held for investment and other interests -25,703 -24,846 (ii) Profits or losses on disposal of investment properties, development properties held for investment and other interests -1,185 11,937 (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, PPA amortisation and badwill -307,500 0 (vi) Changes in fair value of financial instruments and associated close-out costs 580 12,221 (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 5,328 0 (x) Deferred taxes in respect of EPRA adjustments 12,150 11,061 (xi) Adjustments (i) to (x) above in respect of joint ventures 2,277 -156 (xii) Non-controlling interests in respect of the above -5,611 -35 Roundings 0 0 EPRA Earnings* (owners of the parent) 189,905 123,320 Number of shares (Denominator IAS 33) 69,975,578 47,550,119 EPRA Earnings* per Share (EPRA EPS* - in €/share) 2.71 2.59 EPRA Earnings* diluted per Share (EPRA diluted EPS* - in €/share) 2.71 2.59
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Half year financial report Regulated information 1 September 2026 – before opening of markets 87/99 Note 16.8.2: EPRA Net Asset Value indicators Situation as at 30 June 2026 EPRA Net Reinstatement Value* EPRA Net Tangible Assets* EPRA Net Disposal Value* x €1,000 NAV per the financial statements (owners of the parent) 6,416,414 6,416,414 6,416,414 NAV per the financial statements (in €/share) (owners of the parent) 76.87 76.87 76.87 (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 6,416,414 6,416,414 6,416,414 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 2,456 2,456 2,456 (iv) Revaluation of trading properties - - - Diluted NAV at Fair Value 6,418,870 6,418,870 6,418,870 Exclude: (v) Deferred taxes in relation to fair value gains of IP 228,664 228,664 (vi) Fair value of financial instruments -90,745 -90,745 (vii) Goodwill as a result of deferred taxes 16,788 16,788 16,788 (vii.a) Goodwill as per the IFRS balance sheet -76,536 -76,536 (vii.b) Intangibles as per the IFRS balance sheet -1,765 Include: (ix) Fair value of fixed interest rate debt 158,684 (ix) Revaluation of intangibles to fair value - (xi) Real estate transfer tax 652,864 - Include/exclude: Adjustments (i) to (v) in respect of joint venture interests - - - Adjusted net asset value (owners of the parent) 7,226,440 6,495,275 6,517,805 Number of shares on the stock market 83,470,544 83,470,544 83,470,544 Adjusted net asset value (in €/share) (owners of the parent) 86.57 77.82 78.09 (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 6,818,054 55% 100%
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Half year financial report Regulated information 1 September 2026 – before opening of markets 88/99 Situation as at 31 December 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) 3,663,700 3,663,700 3,663,700 NAV per the financial statements (in €/share) (owners of the parent) 77.05 77.05 77.05 (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 3,663,700 3,663,700 3,663,700 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 3,663,700 3,663,700 3,663,700 Exclude: (v) Deferred taxes in relation to fair value gains of IP 158,572 158,572 (vi) Fair value of financial instruments -33,869 -33,869 (vii) Goodwill as a result of deferred taxes 16,788 16,788 16,788 (vii.a) Goodwill as per the IFRS balance sheet -76,536 -76,536 (vii.b) Intangibles as per the IFRS balance sheet -589 Include: (ix) Fair value of fixed interest rate debt 91,996 (ix) Revaluation of intangibles to fair value - (xi) Real estate transfer tax 336,055 - Include/exclude: Adjustments (i) to (v) in respect of joint venture interests - - - Adjusted net asset value (owners of the parent) 4,141,246 3,728,066 3,695,948 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) 87.09 78.40 77.73 (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 3,639,155 59% 100%
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Half year financial report Regulated information 1 September 2026 – before opening of markets 89/99 Note 16.8.3: EPRA Net Initial Yield* (NIY) and EPRA Topped-up NIY* EPRA Net Initial Yield* (NIY) and EPRA Topped-up NIY* 30/06/2026 Healthcare real estate Offices Distribution networks TOTAL x €1,000 BE DE NL UK FI IE ES FR IT Total Investment properties – wholly owned 2,815,624 2,151,750 1,197,630 1,345,488 1,499,280 576,075 497,221 660,910 215,910 10,959,888 918,918 474,401 12,353,207 Investment properties – share of JVs/Funds - - - - - - - - - - - - - Trading properties (including share of JVs) - - - 42,455 - - - 3,350 - 45,805 - - 45,805 Less: developments -31,657 -72,800 - -31,503 -69,590 -26,530 -67,450 - - -299,530 -44,539 -6,496 -350,565 Completed property portfolio 2,783,967 2,078,950 1,197,630 1,356,440 1,429,690 549,545 429,771 664,260 215,910 10,706,163 874,379 467,905 12,048,447 Allowance for estimated purchasers' costs 69,859 145,635 126,335 90,431 31,787 55,296 10,895 46,923 4,318 581,479 21,859 49,526 652,864 Gross up completed property portfolio valuation 2,853,826 2,224,585 1,323,965 1,446,871 1,461,477 604,841 440,666 711,183 220,228 11,287,642 896,238 517,431 12,701,311 Annualised cash passing rental income 167,237 118,264 75,787 87,365 85,303 31,301 20,428 43,506 12,253 641,443 50,205 34,758 726,406 Property outgoings 1 -1,738 -7,788 -4,616 -3,032 -690 -729 -728 -1,183 -772 -21,275 -1,196 -1,304 -23,775 Annualised net rents 165,499 110,476 71,171 84,333 84,613 30,572 19,700 42,323 11,481 620,168 49,009 33,454 702,631 Add: notional rent expiration of rent free periods or other lease incentives -461 -13 220 - 146 18 3,284 23 - 3,217 4,747 - 7,964 Topped-up net annualised rent 165,038 110,463 71,390 84,333 84,760 30,590 22,984 42,346 11,481 623,385 53,755 33,454 710,595 EPRA NIY (in %) 5.8% 5.0% 5.4% 5.8% 5.8% 5.1% 4.5% 6.0% 5.2% 5.5% 5.5% 6.5% 5.5% EPRA Topped-up NIY (in %) 5.8% 5.0% 5.4% 5.8% 5.8% 5.1% 5.2% 6.0% 5.2% 5.5% 6.0% 6.5% 5.6% 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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Half year financial report Regulated information 1 September 2026 – before opening of markets 90/99 EPRA Net Initial Yield* (NIY) and EPRA Topped-up NIY* 31/12/2025 Healthcare real estate Offices Distribution networks TOTAL x €1,000 BE DE NL UK FI IE ES FR IT Total Investment properties – wholly owned 1,255,280 1,201,500 693,910 1,202,143 1,277,680 460,435 34,125 - - 6,125,073 - - 6,125,073 Investment properties – share of JVs/Funds - - - - - - - - - - - - - Trading properties (including share of JVs) - - - 69,622 - - - - - 69,622 - - 69,622 Less: developments - -11,480 - -19,198 -44,040 -27,633 - - - -102,351 - - -102,351 Completed property portfolio 1,255,280 1,190,020 693,910 1,252,567 1,233,640 432,802 34,125 - - 6,092,344 - - 6,092,344 Allowance for estimated purchasers' costs 31,641 80,038 72,400 83,554 24,737 42,937 749 - - 336,056 - - 336,056 Gross up completed property portfolio valuation 1,286,921 1,270,058 766,310 1,336,121 1,258,377 475,739 34,874 - - 6,428,400 - - 6,428,400 Annualised cash passing rental income 74,485 66,547 42,931 81,022 74,668 24,340 723 - - 364,716 - - 364,716 Property outgoings 1 -629 -1,850 -1,595 -1,037 -2,039 -342 -79 - - -7,572 - - -7,572 Annualised net rents 73,856 64,697 41,336 79,985 72,629 23,998 644 - - 357,145 - - 357,145 Add: notional rent expiration of rent free periods or other lease incentives -504 300 244 - 322 - 1,162 - - 1,523 - - 1,523 Topped-up net annualised rent 73,352 64,997 41,580 79,985 72,951 23,998 1,806 - - 358,668 - - 358,668 EPRA NIY (in %) 5.7% 5.1% 5.4% 6.0% 5.8% 5.0% 1.8% - - 5.6% - - 5.6% EPRA Topped-up NIY (in %) 5.7% 5.1% 5.4% 6.0% 5.8% 5.0% 5.2% - - 5.6% - - 5.6% 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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Half year financial report Regulated information 1 September 2026 – before opening of markets 91/99 Note 16.8.4: EPRA Vacancy Rate* Investment properties – Rental data 1 30/06/2026 x €1,000 Gross rental income 2 Net rental income 3 Lettable space (in m²) Contractual rents 4 Estimated rental value (ERV) on empty spaces Estimated rental value (ERV) EPRA Vacancy rate (in %) Healthcare real estate 264,602 252,213 4,096,608 644,661 2,117 646,892 0.3% Belgium 65,566 64,549 1,068,884 166,776 - 161,062 0.0% Germany 49,115 44,883 995,712 118,251 1,193 120,352 1.0% Netherlands 31,501 28,863 537,831 76,006 252 77,233 0.3% United Kingdom 41,260 39,733 342,785 87,365 - 92,253 0.0% Finland 38,442 37,490 383,488 85,449 391 83,093 0.5% Ireland 14,204 13,838 147,993 31,319 - 30,258 0.0% Spain 7,495 7,106 240,319 23,712 - 26,167 0.0% France 13,267 12,567 303,722 43,529 280 44,221 0.6% Italy 3,752 3,184 75,873 12,253 - 12,253 0.0% Offices 15,535 14,667 248,336 54,951 4,377 54,132 8.1% Distribution networks 10,608 9,739 276,700 34,758 38 30,814 0.1% Total marketable investment properties 290,745 276,619 4,621,644 734,370 6,532 731,838 0.9% Reconciliation to income statement Properties sold in 2026 609 607 Properties held for sale 1,794 1,795 Development projects 156 152 Other adjustments 5 - -4,100 Total marketable investment properties 293,304 275,073 1 See section 3 ‘Overview of fair value, contractual rents and gross yields by country’ of the ‘Property report’ chapter for more details on rental data. 2 The total ‘gross rental income’ defined in EPRA Best Practices, reconciled with the consolidated IFRS income statement, corresponds to the ‘net rental income’ of the consolidated IFRS accounts. 3 The total ‘net rental income’ defined in EPRA Best Practices, reconciled with the consolidated IFRS income statement, corresponds to the ‘property operating result’ of the consolidated IFRS accounts. 4 The current rent at the closing date plus future rent on leases signed as at 30 June 2026. 5 The ‘Other Adjustments’ are Cofinimmo overhead costs allocated to the operational net rental income lines of the income statement.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 92/99 Investment properties – Rental data 1 30/06/2025 x €1,000 Gross rental income 2 Net rental income 3 Lettable space (in m²) Contractual rents 4 Estimated rental value (ERV) on empty spaces Estimated rental value (ERV) EPRA Vacancy rate (in %) Healthcare real estate 176,656 171,476 2,191,313 358,452 332 357,060 0.1% Belgium 36,271 35,829 505,484 73,000 - 70,255 0.0% Germany 31,896 30,660 557,911 65,004 - 65,091 0.0% Netherlands 19,833 18,627 338,972 41,792 75 41,771 0.2% United Kingdom 43,236 41,909 335,228 80,441 - 84,353 0.0% Finland 33,632 32,927 320,777 73,392 257 71,297 0.4% Ireland 11,852 11,631 117,368 24,019 - 23,482 0.0% Spain -64 -107 15,573 804 - 811 0.0% France 0.0% Italy - - - - - - 0.0% Offices - - - - - - 0.0% Distribution networks - - - - - - 0.0% Total marketable investment properties 176,656 171,476 2,191,313 358,452 332 357,060 0.1% Reconciliation to income statement Properties sold in 2025 1,389 1,311 Properties held for sale 2,548 2,534 Land reserve 30 18 Other adjustments - - Total marketable investment properties 180,623 175,340 1 See section 3 ‘Overview of fair value, contractual rents and gross yields by country’ of the ‘Property report’ chapter for more details on rental data. 2 The total ‘gross rental income’ defined in EPRA Best Practices, reconciled with the consolidated IFRS income statement, corresponds to the ‘net rental income’ of the consolidated IFRS accounts. 3 The total ‘net rental income’ defined in EPRA Best Practices, reconciled with the consolidated IFRS income statement, corresponds to the ‘property operating result’ of the consolidated IFRS accounts. 4 The current rent at the closing date plus future rent on leases signed as at 30 June 2025.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 93/99 Note 16.8.5: EPRA Cost Ratios* EPRA Cost Ratios* (x €1,000) 30/06/2026 30/06/2025 Administrative/operating expense line per IFRS statement -38,205 -24,383 Writeback of lease payments sold and discounted 170 0 Rental-related charges 821 -221 Recovery of property charges 105 - Charges and taxes not recovered by the tenant on let properties -25 9 Other rental-related income and charges 100 211 Net redecoration expenses -65 Technical costs -2,787 -1,296 Commercial costs -1,602 -4 Charges and taxes on unlet properties -275 -21 Property management costs -12,709 -3,404 Other property charges -973 -778 Overheads -21,243 -18,558 Other operating income and charges 278 -321 EPRA Costs* (including direct vacancy costs) (A) -38,205 -24,383 Charges and taxes on unlet properties 275 21 EPRA Costs* (excluding direct vacancy costs) (B) -37,930 -24,362 Gross Rental Income (C) 292,313 180,844 EPRA Cost Ratio* (including direct vacancy costs) (A/C) 13.1% 13.5% EPRA Cost Ratio* (excluding direct vacancy costs) (B/C) 13.0% 13.5% Overhead and operating expenses capitalised (including share of joint ventures) 993 370 As explained in Note 2.2 of Aedifica’s 202 5 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. Using a different calculation method to obtain a more normalised income statement (which would not exclude mainly pre-acquisition tax items from the Cofinimmo income statement), the EPRA Cost Ratio (including direct vacancy costs) would increase to approximately 14.4%.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 94/99 Note 16.8.6: Capital expenditure Capital expenditure Group (excl. joint ventures) Joint venture (proportionate share) Total group Healthcare real estate Offices Distribution networks x €1,000 30/06/2026 (6 months) BE DE NL UK FI IE ES FR IT Total 30/06/2026 (6 months) Property related capex (1) Acquisitions 1 6,075,071 1,571,841 935,540 490,310 67,783 176,963 100,660 451,951 216,270 663,720 4,675,038 922,470 477,563 - 6,075,071 (2) Development 69,768 550 6,372 33 7,376 37,882 14,286 3,483 -224 2 69,760 13 -5 - 69,768 (3) Investment properties 27,926 3,250 1,819 1,523 16,601 2,135 20 43 41 946 26,378 479 1,068 - 27,925 Incremental lettable space 2,318 918 334 180 158 711 - -2 - - 2,299 18 - - 2,317 No incremental lettable space 7,105 388 1,485 674 572 1,424 20 45 41 927 5,576 461 1,068 - 7,105 Capex related incentives 2,632 1,944 - 669 - - - - - 19 2,632 - - - 2,632 Other 15,871 - - - 15,871 2 - - - - - 15,871 - - - 15,871 (4) Capitalised interests 1,895 71 326 -1 331 598 482 82 - - 1,889 6 - - 1,895 Total capex 6,174,660 1,575,712 944,057 491,865 92,091 217,578 115,448 455,559 216,087 664,668 4,773,065 922,968 478,626 - 6,174,660 Conversion from accrual to cash basis -6,072,544 -1,571,991 -935,936 -490,326 -68,116 -175,281 -101,143 -449,493 -216,270 -663,720 -4,672,268 -922,565 -477,702 - -6,072,543 Total capex on cash basis 102,116 3,721 8,121 1,539 23,975 42,297 14,305 6,066 -183 948 100,789 403 924 - 102,116 1 Including forward purchases. 2 The amount relates entirely to earn-outs.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 95/99 Capital expenditure Group (excl. joint ventures) Joint venture (proportionate share) Total group Healthcare real estate Offices Distribution networks x €1,000 31/12/2025 (12 months) BE DE NL UK FI IE ES FR IT Total 31/12/2025 (12 months) Property related capex (1) Acquisitions 1 88,295 441 21,321 12,620 - 42,338 4,074 7,501 - - 88,295 - - - 88,295 (2) Development 88,315 523 6,943 260 17,328 48,557 12,908 1,796 - - 88,315 - - - 88,315 (3) Investment properties 9,306 157 2,169 524 5,213 1,660 -417 - - - 9,306 - - - 9,306 Incremental lettable space 5,837 - - 358 5,088 391 - - - - 5,837 - - - 5,837 No incremental lettable space 3,469 157 2,169 166 125 1,269 -417 2 - - - 3,469 - - - 3,469 Capex related incentives - - - - - - - - - - - - - - 0 Other - - - - - - - - - - - - - - 0 (4) Capitalised interests 1,929 - 326 1 302 502 793 5 - - 1,929 - - - 1,929 Total capex 187,845 1,121 30,759 13,405 22,843 93,057 17,358 9,302 - - 187,845 - - - 187,845 Conversion from accrual to cash basis -2,431 -91 -326 -166 -302 -1,165 -376 -5 - - -2,431 - - - -2,431 Total capex on cash basis 185,414 1,030 30,433 13,239 22,541 91,892 16,982 9,297 - - 185,414 - - - 185,414 1 Including forward purchases. 2 Negative capex for Ireland due to the reversal of deferred considerations from the previous year.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 96/99 Note 16.8.7: EPRA LTV* EPRA LTV* 30/06/2026 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 2,534,407 - 2,010 198,421 2,337,996 Commercial paper 1,090,500 - - 121,890 968,610 Hybrids (including convertibles, preference shares, debt, options and forwards) - - - - - Bond loans 1,630,969 - - 213,632 1,417,337 Foreign currency derivatives (futures, swaps, options and forwards) - - - - - Net payables 59,086 - - 29,008 30,078 Owner-occupied property (debt) - - - - - Current accounts (equity characteristics) - - - - - Exclude: Cash and cash equivalents 55,611 - 1,295 6,531 50,375 Net debt (A) 5,259,351 - 715 556,420 4,703,646 Include: Owner-occupied property - - - - - Investment properties at fair value 12,002,642 - 16,202 1,237,929 10,780,915 Properties held for sale 45,805 - 4,375 684 49,496 Properties under development 350,565 - - 44,012 306,553 Intangibles - - - - - Net receivables - - 483 138 345 Financial assets - - - - - Total property value (B) 12,399,012 - 21,060 1,282,763 11,137,309 LTV (A/B) 42.42% 42.23% EPRA LTV* 31/12/2025 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 1,415,652 - 6,275 26,862 1,395,065 Commercial paper 484,000 - - - 484,000 Hybrids (including convertibles, preference shares, debt, options and forwards) - - - - - Bond loans 585,355 - - - 585,355 Foreign currency derivatives (futures, swaps, options and forwards) - - - - - Net payables 20,891 - - 827 20,064 Owner-occupied property (debt) - - - - - Current accounts (equity characteristics) - - - - - Exclude: Cash and cash equivalents 21,952 - 5,339 53 27,238 Net debt (A) 2,483,946 - 936 27,636 2,457,246 Include: Owner-occupied property - - - - - Investment properties at fair value 6,022,722 - 11,121 41,176 5,992,667 Properties held for sale 69,622 - 11,514 - 81,136 Properties under development 113,957 - - 794 113,163 Intangibles - - - - - Net receivables - - - - - Financial assets - - 414 208 206 Total property value (B) 6,206,301 - 23,049 42,178 6,187,172 LTV (A/B) 40.02% - - - 39.72%
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Half year financial report Regulated information 1 September 2026 – before opening of markets 97/99 7. Auditors’ report (limited review) Statutory auditor's report to the board of directors of Aedifica nv on the review of the condensed consolidated interim financial information as at 30 June 2026 and for the six -month period then ended Introduction We have reviewed the accompanying condensed consolidated balance sheet of Aedifica nv (the ‘Company’) and its subsidiaries (collectively referred to as ‘the Group ’) as at 30 June 2026, the related consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated cash flow statement for the six -month period then ended, and notes (‘the condensed consolidated interim financial information ’). The board of directors is responsible for the preparation and presentation of this condensed consolidated interim financial information in accordance with IAS 34, ‘Interim Financial Reporting ’ as adopted by the European Union. Our responsibility is to express a conclusion on this condensed consolidated interim financial information based on our review. Scope of Review We conducted our review in accordance with the International Standard on Review Engagements 2410, ‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity ’. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial information as at 30 June 2026 and for the six -month period then ended is not prepared, in all material respects , in accordance with IAS 34, ‘Interim Financial Reporting ’ as adopted by the European Union. Brussels, 31 August 2026 EY Bedrijfsrevisoren bv Statutory auditor represented by Christophe Boschmans70 Partner 70 Acting on behalf of a bv.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 98/99 VI. Forward-looking statement This half year financial report contains forward -looking information involving risks and uncertainties ; in particular, statements concerning Aedifica’s plans, objectives, expectations and intentions. It is brought to the attention of the reader that these statements may involve known or unknown risks and be subject to significant uncertainties related to operational, econ omic and competitive plans, many of which are outside of Aedifica’s control. In the event that some of these risks and uncertainties were to materialise, or should the assumptions prove incorrect, actual results may deviate significantly from those anticipated, expected, projected or estimated. In this context, Aedifica assumes no responsibility for the accuracy of the forward-looking information provided. VII. Responsible persons statement Mr. Jean Hilgers, Chairman of Aedifica’s Board of Directors, and Mr. Stefaan Gielens, CEO of Aedifica, declare that to the best of their knowledge: - the Condensed Consolidated Financial Statements, prepared in accordance with applicable accounting standards, give an accurate picture of the assets, financial situation and the results of Aedifica and the businesses included in the consolidation; - the Interim Management Report contains an accurate account of the important events and related party transactions that occurred during the first six months of the financial year and their impact on the Condensed Consolidated Financial Statements, as well as a description of the main risks and uncertainties facing the company during the remaining months of the financial year.
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Half year financial report Regulated information 1 September 2026 – before opening of markets 99/99 Public Regulated Real Estate Company under Belgian law Belliardstraat 40 Rue Belliard 40 – 1040 Brussels Tel: +32 (0)2 626 07 70 Fax: +32 (0)2 626 07 71 VAT - BE 0877 248 501 - Registry of Legal Entities of Brussels www.aedifica.eu This half year financial report is also available in French and Dutch 71. Auditor EY Bedrijfsrevisoren BV / EY Réviseurs d’Entreprises SRL, represented by Christophe Boschmans, Partner Valuation experts Cushman & Wakefield Belgium NV/SA, Stadim BV/SRL, PricewaterhouseCoopers Enterprise Advisory BV/SRL, Jones Lang LaSalle BV/SRL, Cushman & Wakefield (UK) LLP German Branch, Savills Advisory Services GmbH & Co. KG, CBRE GmbH, Cushman & Wakefield Netherlands BV, Capital Value Taxaties BV, CBRE Valuation & Advisory Services BV, Knight Frank LLP, Jones Lang Lasalle Limited, Cushman & Wakefield Finland Oy, CBRE Finland Oy, CBRE Unlimited Company, Cushman & Wakefield Commercial Ireland Limited, Jones Lang LaSalle España SA, Colliers International Spain SL, Cushman & Wakefield Valuation France SA, Newmark Valuation & Advisor y SAS and Colliers Valuation Italy Srl Financial year 1 January – 31 December For additional information, please contact Investor Relations: Delphine Noirhomme – ir@aedifica.eu Lynn Nachtergaele – ir@aedifica.eu 71 The Dutch and French versions are translations, written under the supervision of Aedifica. In the event of any inconsistencie s or inaccuracies with the English version, the English text shall prevail.