Slides
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We offer more than just a place to live. We provide our tenants with a place to build their lives in properties that shape vibrant communities. It is our explicit ambition to be the “landlord of choice” for tenants. 12/02/2026 2© Home Invest Belgium Landlord of choice
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12/02/2026 3© Home Invest Belgium Topics 1. Company profile 2. Real estate portfolio 31 December 2025 3. Key activities FY 2025 4. Financial results FY 2025 5. HOMI share 6. Outlook
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Company profile
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5 Home Invest Belgium (HOMI) at a glance Listed Belgian REIT − Number 1 owner and manager of residential properties in Belgium − Listed on Euronext Brussels since 1999 − A specialist with 25+ years of experience… − … and 25+ years of consecutive dividend growth − Over 50 dedicated professionals − HQ in Brussels € 371 mio market capitalisation As on 31 December 2025 Group Van Overstraeten 30,3% AXA SA 17,4% Mr & Ms Van Overtveldt - de Frahan 3,1% Own shares 1,5% Free float 47 7%
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6 Home Invest Belgium (HOMI) at a glance Residential real estate • Biggest sector within the real estate market with a need for professionalization • Limited impact from business cycles on the letting market • Limited impact from disruption • Responds to the primary human need for housing Specialist • In-house team of over 50 dedicated real estate professionals • Top of mind with other market participants (sellers buyers brokers innovators …) In-house development team • Assures a constant pipeline for growth • Higher yields obtained thanks to internalization of development margin • Apartment design and quality standards geared to the tenant market • Built from the long-term perspective of an end investor Long term debt funding • Well diversified funding sources from 7 financial institutions and good access to debt capital markets • Long term funding with a high proportion of fixed interest rates (78.2% fixed rates with a remaining average duration of 4.1 years) Strong shareholder returns • Strong track record of dividend growth • Strong track record of NAV growth • Supported by stable reference shareholders
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Real estate portfolio 31 December 2025
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€ 0m € 100m € 200m € 300m € 400m € 500m € 600m € 700m € 800m € 900m € 1000m 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 8 Strong growth track € 967 million portfolio value
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9 Specialist in residential real estate > 90% of the portfolio is residential real estate
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10 Located in Belgium (92%) & The Netherlands (8%) With a strong presence in the Brussels Capital Region (>70% of the portfolio) Brussels Capital Region 71,4% Walloon Region 8,9% Flemish Region 11,3% The Netherlands 8,3%
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− Brussels the Capital of Europe − 1.2 mio inhabitants − Strong population growth(1) − 0.7% annual growth over the past decade … − … compared to 0.5% outside Brussels 11 Strong presence in the Brussels Capital Region − The biggest tenant market in Belgium − High proportion of tenants vs. owner- occupied − 60% tenants in Brussels − compared to 30% outside Brussels 60% 40% Brussels Tenants Owner-occupied 30% 70% Belgium (outside Brussels) Tenants Owner-occupied (1) Statbel : Period 1-1-2013 to 1-1-2024
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70% 74% 77% 84% 40% 45% 50% 55% 60% 65% 70% 75% 80% 85% 90% 1990 2018 2030e 2050e 12 Supporting megatrends in housing Urbanisation % of Europeans living in cities (1) Decreasing household sizes Ageing population The share of 65+ in Belgium’s population will increase from 20% in 2022 to 25% in 2050 (2) 0-19 20-64 65+ 80+ 0-19 20-64 65+ 80+ 22% 58% 20% 6% 20% 55% 25% 10% 2022 2050 (2) European Commission : 2024 Ageing Report (1) United Nations
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13 Young and sustainable portfolio More than 50% of the portfolio is younger than 10 years. Age of the portfolio Younger than 10 years > 50% of the portfolio Younger than 20 years > 80% of the portfolio
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14 Compared to an outdated housing stock on the market Only 7% of the Brussels’ housing stock is younger than 40 years. This means there is a huge need and potential for new housing.
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12/02/2026 15© Home Invest Belgium Strong energy performance 254 kWh/m²/year Average primary energy consumption of housing units in the Brussels Capital Region 100 kWh/m²/year Target for all housing units in the Brussels Capital Region by the year 2050 104 kWh/m²/year Average primary energy consumption of the portfolio’s housing units per 31/12/2025 <100 kWh/m²/year Target primary energy consumption of the portfolio’s housing units by 31/12/2026 − Current situation in the Brussels Capital Region housing market* − Only 19% of housing units < 150 kWh/m²/year − Only 7% of housing units < 95 kWh/m²/year − Legal decrees define that all housing units should be − < 275 kWh/m²/year by 2033 − < 150 kWh/m²/year by 2045 Brussels Capital RegionHome Invest Belgium portfolio * Source: Bruxelles Environnement, "Certification PEB des habitations individuelles" (données 2024)
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Key activities in FY 2025
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Jardin Leopold – Laeken (Brussels) − A new built residential project with : - 56 housing units − 23 parking spaces − Very energy efficient building : − A target primary energy consumption below 45 kWh/m²/year (EPC A label) − Great location: − Near the centre of Brussels and is easily accessible − The project is expected to be delivered by the end of 2026 17 Acquisition of Jardin Leopold
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Jourdan 95 – Saint-Gilles (Brussels) − The transformation of an outdated office building to : - 48 housing units − 55 parking spaces − Very energy efficient building : − Estimated average primary energy consumption of 42 kWh/m²/yr (energy label A) − Heated entirely with 3 collective air-water heat pumps (fossil-free) − Solar panels − Delivered in Q1 2025 − Fully let 18 Delivery of Jourdan 95
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City Dox (Lot 4) – Anderlecht (Brussels) − A new built residential project with : - 163 housing units - 132 parking spaces - 2 700 m² production facilities - Very energy efficient building : - Estimated average primary energy consumption of 30 kWh/m²/year (energy label A) - Geothermal heating with boreholes of 65 metres deep - Solar panels - Delivered in Q4 2025 - 61% of the housing units let 19 Delivery of City Dox
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Charles Woeste – Jette (Brussels) - Renovation the building Charles Woeste: - 92 housing units - 30 parking spaces - Building from the 1980s; has been in the portfolio for 25 years - Estimated average primary energy consumption after renovation of 88 kWh/m²/yr (= 27% energy reduction) - Renovation budget : € 7 mio - Delivery expected in Q1 2026 20 Renovation of Charles Woeste
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Pipeline (with building permit) 21 Development pipeline Name City # housing units Delivery date (expected) Total cost (expected) Remaining CAPEX still to be spent Jardin Leopold Brussels (Laeken) 56 Q4 2026 € 18 mio € 12 mio Total 56 € 18 mio € 12 mio Name City # housing units Delivery date (expected) Total cost (expected) Remaining CAPEX still to be spent Charles Woeste Brussels (Jette) 92 Q1 2026 € 7 mio € 1 mio Total 92 € 7 mio € 1 mio Pipeline (renovation of existing buildings within the portfolio)
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− Signing of the final agreement on 5 August 2025 − Between Cityforward and HOMI for the redevelopment of a property portfolio consisting of 17 obsolete buildings occupied by the European Commission to a new vibrant European quarter. − Cityforward will focus on the development of the offices; − HOMI will focus on the development of the residential part (including retail and public facilities). − Development program with potential for +/- 70 000 m² residential retail and public facilities − Project with a timeframe of 7-9 years − HOMI made an advance payment of € 50 mio (with a capitalising remuneration of 8.6%) − Total estimated investment amounts to approx. € 280 mio − Expected gross yield of approx. 5.0% 22 Cityforward
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Strong letting activities in 2025 Lfl (like-for-like) rental growth of 4.0% in 2025 (year-on-year). High occupancy rate Average occupancy rate(1) in 2025 : 23 Letting activities and occupancy rate Occupancy rate FY 2025 98.2% FY 2024 98.2% FY 2023 98.5% FY 2022 98.1% FY 2021 97.2% (1) The occupancy rate is calculated excluding (i) buildings being renovated (ii) buildings being commercialized for the first time and (iii) buildings being sold.
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• On 25 January 2013 Home Invest Belgium acquired leasehold rights on buildings CV9 CV10 and CV18 in Louvain-La- Neuve. The building rights have a residual term until 7 June 2026. • At the end of the leasehold rights UCL (as the grantor) has the option to: (i) Either pay HOMI the market value of the structures; (ii) Or extend the building rights for a term of 49 years in the form of a leasehold. • UCL has informed HOMI that it will not extend the leasehold rights and will therefore opt for payment of the market value of the structures. Based on external valuation reports, the market value of the structures is estimated at approx. € 50 million. • On 7 June 2026, the contractual rents from the leasehold rights will lapse and HOMI will have a claim against UCL for the market value of the structures. The annual contractual rents on these buildings amount to € 4.2 million on 31 Dec 2025. 24 Expiry of leasehold rights in Louvain-La-Neuve on 7 June 2026
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Financial results FY 2025
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26 Key figures Consolidated income statement (in € k) FY 2025 FY 2024 Δ Y-o-Y % growth Net rental result 38 590 36 351 2 239 +6.2% Property result 36 372 34 013 2 359 +6.9% (-) Property costs -3 547 -3 324 (-) General costs and other operating income -3 296 -2 773 Operating result before result on the portfolio (=EBIT) 29 529 27 916 1 613 +5.8% Operating margin (% of Net rental result) 76.5% 76.8% (+/-) Result on the disposal of investment properties 4 515 1 892 (+/-) Changes in the fair value of investment properties 33 314 62 805 (+/-) Other portfolio result -1 305 -463 Operating result 66 053 92 150 (-) Financial result (excl. changes in fair value of financial assets and liabilities) -6 401 -5 856 (+/-) Changes in fair value of financial assets and liabilities 1 308 6 344 (+/-) Share in the profit of associates and joint ventures o/w share in EPRA earnings o/w share in changes in fair value of investment properties and financial assets and liabilities 1 836 +1 463 +373 1 578 +1 654 -76 (-) Taxes -414 -555 Net result (group share) 59 766 80 937
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27 Key figures EPRA earnings (in € k) FY 2025 FY 2024 Δ Y-o-Y % growth Net result (group share) 59 766 80 937 (-) Portfolio result -36 524 -64 234 (-) Changes in fair value of financial assets and liabilities -1 308 +6 344 (-) Non-EPRA elements of the share in the result of associates and joint ventures -373 +76 EPRA earnings (1) 24 176 23 159 1 017 +4.4% (1) EPRA earnings are defined as the net result excluding (i) the portfolio result (ii) the changes in the fair value of financial assets and liabilities and (iii) the non-EPRA elements of the share in the result of associated companies and joint ventures. This term is used in accordance with the Best Practices Recommendations of EPRA. (2) The weighted average number of shares is calculated excluding own shares. Per share results (in €) FY 2025 FY 2024 Δ Y-o-Y % growth Weighted average number of shares (2) 19 941 604 19 888 873 Net result per share 3.00 4.07 EPRA earnings per share 1.21 1.16 0.05 +4.1%
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28 Key figures Consolidated balance sheet (in € k) 31/12/2025 31/12/2024 Δ Y-o-Y % growth Total assets 987 481 901 069 86 412 9.6% Shareholders’ equity 518 818 484 437 34 381 7.1% Debt ratio (RECC-Act) (1) 48.14% 47.19% Debt ratio (IFRS) (2) 47.35% 46.30% (1) The debt ratio (RREC-Act) is calculated according to the RREC-Act . This means that for the sole purpose of calculating the debt ratio the share in associated companies and joint ventures are accounted for proportional consolidation method. (2) The debt ratio (IFRS) is calculated in the same way as the debt ratio (RREC-Act) but based on the IFRS consolidated balance sheet with the share in associated companies and joint ventures accounted for using the equity method. (3) The total number of shares outstanding is calculated excluding own shares. (4) IFRS NAV per share = Net Asset Value per share according to IFRS. (5) EPRA NTA per share = Net Asset Value per share according to EPRA Best Practices Recommendations. NAV per share (in €) 31/12/2025 31/12/2024 Δ Y-o-Y % growth Total number of shares outstanding (3) 19 895 902 20 066 379 Closing price of the share 18.38 17.16 1.22 7.1% IFRS NAV (4) 26.08 24.14 1.93 8.0% Premium/discount to IFRS NAV -29.5% -28.9% EPRA NTA (5) 25.63 23.56 2.07 8.8% Premium/discount to EPRA NTA -28.3% -27.2%
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− Financial debt amounts to € 456.5 m - Drawn credit lines : € 399.0 m - Bonds : € 49.0 m - Commercial Paper : € 8.5 m − Weighted average remaining duration of the financial debt of 4.4 yrs − Credit lines are provided by 7 financial institutions − € 59.0 m committed non-drawn credit lines available - Backup lines for outstanding CP : € 8.5 m - Available credit lines : € 50.50 m − Debt ratio of 48.14% (RREC-act) (strategic target <55%) − 78.2% of the financial debts have an interest rate that is fixed (or hedged by means of Interest Rate Swaps) − Weighted average remaining duration of the fixed interest rates of 4.1 yrs − Average financing cost of 2.19% in FY 2025 29 Financial structure Debt maturities Fixed/floating interest rates Type of debt 78,2% 21,8% Fixed interest rate Floating interest rate 87,4% 1,9% 10,7% Bank loans Commerical paper Bonds 9 40 9 55 45 89 86 87 20 18 10 8 21 5 15 € 0 m € 20 m € 40 m € 60 m € 80 m € 100 m € 120 m € 140 m € 160 m € 180 m 2026 2027 2028 2029 2030 2031 2032 2033 Expiry dates of available credit lines Expiry dates of drawn credit lines Expiry dates of commercial paper Expiry date of bonds
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HOMI share
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31 Key figures per share Key figures per share 31/12/2025 31/12/2024 31/12/2023 31/12/2022 31/12/2021 31/12/2020 Total number of shares issued (1) 20 200 136 20 200 136 19 708 766 17 917 060 16 499 290 16 499 290 Closing price of the share € 18.38 € 17.16 € 15.50 € 21.80 € 24.40 € 23.10 Market capitalisation € 371 mio € 347 mio € 305 mio € 391 mio € 403 mio € 381 mio IFRS NAV € 26.08 € 24.14 € 21.30 € 23.06 € 20.87 € 18.87 Premium/discount to IFRS NAV -29.5% -28.9% -27.2% -5.5% 16.9% 22.4% EPRA NTA € 25.63 € 23.56 € 20.36 € 21.40 € 20.99 € 19.30 Premium/discount to EPRA NAV -28.3% -27.2% -23.9% 1.8% 16.2% 19.7% (1) Including own shares.
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12/02/2026 32© Home Invest Belgium Key figures per share Key figures per share FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 FY 2020 Average number of shares (1) 19 941 604 19 888 873 18 701 976 17 106 685 16 442 734 16 440 730 EPRA earnings € 24.18 mio € 23.16 mio € 21.18 mio € 18.47 mio € 16.28 mio € 14.60 mio EPRA earnings per share € 1.21 € 1.16 € 1.13 € 1.08 € 0.99 € 0.89 (1) Excluding own shares.
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33 Evolution of the share price & gross distribution per share € 0,00 € 0,20 € 0,40 € 0,60 € 0,80 € 1,00 € 1,20 € 1,40 € 0,00 € 5,00 € 10,00 € 15,00 € 20,00 € 25,00 € 30,00 Gross dividend HOME INVEST BELGIUM - Share price
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12/02/2026 34© Home Invest Belgium Stock price comparison 500 255 427 - 100 200 300 400 500 600 700 okt 2008 okt 2009 okt 2010 okt 2011 okt 2012 okt 2013 okt 2014 okt 2015 okt 2016 okt 2017 okt 2018 okt 2019 okt 2020 okt 2021 okt 2022 okt 2023 okt 2024 okt 2025 Total return sinds 2008 HOMI EPRA Eurozone Index BEL20 Index
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Outlook
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36 Outlook − Strong residential letting market with strong demand for qualitative housing has resulted in a high occupancy rate of 98.2% and lfl rental growth of 4.0%. − Solid operating margin of 76.5%. − Further increase in EPRA earnings by 4.4% to € 24.18 million in 2025. Strong residential rental market and solid operating figures in FY 2025 Supportive long-term trends for the residential rental market With its future proof portfolio HOMI is well positioned to take a leading role in the residential rental market − Young portfolio: > 50% of the portfolio is younger than 10 years. − Energy efficient portfolio: Average primary energy consumption of 104 kWh/m²/yr for the portfolio’s housing units per 31/12/2025. − The residential rental market continues to grow steadily in those cities where Home Invest Belgium is active mostly thanks to: • a long-term urbanisation trend marked by demographic growth in big cities including both young and older people leading to increased demand for housing; • an increasing number of tenants in big cities due to factors including an increasing need for flexibility and a change in attitude to private property and concepts of urban sharing.
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37 Outlook Distribution to the shareholders EPRA earnings per share − In 2025 Home Invest Belgium celebrated 25 consecutive years of dividend growth and rose to the rank of dividend aristocrat. − Given Home Invest Belgium's strong operating results a distribution to the shareholders of € 1.16 per share will be proposed for financial year 2025 (compared to € 1.14 for 2024) an increase for the 26th consecutive year. − The distribution to shareholders will consist of the combination of: − a gross dividend of € 1.03 per share (an increase of € 0.01 compared to € 1.02 for FY 2024) that will be proposed to the annual general meeting on 5 May 2026. − a € 0.13 per share reduction in shareholders' equity (an increase of € 0.01 compared to € 0.12 for 2024) that will require the decision of an extraordinary general meeting. − For the coming years the board envisages a distribution policy based on an average increase equal to or higher than the long-term inflation. − For FY 2026 the company expects an increase in EPRA earnings per share to € 1.23 (compared to € 1.21 in 2025).
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Boulevard de la Woluwe 46/11 1200 Brussels Belgium +32 (0)2 899 43 21 | solutions@homeinvest.be | www.homeinvest.be Public regulated real estate investment company under Belgian law