Earnings release
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1 RESULTS OF THE 3RD QUARTER 2025 • Qualitative residential real estate portfolio - The fair value of the real estate portfolio is € 937.35 million on 30 September 2025. - The investment properties available for rent consist of 91.4% residential real estate. - More than 50% of the investment properties available for rent are younger than 10 years; more than 8 0% are younger than 20 years. - Completion of the residential project Jourdan 95 in Brussels (Saint-Gilles) with 48 sustainable rental units. - Purchase of the Jardin Leopold development project in Brussels (Laeken) with 56 sustainable rental units. - Final agreement with Cityfor ward for the future acquisition and conversion of 8 projects in Brussels' European quarter into around 700 sustainable rental properties. • Low average energy consumption of the residential portfolio - The units in Home Invest Belgium's property portfolio have an average primary energy consumption of 104 kWh/m²/year on 30 September 2025. - Home Invest Belgium's ambition is to further reduce the average primary energy consumption of the residential portfolio to <100 kWh/m²/year by 31 December 2026. - By comparison, the average energy consumption of the residential market is 294 kWh/m²/year in the Brussels Capital Region. Only 17% of the market is below 150 kWh/m²/year; only 6% of the market is below 95 kWh/m²/year. • Strong letting market results in a high occupancy rate - Strong residential letting market with strong demand for qualitative housing. - An average occupancy rate of 98.3% in the first 9 months of 2025. - Lfl (like-for-like) rental growth of 4.4% in the first 9 months of 2025. • Further increase in EPRA earnings - 3.2% increase in EPRA earnings to € 17.35 million in the first 9 months of 2025 (compared to € 16.82 million in the first 9 months of 2024). - 2.5% increase in EPRA earnings per share to € 0.87 in the first 9 months of 2025. • Completion of the sale of City Gardens in Leuven - The net sale price of this transaction amounts to € 34.0 million, which is 16% above the last estimated fair value as at 31 December 2024. • Increase in Net Asset Value per share (NAV) - Increase in EPRA NTA per share by 2.1% to € 2 4.07 in the first 9 months of 2025 (compared to € 23.56 at 31 December 2024). • Well balanced capital structure and strong liquidity position - Debt ratio of 49.86% (RREC Royal Decree) and 49.09% (IFRS) on 30 September 2025. - The average financing cost in the first 9 months of 2025 amounts to 2.15%.
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2 RESULTS OF THE 3RD QUARTER 2025 - 77.8% of financial debts have a fixed interest rate with a weighted average remaining maturity of 4.6 years. - Home Invest Belgium has € 48.00 million of freely available credit lines. - There are no maturities for credit lines or bonds in 2025 and the first half of 2026 . The next maturities are scheduled for the second half of 2026. The current development pipeline is fully financed. • Outlook 2025 and distribution to shareholders - For 2025, Home Invest Belgium expects an increase in EPRA earnings per share of € 1.20 (compared to € 1.16 for 2024). - On 6 May 2025, the General Meeting and the Extraordinary General Meeting approved a total distribution to shareholders of € 1.14 per share (compared to € 1.12 for 2023), representing an increase for the 25th consecutive year. - The board of directors foresees a distribution policy based on an average increase equal to or greater than the long-term inflation.
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3 RESULTS OF THE 3RD QUARTER 2025 1. REAL ESTATE PORTFOLIO p.4 2. CONSOLIDATED KEY FIGURES p.5 3. NOTES TO THE CONSOLIDATED KEY FIGURES p.7 3.1. Notes to the consolidated income statement p.7 3.2. Notes to the consolidated balance sheet p.8 3.3. Financing structure p.9 4. ACTIVITIES IN THE FIRST 3 MONTHS OF 2025 p.11 4.1. Rental activities p.11 4.2. Acquisitions p.11 4.3. Renovation and development projects p.13 4.4. Sales p.15 4.5. 4.6. Energy efficiency of the housing portfolio Expiry of leasehold rights in Louvain-la-Neuve on 7 June 2026 p.15 p.15 5. DISTRIBUTION TO THE SHAREHOLDERS p.16 6. OUTLOOK p.17 7. APM – ALTERNATIVE PERFORMANCE MEASURES p.18 8. SHAREHOLDERS’ CALENDAR p.22
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4 RESULTS OF THE 3RD QUARTER 2025 Brussels Capital Region 68,9% Walloon Region 10,1% Flemish Region 12,2% The Netherlands 8,8% Nursing homes Houses Tourism 5,7% 2,9% 91,4% Retail Offices Residential On 30 September 2025, Home Invest Belgium holds a real estate portfolio1F 1 of € 937.35 million (compared to € 881.79 million on 31 December 2024). The fair value of the investment properties available for rent amounts to € 793.67 million across 45 sites. The sum of the contractual rents on an annual basis and the estimated rental value of the vacant space amounts to € 37.27 million as at 30 September 2025. The investment properties available for rent are valued by independent real estate experts at an average gross rental yield2F 2 of 5.0%. Investment properties available for rent consist of 91.4% of residential properties on 30 September 2025. 68.9% of the investment properties available for rent are located in the Brussels Capital Region, 10.1% in the Walloon Region, 12.2% in the Flemish Region and 8.8% in The Netherlands. Investment properties available for rent Investment properties available for rent By type Geographical distribution 1 The estate portfolio consists of (i) investment properties , (ii) investments in associated companies and joint ventures equity method , and (iii) advances paid in the context of acquisitions. 2 Gross rental yield = (contractual gross rents on a yearly basis + estimated rental value on vacant spaces) / (fair value of t he investment properties available for rent). REAL ESTATE PORTFOLIO 30/09/2025 31/12/2024 Fair value of investment properties € 857.41 m € 852.98 m Investment properties available for rent € 793.67 m € 786.43 m Development projects € 63.74 m € 66.55 m Advance payments € 50.67 m € 0.00 m Investments in associated companies and joint ventures € 29.27 m € 28.81 m TOTAL € 937.35 m € 881.79 m
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5 RESULTS OF THE 3RD QUARTER 2025 CONSOLIDATED KEY FIGURES (in k €) INCOME STATEMENT 30/09/2025 30/09/2024 NET RENTAL INCOME 28,257 27,085 OPERATIONAL RESULT BEFORE PORTFOLIO RESULT 20,909 20,218 OPERATING MARGIN3F 3 74.0% 74.6% XVI. Result on the sale of investment properties 4,615 1,892 XVIII. Changes in fair value of investment properties 8,918 47,458 XIX. Other portfolio result -828 -324 PORTFOLIO RESULT 12,705 49,026 OPERATING RESULT 33,614 69,244 XX. Financial income 92 63 XXI. Net interest charges -4,484 -4,369 XXII. Other financial charges -59 -55 XXIII. Changes in fair value of financial assets and liabilities -1,805 -5,434 FINANCIAL RESULT -6,257 -9,795 XXIV. Share in the profit of associated companies and joint ventures 1,692 1,222 TAXES -258 -270 NET RESULT 28,791 60,401 Exclusion of portfolio result -12,705 -49,026 Exclusion of changes in real value of financial assets and liabilities +1,805 +5,434 Exclusion of non-EPRA elements of the share in the result of associated companies and joint ventures -540 +8 EPRA EARNINGS4F 4 17,351 16,817 Average number of shares5F 5 19,953,561 19,819,369 NET RESULT PER SHARE (in €) 1.44 3.05 EPRA EARNINGS PER SHARE (in €) 0.87 0.85 3 Operating margin = (operating result before portfolio result)/(net rental result). 4 EPRA earnings is the net result excluding the (i) 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 u sed in accordance with the Best Practices Recommendations of EPRA. 5 The average number of shares is calculated excluding the own shares held by the company.
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6 RESULTS OF THE 3RD QUARTER 2025 BALANCE SHEET 30/09/2025 31/12/2024 Shareholders’ equity (attributable to shareholders of parent company) 487,713 484,437 Total assets 959,171 901,069 Debt ratio (RREC Royal Decree)6F 6 49.86% 47.19% Debt ratio (IFRS)7F 7 49.09% 46.30% PER SHARE 30/09/2025 31/12/2024 Number of shares at end of period8F 8 19,895,902 20,066,379 Stock price at closing date 19.62 17.16 IFRS NAV per share9F 9 24.51 24.14 Premium compared to IFRS NAV (at closing date) -20.0% -28.9% EPRA NTA per share10F 10 24.07 23.56 Premium compared to EPRA NTA (at closing date) -18.5% -27.2% 6 The debt ratio (RREC Royal Decree) is the debt ratio calculated in accordance with RREC Royal Decree. This means that for the purposes of calculations of the debt ratio, participations in associated companies and joint ventures are accounted for using the proportional consolidation method. 7 The debt ratio (IFRS) is calculated like the debt ratio (RREC Royal Decree) but based on and conciliating with a consolidated balance in accordance with IFRS where participations in joint ventures and associated companies are accounted for using the equit y method. 8 The average number of shares is calculated excluding the own shares held by the company. 9 IFRS NAV per share = Net Asset Value or Net Value per share according to IFRS. 10 EPRA NTA per share = Net Asset Value or Net Value per share following the Best Practices Recommendations of EPRA.
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7 RESULTS OF THE 3RD QUARTER 2025 3.1. NOTES TO THE CONSOLIDATED INCOME STATEMENT NET RENTAL INCOME The net rental income increased to € 28.26 million during the first 9 months of 2025 (compared to € 27.09 million during the first 9 months of 2024). OPERATING RESULT BEFORE THE PORTFOLIO RESULT The operating result before the portfolio result amounted to € 20.91 million during the first 9 months of 2025 (compared to € 20.22 million during the first 9 months of 2024). The operating margin11F 11 was 74.0% during the first 9 months of 2025 (compared to 74.6% during the first 9 months of 2024). PORTFOLIO RESULT During the first 9 months of 2025, Home Invest Belgium achieved a portfolio result of € 12.71 million. The result on the sale of investment properties amounted to € 4.62 million during the first 9 months of 2025. Home Invest Belgium sold investment properties in this period for a net sales value of € 35.11 million. The net sales value was 15.2% above the latest fair value as estimated by the independent property expert. In addition, during the first 9 months of 2025 , Home Invest Belgium recorded a posi tive change in the fair value of its real estate investments amounting to € 8.92 million. These changes consist of: - A positive change of € 6.5 million in Belgium; and - A positive change of € 2.42 million in the Netherlands. The other portfolio result amounts to - € 0. 82 million. In this item, the changes in deferred taxes are recorded. FINANCIAL RESULT The net interest charges amounted to € 4.48 million in the first 9 months of 2025. The average cost of debt1 122 amounted to 2.15% over the same period. The changes in the fair value of the financial assets and liabilities amounted to € -1.81 million during the first 9 months of 2025 . These changes are the consequence of a change in the fair value of the interest rate swaps. TAXES Taxes amounted to € -0.26 million during the first 9 months of 2025 (compared to € -0.27 million during the first 9 months of 2024). NET RESULT The net result (group share) of Home Invest Belgium amounted to € 28.79 million during the first 9 months of 2025, or € 1.44 per share. 11 Operating margin = (operating result before portfolio result)/(net rental result). 12 The average funding cost is = the interest costs including the credit margin and the cost of hedging instruments and increase d by capitalised interests divided by the weighted average financial debt over the period.
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8 RESULTS OF THE 3RD QUARTER 2025 EPRA EARNINGS After adjustment of the net result for (i ) the portfolio result, (ii) the changes in the fair value of the financial assets and liabilities, and (iii) the non-EPRA elements of the share in the result of associated companies and joint ventures, the EPRA earnings amount to € 17.35 million during the first 9 months of 2025, an increase of 3.2% (compared to € 16.82 million during the first 9 months of 2024). EPRA earnings per share increased by 2.5% to € 0.87 during the first 9 months of 2025. 3.2. NOTES TO THE CONSOLIDATED BALANCE SHEET SHAREHOLDERS’ EQUITY AND NAV PER SHARE On 30 September 2025, the shareholders’ equity of the group stood at € 487.13 million, which is an increase of 0.7% compared to 31 December 2024. The IFRS NAV per share increased by 1.5% to stand at € 24.51 on 30 September 2025 (compared to € 24.14 on 31 December 2024). EPRA NTA per share increased by 2.1% to stand at € 24.07 on 30 September 2025 (compared to € 23.56 on 31 December 2024).
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9 RESULTS OF THE 3RD QUARTER 2025 3.3. FINANCING STRUCTURE DEBT RATIO The debt ratio (RREC Royal Decree ) amounted to 49.86% at 30 September 2025 . The debt ratio (IFRS) amounted to 49.09%. Considering a maximum permitted debt ratio of 65%, Home Invest Belgium still has a debt capacity of € 416.18 million, as defined by the RREC Royal Decree, in order to fund new investments. Considering Home Invest Belgium’s strategy to keep the debt ratio in the medium and long term below 55%, Home Invest Belgium still has a debt capacity of € 109.84 million to fund new investments. DEBT COMPOSITION On 30 September 2025, Home Invest Belgium had € 459.00 million in financial debts composed of: - Bilateral credit lines drawn for an amount of € 399.00 million with 7 different financial institutions, with well spread maturity dates until 2031. There are no maturities in 2025. The first coming maturity date is in the second half of 2026; - A bond for an amount of € 49.00 million with maturities between 2028 and 2032; - Short term treasury notes (“commercial paper”) for an amount of € 11.00 million. Notwithstanding the short-term nature of the outstanding treasury notes , the outstanding amount is fully covered by available long-term credit lines (back-up lines). MATURITY OF FINANCIAL DEBTS (€ MIO) 9 40 0 52 55 45 89 77 62 21 10 8 0 5 15 110 20 40 60 80 100 120 140 160 2025 2026 2027 2028 2029 2030 2031 2032 2033 Maturity dates of bonds Maturity dates of used credit lines Maturity dates of available credit lines Maturity dates of treasury notes
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10 RESULTS OF THE 3RD QUARTER 2025 Bank loans 86,9% Bonds 10,7% Treasury notes 2,4% Fixed interest rate 77,8% Floating interest rate 22,2% The weighted average remaining duration of the financial debts amounts to 3.5 years. On 30 September 2025, Home Invest Belgium disposed of € 59.00 million of undrawn available credit lines, of which: - € 11.00 million long term back-up lines covering short-term outgoing treasury notes; - € 48.00 million available credit lines. HEDGES At 30 September 2025, 77.8% of financial debts (i.e. € 357.0 million) had a fixed interest rate, using Interest Rate Swaps as hedging instruments, among other things. The fixed interest rates have a weighted average remaining duration of 4.9 years. The total value of the hedges at closing date was positive for an amount of € 11.95 million due to a decrease in interest rates after conclusion of the hedges. Through its hedging policy, the board of directors wishes to protect the company against potential increases in interest rate. Type of debts Fixed/floating interest rates
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11 RESULTS OF THE 3RD QUARTER 2025 4.1. RENTAL ACTIVITIES Home Invest Belgium saw a healthy rental market in the first 9 months of 2025 with strong demand for quality housing in the regions in which it operates. This resulted in a very high occupancy rate. T he average occupancy rate3F 13 of the investment properties available for rent amounted to 98.3% during the first 9 months of 2025. The lfl (like-for-like) rental growth rate was 4.4% in the first 9 months of 2025. 4.2. ACQUISITIONS Acquisition sustainable housing project Jardin Leopold - Brussels – Belgium Home Invest Belgium acquired the Jardin Leopold development project in Brussels (Laeken) in January 2025. The transaction concerns the acquisition of a site with 2 old warehouses and a building permit. Home Invest Belgium will realise a new build project consisting of 56 units. The total investment in the project will amount to approximately € 18.0 million. The gross initial yield is estimated at around 4.7%. The project is expected to be delivered by the end of 2026. 13 The average occupancy rate calculated as the average percentage over a certain period of time of the contractual rents of the rented spaces, in relation to the sum of the contractual rents of the rented spaces and the estimated rental value of the vacant spa ces. The occupancy rate is calculated excluding (i) buildings being renovated (ii) building s being commercialised for the first time and (iii) buildings being sold.
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12 RESULTS OF THE 3RD QUARTER 2025 Acquisition of Cityforward residential development portfolio – Brussels, Belgium On 5 August 2025, Home Invest Belgium signed a final agreement with Cityforward for the acquisition of 8 projects (spread over 3 major clusters), representing a development programme of approximately 70,000 m². All projects are located in prime locations in the centre of Brussels, more specifically in the European district. The agreement concerns the development of a property portfolio on which Cityforward took over the long lease rights from SFPIM in 2024.14 HOMI will acquire full ownership 15 of the projects (each separately) after obtaining a final and enforceable building permit and the realisation of a number of conditions precedent. Subsequently, HOMI will convert the office buildings into residential projects for long-term holding and letting. In connection with the future acquisition of the projects, HOMI has made an advance payment to Cityforward of € 50.0 million. The acquisition price for the individual projects will be set off against the advance paid, increased with an annual capitalised remuneration of 8.6% on the (outstanding) advance payment. Depending on the final permit applications, HOMI estimates the total investment amount for the projects (including the advance payment) at circa € 280 million. Its realisation is expected to be spread over a period of 7 to 9 years. The estimated rental inc ome at full occupancy is expected to amount to approximately € 14 million. The gross initial yield (Yield on Cost) is expected to be approximately 5.0%. HOMI expects to internalise a development on this investment in line with the market, which will contribute to the company's equity and EPRA NTA. 14 The long lease rights on the portfolio were transferred from SFPIM to Cityforward; SFPIM retained the residual rights. 15 HOMI will also take over the residual rights of the properties from SFPIM.
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13 RESULTS OF THE 3RD QUARTER 2025 4.3. RENOVATION AND DEVELOPMENT PROJECTS Delivery of Jourdan 95 – Brussels – Belgium In March 2025, Home Invest Belgium completed the Jourdan 95 residential project in Brussels (Saint-Gilles). The project consists of 48 sustainable rental residential units strategically located between Porte de Halle and Avenue Louise in Brussels. At the end of 2022, HOMI received a permit to transform an outdated office building into high -quality rental housing. 16 The result is a modern complex of 48 units spread across six floors. The units range from efficient studios to spacious four -bedroom apartments, with many having private terraces. In addition, the building offers a communal gym, a laundry room, bicycle storage and 55 underground parking spaces. On the ground floor, residents have a communal garden, while a nursery is already in use, adding to the vibrancy of the neighborhood. The choice to renovate the existing building instead of demolishing it fits perfectly with HOMI's sustainability objectives. This approach significantly reduces the ecological footprint. This project was carried out in collaboration with the architectural firm A2RC. Sustainability and quality of life were at the heart of the renovation of Jourdan 95. The building is heated entirely without the use of fossil fuels. Domestic hot water and heating are produced by 3 collective air-water heat pumps. About 100 solar panels provide green electricity production. The houses have an estimated average primary energy consumption of 42 kWh/m²/year (energy label A). 16 See press release dated 16 September 2022: “Home Invest Belgium obtains building permit for Jourdan project in Saint -Gilles”.
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14 RESULTS OF THE 3RD QUARTER 2025 Progress City Dox (Lot 4) - Brussels - Belgium In November 2021, Home Invest Belgium purchased from Atenor building plot LOT 4 of the CITY DOX project in Brussels (Anderlecht). LOT 4 has an ideal location right next to the Vaartdijk in Anderlecht and is part of the large -scale CITY DOX project along the Brussels-Charleroi canal. LOT 4 will be developed into 163 residential units and 2,700 m² of space for production. Work is nearing completion and final finishes are being carried out before delivery. Renovation building Charles Woeste–Brussels- Belgium Home Invest Belgium has started the thorough renovation of its building Charles Woeste located in Brussels (Jette). The building, part of Home Invest Belgium's property portfolio since 1999, consists of 2 blocks with a total of 92 units and 30 parking spaces. The renovation is in 2 phases: block 1 consists of 48 apartments; block 2 consists of 42 apartments. With the renovation, Home Invest Belgium aims to improve both the energy performance of the building and the living comfort in the apartments. Completion of the renovation project is scheduled for Q1 2026.
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15 RESULTS OF THE 3RD QUARTER 2025 4.4. SALES On 29 January 2024, Home Invest Belgium announced to have entered into an agreement, under usual conditions precedent, for the sale of the City Gardens building located in Leuven. 17 Home Invest Belgium executed the notary deed on 17 January 2025, thus successfully completing the sale. The net sale price amounts to € 34.0 million and is 16% above the last fair value as estimated by the property expert on 31 December 2024. This investment is an illustration of Home Invest Belgium's business model, in which the entire value chain is controlled (from construction or renovation, through property management, letting and maintenance, to the eventual sale of a building). The building City Gardens consists of 138 apartments, 2 shops and 92 parking spaces. Home Invest Belgium acquired the building in 2009 and completely renovated it in 2010. Home Invest Belgium then held the building in its portfolio for 15 years and operated it on the rental market. In 2025, Home Invest Belgium sold the building and realised a capital gain of € 15.6 million (or 85%) compared to the historical purchase price (plus Capex expenses). 4.5. ENERGY EFFICIENCY OF THE RESIDENTIAL PORTFOLIO Home Invest Belgium‘s property portfolio has an average primary energy consumption of 10 4 kWh/m²/year on 30 September 2025. Home Invest Belgium's ambition is to further reduce the average primary energy consumption of the residential portfolio to <100 kWh/m²/year by 31 December 2026. By comparison, the average energy consumption of the residential market is 294 kWh/m²/year in the Brussels Capital Region. Only 17% of the market is below 150 kWh/m²/year; only 6% of the market is below 95 kWh/m²/year. 18 4.6. EXPIRY OF LEASEHOLD RIGHTS IN LOUVAIN-LA-NEUVE ON 7 JUNE 2026 On 25 January 2013, Home Invest Belgium acquired leasehold rights on buildings CV9, CV10 and CV18 in Louvain-La-Neuve.19 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 approximately € 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. 4 million on 30 September 2025. 17 See press release ‘Home Invest Belgium sells City Gardens in Leuven’ dated 29 January 2024. 18 Source : Bruxelles Environnement, "Certification PEB des habitations individuelles" (données 2021). 19 See press release “Acquisition de l’ensemble des droits réels du certificat immobilier - Louvain La Neuve 1976 - » dated 4 December 2012.
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16 RESULTS OF THE 3RD QUARTER 2025 Given the company's solid operating results, the board of directors reaffirms its distribution policy based on an average increase equal to or greater than the long-term inflation. The board of directors bases this on: - the constant indexed rental stream from existing investment properties; - the control of the company's operating costs; - the company's hedging policy, which provides good visibility on interest charges and makes them assessable in the medium term; - the existing pipeline of development projects. Furthermore, the board of directors points to the significant reserves the company has built up over the years as a safety buffer for the future.
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17 RESULTS OF THE 3RD QUARTER 2025 During the first 9 months of 2025, the operational results of Home Invest Belgium have developed positively. 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 towards owning property and concepts of urban sharing. Home Invest Belgium owns a sustainable portfolio given its young age. More than 50% of the investment properties available for rent are younger than 10 years. Given the quality and the location of the properties in predominantly large urban areas, Home Inv est Belgium is well positioned to take on a leading role in the favourable trends of the residential market. Against this background, the board of directors confirms its confidence in the long -term prospects of the company. For 2025, Home Invest Belgium expects an increase in EPRA earnings per share of € 1.20 (compared to € 1.16 in 2024).
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18 RESULTS OF THE 3RD QUARTER 2025 Home Invest Belgium uses Alternative Performance Measures (APM) within the meaning of the Guidelines issued by the European Securities and Markets Authority (ESMA) on 5 October 2015 in its financial communication for many years. A number of these APMs are recommended by the Europ ean Public Real Estate Association, EPRA, while others were established by the sector or by Home Invest Belgium itself to provide the reader with a better understanding of the company’s results and performances. Performance indicators that are defined by the IFRS or by law, and indicators that are not based on items in the income statement or the balance sheet, are not considered to be APMs. HEDGING RATIO Definition: This is the percentage of financial debt with a fixed interest rate compared to the total financial debt. The numerator corresponds to the sum of fixed -rate borrowing plus floating -rate debts after conversion into fixed-rate debts via IRS contracts in effe ct at the end of the financial year. The denominator corresponds to the total amount of financial debt drawn on the closing date. Purpose: A significant portion of the company’s financial debts are concluded at floating rates. This APM is used to measure the risk associated with interest rate fluctuations and its potential impact on the results. Reconciliation: (in € k) 30/09/2025 31/12/2024 Fixed-rate financial debt 89,000 89,000 Floating-rate financial debts converted into fixed-rate debt via IRS 268,000 268,000 Total fixed-rate debt 357,000 357,000 Total floating-rate debt 102,000 49,000 Total debt 459,000 406,000 Hedging ratio 77.78% 87.93%
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19 RESULTS OF THE 3RD QUARTER 2025 AVERAGE COST OF DEBT Definition: The interest costs (including the credit margin and the cost of the hedging instruments) divided by the weighted average financial debt over the period in question. The numerator corresponds to the sum of the net interest costs included in item XXI of the income statement, after addition of the capitalized interest. The denominator corresponds to the average amount of financial debt calculated over the period. Purpose: The company is partly financed by debt. This APM is used to measure the average cost of the interests paid. Reconciliation: (in € k) 30/09/2025 30/09/2024 Net interest charges (heading XXI) 4,484 4,369 Capitalized interests 2,083 1,959 Total cost of financial debt 6,567 6,328 Weighted average amount of debt 305,449 291,140 Average cost of debt 2.15% 2.17%
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20 RESULTS OF THE 3RD QUARTER 2025 EPRA NAV Definition: EPRA published the new Best Practice Recommendations for financial disclosures of listed real estate companies in October 2019. EPRA NAV is being replaced by 3 new Net Asset Value indicators: EPRA Net Reinstatement Value (NRV), EPRA Net Tangible Assets (NTA) and EPRA Net Disposal Value (NDV). The EPRA NAV indicators are obtained by adjusting the IFRS NAV in such a way that any shareholders receive the most relevant information about the value of the company’s assets and liabilities. Purpose: • EPRA NRV: displaying the resources required to reconstitute the company through the investment markets based on the current capital and financing structure, including transfer taxes; • EPRA NTA: displaying a NAV in which the real property and other investments have been revalued to their respective fair values, excluding certain items that are not expected to materialise into a long - term investment property business model; • EPRA NDV: represents the NAV of the company in a scenario when all assets are being s old. This scenario results in the value of any deferred taxes, debts and financial instruments being realised. Reconciliation: 30/09/2025 (in € k) EPRA NTA EPRA NRV EPRA NDV IFRS NAV (shareholders of the group) 487,713 487,713 487,713 (v) Deferred taxes in respect of increases in the fair value of investment properties 3,514 3,514 (vi) Fair value of financial instruments -11,954 -11,954 (viii,b) Intangible fixed assets -461 (x) Fair value of fixed rate debt 3,496 (xi) Transfer taxes 45,263 NAV 478,813 524,537 491,209 Number of shares 19,895,902 19,895,902 19,895,902 NAV per share 24.07 26.36 24.69 31/12/2024 (in € k) EPRA NTA EPRA NRV EPRA NDV IFRS NAV (shareholders of the group) 484,437 484,437 484,437 (v) Deferred taxes in respect of increases in the fair value of investment properties 2,686 2,686 (vi) Fair value of financial instruments -13,759 -13,759 (viii.b) Intangible fixed assets -570 (x) Fair value of fixed rate debt 5,300 (xi) Transfer taxes 45,323 NAV 472,793 518,687 489,737 Number of shares at end of period 20,066,379 20,066,379 20.066.379 NAV per share 23.56 25.85 24.41
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21 RESULTS OF THE 3RD QUARTER 2025 EPRA EARNINGS (PER SHARE) Definition: The EPRA earnings is the net result (share group) excluding the (i) 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 results of associated companies and joint ventures. The term is used in accordance with the Best Practices Recommendations of EPRA. Purpose: This APM measures the underlying operational result of the company . without regard to the result of the change in the value of the assets or liabilities on the portfolio . gains or losses on the sale of investment properties and the other result of the portfolio. Reconciliation: (in € k) 30/09/2025 30/09/2024 NET RESULT (GROUP SHAREHOLDERS) (IFRS) 28,791 60,401 - Excluding: results of sale of investment properties (ii) -4,615 -1,892 - Excluding: changes in the fair value of properties (i) -8,918 -47,458 - Excluding: other portfolio result (viii) +828 +324 - Excluding: variations in the fair value of financial assets and liabilities (vi) +1,805 +5,434 - Excluding: non-EPRA elements in the share of the result of associate d companies and -540 +8 - joint ventures (ix) EPRA EARNINGS 17,351 16,817 Average number of shares 19,953,561 19,819,369 EPRA EARNINGS PER SHARE 0.87 0.85 OPERATING MARGIN Definition: This alternative performance indicator measures the company’s operational profitability as a percentage of rental income and is calculated by dividing the “operating result before the result on the portfolio” by “the net rental result”. Purpose: This APM is used to assess the operating performance of the company. Reconciliation: (in € k) 30/09/2025 30/09/2024 Operating result before portfolio result 20.909 20.218 Net rental result 28.257 27.085 Operating margin 74,00% 74,64%
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22 RESULTS OF THE 3RD QUARTER 2025 2026 Annual press release on the financial year 2025 Thursday 12 February 2026 Publication of the annual financial report on the website Friday 3 March 2026 Ordinary general meeting of the financial year 202 5 Tuesday 5 May 2026 Dividend for the financial year 2025 – Ex date Monday 11 May 2026 Dividend for the financial year 2025 – Record date Tuesday 12 May 2026 Dividend for the financial year 2025 – Payment date Wednesday 13 May 2026 Interim statement: results at 31 March 2026 Wednesday 20 May 2026 Half-year financial report: results at 30 June 2026 Wednesday 2 September 2026 Interim statement: results at 30 September 2026 Thursday 12 November 2026
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23 RESULTS OF THE 3RD QUARTER 2025 FOR ADDITIONAL INFORMATION Preben Bruggeman Chief Executive Officer Tel: +32.2.740.14.51 E-Mail: investors@homeinvest.be www.homeinvestbelgium.be Ingrid Quinet Chief Legal Officer Home Invest Belgium Boulevard de la Woluwe 46. Box 11 B – 1200 Brussel ABOUT HOME INVEST BELGIUM Home Invest Belgium is the largest professional lessor of residential real estate in Belgium. The company builds, rents and maintains most of its buildings under its own management. As constructor and long-term owner, Home Invest Belgium guarantees a qualitative residential experience to its tenants. With more than 25 years of experience, 45 buildings in its portfolio – half of which are less than 10 years old - and more than 2,500 residential units, Home Invest Belgium has a wide range and in-depth expertise. The company uses them to live up to its declared ambition to become the ‘ landlord of choice’ for all its tenants, regardless of their stage of life or lifestyle. This translates into high - quality and sustainable rental housing, communal areas and services for tenants and rent rates in line with the market prices . Home Invest Belgium is a Belgian public regulated real estate company ( RREC Royal Decree ) specialised in the acquisition, sale, development, letting and management of residential real estate. On 30 September 2025 Home Invest Belgium held a real estate portfolio worth € 937 million in Belgium and the Netherlands. Home Invest Belgium has been listed on Euronext Brussels [HOMI] since 1999. On 30 September 2025 , the market capitalisation amounted to € 396 million. The share is included in the BEL Small Index and the FTSE EPRA NAREIT Global Real Estate Index.