Earnings release
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X²x²² Annual Results 2025 per 31.12.2025 3 February 2026 Annual results 2025 Xior Student Housing
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2 Antwerp, Belgium | 3 February 2026 | 7h00 CET Regulated information PRESS RELEASE 2025: Xior confirms pricing power and lays foundation for renewed EPS growth Strong operational and financial performance in a market with structural undersupply ♦ EPRA earnings rise to 102.3 MEUR (+12%) ♦ Occupancy rate of 98%, structurally high and stable in all countries ♦ LfL rental growth of +5.43%, well above inflation and above previous guidance of 5% ♦ Operational margin >87%, driven by economies of scale and cost control ♦ Approx. 1,300 new student rooms added to portfolio in 2025 ♦ Positive revaluations of +1.2% YtD, driven by rental growth and market transactions ♦ Solid balance sheet with LTV <50% and 100% funding needs covered for the coming 18 months Earnings and dividend 2025 confirmed ♦ EPS 2025: 2.21 EUR and DPS 2025: 1.768 EUR Outlook 2026-2027: Focus on sustainable value creation and renewed EPS growth From 2026 onwards, the focus shifts to renewed EPS growth over a two -year growth trajectory (2026- 2027). This growth will be driven by structural rental growth, operational leverage and the phased active pipeline execution over 2026-2027. The delivery of this growth will be achieved within a stable financial framework, with no increase in debt ratio or additional balance sheet risk . Strategic focus on further EPS growth ♦ Return: acceleration of rental growth through pricing power and additional income. Guidance LfL rental growth 2026: minimum 4%, at least 1% above inflation ♦ Efficiency: economies of scale, digitalisation and tight cost model as direct EPS leverage ♦ Quality: superior student satisfaction as driver for sustainable rental growth and retention Growth to portfolio of ca. 23.500 units via pipeline execution – fully internally funded ♦ Completion of approx. 1,150 new units in 2026-2027; +10.2 MEUR additional rental income ♦ Targeted profitability of future pipeline ♦ Maintain LTV <50% and strong liquidity position Financial outlook ♦ 2026 earnings and dividend forecast: 2.30 EUR EPS and 1.84 EUR DPS (+4% vs. 2025) ♦ 2027 earnings and dividend forecast: 2.40 EUR EPS and 1.92 EUR DPS (+4% vs. 2026) Ten years of building foundations sets today the stage for the next phase of growth Xior closes 2025 strongly and commits to renewed EPS growth for 2026-2027 2025: EPS/DPS confirmed at 2.21/ 1.768 EUR driven by LfL rental growth well above inflation for the 3rd year in a row & peak occupancy 2026-2027: 2-yr growth plan with EPS growth to 2.30 EUR in 2026 (+4%) followed by a further increase to 2.40 EUR in 2027 (+4%). Christian Teunissen, CEO: “Over the past ten years, we have built strong foundations at Xior: a pan-European platform, a high-quality portfolio and a solid balance sheet. Our LfL rental growth has been substantially above inflation for three years in a row, confirming the structural pricing power and quality of our assets. With this foundation, high occupancy rates, robust margins and a fully internally financed growth pipeline, w e are ready to enter the next phase from 2026 onwards and once again achieve v isible, sustainable growth in earnings per share.”
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3 Antwerp, Belgium | 3 February 2026 | 7h00 CET Regulated information PRESS RELEASE Table of contents 1. Highlights FY 2025 ............................................................................................................................................................................ 5 2. Outlook 2026 ................................................................................................................................................................................... 6 3. Operational update .......................................................................................................................................................................... 9 4. Consolidated financial results 2025 ............................................................................................................................................... 11 5. Financing ........................................................................................................................................................................................ 17 6. Major realisations in the full year 2025.......................................................................................................................................... 17 7. Important events after the end of the fourth quarter ................................................................................................................... 18 8. Growth prospects .......................................................................................................................................................................... 19 9. Annual Financial Report - Annual General Meeting ....................................................................................................................... 19 10. Financial calendar 2026 ............................................................................................................................................................... 19 11. Financial summary ....................................................................................................................................................................... 20 12. Alternative performance measures (APMs): reconciliation tables ............................................................................................... 26 13. Glossary of the Alternative Performance Measures (APMs) used by Xior Student Housing ........................................................ 33 Xior Analyst & Investor call Tuesday 3 February 2026 from 10:00 CET to 11:00 CET Register for the live webcast here: P6 T 8#y Click here
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4 Antwerp, Belgium | 3 February 2026 | 7h00 CET Regulated information PRESS RELEASE Highlights FY 2025 3.6 billion EUR Fair Value 98% occupancy rate in 8 different countries EPS/DPS 2025 confirmed 2.21 EUR / 1.768 EUR Net rental result LfL rental growth over 2025 +5.4% 180 MEUR + 7% YoY 22,268 +8% 49.92% Debt ratio 49.87% LTV lettable units (22,863 beds) c. 1,300 new student rooms (YtD) EPRA earnings (group share) 102 MEUR Guidance EPS/DPS 2026 2.30 EUR / 1.84 EUR +4% Guidance EPS/DPS 2027 2.40 EUR / 1.92 EUR +4%
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5 Antwerp, Belgium | 3 February 2026 | 7h00 CET Regulated information PRESS RELEASE 1. Highlights FY 2025 Strong business model supported by a dynamic and growing market ♦ Net rental result increases to 179,600 KEUR, an increase of 7% compared to 2024 thanks to: o The completion of a new project in Warsaw with a total of around 404 new beds o The acquisition of new assets in Wroclaw and Warsaw totalling approx. 900 beds o LfL rental growth of 5.43% YoY, higher than the initial guidance and for the third year in a row, substantially above inflation o High and stable occupancy at 98% for Q4 2025, across all countries These acquisitions and completions will further boost rental income in 2026 and further drive EPS growth. The significant scarcity of high -quality student accommodation creates a dynamic environment in which Xior can maintain high occupancy rates as well as achieve rental growth above inflation. ♦ Early signs for the new 2026 rental season are positive. Since December, Xior has recorded a strong inflow of applications, indicating continued high demand and confirming the group's solid pricing power, even after recent rental price adjustments. Portfolio and pipeline: positive revaluations and further growth ♦ As of 31 December 2025, the total property portfolio is valued at 3.6 billion EUR, up 7.4% or 245 MEUR vs. 31 December 2024 (3.3 billion EUR). On the one hand, this increase is due to a positive revaluation (+39 MEUR or +1. 2% YtD) mainly driven by rental growth. On the other hand, the increase also reflects the recent acquisitions in Warsaw and Wroclaw, as well as the completion of Wenedow in Warsaw. ♦ Xior continues the execution of its active pipeline . Completions of the flagship Brinktoren in Amsterdam and the Boavista residence in Porto are scheduled for 2026. The projects in Seraing and Ghent will be delivered in 2027. The remaining investment requirement within this pipeline remains limited, with a cost to come of around 14 MEUR (net after sale of part of Brinktoren to Ymere). The completion of these projects will generate approximately 10.2 MEUR in additional annual rental income. ♦ No new divestments were announced in the fourth quarter. However, previously announced disposals totalling 14 MEUR were successfully completed. Xior continues to opportunistically evaluate possible sales to create value for shareholders through asset rotation to newer and more profitable properties, without being part of an active divestment programme. ♦ EPRA NTA/share at 38.67 EUR compared to 39.91 EUR at 31/12/2024, a decrease mainly as a result of a higher number of shares. ♦ Further growth of Xior's unique pan -European platform: portfolio grows by a net 1,573 units year-on-year to 22,268 lettable student units (22,863 beds). Upon realisation of the full pipeline,
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6 Antwerp, Belgium | 3 February 2026 | 7h00 CET Regulated information PRESS RELEASE the portfolio will increase to around 4 billion EUR, with 25, 424 lettable student units ( 26,007 beds). Strengthening balance sheet liquidity and debt ratio Thanks to the strategic acquisitions in 2025 of immediately profitable investments in Poland, financed with new equity, targeted divestments and limited capex to further execute the active pipeline, Xior maintains LTV and debt ratio below 50%. The acquisitions were financed through a balanced combination of new equity and internal resources. Higher investment returns from the Polish acquisitions offset the new shares, preserving shareholder value and keeping earnings per share stable compared to the previous year. ♦ Debt ratio and LTV fall to 49.92% and 49.87% respectively vs. 50.64% and 50.99% on 31/12/2024 ♦ EPRA earnings – group share rises to 102,323 KEUR (+12% YoY) ♦ EPRA earnings/share – group share at 2.21 EUR/share 1, stable YoY even with 10.7% additional shares on average vs. 2024 ♦ Dividend per share at 1.768 EUR/share will be submitted for approval at the Annual General Meeting on 21 May 2026 Xior continues to pursue a proactive financing strategy , systematically extending or refinancing loans at least 12 months before their maturity date. At the same time, the company continues to strive for a strong liquidity position, with a minimum target amount of 100 MEUR of undrawn credit lines. Xior's liqui dity position currently stands at 141 MEUR vs. 162 MEUR at Q3 2025. This fully covers 100% of Xior's financing needs for the next 18 months. Both the refinancings, the fully committed capex programme a nd the outstanding commercial paper are fully covered. The 34 MEUR USPP loan maturing in Q2 2026 will be refinanced through a new loan with another bank. In Q4 2025, an additional loan was also concluded with ABN Amro for an amount of 35 MEUR with a maturity of 2.5 years, as well as a new loan with ICBC for an amount of 25 MEUR with a maturity of 3 years. ♦ Financing cost decreases slightly to 3. 06% (vs. 3.10% in Q4 2024). Average maturity of outstanding loans increases to 5.2 years (vs. 4.3 years at Q4 2024) ♦ Hedge ratio at 89.3% (vs. 92% at Q4 2024) for a 5-year period ♦ Interest Cover Ratio (ICR) rises further to 3.13 (vs. 2.67 as at Q4 2024) ♦ Net Debt/EBITDA (adjusted) stable at 11.89 (vs. 11.83 as at Q4 2024)2. Net debt/EBITDA is not a covenant 2. Outlook 2026-2027 Strategic pillars for sustainable EPS growth over 2026-2027 After a period marked by a clear focus on balance sheet strengthening, integration and operational optimisation, the group enter s a new growth phase from 2026 onwards, spanning a two -year trajectory (2026-2027), aligned with the execution of the active pipeline. With a fully funded growth pipeline, stable debt ratio and a proven operational platform, the focus shifts back to structural and visible growth of the earnings per share (EPS), after a period of predominantly EPS-neutral growth. For the 2026- 2027 period, the strategy relies on three complementary pillars - Return, Efficiency and Quality - which together aim to restore and accelerate EPS without additional balance sheet risk. 1 Figures per share have been calculated based on the weighted average number of shares, taking into account the dividend entitlement of the relevant shares, unless otherwise indicated. 2 For the full calculation, see Chapter 12 (Alternative Performance Measures (APMs)).
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7 Antwerp, Belgium | 3 February 2026 | 7h00 CET Regulated information PRESS RELEASE Return: acceleration of rental growth as primary EPS driver Xior is strengthening its EPS profile by further accelerating rental growth, supported by multiple, concretely identifiable leverage mechanisms: • Structural pricing power above inflation through dynamic and market-driven pricing. For 2026, Xior expects LfL rental growth of minimum 4%, at least 1% above inflation, supported by continued undersupply in all core markets and high occupancy rates . • Accelerated contribution from new completions , with faster operational ramp -up thanks to a centralised digital sales approach and proven commercial processes. Recent completions in 2025 and expected completions in 2026 make an immediate and visible contribution to recurring earnings. • Launch of a dedicated B2B revenue desk focused on maximising additional revenue. This desk focuses on increasing summer occupancy through corporate partnerships and expanding collaborations with universities and educational institutions, leading to higher revenues without proportional cost increases. • Capital recycling via asset rotation: whereby assets can be opportunistically divested and the proceeds reinvested into higher-yielding assets. These initiatives not only strengthen the topline, but directly translate into higher recurring earnings per share. Efficiency: scale and cost reduction as direct EPS leverage Today, after years of integration, cost control and platform building, Xior has a robust, scalable and lean operating model. From 2026, this scale will be explicitly used as operational leverage, which will further reduce costs per unit , with a direct impact on margins and EPS . The efficiency improvements rely on, among other things: • The further roll -out of central shared services within a matrix structure, while retaining local responsibility. This model combines local market intelligence and operational proximity with economies of scale, consistent processes and strict cost control. • Further digitalisation and process automation , including administrative workflows, IT integration and data-driven steering
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8 Antwerp, Belgium | 3 February 2026 | 7h00 CET Regulated information PRESS RELEASE • A lean and scalable cost model, with continuous benchmarking and discipline on overhead and operational expenses Quality: quality and retention as a foundation for sustainable EPS growth Xior continues to invest in the quality of the student experience as a structural lever for pricing power, occupancy and long -term value creation. Quality is not a cost, but a strategic tool that supports sustainable rental growth and strengthens recurring EPS stability. Focus is on: • Continued roll -out of the Baselife model , a cost -efficient community and service model with proven positive impact on student satisfaction and retention; • Harmonised service and quality standards across all countries and residences, ensuring consistent service at scale; • Enhanced digital customer experience , with seamless digital touchpoints, faster problem resolution and more efficient interaction with residents. Higher satisfaction and retention lead to structurally high occupancy rates , lower churn and better predictability of cash flows. This supports not only sustainable rental growth, but also the long-term value retention of the portfolio . Cost optimisation is done explicitly without compromising quality, so that operational efficiency and customer experience reinforce each other in function of sustainable EPS growth. Further pipeline development 2026-2027 ♦ Further implementation of the active pipeline: addition of ca. 1,150 new lettable units in 2026- 2027 with a total investment value of ca. 177 MEUR. The completion of these projects will generate approximately 10.2 MEUR in additional annual rental income. ♦ Rentabilisation of the landbank pipeline : In addition to the existing active pipeline, the (re)development of some additional projects from the own landbank pipeline will be considered. The analysis and planning of this is currently ongoing. In this way, the investments already made in the landbank and existing buildings, with limited additional capex, will be revitalised in an efficient and relatively quick manner. These projects will be fully financed in the coming years through self-financing. Financial outlook for 2026 ♦ 2026: Xior expects earnings per share (EPS) to increase to 2.30 EUR and dividend per share (DPS) to 1.84 EUR, representing a +4% increase compared to 2025. ♦ 2027: Xior expects a further increase in earnings per share (EPS) to 2.40 EUR and dividend per share (DPS) to 1.92 EUR, also representing a +4% increase compared to 2026.
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9 Antwerp, Belgium | 3 February 2026 | 7h00 CET Regulated information PRESS RELEASE 3. Operational update 3.1 Operations and organisation update Rental season Xior's portfolio again achieved a maximum occupancy rate of 98%, fully in line with expectations. Both existing, stabilised residences and recent completions are performing strongly. The new 2026-2027 rental season will start within the next month. Xior is already seeing a strong inflow of applications, especially in popular student cities where structural shortages are highest. In all countries, local teams are actively preparing for the next rental season, which will start from February-March 2026 in most markets. The continued growth of the student population and the persistent shortage of quality student accommodation support confidence in a strong and predictable rental season. Through its pan- European platform, Xior combines high -quality student accommodation with a strong brand and community approach in numerous European cities. This allows students to move easily between locations and organise their studies flexibly, while enjoying the same quality and service everywhere. Completions and acquisitions 2025 In 2025, the portfolio was further strengthened with the completion of the new Wenedów residence in Warsaw. In addition, Xior expanded its presence in Poland through the acquisition of two operational residences: Basecamp by Xior Wroclaw and Warsaw Wolska. Poland remains a market with significant growth potential and a structural shortage of quality student accommodation, so new supply is absorbed quickly. As a result, a total of about 1,300 lettable units/beds were added to the portfolio. Completions of some key projects from the company's own development pipeline are also scheduled for 2026: ♦ Brinktoren (Amsterdam, The Netherlands) - 266 units/beds ♦ Boavista (Porto, Portugal) - 532 units/beds These projects are progressing well and are scheduled to open before the start of the new academic year in 2026. For Brinktoren Amsterdam, a letter of intent has already been signed with Tio Business School Amsterdam for the lease of all 266 units. This strategic cooperation will be formalised in Q1 2026 through a final lease agreement. Important milestones were reached for Boavista and Trasenster in June 2025, with the topping out celebration in Porto and the laying of the first stone of the project in Ser aing, respectively. The completion of Trasenster (Seraing, Belgium) – 300 units/beds was postponed to 2027. After completion of these three projects, the portfolio will be expanded by around 1,100 additional units in 2027. Warsaw Wenedów (PL) 404 units/beds Warsaw Wolska (PL) 117 units/beds Basecamp by Xior Wroclaw (PL) 775 units/beds
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10 Antwerp, Belgium | 3 February 2026 | 7h00 CET Regulated information PRESS RELEASE MyXior The MyXior transformation project is making further progress. As communicated earlier, the entire Dutch portfolio is now live on the platform, where all processes are running smoothly and stably. Meanwhile, preparations are being made for the go-live of the Portuguese properties, scheduled for spring 2026. MyXior strengthens digital interaction with students while increasing operational efficiency for employees. New Xior website for students In parallel, Xior is developing a revamped website where students can discover the full range of rooms and residences on offer. The new website will further optimise the customer journey through a user - friendly interface and comprehensive information per residence, including room types, facilities, location, the local team and resident reviews. The website will be modelled on the Basecamp by Xior website, a best-in-class digital platform, and is also scheduled for launch in spring 2026. Rebranding German properties The two residences in Germany (Leipzig and Potsdam) are currently still operated under the Basecamp by Xior branding. During 2026, Xior will completely rebrand these properties and integrate them into the current Xior house style. This rebranding fits within the further harmonisation of the portfolio and will strengthen brand consistency and increase the recognition of the Xior brand for students. Ambassador programme Xior continues its strong commitment to not just providing a room, but also creating a strong community experience through our Baselife program. Throughout 2025 we have taken steps to implement the concept further across our portfolio in all countries, as well as strengthening collaboration with partners and universities. Our Basebuddies have hosted a wide range of activities in our properties bringing together students of all nationalities and educational interest through sports events and competitions, the always popular food clubs, cultural celebrations, well-being webinars and much more. Throughout the last two years, where the Baselife program has been implemented progressively in Xior, we see a steady request for more activities and a significant increase in resident satisfaction, which further strengthens our believe in providing our st udents a full experience while staying with us, truly making them feel at home. The continued roll -out of the program in 2026 focus es especially on our properties in Belgium, and optimizing existing processes to standardize across countries, including defining variances in services. 3.2 ESG update Sustainable Finance Framework update
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11 Antwerp, Belgium | 3 February 2026 | 7h00 CET Regulated information PRESS RELEASE Xior's Sustainable Finance Framework includes environmental criteria (E) to select and finance the greenest assets and social criteria (S) based on affordability and social pricing so that part of its portfolio also qualifies for social finance, in line with Xior's environmental and social ambitions and commitments, in the context of rising prices and concerns about more affordable student ho using. As of 31 December 2025, Xior has a total of 1.27 billion EUR in sustainable financing, of which 993 MEUR was drawn ( 67% of total financing). In total, Xior has 2.31 billion EUR in sustainable assets, sufficient to make all financing sustainable. Update externally certified properties As of 31 December 2025, 11 of Xior's residences were externally certified in accordance to BREEAM, LEED or DGNB. This represents around 23% of the total fair value of the portfolio. For the recent acquisition in Wroclaw and the recently completed Wenedow residence, the certification process is currently ongoing. In addition, ongoing developments in Amsterdam (Brinktoren) , Porto (Boavista) and Seraing will also be externally certified. Xior aims to increasingly opt for externally certified buildings in new developments and acquisitions, in line with its long -term sustainability ambition. Publication of Annual Report & ESG Report Xior's full ESG report, including CO2 KPIs, will be published in the annual report on 14 April 2026, this ESG report is fully in line with the EPRA sBPRs. 4. Consolidated financial results 2025 Consolidated income statement (in thousands of €) 31.12.2025 31.12.2024 Net rental result 179,600 167,638 Property result 188,459 171,968 Operating result before result on the portfolio 144,296 130,183 Financial result (excluding variations in the fair value of financial assets and liabilities) -34,925 -35,406 EPRA earnings 3 102,827 91,240 EPRA earnings 3- group share 102,323 90,961 Result on the portfolio (IAS 40) -31,921 1,295 Revaluation of financial instruments (non-effective interest rate hedges) 5,001 -20,136 Deferred taxes -7,235 -5,890 Net result (IFRS) 68,672 66,509 3 Xior Student Housing NV uses Alternative Performance Measures (APMs) to measure and monitor its operational performance. The European Securities and Markets Authority (ESMA) has issued guidelines applicable as from 3 July 2016 on the use and explanation of alternative performance measures. Chapter 10.8 of the Annual Financial Report 2024 contains the terms that Xior considers APMs. APMs are marked with and accompanied by a definition, an objective and a reconciliation (see chapters 12 and 13 of this press release), as required by the ESMA guideline .
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12 Antwerp, Belgium | 3 February 2026 | 7h00 CET Regulated information PRESS RELEASE Consolidated balance sheet (in thousands of €) 31.12.2025 31.12.2024 Equity 1,753,131 1,634,504 Equity – group share 1,751,575 1,633,544 Fair value of the investment property4 3,558,842 3,314.053 Loan-to-value 49.87% 50.99% Debt ratio (Act on Regulated Real Estate Companies)5 49.92% 50.64% Key figures per share (in €) 31.12.2025 31.12.2024 Number of shares 46,695,094 42,344,283 Weighted average number of shares6 46,279,394 41,118,335 EPRA earnings7 per share 2.22 2.22 EPRA earnings8 per share - group share 2.21 2.21 Result on the portfolio (IAS 40) -0.69 0.03 Variations in the fair value of hedging instruments -0.11 0.49 Net result per share (IFRS)8 1.48 1.62 Share closing price 28.95 29.65 Net asset value per share (IFRS) (before dividend) - group share9 37.51 38.58 Payout ratio (with relation to EPRA earnings) 10 80% 80% Proposed dividend per share11 1.768 1.768 Portfolio update 31.12.2025 31.12.2024 Number of lettable student units 22,268 20,695 Number of lettable student beds 22,863 21,274 Number of countries 8 8 Number of cities 42 42 4 The fair value of the investment propert y is the investment value as determined by an independent property expert, excluding transaction fees (see BE-REIT Association press release of 10 November 2016 - BE-REIT Association press release update of 30 June 2025). The fair value corresponds to the book value under IFRS. 5 Calculation in accordance with the Royal Decree of 13 July 2014 implementing the Act of 12 May 2014 on Regulated Real Estate Companies. 6 Based on the dividend entitlement of the shares. 7 Calculated based on the weighted average number of shares. 8 Calculated based on the weighted average number of shares. 9 Based on the number of shares. 10 The payout ratio is calculated based on the consolidated result. The actual dividend distribution is based on the statutory earnings of Xior Student Housing NV. 11 Subject to approval by the Annual General Meeting.
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13 Antwerp, Belgium | 3 February 2026 | 7h00 CET Regulated information PRESS RELEASE 31.12.2025 31.12.2024 EPRA metrics Definition In thousands of € € per share In thousands of € € per share EPRA earnings Underlying result derived from the strategic operating activities. This indicates the extent to which dividend payments are covered by earnings. 102,827 2.22 91,240 2.22 EPRA NAV 13 Net asset value (NAV) adjusted to take into account the fair value of the investment property and excluding certain elements that are not part of a financial model of long-term property investments. 1,813,753 38.84 1,695,608 40.04 EPRA NNNAV 13 EPRA NAV adjusted to take into account the fair value of (i) the assets and liabilities, (ii) the debts and (iii) the deferred taxes. 1,753,131 37.54 1,634,504 38.60 EPRA NRV 13 Assumes that entities never sell property and aims to represent the value needed to rebuild the property. 1,989,794 42.61 1,888,744 44.60 EPRA NTA 13 Assumes that entities buy and sell assets, causing certain levels of unavoidable deferred tax to materialise. 1,805,726 38.67 1,689,785 39.91 EPRA NDV 13 Represents the shareholder value in a 'sell out scenario', in which deferred tax, assets and liabilities and certain other adjustments are calculated to the full extent, after deduction of the resulting tax. 1,827,569 39.14 1,696,730 40.07 % % EPRA Net Initial Yield (NIY) Annualised gross rental income based on the current rent on the closing date, excluding the property charges, divided by 4.8% 4.6% 12 For Spain and Portugal, gross valuation yields will be reported instead of NOI yields from 202 5 onwards. The comparative figures have been restated accordingly. 13 Based on the number of shares issued. Gross valuation yields12 2025 2024 Belgium 5.39% 5.41% The Netherlands 5.84% 5.67% Spain 5.13% 5.27% Portugal 6.13% 6.11% Germany 6.61% 6.66% Poland 8.88% 8.34% Denmark 5.00% 5.28% Sweden 6.18% 6.31%
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14 Antwerp, Belgium | 3 February 2026 | 7h00 CET Regulated information PRESS RELEASE the portfolio market value plus the estimated transaction fees and costs in case of hypothetical disposal of investment property. EPRA Adjusted Net Initial Yield (Adjusted NIY) This measure integrates an adjustment of the EPRA NIY for the end of rent-free periods or other non-expired rental incentives. 4.8% 4.6% EPRA rental vacancies 14 Estimated Rental Value of vacant units divided by the Estimated Rental Value of the total portfolio. 1.76% 2.13% EPRA Loan-to-Value ratio This measure reflects the ratio of net debt to net property value 49.69% 51.10% EPRA cost ratio (including vacancy costs) EPRA costs (including vacancy costs) divided by the gross rental income. 27.1% 28.3% EPRA cost ratio (excluding vacancy costs) EPRA costs (excluding vacancy costs) divided by the gross rental income. 27.1% 28.3% The financial information for the period ending 31 December 2025 was prepared in accordance with International Financial Reporting Standards (IFRS). The published figures are consolidated figures, the associates and subsidiaries have been consolidated in accordance with the relevant legislation. 1. Net rental result Xior achieved a net rental result of 179,600 KEUR for 2025 , up from 167,638 KEUR for 2024. This is an increase of 7%. This net rental result will increase further in 2026 as certain properties were completed or acquired during 2025 and therefore did not contribute to the net rental result for a full year. This mainly relates to the following properties: ♦ Wolska, Warsaw, Poland: this property was acquired on 25 March 2025 and generated rental income from then on; ♦ Wroclaw, Poland: this property was acquired on 16 April 2025 and generated rental income from then on; ♦ Xior Wenedów, Warsaw, Poland: this site was completed over the summer and welcomed the first students from September 2025; Six properties were also sold in 2025, which will reduce net rental income to a limited extent. Impact of the sold properties on net rental result amounts to 1,233 KEUR on an annualised basis. Over 2025, like-for-like rental growth was 5.43%, compared to 2024, above the guidance of 5%. As at 31 December 2025, Xior could calculate a like-for-like coverage of 84% of rental income for the full year. The average occupancy rate of the property portfolio was 98% over 2025. 2. EPRA earnings EPRA earnings (excluding the portfolio result, excluding the impact of deferred taxes affected by IAS 40 adjustments, and excluding the impact of the variation in fair value of the financial assets and liabilities) 14 Calculated in relation to annualised rent of the operating portfolio.
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15 Antwerp, Belgium | 3 February 2026 | 7h00 CET Regulated information PRESS RELEASE amount to 102,827 KEUR compared to 91,240 KEUR in 2024, EPRA earnings - group share amount to 102,323 KEUR. EPRA earnings per share15 amount to 2.22 EUR and EPRA earnings per share – group share amount to 2.21 EUR. In KEUR Per share 31.12.2025 Per share 31.12.2024 EPRA earnings 2.22 102,827 2.22 91,240 EPRA earnings - group share 2.21 102,323 2.21 90,961 3. Net result The net result is 68,672 KEUR at 31 December 2025 compared to 66,509 KEUR at 31 December 2024. The net earnings per share amount to 1.48 EUR. 16 The net result includes the impact of variations in the fair value of investment propert y, other portfolio result, deferred taxes with regard to IAS 40 and variations in the fair value of financial assets and liabilities. EPRA earnings are the net result adjusted based on the effects described above. 4. Fair value of real estate portfolio On 31 December 2025, the portfolio consists of 22,268 lettable student units (22,863 lettable beds). The total property portfolio is valued at 3,558,842 KEUR as of 31 December 2025, representing an increase of 7.4% or 244,789 KEUR compared to 31 December 2024 (3,314,053 KEUR). This increase partly results from the acquisition of three properties in Poland (Wolska, Wroclaw, Wenedów), the further completion of properties under development and a positive revaluation of the property portfolio. The positive variation in the valuation of investment properties is mainly explained by a change in the property market, there are more high -volume property transactions again, which has an impact on the market and valuation, with yields falling slightly f or some properties. In addition, rental income has also increased across much of the portfolio as a result of our pricing power. These changes resulted in an increase in the Fair Value of the portfolio. The revaluation of the portfolio increased by 1.2% vs . Q4 2024 (+39.3 MEUR). Xior also additionally has a pipeline that is split into an "active" and "future" pipeline. The "active pipeline" consists of projects for which construction has already started and which are currently in the implementation phase. These projects will be delivered in the short term in 2026 and 2027. The "future pipeline" is the future development potential and consists partly of development projects and partly expansion opportunities on existing locations , for which construction has not yet started. These pr ojects are in the pre-execution phase. If all projects in both the active and future pipeline are realised, the property portfolio will continue to grow to just under 4 billion EUR with 25,408 lettable student units. 15 The calculation of the EPRA earnings per share is based on the weighted average number of shares on 31 December 2025, i.e. 46,279,394. 16 This is based on the weighted average number of shares.
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16 Antwerp, Belgium | 3 February 2026 | 7h00 CET Regulated information PRESS RELEASE *including active and future pipeline 5. Loan-to-value and debt ratio As at 31 December 2025, the LTV was 49. 87%, from 50.99% as at 31 December 2024. The debt ratio was 49.92% as at 31 December 2025 compared to 50.64% as at 31 December 2024. Xior continues to target a debt ratio below 50%. 6. Comments on the consolidated balance sheet Current assets mainly include: • receivables to be collected (2,789 KEUR): this mainly includes rents not yet received; • tax receivables and other receivables (44,689 KEUR): this mainly concerns prepayments for Dutch corporate taxes and recoverable VAT ( 10,812 KEUR), credit notes to be received and a grant to be received; • cash held by the various entities (4,756 KEUR); • accruals and deferred assets ( 41,500 KEUR) mainly relate to real estate costs to be carried forward (7,409 KEUR), property income and rental guarantees obtained ( 15,833 KEUR), interest obtained ( 7,611 KEUR), and other income obtained (including project management fees and damages). Long-term financial debts amount to 1,681,727 KEUR compared to 1, 584,104 KEUR as at 31 December 2024. This includes debts related to financial leasing (16,182 KEUR). This relates to leasehold liabilities for a number of properties. Deferred taxes amount to 92,506 KEUR and increased by 5,916 KEUR. This includes deferred taxes on foreign real estate. The increase mainly relates to an increase in the value of foreign real estate . On the other hand, deferred tax assets have also been recognised on the decreases in value (21,854 KEUR). Short-term financial liabilities amount to 109,394 KEUR, and mainly relate to the Commercial Paper drawn (66 MEUR) together with loans maturing in 2026 (34 MEUR). On the other hand, it includes the repayment obligations of some asset-related loans. Other short-term debts mainly concern: • outstanding supplier positions and provisions for invoices to be received ( 7,811 KEUR): these mainly concern some supplier positions related to projects carried out in 2025; • other ( 26,234 KEUR): these mainly relate to provisions for taxes of the Dutch permanent establishment and other subsidiaries (6,226 KEUR), VAT and social debts payable ( 16,604 KEUR) and advances from tenants (3,404 KEUR); • other current liabilities (28,142 KEUR): these mainly relate to guarantees received from tenants; 31 Dec 2020 31 Dec 2021 31 Dec 2022 31 Dec 2023 31 Dec 2024 31 Dec 2025 Full pipeline* # operational units 11,338 13,755 18,002 19,673 20,695 22,268 25,408 Fair Value (incl. non- stud.) c. 1,556 MEUR c. 1,967 MEUR c. 3 billion EUR 3.2 billion EUR 3.3 billion EUR 3.6 billion EUR > c. 4 billion EUR # countries 4 4 8 8 8 8 8
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17 Antwerp, Belgium | 3 February 2026 | 7h00 CET Regulated information PRESS RELEASE • accruals and deferred liabilities (23,633 KEUR) mainly relate to pre-invoiced rental income (4,780 KEUR), attributable interest expenses ( 2,940 KEUR), provisions for (overhead) expenses ( 2,595 KEUR), attributable property expenses ( 6,044 KEUR) and provisions for property taxes (1, 469 KEUR). 5. Financing As of 31 December 2025, the Company had concluded financing agreements with 23 lenders totalling 1,915 MEUR. As of 31 December 2025, the Company had drawn down financing of 1, 774 MEUR. The Company seeks to spread the maturity of the loans, with the average maturity being 5.2 years as at 31 December 2025. This does not include CP notes, almost all of which are short -term. Moreover, Xior is largely protected against a rising interest rate environment by the long-term hedging of its existing debt position. In doing so, as of 31 December 2025, 89.3% of the financing (1, 774 MEUR) is hedged for a term of 5 years, via Interest Rate Swap (IRS) contracts (1,168 MEUR) or via fixed-rate interest rates (417 MEUR). The average financing cost for 2025 is 3.06% (2024: 3.10%). 6. Major realisations in the full year 2025 ABB of approx. 80 MEUR On 21 January 2025, Xior successfully completed a capital increase through an accelerated private placement ("ABB"). The result was the issue of 2,877,698 new shares at an issue price of 27.80 EUR per share. Given the issue price and the number of new shar es, the capital increase thus resulted in gross proceeds of 80,000,004 EUR. The new shares are listed on the stock exchange from 21 January 2025. Expansion in Poland with 2 new student residences Xior announced on 16 January 2025 its intention to strengthen its position through the planned acquisition of 2 first-class and fully operational student residences in Wroclaw and Warsaw. This will allow Xior to expand its offer by around 900 units at once , resulting in a total of around 3,600 beds in Poland. These are residences in Wroclaw (775 units) and Warsaw (117 units), accounting for an investment value of 55 MEUR and 12 MEUR respectively. Extraordinary General Meeting held on 4 April 2025 An Extraordinary General Meeting of Xior Student Housing NV was held on 4 April. At this, the renewal of the authorisation of the authorised capital was approved by the Company's shareholders. The notarial deed as well as the coordinated articles of association are available on the website. Second and final earn-out Basecamp acquisition On 9 April 2025, Xior announced that the second and final tranche of earn- out consideration, amounting to about 16 MEUR, in the context of the Basecamp acquisition, would take place on 14 April 2025. In this context, coupon no 27 was detached on 10 April 2025 (ex-date). As part of the earn-out, a capital increase was carried out for 595,418 shares, at around 26.896 EUR per share. The new shares are listed on the stock exchange from 16 April 2025. Publication of Annual Financial Report (including Sustainability Report) 2024 On 15 April 2025, Xior published its Annual Financial Report and published the notice of the Annual General Meeting.
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18 Antwerp, Belgium | 3 February 2026 | 7h00 CET Regulated information PRESS RELEASE Successful closing of two residences in Wroclaw and Warsaw Xior announces the successful completion of the acquisition of two prime student residences in Poland, located in Wroclaw and Warsaw. The Warsaw residence was completed on 24 March 2025, while the acquisition of the Wroclaw residence was successfully compl eted on 16 April 2025, fully within the expected timeframe. Annual General Meeting The Annual General Meeting of Xior Student Housing NV was held on 15 May 2025, at which, among other things, the annual accounts for 2024 were approved. The Annual General Meeting approved the payment of a dividend of 1.768 EUR gross or 1.2376 EUR net per share (split between coupons No 25 and No 26). Optional dividend On 15 May 2025, Xior announced the modalities of an optional dividend. On 5 June, it was announced that Xior shareholders opted for approx. 46.6% of their dividend entitlement for a contribution of net dividend rights in exchange for new shares instead of paying the dividend in cash. This result led to a capital increase (including share premium) for Xior of approx. 23.7 MEUR through the creation of 877,695 new shares. New loan During Q3 2025, a new credit facility of 100 MEUR was granted by Rabobank, a new financing partner for the group. Rabobank's entry as a new lender confirms its continued confidence in Xior's business model and strategy. The financing consists of two tranches: 50 MEUR with maturity until Q1 2030 (2.5 years +1 +1) and 50 MEUR with maturity until Q1 2031 (3.5 years +1 +1). Closing of new Wenedów residence in Warsaw, Poland Xior has successfully acquired and officially opened the new Wenedów student residence in Warsaw, Poland from Solida Capital. The investment amounts to 38.5 MEUR with a gross return of around 9%. The residence has 404 modern units and extensive common areas such as study rooms, gym, cinema room and roof terrace. It is centrally located in Warsaw, close to universities and public transport. This is the first ful ly Xior -developed and commercialised residence in Poland, expanding Xior's Polish portfolio to 3,767 units. The opening was celebrated on 10 September 2025, and the strong rental interest confirms Xior's position as the preferred choice for student accommodation in the country. European Commission recognises student housing as essential infrastructure In November 2025, student housing was formally recognised for the first time as 'essential infrastructure' by the European Commission, as part of the announced European Affordable Housing Plan. This recognition underlines the strategic importance of the sector for student mobility, social inclusion and economic resilience in Europe. As an active member of EPRA, Xior contributed to this policy dialogue and was included as a case study because of its focus on quality, affordable and sustainable student housing on a European scale. Xior celebrates ten years on the stock exchange and announces EPS Outlook for 2026 On 11 December 2025, Xior celebrated ten years on the stock exchange and confirmed its position as a European leader in student accommodation, with a strong and scalable operational platform. With a 98% occupancy rate, continued operational efficiency and structural dema nd in its core markets, Xior has a solid foundation for predictable earnings growth. For 2026, the company expects earnings per share to rise to 2.30 EUR (+4%), supported by further pipeline profitability, asset rotation and a stable debt ra tio. 7. Important events after the end of the fourth quarter No significant events occurred after the closing date of the financial year.
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19 Antwerp, Belgium | 3 February 2026 | 7h00 CET Regulated information PRESS RELEASE 8. Growth prospects 17 After a period of focus on balance sheet strengthening, integration and operational optimisation, Xior enters a new growth phase from 2026 onwards, aligned with the execution of the active pipeline over 2026–2027. Today, the group has a fully internally funded active pipeline, a stable debt ratio below 50% and a proven pan-European operational platform. Growth prospects for the coming years are underpinned by three complementary drivers: • Structural rental growth, supported by a continued shortage of quality student accommodation in all core markets and underpinned by pricing power. For 2026, Xior expects like -for-like rental growth of at least 4%, at least 1% above inflation , supported by a faster ramp- up of new assets and additional initiatives such as the launch of a B2B revenue desk. • Operational leverage, with economies of scale, further digitalisation and a lean cost model translating into lower unit costs and higher operating margins from 2026. The quality of the portfolio and the student experience will remain an essential prerequisite for sustainable value creation. • Implementation of the active pipeline, with the delivery of around 1,150 new lettable units in 2026-2027, fully funded through internal cash flows. Thanks to these elements, Xior expects EPS growth to be structurally positive again from 2026 onwards, without additional pressure on its balance sheet or increasing its risk profile. For the 2026 financial year, Xior confirms its forecasts of earnings per share (EPS) of 2.30 EUR and dividend per share (DPS) of 1.84 EUR, representing an increase of 4% compared to 2025. For the 2027 financial year, Xior expects a further increase in earnings per share (EPS) to 2.40 EUR and dividend per share (DPS) to 1.92 EUR, also representing an increase of 4% compared to 2026. 9. Annual Financial Report - Annual General Meeting The annual report will be made available to shareholders on the website corporate.xior.be from 14 April 2026 (before the opening of the stock exchange) and can be obtained on simple request at the Company's head office (Frankrijklei 64 -68, 2000 Antwerp or via info@xior.be). The Company's Annual General Meeting will be held on 21 May 2026. 10. Financial calendar 2026 17 These forecasts are based on the current situation and are subject to unforeseen circumstances (such as a substantial deterioration of the economic and financial environment and/or the materialisation of risks to which the Company and its activities are exposed). Forecasts regarding dividends are also subject to approval by the Annual General Meeting. Date Publication Annual Report 14 April 2026 Publication results per 31 March 2026 (Q1) 24 April 2026 (before market opening) Annual General Meeting 21 May 2026 Payment date for 2025 Dividend (Coupon 27 & 28) 26 May 2026 Publication results per 30 June 2026 (HY) 6 August 2026 (before market opening)
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20 Antwerp, Belgium | 3 February 2026 | 7h00 CET Regulated information PRESS RELEASE 11. Financial summary CONSOLIDATED OVERVIEW OF THE FINANCIAL POSITION Assets (in thousands of €) 31.12.2025 31.12.2024 I. FIXED ASSETS 3,635,198 3,398,938 B. Intangible fixed assets 6,471 4,863 C. Investment property 3,558,842 3,314,053 a. Property available to let 3,148,319 2,905,287 b. Property developments 410,524 408,766 D. Other tangible fixed assets 10,533 11,309 a. Tangible fixed assets for own use 10,533 11,309 E. Financial fixed assets 18,034 7,690 Authorised hedging instruments 16,384 5,045 Other 1,650 2,645 G. Trade receivables and other fixed assets 6,245 34,775 H. Deferred taxes – assets 21,854 18,480 I. Shareholdings in associated companies and joint ventures, equity movements 13,220 7,768 II. CURRENT ASSETS 93,735 121,507 D. Trade receivables 2,789 3,015 E. Tax receivables and other current assets 44,689 37,603 a. Taxes 10,812 7,329 c. Other 33,877 30,274 F. Cash and cash equivalents 4,756 9,462 G. Accruals and deferrals 41,500 71,426 Prepaid property charges 7,409 28,318 Accrued rental income not due 15,833 37,109 Other 18,258 5,999 TOTAL ASSETS 3,728,933 3,520,445 Publication results per 30 September 2026 (Q3) 23 October 2026 (before market opening)
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21 Antwerp, Belgium | 3 February 2026 | 7h00 CET Regulated information PRESS RELEASE Liabilities (in thousands of €) 31.12.2025 31.12.2024 EQUITY 1,753,131 1,634,504 I. Equity attributable to parent company shareholders 1,751,575 1,633,544 A. Capital 829,644 753,784 a. Issued capital 840,512 762,197 b. Capital increase costs (-) -10,868 -8,413 B. Issue premiums 821,273 779,858 C. Reserves 32,607 33,955 Reserve for the balance of variations in the fair value of property 32,122 34,399 Reserve for the impact on the fair value of the estimated transaction fees and costs resulting from the hypothetical disposal of investment properties -41,868 -34,896 Reserve for the balance of the variations in the fair value of permitted hedging instruments not subject to hedging accounting as defined in the IFRS 7,324 24,637 Reserves for the share of profit or loss and unrealised income of subsidiaries, associates and joint ventures accounted for using the equity method -7,774 -7,774 Reserve for the conversion differences arising from the conversion of a foreign operation 9,800 4,998 Other reserves 89 102 Retained earnings from previous financial years 32,914 12,488 D. Net result for the financial year 68,051 65,947 II. Minority interests 1,556 960 LIABILITIES 1,975,802 1,885,941 I. Non-current liabilities 1,780,588 1,670,740 B. Non-current financial debts 1,681,727 1,584,104 a. Credit institutions 1,445,977 1,325,163 b. Financial leasing 16,182 5,557 c. Other 219,568 253,384 E. Other non-current liabilities 6,354 46 F. Deferred taxes – liabilities 92,506 86,590 a. Exit tax 0 1,962 b. Other 92,506 84,629 II. Short-term liabilities 195,214 215,201
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22 Antwerp, Belgium | 3 February 2026 | 7h00 CET Regulated information PRESS RELEASE B. Current financial liabilities 109,394 111,388 a. Credit institutions 75,394 111,388 c. Other 34,000 0 D. Trade debts and other current liabilities 34,045 31,979 a. Exit tax 0 0 b. Other 34,045 31,979 Suppliers 7,811 10,556 Tenants 3,404 1,026 Taxes, wages and social security contributions 22,830 20,387 E. Other current liabilities 28,142 52,748 Other 28,142 52,748 F. Accruals and deferrals 23,633 19,086 a. Deferred property income 4,780 4,153 b. Accrued interest not due 2,940 1,577 c. Other 15,913 13,356 TOTAL EQUITY AND LIABILITIES 3,728,933 3,520,445 CONSOLIDATED PROFIT & LOSS ACCOUNT Income statement (in thousands of €) 31.12.2025 31.12.2024 I. (+) Rental income 180,002 168,081 (+) Rental income 164,513 148,266 (+) Rental guarantees 15,868 20,332 (-) Rent reductions -380 -517 Impairments of trade receivables -402 -443 NET RENTAL RESULT 179,600 167,638 V. (+) Recovery of rental charges and taxes normally payable by the tenant on let properties 30,911 29,603 - Charge-through of rental charges borne by the proprietor 30,350 29,148 - Charge-through of withholding tax and taxes on let properties 561 456 VII. (-) Rental charges and taxes normally payable by the tenant on let properties -34,650 -33,375 - Rental charges borne by the owner -34,288 -32,937
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23 Antwerp, Belgium | 3 February 2026 | 7h00 CET Regulated information PRESS RELEASE - Fees and taxes on leased properties -363 -439 VIII. (+/-) Other rental-related income and expenses 12,598 8,102 PROPERTY RESULT 188,459 171,968 IX. (-) Technical costs -8,032 -6,814 Recurring technical costs -8,115 -6,881 (-) Maintenance -6,748 -5,591 (-) Insurance premiums -1,368 -1,290 Non-recurring technical costs 83 67 (-) Damages 83 67 X. (-) Commercial costs -1,516 -1,540 (-) Publicity, etc. -1,145 -1,100 (-) Legal costs -371 -440 XI. (-) Costs and taxes for non-let properties -1 -73 XII. (-) Property management costs -14,382 -14,817 (-) Management costs (external) 0 0 (-) Management costs (internal) -14,382 -14,817 XIII. (-) Other property charges -7,902 -7,434 (-) Architects' fees -1 -6 (-) Valuation expert’s fees -769 -619 (-) Other property charges -7,132 -6,809 (+/-) PROPERTY CHARGES -31,832 -30,678 OPERATIONAL PROPERTY RESULT 156,627 141,290 XIV. (-) General costs of the Company -12,755 -12,669 XV. (+/-) Other operating income and costs 424 1,561 OPERATING RESULT BEFORE RESULT ON PORTFOLIO 144,296 130,183 XVI. (+/-) Result on the sale of investment properties -1,047 -28,213 (+) Net property sales (sales price - transaction fees) 24,284 154,449 (-) Book value of the properties sold -25,331 -182,662 XVII. (+/-) Result on the sale of other non-financial assets 0 0 XVIII. (+/-) Variations in the fair value of investment property 39,293 58,104 (+) Positive variations in the fair value of investment property 117,848 119,747
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24 Antwerp, Belgium | 3 February 2026 | 7h00 CET Regulated information PRESS RELEASE (-) Negative variations in the fair value of investment property -78,555 -61,643 XIX. (+) Other portfolio result -70,167 -28,596 OPERATING RESULT 112,375 131,478 XX. (+) Financial income 6,930 4,396 (+) Interest and dividends collected 6,930 4,396 XXI. (-) Net interest costs -38,675 -37,447 (-) Nominal interest paid on loans -42,664 -57,761 (-) Reconstitution of the nominal amount of financial debts -834 -619 (-) Cost of permitted hedging instruments 4,827 20,932 XXII. (-) Other financial costs -3,180 -2,355 - Bank costs and other commissions -634 -322 - Other -2,545 -2,033 XXIII. (+/-) Variations in the fair value of financial assets and liabilities 5,001 -20,136 (+/-) FINANCIAL RESULT -29,924 -55,542 XXIV Share in the result of associated companies and joint ventures 0 0 RESULT BEFORE TAXES 82,451 75,936 XXV. Corporate taxes -6,544 -3,537 XXVI. Exit tax 734 -569 XXVII. Deferred taxes -7,969 -5,321 (+/-) TAXES -13,779 -9,427 NET RESULT 68,672 66,509 EPRA EARNINGS 102,827 91,240 EPRA EARNINGS - GROUP SHARE 102,323 90,961 RESULT ON THE PORTFOLIO -31,921 1,295 DEFERRED TAXES WITH REGARD TO IAS 40 ADJUSTMENTS -7,969 -5,321 VARIATIONS IN THE FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES 5,001 -20,136 EPRA EARNINGS PER SHARE (in EUR) 2.22 2.22 EPRA EARNINGS PER SHARE (in EUR) – GROUP SHARE 2.21 2.21 Consolidated comprehensive income statement (in thousands of €) 31.12.2025 31.12.2024 Net result 68,672 66,509
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25 Antwerp, Belgium | 3 February 2026 | 7h00 CET Regulated information PRESS RELEASE Other components of comprehensive result (+/-) Impact on fair value of estimated transaction costs as a result of hypothetical disposal of investment property 0 0 (+/-) Variations in the effective part of the fair value of permitted cash flow hedging instruments 0 0 GLOBAL RESULT 68,672 66,509 Attributable to: Minority interests 600 368 Group shareholders 68,072 66,141 Consolidated cash flow overview (in thousands of €) 31.12.2025 31.12.2024 Cash and cash equivalents at the start of the financial year 9,462 13,768 1. Cash flow from operating activities 86,093 56,544 Cash flow relating to operations: 61,786 56,120 Operating result before the result on portfolio 119,768 116,204 Interest paid -51,246 -53,815 Interest received 0 0 Corporation taxes paid -3,556 -3,914 Other -3,180 -2,355 Non-cash elements added to/deducted from earnings 388 400 * Depreciation and amortisation - Depreciation/write-downs (or reversals) of tangible and intangible assets 388 400 * Other non-cash elements 0 0 - Variations in the fair value of the investment properties 0 0 - Other non-cash elements 0 0 - Change in working capital required1: 23,920 24 * Change in assets: 17,654 15,528 * Change in liabilities: 6,266 -15,504 2. Cash flow from investment activities -203,995 -13,560 Acquisition of investment property and property developments -182,023 -137,743 Sale of investment property 24,284 148,118 Purchase of shares in real estate companies2 -27,933 -2,500
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26 Antwerp, Belgium | 3 February 2026 | 7h00 CET Regulated information PRESS RELEASE Acquisition of other fixed assets -1,220 -1,917 Change in non-current financial assets -7,100 -7,391 Receipts from trade receivables and other non-current assets -10,003 -12,127 Assets held for sale 0 0 3. Cash flow from financing activities 112,906 -48,185 * Change in financial liabilities and financial debts - Increase in financial debts 104,170 234,931 - Reduction in financial debts -20,000 -235,000 - Repayment of shareholder loans 0 0 *Change in other liabilities 173 -47 - Increase in minority interests 0 0 * Change in equity - Increase (+)/decrease (-) in capital/issue premiums 80,000 0 - Costs for the issue of shares -2,455 -1,611 Dividend from the previous financial year -48,982 -46,458 Increase in cash following merger 290 895 Cash and cash equivalents at the end of the financial year 4,756 9,462 1The change in working capital cannot be reconciled with the change on the balance sheet, as in this an adjustment has been made for the impact of acquisitions during the year. 2Purchase of shares in real estate companies: this concerns the price paid for the shares of the various real estate companies that were acquired. This price does not correspond to the price of the real estate since the companies were partly financed with debts. 12. Alternative performance measures (APMs): reconciliation tables EPRA earnings 31.12.2025 31.12.2024 Net result 68,672 66,509 Variations in the fair value of the investment property -39,293 -58,104 Other portfolio result 70,167 28,596 Result on the sale of investment property 1,047 28,213 Variations in the fair value of financial assets and liabilities -5,001 20,136 Deferred taxes with regard to IAS 40 7,235 5,890
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27 Antwerp, Belgium | 3 February 2026 | 7h00 CET Regulated information PRESS RELEASE EPRA earnings 102,827 91,240 EPRA earnings - group share 102,323 90,961 Result on the portfolio 31.12.2025 31.12.2024 Result on the sale of investment property -1,047 -28,213 Variations in the fair value of the investment property 39,293 58,104 Other portfolio result -70,167 -28,596 Result on the portfolio -31,921 1,295 EPRA earnings per share 31.12.2025 31.12.2024 Net result 68,672 66,509 Variations in the fair value of the investment property -39,293 -58,104 Other portfolio result 70,167 28,596 Result on the sale of investment property 1,047 28,213 Variations in the fair value of financial assets and liabilities -5,001 20,136 Deferred taxes with regard to IAS 40 7,235 5,890 Weighted average number of shares 46,279,394 41,118,335 EPRA earnings per share 2.22 2.22 EPRA earnings per share – group share 2.21 2.21 Average interest rate 31.12.2025 31.12.2024 Nominal interest paid on loans 42,664 57,760 Costs of permitted hedging instruments -4,827 -20,932 Capitalised interest 14,553 16,007 Average outstanding debt for the period 1,757,942 1,734,843 Average interest rate 2.98% 3.05% Average interest rate excluding costs of permitte d hedging instruments 3.25% 4.25% Average financing costs 31.12.2025 31.12.2024 Nominal interest paid on loans 42,664 57,760
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28 Antwerp, Belgium | 3 February 2026 | 7h00 CET Regulated information PRESS RELEASE Costs of permitted hedging instruments -4,827 -20,932 Capitalised interest18 14,553 16,007 Breakdown of the nominal amount of financial debt 834 619 Bank costs and other commissions 634 322 Average outstanding debt for the period 1,757,942 1,734,843 Average financing costs 3.06% 3.10% Average financing costs excluding costs of permitted hedging instruments 3.34% 4.31% Per 31.12.2025 EPRA NRV EPRA NTA EPRA NDV EPRA NAV EPRA NNAV IFRS equity attributable to shareholders excluding minority interests 1,751,575 1,751,575 1,751,575 1,751,575 1,751,575 Minority interests XXXXXXXXXXXXX XXXXXXXXXXX XXXXXXXXXXXXX 1,556 1,556 DEDUCTION Deferred taxes related to FV earnings on IP 70,652 70,652 XXXXXXXXXXX 70,652 XXXXXXXXXXX FV of financial instruments -10,030 -10,030 XXXXXXXXXXXXX -10,030 XXXXXXXXXXXXX Intangible fixed assets in accordance with IFRS BS XXXXXXXXXXX -6,471 XXXXXXXXXXX XXXXXXXXXXX XXXXXXXXXXXXX ADDITION FV of fixed-income debts XXXXXXXXXXX XXXXXXXXXXXXX 75,994 XXXXXXXXXXX XXXXXXXXXXXXXXX Transaction fees 177,597 N/A XXXXXXXXXXXXX XXXXXXXXXXXXX XXXXXXXXXXXXX NAV 1,989,794 1,805,726 1,827,569 1,813,753 1,753,131 Fully diluted number of shares 46,695,094 46,695,094 46,695,094 46,695,094 46,695,094 NAV per share 42.61 38.67 39.14 38.84 37.54 NAV per share – group share 42.61 38.67 39.14 38.81 37.51 Per 31.12.2025 Fair Value % of total portfolio % excl. deferred taxes Portfolio subject to deferred taxes and intended to be held and not sold in the long term 3,558,842 100 100 Portfolio subject to partial deferred tax and tax structuring 0 0 0 18 Interest is capitalised on projects at the average interest cost. We refer to 10.6.9 in the 2024 Annual Financial Report regarding the valuation rule on capitalising interest costs. This valuation rule is applied consistently over the years.
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29 Antwerp, Belgium | 3 February 2026 | 7h00 CET Regulated information PRESS RELEASE Per 31.12.2024 EPRA NRV EPRA NTA EPRA NDV EPRA NAV EPRA NNAV IFRS equity attributable to shareholders excluding minority interests 1,633,544 1,633,544 1,633,544 1,633,544 1,633,544 Minority interests XXXXXXXXXXX XXXXXXXXXXX XXXXXXXXXXXXX 960 960 DEDUCTION Deferred taxes related to FV earnings on IP 66,149 66,149 XXXXXXXXXXXXX 66,149 XXXXXXXXXXXXX FV of financial instruments -5,045 -5,045 XXXXXXXXXXX -5,045 XXXXXXXXXXXXX Intangible fixed assets in accordance with IFRS BS XXXXXXXXXXX -4,863 XXXXXXXXXXX XXXXXXXXXXX XXXXXXXXXXXXX ADDITION FV of fixed-income debts XXXXXXXXXXX XXXXXXXXXXXXX 63,186 XXXXXXXXXXXXX XXXXXXXXXXXXX Transaction fees 194,096 N/A XXXXXXXXXXXXX XXXXXXXXXXXXX XXXXXXXXXXXXX NAV 1,888,744 1,689,785 1,696,730 1,695,608 1,634,504 Fully diluted number of shares 42,344,283 42,344,283 42,344,283 42,344,283 42,344,283 NAV per share 44.60 39.91 40.07 40.04 38.60 NAV per share – group share 44.60 39.91 40.07 40.02 38.58 Per 31.12.2024 Fair Value % of total portfolio % excl. deferred taxes Portfolio subject to deferred taxes and intended to be held and not sold in the long term 3,314,053 100 100 Portfolio subject to partial deferred tax and tax structuring 0 0 0 EPRA Net Initial Yield 31.12.2025 31.12.2024 Investment property – full ownership fair value 3,524,219 3,224,828 Investment property – share in joint ventures 44,400 78,980 Minus property developments -426,773 -427,807 Completed property portfolio 3,141,846 2,876,001 Transaction fees 145,711 153,893 Investment value of property available for rent 3,287,558 3,029,893 Annualised gross rental income 187,165 161,786 Property charges 29,628 22,916
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30 Antwerp, Belgium | 3 February 2026 | 7h00 CET Regulated information PRESS RELEASE Annualised net rental income 157,536 138,870 Notional amount at the end of the rent-free period - - Adjusted annualised net rental income 157,536 138,870 EPRA Net Initial Yield 4.8% 4.6% EPRA Adjusted Net Initial Yield 4.8% 4.6% EPRA cost ratio 31.12.2025 31.12.2024 Overheads 12,755 12,669 Impairments on trade receivables 402 443 Property charges 31,832 30,678 Loss of service charges 3,739 3,772 EPRA costs (incl. vacancy costs) 48,728 47,562 Vacancy costs 0 73 EPRA costs (excl. vacancy costs) 48,728 47,489 Gross rental income 180,002 168,081 EPRA cost ratio (incl. vacancy costs) 27.1% 28.3% EPRA cost ratio (excl. vacancy costs) 27.1% 28.3% EPRA Rental Vacancy 31.12.2025 31.12.2024 Estimated rental value of vacant units (KEUR) 3,290 3,452 Estimated rental value of the entire portfolio19 (KEUR) 187,165 161,786 EPRA Rental Vacancy 1.76% 2.13% Net debt/EBITDA (adjusted) The net debt/EBITDA (adjusted) is calculated from the consolidated accounts as follows: in the denominator the normalised EBITDA of the past 12 months (12M rolling) and including the annualised impact of external growth; in the numerator the net financial debt s adjusted for the projects in progress multiplied by the group's loan- to-value (as these projects do not yet generate rental income but are already (partly) financed on the balance sheet). In KEUR 31.12.2025 Non-current and current financial liabilities (IFRS) 1,774,939 -Cash and cash equivalents (IFRS) -4,756 19 Calculated on the basis of annualised rent of the operating portfolio .
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31 Antwerp, Belgium | 3 February 2026 | 7h00 CET Regulated information PRESS RELEASE Net debt (IFRS) A 1,770,183 Operating result (before portfolio result) (IFRS) 12M rolling B 144,296 +Share of operating profit of joint ventures 0 EBITDA (IFRS) C 144,296 Net debt/EBITDA A/C 12.27 In KEUR 31.12.2025 Non-current and current financial liabilities (IFRS) 1,774,939 -Cash and cash equivalents (IFRS) -4,756 Net Debt (IFRS) A 1,770,183 -Projects in progress x LTV -204,728 -Financing to Joint ventures x LTV 0 Net debt (adjusted) B 1,565,455 Operating result (before portfolio result) (IFRS) 12M rolling C 144,296 +Share of operating profit of joint ventures 0 Operating result before portfolio result) (IFRS) 12M rolling D 144,296 Bridge to normalised EBITDA -12,682 EBITDA (adjusted) E 131,614 Net debt/EBITDA (adjusted) B/E 11.89 EPRA LTV 31/12/2025 Proport. consolidation EPRA Loan-To-Value ratio Group share in JV's Combined Add: Credit institutions 1,455,055 2,618 1,457,673 Commercial paper 65,657 65,657 Bond issues 253,568 253,568 Net payable 6,814 437 7,251 (-) Long-term trade receivables 7,895 7,895 (-) Trade receivables 2,789 131 2,920 (-) Tax receivables and other current assets 44,689 114 44,803 (+) Other long-term liabilities 0 0 (+) Trade debts and other current debts 34,045 681 34,726 (+) Other current liabilities 28,142 28,142 Exclusion: Cash 4,756 365 5,121 Net debt (a) 1,776,338 2,689 1,779,027 Add: Property for own use* 10,533 10,533 Property available for rent 3,148,319 3,148,319 Project developments 410,524 4,094 414,618 Assets or groups of assets held for sale 0 0
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32 Antwerp, Belgium | 3 February 2026 | 7h00 CET Regulated information PRESS RELEASE *EPRA guidelines require that if owner -occupied property is accounted for under IAS 16, the Fair Value of the owner -occupied property must be recognised. As these properties are not valued at Fair Value, this table includes the carrying amount for calculation purposes. Intangible assets 6,471 6,471 Receivables from associates and joint ventures 0 0 0 Total property value (b) 3,575,847 4,094 3,579,941 Real estate transfer tax 177,597 177,597 Total property value incl. RETTs (c) 3,753,444 4,094 3,757,538 EPRA LTV (a/b) 49.68% 49.69% EPRA LTV (incl RETTs) (a/c) 47.33% 47.35% 31/12/2024 Proport. consolidation EPRA Loan-To-Value ratio Group share in JV's Combined Add: Credit institutions 1,364,001 1,323 1,365,324 Commercial paper 72,550 72,550 Bond issues 253,384 253,384 Net payable 34,887 299 35,186 (-) Long-term trade receivables 9,268 9,268 (-) Trade receivables 3,015 3,015 (-) Tax receivables and other current assets 37,603 797 38,400 (+) Other long-term liabilities 46 46 (+) Trade debts and other current debts 31,979 1,096 33,075 (+) Other current liabilities 52,748 52,748 Exclusion: Cash 9,462 530 9,992 Net debt (a) 1,715,360 1,092 1,716,452 Add: Property for own use* 11,309 11,309 Property available for rent 2,905,287 2,905,287 Project developments 408,766 7,639 416,405 Assets or groups of assets held for sale 0 0 Intangible assets 4,863 4,863 Receivables from associates and joint ventures 28,152 -7,320 20,832 Total property value (b) 3,358,377 319 3,358,696 Real estate transfer tax 194,096 194,096 Total property value incl. RETTs (c) 3,552,473 319 3,552,792 EPRA LTV (a/b) 51.08% 51.10% EPRA LTV (incl RETTs) (a/c) 48.29% 48.31%
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33 Antwerp, Belgium | 3 February 2026 | 7h00 CET Regulated information PRESS RELEASE 13. Glossary of the Alternative Performance Measures (APMs) used by Xior Student Housing APM Name Definition Use EPRA earnings Net result +/- variations in the fair value of investment property +/- other portfolio result +/- result on the sale of investment property +/- variations in the fair value of financial assets and liabilities +/- deferred taxes arising from IAS 40 adjustments Measuring the results of the strategic operational activities, excluding variations in the fair value of investment property, other portfolio result, result on the sale of investment property and variations in the fair value of financial assets and liabilities and deferred taxes with regard to IAS 40. This indicates the extent to which dividend payments are covered by earnings Result on the portfolio Result on the sale of investment property +/- variations in the fair value of investment property +/- other portfolio result Measuring the realised and unrealised gain/loss on investment property Average interest rate Interest charges including IRS interest charges, divided by the average outstanding debt during the period Measuring average debt interest costs to allow comparison with peers and analysis of trends over time Average interest rate excluding IRS interest charges Interest charges excluding IRS interest charges, divided by the average outstanding debt during the period Measuring average debt interest costs to allow comparison with peers and analysis of trends over time Average financing costs Interest charges including IRS interest charges + arrangement fees and commitment fees, divided by the average outstanding debt during the period Measuring the average financing costs to allow comparison with peers and analysis of trends over time Average financing cost excluding IRS interest charges Interest costs excluding IRS interest charges + arrangement fees and commitment fees, divided by the average outstanding debt during the period Measuring the average financing costs to allow comparison with peers and analysis of trends over time EPRA earnings per share Net result +/- result on the sale of investment property +/- variations in the fair value of investment property +/- other portfolio result +/- variations in the fair value of financial assets and liabilities +/- deferred taxes arising from IAS 40 adjustments, divided by the average number of shares Comparability with other RRECs and international property players EPRA NAV This is the NAV that has been adjusted to include real estate and other investments at their fair value and to exclude certain items that are not expected to materialise in a business model with long-term investment property Comparability with other RRECs and international property players EPRA NNNAV EPRA NAV adjusted to take into account the fair value of (i) assets and liabilities, (ii) debts and (iii) deferred taxes Comparability with other RRECs and international property players. The EPRA NAV metrics make adjustments to the NAV per IFRS financial statements to provide stakeholders with the most relevant information about the fair value of a property company's assets and liabilities under various scenarios EPRA Net Reinstatement Value (NRV) Assumes that entities never sell property and aims to represent the value needed to rebuild the property Comparability with other RRECs and international property players. The EPRA NAV metrics make adjustments to the NAV per IFRS financial statements to provide stakeholders with the most relevant information about the fair value of a property company's assets and liabilities under various scenarios EPRA Net Tangible Assets (NTA) Assumes that entities buy and sell assets, causing certain levels of unavoidable deferred tax to materialise Comparability with other RRECs and international property players. The EPRA NAV metrics make adjustments to the NAV per
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34 Antwerp, Belgium | 3 February 2026 | 7h00 CET Regulated information PRESS RELEASE IFRS financial statements to provide stakeholders with the most relevant information about the fair value of a property company's assets and liabilities under various scenarios EPRA Net Disposal Value (NDV) Represents the shareholder value in a sell-out scenario, in which deferred tax, financial instruments and certain other adjustments are calculated to the full extent, after deduction of the resulting tax. Comparability with other RRECs and international property players. The EPRA NAV metrics make adjustments to the NAV per IFRS financial statements to provide stakeholders with the most relevant information about the fair value of a property company's assets and liabilities under various scenarios EPRA Net Initial Yield (NIY) Annualised gross rental income based on the current rent on the closing date, excluding the property charges, divided by the portfolio market value plus the estimated transaction rights and costs in case of hypothetical disposal of investment property Comparability with other RRECs and international property players EPRA Adjusted Net Initial Yield (Adjusted NIY) This metric integrates an adjustment of the EPRA NIY for the end of rent-free periods or other non-expired rental incentives Comparability with other RRECs and international property players EPRA rental vacancy Estimated rental value of vacant units divided by the estimated rental value of the total portfolio Comparability with other RRECs and international property players EPRA Cost Ratio (including vacancy costs) EPRA costs (including vacancy costs) divided by the gross rental income, less the rent still to be paid on rented land Comparability with other RRECs and international property players EPRA Cost Ratio (excluding vacancy costs) EPRA costs (excluding vacancy costs) divided by the gross rental income, minus the rent still to be paid on rented land Comparability with other RRECs and international property players EPRA Loan-to-Value (LTV) A key measure that reflects the extent to which activities are financed with debt capital Comparability with other RRECs and international property players
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35 Antwerp, Belgium | 3 February 2026 | 7h00 CET Regulated information PRESS RELEASE For more information, please contact: Xior Student Housing NV Frankrijklei 64-68 2000 Antwerp, Belgium www.xior.be Christian Teunissen, CEO Frederik Snauwaert, CFO info@xior.be T +32 3 257 04 89 Xior Investor Relations Sandra Aznar IR & ESG Director ir@xior.be T +32 3 257 04 89 About Xior Student Housing Xior Student Housing NV is the first Belgian public regulated real estate company (RREC) specialising in the student housing segment in Belgium, the Netherlands, Spain, Portugal, Germany, Poland, Denmark and Sweden. Within this property segment, Xior Student Housing offers a variety of accommodation, ranging from rooms with shared facilities to en -suite rooms and fully equipped studios. Since 2007, as owner -operator, Xior Student Housing has built high-quality, reliable student accommodation for students looking for the ideal place to study, live and relax. A place with that little bit extra, where every student immediately feels at home. Xior Student Housing has been accredited as a public RREC under Belgian law since 24 November 2015. Xior Student Housing's shares have been listed on Euronext Brussels (XIOR) since 11 December 2015. On 31 December 2025, Xior Student Housing held a property portfolio worth approximately 3. 6 billion EUR. More information is available at www.xior.be. Xior Student Housing NV, a Public RREC under Belgian law (BE-REIT) Frankrijklei 64-68, 2000 Antwerp, Belgium BE 0547.972.794 (Antwerp Register of Legal Entities, Antwerp Division)
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Antwerp, Belgium | 3 February 2026 | 7h00 CET Regulated information PRESS RELEASE 36 Disclaimer This press release contains forward -looking information, projections, convictions, opinions and estimates produced by Xior in relation to the expected future performance of Xior and of the market in which it operates ('forward-looking statements'). By natur e, forward-looking statements involve inherent risks, uncertainties and assumptions, both general and specific, that appear justified at the time at which they are made but which may or may not turn out to be accurate, and there is a risk that the forwar d-looking statements will not be realised. Some events are difficult to predict and may depend on factors outside of Xior's control. In addition, the forward- looking statements are only valid on the date of this press release. Statements in this press release relating to past trends or activities may not be interpreted as an indication that such trends or activities will persist in future. Neither Xior nor its representatives, officers or advisers can guarantee that the parameters upon which the forward-looking statements are based are free of errors, nor can they indicate, guarantee or predict whether the expected results set out in such a forward -looking statement will ultimately be achieved. Actual profits, the financial situation and Xior's performance o r results may therefore differ substantially from the information projected or implied in forward-looking statements. Xior expressly does not accept any obligations or guarantees as to public updates or reviews of forward-looking statements unless required to do so by law. This press release has been prepared in Dutch and has been translated into English and French. In case of discrepancies between the different versions of this press release, the Dutch version will prevail.