Slides
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XIOR STUDENT HOUSING Feel at home XIOR STUDENT HOUSING Presentation H1 2026 results
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TABLE OF CONTENTS 1. Highlights H1 2026 Q&A ESG update Appendix Financials 3 22 26 35Appendix Organisation 21 2. Operational update 8 3. Financial update 15 2
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HIGHLIGHTS H1 2026 3
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4 Strongest rental season to date confirms platform strength
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5 Strong H1 performance sets the stage for further growth Unique platform Robust demand Operational leverage Organic earnings growth ✓ Digitisation, automation & standardisation ✓ New website driving rental success ✓ Faster ramp up new deliveries & B2B initiatives Lower cost per unit supporting margin growth Key growth drivers ✓ High-quality rooms, excellent service & Baselife community creating the right product in the right place ✓ Focus on hospitality ✓ 86% student satisfaction & 4.65 google review score Drives retention, conversion and pricing power ✓ Pricing power above inflation ✓ More than 4% LfL rental growth in 2026 ✓ Ca. €10m additional income from active pipeline Further upside from landbank pipeline ✓ Persistent shortage across all core markets ✓ Affordability of higher education in Continental Europe ✓ Limited new supply Supports occupancy and further rental growth
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6 Pricing power above inflation supports earnings growth +4.92% LfL rental growth +2.1pp above Eurozone inflation Clear evidence of sustainable pricing power *Eurozone inflation June 2026 vs. June 2025 4%+ FY LfL guidance
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7 Confirmed EPS/DPS guidance underpinned by operational delivery EPS guidance confirmed 1 Subject to approval AGM. 2026 guidance EPS 2026: € 2.30 DPS 20261: € 1.84 2027 guidance EPS 2027: € 2.40 DPS 20271: € 1.92 +4% +4%
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OPERATIONAL UPDATE 8
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Strongest rental season to date – on track for full occupancy Record letting performance across the portfolio, with booking levels ahead of last year 9
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What is driving the strongest rental season to date? 10
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11 Operational excellence converts demand into record letting performance FEET ON THE GROUND Local teams with in-depth market knowledge Daily presence in the residences Internalisation of technical management Hands-on follow-up throughout the full letting cycle Differentiated value proposition beyond the room Basebuddies support onboarding, engagement & community Stronger retention and positive word-of-mouth Higher customer satisfaction and loyalty THE VALUE OF BASELIFE Active pricing and revenue management Digital channels improve lead generation and conversion University partnerships and B2B initiatives broaden demand Faster ramp-up of new residences COMMERCIAL DISCIPLINE “Local presence accelerates letting and strenghtens service quality” “Baselife enhances the overall living experience and strengthens retention, loyalty and pricing power.” “Occupancy is King & Service is queen”
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LOCAL TEAMS, STRONG PARTNERSHIPS AND THE BASELIFE EXPERIENCE TURNED DEMAND INTO FULL OCCUPANCY FASTER THAN EXPECTED. CASE STUDY WARSAW - WENEDÓW
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13 Launch new student website Scan the QR code to discover the new website or click here This new website brings together the entire Xior portfolio – more than 22,000 rooms in 8 countries - in one integrated digital environment.
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14 The Basebuddy role is designed to help build a community by residents for residents. Baselife community by Basebuddies Vibrant Communities Managing spaces and services to foster personal, social, and professional wellbeing Care Caring for our people, planet, and community Future Creating opportunities today that positively impact tomorrow Fun Connecting to each other and the world through fun-filled adventures “Occupancy is King & Service is Queen” 86% CSI rate 4.65 average rating Global Student Living Best Value for Money
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FINANCIAL UPDATE 15
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16 H1 2026 key figures – Operational strength and financial delivery
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17 Development active pipeline to support earnings growth Active pipeline (in execution) Project Permit Target delivery Est. # beds/units Est. Rental income (m€) Est. Total cost (€m) Cost to date (€m) Cost to come (€m) Est. YoC Notes Brinktoren (part Xior) Yes 2026 266 93 Brinktoren (part Ymere) Yes 2026 112 28 Part Ymere (€28m) committed sale at completion - capex has been borne by Xior Boavista Porto Yes 2026 532 42 Trasenster Seraing Yes 2027 302 36 Bagatten Ghent Yes 2027 50 6 Sale agreement signed in July 2026 (>10% above book value) Subtotal active pipeline 1,262 205 170 35 Subtotal active pipeline after sale Ymere 1,150 10.2 177 170 7 Ca. 5.8%
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18 Development future pipeline supporting future earnings growth *Boavista developed in JV so not included in IP developments balance sheet @ €431m Future pipeline (in pre-execution) Project Permit Target delivery Est. # beds/units Est. Rental income (m€) Est.total cost (€m) Cost to date Cost to come Est. YoC Notes Project A'dam area 2026e 1,200 Bokelweg Rotterdam Yes 350 Ready to start building Karspeldreef A'dam extension Yes 396 Extension potential on existing site: flexible timing UEM madrid extension TBD 300 Extension potential on existing site: flexible timing Annadal extension TBD Additional extension potential to fully let and yielding Annadal residence Ariënsplein Enschede TBD Additional undeveloped part of fully let and yielding Ariënsplein residence Other TBD Additional redevelopment/add-on potential of existing properties Subtotal future pipeline >30 TBD 271 TBD Target +6.5% TOTAL 431*
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19 Balance sheet – 100% of financing needs covered for 18 months
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20 Financing update: Solid liquidity & funding secured until Q4 2027 0 50000000 100000000 150000000 200000000 250000000 300000000 350000000 400000000 450000000 500000000 2026 2027 2028 2029 2030 2031 2032 2033 2036 2051 2053 DEBT MATURITIES Q2 2026 Bonds Loans Loans (undrawn) 68% 56% 53% 42% 20% 10% 6% 5% 20% 19% 18% 17% 15% 15% 8% 8% 4% 4% 3% 3% 3% 12% 25% 29% 41% 65% 75% 86% 87% 96% 96% 97% 97% 97% 3 0 / 0 6 / 2 0 2 6 3 0 / 0 6 / 2 0 3 8 O V E R V I E W O F F I X E D- R A T E D E B T , H E D G E D V A R I A B L E- R A T E D E B T A N D U N H E D G E D V A R I A B L E- R A T E D E B T ( I N % ) Hedged variable rate debt Fixed-interest debts Unsecured floating rate debt ✓ All maturing loans until Q4 2027 largely extended or renewed ✓ 100% of funding needs covered for 18 months ✓ Well spread debt profile (1.9 bn EUR) with 23 lenders and 5 years average duration ✓ Continued access to new lending with existing and new lenders ✓ Continued high level of hedging ✓ Macro hedging in place limiting the risk of higher interest rates ✓ Average cost of debt at 3.16% over H1 2026
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Q&A 21
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ESG UPDATE 22
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Key ESG achievements 2025 PEOPLE employees & students PLANET GOVER- NANCE 23
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24 Our Climate Strategy & Net Zero Roadmap We commit to 4 core principles:
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25 Building a Sustainable Portfolio South Campus DGNB Silver Katowice BREEAM Very Good Leipzig LEED Gold Malmö BREEAM Very Good Łódź II BREEAM Very Good Potsdam LEED Gold Rotterdam BREEAM in use Good Zaragoza LEED Silver Lisbon BREEAM in use Very Good Lyngby DGNB Silver Aarhus DGNB Gold New ESG Report published Per 30.06.2026 Distribution of EPC certificates Xior buildings in scope
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APPENDIX FINANCIALS 26
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30 JUN 2026 (FV: c. €4.03 BN incl. pipeline) The Netherlands Belgium Denmark Spain Portugal Poland Germany Sweden 30 JUN 2026 (FV: c. €3.66 BN) The Netherlands Belgium Denmark Spain Poland Portugal Sweden Germany 30 JUN 2022 (FV: €2.2 BN) The Netherlands Belgium Spain Portugal 54% 28% 15% 3% 27 Track record 2022 c. 1bn EUR investments Basecamp acquisition Entry into GE, PL, DK, SE Other acquisitions: Liège, Seraing, Granada, Warsaw 2022 Founders enter the (BE) student housing scene with first asset 2007 December 2015 €87.8m IPO €200m portfolio 48 assets 2,035 units 2 countries - 8 cities 2015 Main acquisitions 2021 SPS Socimi Spain (ES) Quares Student Housing (BE) Zaragoza (ES) Total investments c. 500 MEUR 2021 c. 2,000 additional units Divestment program fully realised €80m CIK via new reference shareholder 2024 Heading to c. € 4 bn portfolio (incl. pipeline) +/- 25,500 units 42 cities in 8 countries June 2026-... March 2019 Entry into Spain and Portugal 2019 c. 1,500 additional units Further digitalisation & roll-out Baselife concept 2025 41% 17% 12% 12% 7% 7% 2% 2% 46% 16% 11% 11% 6% 6% 2% 2%
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28 Widespread undersupply *Weighted averages, based on the proportion of Xior’s portfolio in each country. Xior countries UK Total students 8,462,385 2,863,180 % International 14.7% 24.1% CAGR tot | int (4y) 1.0%* | 5.6%* 1.0% | 3.5% % Prov. rate 16.5%* 29.0% Xior Market Share 1.6% NA Belgium The Netherlands Spain Portugal #students 525,498 787,072 1,824,011 456,032 % International 16.8% 16.6% 14.4% 17.6% CAGR tot | int (4y) 3.8% | 5.6% -0.9% | 6.3% 2.1% | 5.9% 2.6% | 7.9% % Prov. rate 8.8% 19.3% 9.2% 6.7% Xior Market Share 9.5% 4.5% 1.5% 5.6% # HEIs (ranked) 10 13 59 16 Sources: BONARD, 2026 | Statista Research Department | HESA Student records Poland Germany Denmark Sweden #students 1,280,096 2,864,122 249,331 476,223 % International 8.5% 17.2% 14.7% 9.9% CAGR tot | int (4y) 1.2% | 6.4% -0.7% | 4.3% -1.5% | -0.6% 1.2% | 9.0% % Prov. rate 10.4% 12.9% 32.2% 20.3% Xior Market Share 2.8% 0.2% 2.2% 0.6% # HEIs (ranked) 42 64 7 16 High demand 6:1
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29 Portfolio overview* 29 *As per 30 June 2026 excl. pipeline (% of FV as valued by the valuation expert). The portfolio will grow to c. 25,500 units incl. pipeline. Total units: c. 22,268✓ The Netherlands Amsterdam Breda Delft Eindhoven Enschede Groningen Leeuwarden Leiden Maastricht Rotterdam The Hague Utrecht Vaals Venlo Wageningen 15 cities | 42 assets | 6,908 units 41% Germany Leipzig Potsdam 2 cities | 2 assets | 675 units 2% 17% Antwerp Brussels Ghent Hasselt Belgium Leuven Liège/Seraing Mechelen Namur 8 cities | 42 assets | 4,372 units Spain Barcelona Malaga Granada Seville Madrid Zaragoza 6 cities | 11 assets | 2,473 units 12% Portugal Lisbon Porto 2 cities | 6 assets | 1,704 units 7% Sweden Malmö 1 city | 1 asset | 583 units 2% Denmark Aarhus Copenhagen Lyngby 3 cities | 4 assets | 1,786 units 12% Poland Katowice Warsaw Krakow Wroclaw Łódź 5 cities | 7 assets | 3,767 units 7%
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30 A leading platform in a structurally undersupplied market UNIQUE SCALABLE PLATFORM Leading pan-European student platform Operational efficiency scale & excellence Strong brand recognition “Setting the standard across Europe” WIDESPREAD UNDERSUPPLY Low provision rate of 17% (avg) High international student growth (4Y CAGR 5.6%) High quality and affordable education “6 students competing for 1 bed” POTENTIAL FOR FUTURE GROWTH Earnings growth secured strong pricing power & high occupancy Robust pipeline for future growth Expansion potential in all Xior cities “Strategically positioned for success” 30
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31 Key financials 30.06.20261 in KEUR 30.06.2026 30.06.2025 Net rental result 96,928 86,643 Property result 96,683 92,922 Operational result before result on the portfolio 68,226 65,951 Financial result (excl. variations in the fair value of financial assets and liabilities) -15,901 -17,009 EPRA earnings 53,290 50,454 Result on the portfolio (IAS 40) 34,825 27,171 Revaluation of financial instruments (non-effective interest rate hedges) 3,062 -4,140 Deferred taxes -7,945 -3,986 Net result (IFRS) 79,377 65,671 in KEUR 30.06.2026 31.12.2025 Equity – group share 1,742,792 1,751,575 Fair value of the real estate property2 3,660,322 3,558,842 Loan-to-Value (LTV) 50.56% 49.87% Debt ratio (Act on Regulated Real Estate Companies)3 51.45% 49.92% in EUR 30.06.2026 30.06.2025 Number of shares 46,695,094 46,695,094 Weighted average number of shares 46,695,094 45,856,803 EPRA earnings per share4 1.14 1.10 1. Alternative performance measures (APMs) are measures Xior Student Housing NV uses to measure and monitor its operational performance. The European Securities and Markets Authority (ES MA) issued guidelines for the use and explanation of alternative performance measures, which came into effect on 3 July 2016. Chapter 10 of the Annual Financial Report 2025 inclu des the concepts Xior considers as APMs. The APMs are marked with and are accompanied by a definition, objective and reconciliation as required under the ESMA guidelines. 2. The fair value of the investment property is the investment value as determined by an independent property expert less the tr ansaction fees (see BE-REIT Association press release dated 10 November 2016 – update press release from the BE-REIT Association of 30 June 2025). The fair value corresponds to the carrying amount under IFRS. 3. Calculated in accordance with the Royal Decree of 13 July 2014 pursuant to the Act of 12 May 2014 on Regulated Real Estate Co mpanies. 4. EPRA earnings per share – group share after IFRIC 21 correction
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32 NAV, Valuation yields & operational metrics NAV* in EUR 06/2026 12/2025 12/2024 12/2023 12/2022 12/2021 12/2020 EPRA NAV per share – group share 38.73 38.81 40.02 40.63 43.00 37.93 34.00 EPRA NTA per share 38.57 38.67 39.91 40.55 42.96 37.92 33.99 * Calculated on the basis of the total number of shares outstanding. Gross valuation yields 06/2026 12/2025 12/2024 12/2023 12/2022 12/2021 12/2020 Belgium 5.48% 5.39% 5.41% 5.29% 5.07% 5.11% 5.15% The Netherlands 5.93% 5.84% 5.67% 5.62% 5.35% 5.87% 5.89% Spain* 5.22% 5.13% 5.27% N/A N/A N/A N/A Portugal* 6.43% 6.13% 6.11% N/A N/A N/A N/A Poland 8.96% 8.88% 8.34% 8.36% 7.92% N/A N/A Germany 6.62% 6.61% 6.66% 6.62% 5.96% N/A N/A Denmark 5.01% 5.00% 5.28% 5.35% 5.04% N/A N/A Sweden 6.16% 6.18% 6.31% 6.13% N/A N/A N/A Operational metrics 06/2026 12/2025 12/2024 12/2023 12/2022 12/2021 12/2020 Operational margin % (property operating result/NRI)* 81.44% 87.21% 84.28% 86.90% 78.18% 82.18% 87.08% EBITDA margin 74.71% 80.34% 77.66% 77.20% 69.15% 74.07% 76.81% Overhead costs compared to net rental income 6.72% 7.10% 7.56% 10.72% 9.48% 8.12% 10.36% EPRA earnings % 55.33% 57.25% 54.43% 56.72% 55.59% 56.67% 57.51% * For Spain and Portugal, gross valuation yields will be reported instead of NOI yields from 2025 onwards. The comparative fi gures for 2024 have been restated accordingly. * H1 2026: Operational margin temporarily lower due to non-recurring items last year. Long-term target remains 85%.
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33 Nomination agreements1 University City Location #Units End date RENTAL CONTRACT Universiteit Antwerpen Antwerp Prince 19 31/08/2026 James Madison University Antwerp Rodestraat 2 16 30/06/2033 Universiteit Antwerpen - Campus Epidemiologie Antwerp Felix 10 31/08/2027 Brik Brussels Bischoffheimlaan/Van Orley 88 15/09/2031 Brik Brussels Zavelput 16 15/09/2031 UCLouvain Brussels Ommegangstraat 2 141 14/09/2035 EPHEC Brussels ALMA 8 31/08/20262 The American University Brussels Brussels ALMA 10 31/07/2027 Hogeschool PXL Hasselt Xior PXL 34 (+6 big rooms) 31/08/20262 Hogeschool PXL Hasselt Xior PXL 2 31/08/20262 Hogeschool PXL Hasselt Xior PXL Multifunctional space 28/02/2030 HoGent Ghent Overwale 318 31/08/2036 HoGent Ghent Overwale Office 31/08/2036 KUL Leuven Studax 292 14/10/2044 Saxion Hogescholen Enschede Ariënsplein 115 31/07/2026 Saxion Hogescholen Enschede Ariënsplein Office 31/08/2027 Saxion Hogescholen Enschede Ariënsplein Office 30/04/2027 Saxion Hogescholen Enschede Ariënsplein Office 28/02/2029 Saxion Hogescholen Enschede Ariënsplein Office 31/08/2028 Saxion Hogescholen Enschede Ariënsplein Office 30/04/2029 Stichting Regionaal Opleidingen Centrum van Twente Enschede Ariënsplein Office 31/03/2030 Stichting Regionaal Opleidingen Centrum van Twente Enschede Ariënsplein Office 31/07/2030 Universiteit Maastricht Maastricht Brouwersweg 268 31/01/2031 Universiteit Maastricht Maastricht Brouwersweg 108 31/01/2031 Universiteit Maastricht Maastricht Brouwersweg 109 31/01/2031 Universiteit Maastricht Maastricht Brouwersweg 28 31/01/2031 1. As per 30 June 2026 2. Expected to be renewed on a yearly basis
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34 Nomination agreements1 University City Location #Units End date RENTAL CONTRACT Universiteit Maastricht Maastricht Vijverdalseweg 20 31/01/2031 Stichting Veste Maastricht Brouwersweg 16 31/07/2029 AWL University Wroclaw Wroclaw 230 30/09/2027 CIEE Lisbon Campo Pequeno 155 30/06/2027 CIEE Lisbon Lumiar 40 30/06/2027 The Luso-American Development Foundation (FLAD) Lisbon Campo Pequeno 23 31/07/2027 University Network for Human Rights Lisbon Campo Pequeno 8 31/01/2027 Danish Institute for Study Abroad (DIS) Copenhagen South Campus 45 Indefinite duration Danish Institute for Study Abroad (DIS) Lyngby Lyngby Student 71 Indefinite duration Luchtverkeersleiding Nederland (LVNL) Copenhagen South Campus 39 31/12/2028 GATE Aviation Training Copenhagen South Campus 10 31/12/2026 CIEE Copenhagen South Campus 15 Indefinite duration CIEE Lyngby Lyngby Student 15 Indefinite duration WARRANTY AGREEMENT Navitas (Twente Pathway College) Enschede Ariënsplein 30 30/05/2027 Tu/e (Technical University Eindhoven) Eindhoven Zernikestraat 240 30/05/2027 Hogeschool Zuyd Maastricht Vijverdalseweg 25 31/07/2027 Hogeschool Zuyd Maastricht Brouwersweg 18 31/07/2028 Hogeschool Utrecht Utrecht Willem Dreeslaan 50 31/03/2027 Rotterdam School of Management Rotterdam Burgemeester Oudlaan 21 31/12/20262 Saxion Hogescholen Enschede Ariënsplein 110 31/07/2029 Copenhagen Business School Copenhagen South Campus 67 30/06/2029 1. As per 30 June 2026 2. Expected to be renewed on a yearly basis 3. As per 31 December 2025 c. 10.5% of annualized total rental income: LT leased via rental & guarantee contracts3 c. 2.94% of annualized total rental income via partnerships with universities3
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APPENDIX ORGANISATION 35
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36 Student housing with the factor 36
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Market drivers – Increasing demand for student rooms 37
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38 Group structure STRUCTURE • Aloxe NV, the holding company held by the CEO (82%) and CFO (18%) • Founding shareholders remain committed • Management responsible for the implementation of the strategy and the management and growth of the portfolio • Dutch real estate assets fiscally structured through a “vaste inrichting/établissement stable”, subject to corporate income tax • The Spanish investments are held through a SOCIMI, a Spanish REIT similar to a B-REIT • The Campopre investment in Lisbon (Portugal) is held by a real estate collective investment company (SIC) incorporated under Portuguese law (and subject to supervision by CMVM), which benefits from a beneficial tax regime • The Danish, Swedish, German, Polish and other Portuguese investments are structured via a local holding company subject to normal corporate income tax XIOR STUDENT HOUSING (Public RREC) • Limited liability company (“naamloze vennootschap”) • Registered office: Frankrijklei 64-68, 2000 Antwerp • KBO 0547.972.794 (RPR Antwerp, Antwerp Department) • Belgian Public REIT (BE-REIT) Xior Student Housing NV Aloxe NV Katoen Natie Group* *via subsidiary Car Logistics Brussels Free float 10.91% 6.31% 82.78% Shareholder structure
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This presentation has been prepared by the management of XIOR STUDENT HOUSING NV (the "Company") and the Company assumes responsibility for the information contained in this presentation. It does not constitute or form part of, and should not be construed as, an offer, solicitation or invitation to subscribe for, underwrite or otherwise acquire, any securities of the Company or any member of its group nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Company or any member of its group, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. This presentation is not a prospectus. Any purchase of, subscription for or application for, shares in the Company to be issued in connection with the offering should only be made on the basis of information contained in the prospectus issued by the Company in connection with the offering and any supplements thereto, as the case may be. The prospectus contains detailed information about the Company and its management, risks associated with investing in the Company, as well as financial statements and other financial data. The information included in this presentation has been provided to you solely for your information and background and is subject to updating, completion, revision and amendment and such information may change materially. No person is under any obligation to update or keep current the information contained in this presentation and any opinions expressed in relation thereto are subject to change without notice. No representation or warranty, express or implied, is made as to the fairness, accuracy, reasonableness or completeness of the information contained herein. This presentation includes forward-looking statements that reflect the Company's intentions, beliefs or current expectations concerning, among other things, the Company’s results, condition, performance, prospects, growth, strategies and the industry in which the Company operates. These forward- looking statements are subject to risks, uncertainties and assumptions and other factors that could cause the Company's actual results, condition, performance, prospects, growth or opportunities, as well as those of the markets it serves or intends to serve, to differ materially from those expressed in, or suggested by, these forward-looking statements. The Company cautions you that forward-looking statements are not guarantees of future performance and that its actual results and condition and the development of the industry in which the Company operates may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. In addition, even if the Company's results, condition, and growth and the development of the industry in which the Company operates are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in future periods. The Company and each of its directors, officers and employees expressly disclaim any obligation or undertaking to review, update or release any update of or revisions to any forward-looking statements in this presentation or any change in the Company's expectations or any change in events, conditions or circumstances on which these forward-looking statements are based, except as required by applicable law or regulation. This document and any materials distributed in connection with this document are not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. The distribution of this document in certain jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe any such restrictions. Disclaimer
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Thank you! Follow the #XIORFAMILY ir@xior.be +32 3 257 04 89 Frankrijklei 64-68 2000 Antwerp Belgium www.xior.eu