Interim report
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Results H1 2026 Xior Student Housing XIOR STUDENT HOUSING Interim results per 30.06.2026 Publication Half - Yearly Financial Report 2026 Press release | Antwerp , Belgium | 6 August 2026 | 7h00 CET Regulated information
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2 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information Strong H1 2026 results1 thanks to high rental growth and maximum occupancy EPRA earnings increase to 53,290 KEUR (+6% YoY) EPRA earnings per share amount to 1.14 EUR +4.92% LfL rental growth (YoY) and 98% occupancy rate confirm strong pricing power Portfolio valuation up by +1,25% YtD (44 MEUR) EPRA NTA per share at 38.57 EUR compared to 38.67 EUR on 31/12/2025 Active pipeline: only 7 MEUR remaining investment with 10 MEUR/year additional rent potential LTV/debt ratio temporarily at 50.56% and 51.45%, respectively, after full cash dividend payment 100% financing requirements for next 18 months fully covered Outlook 2026 reconfirmed: EPS 2.30 EUR and DPS 1.84 EUR (+4% vs 2025) with expected LTV < 50% Xior’s European platform continues to deliver exceptional operational performance Xior’s combination of high-quality rooms, excellent service and the unique Baselife community creates a distinctive housing concept: the right product in the right market Strongest rental season to date, on track for maximum occupancy in all Xior countries The continued affordability of higher education in continental Europe supports sustained demand Structural shortage and high retention resulting once again in strong demand and fast letting pace Strong pricing power supports further organic rental and profit growth 2026 expectations confirmed: 98% occupancy and more than 4% LfL rental growth, with a continued focus on affordability Christian Teunissen, CEO : "Our results once again demonstrate the strength of our unique European platform. Through high-quality residences, excellent service and a unique community, we offer students exactly what they are looking for today. This differentiation translates into high retention, maximum occupancy and sustainable pricing power above inflation, supported by the continued affordability of higher education across continental Europe. Our financial discipline remains unchanged. The temporary rise in the debt ratio above 50% is due to the full cash payment of the dividend . With this strong operational and financial foundation, we continue to build confidently towards a 4 billion EUR portfolio and reaffirm our 2026 outlook." 1 The EPRA earnings figures reported are the EPRA earnings (group share), after application of the IFRIC 21 adjustment (see notes in section 2.4). Robust H1 2026 results 6% EPRA earnings growth driven by 4.92% LfL rental growth and maximum occupancy of 98% Strongest rental season to date supporting further earnings growth Outlook 2026 confirmed: EPS of 2.30 EUR Xior analyst & investor call Thursday 6 August 2026 from 10:00 CET to 11:00 CET Dial-in details Microsoft Teams: Click here
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3 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information Highlights H1 2026 3.7 billion EUR Fair Value 98% occupancy rate in 8 different countries Net rental result 97 MEUR EPRA earnings LfL rental growth YoY +4.92% ,52%+ 53 MEUR +6% YoY 22,268 +3% (YoY) Lettable units (22,863 beds) Guidance EPS/DPS 2026 2.30EUR / 1.84 EUR +4% Guidance EPS/DPS 2027 2.40EUR / 1.92 EUR +4% 50.56% 49,03% Debt ratio 51.45% 49,64% LTV EPS (H1 ’26) 1.14 EUR
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4 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information Table of contents 1 Consolidated key figures as at 30 June 2026 ................................................................................................. 5 2 Interim management report .......................................................................................................................... 7 3 Risks for the remaining months of 2026 ..................................................................................................... 19 4 Property report ............................................................................................................................................ 19 5 Condensed consolidated financial statements for the first half of 2026 .................................................... 28 Alternative Performance Measures and the term “EPRA earnings” Alternative performance measures (APMs) are measures used by Xior Student Housing NV to measure and monitor its operational performance. The European Securities and Markets Authority (ESMA) has issued guidelines that have been in force since 3 July 2016 for the use of and notes on alternative performance measures. The measures considered by Xior as APMs are contained in Chapter 5.8 of this Half-Yearly Report. The APMs are marked with and are accompanied by a definition, purpose and reconciliation as required under the ESMA guidelines. The EPRA ( European Public Real Estate Association ) is an organisation that promotes, helps to develop and represents the European publicly listed property sector to improve confidence in the sector and increase investment in publicly listed property in Europe. For more information about EPRA, visit www.epra.com. This half-yearly financial report is also available in Dutch and French. Xior Student Housing NV is responsible for the translation of this half -yearly financial report into English. Only the Dutch version of the half -yearly financial report has evidential value. Both versions are available on the Company website (www.xior.be) or on request from the registered office (Xior Student Housing NV, Frankrijklei 64-68, 2000 Antwerp, Belgium).
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5 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information 1 Consolidated key figures as at 30 June 2026 The first half year of 2026 covers the period from 1 January 2026 to 30 June 2026. The results of the first half year are as follows: • EPRA earnings 1 rise to 53,290 EUR (+6% YoY) • EPRA earnings per share1 amount to 1.14 EUR2 • Net rental result rises by 12% YoY to 96,928 EUR, thanks to o Further and faster rentals ramp-up of recently completed properties o LfL rental growth of 4.92%, once again a high growth rate above inflation (calculated at 92% of rental income) o High and stable occupancy rate at 98% for H1 2026 • Positive revaluation of the portfolio with +44 MEUR or +1,25% YtD • EPRA NAV per share3 – group share of 38.73 EUR vs. 38.81 EUR as at 31 December 2025 • EPRA NTA per share³ of 38.57 EUR vs. 38.67 EUR as at 31 December 2025 • Fair value of property portfolio rises to 3.66 billion EUR, with 22,268 lettable units, an increase of 2.9% vs. 31 December 202 5. If all acquisitions and redevelopments in the pipeline (active and future) are completed, the portfolio will increase to approx. 4 billion EUR, with 25,500 lettable student units4 • LTV of 50.56% vs. 49.87% as at 31 December 2025 and debt ratio of 51.45% vs. 49.92% as at 31 December 2025, both temporarily higher due to full dividend payment in cash • Net result (IFRS) for H1 2026 of 79,377 KEUR • Outlook 2026 reconfirmed: EPS 2.30 EUR and DPS 1.84 EUR (+4% vs. 2025) with expected LTV < 50% • Outlook 2027: EPS 2.40 EUR and DPS 1.92 EUR (+4% vs. 2026) Consolidated income statement (Figures in KEUR) 30/06/2026 30/06/2025 Net rental result 96,928 86,643 Property result 96,683 92,922 Operating result before result on the portfolio 68,226 65,951 Financial result (excluding variations in the fair value of financial assets and liabilities) -15,901 -17,009 EPRA earnings – group share 49,096 46,191 EPRA earnings – group share after IFRIC 21 adjustment 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 Portfolio update 30/06/2026 30/06/2025 Number of lettable student units 22,268 21,571 Number of lettable beds 22,863 22,123 Number of countries 8 8 Number of cities 42 42 2 The figures per share are calculated based on the weighted average number of shares, taking into account the dividend entitlement of the relevant shares, unless otherwise indicated. 3 Based on the number of outstanding shares. 4 This does not take into account ongoing divestments until they have been fully realised.
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6 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information Consolidated balance sheet (Figures in KEUR) 30/06/2026 31/12/2025 Equity 1,744,664 1,753,131 Equity – group share 1,742,792 1,751,575 Fair value of the investment property5 3,660,322 3,558,842 Loan-to-value 50.56% 49.87% Debt ratio (GVV Act)6 51.45% 49.92% Key figures per share (Figures in EUR) 30/06/2026 30/06/2025 Number of shares 46,695,094 46,695,094 Weighted average number of shares7 46,695,094 45,856,803 EPRA earnings8 per share 1.06 1.02 EPRA earnings8 per share – group share 1.05 1.01 EPRA earnings8 per share – after IFRIC 21 adjustment 1.15 1.11 EPRA earnings8 per share – group share after IFRIC 21 adjustment 1.14 1.10 Result on the portfolio (IAS 40) 0.75 0.59 Revaluation of financial assets and liabilities -0.07 0.09 Net result per share (IFRS)9 1.70 1.43 Share closing price 26.30 30.75 Net asset value per share (IFRS)9 37.36 37.42 Net asset value per share (IFRS)9 – group share 37.32 37.39 Gross valuation yields* On 30 June 2026, Xior’s portfolio was valued at 3.7 billion EUR (compared with 3.6 billion EUR in Q4 2025), an increase of +2.9% thanks to the steady progress of projects in the pipeline and a positive revaluation of the portfolio of 44 MEUR (+1.25%). Real estate markets on the European mainland remain robust, supported by favourable supply -and-demand dynamics, higher rents, and strong operational fundamental s. The positive revaluation of the portfolio was mainly driven by the sustained growth in ERVs (Estimated Rental Value) , underpinned by strong market fundamentals and favourable supply -and-demand dynamics. This positive effect was partly offset by a slight rise in valuation yields across various markets . Nevertheless, rental growth more than outweighs this impact, resulting in a further increase in the fair value of the portfolio. Strong rental growth and the continued favourable outlook for supply and demand will continue to underpin property valuations. 30/06/2026 31/12/2025 31/12/2024 Belgium 5.48% 5.39% 5.41% The Netherlands 5.93% 5.84% 5.67% Spain 5.22% 5.13% 5.27% Portugal 6.43% 6.13% 6.11% Poland 8.96% 8.88% 8.34% Germany 6.62% 6.61% 6.66% Denmark 5.01% 5.00% 5.28% Sweden 6.16% 6.18% 6.31% 5 The fair value of the investment properties is the investment value as determined by an independent property expert, from which the transaction fees are then deducted (see BE-REIT (Belgian Real Estate Investment Trusts) Association press release dated 10 November 2016 – update press release of the BE-REIT Association dated 30 June 2025). The fair value corresponds to the book value under IFRS. 6 Calculated in accordance with the Royal Decree of 13 July 2014 implementing the Act of 12 May 2014 on Regulated Real Estate Companies. 7 Shares are counted from the time of issue. 8 Calculated based on the weighted average number of shares. 9 Based on the number of outstanding shares. * Calculated as estimated annual rent divided by Fair Value and excluding development projects. For Spain and Portugal, gross valuation yields will be reported starting in 2025 instead of NOI yields. The comparative figures have been restated accordingly.
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7 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information 2 Interim management report 2.1 Operational and corporate update Update rental season The rental season for the 2026–2027 academic year has developed into Xior’s strongest rental season to date. The persistent shortage of high-quality student accommodation, combined with continued growth in the student population and limited new supply, continues to support demand across all markets. As a result, rental increases continue to be readily absorbed by the market and Xior remains on track to achieve full occupancy by the start of the academic year. In addition, the predominantly short -term lease structure reinforces Xior's structural pricing power, enabling the Company to respond quickly to inflationary trends and deliver sustainable average LfL rental growth above inflation. In Belgium, the rental season is progressing fully in line with the strong performance recorded in recent years. Leuven and Ghent reached full occupancy early in the season. The remaining Belgian cities have also maintained a strong rental pace, with most locations now fully let and the last available rooms are currently being rented. Supported by high retention rates and continued strong demand from new students, the portfolio has already achieved very high booking levels. With the traditional final rental push in August still to come, Xior expects to reach full occupancy across all Belgian cities by the start of the academic year. In the Netherlands, Xior continues to achieve full occupancy year after year, supported by sustained demand for high-quality student accommodation and the structural shortage of supply. Although the rental season traditionally only gains momentum in July due to short notice periods, Xior once again expects full occupancy by the start of the academic year. The Brinktoren residence, which is due to be completed shortly, is also expected to be fully let, partly thanks to a yet-to-be-signed long-term contract with Tio Business School, further illustrating the continued strength of demand for purpose-built student accommodation in the Dutch market. In Iberia, the rental pace is high and in line with last year. Occupancy levels continue to develop strongly, supported by sustained demand from both domestic and international students. In Spain, bookings are ahead of last year's pace and the rental season is currently entering its peak period. As in previ ous years, Xior expects to achieve full occupancy before the start of the academic year. In Portugal, too, the letting season is going very well. Letting performance is in line with last year’s strong performance and confirms the continued robust demand for high-quality student accommodation. Poland is delivering the strongest rental performance across the portfolio this year. Existing residences are renting ahead of last year's pace, while the recently opened Wenedów residence in Warsaw has already reached full occupancy despite only entering its se cond rental season. Whereas newly developed residences typically require around three years to ramp-up and reach stabilised occupancy, Wenedów has achieved this milestone in just one year. These results underline both the strength of the Polish student housing market and the successful expansion of Xior's portfolio in the country. In the Nordics, booking levels are also at a very high level, with rentals progressing slightly ahead o f last year. The Danish portfolio is virtually fully let, while the residences in Malmö and Aarhus are also showing strong momentum towards the start of the academic year. Xior expects to achieve full occupancy across the region. In Germany, the rental season traditionally only starts in mid -August, reflecting the later start of the academic year. Although the main rental period still lies ahead, the first booking results are very encouraging, with booking levels already exceeding 50%. Follo wing its renovation, the residence in Leipzig has also seen renewed interest, resulting in strong demand and a promising booking pace.
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8 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information Affordability as the foundation for sustainable value creation The strong rental performance across all markets once again demonstrates the resilience of Xior's diversified pan -European portfolio and the structural strength of demand for high -quality student accommodation. Supported by the continued affordability of higher education and student housing across continental Europe , combined with a persistent shortage of supply, demand remains robust, enabling rental increases to be implemented without compromising occupancy levels. These favourable market fundamentals dif ferentiate Xior's portfolio, supporting not only sustainable rental income growth but also the long-term resilience of property valuations. Baselife community and focus on hospitality strengthen Xior’s distinctive value proposition In addition to favourable market fundamentals, Xior's rental performance continues to be supported by its unique and distinctive residential concept. Xior is increasingly positioning itself as a hospitality -driven student housing operator. Today's students are not simply looking for a high -quality room; they are looking for a complete living experience where service, safety, community and wellbeing are central. Through high-quality residences, excellent service and the Baselife community concept, Xior offers students an integrated residential experience that goes beyond traditional student accommodation. Baselife is designed to create a welcoming and inclusive living environment through a wide range of community events and initiatives, supported by Xior's network of Basebuddies. These are residents who actively help fellow students, welcome new arrivals and encourage social interaction within the residence. As a result, students quickly feel at home and benefit from a supportive community throughout their academic journey. The attractiveness of this concept is reflected in an overall customer satisfaction score of 86% . High customer satisfaction also translates into strong resident retention, positive word-of-mouth referrals and continued appeal to prospective students. This enables Xior to consistently achieve maximum occupancy and an efficient rental cycle. The stren gth of this differentiated positioning provides Xior with sustainable pricing power, supporting continued like-for-like rental growth and reinforcing its market-leading position. Hospitality is also becoming an increasingly important pillar of Xior's operational strategy. Providing best-in-class service, high-quality facilities and a distinctly customer -focused approach are central to this. Over recent years, the Group has progressively internalised its technical maintenance services. While this decision was initially driven by efficiency and cost considerations, the presence of in-house technical teams at the residences has also significantly enhanced the level of service and the overall student experience. Faster response times, combined with the daily on -site presence of technical staff, strengthen relationships with residents and further improve customer satisfaction. Sustainable pricing power supports organic growth The combination of exceptionally strong market fundamentals and Xior's distinctive hospitality-driven operating model continues to generate sustainable pricing power. Students are willing to pay for the added value offered by Xior, enabling the Group to increase rents annually without compromising demand or occupancy levels. “The affordability of higher education and student housing, combined with favourable market dynamics, differentiates Xior's portfolio, supporting not only sustainable rental income growth but also the long-term resilience of property valuations.” “The combination of high-quality infrastructure, excellent service and a distinctive community represents a key competitive advantage for Xior and contributes directly to sustainable value creation.”
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9 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information In 2026, like -for-like rental growth once again remains well above inflation. The combination of maximum occupancy, high retention rates and strong customer satisfaction continues to support sustainable organic rental growth and confirms the strength of Xior's operational platform. This pricing power remains a key driver of future rental income growth, earnings performance and long -term portfolio value creation. *Eurozone inflation June 2026 vs. June 2025 Launch new website Since its launch on 21 April 2026, Xior's new student website has proven to be an important commercial platform. The redesigned, mobile -first website offers an intuitive user experience and a significantly simplified booking process, providing greater transparency on availability and a smoother customer journey from the first click through to reservation. The website brings together Xior's entire portfolio of more than 22,000 rooms across eight countries in one integrated digital environment, further strengthening the recognition of the Xior brand across Europe. Students benefit from comprehensive informati on on residences, facilities and the unique Baselife community, while parents can easily access relevant information through the Parent Hub and the extensive FAQ section. The launch of the new website has also contributed to Xior's strongest rental season to date by increasing online visibility, supporting higher conversion of prospective students into reservations and creating a more efficient digital letting process. As s uch, the website has become an important pillar of Xior's digital strategy, supporting the continued organic growth of the portfolio. Click here to discover the website
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10 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information 2.2 Update portfolio & Pipeline Update pipeline The active development pipeline represents a total investment volume of approximately 177 MEUR, the majority of which has already been invested. The remaining investment amount is only 7 MEUR and will be fully financed from the company’s own self-financing capacity, without additional debt or equity. This concerns the Brinktoren project in Amsterdam, the Boavista project in Porto and the Trasenster project in Seraing (Liège). The active development pipeline comprises more than 1,100 additional units , scheduled for phased delivery throughout 2026 and 2027. The Boavista and Brinktoren projects are expected to be fully completed during 2026, while the Trasenster development is scheduled for completion in 2027. Upon completion, Xior's portfolio will grow to approximately 23,400 units, representing an increase of approx. 5% compared with the end of 2025. Once fully operational, these developments are expected to generate approximately 10 MEUR in additional annual rental income, corresponding to a yield on cost of approximately 6%. This fully self-funded growth pipeline will further increase recurring rental income and operational earnings. In addition, an agreement was recently reached regarding the sale of the land, including the development project, situated on Bagattenstraat in Ghent. This involves the sale of a 50 -unit project which, given its limited scale, was no longer considered strategic. The sale was completed at a price of more than 10% above the book value. Update portfolio Xior continues to take an opportunistic approach to divestments, with the aim of further optimizing the quality of the portfolio and creating shareholder value through targeted asset rotation toward newer and more profitable buildings. 2.3 Update on financing and ratios Financing update Xior continues to pursue a proactive financing strategy, under which loans are systematically extended or refinanced at least 12 months before their maturity date. At the same time, the company continues to strive for a strong liquidity position, with a mi nimum target of 100 MEUR in undrawn credit lines. Xior’s liquidity position currently stands at 72 MEUR. This fully covers 100% of Xior’s financing needs for the next 18 months. Refinancing, the fully committed capex program, and the outstanding commercial paper are all fully covered. New loans Recently, Xior secured a new 20 MEUR credit facility from KBC Bank with a maturity of almost five years, until 31 March 2031. In addition, two existing loan facilities of 25 MEUR and 20 MEUR, originally maturing in the second half of 2027, were successfully extended until 31 December 2029 and 31 March 2031, respectively. Furthermore, Danske Bank granted an additional 21 MEUR loan tranche for Malmö. This facility matures in Q1 2031. Brinktoren, Amsterdam Boavista, Porto Trasenster, Seraing (Liège)
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11 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information The 50 MEUR ABN AMRO loan, originally maturing in July 2027 and including a 1+1 -year extension option, has already been extended to August 2028. Debt ratio and LTV As at 30 June 2026, the LTV stood at 50.56% (49.87% as at 31 December 2025) and the debt ratio at 51.45% (49.92% as at 31 December 2025). The temporary rise above 50 % is primarily due to the full payment of the dividend in cash in May 2026 and does not reflect any change in the company’s underlying financial strength. Maintaining a strong balance sheet and an LTV of below 50% remains an absolute priority for Xior. The company has various levers at its disposal to achieve this objective. The remaining investments in the development pipeline are limited, whilst the portfolio generates a strong recurring cash flow that contri butes to the further reduction of the debt ratio. In addition, Xior continues to actively manage its portfolio and, where appropriate, will consider opportunistic divestments to further optimise its capital structure. Based on these factors, Xior expects to bring the LTV back below 50% by the end of 2026. For the 2026 financial year, the company will again assess the possibility of an optional dividend, in line with its commitment to maintaining a healthy capital structure and financial flexibility. Cost of financing and hedge ratio The cost of financing in H1 2026 rose slightly to 3.16% (vs. 3.05% as of Q1 2026). The average maturity of outstanding loans is 4.9 4 years (vs. 4.96 years as of Q1 2026). The hedge ratio as of H1 2026 remains stable at 88% (vs. 89% as of Q1 2026) and covers a period of 4.4 years. Interest Cover Ratio (ICR) The ICR improved further in H1 2026 to 3.24 (vs. 3.19 as of Q1 2026). A further improvement in the ICR is expected following the completion of the projects in the pipeline. Net debt/EBITDA (adjusted) The Net debt/EBITDA (adjusted) as of H1 2026 is 12.00x (stable compared to 11.98x in Q1 2026). For the full calculation, see Chapter 5.8 (Alternative Performance Measures (APMs)). The Net debt/EBITDA is not a covenant. 2.4 Notes to the consolidated results for the first half of 2026 Net rental result The net rental result is 96,928 KEUR in the first half of 202 6, compared to 86,643 KEUR in the first half of 202 5. This is an increase of 12%. This net rental result will increase further in 2026, given that certain buildings currently being constructed will only start generating rental income from September 202 6 or October 2026. This concerns the following properties: • Boavista (Porto, Portugal): The property will be completed in Q3 and will gradually generate rental income starting in the new academic year; • Brinktoren (Amsterdam, Netherlands): The property will be completed in Q3 and will gradually generate rental income starting in the new academic year. No properties were sold in the first half of 2026. For the first half of 2026, the average occupancy rate of the property portfolio was 98%, compared to 98% in the first half of 2025. As at 30 June 202 6, Xior was able to calculate like -for-like on 92% of the rental income, on which the company achieved year-on-year growth of 4.92% compared to 30 June 2025. Operating result The property result was 96,683 KEUR at 30 June 2026 (92,922 KEUR at 30 June 2025) and the property operating result was 75,180 KEUR (73,609 KEUR at 30 June 202 5). The property charges ( 21,503 KEUR) primarily include costs related to maintenance and repairs, insurance, property management costs, valuation experts' expenses and other property charges, such as property taxes that cannot be passed on to the tenants. The operating
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12 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information margin, fully in line with expectations and budget, was temporarily lower during the first half of the yea r. This was primarily driven by the absence of certain one -off items recognised in the prior year. Adjusted for these factors, the underlying operational margin development remains positive. For the remainder of the year, Xior expects the operating margin to resume its upward trajectory, supported by further operational efficiencies and economies of scale. Xior’s long-term operating margin target remains unchanged at 85%. As a result of the application of the "IFRIC 21 Levies" accounting rule (implemented from the 2015 financial year onwards), the figures dated 30 June 202 6 include a provision for the entire year of 202 6 for real estate taxes , taxes on second homes and the so -called subscription tax ('abonnementstaks' – a tax on collective investment schemes). This has had a substantial negative impact on the result for the first half of 202 6, as these costs are recognised in full in the first half of the year rather than being spread across all quarters. The impact of this accounting treatment will decrease as the financial year progresses. If these costs were to be spread by charging a quarter of the costs in each quarter, the result at 30 June 202 6 would increase by 4, 193 KEUR. In that theoretical case, EPRA earnings – group share would be 53,290 KEUR. The overhead costs amount to 6,954 KEUR, compared to 8,018 KEUR as at 30 June 2025. The decrease is mainly due to an decrease in staff costs, audit costs, compliance costs and housing costs. Fair value of the property portfolio No real estate was acquired or sold through real estate or share acquisitions during the first half of 2026. The variation in Fair Value between 1 January 202 6 and 30 June 202 6 was recognised as a negative or positive variation on investment properties. There was an overall positive variation in investment properties ( 44,384 KEUR). The increase in Fair Value of the investment properties is mainly attributable to the growth in market rental income across the majority of the portfolio, supported by strong pricing power. Although valuation yields rose slightly as a result of higher interest rates, rental growth more than outweighs this effect, resulting in an increase in the Fair Value of the portfolio. The revaluation of the portfolio rose by 1.25% compared with Q4 2025 (+44 MEUR). Net result The financial result (excl. IAS 39 impacts) amounts to -15,901 KEUR (-17,009 KEUR as at 30 June 2025). This result primarily includes interest received on loans ( 7,926 KEUR), the interest costs on loans ( -21,883 KEUR), income from IRS (632 KEUR) and bank charges and other commissions ( -2,113 KEUR). As a result of the increase in the average financing cost there was an increase in net interest charges. In addition to the above factors, the financial result also includes the fluctuation in the market value of the hedging instruments (3,062 KEUR). The fluctuation in the market value of these hedging instruments is recognised directly in the income statement. The average financing cost was 3.16% for the first half of 2026 (3.03% as at 30 June 2025). The result before taxes was 90,210 KEUR. Taxes are 10,833 KEUR. These are mainly taxes (2,889 KEUR) on the results of the Dutch permanent establishment, the Dutch subsidiaries and the taxes on certain Polish subsidiaries. On the other hand, 7,945 KEUR of provisions were set up for deferred taxes. The net result is 79,377 KEUR (65,671 KEUR as at 30 June 202 5) and reflects, in addition to the EPRA earnings, the positive impact of the variation in the Fair Value of the property portfolio for an amount of 44,384 KEUR, the result of consolidation differences on investments (-9,559 KEUR), the positive impact of the fair value of financial assets and liabilities of 3,062 KEUR and the negative impact of the deferred taxes relating to IAS adjustments for 7,945 KEUR as at 30 June 2026. EPRA earnings The EPRA earnings were 4 9,435 KEUR (46,626 KEUR as at 30 June 202 5). The calculation of the EPRA earnings per share is based on the weighted average number of shares (depending on their respective dividend entitlement) as at 30 June 2026, which was 46,695,094.
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13 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information (Figures in KEUR) 30/06/2026 Per share 30/06/2025 Per share EPRA earnings 49,435 1.06 46,626 1.02 EPRA earnings – after IFRIC 21 adjustment 53,628 1.15 50,889 1.11 EPRA earnings – group share 49,096 1.05 46,191 1.01 EPRA earnings – group share – after IFRIC 21 adjustment 53,290 1.14 50,454 1.10 2.4.1 Consolidated balance sheet Fixed assets As at 30 June 202 6, the portfolio consisted of 2 2,268 lettable student units (22, 863 beds). This results in a valuation of the property portfolio at 3, 660,322 KEUR as at 30 June 202 6, which represents a 3% increase of 101,480 KEUR compared to 31 December 202 5 (3,558,842 KEUR). This increase is partly due to the further completion of properties under development and a positive revaluation of the real estate portfolio. If all the acquisitions and projects currently in the pipeline (active and future) are completed, this increase will continue and result in a property portfolio of approx. 4 billion EUR, with about 25,463 lettable student units. As at 30 June 202 6, the portfolio consisted of 115 properties (incl. committed pipeline) with 25, 463 student rooms (with 26,046 beds), of which 3, 195 units or 13% are still under construction or still to be converted into student accommodation. The properties in the active pipeline will fully contribute gradually to rental income as from 2026/2027. Financial assets amounted to 18,095 KEUR as at 30 June 2026 compared to 18,034 KEUR as at 31 December 2025 and are mainly related to the market value at 30 June 2026 of the authorised hedging instruments. Long-term receivables (6,215 KEUR) remained stable compared to 31 December 202 5 and relate primarily to a deferred payment in connection with the sale of a property. The investments in associate d companies and joint ventures (1 3,600 KEUR) remained stable compared to 31 December 2025 (13.220 KEUR). The balance sheet item relates to the investment in the Boavista Joint Venture. Deferred tax assets amount to 19,371 KEUR, which represents a decrease of 2, 483 KEUR compared to 31 December 202 5. This includes only deferred taxes on foreign properties. This decrease mainly relates to th e Danish and Swedish properties. Current assets Current assets amount to 95,528 KEUR and remained stable compared to 31 December 2025 (93,735 KEUR). Current assets include primarily: • Outstanding trade receivables (1,991 KEUR): mainly outstanding rental receivables; • Tax receivables and other receivables (38,255 KEUR): this mainly relates to advance payments of Dutch corporate income tax and VAT to be recovered ( 6,490 KEUR); advance payments relating to project developments and furniture and a credit note to be received; • Cash and cash equivalents held by the various entities (4,999 KEUR); • Accruals and deferrals (50,282 KEUR), include mainly property costs to be carried forward (7,088 KEUR), property income and rental guarantees obtained ( 19,669 KEUR), interest received ( 14,452 KEUR) and prepaid expenses. Liabilities The equity – group share – amounts to 1,742,792 KEUR as at 30 June 202 6 (1,751,575 KEUR as at 31 December 2025). Authorized capital and share premiums remained stable compared to 31 December 2025, at 829,543 KEUR and 821,273 KEUR, respectively. No capital transactions took place in the first half of 2026. The net asset value per share (EPRA NAV) decreased by 0.20% to 38.77 EUR at 30 June 2026 compared to 38.84 EUR as at 31 December 202 5. The decrease is mainly the result of the dividend payment for the 202 5 financial year in June 2026.
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14 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information The long-term obligations have increased by 119,222 KEUR since 31 December 2025. The increase is mainly due to the long-term refinancing of loans that matured in 2026 and the first two quarters of 2027. The current liabilities are 186,839 KEUR. This is a decrease of 8,375 KEUR since 31 December 202 5. The fluctuation is primarily attributable to a decrease in short -term borrowings. The 34 MEUR USPP loan that matured in Q2 2026 was refinanced through a new long-term loan with another bank. Current liabilities mainly consist of short -term loans ( 67,556 KEUR), outstanding debts to suppliers (1 6,216 KEUR), advance payments received from tenants ( 6,588 KEUR), VAT, tax and social security ( 21,912 KEUR), withholding tax on dividends to be paid ( 21,110 KEUR), security deposits received from tenants (2 7,980 KEUR) and accruals and deferrals (2 2,787 KEUR). The accruals and deferrals liabilities mainly relate to rental income billed in advance (6,141 KEUR), accrued interest costs (2,981 KEUR), provisions for (overhead) costs (3,131 KEUR), accrued costs (5,865 KEUR) and provisions for property taxes (2,849 KEUR). 2.4.2 Composition of debt As at 30 June 2026, the Company had concluded financing agreements with 23 lenders for a total of 1,923 MEUR. As at 30 June 2026, the Company had drawn down a total of 1, 793 MEUR in financing. Of the undrawn amount, 57.9 MEUR is being held as a backup for the drawn down CP amount. The Company seeks to spread the loan maturities, with the average maturity being 5 years as at 30 June 2026. Xior has taken out a number of sustainab le loans and bond s for a total amount of approx. 1.24 billion EUR, of which approx. 1.07 billion EUR had been drawn down as at 30 June 2026. Update Sustainable Finance Framework Xior's Sustainable Finance Framework incorporates environmental (E) criteria to identify and finance its greenest assets, as well as social (S) criteria based on affordability and social pricing. This enables part of the portfolio to qualify for social-linked financing, in line with Xior's environmental and social ambitions and commitments, while responding to rising rents and the growing need for more affordable student housing. Based on the criteria set out in the Sustainable Finance Framework, Xior has identified a selection of its most environmentally sustainable and socially impactful properties, which together form the Sustainable Assets Portfolio. Xior has a total of approximately 1.24 billion EUR in sustainable financing facilities, of which 1.07 billion EUR has already been drawn. In addition, the Group has approximately 1.94 billion EUR of green eligible assets and approximately 402 MEUR of social eligible assets, represen ting a total of approximately 2.34 billion EUR in sustainable assets. This provides sufficient eligible assets to support the sustainable classification of the Group's entire financing portfolio.
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15 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information Xior will report annually in its sustainability reporting on the allocation of the sustainable loans until they are fully used to finance sustainable assets. The report will contain the following information: total amount of sustainable loans, total amount not allocated to green investments, portfolio composition, portfolio geographical split, financing versus refinancing and an overview of eligible assets. We also refer you to Chapter 9.3.2.5 Sustainable buildings in sustainable communities – Sustainable assets and a Sustainable Finance Framework in the 2025 Annual Financial Report. Financing cost and hedging In addition, Xior is substantially protected against rising interest rates by the long -term hedging of its existing debt position, with 88% of its drawn down loans (1, 851 MEUR) being hedged for a 4.4-year term, with either Interest Rate Swap agreements (1,266 MEUR) or fixed interest rates (358 MEUR) as at 30 June 2026. This type of hedging is not carried out at the level of individual financing arrangements, but rather for a longer term than the underlying loans. This means that there is no additional interest risk on the maturity date of individual financing facilities. The average financing cost during H1 2026 is 3.16% (H1 2025: 3.03%). The main covenants that the Company must adhere to in relation to these financing agreements relate to compliance with an LTV ratio ( loan-to-value, i.e. the outstanding amount of credit in relation to the value of the property portfolio calculated accordi ng to the Royal Decree on Regulated Real Estate Companies), which must always be less than 60%, an interest coverage ratio that must be greater than 2.5, and hedging of at least 70% of the financing debt. The interest cover ratio amounts to 3.24 as at 30 June 2026. Net debt/ EBITDA (adjusted) as at H1 202 6 is 12.00. For the detailed calculations, we refer you to Chapter 5.8 (Alternative Performance Measures (APMs)). Net debt/ EBITDA is not a covenant. As at 30 June 202 6, the debt ratio was 51.45%. The debt ratio is calculated as follows: liabilities (excluding provisions, accruals and deferrals, interest rate hedging instruments and deferred taxes) divided by total assets (excluding interest rate hedging instruments). The loan -to-value ratio (LTV ) as at 30 June 202 6 is 50.56%. LTV ratio is calculated as follows: total financing divided by the total real estate investments. The chart below provides an overview of the maturity profile of all outstanding loans, reflecting all extensions and new financing arrangements. It includes all extensions and financing facilities approved up to the publication date of this report. Xior maintains strong, long-standing relationships with its lenders, who continue to show an interest in extending and increasing their financing. As at 30 June 202 6 the average maturity of outstanding loans was 5 years. The Company has always concluded financing contracts with a minimum maturity of 3 years. For a further breakdown of debts according to maturity, see Chapter 5.9.8 of this Half-Yearly Report.
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16 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information The above graph does not include loans with quarterly repayments and CP notes, as that would make the graph unreadable. 2.5 Data according to the EPRA reference system10 2.5.1 EPRA Key Performance Indicators These details are not required by the regulations on Regulated Real Estate Companies. For the detailed calculations, we refer you to Chapter 5.8 (Alternative Performance Measures (APMs)). 30/06/2026 EPRA metrics Definition in KEUR EUR per share EPRA earnings Underlying result from strategic operational activities. 53,290 1.14 EPRA NAV Net asset value (NAV) adjusted to take into account the fair value of the investment properties and excluding certain elements that do not form part of a financial model of long term property investments. 1,810,201 38.77 EPRA NNNAV EPRA net asset value (NAV) adjusted to take into account (i) the fair value of the financial instruments, (ii) the fair value of debts and (iii) deferred taxes. 1,744,664 37.36 EPRA Net Reinstatement Value (NRV) Assumes that entities never sell property and aims to show the value needed to rebuild the property. 1,987,433 42.56 EPRA Net Tangible Asset (NTA) Assumes that entities buy and sell assets, causing certain levels of unavoidable deferred tax to crystallise. 1,801,204 38.57 EPRA Net Disposal Value (NDV) Represents the shareholder value in a "sell-off scenario", in which deferred tax, financial instruments and certain other adjustments are calculated to their fullest extent, after deduction of the resulting tax. 1,819,642 38.97 10 Financial performance indicator calculated in accordance with the EPRA (European Public Real Estate Association) Best Practic e Recommendations. See also www.epra.com. 0 50000000 100000000 150000000 200000000 250000000 2026 Q3 2026 Q4 2027 Q1 2027 Q2 2027 Q3 2027 Q4 2028 Q1 2028 Q2 2028 Q3 2028 Q4 2029 Q1 2029 Q2 2029 Q3 2029 Q4 2030 Q1 2030 Q2 2030 Q3 2030 Q4 2031 Q1 2031 Q2 2031 Q3 2032 Q1 2032 Q2 2032 Q3 2033 Q4 2036 Q1 2051 Q4 2053 Q3 ABN Amro Argenta Bank of China Banque De Lux Belfius Bank BNP Paribas Fortis DZ Hyp Ethias ING Bank KBC Bank Novo Banco Nykredit Pensio B Pricoa Sparkasse Leipzig USPP vdk Rabo Bank ICBC CDE Natixis Argenta Spaarbank Danske Bank Argenta Assurances Danske Bank/RD
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17 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information 2.6 Transactions and achievements 2.6.1 Transactions and achievements during the first half of 2026 Publication of Annual Financial Report (including Sustainability Report) for 2025 Op 14 April 2026, Xior published its Annual Financial Report and the notice convening the General Meeting. Annual General Meeting The Annual General Meeting of Xior Student Housing NV took place on 21 May 2026, including approval of the annual accounts for 2025. The Annual General Meeting also approved the distribution of a dividend of 1.768 EUR gross or 1.2376 EUR net11 per share (distributed over coupons no. 27 and no. 28). 2.6.2 Transactions and achievements after the first half of 2026 No significant events have occurred since the end of the financial year that have had an impact on the financial statements. 2.7 Forecast for the second half of 2026 2.7.1 Growth prospects for the second half of financial year 2026 Xior expects that the debt ratio, which is currently temporarily above 50% as a result of the full payment in cash of the dividend in May 2026, will fall back below 50% by the end of the financial year. This temporary increase does not reflect any change in the company’s underlying financial strength. The expected decline is supported by strong recurring operating cash flows, the limited remaining investments within the development pipeline and active portfolio management, whereby opportunistic divestments are being considered if they contribute to further optimisation of the capital structure. The growth outlook for the coming years is underpinned by three complementary drivers: • Structural rental growth, driven by a persistent shortage of high -quality student accommodation in all core markets and supported by pricing power. For 2026, Xior expects like-for-like rental growth of more than 4 per cent, at least 1 per cent above inflation. This is also thanks to a faster ramp-up and additional initiatives such as the launch of a B2B revenue desk. • Operational leverage, whereby economies of scale, further digitalization and a lean cost model will translate into lower costs per unit and higher operating margins from 2026 onwards. The quality of the portfolio and the student experience remain essential prerequisites for sustainable value creation. • Execution of the active pipeline, with the delivery of approximately 1,100 new lettable units in 2026 – 2027, fully financed through internal cash flows. For the 2026 financial year, Xior confirms its outlook of earnings per share (EPS) of 2.30 EUR and a dividend per share (DPS) of 1.84 EUR, representing a 4% increase compared with 2025. For the financial year 2027, Xior expects further growth in earnings per share (EPS) to 2.40 EUR and a dividend per share (DPS) of 1.92 EUR, representing a 4% increase compared with 2026. Xior expects an occupancy rate similar to the current rate for 2026. 2.8 The Xior share 2.8.1 The share on Euronext Brussels The Xior share (ISIN code BE0974288202) has been listed on the regulated Euronext Brussels market since 11 December 2015. Xior is included in the Bel Mid index and in the EPRA Index, making Xior the first fully dedicated student housing REIT in continental Europe to be included in this index. Xior has also been included in the Morgan Stanley Capital International (MSCI) Global Small Cap Index since November 2021. 11 Taking account of a withholding tax of 30%.
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18 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information The closing price for the first half of 202 6 was 26.30 EUR, which represented an 30% discount compared to the net asset value per share as at 30 June 2026 (see also Royal Decree on Regulated Real Estate Companies), which was 37.36 EUR per share. Xior's market capitalisation on Euronext Brussels rose to approx. 1, 228 MEUR in the first half of 2026. DATA PER SHARE 30/06/2026 31/12/2025 31/12/2024 31/12/2023 Number of shares issued1 46,695,094 46,695,094 42,344,283 38,227,797 Weighted average number of shares2 46,695,094 46,279,394 41,118,335 37,142,375 Market capitalisation (in EUR) 1,228,080,972 1,351,822,971 1,255,507,991 1,135,365,571 Free float3 82.78% 82.78% 81.02% 86.68% Share price (closing price) for relevant period (in EUR) Highest 30.10 31.75 35.50 32.95 Lowest 25.85 25.30 24.45 25.20 Average 27.87 29.12 29.72 28.90 At year-end 26.30 28.95 29.65 29.70 Volume (in number of shares) Number of shares traded 7,927,164 14,791,032 11,163,729 11,435,588 Average daily volume 63,417 58,004 43,608 44,670 Velocity 16.98% 31.96% 27.15% 30.79% NAV (IFRS) (in EUR)4 37.36 37.54 38.60 39.70 EPRA NAV (in EUR) 4 38.77 38.84 40.04 40.65 Dividend pay ratio 80.00% 80.00% 80.00% 80.00% EPRA earnings / share5 (in EUR) 1.15 2.22 2.22 2.22 EPRA earnings / share5 (in EUR) – group share 1.14 2.21 2.21 2.21 1 The data is displayed as it is made available on the website of Euronext Brussels, without any adjustments for corporate even ts such as capital increases and coupon detachments. 2 In relation to the relative dividend entitlement. 3 Approximate estimate taking account of the known percentages of shareholders who issued a transparency noti fication (based on the current total number of shares (denominator)). 4 Based on total amount of outstanding shares. For APM definitions, use and reconciliation tables, please refer to Chapter 5.8 of this Half year Report. All APMs are marked with . 5 Based on the total number of outstanding shares. 20 25 30 35 40 45 50 55 60 65 Share price evolution of Xior (in EUR) Share price (in EUR per share) Net Asset Value EPRA NAV Net Asset Value IFRS NAV
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19 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information 2.8.2 Shareholders As at 30 June 202 6, the registered capital of Xior Student Housing NV was 840,511,692 EUR, represented by 46,695,094 fully paid-up shares. The table below presents Xior's shareholder structure, based on the transparency notifications received and, in the case of Aloxe NV, supplemented with publicly available information. 3 Risks for the remaining months of 2026 The Board of Directors and the management of Xior are aware of the specific risks associated with the provision and management of a property portfolio and try to manage these risks optimally by mitigating or neutralising them as far as possible. For the principal risks and uncertainties for the remaining months of financial year 2026, we refer to the description of these risks and uncertainties on pages 13 to 30 of the 202 5 Annual Financial Report (available on the Company website, www.xior.be), which continues to remain relevant for the remaining half of 2026. 4 Property report 4.1 Property market 4.1.1 The market in which Xior operates Xior Student Housing is active in the student housing market in continental Europe, a sector that is structurally characterised by a shortage of high-quality, affordable and professionally managed student housing. The growing international student population, combined with demographic trends, the expansion of English-language courses and the increasing length of study programmes are structurally driving up demand. The market is rapidly becoming more professional and continuing to grow, offering numerous opp ortunities for private investors and developers. Belgium Belgium’s student population exceeds half a million and continues to attract a growing number of international students thanks to its high -quality universities, affordable tuition fees and central European location. Demand for PBSA remains strong, with the market characterised by structural undersupply, waiting lists and high tenant retention.The overall provision rate stands at 8.8%, while the private provision rate has reached 13.4%. Average monthly rents for a single studio in a private PBSA residence reached 853 EUR in Brussels and 686 EUR in Antwerp, with nationwide rents increasing by 4.4% year-on-year. 12 Based on the transparency notification received on 4 & 5 July 2024 (including the denominator as at 5 June 2025 (46,695,094)). 13 Based on the transparency notification received on 10 July 2024 (including the denominator as at 5 June 2025 (46,695,094)). Shareholder #shares % shares (rounded) Aloxe NV - Mr C. Teunissen & Mr F. Snauwaert 5,094,009 10.91%12 Car Logistics Brussels NV (subsidiary of Katoen Natie Group SA) 2,945,826 6.31%13
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20 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information Xior Student Housing remains the leading private PBSA operator in Belgium. The country’s development pipeline currently includes more than 5,200 beds, mainly driven by private providers. Despite limited investment activity in 2025, the persistent imbalance between supply and demand continues to create attractive growth opportunities. The Netherlands The Netherlands remains one of Europe's largest student housing markets, with around 787,000 students, including 16.6% international students. High academic standards and a broad range of English -taught programmes continue to attract international students. The PBSA market remains structurally undersupplied, with a n average provision rate of 19.3% and a private provision rate of only 8.7%. Rent growth remained strong (+5.3% compared to the previous year ), while regulatory changes have further reduced supply in the private rental market. The market continues to be dominated by non-private providers such as DUWO, SSH and Lieven de Key, although lots of private operators including Xior Student Housing, The Social Hub and Student Experience are also present. Investment activity in the Dutch PBSA sector increased in 2025, reflecting renewed investor confidence and strong underlying market fundamentals. Spain Spain remains one of Europe's fastest -growing PBSA markets, supported by more than 1.8 million students and a steadily growing international student population. High -quality education, attractive living conditions and changing global mobility patterns continue to strengthen demand. Despite significant new developments, the market remains undersupplied, with a total provision rate of 9.2% and a private provision rate of 12.3%. Average monthly rents for a single studio in private PBSAs exceeded 1,260 EUR in both Madrid and Barcelona. Private operators dominate new developments, with a pipeline exceeding 21,600 units across both primary and secondary cities. Investment activity accelerated during 2025, highlighted by several large portfolio transactions and continued institutional investor interest. Portugal Portugal continues to experience strong growth in (international) student numbers, reaching more than 456,000 students in total, while remaining one of Europe's least saturated PBSA markets. Demand continues to outpace supply, particularly in Lisbon and Porto. Provision rates remain among the lowest in Europe, with Lisbon offering just 5.1% total provision. Rents increased by 6.1% year-on-year, reaching a monthly rent of 933 EUR in Lisbon and 722 EUR in Porto for a single studio in a private PBSA residence. Portugal’s development pipeline exceeds 9,300 beds, driven by both private operators and public initiatives. Supported by growing investor interest and several transactions in 2025, Portugal remains one of Europe's most attractive expansion markets for PBSA. Poland Poland has approximately 1.28 million students and continues to strengthen its position as an international study destination. The international student population has grown steadily, supported by a strong academic reputation, moderate living costs and a wide selection of English-language programmes. Although the total provision rate has reached 10.4%, the private provision rate is among the lowest in Europe at just 2.7%, resulting in significant structural undersupply across major cities. Private operators such as Student Depot and Basecamp by Xior continue to expand their portfolios, while several new developments were completed during 2025. Poland remains one of Europe's most attractive long -term growth markets for PBSA. Germany Germany remains one of Europe's largest and most mature PBSA markets, with almost 2.9 million students, including 17.2% international students. Tuition-free public universities and internationally recognised institutions continue to drive demand. The total provision rate stands at 12.9%, while the private provision rate remains relatively limited at 7.1%. Demand continues to outpace supply, supporting further rent growth and investment opportunities. Non-private providers continue to dominate the market, accounting for over 70% of all student beds, with private provision rates also continuing to increase. Investment activity increased in 2025, with multiple acquisitions and new investment platforms highlighting strong investor confidence.
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21 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information Denmark Denmark has around 249,000 students and offers a PBSA provision rate of 32.2%, which is the highest of all countries in which Xior operates . Despite the high provision rate, demand remains strong, particularly in Copenhagen. A more welcoming policy towards international students is expected to further support future demand. Rental growth remained robust at 7.7%, while private operators such as Basecamp by Xior continue to play an important role. Investment activity remained active in 2025, reflecting continued international investor interest. Sweden Sweden continues to experience strong growth in student numbers, with international enrolment recording the highest growth rate among the selected European markets. High -quality universities and favourable social factors continue to support demand. The market remains dominated by non -private providers, with a total provision rate of 20.3% and a private provision rate of only 6.6%. Supply continues to lag behind demand across all major student cities, creating growing pressure on the market. Although new development activity slowed during 2025, Sweden's strong international student growth and limited private supply continue to offer attractive long-term opportunities for professional PBSA operators. For a full overview of the property market, please refer to Chapter 8.1 in the Annual Financial Report 2025. Source: Annual Financial Report 2025 Xior, BONARD, 2026 4.1.2 Student housing evolution The student housing market is changing fast. New housing models such as co-living, compact living and hybrid living are increasingly becoming the response to students’ changing lifestyles. These concepts create flexible living environments where living, studying, working and relaxing combine seamlessly. In this way, long and short stay can merge smoothly together, making student housing increasingly multifunctional. Xior focuses on the changing student population. International and Erasmus students have different expectations than local students: they often seek independent, ready-to-move-in and furnished units, with a flexible length of stay and minimal administrative hassle. Young professionals also stay in student residences for longer after their studies, for example during their first few years at work or during a doctorate. In order to respond to these trends, Xior deliberately allocates a defined part of its roo ms to short-stay rentals and equips them with the necessary facilities. The Roxi (Brussels) and ARC (Liège) residences are examples of this updated product. These co -living concepts are specifically aimed at master’s students and young professionals and, in addition to spacious rooms, also offer shared luxury facilities such as wellness areas, cinemas, skybars and libraries. Through this kind of initiative, Xior is broadening its clientele and responding flexibly to the demands of the market. In addition, the entire sector is focusing on professionalisation and scaling -up. Educational institutions are actively seeking out partners to create high-quality, affordable and professionally managed student rooms. This has resulted in an increasing number of public-private partnerships, with major players such as Xior playing a key role in the housing policy of universities and cities. Over the next few years, the demand for student housing will continue to increase in the eight countries in which Xior operates. This growth is fuelled, among other things, by the internationalisation of higher education, the further expansion of English-language courses and the attractive quality of life in Western and Southern Europe. Students are increasingly choosing their university based on the overall picture: quality of education, costs, employment prospects and availability of reliable housing. Pro fessionally managed student residences such as Xior are often a decisive factor in this context. 4.2 Property portfolio The following is a brief description of the property portfolio as at 30 June 2026. For a full overview and description of the Company’s property portfolio, please refer to the 2025 Annual Financial Report.
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22 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information 4.2.1 Portfolio summary 1 Fair Value as estimated by the valuation expert. Please refer to Chapter 4.2.2.1 of this Half-Yearly Report for a reconciliation with the balance sheet. 2 % of the Fair Value as estimated by the valuation expert. 42 Cities 5 years Avg. age portfolio 22,268 Lettable student units 115 Assets 22,863 Lettable student beds 79% EPC A-C 98% Occupancy rate 3.61 billion EUR Total fair value The Netherlands 15 cities | 42 assets | 6,908 units Amsterdam Breda Delft Eindhoven Enschede Groningen Leeuwarden Leiden Maastricht Rotterdam The Hague Utrecht Vaals Venlo Wageningen 41%2 Sweden 1 city | 1 asset | 583 units Malmö 2% Denmark 3 cities | 4 assets | 1,786 units Aarhus Lyngby Copenhagen 12% Belgium 8 cities | 42 assets | 4,372 units Antwerp Brussels Ghent Hasselt 17% Leuven Liège/Seraing Mechelen Namur Germany 2 cities | 2 assets | 675 units Leipzig Potsdam 2% Portugal 2 cities | 6 assets | 1,704 units Lisbon Porto 7% Poland 5 cities | 7 assets | 3,767 units Katowice Warsaw Krakow Wroclaw Lódz 00 7% Spain 6 cities | 11 assets | 2,473 units Barcelona Malaga Granada Seville Madrid Zaragoza 12%
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23 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information 4.2.2 Description and diversification of the property portfolio 4.2.2.1 General description of the property portfolio As at 30 June 2026, the Company's property portfolio consisted of 1 15 properties (of which 104 standing assets and 11 developments and landbank assets) . Of these, 4 2 properties were located in Belgium, 42 in the Netherlands, 11 in Spain, 6 in Portugal, 7 in Poland, 4 in Denmark, 1 in Sweden and 2 in Germany. These properties offer a total of 2 2,268 lettable student rooms or 22,863 lettable beds (i.e. approximately 2 5,463 student rooms or 26,046 beds in 115 properties following the completion of the Company’s full committed pipeline as at 30 June 2026 ). The property portfolio also includes two properties used for only short stay activities: “Roxi” Zaventem with 99 units and “Roxi” Antwerp with 50 units . As at 30 June 202 6, the property portfolio, excluding buildings that are under construction and are being converted, had a total occupancy rate of 98%. The Total Fair Value, as estimated by the valuation expert, amounted to 3,640,664 KEUR as at 30 June 2026. Investment property was recognised in the consolidated balance sheet in the amount of 3,660,322 KEUR. The difference is attributable to a) the property relating to the joint ventures, which is not recognised on the balance sheet under the investment property line (49,500 KEUR); b) a number of properties are under construction or undergoing renovation; in determining the amount recognised in the consoli dated balance sheet, account was taken of expected future construction costs and any development margin (costs to come and any development margin were deducted from the fair value) (23,525 KEUR); c) certain structural works are to be carried out on a number of properties in the portfolio (lift refurbishment, updating of installations, energy investments, etc.); here too, expected future costs were taken into account when determining the amount recognised in the consolidated balance sheet (1,261 KEUR); d) co sts have already been incurred and capitalised for a number of projects; however, as these projects are currently at a preliminary stage, it is not yet possible to make an accurate estimate of their future value. We believe that the value corresponds at least to the costs incurred (93,888 KEUR). The property portfolio is a strategically diversified property portfolio, including within its student property (the core activity of the Company as a so -called pure player in student housing) a mix both in terms of geographical diversification as well as of student property typ es (see different types of student rooms). The large number of different tenants, on the one hand, and of various room types, on the other, so as to attract a wide range of different types of student or tenants, also ensures a good d iversification in terms of tenant types. Xior Student Housing's property portfolio is insured for a total rebuild value of 2,205 MEUR, which does not include the land on which the properties were built, compared to a Fair Value of 3,660 MEUR (including the land) as of 30 June 202 6. This is 60% of the Fair Value. 648 KEUR was paid in insurance premiums during the first 6 months. The insured value does not take into account insurance for "all construction site risks" for projects under development. As soon as the project has been finalised and is ready for rental, fire insurance is taken out for the property's total reconstruction value. The insurance policies also include additional cover for lost rent if the properties are no longer usable. The lost rent will be paid out until the building has been reconstructed. Xior Student Housing also has civil liability (third party) insurance.
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24 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information 4.2.2.2 Property portfolio type This graph shows the diversification of rental income for each type of property based on the rental income achieved as at 30 June 202 6 for the respective properties in the property portfolio. The strong focus on student property, which accounts for 89% of rental income can be seen from the graph. Apart from retail spaces, the “Other” segment ( 11%) also includes rent from other activities, including Roxi Brussels and the Skovbrynet 4 building located in Kongens Lyngby, which is rented out to residential tenants. 4.2.2.3 Geographical diversification of the property portfolio Below is further information on the geographical distribution of the property portfolio. Belgium The Netherlands Iberia Nordics Germany & Poland # properties (incL comm. pipeline) 42 42 17 5 9 # operational student units 4,372 6,908 4,177 2,369 4,442 # operational beds 4,372 6,908 4,540 2,369 4,674 Fair Value (in MEUR) 621 1,496 671 509 344 % of total Fair Value 17 41 19 14 9 * Rent spread by property type Students Other 89% 11% Fair Value - spread by country Belgium Denmark Germany The Netherlands Poland Portugal Spain Sweden 17% 12% 2% 41% 7% 7% 12% 2% Total Rent - spread by country* Belgium Denmark Germany The Netherlands Poland Portugal Spain Sweden 17% 12% 3% 34% 7% 8% 18% 2% * Total Rent represents the rent that the Company would charge based on its asking price as at 31 December 2025, assuming that 100% of the property portfolio — i.e. the portion available for letting, excluding rooms undergoing renovation or extension — were 100% let for 12 months (thus disregarding countries with summer rentals where there is no 100% occupancy in the summer months anyway). The Spanish and Portuguese prope rties have an all-inclusive price; for inclusion in this table, rents were recorded inclusive of charges for costs such as F&B, linen, cleaning, electricity, gas, water and internet, whereas the rents in the income statement are recorded exclusive of these charges.
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25 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information 4.2.2.4 Diversification in terms of Fair Value The following tables show the property portfolio top 10 in terms of Fair Value. With a total value of 1 61 MEUR, Basecamp by Xior Lyngby in Lyngby has the highest Fair Value in the property portfolio. This represents 4. 43% of the property portfolio's total Fair Value. The properties Xior Picasso - Xior Velázquez in Madrid and Zernike Tower in Groningen complete the top 3 biggest properties in the property portfolio in terms of Fair Value. They represent 3. 86% and 3. 72% of the property portfolio's total Fair Value, respectively. The other 112 properties represent 87.99% of the of the property portfolio in terms of Fair Value. 4.2.3 Fair Value of the Belgian properties Fair Value (as determined by IFRS 13) is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the valuation date, in the principal market for the asset or liability. From the seller’s perspective, this is the investment property value net of transfer taxes. In Belgium, the effective amount of this tax depends on the transfer method, the status of the buyer and the geographical location of the asset. The first tw o elements, and hence the full amount of the taxes due, are therefore only known when the transfer of ownership has been completed. As a result, the actual percentage of the transfer taxes varies from 0% to 12.50%. In 2006 a panel of independent property appraisers analyzed a representative number of transactions to determine the average impact of transfer taxes within the Belgian market. The panel of independent property appraisers determined the average impact of transfer taxes at 2.5%. In 2016 and 2025, an update of this calculation was prepared in accordance with the methodology applied in 2006, confirming the earlier percentages. The panel of independent property appraisers has concluded that a general approach across subsectors is logical and consistent and that the rate of 2.5% can be maintained for properties above 2.5 MEUR. Below this threshold, it could be observed that the standard rate of registration duties was applied. The rate will be reviewed every 5 years or when the fiscal context would change considerably. The rate will only be adapted if the hurdle of 0.5% has been exceeded. Xior Student Housing only has limited assets in its Belgian portfolio that have individually a value below 2.5 MEUR. Some of these properties, located in Leuven, are situated next to each other and were therefore historically considered as a cluster by the valuation expert . Consequently, the fair value is determined by deducting 2.5% from the value of the properties (in accordance with the valuation at “fair value” of its valuation appraisers) for these cluster properties. In accordance with its strategy, X ior Student Housing does in principle not have the 0 40.000.000 80.000.000 120.000.000 160.000.000 Basecamp by Xior Lyngby, Lyngby Xior Picasso – Velázquez, Madrid Zernike Tower, Groningen Basecamp by Xior Aarhus, Aarhus Brink Tower, Amsterdam Heer Bokelweg, Rotterdam Basecamp by Xior South, Copenhagen Project Region Amsterdam Basecamp by Xior Malmö, Malmö Karspeldreef 15-18, Amsterdam Top 10 Fair Value as at Q2 2026 Denmark Spain The Netherlands Sweden
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26 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information intention to sell individual properties within these clusters with an investment value below 2.5 MEUR. Xior Student Housing follows the valuation of the independent appraisers in accordance with the RREC legislation. 4.2.4 Report by property experts Stadim, Cushman & Wakefield and CBRE at 30 June 2026 "Dear, We are pleased to provide you with our valuation of the property portfolio of Xior Student Housing NV (42 properties in Belgium and 42 properties in the Netherlands which relate to Stadim , 6 to Cushman & Wakefield Portugal, 4 for Cushman & Wakefield Spain, 7 for CBRE Spain, 7 for CBRE Limited and 7 for CBRE Poland) as at 30 June 2026. Xior has appointed us, as independent property valuers, to determine the investment value and fair value of its property portfolio. The valuations were carried out taking into account both the comments and definitions set out in the reports and the guidelines of the International Valuation Standards, issued by the IVSC. Fair value is defined by IAS 40 as the amount for which the assets would be exchanged between two well - informed parties, acting voluntarily and without any special interests, whether mutual or not. The IVSC considers these conditions to be met if the above-mentioned definition of market value is adhered to. Furthermore, market value must reflect current tenancy agreements, the current gross self-financing margin (or cash flow), reasonable assumptions regarding potential rental income and expected costs. In this context, conveyancing costs must be adjusted to reflect the actual market situation. Following an analysis of a large number of transactions, the property experts acting on behalf of listed property companies concluded in a working group that, given that property can be transferred in various forms, the impact of transaction costs on large investment properties on the Belgian market with a value exceeding 2.5 million euros is limited to 2.5 per cent. The value ‘free of charge’ therefore corresponds to the fair value plus 2.5% in deed costs. The fair value is thus calculated by dividing the value ‘free of charge’ by 1.025. Properties valued below the €2.5 million threshold and properties located abroad are subject to the standard registration duty; their fair value therefore corresponds to the value excluding buyer’s costs. We have acted as independent experts. As property experts, we hold a relevant and recognised qualification, as well as up-to-date experience with properties of a similar type and in a similar location to those in Xior’s property portfolio. In valuing the properties, account was taken of both the current tenancy agreements and all rights and obligations arising from these agreements. Each property was valued separately. The valuations do not take into account any potential capital gain that might be realised by offering the portfolio as a whole on the market. Our valuations do not take into account transaction -specific marketing costs, such as estate agents’ fees or advertising costs. In addition to an annual inspection of the properties in question, our valuations are also based on the information provided by Xior regarding the tenancy situation, floor areas, floor plans or layouts, service charges and taxes relating to the property in question, compliance with regulations and environmental pollution. The information provided was deemed to be accurate and complete. Our valuations assume that any undisclosed factors are not such as to affect the value of the property. Based on the comments in the preceding paragraphs, we can confirm that the fair value of the portion of Xior’s property portfolio (42 properties in Belgium and 42 in the Netherlands) valued by Stadim as at 30 June 2026 amounts to EUR 2,117,083,983 (two bil lion one hundred and seventeen million eighty -three thousand nine hundred and eighty-three euros). Based on the comments in the previous paragraphs, we can confirm that the fair value of the portion of Xior’s property portfolio (6 properties in Portugal) estimated by Cushman & Wakefield Portugal as at 30 June 2026 amounts to, rounded, EUR 243,295,000 (t wo hundred and forty -three million two hundred and ninety -five thousand euros). Based on the comments in the previous paragraphs, we can confirm that the fair value of the portion of Xior’s property portfolio estimated by Cushman & Wakefield Spain (4 properties in Spain) of Xior as at 30 June 2026 amounts to, rounded, EUR 113,500,000 (one hundred and thirteen million five hundred thousand euros).
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27 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information Based on the comments in the preceding paragraphs, we can confirm that the fair value of the portion of Xior’s property portfolio (7 properties in Spain) estimated by CBRE Spain as at 30 June 2026 amounts to, rounded, EUR 314,335,000 (three hundred and fourteen million three hundred and thirty-five thousand euros). Based on the comments in the previous paragraphs, we can confirm that the fair value of the portion of Xior’s property portfolio (2 properties in Germany, 4 properties in Denmark and 1 property in Sweden) estimated by CBRE Limited as at 30 June 2026 amount s to, rounded, EUR 592,305,000 (five hundred and ninety -two million, three hundred and five thousand euros). Based on the comments in the preceding paragraphs, we can confirm that the fair value of the portion of Xior’s property portfolio (7 properties in Poland) estimated by CBRE Poland as at 30 June 2026 amounts to, rounded, EUR 260,145,501 (two hundred and six ty million, one hundred and forty -five thousand, five hundred and one euros). Yours faithfully, Stadim Cushman & Wakefield Portugal Cushman & Wakefield Spain CBRE Spain CBRE Limited CBRE Poland.”
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28 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information 5 Condensed consolidated financial statements f or the first half of 2026 5.1 Condensed consolidated income statement (Figures in KEUR) Note 30/06/2026 30/06/2025 I (+) Rental income 97,236 86,776 (+) Rental income 89,183 79,470 (+) Rent guarantees 8,394 7,414 (+/-) Rental reductions -341 -108 III (+/-) Rent-related expenses -308 -133 ° Impairments on trade receivables -308 -133 NET RENTAL RESULT 5.9.1 96,928 86,643 V (+) Recovery of rental charges and taxes normally payable by the tenants on rented properties 16,354 15,240 ° Transmission of rental charges borne by owner 15,904 14,866 ° Charging of withholding taxes and taxes on leased buildings 449 374 VII (-) Rental charges and taxes normally payable by the tenants on rented properties -18,412 -17,414 ° Rental charges borne by owner -17,912 -17,056 ° Fees and taxes on leased buildings -500 -358 VIII (+/-) Other rental-related income and expenses 1,813 8,453 PROPERTY RESULT 5.9.1 96,683 92,922 IX (-) Technical costs -4,752 -3,976 (-) ° Recurring technical costs -4,801 -3,990 (-) ° Repairs & maintenance -4,153 -3,310 (-) ° Insurance premiums -648 -680 (-) ° Non-recurring technical costs 48 14 (-) ° Damages 48 14 X (-) Commercial costs -1,049 -601 (-) ° Advertising -768 -368 (-) ° Lawyer's fees, legal costs -281 -233 XI (-) Costs and taxes for unlet properties 0 0 XII (-) Property management costs -7,817 -6,865 (-) ° External management fees 0 0 (-) ° Internal management costs -7,817 -6,865 XIII (-) Other property charges -7,882 -7,871 (-) ° Architects' fees 0 0 (-) ° Valuation expert fees -370 -336 (-) ° Other -7,512 -7,535 PROPERTY CHARGES -21,503 -19,313 PROPERTY OPERATING RESULT 75,180 73,609 XIV (-) Company general costs -6,954 -8,017 XV (+/-) Other operating income and costs 0 360
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29 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information (Figures in KEUR) continued Note 30/06/2026 30/06/2025 OPERATIONAL RESULT BEFORE RESULT ON PORTFOLIO 68,226 65,951 XVI (+/-) Result on sales of investment properties 5.9.2 0 -230 (+) ° Net property sales (selling price – transaction costs) 0 5,629 (-) ° Book value of properties sold 0 -5,859 XVIII (+/-) Variations in the fair value of investment properties 5.9.2 44,384 55,806 (+) ° Positive variations in fair value of investment properties 77,499 89,656 (-) ° Negative variations in fair value of investment properties -33,115 -33,850 XIX (+/-) Other portfolio result 5.9.2 -9,559 -28,405 OPERATIONAL RESULT 103,051 93,121 XX (+) Financial income 7,926 2,297 (+) ° Interests and dividends collected 7,926 2,297 XXI (-) Net interest costs -21,714 -17,711 (-) ° Nominal interest expense on borrowings -21,881 -21,427 (-) ° Breakdown of nominal amount of financial debt -465 -388 (-) ° Cost of authorised hedging instruments 632 4,104 XXII (-) Other financial costs -2,113 -1,595 (-) ° Bank charges and other commissions -556 -429 (-) ° Other -1,558 -1,167 XXIII (+/-) Variations in the fair value of financial assets and liabilities 3,062 -4,140 FINANCIAL RESULT 5.9.3 -12,841 -21,149 XXIV Share in earnings of associated companies and joint ventures 0 0 RESULT BEFORE TAXES 90,210 71,972 XXV (+/-) Corporate tax -2,889 -2,316 XXVI (+/-) Exit tax 0 734 XXVII (+/-) Deferred tax -7,945 -4,719 TAXES -10,833 -6,302 NET RESULT 79,377 65,671 5.2 Overview of total earnings (Figures in KEUR) 30/06/2026 30/06/2025 Net result 79,377 65,671 Other components of the comprehensive income (+/-) Impact on the fair value of estimated transaction fees and costs resulting from the hypothetical disposal of investment property (+/-) Variations in the effective part of the fair value of permitted cash flow hedging instruments (+/-) Exchange differences related to the translation of foreign operations -5,433 4,315 Comprehensive result 73,944 69,986 Attributable to: Minority interests 339 435 Group shareholders 73,605 69,551
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30 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information 5.3 Condensed consolidated balance sheet ASSETS (in KEUR) Note 30/06/2026 31/12/2025 I Fixed assets 3,735,786 3,635,198 B Intangible fixed assets 7,125 6,471 C Investment properties 5.9.4 3,660,322 3,558,842 ° Property available to let 3,229,114 3,148,319 ° Project developments 431,208 410,524 D Other tangible fixed assets 11,058 10,533 ° Fixed assets for own use 11,058 10,533 E Financial fixed assets 5.9.5 18,095 18,034 ° Permitted hedging instruments 16,166 16,384 ° Other 1,929 1,650 G Trade receivables and other fixed assets 6,215 6,245 H Deferred taxes - assets 19,371 21,854 I Shareholdings in associated companies and joint ventures 13,600 13,220 II Current assets 95,528 93,735 D Trade receivables 1,991 2,789 E Tax receivables and other current assets 38,255 44,689 ° Taxes 6,490 10,812 ° Others 31,765 33,877 F Cash and cash equivalents 4,999 4,756 G Accruals and deferrals 50,282 41,500 ° Prepaid property charges 7,088 7,409 ° Accrued, rental income not due 19,669 15,833 ° Other 23,525 18,258 TOTAL ASSETS 3,831,313 3,728,933
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31 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information LIABILITIES (in KEUR) Note 30/06/2026 31/12/2025 EQUITY 1,744,664 1,753,131 I Equity attributable to parent company shareholders 5.4 1,742,792 1,751,575 A Capital 5.9.6 829.543 829,644 ° Issued capital 840,512 840.512 ° Cost of capital increase -10,969 -10.868 B Issue premiums 5.9.6 821,273 821,273 C Reserves 5.4 12,914 32,607 ° Reserve for the balance of variations in the fair value of property 55,016 32,122 ° Reserve for the impact on the fair value of estimated transaction fees and costs on resulting from the hypothetical disposal of investment properties -43,542 -41,868 ° Reserve for the balance of variations in the fair value of permitted hedging instruments not subject to hedging accounting as defined under IFRS 10,764 7,324 ° Reserve for share of profit or loss and other unreleased income of subsidiaries, associates and joint ventures accounted for using the equity method -7,774 -7,774 ° Reserve for conversion differences arising from the conversion of a foreign operation 4,367 9,800 ° Other reserves 102 89 ° Results carried forward from previous financial years -6,020 32,914 D Net result for the financial year 79,062 68,051 II Minority interests 1,872 1,556 LIABILITIES 2,086,649 1,975,802 I Non-current liabilities 1,899,810 1,780,588 B Non-current financial liabilities 5.9.8 1,798,736 1,681,727 a. Credit institutions 1,563,492 1,445,977 b. Financial leasing 15,663 16,182 c. Other 219,581 219,568 C Other non-current financial liabilities 5.9.5 3,065 6,354 Permitted hedging instruments 3,065 6,354 E Other long-term liabilities 0 0 F Deferred taxes - liabilities 98,009 92,506 a. Exit tax 0 0 b. Other 98,009 92,506 II Current liabilities 186,839 195,214 B Current financial liabilities 67,556 109,394 a. Credit institutions 67,556 75,394 c. Other 0 34,000 D Trade debts and other current liabilities 65,826 34,045 a. Exit tax 0 0 b. Other 65,826 34,045 Suppliers 16,216 7,811 Tenants 6,588 3,404 Taxes, salaries and social charges 21,912 22,830 Dividends payable 21,110 0 E Other current liabilities 30,670 28,142 Other 30,670 28,142 F Accruals and deferrals 22,787 23,633 a. Deferred income 6,141 4,780 b. Accrued interest not yet due and other costs 2,981 2,940 c. Other 13,665 15,913 TOTAL EQUITY AND LIABILITIES 3,831,313 3,728,933
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32 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information 5.4 Consolidated statement of changes in equity (Figures in KEUR) Capital Issue premiums Reserves Net result for the year Minority interests Equity Balance sheet as per 31 December 2024 753,784 779,858 33,955 65,947 960 1,634,503 Appropriation of net result 2024 ° Transfer of the result on the portfolio to reserves -9,249 9,249 0 ° Transfer of operating result to reserves 33,240 -33,240 0 Result of the period 68,072 600 68,672 Other elements recognised in the comprehensive result 0 ° Impact on fair value of estimated transaction fees and costs resulting from the hypothetical disposal of investment properties 0 ° Variations in fair value of financial assets and liabilities -17,313 17,313 0 Issue of new shares 23,716 23,716 Capital raise through contribution in kind 96,014 96,014 Cost of issuing new shares and of capital increase -2,456 -2,456 Partial allocation of capital to share premiums -41,415 41,415 0 Dividends -72,697 -72,697 Acquisition minority stake 0 Conversion of foreign operations 4,802 4,802 Other reserves -12,828 13,407 -4 575 Balance sheet as per 31 December 2025 829,643 821,273 32,607 68,051 1,556 1,753,131 Appropriation of net result 2025 ° Transfer of the result on the portfolio to reserves 21,220 -21,220 0 ° Transfer of operating result to reserves 17,916 -17,916 0 Result of the period 79,061 316 79,377 Other elements recognised in the comprehensive result 0 ° Impact on fair value of estimated transaction fees and costs resulting from the hypothetical disposal of investment properties 0 ° Variations in fair value of financial assets and liabilities 3,440 -3,440 0 Issue of new shares 0 Capital raise through contribution in kind 0 Cost of issuing new shares and of capital increase -100 -100 Partial allocation of capital to share premiums 0 Dividends -81,822 -81,822 Acquisition minority stake Conversion of foreign operations -5,433 -5,433 Other reserves -56,836 56,348 -488 Balance sheet as per 30 June 2026 829,543 821,273 12,914 79,062 1,872 1,744,664
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33 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information Detail of reserves (Figures in KEUR) Reserve for the balance of variations in the fair value of property Reserve for the impact on the fair value of the estimated transaction fees and costs resulting from the hypothetical disposal of investment properties Reserve for the balance of the variations in the fair value of permitted hedging instruments that are not subject to hedging accounting as defined under IFRS Reserve for the share of profit or loss and unrealised income of subsidiaries, associated companies and joint ventures accounted for using the equity method Reserve for the conversion of foreign activities Other reserves Retained earnings from previous financial years Total reserves Balance sheet as per 31 December 2024 34,399 -34,896 24,637 -7,774 4,998 102 12,488 33,955 Net appropriation of earnings 79,376 79,376 ° Transfer of the result on the portfolio to reserves -2,277 -6,972 9,249 0 ° Transfer of operating result to reserves 0 Other elements recognised in the comprehensive income 0 ° Impact on fair value of estimated transaction fees and costs resulting from the hypothetical disposal of investment properties 0 ° Variations in fair value of financial assets and liabilities -17,313 17,313 0 Issue of new shares 0 Capital raise through contribution in kind 0 Cost of issuing new shares and of capital increase 0 Dividends -72,697 -72,697 Conversion differences 4,802 4,802 Other -13 -12,815 -12,828 Balance sheet as per 31 December 2025 32,122 -41,868 7,324 -7,774 9,800 89 32,914 32,607 Net appropriation of earnings 124,398 124,398 ° Transfer of the result on the portfolio to reserves 22,894 -1,674 -21,220 0 ° Transfer of operating result to reserves 0 Other elements recognised in the comprehensive income 0 ° Impact on fair value of estimated transaction fees and costs resulting from the hypothetical disposal of investment properties 0 ° Variations in fair value of financial assets and liabilities 3,440 -3,440 0 Issue of new shares 0 Capital raise through contribution in kind 0 Cost of issuing new shares and of capital increase 0 Dividends -81,822 -81,822 Conversion differences -5,433 -5,433 Other 13 -56,849 -56,836 Balance sheet as per 30 June 2026 55,016 -43,542 10,764 -7,774 4,367 102 -6,020 12,914
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34 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information 5.5 Condensed consolidated cash flow statement (Figures in KEUR) 30/06/2026 31/12/2025 CASH AND CASH EQUIVALENTS AT BEGINNING OF FINANCIAL YEAR 4,756 9,462 1. Cash flow from operating activities 45,246 86,093 Cash flow relating to operations: 26,611 61,786 Operating result before portfolio result 59,706 119,768 Interest paid -28,764 -51,246 Interest received 0 0 Corporate tax paid -2,217 -3,556 Other -2,114 -3,180 Non-cash elements added to/ deducted from earnings 561 388 * Amortisations and impairments Depreciation/ impairments (or writebacks) of tangible and intangible assets 561 388 * 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 the working capital required 18,074 23,920 * Change in assets 14,994 17,654 Trade and other receivables 896 272 Tax receivables and other current assets 6,432 -213 Accruals and deferred income 7,666 17,595 * Change in liabilities 3,079 6,266 Trade payables and other current liabilities 1,344 436 Other current liabilities 2,379 379 Accruals and deferred income -644 5,451 2. Cash flow from investing activities -62,332 -203,995 Acquisition of investment properties and property developments -54,964 -182,023 Sale of investment property 0 24,284 Purchase of shares in property companies -5,000 -27,933 Acquisition of other fixed assets -1,739 -1,220 Change in long-term financial assets -659 -7,100 Receipts from trade receivables and other long-term assets 30 -10,003 Assets held for sale 0 0 3. Cash flow from financing activities 17,330 112,906 * Change in financial liabilities and financial debts - Increase in financial debts 109,225 104,170 - Reduction in financial debts -34,000 -20,000 - Repayment of shareholder loans 0 0 - Change in other liabilities -519 173 - Increase in minority interests 0 0 * Change in equity - Increase (+) / Decrease (-) in capital/ issue premiums 0 80,000 - Costs for the issue of shares -101 -2,455 Dividend from the previous financial year -57,275 -48,982 Increase in cash following mergers/ acquisitions 0 290 CASH AND CASH EQUIVALENTS AT END OF FINANCIAL YEAR 4,999 4,756
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35 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information 5.6 Notes 5.6.1 Financial reporting principles – General Xior Student Housing NV is a public Regulated Real Estate Company (RREC) that is subject to Belgian law and has its registered office in Antwerp. This interim financial information for the period ending 30 June 202 6 was drawn up in accordance with IAS 34 "Interim Financial Reporting". This interim report must be read together with the financial statement for the financial year ending 31 December 202 5. In the first half of 202 6, Xior did not add any new IFRS standards or interpretations to the accounting principles, and the valuation rules it applied to the preparation of the interim financial information are identical to those applied for the financial year ending 31 December 2025. These figures include Xior Student Housing NV and its subsidiaries (the “ Group"). No statutory half-year financial report was prepared as at 30 June 202 6. Financial statements are only prepared in accordance with the articles of association at year-end. 5.6.2 Consolidation The figures published in this Half -Year Report represent consolidated figures; subsidiaries have been consolidated in accordance with the relevant legislation.
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36 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information 5.7 Segment information The segmentation basis for reporting by segment is by geographic region. The rental income is broken down by geographic location: Belgium, the Netherlands, Iberia (Spain and Portugal), Nordics (Denmark and Sweden), Germany and Poland. Every location is broken down further into students and other. Commercial decisions are taken at this level and rental income and occupancy rate are tracked at this level. The unallocated amounts category includes all expenses that cannot be allocated to a segment. Only the net rental income and the portfolio earnings are broken down by segment on the income statement. As at 30.06.2026 (Figures in KEUR) Belgium The Netherlands Iberia Nordics Germany + Poland Unallocated amounts Total Students Other Students Other Students Other Students Other Students Other Net rental income 13,345 1,170 30,242 6,325 19,345 0 10,319 1,754 13,306 1,120 96,928 Property result 96,683 96,683 Property charges -21,503 -21,503 Property operating result 75,180 General costs -6,954 -6,954 Other operating income and costs 0 0 Operating result before result on the portfolio 68,226 Result from the sale of investment property 0 0 0 0 0 0 0 0 0 0 0 Variations in fair value of investment property -4,586 -1,007 17,621 -7,180 16,567 0 14,522 5,127 3,319 0 44,384 Other portfolio result -107 0 -6,073 0 -287 -320 -522 -76 -2,173 0 -9,557 Operating result 103,052 Financial result -12,841 -12,841 Share in earnings of associated companies and joint ventures 0 0 Result before tax 90,210 Taxes -10,833 -10,833 Net result 79,377 EPRA earnings 49,435 49,435 Result on the portfolio -4,693 -1,007 11,548 -7,180 16,280 -320 14,000 5,051 1,146 0 0 34,827 Total assets 596,933 9,733 1,419,753 157,278 624,968 0 442,036 66,661 342,959 0 170,991 3,831,313 Investment properties 596,933 9,733 1,419,753 157,278 624,968 0 442,036 66,661 342,959 0 3,660,322 Other assets 170,991 170,991 Total liabilities and equity 3,831,313 3,831,313 Equity 1,744,664 1,744,664 Obligations 2,086,649 2,086,649
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37 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information As at 30.06.2025 (Figures in KEUR) Belgium The Netherlands Iberia Nordics Germany + Poland Unallocated amounts Total Students Other Students Other Students Other Students Other Students Other Net rental income 13,988 1,547 28,482 3,349 16,205 0 11,851 1,678 8,672 888 86,643 Property result 92,922 92,922 Property charges -19,313 -19,313 Property operating result 73,609 General costs -8,017 -8,017 Other operating income and costs 360 360 Operating result before result on the portfolio 65,951 Result from the sale of investment property -209 0 0 0 0 -21 0 0 0 0 -230 Variations in fair value of investment property 6,392 -6 20,790 -8,025 30,698 0 3,664 535 1,759 0 55,806 Other portfolio result -1,040 0 0 0 -1,705 0 -1,093 282 -24,660 0 -188 -28,403 Operating result 93,121 Financial result -21,149 -21,149 Share in earnings of associated companies and joint ventures 0 0 Result before tax 71,972 Taxes -6,302 -6,302 Net result 65,670 EPRA earnings 46,626 46,626 Result on the portfolio 5,143 -6 20,790 -8,025 28,993 -21 2,571 817 -22,901 0 -188 27,173 As at 31.12.2025 Total assets 601,474 728 1,358,243 156,822 607,773 0 429,372 61,575 342,854 0 170,091 3,728,933 Investment properties 601,474 728 1,358,243 156,822 607,773 0 429,372 61,575 342,854 0 3,558,842 Other assets 170,091 170,091 Total liabilities and equity 3,728,933 3,728,933 Equity 1,753,131 1,753,131 Obligations 1,975,802 1,975,802
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38 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information 5.8 Alternative Performance Measures (APMs) 5.8.1 Glossary of the Alternative Performance Measures (APMs) used by Xior Student Housing APM terms Definition Use EPRA earnings The net result+/- variations in the fair value of the investment property +/ - other portfolio result +/ - result from the sale of investment property +/ - variations in the fair value of financial assets and liabilities +/- deferred taxes with regard to IAS 40 adjustments. Measuring the results of the strategic operational activities, excluding variations in the fair value of the investment property, other portfolio result, the earnings from the sale of investment property and variations in the fair value of financial assets and liabilities and the deferred taxes with regard to IAS 40. This indicates the extent to which dividend payments are covered by earnings. EPRA earnings after IFRIC 21 adjustment The net result+/- variations in the fair value of the investment property +/ - other portfolio result +/ - result from the sale of investment property +/ - variations in the fair value of financial assets and liabilities +/- deferred taxes with regard to IAS 40 +/ - impact of IFRIC 21 spread over 4 quarters. Measuring the results of the strategic operational activities, excluding variations in the fair value of the investment property, other portfolio result, earnings from the sale of investment property and variations in the fair value of financial assets, an d liabilities and deferred taxes with relating to IAS 40 and adjusted for the impact of IFRIC 21. This indicates the extent to which dividend payments are covered by earnings. Result on the portfolio Result on the sale of investment properties +/- variations in the fair value of investment properties +/- other portfolio result. Measure the realised and unrealised earnings/ losses on investment properties. Average interest rate Interest charges including IRS interest charges, divided by the average outstanding debt during the period. Measuring the average debt interest cost to allow a comparison with peers and an analysis of the trend over several years. Average interest rate excl. IRS interest costs Interest charges excluding IRS interest charges, divided by the average outstanding debt during the period. Measuring the average debt interest cost to allow a comparison with peers and an analysis of the trend over several years. 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 cost of debt financing so as to allow a comparison with peers and an analysis of the trend over several years. Average financing cost excl. IRS interest costs Interest costs excluding IRS interest charges + arrangement fees and commitment fees, divided by the average outstanding debt during the period. Measuring the average cost of debt financing so as to allow a comparison with peers and an analysis of the trend over several years. EPRA earnings per share Net result +/ - income from 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 for IAS 40 adjustments div ided by the average number of shares. Comparability with other RRECs and international property players. EPRA earnings per share after IFRIC 21 adjustment Net result +/ - income from 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 for IAS 40 adjustments +/- IFRIC 21 adjustment, 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 property 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 properties. Comparability with other RRECs and international property players.
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39 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information APM terms Definition Use EPRA NNNAV EPRA NAV adjusted to take into account (i) the fair value of the financial instruments, (ii) the fair value of debts and (iii) the deferred taxes. Comparability with other RRECs and international property players. EPRA Net Reinstatement Value (NRV) Assumes that entities never sell property and aims to show the value needed to rebuild the property. Comparability with other RRECs and international property players. The EPRA NAV metrics make adjustments to the NAV via the IFRS financial statements in order to provide stakeholders with the most relevant information about the fair value of a property com pany's assets and liabilities under various scenarios. EPRA Net Tangible Assets (NTA) EPRA Net Tangible Assets assumes that entities buy and sell assets, causing certain levels of unavoidable deferred tax to crystallise. Comparability with other RRECs and international property players. The EPRA NAV metrics make adjustments to the NAV via the IFRS financial statements in order to provide stakeholders with the most relevant information about the fair value of a property com pany's assets and liabilities under various scenarios. EPRA Net Disposal Value (NDV) Represents the shareholder value in a "sell - off scenario", in which deferred tax, financial instruments and certain other adjustments are calculated to their fullest extent, after deduction of the resulting tax. Comparability with other RRECs and international property players. The EPRA NAV metrics make adjustments to the NAV via the IFRS financial statements in order to provide stakeholders with the most relevant information about the fair value of a property com pany's assets and liabilities under various scenarios. EPRA Loan-to-Value (LTV) An important measure showing the extent to which activities are financed by debt. 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, less the rent still to be paid on rented land. Comparability with other RRECs and international property players.
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40 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information 5.8.2 Alternative Performance Measures (APMs): reconciliation tables – Figures in KEUR EPRA earnings Q2 2026 Q2 2025 Net result 79,377 65,671 Variations in the fair value of the investment property -44,384 -55,806 Other portfolio result 9,559 28,405 Result on the sale of investment property 0 230 Variations in the fair value of financial assets and liabilities -3,062 4,140 Deferred taxes with regard to IAS 40 7,945 3,986 EPRA earnings 49,435 46,626 EPRA earnings – group share 49,096 46,191 EPRA earnings after IFRIC 21 adjustment Q2 2026 Q2 2025 Net result 79,377 65,671 Variations in the fair value of the investment property -44,384 -55,806 Other portfolio result 9,559 28,405 Result on the sale of investment property 0 230 Variations in the fair value of financial assets and liabilities -3,062 4,140 Deferred taxes with regard to IAS 40 7,945 3,986 EPRA earnings 49,435 46,626 IFRIC 21 impact 4,193 4,263 EPRA earnings after IFRIC 21 adjustment 53,628 50,889 EPRA earnings after IFRIC 21 adjustment – group share 53,290 50,454 Result on the portfolio Q2 2026 Q2 2025 Result on the sale of investment property 0 -230 Variations in the fair value of the investment property 44,384 55,806 Other portfolio result -9,559 -28,405 Result on the portfolio 34,825 27,171 Average interest rate Q2 2026 Q2 2025 Nominal interest paid on loans 21,883 21,427 Costs of permitted hedging instruments -632 -4,104 Capitalised interest 7,554 7,232 Average outstanding debt for the period 1,888,599 1,677,475 Average interest rate 3.05% 2.93% Average interest rate excl. costs of permitted hedging instruments 3.12% 3.42% Average financing costs Q2 2026 Q2 2025 Nominal interest paid on loans 21,883 21,427 Costs of permitted hedging instruments -632 -4,104 Capitalised interest 7,554 7,232 Breakdown of the nominal amount of financial debt 465 388 Bank costs and other commissions 556 429 Average outstanding debt for the period 1,888,599 1,677,475 Average financing costs 3.16% 3.03% Average financing costs excl. costs of permitted hedging instruments 3.23% 3.51%
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41 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information EPRA earnings per share Q2 2026 Q2 2025 Net result 79,377 65,671 Variations in the fair value of the investment property -44,384 -55,806 Other portfolio result 9,559 28,405 Result on the sale of investment property 0 230 Variations in the fair value of financial assets and liabilities -3,062 4,140 Deferred taxes with regard to IAS 40 7,945 3,986 Weighted average number of shares 46,695,094 45,856,803 EPRA earnings per share 1.06 1.02 IFRIC 21 impact 4,193 4,263 EPRA earnings after IFRIC 21 adjustment 1.15 1.11 EPRA earnings per share after IFRIC21 adjust. – group share 1.14 1.10 EPRA cost ratio Q2 2026 Q2 2025 Overhead costs 6,954 8,018 Impairments on trade receivables 308 133 Property charges 21,503 19,313 Loss on service charges 2,059 2,174 EPRA costs (incl. vacancy costs) 30,824 29,638 Vacancy costs 0 0 EPRA costs (excl. vacancy costs) 30,824 29,638 Gross rental income 97,236 86,776 EPRA cost ratio (incl. vacancy costs) 31.7% 34.2% EPRA cost ratio (excl. vacancy costs) 31.7% 34.2% IFRIC 21 impact 4,193 4,263 EPRA cost ratio (incl. vacancy costs) after IFRIC adjustment 27.4% 29.2% EPRA cost ratio (excl. vacancy costs) after IFRIC adjustment 27.4% 29.2% Per 30/06/2026 EPRA NRV EPRA NTA EPRA NDV EPRA NAV EPRA NNNAV IFRS equity attributable to shareholders excluding minority interests 1,742,792 1,742,792 1,742,792 1,742,792 1,742,792 Minority interests XXXXXXXXXXX XXXXXXXXXXX XXXXXXXXXXX 1,872 1,872 DEDUCTION Deferred taxes related to FV earnings on IP 78,638 78,638 XXXXXXXXXXX 78,638 XXXXXXXXXXX FV of financial instruments -13,101 -13,101 XXXXXXXXXXX -13,101 XXXXXXXXXXX Intangible fixed assets in accordance with IFRS BS XXXXXXXXXXX -7,125 XXXXXXXXXXX XXXXXXXXXXX XXXXXXXXXXX ADDITION FV of fixed-rate debts XXXXXXXXXXX XXXXXXXXXXX 76,850 XXXXXXXXXXX XXXXXXXXXXX Taxes on real estate transfers 179,104 n,v,t, XXXXXXXXXXX XXXXXXXXXXX XXXXXXXXXXX NAV 1,987,433 1,801,204 1,819,642 1,810,201 1,744,664 Fully dilluted number of shares 46,695,094 46,695,094 46,695,094 46,695,094 46,695,094 NAV per share 42.56 38.57 38.97 38.77 37.36 NAV per share – group share 42.56 38.57 38.97 38.73 37.32 Additional deferred tax, note if option (i) or (ii) is chosen Fair Value As % of total portfolio % of deferred tax excluded Portfolio subject to deferred taxes and intended to be held and not sold in the long term 3,660,322 100 100 Portfolio subject to partial deferred tax and tax structuring 0 0 0
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42 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information Per 31/12/2025 EPRA NRV EPRA NTA EPRA NDV EPRA NAV EPRA NNNAV 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 XXXXXXXXXXX XXXXXXXXXXX XXXXXXXXXXX 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 XXXXXXXXXXX -10,030 XXXXXXXXXXX Intangible fixed assets in accordance with IFRS BS XXXXXXXXXXX -6,471 XXXXXXXXXXX XXXXXXXXXXX XXXXXXXXXXX ADDITION FV of fixed-rate debts XXXXXXXXXXX XXXXXXXXXXX 75,994 XXXXXXXXXXX XXXXXXXXXXX Taxes on real estate transfers 177,597 N/A XXXXXXXXXXX XXXXXXXXXXX XXXXXXXXXXX NAV 1,989,794 1,805,726 1,827,569 1,813,753 1,753,131 Fully dilluted 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 Additional deferred tax, note if option (i) or (ii) is chosen Fair Value As % of total portfolio % of deferred tax excluded 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 EPRA Loan-To-Value ratio Proportional consolidation 30/06/2026 Group share in JVs Combined Add: Credit institutions 1,573,871 4,845 1,578,716 Commercial paper 57,177 57,177 Bond issues 219,581 219,581 (-) Long-term trade receivables 8,144 8,144 (-) Trade receivables 1,991 1,991 (-) Tax receivables and other current assets 38,255 476 38,731 (+) Other long-term liabilities 0 0 (+) Trade debts and other current debts 65,826 572 66,398 (+) Other current liabilities 30,670 30,670 Net payable 48,106 96 48,202 Exclusion: Cash 4,999 378 5,377 Net debt (a) 1,893,736 4,563 1,898,299 Add: Property for own use* 11,058 11,058 Property available for rent 3,229,114 3,229,114 Project developments 431,208 6,299 437,507 Assets or groups of assets held for sale 0 0 Intangible assets 7,125 7,125 Receivables from associated companies and joint ventures 0 0 0 Total property value (b) 3,678,505 6,299 3,684,804 Real estate transfer tax 179,104 179,104 Total property value incl RETTs (c) 3,857,609 6,299 3,863,908 Loan-To-Value (a/b) 51.48% 51.52% Loan-To-Value (incl RETTs) (a/c) 49.09% 49.13% *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 book value for calculation purposes.
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43 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information EPRA Loan-To-Value ratio Proportional consolidation 31/12/2025 Group share in JVs Combined Add: Credit institutions 1,455,055 2,618 1,457,673 Commercial paper 65,657 65,657 Bond issues 253,568 253,568 (-) 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 Net payable 6,814 437 7,251 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 Intangible assets 6,471 6,471 Receivables from associated companies 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 Loan-To-Value (a/b) 49.68% 49.69% Loan-To-Value (incl RETTs) (a/c) 47.33% 47.35% *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 book value for calculation purposes. Net Debt/ EBIDTA (adjusted) The net debt/ EBITDA (adjusted) is calculated as follows on the basis of the consolidated accounts: the denominator is the standardised EBITDA of the last 12 months (12M rolling), including the annualised impact of external growth; in the numerator are net financial debts corrected for the projects in progress multiplied by the loan-to-value of the group (as these projects are not yet generating rental income but are already (partially) financed on the balance sheet). (Figures in KEUR) 30/06/206 31/12/2025 Non-current and current financial liabilities (IFRS) 1,850,629 1,774,939 -Cash and Cash equivalents (IFRS) -4,999 -4,756 Net Debt (IFRS) A 1,845,630 1,770,183 Operating result (before portfolio result) (IFRS) 12M rolling B 146,571 144,296 +Share of operating profit of joint ventures 0 0 EBITDA (IFRS) C 146,571 144,296 Net debt/ EBITDA A/C 12.59 12.27 (Figures in KEUR) 30/06/2026 31/12/2025 Non-current and current financial liabilities (IFRS) 1,850,629 1,774,939 -Cash and cash equivalents (IFRS) -4,999 -4,756 Net Debt (IFRS) A 1,845,630 1,770,183 -Projects in progress x LTV -218,019 -204,728 -Financing to Joint ventures x LTV 0 0 Net debt (adjusted) B 1,627,611 1,565,455 Operating result (before portfolio result) (IFRS) 12M rolling C 146,571 144,296 +Share of operating profit of joint ventures 0 0 Operating result (before portfolio result) (IFRS) 12M rolling D 146,571 144,296 Bridge to normalised EBITDA -10,992 -12,682 EBITDA (adjusted) E 135,579 131,614 Net debt/ EBITDA B/E 12.00 11.89
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44 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information The bridge to normalised EBITDA takes into account the fact that for certain projects (partially yielding projects) certain revenues are received during the development phase, which must be corrected from EBITDA, since we also correct the debts for these projects from net debt. Hence the bridge is a negative correction. 5.9 Other notes Due to rounding to thousands, there may be rounding differences between the balance sheet, income statement and the attached details. 5.9.1 Property result (Figures in KEUR) 30/06/2026 30/06/2025 (+) Rental income 97,236 86,776 - Rent 89,183 79,470 - Rent guarantees 8,394 7,414 - Rent reductions -341 -108 (+/-) Rent-related expenses -308 -133 Net rental income 96,928 86,643 (+) Recovery of rental charges and taxes normally payable by the tenants for rented properties 16,354 15,240 (-) Rental charges and taxes normally payable by the tenants for rented properties -18,412 -17,414 (+/-) Other rental-related income and expenditure 1,813 8,453 Property result 96,683 92,922 Rent-related expenses include impairments recognised under rent receivables. The rental guarantees as at 30/06/202 6 include the rental guarantees given by the vendors upon acquisition in 2022-2025. (Figures in KEUR) 30/06/2026 30/06/2025 Summary of the rental income that could cease to exist in future Within one year 77,942 73,656 Between one and five years 5,994 2,352 More than five years 5,247 3,462 Total 89,183 79,470 The above table shows how much of the rental income earned in the first half of 202 6 was achieved, could theoretically be lost in the future, if the current tenants were to give notice of termination on the next contractually permitted date and no new tenant could be found. Most of Xior Student Housing's tenancy agreements are short -term contracts for the letting of student units. These contracts are typically concluded for a one -year period, after which they may be extended. Xior also tries to conclude long-term contracts with colleges or universities for some of the rooms in its portfolio.
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45 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information Please find below a list of Xior's main rental and guarantee contracts with universities or colleges: University Location End date Rental contract James Madison University Antwerp 30/06/2033 University of Antwerp - Campus Epidemiology Antwerp 31/08/2027 University of Antwerp Antwerp 31/08/2026 Brik Brussels 15/09/2031 Brik Brussels 15/09/2031 UCLouvain Brussels 14/09/2035 EPHEC Brussels 31/08/2026 The American University Brussels Brussels 31/07/2027 Hogeschool PXL Hasselt 31/08/2026 Hogeschool PXL Hasselt 31/08/2026 Hogeschool PXL Hasselt 28/02/2030 HoGent Ghent 31/08/2036 HoGent Ghent 31/08/2036 KUL Leuven 14/10/2044 Saxion Hogescholen Enschede 31/07/2026 Saxion Hogescholen Enschede 31/08/2027 Saxion Hogescholen Enschede 30/04/2027 Saxion Hogescholen Enschede 28/02/2029 Saxion Hogescholen Enschede 31/08/2028 Saxion Hogescholen Enschede 30/04/2029 Stichting Regionaal Opleidingen Centrum van Twente Enschede 31/03/2030 Stichting Regionaal Opleidingen Centrum van Twente Enschede 31/07/2030 University of Maastricht Maastricht 31/01/2031 University of Maastricht Maastricht 31/01/2031 University of Maastricht Maastricht 31/01/2031 University of Maastricht Maastricht 31/01/2031 University of Maastricht Maastricht 31/01/2031 Stichting Veste Maastricht 31/07/2029 AWL University Wroclaw 30/09/2027 CIEE Lisbon 30/06/2027 CIEE Lisbon 30/06/2027 The Luso-American Development Foundation (FLAD) Lisbon 31/07/2027 University Network for Human Rights Lisbon 31/01/2027 GATE Aviation Training Copenhagen 31/12/2026 Luchtverkeersleiding Nederland (LVNL) Copenhagen 31/12/2028 Danish Institute for Study Abroad (DIS) Lyngby Indefinite duration Danish Institute for Study Abroad (DIS) Copenhagen Indefinite duration CIEE Copenhagen Indefinite duration CIEE Lyngby Indefinite duration Warranty agreement Navitas (Twente Pathway College) Enschede 30/05/2027 Tu/e Eindhoven 30/05/2027 Hogeschool Zuyd Maastricht 31/07/2027 Hogeschool Zuyd Maastricht 31/07/2028 Hogeschool Utrecht Utrecht 31/03/2027 Rotterdam School of Management Rotterdam 31/12/2026 Saxion Hogescholen Enschede 31/07/2029 Copenhagen Business School Copenhagen 30/06/2029 In addition, Xior Student Housing has several other types of tenancy agreements that are also long -term. These are mainly tenancy agreements for the commercial properties, which typically have terms that exceed one year. The term of these contracts generally ranges from 3 to 10 years. Rents are paid monthly in advance. Certain property -related costs, such as utility costs, certain taxes and levies and municipal charges, are also payable by the tenant. Tenants pay a fixed monthly advance payment for these whereby an annual reconciliation or a fixed annual amount may be charged to cover these costs. In order to ensure that tenants comply with their obligations, a rental deposit of at least 1 month's rent and, in most cases,
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46 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information 2 month' s rent is charged. This is shown on the balance sheet under other short -term liabilities. In some countries, the last month's rent is also paid in advance at the start of the tenancy agreement. 5.9.2 Result on the portfolio (Figures in KEUR) 30/06/2026 30/06/2025 (+/-) Result on sales of investment properties 0 -230 Net property sales (selling price - transaction costs) (+) 0 5,629 Book value of property sold (-) 0 -5,859 (+/-) Result on sales of other non-financial assets 0 0 (+/-) Variations in fair value of investment property 44,384 55,806 Positive variations in fair value of investment properties 77,499 89,656 Negative variations in fair value of investment properties -33,115 -33,850 (+/-) Other portfolio result -9,559 -28,405 Result on portfolio 34,825 27,171 During the first half of 202 6, no properties were acquired through share or property acquisitions and no properties were sold via share or property acquisitions. For the acquisition of real estate, the following rule applies: • The difference between the acquired properties' Fair Value and the negotiated value is recognised in the income statement as "variations in the fair value of investment property". • For properties acquired through share takeovers, the difference between the properties' book value and the negotiated value and any other sources of discrepancies between the fair value and the negotiated value of the shares are recognised in the income st atement as "other portfolio result". This “other portfolio result” concerns amounts resulting from application of the consolidation principles and merger transactions, and consists of the differences between the price paid for real estate companies and the fair value of the acquired net assets. This “other portfolio result” also covers directly attributable transaction fees. • For properties sold through acquisition of property or shares, the difference between the book value and the net sale price is recognised in the income statement as " result on the sale of investment properties". This "result on the sale of investment properties" is the net balance of the book value of the property that is written down in "Book value of the properties sold" and the net income that is recognised under "Net sale of properties (sale price minus transaction fees)". • The variation in Fair Value between 1 January 202 6 and 30 June 202 6 was recognised as a negative or positive variation on investment properties.
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47 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information 5.9.3 Financial result (Figures in KEUR) 30/06/2026 30/06/2025 (+) Financial income 7,926 2,297 (-) Net interest expense -21,714 -17,712 Nominal interest charges paid on loans -21,881 -21,427 Breakdown of the nominal amount of financial debts -465 -388 Cost of permitted hedging instruments 632 4,104 (-) Other financial charges -2,113 -1,595 Bank charges and other commissions -556 -429 Other -1,558 -1,167 (+/-) Changes in fair value of financial assets and liabilities Market value Interest Rate Swaps 3,062 -4,140 Financial result -12,841 -21,150 The average interest rate 14 was 3.05% (3.12% excluding hedging instruments) as at 30 June 202 6, compared to 2.93% as at 30 June 2025. The average financing cost was 3.16% as at 30 June 2026, compared to 3.03% as at 30 June 2025. The Company is subject to fluctuations in interest rates, because most long -term liabilities were negotiated on the basis of variable interest rates. An increase in the interest rate can, therefore, cause an increase in the interest charges. In addition, X ior is well protected against rising interest rates by the long -term hedging of its existing debt position, with 88% of the debt financing hedged for a 4.4-year term as at 30 June 202 6. This type of hedging is not at the individual financing level but for a longer term than the underlying loans. Consequently, this means that there is no additional interest risk on the maturity date of individual financing facilities. The derivatives used by Xior Student Housing do not qualify as hedging transactions. As a result, the changes in their fair value are included immediately in the income statement. 5.9.4 Investment property Investment table (Figures in KEUR) Investment property in operation Project developments Total Balance as at 31/12/2024 2,905,286 408,766 3,314,052 Acquisition of property companies through purchase or contributions 34,875 0 34,875 Other capex investments 45,346 56,551 101,897 Net exchange differences on foreign transactions 7,106 0 7,106 Purchases and received contributions of investment property 71,952 0 71,952 Sale of investment property -22,823 -2,062 -24,885 Capitalised interest charges 767 13,786 14,553 Change in fair value 97,515 -58,222 39,293 Transfer from/ to 8,295 -8,295 0 Taking over property for own use 0 0 0 Balance as at 31/12/2025 3,148,319 410,524 3,558,843 Acquisition of property companies through purchase or contributions 0 0 0 Other capex investments 24,026 32,474 56,500 Net exchange differences on foreign transactions -6,851 0 -6,851 Purchases and received contributions of investment property 0 0 0 Sale of investment property 0 0 0 Capitalised interest charges 112 7,334 7,446 Change in fair value 54,390 -10,006 44,384 Transfer from/ to 9,118 -9,118 0 Taking over property for own use 0 0 0 Balance as at 30/06/2026 3,229,114 431,208 3,660,322 14 For the calculation of the APMs, please refer to Chapter 5.8 of this Half-Yearly Report.
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48 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information 5.9.5 Financial fixed assets and other non-current financial liabilities - Permitted hedging instruments The other long -term financial assets amount to 16,166 KEUR as at 30 June 202 6. They are only related to the positive market value as of 30 June 2026 of the outstanding interest rate swap (IRS) agreements. The other long- term financial liabilities total 3,065 KEUR as at 30 June 202 6, and relate to the negative market value of the outstanding interest rate swap (IRS) agreements as at 30 June 2026. The market value of the outstanding IRS contracts is received through the various financial institutions. All financing is largely (88%) hedged against interest rate increases for 4.4 years using fixed income contracts and macro hedges covering both existing debt and the future refinancing of maturing debt. Macro hedging means that these hedges are not linked to an individual loan, but rather cover the underlying borrowing over a longe r term. In this way, the refinancing of a maturing loan is automatically covered by the existing macro hedge, which reduces additional interest rate risk. 68% 56% 53% 42% 20% 10% 20% 19% 18% 17% 15% 15% 12% 25% 29% 41% 65% 75% 0% 20% 40% 60% 80% 100% 30/06/2026 30/06/2027 30/06/2028 30/06/2029 30/06/2030 30/06/2031 Overview of fixed-rate debt, hedged variable-rate debt and unhedged variable-rate debt (%) Hedged variable-rate debt Fixed-rate debt Unhedged variable-rate debt
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49 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information 5.9.6 Capital (Figures in EUR) Date Transaction Previous capital (EUR) Capital increase (EUR) New capital (EUR) Former number of shares New number of shares Fractio- nal value (EUR) Evolution of capital 10/03/2014 Incorporation of company 20,000 20,000 200 100.00 23/09/2015 Capital increase 20,000 1,230,000 1,250,000 200 12,500 100.00 23/11/2015 Share split 1,250,000 1,250,000 12,500 42,500 29.41 11/12/2015 Sister company mergers 1,250,000 23,328,937 24,578,937 42,500 975,653 25.19 11/12/2015 Capital increase by way of contribution in kind, as a result of the Share Contribution 24,578,937 3,256,783 27,835,720 975,653 1,105,923 25.17 11/12/2015 Mergers by acquisition 27,835,720 3,696,060 31,531,780 1,105,923 1,253,764 25.15 11/12/2015 Capital increase below fracitonal value via cash contributions for the issue of new shares 31,531,780 58,710,898 90,242,678 1,253,764 4,626,780 19.50 11/12/2015 Capital reduction to create a reserve to cover foreseeable losses 90,242,678 -6,960,638 83,282,040 4,626,780 4,626,780 18.00 1/03/2016 Merger with Devimmo 83,282,040 4,151,826 87,433,866 4,626,780 4,857,437 18.00 1/08/2016 Merger with CPG 87,433,866 1,320,948 88,754,814 4,857,437 4,930,823 18.00 11/10/2016 Woonfront Tramsingel B.V.contribution in kind 88,754,814 6,114,204 94,869,018 4,930,823 5,270,501 18.00 17/01/2017 KVS project contribution in kind 94,869,018 2,669,976 97,538,994 5,270,501 5,418,833 18.00 22/06/2017 Capital increase 97,538,994 48,769,488 146,308,482 5,418,833 8,128,249 18.00 26/03/2018 Enschede project contribution in kind 146,308,482 9,317,304 155,625,786 8,128,249 8,645,877 18.00 12/06/2018 Capital increase 155,625,786 77,812,884 233,438,670 8,645,877 12,968,815 18.00 12/12/2018 All-In Annadal bv contribution in kind 233,438,670 14,400,000 247,838,670 12,968,815 13,768,815 18.00 4/06/2019 Optional dividend 247,838,670 2,702,574 250,541,244 13,768,815 13,918,958 18.00 13/06/2019 Stratos KvK contribution in kind 250,541,244 7,756,002 258,297,246 13,918,958 14,349,847 18.00 27/10/2019 Capital increase 258,297,246 86,099,076 344,396,322 14,349,847 19,133,129 18.00 18/06/2020 Capital increase through contributions in kind 344,396,322 2,918,916 347,315,238 19,133,129 19,295,291 18.00 7/10/2020 Patrimoine Couronne - Franck N.V. contribution 347,315,238 11,835,702 359,150,940 19,295,291 19,952,830 18.00 25/11/2020 Capital increase 359,150,940 19,684,998 378,835,938 19,952,830 21,046,441 18.00 18/03/2021 Capital increase 378,835,938 75,767,184 454,603,122 21,046,441 25,255,729 18.00 14/12/2021 Capital increase 454,603,122 45,460,296 500,063,418 25,255,729 27,781,301 18.00 7/06/2022 Optional dividend 500,063,418 4,140,378 504,203,796 27,781,301 28,011,322 18.00 15/09/2022 Basecamp contribution in kind (phase 1) 504,203,796 121,341,978 625,545,774 28,011,322 34,752,543 18.00 25/04/2023 Basecamp contribution in kind (phase 2) 625,545,774 15,581,124 641,126,898 34,752,543 35,618,161 18.00 15/12/2023 Capital increase 641,126,898 46,973,448 688,100,346 35,618,161 38,227,797 18.00 18/04/2024 Capital increase - Earn out I 688,100,346 12,183,786 700,284,132 38,227,797 38,904,674 18.00 2/06/2024 Optional dividend 700,284,132 12,067,776 712,351,908 38,904,674 39,575,106 18.00 27/06/2024 Campo Pequeno contribution in kind 712,351,908 27,949,032 740,300,940 39,575,106 41,127,830 18.00 5/07/2024 Krakow contribution in kind 740,300,940 21,896,154 762,197,094 41,127,830 42,344,283 18.00 21/01/2025 Capital increase 762,197,094 51,798,564 813,995,658 42,344,283 45,221,981 18.00 14/04/2025 Capital increase - Earn out II 813,995,658 10,717,524 824,713,182 45,221,981 45,817,399 18.00 5/06/2025 Optional dividend 824,713,182 15,798,510 840,511,692 45,817,399 46,695,094 18.00
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50 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information Evolution of issue premiums (Figures in KEUR) Date Transaction Issue premiums 31/12/2015 25,615 1/03/2016 Merger with Devimmo 1,615 1/08/2016 Merger with CPG 514 11/10/2016 Woonfront contribution in kind 4,517 17/01/2017 KVS project contribution in kind 2,394 22/06/2017 Capital increase 35,222 26/03/2018 Enschede project contribution in kind 8,800 12/06/2018 Capital increase 53,332 12/12/2018 All-In Annadal contribution in kind 15,230 4/06/2019 Optional dividend 3,378 13/06/2019 Stratos KvK NV contribution in kind 10,241 27/10/2019 Capital increase 115,582 18/06/2020 Capital increase through contributions-in-kind 4,581 7/10/2020 Patrimonne Couronne - Franck nv contribution in kind 22,047 25/11/2020 Capital increase 34,996 18/03/2021 Capital increase 99,228 14/12/2021 Capital increase 70,716 7/06/2022 Optional dividend 6,825 15/09/2022 Basecamp contribution in kind (phase 1) 171,311 25/04/2023 Basecamp contribution in kind (phase 2) 22,506 15/12/2023 Capital increase 28,706 18/04/2024 Capital increase - Earn out I 5,142 2/06/2024 Optional dividend 6,845 27/06/2024 Campo Pequeno contribution in kind 17,110 5/07/2024 Krakow contribution in kind 13,405 21/01/2025 Capital increase 28,201 14/04/2025 Capital increase - Earn out II 5,297 5/06/2025 Optional dividend 7,917 Total issue premiums as at 30/06/2026 821,273 Unavailable issue premiums 305,273 Available issue premiums 516,000 5.9.7 Earnings per share Earnings per share 30/06/2026 30/06/2025 Number of ordinary shares in circulation 46,695,094 46,695,094 Weighted average number of shares 46,695,094 45,856,803 Net earnings per ordinary share (in EUR) 1.70 1.43 Diluted net earnings per ordinary share (in EUR) 1.70 1.43 EPRA earnings per share (in EUR) 1.06 1.02 EPRA earnings per share (in EUR) after IFRIC 21 adjustment 1.15 1.11 EPRA earnings per share (in EUR) group share 1.05 1.01 EPRA earnings per share (in EUR) after IFRIC 21 adjustment – group share 1.14 1.10
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51 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information 5.9.8 Financial debt (Figures in KEUR) 30/06/2026 31/12/2025 Long-term financial debts Bilateral loans - variable or fixed interest rate 1,788,155 1,670,969 Loan draw-down costs -5,082 -5,424 Total 1,783,073 1,665,545 (Figures in KEUR) 30/06/2026 31/12/2025 Non-current financial debts (excl. interests) Breakdown according to maturity Within the year Between one and two years 405,100 182,030 Between two and five years 898,993 948,966 More than five years 484,062 539,973 Total 1,788,155 1,670,969 (Figures in KEUR) 30/06/2026 31/12/2025 Unutilised loans Due within one year 0 0 Due after one year 129,974 207,549 Total 129,974 207,549 The financial debts that have been signed by Xior Student Housing are without underlying collateral. Exceptions to this are loans taken out by subsidiaries, i.e. the loan for Stratos KVK, the loan for XSH Benfica SA, the loan for XSH São João SA, the loan for Xior Potsdam Golm S.à r.l., the loan for Xior Leipzig Pragerstrasse GmbH, the loan for Xior Copenhagen South ApS, the loan for Xior Lyngby Student ApS, the loan for Xior Lyngby Residential ApS, the loan for Uhub Investments Lumiar SA, the loan for Xior Malmö Västra Hamnen AB, and the loan for Campopre Investments – SIC imobiliáriafechada, s.a.. Some of these were taken over with the acquisition of 100% of the shares. These loans are partly secured by securities. Most financial debts have variable interest rates. A total of 1,266 MEUR in financing is hedged using IRS contracts. This means that 68% of all outstanding financing is hedged with IRS contracts. These IRS contracts are not linked one-to-one to specific individual loans. Xior engages in macro -hedging. There is also 358 MEUR in fixed interest rate loans. In total, 88% of all outstanding financing is hedged either with IRS contracts or using a fixed interest rate. Consequently, Xior is well protected against rising interest rates. The average maturity of these hedges was 4.4 years as at 30 June 2026. (Figures in KEUR) 30/06/2026 31/12/2025 Estimated future interest expenses Within one year 59,179 54,417 Between one and five years 140,443 140,954 More than five years 76,056 75,374 Total 275,677 270,745 (Figures in KEUR) 30/06/2026 31/12/2025 Liquidity commitments at maturity dates associated with hedging instruments Within one year -2,479 64 Between one and five years -3,317 4,503 More than five years 609 2,171 Total -5,186 6,737 When estimating interest expenses, the debt position and variable interest rate as at 30 June 202 6 were taken into account.
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52 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information 5.9.9 Financial assets and liabilities 30/06/2026 30/06/2026 31/12/2025 31/12/2025 (Figures in KEUR) Book value Fair value Book value Fair value Level Summary of financial assets and liabilities Assets Financial fixed assets 37,910 37,910 37,499 37,499 Financial fixed assets 1,929 1,929 1,650 1,650 level 2 Financial derivatives 16,166 16,166 16,384 16,384 level 2 Trade receivables and other fixed assets 6,215 6,215 6,245 6,245 level 2 Shareholdings in associated companies and joint ventures 13,600 13,600 13,220 13,220 level 2 Financial current assets 45,245 45,245 52,234 52,234 Trade receivables 1,991 1,991 2,789 2,789 level 2 Tax receivables and other current assets 38,255 38,255 44,689 44,689 level 2 Cash and cash equivalents 4,999 4,999 4,756 4,756 level 1 Total financial assets 83,155 83,155 89,733 89,733 Liabilities Long-term financial liabilities 1,801,801 1,724,951 1,688,081 1,612,087 Long-term financial liabilities 1,798,736 1,721,886 1,681,727 1,605,733 level 2 Financial derivatives 3,065 3,065 6,354 6,354 level 2 Other long-term liabilities 0 0 0 0 level 2 Current financial liabilities 164,052 164,052 171,581 171,581 Current financial liabilities 67,556 67,556 109,394 109,394 level 2 Trade debts and other current liabilities 65,826 65,826 34,045 34,045 level 2 Other current liabilities 30,670 30,670 28,142 28,142 level 2 Total financial liabilities 1,965,853 1,889,003 1,859,662 1,783,668 Trade receivables and trade debts are recognised at amortised cost. The change in fair value of financial derivatives is recognised under the result. Fair value Since the trade receivables and trade debts are current, the fair value almost approximates the nominal value of the financial assets and liabilities in question. As at 30 June 2026, Xior Student Housing had 358 MEUR in financial debts at fixed interest rates. The remaining of the financial debts are at variable interest rates. A fair value was calculated for the loans that were taken out at a fixed interest rate. This fair value differs from the book value. For the loans taken out at variable interest rates, the fair value of these liabilities equals the book value. These loans are partially hedged with IRS contracts.
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53 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information 5.9.10 Transactions with related parties (Figures in KEUR) 30/06/2026 30/06/2025 Transactions with related parties Management remuneration 1,268 1,268 Independent directors' remuneration 144 150 Total 1,412 1,418 The related parties with whom the Company deals with are its subsidiaries and its directors and executives. Transactions with the subsidiaries are eliminated during the consolidation. The remuneration for directors and executives is included in the company overheads. No other transactions with persons or institutions regarded as direct company stakeholders took place during the first half of 2026 at the company. 5.9.11 Post balance sheet events For events after the balance sheet date, we refer you to Chapter 2.6.2 of this Annual Report. There have been no other significant events with an impact on the consolidated figures since the end of the half year.
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54 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information 5.9.12 Scope of consolidation The following subsidiaries are part of Xior Student Housing NV's scope of consolidation as at 30 June 202 6: 30 June 2026 Name Country Share in the capital Stubis BVBA Belgium 100 Stratos KVK N.V. Belgium 100 XL Fund N.V. Belgium 100 Roosevelt BV Belgium 100(i) Tri-Bis B.V. Belgium 100 Xior OAM N.V. Belgium 100 Xior Seraing N.V. Belgium 100 Xior Student Housing NL B.V. The Netherlands 100 Xior Student Housing NL 2 B.V. The Netherlands 100 Xior Naritaweg B.V. The Netherlands 100 All-In Annadal B.V. The Netherlands 100 Stubis NL B.V. The Netherlands 100 Amstelveen Laan van Kronenburg 2 B.V. The Netherlands 100(iii) Xior Rotsoord B.V. The Netherlands 100 Xior Karspeldreef Amsterdam B.V. The Netherlands 100 Xior Groningen B.V. The Netherlands 100 Leeuwarden Tesselschadestraat B.V. The Netherlands 100 STUBISNL IV B.V. The Netherlands 100 Borgondo Facilities B.V. The Netherlands 100 XL NL Cooperatie 1 U.A. The Netherlands 100(ii) XL NL Cooperatie 2 U.A. The Netherlands 100(ii) Xior Zernike Coöperatie U.A. The Netherlands 100 Xior LBW N.V. The Netherlands 100 Xior Carré N.V. The Netherlands 100 Xior Bonnefanten N.V. The Netherlands 100 Xior Enschede I N.V. The Netherlands 100 Xior Wageningen N.V. The Netherlands 100 Xior Delft N.V. The Netherlands 100 Xior Breda N.V. The Netherlands 100 Stubeant B.V. The Netherlands 100 Studio Park Breda N.V. The Netherlands 100 Xior Tweebaksmarkt N.V. The Netherlands 100 30 June 2026 (continued) Name Country Share in the capital Xior Brinktoren N.V. The Netherlands 100 Xior Brinktoren 2 N.V. The Netherlands 100 Xior Brinktoren 3 N.V. The Netherlands 100 XSHPT Portugal S.A. Portugal 100 XSH Benfica S.A. Portugal 100(iv) XSH Sao Joao S.A. Portugal 100(iv) XSH OPERATIONS PORTUGAL Lda Portugal 100(iv) Uhub Investments Lumiar S.A. Portugal 100(iv) Campopre Investments – L.D.A. Portugal 100 Xior Quality Student Housing S.L.U. Spain 100 I love Besos Campus Besos S.A.U. Spain 100 Minerva Student Housing Socimi S.L.U. Spain 100 Mosquera Directorship S.L. Spain 100 Terra Directorship S.L.U. Spain 100 Xior Student Housing Spain S.L.U. Spain 100 Managua Directorship S.L.U. Spain 100 Student Properties Spain Socimi S.A. Spain 100 Hubr Student Housing S.L. Spain 25% + 1 Collblanc Student Housing Socimi S.L.U. Spain 100 Xior Warszawa Wenedow sp. z.o.o. Poland 100 Xior Łódź Rewolucji sp. z.o.o. Poland 100 Xior Katowice Paderewskiego sp. z o.o. Poland 100 Xior Łodź Rembielińskiego sp. z o.o. Poland 100 Xior Student Operations Poland sp. z o.o. Poland 100 Xior Student Housing Krakau sp. z.o.o. Poland 100 Xior Wrocław Sienkiewicza sp. z o.o. Poland 100 Xior Wrocław Sienkiewicza Operations sp. z o.o. Poland 100 Xior Warszawa Wolska sp. z o.o. Poland 100 Xior Student Operations Nordic ApS Denmark 100 Xior Lyngby Residential ApS Denmark 100(v) Xior Lyngby Skovbrynet ApS Denmark 100(v) Xior Copenhagen South ApS Denmark 100(v) Xior Aarhus Katrinehoj ApS Denmark 100(v) Xior Leipzig Pragerstrasse GmbH Germany 100 Xior Potsdam Golm S.à.r.l Germany 100 Xior Malmö Västra Hamnen AB Sweden 100 Joint Venture Country Share in the capital Uhub Investments Boavista II S.A. Portugal 25%+1 (i) Company held 100% by holding company Stubeant BV (100% subsidiary of Xior Student Housing NV) (ii) Companies held 100% by XL Fund (100% subsidiary of Xior Student Housing NV) (iii) Company held 100% by Stubis NL BV (100% subsidiary of Xior Student Housing NV) (iv) Companies held 100% by subholding XSHPT Portugal SA (100% subsidiary of Xior Student Housing NV) (v) Company held 100% by Xior Student Operations ApS (100% subsidiary of Xior Student Housing NV)
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55 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information 5.9.13 Debt ratio (Figures in KEUR) 30/06/2026 31/12/2025 Consolidated debt ratio (max 65%) Total liabilities 2,086,649 1,975,802 Adjustments -123,861 -122,493 Total debt as per Royal Decree dated 13 July 2014 1,962,788 1,853,309 Total assets 3,831,313 3,728,933 Adjustments -16,166 -16,384 Total assets as per Royal Decree dated 13 July 2014 3,815,147 3,712,549 Debt ratio (in %) 51.45% 49.92% Loan to value 30/06/2026 31/12/2025 Investment properties 3,660,322 3,558,842 Financing 1,850,629 1,774,940 Loan to value ratio 50.56% 49.87% 5.9.13.1 Further notes on the debt ratio trend The Legislation on Regulated Real Estate Companies, more specifically Article 24 of the Royal Decree on Regulated Real Estate Companies, states that, if the RREC's consolidated debt ratio exceeds 50%, it must prepare a financial plan with an implementation schedule describing the steps that will be taken to prevent the debt ratio rising above 65% of the consolidated assets. The Statutory Auditor will prepare a special report on this financial plan, confirming that the method used to prepare the plan has bee n verified, in particular with regard to its underlying economic foundations, and that the figures included in the plan correspond with the RREC's accounting figures. The half-yearly and annual financial reports should specify how the financial plan was implemented during the relevant period and how the RREC will implement the plan in the future. The financial plan and the Statutory Auditor's special report are submitted to the FSMA for information. 5.9.13.2 Debt ratio evolution As at 30 June 2026, the consolidated debt ratio of Xior Student Housing NV was 51.45%, compared to 49.92% as at 31 December 2025. As a result, the 50% threshold has been exceeded. In view of the changed economic conditions since the last quarter of 2022, the Company continues to pursue an even more responsible debt structure, aiming in the long term for a debt ratio of no more than 50% (see also Chapter 4.4 Financial Strategy in the 2025 Annual Report). Xior Student Housing NV was recognised as a public regulated real estate company on 24 November 2015 and launched its IPO on 11 December 2015. Since then, the debt ratio has evolved as follows:
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56 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information As at 30 June 2026, the debt ratio has increased above 50% again, primarily as a result of the cash payment of the 2025 dividend. Based on the debt ratio of 51.45% as at 30 June 2026, Xior Student Housing NV still has additional investment capacity of approximately 1,475 MEUR without exceeding the maximum debt ratio of 65%. With a current committed development pipeline and capex programme of approximately 20 MEUR for 2026 and 32 MEUR for 2027, the Company remains well below the legal limit of 65%. The remaining capacity for new investments amounts to approximately 816 MEUR before exceeding the 60% threshold. The valuation of the property portfolio also has an impact on the debt ratio. Taking into account the capital base as at 30 June 2026, the maximum debt ratio of 65% would only be exceeded in the event of a decrease in the value of the property portfolio of approximately 795 MEUR, representing approximately 21.7% of the property portfolio value of 3,660 MEUR as at 30 June 2026. Under the current market conditions, Xior Student Housing NV intends to reduce its debt ratio to below 50%, but believes that the current debt ratio is not at a worrying level and that there is still headroom to absorb any decline in the value of the property. 5.9.13.3 Policy on the debt ratio The Company's continued growth assumes adequate financing in a sector that is inherently capital -intensive. Xior must therefore take into account the regulatory framework provided by the Legislation on Regulated Real Estate Companies, including rules on the maximum debt ratio (legally capped at 65%). Consequently, like any other public RREC, the Company is limited in its self-financing options. As stated above, Xior Student Housing NV's policy consists of maintaining its debt ratio at a maximum of 50%. This does not preclude the possibility that the implementation of the Company's growth strategy or a decline in property values resulting from changes in economic conditions could temporarily cause the debt ratio to exceed 50%. Maintaining strict balance sheet discipline remains the core focus for reducing the debt ratio back to below 50%. Management will continue to closely monitor the debt ratio a nd take any measures deemed necessary should circumstances require. In this context, Xior continues to explore further strategic options, including strategic divestments, partnerships and joint ventures. Xior will also continue to look at opportunistic sales of its least efficient, least sustainable or non-core assets. The Company will continue to seek balanced growth of both equity and loan capital alongside the further expansion of its property portfolio. In this respect, we also refer to the contributio n transactions the Company has already introduced in the past (see the contribution transactions of 26 March 2018, 12 December 2018, 13 June 2019, 18 June 2020, 7 October 2020, 15 September 2022, 25 April 2023, 26 June 2024 and 5 July 2024 ), as well as to the capital increases of June 2018, October 2019, November 2020, March 2021, December 2021, December 2023 and January 2025. These transactions have already strengthened the Company's equity and allowed the p ortfolio to be expanded through a healthy combination of different sources of financing, while keeping the debt ratio under control. 45% 50,69% 53,62% 49,24% 55,29% 45,67% 53,12% 54,18% 43,92% 50,71% 47,58% 47,95% 52,02% 55,31% 52,88% 50,64% 48,01% 49,63% 51,45% 40% 50% 60% Debt ratio
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57 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information Debt ratio management naturally remains a continuous focus for Xior Student Housing NV and is subject to frequent (regular and ad hoc) controls and monitoring, including checking against internal budgets and preparing forecasts for the income statement a nd debt ratio simulations. This takes into account a ll existing financial commitments, such as signed lease agreements, financing agreements, financial hedging instruments, committed acquisitions, etc. 5.9.13.4 Expected debt ratio evolution Based on the current financial plan and taking into account the planned capex for 2026, Xior Student Housing NV expects, barring any unforeseen circumstances, to achieve a debt ratio of around 50%, compared to 51.45% as at 30 June 2026. This estimate takes into account the following elements: • The implementation of the acquisition pipeline and capex programme; • The retained earnings, taking into account the dividend payment for the 2026 financial year; • A stable valuation of the RREC’s property portfolio. However, these expectations may be affected by unforeseen circumstances. In this regard, reference is made to Chapter 1 "Risk Management" in the 2025 Annual Report. 5.9.13.5 Conclusion The Board of Directors of Xior Student Housing NV believes that the debt ratio will not exceed 65%. Xior Student Housing NV will monitor the debt ratio closely. If certain events were to require an adjustment in the public RREC’s policy, the Company will not fail to make the adequate adjustments , which will result in mandatory reporting where applicable, as required by the statutory disclosure regulations the Company must comply with. 5.9.14 Off-balance sheet rights and obligations A number of properties were acquired from third parties in the course of 2016-2025. The sellers provided (partial) rental guarantees for a number of these properties. The duration of these rental guarantees varies from 12 to 36 months starting from the transfer date.
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58 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information 5.9.15 Statutory Auditor’s Report Statutory auditor’s report on r eview of condensed consolidated interim financial information for the period ended 30 June 2026 Introduction We have reviewed the accompanying condensed consolidated financial statements of Xior Student Housing NV and its subsidiaries (together, the ‘group’) as at 30 June 202 6, comprising the condensed consolidated balance sheet, the consolidated condensed income statement, the statement of comprehensive income, the consolidated statement of changes in equity, the details of the reserves and the condensed consolidated cash flow statement for the six-month period ended on that date, as well as the notes (the ‘conde nsed consolidated interim financial information’). The condensed consolidated interim financial information shows a total condensed consolidated balance sheet of EUR (000) 3,831,313 and the consolidated condensed income statement for a period of six months closes with a net result of EUR (000) 79,377. The Board of Directors is responsible for the preparation and presen tation of this condensed consolidated interim financial information in accordance with IAS 34 as adopted by the European Union. It is our responsibility to express a conclusion on this condensed consolidated interim financial information based on our review. Scope of the review We conducted our review in accordance with the International Standard on Review Engagements 2410 – Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inqu iries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. The scope of a review is substantially less than an audit conducted in accordance with International Standards on Auditing an d consequently does not enable us to obtain assurance that we would become aware of all significant matters that would be identified if we conducted an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial information has not been prepared, in all material respects, in accordance with IAS 34 as adopted by the European Union. Diegem, 5 August 2026 The statutory auditor PwC Réviseurs d’Entreprises SRL / Bedrijfsrevisoren BV Represented by Jeroen Bockaert* Réviseur d’Entreprises / Bedrijfsrevisor * Acting on behalf of Jeroen Bockaert BV
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59 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information 5.9.16 Statement accompanying the half-yearly financial report In accordance with Article 13, Section 2 (3) of the Royal Decree of 14 November 2007, the Board of Directors of Xior Student Housing NV15 hereby states that, to its knowledge: • The condensed interim financial statements, drawn up on the basis of the principles of financial reporting in accordance with IFRS and IAS 34 on Interim Financial Reporting as accepted by the European Union, provide a true and fair view of the assets, financial situation and results of Xior Student Housing NV and the companies included in the consolidation; • The interim financial report provides a true and fair view of the main events of the first six months of the current financial year, their effect on the condensed financial statements, the main risk factors and uncertainties for the remaining months of the financial year and the principal transactions between the related parties (including all changes since the most recent annual report) of the first six months of the current financial year and their possible effect on the condensed financial statements if these transactions had any material consequences for the financial position or result of Xior Student Housing NV. 5.9.17 Forward-looking statements This Half -Yearly Report contains forward -looking information, projections, beliefs, opinions and estimates expressed by Xior in relation to the expected future performance of Xior and the market in which it operates ("forward-looking statements"). By their nature, 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 fo rward-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 valid only on the date of this Half -Yearly Report. Statements in this p ress release relating to past trends or activities must not be interpreted as an indication that such trends or activities will persist in future. Neither Xior nor its representatives, officers or advisers guarantee that the parameters upon which the forwa rd-looking statements are based are free of errors, nor can any of them claim, guarantee or predict that the expected results set out in any such forward -looking statement will ultimately be achieved. Actual profits, the financial situation and Xior's perf ormance or 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. 15 The Board of Directors consists of Wilfried Neven, Joost Uwents, Wouter De Maeseneire, Colette Dierick, Conny Vandendriessche, Christian Teunissen and Frederik Snauwaert.
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60 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information For more information, please contact: Xior Student Housing NV Frankrijklei 64-68 2000 Antwerp, Belgium www.xiorstudenthousing.eu 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 3 0 June 2026, Xior Student Housing held a property portfolio worth approximately 3.7 billion EUR. More information is available at www.xiorstudenthousing.eu. 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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61 Press release | Antwerp, Belgium | 6 August 2026 | 7h00 CET Regulated information 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 natu re, 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 forward -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 relea se 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 or 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.