Aedifica NV/SA (AED) CMD 2025 presentation summary

Irish healthcare landscape and demographic trends

• Ireland faces a significant undersupply in primary, secondary, and tertiary care, with demand for thousands of additional beds and facilities by 2031, requiring €7–10 billion in capital investment.

• Population growth has exceeded projections, with the 65+ age group expected to rise by 37% by 2032 and 149% by 2057, driving increased demand for elderly care.

• Life expectancy is among the highest in the EU, and Ireland has the youngest median age in the EU, but the proportion of elderly is rapidly increasing.

• The healthcare system is a mix of public and private funding, with the majority of long-term care funded through the Fair Deal scheme.

Funding system and government expenditure

• Government health expenditure has grown steadily, reaching €25.75 billion in 2025, with health representing over 21% of total government spending.

• Public health expenditure increased by over 80% in the last decade, with capital spending up 284%.

• The majority of healthcare funding comes from government schemes, with out-of-pocket and voluntary payments making up less than a quarter.

• Long-term care accounts for over 21% of health spending, and hospitals for 37% of provider expenditure.

Portfolio evolution and performance

• The Irish portfolio consists of 22 assets valued at €426 million, with 2,204 operational beds and a pipeline to reach 2,459 beds.

• 45% of beds and 58% of contracted rent are concentrated in Dublin, with a WAULT of 22 years and 100% triple net leases indexed to CPI.

• Portfolio occupancy averaged 85% in 2024, rising to 92.6% by year-end, with a rent cover of 1.54x and a 26% blended margin.

• Environmental metrics show 52% of homes are BER A rated, and 97% of rooms are single ensuite.