Aedifica NV/SA (AED) Q1 2025 earnings summary

Executive summary

• Real estate portfolio valued at €6.1 billion across 7 European countries, comprising 607 healthcare sites with a 100% occupancy rate as of Q1 2025.

• Rental income rose 13% year-over-year to €93.0 million, with like-for-like growth of 3.2%.

• EPRA earnings increased 5% year-over-year to €62.6 million (€1.32/share), exceeding budget expectations.

• Divestment of Swedish portfolio completed, including 30 properties for €100 million; €126 million committed investment programme ongoing.

• S&P Global reaffirmed BBB credit rating with stable outlook.

Financial highlights

• EBIT margin improved to 86.0% from 84.6% year-over-year.

• Net profit attributable to owners was €62.8 million, down from €75.6 million in Q1 2024, mainly due to lower gains on disposals.

• EPRA EPS at €1.32, up from €1.26 year-over-year.

• EPRA NTA per share increased to €77.86 from €76.63 at FY2024.

• Debt-to-assets ratio reduced to 39.9% (39.5% post-disposal cash), with over €800 million liquidity headroom.

Outlook and guidance

• FY2025 rental income expected at €355 million (+5.2% vs. 2024); EPRA earnings at €238 million (€5.01/share, +1.6%).

• Debt-to-assets ratio forecasted at 42% by end 2025.

• €250 million in new investments and €110 million pipeline deliveries planned for 2025.

• Gross dividend per share guidance at €4.00 (+2.5% vs. 2024), with 80% payout ratio.

• 2024 dividend set at €3.90/share (+3% year-over-year), payout ratio of 79%.