Aedifica NV/SA (AED) Q1 2026 earnings summary

Executive summary

• 80% of Cofinimmo shares tendered in the exchange offer, with legal merger effective July 1, 2026, creating a leading European healthcare REIT.

• New Board and Executive Committee appointed to oversee integration and strategic direction.

• S&P Global credit rating upgraded to BBB+ with stable outlook after the transaction.

• Group portfolio fair value at €12.4 billion, with 923 healthcare sites across 9 countries.

Financial highlights

• EPRA earnings rose 19% year-over-year to €74.5 million; EPRA EPS at €1.32/share.

• Rental income increased 22% YoY to €113.4 million; like-for-like rental income up 1.6%.

• Net profit surged to €432.3 million, driven by a €314.4 million bargain purchase gain from Cofinimmo.

• EPRA NTA per share increased to €80.34 from €78.40 at FY2025.

• Occupancy rate at 99.2%; WAULT of 15 years.

Outlook and guidance

• Full-year guidance for the combined entity to be provided later; DPS 2026 set at €4.20, a 5% increase over 2025.

• Dividend policy remains at 80% of recurring consolidated EPRA earnings.

• Integration planning and execution ongoing in 2026, with synergy run-rate impact expected in 2027.