Aedifica NV/SA (AED) Q2 2025 earnings summary

Executive summary

• Real estate portfolio reached €6.2 billion across 7 countries and 613 healthcare sites, with 100% occupancy and 18-year WAULT.

• EPRA earnings rose 4% year-over-year to €123.3 million (€2.59/share), exceeding budget, with rental income up 9% to €180.8 million.

• Swedish portfolio divested at a 3.9% discount to fair value, with €121 million proceeds reinvested in new care property acquisitions and projects.

• Announced all-share exchange offer to unite with Cofinimmo, aiming to create a leading European healthcare REIT; S&P BBB rating on CreditWatch Positive.

• €178 million committed to investment programme YTD, with 7 projects (~€65m) completed.

Financial highlights

• EPRA earnings up 4% year-over-year to €123.3 million (€2.59/share); rental income up 9% to €180.8 million, with 3.0% like-for-like growth.

• EBIT margin improved to 86.6% (from 85.9% year-over-year), expected to remain above 86% for the full year.

• Net result attributable to owners was €113.1 million, EPS (IAS 33) at €2.38, down from €2.99 year-over-year.

• EPRA NTA per share at €75.10 (vs. €76.63 at FY2024); NAV per share at €74.59.

• Debt-to-assets ratio at 42.4% (reduced to 42% after excess cash), average cost of debt 2.2% with 87% hedged.

Outlook and guidance

• 2025 EPRA EPS guidance reaffirmed at €5.01/share and gross DPS at €4.00/share, pending Cofinimmo transaction and regulatory approval.

• H1 results ahead of budget, but guidance held due to uncertainties around Cofinimmo exchange offer.

• Guidance does not include potential impact from the Cofinimmo exchange offer.