Aedifica NV/SA (AED) Q2 2026 earnings summary

Executive summary

• Completed the largest transaction in company history by acquiring Cofinimmo, integrating 80% of shares via exchange offer and legal merger finalized July 1, 2026; new board and executive committee appointed.

• Integration and synergy realization underway, with full run-rate synergies of EUR 16 million expected in 2027 and EUR 5.5 million impacting H2 2026.

• Management and country leads appointed across nine countries; IT systems harmonized.

• Real estate portfolio doubled to EUR 12.5 billion, with a healthcare portfolio of EUR 11.1 billion across 924 properties in 9 countries.

• Focus remains on healthcare real estate, with strong operational metrics and robust portfolio diversification.

Financial highlights

• EPRA Earnings per share rose 5% year-over-year to EUR 2.71; EPRA Earnings reached EUR 189.9 million (+54% year-over-year).

• Rental income increased by 62% to EUR 292.3 million, with an EBIT margin of 86.6%.

• Net profit attributable to owners was EUR 509.6 million, including EUR 316.1 million badwill from Cofinimmo integration.

• Average cost of debt remains low at 1.9%.

• Like-for-like rental income rose 1.7% overall, with healthcare at 1.9%.

Outlook and guidance

• 2026 EPRA EPS guidance set at EUR 5.35 per share (+4% vs. 2025), with dividend per share expected at EUR 4.20 (+5%).

• Rental income forecasted at EUR 656 million and EPRA Earnings at EUR 436 million for 2026.

• Debt-to-asset ratio projected near 42% by year-end 2026.

• Asset rotation of EUR 110 million planned for 2026, with EUR 54 million achieved YTD.

• Full run-rate synergies of EUR 16 million expected in 2027.