Aedifica NV/SA (AED) Q3 2025 earnings summary

Executive summary

• Real estate portfolio reached €6.2 billion fair value, spanning 7 countries and 615 healthcare sites, with 100% occupancy and 18-year WAULT.

• EPRA earnings rose 4% year-over-year to €185.8 million, with EPRA EPS at €3.91/share.

• Rental income increased 8% year-over-year to €271.8 million, with 3.1% like-for-like growth.

• Agreement to unite with Cofinimmo to form a leading European healthcare REIT, with exchange offer progressing and BCA approval expected within 55 working days.

• S&P Global reaffirmed BBB credit rating, placed on CreditWatch Positive following the Cofinimmo agreement.

Financial highlights

• EPRA earnings: €185.8 million (+4% YoY); EPRA EPS: €3.91/share.

• Rental income: €271.8 million (+8% YoY, +3.1% LfL).

• Net profit: €194.1 million (EPS: €4.08), up from €171.0 million (EPS: €3.60) YoY.

• Operating result before portfolio result up 9% YoY; EBIT margin improved to 87%.

• Fair value of the real estate portfolio: €6,192 million as of 30 September 2025.

Outlook and guidance

• FY2025 EPRA EPS guidance raised to €5.10/share.

• Gross DPS for 2025 set at €4.00/share, payable in May 2026.

• Rental income for 2025 projected at €360 million; EPRA Earnings at €242 million.

• Strong demographic tailwinds, improving operator performance, and public financing expected to support future growth.