Aedifica NV/SA (AED) Q4 2024 earnings summary

Executive summary

• Real estate portfolio value exceeded €6.2 billion, spanning 8 countries and 635 healthcare sites, with rental income of €338.1 million, up 8% year-over-year and like-for-like growth of 3.3%.

• EPRA earnings reached €234.6 million (+7% year-over-year), or €4.93 per share, supporting a dividend of €3.90 per share.

• The company is exiting Sweden, focusing on capital recycling and asset rotation to improve EPS and support new investments.

• Operator performance and occupancy rates improved across key markets, with mature asset occupancy averaging above 85% and a reported 100% overall occupancy rate.

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

Financial highlights

• Net result attributable to shareholders was €204.8 million, or €4.31 per share, impacted by non-cash items such as fair value changes and goodwill impairment.

• EBITDA/EBIT margin improved to 85.9% from 84.9% year-over-year.

• EPRA NTA per share increased to €76.63 (from €74.18 in 2023).

• Average cost of debt was 2.0%, with €673 million liquidity headroom and 89% of debt hedged.

• Debt-to-assets ratio stood at 41.3%, with a target to stay below 45%.

Outlook and guidance

• 2025 rental income expected at €355 million (+5.2%), with organic growth of 2.7%.

• EPRA earnings forecasted at €238 million (+1.6%), with EPRA EPS guidance of €5.01 per share.

• Dividend guidance set at €4.00 per share (80% payout ratio).

• Asset rotation and new investments of €250 million planned, with €190 million in disposals and capital recycling from Swedish exit.

• Debt-to-assets ratio projected at 42% by end 2025; average cost of debt expected at 2.1%.