Aedifica NV/SA (AED) Q4 2025 earnings summary

Executive summary

• Achieved strong investment activity in 2025, with €293 million in new investments and projects, surpassing the €250 million target, and completed 11 projects worth €96 million.

• Announced an all-share exchange offer to acquire Cofinimmo, aiming to create Europe's largest healthcare REIT, with all regulatory approvals obtained and offer open until March 2026.

• Portfolio comprises 618 healthcare properties across 7 countries, valued at €6.3 billion, with a focus on elderly care homes and long-term, inflation-linked leases.

• Operator performance across Europe improved, with occupancy rates above 90% in mature care homes and strong rent covers, especially in the UK and Ireland.

• Strategic asset rotation included divesting the Swedish portfolio and 34 properties for €128 million, recycling capital into higher-yielding assets.

Financial highlights

• EPRA Earnings increased by 4% year-over-year to €244.8 million, with EPS rising to €5.15 and rental income up 7% to €361 million; like-for-like rental income grew 2.7%.

• EBIT margin remained strong at 87%.

• Net result attributable to owners rose to €244.4 million, with EPS at €5.14.

• Net result included €75 million in fair value gains, especially in the Netherlands, UK, and Ireland.

• Gross yield averaged 6.0%, with EPRA Net Initial Yield at 5.6%.

Outlook and guidance

• 2026 standalone outlook targets €370 million rental income (+2.5%), €300 million new investments, and EPRA Earnings above €247 million, with EPS above €5.20.

• Deliveries from the pipeline expected to total €160 million in 2026.

• Most likely scenario is the consolidation with Cofinimmo, with integration and synergies expected mainly in 2027; medium-term guidance anticipates mid-single digit EPS accretion.

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

• Combined group to divest €300 million in Belgian healthcare assets post-merger.