Care Property Invest (CPINV) Company presentation summary

Q1 2025 performance

• Rental income €18.28m, up 7.62% YoY; like-for-like growth was 2.40%.

• Adjusted EPRA earnings rose 16.77% YoY to €11.57m, or €0.31 per share; EPRA earnings were €11.27m.

• Net result was €18.08m versus €9.62m in Q1 2024, including €3.67m positive fair-value changes in real estate investments.

• Debt ratio was 47.12%, weighted average interest rate 3.08%, EPRA LTV 45.03% and EPRA vacancy rate 0.00% at 31 March 2025.

Portfolio and operating model

• Portfolio spanned 151 projects across Belgium, the Netherlands, Spain and Ireland; investment properties represented 82% and finance leases 18% of fair value.

• Investment-property leases had an average 18-year unexpired term; finance leases had an average 8.95 years remaining for the initial portfolio.

• Since 2014, the model has expanded from service flats to healthcare properties and disability housing, using private-market investment properties and public-market finance leases.

• Initial service-flats program delivered 1,988 assisted-living units across 76 Flemish sites, with €163.15m invested and €16.95m rental income indicated for FY 2025.

Investments and outlook

• 2024 completions totaled €53.8m; the 2025 acquisition of Fleurâge Residences in Bloemendaal had a €10.1m value and a 20-year triple-net lease with Domus Valuas.

• Committed development pipeline was €19.7m, with €1.7m remaining to spend, 100% pre-let and a 5.60% initial yield on cost.

• FY 2025 growth will be limited to keep the debt ratio below 50%; value-accretive opportunities are assessed against demographics, diversification, market scarcity and yield.