Aedifica S.A.

2025 EPRA earnings were EUR 244 million, up 4%, or EUR 5.15 per share. Operating result increased 8%, EBIT margin was 87%, average cost of debt was 2.1%, hedge ratio was 88%, and debt-to-asset ratio ended at 40.8% with EUR 2.5 billion of debt outstanding. Rental income rose 7% overall, with like-for-like growth of 2.7% (2.6% from indexation, 0.4% from positive rent reversion, and -0.3% from FX). Fair value gains on investment properties were EUR 75 million, and the company disclosed EUR 4.84 million of corporate income tax accruals in Dutch entities, versus a EUR 4.2 million one-off refund in 2024. For 2026 standalone, management guided to rental income of EUR 370 million, EPRA earnings above EUR 247 million, EPS above EUR 5.20 per share, average cost of debt of 2.1%, and debt-to-asset ratio around 42% assuming flat valuations. Deliveries from the pipeline in 2026 are expected to total EUR 160 million, with roughly EUR 35 million in the first three quarters and EUR 50 million in Q4.

Stefaan Gielens said the healthcare real estate market has clearly improved, with more liquidity, stronger operator performance, and a refilling of development pipelines. He framed 2025 as a year when Aedifica rebuilt activity across acquisitions, development, and asset rotation, and said the company is seeing more potential in Ireland, Spain, the U.K., Finland, and increasingly Germany. His tone was constructive and confident, but he repeatedly stressed timing, underwriting discipline, and avoiding buying too much at the top of the market.

Ingrid Daerden focused on the income statement, highlighting the 4% increase in EPRA earnings to EUR 244 million and the 87% EBIT margin. She explained that higher financial charges were mainly due to a slightly higher average debt balance, while the average cost of debt remained 2.1% thanks to hedging and an 88% hedge ratio. She also walked through the balance sheet, citing a 40.8% debt-to-asset ratio, EUR 2.5 billion of debt, EUR 585 million of refinancing/new funding in 2025 at 3- to 7-year tenors and about 110 bps spread, plus more than EUR 740 million of committed headroom and financing coverage until May 2027.

Analysts focused on whether the EUR 300 million standalone investment target is a floor or a cap, what is driving the higher deal flow, and whether there is room for yield compression; management said EUR 300 million is more a minimum, the market is being driven by improving operator performance rather than distress, and yield compression does not look likely near term. Questions also centered on geography preference and pipeline economics, with management naming Ireland, Spain, the U.K. and Finland as the most attractive areas, while noting Germany is becoming more interesting as its cycle turns up. On the Cofinimmo transaction and disposals, management said there has been positive inbound interest from the market, but any major disposal process will mostly wait until control is obtained and then later the legal merger; they also said no dialogue with Blackstone had been entered regarding Colisée, though they had a constructive discussion with Armonea’s local management.