Aedifica’s Exchange Offer on all Cofinimmo shares is now open
- Cofinimmo shareholders are offered 1.185 new Aedifica shares for each share they tender
- The Initial Acceptance Period will close on 2 March 2026 (16:00 CET)
- Results of the Initial Acceptance Period are expected to be announced on 6 March, with settlement scheduled on 13 March
Robust operational performance driving strong results above budget
- EPRA Earnings* amounted to €244.8 million (+4% compared to 31 Dec. 2024) or €5.15/share
- Rental income increased to €361.0 million (+7% compared to 31 Dec. 2024)
- 2.7% increase in rental income on a like-for-like basis* over the year
- Weighted average unexpired lease term of 18 years and occupancy rate of 100%
Real estate portfolio* of €6.3 billion as at 31 December 2025
- 618 healthcare properties for nearly 49,100 end users across 7 countries
- Valuation of marketable investment properties increased, on a like-for-like basis, by 0.5% in Q4 and 1.3% LTM
- 34 properties were divested for €128 million as part of the strategic asset rotation programme
- €293 million in new investments announced in 2025 (22 new projects & forward purchases added to the investment programme & 10 acquisitions)
- 11 projects totalling €96 million have been delivered in 2025
- Pipeline of €276 million at the end of 2025, offering an average initial yield on cost of 6.5%
Solid balance sheet and strong liquidity
- 40.8% debt-to-assets ratio as at 31 December 2025 (compared to 41.3% on 31 Dec. 2024)
- €743 million of headroom on committed credit lines to finance CAPEX and liquidity needs
- Long-term bank (re)financing contracted for €585 million
- Average cost of debt* including commitment fees of 2.1%
- S&P reconfirmed BBB credit rating and placed Aedifica’s rating on CreditWatch with positive implications following the announcement of the agreement between Aedifica & Cofinimmo to unite
- EPRA NTA* of €78.40/share (vs. €76.63/share on 31 Dec. 2024, before distribution of dividend)
Dividend confirmed
- The proposed dividend of €4.00 per share (gross), to be distributed in May 2026, is confirmed
