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Aedifica NV/SA (AED) investor relations material
Aedifica NV/SA Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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.
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