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Aedifica NV/SA: Interim financial report – 3rd quarter 2025

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

Please find below Aedifica’s interim financial report for the 3rd quarter of the 2025 financial year.

Progress on Aedifica’s exchange offer on all Cofinimmo shares

  • Aedifica has formally filed its request for approval of the transaction with the Belgian Competition Authority (BCA) on 27 October
  • Final decision from BCA anticipated within 55 working days

Robust operational performance driving strong results above budget

  • EPRA Earnings* amounted to €185.8 million (+4% compared to 30 Sept. 2024) or €3.91/share
  • Rental income increased to €271.8 million (+8% compared to 30 Sept. 2024)
  • 3.1% increase in rental income on a like-for-like basis* in the first 9 months of the year
  • Weighted average unexpired lease term of 18 years and occupancy rate of 100%

Real estate portfolio* of €6.2 billion as at 30 September 2025

  • 615 healthcare properties for 48,900 end users across 7 countries
  • Valuation of investment properties increased by 0.4% in Q3 and 0.8% YTD on a like-for-like basis
  • 33 properties were divested for €125 million as part of strategic asset rotation programme (YTD)
  • €163 million in new investments announced to date in 2025 (14 new projects added to pipeline & 8 acquisitions)
  • Pipeline of €189 million, offering an average initial yield on cost of 6.5%. 9 projects totalling €81 million have been delivered so far in 2025

Solid balance sheet and strong liquidity

  • 41.2% debt-to-assets ratio as at 30 September 2025
  • €614 million of headroom on committed credit lines to finance CAPEX and liquidity needs
  • Average cost of debt* including commitment fees of 2.2%
  • 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 €76.58/share (vs. €76.63/share on 31 Dec. 2024, before distribution of dividend)

Improved outlook for 2025

  • Estimated EPRA Earnings* per share for the full 2025 financial year are increased to approx. €5.10/share (previously €5.01/share), excluding the transaction costs related to the exchange offer
  • Proposed dividend for the 2025 financial year reconfirmed: €4.00/share (gross)

  

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