Aedifica NV/SA: 2025 annual results
Please find below a press release from Aedifica (a public regulated real estate company under Belgian law, listed on Euronext Brussels and Euronext Amsterdam), regarding its 2025 annual results.
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
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