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

Core Insights - Aedifica's interim financial report for Q3 2025 highlights robust operational performance, with significant results exceeding budget expectations [2][4] Financial Performance - EPRA Earnings reached €185.8 million, reflecting a 4% increase compared to September 30, 2024, equating to €3.91 per share [5] - Rental income rose to €271.8 million, an 8% increase year-over-year [5] - A like-for-like rental income increase of 3.1% was recorded in the first nine months of 2025 [5] Portfolio and Investments - The real estate portfolio is valued at €6.2 billion as of September 30, 2025 [2] - Aedifica manages 615 healthcare properties serving 48,900 end users across seven countries [5] - The valuation of investment properties increased by 0.4% in Q3 and 0.8% year-to-date on a like-for-like basis [5] - A total of 33 properties were divested for €125 million as part of a strategic asset rotation program [5] - New investments announced in 2025 amount to €163 million, including 14 new projects and 8 acquisitions [5] Financial Stability - The company maintains a solid balance sheet with a debt-to-assets ratio of 41.2% as of September 30, 2025 [3][5] - There is €614 million of headroom on committed credit lines available for CAPEX and liquidity needs [5] - The average cost of debt, including commitment fees, stands at 2.2% [5] Outlook and Ratings - The estimated EPRA Earnings per share for the full 2025 financial year have been increased to approximately €5.10, up from €5.01, excluding transaction costs related to the exchange offer [5] - The proposed dividend for the 2025 financial year is reconfirmed at €4.00 per share (gross) [5] - S&P has reaffirmed Aedifica's BBB credit rating and placed it on CreditWatch with positive implications following the agreement with Cofinimmo [5]