Aedifica NV/SA: 2025 annual results

Core Insights - Aedifica reported strong operational performance with results exceeding budget expectations, highlighting a robust real estate portfolio valued at €6.3 billion as of December 31, 2025 [2] Financial Performance - EPRA Earnings reached €244.8 million, reflecting a 4% increase compared to December 31, 2024, equating to €5.15 per share [6] - Rental income rose to €361.0 million, marking a 7% increase from the previous year, with a 2.7% increase in rental income on a like-for-like basis [6] - The company maintained a 100% occupancy rate across its portfolio of 618 healthcare properties serving nearly 49,100 end users in 7 countries [6] Asset Management - Aedifica divested 34 properties for €128 million as part of its strategic asset rotation program [6] - New investments announced in 2025 totaled €293 million, including 22 new projects and forward purchases, along with 10 acquisitions [6] - The company delivered 11 projects totaling €96 million in 2025, with a pipeline valued at €276 million at year-end, offering an average initial yield on cost of 6.5% [6] Financial Stability - The debt-to-assets ratio improved to 40.8% as of December 31, 2025, down from 41.3% a year earlier [6] - Aedifica has €743 million of headroom on committed credit lines to support CAPEX and liquidity needs [6] - Long-term bank refinancing was contracted for €585 million, with an average cost of debt, including commitment fees, at 2.1% [6] Credit Rating - S&P reaffirmed Aedifica's BBB credit rating and placed it on CreditWatch with positive implications following the announcement of the agreement with Cofinimmo [6] Dividend Announcement - The proposed dividend of €4.00 per share (gross) is confirmed for distribution in May 2026 [4]