Aedifica

Source: Aedifica · half-year report 2026, annual results 2025 and merger announcement of 1 July 2026

Dividend forecast for financial year 2026; not yet approved. Belgian withholding tax: 30%. Dividend source ↗

EPRA NTA of €77.82 and IFRS NAV of €76.87 are the last reported values at 30 June 2026, before the final merger. Non-controlling interests are excluded. This NAV is not divided by the current number of shares: attributable equity also changes upon acquisition of the remaining interests. H1 EPRA earnings are €2.71 per share and include 113 days of Cofinimmo; this is not annualised. For FY2026, Aedifica expects EPRA earnings of €5.35 and a dividend of €4.20 per share. This is guidance with a partial-year contribution from Cofinimmo, not full-year pro forma figures. Current TTM earnings are €5.27 (€5.15 + €2.71 − €2.59), with limited comparability due to the partial consolidation of Cofinimmo. Moody's has assigned an A3 issuer rating with a stable outlook since 16 October 2026; this is not a new realised financing cost.

Market capitalisation based on 92.632604 million shares. Interim earnings are not annualised.

The latest confirmed balance sheet date determines the EPRA value; NTA takes precedence over legacy NAV for the same date. Values apply retrospectively from the balance sheet date: this is not a point-in-time backtest. The changeover on 31 December 2020 is a definition break: old NAV of €70.65 versus NTA of €64.34, partly due to goodwill adjustments. This difference is not purely a decline in property values. June 2026 NTA uses 83,470,544 shares, before the final merger with Cofinimmo; historical values have not been restated to the current number of shares. Selection rule for this chart: only NTA is used from the first confirmed NTA onwards; the last valid value is carried forward between reports.

IFRS NAV: the latest available balance sheet value, carried forward to the next observation, on the same share basis as the price. Both NAV series apply retrospectively from the balance sheet date rather than the publication date. Missing values are not estimated.

Premium / discount = (weekly closing price / EPRA value − 1) × 100. 562 completed trading weeks. Original Euronext closing prices, without dividend reinvestment or retrospective rights adjustments. No share split in this period. Historical provider factors before 22 June 2023 have been reversed using official reference prices. 24 official reference prices match; 561/562 weekly closes have been independently confirmed. On 26 October 2018, the series uses Euronext's €74.90; Yahoo reports €75.00. A second daily discrepancy on 19 October 2020 does not affect a weekly close. Fundamentals and weekly history are a verified snapshot and do not refresh automatically.

Price / EPRA earnings: weekly closing price divided by reported EPRA earnings per share over the last four quarters (previous financial year + current YTD − previous YTD). Earnings apply retrospectively from the accounting period end, even if published later. This is not a point-in-time backtest. Changes in the share base make this an approximation. The transition to a calendar financial year is accounted for using explicitly reported twelve-month figures. For older quarters without EPRA figures, the latest published value is retained. From 2026, earnings include a partial contribution from Cofinimmo; this is not pro forma earnings for the entire merged group.

Gross dividend yield: announced annual dividend divided by the weekly closing price; otherwise the last known dividend is used. Dividend amounts apply from their announcement or availability. The dividend history is prepared for quarterly publications; interim announcements and payment status in the early years have not yet been fully checked. The dividend of €4.20 for 2026 is a forecast. The historical dividend covering eighteen months has not been used as an annual dividend.

Weekly closing prices to 09/10/2026. Database and company sources ↗

ROE: growth in net asset value per share plus gross dividends and any capital distributions paid during the financial year, divided by the opening value (total accounting return). Based on EPRA NTA or the available comparable NAV. This is not net profit divided by average equity.

Year-end share price: the reported closing price on the last trading day of the financial year, without dividend adjustment or adjustment for later capital transactions. NTA discount = (1 − year-end share price / EPRA NTA for the same year) × 100. Positive = discount; negative = premium. This compares year-end values, even if NTA was published later.

EPRA LTV: reported financial year-end figures. — = no reported EPRA LTV found. Sources: 2022 ↗ · 2023 ↗ · 2024 ↗ · 2025 ↗.

These five financial years cover Aedifica before Cofinimmo; the former Cofinimmo figures have not been added. EPRA earnings for 2023 and 2024 include one-off tax refunds; excluding these items, EPS is €4.82 and €4.85 respectively. Occupancy is the rounded headline figure reported at the time; the more precise EPRA vacancy rate is recorded separately in the database. NAV is the original year-end value before deducting dividends. The full database starts in 2015: the financial year ends in June through 2019, and financial year 2020 covers 18 months. Historical amounts have not been restated to the current number of shares.

Both breakdowns use €12,048.447m of marketable property, including assets held for sale and excluding development projects and right-of-use assets. Country percentages are rounded as published; no exact euro amounts have been derived from them. The total property portfolio is €12,477.607m including projects and right-of-use assets. Healthcare property represents approximately 89% of marketable value; offices and distribution networks come from Cofinimmo.