Aedifica said rental income climbed 6.8% to €361 million for the fiscal year 2025, a result the company said was in line with market expectations and was driven by continued external expansion alongside resilient like-for-like performance.
The healthcare property owner posted EPRA earnings of €244.8 million, up 4.3% from the prior year. On a clean basis, earnings per share were €5.15, which the company noted was a 6.2% rise when excluding a one-off €4.2 million contribution from the Netherlands in the prior period. That clean EPS outcome topped Aedifica's guidance of €5.10 and the market consensus of €5.09.
Like-for-like rental income grew 2.7% for the full year. Regional contributions to that same-store growth were led by the United Kingdom at 4.75%, followed by the Netherlands at 4.1% and Belgium at 2.9%.
Occupancy trends varied across markets. Germany showed the largest year-over-year improvement, with operators' occupancy rates increasing by 397 basis points to reach 87%. The Netherlands improved by 98 basis points to 86%, while the UK edged up 10 basis points to 90%. Ireland's occupancy advanced by 103 basis points to 94%, although Belgium recorded a slight decline, down 42 basis points to 93%.
Operating efficiency improved: the company's operating margin rose to 86.6% from 85.9% a year earlier. Aedifica reported its cost of debt remained relatively steady at 2.1%, compared with 2.0% in the previous year.
Portfolio valuation recorded modest gains across 2025. Valuations rose 0.5% in the first half and a further 0.8% in the second half, bringing total portfolio value to €6.3 billion. The EPRA net initial yield increased to 5.6% from 5.3% at the end of 2024.
Balance-sheet metrics showed incremental improvement: EPRA LTV improved to 39.7% from 40.6% at year-end 2024, while EPRA NTA per share rose 2.3% year-over-year to €78.4.
Looking ahead, Aedifica issued standalone guidance for fiscal year 2026 of EPRA earnings per share of €5.20, which the company said aligns with market expectations. The board declared a dividend of €4.00 per share for fiscal year 2025, an increase of 2.6% versus the prior year.
Analytical notes
The results highlight continued external growth combined with modest same-store rental progression across Aedifica's portfolio. Portfolio valuation moves and occupancy shifts by market are likely to remain focal points for investors assessing operating momentum and asset-level performance.