Thank you for joining us for the presentation of Cofinimmo's results for the full year 2025. I'm joined by some of my colleagues: Jean Kotarakos, CFO; Sébastien Berden, COO; and Sophie Grellard, General Counsel and Secretary General.

As usual, we'll keep the presentation focused, and we look forward to your questions at the end. I will start with a brief update on the contemplated combination with Aedifica through a public exchange offer that we addressed in our several press release available on our website and published between the 1st of May 2025 and the 29th of January 2026.

On the 3rd of June 2025, Aedifica and Cofinimmo reached an agreement to unite and create Europe's leading healthcare REIT. The combination of both company will be realized through a voluntary and conditional exchange offer for all Cofinimmo shares launched by Aedifica.

After approval of the Aedifica shareholders in July 2025, the Dutch and German competition authorities also granted their approval. On the 21st of January 2026, we were informed that the Belgian Competition Authority granted clearance for the proposed combination subject to the commitment offered by Aedifica to dispose of healthcare assets located in Belgium over several years with a total value of €300 million.

On the 29th of January, the offer prospectus of Aedifica and the response memorandum of Cofinimmo were approved by the FSMA. Subsequently, the initial exchange offer for acceptance by the public was launched on the 30th of January 2026.

This offer is currently ongoing, as you all know, and will be closed on the 2nd of March of this year, with the announcements of the results in the following days. Beyond this brief update, you will understand that today's discussion will focus on Cofinimmo stand-alone performance and outlook.

Let's begin with the key highlight from the year on slide 3. Despite a volatile macro environment, 2025 has been a year of strong operational and financial performance for Cofinimmo, which leads to results higher than the outlook.

Those good results arise from an excellent operational performance: a gross rental income of €355 million, up nearly 3% like-for-like; a high occupancy rate of 98.4%; and long residential length of 13 years on average. The solid financial foundation on which Cofinimmo was built also explain those good results.

For example, a [cost of debt?] of 1.5%, one of the lowest level for REIT in Europe, and a low debt-to-asset ratio of 42.8%, reflecting disciplined portfolio management.

Sustainability has remained a core focus through the year. I'll come back on that later.

The net result from core activities, EPRA earning, rose by 0.7% to €246 million, above guidance. The net result, group share, reached €213 million, up €150 million year on year.

Healthcare real estate market at 77% of all €6.1 billion portfolio. The office segment has largely be recentered on the best area of the Brussels Central Business District.

I will comment on our investment and divestment 2025 and on the outlook '26 later in the presentation. All those elements allow the board to confirm a gross dividend of €5.20 per share for 2025, payable in 2026.

Our company profile and strategy already well-known by all of you, I suggest to go directly to slide number 8, which also reflect something you know quite well, which is the evolution over time of different segment until 2025. Let's move on slide 10.

Last year, we achieved gross investment of €111 million, essentially linked to the execution of development project in healthcare. We also continued, on the right bar chart, our asset rotation, mainly in healthcare, ending 2025 with €82 million of divestment.

Divestment were all made in line with the latest fair value. Those of distribution network assets were even done above fair value.

Slide 11 summarize for you the active portfolio rotation since 2019. We have transformed what was still dominantly a Belgian office player into a leading European healthcare REIT.

Over 20 years, the group completed €4.6 billion net investment in healthcare with a clear acceleration since 2018 and a slowdown since 2022. Over the same period, we managed to realize net divestment amounting to almost €1 billion in offices.

Slide 12 illustrate the solid portfolio growth since 2018. You can witness our investment pace and the expansion pass in healthcare real estate despite change in market condition.

This result in a portfolio gross of 7% on average per year. Over the same period, thanks to our proactive management, we kept our debt-to-asset ratio at an adequate level, as shown on the right-hand chart.

The outlook for the end of 2025 was around 43%, and we managed to close the year in the lower end of this outlook at 42.8%. On slide 13, I'd like to comment on the Cofinimmo share performance on the stock market.

Since our last call in July, we gained approximately €700 million in market cap, which oscillate now between €3.5 and €3.6 billion. After several difficult year, European healthcare real estate in general performed well on the stock market during the 2025 financial year, and this was even more true for Cofinimmo in particular.

Three distinct period can be identified. Firstly, the adjustment to the 2025 dividend outlook, payable in '26, announced in February '25, and that was well received by the market.

The share price rose 8% between the close of the trading on the 20th of February and that on the 2nd of April '25, in the context of a boost M&A activity in the UK. Secondly, the share price also performed well after President Trump announced Liberation Day, climbing 30% between the close of trading on the 2nd of April and the 29th of April '25.

This was due to the fact that healthcare real estate is not directly affected by tariffs. Thirdly, the share price accelerated from 30th April onward, stabilizing at a level reflecting the proposed combination with Aedifica through a public exchange offer.

After a new acceleration in the last weeks of the year, the share price reached €79.20 on the last day of 2025, up 18% since the end of April. The total gross return for shareholders thus amount to 45% cumulatively over 2025 and even more than 82% until the 18th of February of this year.

Going to sustainability, I'm on slide 15 to 19, you see that as usual, sustainability is at the core of our strategy and embedded in all operation. Let me give you some recent example.

Cofinimmo improve its ranking in the Europe's Climate Leaders list issued by the Financial Times, now at the fourth place among 39 European real estate company. In 2025, we achieve 10 new BREEAM certification across healthcare and office assets.

Two days ago, another good news, we were included in the S&P Global Sustainability Yearbook 2025. We renewed our Great Place to Work certification in Belgium and Germany, and the scope of our ISO 14001 certification was extended to Spain, and we received the EPRA Sustainability Gold Award for the 12th consecutive year.

I'm on slide 17 now. As a reminder, our 30² project designed in agreement with Science Based Targets foresees a 30% reduction in energy intensity of our portfolio by 2030.

At the end of 2025, the energy intensity has already been reduced by 26% since 2017. You have, as usual, on slide 18 and 19 the list of sustainability benchmark and award show that our effort have positioned us as a very credible player in the industry.

Now let's turn to the property portfolio. I'm on slide 21, where you'll see that our property portfolio maintains a very high occupancy rate of 98.4% at the end of 2025.

On the same slide, you see the top 10 list of our tenant. Our tenant base is diversified, with the top 10 tenant accounting for 62% of contractual rent.

Moving to slide 22, the overall weighted average residual terms remain quite long at 13 years and even at 14 years for healthcare. These maturities are well spread over segment and geographies.

On the next slide, we see that over 2025, gross rental yield at 100% occupancy that stands at 5.9%, with net yield at 5.6%. Overall, our average net yields are closer to 6% than to 5%.

Also, yield are stable across segment, reflecting disciplined asset management and resilient demand. Sébastien Berden, COO, will now provide insight into our segment.

Thank you, Jean-Pierre, and good morning to all of you. Since 2018, we consolidated our position within the healthcare sector in Europe.

I'm sure you remember we achieved this through geographic expansion, but also by diversifying in the different types of healthcare buildings. As illustrated on this slide, our portfolio spans nine countries and includes eight different types of healthcare assets.

Next to nursing homes, which still form the majority of our assets, we own acute care and rehab clinics, as well as primary care and facilities for disabled people, to mention only a few. Moving to slide 26, this is an overview of our portfolio.

The fair value amounts to €4.7 billion and represents 77% of Cofinimmo's overall portfolio. After some selective divestments, we own now 304 assets representing more than 30,000 beds and supplying 1.9 million square meters to many clients.

On slide 27, we present a little update of a statistics on underlying occupancy that soon became a habit in the market. The trends in the evolution of underlying occupancy is good.

You'll recall that in '23 and '24, we saw a continued improvement in occupancy rates in most countries. Now this same trend continued as the average occupancy in our portfolio stands at 93 in December '25, up 1% from last year.

I'm sure you also remember that we compiled these statistics from our observations during visits. We will reconfirm this figure in a couple of months when we also receive the reports from all our tenants for all our assets, likely somewhere in June or July.

On slide 28, we also like to remind you of the many projects and buildings under construction we managed in '25. Although the list is long, we actually reduce it with five projects that were completed in 2025.

These were projects in Spain, Belgium, and the Netherlands we had in our roadmap pipeline six months, and are very happy to have now been delivered. Maybe I'd like to draw your attention this time also on a series of investments we did in nursing homes and care facilities for disabled people in Finland.

We're very happy with these as we strongly believe in the Finnish market and could agree on a gross rental initial yield of approximately 7%. As when Cofinimmo invests, Cofinimmo also divests, and this is a summary on our divestments in slide 29.

These were primarily older nursing homes in France and a series of smaller assets and medical office buildings in the Netherlands. We disposed them in the context of our asset rotation program that we set up since a couple of months now.

Let's now move to the Pubstone portfolio and move to slide 32. This slide is a quick reminder of the portfolio that represents 800 pubs and restaurants for a fair value of €500 million.

Slide 33 reports on the activity of the Pubstone team. The activity was one of active divestment in 2025 with a disposed volume of approximately €9 million at excellent conditions, since all disposals were sold at prices above fair value.

Worth mentioning also is a disposal in our PPP portfolio for a police office near Antwerp. Finally, I'm also asked to provide you with a short update on our office portfolio, and propose we move to slide 35.

This portfolio represents a fair value of €925 million with 25 properties supplying 2,000 250,000 square meters to many clients. Slide 36 reports on the activity of the office team and their excellent work and performance again in '25.

The team worked further on the optimalization of this portfolio, keeping almost three-quarters of the square meters within the European district of the CBD, this segment where we can observe the highest average rents and where the prime rent was observed. Then finally, on slide 37, we report on one of our milestone in '25 in this portfolio.

It is a reminder of the renovation of an office building in Mechelen, city between Brussels and Antwerp, offering 15,000 square meter leased to the Flemish Community for 18 years. I will now pass the floor to Jean Kotarakos, our CFO, who will delve within the financial specifics of our company.

Thank you, Sébastien. Good morning to all.

We can go to slide 39. Here, we observed that our overall portfolio has experienced a like-for-like rental increase of almost 3%, primarily fueled by indexation and new leases.

Besides this, the -1.1% year-on-year change we can see in gross rental income is mainly due to changes in the scope. We can move to slide 40, where we see a 0 0.7% growth of the EPRA earnings compared to 2024 at €246 million, which is higher than the outlook.

Please note that this figure excludes non-recurring effects arising from the proposed combination with Aedifica over the year, and the divestment of a finance lease receivable in Q3, which partially offset each other and represent a net expense of €1.4 million recorded as result on the portfolio below EPRA earnings. The EPRA EPS reached €6.45, which again is higher than the outlook.

On slide 41, we present the IFRS net result which stands at €213 million at the end of '25, or €6.61 per share. The increase of €150 million compared to '24 is due to the increase in the net result from core activities of €2 million, combined with the net effects of the changes in the fair value of hedging instruments and investment properties, which are both mainly non-cash items, between the end of '24 and the end of '25.

The net result, group share, per share at the end of December '25 takes into account the issuance of shares in '24, as illustrated by the increased denominator, which increased from 37.5 million to more than 38 million rounded. Drilling down into the portfolio result, we see a figure of -€23 million compared to -€152 million at the end of '24.

This encompasses the following key elements. The gain or losses on disposal of investment properties and other non-financial assets amount to +€4 million, it's a gain, at end of '25 compared to -€16 million at the end of '24.

The item changes in the fair value of investment properties is positive at end of December '25, +€2 million, compared to -€123 million at the end of '24. Without the initial effect from the changes in the scope, the changes in the fair value of investment properties during the first quarter of '25 were positive, putting an end to nine consecutive quarters of decrease, and they remained stable in the second, third, and fourth quarters.

In total, this change was +0.1% for the '25 financial year, and is mainly due to, firstly, a change of +0.1% in the healthcare real estate, which arises firstly from a negative change in France, mainly due to the increase in registration fees following the Finance Act implemented on the 1st of April by certain local authorities, as well as downward revision to inflation forecast in that country. Secondly, a positive change in the Netherlands derives from the combined effect of indexations and the increase in estimated rental value reflecting an increase in operators' public financing.

All this is combined with a -0.8% change in the office segment, representing only 15% of the consolidated portfolio, and partially offset by a change of +1.8% in the property of distribution networks. Turning to slide 42, and looking at the balance sheet, we observe that our total assets are valued at approximately €6.4 billion.

Investment properties at fair value represent nearly 95% of this figure. Those assets are financed by roughly €3.5 billion in equity and less than €3 billion in liabilities.

The slide 43 offers an analysis of the evolution of the debt-to-asset ratio from 42.6% at the end of '24 to 42.8% at the end of '25. This stability can be attributed to several factors.

First, the dividend '24 paid to our shareholders last May has led to an increase of 3.7%, which was offset by the cash flow produced during the full year '25 generating a decrease of 3.8%, while the net investment of '25 had a global effect of a mere 0.2% positive. On slide 44, you can see that the NAV is somewhere between €92 and €101 per share depending on the concept you like most.

I will comment on the evolution of the IFRS NAV between '24, where it stood at €92.84 per share, versus €92.20 per share at end of December '25. This very limited decrease of €0.60 per share has two drivers: the payment of the dividend '24 in May '25, which still amounted to €6.20 per share, partially offset by the net result for '25 being €5.61 per share as seen on a previous slide.

Let's now move to the financial resources at our disposal. In '25, there was no equity raise as there was no optional dividend.

I'm on slide 47. Our S&P credit rating, a BBB with a stable outlook, was confirmed in March '25, with the report being published in April.

It's also worth mentioning that S&P improved its outlook early June '25 following the press release related to the proposed combination with Aedifica, and reiterated this outlook early November '25. This means that the combined entity rating could improve by one notch after completion of the combination.

Cofinimmo continued to proactively manage its financial maturities, as you can see on slide 48. In this context, Cofinimmo signed new long-term credit lines for €185 million, and extended a cumulative amount of €494 million for one year.

Slide 49 reminds you that Cofinimmo holds €2.6 billion in sustainable financing, comprising various instrument, including a sustainable commercial paper program. Jump into the next slide.

On this slide, slide 50, we show first the breakdown of the long-term committed financing instruments split between bonds and similar instruments, which represent almost one-third of the total, and bank facilities representing more than two-thirds of the total. This includes a headroom of more than €1 billion of available credit lines after deduction of the backup of the commercial paper program.

The second chart shows the breakdown of the drawn financial debt. Going now to slide 51, due to the passage of time and the weight of the two benchmark bonds of €500 million each in our maturity table, the average debt maturity, after it remained stable at 4 years in 2023-2024, stands now at 3 years at end of '25.

The average cost of debt is still very low at 1.5%, which is one of the lowest across European REITs landscape and in line with the outlook. On the medium term, we anticipate a gradual increase year on year to reach around 2.3% in '28, when the first benchmark bond will mature.

Looking at the maturity table on slide 52, we can see that the operations recently carried out provided that the long-term financial commitments maturing in '26 are now reduced to €267 million versus €781 million at the beginning of '25, and €695 million at the end of the third quarter 2025. Most of the credit lines maturing in '26, representing €207 million of out of the mentioned €267 million, will not be refinanced earlier since they have been concluded at attractive conditions.

Finally, slide 53 reminds us the high hedging ratio foreseen for the coming years. I will now hand over to Jean-Pierre, who will give you an update on the '26 outlook.

Thank you Jean. Thank you for this financial overview.

On slide 55, you will find the breakdown of net investment estimate for 2026. Turning first to the investment column on the left on the slide, we are considering at this stage gross investment for a total of €310 million for 2026, splitted between committed development projects, files under DD or being contemplated, other healthcare investment, and limited capex for offices and distribution networks.

Secondly, on the divestment aspect, on the right side of the slide, we foresee a total of 1 €110 million, the lion's share of it being files already done or under due deal, and €6 million of other potential divestment files. With this projection, net investment would reach around €200 million at the end of 2026.

I will end this presentation with an update on the outlook for this year on a stand-alone basis. Cofinimmo expect, barring major unforeseen event, to achieve a net result from core activities, group share, per shares, which is equivalent to EPRA EPS, of €6.25 per shares for the 2026 financial years, leaving aside the non-recurring effect arising from the proposed combination with Aedifica.

The debt-to-asset ratio as at the end of '26 would then amount to around 44% compared to 42.8% at the end of last year. We appreciate your attention.

We all know that mindset are more in the direction of the future deal with Aedifica, for which all the team of Cofinimmo are very supportive and already working on it. Of course, we are, as usual, at your disposal for any questions you might have.

Yes, good morning. Thank you for taking my questions.

Two questions from my side: so first on healthcare tenants and second on offices. On healthcare tenants, I think back in 2024, the write-downs amounted to €0.5 million, and now you have mentioned some write-down on receivables, termination payments in the order of €6 million offsetting each other.

It's 12 times more than 2024. I just wanted to know about the context behind these write-downs and how much annualized rent does it correspond to, and to what extent this is also in the 2026 guidance as well.

Thank you, Charles. First on the numbers, Jean?

Charles, I would like just to precise two things. The amounts offset each other in fact, we have a write-down indeed of €6 million on receivable and then indemnities of €6 million, which is a positive amount.

It's not an add-on. It's a plus and minus.

Anyway, it's your second question about the context. As the global context for operators is a seriously improving with some variation regarding the speed depending on the size of the operator on the geography, as also known and reflected in the press including in the last quarter of '25 and a bit beginning of this year.

Some of them are still finalizing the restructuring of their balance sheet, and I would say for some of these operators linked to activities that have nothing to do with healthcare, which means that healthcare asset are a very sound, and this is still the view that we have for all assets. Basically, this write-down have been indeed taken, but they might lead to credits in future period, and that's basically the position we have preferred to take, especially in view of the common deal for the future.

This is basically the end of for some of the operators some difficult period. Some of them tackle problem at the beginning.

Those who had problem outside of the healthcare started to restructure their balance sheet a bit later, but basically nothing very worrying. As far as Armonea is concerned, you are also reading the press, we have an agreement with them in agreed form, not yet signed, but, as we speak, the signature could be receive as we speak.

Basically, this is the situation. As far as offices is concerned, I guess that your question is about the evolution of the occupancy ratio.

Again, the office portfolio, with much more tenant, is living. You have sometimes ups and sometimes down depending at the time where you take the picture.

We have also some divestment. Again, is it just the portfolio living?

It's not reflecting a structural deterioration or anything else, but just the portfolio going through its normal life, I would say. That we have seriously upgraded the quality, now for a buyers to buy everything, I think not only the upgrade of the quality, but also the refocus on the CBD are all assets that made it even as a whole an attractive portfolio.

If I hear you, then based on your leasing conversation, you wouldn't necessarily expect 2026 occupancy in offices to significantly deteriorate from here.

From what I know today, no. The CBD remains the best area in Brussels, especially we are in the best part in the Léopold district, as you know.

Today there is no sign that it would deteriorate. I'm telling you this because we all have in mind what happened a few weeks ago, there has been some headwinds some years ago with the basically working from home, and then since two months some people saying, "Oh, with AI, the occupancy will go down."

In all market, the Brussels market has always been qualified by some international investor as a bit more boring, because more resilient. Resilience is also very positive, and we don't see anything related to that coming as we speak.

Very clear, thank you.

Yes, good morning. Thank you for the presentation.

A couple of questions on my end if I may start with the first one on the divestments target. Could you maybe share how much of this €110 million relates to offices?

Because I think that most of it is now under due diligence or has been completed, I think that you have a good I would say idea on the share of offices. Could you share it?

Yeah. As we are only in February, as every year, the allocation between healthcare and offices that we have in mind in February might be quite different when we land at the end of the year, especially as you know that as far as offices is concerned, everything is for sale.

To tell you that in 110 there is 50% of offices and DPN, which is more or less what we have in mind, of course, the offices divestment could be much more significant. The guidance about allocation has to be taken with a bit of caution, especially when we are in February.

I think around September, then the allocation becomes a bit more relevant.

I understand, but if it's on due diligence, how much is offices under due diligence there? I don't know if you could share that.

Under due deal, let me give you...

Indeed, we have offices in due deal.

I prefer not to give you the amount because we are talking of, I would say not small assets, and if I give you an amount while we are still negotiating, we still don't want to basically leak information about how much we have in our accounts compared to the discussion we have.

Understand. Thanks.

Then maybe another question on the first disposal you have completed to this date was the nursing home in Brussels. I understand you cannot disclose information on the price, but just want to understand a bit the rationale behind it, because last year you mostly sold non in Belgium, and here you are selling in Brussels.

Was it a pricing...? Yeah.

No. We have completed an asset rotation plan based on several criteria: real estate criteria, commercial criteria, and then climate and energy intensity.

Asset rotation is part of any core business as our business. We also like to have asset rotation within the healthcare portfolio, and if you look at our track record in the past, it's consistent.

It's nothing more than executed a sound and well-studied asset rotation plan. You should not see anything more than that.

Okay. Then one last question, leave the floor to the others.

Could you share your view on where we stand for the healthcare in Germany? How do you see the market?

Do you see it as bottoming out, and do you see increasing opportunity for you thanks to increased profitability of the tenants to commit to new projects there? Do you believe it's the right time to look at that market?

Yes, I think you have to make a distinction between standing assets and development project. For development project, given the position of certain developer and so on, operators are thinking again about it and are studying it, but it might still take some months before you see large portfolio of new assets being constructed.

Again, depending on the geographies, we all know that south of Europe is quite dynamic. The UK is quite dynamic as well.

I think the overall climate is positive. Certain operators are looking again at growing, not necessarily by owning their real estate, but by looking at consolidation.

Clearly, the atmosphere is more positive and more dynamic, especially with the, I would say, sharp need for infrastructure that has been highlighted during the COVID period. We all know that there is a structural lack of infrastructure, which may differ from one country to the other, which makes it a necessity in many of the geographies in Europe.

Thank you, that was it. Thanks for the answers.

You're welcome.

Hi, all. Good morning.

Thank you for the presentation and taking my questions. For me, some questions around the guidance, and maybe as a follow-up on Charles' question.

Do I understand correctly that for '26 you do not expect further issues on delayed rental payments from some of these operators? Secondly, on the guidance, could you give some additional color on you being a net investor?

Obviously, there is still some capex for the pipeline, but what is included in your guidance in terms of the other investments that you pencil in, and how big of a share do they have in the rental growth for '26? Thank you.

Thank you, Véronique. First, on the guidance, remember last year the guidance was €6.20, and we ended up with €6.45, and you know us that's basically the way we usually approach the things.

The €6.45 include already many of the expectations we have regarding certain operators. For those situations that are known to us, that's already included in the budget '26 based on the discussion we continue to have.

About the investment, well, I think it will depend also about the future combination and how it will be played. That basically we are confined to financing our investment with debt only, and we also once to have our LTV under control, and of course the coordination with Aedifica is and will be even more important.

There are opportunities on the market. I think that also have been highlighted by Stéphane in many occasions, but of course, '26 is a bit of a special year for Cofinimmo in terms of ability to basically harvest as long as the two companies have not be completely unified.

Of course. No, I understand.

Maybe then on those discussions with some of these operators that are struggling, can you elaborate on are those discussions around rent levels? Are those discussions on maybe changing to a different operator, or what are you actually discussing with them?

No.

It's basically not about changing operator. It's understanding to what extent problems outside of healthcare are impacting the healthcare operation, why, and what are their plan, since the healthcare operations are sound, what are their plan basically to basically solve this issue, which are not related to healthcare.

It's not about ourselves finding a new operators because the operators or certain house are in distress. We are a responsible partner, but there must be a responsible also group, and it's more finding a win-win than any dramatic move.

Indeed, it's not per se worries about the actual rent coverage ratios of those specific assets.

No, no, because there has been a discussion, as with Armonea, and all landlord in Belgium showed a certain, I would say, flexibility to basically ensure the future, and this spirit try to be maintained when there are, I would say, discussion with operators.

That's very clear. Thank you.

Hi, good morning, and thank you for taking my questions. First one is on the what is it, €12 million loss share in the result of associated companies and joint ventures.

Could you give a quick background and especially tell us what we can expect for this line item for '26, please?

Hello, Steven. The loss in the associate is mainly It's written in the press release.

Comes from some amounts that we had to take regarding the development project in Germany. We have published there a loss of €8 million in the press release.

Yeah?

Yes, and is that then, well, is that issue fully gone, nothing to expect on this line item for '26?

It's a one-off for this year, and normally we are on the safe side for the upcoming year.

Clear. Then maybe on the healthcare investment market, for the potential investments that you see, could you provide some background on the yields you are seeing, you expect to transact those investments, and how that compares to, let's say, 6 months or 12 months ago?

I would say 6 and 12 months ago, you had not many transactions, the few transactions that have been done at that time in terms of yield, you could dispute whether they were representative, because there has been some, I would say, not very attractive portfolio that have been sold, some more. It's very challenging to say, okay, yield have evolved compared to 12 months ago.

I think that what is well-appreciated is that the time where money was free with very low interest rate is over. This has been basically translated into the valuation of the various players, which means that today you start to see yields that basically reflect this new interest environment, which we believe is there to stay, and not to go back to quote-unquote the good old days.

We know that there are certain owners that are still dreaming that this could come back. The liquidity is coming progressively because you don't have a lot of forced seller.

If you look at I think the larger seller of healthcare asset during the last two years has been Clariane, and you see the very impressive amount of divestment they have said they've done, with them as operators, which in the mind of certain people were still a question mark, and they have done it at still good yield. For me, it's not necessarily that much a big evolution of a yield.

It's just that basically the dreamer of going back to the zero interest rate environment are basically almost disappearing, and today you see yields that make more sense considering this environment as we have today, and corresponding liquidity, more liquidity compared to, I would say, the last two years.

Clear. To be exact, you expect from what you see today that the yields on your book value reflect what of the deals that you expect to happen in '26 too?

Yes,

yeah, I think regarding evaluation, we are comfortable with what is happening today. Yes.

Clear. Thank you so much.

Yes, hi. Good morning.

Just a follow-up on the office portfolio. Just wanted to know a bit, what is the percentage of leasing which are coming for renegotiation this year?

How much have you been able to achieve and at which level of rent?

We need to follow up on that, because I don't have the information in front of me. There is not a wall of refinancing, and usually we secure a big chunk, but it should be very marginal, but we will follow up on that with Lynn, Frédéric, to give you more headline on this.

All right, understood. Maybe just follow-up on the Armonea discussion you mentioned, and you were referring to.

Just you mentioned that you had a good discussion, but do I understand that actually you had a discussion already on your facilities, and that you actually conceded some rent relief? Should I understand that?

Basically, Armonea has done bilateral discussion with the vast majority, I would say, of their landlord in Belgium, and the basically focus was to have equal treatment for all of the Belgian landlord. That's basically the rule of thumb for all this discussion, and to the extent that they were valid argument, the various Belgian landlord have shown temporary flexibility given the global relationship, but also based on recovery plan and measure to be taken by the operator themselves.

Basically, the discussion were quite similar in order to ensure equal treatment.

Okay. On Colisée, remind me you have also some exposure in Spain, right?

The exposure is very minimal in Spain, but I'm never not sure. No, it's in France that we have two assets with Colisée.

In

Italy. Two in Italy, not in Spain.

You are going to a granulometry, I need to verify my note given the asset rotation, but two assets in Italy and two assets in France.

There the discussion were also similar, or...?

No, because the discussion was Armonea, period, not Colisée.

Understood. Thank you very much.

Good morning, everyone. I have a follow-up on the healthcare campus in North Rhine-Westphalia.

I'm trying to reconcile the movements on your balance sheet and the cash flows. On page 11 in your footnotes, you say that you had €40 million investments in the fourth quarter of 2025, and that is a net result or a net amount of €56 million and €17 million coming from changes in participations.

I'm just wondering that €17 million, what is it exactly? Is that capex that was supposed to be spent, and then did not go out because you sold the participation?

Lynn, I think it's a very detailed question. We can discuss that after the call if you want.

We can reconcile everything.

We will give you a full reconciliation, yes. Nothing to hide,

and

yeah. Technically, there are various flux, we will give you detail on that.

Perfect. It's not an easy one.

Then maybe second question is on the capex of the offices. I was just wondering, is that yielding capex or is that just part of refurbishments?

Refurbishments, yeah. Mostly refurbishments.

Okay. Then maybe a third one, a quick one, is on the headroom that you have on your facilities.

That's around €1 billion, and you're not going to replace €270 million of it. Is it possible that that headroom goes down even further in the future?

Because right now, it's quite expensive to keep the €1 billion there.

The future is the combination with Aedifica, I think we are all waiting that it become real to benefit from the combination, and you know that the combination will have a positive impact on the cost of capital, including on the abilities basically of financing, and you know what S&P also has said. We don't do reasoning on a stand-alone basis for the future, but more on the combined, and the news will be good in this respect.

Thank you.

Thank you. As usual, I will tell you that we are at your disposal.

I think we are all looking at March 2nd in our agenda, but in the meantime, if you have any questions regarding the past, don't hesitate. We have well noted two follow-up that we will do regarding questions that were raised today, and of course, we will follow up on that.

If anybody has any other question, always pleased to answer them, and you know us, you know how to contact, and we will follow up. Thank you for your attention, and thank you also for those years of dialogue.

This is not the end of the story. There is an exciting operation in sight, and for sure, for the future leader in European healthcare, there will be interesting times.

Thank you, and we'll be in touch.