Aedifica (1K) | Buy | A fully integrated HC leader in our model

Research evidence excerpt

Aedifica (1K) | Buy | A fully integrated HC leader in our model

#EstimatesRevision

Release date: 21 May 2026

Company research

ESG profile BuyAedifica

Belgium | Property Beta Profile: MCap: EUR6.6bn Country Top Picks

Target Price: EUR86.00 Change in TP: 0.0 % Bloomberg: AED BB Reuters: AOO.BR

Current Price: EUR71.45 Change in Revenues: 74.5% 26E/88.6% 27E Free float 95%

Up/downside: 20.4% Change in Rec EBIT: 70.5% 26E/86.5% 27E Avg. daily volume (EURm) 27.8

YTD abs performance 5.9% Market data: 20 May 2026 Change in FFOps: 3.6% 26E/2.5% 27E

52-week high/low (EUR) 79.25/59.80

A fully integrated HC leader in our model Price performance

Why this report?

We integrate Cofinimmo's financial statements into Aedifica following the Q1

publication that unveiled for the first time a consolidated balance sheet and

P&L. Note that our model is built on a half-yearly basis, which means we will

still have minority interests in H1 but no more at FY, considering that the legal

merger will happen on 1 July. Most synergies will be captured over the next

18 months, while restructuring costs are difficult to estimate at this stage (but

excl. from the EPRA Earnings). A proposal for an EUR4.20 DPS could suggest a

targeted EPS of c. EUR5.25. We are currently at EUR5.42 (+4.2% vs. the initial

guidance on a standalone basis), but acknowledge this will depend on the

timing of asset arbitrage. We suspect that a lot of analysts will still have to

process the model, which means that we do not look at the consensus at the

moment. Our positive earnings revision is neutralised by a higher WACC FY to 31/12 (EUR) 12/26E 12/27E 12/28E

(+20bps), mostly linked to a higher cost of debt. Our TP is therefore Net rent (m) 662.2 749.6 761.5

NOI 607.2 689.0 698.8

unchanged while we still have c. 20% upside.