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General information on the Company

Care Property Invest (the \u2018Company\u2019) is a public limited liability company that acquired the status of a public regulated real estate company (RREC) under Belgian law on 25 November 2014. The Company\u2019s registered offices are located at the following address: Horstebaan 3, 2900 Schoten (Telephone: +32\u00a03\u00a0222\u00a094\u00a094).

Care Property Invest actively participates as a real estate player and has the objective of making high-quality projects available to care providers as provided for in the Residential Care Decree. These include residential care centres, service centres, groups of assisted-living apartments and all other housing facilities for people with disabilities. Care Property Invest can develop, realise and finance these facilities itself, or can refinance existing buildings, with or without a renovation or expansion.

The Care Property Invest share is listed on Euronext Brussels (regulated market). The consolidated financial statements of the Company as at 31 December 2024 comprise the Company and its subsidiaries. For an overview of the subsidiaries, we refer to note \u2018T 5.35 Information on subsidiaries\u2019 on page 315.

The financial statements were approved for publication by the Board of Directors on 22 April 2025. The financial statements will be submitted to the Ordinary Annual General Meeting of Shareholders to be held on 28 May 2025.

Accounting policies

Declaration of conformity

The financial statements of the company were drawn up in compliance with the \u2018International Financial Reporting Standards (IFRS)\u2019, as approved and accepted within the European Union (EU) and in accordance with the provisions of the RREC Legislation and the RREC RD of 13 July 2014. These standards cover all new and revised standards and interpretations published by the \u2018International Accounting Standards Board (IASB)\u2019 and the \u2018International Financial Reporting Interpretations Committee (IFRIC)\u2019, in as far as applicable to the activities of the group.

The consolidated financial statements are presented in euro, unless stated otherwise, and cover the twelve-month period ending on 31 December 2024.

The consolidated financial statements have been prepared in accordance with the historical cost convention, except for those assets and liabilities that are stated at fair value, i.e., investment properties and financial assets and liabilities.

Standards and interpretations applicable for the financial year commencing on 1 January 2024

The following new standards, new amendments and new interpretations are applicable to the Company for the first time in 2024:

Amendments to IAS1Presentation of Financial Statements - Classification of Short-Term or Long-Term Liabilities, effective (the 2020 and 2022 amendments) as of 1 January 2024

Amendments toIAS 7 The Cash Flow Statement and IFRS 7 Financial Instruments: Notes, effective as of 1 January 2024

Amendments to IFRS 16 Leases: Lease Obligations in a Sale and Leaseback, effective as of 1 January 2024

The amendments to IAS 1 affect the classification of short-term or long-term liabilities as at 31 December 2024. This also adjusted the comparative figures as at 31 December 2023. The other amendments have no impact on the current, consolidated financial statements.

New or amended standards and interpretations that have not yet entered into force

The new and amended standards and interpretations that were issued but not yet effective at the date of publication of the Company\u2019s consolidated financial statements are set out below. The Company intends to apply these standards when applicable, if they have an impact on the Company:

Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability, effective 1 January 2025

Amendments to Amendments to IFRS 9Classification and valuation requirementsand IFRS 7 Notes, effective as of 1 January 2026

Amendments toIFRS 9and IFRS 7-Contracts related to nature-based electricity, effective as of 1 January 2026

Annual improvements Volume 11

IFRS 18 Presentation and Notes to Financial Statements, effective as of 1 January 2027

IFRS 19 Subsidiaries without Public Accountability:\u00a0Notes, effective as of 1 January 2027

Consolidation principles

The companies included in the Company\u2019s consolidated financial statements are subsidiaries over which the Company exerts control. A company exerts control over a subsidiary if, and only if, the parent company:

has power over the participating interest;

is exposed to and has rights to variable proceeds based on its involvement in the participating interest and;

has the possibility of using its power over the participating interest to influence the scale of the investor\u2019s yields.

The companies in which the group directly or indirectly holds participating interests of more than 50% or in which it has the power to determine the financial and operating policies so as to obtain benefits from its activities, are included in the consolidated financial statements of the group in full. This means that the assets, liabilities and results of the entire group are fully reflected. Inter-company transactions and profits are entirely eliminated. All transactions between the group companies, balances and unrealised profits and losses on transactions between group companies are eliminated in the preparation of the consolidated financial statements.

The minority interests are the interests in the subsidiaries that are not held directly or indirectly by the group. See also Note \u2018T 5.35 Information on subsidiaries\u2019 on page 315.

Intangible fixed assets

The intangible fixed assets are capitalised at their acquisition value and depreciated according to the linear method at an annual percentage of 20%.

Investment properties

General

Real estate (land and buildings) acquired for valuable consideration or through a contribution in kind for the issue of new shares or via a merger through the acquisition of a real estate company or via a partial split, which is held in order to generate rental income in the long term, and which does not serve for personal use, is shown as investment property.

Valuation on initial recognition

On initial recognition, investment properties are shown at acquisition cost, including transaction costs and directly attributable expenditure.

For differences in value between the purchase price and the initial valuation at fair value at the time of recognition (acquisition), the value difference relating to transfer taxes and transfer costs is included through the global result statement.

Valuation after initial recognition

After initial recognition, investment properties are shown at fair value, in accordance with IAS 40. The fair value is equal to the amount for which the building could be exchanged between well-informed parties, consenting and acting in circumstances of normal competition. From the seller\u2019s point of view, the valuation must be understood as subject to the deduction of registration fees.

The independent real estate experts who carry out the periodic valuation of the assets of regulated real estate companies believe that, for transactions involving buildings in Belgium with an overall value

of less than \u20ac2.5 million, account must be taken of registration fees of 12% (Flemish Region) to 12.5% (Brussels Capital Region and Walloon Region), depending on the regions where these assets are located. For transactions concerning properties with an overall value of more than \u20ac2.5 million, real estate experts have valued the weighted average of the fees at 2.5%. This is because a range of different property transfer methods is used in Belgium. This percentage will, if necessary, be revised annually and adjusted per bracket of 0.5%. The experts will confirm the agreed percentage to be deducted in their periodic reports to the shareholders. For real estate in The Netherlands this percentage is 10.9%, in Ireland it is 9.96%, while for Spain it is determined regionally.

Profits or losses arising from the change in the fair value of investment properties are included in the global result statement in section \u2018XVIII. Changes in the fair value of investment properties\u2019 in the period in which they arise, and in the profit appropriation in the following year they are allocated to the reserve \u2018b) Reserve for the balance of changes in the fair value of real estate\u2019 and 'c) reserve for the impact on the fair value of estimated mutation rights and costs on hypothetical disposal of investment properties', where the latter item always corresponds to the difference between the investment value of the property and the fair value of the property.

Disposal of investment property

On the sale of an investment property, the profits or losses realised on the sale are shown in section \u2018XVI. Result sale of investment properties\u2019 in the global result statement for the period under review. Commission paid to brokers on the sale of buildings and liabilities contracted as a result of transactions are deducted from the sale price obtained in order to determine the realised profit or loss.

The realised gain or loss on disposal consists of the difference between the net sale value and the latest book value (fair value on the latest valuation), as well as the counter-entry of the estimated transfer taxes that are taken directly to the equity on the balance sheet on the initial assessment of the fair value.

As the real estate is sold, both reserve \u2018b) Reserve for the balance of changes in the fair value of real estate\u2019 and reserve \u2018c) Reserve for the impact on the fair value of estimated transfer taxes and costs resulting from hypothetical disposal of investment properties\u2019 relating to the sold property are transferred to the disposable reserves.

Project developments

Sites held with a view to an increase in value in the long term instead of sale in the short term in relation to normal business operations;

Sites held for future use that has not yet been determined;

Unoccupied buildings held for leasing on the basis of one or more operational leases and;

Real estate under construction or in development for future use as investment property must also be treated as investment property and is shown in the \u2018Project development\u2019 sub-section.

After the initial recognition, projects are shown at their fair value. This fair value takes account of the substantial development risks. The following criteria must be met in this regard:

There is a clear picture of the project costs to be incurred;

All necessary permits for the project development have been obtained;

A substantial part of the project development has been pre-let (final signature of rental contract);

This valuation at fair value is based on the valuation by the independent real estate expert (in accordance with the customary methods and assumptions) and takes account of the costs still to be incurred for the full finishing of the project.

All costs relating directly to the acquisition or development and all further investment expenditure are included in the cost price of the development project. In accordance with IAS\u00a023, the financing costs directly attributable to the construction or acquisition of an investment property are capitalised for the period for making the investment property ready for letting.

The capitalisation of financing costs as part of the cost price of an asset qualifying for this takes place only if:

Expenditure is made for the asset;

Financing costs are incurred and;

Activities are in progress to prepare the asset for its envisaged use. These include not only the physical construction but also technical and administrative work for the commencement of the actual construction in connection with the acquisition of permits.

The capitalisation of financing costs is suspended during long periods in which the active development is interrupted. The capitalisation is not suspended during a period in which extensive technical and administrative work is performed.

Rights in rem

Lease agreements with a term longer than 12 months and for which the underlying asset has a high value must be classified by means of a right of use on the asset in accordance with IFRS 16. On the starting date, the asset corresponding to a right of use is valued at cost price. After the starting date, the asset is valued on the basis of the fair value model in accordance with IAS 40.

Other fixed assets

Tangible fixed assets for own use

General

Assets that are held for the Company\u2019s own use in the production or delivery of goods or services, for rental to third parties or for administrative purposes and which are expected to be used for longer than a single period, are shown as tangible fixed assets, in accordance with IAS 16.

Valuation on initial recognition

Property, plant and equipment must be shown at cost if it is probable that the future economic benefits from the asset will accrue to the Company and if the cost of the asset can be determined reliably.

The cost price of an asset is the equivalent of the discounted price on the recognition date (the cost price) and all directly attributable costs for making the asset ready for use. Later costs for day-to-day maintenance of tangible fixed assets are not included in the book value of the asset. This expenditure is shown in the income statement at the time at which it is incurred. Future expenditure for maintenance and repairs is capitalised only if this can be clearly shown to result in an increase in the future economic benefits from the use of the asset.

Valuation after initial recognition

All tangible fixed assets are shown at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation and amortisation

The different categories of tangible fixed assets are depreciated using the straight-line method of depreciation over the estimated service life of the asset. The residual value and the service life must be reviewed at least at the end of each reporting period. An asset is depreciated from the date on which it is ready for the envisaged use. Depreciation of an asset is discontinued on the date on which the asset is held for sale or is no longer used.

Depreciation takes place even if the fair value of the asset exceeds its book value, until the residual value is reached. From the date on which the residual value is equal to or higher than the book value, the depreciation cost is zero, until such time as the residual value is again less than the book value of the asset.

Tangible fixed assets for the Company\u2019s own use are depreciated in accordance with the following depreciation rates according to the straight-line method:

Building (for the Company\u2019s own use)

3.33%

Equipment of building

10%

Furniture

10%

Computers

33.33%

Office machinery

25%

Rolling stock

20%

Office fittings and furnishings

10%

Disposal of property, plant and equipment

At the time when an asset is disposed of or at the time when no future economic benefits are expected any longer from the use or disposal of an asset, the property, plant or equipment can no longer be shown in the balance sheet of the Company.

The gain or loss arising through the disposal or retirement of an asset is the difference between any net proceeds on disposal and the book value of the asset. This capital gain or loss is shown in the global result statement.

Other tangible fixed assets - development costs for projects in preparation/under construction, which are subsequently recorded as a finance lease (IFRS 16).

The construction costs for projects in preparation and projects under construction are shown at the cost price (nominal value) in the other operating expenses and are capitalised via the other operating revenues in other tangible fixed assets. On provisional acceptance of the building, the leasing activities commence, and the amount of the net investment is classified in the balance sheet item \u2018I.F. Finance lease receivables\u2019.

IFRS 16 requires that a lease receivable is valued on commencement at the discounted value of the future income flows. The difference between the construction costs and this discounted value is then the result of the development of the leased object. This must be recognised in the result in proportion to the construction period as the result of the construction activities in \u2018Other operational revenues/costs\u2019.

Impairments

At each reporting date, the Company assesses whether there are indications that a non-financial asset may be subject to impairment. If any such indication exists, an estimate is made of the realisable value of the asset. If an asset\u2019s book value exceeds its realisable value, an impairment is recognised in order to reduce the book value of the asset to the realisable amount. The realisable value of an asset is defined as the higher of the fair value less selling costs (assuming a non-forced sale) or the value in use (based on the present value of the estimated future cash flows). The resulting impairments are charged to the global result statement. Previously recognised impairments are reversed via the global result statement if a change has occurred in the estimate used to determine the realisable value of the asset since the recognition of the last impairment loss.

Financial fixed assets

The financial assets are classified in one of the categories provided for according to IFRS 9 \u2018Financial instruments: recognition and valuation\u2019, depending on the purpose for which the financial asset is acquired, which are determined on their initial recognition of the assets. This classification determines the valuation of the financial asset on future balance sheet dates: at the amortised cost price or based on the equity method (in accordance with IAS 28).

Financial instruments

Derivative products or financial interest rate derivatives (including Interest Rate Swaps) can be used for hedging interest rate risks arising from operational, financial and investment activities. The derivative financial instruments which the Company uses do not meet the criteria of IFRS 9 for the application of hedge accounting, are not held for trading purposes and are not acquired for sale in the near future. They are included in the balance sheet at their fair value. Changes in their fair value are taken directly to the global result statement.

The fair value of financial instruments is based on the market value calculations of the counterparty and the respective fair values are regarded as \u2018Level 2\u2019, as defined under IFRS 13 (see also note \u2018T 5.11 Changes in the fair value of financial assets and liabilities\u2019 on page 296).

The fair value of the hedging instruments is the estimated amount of the fees that the Company must pay or should receive in order to settle its positions on the balance sheet date, taking account of the interest curve, the creditworthiness of the counterparties and any option value applying at that time. The fair value of hedging instruments is estimated monthly by the issuing financial institution. In accordance with IFRS 13, an adjustment is made to the fair value to reflect the counterparty\u2019s own credit risk (\u2018Debt Valuation Adjustment\u2019 or \u2018DVA\u2019) and the counterparty\u2019s credit rating (\u2018Credit Valuation Adjustment\u2019 or \u2018CVA\u2019).

Participating interests

The acquisitions of the shares of subsidiaries of Care Property Invest take place in the context of an \u2018asset deal\u2019 to which IFRS 3 \u2018Business Combinations\u2019 does not apply. The participating interests are valued based on the equity method (in accordance with IAS 28).

Other financial fixed assets

Loans and receivables (including guarantees) are non-derivative financial instruments with fixed or determinable payments that are not listed in an active market and are valued at the amortised cost price.

Finance lease receivables & trade receivables

Care Property Invest as lessor

A lease contract is classified as a financial lease if it transfers virtually all the risks and benefits associated with ownership to the lessee. All other forms of lease are treated as operational leases. If a lease contract complies with the terms of a financial lease (according to International Accounting Standards IFRS 16), Care Property Invest, as the lessor-owner, recognises the lease agreement at its inception on the balance sheet as a receivable at an amount equal to the net investment in the lease agreement. The difference between the latter amount and the book value of the leased property will be recognised in the global result statement for the period.

Any periodic payment made by the lessee will be recognised as income under rental income in the global result statement (see \u2018T 5.3 Rental income\u2019 on page 292) and/or as a repayment of the investments in the balance sheet (see \u2018T 5.17 Finance lease receivables and trade receivables and other non-current assets\u2019 on page 304), based on a constant periodic return for Care Property Invest.

The item \u2018I.F. Finance lease receivables \u2018shows the investment cost of the transferred projects and therefore assigned in leasehold, less the contractual prepayments received, and reimbursements already made.

Care Property Invest as lessee

At the start of the lease period, lease agreements (with the exception of lease agreements with a maximum term of 12 months and lease agreements in which the underlying asset has a low value) are included in the balance sheet as asset (right of use) and lease obligation at the present value of the future lease payments. Subsequently, all rights of use, which classify as investment properties, are measured at fair value in accordance with IAS 40. We refer to \u2018T 2.4 Investment properties\u2019 on page 266for the accounting policies relating to investment properties. Minimum lease payments are included partly as financing costs and partly as repayments of the outstanding liability in such a way that this results in a constant periodic interest rate for the remaining balance of the liability.

Financial charges are included directly in the global result statement.

Trade receivables

The item \u2018I.G. Trade receivable and other fixed assets\u2019 regarding the projects included in the finance leases contains the profit or loss margin allocated to the construction phase of a project. The profit or loss margin is the difference between the nominal value of the fee due at the end of the right of superficie (included in the item \u2018I.F. Finance lease receivables\u2019) and the fair value at the time of provision, determined by discounting the future cash flows (being the leasehold and rental fees and the fee due at the end of the right of superficie) at a rate equal to the IRS rate plus a margin that would apply on the date on which the lease contract was contracted. The increase by a margin depends on the margin that the Company pays the bank as a cost of funding. For the bank, the margin depends on the underlying surety and is therefore different for a PCSW or a non-profit association. This item also contains a provision for discounted costs of service provision, as the Company remains involved in the maintenance of the property following delivery of the building, in connection with advice or intervention in the event of any construction damage or adjustments imposed, following up lease payments, etc.

During the term of the contract, the receivable is phased out, as the added value and provision for costs of services is written down each year and is charged

to the global result statement in \u2018Other operating income and expenses\u2019.

If the discount rate (i.e., the IRS interest rate plus a margin) on the date of the contracting of the lease agreement is higher or virtually equal to the interest rate implicit in the leasehold payments stipulated on commencement of the leasehold, this calculation leads to the recognition of a mathematical loss during the construction phase (e.g., in the event of falling interest rates). Over the entire duration of the contract, however, the projects are profitable, since the leasehold payment is always higher than the actual cost of financing.

There is an estimation uncertainty as regards the profit margin on the projects; this is partly due to altered operating expenses, the impact of which is reviewed annually and adjusted if necessary, but the profit or loss margin also depends on rising or falling interest rates.

Current assets

Trade receivable and other receivables at a maximum of one year

Receivables at a maximum of one year are shown at their nominal value less impairments due to doubtful or irrecoverable receivables, which are recognised as impairment losses in the global result statement.

Tax receivables

Tax receivables are shown at the tax rate applying in the period to which they relate.

Cash and cash equivalents

Cash and cash equivalents (bank accounts, cash and short-term investments) are shown at the amortised cost price. The

additional costs are processed directly in the global result statement.

Accruals and deferrals

The costs incurred during the financial year that are wholly or partially attributable to the following financial year are shown in accruals and deferrals on the basis of a proportionality rule. The income and fractions of income received in the course of one or more subsequent financial years, but relating to the financial year concerned, are entered for the amount relating to the financial year in question.

Equity

Equity instruments issued by the Company are shown at the amount of the sums received (after deduction of directly attributable issuing costs).

The treasury shares in the Company\u2019s possession, if any, are deducted from equity at the initial acquisition cost. The increase and/or decrease in value realised on the sale of treasury shares is recognised directly as equity and has no impact on the adjusted EPRA earnings.

Dividends form part of the transferred result and are recognised as a liability only in the period in which they are

formally awarded, i.e., approved by the general meeting of shareholders.

Provisions

A provision is formed when:

the Company has an existing liability -legally enforceable or actual - as a result of an incident in the past;

it is probable that an outflow of resources will be required in order to settle the liability and;

the amount of the liability can be reliably estimated.

The amount of the provision is based on the best estimate of the expenditure required to settle the existing obligation as at the balance sheet date, taking account of the risks and uncertainties associated with the liability. If the effect of the time value of money is significant, provisions are discounted using a discount rate that takes account of the current market assessments of the time value of money and the inherent risks of the liability.

Financial liabilities

Financial payables and trade debts

Financial payables at the amortised cost price, including debts, are initially valued at fair value, net of transaction costs. After initial recognition, they are valued at the amortised cost price. The group\u2019s financial payables are shown in \u2018Other current liabilities\u2019 at the amortised cost price, comprising non-current financial liabilities, other non-current liabilities,

current financial liabilities, trade debts and dividends payable.

Derivative financial instruments

Derivative products or financial interest rate derivatives (including Interest Rate Swaps) can be used for hedging interest rate risks arising from operational, financial and investment activities. The derivative financial instruments which the Company uses do not meet the criteria of IFRS 9 for the application of hedge accounting, are not held for trading purposes and are not acquired for sale in the near future. They are included in the balance sheet at their fair value and changes in their fair value are taken directly to the global result statement.

The fair value of financial instruments is based on the market value calculations of the counterparty and the respective fair values are regarded as \u2018Level 2\u2019, as defined under IFRS 13 (see also the notes to \u2018T 5.11 Changes in the fair value of financial assets and liabilities\u2019 on page 296.

The fair value of the hedging instruments is the estimated amount of the fees that the Company must pay or shall receive in order to settle its positions on the balance sheet date, taking account of the interest curve, the creditworthiness of the counterparties and any option value applying at that time. The fair value of hedging instruments is estimated on a monthly basis by the issuing financial institutions. In accordance with IFRS 13, an adjustment is made to the fair value to reflect the counterparty\u2019s own credit

risk (\u2018Debt Valuation Adjustment\u2019 or \u2018DVA\u2019) and the counterparty\u2019s credit rating (\u2018Credit Valuation Adjustment\u2019 or \u2018CVA\u2019).

Lease liabilities

Lease agreements with a term longer than 12 months and for which the underlying asset has a high value must be recognised by way of a lease payment on the balance sheet in accordance with IFRS 16. The lease payment is equal to the current value of the lease payments outstanding on the reporting date.

Tax liabilities

Tax liabilities are shown at the tax rate applying in the period to which they relate.

Accruals and deferrals

The costs incurred during the following financial year that relate wholly or partially to the financial year concerned are shown in the current financial year as attributable costs for the amount relating to the financial year concerned. Income received during the financial year that is wholly or partially attributable to the following financial year is shown in accruals and deferrals on the basis of a proportionality rule.

Staff remuneration

The contracts Care Property Invest has concluded in relation to group insurance are of the \u2018defined contribution\u2019 type. This defined contribution pension plan has been entrusted to Belfius Bank. These pension plans are regarded as \u2018defined contribution\u2019 plans with fixed costs for the employer and are shown under \u2018group insurance contributions\u2019. Employees make no personal contribution. Premiums are recognised in the financial year in which they were paid or scheduled. However, under

the \u2018Vandenbroucke Law\u2019 these group insurance policies would be regarded as 'defined benefit' plans within the meaning of IAS 19, and the Company would be required to guarantee an average minimum rate of return of 1.75% (as at 31 December 2024) on the employer\u2019s contributions. In principle, the Company would have additional obligations if the statutory minimum return could not be achieved. As of 1 January 2025, this average minimum return is 2.50%.

Up to and including the 2024 financial year, Belfius Bank confirmed that the minimum return, including the profit share, was achieved. Moreover, the impact on the Company\u2019s results would be limited, since it has only a small number of employees.

Income and expenses

Rental income

The net rental result comprises the rents, operational lease instalments and other related income, less the costs associated with leases, such as the costs of voids, rent benefits and impairments of trade receivables.

The rent benefits consist of temporary rental discounts or rent-free periods for the operator of the property.

Revenues are shown at the fair value of the fee received or to which rights were acquired and are shown on a proportional basis in the global result

statement in the period to which they relate.

Real estate costs

In view of the triple net nature(1)of the contracts, the Company is not liable for the costs of maintenance and repair, utilities, insurance and taxes for the building. With double net contracts, the Company does bear the risk of the maintenance and repair costs. With single net contracts, in addition to maintenance and repair costs, the lessor also bears the vacancy risk.

General expenses and other operating income and expenses

The Company\u2019s general expenses cover the fixed operating costs of Care Property Invest, which is active as a listed company and enjoys RREC status.

Revenues and costs are shown on a proportional basis in the global result

With the exception of the 'Les Terrasses du Bois' project in Watermaal-Bosvoorde, for which a long-term double net agreement has been concluded, and the 'Tilia' project in Gullegem for which a long-term single net agreement has been concluded.

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statement in the period to which they relate.

Taxes

Corporate tax

Corporate income taxes represent the estimated tax payable on the taxable income for the year, calculated using the tax rate applicable on the closing date, as well as adjustments to tax liabilities relating to previous years. These are booked directly in the result, except when they relate to items that were booked

directly in equity. In this case, tax is also booked directly in equity.

The status of a RREC provides for a fiscally transparent status, as RRECs are only still liable to corporate income tax for specific elements of the result, such as rejected expenditure, abnormal and benevolent benefits and secret commissions. Generally, rental income, financial income and the gain realised on the disposal of assets are exempt from tax.The Dutch subsidiaries (with the exception of Care Property Invest.NL10 BV (FBI status not yet formally confirmed) and Care Property Invest.NL11 BV) all hold the FBI status, which is still applicable for the 2024 financial year but will no longer be applicable as of 1 January 2025 due to the amended legislation, making the result taxable at a rate of 0%. The Spanish subsidiary acquired the SOCIMI status in 2022, also making it subject to a 0% tax rate. The Irish subsidiaries do not make use of a favourable tax regime and are therefore all regular tax payers.

Deferred tax receivables and liabilities are included in the result statement for all deferred capital losses and gains (the temporary difference between the

fair value and the fiscal value of the real estate).

Exit tax

The exit tax is a tax on the added value determined on a taxed merger, split or equated transaction of a RREC with a Belgian company that is not a RREC.

If this company is included in the consolidated group statements for the first time, the exit tax is charged to the equity of that company. If the company is not immediately merged with the RREC, adjustments to the exit tax liabilities that would prove to be necessary at the time of the merger in relation to the amount

provided for are recognised in the global result statement.

The exit tax rate as at 31 December 2024 was 15%.

The exit tax is calculated on the basis of the deferred added value and the exempted reserves of the real estate company that makes the contribution through a merger, split or equated action. The deferred added value is the positive difference between the actual fiscal value of the equity of the relevant real estate company (that has been split off) less the previously assumed fiscal depreciation, amortisation and impairments. Existing tax deferrals (deductible losses, transferred notional interest deductions, etc.) can be deducted from the taxable base. The actual fiscal value is the value with costs paid by the buyer, i.e., after deduction of registration rights or VAT, and may differ from the fair value of the real estate shown in the RREC\u2019s balance sheet in accordance with IAS 40.

Segment information

In accordance with IFRS 8, the Company makes a distinction between the 4 geographical segments in which it operates: Belgium, The Netherlands, Spain and Ireland.

In addition, the Company also makes a distinction between the investment properties on the one hand and the finance leases on the other, as a result of which it also prepares segment reporting per business model.

The segmented information has been prepared taking into account the operating segments and the information used internally to take decisions. The operating results are regularly assessed by the Chief Operating Decision Maker (senior officers of the Company) or CODM in order to take decisions regarding the distribution of available resources and to determine the performance of the segment. Within Care Property Invest nv the Executive Committee acts as CODM.

For the accounting policies we refer to Note 2: Accounting policies. Every group of companies under a joint control is considered to be the same customer. The revenue from transactions with these customers must be stated if it exceeds 10% of the turnover. For Care Property Invest nv, for the 2024 financial year, this concerns the following customers:

Colis\u00e9e with a share of 13.48% of the total revenue spread over 7 properties in Belgium;

Vulpia with a share of 10.70% of the total revenue spread over 8 buildings in Belgium.

The segmented information includes the results, assets and liabilities that can be attributed to a specific segment either directly or on a reasonable basis.

Segmented information \u2013 result per country

Amounts in EUR

31/12/2024

Belgium

The Netherlands

Spain

Ireland

Non allocated amounts

TOTAL

Net rental result

47,589,480

11,974,365

5,180,135

4,869,612

69,613,592

Property operating result

47,576,800

11,973,545

5,180,113

4,869,612

69,600,071

General expenses of the Company

-11,637,321

-11,637,321

Other operating income and expenses

232,306

232,306

Operating result before portfolio income

47,576,800

11,973,545

5,180,113

4,869,612

-11,405,015

58,195,055

Changes in the fair value of investment properties

-5,536,753

-1,197,881

-872,097

-383,280

-7,990,010

Operating result

42,040,047

10,775,664

4,308,017

4,486,332

-11,405,015

50,205,045

Financial result

-23,294,763

-23,294,763

Result before taxes

26,910,283

Taxes

-1,169,218

-1,169,218

NET RESULT

25,741,065

GLOBAL RESULT

25,741,065

Amounts in EUR

31/12/2023

Belgium

The Netherlands

Spain

Ireland

Non allocated amounts

TOTAL

Net rental result

46,568,854

10,654,953

4,571,707

4,110,050

65,905,564

Property operating result

46,558,547

10,654,396

4,557,104

4,110,050

65,880,097

General expenses of the Company

-10,912,163

-10,912,163

Other operating income and expenses

-2,327,627

-2,327,627

Operating result before portfolio income

46,558,547

10,654,396

4,557,104

4,110,050

-13,239,790

52,640,307

Changes in the fair value of investment properties

-6,746,865

-7,708,409

-2,619,684

-8,721,897

-25,796,855

Operating result

39,811,682

2,945,987

1,937,420

-4,611,847

-13,239,790

26,843,452

Financial result

-35,070,838

-35,070,838

Result before taxes

-8,227,386

Taxes

2,469,572

2,469,572

NET RESULT

-5,757,814

GLOBAL RESULT

-5,757,814

Segmented information - balance sheet per country

Amounts in EUR

31/12/2024

Belgium

The Netherlands

Spain

Ireland

Non allocated amounts

TOTAL

TOTAL ASSETS

745,351,301

236,387,328

113,216,835

94,957,763

36,033,772

1,225,946,999

Investment properties

570,720,060

236,387,328

113,216,835

94,957,763

1,015,281,986

Investment properties

569,972,235

221,478,363

102,668,689

94,957,763

989,077,050

Investment properties - project developments

14,346,808

10,548,146

24,894,954

Investment properties - rights in rem

747,825

562,157

1,309,982

Finance leases

174,631,241

174,631,241

Other assets

36,033,772

36,033,772

TOTAL EQUITY AND LIABILITIES

1,225,946,999

1,225,946,999

Shareholders Equity

626,887,724

626,887,724

Liabilities

599,059,276

599,059,276

Amounts in EUR

31/12/2023

Belgium

The Netherlands

Spain

Ireland

Non allocated amounts

TOTAL

TOTAL ASSETS

741,920,114

230,635,971

110,021,881

87,560,202

49,771,688

1,219,909,857

Investment properties\u00a0

566,246,838

230,635,971

110,021,881

87,560,202

994,464,892

Investment properties\u00a0

565,502,567

208,872,052

86,326,881

73,348,129

934,049,628

Investment properties - project developments

21,196,965

23,695,000

14,212,073

59,104,038

Investment properties -rights in rem

744,272

566,954

1,311,226

Finance leases

175,673,276

175,673,276

Other assets

49,771,688

49,771,688

TOTAL EQUITY AND LIABILITIES

1,219,909,857

1,219,909,857

Shareholders Equity

638,135,493

638,135,493

Liabilities

581,774,364

581,774,364

Segmented information \u2013 result per business model

Amounts in EUR

31/12/2024

Investment properties

Finance leases

Non allocated amounts

TOTAL

Net rental result

51,957,634

17,655,959

69,613,592

Property operating result

51,944,095

17,655,976

69,600,071

General expenses of the Company

-6,051,159

-5,586,162

-11,637,321

Other operating income and expenses (1)

975,941

-743,636

232,306

Operating result before portfolio income

46,868,877

11,326,178

58,195,055

Changes in the fair value of investment properties

-7,990,010

-7,990,010

Operating result

38,878,867

11,326,178

50,205,045

Financial result

-23,294,763

-23,294,763

Result before taxes

26,910,283

Taxes

-1,169,218

-1,169,218

NET RESULT

25,741,065

GLOBAL RESULT

25,741,065

Reconciliation EBITDA:

Operating result before portfolio income

46,868,877

11,326,178

58,195,055

Corrections:

Depreciations, impairments and reversal of impairments

278,247

309,598

587,845

Projects' profit or loss margin attributed to the period

776,454

776,454

EBITDA

47,147,124

12,412,231

59,559,354

EBITDA SHARE BY SEGMENT in %

79.16%

20.84%

100.00%

Other operating income and expenses include an amount of \u20ac467,616 in project management fees related to the recovery of pre-financing costs of ongoing Dutch projects (investment properties).

Amounts in EUR

31/12/2023

Investment properties

Finance leases

Non allocated amounts

TOTAL

Net rental result

48,088,996

17,816,568

65,905,564

Property operating result

48,067,922

17,812,175

65,880,097

General expenses of the Company

-6,137,232

-4,774,931

-10,912,163

Other operating income and expenses (1)

525,149

-2,852,776

-2,327,627

Operating result before portfolio income

42,455,839

10,184,468

52,640,307

Changes in the fair value of investment properties

-25,796,855

-25,796,855

Operating result

16,658,984

10,184,468

26,843,452

Financial result

-35,070,838

-35,070,838

Result before taxes

-8,227,386

Taxes

2,469,572

2,469,572

NET RESULT

-5,757,814

GLOBAL RESULT

-5,757,814

Reconciliation EBITDA:

Operating result before portfolio income

42,455,839

10,184,468

52,640,307

Corrections:

Depreciations, impairments and reversal of impairments

234,028

260,397

494,425

Projects' profit or loss margin attributed to the period

2,770,061

2,770,061

EBITDA

42,689,866

13,214,926

55,904,793

EBITDA SHARE BY SEGMENT in %

76.36%

23.64%

100.00%

Other operating income and expenses include an amount of \u20ac551,389 in project management fees related to the recovery of pre-financing costs of ongoing Dutch projects (investment properties).

For the allocation of 'General expenses of the Company' and 'Other operating income and expenses', for those expenses and income that cannot be allocated exclusively, an allocation key based on the number of projects within each business model was used. For both financial years, the portfolio of 150 projects consists of 79 finance leases and 71 investment properties.

The profit or loss margin attributed to the period which is adjusted to reach the EBITDA concerns the amortisation of capital gains and provision for service costs. For further explanation, please refer to \u2018\u2018T 2.8 Finance lease receivables & trade receivables\u2019 on page 271. These items are non-cash items that are adjusted as part of the calculation of adjusted EPRA earnings and the EBITDA.

Segmented information - balance sheet per business model

Amounts in EUR

31/12/2024

Investment properties

Finance leases

Non allocated amounts

TOTAL

TOTAL ASSETS

1,015,281,986

174,631,241

36,033,772

1,225,946,999

Investment properties

1,015,281,986

1,015,281,986

Finance leases

174,631,241

174,631,241

Other assets

36,033,772

36,033,772

TOTAL EQUITY AND LIABILITIES

1,225,946,999

1,225,946,999

Shareholders Equity

626,887,724

626,887,724

Liabilities

599,059,276

599,059,276

Amounts in EUR

31/12/2023

Investment properties

Finance leases

Non allocated amounts

TOTAL

TOTAL ASSETS

994,464,892

175,673,276

49,771,688

1,219,909,857

Investment properties

994,464,892

994,464,892

Finance leases

175,673,276

175,673,276

Other assets

49,771,688

49,771,688

TOTAL EQUITY AND LIABILITIES

1,219,909,857

1,219,909,857

Shareholders Equity

638,135,493

638,135,493

Liabilities

581,774,364

581,774,364

Financial risk management

The list of risks described in this chapter is not exhaustive. Within the framework of the Prospectus Regulation, the Company has limited itself to the financial risks that apply specifically to it and therefore not to the overall real estate sector, RREC sector or all listed companies and those that are also material. The market risks, operational risks, regulatory risks and other risks were described in chapter \u2018I. Risk factors\u2019 on page 24et seq. of the annual report.

Risks associated with liquidity due to non-compliance with covenants and statutory financial parameters

Description of the risk

This risk can be described as the risk of non-compliance with statutory or contractual requirements to comply with certain financial parameters under the credit agreements, which could lead to their cancellation or renegotiation.

The main covenants cover the following:

A maximum debt ratio of 60%.As at 31 December 2024, the consolidated debt ratio of the Company was 47.73%, resulting in an available space of \u20ac369.8 million. The limitation of the debt ratio to 60% is included in the credit agreements for a total amount of \u20ac518,812,573 (of which, as at 31 December 2024, an amount of \u20ac379,812,573 was drawn or 67.1% of the total financial debts drawn). For more information on the debt ratio, reference is made to \u2018T 4.2 Risks associated with the evolution of the debt ratio\u2019 on page 286.

An interest coverage ratio (being the operating result before the result on the portfolio, divided by the interest charges paid) of at least 2.5.As at 31 December 2024 the interest coverage ratio was 3.22 compared to 3.44 as at 31 December 2023. The Company\u2019s interest charges must increase by \u20ac5,187,618 or from \u20ac18,090,404 to \u20ac23,278,022 in order to reach the required minimum of 2.5. However, severe and abrupt pressure on the operating result could jeopardise compliance with the interest coverage ratio parameter. The operating result before result on portfolio must fall by 22.3% from \u20ac58,195,055 to \u20ac45,226,009 before the limit of 2.5 is reached.

A minimum consolidated portfolio size of \u20ac650 million.

In addition, the risk of early termination exists in the event of a change of control of the Company, in the event of a breach of 'negative pledge' or other covenants and obligations of the Company and, more generally, in the event of default as defined in these financing agreements. A default (it should be noted that certain instances of 'default' or breach of covenants, such as a change of control, included in all financing agreements, are outside the control of the Company) under one financing agreement may, pursuant to so-called 'cross acceleration' or 'cross default' provisions, additionally lead to defaults under other financing agreements (irrespective of the grant of any 'waivers' by other credit providers, in the case of a 'cross default' provision) and may thus lead to the mandatory early repayment by the Company of all such lines of credit.

Potential impact for the company

The potential impact concerns any cancellation of loans and damaged trust between investors and bankers on non-compliance with contractual covenants. It is possible that the Company would no longer be able to raise the external financing necessary for its growth strategy on favourable terms or that the market conditions are of a nature that necessary external financing can no longer be found for the activities of the Company.

The Company runs the risk of the termination, renegotiation or cancellation of financing agreements or that these contain an obligation to make early repayment if certain undertakings, such as compliance with financial ratios, are not met. This could lead to liquidity problems, in view of the similar character in the covenants of the financial institutions of the maximum debt ratio or interest coverage ratio of a cumulative nature and could force the Company to liquidate fixed assets (e.g., sale of real estate) or to implement a capital increase or other measures in order to bring the debt level below the required threshold. There is also a possibility that the regulator will impose sanctions or tighter supervision in the event of failure to comply with certain statutory financial parameters (e.g., compliance with the statutory debt ratio, as laid down in Article 13 of the RREC RD).

The consequences for the shareholders could include (i) a reduction in the equity and, therefore, the net asset value (NAV), because a sale must take place at a price below that book value and (ii) a dilution can take place because a capital increase will have to be organised and this will have an impact on the value of the shares and the future dividend prospects.

The Company intrinsically estimates the probability of this risk factor as average. The impact of the intrinsic risk is estimated as average to high.

Restrictive measures and management of the risk

To mitigate these risks, the Company pursues a prudent financial policy with constant monitoring to meet the financial parameters of the covenants.

The Company estimates the residual risk, i.e. taking into account the limiting factors of the risk and its control as described above, as average in terms of probability and average to high in terms of impact.

Risks associated with the evolution of the debt ratio

Description of the risk

The Company\u2019s borrowing capacity is limited by the statutory maximum debt ratio of 65% which is permitted by the RREC Law. At the same time, thresholds have been set in the financing contracts concluded with financial institutions. The maximum debt ratio imposed by the financial institutions is 60% (see also \u2018T 4.1 Risks associated with liquidity due to non-compliance with covenants and statutory financial parameters\u2019 on page 284).

The Company runs the risk of the termination, renegotiation or cancellation of financing agreements or that these contain an obligation to make early repayment if certain undertakings, such as compliance with financial ratios included in covenants, are not met. On exceeding the statutory maximum threshold of 65%, the Company runs the risk of losing its RREC certificate through withdrawal by the FSMA.

In general, it is possible that the Company would no longer be able to raise the external financing necessary for its growth strategy on favourable terms or that the market conditions are of a nature that necessary external financing can no longer be found for activities of the Company.

As at 31 December 2024, the consolidated debt ratio amounted to 47.73%, compared to 46.65% as at 31 December 2023. As at 31 December 2024, the Company has an additional debt capacity of \u20ac594.8 million before reaching a debt ratio of 65% and of \u20ac369.8 million before reaching a debt ratio of 60%.

The value of the real estate portfolio also has an impact on the debt ratio.

Taking account of the capital base as at 31 December 2024, the maximum debt ratio of 65% would be exceeded only with a potential fall in the value of the real estate portfolio of about \u20ac320.0 million, or 31.5% of the real estate portfolio of \u20ac1,015.3 million as at 31 December 2024. With a fall in the value of about \u20ac246.5 million, or 24.3% of the real estate portfolio, the debt ratio of 60% would be exceeded.

The Company does wish to note that it has contracted payment obligations for the unrealised part of the developments that it has already included in its balance sheet, representing \u20ac2.5 million. It has also entered into agreements whereby projects acquired under suspensory conditions, have been effectively acquired, totaling an amounting to \u20ac10.1 million. As a result, as at 31 December 2024, the available capacity on the debt ratio amounts to \u20ac357.2 million before reaching a debt ratio of 60% and \u20ac582.2 million before reaching a debt ratio of 65%.

Potential impact for the Company

The potential impact concerns the risk that statutory sanctions may be imposed if certain thresholds are exceeded (including a prohibition of payment of a dividend) or that a breach of certain conditions of the financing contracts is committed.

Like all public RRECS, Care Property Invest is subject to tighter supervision by the supervisory authority of compliance with these maximum debt levels.

The Company intrinsically assesses the probability of the debt ratio exceeding 60% as low and the impact of the intrinsic risk as high.

Restrictive measures and management of the risk

In this case too, it pursues a prudent financial policy with continual monitoring of all planned investments and earnings forecasts, and the coordination of the possibility of a capital increase under the forms permitted by the RREC legislation in order to avoid any statutory sanctions for exceeding this maximum limit at all times.

The Company estimates the residual risk, i.e. taking into account the limiting factors of the risk as described above, related to the risk of the debt ratio exceeding 60% as low in terms of probability and high in terms of impact.

Risks associated with the cost of the capital

Description of the risk

This risk can be described as the risk of unfavourable fluctuations in interest rates, an increased risk premium in the stock markets and/or an increase in the cost of the debts.

Potential impact for the Company

The potential impact concerns a material increase in the weighted average cost of the Company\u2019s capital (equity and debts) and an impact on the profitability of the business as a whole and of new investments.

As at 31 December 2024, the fixed-interest and floating rate loans accounted for 19.04% and 80.96% of the total financial liabilities respectively. The percentage of floating-rate debt contracted that was converted into a fixed-rate instrument through a derivative instrument (relative to total financial liabilities) amounted to 66.33% as at 31 December 2024. The total hedge ratio thus amounted to 85.37%. As at 31 December 2023, it amounted to 94.32%.

Based on the outstanding credits as at 31 December 2024, if interest rates were to increase by 1%, the weighted average interest cost on closing date, including interest rate swaps, would increase from 3.32% to 3.46%. This would result in an increase in the cost of capital of 0.07%, assuming the cost of debt is included for 50% in the cost of capital and assuming no change in the cost of equity.

A change in the interest curve of 1% (upward) would have an impact on the fair value of the credit portfolio of approximately \u20ac5.0 million. The conclusion relating to the impact of the change in the interest curve can be continued on a linear basis.

A 1% increase/decrease in interest rates would have a positive/negative impact on the global result statement via the variations in the fair value of financial assets/liabilities amounting to \u20ac0.622/\u20ac-0.672 per share but a negative/positive impact on the distributable result and also on the global result due to the increase/decrease of a part of the net interest costs exposed to the fluctuations in interest rates.

The increase in the required risk premium on the stock markets could result in a fall in the price of the share and make financing of new acquisitions more costly for the Company.

The Company intrinsically assesses the probability of this risk factor as well as the impact of this risk as average.

Restrictive measures and management of the risk

With regard to the initial portfolio, Care Property Invest protects itself against interest rate rises through the use of fixed-interest contracts or swaps. For the initial portfolio(1), only the renewable loans at Belfius, amounting to \u20ac6,9 million, are subject to a limited interest risk, as these loans are subject to review every three years. For the new portfolio(2), the outstanding commercial paper of \u20ac84.0 million and various roll-over credits and term loans with variable interest rates with various financial institutions with an outstanding amount of \u20ac338.2 million as at 31 December 2024 are subject to changes in interest rates on the financial markets. Care Property Invest aims to hedge itself against fixed interest rates for at least 80%. In this way the Company wishes to anticipate the risk that the increase in interest rates will be primarily attributable to an increase in real interest rates.

The initial portfolio relates to the finance leases (with as at 31/12/2024 a balance sheet value (finance lease receivables) of \u20ac156,518,610 and a generated rental flow of \u20ac17,162,009) that the Company entered into until 2014.

\"\"

(2)\tThe new portfolio as referred to here refers to the finance leases (with a balance sheet value as at 31/12/2024 of \u20ac9,921,081 and a generated rental flow of \u20ac493,950) and the investment properties, (with a balance sheet value as at 31/12/2024 of \u20ac1,015,281,986 and a generated rental flow of \u20ac51,957,634), that the Company acquired after 2014.

There are also 8 loans with revisable interest for the new portfolio, of which the total outstanding amount was \u20ac2.3 million as of 31 December 2024. Care Property Invest monitors movements in interest rates with close attention and will hedge itself timely against any excessively high increase in interest rates.

Further explanation on the credit lines are provided in this chapter in item \u2018T 5.9 Net interest charges\u2019 on page 296, \u2018T 5.27 Financial liabilities\u2019 on page 310and \u2018T 5.16 Financial fixed assets and other non-current financial liabilities\u2019 on page 302. If the increase in interest rates results from an increase in the level of inflation, the indexation of the rental income also serves as a tempering factor, albeit only after the indexation of the lease agreements can be implemented, so that there is a delaying effect here.

In general, Care Property Invest aims to build up a relationship of trust with its bank partners and investors and maintains a continual dialogue with them in order to develop a solid long-term relationship.

Nevertheless, the Company continues to regard this risk as material.

Risks associated with the use of derivative financial products

Description of the risk

This risk can be described as the risk of the use of derivatives to hedge the interest rate risk. The fair value of the derivative products is influenced by fluctuations in interest rates in the financial markets. The fair value of the derivative financial products amounted to \u20ac-176,988 as at 31 December 2024, compared to \u20ac4,002,391 as at 31 December 2023. The variation in their fair value amounted to \u20ac4,409,379 as at 31 December 2024.

Potential impact for the Company

The potential impact concerns the complexity and volatility of the fair value of the hedging instruments and consequently, also the net asset value (NAV), as published under the IFRS standards and also the counter-party risk in relation to partners with which we contract derivative financial products. The decrease in the fair value of the authorised hedging instruments amounting to \u20ac4,409,379 represents a decrease in the net result and in the net asset value (NAV) of \u20ac0.12, without having an impact on the adjusted EPRA Earnings and, therefore, the capacity of the Company to pay its proposed dividend. An increase in market interest rates by 1% results in an increase in the fair value of the derivative financial products amounting to \u20ac23,015,932 or \u20ac0.622 per share and an increase in the net asset value (NAV) also amounting to \u20ac0.622 per share.

A fall in market interest rates by 1% results in a diminution in the fair value amounting to \u20ac-24,872,666 or \u20ac-0.672 per share and a fall in the net asset value (NAV) per share amounting to the same amount.

The Company assesses the probability of this risk factor as well as the impact intrinsically as average.

Restrictive measures and management of the risk

All derivative financial products are held solely for hedging purposes. No speculative instruments are held. All derivative financial products are interest rate swaps. Care Property Invest also works only with reputable financial institutions (Belfius Bank, KBC Bank, BNP Paribas Fortis, ABN AMRO and ING).

The Company conducts frequent talks with these financial institutions on the evolution of the interest rates and the impact on the existing derivative financial products. The Company also monitors the relevant interest rates itself.

However, the current economic situation is causing increased volatility and pressure on interest rates so this monitoring becomes all the more important to counter volatility. In addition, it will not be certain that the Company will find the hedging instruments it wishes to enter into in the future, nor that the terms associated with the hedging instruments will be acceptable.

The Company estimates the residual risk, i.e. taking into account the mitigating factors and controlling the risk, as low in terms of probability and average in terms of impact

Notes to the consolidated financial statements

Net result per share

Amounts in EUR

31/12/2024

31/12/2023

NET RESULT / GLOBAL RESULT

25,741,065

-5,757,814

Net result per share based on weighted average shares outstanding

\u20ac 0.6959

-\u20ac 0.1557

Gross yield compared to the initial issuing price in 1996

11.70%

-2.62%

Gross yield compared to stock market price on closing date

6.09%

-1.09%

Components of the net result

Amounts in EUR

31/12/2024

31/12/2023

NET RESULT / GLOBAL RESULT

25,741,065

-5,757,814

NON-CASH ELEMENTS INCLUDED IN THE NET RESULT

14,012,538

43,739,445

Depreciations, impairments and reversal of impairments

587,845

494,425

Changes in fair value of investment properties

7,990,010

25,796,855

Changes in fair value of derivatives

4,347,695

17,841,635

Projects' profit or loss margin attributed to the period

776,454

2,770,061

Deferred taxes

310,534

-3,163,531

ADJUSTED EPRA EARNINGS

39,753,603

37,981,630

Adjusted EPRA earnings per share based on weighted average number of outstanding shares

\u20ac 1.0747

\u20ac 1.0268

Gross yield compared to the initial issuing price in 1996

18.06%

17.26%

Gross yield compared to stock market price on closing date

9.41%

7.20%

Both the weighted average number of outstanding shares and the number of shares amounted to 36,988,833 as at 31 December 2023 and as at 31 December 2024. At neither date did the Company hold any treasury shares.

The gross return is calculated in table \u2018T.5.1 Net result per share on a consolidated basis\u2019 by dividing the net result per share by the initial issue price in 1996 (i.e., \u20ac5.9495) on the one hand and the market value on the closing date on the other hand. In table \u2018T.5.2 Components of the net result\u2019, the gross yield is calculated by dividing the adjusted EPRA earnings per share by the initial issue price in 1996 (i.e., \u20ac5.9495), on the one hand, and the market price on the closing date, on the other. The share price was \u20ac11.42 as at 31 December 2024 and \u20ac14.26 as at 31 December 2023. There are no instruments that have a potentially dilutive effect on the net result per share.

Rental income

Amounts in EUR

31/12/2024

31/12/2023

Rental income and rental discounts for investment properties

51,957,634

48,088,996

Rent

50,356,503

46,279,419

Rental discounts

1,601,131

1,809,578

Income from financial leases and other similar leases

17,655,959

17,816,568

Ground rent

17,655,959

17,816,568

TOTAL

69,613,592

65,905,564

The item \u2018Rental income and rental discounts for investment properties\u2019 concerns the income from I.C. Investment properties, accounted for in accordance with IAS 40. As at 31 December 2024, these represent 74.64% of the Company\u2019s total rental income.

The item \u2018Rental income from finance leases and similar\u2019 concerns the rental income from buildings, which the Company owns and which it receives as lessor and were recorded as rental income in the global result statement, as they relate to recurring income that the Company receives from its buildings(1). This rental income relates on the one hand to the portfolio built up until 2014 with local PCSWs (public centre for social welfare -local governments) and charitable non-profit organisations (initial portfolio(2))and on the other hand to new leases entered into after 2014 (new portfolio(3)), all of which are generated by I.F. Finance lease receivables in the consolidated balance sheet. For the finance leases from the new portfolio, the ground rent payments are split between \u2018investment value\u2019 and \u2018income\u2019: the investment part is booked under I.F. Finance lease receivables in the balance sheet, the income part is booked under I. Rental income in the global result statement. As at 31 December 2024, the ground rent received by the Company from its finance leases represents 25.36% of the Company\u2019s total rental income.

The 5.63% increase in rental income is mainly explained by (i) the acquired and completed investment properties during the 2023 and 2024 financial years (\u20ac2.9 million) and (ii) the indexation of the pre-existing leases (unchanged portfolio) which was fully passed on and averages 1.62% as at 31 December 2024 (\u20ac1.0 million).

(1)For a detailed legal analysis, see chapter \u2018Report of the Board of Directors\u2019 under \u20181. Mission and strategy\u2019 on page 50.

\"\"

(2)The initial portfolio concerns the finance leases that the Company entered into until 2014 (with as at 31/12/2024 a balance sheet value of \u20ac156,518,610 and a generated rental flow of \u20ac17,162,009).

(3)The new portfolio concerns the finance leases (with as at 31/12/2024 a balance sheet value of \u20ac9,921,081 and a generated rental flow of \u20ac493,950).

Future ground rent receipts (in accordance with IFRS 16)(1)

Amounts in EUR

31/12/2024

31/12/2023

Future ground rent and rent payments

146,215,792

160,705,642

Expiring < 1 year

17,052,728

17,660,225

Expiring between 1 year and 2 years

15,638,342

16,722,303

Expiring between 2 years and 3 years

14,665,646

15,374,875

Expiring between 3 years and 4 years

13,508,952

14,470,742

Expiring between 4 years and 5 years

11,557,598

13,328,422

Expiring > 5 years

73,792,526

83,149,075

In order to give an accurate picture, past indexations are now taken into account and the figures as at 31 December 2023 have been adjusted.

Future ground rents are at least equal to the contractually agreed ground rents for the entire duration of the project and do not take into account any futureannual index adjustments. For the finance leases from the new portfolio, these also include the repayment of the investment, which at the time of receipt will be written off from I.F. Finance lease receivables in the balance sheet.

Recovery of rental charges and taxes normally borne by the tenant on let properties

Amounts in EUR

31/12/2024

31/12/2023

Recuperated withholding tax and other taxes

901,257

751,452

Recuperated other costs

282,312

240,643

TOTAL

1,183,569

992,095

Rental charges and taxes normally payable by the tenant on let properties

Amounts in EUR

31/12/2024

31/12/2023

Rental charges borne by the owner

-9,228

-19,813

Withholding tax and other taxes to recover

-901,257

-751,452

Other costs to recuperate

-282,312

-240,643

TOTAL

-1,192,796

-1,011,909

General expenses of the Company

Amounts in EUR

31/12/2024

31/12/2023

Auditor's fee

-122,970

-180,552

Fees for notary, lawyers and architects

-188,079

-343,148

External advice

-438,624

-554,146

Public relations, communications & marketing

-127,706

-189,912

IT

-295,530

-248,343

Costs linked to the status of the RREC

-634,018

-404,934

Costs of real estate expert

-348,151

-371,035

Remuneration of directors, CEO and Executive Committee members

-4,623,586

-2,916,385

Remuneration

-3,083,726

-3,146,270

Depreciations and impairments

-578,136

-480,012

Other general operating expenses

-1,196,794

-2,077,425

TOTAL

-11,637,320

-10,912,162

Costs relating to acquisitions are activated in accordance with IAS 40.

The Company's general expenses increased by \u20ac725,158 compared to 31 December 2023. The increase can be attributed to (i) increased management fees in connection with the reorganisation within the Board of Directors and the recruitment process of the new CEO (for additional details on the remuneration of the directors and the Board of Directors, please consult chapter \u2018III. Report of the Board of Directors\u2019 item \u201811.11 Remuneration report 2024\u2019 on page 110), (ii) an increase in the UCI tax following the growth of the Company, offset by (iii) a limited decrease in the remuneration and staff-related costs of the Company (in fact, the indexation as at 1 January 2024 was offset by the decrease in average workforce from 26.3 FTEs as at 31 December 2023 to 24.9 FTEs as at 31 December 2024) and (iv) a decrease in other general expenses mainly due to lower prospecting costs.

Care Property Invest has taken out a defined contribution type group insurance policy (\u2018Defined Contribution Plan\u2019) for its permanent staff with Belfius Bank & Insurance. The contributions to this plan are entirely at the expense of Care Property Invest. In particular, no own contributions are paid by the employee. Belfius Bank has confirmed that as at 31 December 2024 the minimum return, including profit participation, has been achieved. In other words, no provision needs to be made.

Other operating costs and income of the Company

Amounts in EUR

31/12/2024

31/12/2023

Costs

-1,221,401

-3,580,921

Taxes

-148,279

-204,682

Costs to be charged on

-11,035

-8,607

Real estate leases - loss margin attributed to the period

-918,607

-3,242,977

Cost of projects under construction

0

-10,069

Other operating expenses

-143,480

-114,586

Income

1,453,707

1,253,294

Costs charged on

26,539

23,686

Project management fees

467,616

551,389

Real estate leases - profit margin attributed to the period

142,153

472,916

Other operating income

817,398

205,303

TOTAL

232,306

-2,327,627

Other operating expenses mainly consist of the loss margin for the projects attributed to the period, which decreased sharply compared to 2023 due to the one-off write-off (non-cash) in 2023 of an outstanding trade receivable of a Belgian property (finance lease), after the Company was notified of the bankruptcy of the operator involved.

Other operating income consists of: (i) the project management fees, which relates to the recovery of the pre-financing costs of ongoing Dutch projects, (ii) profit margin (non-cash) for projects allocated to the period and (iii) other operating income. The latter includes a received compensation of \u20ac300,000 following a settlement agreement concluded with a project developer, as well as some compensation for delayed completion.

Changes in the fair value of investment properties

Amounts in EUR

31/12/2024

31/12/2023

Positive variations in the fair value of investment properties

6,296,691

8,094,495

Negative variations in the fair value of investment properties

-14,286,701

-33,891,349

TOTAL

-7,990,010

-25,796,855

The real estate experts value the Company\u2019s investment properties on its balance sheet on a quarterly basis in accordance with IAS 40. An administrative correction was made for rent-free periods awarded to operators of the real estate, as the real estate expert already takes account of the future cash flows (including rent discounts) and double counting would otherwise occur.

Variations in fair value of investment properties remained relatively stable during the current financial year and, with an unchanged portfolio, experienced only a limited decrease of -0.64% or \u20ac -7,990,010 compared to the previous financial year. These are unrealised variations corrected in the adjusted EPRA earnings.

Net interest charges

Amounts in EUR

31/12/2024

31/12/2023

Nominal interest charges on loans

-23,939,846

-18,623,073

Bonds - fixed interest rate

-668,803

-900,634

Commercial paper - floating interest rate

-2,836,974

-1,102,577

Investment loans - fixed interest rate

-3,567,718

-3,702,907

Investment loans - floating interest rate

-16,866,350

-12,916,955

Cost of authorised hedging instruments

5,965,351

3,436,809

Authorised hedging instruments that are not subject to hedge accounting as defined in IFRS

5,965,351

3,436,809

Other interest charges

-115,909

-109,482

TOTAL

-18,090,404

-15,295,746

Interest charges increased mainly due to (i) higher average market interest rates for the full financial year compared to 2023 and (ii) the maturity during the 2023 and 2024 financial years of some loans with favourable fixed interest rates. This therefore reflects in an increase of the weighted average interest rate over the period. This amounts to 3.22% as at 31 December 2024 compared to 2.90% as at 31 December 2023. However, this weighted average interest rate decreased compared to Q3 2024 when it amounted to 3.25% and this as a result of declining market interest rates.

The average remaining duration of the loans is 4.52 years as at 31 December 2024.

The costs and revenues of financial instruments used for hedging purposes are interest flows paid or received by the Company in relation to derivatives that are presented and analysed in the notes to the liabilities in item \u2018T 5.16 Financial fixed assets and other non-current financial liabilities\u2019 on page 302.

Other financial costs

Amounts in EUR

31/12/2024

31/12/2023

Bank charges and other commissions

-862,834

-1,954,915

TOTAL

-862,834

-1,954,915

Changes in the fair value of financial assets and liabilities

Amounts in EUR

31/12/2024

31/12/2023

Changes in the fair value : derivatives (positive)

420,432

497,991

Changes in the fair value : derivatives (negative)

-4,768,127

-18,339,626

TOTAL

-4,347,695

-17,841,635

Taxes

Amounts in EUR

31/12/2024

31/12/2023

Corporate income tax

-1,204,662

2,450,362

Parent company

-294,976

-206,565

Result before taxes

26,000,597

-5,551,249

Result exempt from tax thanks to the RREC regime

-26,000,597

5,551,249

Taxable result in Belgium related to non-deductible expenses

685,890

646,427

Belgian taxes due and deductible

-171,473

-161,607

Other

-123,504

-44,958

Subsidiaries

-909,686

2,656,927

Foreign taxes due and deductible

-909,686

2,656,927

Exit tax\u00a0

35,444

19,210

TOTAL

-1,169,218

2,469,572

Corporate income tax consists of the taxes payable on Care Property Invest's rejected expenses (as a RREC, it is taxed only on its rejected expenses, abnormally gratuitous benefits and secret commissions) and the tax on the profits of its consolidated subsidiaries in Belgium and abroad. Also in The Netherlands (FBI, except for Care Property Invest.NL10 BV (application filed but not yet formally confirmed and Care Property Invest.NL11 BV (no application filed)) and Spain (Socimi), the subsidiaries are subject to a favourable tax status (similar to the Belgian GVV/RREC status) which result in a tax rate of 0%.

The applicable Belgian corporate income tax rate is 25% for the 2023 and 2024 financial years.

Intangible fixed assets

Amounts in EUR

31/12/2024

31/12/2023

Book value at the beginning of the financial year

87,118

91,656

Gross amount

330,545

294,059

Accumulated depreciation

-243,427

-202,403

Investments

34,425

36,486

Depreciation

-19,334

-41,024

Book value at the end of the financial year

102,209

87,118

Gross amount

364,970

330,545

Accumulated depreciation

-262,761

-243,427

The intangible fixed assets relate to licences.

Investment properties

2024

2023

Amounts in EUR

Real estate in operation

Project Developments

Rights in rem

Real estate in operation

Project Developments

Rights in rem

Book value on 1 January

934,049,628

59,104,038

1,311,226

880,418,260

52,484,567

1,366,002

Acquisitions through purchase or contribution

695,738

16,475,880

43,425

38,940,493

45,006,239

176,241

Change in fair value excl. rental discount

-6,318,861

-25,175

-44,669

-21,995,604

-1,700,290

-231,016

Transfer to/from other items(1)

60,650,545

-50,659,789

36,686,478

-36,686,478

Book value on 31 December

989,077,050

24,894,954

1,309,982

934,049,628

59,104,038

1,311,226

2024\t:Completion of the projects \u2018Residence Wolfsbergen\u2019 in \u2018s-Graveland (NL), 'Residence Oldenbarnevelt' in Rotterdam (NL), 'Solimar Tavernes Blanques' in Tavernes Blanques (ES), 'La Marina' in Barcelona (ES) and 'Sugarloaf Care Centre' in Kilmacanogue (IE).2023:\u00a0Completion of the projects \u2018Villa Stella\u2019 in Middelburg (NL), \u2018Zorghuis Tante Clasien\u2019 in Zuidwolde (formerly Warm Hart) (NL), \u2018Envida Ulestraten\u2019 in Ulestraten (formerly Warm Hart) (NL), and \u2018Emera Mostoles\u2019 in Mostoles (ES).\u00a0Also includes a reclassification from \u2018II.A Assets held for sale\u2019.

Investment properties are recorded at fair value, using the fair value model, in accordance with the IAS 40 Standard. The fair value is supported by market data and is based on the valuation performed by an independent real estate expert with a relevant and recognised professional qualification who has recent experience in the location and nature of similar investment properties.

The portfolio was valued by Stadim, Cushman & Wakefield and CBRE as at 31 December 2024 for a fair value of \u20ac1.015.3 million (including the rights in rem which are also classified as investment properties in accordance with IFRS 16). The discount/ capitalisation rate applied to the contractual rents averages 6.24% for both 2024 and 2023.

Variations in the fair value of investment properties remained relatively stable during the current financial year. The (limited) negative variation in the valuation of investment properties, is mainly due to the upward pressure on yields, notwithstanding that the Company is still very successful in passing on inflation to its tenants.

The acquisitions and investments of the financial year are discussed in chapter \u2018II. Report of the Board of Directors\u2019 under \u20182.1 Important events during the 2024 financial year\u2019 on page 58. For further information on the development projects, we also refer to chapter \u2018IV. Real estate report\u2019, item \u20183.2 Table summarising the projects under development\u2019 on page 224.

The investment properties\u2019 rights in rem concern leasehold agreements of the Company that are capitalised under the investment properties in accordance with IFRS 16. A leasehold obligation is also linked to this on the liabilities side of the balance sheet.

The fair value is determined using unobservable inputs, as a result of which the assets within the investment properties are considered to be \u2018level 3\u2019 on the fair value scale defined by IFRS 13. During the 2023 financial year there were no shifts between levels 1, 2 and 3.

The main quantitative information on the valuation of the fair value of the investment properties based on unobservable data (level 3) and of those presented below are data from the reports of the independent real estate experts.

Financial year as closed on 31 December 2024

Type of asset

Fair value on 31 Dec 2024 (x \u20ac1,000)

Evaluation method

Unobservable data

Min

Max

Weighted average

Housing for seniors - Investment properties

989,077

DCF/Capitalisation(1)

GHW/m\u00b2

57.0

426.7

135.9

m\u00b2

942

37,287

5,702

Inflation

2.00%

2.32%

2.17%

Discount rate

5.49%

7.42%

6.46%

Capitalisation rate

4.75%

6.20%

5.51%

Remaining duration (years)

0.5

27.5

18.3

Housing for seniors - Project developments

24,895

DCF/Capitalisation(1)

GHW/m\u00b2

90.3

166.0

122.6

m\u00b2

2,935

7,216

4,487

Inflation

2.00%

2.25%

2.17%

Discount rate

6.30%

6.55%

6.43%

Capitalisation rate

5.70%

5.70%

5.70%

Financial year as closed on 31 December 2023

Type of asset

Fair value on 31 Dec 2023 (x \u20ac1,000)

Evaluation method

Unobservable data

Min

Max

Weighted average

Housing for seniors - Investment properties

934,050

DCF/Capitalisation(1)

GHW/m\u00b2

57.2

426.7

133.6

m\u00b2

942

37,287

5,735

Inflation

1.90%

3.03%

2.20%

Discount rate

5.50%

7.67%

6.49%

Capitalisation rate

4.80%

6.00%

5.47%

Remaining duration (years)

0.6

28.5

19.5

Housing for seniors - Project developments

59,104

DCF/Capitalisation(1)

GHW/m\u00b2

41.0

351.6

124.8

m\u00b2

1,700

7,521

4,418

Inflation

1.90%

2.25%

2.07%

Discount rate

6.30%

6.55%

6.40%

Capitalisation rate

4.75%

5.45%

5.19%

For a description of the different evaluation methods, see chapter \u2018VIII Permanent document - item \u20181.11 Real estate expert\u2019 on page 340.

An occupancy rate of 100% is taken into account for the valuation of the buildings.

The differences between the minimum and maximum values are explained by the fact that the different parameters applied in the valuation methods depend on the location of the assets, the quality of the building and the operator, the duration of the lease agreement, etc. Moreover, these unobservable data may be linked because they are partly determined by market conditions.

In accordance with the legal provisions, the buildings are valued at fair value on a quarterly basis by independent real estate experts appointed by the Company. Their reports are based on information provided by the Company, such as contractual rents, tenancy contracts, investment budgets, etc. These data are derived from the Company\u2019s information system and are therefore subject to its internal control environment. Furthermore, the reports were based on assumptions and evaluation models developed by the independent experts based on their professional judgment and market knowledge.

The reports of the independent experts are checked by the Company\u2019s Executive Committee. If the Committee takes the view that the reports of the independent expert are coherent, they are submitted to the Board of Directors.

The sensitivity of the fair value to a variation in the principal unobservable data disclosed is generally presented (if all parameters remain the same) as the effect on decrease or increase, as shown below.

Unobservable data\t

Fair value impact on decrease

Fair value impact on increase

ERV (Estimated Rental Value) m2

Negative

Positive

Inflation

Negative

Positive

Discount rate\t

Positive

Negative

Capitalisation rate

Positive

Negative

Remaining duration (year)\t

Negative

Positive

A 1% fluctuation in value (positive or negative) of the real estate portfolio would have an impact of about 0.40% on the debt ratio. A 1% increase in the discount rate would have a negative impact of 14.70% on the value of investment properties.

Other tangible fixed assets

Amounts in EUR

31/12/2024

31/12/2023

Tangible fixed assets for own use

Book value at the beginning of the financial year

4,385,016

4,647,075

Gross amount

5,465,123

5,651,888

Accumulated depreciation

-1,080,108

-1,004,813

Investments

94,009

63,664

Divestments

-142,792

-250,429

Depreciation

-262,092

-285,294

Reversal of depreciations for divestments

86,722

209,998

Book value at the end of the financial year

4,160,863

4,385,016

Gross amount

5,416,341

5,465,123

Accumulated depreciation

-1,255,478

-1,080,108

Leasing

Book value at the beginning of the financial year

390,333

311,173

Gross amount

643,775

431,714

Accumulated depreciation

-253,442

-120,540

Investments

130,185

238,448

Divestments

-49,690

-26,387

Depreciation

-178,932

-148,128

Reversal of depreciations for divestments

42,672

15,226

Book value at the end of the financial year

334,567

390,333

Gross amount

724,269

643,775

Accumulated depreciation

-389,702

-253,442

Project developments

Book value at the beginning of the financial year

0

23,716

Completions

0

-23,716

Book value at the end of the financial year

0

0

Financial fixed assets and other non-current financial liabilities

Amounts in EUR

31/12/2024

31/12/2023

Loans and receivables

3,796

3,925

Deposits

3,796

3,315

Other financial fixed assets

0

610

Assets at fair value through result

16,521,178

19,460,272

Hedging instruments

16,521,178

19,460,272

TOTAL FINANCIAL FIXED ASSETS

16,524,974

19,464,197

Liablities at fair value liabilities through result

16,698,166

16,002,566

Hedging instruments

16,698,166

15,457,881

Other

0

544,684

TOTAL OTHER NON-CURRENT FINANCIAL LIABILITIES

16,698,166

16,002,566

The assets and liabilities at fair value through the result consist of hedging instruments that are not accounted for in accordance with hedging accounting in application of IFRS 9. The purpose of these instruments is to hedge the Company against interest rate risks. In order to hedge the risk of rising interest rates, the Company has opted for hedging instruments in which the debt at a variable interest rate is converted into a debt at a fixed interest rate (\u2018cash flow hedge\u2019).

In accordance with IFRS 9, the fair value of financial instruments is included under the item financial assets (in case of a positive valuation) or under the item long-term financial liabilities (in case of a negative valuation). Changes in these fair values are accounted for via the changes in fair value of financial assets and liabilities in the global result statement (see note \u2018T 5.11 Changes in the fair value of financial assets and liabilities\u2019 on page 296).

The financial instruments are considered to be \u2018level 2\u2019 on the fair value scale as defined by IFRS 13. All hedges are entered into within the framework of financial risk management as described under \u2018Note 4: Financial risk management\u2019 on page 284. The fair value of the instruments is calculated by the banks on the basis of the present value of the estimated future cash flows. In accordance with IFRS 13, an adjustment is made to the fair value to reflect the bank\u2019s own credit risk (\u2018debit valuation adjustment\u2019 or \u2018DVA\u2019) and the counterparty\u2019s credit rating (\u2018credit valuation adjustment\u2019 or \u2018CVA\u2019).

The following is an overview of the hedging instruments held by the Company as at 31 December 2024.

Counterparty - Instrument

Notional amount

Start date

Duration (years)

Interest rate payable

Interest receivable

Valuation as at 31/12/2024

Belfius - IRS

1,187,486

01/02/2006

27

5.100%

EURIBOR 1M + 25 bp

-273,726.29

Belfius - IRS

1,213,165

01/03/2010

16

5.190%

EURIBOR 1M + 110 bp

-59,821.39

Belfius - IRS

1,511,366

01/10/2007

27

4.850%

EURIBOR 1M + 25 bp

-308,234.00

Belfius - IRS

1,618,799

01/05/2006

27

4.620%

EURIBOR 1M + 25 bp

-298,098.64

Belfius - IRS

1,667,307

02/05/2008

27

4.315%

EURIBOR 1M + 12 bp

-320,842.12

Belfius - IRS

1,736,652

02/01/2009

27

5.050%

EURIBOR 1M + 12 bp

-501,281.77

Belfius - IRS

1,885,159

01/10/2006

27

4.300%

EURIBOR 1M + 25 bp

-275,352.47

Belfius - IRS

2,067,360

02/11/2005

27

4.040%

EURIBOR 1M + 25 bp

-234,009.97

Belfius - IRS

2,147,305

01/04/2007

27

4.065%

EURIBOR 1M + 25 bp

-325,350.92

Belfius - IRS

2,283,967

01/10/2009

27

5.010%

EURIBOR 1M + 12 bp

-592,828.66

Belfius - IRS

2,406,537

03/08/2009

27

4.930%

EURIBOR 1M + 12 bp

-618,550.37

Belfius - IRS

2,993,024

01/03/2008

27

4.650%

EURIBOR 1M + 25 bp

-652,462.33

Belfius - IRS

3,003,108

03/12/2007

27

4.940%

EURIBOR 1M + 25 bp

-618,913.49

Belfius - IRS

3,061,479

01/05/2010

17

5.260%

EURIBOR 1M + 110 bp

-266,411.40

Belfius - IRS

3,222,433

31/12/2009

27

4.710%

EURIBOR 1M + 15.4 bp

-709,997.87

Belfius - IRS

3,786,791

31/12/2009

27

4.350%

EURIBOR 1M + 12 bp

-711,257.67

Belfius - IRS

5,000,000

22/10/2019

15

0.255%

EURIBOR 3M

922,157.24

Belfius - IRS

5,000,000

22/10/2019

15

0.310%

EURIBOR 6M

905,168.55

Belfius - IRS

5,000,000

02/12/2019

15

0.310%

EURIBOR 3M

890,516.21

Belfius - IRS

20,000,000

14/09/2023

9

3.030%

EURIBOR 3M

-1,137,396.67

Belfius - IRS

70,000,000

02/10/2023

9

2.900%

EURIBOR 3M

-3,217,293.56

ABN - IRS

20,000,000

20/07/2023

7

2.999%

EURIBOR 3M

-851,928.03

ABN - CAP

50,000,000

01/01/2025

2

3.000%

EURIBOR 3M

27,758.80

BNP Paribas Fortis - IRS

3,685,000

31/03/2016

10

2.460%

EURIBOR 1M

-17,982.72

BNP Paribas Fortis - IRS(1)

535,000

31/03/2016

10

2.060%

EURIBOR 1M

559.37

BNP Paribas Fortis - IRS

2,156,104

30/06/2014

15

2.530%

EURIBOR 1M

-43,272.24

KBC - IRS

12,000,000

17/07/2018

11

0.6175%

EURIBOR 3M

867,013.14

KBC - IRS

8,000,000

29/03/2019

10

0.4780%

EURIBOR 3M

539,865.45

KBC - IRS

8,000,000

11/12/2019

10

0.0500%

EURIBOR 3M

804,567.41

KBC - IRS

10,000,000

19/02/2020

10

-0.0825%

EURIBOR 3M

1,129,865.30

KBC - IRS

5,000,000

03/03/2020

10

-0.2035%

EURIBOR 3M

592,646.51

KBC - IRS

40,000,000

16/06/2020

15

0.0900%

EURIBOR 3M

8,120,309.94

KBC - IRS

60,000,000

14/09/2023

8

2.9990%

EURIBOR 3M

-3,010,952.46

KBC - IRS

30,000,000

28/03/2023

6

2.7740%

EURIBOR 3M

-782,240.48

KBC - IRS

10,000,000

29/06/2023

7

2.9550%

EURIBOR 3M

-406,248.86

KBC - IRS

10,000,000

20/07/2023

8

2.9760%

EURIBOR 3M

-463,711.88

KBC - IRS

30,000,000

04/01/2027

1

1.9840%

EURIBOR 3M

37,542.39

ING - IRS

5,000,000

30/09/2019

10

-0.1645%

EURIBOR 3M

524,644.04

ING - IRS

10,000,000

28/02/2020

10

-0.1410%

EURIBOR 3M

1,158,563.59

TOTAL

455,168,042

-176,988

Reference amount written down over the life of the swap.

The total notional amount of \u20ac455 million included in the table above consists of \u20ac375 million of current instruments and \u20ac80 million of instruments with a deferred entry into force, of which \u20ac50 million are CAPS.

The fair value of hedging instruments is subject to changes in interest rates on the financial markets. A change in the yield curve of 0.25% (more positive or more negative) would affect the fair value of the credit portfolio by approximately \u20ac6.0 million.

Finance lease receivables and trade receivables and other non-current assets

The balance of finance lease receivables and trade receivables consists on the one hand of the investment cost of the building, included under the item \u2018Finance lease receivables\u2019, the profit or loss margin generated during the construction phase and its write-off in relation to the ground rent payments already received, included under the item \u2018Trade receivables and other non-current assets\u2019.

Amounts in EUR

31/12/2024

31/12/2023

Finance lease receivables

166,439,691

166,705,273

Trade receivables and other non-curent assets

8,191,550

8,968,004

TOTAL

174,631,241

175,673,276

These buildings, which are owned by the Company, generate rental income, as discussed under \u2018T 5.3 Rental income\u2019 on page 292(1).

Finance lease receivables

Amounts in EUR

31/12/2024

31/12/2023

Initial portfolio

156,518,610

156,518,610

New portfolio

9,921,081

10,186,663

TOTAL

166,439,691

166,705,273

In the total amount \u2018Finance lease receivables\u2019 at 31 December 2024, the amount of contractual prepayments of \u20ac36,090,772 relating to the initial portfolio has already been deducted.

The amounts mentioned correspond to the repayable nominal final building rights (i.e., the total investment cost less the contractual prepayments received).

Contrary to the projects in the initial portfolio(2), for the projects in the new portfolio(3) the ground rent, in addition to a return, also consists of a repayment of the investment value, as a result of which the amount of the receivable will gradually decrease over the duration of the leasehold agreement. For the initial portfolio, the final building right fees must be repaid after the 30-year building period. The average remaining term of the building rights of the projects was 9.82 years as at 31 December 2024.

(1)For a detailed legal analysis, see chapter \u2018Report of the Board of Directors\u2019 under \u20181. Mission and strategy\u2019 on page 50.

\"\"

(2)The initial portfolio concerns the finance leases that the Company entered into until 2014 (with per a balance sheet value of \u20ac156,518,610 and a generated rental flow of \u20ac17,162,009).

(3)The new portfolio concerns the finance leases (with per a balance sheet value of \u20ac9,921,081 and a generated rental flow of \u20ac493,950) that the Company acquired after 2014.

Future amounts receivable (in accordance with IFRS 16)(1)

Amounts in EUR

31/12/2024

31/12/2023

Gross investment (end of building rights, ground rent and rent)

302,734,403

317,224,254

Expiring < 1 year

17,052,728

17,660,225

Expiring between 1 year and 2 years

18,502,931

16,722,303

Expiring between 2 years and 3 years

25,841,744

18,239,464

Expiring between 3 years and 4 years

18,176,425

25,646,840

Expiring between 4 years and 5 years

22,587,807

17,995,895

Expiring > 5 years

200,572,768

220,959,526

In order to give an accurate picture, past indexations are now taken into account and the figures as at 31 December 2023 have been adjusted.

The gross investment in the lease is the aggregate of the minimum lease payments to be received, in this case the nominal value of the final building rights fee, the ground rent and the rent (excluding future indexations).

Amounts in EUR

31/12/2024

31/12/2023

Fair value of finance lease receivables

225,172,000

242,103,000

The fair value of the finance leases amounts to \u20ac225,172,000 as at 31 December 2024. For the calculation of this fair value, an independent party, namely Cushman & Wakefield, is consulted in order to obtain a market-based valuation of this portfolio. The fair value is calculated by discounting the future cash flows, taking into account historically charged indexations for the cash flows. As discount rate they use OLO interest rates prevailing on the closing date, depending on the remaining duration of the underlying contract, increased by a margin. As at 31 December 2024, the weighted average OLO interest rate amounted to 2.88% and the weighted average risk margin amounted to 1.03%. This results in an average value of \u20ac107,635 per assisted living unit, which can be considered conservative given that future indexations are not taken into account.

A 1% increase in the OLO interest rate would have a negative impact of 6.72% on the fair value of the finance leases.

Trade receivables and other non-current assets

Amounts in EUR

31/12/2024

31/12/2023

Initial portfolio

6,813,969

7,501,521

New portfolio

1,377,580

1,466,483

TOTAL

8,191,550

8,968,004

Assets held for sale

Amounts in EUR

31/12/2024

31/12/2023

Assets held for sale

0

9,990,756

TOTAL

0

9,990,756

The book value of the project included in 2023 under item \u2018II.A Assets held for sale\u2019 was transferred to item \u2018I.C Investment properties\u2019 during the 2024 financial year. All possible options for the future of this project are currently being considered, so a sale is no longer certain.

Trade receivables

Amounts in EUR

31/12/2024

31/12/2023

Customers

6,603,669

6,863,455

Revenue to be collected

435,990

472,286

Provision for doubtful debtors

-2,500

-2,500

TOTAL

7,037,159

7,333,240

The provision for doubtful debtors relates to a provision made in accordance with IFRS 9 in the context of future credit losses. This provision is based on a thorough analysis carried out on Care Property Invest's client portfolio, splitting it into 3 categories namely the initial portfolio(1) made up of contracts with local authorities and the new portfolio(2) which can be split between SMEs and large companies. The entire portfolio of Care Property Invest falls under stage 1 whereby a provision has to be made for the expected loss in the next 12 months. Given the quality of the tenants on the one hand, and the low credit risk associated with finance lease receivables (due to the guarantees provided by the local authorities) on the other hand, the model of expected credit losses under IFRS 9 has no material impact on the Company. The very limited provision that has been made stems from the limited risk that can be attributed to the 3 categories of the portfolio.

The Board of Directors therefore assumes that the book value of the trade receivables approximates the fair value.

The initial portfolio concerns the finance leases that the Company entered into until 2014 (with per a balance sheet value of \u20ac156,518,610 and a generated rental flow of \u20ac17,162,009).

\"\"

(2)The new portfolio as referred to here concern the finance leases that the Company acquired after 2014 (with per a balance sheet value of \u20ac9,921,081 and a generated rental flow of \u20ac493,950) and the investment properties (with per a balance sheet value of \u20ac1,015,281 and a generated rental flow of \u20ac51,957,634).

Tax receivables and other current assets

Amounts in EUR

31/12/2024

31/12/2023

Taxes

259,558

268,138

VAT current account

211,941

235,713

Taxes recoverable

47,617

32,425

Other miscellaneous receivables

1,029

464,945

Other miscellaneous receivables

1,029

464,945

TOTAL

260,587

733,082

Other miscellaneous receivables as at 31 December 2023 mainly relate to an amount of interest receivable in connection to the Sugarloaf Care Centre project in Kilmacanogue (IE). These were settled upon completion of this project during the current financial year.

Cash and cash equivalents

Amounts in EUR

31/12/2024

31/12/2023

Current accounts with financial institutions

2,864,572

2,497,440

Cash

1,613

1,980

TOTAL

2,866,185

2,499,420

Cash and cash equivalents comprise cash assets and the balances of current accounts and are recognised in the balance sheet at nominal value.

Prepayments and accrued income

Amounts in EUR

31/12/2024

31/12/2023

Prepaid real estate costs

253,992

213,333

Prepaid interest and other financial costs

237,007

128,754

Other deferred charges and accrued income

290,075

257,338

TOTAL

781,074

599,424

Capital

Date

Operation

Capital movement

Accumulated number of shares

30/10/1995

Incorporation

1,249,383

210

07/02/1996

Capital increase in cash

59,494,446

10,210

16/05/2001

Capital increase conversion to euro

566

10,210

24/03/2014

Share split through division by 1,000

0

10,210,000

20/06/2014

Optional dividend financial year 2013

889,004

10,359,425

22/06/2015

Capital increase in cash

16,809,093

13,184,720

15/03/2017

Capital increase in kind (Watermael-Bosvoorde)

10,971,830

15,028,880

27/10/2017

Capital increase in cash

25,546,945

19,322,845

03/04/2019

Capital increase in kind (Immo du Lac)

4,545,602

20,086,876

26/06/2019

Optional dividend financial year 2018

1,831,673

20,394,746

15/01/2020

Capital increase in kind (Bergen & Bernissart)

7,439,112

21,645,122

19/06/2020

Optional dividend financial year 2019

1,624,755

21,918,213

25/06/2020

Capital increase in cash

13,040,239

24,110,034

20/01/2021

Capital increase in kind (Attert)

10,091,030

25,806,148

17/11/2021

Capital increase in kind (Lier)

6,692,997

26,931,116

20/06/2022

Optional dividend financial year 2021

1,022,088

27,102,910

07/07/2022

Capital increase in kind (Haacht)

3,800,035

27,741,625

24/01/2023

Capital increase in cash

55,016,264

36,988,833

TOTAL

220,065,062

36,988,833

All shares are ordinary shares, fully paid up and held in registered or dematerialised form. They have no par value. Each share entitles the holder to one vote at the general meeting of shareholders in accordance with Article 38 of the Articles of Association.

Number of shares

31/12/2024

31/12/2023

Registered

1,644,308

1,714,684

Dematerialised

35,344,525

35,274,149

TOTAL

36,988,833

36,988,833

Neither the Company nor its subsidiaries hold any of the Company's own shares on either closing date. Similarly, no shares were transferred to executive management during the 2024 and 2023 financial years.

The following relevant articles of the articles of association were included in full in the coordinated Articles of Association presented in Chapter \u2018VIII. Permanent document\u2019, item \u20186. Coordinated Articles of Association\u2019 on page 353and available on www.carepropertyinvest.be.

ARTICLE 6 of the coordinated articles of association as at 26/04/2023 - CAPITAL

ARTICLE 7 of the coordinated articles of association as at 26/04/2023 - AUTHORISED CAPITAL

ARTICLE 8 of the coordinated articles of association as at 26/04/2023 - CHANGE IN THE CAPITAL

ARTICLE 9 of the coordinated articles of association as at 26/04/2023 - NATURE OF THE SHARES

As at 31 December 2024, no shareholder owns more than 5% of the capital.

On 13 June 2024, Ameriprise Financial Inc notified the Company that it no longer exceeds the 3% threshold as of 7 June 2024 due to the disposal of voting securities.

On 23 September 2024, 2 October 2024, 4 November 2024, 7 November 2024 and 27 March 2025, the Company received several transparency notifications from BlackRock Inc announcing over/under crossings of the 3% threshold. The latest declaration received, the one dated 27 March 2025, states that they exceeded the 3% threshold due to the acquisition of additional voting securities or voting rights.

Care Property Invest refers to its website www.carepropertyinvest.be for the publication of these transparency statements.

Other than these new notifications from BlackRock Inc and Ameriprise Financial Inc, the Company did not receive any new notifications during the 2024 and 2025 financial years (up to the date of this report) regarding the over or under crossing of the 3% threshold. Accordingly, the Company has no knowledge of any other shareholder that would exceed the 3% threshold as at the date of this report.

Share premium

Amounts in EUR

31/12/2024

31/12/2023

Share premium - optional dividend

14,402,780

14,402,780

Share premium - contribution in kind

122,524,086

122,524,086

Share premium - capital increase

170,419,908

170,419,908

Share premium - costs

-7,994,447

-7,994,447

TOTAL

299,352,326

299,352,326

Reserves

Amounts in EUR

31/12/2024

31/12/2023

B.

Reserve for the balance of variations in the fair value of real estate (+/-)

74,258,178

93,739,028

C.

Reserve for the impact on the fair value of estimated transfer taxes and costs resulting from hypothetical disposal of investment properties (-)

-39,400,999

-33,084,994

E.

Reserve for net changes in the fair value of authorised hedging instruments that are not subject to a hedge accounting as defined in IFRS(+/-)

4,002,391

21,780,342

M.

Other reserves (+/-)

11,640,520

11,704,204

N.

Retained earnings from previous financial years (+/-)

31,229,182

30,337,340

TOTAL

81,729,272

124,475,919

Result for the financial year

Amounts in EUR

31/12/2024

31/12/2023

Result of the financial year

25,741,065

-5,757,814

TOTAL

25,741,065

-5,757,814

Appropriation of the result

It will be proposed to the Company's Ordinary General Meeting of shareholders on 28 May 2025 to pay out a total gross dividend for the 2024 financial year of \u20ac36,988,833 or \u20ac1.00 per share. After deduction of the 15% withholding tax, this represents a net dividend of \u20ac0.85 per share. This equals the dividend paid out for the 2023 financial year.

Financial liabilities (1)

Amounts in EUR

31/12/2024

31/12/2023

Non-current financial liabilities

393,982,531

475,907,920

Credit institutions

372,234,161

454,144,850

Other

21,748,370

21,763,070

Current financial liabilities

172,415,473

67,309,337

Credit institutions

88,415,473

23,309,337

Other

84,000,000

44,000,000

TOTAL

566,398,003

543,217,256

As part of the application of the amendments to IAS 1 Presentation of Financial Statements - Classification of short- or long-term liabilities, due to reclassifications between headings I.B. Non-current financial liabilities and II.B. Current financial liabilities, the figures as at 31 December 2023 were also adjusted to allow correct comparability.

As at 31 December 2024, Care Property Invest disposes of \u20ac460.6 million in loans drawn, divided between non-current and current financial liabilities and which belong to the category \u2018financial liabilities measured at amortised cost\u2019 in accordance with the IFRS 9 standard. The loans were granted by 7 banks, being Belfius Bank, ING Bank, KBC Bank, BNP Paribas Fortis, VDK Bank, CBC Banque and ABN-AMRO. These financial liabilities were fixed with a fixed interest rate or converted to a fixed interest rate by means of a swap transaction or with a revisable interest rate (every three or five years).

As at 31 December 2024, the Company had \u20ac139 million of undrawn credit lines. Taking into account 100% hedging of the outstanding amount of commercial paper (see below), the available amount of the latter amounted to \u20ac55 million.

Financial Institution

Fixed 1 to 1 hedging

Fixed excl hedging

Variable

Total

Belfius Bank

35,791,938

44,638,490

86,000,000

166,430,428

ING Bank

0

2,664,382

0

2,664,382

KBC Bank

0

10,110,000

115,000,000

125,110,000

BNP Paribas Fortis Bank

2,156,104

16,288,196

30,000,000

48,444,300

CBC Banque

0

1,000,524

0

1,000,524

VDK Bank

0

12,000,000

0

12,000,000

ABN AMRO

0

0

105,000,000

105,000,000

TOTAL

37,948,042

86,701,592

336,000,000

460,649,633

Within the framework of these credit agreements, the Company is required to comply with a number of covenants. The main covenants concern the following:

A maximum debt ratio of 60%.

An interest coverage ratio (being the operating result before result on the portfolio divided by interest charges paid) of at least 2.5.

A minimum consolidated portfolio size of \u20ac650 million.

These covenants were complied with at all times throughout the 2024 financial year.

For a detailed description of these covenants, as well as the potential risks and consequences in the event of non-compliance, we refer to \u2018Note 4: Financial risk management, \u2018T 4.1 Risks associated with liquidity due to non-compliance with covenants and statutory financial parameters\u2019 on page 284.

In addition to these loans, the Company also has an MTN programme (classified under \u2018Other\u2019) of \u20ac300 million as at 31 December 2024, with Belfius Bank and KBC Bank acting as dealers. This programme enables the Company to raise funding on both the long term (through bond issuances) and the short term (through commercial paper).

As required under the covenants, 100% of the outstanding commercial paper is backed by back-up lines and undrawn credit facilities. As at 31 December 2024, the amounts drawn under this programme consisted of \u20ac84.0 million in commercial paper and \u20ac21.0 million in bonds. For an overview of the bonds issued under this MTN programme, we refer to section \u2018V. Care Property Invest on the stock market\u2019 \u2013 item \u20183. Bonds and short-term debt securities\u2019 on page 239.

Care Property Invest disposes of a sustainable rollover credit of \u20ac75 million and a sustainable term loan of \u20ac30 million with ABN AMRO. Both lines have been fully drawn. Withdrawals from these facilities are exclusively used for the (re)financing of eligible sustainable assets as defined in the Care Property Invest Sustainable Finance Framework. This Sustainable Finance Framework can be consulted on the Company\u2019s website, www.carepropertyinvest.be. For the allocation of funds to eligible sustainable assets, we refer to section \u2018III. Sustainability Declaration\u2013 item \u20181.2 Sustainability commitments and priorities\u2019 on page 129.

Financing with maturity date

Number

Nominal funding amount

Average remaining term (year)

0-1 years

25

169,395,387

0.41

1-5 years

41

308,368,091

3.04

5-10 years

27

64,989,445

7.54

10-15 years

8

22,896,711

11.27

TOTAL

101

565,649,633

4.25

The weighted average interest rate (incl. IRS) for the entire financial debt portfolio for the 2024 financial year amounts to 3.22%. This is an increase compared to the weighted average interest rate of 2.90% for the 2023 financial year and is the result of higher average market interest rates for the full financial year compared to 2023 and the maturity during the 2023 and 2024 financial years of some loans with favourable fixed interest rates.

Table of changes in liabilities in accordance with IAS 7:

31/12/2023

Cash elements

Non-cash elements

31/12/2024

Acquisitions

Exchange rate movements

Changes in fair value

Other changes

Long-term financial liabilities

475,144,850

0

0

0

0

-81,910,689

393,234,161

Current financial liabilities

67,309,337

23,195,447

0

0

0

81,910,689

172,415,473

Authorised hedging instruments

-4,002,391

0

0

0

4,384,552

-205,172

176,988

TOTAL

538,451,795

23,195,447

0

0

4,384,552

-205,172

565,826,622

Other non-current financial liabilities

Amounts in EUR

31/12/2024

31/12/2023

Book value at the beginning of the financial year

2,226,558

1,970,685

Additions

148,799

357,234

Interest charges

115,034

107,058

Payments

-288,476

-208,419

Book value at the end of the financial year

2,201,915

2,226,558

For a number of investments, Care Property Invest does not maintain bare ownership of the land, but only usufruct through a long-term leasehold agreement. In practice, a liability has been created for this in accordance with IFRS 16. This obligation is included in the other non-current liabilities. The liability concerns the present value of all future lease payments. The discount rate used to determine this liability was based on a combination of the interest curve plus a spread based on the credit risk of Care Property Invest, both in line with the remaining term of the underlying right of use.

Lease commitments entered into with respect to company vehicles and bicycles are also reported under this heading.

Deferred taxes

Amounts in EUR

31/12/2024

31/12/2023

Deferred taxes

3,966,156

4,289,103

Deferred tax - assets

3,966,156

4,289,103

Exit tax

0

1,383,948

Deferred taxes

1,483,643

1,496,057

Deferred tax - liabilities

1,483,643

2,880,005

Deferred tax assets relate to the difference between the higher tax value and the book value of the investment properties in our Irish subsidiaries.

For the Spanish subsidiaries, the Socimi statute (equivalent to the Belgian RREC statute) has been applied since the 2022 financial year. However, if real estate is sold, the portfolio result realised before 2022 can still be taxed according to the generally applicable tax system, as a result of which a deferred tax liability of \u20ac1,261,051 was provided for as a precaution. This will therefore only change in the future as a result of the sale of real estate and the realisation of a capital gain.

The provision for exit tax that was created in 2023 within the subsidiary Het Gehucht nv, following its acquisition by the group on 26 April 2023, became payable during the 2024 financial year as a result of the merger with Care Property Invest.

Trade payables and other current liabilities

Amounts in EUR

31/12/2024

31/12/2023

Suppliers

1,378,980

6,080,250

Taxes, remuneration and social insurance charges

4,699,894

3,191,354

TOTAL

6,078,874

9,271,604

The item suppliers mainly contains invoices relating to ongoing development projects. The decrease in this item is due mainly to the fact that the number of project-related invoices yet to be received has fallen sharply as most of the projects have been completed already or are as good as finished.

Other current liabilities

Amounts in EUR

31/12/2024

31/12/2023

Miscellaneous debts

732,675

2,735,556

TOTAL

732,675

2,735,556

The miscellaneous debts relate to short-term liabilities related to development projects.

Accruals and deferred income on the liabilities side

Amounts in EUR

31/12/2024

31/12/2023

Prepayments of property revenue

3,104,756

2,649,570

Accrued Interests

1,549,004

2,102,334

Other accrued costs

812,239

688,915

TOTAL

5,465,999

5,440,819

Notes on fair value

In accordance with IFRS 13, the items in the balance sheet for which the fair value can be calculated are presented below, divided into levels as defined by IFRS 13. This scale consists of three levels: Level 1: quoted prices in the asset markets, Level 2: observable data other than quoted prices included in Level 1, Level 3: unobservable data.

31/12/2024

31/12/2023

Balance sheet items

Level

Book value

Fair value

Book value

Fair value

Investment properties

3

1,015,281,986

1,015,281,986

994,464,892

994,464,892

Finance lease receivables and trade receivables and other non-current assets (1)

2

174,631,241

225,172,000

175,673,276

242,103,000

Financial fixed assets

2

16,524,974

16,524,974

19,464,197

19,464,197

Trade receivables

2

7,037,158

7,037,158

7,333,240

7,333,240

Cash and cash equivalents

1

2,866,185

2,866,185

2,499,420

2,499,420

Non-current and current financial liabilities

2

566,398,003

576,489,371

543,217,256

552,388,846

Other non-current financial liabilities

2

16,698,166

16,698,166

16,002,566

16,002,566

Other non-current liabilities

2

2,201,915

2,201,915

2,226,558

2,226,558

Trade payables and other current liabilities

2

6,078,875

6,078,875

9,271,604

9,271,604

Other current liabilities

2

732,675

732,675

2,735,556

2,735,556

The fair value of finance leases is determined by the real estate expert Cushman & Wakefield. For more information regarding the calculation method, please consult item \u2018T 5.17 Finance lease receivables and trade receivables and other non-current assets\u2019 on page 304earlier in this chapter.

Related party transactions

Transactions with related parties (within the meaning of IAS 24 and the Belgian Code for Companies and Associations (BCCA)) concern the costs included in the \u2018Remuneration of Directors and the Executive Committee\u2019 paid to the members of the Board of Directors and the Executive Committee of the Company, for a total amount of \u20ac3,531,617.

For additional explanations on the remuneration of the Directors and Executive Committee, we refer to chapter \u2018II. Report of the Board of Directors\u2019 at point \u201811.11 Remuneration report 2024\u2019 on page 110.

The Company has no further transactions to report for the 2024 financial year.

Information on subsidiaries

The following companies were fully consolidated and are deemed to be related companies in view of the fact that on 31 December 2024 they were direct or indirect 100% subsidiaries of Care Property Invest:

Name

Category

Company number or Chamber of Commerce

Acquisition Date

% shares owned by CPI

Care Property Invest nv (GVV)

Parent company

0456.3780.70

Dutch subsidiaries

Care Property Invest NL B.V.

Subsidiary

Kvk 72865687

17/10/2018

100%

Care Property Invest NL2 B.V.

Subsidiary

Kvk 73271470

05/12/2018

100%

Care Property Invest NL3 B.V.

Subsidiary

Kvk 74201298

05/03/2019

100%

Care Property Invest NL4 B.V.

Subsidiary

Kvk 74580000

15/04/2019

100%

Care Property Invest NL5 B.V.

Subsidiary

Kvk 74918516

23/05/2019

100%

Care Property Invest NL6 B.V.

Subsidiary

Kvk 75549808

08/08/2019

100%

Care Property Invest NL7 B.V.

Subsidiary

Kvk 77849922

16/04/2020

100%

Care Property Invest NL8 B.V.

Subsidiary

Kvk 80636357

19/10/2020

100%

Care Property Invest NL9 B.V.

Subsidiary

KvK 68707479

29/12/2020

100%

Care Property Invest NL10 B.V.

Subsidiary

KvK 86895818

04/07/2022

100%

Care Property Invest NL11 B.V.

Subsidiary

KvK 81007760

17/05/2023

100%

Spanish subsidiaries

Care Property Invest Spain Socimi S.L.U.

Subsidiary

B-01618677

21/07/2020

100%

Irish subsidiaries

Care Property Invest Emerald LTD.

Subsidiary

CRO 712356

25/01/2022

100%

Care Property Invest Diamond LTD.

Subsidiary

CRO 703434

16/12/2022

100%

The acquisitions of the above-mentioned subsidiaries were made in the context of an \u2018asset deal\u2019 to which IFRS 3 Business Combinations does not apply. The participating interests are valued based on the equity method.

For more information on the mergers that took place during the 2024 financial year, we refer to chapter \u2018II. Report of the Board of Directors\u2019, point \u20182.2.1 Merger\u2019 on page 59.

Remuneration of the Statutory Auditor

Amounts in EUR

31/12/2024

31/12/2023

Mandate

96,915

99,144

Other audit assignments

7,000

7,000

Other non-audit assignments

14,700

14,600

The other assignments outside the auditing assignments were always approved in advance by the Company\u2019s Audit Committee.

Events after the closing of the 2024 financial year

Additional investments and completions

As already announced in separate press releases, Care Property Invest is proud to announce that after the closing of the 2024 financial year, it acquired and completed the following projects:

Additional projects completed in The Netherlands

Name

Operator

Acquisition date

Location

Year of construction / renovation or expected completion

Contract

Conv. Value (in \u20ac million)

New projects with an immediate return

Fleura\u0302ge Residences

Domus Valuas

15/01/2025

Bloemendaal

2016

20 years (triple net)

\u20ac10.1

Completed projects

Saamborgh Almelo

Saamborgh

30/11/2023

Almelo

Q2 2025

20 years (triple net)

\u20ac8.9

Alternative Performance Measures

An Alternative Performance Measure (APM) is a financial indicator, historical or forward-looking, of the performance, financial situation or cash flows of a company other than financial indicators defined or described by the applicable accounting standards.

In its financial reporting Care Property Invest uses APMs in its financial communication within the meaning of the guidelines issued by the ESMA (European Securities and Markets Authority) on 5 October 2015. A number of these APMs have been recommended by the European Public Real Estate Association (EPRA) and are discussed in chapter 'VI. EPRA' from page 244of this annual report. The APMs below have been determined by the Company itself in order to provide the reader with a better understanding of its results and performance.

Performance measures established by IFRS standards or by law are not considered as APMs, nor are they measures based on items in the global result statement or the balance sheet.

Operating margin

Definition:This is the operating result before the result on portfolio divided by the net rental result, whereby the operating result before the result on portfolio and the net rental result can be reconciled with global result statement.

Use:This indicator measures the profitability of the Company\u2019s leasing activities.

Amounts in EUR

31/12/2024

31/12/2023

Operating result before portfolio income

= A

58,195,056

52,640,307

Net rental result

= B

69,613,592

65,905,564

Operating margin

= A/B

83.60%

79.87%

Financial result before changes in fair value of financial assets and liabilities

Definition:This is the financial result excluding changes in the fair value of financial assets and liabilities, being the sum of items \u2018XX. Financial income\u2019, \u2018XXI. Net interest cost\u2019 and \u2018XXII. Other financial costs\u2019 of the global result statement.

Use:This indicator does not take into account the impact of financial assets and liabilities in the global result statement, thus reflecting the result from strategic operating activities.

Amounts in EUR

31/12/2024

31/12/2023

Financial result

= A

-23,294,763

-35,070,838

Changes in fair value of financial assets /liabilities

= B

-4,347,695

-17,841,635

Financial result before changes in fair value of financial assets/liabilities

= A-B

-18,947,068

-17,229,203

Equity before the reserve for the balance of changes in fair value of authorised hedging instruments and excluding the variation in fair value of financial assets/liabilities

Definition:This is equity excluding the accumulated reserve for the balance of changes in fair value of authorised hedging instruments (not subject to hedge accounting as defined under IFRS) and the changes in fair value of financial assets and liabilities, where the reserve for the balance of changes in fair value of authorised hedging instruments is included in item \u2018C\u2019. Reserves\u2019 of the consolidated balance sheet and changes in fair value of financial assets and liabilities can be reconciled with item \u2018XXIII. Changes in fair value of financial assets/liabilities in the global result statement.

Use:This indicator reflects equity without taking into account the hypothetical market value of the derivative instruments.

Amounts in EUR

31/12/2024

31/12/2023

Equity

= A

626,887,725

638,135,493

Reserve for the balance of changes in fair value of authorised hedging instruments

= B

-4,002,391

-21,780,342

Changes in fair value of financial assets/liabilities

= C

4,347,695

17,841,635

Equity before changes in fair value of financial products

= A-B-C

626,542,421

642,074,199

Interest coverage ratio

Definition:This is the operating result before the result on portfolio divided by the interest charges paid, whereby the operating result before the result on portfolio and the interest charges paid can be reconciled with the global result statement.

Use:This indicator measures how many times a company earns its interest charges and gives an indication of the extent to which the operating profit can fall back without the company getting into financial difficulties. In accordance with covenants entered into by the Company, this value must be at least 2,5.

Amounts in EUR

31/12/2024

31/12/2023

Operating result before portfolio income

= A

58,195,056

52,640,307

Total amount of interest charges paid

= B

18,090,404

15,295,746

Interest coverage ratio

= A/B

3.22

3.44

Abridged statutory financial statements as at 31 December 2024

Abridged statutory global result statement

The Abridged Statutory Financial Statements of Care Property Invest, prepared under IFRS, are summarised below in accordance with article 3:17 BCCA. The unabridged Statutory Financial Statements of Care Property Invest, its Board of Directors\u2019 Report and its Auditors\u2019 Report will be registered at the National Bank of Belgium within the legal deadlines and can be consulted via the website www.carepropertyinvest.be.

The abridged statutory financial statements as at 31 December 2023 were inserted in the Annual Financial Report 2023 under item 4 et seq in section \u2018VII. Financial Statements\u2019, from page 250 and the statements as at 31 December 2022 were inserted in the Annual Financial Report 2022 under item 4 et seq in section \u2018VII. Financial Statements\u2019, from page 242. Both reports are available on the website www.carepropertyinvest.be.

The auditors issued an unqualified opinion on the Statutory Financial Statements.

Amounts in EUR

31/12/2024

31/12/2023

I

Rental income (+)

47,589,480

45,792,452

NET RENTAL INCOME

47,589,480

45,792,452

V

Recovery of rental charges and taxes normally borne by tenants on let properties (+)

330,103

416,052

VII

Rental charges and taxes normally borne by tenants on let properties (-)

-338,489

-420,706

Real estate result

47,581,094

45,787,798

IX

Technical costs (-)

-4,294

-5,653

Real estate costs

-4,294

-5,653

Real estate operating result

47,576,800

45,782,145

XIV

General expenses of the company (-)

-10,387,859

-9,712,915

XV

Other operating income and expenses (+/-)

2,592,200

1,788,126

Operating result before the result on portfolio

39,781,141

37,857,356

XVIII

Changes in the fair value of investment properties (+/-)

-5,536,753

-6,462,200

XIX

Other portfolio result (+/-)

0

-1,808

Operating result

34,244,388

31,393,348

XX

Financial income (+)

11,667,504

10,045,754

XXI

Net interest expense (-)

-18,897,788

-15,605,753

XXII

Other financial costs (-)

-848,071

-1,939,358

XXIII

Changes in the fair value of financial assets and liabilities

-165,436

-29,445,241

Financial result

-8,243,792

-36,944,598

Result before taxes

26,000,597

-5,551,249

XXIV

Corporate tax (-)

-294,976

-206,565

XXV

Exit tax (-)

35,444

0

TAXES

-259,532

-206,565

Net result (share of the group)

25,741,065

-5,757,814

Other elements of the global result

0

0

Net result/global result

25,741,065

-5,757,814

Abridged statutory statement of realised and unrealised results

Amounts in EUR

31/12/2024

31/12/2023

NET RESULT/GLOBAL RESULT

25,741,065

-5,757,814

Net result per share based on weighted average shares outstanding

\u20ac 0.6959

-\u20ac 0.1557

Gross yield compared to the initial issuing price in 1996

11.70%

-2.62%

Gross yield compared to stock market price on closing date

6.09%

-1.09%

Amounts in EUR

31/12/2024

31/12/2023

NET RESULT/GLOBAL RESULT

25,741,065

-5,757,814

Non-cash elements included in the net result

11,101,850

39,979,880

Depreciations and amortizations, impairments and reversal of write-downs

449,584

482,268

Changes in the fair value of investment properties

5,536,753

6,462,200

Changes in the fair value of authorised hedging instruments\u00a0

4,347,695

17,841,635

Changes in the fair value of financial assets and liabilities

-4,182,259

11,603,606

Dividends from subsidiaries

4,173,623

820,110

Projects' profit or loss margin attributed to the period

776,454

2,770,061

ADJUSTED EPRA EARNINGS

36,842,915

34,222,066

Adjusted EPRA earnings per share based on weighted average number of outstanding shares

\u20ac 0.9961

\u20ac 0.9252

Gross yield compared to the initial issuing price in 1996

16.74%

15.55%

Gross yield compared to stock market price on closing date

8.72%

6.49%

Both the weighted average number of shares outstanding and the number of shares amounted to 36,988,6833 as at 31 December 2024 and as at 31 December 2023. At neither date did the Company hold any of its own shares.

The share price was \u20ac11.42 as at 31 December 2024 and \u20ac14.26 as at 31 December 2023. The gross return is calculated by dividing the net result per share or the adjusted EPRA earnings by the initial issue price in 1996 (being \u20ac5.9494) on the one hand and the market capitalisation on the closing date, on the other. There are no instruments that have a potentially dilutive effect on the net result or the adjusted EPRA earnings per share.

Abridged statutory balance sheet

Amounts in EUR

31/12/2024

31/12/2023

ASSETS

I.

FIXED ASSETS

1,224,769,781

1,197,148,490

B.

Intangible fixed assets

102,209

87,118

C.

Investment properties

570,720,060

542,117,933

D.

Other tangible fixed assets

4,452,992

4,749,688

E.

Financial fixed assets

474,863,280

474,520,474

F.

Finance lease receivables

166,439,691

166,705,273

G.

Trade receivables and other non-current assets

8,191,550

8,968,004

II.

CURRENT ASSETS

7,766,203

17,999,436

A.

Assets held for sale

0

9,990,756

D.

Trade receivables

4,188,135

4,364,401

E.

Tax receivables and other current assets

1,081,264

1,379,717

F.

Cash and cash equivalents

1,974,206

1,846,098

G.

Deferrals and accruals

522,598

418,463

TOTAL ASSETS

1,232,535,985

1,215,147,926

EQUITY AND LIABILITIES

EQUITY

626,887,725

638,135,493

A.

Capital

220,065,062

220,065,062

B.

Share premium

299,352,326

299,352,326

C.

Reserves

81,729,272

124,475,919

D.

Net result for the financial year

25,741,065

-5,757,814

LIABILITIES

605,648,261

577,012,433

I.Non-current liabilities

411,221,764

492,506,730

B.

Non-current financial liabilities (1)

393,234,161

475,144,850

C.

Other non-current financial liabilities

16,698,166

16,002,566

E.

Other\u00a0 non-current liabilities

1,289,437

1,359,314

II. Current liabilities

194,426,497

84,505,703

B.

Current financial liabilities (1)

172,415,473

67,309,337

D.

Trade payables and other current liabilities

18,360,226

13,206,692

E.

Other current liabilities

2,447

2,416

F.

Deferrals and accruals

3,648,351

3,987,258

TOTAL EQUITY + LIABILITIES

1,232,535,985

1,215,147,926

As part of the application of the amendments to IAS 1 Presentation of Financial Statements - Classification of short- or long-term liabilities, due to reclassifications between headings I.B. Long-term financial liabilities and II.B. Short-term financial liabilities, the figures as at 31 December 2023 were also adjusted to allow for correct comparability.

Abridged statutory appropriation of results

Amounts in EUR

31/12/2024

31/12/2023

A. Net result / global result

25,741,065

-5,757,814

B. Appropriation to / release from reserves (-/+)

11,247,768

42,746,647

1

Appropriation to/release from reserve for the positive or negative balance of changes in the fair value of real estate (-/+)

5,430,764

6,589,879

2

Appropriation to/release from reserve for estimated charges and costs for hypothetical disposal of investment properties (-/+)

105,989

-127,679

5

Appropriation to reserve for the net changes in the fair value of authorised hedging instruments that are not subject to hedge accounting as defined in IFRS (-)

4,409,379

0

6

Release from the reserve for net changes in the fair value of authorised hedging instruments that are not subject to hedge accounting as defined in IFRS (+)

0

17,777,951

10

Addition to/withdrawal from other reserves (-/+)

-61,684

63,684

11

Addition to/withdrawal from retained earnings in previous financial years (-/+)

1,371,956

6,019,096

12

Addition to/withdrawal from reserve for the share in the profit or loss and in the unrealised results of subsidiaries that are accounted for according to the equity method.

-8,635

12,423,716

If A+B is less than C, only this sum may be distributed

36,988,833

36,988,833

C. Return on capital in accordance with article 13 of therrecroyal decree

29,474,332

0

D. Return on capital, other than c

7,514,501

36,988,833

Heemstede (NL) I De Meerlhorst

Dividend payment obligation pursuant to the Royal Decree of 13 July 2014 concerning RRECs

Amounts in EUR

31/12/2024

31/12/2023

For the return on capital, the public RREC is required to repay an amount equal to the amount of the positive net result for the financial year after settlement of losses carried forward and after appropriations to/releases of reserves as calculated in paragraph \u20184.4 Abridged statutory appropriation of results\u2019 on page 329, item 'B.Appropriations to /releases from reserves (-/+)'\u2019.

Net result

25,741,065

-5,757,814

Amount calculated under 'Appropiation account' point B

11,247,768

42,746,647

Positive Net Result

36,988,833

36,988,833

If this calculated positive net result is zero, the company is not required topay a dividend. If this calculated positive net result exceeds nil, the Company must paya return on the capital amounting to at least the positive difference between 1\u00b0 and 2\u00b0 to be paid as a return on the capital.

1\u00b0, being 80% of an amount equal to the sum of (A) the adjusted EPRA earnings and of (B) the net gain on realisation of real estate not exempt from distribution.

(A) adjusted EPRA earnings are calculated cfr. Appendix C, Section 3 of the RREC Royal Decree

Net result

25,741,065

-5,757,814

(+) Depreciation and impairments

449,584

482,268

(+/-) Other non-monetary items

941,890

32,215,302

(+/-) Changes in the fair value of financial assets and liabilities

4,347,695

17,841,635

(+/-) Share in the profit or loss of holdings that are accounted for in accordance with\u00a0the equity method

-4,182,259

11,603,606

(+/-) Real estate leasing profit or loss margin on projects attributed to the period

776,454

2,770,061

(+) Dividends received from equity-accounted subsidiaries

4,173,623

820,110

(+/-) Changes in the fair value of real estate

5,536,753

6,462,200

(A) ADJUSTED EPRA EARNINGS

36,842,915

34,222,066

(B) Net gain on disposal of real estate not exempt from distribution

(B) NET GAINS

0

0

1\u00b0 = 80% OF THE SUM OF (A) + (B)

29,474,332

27,377,653

2\u00b0 Being the net reduction in the debt levels of the RREC during the financial year:

2\u00b0 = NET REDUCTION IN DEBT LEVELS

0

30,566,790

Positive difference between 1\u00b0 and 2\u00b0

29,474,332

0

MINIMUM DIVIDEND PAYABLE IN ACCORDANCE WITH ARTICLE 13 OF THE RREC ROYAL DECREE

29,474,332

0

Non-distributable equity in accordance with Article 7:212 BCCA

The mentioned obligations in Article 13 of the RREC Decree do not affect the application of Article 7:212 BCCA which stipulates that no dividend may be paid out if, as a result thereof, the net assets of the Company would fall below the capital plus the reserves which are not distributable on the basis of the law or the Articles of Association.

Amounts in EUR

31/12/2024

31/12/2023

Net assets' refers to the total assets shown in the balance sheet, less provisions and liabilities.

Net assets

626,887,725

638,135,493

Proposed dividend

-36,988,833

-36,988,833

Net assets after dividend distribution

589,898,892

601,146,660

Capital plus the reserves which may not be distributed by law or pusuant tothe Articles of Association as the arithmetical sum of paid-up capital (+) in accordance with the RREC Royal Decree (Annex C - Chapter 4)

220,065,062

220,065,062

Share premium unavailable in accordance with the Articles of Association (+)

299,352,326

299,352,326

Reserve for the positive balance of changes in the fair value of real estate (+)

42,140,093

47,570,857

Reserve for the impact on the fair value of estimated transfer taxes and costsresulting from hypothetical disposal of investment properties (-)

-3,465,859

-3,359,870

Reserve for net changes in the fair value of authorised hedging instruments that are not subject to hedge accounting as defined in IFRS (+/-)

-803

4,408,577

Reserve for the share in profits or losses and in the unrealised results of equity-accounted subsidiaries

7,176,014

7,167,379

NON-DISTRIBUTABLE PROFIT

565,266,834

575,204,331

MARGIN REMAINING UNDER ARTICLE 7:212 OF THE BELGIAN CODE FORCOMPANIES AND ASSOCIATIONS (BCCA)

24,632,057

25,942,329

", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__10": { "value": "

General information on the Company

Care Property Invest (the \u2018Company\u2019) is a public limited liability company that acquired the status of a public regulated real estate company (RREC) under Belgian law on 25 November 2014. The Company\u2019s registered offices are located at the following address: Horstebaan 3, 2900 Schoten (Telephone: +32\u00a03\u00a0222\u00a094\u00a094).

Care Property Invest actively participates as a real estate player and has the objective of making high-quality projects available to care providers as provided for in the Residential Care Decree. These include residential care centres, service centres, groups of assisted-living apartments and all other housing facilities for people with disabilities. Care Property Invest can develop, realise and finance these facilities itself, or can refinance existing buildings, with or without a renovation or expansion.

The Care Property Invest share is listed on Euronext Brussels (regulated market). The consolidated financial statements of the Company as at 31 December 2024 comprise the Company and its subsidiaries. For an overview of the subsidiaries, we refer to note \u2018T 5.35 Information on subsidiaries\u2019 on page 315.

The financial statements were approved for publication by the Board of Directors on 22 April 2025. The financial statements will be submitted to the Ordinary Annual General Meeting of Shareholders to be held on 28 May 2025.

", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__11": { "value": "Care Property Invest ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__12": { "value": "Care Property Invest ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__13": { "value": "Care Property Invest ", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__14": { "value": "public limited liability company ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__15": { "value": "Horstebaan 3, 2900 Schoten ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__16": { "value": "Schoten ", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__17": { "value": "real estate player and has the objective of making high-quality projects available to care providers ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__18": { "value": "The financial statements were approved for publication by the Board of Directors on 22 April 2025. The financial statements will be submitted to the Ordinary Annual General Meeting of Shareholders to be held on 28 May 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__19": { "value": "

Accounting policies

Declaration of conformity

The financial statements of the company were drawn up in compliance with the \u2018International Financial Reporting Standards (IFRS)\u2019, as approved and accepted within the European Union (EU) and in accordance with the provisions of the RREC Legislation and the RREC RD of 13 July 2014. These standards cover all new and revised standards and interpretations published by the \u2018International Accounting Standards Board (IASB)\u2019 and the \u2018International Financial Reporting Interpretations Committee (IFRIC)\u2019, in as far as applicable to the activities of the group.

The consolidated financial statements are presented in euro, unless stated otherwise, and cover the twelve-month period ending on 31 December 2024.

The consolidated financial statements have been prepared in accordance with the historical cost convention, except for those assets and liabilities that are stated at fair value, i.e., investment properties and financial assets and liabilities.

Standards and interpretations applicable for the financial year commencing on 1 January 2024

The following new standards, new amendments and new interpretations are applicable to the Company for the first time in 2024:

Amendments to IAS1Presentation of Financial Statements - Classification of Short-Term or Long-Term Liabilities, effective (the 2020 and 2022 amendments) as of 1 January 2024

Amendments toIAS 7 The Cash Flow Statement and IFRS 7 Financial Instruments: Notes, effective as of 1 January 2024

Amendments to IFRS 16 Leases: Lease Obligations in a Sale and Leaseback, effective as of 1 January 2024

The amendments to IAS 1 affect the classification of short-term or long-term liabilities as at 31 December 2024. This also adjusted the comparative figures as at 31 December 2023. The other amendments have no impact on the current, consolidated financial statements.

New or amended standards and interpretations that have not yet entered into force

The new and amended standards and interpretations that were issued but not yet effective at the date of publication of the Company\u2019s consolidated financial statements are set out below. The Company intends to apply these standards when applicable, if they have an impact on the Company:

Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability, effective 1 January 2025

Amendments to Amendments to IFRS 9Classification and valuation requirementsand IFRS 7 Notes, effective as of 1 January 2026

Amendments toIFRS 9and IFRS 7-Contracts related to nature-based electricity, effective as of 1 January 2026

Annual improvements Volume 11

IFRS 18 Presentation and Notes to Financial Statements, effective as of 1 January 2027

IFRS 19 Subsidiaries without Public Accountability:\u00a0Notes, effective as of 1 January 2027

Consolidation principles

The companies included in the Company\u2019s consolidated financial statements are subsidiaries over which the Company exerts control. A company exerts control over a subsidiary if, and only if, the parent company:

has power over the participating interest;

is exposed to and has rights to variable proceeds based on its involvement in the participating interest and;

has the possibility of using its power over the participating interest to influence the scale of the investor\u2019s yields.

The companies in which the group directly or indirectly holds participating interests of more than 50% or in which it has the power to determine the financial and operating policies so as to obtain benefits from its activities, are included in the consolidated financial statements of the group in full. This means that the assets, liabilities and results of the entire group are fully reflected. Inter-company transactions and profits are entirely eliminated. All transactions between the group companies, balances and unrealised profits and losses on transactions between group companies are eliminated in the preparation of the consolidated financial statements.

The minority interests are the interests in the subsidiaries that are not held directly or indirectly by the group. See also Note \u2018T 5.35 Information on subsidiaries\u2019 on page 315.

Intangible fixed assets

The intangible fixed assets are capitalised at their acquisition value and depreciated according to the linear method at an annual percentage of 20%.

Investment properties

General

Real estate (land and buildings) acquired for valuable consideration or through a contribution in kind for the issue of new shares or via a merger through the acquisition of a real estate company or via a partial split, which is held in order to generate rental income in the long term, and which does not serve for personal use, is shown as investment property.

Valuation on initial recognition

On initial recognition, investment properties are shown at acquisition cost, including transaction costs and directly attributable expenditure.

For differences in value between the purchase price and the initial valuation at fair value at the time of recognition (acquisition), the value difference relating to transfer taxes and transfer costs is included through the global result statement.

Valuation after initial recognition

After initial recognition, investment properties are shown at fair value, in accordance with IAS 40. The fair value is equal to the amount for which the building could be exchanged between well-informed parties, consenting and acting in circumstances of normal competition. From the seller\u2019s point of view, the valuation must be understood as subject to the deduction of registration fees.

The independent real estate experts who carry out the periodic valuation of the assets of regulated real estate companies believe that, for transactions involving buildings in Belgium with an overall value

of less than \u20ac2.5 million, account must be taken of registration fees of 12% (Flemish Region) to 12.5% (Brussels Capital Region and Walloon Region), depending on the regions where these assets are located. For transactions concerning properties with an overall value of more than \u20ac2.5 million, real estate experts have valued the weighted average of the fees at 2.5%. This is because a range of different property transfer methods is used in Belgium. This percentage will, if necessary, be revised annually and adjusted per bracket of 0.5%. The experts will confirm the agreed percentage to be deducted in their periodic reports to the shareholders. For real estate in The Netherlands this percentage is 10.9%, in Ireland it is 9.96%, while for Spain it is determined regionally.

Profits or losses arising from the change in the fair value of investment properties are included in the global result statement in section \u2018XVIII. Changes in the fair value of investment properties\u2019 in the period in which they arise, and in the profit appropriation in the following year they are allocated to the reserve \u2018b) Reserve for the balance of changes in the fair value of real estate\u2019 and 'c) reserve for the impact on the fair value of estimated mutation rights and costs on hypothetical disposal of investment properties', where the latter item always corresponds to the difference between the investment value of the property and the fair value of the property.

Disposal of investment property

On the sale of an investment property, the profits or losses realised on the sale are shown in section \u2018XVI. Result sale of investment properties\u2019 in the global result statement for the period under review. Commission paid to brokers on the sale of buildings and liabilities contracted as a result of transactions are deducted from the sale price obtained in order to determine the realised profit or loss.

The realised gain or loss on disposal consists of the difference between the net sale value and the latest book value (fair value on the latest valuation), as well as the counter-entry of the estimated transfer taxes that are taken directly to the equity on the balance sheet on the initial assessment of the fair value.

As the real estate is sold, both reserve \u2018b) Reserve for the balance of changes in the fair value of real estate\u2019 and reserve \u2018c) Reserve for the impact on the fair value of estimated transfer taxes and costs resulting from hypothetical disposal of investment properties\u2019 relating to the sold property are transferred to the disposable reserves.

Project developments

Sites held with a view to an increase in value in the long term instead of sale in the short term in relation to normal business operations;

Sites held for future use that has not yet been determined;

Unoccupied buildings held for leasing on the basis of one or more operational leases and;

Real estate under construction or in development for future use as investment property must also be treated as investment property and is shown in the \u2018Project development\u2019 sub-section.

After the initial recognition, projects are shown at their fair value. This fair value takes account of the substantial development risks. The following criteria must be met in this regard:

There is a clear picture of the project costs to be incurred;

All necessary permits for the project development have been obtained;

A substantial part of the project development has been pre-let (final signature of rental contract);

This valuation at fair value is based on the valuation by the independent real estate expert (in accordance with the customary methods and assumptions) and takes account of the costs still to be incurred for the full finishing of the project.

All costs relating directly to the acquisition or development and all further investment expenditure are included in the cost price of the development project. In accordance with IAS\u00a023, the financing costs directly attributable to the construction or acquisition of an investment property are capitalised for the period for making the investment property ready for letting.

The capitalisation of financing costs as part of the cost price of an asset qualifying for this takes place only if:

Expenditure is made for the asset;

Financing costs are incurred and;

Activities are in progress to prepare the asset for its envisaged use. These include not only the physical construction but also technical and administrative work for the commencement of the actual construction in connection with the acquisition of permits.

The capitalisation of financing costs is suspended during long periods in which the active development is interrupted. The capitalisation is not suspended during a period in which extensive technical and administrative work is performed.

Rights in rem

Lease agreements with a term longer than 12 months and for which the underlying asset has a high value must be classified by means of a right of use on the asset in accordance with IFRS 16. On the starting date, the asset corresponding to a right of use is valued at cost price. After the starting date, the asset is valued on the basis of the fair value model in accordance with IAS 40.

Other fixed assets

Tangible fixed assets for own use

General

Assets that are held for the Company\u2019s own use in the production or delivery of goods or services, for rental to third parties or for administrative purposes and which are expected to be used for longer than a single period, are shown as tangible fixed assets, in accordance with IAS 16.

Valuation on initial recognition

Property, plant and equipment must be shown at cost if it is probable that the future economic benefits from the asset will accrue to the Company and if the cost of the asset can be determined reliably.

The cost price of an asset is the equivalent of the discounted price on the recognition date (the cost price) and all directly attributable costs for making the asset ready for use. Later costs for day-to-day maintenance of tangible fixed assets are not included in the book value of the asset. This expenditure is shown in the income statement at the time at which it is incurred. Future expenditure for maintenance and repairs is capitalised only if this can be clearly shown to result in an increase in the future economic benefits from the use of the asset.

Valuation after initial recognition

All tangible fixed assets are shown at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation and amortisation

The different categories of tangible fixed assets are depreciated using the straight-line method of depreciation over the estimated service life of the asset. The residual value and the service life must be reviewed at least at the end of each reporting period. An asset is depreciated from the date on which it is ready for the envisaged use. Depreciation of an asset is discontinued on the date on which the asset is held for sale or is no longer used.

Depreciation takes place even if the fair value of the asset exceeds its book value, until the residual value is reached. From the date on which the residual value is equal to or higher than the book value, the depreciation cost is zero, until such time as the residual value is again less than the book value of the asset.

Tangible fixed assets for the Company\u2019s own use are depreciated in accordance with the following depreciation rates according to the straight-line method:

Building (for the Company\u2019s own use)

3.33%

Equipment of building

10%

Furniture

10%

Computers

33.33%

Office machinery

25%

Rolling stock

20%

Office fittings and furnishings

10%

Disposal of property, plant and equipment

At the time when an asset is disposed of or at the time when no future economic benefits are expected any longer from the use or disposal of an asset, the property, plant or equipment can no longer be shown in the balance sheet of the Company.

The gain or loss arising through the disposal or retirement of an asset is the difference between any net proceeds on disposal and the book value of the asset. This capital gain or loss is shown in the global result statement.

Other tangible fixed assets - development costs for projects in preparation/under construction, which are subsequently recorded as a finance lease (IFRS 16).

The construction costs for projects in preparation and projects under construction are shown at the cost price (nominal value) in the other operating expenses and are capitalised via the other operating revenues in other tangible fixed assets. On provisional acceptance of the building, the leasing activities commence, and the amount of the net investment is classified in the balance sheet item \u2018I.F. Finance lease receivables\u2019.

IFRS 16 requires that a lease receivable is valued on commencement at the discounted value of the future income flows. The difference between the construction costs and this discounted value is then the result of the development of the leased object. This must be recognised in the result in proportion to the construction period as the result of the construction activities in \u2018Other operational revenues/costs\u2019.

Impairments

At each reporting date, the Company assesses whether there are indications that a non-financial asset may be subject to impairment. If any such indication exists, an estimate is made of the realisable value of the asset. If an asset\u2019s book value exceeds its realisable value, an impairment is recognised in order to reduce the book value of the asset to the realisable amount. The realisable value of an asset is defined as the higher of the fair value less selling costs (assuming a non-forced sale) or the value in use (based on the present value of the estimated future cash flows). The resulting impairments are charged to the global result statement. Previously recognised impairments are reversed via the global result statement if a change has occurred in the estimate used to determine the realisable value of the asset since the recognition of the last impairment loss.

Financial fixed assets

The financial assets are classified in one of the categories provided for according to IFRS 9 \u2018Financial instruments: recognition and valuation\u2019, depending on the purpose for which the financial asset is acquired, which are determined on their initial recognition of the assets. This classification determines the valuation of the financial asset on future balance sheet dates: at the amortised cost price or based on the equity method (in accordance with IAS 28).

Financial instruments

Derivative products or financial interest rate derivatives (including Interest Rate Swaps) can be used for hedging interest rate risks arising from operational, financial and investment activities. The derivative financial instruments which the Company uses do not meet the criteria of IFRS 9 for the application of hedge accounting, are not held for trading purposes and are not acquired for sale in the near future. They are included in the balance sheet at their fair value. Changes in their fair value are taken directly to the global result statement.

The fair value of financial instruments is based on the market value calculations of the counterparty and the respective fair values are regarded as \u2018Level 2\u2019, as defined under IFRS 13 (see also note \u2018T 5.11 Changes in the fair value of financial assets and liabilities\u2019 on page 296).

The fair value of the hedging instruments is the estimated amount of the fees that the Company must pay or should receive in order to settle its positions on the balance sheet date, taking account of the interest curve, the creditworthiness of the counterparties and any option value applying at that time. The fair value of hedging instruments is estimated monthly by the issuing financial institution. In accordance with IFRS 13, an adjustment is made to the fair value to reflect the counterparty\u2019s own credit risk (\u2018Debt Valuation Adjustment\u2019 or \u2018DVA\u2019) and the counterparty\u2019s credit rating (\u2018Credit Valuation Adjustment\u2019 or \u2018CVA\u2019).

Participating interests

The acquisitions of the shares of subsidiaries of Care Property Invest take place in the context of an \u2018asset deal\u2019 to which IFRS 3 \u2018Business Combinations\u2019 does not apply. The participating interests are valued based on the equity method (in accordance with IAS 28).

Other financial fixed assets

Loans and receivables (including guarantees) are non-derivative financial instruments with fixed or determinable payments that are not listed in an active market and are valued at the amortised cost price.

Finance lease receivables & trade receivables

Care Property Invest as lessor

A lease contract is classified as a financial lease if it transfers virtually all the risks and benefits associated with ownership to the lessee. All other forms of lease are treated as operational leases. If a lease contract complies with the terms of a financial lease (according to International Accounting Standards IFRS 16), Care Property Invest, as the lessor-owner, recognises the lease agreement at its inception on the balance sheet as a receivable at an amount equal to the net investment in the lease agreement. The difference between the latter amount and the book value of the leased property will be recognised in the global result statement for the period.

Any periodic payment made by the lessee will be recognised as income under rental income in the global result statement (see \u2018T 5.3 Rental income\u2019 on page 292) and/or as a repayment of the investments in the balance sheet (see \u2018T 5.17 Finance lease receivables and trade receivables and other non-current assets\u2019 on page 304), based on a constant periodic return for Care Property Invest.

The item \u2018I.F. Finance lease receivables \u2018shows the investment cost of the transferred projects and therefore assigned in leasehold, less the contractual prepayments received, and reimbursements already made.

Care Property Invest as lessee

At the start of the lease period, lease agreements (with the exception of lease agreements with a maximum term of 12 months and lease agreements in which the underlying asset has a low value) are included in the balance sheet as asset (right of use) and lease obligation at the present value of the future lease payments. Subsequently, all rights of use, which classify as investment properties, are measured at fair value in accordance with IAS 40. We refer to \u2018T 2.4 Investment properties\u2019 on page 266for the accounting policies relating to investment properties. Minimum lease payments are included partly as financing costs and partly as repayments of the outstanding liability in such a way that this results in a constant periodic interest rate for the remaining balance of the liability.

Financial charges are included directly in the global result statement.

Trade receivables

The item \u2018I.G. Trade receivable and other fixed assets\u2019 regarding the projects included in the finance leases contains the profit or loss margin allocated to the construction phase of a project. The profit or loss margin is the difference between the nominal value of the fee due at the end of the right of superficie (included in the item \u2018I.F. Finance lease receivables\u2019) and the fair value at the time of provision, determined by discounting the future cash flows (being the leasehold and rental fees and the fee due at the end of the right of superficie) at a rate equal to the IRS rate plus a margin that would apply on the date on which the lease contract was contracted. The increase by a margin depends on the margin that the Company pays the bank as a cost of funding. For the bank, the margin depends on the underlying surety and is therefore different for a PCSW or a non-profit association. This item also contains a provision for discounted costs of service provision, as the Company remains involved in the maintenance of the property following delivery of the building, in connection with advice or intervention in the event of any construction damage or adjustments imposed, following up lease payments, etc.

During the term of the contract, the receivable is phased out, as the added value and provision for costs of services is written down each year and is charged

to the global result statement in \u2018Other operating income and expenses\u2019.

If the discount rate (i.e., the IRS interest rate plus a margin) on the date of the contracting of the lease agreement is higher or virtually equal to the interest rate implicit in the leasehold payments stipulated on commencement of the leasehold, this calculation leads to the recognition of a mathematical loss during the construction phase (e.g., in the event of falling interest rates). Over the entire duration of the contract, however, the projects are profitable, since the leasehold payment is always higher than the actual cost of financing.

There is an estimation uncertainty as regards the profit margin on the projects; this is partly due to altered operating expenses, the impact of which is reviewed annually and adjusted if necessary, but the profit or loss margin also depends on rising or falling interest rates.

Current assets

Trade receivable and other receivables at a maximum of one year

Receivables at a maximum of one year are shown at their nominal value less impairments due to doubtful or irrecoverable receivables, which are recognised as impairment losses in the global result statement.

Tax receivables

Tax receivables are shown at the tax rate applying in the period to which they relate.

Cash and cash equivalents

Cash and cash equivalents (bank accounts, cash and short-term investments) are shown at the amortised cost price. The

additional costs are processed directly in the global result statement.

Accruals and deferrals

The costs incurred during the financial year that are wholly or partially attributable to the following financial year are shown in accruals and deferrals on the basis of a proportionality rule. The income and fractions of income received in the course of one or more subsequent financial years, but relating to the financial year concerned, are entered for the amount relating to the financial year in question.

Equity

Equity instruments issued by the Company are shown at the amount of the sums received (after deduction of directly attributable issuing costs).

The treasury shares in the Company\u2019s possession, if any, are deducted from equity at the initial acquisition cost. The increase and/or decrease in value realised on the sale of treasury shares is recognised directly as equity and has no impact on the adjusted EPRA earnings.

Dividends form part of the transferred result and are recognised as a liability only in the period in which they are

formally awarded, i.e., approved by the general meeting of shareholders.

Provisions

A provision is formed when:

the Company has an existing liability -legally enforceable or actual - as a result of an incident in the past;

it is probable that an outflow of resources will be required in order to settle the liability and;

the amount of the liability can be reliably estimated.

The amount of the provision is based on the best estimate of the expenditure required to settle the existing obligation as at the balance sheet date, taking account of the risks and uncertainties associated with the liability. If the effect of the time value of money is significant, provisions are discounted using a discount rate that takes account of the current market assessments of the time value of money and the inherent risks of the liability.

Financial liabilities

Financial payables and trade debts

Financial payables at the amortised cost price, including debts, are initially valued at fair value, net of transaction costs. After initial recognition, they are valued at the amortised cost price. The group\u2019s financial payables are shown in \u2018Other current liabilities\u2019 at the amortised cost price, comprising non-current financial liabilities, other non-current liabilities,

current financial liabilities, trade debts and dividends payable.

Derivative financial instruments

Derivative products or financial interest rate derivatives (including Interest Rate Swaps) can be used for hedging interest rate risks arising from operational, financial and investment activities. The derivative financial instruments which the Company uses do not meet the criteria of IFRS 9 for the application of hedge accounting, are not held for trading purposes and are not acquired for sale in the near future. They are included in the balance sheet at their fair value and changes in their fair value are taken directly to the global result statement.

The fair value of financial instruments is based on the market value calculations of the counterparty and the respective fair values are regarded as \u2018Level 2\u2019, as defined under IFRS 13 (see also the notes to \u2018T 5.11 Changes in the fair value of financial assets and liabilities\u2019 on page 296.

The fair value of the hedging instruments is the estimated amount of the fees that the Company must pay or shall receive in order to settle its positions on the balance sheet date, taking account of the interest curve, the creditworthiness of the counterparties and any option value applying at that time. The fair value of hedging instruments is estimated on a monthly basis by the issuing financial institutions. In accordance with IFRS 13, an adjustment is made to the fair value to reflect the counterparty\u2019s own credit

risk (\u2018Debt Valuation Adjustment\u2019 or \u2018DVA\u2019) and the counterparty\u2019s credit rating (\u2018Credit Valuation Adjustment\u2019 or \u2018CVA\u2019).

Lease liabilities

Lease agreements with a term longer than 12 months and for which the underlying asset has a high value must be recognised by way of a lease payment on the balance sheet in accordance with IFRS 16. The lease payment is equal to the current value of the lease payments outstanding on the reporting date.

Tax liabilities

Tax liabilities are shown at the tax rate applying in the period to which they relate.

Accruals and deferrals

The costs incurred during the following financial year that relate wholly or partially to the financial year concerned are shown in the current financial year as attributable costs for the amount relating to the financial year concerned. Income received during the financial year that is wholly or partially attributable to the following financial year is shown in accruals and deferrals on the basis of a proportionality rule.

Staff remuneration

The contracts Care Property Invest has concluded in relation to group insurance are of the \u2018defined contribution\u2019 type. This defined contribution pension plan has been entrusted to Belfius Bank. These pension plans are regarded as \u2018defined contribution\u2019 plans with fixed costs for the employer and are shown under \u2018group insurance contributions\u2019. Employees make no personal contribution. Premiums are recognised in the financial year in which they were paid or scheduled. However, under

the \u2018Vandenbroucke Law\u2019 these group insurance policies would be regarded as 'defined benefit' plans within the meaning of IAS 19, and the Company would be required to guarantee an average minimum rate of return of 1.75% (as at 31 December 2024) on the employer\u2019s contributions. In principle, the Company would have additional obligations if the statutory minimum return could not be achieved. As of 1 January 2025, this average minimum return is 2.50%.

Up to and including the 2024 financial year, Belfius Bank confirmed that the minimum return, including the profit share, was achieved. Moreover, the impact on the Company\u2019s results would be limited, since it has only a small number of employees.

Income and expenses

Rental income

The net rental result comprises the rents, operational lease instalments and other related income, less the costs associated with leases, such as the costs of voids, rent benefits and impairments of trade receivables.

The rent benefits consist of temporary rental discounts or rent-free periods for the operator of the property.

Revenues are shown at the fair value of the fee received or to which rights were acquired and are shown on a proportional basis in the global result

statement in the period to which they relate.

Real estate costs

In view of the triple net nature(1)of the contracts, the Company is not liable for the costs of maintenance and repair, utilities, insurance and taxes for the building. With double net contracts, the Company does bear the risk of the maintenance and repair costs. With single net contracts, in addition to maintenance and repair costs, the lessor also bears the vacancy risk.

General expenses and other operating income and expenses

The Company\u2019s general expenses cover the fixed operating costs of Care Property Invest, which is active as a listed company and enjoys RREC status.

Revenues and costs are shown on a proportional basis in the global result

With the exception of the 'Les Terrasses du Bois' project in Watermaal-Bosvoorde, for which a long-term double net agreement has been concluded, and the 'Tilia' project in Gullegem for which a long-term single net agreement has been concluded.

\"\"

statement in the period to which they relate.

Taxes

Corporate tax

Corporate income taxes represent the estimated tax payable on the taxable income for the year, calculated using the tax rate applicable on the closing date, as well as adjustments to tax liabilities relating to previous years. These are booked directly in the result, except when they relate to items that were booked

directly in equity. In this case, tax is also booked directly in equity.

The status of a RREC provides for a fiscally transparent status, as RRECs are only still liable to corporate income tax for specific elements of the result, such as rejected expenditure, abnormal and benevolent benefits and secret commissions. Generally, rental income, financial income and the gain realised on the disposal of assets are exempt from tax.The Dutch subsidiaries (with the exception of Care Property Invest.NL10 BV (FBI status not yet formally confirmed) and Care Property Invest.NL11 BV) all hold the FBI status, which is still applicable for the 2024 financial year but will no longer be applicable as of 1 January 2025 due to the amended legislation, making the result taxable at a rate of 0%. The Spanish subsidiary acquired the SOCIMI status in 2022, also making it subject to a 0% tax rate. The Irish subsidiaries do not make use of a favourable tax regime and are therefore all regular tax payers.

Deferred tax receivables and liabilities are included in the result statement for all deferred capital losses and gains (the temporary difference between the

fair value and the fiscal value of the real estate).

Exit tax

The exit tax is a tax on the added value determined on a taxed merger, split or equated transaction of a RREC with a Belgian company that is not a RREC.

If this company is included in the consolidated group statements for the first time, the exit tax is charged to the equity of that company. If the company is not immediately merged with the RREC, adjustments to the exit tax liabilities that would prove to be necessary at the time of the merger in relation to the amount

provided for are recognised in the global result statement.

The exit tax rate as at 31 December 2024 was 15%.

The exit tax is calculated on the basis of the deferred added value and the exempted reserves of the real estate company that makes the contribution through a merger, split or equated action. The deferred added value is the positive difference between the actual fiscal value of the equity of the relevant real estate company (that has been split off) less the previously assumed fiscal depreciation, amortisation and impairments. Existing tax deferrals (deductible losses, transferred notional interest deductions, etc.) can be deducted from the taxable base. The actual fiscal value is the value with costs paid by the buyer, i.e., after deduction of registration rights or VAT, and may differ from the fair value of the real estate shown in the RREC\u2019s balance sheet in accordance with IAS 40.

", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__20": { "value": "

Declaration of conformity

The financial statements of the company were drawn up in compliance with the \u2018International Financial Reporting Standards (IFRS)\u2019, as approved and accepted within the European Union (EU) and in accordance with the provisions of the RREC Legislation and the RREC RD of 13 July 2014. These standards cover all new and revised standards and interpretations published by the \u2018International Accounting Standards Board (IASB)\u2019 and the \u2018International Financial Reporting Interpretations Committee (IFRIC)\u2019, in as far as applicable to the activities of the group.

The consolidated financial statements are presented in euro, unless stated otherwise, and cover the twelve-month period ending on 31 December 2024.

The consolidated financial statements have been prepared in accordance with the historical cost convention, except for those assets and liabilities that are stated at fair value, i.e., investment properties and financial assets and liabilities.

Standards and interpretations applicable for the financial year commencing on 1 January 2024

The following new standards, new amendments and new interpretations are applicable to the Company for the first time in 2024:

Amendments to IAS1Presentation of Financial Statements - Classification of Short-Term or Long-Term Liabilities, effective (the 2020 and 2022 amendments) as of 1 January 2024

Amendments toIAS 7 The Cash Flow Statement and IFRS 7 Financial Instruments: Notes, effective as of 1 January 2024

Amendments to IFRS 16 Leases: Lease Obligations in a Sale and Leaseback, effective as of 1 January 2024

The amendments to IAS 1 affect the classification of short-term or long-term liabilities as at 31 December 2024. This also adjusted the comparative figures as at 31 December 2023. The other amendments have no impact on the current, consolidated financial statements.

New or amended standards and interpretations that have not yet entered into force

The new and amended standards and interpretations that were issued but not yet effective at the date of publication of the Company\u2019s consolidated financial statements are set out below. The Company intends to apply these standards when applicable, if they have an impact on the Company:

Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability, effective 1 January 2025

Amendments to Amendments to IFRS 9Classification and valuation requirementsand IFRS 7 Notes, effective as of 1 January 2026

Amendments toIFRS 9and IFRS 7-Contracts related to nature-based electricity, effective as of 1 January 2026

Annual improvements Volume 11

IFRS 18 Presentation and Notes to Financial Statements, effective as of 1 January 2027

IFRS 19 Subsidiaries without Public Accountability:\u00a0Notes, effective as of 1 January 2027

", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__21": { "value": "

Declaration of conformity

The financial statements of the company were drawn up in compliance with the \u2018International Financial Reporting Standards (IFRS)\u2019, as approved and accepted within the European Union (EU) and in accordance with the provisions of the RREC Legislation and the RREC RD of 13 July 2014. These standards cover all new and revised standards and interpretations published by the \u2018International Accounting Standards Board (IASB)\u2019 and the \u2018International Financial Reporting Interpretations Committee (IFRIC)\u2019, in as far as applicable to the activities of the group.

The consolidated financial statements are presented in euro, unless stated otherwise, and cover the twelve-month period ending on 31 December 2024.

The consolidated financial statements have been prepared in accordance with the historical cost convention, except for those assets and liabilities that are stated at fair value, i.e., investment properties and financial assets and liabilities.

Standards and interpretations applicable for the financial year commencing on 1 January 2024

The following new standards, new amendments and new interpretations are applicable to the Company for the first time in 2024:

Amendments to IAS1Presentation of Financial Statements - Classification of Short-Term or Long-Term Liabilities, effective (the 2020 and 2022 amendments) as of 1 January 2024

Amendments toIAS 7 The Cash Flow Statement and IFRS 7 Financial Instruments: Notes, effective as of 1 January 2024

Amendments to IFRS 16 Leases: Lease Obligations in a Sale and Leaseback, effective as of 1 January 2024

The amendments to IAS 1 affect the classification of short-term or long-term liabilities as at 31 December 2024. This also adjusted the comparative figures as at 31 December 2023. The other amendments have no impact on the current, consolidated financial statements.

New or amended standards and interpretations that have not yet entered into force

The new and amended standards and interpretations that were issued but not yet effective at the date of publication of the Company\u2019s consolidated financial statements are set out below. The Company intends to apply these standards when applicable, if they have an impact on the Company:

Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability, effective 1 January 2025

Amendments to Amendments to IFRS 9Classification and valuation requirementsand IFRS 7 Notes, effective as of 1 January 2026

Amendments toIFRS 9and IFRS 7-Contracts related to nature-based electricity, effective as of 1 January 2026

Annual improvements Volume 11

IFRS 18 Presentation and Notes to Financial Statements, effective as of 1 January 2027

IFRS 19 Subsidiaries without Public Accountability:\u00a0Notes, effective as of 1 January 2027

", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__22": { "value": "standards and interpretations published by the \u2018International Accounting Standards Board (IASB)\u2019 and the \u2018International Financial Reporting Interpretations Committee (IFRIC)\u2019, in as far as applicable to the activities of the group.

The consolidated financial statements are presented in euro, unless stated otherwise, and cover the twelve-month period ending on 31 December 2024.

The consolidated financial statements have been prepared in accordance with the historical cost convention, except for those assets and liabilities that are stated at fair value, i.e., investment properties and financial assets and liabilities.

Standards and interpretations applicable for the financial year commencing on 1 January 2024

The following new standards, new amendments and new interpretations are applicable to the Company for the first time in 2024:

Amendments to IAS1Presentation of Financial Statements - Classification of Short-Term or Long-Term Liabilities, effective (the 2020 and 2022 amendments) as of 1 January 2024

Amendments toIAS 7 The Cash Flow Statement and IFRS 7 Financial Instruments: Notes, effective as of 1 January 2024

Amendments to IFRS 16 Leases: Lease Obligations in a Sale and Leaseback, effective as of 1 January 2024

The amendments to IAS 1 affect the classification of short-term or long-term liabilities as at 31 December 2024. This also adjusted the comparative figures as at 31 December 2023. The other amendments have no impact on the current, consolidated financial statements.

New or amended standards and interpretations that have not yet entered into force

The new and amended standards and interpretations that were issued but not yet effective at the date of publication of the Company\u2019s consolidated financial statements are set out below. The Company intends to apply these standards when applicable, if they have an impact on the Company:

Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability, effective 1 January 2025

Amendments to Amendments to IFRS 9Classification and valuation requirementsand IFRS 7 Notes, effective as of 1 January 2026

Amendments toIFRS 9and IFRS 7-Contracts related to nature-based electricity, effective as of 1 January 2026

Annual improvements Volume 11

IFRS 18 Presentation and Notes to Financial Statements, effective as of 1 January 2027

IFRS 19 Subsidiaries without Public Accountability:\u00a0Notes, effective as of 1 January 2027

", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__23": { "value": "

Consolidation principles

The companies included in the Company\u2019s consolidated financial statements are subsidiaries over which the Company exerts control. A company exerts control over a subsidiary if, and only if, the parent company:

has power over the participating interest;

is exposed to and has rights to variable proceeds based on its involvement in the participating interest and;

has the possibility of using its power over the participating interest to influence the scale of the investor\u2019s yields.

The companies in which the group directly or indirectly holds participating interests of more than 50% or in which it has the power to determine the financial and operating policies so as to obtain benefits from its activities, are included in the consolidated financial statements of the group in full. This means that the assets, liabilities and results of the entire group are fully reflected. Inter-company transactions and profits are entirely eliminated. All transactions between the group companies, balances and unrealised profits and losses on transactions between group companies are eliminated in the preparation of the consolidated financial statements.

The minority interests are the interests in the subsidiaries that are not held directly or indirectly by the group. See also Note \u2018T 5.35 Information on subsidiaries\u2019 on page 315.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__24": { "value": "

Consolidation principles

The companies included in the Company\u2019s consolidated financial statements are subsidiaries over which the Company exerts control. A company exerts control over a subsidiary if, and only if, the parent company:

has power over the participating interest;

is exposed to and has rights to variable proceeds based on its involvement in the participating interest and;

has the possibility of using its power over the participating interest to influence the scale of the investor\u2019s yields.

The companies in which the group directly or indirectly holds participating interests of more than 50% or in which it has the power to determine the financial and operating policies so as to obtain benefits from its activities, are included in the consolidated financial statements of the group in full. This means that the assets, liabilities and results of the entire group are fully reflected. Inter-company transactions and profits are entirely eliminated. All transactions between the group companies, balances and unrealised profits and losses on transactions between group companies are eliminated in the preparation of the consolidated financial statements.

The minority interests are the interests in the subsidiaries that are not held directly or indirectly by the group. See also Note \u2018T 5.35 Information on subsidiaries\u2019 on page 315.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__25": { "value": "

Consolidation principles

The companies included in the Company\u2019s consolidated financial statements are subsidiaries over which the Company exerts control. A company exerts control over a subsidiary if, and only if, the parent company:

has power over the participating interest;

is exposed to and has rights to variable proceeds based on its involvement in the participating interest and;

has the possibility of using its power over the participating interest to influence the scale of the investor\u2019s yields.

The companies in which the group directly or indirectly holds participating interests of more than 50% or in which it has the power to determine the financial and operating policies so as to obtain benefits from its activities, are included in the consolidated financial statements of the group in full. This means that the assets, liabilities and results of the entire group are fully reflected. Inter-company transactions and profits are entirely eliminated. All transactions between the group companies, balances and unrealised profits and losses on transactions between group companies are eliminated in the preparation of the consolidated financial statements.

The minority interests are the interests in the subsidiaries that are not held directly or indirectly by the group. See also Note \u2018T 5.35 Information on subsidiaries\u2019 on page 315.

", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__26": { "value": "

Intangible fixed assets

The intangible fixed assets are capitalised at their acquisition value and depreciated according to the linear method at an annual percentage of 20%.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__27": { "value": "

Intangible fixed assets

The intangible fixed assets are capitalised at their acquisition value and depreciated according to the linear method at an annual percentage of 20%.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__28": { "value": "

Investment properties

General

Real estate (land and buildings) acquired for valuable consideration or through a contribution in kind for the issue of new shares or via a merger through the acquisition of a real estate company or via a partial split, which is held in order to generate rental income in the long term, and which does not serve for personal use, is shown as investment property.

Valuation on initial recognition

On initial recognition, investment properties are shown at acquisition cost, including transaction costs and directly attributable expenditure.

For differences in value between the purchase price and the initial valuation at fair value at the time of recognition (acquisition), the value difference relating to transfer taxes and transfer costs is included through the global result statement.

Valuation after initial recognition

After initial recognition, investment properties are shown at fair value, in accordance with IAS 40. The fair value is equal to the amount for which the building could be exchanged between well-informed parties, consenting and acting in circumstances of normal competition. From the seller\u2019s point of view, the valuation must be understood as subject to the deduction of registration fees.

The independent real estate experts who carry out the periodic valuation of the assets of regulated real estate companies believe that, for transactions involving buildings in Belgium with an overall value

of less than \u20ac2.5 million, account must be taken of registration fees of 12% (Flemish Region) to 12.5% (Brussels Capital Region and Walloon Region), depending on the regions where these assets are located. For transactions concerning properties with an overall value of more than \u20ac2.5 million, real estate experts have valued the weighted average of the fees at 2.5%. This is because a range of different property transfer methods is used in Belgium. This percentage will, if necessary, be revised annually and adjusted per bracket of 0.5%. The experts will confirm the agreed percentage to be deducted in their periodic reports to the shareholders. For real estate in The Netherlands this percentage is 10.9%, in Ireland it is 9.96%, while for Spain it is determined regionally.

Profits or losses arising from the change in the fair value of investment properties are included in the global result statement in section \u2018XVIII. Changes in the fair value of investment properties\u2019 in the period in which they arise, and in the profit appropriation in the following year they are allocated to the reserve \u2018b) Reserve for the balance of changes in the fair value of real estate\u2019 and 'c) reserve for the impact on the fair value of estimated mutation rights and costs on hypothetical disposal of investment properties', where the latter item always corresponds to the difference between the investment value of the property and the fair value of the property.

Disposal of investment property

On the sale of an investment property, the profits or losses realised on the sale are shown in section \u2018XVI. Result sale of investment properties\u2019 in the global result statement for the period under review. Commission paid to brokers on the sale of buildings and liabilities contracted as a result of transactions are deducted from the sale price obtained in order to determine the realised profit or loss.

The realised gain or loss on disposal consists of the difference between the net sale value and the latest book value (fair value on the latest valuation), as well as the counter-entry of the estimated transfer taxes that are taken directly to the equity on the balance sheet on the initial assessment of the fair value.

As the real estate is sold, both reserve \u2018b) Reserve for the balance of changes in the fair value of real estate\u2019 and reserve \u2018c) Reserve for the impact on the fair value of estimated transfer taxes and costs resulting from hypothetical disposal of investment properties\u2019 relating to the sold property are transferred to the disposable reserves.

Project developments

Sites held with a view to an increase in value in the long term instead of sale in the short term in relation to normal business operations;

Sites held for future use that has not yet been determined;

Unoccupied buildings held for leasing on the basis of one or more operational leases and;

Real estate under construction or in development for future use as investment property must also be treated as investment property and is shown in the \u2018Project development\u2019 sub-section.

After the initial recognition, projects are shown at their fair value. This fair value takes account of the substantial development risks. The following criteria must be met in this regard:

There is a clear picture of the project costs to be incurred;

All necessary permits for the project development have been obtained;

A substantial part of the project development has been pre-let (final signature of rental contract);

This valuation at fair value is based on the valuation by the independent real estate expert (in accordance with the customary methods and assumptions) and takes account of the costs still to be incurred for the full finishing of the project.

All costs relating directly to the acquisition or development and all further investment expenditure are included in the cost price of the development project. In accordance with IAS\u00a023, the financing costs directly attributable to the construction or acquisition of an investment property are capitalised for the period for making the investment property ready for letting.

The capitalisation of financing costs as part of the cost price of an asset qualifying for this takes place only if:

Expenditure is made for the asset;

Financing costs are incurred and;

Activities are in progress to prepare the asset for its envisaged use. These include not only the physical construction but also technical and administrative work for the commencement of the actual construction in connection with the acquisition of permits.

The capitalisation of financing costs is suspended during long periods in which the active development is interrupted. The capitalisation is not suspended during a period in which extensive technical and administrative work is performed.

Rights in rem

Lease agreements with a term longer than 12 months and for which the underlying asset has a high value must be classified by means of a right of use on the asset in accordance with IFRS 16. On the starting date, the asset corresponding to a right of use is valued at cost price. After the starting date, the asset is valued on the basis of the fair value model in accordance with IAS 40.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__29": { "value": "Belgium ", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__30": { "value": "Belgium ", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__31": { "value": "

Other fixed assets

Tangible fixed assets for own use

General

Assets that are held for the Company\u2019s own use in the production or delivery of goods or services, for rental to third parties or for administrative purposes and which are expected to be used for longer than a single period, are shown as tangible fixed assets, in accordance with IAS 16.

Valuation on initial recognition

Property, plant and equipment must be shown at cost if it is probable that the future economic benefits from the asset will accrue to the Company and if the cost of the asset can be determined reliably.

The cost price of an asset is the equivalent of the discounted price on the recognition date (the cost price) and all directly attributable costs for making the asset ready for use. Later costs for day-to-day maintenance of tangible fixed assets are not included in the book value of the asset. This expenditure is shown in the income statement at the time at which it is incurred. Future expenditure for maintenance and repairs is capitalised only if this can be clearly shown to result in an increase in the future economic benefits from the use of the asset.

Valuation after initial recognition

All tangible fixed assets are shown at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation and amortisation

The different categories of tangible fixed assets are depreciated using the straight-line method of depreciation over the estimated service life of the asset. The residual value and the service life must be reviewed at least at the end of each reporting period. An asset is depreciated from the date on which it is ready for the envisaged use. Depreciation of an asset is discontinued on the date on which the asset is held for sale or is no longer used.

Depreciation takes place even if the fair value of the asset exceeds its book value, until the residual value is reached. From the date on which the residual value is equal to or higher than the book value, the depreciation cost is zero, until such time as the residual value is again less than the book value of the asset.

Tangible fixed assets for the Company\u2019s own use are depreciated in accordance with the following depreciation rates according to the straight-line method:

Building (for the Company\u2019s own use)

3.33%

Equipment of building

10%

Furniture

10%

Computers

33.33%

Office machinery

25%

Rolling stock

20%

Office fittings and furnishings

10%

Disposal of property, plant and equipment

At the time when an asset is disposed of or at the time when no future economic benefits are expected any longer from the use or disposal of an asset, the property, plant or equipment can no longer be shown in the balance sheet of the Company.

The gain or loss arising through the disposal or retirement of an asset is the difference between any net proceeds on disposal and the book value of the asset. This capital gain or loss is shown in the global result statement.

Other tangible fixed assets - development costs for projects in preparation/under construction, which are subsequently recorded as a finance lease (IFRS 16).

The construction costs for projects in preparation and projects under construction are shown at the cost price (nominal value) in the other operating expenses and are capitalised via the other operating revenues in other tangible fixed assets. On provisional acceptance of the building, the leasing activities commence, and the amount of the net investment is classified in the balance sheet item \u2018I.F. Finance lease receivables\u2019.

IFRS 16 requires that a lease receivable is valued on commencement at the discounted value of the future income flows. The difference between the construction costs and this discounted value is then the result of the development of the leased object. This must be recognised in the result in proportion to the construction period as the result of the construction activities in \u2018Other operational revenues/costs\u2019.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__32": { "value": "

Impairments

At each reporting date, the Company assesses whether there are indications that a non-financial asset may be subject to impairment. If any such indication exists, an estimate is made of the realisable value of the asset. If an asset\u2019s book value exceeds its realisable value, an impairment is recognised in order to reduce the book value of the asset to the realisable amount. The realisable value of an asset is defined as the higher of the fair value less selling costs (assuming a non-forced sale) or the value in use (based on the present value of the estimated future cash flows). The resulting impairments are charged to the global result statement. Previously recognised impairments are reversed via the global result statement if a change has occurred in the estimate used to determine the realisable value of the asset since the recognition of the last impairment loss.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__33": { "value": "

Impairments

At each reporting date, the Company assesses whether there are indications that a non-financial asset may be subject to impairment. If any such indication exists, an estimate is made of the realisable value of the asset. If an asset\u2019s book value exceeds its realisable value, an impairment is recognised in order to reduce the book value of the asset to the realisable amount. The realisable value of an asset is defined as the higher of the fair value less selling costs (assuming a non-forced sale) or the value in use (based on the present value of the estimated future cash flows). The resulting impairments are charged to the global result statement. Previously recognised impairments are reversed via the global result statement if a change has occurred in the estimate used to determine the realisable value of the asset since the recognition of the last impairment loss.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__34": { "value": "

Financial fixed assets

The financial assets are classified in one of the categories provided for according to IFRS 9 \u2018Financial instruments: recognition and valuation\u2019, depending on the purpose for which the financial asset is acquired, which are determined on their initial recognition of the assets. This classification determines the valuation of the financial asset on future balance sheet dates: at the amortised cost price or based on the equity method (in accordance with IAS 28).

Financial instruments

Derivative products or financial interest rate derivatives (including Interest Rate Swaps) can be used for hedging interest rate risks arising from operational, financial and investment activities. The derivative financial instruments which the Company uses do not meet the criteria of IFRS 9 for the application of hedge accounting, are not held for trading purposes and are not acquired for sale in the near future. They are included in the balance sheet at their fair value. Changes in their fair value are taken directly to the global result statement.

The fair value of financial instruments is based on the market value calculations of the counterparty and the respective fair values are regarded as \u2018Level 2\u2019, as defined under IFRS 13 (see also note \u2018T 5.11 Changes in the fair value of financial assets and liabilities\u2019 on page 296).

The fair value of the hedging instruments is the estimated amount of the fees that the Company must pay or should receive in order to settle its positions on the balance sheet date, taking account of the interest curve, the creditworthiness of the counterparties and any option value applying at that time. The fair value of hedging instruments is estimated monthly by the issuing financial institution. In accordance with IFRS 13, an adjustment is made to the fair value to reflect the counterparty\u2019s own credit risk (\u2018Debt Valuation Adjustment\u2019 or \u2018DVA\u2019) and the counterparty\u2019s credit rating (\u2018Credit Valuation Adjustment\u2019 or \u2018CVA\u2019).

Participating interests

The acquisitions of the shares of subsidiaries of Care Property Invest take place in the context of an \u2018asset deal\u2019 to which IFRS 3 \u2018Business Combinations\u2019 does not apply. The participating interests are valued based on the equity method (in accordance with IAS 28).

Other financial fixed assets

Loans and receivables (including guarantees) are non-derivative financial instruments with fixed or determinable payments that are not listed in an active market and are valued at the amortised cost price.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__35-1": { "value": "\u2018Financial instruments: recognition and valuation\u2019, depending on the purpose for which the financial asset is acquired, which are determined on their initial recognition of the assets. This classification determines the valuation of the financial asset on future balance sheet dates: at the amortised cost price or based on the equity method (in accordance with IAS 28).

Financial instruments

Derivative products or financial interest rate derivatives (including Interest Rate Swaps) can be used for hedging interest rate risks arising from operational, financial and investment activities. The derivative financial instruments which the Company uses do not meet the criteria of IFRS 9 for the application of hedge accounting, are not held for trading purposes and are not acquired for sale in the near future. They are included in the balance sheet at their fair value. Changes in their fair value are taken directly to the global result statement.

The fair value of financial instruments is based on the market value calculations of the counterparty and the respective fair values are regarded as \u2018Level 2\u2019, as defined under IFRS 13 (see also note \u2018T 5.11 Changes in the fair value of financial assets and liabilities\u2019 on page 296).

The fair value of the hedging instruments is the estimated amount of the fees that the Company must pay or should receive in order to settle its positions on the balance sheet date, taking account of the interest curve, the creditworthiness of the counterparties and any option value applying at that time. The fair value of hedging instruments is estimated monthly by the issuing financial institution. In accordance with IFRS 13, an adjustment is made to the fair value to reflect the counterparty\u2019s own credit risk (\u2018Debt Valuation Adjustment\u2019 or \u2018DVA\u2019) and the counterparty\u2019s credit rating (\u2018Credit Valuation Adjustment\u2019 or \u2018CVA\u2019).

Derivative financial instruments

Derivative products or financial interest rate derivatives (including Interest Rate Swaps) can be used for hedging interest rate risks arising from operational, financial and investment activities. The derivative financial instruments which the Company uses do not meet the criteria of IFRS 9 for the application of hedge accounting, are not held for trading purposes and are not acquired for sale in the near future. They are included in the balance sheet at their fair value and changes in their fair value are taken directly to the global result statement.

The fair value of financial instruments is based on the market value calculations of the counterparty and the respective fair values are regarded as \u2018Level 2\u2019, as defined under IFRS 13 (see also the notes to \u2018T 5.11 Changes in the fair value of financial assets and liabilities\u2019 on page 296.

The fair value of the hedging instruments is the estimated amount of the fees that the Company must pay or shall receive in order to settle its positions on the balance sheet date, taking account of the interest curve, the creditworthiness of the counterparties and any option value applying at that time. The fair value of hedging instruments is estimated on a monthly basis by the issuing financial institutions. In accordance with IFRS 13, an adjustment is made to the fair value to reflect the counterparty\u2019s own credit

risk (\u2018Debt Valuation Adjustment\u2019 or \u2018DVA\u2019) and the counterparty\u2019s credit rating (\u2018Credit Valuation Adjustment\u2019 or \u2018CVA\u2019).

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__36": { "value": "\u2018Financial instruments: recognition and valuation\u2019, depending on the purpose for which the financial asset is acquired, which are determined on their initial recognition of the assets. This classification determines the valuation of the financial asset on future balance sheet dates: at the amortised cost price or based on the equity method (in accordance with IAS 28).

Financial instruments

Derivative products or financial interest rate derivatives (including Interest Rate Swaps) can be used for hedging interest rate risks arising from operational, financial and investment activities. The derivative financial instruments which the Company uses do not meet the criteria of IFRS 9 for the application of hedge accounting, are not held for trading purposes and are not acquired for sale in the near future. They are included in the balance sheet at their fair value. Changes in their fair value are taken directly to the global result statement.

The fair value of financial instruments is based on the market value calculations of the counterparty and the respective fair values are regarded as \u2018Level 2\u2019, as defined under IFRS 13 (see also note \u2018T 5.11 Changes in the fair value of financial assets and liabilities\u2019 on page 296).

The fair value of the hedging instruments is the estimated amount of the fees that the Company must pay or should receive in order to settle its positions on the balance sheet date, taking account of the interest curve, the creditworthiness of the counterparties and any option value applying at that time. The fair value of hedging instruments is estimated monthly by the issuing financial institution. In accordance with IFRS 13, an adjustment is made to the fair value to reflect the counterparty\u2019s own credit risk (\u2018Debt Valuation Adjustment\u2019 or \u2018DVA\u2019) and the counterparty\u2019s credit rating (\u2018Credit Valuation Adjustment\u2019 or \u2018CVA\u2019).

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__37": { "value": "

Participating interests

The acquisitions of the shares of subsidiaries of Care Property Invest take place in the context of an \u2018asset deal\u2019 to which IFRS 3 \u2018Business Combinations\u2019 does not apply. The participating interests are valued based on the equity method (in accordance with IAS 28).

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__38": { "value": "

Other financial fixed assets

Loans and receivables (including guarantees) are non-derivative financial instruments with fixed or determinable payments that are not listed in an active market and are valued at the amortised cost price.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__39-1": { "value": "

Finance lease receivables & trade receivables

Care Property Invest as lessor

A lease contract is classified as a financial lease if it transfers virtually all the risks and benefits associated with ownership to the lessee. All other forms of lease are treated as operational leases. If a lease contract complies with the terms of a financial lease (according to International Accounting Standards IFRS 16), Care Property Invest, as the lessor-owner, recognises the lease agreement at its inception on the balance sheet as a receivable at an amount equal to the net investment in the lease agreement. The difference between the latter amount and the book value of the leased property will be recognised in the global result statement for the period.

Lease liabilities

Lease agreements with a term longer than 12 months and for which the underlying asset has a high value must be recognised by way of a lease payment on the balance sheet in accordance with IFRS 16. The lease payment is equal to the current value of the lease payments outstanding on the reporting date.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__40": { "value": "

Any periodic payment made by the lessee will be recognised as income under rental income in the global result statement (see \u2018T 5.3 Rental income\u2019 on page 292) and/or as a repayment of the investments in the balance sheet (see \u2018T 5.17 Finance lease receivables and trade receivables and other non-current assets\u2019 on page 304), based on a constant periodic return for Care Property Invest.

The item \u2018I.F. Finance lease receivables \u2018shows the investment cost of the transferred projects and therefore assigned in leasehold, less the contractual prepayments received, and reimbursements already made.

Care Property Invest as lessee

At the start of the lease period, lease agreements (with the exception of lease agreements with a maximum term of 12 months and lease agreements in which the underlying asset has a low value) are included in the balance sheet as asset (right of use) and lease obligation at the present value of the future lease payments. Subsequently, all rights of use, which classify as investment properties, are measured at fair value in accordance with IAS 40. We refer to \u2018T 2.4 Investment properties\u2019 on page 266for the accounting policies relating to investment properties. Minimum lease payments are included partly as financing costs and partly as repayments of the outstanding liability in such a way that this results in a constant periodic interest rate for the remaining balance of the liability.

Financial charges are included directly in the global result statement.

Trade receivables

The item \u2018I.G. Trade receivable and other fixed assets\u2019 regarding the projects included in the finance leases contains the profit or loss margin allocated to the construction phase of a project. The profit or loss margin is the difference between the nominal value of the fee due at the end of the right of superficie (included in the item \u2018I.F. Finance lease receivables\u2019) and the fair value at the time of provision, determined by discounting the future cash flows (being the leasehold and rental fees and the fee due at the end of the right of superficie) at a rate equal to the IRS rate plus a margin that would apply on the date on which the lease contract was contracted. The increase by a margin depends on the margin that the Company pays the bank as a cost of funding. For the bank, the margin depends on the underlying surety and is therefore different for a PCSW or a non-profit association. This item also contains a provision for discounted costs of service provision, as the Company remains involved in the maintenance of the property following delivery of the building, in connection with advice or intervention in the event of any construction damage or adjustments imposed, following up lease payments, etc.

During the term of the contract, the receivable is phased out, as the added value and provision for costs of services is written down each year and is charged

to the global result statement in \u2018Other operating income and expenses\u2019.

If the discount rate (i.e., the IRS interest rate plus a margin) on the date of the contracting of the lease agreement is higher or virtually equal to the interest rate implicit in the leasehold payments stipulated on commencement of the leasehold, this calculation leads to the recognition of a mathematical loss during the construction phase (e.g., in the event of falling interest rates). Over the entire duration of the contract, however, the projects are profitable, since the leasehold payment is always higher than the actual cost of financing.

There is an estimation uncertainty as regards the profit margin on the projects; this is partly due to altered operating expenses, the impact of which is reviewed annually and adjusted if necessary, but the profit or loss margin also depends on rising or falling interest rates.

Current assets

Trade receivable and other receivables at a maximum of one year

Receivables at a maximum of one year are shown at their nominal value less impairments due to doubtful or irrecoverable receivables, which are recognised as impairment losses in the global result statement.

Tax receivables

Tax receivables are shown at the tax rate applying in the period to which they relate.

Cash and cash equivalents

Cash and cash equivalents (bank accounts, cash and short-term investments) are shown at the amortised cost price. The

additional costs are processed directly in the global result statement.

Accruals and deferrals

The costs incurred during the financial year that are wholly or partially attributable to the following financial year are shown in accruals and deferrals on the basis of a proportionality rule. The income and fractions of income received in the course of one or more subsequent financial years, but relating to the financial year concerned, are entered for the amount relating to the financial year in question.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__41": { "value": "

Equity

Equity instruments issued by the Company are shown at the amount of the sums received (after deduction of directly attributable issuing costs).

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__42": { "value": "The treasury shares in the Company\u2019s possession, if any, are deducted from equity at the initial acquisition cost. The increase and/or decrease in value realised on the sale of treasury shares is recognised directly as equity and has no impact on the adjusted EPRA earnings.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__43": { "value": "

Dividends form part of the transferred result and are recognised as a liability only in the period in which they are

formally awarded, i.e., approved by the general meeting of shareholders.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__44": { "value": "

Provisions

A provision is formed when:

the Company has an existing liability -legally enforceable or actual - as a result of an incident in the past;

it is probable that an outflow of resources will be required in order to settle the liability and;

the amount of the liability can be reliably estimated.

The amount of the provision is based on the best estimate of the expenditure required to settle the existing obligation as at the balance sheet date, taking account of the risks and uncertainties associated with the liability. If the effect of the time value of money is significant, provisions are discounted using a discount rate that takes account of the current market assessments of the time value of money and the inherent risks of the liability.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__45": { "value": "

Financial liabilities

Financial payables and trade debts

Financial payables at the amortised cost price, including debts, are initially valued at fair value, net of transaction costs. After initial recognition, they are valued at the amortised cost price. The group\u2019s financial payables are shown in \u2018Other current liabilities\u2019 at the amortised cost price, comprising non-current financial liabilities, other non-current liabilities,

current financial liabilities, trade debts and dividends payable.

Derivative financial instruments

Derivative products or financial interest rate derivatives (including Interest Rate Swaps) can be used for hedging interest rate risks arising from operational, financial and investment activities. The derivative financial instruments which the Company uses do not meet the criteria of IFRS 9 for the application of hedge accounting, are not held for trading purposes and are not acquired for sale in the near future. They are included in the balance sheet at their fair value and changes in their fair value are taken directly to the global result statement.

The fair value of financial instruments is based on the market value calculations of the counterparty and the respective fair values are regarded as \u2018Level 2\u2019, as defined under IFRS 13 (see also the notes to \u2018T 5.11 Changes in the fair value of financial assets and liabilities\u2019 on page 296.

The fair value of the hedging instruments is the estimated amount of the fees that the Company must pay or shall receive in order to settle its positions on the balance sheet date, taking account of the interest curve, the creditworthiness of the counterparties and any option value applying at that time. The fair value of hedging instruments is estimated on a monthly basis by the issuing financial institutions. In accordance with IFRS 13, an adjustment is made to the fair value to reflect the counterparty\u2019s own credit

risk (\u2018Debt Valuation Adjustment\u2019 or \u2018DVA\u2019) and the counterparty\u2019s credit rating (\u2018Credit Valuation Adjustment\u2019 or \u2018CVA\u2019).

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__48": { "value": "

Tax liabilities

Tax liabilities are shown at the tax rate applying in the period to which they relate.

Accruals and deferrals

The costs incurred during the following financial year that relate wholly or partially to the financial year concerned are shown in the current financial year as attributable costs for the amount relating to the financial year concerned. Income received during the financial year that is wholly or partially attributable to the following financial year is shown in accruals and deferrals on the basis of a proportionality rule.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__49": { "value": "

Staff remuneration

The contracts Care Property Invest has concluded in relation to group insurance are of the \u2018defined contribution\u2019 type. This defined contribution pension plan has been entrusted to Belfius Bank. These pension plans are regarded as \u2018defined contribution\u2019 plans with fixed costs for the employer and are shown under \u2018group insurance contributions\u2019. Employees make no personal contribution. Premiums are recognised in the financial year in which they were paid or scheduled. However, under

the \u2018Vandenbroucke Law\u2019 these group insurance policies would be regarded as 'defined benefit' plans within the meaning of IAS 19, and the Company would be required to guarantee an average minimum rate of return of 1.75% (as at 31 December 2024) on the employer\u2019s contributions. In principle, the Company would have additional obligations if the statutory minimum return could not be achieved. As of 1 January 2025, this average minimum return is 2.50%.

Up to and including the 2024 financial year, Belfius Bank confirmed that the minimum return, including the profit share, was achieved. Moreover, the impact on the Company\u2019s results would be limited, since it has only a small number of employees.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__50": { "value": "

Rental income

The net rental result comprises the rents, operational lease instalments and other related income, less the costs associated with leases, such as the costs of voids, rent benefits and impairments of trade receivables.

The rent benefits consist of temporary rental discounts or rent-free periods for the operator of the property.

Revenues are shown at the fair value of the fee received or to which rights were acquired and are shown on a proportional basis in the global result

statement in the period to which they relate.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__51": { "value": "Real estate costs", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__52": { "value": "taxes for the building. With double net contracts, the Company does bear the risk of the maintenance and repair costs. With single net contracts, in addition to maintenance and repair costs, the lessor also bears the vacancy risk.

General expenses and other operating income and expenses

The Company\u2019s general expenses cover the fixed operating costs of Care Property Invest, which is active as a listed company and enjoys RREC status.

Revenues and costs are shown on a proportional basis in the global result

With the exception of the 'Les Terrasses du Bois' project in Watermaal-Bosvoorde, for which a long-term double net agreement has been concluded, and the 'Tilia' project in Gullegem for which a long-term single net agreement has been concluded.

statement in the period to which they relate.

Taxes

Corporate tax

Corporate income taxes represent the estimated tax payable on the taxable income for the year, calculated using the tax rate applicable on the closing date, as well as adjustments to tax liabilities relating to previous years. These are booked directly in the result, except when they relate to items that were booked

directly in equity. In this case, tax is also booked directly in equity.

The status of a RREC provides for a fiscally transparent status, as RRECs are only still liable to corporate income tax for specific elements of the result, such as rejected expenditure, abnormal and benevolent benefits and secret commissions. Generally, rental income, financial income and the gain realised on the disposal of assets are exempt from tax.The Dutch subsidiaries (with the exception of Care Property Invest.NL10 BV (FBI status not yet formally confirmed) and Care Property Invest.NL11 BV) all hold the FBI status, which is still applicable for the 2024 financial year but will no longer be applicable as of 1 January 2025 due to the amended legislation, making the result taxable at a rate of 0%. The Spanish subsidiary acquired the SOCIMI status in 2022, also making it subject to a 0% tax rate. The Irish subsidiaries do not make use of a favourable tax regime and are therefore all regular tax payers.

Deferred tax receivables and liabilities are included in the result statement for all deferred capital losses and gains (the temporary difference between the

fair value and the fiscal value of the real estate).

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__53": { "value": "

Exit tax

The exit tax is a tax on the added value determined on a taxed merger, split or equated transaction of a RREC with a Belgian company that is not a RREC.

If this company is included in the consolidated group statements for the first time, the exit tax is charged to the equity of that company. If the company is not immediately merged with the RREC, adjustments to the exit tax liabilities that would prove to be necessary at the time of the merger in relation to the amount

provided for are recognised in the global result statement.

The exit tax rate as at 31 December 2024 was 15%.

The exit tax is calculated on the basis of the deferred added value and the exempted reserves of the real estate company that makes the contribution through a merger, split or equated action. The deferred added value is the positive difference between the actual fiscal value of the equity of the relevant real estate company (that has been split off) less the previously assumed fiscal depreciation, amortisation and impairments. Existing tax deferrals (deductible losses, transferred notional interest deductions, etc.) can be deducted from the taxable base. The actual fiscal value is the value with costs paid by the buyer, i.e., after deduction of registration rights or VAT, and may differ from the fair value of the real estate shown in the RREC\u2019s balance sheet in accordance with IAS 40.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__54": { "value": "

Segment information

In accordance with IFRS 8, the Company makes a distinction between the 4 geographical segments in which it operates: Belgium, The Netherlands, Spain and Ireland.

In addition, the Company also makes a distinction between the investment properties on the one hand and the finance leases on the other, as a result of which it also prepares segment reporting per business model.

The segmented information has been prepared taking into account the operating segments and the information used internally to take decisions. The operating results are regularly assessed by the Chief Operating Decision Maker (senior officers of the Company) or CODM in order to take decisions regarding the distribution of available resources and to determine the performance of the segment. Within Care Property Invest nv the Executive Committee acts as CODM.

For the accounting policies we refer to Note 2: Accounting policies. Every group of companies under a joint control is considered to be the same customer. The revenue from transactions with these customers must be stated if it exceeds 10% of the turnover. For Care Property Invest nv, for the 2024 financial year, this concerns the following customers:

Colis\u00e9e with a share of 13.48% of the total revenue spread over 7 properties in Belgium;

Vulpia with a share of 10.70% of the total revenue spread over 8 buildings in Belgium.

The segmented information includes the results, assets and liabilities that can be attributed to a specific segment either directly or on a reasonable basis.

Segmented information \u2013 result per country

Amounts in EUR

31/12/2024

Belgium

The Netherlands

Spain

Ireland

Non allocated amounts

TOTAL

Net rental result

47,589,480

11,974,365

5,180,135

4,869,612

69,613,592

Property operating result

47,576,800

11,973,545

5,180,113

4,869,612

69,600,071

General expenses of the Company

-11,637,321

-11,637,321

Other operating income and expenses

232,306

232,306

Operating result before portfolio income

47,576,800

11,973,545

5,180,113

4,869,612

-11,405,015

58,195,055

Changes in the fair value of investment properties

-5,536,753

-1,197,881

-872,097

-383,280

-7,990,010

Operating result

42,040,047

10,775,664

4,308,017

4,486,332

-11,405,015

50,205,045

Financial result

-23,294,763

-23,294,763

Result before taxes

26,910,283

Taxes

-1,169,218

-1,169,218

NET RESULT

25,741,065

GLOBAL RESULT

25,741,065

Amounts in EUR

31/12/2023

Belgium

The Netherlands

Spain

Ireland

Non allocated amounts

TOTAL

Net rental result

46,568,854

10,654,953

4,571,707

4,110,050

65,905,564

Property operating result

46,558,547

10,654,396

4,557,104

4,110,050

65,880,097

General expenses of the Company

-10,912,163

-10,912,163

Other operating income and expenses

-2,327,627

-2,327,627

Operating result before portfolio income

46,558,547

10,654,396

4,557,104

4,110,050

-13,239,790

52,640,307

Changes in the fair value of investment properties

-6,746,865

-7,708,409

-2,619,684

-8,721,897

-25,796,855

Operating result

39,811,682

2,945,987

1,937,420

-4,611,847

-13,239,790

26,843,452

Financial result

-35,070,838

-35,070,838

Result before taxes

-8,227,386

Taxes

2,469,572

2,469,572

NET RESULT

-5,757,814

GLOBAL RESULT

-5,757,814

Segmented information - balance sheet per country

Amounts in EUR

31/12/2024

Belgium

The Netherlands

Spain

Ireland

Non allocated amounts

TOTAL

TOTAL ASSETS

745,351,301

236,387,328

113,216,835

94,957,763

36,033,772

1,225,946,999

Investment properties

570,720,060

236,387,328

113,216,835

94,957,763

1,015,281,986

Investment properties

569,972,235

221,478,363

102,668,689

94,957,763

989,077,050

Investment properties - project developments

14,346,808

10,548,146

24,894,954

Investment properties - rights in rem

747,825

562,157

1,309,982

Finance leases

174,631,241

174,631,241

Other assets

36,033,772

36,033,772

TOTAL EQUITY AND LIABILITIES

1,225,946,999

1,225,946,999

Shareholders Equity

626,887,724

626,887,724

Liabilities

599,059,276

599,059,276

Amounts in EUR

31/12/2023

Belgium

The Netherlands

Spain

Ireland

Non allocated amounts

TOTAL

TOTAL ASSETS

741,920,114

230,635,971

110,021,881

87,560,202

49,771,688

1,219,909,857

Investment properties\u00a0

566,246,838

230,635,971

110,021,881

87,560,202

994,464,892

Investment properties\u00a0

565,502,567

208,872,052

86,326,881

73,348,129

934,049,628

Investment properties - project developments

21,196,965

23,695,000

14,212,073

59,104,038

Investment properties -rights in rem

744,272

566,954

1,311,226

Finance leases

175,673,276

175,673,276

Other assets

49,771,688

49,771,688

TOTAL EQUITY AND LIABILITIES

1,219,909,857

1,219,909,857

Shareholders Equity

638,135,493

638,135,493

Liabilities

581,774,364

581,774,364

Segmented information \u2013 result per business model

Amounts in EUR

31/12/2024

Investment properties

Finance leases

Non allocated amounts

TOTAL

Net rental result

51,957,634

17,655,959

69,613,592

Property operating result

51,944,095

17,655,976

69,600,071

General expenses of the Company

-6,051,159

-5,586,162

-11,637,321

Other operating income and expenses (1)

975,941

-743,636

232,306

Operating result before portfolio income

46,868,877

11,326,178

58,195,055

Changes in the fair value of investment properties

-7,990,010

-7,990,010

Operating result

38,878,867

11,326,178

50,205,045

Financial result

-23,294,763

-23,294,763

Result before taxes

26,910,283

Taxes

-1,169,218

-1,169,218

NET RESULT

25,741,065

GLOBAL RESULT

25,741,065

Reconciliation EBITDA:

Operating result before portfolio income

46,868,877

11,326,178

58,195,055

Corrections:

Depreciations, impairments and reversal of impairments

278,247

309,598

587,845

Projects' profit or loss margin attributed to the period

776,454

776,454

EBITDA

47,147,124

12,412,231

59,559,354

EBITDA SHARE BY SEGMENT in %

79.16%

20.84%

100.00%

Other operating income and expenses include an amount of \u20ac467,616 in project management fees related to the recovery of pre-financing costs of ongoing Dutch projects (investment properties).

Amounts in EUR

31/12/2023

Investment properties

Finance leases

Non allocated amounts

TOTAL

Net rental result

48,088,996

17,816,568

65,905,564

Property operating result

48,067,922

17,812,175

65,880,097

General expenses of the Company

-6,137,232

-4,774,931

-10,912,163

Other operating income and expenses (1)

525,149

-2,852,776

-2,327,627

Operating result before portfolio income

42,455,839

10,184,468

52,640,307

Changes in the fair value of investment properties

-25,796,855

-25,796,855

Operating result

16,658,984

10,184,468

26,843,452

Financial result

-35,070,838

-35,070,838

Result before taxes

-8,227,386

Taxes

2,469,572

2,469,572

NET RESULT

-5,757,814

GLOBAL RESULT

-5,757,814

Reconciliation EBITDA:

Operating result before portfolio income

42,455,839

10,184,468

52,640,307

Corrections:

Depreciations, impairments and reversal of impairments

234,028

260,397

494,425

Projects' profit or loss margin attributed to the period

2,770,061

2,770,061

EBITDA

42,689,866

13,214,926

55,904,793

EBITDA SHARE BY SEGMENT in %

76.36%

23.64%

100.00%

Other operating income and expenses include an amount of \u20ac551,389 in project management fees related to the recovery of pre-financing costs of ongoing Dutch projects (investment properties).

For the allocation of 'General expenses of the Company' and 'Other operating income and expenses', for those expenses and income that cannot be allocated exclusively, an allocation key based on the number of projects within each business model was used. For both financial years, the portfolio of 150 projects consists of 79 finance leases and 71 investment properties.

The profit or loss margin attributed to the period which is adjusted to reach the EBITDA concerns the amortisation of capital gains and provision for service costs. For further explanation, please refer to \u2018\u2018T 2.8 Finance lease receivables & trade receivables\u2019 on page 271. These items are non-cash items that are adjusted as part of the calculation of adjusted EPRA earnings and the EBITDA.

Segmented information - balance sheet per business model

Amounts in EUR

31/12/2024

Investment properties

Finance leases

Non allocated amounts

TOTAL

TOTAL ASSETS

1,015,281,986

174,631,241

36,033,772

1,225,946,999

Investment properties

1,015,281,986

1,015,281,986

Finance leases

174,631,241

174,631,241

Other assets

36,033,772

36,033,772

TOTAL EQUITY AND LIABILITIES

1,225,946,999

1,225,946,999

Shareholders Equity

626,887,724

626,887,724

Liabilities

599,059,276

599,059,276

Amounts in EUR

31/12/2023

Investment properties

Finance leases

Non allocated amounts

TOTAL

TOTAL ASSETS

994,464,892

175,673,276

49,771,688

1,219,909,857

Investment properties

994,464,892

994,464,892

Finance leases

175,673,276

175,673,276

Other assets

49,771,688

49,771,688

TOTAL EQUITY AND LIABILITIES

1,219,909,857

1,219,909,857

Shareholders Equity

638,135,493

638,135,493

Liabilities

581,774,364

581,774,364

", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__55": { "value": "

Financial risk management

The list of risks described in this chapter is not exhaustive. Within the framework of the Prospectus Regulation, the Company has limited itself to the financial risks that apply specifically to it and therefore not to the overall real estate sector, RREC sector or all listed companies and those that are also material. The market risks, operational risks, regulatory risks and other risks were described in chapter \u2018I. Risk factors\u2019 on page 24et seq. of the annual report.

Risks associated with liquidity due to non-compliance with covenants and statutory financial parameters

Description of the risk

This risk can be described as the risk of non-compliance with statutory or contractual requirements to comply with certain financial parameters under the credit agreements, which could lead to their cancellation or renegotiation.

The main covenants cover the following:

A maximum debt ratio of 60%.As at 31 December 2024, the consolidated debt ratio of the Company was 47.73%, resulting in an available space of \u20ac369.8 million. The limitation of the debt ratio to 60% is included in the credit agreements for a total amount of \u20ac518,812,573 (of which, as at 31 December 2024, an amount of \u20ac379,812,573 was drawn or 67.1% of the total financial debts drawn). For more information on the debt ratio, reference is made to \u2018T 4.2 Risks associated with the evolution of the debt ratio\u2019 on page 286.

An interest coverage ratio (being the operating result before the result on the portfolio, divided by the interest charges paid) of at least 2.5.As at 31 December 2024 the interest coverage ratio was 3.22 compared to 3.44 as at 31 December 2023. The Company\u2019s interest charges must increase by \u20ac5,187,618 or from \u20ac18,090,404 to \u20ac23,278,022 in order to reach the required minimum of 2.5. However, severe and abrupt pressure on the operating result could jeopardise compliance with the interest coverage ratio parameter. The operating result before result on portfolio must fall by 22.3% from \u20ac58,195,055 to \u20ac45,226,009 before the limit of 2.5 is reached.

A minimum consolidated portfolio size of \u20ac650 million.

In addition, the risk of early termination exists in the event of a change of control of the Company, in the event of a breach of 'negative pledge' or other covenants and obligations of the Company and, more generally, in the event of default as defined in these financing agreements. A default (it should be noted that certain instances of 'default' or breach of covenants, such as a change of control, included in all financing agreements, are outside the control of the Company) under one financing agreement may, pursuant to so-called 'cross acceleration' or 'cross default' provisions, additionally lead to defaults under other financing agreements (irrespective of the grant of any 'waivers' by other credit providers, in the case of a 'cross default' provision) and may thus lead to the mandatory early repayment by the Company of all such lines of credit.

Potential impact for the company

The potential impact concerns any cancellation of loans and damaged trust between investors and bankers on non-compliance with contractual covenants. It is possible that the Company would no longer be able to raise the external financing necessary for its growth strategy on favourable terms or that the market conditions are of a nature that necessary external financing can no longer be found for the activities of the Company.

The Company runs the risk of the termination, renegotiation or cancellation of financing agreements or that these contain an obligation to make early repayment if certain undertakings, such as compliance with financial ratios, are not met. This could lead to liquidity problems, in view of the similar character in the covenants of the financial institutions of the maximum debt ratio or interest coverage ratio of a cumulative nature and could force the Company to liquidate fixed assets (e.g., sale of real estate) or to implement a capital increase or other measures in order to bring the debt level below the required threshold. There is also a possibility that the regulator will impose sanctions or tighter supervision in the event of failure to comply with certain statutory financial parameters (e.g., compliance with the statutory debt ratio, as laid down in Article 13 of the RREC RD).

The consequences for the shareholders could include (i) a reduction in the equity and, therefore, the net asset value (NAV), because a sale must take place at a price below that book value and (ii) a dilution can take place because a capital increase will have to be organised and this will have an impact on the value of the shares and the future dividend prospects.

The Company intrinsically estimates the probability of this risk factor as average. The impact of the intrinsic risk is estimated as average to high.

Restrictive measures and management of the risk

To mitigate these risks, the Company pursues a prudent financial policy with constant monitoring to meet the financial parameters of the covenants.

The Company estimates the residual risk, i.e. taking into account the limiting factors of the risk and its control as described above, as average in terms of probability and average to high in terms of impact.

Risks associated with the evolution of the debt ratio

Description of the risk

The Company\u2019s borrowing capacity is limited by the statutory maximum debt ratio of 65% which is permitted by the RREC Law. At the same time, thresholds have been set in the financing contracts concluded with financial institutions. The maximum debt ratio imposed by the financial institutions is 60% (see also \u2018T 4.1 Risks associated with liquidity due to non-compliance with covenants and statutory financial parameters\u2019 on page 284).

The Company runs the risk of the termination, renegotiation or cancellation of financing agreements or that these contain an obligation to make early repayment if certain undertakings, such as compliance with financial ratios included in covenants, are not met. On exceeding the statutory maximum threshold of 65%, the Company runs the risk of losing its RREC certificate through withdrawal by the FSMA.

In general, it is possible that the Company would no longer be able to raise the external financing necessary for its growth strategy on favourable terms or that the market conditions are of a nature that necessary external financing can no longer be found for activities of the Company.

As at 31 December 2024, the consolidated debt ratio amounted to 47.73%, compared to 46.65% as at 31 December 2023. As at 31 December 2024, the Company has an additional debt capacity of \u20ac594.8 million before reaching a debt ratio of 65% and of \u20ac369.8 million before reaching a debt ratio of 60%.

The value of the real estate portfolio also has an impact on the debt ratio.

Taking account of the capital base as at 31 December 2024, the maximum debt ratio of 65% would be exceeded only with a potential fall in the value of the real estate portfolio of about \u20ac320.0 million, or 31.5% of the real estate portfolio of \u20ac1,015.3 million as at 31 December 2024. With a fall in the value of about \u20ac246.5 million, or 24.3% of the real estate portfolio, the debt ratio of 60% would be exceeded.

The Company does wish to note that it has contracted payment obligations for the unrealised part of the developments that it has already included in its balance sheet, representing \u20ac2.5 million. It has also entered into agreements whereby projects acquired under suspensory conditions, have been effectively acquired, totaling an amounting to \u20ac10.1 million. As a result, as at 31 December 2024, the available capacity on the debt ratio amounts to \u20ac357.2 million before reaching a debt ratio of 60% and \u20ac582.2 million before reaching a debt ratio of 65%.

Potential impact for the Company

The potential impact concerns the risk that statutory sanctions may be imposed if certain thresholds are exceeded (including a prohibition of payment of a dividend) or that a breach of certain conditions of the financing contracts is committed.

Like all public RRECS, Care Property Invest is subject to tighter supervision by the supervisory authority of compliance with these maximum debt levels.

The Company intrinsically assesses the probability of the debt ratio exceeding 60% as low and the impact of the intrinsic risk as high.

Restrictive measures and management of the risk

In this case too, it pursues a prudent financial policy with continual monitoring of all planned investments and earnings forecasts, and the coordination of the possibility of a capital increase under the forms permitted by the RREC legislation in order to avoid any statutory sanctions for exceeding this maximum limit at all times.

The Company estimates the residual risk, i.e. taking into account the limiting factors of the risk as described above, related to the risk of the debt ratio exceeding 60% as low in terms of probability and high in terms of impact.

Risks associated with the cost of the capital

Description of the risk

This risk can be described as the risk of unfavourable fluctuations in interest rates, an increased risk premium in the stock markets and/or an increase in the cost of the debts.

Potential impact for the Company

The potential impact concerns a material increase in the weighted average cost of the Company\u2019s capital (equity and debts) and an impact on the profitability of the business as a whole and of new investments.

As at 31 December 2024, the fixed-interest and floating rate loans accounted for 19.04% and 80.96% of the total financial liabilities respectively. The percentage of floating-rate debt contracted that was converted into a fixed-rate instrument through a derivative instrument (relative to total financial liabilities) amounted to 66.33% as at 31 December 2024. The total hedge ratio thus amounted to 85.37%. As at 31 December 2023, it amounted to 94.32%.

Based on the outstanding credits as at 31 December 2024, if interest rates were to increase by 1%, the weighted average interest cost on closing date, including interest rate swaps, would increase from 3.32% to 3.46%. This would result in an increase in the cost of capital of 0.07%, assuming the cost of debt is included for 50% in the cost of capital and assuming no change in the cost of equity.

A change in the interest curve of 1% (upward) would have an impact on the fair value of the credit portfolio of approximately \u20ac5.0 million. The conclusion relating to the impact of the change in the interest curve can be continued on a linear basis.

A 1% increase/decrease in interest rates would have a positive/negative impact on the global result statement via the variations in the fair value of financial assets/liabilities amounting to \u20ac0.622/\u20ac-0.672 per share but a negative/positive impact on the distributable result and also on the global result due to the increase/decrease of a part of the net interest costs exposed to the fluctuations in interest rates.

The increase in the required risk premium on the stock markets could result in a fall in the price of the share and make financing of new acquisitions more costly for the Company.

The Company intrinsically assesses the probability of this risk factor as well as the impact of this risk as average.

Restrictive measures and management of the risk

With regard to the initial portfolio, Care Property Invest protects itself against interest rate rises through the use of fixed-interest contracts or swaps. For the initial portfolio(1), only the renewable loans at Belfius, amounting to \u20ac6,9 million, are subject to a limited interest risk, as these loans are subject to review every three years. For the new portfolio(2), the outstanding commercial paper of \u20ac84.0 million and various roll-over credits and term loans with variable interest rates with various financial institutions with an outstanding amount of \u20ac338.2 million as at 31 December 2024 are subject to changes in interest rates on the financial markets. Care Property Invest aims to hedge itself against fixed interest rates for at least 80%. In this way the Company wishes to anticipate the risk that the increase in interest rates will be primarily attributable to an increase in real interest rates.

The initial portfolio relates to the finance leases (with as at 31/12/2024 a balance sheet value (finance lease receivables) of \u20ac156,518,610 and a generated rental flow of \u20ac17,162,009) that the Company entered into until 2014.

\"\"

(2)\tThe new portfolio as referred to here refers to the finance leases (with a balance sheet value as at 31/12/2024 of \u20ac9,921,081 and a generated rental flow of \u20ac493,950) and the investment properties, (with a balance sheet value as at 31/12/2024 of \u20ac1,015,281,986 and a generated rental flow of \u20ac51,957,634), that the Company acquired after 2014.

There are also 8 loans with revisable interest for the new portfolio, of which the total outstanding amount was \u20ac2.3 million as of 31 December 2024. Care Property Invest monitors movements in interest rates with close attention and will hedge itself timely against any excessively high increase in interest rates.

Further explanation on the credit lines are provided in this chapter in item \u2018T 5.9 Net interest charges\u2019 on page 296, \u2018T 5.27 Financial liabilities\u2019 on page 310and \u2018T 5.16 Financial fixed assets and other non-current financial liabilities\u2019 on page 302. If the increase in interest rates results from an increase in the level of inflation, the indexation of the rental income also serves as a tempering factor, albeit only after the indexation of the lease agreements can be implemented, so that there is a delaying effect here.

In general, Care Property Invest aims to build up a relationship of trust with its bank partners and investors and maintains a continual dialogue with them in order to develop a solid long-term relationship.

Nevertheless, the Company continues to regard this risk as material.

Risks associated with the use of derivative financial products

Description of the risk

This risk can be described as the risk of the use of derivatives to hedge the interest rate risk. The fair value of the derivative products is influenced by fluctuations in interest rates in the financial markets. The fair value of the derivative financial products amounted to \u20ac-176,988 as at 31 December 2024, compared to \u20ac4,002,391 as at 31 December 2023. The variation in their fair value amounted to \u20ac4,409,379 as at 31 December 2024.

Potential impact for the Company

The potential impact concerns the complexity and volatility of the fair value of the hedging instruments and consequently, also the net asset value (NAV), as published under the IFRS standards and also the counter-party risk in relation to partners with which we contract derivative financial products. The decrease in the fair value of the authorised hedging instruments amounting to \u20ac4,409,379 represents a decrease in the net result and in the net asset value (NAV) of \u20ac0.12, without having an impact on the adjusted EPRA Earnings and, therefore, the capacity of the Company to pay its proposed dividend. An increase in market interest rates by 1% results in an increase in the fair value of the derivative financial products amounting to \u20ac23,015,932 or \u20ac0.622 per share and an increase in the net asset value (NAV) also amounting to \u20ac0.622 per share.

A fall in market interest rates by 1% results in a diminution in the fair value amounting to \u20ac-24,872,666 or \u20ac-0.672 per share and a fall in the net asset value (NAV) per share amounting to the same amount.

The Company assesses the probability of this risk factor as well as the impact intrinsically as average.

Restrictive measures and management of the risk

All derivative financial products are held solely for hedging purposes. No speculative instruments are held. All derivative financial products are interest rate swaps. Care Property Invest also works only with reputable financial institutions (Belfius Bank, KBC Bank, BNP Paribas Fortis, ABN AMRO and ING).

The Company conducts frequent talks with these financial institutions on the evolution of the interest rates and the impact on the existing derivative financial products. The Company also monitors the relevant interest rates itself.

However, the current economic situation is causing increased volatility and pressure on interest rates so this monitoring becomes all the more important to counter volatility. In addition, it will not be certain that the Company will find the hedging instruments it wishes to enter into in the future, nor that the terms associated with the hedging instruments will be acceptable.

The Company estimates the residual risk, i.e. taking into account the mitigating factors and controlling the risk, as low in terms of probability and average in terms of impact

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__56-1": { "value": "

Net result per share

Amounts in EUR

31/12/2024

31/12/2023

NET RESULT / GLOBAL RESULT

25,741,065

-5,757,814

Net result per share based on weighted average shares outstanding

\u20ac 0.6959

-\u20ac 0.1557

Gross yield compared to the initial issuing price in 1996

11.70%

-2.62%

Gross yield compared to stock market price on closing date

6.09%

-1.09%

Components of the net result

Amounts in EUR

31/12/2024

31/12/2023

NET RESULT / GLOBAL RESULT

25,741,065

-5,757,814

NON-CASH ELEMENTS INCLUDED IN THE NET RESULT

14,012,538

43,739,445

Depreciations, impairments and reversal of impairments

587,845

494,425

Changes in fair value of investment properties

7,990,010

25,796,855

Changes in fair value of derivatives

4,347,695

17,841,635

Projects' profit or loss margin attributed to the period

776,454

2,770,061

Deferred taxes

310,534

-3,163,531

ADJUSTED EPRA EARNINGS

39,753,603

37,981,630

Adjusted EPRA earnings per share based on weighted average number of outstanding shares

\u20ac 1.0747

\u20ac 1.0268

Gross yield compared to the initial issuing price in 1996

18.06%

17.26%

Gross yield compared to stock market price on closing date

9.41%

7.20%

Both the weighted average number of outstanding shares and the number of shares amounted to 36,988,833 as at 31 December 2023 and as at 31 December 2024. At neither date did the Company hold any treasury shares.

The gross return is calculated in table \u2018T.5.1 Net result per share on a consolidated basis\u2019 by dividing the net result per share by the initial issue price in 1996 (i.e., \u20ac5.9495) on the one hand and the market value on the closing date on the other hand. In table \u2018T.5.2 Components of the net result\u2019, the gross yield is calculated by dividing the adjusted EPRA earnings per share by the initial issue price in 1996 (i.e., \u20ac5.9495), on the one hand, and the market price on the closing date, on the other. The share price was \u20ac11.42 as at 31 December 2024 and \u20ac14.26 as at 31 December 2023. There are no instruments that have a potentially dilutive effect on the net result per share.

", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__58": { "value": "

Rental income

Amounts in EUR

31/12/2024

31/12/2023

Rental income and rental discounts for investment properties

51,957,634

48,088,996

Rent

50,356,503

46,279,419

Rental discounts

1,601,131

1,809,578

Income from financial leases and other similar leases

17,655,959

17,816,568

Ground rent

17,655,959

17,816,568

TOTAL

69,613,592

65,905,564

The item \u2018Rental income and rental discounts for investment properties\u2019 concerns the income from I.C. Investment properties, accounted for in accordance with IAS 40. As at 31 December 2024, these represent 74.64% of the Company\u2019s total rental income.

The item \u2018Rental income from finance leases and similar\u2019 concerns the rental income from buildings, which the Company owns and which it receives as lessor and were recorded as rental income in the global result statement, as they relate to recurring income that the Company receives from its buildings(1). This rental income relates on the one hand to the portfolio built up until 2014 with local PCSWs (public centre for social welfare -local governments) and charitable non-profit organisations (initial portfolio(2))and on the other hand to new leases entered into after 2014 (new portfolio(3)), all of which are generated by I.F. Finance lease receivables in the consolidated balance sheet. For the finance leases from the new portfolio, the ground rent payments are split between \u2018investment value\u2019 and \u2018income\u2019: the investment part is booked under I.F. Finance lease receivables in the balance sheet, the income part is booked under I. Rental income in the global result statement. As at 31 December 2024, the ground rent received by the Company from its finance leases represents 25.36% of the Company\u2019s total rental income.

The 5.63% increase in rental income is mainly explained by (i) the acquired and completed investment properties during the 2023 and 2024 financial years (\u20ac2.9 million) and (ii) the indexation of the pre-existing leases (unchanged portfolio) which was fully passed on and averages 1.62% as at 31 December 2024 (\u20ac1.0 million).

(1)For a detailed legal analysis, see chapter \u2018Report of the Board of Directors\u2019 under \u20181. Mission and strategy\u2019 on page 50.

\"\"

(2)The initial portfolio concerns the finance leases that the Company entered into until 2014 (with as at 31/12/2024 a balance sheet value of \u20ac156,518,610 and a generated rental flow of \u20ac17,162,009).

(3)The new portfolio concerns the finance leases (with as at 31/12/2024 a balance sheet value of \u20ac9,921,081 and a generated rental flow of \u20ac493,950).

Future ground rent receipts (in accordance with IFRS 16)(1)

Amounts in EUR

31/12/2024

31/12/2023

Future ground rent and rent payments

146,215,792

160,705,642

Expiring < 1 year

17,052,728

17,660,225

Expiring between 1 year and 2 years

15,638,342

16,722,303

Expiring between 2 years and 3 years

14,665,646

15,374,875

Expiring between 3 years and 4 years

13,508,952

14,470,742

Expiring between 4 years and 5 years

11,557,598

13,328,422

Expiring > 5 years

73,792,526

83,149,075

In order to give an accurate picture, past indexations are now taken into account and the figures as at 31 December 2023 have been adjusted.

Future ground rents are at least equal to the contractually agreed ground rents for the entire duration of the project and do not take into account any futureannual index adjustments. For the finance leases from the new portfolio, these also include the repayment of the investment, which at the time of receipt will be written off from I.F. Finance lease receivables in the balance sheet.

", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__59": { "value": "

Rental income

Amounts in EUR

31/12/2024

31/12/2023

Rental income and rental discounts for investment properties

51,957,634

48,088,996

Rent

50,356,503

46,279,419

Rental discounts

1,601,131

1,809,578

Income from financial leases and other similar leases

17,655,959

17,816,568

Ground rent

17,655,959

17,816,568

TOTAL

69,613,592

65,905,564

The item \u2018Rental income and rental discounts for investment properties\u2019 concerns the income from I.C. Investment properties, accounted for in accordance with IAS 40. As at 31 December 2024, these represent 74.64% of the Company\u2019s total rental income.

The item \u2018Rental income from finance leases and similar\u2019 concerns the rental income from buildings, which the Company owns and which it receives as lessor and were recorded as rental income in the global result statement, as they relate to recurring income that the Company receives from its buildings(1). This rental income relates on the one hand to the portfolio built up until 2014 with local PCSWs (public centre for social welfare -local governments) and charitable non-profit organisations (initial portfolio(2))and on the other hand to new leases entered into after 2014 (new portfolio(3)), all of which are generated by I.F. Finance lease receivables in the consolidated balance sheet. For the finance leases from the new portfolio, the ground rent payments are split between \u2018investment value\u2019 and \u2018income\u2019: the investment part is booked under I.F. Finance lease receivables in the balance sheet, the income part is booked under I. Rental income in the global result statement. As at 31 December 2024, the ground rent received by the Company from its finance leases represents 25.36% of the Company\u2019s total rental income.

The 5.63% increase in rental income is mainly explained by (i) the acquired and completed investment properties during the 2023 and 2024 financial years (\u20ac2.9 million) and (ii) the indexation of the pre-existing leases (unchanged portfolio) which was fully passed on and averages 1.62% as at 31 December 2024 (\u20ac1.0 million).

(1)For a detailed legal analysis, see chapter \u2018Report of the Board of Directors\u2019 under \u20181. Mission and strategy\u2019 on page 50.

\"\"

(2)The initial portfolio concerns the finance leases that the Company entered into until 2014 (with as at 31/12/2024 a balance sheet value of \u20ac156,518,610 and a generated rental flow of \u20ac17,162,009).

(3)The new portfolio concerns the finance leases (with as at 31/12/2024 a balance sheet value of \u20ac9,921,081 and a generated rental flow of \u20ac493,950).

Future ground rent receipts (in accordance with IFRS 16)(1)

Amounts in EUR

31/12/2024

31/12/2023

Future ground rent and rent payments

146,215,792

160,705,642

Expiring < 1 year

17,052,728

17,660,225

Expiring between 1 year and 2 years

15,638,342

16,722,303

Expiring between 2 years and 3 years

14,665,646

15,374,875

Expiring between 3 years and 4 years

13,508,952

14,470,742

Expiring between 4 years and 5 years

11,557,598

13,328,422

Expiring > 5 years

73,792,526

83,149,075

In order to give an accurate picture, past indexations are now taken into account and the figures as at 31 December 2023 have been adjusted.

Future ground rents are at least equal to the contractually agreed ground rents for the entire duration of the project and do not take into account any futureannual index adjustments. For the finance leases from the new portfolio, these also include the repayment of the investment, which at the time of receipt will be written off from I.F. Finance lease receivables in the balance sheet.

", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__60-1": { "value": "

Recovery of rental charges and taxes normally borne by the tenant on let properties

Amounts in EUR

31/12/2024

31/12/2023

Recuperated withholding tax and other taxes

901,257

751,452

Recuperated other costs

282,312

240,643

TOTAL

1,183,569

992,095

Rental charges and taxes normally payable by the tenant on let properties

Amounts in EUR

31/12/2024

31/12/2023

Rental charges borne by the owner

-9,228

-19,813

Withholding tax and other taxes to recover

-901,257

-751,452

Other costs to recuperate

-282,312

-240,643

TOTAL

-1,192,796

-1,011,909

Other operating costs and income of the Company

Amounts in EUR

31/12/2024

31/12/2023

Costs

-1,221,401

-3,580,921

Taxes

-148,279

-204,682

Costs to be charged on

-11,035

-8,607

Real estate leases - loss margin attributed to the period

-918,607

-3,242,977

Cost of projects under construction

0

-10,069

Other operating expenses

-143,480

-114,586

Income

1,453,707

1,253,294

Costs charged on

26,539

23,686

Project management fees

467,616

551,389

Real estate leases - profit margin attributed to the period

142,153

472,916

Other operating income

817,398

205,303

TOTAL

232,306

-2,327,627

Other operating expenses mainly consist of the loss margin for the projects attributed to the period, which decreased sharply compared to 2023 due to the one-off write-off (non-cash) in 2023 of an outstanding trade receivable of a Belgian property (finance lease), after the Company was notified of the bankruptcy of the operator involved.

Other operating income consists of: (i) the project management fees, which relates to the recovery of the pre-financing costs of ongoing Dutch projects, (ii) profit margin (non-cash) for projects allocated to the period and (iii) other operating income. The latter includes a received compensation of \u20ac300,000 following a settlement agreement concluded with a project developer, as well as some compensation for delayed completion.

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__65-1": { "value": "

Recovery of rental charges and taxes normally borne by the tenant on let properties

Amounts in EUR

31/12/2024

31/12/2023

Recuperated withholding tax and other taxes

901,257

751,452

Recuperated other costs

282,312

240,643

TOTAL

1,183,569

992,095

Other operating costs and income of the Company

Amounts in EUR

31/12/2024

31/12/2023

Costs

-1,221,401

-3,580,921

Taxes

-148,279

-204,682

Costs to be charged on

-11,035

-8,607

Real estate leases - loss margin attributed to the period

-918,607

-3,242,977

Cost of projects under construction

0

-10,069

Other operating expenses

-143,480

-114,586

Income

1,453,707

1,253,294

Costs charged on

26,539

23,686

Project management fees

467,616

551,389

Real estate leases - profit margin attributed to the period

142,153

472,916

Other operating income

817,398

205,303

TOTAL

232,306

-2,327,627

Other operating expenses mainly consist of the loss margin for the projects attributed to the period, which decreased sharply compared to 2023 due to the one-off write-off (non-cash) in 2023 of an outstanding trade receivable of a Belgian property (finance lease), after the Company was notified of the bankruptcy of the operator involved.

Other operating income consists of: (i) the project management fees, which relates to the recovery of the pre-financing costs of ongoing Dutch projects, (ii) profit margin (non-cash) for projects allocated to the period and (iii) other operating income. The latter includes a received compensation of \u20ac300,000 following a settlement agreement concluded with a project developer, as well as some compensation for delayed completion.

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__63-1": { "value": "

Rental charges and taxes normally payable by the tenant on let properties

Amounts in EUR

31/12/2024

31/12/2023

Rental charges borne by the owner

-9,228

-19,813

Withholding tax and other taxes to recover

-901,257

-751,452

Other costs to recuperate

-282,312

-240,643

TOTAL

-1,192,796

-1,011,909

Other operating costs and income of the Company

Amounts in EUR

31/12/2024

31/12/2023

Costs

-1,221,401

-3,580,921

Taxes

-148,279

-204,682

Costs to be charged on

-11,035

-8,607

Real estate leases - loss margin attributed to the period

-918,607

-3,242,977

Cost of projects under construction

0

-10,069

Other operating expenses

-143,480

-114,586

Income

1,453,707

1,253,294

Costs charged on

26,539

23,686

Project management fees

467,616

551,389

Real estate leases - profit margin attributed to the period

142,153

472,916

Other operating income

817,398

205,303

TOTAL

232,306

-2,327,627

Other operating expenses mainly consist of the loss margin for the projects attributed to the period, which decreased sharply compared to 2023 due to the one-off write-off (non-cash) in 2023 of an outstanding trade receivable of a Belgian property (finance lease), after the Company was notified of the bankruptcy of the operator involved.

Other operating income consists of: (i) the project management fees, which relates to the recovery of the pre-financing costs of ongoing Dutch projects, (ii) profit margin (non-cash) for projects allocated to the period and (iii) other operating income. The latter includes a received compensation of \u20ac300,000 following a settlement agreement concluded with a project developer, as well as some compensation for delayed completion.

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__67": { "value": "

General expenses of the Company

Amounts in EUR

31/12/2024

31/12/2023

Auditor's fee

-122,970

-180,552

Fees for notary, lawyers and architects

-188,079

-343,148

External advice

-438,624

-554,146

Public relations, communications & marketing

-127,706

-189,912

IT

-295,530

-248,343

Costs linked to the status of the RREC

-634,018

-404,934

Costs of real estate expert

-348,151

-371,035

Remuneration of directors, CEO and Executive Committee members

-4,623,586

-2,916,385

Remuneration

-3,083,726

-3,146,270

Depreciations and impairments

-578,136

-480,012

Other general operating expenses

-1,196,794

-2,077,425

TOTAL

-11,637,320

-10,912,162

Costs relating to acquisitions are activated in accordance with IAS 40.

The Company's general expenses increased by \u20ac725,158 compared to 31 December 2023. The increase can be attributed to (i) increased management fees in connection with the reorganisation within the Board of Directors and the recruitment process of the new CEO (for additional details on the remuneration of the directors and the Board of Directors, please consult chapter \u2018III. Report of the Board of Directors\u2019 item \u201811.11 Remuneration report 2024\u2019 on page 110), (ii) an increase in the UCI tax following the growth of the Company, offset by (iii) a limited decrease in the remuneration and staff-related costs of the Company (in fact, the indexation as at 1 January 2024 was offset by the decrease in average workforce from 26.3 FTEs as at 31 December 2023 to 24.9 FTEs as at 31 December 2024) and (iv) a decrease in other general expenses mainly due to lower prospecting costs.

Care Property Invest has taken out a defined contribution type group insurance policy (\u2018Defined Contribution Plan\u2019) for its permanent staff with Belfius Bank & Insurance. The contributions to this plan are entirely at the expense of Care Property Invest. In particular, no own contributions are paid by the employee. Belfius Bank has confirmed that as at 31 December 2024 the minimum return, including profit participation, has been achieved. In other words, no provision needs to be made.

", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__68": { "value": "

General expenses of the Company

Amounts in EUR

31/12/2024

31/12/2023

Auditor's fee

-122,970

-180,552

Fees for notary, lawyers and architects

-188,079

-343,148

External advice

-438,624

-554,146

Public relations, communications & marketing

-127,706

-189,912

IT

-295,530

-248,343

Costs linked to the status of the RREC

-634,018

-404,934

Costs of real estate expert

-348,151

-371,035

Remuneration of directors, CEO and Executive Committee members

-4,623,586

-2,916,385

Remuneration

-3,083,726

-3,146,270

Depreciations and impairments

-578,136

-480,012

Other general operating expenses

-1,196,794

-2,077,425

TOTAL

-11,637,320

-10,912,162

Costs relating to acquisitions are activated in accordance with IAS 40.

The Company's general expenses increased by \u20ac725,158 compared to 31 December 2023. The increase can be attributed to (i) increased management fees in connection with the reorganisation within the Board of Directors and the recruitment process of the new CEO (for additional details on the remuneration of the directors and the Board of Directors, please consult chapter \u2018III. Report of the Board of Directors\u2019 item \u201811.11 Remuneration report 2024\u2019 on page 110), (ii) an increase in the UCI tax following the growth of the Company, offset by (iii) a limited decrease in the remuneration and staff-related costs of the Company (in fact, the indexation as at 1 January 2024 was offset by the decrease in average workforce from 26.3 FTEs as at 31 December 2023 to 24.9 FTEs as at 31 December 2024) and (iv) a decrease in other general expenses mainly due to lower prospecting costs.

Care Property Invest has taken out a defined contribution type group insurance policy (\u2018Defined Contribution Plan\u2019) for its permanent staff with Belfius Bank & Insurance. The contributions to this plan are entirely at the expense of Care Property Invest. In particular, no own contributions are paid by the employee. Belfius Bank has confirmed that as at 31 December 2024 the minimum return, including profit participation, has been achieved. In other words, no provision needs to be made.

", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__69-1": { "value": "

Changes in the fair value of investment properties

Amounts in EUR

31/12/2024

31/12/2023

Positive variations in the fair value of investment properties

6,296,691

8,094,495

Negative variations in the fair value of investment properties

-14,286,701

-33,891,349

TOTAL

-7,990,010

-25,796,855

The real estate experts value the Company\u2019s investment properties on its balance sheet on a quarterly basis in accordance with IAS 40. An administrative correction was made for rent-free periods awarded to operators of the real estate, as the real estate expert already takes account of the future cash flows (including rent discounts) and double counting would otherwise occur.

Variations in fair value of investment properties remained relatively stable during the current financial year and, with an unchanged portfolio, experienced only a limited decrease of -0.64% or \u20ac -7,990,010 compared to the previous financial year. These are unrealised variations corrected in the adjusted EPRA earnings.

Notes on fair value

In accordance with IFRS 13, the items in the balance sheet for which the fair value can be calculated are presented below, divided into levels as defined by IFRS 13. This scale consists of three levels: Level 1: quoted prices in the asset markets, Level 2: observable data other than quoted prices included in Level 1, Level 3: unobservable data.

31/12/2024

31/12/2023

Balance sheet items

Level

Book value

Fair value

Book value

Fair value

Investment properties

3

1,015,281,986

1,015,281,986

994,464,892

994,464,892

Finance lease receivables and trade receivables and other non-current assets (1)

2

174,631,241

225,172,000

175,673,276

242,103,000

Financial fixed assets

2

16,524,974

16,524,974

19,464,197

19,464,197

Trade receivables

2

7,037,158

7,037,158

7,333,240

7,333,240

Cash and cash equivalents

1

2,866,185

2,866,185

2,499,420

2,499,420

Non-current and current financial liabilities

2

566,398,003

576,489,371

543,217,256

552,388,846

Other non-current financial liabilities

2

16,698,166

16,698,166

16,002,566

16,002,566

Other non-current liabilities

2

2,201,915

2,201,915

2,226,558

2,226,558

Trade payables and other current liabilities

2

6,078,875

6,078,875

9,271,604

9,271,604

Other current liabilities

2

732,675

732,675

2,735,556

2,735,556

The fair value of finance leases is determined by the real estate expert Cushman & Wakefield. For more information regarding the calculation method, please consult item \u2018T 5.17 Finance lease receivables and trade receivables and other non-current assets\u2019 on page 304earlier in this chapter.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__70": { "value": "

Net interest charges

Amounts in EUR

31/12/2024

31/12/2023

Nominal interest charges on loans

-23,939,846

-18,623,073

Bonds - fixed interest rate

-668,803

-900,634

Commercial paper - floating interest rate

-2,836,974

-1,102,577

Investment loans - fixed interest rate

-3,567,718

-3,702,907

Investment loans - floating interest rate

-16,866,350

-12,916,955

Cost of authorised hedging instruments

5,965,351

3,436,809

Authorised hedging instruments that are not subject to hedge accounting as defined in IFRS

5,965,351

3,436,809

Other interest charges

-115,909

-109,482

TOTAL

-18,090,404

-15,295,746

Interest charges increased mainly due to (i) higher average market interest rates for the full financial year compared to 2023 and (ii) the maturity during the 2023 and 2024 financial years of some loans with favourable fixed interest rates. This therefore reflects in an increase of the weighted average interest rate over the period. This amounts to 3.22% as at 31 December 2024 compared to 2.90% as at 31 December 2023. However, this weighted average interest rate decreased compared to Q3 2024 when it amounted to 3.25% and this as a result of declining market interest rates.

The average remaining duration of the loans is 4.52 years as at 31 December 2024.

The costs and revenues of financial instruments used for hedging purposes are interest flows paid or received by the Company in relation to derivatives that are presented and analysed in the notes to the liabilities in item \u2018T 5.16 Financial fixed assets and other non-current financial liabilities\u2019 on page 302.

", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__71": { "value": "

Net interest charges

Amounts in EUR

31/12/2024

31/12/2023

Nominal interest charges on loans

-23,939,846

-18,623,073

Bonds - fixed interest rate

-668,803

-900,634

Commercial paper - floating interest rate

-2,836,974

-1,102,577

Investment loans - fixed interest rate

-3,567,718

-3,702,907

Investment loans - floating interest rate

-16,866,350

-12,916,955

Cost of authorised hedging instruments

5,965,351

3,436,809

Authorised hedging instruments that are not subject to hedge accounting as defined in IFRS

5,965,351

3,436,809

Other interest charges

-115,909

-109,482

TOTAL

-18,090,404

-15,295,746

Interest charges increased mainly due to (i) higher average market interest rates for the full financial year compared to 2023 and (ii) the maturity during the 2023 and 2024 financial years of some loans with favourable fixed interest rates. This therefore reflects in an increase of the weighted average interest rate over the period. This amounts to 3.22% as at 31 December 2024 compared to 2.90% as at 31 December 2023. However, this weighted average interest rate decreased compared to Q3 2024 when it amounted to 3.25% and this as a result of declining market interest rates.

The average remaining duration of the loans is 4.52 years as at 31 December 2024.

The costs and revenues of financial instruments used for hedging purposes are interest flows paid or received by the Company in relation to derivatives that are presented and analysed in the notes to the liabilities in item \u2018T 5.16 Financial fixed assets and other non-current financial liabilities\u2019 on page 302.

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__72": { "value": "

Net interest charges

Amounts in EUR

31/12/2024

31/12/2023

Nominal interest charges on loans

-23,939,846

-18,623,073

Bonds - fixed interest rate

-668,803

-900,634

Commercial paper - floating interest rate

-2,836,974

-1,102,577

Investment loans - fixed interest rate

-3,567,718

-3,702,907

Investment loans - floating interest rate

-16,866,350

-12,916,955

Cost of authorised hedging instruments

5,965,351

3,436,809

Authorised hedging instruments that are not subject to hedge accounting as defined in IFRS

5,965,351

3,436,809

Other interest charges

-115,909

-109,482

TOTAL

-18,090,404

-15,295,746

Interest charges increased mainly due to (i) higher average market interest rates for the full financial year compared to 2023 and (ii) the maturity during the 2023 and 2024 financial years of some loans with favourable fixed interest rates. This therefore reflects in an increase of the weighted average interest rate over the period. This amounts to 3.22% as at 31 December 2024 compared to 2.90% as at 31 December 2023. However, this weighted average interest rate decreased compared to Q3 2024 when it amounted to 3.25% and this as a result of declining market interest rates.

The average remaining duration of the loans is 4.52 years as at 31 December 2024.

The costs and revenues of financial instruments used for hedging purposes are interest flows paid or received by the Company in relation to derivatives that are presented and analysed in the notes to the liabilities in item \u2018T 5.16 Financial fixed assets and other non-current financial liabilities\u2019 on page 302.

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__73": { "value": "

Other financial costs

Amounts in EUR

31/12/2024

31/12/2023

Bank charges and other commissions

-862,834

-1,954,915

TOTAL

-862,834

-1,954,915

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__74": { "value": "

Other financial costs

Amounts in EUR

31/12/2024

31/12/2023

Bank charges and other commissions

-862,834

-1,954,915

TOTAL

-862,834

-1,954,915

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__75-1": { "value": "

Changes in the fair value of financial assets and liabilities

Amounts in EUR

31/12/2024

31/12/2023

Changes in the fair value : derivatives (positive)

420,432

497,991

Changes in the fair value : derivatives (negative)

-4,768,127

-18,339,626

TOTAL

-4,347,695

-17,841,635

The following is an overview of the hedging instruments held by the Company as at 31 December 2024.

Counterparty - Instrument

Notional amount

Start date

Duration (years)

Interest rate payable

Interest receivable

Valuation as at 31/12/2024

Belfius - IRS

1,187,486

01/02/2006

27

5.100%

EURIBOR 1M + 25 bp

-273,726.29

Belfius - IRS

1,213,165

01/03/2010

16

5.190%

EURIBOR 1M + 110 bp

-59,821.39

Belfius - IRS

1,511,366

01/10/2007

27

4.850%

EURIBOR 1M + 25 bp

-308,234.00

Belfius - IRS

1,618,799

01/05/2006

27

4.620%

EURIBOR 1M + 25 bp

-298,098.64

Belfius - IRS

1,667,307

02/05/2008

27

4.315%

EURIBOR 1M + 12 bp

-320,842.12

Belfius - IRS

1,736,652

02/01/2009

27

5.050%

EURIBOR 1M + 12 bp

-501,281.77

Belfius - IRS

1,885,159

01/10/2006

27

4.300%

EURIBOR 1M + 25 bp

-275,352.47

Belfius - IRS

2,067,360

02/11/2005

27

4.040%

EURIBOR 1M + 25 bp

-234,009.97

Belfius - IRS

2,147,305

01/04/2007

27

4.065%

EURIBOR 1M + 25 bp

-325,350.92

Belfius - IRS

2,283,967

01/10/2009

27

5.010%

EURIBOR 1M + 12 bp

-592,828.66

Belfius - IRS

2,406,537

03/08/2009

27

4.930%

EURIBOR 1M + 12 bp

-618,550.37

Belfius - IRS

2,993,024

01/03/2008

27

4.650%

EURIBOR 1M + 25 bp

-652,462.33

Belfius - IRS

3,003,108

03/12/2007

27

4.940%

EURIBOR 1M + 25 bp

-618,913.49

Belfius - IRS

3,061,479

01/05/2010

17

5.260%

EURIBOR 1M + 110 bp

-266,411.40

Belfius - IRS

3,222,433

31/12/2009

27

4.710%

EURIBOR 1M + 15.4 bp

-709,997.87

Belfius - IRS

3,786,791

31/12/2009

27

4.350%

EURIBOR 1M + 12 bp

-711,257.67

Belfius - IRS

5,000,000

22/10/2019

15

0.255%

EURIBOR 3M

922,157.24

Belfius - IRS

5,000,000

22/10/2019

15

0.310%

EURIBOR 6M

905,168.55

Belfius - IRS

5,000,000

02/12/2019

15

0.310%

EURIBOR 3M

890,516.21

Belfius - IRS

20,000,000

14/09/2023

9

3.030%

EURIBOR 3M

-1,137,396.67

Belfius - IRS

70,000,000

02/10/2023

9

2.900%

EURIBOR 3M

-3,217,293.56

ABN - IRS

20,000,000

20/07/2023

7

2.999%

EURIBOR 3M

-851,928.03

ABN - CAP

50,000,000

01/01/2025

2

3.000%

EURIBOR 3M

27,758.80

BNP Paribas Fortis - IRS

3,685,000

31/03/2016

10

2.460%

EURIBOR 1M

-17,982.72

BNP Paribas Fortis - IRS(1)

535,000

31/03/2016

10

2.060%

EURIBOR 1M

559.37

BNP Paribas Fortis - IRS

2,156,104

30/06/2014

15

2.530%

EURIBOR 1M

-43,272.24

KBC - IRS

12,000,000

17/07/2018

11

0.6175%

EURIBOR 3M

867,013.14

KBC - IRS

8,000,000

29/03/2019

10

0.4780%

EURIBOR 3M

539,865.45

KBC - IRS

8,000,000

11/12/2019

10

0.0500%

EURIBOR 3M

804,567.41

KBC - IRS

10,000,000

19/02/2020

10

-0.0825%

EURIBOR 3M

1,129,865.30

KBC - IRS

5,000,000

03/03/2020

10

-0.2035%

EURIBOR 3M

592,646.51

KBC - IRS

40,000,000

16/06/2020

15

0.0900%

EURIBOR 3M

8,120,309.94

KBC - IRS

60,000,000

14/09/2023

8

2.9990%

EURIBOR 3M

-3,010,952.46

KBC - IRS

30,000,000

28/03/2023

6

2.7740%

EURIBOR 3M

-782,240.48

KBC - IRS

10,000,000

29/06/2023

7

2.9550%

EURIBOR 3M

-406,248.86

KBC - IRS

10,000,000

20/07/2023

8

2.9760%

EURIBOR 3M

-463,711.88

KBC - IRS

30,000,000

04/01/2027

1

1.9840%

EURIBOR 3M

37,542.39

ING - IRS

5,000,000

30/09/2019

10

-0.1645%

EURIBOR 3M

524,644.04

ING - IRS

10,000,000

28/02/2020

10

-0.1410%

EURIBOR 3M

1,158,563.59

TOTAL

455,168,042

-176,988

Reference amount written down over the life of the swap.

The total notional amount of \u20ac455 million included in the table above consists of \u20ac375 million of current instruments and \u20ac80 million of instruments with a deferred entry into force, of which \u20ac50 million are CAPS.

The fair value of hedging instruments is subject to changes in interest rates on the financial markets. A change in the yield curve of 0.25% (more positive or more negative) would affect the fair value of the credit portfolio by approximately \u20ac6.0 million.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__76": { "value": "

Taxes

Amounts in EUR

31/12/2024

31/12/2023

Corporate income tax

-1,204,662

2,450,362

Parent company

-294,976

-206,565

Result before taxes

26,000,597

-5,551,249

Result exempt from tax thanks to the RREC regime

-26,000,597

5,551,249

Taxable result in Belgium related to non-deductible expenses

685,890

646,427

Belgian taxes due and deductible

-171,473

-161,607

Other

-123,504

-44,958

Subsidiaries

-909,686

2,656,927

Foreign taxes due and deductible

-909,686

2,656,927

Exit tax\u00a0

35,444

19,210

TOTAL

-1,169,218

2,469,572

Corporate income tax consists of the taxes payable on Care Property Invest's rejected expenses (as a RREC, it is taxed only on its rejected expenses, abnormally gratuitous benefits and secret commissions) and the tax on the profits of its consolidated subsidiaries in Belgium and abroad. Also in The Netherlands (FBI, except for Care Property Invest.NL10 BV (application filed but not yet formally confirmed and Care Property Invest.NL11 BV (no application filed)) and Spain (Socimi), the subsidiaries are subject to a favourable tax status (similar to the Belgian GVV/RREC status) which result in a tax rate of 0%.

The applicable Belgian corporate income tax rate is 25% for the 2023 and 2024 financial years.

", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__77": { "value": "

Intangible fixed assets

Amounts in EUR

31/12/2024

31/12/2023

Book value at the beginning of the financial year

87,118

91,656

Gross amount

330,545

294,059

Accumulated depreciation

-243,427

-202,403

Investments

34,425

36,486

Depreciation

-19,334

-41,024

Book value at the end of the financial year

102,209

87,118

Gross amount

364,970

330,545

Accumulated depreciation

-262,761

-243,427

The intangible fixed assets relate to licences.

", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__78": { "value": "

Intangible fixed assets

Amounts in EUR

31/12/2024

31/12/2023

Book value at the beginning of the financial year

87,118

91,656

Gross amount

330,545

294,059

Accumulated depreciation

-243,427

-202,403

Investments

34,425

36,486

Depreciation

-19,334

-41,024

Book value at the end of the financial year

102,209

87,118

Gross amount

364,970

330,545

Accumulated depreciation

-262,761

-243,427

The intangible fixed assets relate to licences.

", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__79-1": { "value": "

Intangible fixed assets

Amounts in EUR

31/12/2024

31/12/2023

Book value at the beginning of the financial year

87,118

91,656

Gross amount

330,545

294,059

Accumulated depreciation

-243,427

-202,403

Investments

34,425

36,486

Depreciation

-19,334

-41,024

Book value at the end of the financial year

102,209

87,118

Gross amount

364,970

330,545

Accumulated depreciation

-262,761

-243,427

The intangible fixed assets relate to licences.

Other tangible fixed assets

Amounts in EUR

31/12/2024

31/12/2023

Tangible fixed assets for own use

Book value at the beginning of the financial year

4,385,016

4,647,075

Gross amount

5,465,123

5,651,888

Accumulated depreciation

-1,080,108

-1,004,813

Investments

94,009

63,664

Divestments

-142,792

-250,429

Depreciation

-262,092

-285,294

Reversal of depreciations for divestments

86,722

209,998

Book value at the end of the financial year

4,160,863

4,385,016

Gross amount

5,416,341

5,465,123

Accumulated depreciation

-1,255,478

-1,080,108

Leasing

Book value at the beginning of the financial year

390,333

311,173

Gross amount

643,775

431,714

Accumulated depreciation

-253,442

-120,540

Investments

130,185

238,448

Divestments

-49,690

-26,387

Depreciation

-178,932

-148,128

Reversal of depreciations for divestments

42,672

15,226

Book value at the end of the financial year

334,567

390,333

Gross amount

724,269

643,775

Accumulated depreciation

-389,702

-253,442

Project developments

Book value at the beginning of the financial year

0

23,716

Completions

0

-23,716

Book value at the end of the financial year

0

0

", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__80": { "value": "

Investment properties

2024

2023

Amounts in EUR

Real estate in operation

Project Developments

Rights in rem

Real estate in operation

Project Developments

Rights in rem

Book value on 1 January

934,049,628

59,104,038

1,311,226

880,418,260

52,484,567

1,366,002

Acquisitions through purchase or contribution

695,738

16,475,880

43,425

38,940,493

45,006,239

176,241

Change in fair value excl. rental discount

-6,318,861

-25,175

-44,669

-21,995,604

-1,700,290

-231,016

Transfer to/from other items(1)

60,650,545

-50,659,789

36,686,478

-36,686,478

Book value on 31 December

989,077,050

24,894,954

1,309,982

934,049,628

59,104,038

1,311,226

2024\t:Completion of the projects \u2018Residence Wolfsbergen\u2019 in \u2018s-Graveland (NL), 'Residence Oldenbarnevelt' in Rotterdam (NL), 'Solimar Tavernes Blanques' in Tavernes Blanques (ES), 'La Marina' in Barcelona (ES) and 'Sugarloaf Care Centre' in Kilmacanogue (IE).2023:\u00a0Completion of the projects \u2018Villa Stella\u2019 in Middelburg (NL), \u2018Zorghuis Tante Clasien\u2019 in Zuidwolde (formerly Warm Hart) (NL), \u2018Envida Ulestraten\u2019 in Ulestraten (formerly Warm Hart) (NL), and \u2018Emera Mostoles\u2019 in Mostoles (ES).\u00a0Also includes a reclassification from \u2018II.A Assets held for sale\u2019.

Investment properties are recorded at fair value, using the fair value model, in accordance with the IAS 40 Standard. The fair value is supported by market data and is based on the valuation performed by an independent real estate expert with a relevant and recognised professional qualification who has recent experience in the location and nature of similar investment properties.

The portfolio was valued by Stadim, Cushman & Wakefield and CBRE as at 31 December 2024 for a fair value of \u20ac1.015.3 million (including the rights in rem which are also classified as investment properties in accordance with IFRS 16). The discount/ capitalisation rate applied to the contractual rents averages 6.24% for both 2024 and 2023.

Variations in the fair value of investment properties remained relatively stable during the current financial year. The (limited) negative variation in the valuation of investment properties, is mainly due to the upward pressure on yields, notwithstanding that the Company is still very successful in passing on inflation to its tenants.

The acquisitions and investments of the financial year are discussed in chapter \u2018II. Report of the Board of Directors\u2019 under \u20182.1 Important events during the 2024 financial year\u2019 on page 58. For further information on the development projects, we also refer to chapter \u2018IV. Real estate report\u2019, item \u20183.2 Table summarising the projects under development\u2019 on page 224.

The investment properties\u2019 rights in rem concern leasehold agreements of the Company that are capitalised under the investment properties in accordance with IFRS 16. A leasehold obligation is also linked to this on the liabilities side of the balance sheet.

The fair value is determined using unobservable inputs, as a result of which the assets within the investment properties are considered to be \u2018level 3\u2019 on the fair value scale defined by IFRS 13. During the 2023 financial year there were no shifts between levels 1, 2 and 3.

The main quantitative information on the valuation of the fair value of the investment properties based on unobservable data (level 3) and of those presented below are data from the reports of the independent real estate experts.

Financial year as closed on 31 December 2024

Type of asset

Fair value on 31 Dec 2024 (x \u20ac1,000)

Evaluation method

Unobservable data

Min

Max

Weighted average

Housing for seniors - Investment properties

989,077

DCF/Capitalisation(1)

GHW/m\u00b2

57.0

426.7

135.9

m\u00b2

942

37,287

5,702

Inflation

2.00%

2.32%

2.17%

Discount rate

5.49%

7.42%

6.46%

Capitalisation rate

4.75%

6.20%

5.51%

Remaining duration (years)

0.5

27.5

18.3

Housing for seniors - Project developments

24,895

DCF/Capitalisation(1)

GHW/m\u00b2

90.3

166.0

122.6

m\u00b2

2,935

7,216

4,487

Inflation

2.00%

2.25%

2.17%

Discount rate

6.30%

6.55%

6.43%

Capitalisation rate

5.70%

5.70%

5.70%

Financial year as closed on 31 December 2023

Type of asset

Fair value on 31 Dec 2023 (x \u20ac1,000)

Evaluation method

Unobservable data

Min

Max

Weighted average

Housing for seniors - Investment properties

934,050

DCF/Capitalisation(1)

GHW/m\u00b2

57.2

426.7

133.6

m\u00b2

942

37,287

5,735

Inflation

1.90%

3.03%

2.20%

Discount rate

5.50%

7.67%

6.49%

Capitalisation rate

4.80%

6.00%

5.47%

Remaining duration (years)

0.6

28.5

19.5

Housing for seniors - Project developments

59,104

DCF/Capitalisation(1)

GHW/m\u00b2

41.0

351.6

124.8

m\u00b2

1,700

7,521

4,418

Inflation

1.90%

2.25%

2.07%

Discount rate

6.30%

6.55%

6.40%

Capitalisation rate

4.75%

5.45%

5.19%

For a description of the different evaluation methods, see chapter \u2018VIII Permanent document - item \u20181.11 Real estate expert\u2019 on page 340.

An occupancy rate of 100% is taken into account for the valuation of the buildings.

The differences between the minimum and maximum values are explained by the fact that the different parameters applied in the valuation methods depend on the location of the assets, the quality of the building and the operator, the duration of the lease agreement, etc. Moreover, these unobservable data may be linked because they are partly determined by market conditions.

In accordance with the legal provisions, the buildings are valued at fair value on a quarterly basis by independent real estate experts appointed by the Company. Their reports are based on information provided by the Company, such as contractual rents, tenancy contracts, investment budgets, etc. These data are derived from the Company\u2019s information system and are therefore subject to its internal control environment. Furthermore, the reports were based on assumptions and evaluation models developed by the independent experts based on their professional judgment and market knowledge.

The reports of the independent experts are checked by the Company\u2019s Executive Committee. If the Committee takes the view that the reports of the independent expert are coherent, they are submitted to the Board of Directors.

The sensitivity of the fair value to a variation in the principal unobservable data disclosed is generally presented (if all parameters remain the same) as the effect on decrease or increase, as shown below.

Unobservable data\t

Fair value impact on decrease

Fair value impact on increase

ERV (Estimated Rental Value) m2

Negative

Positive

Inflation

Negative

Positive

Discount rate\t

Positive

Negative

Capitalisation rate

Positive

Negative

Remaining duration (year)\t

Negative

Positive

A 1% fluctuation in value (positive or negative) of the real estate portfolio would have an impact of about 0.40% on the debt ratio. A 1% increase in the discount rate would have a negative impact of 14.70% on the value of investment properties.

", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__81": { "value": "

Other tangible fixed assets

Amounts in EUR

31/12/2024

31/12/2023

Tangible fixed assets for own use

Book value at the beginning of the financial year

4,385,016

4,647,075

Gross amount

5,465,123

5,651,888

Accumulated depreciation

-1,080,108

-1,004,813

Investments

94,009

63,664

Divestments

-142,792

-250,429

Depreciation

-262,092

-285,294

Reversal of depreciations for divestments

86,722

209,998

Book value at the end of the financial year

4,160,863

4,385,016

Gross amount

5,416,341

5,465,123

Accumulated depreciation

-1,255,478

-1,080,108

Leasing

Book value at the beginning of the financial year

390,333

311,173

Gross amount

643,775

431,714

Accumulated depreciation

-253,442

-120,540

Investments

130,185

238,448

Divestments

-49,690

-26,387

Depreciation

-178,932

-148,128

Reversal of depreciations for divestments

42,672

15,226

Book value at the end of the financial year

334,567

390,333

Gross amount

724,269

643,775

Accumulated depreciation

-389,702

-253,442

Project developments

Book value at the beginning of the financial year

0

23,716

Completions

0

-23,716

Book value at the end of the financial year

0

0

", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__83": { "value": "

Financial fixed assets and other non-current financial liabilities

Amounts in EUR

31/12/2024

31/12/2023

Loans and receivables

3,796

3,925

Deposits

3,796

3,315

Other financial fixed assets

0

610

Assets at fair value through result

16,521,178

19,460,272

Hedging instruments

16,521,178

19,460,272

TOTAL FINANCIAL FIXED ASSETS

16,524,974

19,464,197

Liablities at fair value liabilities through result

16,698,166

16,002,566

Hedging instruments

16,698,166

15,457,881

Other

0

544,684

TOTAL OTHER NON-CURRENT FINANCIAL LIABILITIES

16,698,166

16,002,566

The assets and liabilities at fair value through the result consist of hedging instruments that are not accounted for in accordance with hedging accounting in application of IFRS 9. The purpose of these instruments is to hedge the Company against interest rate risks. In order to hedge the risk of rising interest rates, the Company has opted for hedging instruments in which the debt at a variable interest rate is converted into a debt at a fixed interest rate (\u2018cash flow hedge\u2019).

In accordance with IFRS 9, the fair value of financial instruments is included under the item financial assets (in case of a positive valuation) or under the item long-term financial liabilities (in case of a negative valuation). Changes in these fair values are accounted for via the changes in fair value of financial assets and liabilities in the global result statement (see note \u2018T 5.11 Changes in the fair value of financial assets and liabilities\u2019 on page 296).

The financial instruments are considered to be \u2018level 2\u2019 on the fair value scale as defined by IFRS 13. All hedges are entered into within the framework of financial risk management as described under \u2018Note 4: Financial risk management\u2019 on page 284. The fair value of the instruments is calculated by the banks on the basis of the present value of the estimated future cash flows. In accordance with IFRS 13, an adjustment is made to the fair value to reflect the bank\u2019s own credit risk (\u2018debit valuation adjustment\u2019 or \u2018DVA\u2019) and the counterparty\u2019s credit rating (\u2018credit valuation adjustment\u2019 or \u2018CVA\u2019).

The following is an overview of the hedging instruments held by the Company as at 31 December 2024.

Counterparty - Instrument

Notional amount

Start date

Duration (years)

Interest rate payable

Interest receivable

Valuation as at 31/12/2024

Belfius - IRS

1,187,486

01/02/2006

27

5.100%

EURIBOR 1M + 25 bp

-273,726.29

Belfius - IRS

1,213,165

01/03/2010

16

5.190%

EURIBOR 1M + 110 bp

-59,821.39

Belfius - IRS

1,511,366

01/10/2007

27

4.850%

EURIBOR 1M + 25 bp

-308,234.00

Belfius - IRS

1,618,799

01/05/2006

27

4.620%

EURIBOR 1M + 25 bp

-298,098.64

Belfius - IRS

1,667,307

02/05/2008

27

4.315%

EURIBOR 1M + 12 bp

-320,842.12

Belfius - IRS

1,736,652

02/01/2009

27

5.050%

EURIBOR 1M + 12 bp

-501,281.77

Belfius - IRS

1,885,159

01/10/2006

27

4.300%

EURIBOR 1M + 25 bp

-275,352.47

Belfius - IRS

2,067,360

02/11/2005

27

4.040%

EURIBOR 1M + 25 bp

-234,009.97

Belfius - IRS

2,147,305

01/04/2007

27

4.065%

EURIBOR 1M + 25 bp

-325,350.92

Belfius - IRS

2,283,967

01/10/2009

27

5.010%

EURIBOR 1M + 12 bp

-592,828.66

Belfius - IRS

2,406,537

03/08/2009

27

4.930%

EURIBOR 1M + 12 bp

-618,550.37

Belfius - IRS

2,993,024

01/03/2008

27

4.650%

EURIBOR 1M + 25 bp

-652,462.33

Belfius - IRS

3,003,108

03/12/2007

27

4.940%

EURIBOR 1M + 25 bp

-618,913.49

Belfius - IRS

3,061,479

01/05/2010

17

5.260%

EURIBOR 1M + 110 bp

-266,411.40

Belfius - IRS

3,222,433

31/12/2009

27

4.710%

EURIBOR 1M + 15.4 bp

-709,997.87

Belfius - IRS

3,786,791

31/12/2009

27

4.350%

EURIBOR 1M + 12 bp

-711,257.67

Belfius - IRS

5,000,000

22/10/2019

15

0.255%

EURIBOR 3M

922,157.24

Belfius - IRS

5,000,000

22/10/2019

15

0.310%

EURIBOR 6M

905,168.55

Belfius - IRS

5,000,000

02/12/2019

15

0.310%

EURIBOR 3M

890,516.21

Belfius - IRS

20,000,000

14/09/2023

9

3.030%

EURIBOR 3M

-1,137,396.67

Belfius - IRS

70,000,000

02/10/2023

9

2.900%

EURIBOR 3M

-3,217,293.56

ABN - IRS

20,000,000

20/07/2023

7

2.999%

EURIBOR 3M

-851,928.03

ABN - CAP

50,000,000

01/01/2025

2

3.000%

EURIBOR 3M

27,758.80

BNP Paribas Fortis - IRS

3,685,000

31/03/2016

10

2.460%

EURIBOR 1M

-17,982.72

BNP Paribas Fortis - IRS(1)

535,000

31/03/2016

10

2.060%

EURIBOR 1M

559.37

BNP Paribas Fortis - IRS

2,156,104

30/06/2014

15

2.530%

EURIBOR 1M

-43,272.24

KBC - IRS

12,000,000

17/07/2018

11

0.6175%

EURIBOR 3M

867,013.14

KBC - IRS

8,000,000

29/03/2019

10

0.4780%

EURIBOR 3M

539,865.45

KBC - IRS

8,000,000

11/12/2019

10

0.0500%

EURIBOR 3M

804,567.41

KBC - IRS

10,000,000

19/02/2020

10

-0.0825%

EURIBOR 3M

1,129,865.30

KBC - IRS

5,000,000

03/03/2020

10

-0.2035%

EURIBOR 3M

592,646.51

KBC - IRS

40,000,000

16/06/2020

15

0.0900%

EURIBOR 3M

8,120,309.94

KBC - IRS

60,000,000

14/09/2023

8

2.9990%

EURIBOR 3M

-3,010,952.46

KBC - IRS

30,000,000

28/03/2023

6

2.7740%

EURIBOR 3M

-782,240.48

KBC - IRS

10,000,000

29/06/2023

7

2.9550%

EURIBOR 3M

-406,248.86

KBC - IRS

10,000,000

20/07/2023

8

2.9760%

EURIBOR 3M

-463,711.88

KBC - IRS

30,000,000

04/01/2027

1

1.9840%

EURIBOR 3M

37,542.39

ING - IRS

5,000,000

30/09/2019

10

-0.1645%

EURIBOR 3M

524,644.04

ING - IRS

10,000,000

28/02/2020

10

-0.1410%

EURIBOR 3M

1,158,563.59

TOTAL

455,168,042

-176,988

Reference amount written down over the life of the swap.

The total notional amount of \u20ac455 million included in the table above consists of \u20ac375 million of current instruments and \u20ac80 million of instruments with a deferred entry into force, of which \u20ac50 million are CAPS.

The fair value of hedging instruments is subject to changes in interest rates on the financial markets. A change in the yield curve of 0.25% (more positive or more negative) would affect the fair value of the credit portfolio by approximately \u20ac6.0 million.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__85-1": { "value": "

Finance lease receivables and trade receivables and other non-current assets

The balance of finance lease receivables and trade receivables consists on the one hand of the investment cost of the building, included under the item \u2018Finance lease receivables\u2019, the profit or loss margin generated during the construction phase and its write-off in relation to the ground rent payments already received, included under the item \u2018Trade receivables and other non-current assets\u2019.

Amounts in EUR

31/12/2024

31/12/2023

Finance lease receivables

166,439,691

166,705,273

Trade receivables and other non-curent assets

8,191,550

8,968,004

TOTAL

174,631,241

175,673,276

These buildings, which are owned by the Company, generate rental income, as discussed under \u2018T 5.3 Rental income\u2019 on page 292(1).

Finance lease receivables

Amounts in EUR

31/12/2024

31/12/2023

Initial portfolio

156,518,610

156,518,610

New portfolio

9,921,081

10,186,663

TOTAL

166,439,691

166,705,273

In the total amount \u2018Finance lease receivables\u2019 at 31 December 2024, the amount of contractual prepayments of \u20ac36,090,772 relating to the initial portfolio has already been deducted.

The amounts mentioned correspond to the repayable nominal final building rights (i.e., the total investment cost less the contractual prepayments received).

Contrary to the projects in the initial portfolio(2), for the projects in the new portfolio(3) the ground rent, in addition to a return, also consists of a repayment of the investment value, as a result of which the amount of the receivable will gradually decrease over the duration of the leasehold agreement. For the initial portfolio, the final building right fees must be repaid after the 30-year building period. The average remaining term of the building rights of the projects was 9.82 years as at 31 December 2024.

(1)For a detailed legal analysis, see chapter \u2018Report of the Board of Directors\u2019 under \u20181. Mission and strategy\u2019 on page 50.

(2)The initial portfolio concerns the finance leases that the Company entered into until 2014 (with per a balance sheet value of \u20ac156,518,610 and a generated rental flow of \u20ac17,162,009).

(3)The new portfolio concerns the finance leases (with per a balance sheet value of \u20ac9,921,081 and a generated rental flow of \u20ac493,950) that the Company acquired after 2014.

Future amounts receivable (in accordance with IFRS 16)(1)

Amounts in EUR

31/12/2024

31/12/2023

Gross investment (end of building rights, ground rent and rent)

302,734,403

317,224,254

Expiring < 1 year

17,052,728

17,660,225

Expiring between 1 year and 2 years

18,502,931

16,722,303

Expiring between 2 years and 3 years

25,841,744

18,239,464

Expiring between 3 years and 4 years

18,176,425

25,646,840

Expiring between 4 years and 5 years

22,587,807

17,995,895

Expiring > 5 years

200,572,768

220,959,526

In order to give an accurate picture, past indexations are now taken into account and the figures as at 31 December 2023 have been adjusted.

The gross investment in the lease is the aggregate of the minimum lease payments to be received, in this case the nominal value of the final building rights fee, the ground rent and the rent (excluding future indexations).

Amounts in EUR

31/12/2024

31/12/2023

Fair value of finance lease receivables

225,172,000

242,103,000

The fair value of the finance leases amounts to \u20ac225,172,000 as at 31 December 2024. For the calculation of this fair value, an independent party, namely Cushman & Wakefield, is consulted in order to obtain a market-based valuation of this portfolio. The fair value is calculated by discounting the future cash flows, taking into account historically charged indexations for the cash flows. As discount rate they use OLO interest rates prevailing on the closing date, depending on the remaining duration of the underlying contract, increased by a margin. As at 31 December 2024, the weighted average OLO interest rate amounted to 2.88% and the weighted average risk margin amounted to 1.03%. This results in an average value of \u20ac107,635 per assisted living unit, which can be considered conservative given that future indexations are not taken into account.

A 1% increase in the OLO interest rate would have a negative impact of 6.72% on the fair value of the finance leases.

Trade receivables and other non-current assets

Amounts in EUR

31/12/2024

31/12/2023

Initial portfolio

6,813,969

7,501,521

New portfolio

1,377,580

1,466,483

TOTAL

8,191,550

8,968,004

Other non-current financial liabilities

Amounts in EUR

31/12/2024

31/12/2023

Book value at the beginning of the financial year

2,226,558

1,970,685

Additions

148,799

357,234

Interest charges

115,034

107,058

Payments

-288,476

-208,419

Book value at the end of the financial year

2,201,915

2,226,558

For a number of investments, Care Property Invest does not maintain bare ownership of the land, but only usufruct through a long-term leasehold agreement. In practice, a liability has been created for this in accordance with IFRS 16. This obligation is included in the other non-current liabilities. The liability concerns the present value of all future lease payments. The discount rate used to determine this liability was based on a combination of the interest curve plus a spread based on the credit risk of Care Property Invest, both in line with the remaining term of the underlying right of use.

Lease commitments entered into with respect to company vehicles and bicycles are also reported under this heading.

", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__86": { "value": "

Assets held for sale

Amounts in EUR

31/12/2024

31/12/2023

Assets held for sale

0

9,990,756

TOTAL

0

9,990,756

The book value of the project included in 2023 under item \u2018II.A Assets held for sale\u2019 was transferred to item \u2018I.C Investment properties\u2019 during the 2024 financial year. All possible options for the future of this project are currently being considered, so a sale is no longer certain.

", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__87-1": { "value": "

Trade receivables

Amounts in EUR

31/12/2024

31/12/2023

Customers

6,603,669

6,863,455

Revenue to be collected

435,990

472,286

Provision for doubtful debtors

-2,500

-2,500

TOTAL

7,037,159

7,333,240

The provision for doubtful debtors relates to a provision made in accordance with IFRS 9 in the context of future credit losses. This provision is based on a thorough analysis carried out on Care Property Invest's client portfolio, splitting it into 3 categories namely the initial portfolio(1) made up of contracts with local authorities and the new portfolio(2) which can be split between SMEs and large companies. The entire portfolio of Care Property Invest falls under stage 1 whereby a provision has to be made for the expected loss in the next 12 months. Given the quality of the tenants on the one hand, and the low credit risk associated with finance lease receivables (due to the guarantees provided by the local authorities) on the other hand, the model of expected credit losses under IFRS 9 has no material impact on the Company. The very limited provision that has been made stems from the limited risk that can be attributed to the 3 categories of the portfolio.

The Board of Directors therefore assumes that the book value of the trade receivables approximates the fair value.

The initial portfolio concerns the finance leases that the Company entered into until 2014 (with per a balance sheet value of \u20ac156,518,610 and a generated rental flow of \u20ac17,162,009).

\"\"

(2)The new portfolio as referred to here concern the finance leases that the Company acquired after 2014 (with per a balance sheet value of \u20ac9,921,081 and a generated rental flow of \u20ac493,950) and the investment properties (with per a balance sheet value of \u20ac1,015,281 and a generated rental flow of \u20ac51,957,634).

Tax receivables and other current assets

Amounts in EUR

31/12/2024

31/12/2023

Taxes

259,558

268,138

VAT current account

211,941

235,713

Taxes recoverable

47,617

32,425

Other miscellaneous receivables

1,029

464,945

Other miscellaneous receivables

1,029

464,945

TOTAL

260,587

733,082

Other miscellaneous receivables as at 31 December 2023 mainly relate to an amount of interest receivable in connection to the Sugarloaf Care Centre project in Kilmacanogue (IE). These were settled upon completion of this project during the current financial year.

", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__89": { "value": "

Cash and cash equivalents

Amounts in EUR

31/12/2024

31/12/2023

Current accounts with financial institutions

2,864,572

2,497,440

Cash

1,613

1,980

TOTAL

2,866,185

2,499,420

Cash and cash equivalents comprise cash assets and the balances of current accounts and are recognised in the balance sheet at nominal value.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__90": { "value": "

Prepayments and accrued income

Amounts in EUR

31/12/2024

31/12/2023

Prepaid real estate costs

253,992

213,333

Prepaid interest and other financial costs

237,007

128,754

Other deferred charges and accrued income

290,075

257,338

TOTAL

781,074

599,424

", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__91-1": { "value": "

Capital

Date

Operation

Capital movement

Accumulated number of shares

30/10/1995

Incorporation

1,249,383

210

07/02/1996

Capital increase in cash

59,494,446

10,210

16/05/2001

Capital increase conversion to euro

566

10,210

24/03/2014

Share split through division by 1,000

0

10,210,000

20/06/2014

Optional dividend financial year 2013

889,004

10,359,425

22/06/2015

Capital increase in cash

16,809,093

13,184,720

15/03/2017

Capital increase in kind (Watermael-Bosvoorde)

10,971,830

15,028,880

27/10/2017

Capital increase in cash

25,546,945

19,322,845

03/04/2019

Capital increase in kind (Immo du Lac)

4,545,602

20,086,876

26/06/2019

Optional dividend financial year 2018

1,831,673

20,394,746

15/01/2020

Capital increase in kind (Bergen & Bernissart)

7,439,112

21,645,122

19/06/2020

Optional dividend financial year 2019

1,624,755

21,918,213

25/06/2020

Capital increase in cash

13,040,239

24,110,034

20/01/2021

Capital increase in kind (Attert)

10,091,030

25,806,148

17/11/2021

Capital increase in kind (Lier)

6,692,997

26,931,116

20/06/2022

Optional dividend financial year 2021

1,022,088

27,102,910

07/07/2022

Capital increase in kind (Haacht)

3,800,035

27,741,625

24/01/2023

Capital increase in cash

55,016,264

36,988,833

TOTAL

220,065,062

36,988,833

All shares are ordinary shares, fully paid up and held in registered or dematerialised form. They have no par value. Each share entitles the holder to one vote at the general meeting of shareholders in accordance with Article 38 of the Articles of Association.

Number of shares

31/12/2024

31/12/2023

Registered

1,644,308

1,714,684

Dematerialised

35,344,525

35,274,149

TOTAL

36,988,833

36,988,833

Neither the Company nor its subsidiaries hold any of the Company's own shares on either closing date. Similarly, no shares were transferred to executive management during the 2024 and 2023 financial years.

The following relevant articles of the articles of association were included in full in the coordinated Articles of Association presented in Chapter \u2018VIII. Permanent document\u2019, item \u20186. Coordinated Articles of Association\u2019 on page 353and available on www.carepropertyinvest.be.

ARTICLE 6 of the coordinated articles of association as at 26/04/2023 - CAPITAL

ARTICLE 7 of the coordinated articles of association as at 26/04/2023 - AUTHORISED CAPITAL

ARTICLE 8 of the coordinated articles of association as at 26/04/2023 - CHANGE IN THE CAPITAL

ARTICLE 9 of the coordinated articles of association as at 26/04/2023 - NATURE OF THE SHARES

As at 31 December 2024, no shareholder owns more than 5% of the capital.

On 13 June 2024, Ameriprise Financial Inc notified the Company that it no longer exceeds the 3% threshold as of 7 June 2024 due to the disposal of voting securities.

On 23 September 2024, 2 October 2024, 4 November 2024, 7 November 2024 and 27 March 2025, the Company received several transparency notifications from BlackRock Inc announcing over/under crossings of the 3% threshold. The latest declaration received, the one dated 27 March 2025, states that they exceeded the 3% threshold due to the acquisition of additional voting securities or voting rights.

Care Property Invest refers to its website www.carepropertyinvest.be for the publication of these transparency statements.

Other than these new notifications from BlackRock Inc and Ameriprise Financial Inc, the Company did not receive any new notifications during the 2024 and 2025 financial years (up to the date of this report) regarding the over or under crossing of the 3% threshold. Accordingly, the Company has no knowledge of any other shareholder that would exceed the 3% threshold as at the date of this report.

Share premium

Amounts in EUR

31/12/2024

31/12/2023

Share premium - optional dividend

14,402,780

14,402,780

Share premium - contribution in kind

122,524,086

122,524,086

Share premium - capital increase

170,419,908

170,419,908

Share premium - costs

-7,994,447

-7,994,447

TOTAL

299,352,326

299,352,326

Reserves

Amounts in EUR

31/12/2024

31/12/2023

B.

Reserve for the balance of variations in the fair value of real estate (+/-)

74,258,178

93,739,028

C.

Reserve for the impact on the fair value of estimated transfer taxes and costs resulting from hypothetical disposal of investment properties (-)

-39,400,999

-33,084,994

E.

Reserve for net changes in the fair value of authorised hedging instruments that are not subject to a hedge accounting as defined in IFRS(+/-)

4,002,391

21,780,342

M.

Other reserves (+/-)

11,640,520

11,704,204

N.

Retained earnings from previous financial years (+/-)

31,229,182

30,337,340

TOTAL

81,729,272

124,475,919

Result for the financial year

Amounts in EUR

31/12/2024

31/12/2023

Result of the financial year

25,741,065

-5,757,814

TOTAL

25,741,065

-5,757,814

Appropriation of the result

It will be proposed to the Company's Ordinary General Meeting of shareholders on 28 May 2025 to pay out a total gross dividend for the 2024 financial year of \u20ac36,988,833 or \u20ac1.00 per share. After deduction of the 15% withholding tax, this represents a net dividend of \u20ac0.85 per share. This equals the dividend paid out for the 2023 financial year.

", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__92": { "value": "

Capital

Date

Operation

Capital movement

Accumulated number of shares

30/10/1995

Incorporation

1,249,383

210

07/02/1996

Capital increase in cash

59,494,446

10,210

16/05/2001

Capital increase conversion to euro

566

10,210

24/03/2014

Share split through division by 1,000

0

10,210,000

20/06/2014

Optional dividend financial year 2013

889,004

10,359,425

22/06/2015

Capital increase in cash

16,809,093

13,184,720

15/03/2017

Capital increase in kind (Watermael-Bosvoorde)

10,971,830

15,028,880

27/10/2017

Capital increase in cash

25,546,945

19,322,845

03/04/2019

Capital increase in kind (Immo du Lac)

4,545,602

20,086,876

26/06/2019

Optional dividend financial year 2018

1,831,673

20,394,746

15/01/2020

Capital increase in kind (Bergen & Bernissart)

7,439,112

21,645,122

19/06/2020

Optional dividend financial year 2019

1,624,755

21,918,213

25/06/2020

Capital increase in cash

13,040,239

24,110,034

20/01/2021

Capital increase in kind (Attert)

10,091,030

25,806,148

17/11/2021

Capital increase in kind (Lier)

6,692,997

26,931,116

20/06/2022

Optional dividend financial year 2021

1,022,088

27,102,910

07/07/2022

Capital increase in kind (Haacht)

3,800,035

27,741,625

24/01/2023

Capital increase in cash

55,016,264

36,988,833

TOTAL

220,065,062

36,988,833

All shares are ordinary shares, fully paid up and held in registered or dematerialised form. They have no par value. Each share entitles the holder to one vote at the general meeting of shareholders in accordance with Article 38 of the Articles of Association.

Number of shares

31/12/2024

31/12/2023

Registered

1,644,308

1,714,684

Dematerialised

35,344,525

35,274,149

TOTAL

36,988,833

36,988,833

Neither the Company nor its subsidiaries hold any of the Company's own shares on either closing date. Similarly, no shares were transferred to executive management during the 2024 and 2023 financial years.

The following relevant articles of the articles of association were included in full in the coordinated Articles of Association presented in Chapter \u2018VIII. Permanent document\u2019, item \u20186. Coordinated Articles of Association\u2019 on page 353and available on www.carepropertyinvest.be.

ARTICLE 6 of the coordinated articles of association as at 26/04/2023 - CAPITAL

ARTICLE 7 of the coordinated articles of association as at 26/04/2023 - AUTHORISED CAPITAL

ARTICLE 8 of the coordinated articles of association as at 26/04/2023 - CHANGE IN THE CAPITAL

ARTICLE 9 of the coordinated articles of association as at 26/04/2023 - NATURE OF THE SHARES

As at 31 December 2024, no shareholder owns more than 5% of the capital.

On 13 June 2024, Ameriprise Financial Inc notified the Company that it no longer exceeds the 3% threshold as of 7 June 2024 due to the disposal of voting securities.

On 23 September 2024, 2 October 2024, 4 November 2024, 7 November 2024 and 27 March 2025, the Company received several transparency notifications from BlackRock Inc announcing over/under crossings of the 3% threshold. The latest declaration received, the one dated 27 March 2025, states that they exceeded the 3% threshold due to the acquisition of additional voting securities or voting rights.

Care Property Invest refers to its website www.carepropertyinvest.be for the publication of these transparency statements.

Other than these new notifications from BlackRock Inc and Ameriprise Financial Inc, the Company did not receive any new notifications during the 2024 and 2025 financial years (up to the date of this report) regarding the over or under crossing of the 3% threshold. Accordingly, the Company has no knowledge of any other shareholder that would exceed the 3% threshold as at the date of this report.

", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__93": { "value": "Neither the Company nor its subsidiaries hold any of the Company's own shares on either closing date. Similarly, no shares were transferred to executive management during the 2024 and 2023 financial years.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__96": { "value": "

Reserves

Amounts in EUR

31/12/2024

31/12/2023

B.

Reserve for the balance of variations in the fair value of real estate (+/-)

74,258,178

93,739,028

C.

Reserve for the impact on the fair value of estimated transfer taxes and costs resulting from hypothetical disposal of investment properties (-)

-39,400,999

-33,084,994

E.

Reserve for net changes in the fair value of authorised hedging instruments that are not subject to a hedge accounting as defined in IFRS(+/-)

4,002,391

21,780,342

M.

Other reserves (+/-)

11,640,520

11,704,204

N.

Retained earnings from previous financial years (+/-)

31,229,182

30,337,340

TOTAL

81,729,272

124,475,919

", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__98": { "value": "

Result for the financial year

Amounts in EUR

31/12/2024

31/12/2023

Result of the financial year

25,741,065

-5,757,814

TOTAL

25,741,065

-5,757,814

Appropriation of the result

It will be proposed to the Company's Ordinary General Meeting of shareholders on 28 May 2025 to pay out a total gross dividend for the 2024 financial year of \u20ac36,988,833 or \u20ac1.00 per share. After deduction of the 15% withholding tax, this represents a net dividend of \u20ac0.85 per share. This equals the dividend paid out for the 2023 financial year.

", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__99": { "value": "

Financial liabilities (1)

Amounts in EUR

31/12/2024

31/12/2023

Non-current financial liabilities

393,982,531

475,907,920

Credit institutions

372,234,161

454,144,850

Other

21,748,370

21,763,070

Current financial liabilities

172,415,473

67,309,337

Credit institutions

88,415,473

23,309,337

Other

84,000,000

44,000,000

TOTAL

566,398,003

543,217,256

As part of the application of the amendments to IAS 1 Presentation of Financial Statements - Classification of short- or long-term liabilities, due to reclassifications between headings I.B. Non-current financial liabilities and II.B. Current financial liabilities, the figures as at 31 December 2023 were also adjusted to allow correct comparability.

As at 31 December 2024, Care Property Invest disposes of \u20ac460.6 million in loans drawn, divided between non-current and current financial liabilities and which belong to the category \u2018financial liabilities measured at amortised cost\u2019 in accordance with the IFRS 9 standard. The loans were granted by 7 banks, being Belfius Bank, ING Bank, KBC Bank, BNP Paribas Fortis, VDK Bank, CBC Banque and ABN-AMRO. These financial liabilities were fixed with a fixed interest rate or converted to a fixed interest rate by means of a swap transaction or with a revisable interest rate (every three or five years).

As at 31 December 2024, the Company had \u20ac139 million of undrawn credit lines. Taking into account 100% hedging of the outstanding amount of commercial paper (see below), the available amount of the latter amounted to \u20ac55 million.

Financial Institution

Fixed 1 to 1 hedging

Fixed excl hedging

Variable

Total

Belfius Bank

35,791,938

44,638,490

86,000,000

166,430,428

ING Bank

0

2,664,382

0

2,664,382

KBC Bank

0

10,110,000

115,000,000

125,110,000

BNP Paribas Fortis Bank

2,156,104

16,288,196

30,000,000

48,444,300

CBC Banque

0

1,000,524

0

1,000,524

VDK Bank

0

12,000,000

0

12,000,000

ABN AMRO

0

0

105,000,000

105,000,000

TOTAL

37,948,042

86,701,592

336,000,000

460,649,633

Within the framework of these credit agreements, the Company is required to comply with a number of covenants. The main covenants concern the following:

A maximum debt ratio of 60%.

An interest coverage ratio (being the operating result before result on the portfolio divided by interest charges paid) of at least 2.5.

A minimum consolidated portfolio size of \u20ac650 million.

These covenants were complied with at all times throughout the 2024 financial year.

For a detailed description of these covenants, as well as the potential risks and consequences in the event of non-compliance, we refer to \u2018Note 4: Financial risk management, \u2018T 4.1 Risks associated with liquidity due to non-compliance with covenants and statutory financial parameters\u2019 on page 284.

In addition to these loans, the Company also has an MTN programme (classified under \u2018Other\u2019) of \u20ac300 million as at 31 December 2024, with Belfius Bank and KBC Bank acting as dealers. This programme enables the Company to raise funding on both the long term (through bond issuances) and the short term (through commercial paper).

As required under the covenants, 100% of the outstanding commercial paper is backed by back-up lines and undrawn credit facilities. As at 31 December 2024, the amounts drawn under this programme consisted of \u20ac84.0 million in commercial paper and \u20ac21.0 million in bonds. For an overview of the bonds issued under this MTN programme, we refer to section \u2018V. Care Property Invest on the stock market\u2019 \u2013 item \u20183. Bonds and short-term debt securities\u2019 on page 239.

Care Property Invest disposes of a sustainable rollover credit of \u20ac75 million and a sustainable term loan of \u20ac30 million with ABN AMRO. Both lines have been fully drawn. Withdrawals from these facilities are exclusively used for the (re)financing of eligible sustainable assets as defined in the Care Property Invest Sustainable Finance Framework. This Sustainable Finance Framework can be consulted on the Company\u2019s website, www.carepropertyinvest.be. For the allocation of funds to eligible sustainable assets, we refer to section \u2018III. Sustainability Declaration\u2013 item \u20181.2 Sustainability commitments and priorities\u2019 on page 129.

Financing with maturity date

Number

Nominal funding amount

Average remaining term (year)

0-1 years

25

169,395,387

0.41

1-5 years

41

308,368,091

3.04

5-10 years

27

64,989,445

7.54

10-15 years

8

22,896,711

11.27

TOTAL

101

565,649,633

4.25

The weighted average interest rate (incl. IRS) for the entire financial debt portfolio for the 2024 financial year amounts to 3.22%. This is an increase compared to the weighted average interest rate of 2.90% for the 2023 financial year and is the result of higher average market interest rates for the full financial year compared to 2023 and the maturity during the 2023 and 2024 financial years of some loans with favourable fixed interest rates.

Table of changes in liabilities in accordance with IAS 7:

31/12/2023

Cash elements

Non-cash elements

31/12/2024

Acquisitions

Exchange rate movements

Changes in fair value

Other changes

Long-term financial liabilities

475,144,850

0

0

0

0

-81,910,689

393,234,161

Current financial liabilities

67,309,337

23,195,447

0

0

0

81,910,689

172,415,473

Authorised hedging instruments

-4,002,391

0

0

0

4,384,552

-205,172

176,988

TOTAL

538,451,795

23,195,447

0

0

4,384,552

-205,172

565,826,622

", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__100": { "value": "

Financial liabilities (1)

Amounts in EUR

31/12/2024

31/12/2023

Non-current financial liabilities

393,982,531

475,907,920

Credit institutions

372,234,161

454,144,850

Other

21,748,370

21,763,070

Current financial liabilities

172,415,473

67,309,337

Credit institutions

88,415,473

23,309,337

Other

84,000,000

44,000,000

TOTAL

566,398,003

543,217,256

As part of the application of the amendments to IAS 1 Presentation of Financial Statements - Classification of short- or long-term liabilities, due to reclassifications between headings I.B. Non-current financial liabilities and II.B. Current financial liabilities, the figures as at 31 December 2023 were also adjusted to allow correct comparability.

As at 31 December 2024, Care Property Invest disposes of \u20ac460.6 million in loans drawn, divided between non-current and current financial liabilities and which belong to the category \u2018financial liabilities measured at amortised cost\u2019 in accordance with the IFRS 9 standard. The loans were granted by 7 banks, being Belfius Bank, ING Bank, KBC Bank, BNP Paribas Fortis, VDK Bank, CBC Banque and ABN-AMRO. These financial liabilities were fixed with a fixed interest rate or converted to a fixed interest rate by means of a swap transaction or with a revisable interest rate (every three or five years).

As at 31 December 2024, the Company had \u20ac139 million of undrawn credit lines. Taking into account 100% hedging of the outstanding amount of commercial paper (see below), the available amount of the latter amounted to \u20ac55 million.

Financial Institution

Fixed 1 to 1 hedging

Fixed excl hedging

Variable

Total

Belfius Bank

35,791,938

44,638,490

86,000,000

166,430,428

ING Bank

0

2,664,382

0

2,664,382

KBC Bank

0

10,110,000

115,000,000

125,110,000

BNP Paribas Fortis Bank

2,156,104

16,288,196

30,000,000

48,444,300

CBC Banque

0

1,000,524

0

1,000,524

VDK Bank

0

12,000,000

0

12,000,000

ABN AMRO

0

0

105,000,000

105,000,000

TOTAL

37,948,042

86,701,592

336,000,000

460,649,633

Within the framework of these credit agreements, the Company is required to comply with a number of covenants. The main covenants concern the following:

A maximum debt ratio of 60%.

An interest coverage ratio (being the operating result before result on the portfolio divided by interest charges paid) of at least 2.5.

A minimum consolidated portfolio size of \u20ac650 million.

These covenants were complied with at all times throughout the 2024 financial year.

For a detailed description of these covenants, as well as the potential risks and consequences in the event of non-compliance, we refer to \u2018Note 4: Financial risk management, \u2018T 4.1 Risks associated with liquidity due to non-compliance with covenants and statutory financial parameters\u2019 on page 284.

In addition to these loans, the Company also has an MTN programme (classified under \u2018Other\u2019) of \u20ac300 million as at 31 December 2024, with Belfius Bank and KBC Bank acting as dealers. This programme enables the Company to raise funding on both the long term (through bond issuances) and the short term (through commercial paper).

As required under the covenants, 100% of the outstanding commercial paper is backed by back-up lines and undrawn credit facilities. As at 31 December 2024, the amounts drawn under this programme consisted of \u20ac84.0 million in commercial paper and \u20ac21.0 million in bonds. For an overview of the bonds issued under this MTN programme, we refer to section \u2018V. Care Property Invest on the stock market\u2019 \u2013 item \u20183. Bonds and short-term debt securities\u2019 on page 239.

Care Property Invest disposes of a sustainable rollover credit of \u20ac75 million and a sustainable term loan of \u20ac30 million with ABN AMRO. Both lines have been fully drawn. Withdrawals from these facilities are exclusively used for the (re)financing of eligible sustainable assets as defined in the Care Property Invest Sustainable Finance Framework. This Sustainable Finance Framework can be consulted on the Company\u2019s website, www.carepropertyinvest.be. For the allocation of funds to eligible sustainable assets, we refer to section \u2018III. Sustainability Declaration\u2013 item \u20181.2 Sustainability commitments and priorities\u2019 on page 129.

Financing with maturity date

Number

Nominal funding amount

Average remaining term (year)

0-1 years

25

169,395,387

0.41

1-5 years

41

308,368,091

3.04

5-10 years

27

64,989,445

7.54

10-15 years

8

22,896,711

11.27

TOTAL

101

565,649,633

4.25

The weighted average interest rate (incl. IRS) for the entire financial debt portfolio for the 2024 financial year amounts to 3.22%. This is an increase compared to the weighted average interest rate of 2.90% for the 2023 financial year and is the result of higher average market interest rates for the full financial year compared to 2023 and the maturity during the 2023 and 2024 financial years of some loans with favourable fixed interest rates.

Table of changes in liabilities in accordance with IAS 7:

31/12/2023

Cash elements

Non-cash elements

31/12/2024

Acquisitions

Exchange rate movements

Changes in fair value

Other changes

Long-term financial liabilities

475,144,850

0

0

0

0

-81,910,689

393,234,161

Current financial liabilities

67,309,337

23,195,447

0

0

0

81,910,689

172,415,473

Authorised hedging instruments

-4,002,391

0

0

0

4,384,552

-205,172

176,988

TOTAL

538,451,795

23,195,447

0

0

4,384,552

-205,172

565,826,622

", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__102": { "value": "

Deferred taxes

Amounts in EUR

31/12/2024

31/12/2023

Deferred taxes

3,966,156

4,289,103

Deferred tax - assets

3,966,156

4,289,103

Exit tax

0

1,383,948

Deferred taxes

1,483,643

1,496,057

Deferred tax - liabilities

1,483,643

2,880,005

Deferred tax assets relate to the difference between the higher tax value and the book value of the investment properties in our Irish subsidiaries.

For the Spanish subsidiaries, the Socimi statute (equivalent to the Belgian RREC statute) has been applied since the 2022 financial year. However, if real estate is sold, the portfolio result realised before 2022 can still be taxed according to the generally applicable tax system, as a result of which a deferred tax liability of \u20ac1,261,051 was provided for as a precaution. This will therefore only change in the future as a result of the sale of real estate and the realisation of a capital gain.

The provision for exit tax that was created in 2023 within the subsidiary Het Gehucht nv, following its acquisition by the group on 26 April 2023, became payable during the 2024 financial year as a result of the merger with Care Property Invest.

", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__103-1": { "value": "

Trade payables and other current liabilities

Amounts in EUR

31/12/2024

31/12/2023

Suppliers

1,378,980

6,080,250

Taxes, remuneration and social insurance charges

4,699,894

3,191,354

TOTAL

6,078,874

9,271,604

The item suppliers mainly contains invoices relating to ongoing development projects. The decrease in this item is due mainly to the fact that the number of project-related invoices yet to be received has fallen sharply as most of the projects have been completed already or are as good as finished.

Other current liabilities

Amounts in EUR

31/12/2024

31/12/2023

Miscellaneous debts

732,675

2,735,556

TOTAL

732,675

2,735,556

The miscellaneous debts relate to short-term liabilities related to development projects.

", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__105": { "value": "

Accruals and deferred income on the liabilities side

Amounts in EUR

31/12/2024

31/12/2023

Prepayments of property revenue

3,104,756

2,649,570

Accrued Interests

1,549,004

2,102,334

Other accrued costs

812,239

688,915

TOTAL

5,465,999

5,440,819

", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__106": { "value": "

Accruals and deferred income on the liabilities side

Amounts in EUR

31/12/2024

31/12/2023

Prepayments of property revenue

3,104,756

2,649,570

Accrued Interests

1,549,004

2,102,334

Other accrued costs

812,239

688,915

TOTAL

5,465,999

5,440,819

", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__108": { "value": "

Related party transactions

Transactions with related parties (within the meaning of IAS 24 and the Belgian Code for Companies and Associations (BCCA)) concern the costs included in the \u2018Remuneration of Directors and the Executive Committee\u2019 paid to the members of the Board of Directors and the Executive Committee of the Company, for a total amount of \u20ac3,531,617.

For additional explanations on the remuneration of the Directors and Executive Committee, we refer to chapter \u2018II. Report of the Board of Directors\u2019 at point \u201811.11 Remuneration report 2024\u2019 on page 110.

The Company has no further transactions to report for the 2024 financial year.

", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__109": { "value": "

Information on subsidiaries

The following companies were fully consolidated and are deemed to be related companies in view of the fact that on 31 December 2024 they were direct or indirect 100% subsidiaries of Care Property Invest:

Name

Category

Company number or Chamber of Commerce

Acquisition Date

% shares owned by CPI

Care Property Invest nv (GVV)

Parent company

0456.3780.70

Dutch subsidiaries

Care Property Invest NL B.V.

Subsidiary

Kvk 72865687

17/10/2018

100%

Care Property Invest NL2 B.V.

Subsidiary

Kvk 73271470

05/12/2018

100%

Care Property Invest NL3 B.V.

Subsidiary

Kvk 74201298

05/03/2019

100%

Care Property Invest NL4 B.V.

Subsidiary

Kvk 74580000

15/04/2019

100%

Care Property Invest NL5 B.V.

Subsidiary

Kvk 74918516

23/05/2019

100%

Care Property Invest NL6 B.V.

Subsidiary

Kvk 75549808

08/08/2019

100%

Care Property Invest NL7 B.V.

Subsidiary

Kvk 77849922

16/04/2020

100%

Care Property Invest NL8 B.V.

Subsidiary

Kvk 80636357

19/10/2020

100%

Care Property Invest NL9 B.V.

Subsidiary

KvK 68707479

29/12/2020

100%

Care Property Invest NL10 B.V.

Subsidiary

KvK 86895818

04/07/2022

100%

Care Property Invest NL11 B.V.

Subsidiary

KvK 81007760

17/05/2023

100%

Spanish subsidiaries

Care Property Invest Spain Socimi S.L.U.

Subsidiary

B-01618677

21/07/2020

100%

Irish subsidiaries

Care Property Invest Emerald LTD.

Subsidiary

CRO 712356

25/01/2022

100%

Care Property Invest Diamond LTD.

Subsidiary

CRO 703434

16/12/2022

100%

The acquisitions of the above-mentioned subsidiaries were made in the context of an \u2018asset deal\u2019 to which IFRS 3 Business Combinations does not apply. The participating interests are valued based on the equity method.

For more information on the mergers that took place during the 2024 financial year, we refer to chapter \u2018II. Report of the Board of Directors\u2019, point \u20182.2.1 Merger\u2019 on page 59.

", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__110": { "value": "

Information on subsidiaries

The following companies were fully consolidated and are deemed to be related companies in view of the fact that on 31 December 2024 they were direct or indirect 100% subsidiaries of Care Property Invest:

Name

Category

Company number or Chamber of Commerce

Acquisition Date

% shares owned by CPI

Care Property Invest nv (GVV)

Parent company

0456.3780.70

Dutch subsidiaries

Care Property Invest NL B.V.

Subsidiary

Kvk 72865687

17/10/2018

100%

Care Property Invest NL2 B.V.

Subsidiary

Kvk 73271470

05/12/2018

100%

Care Property Invest NL3 B.V.

Subsidiary

Kvk 74201298

05/03/2019

100%

Care Property Invest NL4 B.V.

Subsidiary

Kvk 74580000

15/04/2019

100%

Care Property Invest NL5 B.V.

Subsidiary

Kvk 74918516

23/05/2019

100%

Care Property Invest NL6 B.V.

Subsidiary

Kvk 75549808

08/08/2019

100%

Care Property Invest NL7 B.V.

Subsidiary

Kvk 77849922

16/04/2020

100%

Care Property Invest NL8 B.V.

Subsidiary

Kvk 80636357

19/10/2020

100%

Care Property Invest NL9 B.V.

Subsidiary

KvK 68707479

29/12/2020

100%

Care Property Invest NL10 B.V.

Subsidiary

KvK 86895818

04/07/2022

100%

Care Property Invest NL11 B.V.

Subsidiary

KvK 81007760

17/05/2023

100%

Spanish subsidiaries

Care Property Invest Spain Socimi S.L.U.

Subsidiary

B-01618677

21/07/2020

100%

Irish subsidiaries

Care Property Invest Emerald LTD.

Subsidiary

CRO 712356

25/01/2022

100%

Care Property Invest Diamond LTD.

Subsidiary

CRO 703434

16/12/2022

100%

The acquisitions of the above-mentioned subsidiaries were made in the context of an \u2018asset deal\u2019 to which IFRS 3 Business Combinations does not apply. The participating interests are valued based on the equity method.

For more information on the mergers that took place during the 2024 financial year, we refer to chapter \u2018II. Report of the Board of Directors\u2019, point \u20182.2.1 Merger\u2019 on page 59.

", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__111": { "value": "

Information on subsidiaries

The following companies were fully consolidated and are deemed to be related companies in view of the fact that on 31 December 2024 they were direct or indirect 100% subsidiaries of Care Property Invest:

Name

Category

Company number or Chamber of Commerce

Acquisition Date

% shares owned by CPI

Care Property Invest nv (GVV)

Parent company

0456.3780.70

Dutch subsidiaries

Care Property Invest NL B.V.

Subsidiary

Kvk 72865687

17/10/2018

100%

Care Property Invest NL2 B.V.

Subsidiary

Kvk 73271470

05/12/2018

100%

Care Property Invest NL3 B.V.

Subsidiary

Kvk 74201298

05/03/2019

100%

Care Property Invest NL4 B.V.

Subsidiary

Kvk 74580000

15/04/2019

100%

Care Property Invest NL5 B.V.

Subsidiary

Kvk 74918516

23/05/2019

100%

Care Property Invest NL6 B.V.

Subsidiary

Kvk 75549808

08/08/2019

100%

Care Property Invest NL7 B.V.

Subsidiary

Kvk 77849922

16/04/2020

100%

Care Property Invest NL8 B.V.

Subsidiary

Kvk 80636357

19/10/2020

100%

Care Property Invest NL9 B.V.

Subsidiary

KvK 68707479

29/12/2020

100%

Care Property Invest NL10 B.V.

Subsidiary

KvK 86895818

04/07/2022

100%

Care Property Invest NL11 B.V.

Subsidiary

KvK 81007760

17/05/2023

100%

Spanish subsidiaries

Care Property Invest Spain Socimi S.L.U.

Subsidiary

B-01618677

21/07/2020

100%

Irish subsidiaries

Care Property Invest Emerald LTD.

Subsidiary

CRO 712356

25/01/2022

100%

Care Property Invest Diamond LTD.

Subsidiary

CRO 703434

16/12/2022

100%

The acquisitions of the above-mentioned subsidiaries were made in the context of an \u2018asset deal\u2019 to which IFRS 3 Business Combinations does not apply. The participating interests are valued based on the equity method.

For more information on the mergers that took place during the 2024 financial year, we refer to chapter \u2018II. Report of the Board of Directors\u2019, point \u20182.2.1 Merger\u2019 on page 59.

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__112": { "value": "

Remuneration of the Statutory Auditor

Amounts in EUR

31/12/2024

31/12/2023

Mandate

96,915

99,144

Other audit assignments

7,000

7,000

Other non-audit assignments

14,700

14,600

The other assignments outside the auditing assignments were always approved in advance by the Company\u2019s Audit Committee.

", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__113": { "value": "

Events after the closing of the 2024 financial year

Additional investments and completions

As already announced in separate press releases, Care Property Invest is proud to announce that after the closing of the 2024 financial year, it acquired and completed the following projects:

Additional projects completed in The Netherlands

Name

Operator

Acquisition date

Location

Year of construction / renovation or expected completion

Contract

Conv. Value (in \u20ac million)

New projects with an immediate return

Fleura\u0302ge Residences

Domus Valuas

15/01/2025

Bloemendaal

2016

20 years (triple net)

\u20ac10.1

Completed projects

Saamborgh Almelo

Saamborgh

30/11/2023

Almelo

Q2 2025

20 years (triple net)

\u20ac8.9

", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:54930096UUTCOUCQDU64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s8__6__114": { "value": "

Alternative Performance Measures

An Alternative Performance Measure (APM) is a financial indicator, historical or forward-looking, of the performance, financial situation or cash flows of a company other than financial indicators defined or described by the applicable accounting standards.

In its financial reporting Care Property Invest uses APMs in its financial communication within the meaning of the guidelines issued by the ESMA (European Securities and Markets Authority) on 5 October 2015. A number of these APMs have been recommended by the European Public Real Estate Association (EPRA) and are discussed in chapter 'VI. EPRA' from page 244of this annual report. The APMs below have been determined by the Company itself in order to provide the reader with a better understanding of its results and performance.

Performance measures established by IFRS standards or by law are not considered as APMs, nor are they measures based on items in the global result statement or the balance sheet.

Operating margin

Definition:This is the operating result before the result on portfolio divided by the net rental result, whereby the operating result before the result on portfolio and the net rental result can be reconciled with global result statement.

Use:This indicator measures the profitability of the Company\u2019s leasing activities.

Amounts in EUR

31/12/2024

31/12/2023

Operating result before portfolio income

= A

58,195,056

52,640,307

Net rental result

= B

69,613,592

65,905,564

Operating margin

= A/B

83.60%

79.87%

Financial result before changes in fair value of financial assets and liabilities

Definition:This is the financial result excluding changes in the fair value of financial assets and liabilities, being the sum of items \u2018XX. Financial income\u2019, \u2018XXI. Net interest cost\u2019 and \u2018XXII. Other financial costs\u2019 of the global result statement.

Use:This indicator does not take into account the impact of financial assets and liabilities in the global result statement, thus reflecting the result from strategic operating activities.

Amounts in EUR

31/12/2024

31/12/2023

Financial result

= A

-23,294,763

-35,070,838

Changes in fair value of financial assets /liabilities

= B

-4,347,695

-17,841,635

Financial result before changes in fair value of financial assets/liabilities

= A-B

-18,947,068

-17,229,203

Equity before the reserve for the balance of changes in fair value of authorised hedging instruments and excluding the variation in fair value of financial assets/liabilities

Definition:This is equity excluding the accumulated reserve for the balance of changes in fair value of authorised hedging instruments (not subject to hedge accounting as defined under IFRS) and the changes in fair value of financial assets and liabilities, where the reserve for the balance of changes in fair value of authorised hedging instruments is included in item \u2018C\u2019. Reserves\u2019 of the consolidated balance sheet and changes in fair value of financial assets and liabilities can be reconciled with item \u2018XXIII. Changes in fair value of financial assets/liabilities in the global result statement.

Use:This indicator reflects equity without taking into account the hypothetical market value of the derivative instruments.

Amounts in EUR

31/12/2024

31/12/2023

Equity

= A

626,887,725

638,135,493

Reserve for the balance of changes in fair value of authorised hedging instruments

= B

-4,002,391

-21,780,342

Changes in fair value of financial assets/liabilities

= C

4,347,695

17,841,635

Equity before changes in fair value of financial products

= A-B-C

626,542,421

642,074,199

Interest coverage ratio

Definition:This is the operating result before the result on portfolio divided by the interest charges paid, whereby the operating result before the result on portfolio and the interest charges paid can be reconciled with the global result statement.

Use:This indicator measures how many times a company earns its interest charges and gives an indication of the extent to which the operating profit can fall back without the company getting into financial difficulties. In accordance with covenants entered into by the Company, this value must be at least 2,5.

Amounts in EUR

31/12/2024

31/12/2023

Operating result before portfolio income

= A

58,195,056

52,640,307

Total amount of interest charges paid

= B

18,090,404

15,295,746

Interest coverage ratio

= A/B

3.22

3.44

Abridged statutory financial statements as at 31 December 2024

Abridged statutory global result statement

The Abridged Statutory Financial Statements of Care Property Invest, prepared under IFRS, are summarised below in accordance with article 3:17 BCCA. The unabridged Statutory Financial Statements of Care Property Invest, its Board of Directors\u2019 Report and its Auditors\u2019 Report will be registered at the National Bank of Belgium within the legal deadlines and can be consulted via the website www.carepropertyinvest.be.

The abridged statutory financial statements as at 31 December 2023 were inserted in the Annual Financial Report 2023 under item 4 et seq in section \u2018VII. Financial Statements\u2019, from page 250 and the statements as at 31 December 2022 were inserted in the Annual Financial Report 2022 under item 4 et seq in section \u2018VII. Financial Statements\u2019, from page 242. Both reports are available on the website www.carepropertyinvest.be.

The auditors issued an unqualified opinion on the Statutory Financial Statements.

Amounts in EUR

31/12/2024

31/12/2023

I

Rental income (+)

47,589,480

45,792,452

NET RENTAL INCOME

47,589,480

45,792,452

V

Recovery of rental charges and taxes normally borne by tenants on let properties (+)

330,103

416,052

VII

Rental charges and taxes normally borne by tenants on let properties (-)

-338,489

-420,706

Real estate result

47,581,094

45,787,798

IX

Technical costs (-)

-4,294

-5,653

Real estate costs

-4,294

-5,653

Real estate operating result

47,576,800

45,782,145

XIV

General expenses of the company (-)

-10,387,859

-9,712,915

XV

Other operating income and expenses (+/-)

2,592,200

1,788,126

Operating result before the result on portfolio

39,781,141

37,857,356

XVIII

Changes in the fair value of investment properties (+/-)

-5,536,753

-6,462,200

XIX

Other portfolio result (+/-)

0

-1,808

Operating result

34,244,388

31,393,348

XX

Financial income (+)

11,667,504

10,045,754

XXI

Net interest expense (-)

-18,897,788

-15,605,753

XXII

Other financial costs (-)

-848,071

-1,939,358

XXIII

Changes in the fair value of financial assets and liabilities

-165,436

-29,445,241

Financial result

-8,243,792

-36,944,598

Result before taxes

26,000,597

-5,551,249

XXIV

Corporate tax (-)

-294,976

-206,565

XXV

Exit tax (-)

35,444

0

TAXES

-259,532

-206,565

Net result (share of the group)

25,741,065

-5,757,814

Other elements of the global result

0

0

Net result/global result

25,741,065

-5,757,814

Abridged statutory statement of realised and unrealised results

Amounts in EUR

31/12/2024

31/12/2023

NET RESULT/GLOBAL RESULT

25,741,065

-5,757,814

Net result per share based on weighted average shares outstanding

\u20ac 0.6959

-\u20ac 0.1557

Gross yield compared to the initial issuing price in 1996

11.70%

-2.62%

Gross yield compared to stock market price on closing date

6.09%

-1.09%

Amounts in EUR

31/12/2024

31/12/2023

NET RESULT/GLOBAL RESULT

25,741,065

-5,757,814

Non-cash elements included in the net result

11,101,850

39,979,880

Depreciations and amortizations, impairments and reversal of write-downs

449,584

482,268

Changes in the fair value of investment properties

5,536,753

6,462,200

Changes in the fair value of authorised hedging instruments\u00a0

4,347,695

17,841,635

Changes in the fair value of financial assets and liabilities

-4,182,259

11,603,606

Dividends from subsidiaries

4,173,623

820,110

Projects' profit or loss margin attributed to the period

776,454

2,770,061

ADJUSTED EPRA EARNINGS

36,842,915

34,222,066

Adjusted EPRA earnings per share based on weighted average number of outstanding shares

\u20ac 0.9961

\u20ac 0.9252

Gross yield compared to the initial issuing price in 1996

16.74%

15.55%

Gross yield compared to stock market price on closing date

8.72%

6.49%

Both the weighted average number of shares outstanding and the number of shares amounted to 36,988,6833 as at 31 December 2024 and as at 31 December 2023. At neither date did the Company hold any of its own shares.

The share price was \u20ac11.42 as at 31 December 2024 and \u20ac14.26 as at 31 December 2023. The gross return is calculated by dividing the net result per share or the adjusted EPRA earnings by the initial issue price in 1996 (being \u20ac5.9494) on the one hand and the market capitalisation on the closing date, on the other. There are no instruments that have a potentially dilutive effect on the net result or the adjusted EPRA earnings per share.

Abridged statutory balance sheet

Amounts in EUR

31/12/2024

31/12/2023

ASSETS

I.

FIXED ASSETS

1,224,769,781

1,197,148,490

B.

Intangible fixed assets

102,209

87,118

C.

Investment properties

570,720,060

542,117,933

D.

Other tangible fixed assets

4,452,992

4,749,688

E.

Financial fixed assets

474,863,280

474,520,474

F.

Finance lease receivables

166,439,691

166,705,273

G.

Trade receivables and other non-current assets

8,191,550

8,968,004

II.

CURRENT ASSETS

7,766,203

17,999,436

A.

Assets held for sale

0

9,990,756

D.

Trade receivables

4,188,135

4,364,401

E.

Tax receivables and other current assets

1,081,264

1,379,717

F.

Cash and cash equivalents

1,974,206

1,846,098

G.

Deferrals and accruals

522,598

418,463

TOTAL ASSETS

1,232,535,985

1,215,147,926

EQUITY AND LIABILITIES

EQUITY

626,887,725

638,135,493

A.

Capital

220,065,062

220,065,062

B.

Share premium

299,352,326

299,352,326

C.

Reserves

81,729,272

124,475,919

D.

Net result for the financial year

25,741,065

-5,757,814

LIABILITIES

605,648,261

577,012,433

I.Non-current liabilities

411,221,764

492,506,730

B.

Non-current financial liabilities (1)

393,234,161

475,144,850

C.

Other non-current financial liabilities

16,698,166

16,002,566

E.

Other\u00a0 non-current liabilities

1,289,437

1,359,314

II. Current liabilities

194,426,497

84,505,703

B.

Current financial liabilities (1)

172,415,473

67,309,337

D.

Trade payables and other current liabilities

18,360,226

13,206,692

E.

Other current liabilities

2,447

2,416

F.

Deferrals and accruals

3,648,351

3,987,258

TOTAL EQUITY + LIABILITIES

1,232,535,985

1,215,147,926

As part of the application of the amendments to IAS 1 Presentation of Financial Statements - Classification of short- or long-term liabilities, due to reclassifications between headings I.B. Long-term financial liabilities and II.B. Short-term financial liabilities, the figures as at 31 December 2023 were also adjusted to allow for correct comparability.

Abridged statutory appropriation of results

Amounts in EUR

31/12/2024

31/12/2023

A. Net result / global result

25,741,065

-5,757,814

B. Appropriation to / release from reserves (-/+)

11,247,768

42,746,647

1

Appropriation to/release from reserve for the positive or negative balance of changes in the fair value of real estate (-/+)

5,430,764

6,589,879

2

Appropriation to/release from reserve for estimated charges and costs for hypothetical disposal of investment properties (-/+)

105,989

-127,679

5

Appropriation to reserve for the net changes in the fair value of authorised hedging instruments that are not subject to hedge accounting as defined in IFRS (-)

4,409,379

0

6

Release from the reserve for net changes in the fair value of authorised hedging instruments that are not subject to hedge accounting as defined in IFRS (+)

0

17,777,951

10

Addition to/withdrawal from other reserves (-/+)

-61,684

63,684

11

Addition to/withdrawal from retained earnings in previous financial years (-/+)

1,371,956

6,019,096

12

Addition to/withdrawal from reserve for the share in the profit or loss and in the unrealised results of subsidiaries that are accounted for according to the equity method.

-8,635

12,423,716

If A+B is less than C, only this sum may be distributed

36,988,833

36,988,833

C. Return on capital in accordance with article 13 of therrecroyal decree

29,474,332

0

D. Return on capital, other than c

7,514,501

36,988,833

Heemstede (NL) I De Meerlhorst

Dividend payment obligation pursuant to the Royal Decree of 13 July 2014 concerning RRECs

Amounts in EUR

31/12/2024

31/12/2023

For the return on capital, the public RREC is required to repay an amount equal to the amount of the positive net result for the financial year after settlement of losses carried forward and after appropriations to/releases of reserves as calculated in paragraph \u20184.4 Abridged statutory appropriation of results\u2019 on page 329, item 'B.Appropriations to /releases from reserves (-/+)'\u2019.

Net result

25,741,065

-5,757,814

Amount calculated under 'Appropiation account' point B

11,247,768

42,746,647

Positive Net Result

36,988,833

36,988,833

If this calculated positive net result is zero, the company is not required topay a dividend. If this calculated positive net result exceeds nil, the Company must paya return on the capital amounting to at least the positive difference between 1\u00b0 and 2\u00b0 to be paid as a return on the capital.

1\u00b0, being 80% of an amount equal to the sum of (A) the adjusted EPRA earnings and of (B) the net gain on realisation of real estate not exempt from distribution.

(A) adjusted EPRA earnings are calculated cfr. Appendix C, Section 3 of the RREC Royal Decree

Net result

25,741,065

-5,757,814

(+) Depreciation and impairments

449,584

482,268

(+/-) Other non-monetary items

941,890

32,215,302

(+/-) Changes in the fair value of financial assets and liabilities

4,347,695

17,841,635

(+/-) Share in the profit or loss of holdings that are accounted for in accordance with\u00a0the equity method

-4,182,259

11,603,606

(+/-) Real estate leasing profit or loss margin on projects attributed to the period

776,454

2,770,061

(+) Dividends received from equity-accounted subsidiaries

4,173,623

820,110

(+/-) Changes in the fair value of real estate

5,536,753

6,462,200

(A) ADJUSTED EPRA EARNINGS

36,842,915

34,222,066

(B) Net gain on disposal of real estate not exempt from distribution

(B) NET GAINS

0

0

1\u00b0 = 80% OF THE SUM OF (A) + (B)

29,474,332

27,377,653

2\u00b0 Being the net reduction in the debt levels of the RREC during the financial year:

2\u00b0 = NET REDUCTION IN DEBT LEVELS

0

30,566,790

Positive difference between 1\u00b0 and 2\u00b0

29,474,332

0

MINIMUM DIVIDEND PAYABLE IN ACCORDANCE WITH ARTICLE 13 OF THE RREC ROYAL DECREE

29,474,332

0

Non-distributable equity in accordance with Article 7:212 BCCA

The mentioned obligations in Article 13 of the RREC Decree do not affect the application of Article 7:212 BCCA which stipulates that no dividend may be paid out if, as a result thereof, the net assets of the Company would fall below the capital plus the reserves which are not distributable on the basis of the law or the Articles of Association.

Amounts in EUR

31/12/2024

31/12/2023

Net assets' refers to the total assets shown in the balance sheet, less provisions and liabilities.

Net assets

626,887,725

638,135,493

Proposed dividend

-36,988,833

-36,988,833

Net assets after dividend distribution

589,898,892

601,146,660

Capital plus the reserves which may not be distributed by law or pusuant tothe Articles of Association as the arithmetical sum of paid-up capital (+) in accordance with the RREC Royal Decree (Annex C - Chapter 4)

220,065,062

220,065,062

Share premium unavailable in accordance with the Articles of Association (+)

299,352,326

299,352,326

Reserve for the positive balance of changes in the fair value of real estate (+)

42,140,093

47,570,857

Reserve for the impact on the fair value of estimated transfer taxes and costsresulting from hypothetical disposal of investment properties (-)

-3,465,859

-3,359,870

Reserve for net changes in the fair value of authorised hedging instruments that are not subject to hedge accounting as defined in IFRS (+/-)

-803

4,408,577

Reserve for the share in profits or losses and in the unrealised results of equity-accounted subsidiaries

7,176,014

7,167,379

NON-DISTRIBUTABLE PROFIT

565,266,834

575,204,331

MARGIN REMAINING UNDER ARTICLE 7:212 OF THE BELGIAN CODE FORCOMPANIES AND ASSOCIATIONS (BCCA)

24,632,057

25,942,329

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