Aedifica/€AED
1D1W1MYTD1Y5YMAX
Capital at risk
About Aedifica
Aedifica is a Belgian real estate investment trust (REIT) specializing in the healthcare real estate sector, particularly in elderly care homes. Founded in 2005 and headquartered in Brussels, Belgium, Aedifica's portfolio spans several European countries, including Belgium, the Netherlands, Germany, Finland, and the United Kingdom. The company focuses on acquiring, developing, and managing properties that meet the needs of Europe’s aging population, positioning itself strategically within the healthcare infrastructure space. Aedifica's competitive strengths lie in its specialization in a growing sector, comprehensive market knowledge, and long-standing relationships with care home operators. These capabilities enable it to effectively navigate the challenges and opportunities within the healthcare real estate market. Sources: Aedifica company website and annual reports.
- Ticker
- €AED
- Sector
- Real Estate
- Primary listing
- BSE
- Employees
- 127
- Headquarters
- Brussels, Belgium
- Website
- www.aedifica.eu
Aedifica Metrics
BasicAdvanced
€5.5B
6.04
€10.90
0.96
€2.80
4.26%
Price and volume
Market cap
€5.5B
Beta
0.96
52-week high
€80.10
52-week low
€59.80
Average daily volume
114K
Dividend rate
€2.80
Financial strength
Current ratio
0.127
Quick ratio
0.079
Long term debt to equity
49.89
Total debt to equity
74.772
Dividend payout ratio (TTM)
59.36%
Interest coverage (TTM)
5.19%
Profitability
EBITDA (TTM)
403.197
Gross margin (TTM)
91.75%
Net profit margin (TTM)
132.03%
Operating margin (TTM)
82.71%
Effective tax rate (TTM)
6.05%
Revenue per employee (TTM)
€3,820,000
Management effectiveness
Return on assets (TTM)
2.57%
Return on equity (TTM)
12.16%
Valuation
Price to earnings (TTM)
6.035
Price to revenue (TTM)
7.966
Price to book
0.86
Price to tangible book (TTM)
0.86
Price to free cash flow (TTM)
10.945
Free cash flow yield (TTM)
9.14%
Free cash flow per share (TTM)
6.012
Dividend yield (TTM)
4.26%
Forward dividend yield
4.26%
Growth
Revenue change (TTM)
34.32%
Earnings per share change (TTM)
194.88%
3-year revenue growth (CAGR)
17.22%
3-year earnings per share growth (CAGR)
42.75%
3-year dividend per share growth (CAGR)
1.71%
What the Analysts think about Aedifica
Majority rating from 16 analysts.
| Month | Buy | Hold | Sell | Analysts | Majority rating |
|---|---|---|---|---|---|
| July 2023 | 9 | 3 | 1 | 13 | Buy |
| August 2023 | 10 | 3 | 1 | 14 | Buy |
| September 2023 | 9 | 5 | 1 | 15 | Buy |
| October 2023 | 8 | 6 | 1 | 15 | Buy |
| November 2023 | 7 | 8 | 1 | 16 | Hold |
| December 2023 | 7 | 8 | 1 | 16 | Hold |
| January 2024 | 8 | 7 | 1 | 16 | Buy |
| February 2024 | 8 | 7 | 1 | 16 | Buy |
| March 2024 | 8 | 6 | 1 | 15 | Buy |
| April 2024 | 9 | 6 | 1 | 16 | Buy |
| May 2024 | 9 | 6 | 1 | 16 | Buy |
| June 2024 | 9 | 6 | 1 | 16 | Buy |
Bulls say / Bears say
The completed Cofinimmo merger creates a larger European healthcare real-estate platform, with management targeting at least €16 million of annual run-rate synergies by 2027. The combined scale should improve operating efficiency, market access, and financing capacity. (Aedifica H1 2026 financial report)
Aedifica’s healthcare portfolio remained highly defensive at June 30, 2026, with 924 care properties, 99.7% healthcare occupancy, and a 16-year weighted average unexpired lease term. Operator occupancy and rent-cover metrics were also improving in several major markets, supporting cash-flow resilience. (Aedifica H1 2026 financial report)
H1 2026 EPRA earnings increased to €189.9 million from €123.3 million, while management maintained a full-year outlook of €436 million EPRA earnings, €5.35 EPRA earnings per share, and a €4.20 gross dividend. This indicates continued earnings growth and an attractive income proposition if integration proceeds as planned. (Aedifica H1 2026 financial report)
Leverage increased materially after the Cofinimmo combination: net debt/EBITDA rose to 8.3x from 7.8x, while EPRA LTV increased to 42.4% from 40.0% at June 30, 2026. This leaves Aedifica more exposed to refinancing costs and balance-sheet execution risk. (Aedifica H1 2026 financial report)
The Cofinimmo transaction substantially expanded the share count—from 47.6 million at the start of 2026 to 83.5 million after the March capital increase and 92.6 million after the July merger. Although H1 EPRA earnings rose to €189.9 million, EPRA earnings per share increased only modestly to €2.71 from €2.59, highlighting dilution risk. (Aedifica H1 2026 financial report)
Aedifica must dispose of €300 million of Belgian healthcare assets under requirements from Belgian competition authorities, alongside a broader €110 million 2026 asset-rotation target. These disposals could reduce portfolio flexibility and create execution risk if assets are sold at unfavorable valuations. (Aedifica H1 2026 financial report)
Data summarised monthly by Lightyear AI. Last updated on 9 Sept 2026.
Upcoming events
No upcoming events
Funds containing Aedifica
AllEURGBPUSD
Fund name | Fund size | €AED weighting |
|---|---|---|
iShares European Property Yield€IPRP | €813M | 4.95% |
iShares European Property Yield£IPRP | £698M | 4.95% |
iShares STOXX Europe 600 Real Estate€EXI5 | €58M | 4.27% |
iShares EURO STOXX Mid€DJMC | €572M | 0.82% |
iShares EURO STOXX Mid Cap£DJMC | £491M | 0.82% |
Data displayed above is indicative only and its accuracy or completeness is not guaranteed. Actual execution price may vary. Past performance is not indicative of future results. Your return may be affected by currency fluctuations and applicable fees and charges. Capital at risk.
Market data provided by CBOE Europe and Deutsche Börse.