Earnings Call: Q4 2025

Feb 3, 2026

Hi, I'm Nazanin, and welcome to Prins Residence in the heart of Antwerp. I am a Base Buddy of Xior. This means I help them to bring the community closer together by organizing events and gatherings, and I love doing it. Today, we are here for the analyst call of Xior's annual results, the moment I don't want to miss. Welcome to this beautiful reception area. In this building, we have a gym, a sky lounge with a bar, shared kitchens, and around 160 students call this tower home. From what I hear, this is the place where everyone comes to study, chill, and enjoy the view. Wow, look at this view. If I remember correctly, the meeting should be here. That's weird. There's no one here. The meeting is at Drie Eiken. Let's go. Yeah. Okay, let's try this again. Now we are in Xior Drie Eiken in Wilrijk for Xior's annual results. This is the place where I live, study, and, of course, work as a Base Buddy. Let me show you around. Let's go. Look at this. We have a beautiful study space for students who want to change a scenery or want to study with their friends. Across from Xior's Drie Eiken, we have a student restaurant and a new, beautiful sports hall. Let's get inside to meet our amazing Residence Manager, Mieke. Hey, Nazanin. How are you today? I'm doing great. I was just showing everyone around. Can you tell them a little bit more about our big family here? Sure. Welcome at Drie Eiken. Over here, we have more than 300 students living with us. I'm the Residence Manager over here. I make sure everything runs smoothly and that the students feel at home. Over here, we're living at the campus. It's very convenient and nice place to live. Thanks, Mieke. See you around. Let me show you my room before the meeting starts. We have to go to the meeting. Shall we? Second time's the charm. Let's check out this meeting. Thank you, Nazanin, for this introduction. Apologies for the inconvenience that you were first standing in the wrong building. Welcome each and every one of you in Campus Drie Eiken, Three Oaks. It's our brand new building here in Antwerp on campus. A beautiful area. Let's go to the highlights of 2025. To start, the like-for-like, the rental growth at 5.43%. We gave a guidance of at least 5%, so we're above this guidance. This is almost three times the Eurozone inflation. We compared the Eurozone inflation with our like-for-like. If you can look at the chart on the right-hand side, we have beaten this one after the spike in 2022, when the inflation went up very rapidly. We have beaten three times in a row this inflation number substantially. The occupancy is at 98%, like always, and for us, that's 100% fully let. That will also remain. What we see in the markets, it will be at the high end. Operational margin at 87.2%, always around the same number. This is driven by the scale of cost-efficient platform. The EPRA earnings went up by 12%, driven by the growth and operational efficiency, and we confirmed the EPS and DPS at EUR 2.21 and EUR 1.768. These were fully in line with our expectations. On the next slide, the milestones of 2025. It's already a long time ago. One year ago, we had the ABB successfully at an amount of EUR 80 million. We bought three buildings, two buildings up and running and one that we delivered in Poland. The first one in Wolska in Warsaw, fully let, EUR 12 million at a gross return of 8%. The second one in Wrocław, very nice building as well, EUR 55 million at a gross return of 11.1%. Also immediately after the transaction, we had a new tender procedure because there's a nomination agreement in this building with the military academy. Luckily, successfully, Christina managed to win this tender. Again, the military academy will stay and will remain in the building. In September of last year, we delivered our first, let's say, building in Warsaw, the first one that we bought, successfully delivered, should have been fully let, but due to the local developer who delivered a little bit later than expected, and we couldn't enter the premises due to the fact that he was really careful. It will be fully let next year. Dividends. In June 2025, we had the optional dividends with a take-up of 47%, so we had a capital increase at that moment of EUR 25 million. On November 2025, we received the message from the E.U. that student housing will be recognized as essential social infrastructure at E.U. level. This is something that is really important. We had also a press release around this one. The five potential positive impacts are a formal recognition of student housing as an essential social infrastructure, more constructive engagement with local and national governments, increased access to public-backed financing frameworks, a greater policy certainty, and more alignment in local regulations, and a stronger appeal to institutional investors seeking exposure to social infrastructure. Regarding the EPS growth we had in December 2025, during our 10-year celebration as a listed Belgian REIT on the Euronext stock exchange, we gave first guidance for the EPS growth in 2026. We go to the next slide. If we look back in 10 years of growth, we started in 2015, 10 years ago, with a portfolio of EUR 200 million. We're now at a level of EUR 3.6 billion already. The number of countries went up from two, Belgium, Netherlands, where we started, towards eight countries, number of cities from eight to 42 cities, and student units from 2,000 towards 22,000+ units. If we go then to the market, what we see is that we can still grow substantially. The market is there. There's a big scarcity, a big undersupply. We're only in 42 cities, for example, in a country such as Germany, we're only invested in two cities. So there's still a lot of potential to grow. Also, the provision rate, the professional PBSA supply compared to the student population in our eight countries is only 17%. If we compare it to the UK, there it's 40%, so we still can invest and can grow more. If we go to the outlook of '26, '27. The first chart, the EPS growth, when you go to 2015 at IPO, we had 1.15, and now we go towards, in '27, 2.40. So EPS, DPS for '25, reconfirmed. Reconfirmed, now delivered. And then we gave the guidance of '26 already in December, plus 4%, so that will bring us in '26 to 2.30 of EPS. And when we go to '27, again, 4% compared to '26, we go to 2.40. A guidance in 2 years. Also, this will be fully internally financed with a stable LTV. How will we drive this EPS growth? We will focus on 3 elements, return, efficiency, and quality. If we dive a little bit deeper in the return, structural like-for-like rental growth, and as we mentioned before, we will focus to always stay around 1% above inflation. Before, let's say immediately after the IPO, we focused on external growth. We weren't focusing on internal growth. Now, after the spike of inflation, the increase in inflation, we focus really on this like-for-like. We know that by focusing on this rental growth, we will go at least 1% above the inflation numbers. Execution pipeline with a faster ramp-up that will also drive the return. For example, now in certain countries or cities, we are immediately fully let due to the high scarcity. Normally, we say that a ramp-up can be, let's say, around between two to three years. We will focus really on this ramp-up so that we can go faster, that maybe, and if we are a little bit lucky, we can go towards between the one and the two years of ramp-up. Also, additional revenues with a new B2B revenue desk and a higher summer occupancy and also additional partnerships, and also Christina will elaborate a little bit on these topics. Capital recycling, also a focus on maybe asset rotation. It's always a good idea to keep, let's say, the average age of the portfolio young. Maybe now it will be around five to six years, and we will keep it that way so that we can also limit the CapEx program on the existing assets. When we can divest such an asset at a very low yield, and we can reinvest in a higher-yielding asset, we will certainly have a look at it. When we go from the return to the efficiency, so we will focus on a lower cost per unit. We will continue the digitalization and automation, the MyXior, as we call it, and a lean and scalable cost model with a strict overhead discipline. Last but not least, the quality, we're focusing on the BaseLife community model, and also, Christina, you will explain it again, harmonized service and quality standards, an enhanced digital resident journey, and in higher satisfaction, higher retention, and lower churn. Here we have the customer satisfaction index that's really high, and we won an award that was given by the students. I give the words to you, Christina. Thank you, Christian. Yeah. Let's look a little into what have we been doing here in operations and also, again, the outlook and our plans for the next period. The portfolio, once again, delivered at maximum occupancy. We always say occupancy is king, and we keep focusing on that one, of course, together with growing the rental prices, which actually gives us the like-for-like. That is not only among our existing residents, but it's also high focus on the new completions, the deliveries that we had in 2025 and will continue with two deliveries, at least in 2026. It's really important that this one immediately performs strongly, so it's top focus for us. If we look a little into how did we then already start for next rental season, then, yeah, if this meeting would have been tomorrow, I could have given you some insight on how we performed the first week of the new rental season, because we actually opened up the website in Spain now yesterday. Also, Poland and Nordic is live for next academic year. It's going to be really interesting to see how quick it will go this time. We have, of course, strong expectations, and we are very ready. Local teams are preparing, and at that time of the year, they really prepare for the new sales cycle. Of course, also there are some rotation now in February. There are a next semester coming up as well. There are some move outs and also some new move in. Second semester is, you can say, a reduced term compared to the full semester that is starting in September. It's really the new academic year. We are ready, I think, very well prepared also with additional new standards for how to move in, how to make that experience. We work a lot, as Christian said, with the customer experience and also the touchpoints towards the students and the first day in the new residence, the move-in, that's really important. It needs to be the best day of their life, and we make sure that this is happening. Let us move a little into this platform that we keep on, yeah, making better and better. The focus right now is really what drives value, not only for us, but also for the student. That's the BaseLife program. You met one of our new Base Buddies here in Belgium, here at Drie Eiken. That's, yeah, Nazanin. Really happy to also hear her speaking. It's really true what she says, because this program, this is run by students and it's for the students. It's really important. We are, of course, the one who are putting together the program and making sure that we actually deliver some harmonized, you can say, values across the Xior portfolio. It's really the students doing it. That is what makes sense for us to do, because they are the one who knows how it is to live there, study there, and also work there. We really want to give them this part of the work. What is the BaseLife program about? It's, of course, about making these amazing spaces, all the amenities that we built, make them vibrant so that we kind of activate it and put some life to it. That's the main thing. It's also to take care of each other, take care of the planet, take care of the community is really important because we are living together here as one big family. You heard here at Drie Eiken, we have 300 students living together, and there are, of course, always someone who are not feeling super good, and they need a place to go, someone who takes care of them. We do that, and the students do that. Actually taking care of each other. We also, which is the new initiative, we want to work much more with this one. We want to support them in also their future, not only their university, not only their study, but actually try to integrate them in the local jobs. It's also what we want to do with the B2B decks, that we want to engage with the local business world, you can say, and actually also allow our students to get jobs there. That's not that mature yet, but I think there are a lot of opportunities when we really follow this up. The last thing, it's the fun. Student life needs to be fun, of course. That's part of it, right? We are facilitating these parties and all kind of cultural events so we make sure they have a good time when they are living with us. We see that it actually pays out. This is our 2025 result on the customer satisfaction. It was actually 87.2. I think it's amazing high. It really proves it. On top of this, the customer satisfactions are measured twice a year at CIEE. This is the average of 2025. On top of that, we actually get in Google review scores every day. The average score for CIEE 2025 were 4.65. I'm also really happy about this one. If you look a little to the right side, then you will see a day of the Base Buddy. What is it actually that they do for us? They actually also help taking the on-site duties. They are really if we don't have staff there. They can help us in the receptions. Also they are taking part of the event planning. They are the one connecting, as I said. Of course also do some admin support. On call and if there are an emergency, it's the Base Buddies. Maybe move back to a little more our digital transformation that we worked a lot with many years. The new thing for us is that we want also to have the best-in-class website across all Xior. We are launching that in April. It's nearly ready, and it will be amazing. That will actually mean that no matter what property we buy, we can actually immediately plug in also the existing PMS system and have what one unified front then, and then we can work with Yardi, of course, the preferred, but also others. That means then we really have this plug-and-play so that we can quickly open new properties when we are acquiring. Everything here is digital. I made some analysis of our 2025 digital traffic, and we have 96% coming from Google or from social post on Instagram. This is really what is important when we are working in the student world. That is to be super present and very strong in the digital environment. We also work now a little further with the branding of Xior. Germany were Basecamp territory initially, and we only had two properties there yet, two cities, Leipzig and Potsdam, but they were actually as of yesterday rebranded to Xior. That's the first full step in this transition. For the rest of the Basecamp territory, meaning like Poland, Sweden, and Nordic, we still use the Basecamp by Xior until we really feel that we have captured all the value and we are strong enough to fully rebrand to Xior. We are not in a hurry with this one. We own the brand. We can keep it as long as we want. We want to take no risk there. It's really moving on and, yeah, it's important also for the brand recognition. The B2B desk, because Christian Teunissen told about a new initiative, we of course have always been working with nomination agreements, so it is not in itself a new discipline for us. We just know that there are much more potential. No matter if it's like a soft agreement with a university that is just like partnership so that we get students from their website to our website or a hard one, where it's really the university or the partners renting room by us, this is important, because we are part of the university ecosystem. Student housing is honestly not just a room. It's nothing without being part of this ecosystem, so we are tapping strongly into it. We does that everywhere. Also, you will see on these examples that I brought up here, these are either the renewed or the new one for 2025, that you also see that it's other territories now. Initially it was mainly Netherlands and then Belgium, but now we also work heavily with Spain, Poland, also Denmark, actually maturing a lot in regards to the university agreement and partnership, and also Lisbon is on the list now for this agreement. That can be, of course, the university. It can also be like this exchange student program, like CIEE or DIS, bringing international student to Europe. It can also be like sports school, like football clubs. Everything that has to do with education are welcomed in our properties. It's also to fill the summers, which for us will be then additional revenue. That one's, yeah. Last but not least, this is about the Yardi, or we call it now My Xior, because it's actually more than Yardi. It's a big digital environment. It goes as planned, so not too much more to tell. Netherlands is fully onboarded. Everyone is happy. We are very happy. That's 40% of the portfolio. We are for the moment preparing a go live in Portugal. We are testing it in two properties, Benfica and Alameda. There are some adaptations because of local fiscal laws and tax laws and also in Iberia, it's more semester-driven, so we need to kind of set it up, configure Yardi different than for Netherlands, and that's what's ongoing. We have scheduled this go live for spring. Just to remind what are really the key benefits here for us, that's the scalability and to actually be able to apply our standard operating processes. It's the full integration between student and staff. When a student actually paid, then immediately we can see it in our books. It's also, of course, integration of all operational and finance data so that we don't need to go into two different systems to get our numbers, really happy about that one. If you forgot how it actually looks like, you can always scan this QR code, and then you will get into the My Xior app, where you can see the tool that students are using when they are living with us. Thank you, Christina. We go now to the financial update for the financial year of 2025. As already explained, partially, so the like-for-like growth was at 5.43%, where we were guiding at minimum 5%. We were beating again our guidance. Occupancy is sustainably high at 98% across all geographies. The margin also stand at 87%, is a little bit also, yeah, higher than the 85% we had last time. It's also very high sustainably across the portfolio. Our guidance was confirmed and delivered at EUR 2.21 for 2025. On valuations and NTA there, the portfolio is quite stable, an increase of 1.2% and NTA stable. On the LTV, the balance sheet LTV just below 50% as promised. We have high liquidity on our credit lines of EUR 141 million. We strengthen really that position. Also, all of 100% of our funding needs are covered for the next 18 months as a commercial paper program, as the CapEx. It is other potential maturities of the financing and also, last but not least, the ICR ratio is now above 3.1x. Net debt also quite stable at 11.9x. If we go to the next slide. There on the active pipeline, we are continuous working further on this one. In September 2025, we delivered Wenedów in Warsaw, and we are continuously working further on the Brinktoren in Amsterdam, Boavista in Porto, and then two in Belgium, which is Seraing and Ghent, which will be delivered in 2027. The first two are delivered in 2026, will contribute to the EPS partially this year, but fully in 2027. That's part of our guidance for the next coming two years. This is to be realized with a CapEx of net of EUR 14 million, out of our self-funding potential. On the future pipeline there, we are still working on the permits of a couple of projects, Bokelweg in Rotterdam and Karspeldreef in Amsterdam. There we have the permit. The big project in Amsterdam, the permit will be in the first quarter, first half year of 2026. This is also coming live and will be having an extra value in the portfolio. On the other ones, we are working further. Those constructions will be start up if opportune, when the permit is in place, and when we can make it accretive for the company. If we put all this together, our like-for-like and our pipeline, then we come to an potential of EUR 30 million extra of annualized rent for the medium term and the future pipeline. For the current pipeline, we go to EUR 209 million end of 2027 of total rent. It's a growth of more than 12%. On the financing, there we have a cost of debt of 3.06%. It's a little bit down compared to last year. The maturity 5.2 years and hedging ratio of 90% for also five years. Also there strong, and we see that the cost of debt is now quite stabilizing for us. LTV below the 50% and total debt of EUR 1.9, of which EUR 141 million, which is still undrawn. Maybe the next slide. If we then look to the spread of the maturities, we see that we have a well-spread debt portfolio, 23 lenders, 5.2 average duration, and those lenders are spread across Europe. We don't have only Belgian or Dutch lenders. We have Belgian, Dutch, Portuguese, German, and in the Nordics, we have all local financings. That is also a proof that the properties we have are also recognized by the local banks. The first maturity is in Q2 2026, but this is covered with other financings and will be repaid. The next one is in Q3 2027, so 18 months are covered of extensions of the banks. Maybe the next one. Christina, I give you back the word. Yeah. Maybe to summarize all this, and then we can go to Q&A. Rental growth, guidance of a like-for-like of minimum of 4%, because also inflation numbers are coming down. Occupancy rates, again, 98%. Growth pipeline internally funded, fully self-funded of approximately 1,100 units. That will give an additional rental income of approximately EUR 10 million. An EPS, DPS guidance 2026, 2027. 2026, EUR 2.3 of EPS and 2027, EUR 2.4 EPS with an 80% payout ratio regarding the dividends. We can go to Q&A. We will now move to the Q&A session. If you would like to ask a question, please use the Raise Hand function located at the bottom right of your screen. This will allow us to open the line. Given the available time, we will limit to questions from our sell-side analysts during this live session. All other participants are, of course, invited to submit their questions via the chat box below the video player, and we will address them after the meeting. Given that a few analysts are present on-site, we will start by taking their questions. Thank you. Hi. Thanks for the presentation. It's Wim Lewi from KBC Securities. I've got one general and one specific question. Thanks for giving the guidance into 2027. Before, we only got normally today the guidance for 2026. Can you explain briefly what has changed that you have now a better view or visibility that you can give guidance into 2027? I think it's important to give the visibility to the analysts. We have a stable portfolio. We know the contracts. We had a good like-for-like the past years. We see in the market that we can continuously achieve this high like-for-like. We have, of course, the active pipeline, which is coming into delivery and coming live. In 2025, we had one project in Warsaw. Two big projects will come live in 2026. We have very good visibility on 2027 as well, regarding this, and that's why we thought it was important to share the two-year guidance. Okay, thanks. Actually, going on to that, because I'm specifically interested in the future pipeline, namely the Dutch land bank. Two small questions on that. You mentioned in the statement that you see limited CapEx for that. Can you give a bit of indication on that? Also because some projects are very different, like the Bokelweg, I think there, it's a renovation, whereas I think Amstelveen is a totally deconstruction, so totally different CapEx, and as you say, you will internally finance it, can you give an idea first on how much CapEx do you need, and secondly, will you prioritize certain projects over others depending on the CapEx? Yeah, I think the internally funded and the limited CapEx is related to the active pipeline. There we have only the EUR 14 million net to invest to realize the whole active pipeline, which is almost realized, of course, because we are in 2026. For a future pipeline, there is no starting yet of those projects. There, we will see whether they can be accretive, if we can do some capital recycling from asset rotation, for example, and then to invest in those projects. These indeed are the three major projects, of which two in Amsterdam are newly built, so big towers. This is a major CapEx to be done. Indeed, Bokelweg has renovation, so that's a smaller amount, but still also a big building to do the renovation. This is really to be seen in the next phase. Okay. You mean that there will be no start of any of those projects, not before the end of 2027? No. If you do some asset rotation, we have the capital available. Okay Spend it to one of the projects, for example. Okay. If it's accretive for the company. Okay, that neatly suits my last specific question on asset rotation or internal financing. Does that also include stock dividend this year and then 2027? Would you consider a contribution in kind as an internal financing, as you can leverage then the equity side of that, or are those also things that can add to your CapEx potential? The stock dividend is not included in the plan this year. There is nothing taken into account. Of course, if it's accretive, we can always decide to do that, but today it's not in the plan. Contributions in kind, that can always be an option if it's accretive, of course. That's the only important thing, but it's not on the table today. Okay. Thanks for your answers. Frederic Renard from Kepler. A few follow-ups just on the guidance 2020-2027. If I understand correctly, at the moment, you only have your project in the active land bank penciled in. Yeah. ` `Nothing. Okay.` ` The like-for-like, of course. Like-for-like, of course. Just maybe one generic question, because you mentioned that you are targeting a like-for-like of 4%. Just wondering, and maybe it's more a feeling, but when does the rent affordability becomes an issue for student? Because for Unite, for instance, it was not an issue until it becomes an issue. I'm just wondering, what's your opinion on this and how do you see that? Yeah. Indeed, it's a good question. I received in the past many times this question. You have high inflation environment, you drive prices always. Where does it stop? Where does it come to the end? We don't see this kind of affordability issues. First of all, it's a subsidized system on the continent. We looked it also up. For example, with the tuition fees in Belgium, it's EUR 1,000. In the Netherlands, it's EUR 2,000, approximately. In Sweden, Denmark, and Germany, it's for free. Those are a couple of examples. The only focus that the parents and students should have is to look for the student accommodation. And if you have a look at the rental prices in Europe, on the continent, the monthly rent is approximately a weekly rent in the UK. And so those are the main, let's say, differences regarding affordability, and we almost never received these kind of questions also due to the scarcity. We have so many people on the waiting list, so the room will always be let. And also, we're not doing anything crazy regarding those increases in rental prices. This is something that comes from bottom to top, let's say. So we know in the budgeting discussions with finance and with operations. Sorry, that's always a fight between the people next to me. They really cooperate, and so we know where we want to be at the end of the year. That's something that we tell them, explain them. It goes through Christina, it goes to the country managers, let's say the people who are responsible for a country. They sit together with the operational teams, and they try, let's say, to have a proper discussion with them. Where can we go? There can also be exceptions. If somebody in the rental, let's say an operational guy who is living in an asset and he says, "Okay, that room is a little bit more difficult and at a high end in pricing," he can tell the country head, "Okay, now we can't increase this room." Other rooms he can maybe increase by 5%. These are the discussions that's really always going on. He returns to Christina. Christina goes to the financer, to Frederick and his team, and then we have a discussion, and maybe we can go back and tell them it's not enough, for example. It's really a discussion within the Xior family, within the Xior team, and everybody is standing behind those new rental prices. The like-for-like that we give as a guidance, that's something that we are really backing. We're really standing behind these numbers, and we know that we can make it happen. It's also a KPI for the operational teams. To maybe go back on the question, it's a long explanation. To come back on the question, for the moment, it's not an issue, and I don't foresee it's going to become an issue. For example, we received now a question from cities such as Rotterdam to sit together with a couple of players to think about how can we deliver more units, because scarcity is really, really an issue in certain cities such as Rotterdam. Hopefully, that's explained a little bit your question. Yeah. Thank you. Just last one for me on the portfolio revaluation. It was done in H2, and maybe can you just give some explanation on that, on the point of view of appraiser? I saw in the P&L that there was another portfolio result of EUR -70 million, probably linked to deals. Can you explain also that figure? Thank you. The revaluations, and they are split in positive and negatives. There is a small, if you compare with H1-H2, excuse me, there is a small decrease, mainly because two reasons. The valuation yield in the Netherlands went up a little bit. The building costs are increasing. In their DCF model, they penalize this, and so the yield is going up a little bit in the Netherlands. On the second hand, we did some ESG CapEx in the second half of the year in the Netherlands as well. As you know, the point system, so we will receive more points on that because the EPC is part of the total points and of the rental price. That's also an extended delay and a timing difference. We do now the CapEx, then the points will increase, and then the valuation will increase because the rent is increased. This will have a positive impact in the future. Yeah, of course, in H2, it has a small negative impact. That's one. On the other portfolio result, as you remember, we paid an earn-out for the Basecamp deal, and that earn-out was on the balance sheet and is now attributed to the projects that we have bought in Wroclaw and in Warsaw. That has an effect of the other portfolio result, a negative, because it's a correction on the price that you pay. Okay. Perfect. Thank you. Let's move now to the online questions. The first Analyst in the queue is Steven Boumans from ABN AMRO. Hi ... yes, could you please ask your- Thank you for taking my questions. It's a bit of follow-up of the previous question. It's on why our revaluation is a bit soft, it seems, and maybe break it down in different sub-questions. First, what is like-for-like revaluations by country? Please explain the write-downs on developments, because I thought there were some of those. When did the Dutch transfer tax impact was accounted for? On the other portfolio results that you just mentioned, can you explain the difference between H1 and the full year? That's EUR 42 million, where that is coming from. Thank you. That's a lot of questions that you might repeat later. Sure. On the other portfolio result, as explained, it's mainly the earn-out of Basecamp. We paid this amount. It was EUR 34 million. An amount was twice paid in April last year, in April 2024. This amount has now been attributed to the assets that we bought because they brought this or delivered, or how we can say, they brokered these buildings for us so we can attribute this earn-out to those projects. Of course, the valuation is not compensating for that. That's why you have to book a negative portfolio result, and that's another portfolio result because it's a correction on the price. That was the main amount for this year. Can you repeat the other questions, please? One was on the transfer tax. Transfer tax is indeed already. Yes, Steven, can you please? Yeah. The transfer tax is included already in the valuations from 10.4%-8% in the Netherlands. Maybe one remark was in the news, but yeah, we don't know if it's going to happen, but also good information, at least from the side of the new government that will be installed in the Netherlands, hopefully, that they will go down from eight to seven again. Hopefully, if we're lucky, it can happen this year. If we have more information, we will immediately inform the markets. Steven, can you please unmute yourself again and ask? Oh, yes. The remaining questions if we didn't answer all of them and maybe one by one, that's easier to answer. Yeah, sure. What is the like-for-like revaluations by country for the main countries? Yeah. The average is 5.5%, and it's spread all over the countries. Belgium is a little bit lower if you compare to the average, because in Belgium we have high retention of 70% and inflation is quite low. With the retention, we can only apply the inflation to those contracts, which was 2%, I think. Yes The next academic year. That's why they are a little bit lower. Netherlands was high because of the indexation and of course the point that we also, on a yearly basis, review with some investments, and those points increase. Also, the other countries were quite high. I think Netherlands is higher than the average, and Belgium is lower than the average, but for the rest, it's all in line with the average. Your remaining question, Steven? Yeah. Yes. That is one of the answers you already provided. It's on the other portfolio result. Obviously, you mentioned the earn-out, but that is in H1. In H2, we also have an additional EUR 42 million, if I'm correct, increase in other portfolio result being negative. What is the addition in H2? In addition, we have the biggest part there is that for the big project in Amsterdam, we pay milestones when they reach the permit, let's say. There we had also an extra payment we have to do on that project. The permit will be coming in the next couple of months. It's almost there. There, this extra payment does not yet reflect in the valuation. Today, the valuation, we cannot take into account the permit, which will come. When the permit will come, we will of course then have a positive revaluation on the land value, and that will then eliminate the negative part that we have booked now. Yeah. We were very prudent on this one. Yep. Okay, clear. The difference, we expect EUR 40 million revaluations from this in 2026. That will depend on the valuation of the valuer, of course, but this part will be positive indeed. Yeah. Yeah, the recent planning from the side of the municipality to deliver the permit would be half of April. Yeah, you never know, but that's really the plan. Clear. Thank you so much. Thank you, Steven. Let's move to the next Analyst, Véronique Meertens from Kempen. Please go ahead and ask your questions one by one, please. I will. Thank you for the presentation, all. First, two questions on rental growth. Could you elaborate, what was the rental growth that you actually received from an academic year perspective? Sort of like, what was the earnings growth that you managed to sign year-on-year from the start in September? Yeah, we have the like-for-like, and if the 4% that we guide for 2026, that's based of course on a September-October like-for-like that we receive because we have one-year contracts, 10-month contracts in other countries. That's why we can guide minimum 4% for the next 2026, let's say. Because I was looking at also the rental bridge, and it shows in terms of indexation EUR 5.8 million. That actually translates into 3% of the year-end 2025 rent roll. That's why I had a question how you got to the 4% like-for-like? It's based on the contracts on September of academic year you're running now. We, of course, have done three, four months for the next academic year, 2026-2027, which we don't know. Yeah. Yeah, we are probably prudent also on this one. No, I mean, in the slides, in the rental bridge, it says EUR 5.8 million of indexation into 2026. However, that only translates into 3%. The like is not on a full portfolio because we have delivered some of the assets only in 2025. We bought some assets in 2025, so there is no comparable year-on-year to be done because you don't have a full year. That's always a difference between those amounts. Okay. The 4% is then not truly like-for-like? The 4% is based on what we can calculate for a like-for-like. Mm-hmm. That's not a full portfolio. Okay. Because you buy stuff, you deliver stuff. Yeah. That's always not 100%. Okay. That's clear. Maybe lastly on the future pipeline, do I understand correctly that actually at this moment it's more the balance sheet that is restrictive in proceeding with new projects in the sense that you could argue that the current yield on cost would already be accretive, but you do mention that you need additional disposals to actually start them? Well, we want to keep the LTV under the 50%. Mm. If we, yeah, continue to invest in projects with debt, then LTV would obviously increase. The key is there to opportunistically do asset rotation and sell indeed some assets maybe at 4% yield and then invest in assets that have a return of 6%, for example. That's accretive for the investor and for the company. That's a potential way to go forward on the future pipeline. Okay, very clear. To give an idea, are you already actively marketing disposals, potentially? Yeah. Is it really opportunistically? It's a good question. We want to keep the power in-house to do a disposal. If we're now telling the market that we're going to dispose a certain asset, the price will drop by 20% or something, because they will think or believe that we need to dispose, and it's not necessary. It will be opportunistic and maybe with a certain reason, to bring average age of the portfolio down or maybe to avoid that we need to set up some CapEx program for a certain building or that building that's still a project that we maybe can dispose without an effect on the P&L, for example. Mm. Because it's not a standing asset yet. We will keep a close eye on it. We will bring this information to the market at a certain point in time or not. We want to have the power in-house, to keep the power in-house. We will take the decision by ourselves and if the market will have an influence on these kind of transactions, yeah, that will kill the deal. That's not how we look at it, just in a normal way. Okay. Clear. Thank you. Thank you, Véronique. Let's move to the next Analyst, Vincent from Degroof Petercam. Please go ahead. One by one, please. Morning, everybody. Congrats on the results. I had one question, which was highlighted in the fact that you want to focus on pushing the occupancy on the new assets and ensure that they will be basically at full occupancy or close to full occupancy very quickly. My question is basically, how do you intend to ensure this materializes? We can't understand you. It's a very bad connection. Sandra, maybe you can. Yeah. Can you repeat, Vincent? Yes. Because there is some noise in the background and we didn't hear it very well. Okay. Sorry. Basically, if you hear me well? Yeah You mentioned occupancy on the new assets and ensuring that you want to have basically full occupancy ASAP on the new deliveries. My question is, how do you intend to ensure that this will materialize for your new developments? Yes. It's all about focus, and I'm not saying that we didn't focus previously, but we simply have to focus even harder. It means that we need to start super early. We are opening up sale for Boa Vista in Portugal in a couple of days. That's an example. That will really open in September, but we will start now. It's really about paying super much attention to the competitor, being best in class in the market and really attract all the business. It's about fill them and then you can start your like-for-like growth afterwards. Not let yourself determined by what the rent will put together like in the beginning of the transaction, but really looking at the market as of today and then just go outbeat it. That's the recipe. It's also the combination of a centralized marketing team. Yeah That's really focused on an opening and on an automated opening of such an asset together with the local teams. Yeah. On top of that, we have, of course, the Brinktoren, which will open. It's Netherlands, where we know that occupancy is from day one 100%. On top of that, we have a cooperation with the Tio Business School, so that one will be full immediately. Yeah, agreed. It's also part of it. Be ready with partnerships so that we immediately also in Portugal, for example, have like a bottom. Again, if the universities, the partners, already have it on their website, we get the full inflow of students. Yeah, it's just about being even better at doing your opening strategies. It's a go-to-market strategy. Okay. Would it be fair from my understanding to assume that price would be then less important for you and it would be more important to push occupancy full? That's what I try to say. At the first glance, we need to have them full. Immediately after, we can start growing our prices. It's not to put the cheapest price of all, it's the right price you need to hit the market with. It's always the hardest part. Yeah To go from 0%-100%. Yeah. If you're at a level of 100%, to keep it fully let, that's much easier than you only have to do 20%-30% of new contracts or 40% of new contracts, and you can drive the prices. You have a catch-up of the people who remain in the room, and they will leave after two or three years. You have a new tenant, and you can immediately push the prices. Yeah To the normal levels. That's true. First occupancy, and then we drive prices. Okay, clear. Thank you. I had one follow-up question on a different topic and maybe more broader, looking at the market. Of course, let's say, as you've mentioned, you're not looking specifically to acquire anything or in the market, but let's assume your share price might be 40% higher, and you would have the option. Given the current market and where the prices in the market are, would you assume in such a context that you see more opportunities in acquiring yielding assets or existing assets and, well, optimize them with your operational margin? Do you see more opportunities in the development markets? I know it's a question that makes me always happier that we can return to the external growth part. I see Frederik also a little bit laughing now. That makes life much easier because the market is there. We see that the PBSA market is really an asset class that is really, for the moment, super hot. I can't explain it otherwise. We see a lot of opportunities in the market, in all of the countries, and super good opportunities. We'll be focused on standing assets or developments. Standing assets, as we always explained, is much easier at the right price and at the right yield. You join forces with the local developers, and you're not competitors, and they know where to find you, and they can make a profit. Let them make the profit. If we're happy with that standing asset, it immediately supports our P&L, and it will drive the EPS even more. That's much easier at the right pricing. Mm-hmm. For parts, as we did before, it can be developments, but then also with the right partner, with the right, let's say, delegated developer so that we don't have a hard-knock life trying to develop and deliver such a building. We had a very good example now in Warsaw with the Wenedów project. It went very smooth, very well. Also, with our local hero almost, local partner in Portugal, it's a beautiful cooperation. Those are a couple of examples how we see it, that we don't take all of the risks by ourselves. The focus then would be standing assets. It's more a question if I have a dream, if share price can go towards such nice levels, then we will be back with more information. Clear. Thank you. That's all from my side. Thank you. Thank you, Vincent. We're running a bit late, so let's move to the last analyst. There are still some other analysts waiting, but we will handle your questions, also the ones you put in the chat, but after the meeting. Francesca, if you can open your line. Yes, you can ask your last questions. Thank you. Can you hear me? Yes, Francesca. Yes. Yes. Hello. Good morning, everybody, and thanks for taking my question. I have a question about the operational efficiency. Can you elaborate a little bit about what can be achieved during 2026 in terms of operational margin improvements? I have others. I go one by one. Okay, operating margin improvements? You have to say it again. Of course, first of all, it's the top line. It's the like-for-like, it's to be fully full. We are full, but it's also to kind of get more business out of the summer. I mentioned that a couple of times. If we could do that, then we will really be even stronger. It's about the cost side to be efficient, to scale. We are right now trying, element by element, to see how much pricing power do we actually have. Right now, our focus is on internet, which is also a place where the students are requiring more speed and stronger performance, and we need to see if we can use our muscles and make these group agreements cross-border. That seems to be a really strong way to go. It looks promising. It's really taking out component by component of the cost and do tenders, try to scale, and do it more efficient. Also, look at our operational model. How many people do we really need in the properties? We really learn from each other. That's also benefit of having so many cities, so many properties that we can see what is the most efficient way and then just keep looking for it day in, day out. Francesca, can you please unmute yourself to ask your next question? Yeah. Thank you. Many thanks for giving the context. Frederik, maybe can you quantify a little bit? The quantification is in the like-for-like and in, of course, our guidance of 4% growth and its two components, as Christina explained, focusing on the top line as a like-for-like, the active pipeline to be delivered, focus on the B2B revenue desk, and then the cost control, the cost discipline on the cost side. That will put us in place to have a 4% growth of EPS for the next two years. Okay, fine. I move to the next argument is capital recycling opportunities. Let's say I have a double question. The first is about disposals. I totally understand and support the fact you don't want to commit to any amount, fine. Can we expect you to do something more compared to what you've done in 2026, in 2025, sorry? The second question is about joint venture. In the past, we discussed about this JV for a single country, a section of assets, also in the development, for instance. Is this something that can be of interest at this point in time, or it's totally out of the table? How you see this? Many thanks. Okay. Thank you, Francesca. We're not going to set up a certain kind of disposal program again. Not a couple of assets that we are willing to sell. It's really opportunistic that we can maybe indicate one or two assets. For example, an asset that's maybe too small still, that we still have to develop and only 50 or 60 units. Maybe it's a good idea to sell it, I don't know. That's work in progress. We will come back on that when we have more information, as explained. It's just, let's say, in the normal course of business that we are going to maybe focus on this one and that we can do capital recycling a bit. That can be helpful, but always in a smooth and in a normal way. No pressure. If there's pressure, if the market will think that it's pressure, price will drop, as you explained as well. We have to be very careful, but this will be a normal sale process at NAV, simple as that. That's maybe the first one. The second one, regarding joint venture, we're in a different position than two years ago, let's say. Two years ago, to try to set up a joint venture, it's always a little bit more difficult if one party is strong and they believe that the other one is a little bit weaker. That gives also certain kind of discounts. If you then try to, let's say, combine a couple of assets and to put them in a joint venture, it comes at a discount, and then that discount will, let's say, kill the positive side of the deal, and the leverage will not drop at that moment because the valuation is too low or the discount is too high. In those circumstances, it's maybe a bad idea to try to set up a joint venture, but maybe in future it can be an idea, because you're then more feeling like equal partners. You can maybe try to find the positive effects of setting up a joint venture and maybe to combine forces to have a very nice development. After that development, you can decide to keep it in-house or to sell it at a beautiful yield. That's future. I was just trying to explain, to answer your question, it's total different timing, joint venture two years ago or nowadays. Cool. Thanks. If I may, one last question. I think it's particularly important what you said on affordability of rents, the question of Frederik. Just out of curiosity, do you track and monitor somehow the affordability of rents for family? What kind of visibility you have? It is just a sense what you have, or you really monitor it somehow? I believe, yeah, the answer of Christina and myself is the same. It's experience, yeah? Yeah, it's experience. It's really also when we open up for the selling, for example, then we have, of course, our belief of the price of every single room category, and then we monitor how quick do they sell. If there are rooms that are selling very quick, we actually also can adjust prices during this sales period. If there are others that are not selling, we can actually do the opposite. We make sure that we get the market response immediately. We sell everything ourself. Every room, except for the nomination and the partnership, are sold by our people, so we know it. Yeah. We had also a couple of examples. A building that we delivered, for example, in May, and the academic year only starts in August or September. They're really already willing to accept a new room or to subscribe for a new room, already paying just to have a room starting from September. It's really crazy sometimes, the market. That also gives us a little bit the power to give these answers on the question of affordability. Thank you. I am all set. Thank you. Thank you, Francesca. For all the questions that were not answered, if you haven't put them in the chat box, please send them afterwards to ir@xior.be, and we'll answer them after the meeting. With that, we have almost reached the end of today's meeting, and I would now like to hand over to our CEO for some closing remarks. Yeah, okay. Thank you each and every one of you to attend this analyst call with the 2025 results. Hopefully, you have the same feeling as ourselves after a couple of difficult years. We did really our best to have such a set of good results. We will keep up the good work. We know what we're doing, especially you, Christina, with the teams. It's really every day that you're working really hard with the teams to have these kind of results that the finance department can also give these kind of explanations and answers on these results. Really happy that we could provide you with two years of guidance in EPS again, and I want to thank you for being in this call. Thank you.