549300JK7HFOCP0U8K85-2025-12-31-1-en.xhtml

ANNUAL

FINANCIAL REPORT

“

XIOR STUDENT HOUSING WANTS TO

PROVIDE AS MANY STUDENTS AS POSSIBLE

WITH A GREAT FIRST LIVING EXPERIENCE.„

2025

675

3,767

2,773

2,236

4,873

8,770

22,268

c.150

51/49%

907,416

252

XIOR

IN A

NUTSHELL

3.6

Happy employees

in a best in class

organisation

Split of the

property portfolio

Fair value of the

property portfolio

Happy students in

efﬁcient buildings

Occupancy rate

Lettable units

Countries

Employees

Nationalities

Housing to

Geographical

spread

Cities

Students

Other

billion

Total area of the

property portfolio

(Based on fair value)

DENMARK

THE NETHERLANDS

BELGIUM

PORTUGAL

SPAIN

Fair value

1,786

GERMANY

Fair value

POLAND

Fair value

SWEDEN

Fair value

ALTERNATIVE PERFORMANCE

MEASURES AND THE TERM

“EPRA EARNINGS”

Alternative

performance measures (APMs)

are measures used by Xior Student

Housing NV to measure and

monitor its operational performance.

The European Securities and

Markets Authority (ESMA) has

issued guidelines that apply from

3 July 2016 for the use and

explanation of alternative

performance measures.

The concepts Xior considers

APMs are included in

Chapter 10.8 of this Annual Report.

The APMs are marked with

and are accompanied by a

deﬁnition, an objective and

reconciliation as required

under the ESMA guidelines.

The EPRA (European

Public Real Estate Association)

is an organisation which

promotes, helps to develop and

represents the European publicly

listed real estate sector in order

to boost conﬁdence in the sector

and increase investment in

publicly listed real estate in

Europe. For more information

about EPRA, please consult

www.epra.com.

XIOR ANNUAL FINANCIAL REPORT 2025

675

3,767

2,773

2,236

4,873

8,770

22,268

c.150

51/49%

907,416

252

XIOR

IN A

NUTSHELL

3.6

Happy employees

in a best in class

organisation

Split of the

property portfolio

Fair value of the

property portfolio

Happy students in

efﬁcient buildings

Occupancy rate

Lettable units

Countries

Employees

Nationalities

Housing to

Geographical

spread

Cities

Students

Other

billion

Total area of the

property portfolio

(Based on fair value)

DENMARK

THE NETHERLANDS

BELGIUM

PORTUGAL

SPAIN

Fair value

1,786

GERMANY

Fair value

POLAND

Fair value

SWEDEN

Fair value

ALTERNATIVE PERFORMANCE

MEASURES AND THE TERM

“EPRA EARNINGS”

Alternative

performance measures (APMs)

are measures used by Xior Student

Housing NV to measure and

monitor its operational performance.

The European Securities and

Markets Authority (ESMA) has

issued guidelines that apply from

3 July 2016 for the use and

explanation of alternative

performance measures.

The concepts Xior considers

APMs are included in

Chapter 10.8 of this Annual Report.

The APMs are marked with

and are accompanied by a

deﬁnition, an objective and

reconciliation as required

under the ESMA guidelines.

The EPRA (European

Public Real Estate Association)

is an organisation which

promotes, helps to develop and

represents the European publicly

listed real estate sector in order

to boost conﬁdence in the sector

and increase investment in

publicly listed real estate in

Europe. For more information

about EPRA, please consult

www.epra.com.

figures including pipeline

675

3,767

2,773

2,236

4,873

8,770

22,268

c.150

51/49%

907,416

252

XIOR

IN A

NUTSHELL

3.6

Happy employees

in a best in class

organisation

Split of the

property portfolio

Fair value of the

property portfolio

Happy students in

efﬁcient buildings

Occupancy rate

Lettable units

Countries

Employees

Nationalities

Housing to

Geographical

spread

Cities

Students

Other

billion

Total area of the

property portfolio

(Based on fair value)

DENMARK

THE NETHERLANDS

BELGIUM

PORTUGAL

SPAIN

Fair value

1,786

GERMANY

Fair value

POLAND

Fair value

SWEDEN

Fair value

ALTERNATIVE PERFORMANCE

MEASURES AND THE TERM

“EPRA EARNINGS”

Alternative

performance measures (APMs)

are measures used by Xior Student

Housing NV to measure and

monitor its operational performance.

The European Securities and

Markets Authority (ESMA) has

issued guidelines that apply from

3 July 2016 for the use and

explanation of alternative

performance measures.

The concepts Xior considers

APMs are included in

Chapter 10.8 of this Annual Report.

The APMs are marked with

and are accompanied by a

deﬁnition, an objective and

reconciliation as required

under the ESMA guidelines.

The EPRA (European

Public Real Estate Association)

is an organisation which

promotes, helps to develop and

represents the European publicly

listed real estate sector in order

to boost conﬁdence in the sector

and increase investment in

publicly listed real estate in

Europe. For more information

about EPRA, please consult

www.epra.com.

XIOR IN A NUTSHELL XIOR

This Universal Registration Document (URD) has been filed with the FSMA, which is the competent authority in accordance

with Regulation (EU) 2017/1129, without prior approval in accordance with Article 9 of Regulation (EU) 2017/1129.

The Universal Registration Document may be used to offer securities to a regulated market for trading, provided that where

appropriate, the FSMA has approved it together with any amendments and a securities note and summary as approved in

accordance with Regulation (EU) 2017/1129..

CONTENT

XIOR ANNUAL FINANCIAL REPORT 2025

1. RISK MANAGEMENT 13

2. MESSAGE TO THE SHAREHOLDERS 30

3. KEY FIGURES AS AT 31 DECEMBER 2025 35

4. COMMERCIAL ACTIVITIES & STRATEGY 39

5. MANAGEMENT REPORT 49

6. CORPORATE GOVERNANCE 65

7. THE XIOR SHARE 93

8. PROPERTY REPORT 103

9. SUSTAINABILITY REPORT 139

10. FINANCIAL REPORT 185

11. STATEMENTS 279

12. PERMANENT DOCUMENT 283

13. GLOSSARY 311

14. ANNEX 317

15. IDENTITY CARD 327

This Annual Financial Report is also available in Dutch.

The Annual Financial Report was translated into English under the responsibility of

Xior Student Housing NV. Only the Dutch version of the Annual Financial Report has

evidential value. Both versions are available on the Company website (www.xior.be)

or from the registered office upon request (Xior Student Housing NV, Frankrijklei

64-68, 2000 Antwerp, Belgium).

CONTENT XIOR

1. RISK FACTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

1.1 MARKET RISKS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

1.1.1 Risks associated with supply and demand in the student housing market . . . . . . . . . . . . . . . . . . . . . . 15

1.2 PROPERTY-RELATED RISKS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

1.2.1 Risks associated with the evolution of the Fair Value of the property portfolio . . . . . . . . . . . . . . . . . . .16

1.2.2 Construction, development and conversion risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

1.2.3 Risks associated with (the rejection or delay of) permits and other authorisations and the requirements

to be met by the property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

1.2.4 Risks associated with the execution of maintenance work and repairs . . . . . . . . . . . . . . . . . . . . . . . . 19

1.3 OPERATIONAL RISKS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20

1.3.1 Risk of reputational damage resulting from nuisance caused by tenants or negative media coverage

about the landlord . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20

1.3.2 Risks associated with the inability to conclude leases and have leases executed (in particular risks

associated with the impact of changes to the Dutch Housing Valuation System), vacancy and loss of rent . . 21

1.3.3 Risks associated with mergers, demergers or takeovers and processing/integration of acquired activities . . 22

1.3.4 Risks associated with the large-scale digitalisation project . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22

1.3.5 Risks of defaulting tenants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23

1.3.6 Risks associated with (the inability to pay) dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24

1.3.7 Risks associated with operations in Poland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24

1.3.8 Risks associated with disturbances caused by students as tenants and resulting reputational damage . . . .24

1.3.9 Risks associated with inadequate supervision of suppliers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25

1.3.10 Risks related to ethics, conflicts of interest and anti-corruption . . . . . . . . . . . . . . . . . . . . . . . . . . . .25

1.4 FINANCIAL RISKS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

1.4.1 Risks associated with financing - exceeding the debt ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25

1.4.2 Risks associated with financing agreements (including compliance with covenants) - liquidity . . . . . . . . . . .25

1.4.3 Risks associated with the availability of equity capital in volatile market conditions . . . . . . . . . . . . . . . .26

1.4.4 Risks associated with fluctuating interest rates and fluctuating fair values of hedging instruments . . . . . .26

1.4.5 Risks associated with inflation and rising energy prices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26

1.4.6 Risks associated with exchange rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

1.5 REGULATORY AND OTHER RISKS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

1.5.1 Risks associated with the status of a Public RREC and the applicable taxation . . . . . . . . . . . . . . . . . . . 28

1.6 ESG RISKS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29

1.6.1 Online customer reviews . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29

1.6.2 Cyber attacks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29

1.6.3 Compliance with safety and maintenance regulations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29

1.6.4 Business integration and transformation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29

1.6.5 Extreme weather conditions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29

1.6.6 Impairment of non-energy efficient buildings due to stricter regulations . . . . . . . . . . . . . . . . . . . . . .30

2. MESSAGE TO THE SHAREHOLDERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31

3. KEY FIGURES AS AT 31 DECEMBER 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . .35

4. COMMERCIAL ACTIVITIES & STRATEGY . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

4.1 WHO WE ARE - OUR PROFILE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

4.2 WHY WE DO IT - OUR PURPOSE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41

4.3 WHAT WE DO - OUR PRODUCT & ORGANISATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .42

4.4 HOW WE DO IT - OUR STRATEGY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .44

XIOR ANNUAL FINANCIAL REPORT 2025

5. MANAGEMENT REPORT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .49

5.1 PUBLIC RREC STATUS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51

5.2 COMMENTS ON THE CONSOLIDATED FINANCIAL STATEMENTS FOR FINANCIAL YEAR 2025 . . . . 51

5.2.1 Consolidated balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51

5.2.2 Consolidated income statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .53

5.2.3 Appropriation of profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .54

5.2.4 Research and development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .54

5.2.5 Branches . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .54

5.3 MANAGEMENT AND USE OF FINANCIAL RESOURCES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .54

5.3.1 Financing agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .54

5.3.2 Interest rate risk hedging . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .56

5.3.3 Capitalisation and debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .56

5.4 TRANSACTIONS AND ACHIEVEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57

5.5 OPERATIONAL UPDATE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .58

5.6 POST BALANCE SHEET EVENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61

5.7 OUTLOOK FOR 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61

5.7.1 Growth prospects for financial year 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61

5.8 DATA ACCORDING TO THE EPRA REFERENCE SYSTEM . . . . . . . . . . . . . . . . . . . . . . . . . . . . .62

5.8.1 EPRA Key Performance Indicators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .62

5.8.2 EPRA net rental income on a constant comparison basis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .63

5.8.3 EPRA Capex table . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .63

5.9 REQUIRED ELEMENTS OF THE ANNUAL REPORT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .64

6. CORPORATE GOVERNANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65

6.1 CORPORATE GOVERNANCE STATEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .67

6.1.1 Code of Reference and Corporate Governance Charter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67

6.1.2 Internal control and risk management systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .68

6.1.3 Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .70

6.1.4 The Company’s Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71

6.1.5 Composition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72

6.1.6 Brief description of the directors’ professional careers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .72

6.1.7 Chair of the Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76

6.1.8 Reliability, expertise and experience . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76

6.1.9 Roles and duties of the Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76

6.1.10 Summary of the Board of Directors’ activities in 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78

6.1.11 Managing Director and effective management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78

6.1.12 Executive management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79

6.1.13 Committees of the Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .81

6.1.14 Conflicts of interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82

6.1.15 Specific conflicts of interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .83

6.1.16 Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .84

6.1.17 Remuneration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .84

6.2 INFORMATION PURSUANT TO ARTICLE 34 OF THE ROYAL DECREE OF 14 NOVEMBER 2007 . . . . . . 92

6.2.1 Capital structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .92

6.2.2 Decision-making bodies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .92

6.2.3 Authorised capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .92

6.2.4 Purchase of shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .92

6.2.5 Contractual provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .92

CONTENT XIOR

7. THE XIOR SHARE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .93

7.1 THE SHARE ON EURONEXT BRUSSELS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .95

7.2 SHAREHOLDERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97

7.3 COUPON INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .97

7.4 FINANCIAL CALENDAR 2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .98

7.5 DIVIDEND POLICY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .98

7.6 OUTLOOK - PROFIT FORECAST . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .99

7.6.1 General. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .99

7.6.2 Hypotheses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .99

7.6.3 Forecast of the consolidated results and dividend expectations . . . . . . . . . . . . . . . . . . . . . . . . . . 101

7.6.4 Auditor’s report on profit forecast . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102

8. PROPERTY REPORT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103

8.1 PROPERTY MARKET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .105

8.1.1 Student housing market in Belgium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .105

8.1.2 Student housing market in The Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107

8.1.3 Student housing market in Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109

8.1.4 Student housing market in Portugal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111

8.1.5 Student housing market in Poland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .113

8.1.6 Student housing market in Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .115

8.1.7 Student housing market in Denmark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117

8.1.8 Student housing market in Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .119

8.2 PROPERTY PORTFOLIO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .121

8.2.1 Valuation of the property portfolio as of December 31 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .131

8.2.2 Description of real estate portfolio properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135

8.2.3 Valuation of the property portfolio by the Valuation Experts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136

9. SUSTAINABILITY REPORT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139

9.1 WORD FROM THE CEO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141

9.2 SUSTAINABILITY STRATEGY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142

9.2.1 Double Materiality Assessment (DMA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143

9.2.2 Stakeholder engagement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145

9.2.3 Xior’s ESG Framework: Housing the future is Respecting the future . . . . . . . . . . . . . . . . . . . . . . . . . 147

9.2.4 Xior’s contribution to the SDGs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148

9.2.5 Action plans & KPI’s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149

9.3 ENERGY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151

9.3.1 Climate impact: towards net zero by 2050 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .151

9.3.2 General results (EPRA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154

9.4 SOCIAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165

9.4.1 Social employees: staff welfare, health, safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165

9.4.2 Social tenants: student welfare, health safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .171

9.5 GOVERNANCE: ETHICS AND INTEGRITY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178

9.6 MEASUREMENT METHODOLOGY AND ASSUMPTIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . .180

9.6.1 Reporting period and organisational boundaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180

9.6.2 Measurement scope and coverage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180

9.6.3 Estimation and extrapolation of consumption data under the responsibility of Xior . . . . . . . . . . . . . . . 180

9.6.4 Reporting of consumption data under xior and student responsibility . . . . . . . . . . . . . . . . . . . . . . . .181

9.6.5 Reporting from own headquarters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .181

9.6.6 Analysis of the calculation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .181

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9.7 EXTERNAL VERIFICATION OF REPORTING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 183

9.7.1 Independent limited assurance report on the subject matter information of the annual report 2025 of

Xior student housing nv . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 183

10. FINANCIAL REPORT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185

10.1 CONSOLIDATED INCOME STATEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187

10.2 CONSOLIDATED COMPREHENSIVE RESULT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 189

10.3 CONSOLIDATED BALANCE SHEET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .190

10.4 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 193

10.5 CONSOLIDATED CASH FLOW STATEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 197

10.6 NOTES TO THE CONSOLIDATED ANNUAL FINANCIAL STATEMENTS . . . . . . . . . . . . . . . . . . . 199

10.6.1 General corporate information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199

10.6.2 Important financial reporting principles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199

10.6.3 Accounting principles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199

10.6.4 Significant accounting estimates and key uncertainties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199

10.6.5 Principle for consolidation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .200

10.6.6 Business combinations and goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .200

10.6.7 Foreign currency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201

10.6.8 Investment property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201

10.6.9 Property developments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 202

10.6.10 Expenses for works to investment property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .203

10.6.11 Disposal of an investment property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .203

10.6.12 Other tangible fixed assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203

10.6.13 Fixed assets or groups of assets held for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203

10.6.14 Financial instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 204

10.6.15 Current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 204

10.6.16 Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .204

10.6.17 Provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 204

10.6.18 Financial liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205

10.6.19 Property result . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205

10.6.20 Property charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .205

10.6.21 Overhead expenses for the Company and other operational income and costs . . . . . . . . . . . . . . . . . 206

10.6.22 Financial result . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206

10.6.23 Profit tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206

10.6.24 Exit tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .206

10.6.25 Financial risk management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 208

10.7 SEGMENT INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .209

10.8 ALTERNATIVE PERFORMANCE MEASURES (APMS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 213

10.9 OTHER NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 221

10.9.1 Property result . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 221

10.9.2 Property charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .223

10.9.3 General expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 224

10.9.4 Other operating income and costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 224

10.9.5 Result on the portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .225

10.9.6 Financial result . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 226

10.9.7 Corporation tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .227

10.9.8 Investment property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .228

10.9.9 Other tangible fixed assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235

10.9.10 Financial fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235

10.9.11 Trade receivables and other fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 238

10.9.12 Participating interests in joint ventures - equity method . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 238

10.9.13 Trade receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 238

10.9.14 Tax receivables and other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 239

CONTENT XIOR

10.9.15 Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 239

10.9.16 Accruals and deferred payments - Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 239

10.9.17 Capital and issue premiums . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 239

10.9.18 Shareholder structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 242

10.9.19 Earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .243

10.9.20 Other non-current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 243

10.9.21 Deferred taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 243

10.9.22 Financial debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 243

10.9.23 Trade debts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .245

10.9.24 Other current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245

10.9.25 Accrued liabilities and deferred income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .245

10.9.26 Financial assets and liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 246

10.9.27 Transactions with related parties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 247

10.9.28 Statutory Auditor’s fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 247

10.9.29 Acquired real estate companies and investment property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .247

10.9.30 Average headcount and breakdown of staffing costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .248

10.9.31 Post balance sheet events . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 248

10.9.32 Scope of consolidation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 249

10.9.33 Debt ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251

10.9.34 Off-balance sheet rights and obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251

10.9.35 Legal and arbitration proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251

10.9.36 Statutory Auditor’s report on the consolidated annual financial statements . . . . . . . . . . . . . . . . . . . . 253

10.10 CONDENSED VERSION OF XIOR STUDENT HOUSING NV’S SEPARATE ANNUAL FINANCIAL

STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 265

10.10.1 Statutory income statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 267

10.10.2 Comprehensive income statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 268

10.10.3 Statutory balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .269

10.10.4 Statement of changes in equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 271

10.10.5 Detail of the reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 273

10.10.6 Appropriation of income under the Articles of Association . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275

10.10.7 Distribution obligation in accordance with Article 13, Section 1, first paragraph of the Royal Decree

of 13 July 2014 regarding the RREC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 276

10.10.8 Non-distributable equity in accordance with Article 7:212 of the Belgian Companies and Associations Code . . .277

11. STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 279

11.1 FORWARD-LOOKING STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 281

11.2 PARTY RESPONSIBLE FOR THE CONTENT OF THE REGISTRATION DOCUMENT . . . . . . . . . . . 281

11.3 INFORMATION PROVIDED BY THIRD PARTIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 281

BENFICA

Lisbon - PORTUGAL

XIOR ANNUAL FINANCIAL REPORT 2025

12. PERMANENT DOCUMENT: GENERAL INFORMATION ABOUT THE

COMPANY AND THE COORDINATED ARTICLES OF ASSOCIATION . . . . .283

12.1 COMPANY DETAILS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285

12.1.1 Name, legal form, status, duration and registration data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285

12.1.2 Registered office and further contact details . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285

12.1.3 Incorporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285

12.1.4 History of the Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .286

12.1.5 External group structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 291

12.1.6 Internal organisational structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 291

12.1.7 Subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 293

12.1.8 Availability of company documents and further information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 295

12.2 SERVICE PROVIDERS OF THE COMPANY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 295

12.2.1 Valuation experts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .295

12.2.2 Statutory auditor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 296

12.2.3 Financial services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .296

12.2.4 Liquidity provider . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .296

12.3 CONSOLIDATED ARTICLES OF ASSOCIATION OF THE COMPANY AS AT 5 JUNE 2025. . . . . . . . . 297

13. LEXICON . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 311

14. ANNEX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 317

14.1 EPRA SBPR TABLES OF ENVIRONMENTAL PERFORMANCE INDICATORS - FULL PORTFOLIO

& HEAD OFFICE, SEGMENT ANALYSIS BY REGION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 319

14.2 EPRA SBPR TABLE OF SOCIAL PERFORMANCE INDICATORS . . . . . . . . . . . . . . . . . . . . . . . .325

14.3 EPRA SBPR TABLE OF GOVERNANCE PERFORMANCE INDICATORS . . . . . . . . . . . . . . . . . . . 326

15. IDENTITY CARD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 327

CONTENT XIOR

RISK

MANAGEMENT

XIOR ANNUAL FINANCIAL REPORT 2025

”

STUDENT UNITS MAKE UP THE VAST MAJORITY

OF THE COMPANY’S PROPERTY PORTFOLIO„

94%

RISK MANAGEMENT XIOR

Xior Student Housing identifies the key risks based on

their potential impact on the Company’s operating

results and the likelihood of these risks occurring. A

risk assessment was carried out in 2025; an overview

of the risks considered by the Company to be

specific and of material significance to Xior Student

Housing is provided below.

Their negative impact on the Company and the

likelihood of their occurrence were taken into account,

whilst considering risk-mitigating measures. In the

order of risk factors per sub-category, the most

material risk factors are listed first. In principle, the

risk factors may relate to Belgium, the Netherlands,

Spain, Portugal, Poland, Germany, Denmark or Sweden

(or any other countries in which the Company may

operate in the future), on the understanding that, for

certain risk factors below, a distinction is explicitly

made between Belgium, the Netherlands, Spain,

Portugal, Poland, Germany, Denmark or Sweden

where circumstances differ significantly between

these countries. The Board of Directors and the

management of Xior are aware of the specific risks

associated with the provision and management of a

property portfolio, and strive to manage these risks

optimally and to mitigate or eliminate them as far as

possible.

1.1 MARKET RISKS

1.1.1 RISKS ASSOCIATED WITH SUPPLY AND DEMAND

IN THE STUDENT HOUSING MARKET

The Company's income and portfolio value are to a very large

extent related to property focusing specifically on student

housing. This type of property makes up the vast majority of the

Company's property portfolio (94% based on the Fair Value of

the portfolio as at 31 December 2025, from which the Company

generates 90.25% of its gross rental income as at 31 December

2025). Rental levels and the valuation of student accommodation

are strongly influenced by the supply and demand for purchasing

or renting within this sub-segment of the property market.

The demand for student housing, and therefore the Company's

financial situation, can be significantly negatively affected by a

possible decline in student populations, which could be due to

the offer of study programs and/or the (continued) presence

and quality of educational institutions, or by the increase in

online courses, such as Massive Open Online Courses (MOOCs),

for which study materials are distributed via the internet, so

participants do not need to relocate and are not bound by any

particular location.

Furthermore, the demand for student rooms may also be

negatively affected if any government financial aid to students

(such as loans, subsidies, (housing) allowances or student grants)

is scaled back or if educational institutions decide to raise their

registration fees. Such a decline in demand for student housing

(whether local, confined to a specific area within a university town,

the entire university town, or even the entire student population

in a particular country) will result in lower demand when renewing

the lease agreements with existing tenants or when signing new

lease agreements.

A decrease in the demand for student rooms may reduce the

occupancy rate and/or affect the Company's ability to maintain

or increase the rent of the property, which would have a direct

negative effect on the Company's income, and indirectly on the

value of the property.

XIOR ANNUAL FINANCIAL REPORT 2025

BASECAMP BY XIOR

Łodź - POLAND

Any oversupply of property specifically dedicated to student

housing could lead both to a reduction in the value of the

Company's property (see also Risk Factor 1.2.1 of this Annual

Report), as well as to a decline in the rents the Company can

charge its tenants, and therefore a decline in the Company’s

income.

As at 31 December 2025, a 1% decline in rental income (the vast

majority of which, as mentioned, is generated by this student

accommodation portfolio), disregarding any tax impact, would

lead to a 1.75% decrease in the Company’s EPRA earnings

, a

decrease in NAV per share

of 0.04 EUR and an increase in the

debt ratio of 0.02%.

As the property held by the Company is largely let based on

fixed-term contracts (of one year or less), such a decrease in

rent prices can follow relatively quickly after such a change in the

supply of, or demand for, student housing in a particular region.

Alternative Performance Measures. In accordance with the guidelines issued by the

European Securities and Market Authority (ESMA) on 3 July 2016, the definitions

of the APMs, the way they are used and the reconciliation tables are included in

Chapter 10.8 of the consolidated financial statements for 2025.

As defined in Article 2 (23) of the Law on Regulated Real Estate Companies: the

value obtained by dividing Xior’s consolidated net assets, after deduction of

minority interests, by the number of shares issued by Xior, after deduction of

treasury shares held, where applicable, at consolidated level.

1.2 PROPERTY-RELATED RISKS

1.2.1 RISKS ASSOCIATED WITH THE EVOLUTION OF

THE FAIR VALUE OF THE PROPERTY PORTFOLIO

The Fair Value of the Company's property portfolio, as estimated

quarterly by independent valuation experts, fluctuates from time

to time and is included in accordance with IAS 40.

The Company is therefore exposed to fluctuations in the Fair

Value of its property portfolio (since the start of 2025, the Fair

Value of the property portfolio increased by 1.2%, which resulted

in a positive portfolio result for the year 2025 (and therefore an

impact on the net result) of 39.3 MEUR).

Overall, valuations have trended upwards, this increase is mainly

due to a change in the property market, with a return of large-

volume property transactions, which is having an impact on the

market and valuations, whereby yields on some properties have

fallen slightly. In addition, rental income across a large part of the

portfolio has risen as a result of our pricing power. On the other

hand, we have also seen variations in the valuation of investment

properties resulting from the difference between the conventional

value and the fair value of the newly acquired property at the time

of acquisition.

As at 31 December 2025, a 1% decrease in the Fair Value of the

Company's property portfolio would have an impact of 35.6

MEUR on the Company's net result and would have an impact

of approximately 0.76 EUR on the net asset value per share. This

would also increase the Company's debt ratio by 0.48%.

The Company is exposed to the risk of impairment of the property

in its portfolio as a result of:

• wear and tear resulting from normal, structural and technical

ageing and/or damage caused by tenants (see also Risk Factor

1.2.4 of this Annual Report);

• increasing vacancy rates (e.g. due to an oversupply of student

housing (see also Risk Factor 1.1.1 of this Annual Report) or the

impact of unforeseen circumstances);

• unpaid rents (see also Risk Factor 1.3.5 of this Annual Report);

RISK MANAGEMENT XIOR

• a decline in rental prices when signing new leases or rene-

wing existing leases (see also Risk Factor 1.3.2 of this Annual

Report);

• changes in the tax treatment of property sales (for exam-

ple, since 1 January 2023, the amended transfer tax in the

Netherlands on any sale of properties intended for student ac-

commodation has been increased from 8% to 10.4%, which had

an impact on the Fair Value of the Company’s Dutch property in

the first quarter of 2023; the Dutch government has announced

that this transfer tax will be reduced again to 8% as of 1 January

2026);

• difficulties in carrying out maintenance work or refurbish-

ments due to the fact that the property in question is held in

co-ownership (as at 31 December 2025, a total of approxima-

tely 8.11% of the Fair Value of the portfolio is represented by

property held by the Company in co-ownership); and/or

• as a result of incorrect plans and/or measurements on which

the valuation of the property at the time of acquisition is based;

• sustainability requirements arising from climate change and in-

creasingly strict regulations, which may result in higher invest-

ment and operating costs (see also Chapter 9 of this Annual

Report).

If the Company enters into a transaction, i.e. investing in or

divesting from property, it also runs the risk of failing to identify

certain risks on the basis of its due diligence or, despite prior due

diligence and an independent property valuation, of purchasing

property at a price that is too high relative to its underlying

value. Since Xior’s IPO in December 2015, the Fair Value of its

property portfolio has risen from 196 MEUR to 3,559 MEUR as at

31 December 2025. From 1 January 2025 to 31 December 2025,

the Fair Value of the property portfolio rose from 3,314 MEUR

to 3,559 MEUR. This makes the Company one of the fastest-

growing property companies. If it were to be established that the

property acquired since 1 January 2025 had, for example, been

purchased at a 5% premium, this would result in an impairment

of the property portfolio and an impact on the net result of 5,294

KEUR, leading to a decrease in NAV per share of 0.30%. Based on

the debt ratio as at 31 December 2025, this would result in an

increase in the debt ratio of 0.07%.

For a description of the relevant property market, please refer to

Chapter 8.1 of this Annual Report.

1.2.2 CONSTRUCTION, DEVELOPMENT AND

CONVERSION RISKS

In addition to acquiring existing properties, the Company invests

in development and conversion projects in order to expand its

property portfolio. This concerns 3,195 student units out of a total

of 25,463 student units after the completion of such projects, or

a 14% increase after the completion of such projects compared to

the Company's current property portfolio. As at 31 December 2025,

the current active pipeline has an initial estimated investment

value of approximately 177 MEUR, with a total cost to come of

about 14 MEUR to finalise the active pipeline (net of the sale of a

part of Brinktoren to Ymere).

XIOR ANNUAL FINANCIAL REPORT 2025

Project

Expected investment

value at completion

(ca. €m)³

Permits present to start

construction? Expected completion

ACTIVE PIPELINE

BELGIUM

Trasenster – Seraing √ 2027

Bagatten – Ghent √ 2027

THE NETHERLANDS

Brinktoren – Amsterdam

√ 2026

IBERIA

Boavista – Porto √ 2026

TOT. ACTIVE PIPELINE ~177m

LANDBANK PIPELINE

THE NETHERLANDS

Project Amsterdam Area Expected 2026

Tower Karspeldreef – Amsterdam √

Bokelweg – Rotterdam √

Annadal potential extension TBD

Enschede – Ariënsplein (undeveloped part) TBD

Other (redevelopment/extension potential)

TBD

SPAIN

UEM – Madrid

TBD

TOT. LANDBANK PIPELINE

TBD

Excluding the sale of part of Brinktoren to Ymere (agreed sale price €28 m), for which the capex has already been largely incurred.

In addition, Xior is working on the redevelopment and expansion potential of existing properties in the portfolio.

The final investment values may differ from the estimates once the final planning permissions and construction contracts have been finalised.

Development and conversion projects involve various risks,

including the specific risks that the necessary permits to

construct or convert a building, are not granted (see also Risk

Factor 1.2.3 of this Annual Report) or are contested, that the

project is delayed or cannot be carried out (resulting in reduced

rental income, postponement or loss of expected rental income),

or that the budget is exceeded due to unforeseen costs. The

Company assesses the likelihood of the risk of delays or cost

overruns as ‘moderate’, with the potential impact also assessed

as ‘moderate’. The development or conversion of a building

takes an average of two years (excluding the permit period).

Furthermore, once the necessary permits have been obtained,

work on the conversion of office buildings can only commence

once the lease agreements with the tenants of office space have

been terminated, and it may be the case that, if the term of those

lease agreements does not correspond with the final planning

permission process, they may expire prematurely (resulting in

vacancy) or continue for longer (meaning that the works cannot

start immediately after the permit is obtained). If there is a delay

in obtaining the permit or carrying out the works, this will result in

a corresponding delay in the budgeted rental income and, if the

BASECAMP BY XIOR

Potsdam - GERMANY

RISK MANAGEMENT XIOR

start of an academic year is missed, a more difficult first letting

season.

The Company carries the construction risk for projects

representing 5.3% of the total portfolio including the investment

pipeline as at 31 December 2025, and the permit risk for projects

representing 1.2% of the total portfolio including the investment

pipeline as at 31 December 2025.

1.2.3 RISKS ASSOCIATED WITH (FAILURE TO

OBTAIN, OR DELAY IN OBTAINING) PLANNING

PERMITS AND OTHER AUTHORISATIONS AND

REQUIREMENTS TO WHICH THE PROPERTY MUST

COMPLY

The value of property is partly determined by the presence

of all legally required (planning and other) permits and

authorisations. Obtaining permits is often time-consuming and

lacks transparency, which can have an impact on rental income,

the value of the properties in question, and the Company’s

ability to carry out its operational activities in such properties.

Furthermore, specific regulatory requirements with which

all property must comply, but particularly in the segment of

property intended for student accommodation (from which

the Company generates 90.25% of its gross rental income as at

31 December 2025) and/or residential property (e.g. regarding

living comfort or (fire) safety), may vary from place to place, and

their interpretation and/or application may also depend on the

relevant authorities (which, in the case of student cities, often

pursue their own policies regarding the management of supply

and the monitoring of the quality of student accommodation),

which may introduce an element of uncertainty in meeting such

regulatory requirements, which are often highly local, detailed

and technical. The international growth of recent years has

meant that the Company now complies with laws and regulations

in eight geographical regions. The central legal department

closely monitors developments in relevant laws and regulations,

in collaboration with the locally operating operational teams who

possess additional local expertise.

The absence of the required licences or non-compliance with

licensing or other regulatory conditions could result in the

Company being unable, temporarily or permanently, to let the

property in question for the purpose of carrying out certain

activities, meaning that the property could not be let at all or

could only be let at lower rental rates. The Company considers

the likelihood of it not holding the required permits or failing

to comply with permit or other regulatory conditions to be

low; however, should this occur, the potential impact could be

material. In such a case, the Company’s property could indeed

be subject to a regularisation procedure or even a reorientation

towards a different use or purpose, which may involve the

execution of adaptation works, or (in response to environmental

risks (such as historical soil contamination, (past) presence of

hazardous facilities and/or the pursuit of high-risk activities, etc.)

environmental procedures, which may be time-consuming and

give rise to investigation and/or other costs, and which may entail

additional refurbishment costs, and may also limit the lettability

of a building (and thus the resulting income). Furthermore, an

urban planning offence may, even after obtaining a regularisation

permit or after effectively bringing the situation into compliance

by demolishing the unauthorised structures, remain subject to

criminal penalties, provided the offence has not become time-

barred. Furthermore, failing to obtain permits at all may result

in the redevelopment not being possible, meaning that the

properties in question must either be sold, in which case the value

may be significantly lower, depending on the circumstances,

based on the existing building and/or the development potential

that is either permitted or permitable. The Company considers

the risk of failing to obtain any permits at all to be low, but the

potential impact in such a case to be high.

1.2.4 RISKS ASSOCIATED WITH THE EXECUTION OF

MAINTENANCE WORK AND REPAIRS

The Company carries out maintenance work on a regular basis

in all properties within its portfolio in order to maintain the

properties and their contents (as the rooms are, in principle,

always provided fully furnished) to the required standard and

in a satisfactory condition. The weighted average age of the

properties in the Company's portfolio is 5 years, and the cost of

such maintenance in 2025 amounted to approximately 6,747,513

EUR, or 0.19% of the portfolio's Fair Value, or 3.75% of the gross

rental income.

BASECAMP BY XIOR SOUTH CAMPUS

Copenhagen - DENMARK

XIOR ANNUAL FINANCIAL REPORT 2025

As the real estate in the portfolio gets older, the Company will

be obliged to carry out important and/or structural renovations

and investment programmes due to the buildings' ageing or wear

and tear (due to normal, structural and technical ageing) and

the buildings' contents, or as a result of damage to the buildings

or the contents. Furthermore, there is a risk that the buildings

(will) no longer comply with increasing (legal or commercial)

requirements in areas such as living comfort, fire safety and

sustainable development (energy performance, etc.) and will

need to be adapted accordingly (see also Risk factor 1.2.3 of

this Annual Report). These works may lead to substantial costs

and may result in the temporary and/or partial unavailability of

the property in question for letting, which would have a negative

effect on the Company's income. In order to proactively identify

the works mentioned above and to carry them out or supervise

them to a high standard, it is necessary for sufficient technical

and structural expertise to be available within the organisation.

Taking into account the relatively low average age of the buildings

in the Company's portfolio, the Company assesses the likelihood

of the risk described in the previous paragraph materialising as

“low”, and the impact, should it materialise, as moderate, taking

into account mitigating measures, such as engaging additional

technical expertise internally or externally to strengthen the

execution of these works.

1.3 OPERATIONAL RISKS

1.3.1 RISK OF REPUTATIONAL DAMAGE RESULTING

FROM NUISANCE CAUSED BY TENANTS OR

NEGATIVE MEDIA COVERAGE ABOUT THE

LANDLORD

Given that the Company’s business consists of making its property

available, either directly or indirectly, primarily to students (94% of

the Fair Value of the portfolio and 90.25% of its gross rental income

as at 31 December 2025), there is an increased risk (specifically

compared to other property (sub)sectors) that the Company may

face complaints due to nuisance or disturbance to neighbours, or

that (administrative) measures may be imposed in relation to the

buildings in its property portfolio. Such complaints and measures

could give rise to additional costs and reduced income, both

directly and indirectly (through reputational damage, disruption of

the relationship with the relevant authorities or reduced lettability

of the property concerned). Furthermore, there is an increased

risk (compared to other property (sub)sectors) that a tenant may

carry out certain activities in the property in question that are

not permitted under applicable legislation and/or the tenancy

agreement, without Xior being informed of this. Such activities

could lead to enforcement action by the authorities, potentially

resulting, in extreme circumstances, in the (temporary) closure

of a building.

In addition, negative or one-sided media coverage — for example,

following complaints about maintenance — could adversely affect

the Company’s reputation. Although such reporting is not always

within the landlord’s direct sphere of influence, its impact could

affect the image of Xior Student Housing (and ultimately occupancy

rates).

The likelihood of the Company facing negative media coverage is

material to high, given the large number of tenants. In such cases,

the potential impact may also be material, as the nature and content

of such coverage are often beyond the Company’s direct control.

For the Company’s initiatives in this regard, please refer to the

section “Engagement” under Chapter 9.4.2 of this Annual Report.

RISK MANAGEMENT XIOR

1.3.2 RISKS ASSOCIATED WITH THE INABILITY

TO CONCLUDE LEASES AND HAVE LEASES

EXECUTED (IN PARTICULAR RISKS ASSOCIATED

WITH THE IMPACT OF CHANGES TO THE DUTCH

HOUSING VALUATION SYSTEM), VACANCY AND

LOSS OF RENT

Due to its activities, the Company is exposed to the risk of loss

of rent associated with the departure of tenants before or on the

expiry date of current rental agreements, including the additional

risk of non-rental or re-rental. The short-term nature of the rental

agreements the Company concludes with students, which tends

to be less than one year, is generally inherent to the student

housing sector (from which the Company generated 90.25% of

its gross rental income as of 31 December 2025). When tenants

leave, new rental agreements may result in a lower rental income

than the current rental income (for example because of an

oversupply from student accommodation) (see Risk Factor 1.1.1

of this Annual Report), and it may not be possible to reduce the

rental-related expenses in line with the lower rental income.

In certain countries where the Company operates, a number of

additional factors may have a significant impact on this risk:

• In the Netherlands (where the Company generated 37% of

its rental income and the real estate represented 43% of the

Fair Value of the total real estate portfolio as at 31 December

2025), campus contracts (which are contracts based on the

tenant's qualification as a student) must be terminated when

the studies end (and the student has to leave the room within a

six-month period), and contracts may also be terminated with

a one-month notice period (for the tenant).The Dutch govern-

ment also applies the Housing Valuation System ("woningwaar-

deringsstelsel" or WWS) to regulate the price level of the "social"

rental market, in contrast to the deregulated rental market,

where no rent level restrictions apply. In order to determine

whether a property qualifies for liberalised rent (and the land-

lord is therefore free to determine the rent), the theoretical rent

calculated in accordance with the WWS must exceed a certain

level (the so-called “rent liberalisation limit”, which stood at

1,184.82 EUR on 1 January 2025), making this system relevant to

deregulated tenancies as well, since a tenant of a ‘deregulated’

property also has the right, if they believe the theoretical rental

value is below this threshold, to have the rent tribunal rule on

the matter. This WWS includes the so-called "points system".

A property is valued based on a series of characteristics (such

as surface area, quality, location and energy performance),

which are given a score. In the end, the total score determines

the rental value, which is the maximum rent for the rooms. If it

is observed that the landlord did not comply with the points

system (with rent exceeding the rental amount specified by the

points calculation or because of a mistake or misjudgement in

the points calculation that determines the rent), there is a risk

that tenants seek redress from the tenancy commission for a

price reduction and the retroactive recovery of any overpaid

amounts. If a tenant succeeds in such a claim, there is also the

risk that other tenants in similar circumstances can also make

a claim. This risk materialises relatively often, but has a low

impact as this tends to happen on a case-by-case basis. A le-

gislative or general policy change in this points system or in its

interpretation (due to legislative action, a policy change during

enforcement or precedents set by the tenancy commission or

the courts) may have, although the Company does not expect

this, a potentially significant negative impact on the Company's

current and future rental income and on the valuation of the

relevant property, as this would directly affect the property's

expected rental flows and market value.

• In the case of Spain and Portugal, it is particularly worth

noting that the occupancy rate (for units let directly to stu-

dents) comprises two distinct periods: on the one hand, the

period during the academic year, when tenancy agreements

are almost exclusively concluded for a maximum duration of

the academic year (10 months), and often for shorter periods

(in the case of international students participating in exchange

programmes on a semester or monthly basis), and, on the other

hand, the summer period (2 months), which is characterised by

generally shorter tenancies (at higher rental rates). Lettings for

the summer period are often linked to the demand for tourist

or short-term rentals in the cities concerned. Furthermore, it

has become apparent that, in the event of a general decline in

demand for tourist and short-term rentals (such as hotels and

apartments), as caused by the COVID-19 crisis, these players

also compete in the market for short-term rentals to students,

leading to a fall in occupancy levels and market rental prices.

Consequently, the Spanish and Portuguese student accommo-

dation markets are characterised by higher ‘frictional vacan-

cy’ and greater management effort (frequent check-ins and

check-outs, administrative processing, marketing efforts) than

the Belgian and Dutch markets, as well as greater sensitivity to

the general economic situation and international mobility.

• In Poland, too, the rent also experiences a seasonal effect, with

the occupancy rate lower in the summer months than during

the academic year. Rental during the summer months often

consist of rental to groups (such as companies or associations

with a need for short-term accommodation) or rental in the

context of events. This rental is therefore characterised by a

higher ‘frictional vacancy rate’ and a higher management effort,

such as in Spain and Portugal, and is also more sensitive to the

general economic situation and international mobility.

• In Denmark, student housing is regulated as residential, and

students are protected by The Danish Rent Act (Lejeloven).

Contracts are as standard open ended and the notice period

for termination is typically 3 months. A time limit can also be

agreed on in the contract. In this case, the tenancy ends when

the contract expires; if it is renewed with the same tenant, the

tenancy becomes open-ended. Xior is currently only renting

out open-ended with 3-month notice. This short notice period

gives a risk of unforeseen vacancy that can be difficult to fill if

it’s between the academic terms. If the property is built after

1992, or located in a non-regulated area, the landlord is free to

set the rent. However, the rent must not exceed 10% of the value

of the lease. Tenants can file a claim to Housing Committee

(Huslejenævnet) who will determine if the lease is too high.

• In Sweden, student accommodation is not a separate invest-

ment category either. As in Denmark, it is regulated as resi-

dential property and students are protected by the Swedish

Tenancy Act (Hyresrättslagen). Contracts are generally open-

ended and, by law, the notice period is three months. However,

a fixed term may also be agreed in the contract. In that case,

the tenancy ends when the contract expires. As in Denmark,

Xior lets on an open-ended basis with a three-month notice

XIOR ANNUAL FINANCIAL REPORT 2025

period. This creates the same risk of unforeseen vacancies as

in Denmark, but the practice in Sweden is slightly more flexi-

ble, allowing us to fill the gaps with activities other than stu-

dent accommodation for a short period. In Sweden, the rent is

determined by either the ‘utility rent’ (‘bruksvärdeshyran’) or

the ‘presumed rent’ (‘presumtionshyra’). This is a rent agreed

between the landlord and the tenant, fixed for 15 years. For

Xior property, we have determined the rent using the Utility

Value method and have agreed the rent individually with each

student. There are no general rules prohibiting us from agreeing

a rent with tenants that is higher than the “utility value rent”,

provided that the fixed rent is agreed with the tenant in an

individual contract; indexation must also be agreed in advance

in the contract, and it is not permitted to increase the rent as

a result of unforeseen costs such as higher taxes. The utility

value is not based on the landlord’s actual costs for the flat,

but on the value of the flat to a tenant in general. There is a risk

that the tenant may lodge a claim with the Housing Tribunal

(Hyreslagstiftningen) to have their case heard. The Housing

Tribunal may require a potential adjustment, even from an ear-

lier date. Normally, the Housing Tribunal accepts an additional

rent of 15–25% of the basic market rent if the package inclu-

des furniture, internet, communal areas, etc. However, if a case

arises, the exact surcharge is assessed by the court.

1.3.3 RISKS ASSOCIATED WITH MERGERS, DEMERGERS

OR ACQUISITIONS AND THE PROCESSING/

INTEGRATION OF THE ACQUIRED ACTIVITIES

In order to structure and grow its real estate portfolio, the

Company has engaged in mergers, demergers and other takeover

transactions in the past, and is expected to continue to do so

in the future. By their very nature, such transactions transfer all

the liabilities of the real estate companies concerned, including

those that the Company may not have been able to reveal in

the context of its due diligence investigations and those that

the Company may not have been able to hedge with guarantees

in the relevant takeover agreements. This may be partly due to

the transferors' non-compliance with certain obligations or their

inability to present certain documents (such as provisional or

final acceptance documents, insurance documents, electricity

records, post-intervention files and fire safety inspection reports,

etc.). The stipulated warranties are moreover limited in time and

sellers normally place a cap on their liability under them. Lastly,

the Company continues to be faced with the risk of insolvency

of its counterparty.

Since Xior’s IPO in December 2015, the Fair Value of its property

portfolio has increased from 196 MEUR to 3,559 MEUR as of 31

December 2025. This growth since the IPO is almost exclusively

due to capex and takeover transactions (including acquisitions

of real estate), as detailed in the overview included in sections

10.9.17 and 10.9.29 of the consolidated financial statements as

at 31 December 2025.

Xior also carried out a very substantial takeover transaction in

2022 with the acquisition of Basecamp (with regard to a real

estate portfolio of 671 MEUR as at 31 December 2022). This

transaction also related (in the second phase of this transaction,

implemented in April 2024) to a number of operational companies,

together with the operational teams working in these companies

and running this portfolio. In addition to the above risks, a takeover

and integration of such a size also involves an important process

of organisational change in order to integrate the acquired

organisation into the existing Xior organisation and to make the

employees involved part of the entire organisation as soon as

possible. This entails risks in terms of retaining and attracting

motivated employees, transferring and retaining operational

knowledge, integrating processes and ensuring the continuity

of the Company’s operations and reporting. If this process is

not or insufficiently controlled, it may, even after implementing

this operation, lead to loss of operational efficiency, inadequate

follow-up of operational and financial risks, delay in carrying

out the necessary steps related to maintenance, repairs and

customer service.

1.3.4 RISKS ASSOCIATED WITH THE LARGE-SCALE

DIGITALISATION PROJECT

In 2022, Xior began a broad-based selection process to create

an integrated IT platform that will eventually be rolled out

to all the countries in which it operates. This IT platform will

eventually provide support for all aspects of Xior's business,

both operational (rental, website, maintenance and repairs) and

financial (accounting and reporting). This project was launched

in 2023 and a plan was made for the phased set-up and roll-out

of this platform in cooperation with the partner selected for this

purpose, Yardi, across countries. The Netherlands was selected as

the ‘guiding country’ for initial set-up and roll-out. In 2024, it was

decided to use a phased onboarding of the different regions and

buildings for the roll-out within the Netherlands, with two ‘soft go

lives’ scheduled for 2024, to be followed in 2025 by a successful

completion in Q4 2025 for the entire Dutch portfolio. This project

involves an estimated investment amount of 6 MEUR, but its

impact will eventually touch the Company's entire value chain.

Such ambitious and far-reaching IT projects include numerous

aspects and decisions that require precise and thorough follow-

up, both from the external partner and internally, which is essential

for ensuring the necessary internal support for the project in the

long term.

If the Company were unable to successfully implement the

new platform in collaboration with the external implementation

partner, there is a risk that the investments made would fail

to yield a sufficient return. Furthermore, a poorly functioning

platform could lead to lower rental income, frustration among

tenants, higher or belatedly identified maintenance costs, legal

and financial risks, vacancies, incomplete or inaccurate reporting,

and reputational damage.

The largest and most impactful part of the process — the

implementation within the Dutch portfolio, accounting for

approximately 43% of the Company’s total activities — has now

been successfully completed. As a result, the Company has gained

substantially greater insight into the platform’s effectiveness, the

optimal implementation approach and its operational impact. The

other portfolios are smaller in size, which further mitigates the

remaining implementation risk.

RISK MANAGEMENT XIOR

Given the quality of the selected partner, the experience gained

during the Dutch implementation, the phased roll-out by country

and the broad involvement of the internal teams, the Company

currently assesses the likelihood of this risk materialising as

lower than previously. Should the risk nevertheless materialise,

the potential impact is assessed as medium. The risk is further

mitigated by, amongst other things, a detailed and phased

roadmap for design and implementation, interim evaluation

and adjustment points, a comprehensive gap analysis between

operational requirements and platform functionality, direct

management involvement and the deployment of resources from

all relevant departments.

1.3.5 RISKS ASSOCIATED WITH DEFAULTING TENANTS

The Company cannot rule out the possibility that its tenants

may fail to fulfil their financial obligations towards the Company.

This risk increases as inflation (and the related increase in rents

and energy costs) rises, as happened in the period 2022-2023.

In the Company's student housing segment, this risk is higher

with leasing directly to students (which, as at 31 December 2025,

applied to approximately 89.5% of the Company’s gross rental

income from student accommodation, which in turn accounted

for 90.25% of its gross rental income as at 31 December 2025)

and is lower with leasing indirectly to students via housing

organisations linked to a college or university (which was the case

for approximately 10.5% of the Company's student housing gross

rental income as at 31 December 2025). On the other hand, in the

second scenario, the counterparty risk is concentrated in a single

party, whereas in the case of direct letting to students, it is spread

across multiple parties. There is a risk that, should the tenants

in question fail to meet their obligations towards the Company,

the security deposit (amounting to, as the case may be, one or

two months’ rent) may prove insufficient and the Company may

be unable to seek recourse against the tenant, thereby bearing

the risk of being unable to recover anything, or insufficient funds,

from the tenant who has defaulted. Furthermore, tenants’ failure

to meet their obligations and the pursuit of these debtors give

rise to additional internal and external costs (sending notices of

default, summonses, legal costs).

Loss of rental income could also have a negative impact on the

valuation of the property concerned (see also Risk Factor 1.2.1 of

this Annual Report), and may increase following specific events

(such as the COVID-19 pandemic).

As at 31 December 2025, 401,649 EUR in provisions for doubtful

debtors had been set up (see Chapter 10.9.13 of this Annual

Report). This makes up 0.25% of the gross rental income

(excluding rental guarantees). In 2025, the external collection

costs with regard to defaulting tenants was approximately 371,315

EUR, compared to 440,073 EUR the previous year (a decrease

of 16%). The teams in the various countries are tasked with

monitoring the progress of the collections and the measures to

be taken.

1.3.6 RISKS ASSOCIATED WITH (THE INABILITY TO

PAY) DIVIDENDS

Pursuant to the Legislation on Regulated Real Estate Companies

and Article 34 of the Company’s Articles of Association, the

Company is subject to a distribution obligation of at least 80%.

No guarantee can be given that the Company will be able to make

dividend payments in future. Even if the Company’s properties

are yielding the expected rental income and operational profit,

it may become technically impossible for the Company to pay a

dividend to its Shareholders in accordance with Article 7:212 of

the Belgian Companies and Associations Code and the Legislation

on Regulated Real Estate Companies. Given that the Company

had limited or no reserves at the time of its inception (recognition

as a regulated real estate company and IPO) and, in view of the

mandatory distribution mentioned above, was only able to build

these up slowly – taking into account the allocation of profits for

2025, 104,872 KEUR in distributable reserves have been built up

since 2015, a decline in the fair value of the investment properties

or a decline in the fair value of hedging instruments could result in

the Company being unable to pay a dividend despite the positive

operating result. As at 31 December 2025, a 24.2% (or 861 MEUR)

decline in the fair value of the property portfolio would have

resulted in the debt ratio limit of 65% being reached, which would

have meant that no dividend could be paid.

XIOR ANNUAL FINANCIAL REPORT 2025

1.3.7 RISKS ASSOCIATED WITH OPERATIONS IN

POLAND

The long-standing conflict between Russia and Ukraine (which

led to Russia’s invasion in February 2022 and a subsequent war

that continues to this day and whose future is highly uncertain)

could potentially lead to destabilising effects for Poland, including

in the following areas:

• Poland, as a neighbouring country with a vast border to Russia,

has a large influx of refugees to process (more than 10 million

refugees have already been taken in by Poland). If these refu-

gees are not able to move on sufficiently to other countries

of the European Union or to return, this may lead to potential

negative consequences for Poland in terms of budget and/or

policy.

• Although Poland is a member of NATO, in view of its proximity,

there is a risk of Russian hostilities spreading to the country.

• It should be noted in particular that, as regards long-stay in-

ternational students in Poland, the main countries of origin

are Ukraine and Belarus, with a total of 59,762 students in the

2024–2025 academic year. It has become apparent that the

war situation has led to an increase in the number of Ukrainian

students in Poland. A ceasefire between Ukraine and Russia

could therefore lead to a decrease in the number of Ukrainian

students in Poland. Furthermore, the war conditions have not,

to date, had a measurable negative impact on Poland’s attrac-

tiveness as an Erasmus destination (as a source of international

students, with the main countries of origin being Spain with

5,507 students and Turkey with 3,896 students in the 2025/26

academic year).

1.3.8 RISKS ASSOCIATED WITH INADEQUATE BUSINESS

CONTINUITY MANAGEMENT AND INSUFFICIENT

TESTING OF RECOVERY MEASURES

An inadequately developed or insufficiently tested business

continuity framework may result in the Company being unable to

respond optimally to IT failures, (cyber) incidents or other events

that could disrupt the continuity of critical processes. In such

a case, there is a risk that certain operational systems may be

temporarily unavailable, which could result in delays in service

provision and additional costs for emergency and recovery

measures.

Although the Company periodically updates its continuity and

recovery plans, it cannot be ruled out that a major incident could

exceed the anticipated scenarios. This could have a negative

impact on operational efficiency, financial performance and

possibly also on the Company’s reputation, should stakeholders

be affected by a prolonged disruption.

1.3.9 RISKS ASSOCIATED WITH INADEQUATE

SUPERVISION OF SUPPLIERS

Insufficient control and monitoring of external suppliers and other

contractors may expose the Company to operational, financial

and contractual risks. If the performance of external parties is not

adequately assessed or monitored, there is a risk that services

will not be delivered in accordance with the required quality or

time standards, which could have a negative impact on day-to-

day operations and tenant satisfaction.

Furthermore, a lack of standardised procedures, limited visibility

into performance and compliance, or inconsistent application of

contract terms may lead to higher costs, delays in development

or maintenance projects, and potential reputational damage

should third parties fail to meet their obligations. Despite ongoing

efforts to further formalise and harmonise supplier management,

it cannot be ruled out that incidents involving external parties may

indirectly affect the Company and entail additional operational or

financial consequences.

1.3.10 RISKS RELATED TO ETHICS, CONFLICTS OF

INTEREST AND ANTI-CORRUPTION

Inadequate compliance with internal codes of conduct, ethical

guidelines or procedures regarding conflicts of interest and

anti-corruption may expose the Company to financial, legal and

reputational risks. Where employees are not properly informed,

trained or monitored in relation to these obligations, there is a risk

that company assets may be misused or that decisions may be

taken that are not in line with the Company’s interests.

Inadequate control mechanisms, limited reporting or insufficient

application of relevant policies may lead to undue benefits for

third parties or employees, payments on terms that are not in

line with market conditions, or the selection of parties that do not

sufficiently meet the Company’s requirements. Incidents in this

BASECAMP BY XIOR

Lyngby - DENMARK

RISK MANAGEMENT XIOR

area may not only result in financial loss and additional costs for

investigation and remediation, but also in reputational damage

that could affect the market’s perception of the Company.

1.4 FINANCIAL RISKS

1.4.1 RISKS ASSOCIATED WITH FINANCING –

EXCEEDING THE DEBT RATIO

As at 31 December 2025, the Company's consolidated debt ratio

was 49.92% and the statutory debt ratio was 47.51%.

From this, it can be concluded that the Company has an additional

consolidated debt capacity of 1,600 MEUR before reaching the

statutory maximum consolidated debt ratio of 65% for RREC,

and of 935 MEUR before reaching the consolidated debt ratio

of 60%, the maximum debt ratio, imposed in the Company's

financing contracts with financial institutions. The value of the

property portfolio also has an impact on the debt ratio. Taking

into account the value of the property portfolio as at 31 December

2025, the maximum consolidated debt ratio of 65% would only

be exceeded in the event of a potential decrease in the value of

the property portfolio of about 861 MEUR, which is 24.2% of the

value of the property portfolio of 3,559 MEUR. If the value fell by

about 623 MEUR, (or 17.5% of the value of the property portfolio as

at 31 December 2025), the consolidated debt ratio of 60% would

be exceeded. Given that the statutory debt ratio is less sensitive

to both additional investments and property impairment, the

relevant thresholds are higher in this respect, and limiting factor

is therefore the consolidated debt ratio.

Failure to comply with the financial parameters could result

in: (i) sanctions, for example the loss of RREC status (see

also Risk Factor 1.5.1 of this Annual Report) and/or stricter

supervision by the relevant supervisory authority/authorities if

legal financial parameters (such as the maximum debt ratio of

65%) are exceeded; or (ii) termination of financing agreements,

renegotiation of financing agreements, mandatory early

repayment of outstanding amounts, and less trust between

the Company and investors and/or between the Company

and financial institutions in the event of non-compliance with

contractual agreements (for example after exceeding the

conventional debt ratio limit of 60% due to a change in control

or non-compliance with the negative pledge provisions), which

in turn could lead to less liquidity (see also Risk Factor 1.4.2 of

this Annual Report) and to difficulties in pursuing the growth

strategy.

1.4.2 RISKS ASSOCIATED WITH FINANCING

AGREEMENTS (INCLUDING COMPLIANCE WITH

COVENANTS) – LIQUIDITY

As at 31 December 2025, the Company had confirmed credit

lines for an amount of 1,915 MEUR (excl. 200 MEUR in commercial

paper), of which 141 MEUR has not yet been drawn down, and the

Company’s debt ratio was 49.92%. For the repayment dates and

the diversification of these debts, please refer to Section 10.9.22

of the consolidated financial statements 2025 and to Chapter

5.3.1 of this Annual Report.

Should the Company violate the provisions (covenants) of

its financing agreements, the credit lines may be cancelled or

renegotiated, or the Company may be forced to repay them. The

applicable covenants are broadly in line with market conditions

and require, amongst other things, that the debt ratio (as defined in

the Royal Decree on Regulated Real Estate Companies), or in some

cases, the "unencumbered" debt ratio, does not exceed 60% (see

also Risk Factor 1.4.1 of this Annual Report). Furthermore, there is

a risk of early termination in the event of a change of control over

the Company, in the event of a breach of the “negative pledge”

or other covenants and obligations of the Company and, more

generally, in the event of a default as defined in these financing

agreements. A breach (it should be noted that certain instances

of “breach” or covenant infringement, such as a change of control,

which are included in all financing agreements, are beyond the

Company’s control) under one financing agreement may, pursuant

to so-called “cross acceleration” or “cross default” provisions,

also lead to events of default under other financing agreements

(regardless of the granting of any “waivers” by other lenders, in

the event of a “cross default” provision) and may thus result in the

Company being required to repay all these credit facilities early

(see also Section 10.9.22 of the 2025 consolidated financial

statements).

1.4.3 RISKS ASSOCIATED WITH THE AVAILABILITY

OF EQUITY CAPITAL IN VOLATILE MARKET

CONDITIONS

Fluctuations in the financial markets, geopolitical uncertainties

and changes in property valuations may have a negative impact

on investor confidence. Consequently, there is a risk that, in

certain market cycles, the Company may find it more difficult

to access new equity capital (through the issue and placement

of share capital) or that the terms on which (share) capital

can be raised may become less favourable. This could affect

the financing of growth and investment projects, as well as the

Company’s financial flexibility.

Market volatility, changes in interest rates and debt ratios, or a

deterioration in the broader financing environment may cause

investors to become more cautious or to withdraw (temporarily).

In such a scenario, it may be more challenging for the Company

to raise new capital in a timely manner and on acceptable terms.

This could delay the implementation of strategic projects and, in

the longer term, affect the Company’s investment capacity and

market perception.

XIOR ANNUAL FINANCIAL REPORT 2025

1.4.4 RISKS ASSOCIATED WITH FLUCTUATING

INTEREST RATES AND FLUCTUATING FAIR VALUES

OF HEDGING INSTRUMENTS

As a result of (significant) debt financing (the debt ratio as at 31

December 2025 was 49.92% and the nominal outstanding debt

as at 31 December 2025 was 1,775 MEUR), the Company's earnings

yield depends on interest rate developments. An increase in the

interest rate would make loan capital financing more expensive

for the Company.

In order to hedge the long-term interest rate risk, the Company

may use interest rate swaps for variable-rate loans (89% hedging

ratio

as at 31 December 2025).

The fair value of the hedging instruments is determined by the

interest rates on the financial markets. The changes in the market

interest rates partly explain the change in the fair value of the

hedging instruments between 1 January 2025 and 31 December

2025, which resulted in a reduction of an expense of 5,001 KEUR

in the Company’s income statement.

The sensitivity of the ‘mark-to-market’ value of hedging

instruments to a 20 bps rise in the interest rate curve is estimated

at approximately 8,874 KEUR in the profit and loss account. A

20 bps decline in the interest rate curve would have a negative

impact on the income statement of a similar magnitude (see also

note 10.9.22 to the 2025 consolidated financial statements).

As at 31 December 2025, the effect of the accumulated changes

in the fair value of the Company's hedging instruments on the net

asset value per share was 0.11 EUR.

For example, if the Euribor interest rate rises, there will be a

positive adjustment of the market value of these instruments.

If the interest rate decreases, the market value undergoes a

negative variation.

Furthermore, particularly in the event of a scenario involving

sharply rising and/or uncertain interest rates, it is not certain that

the Company will be able to find the hedging instruments it wishes

to enter into in the future, nor that the terms and conditions

attached to those hedging instruments will be acceptable.

1.4.5 RISKS ASSOCIATED WITH INFLATION,

RISING ENERGY PRICES AND PRESSURE ON

AFFORDABILITY

Inflation may lead to an increase in financing costs (as a result

of the consequent rise in interest rates, see above) and/or an

increase in capitalisation rates, and may consequently result

in a decrease in the fair value of the property portfolio and a

reduction in the Company’s equity.

For approximately 8% of rental income (as at 31 December 2025),

the Company has tenancy agreements with a term of more than

one year that include an indexation clause. In certain cases, these

Amount of credit with a fixed or hedged variable interest rate/total amount of credit.

indexation clauses may, however, provide for restrictions, e.g. a

maximum annual indexation percentage.

For rooms let directly to students (typically for one year or

less), the Company generally aims to index rents at a minimum

on each occasion (both for returning tenants and new lets); in

certain cases, such as in Flanders, the permitted increase is

legally limited to that indexation for returning tenants. If, for any

reason, the Company were unable to implement this indexation,

this entails the risk that prices will not rise sufficiently. Costs do

rise, however, as they are largely automatically indexed, which has

a negative impact on the Company’s profitability.

However, the principle of rent indexation does not necessarily

prevent the rent paid under the relevant tenancy agreement, in

the case of contracts lasting more than one year or for returning

tenants, from rising less rapidly than the rent that could be

obtained on the market with new tenants. On the other hand, it

cannot be ruled out that in a particular rental market (for example,

in a specific university town), achievable market rents may rise

more slowly than inflation (or even fall), meaning that upon lease

renewal or the conclusion of new contracts, this indexation could

not, in practice, be implemented.

In addition, rising energy prices may put pressure on the

operating margin. The teams periodically assess whether energy

prices should be fixed for longer periods; for instance, fixed-price

agreements with energy suppliers are in place for the Belgian and

Portuguese portfolios, amongst others. In the Netherlands, energy

costs can be passed on to residents on a one-to-one basis via

the service charge methodology.

Finally, inflation, combined with rising energy and other operational

costs, may lead to affordability pressures for tenants. Reduced

affordability may result in lower retention, higher vacancy rates

and pressure on rent growth and financial performance. Xior

therefore monitors affordability by geographical market, taking

into account tenants’ disposable income and the fact that

education in Europe is often (partially) subsidised, meaning that

the total costs for students are lower than in other markets such

as the United States or the United Kingdom.

1.4.6 RISKS ASSOCIATED WITH EXCHANGE RATES

The Company may be exposed to currency and exchange rate

risks. Assets and income of certain perimeter companies are

denominated in a currency other than the euro (including the

Polish złoty, Danish krona and Swedish krona). It should be noted

that Denmark has pursued a fixed exchange rate policy since 1982,

first against the German mark and then against the euro under the

European Exchange Rate Mechanism. This ensures that exchange

rate fluctuations between the Danish krone and the euro remain

within a range of 2.25% (i.e. within a range of 762.824 DKK per

100 EUR and 729.252 DKK per 100 EUR). The risk associated with

exchange rate fluctuations is therefore materially limited to the

Polish złoty and the Swedish krona.

RISK MANAGEMENT XIOR

In the event of fluctuations in the exchange rate between the euro

and such foreign currency, this could lead to a reduction in the

Fair Value of the Property and other Polish and Swedish assets of

the Target Companies, expressed in EUR. It may not be possible

to hedge against such exchange rate risk. In 2025, 8.9% of the

Company’s consolidated rental income was expressed in Polish

złoty, and 1.9% of the consolidated rental income was expressed

in Swedish krona.

From 2026, however, the Company will be able to invoice and

collect rental income in euros in Poland, which is expected to

help further reduce its exposure to exchange rate risk in relation

to the Polish złoty.

1.5 REGULATORY AND OTHER RISKS

1.5.1 RISKS ASSOCIATED WITH THE STATUS OF A

PUBLIC RREC AND THE APPLICABLE TAXATION

As a Public RREC, the Company is subject to the Legislation

on Regulated Real Estate Companies, which imposes specific

obligations (on a consolidated or non-consolidated basis)

regarding, amongst other things, its operations, debt ratio,

allocation of profits, conflicts of interest and corporate

governance. Continued compliance with these specific

requirements depends, amongst other things, on the Company’s

ability to successfully manage its assets and debt position,

and on compliance with strict internal audit procedures. The

Company may not be able to meet these requirements in the

event of a significant change in its financial situation or otherwise,

and could thus lose its RREC status.

If the Company were to lose its RREC licence, it would no longer

benefit from the special tax regime for RRECs (see Article

185bis of the Income Tax Code 1992), which would, amongst

other things, mean that the Company's rental income currently

exempt from corporation tax would then become subject to

corporation tax. Also for any foreign status that the Company’s

subsidiaries acquire or would acquire in other jurisdictions (such

as the Spanish SOCIMI or the Portuguese SIGI), the associated

benefits would be lost if the status were to be lost for any reason.

Moreover, the loss of the RREC status is generally treated in the

Company's credit agreements as an event that may result in the

loans taken out by the Company becoming due and payable

early (whether or not as a result of so-called “acceleration” or

“cross default” clauses included in the credit agreements – see

also Risk Factor 1.4.2). Such early repayment would jeopardise

the Company’s continued existence in its current form with its

current property portfolio.

However, Company subsidiaries that are not licensed as a RREC

or specialised real estate investment fund (or its equivalents

under local law) remain subject to corporation tax like any other

companies, and the Company may also be subject to local taxes

for any real estate abroad directly owned by the Company.

The operations of (the subsidiaries of) the Company in the

Netherlands (34% of the net rental income as at 31 December

2025), Portugal (6% of the net rental income as at 31 December

2025), Denmark (11% of the net rental income as at 31 December

2025), Poland (9% of the net rental income as at 31 December

ZERNIKE TOWER

Groningen - THE NETHERLANDS

XIOR ANNUAL FINANCIAL REPORT 2025

2025), Germany (2% of the net rental income as at 31 December

2025) and Sweden (2% of the net rental income as at 31 December

2025) are subject to local corporation tax. Spanish operations

are subject to the Spanish SOCIMI regime, which under certain

conditions gives rise to exemption from corporation tax. One

company in Portugal has obtained the SIGI regime, which has

a similar effect. Furthermore, there is also a risk that the result

(in particular the profit calculation and cost allocation and/or

the applied transfer pricing mechanisms) and/or the tax base

(including provisions for (deferred) taxes) in those countries

are to be calculated differently from how they are calculated

today or that the interpretation or practical application of the

underlying rules changes. It is also possible that the applicable

tax regime, including the applicable rates, may change. This could

lead to a higher tax burden for these activities, or to disputes and

procedures with the relevant tax authorities, which could give rise

to procedural costs, penalties and interest on arrears in addition

to any taxes due, with the ultimate consequence that fewer

dividends would flow to the Company and, consequently, fewer

dividends could be distributed to the Company's shareholders.

1.6 ESG RISKS

As part of the mapping of its risk factors, Xior has also separately

identified ESG risks that could have a material impact on its

operations, financial prospects and reputation. These risks are

the following (most of which are also included as (or as part of)

the business risks listed above):

1.6.1 ONLINE CUSTOMER REVIEWS

Negative reviews on platforms such as Google, press articles

and posts on social media can damage Xior's reputation. A poor

Net Promoter Score (NPS) can put off potential tenants and

investors, affecting occupancy rates and financial performance.

Online reviews and social media have a major impact on public

perception and negative feedback can spread quickly, adding

to reputational damage. Proactively managing online presence,

responding immediately to tenant concerns and maintaining high

service standards are essential to mitigate this risk.

1.6.2 CYBER-ATTACKS

Cyber-attacks pose a significant risk to Xior's IT systems. Cyber-

attacks can render systems unavailable, leading to operational

disruptions and potential financial losses. Taking robust cyber

security measures is essential to mitigate this risk. Cyber-attacks

can lead to data breaches, loss of sensitive information and

financial losses due to ransom or recovery costs. Implementing

strong security protocols, regular system updates, employee

training and incident response plans are essential to protect

against cyber threats.

See also Risk factor 1.3.8 of this Annual Report

RISK MANAGEMENT XIOR

1.6.3 COMPLIANCE WITH SAFETY AND MAINTENANCE

REGULATIONS

Compliance with health and safety regulations and maintenance

obligations is crucial for Xior. Non-compliance can lead to legal

consequences and damage to Xior's reputation. To avoid these

risks, it is essential that all buildings meet the required standards.

Regular inspections, timely maintenance and adherence to safety

protocols are necessary to prevent accidents and ensure the

well-being of tenants. Non-compliance can lead to fines, legal

liability and loss of stakeholder confidence.

See also Risk factor 1.2.3 of this Annual Report

1.6.4 BUSINESS INTEGRATION AND TRANSFORMATION

Xior's rapid growth and the integration of new business activities,

such as Basecamp, and the rollout of new processes such as

Yardi, create challenges in maintaining efficiency and operational

alignment. Failure to integrate these changes effectively can

lead to inefficiencies, operational problems and non-compliance

with internal policies. The integration process involves aligning

different business cultures, systems and processes, which can be

complex and time-consuming. Ineffective integration can lead to

business disruptions, increased costs and a decline in employee

morale and productivity.

See also Risk factor 1.3.4 of this Annual Report

1.6.5 EXTREME WEATHER CONDITIONS

Xior's properties can become increasingly vulnerable to extreme

weather conditions such as storms, floods, extreme temperatures

and drought. These conditions can lead to significant repair costs,

particularly for damage such as leakage due to heavy rainfall

or fire. For example, heavy rainfall can cause water to enter

basements, leading to mould growth and structural damage,

requiring expensive repairs and renovations. In the worst case,

fire incidents due to extreme heat can lead to significant material

damage and high renovation costs.

In addition, extreme temperatures can affect students' living

comfort, which can affect occupancy rates and rental income.

Prolonged heat waves or cold spells can stress HVAC systems,

leading to higher maintenance costs and energy consumption.

1.6.6 IMPAIRMENT OF NON-ENERGY EFFICIENT

BUILDINGS DUE TO STRICTER REGULATIONS

Property with poor EPC labels is becoming increasingly

unattractive on the market. Regulators are imposing increasingly

stringent energy efficiency standards. Xior will have to renovate

or disinvest buildings with poor EPC labels to comply with these

regulations. Failure to do so could result in legal penalties and

higher operational costs. Compliance costs include not only the

direct costs of retrofitting buildings, but also the administrative

burden associated with ongoing compliance with changing

regulations. Non-compliance can lead to fines, legal disputes

and tarnished reputation, which can further affect financial

performance.

Xior faces the risk of so-called "stranded assets", as it would

no longer be possible to profitably divest these buildings.

Impairment of such buildings could have a negative impact on

the overall valuation of Xior's asset portfolio. Buildings with low

energy efficiency are less attractive to environmentally conscious

tenants and investors, leading to lower demand and lower rental

income. Moreover, the cost of bringing these buildings up to

current energy standards can be prohibitively high, causing their

market value to fall even further.

By addressing these material ESG risks, Xior aims to increase its

resilience and sustainability and ensure long-term value creation

for its stakeholders.

BASECAMP BY XIOR

Lyngby - DENMARK

XIOR ANNUAL FINANCIAL REPORT 2025

RISK MANAGEMENT XIOR

XIOR ANNUAL FINANCIAL REPORT 2025

”

THANKS TO OUR UNIQUE OPERATING MODEL

AND THE STRONG FUNDAMENTALS OF THE

STUDENT MARKET, WE HAVE ONCE AGAIN

DEMONSTRATED OUR CORE PERFORMANCE

METRICS, SUCH AS OCCUPANCY RATES AND LIKE-

FOR-LIKE GROWTH.„

MESSAGE

TO THE

SHAREHOLDERS

MESSAGE TO THE SHAREHOLDERS XIOR

In 2025, we celebrated ten years of Xior on the stock

market and looked back on an exceptional growth

trajectory since our IPO in 2015. What began as a local

Belgian/Dutch portfolio of €200 million and 2,000 units

has grown in a decade into a leading pan-European

platform, active in eight countries and worth €3.6 billion

in property and more than 22,000 student units. Today,

Xior has become the largest student accommodation

provider in continental Europe.

The past few years have been characterised by

strengthening our foundations. In a challenging

macroeconomic environment, we have resolutely

focused on strengthening our balance sheet, reducing

debt, mitigating risk and creating a European platform.

With a debt ratio (LTV) below 50%, we have reached

a significant financial milestone, complemented by a

further strengthening of our liquidity position. At the same

time, we have continued to invest in the quality of our

portfolio and services, and in the structural improvement

of our operational efficiency.

Today, we are reaping the rewards of those efforts. Xior

is stronger than ever, with a robust financial position, a

scalable operational model and a clear strategic focus.

Building on this solid foundation, our attention is shifting

once again towards sustainable growth, with a continued

focus on financial discipline and long-term value creation.

A key strength of Xior is our unique pan-European platform.

In a geopolitical context that is becoming increasingly

complex and uncertain, we believe more than ever in the

power of European diversification and integration. Our

presence in eight countries not only offers economies of

scale but also enhances our resilience and agility.

This European diversification goes hand in hand with

further harmonisation of our organisation, processes

and policies across all countries. This translates into a

further reduction in risks and a strengthening of our

operational and organisational structure. Today, Xior is

a strongly integrated European company, at operational,

digital and organisational levels.

The continued roll-out of our digital platform MyXior,

which is now running at full speed, plays a key role in this.

It supports the integration of our activities, increases

efficiency and strengthens the connection with our

students.

Despite the focus on strengthening the balance sheet,

Xior has continued to invest in further growth, which in

2025 resulted in an increase in the number of lettable

units of approximately 8%. The portfolio was further

expanded through acquisitions in Wrocław and Warsaw,

and the completion of the Wenedów residence in

Warsaw. The development pipeline also remains strong,

with planned completions in 2026 and 2027, including

Brinktoren in Amsterdam and Boavista in Porto, which will

see the total number of lettable units grow further to

well over 23,000.

We remain convinced of the structural strength of our

niche. Demand for high-quality and affordable student

accommodation remains as high as ever, driven by a

growing international student population, a persistent

LUMIAR

Lisbon - PORTUGAL

XIOR ANNUAL FINANCIAL REPORT 2025

shortage of supply and increasing professionalisation. At

the same time, we see that digitalisation and scale are

becoming increasingly important in our sector.

Our high occupancy rate of 98% and a customer

satisfaction rate of 86% confirm that our price-quality

proposition is spot on. Today, Xior offers more than

just accommodation: we create an integrated living

experience for students, with a clear and distinctive value

proposition.

Thanks to our strong locations, our high-quality product

and our scalable organisation, we are excellently

positioned to continue growing in the future. The further

Europeanisation of our activities will continue to play an

important role in this.

OUTLOOK

Xior remains focused on three strategic pillars: return,

efficiency and quality. These form the basis for sustainable

EPS growth and a further strengthening of our market

position. At the same time, we continue to invest in a

high-quality and integrated living experience, so that

students truly feel at home at Xior.

Wilfried Neven

Chairman

of the Board

MESSAGE TO THE SHAREHOLDERS XIOR

KEY FIGURES

AS AT 31.12.2025

XIOR ANNUAL FINANCIAL REPORT 2025

”

AS ONE OF THE LARGEST OWNERS AND

OPERATORS OF STUDENT ACCOMMODATION

IN CONTINENTAL EUROPE, XIOR CONTINUES

TO SHAPE THE SECTOR AND RESPOND TO THE

GROWING DEMAND FOR HIGH-QUALITY STUDENT

ACCOMMODATION.„

KEY FIGURES XIOR

Consolidated income statement

In thousands of EUR 31/12/25 31/12/24 31/12/23

Net rental result

179,600 167,638 145,567

Property result

188,459 171,968 153,590

Operating result before result on the portfolio

144,296 130,183 112,377

Financial result (excluding variations in the fair value of financial assets and

liabilities)

-34,925 -35,406 -25,889

EPRA earnings

102,827 91,240 82,566

EPRA earnings – group share

102,323 90,961 82,070

Result on the portfolio (IAS 40)

-31,921 1,295 -70,745

Revaluation of financial instruments (non-effective interest rate hedges)

5,001 -20,136 -39,169

Share in earnings of associated companies and joint ventures

0 0 6,990

Deferred taxes

-7,235 -5,890 10,953

Net result (IFRS)

68,672 66,509 -9,405

Lettable portfolio

31/12/25 31/12/24 31/12/23

Number of lettable student units 22,268 20,695 19,673

Number of lettable student beds 22,863 21,274

Gross valuation yields

31/12/25 31/12/24 31/12/23

Belgium

5.39% 5.41% 5.29%

The Netherlands

5.84% 5.67% 5.62%

Spain

5.13% 5.27%

Portugal

6.13% 6.11%

Germany

6.61% 6.66% 6.62%

Poland

8.88% 8.34% 8.36%

Denmark

5.00% 5.28% 5.35%

Sweden

6.18% 6.31% 6.13%

XIOR ANNUAL FINANCIAL REPORT 2025

Consolidated balance sheet

In thousands of EUR 31/12/25 31/12/24 31/12/23

Equity

1,753,131 1,634,504 1,517,667

Equity - group share

1,751,575 1,633,544 1,516,890

Fair value of the real estate property

3,558,842 3,314,053 3,212,855

Loan to Value

49.87% 50.99% 52.40%

Debt ratio (Law on Regulated Real Estate Companies)

49.92% 50.64% 52.88%

Key figures per share

in EUR 31/12/25 31/12/24 31/12/23

Number of shares

46,695,094 42,344,283 38,227,797

Weighted average number of shares

46,279,394 41,118,335 37,142,375

EPRA earnings

per share

2.22 2.22 2.22

EPRA earnings

per share - group share

2.21 2.21 2.21

Result on the portfolio (IAS 40)

-0.69 0.03 -1.61

Variations in the fair value of hedging instruments

-0.11 0.49 -1.05

Net result per share (IFRS)

1.48 1.62 -0.25

Share closing price

28.95 29.65 29.70

Net asset value per share (IFRS) (before dividend)

37.51 38.58 39.68

Dividend payout ratio (as percentage of EPRA earnings)

80% 80% 80%

Proposed dividend per share

1,768 1,768 1,768

Alternative performance measures (APMs) are measures Xior Student Housing NV uses to measure and monitor its operational performance. The European Securities and

Markets Authority (ESMA) issued guidelines for the use and explanation of alternative performance measures, which came into effect on 3 July 2016. Chapter 10.8 of this

Annual Financial Report includes the list of what Xior regards as APMs. The APMs are marked with and accompanied by a definition, objective and reconciliation, as required

under the ESMA guidelines.

Please see Chapter 10.9.7 of this Annual Financial Report for further explanation of what this deferred tax includes..

Calculated as estimated annual rent divided by fair value, excluding development projects. For Spain and Portugal, gross valuation yields will be reported starting in 2025 instead

of NOI yields. The comparative figures have been restated accordingly.

The fair value of the investment properties is the investment value as determined by an independent real estate appraiser, from which transaction costs (see BE-REIT

Association press release of November 10, 2016—update to the BE-REIT Association press release of June 30, 2025) have been deducted. Fair value corresponds to the carrying

amount under IFRS.

Calculated in accordance with the Royal Decree of 13 July 2014 pursuant to the Act of 12 May 2014 on Regulated Real Estate Companies.

Based on the dividend entitlement of the shares..

Calculated on the basis of the weighted average number of shares.

Based on the number of shares.

The dividend payout ratio is calculated based on the consolidated result. The actual dividend distribution is based on the statutory earnings of Xior Student Housing NV.

Subject to approval by the Annual General Meeting.

Potsdam - GERMANY

BASECAMP BY XIOR

KEY FIGURES XIOR

COMMERCIAL

ACTIVITIES &

STRATEGY

4.1 WHO WE ARE – OUR PROFILE

Xior is the leading continental European specialist in student housing.

As owner and operator of our student residences, we offer a variety of

product families in order to provide a great first living experience to as

many students as possible.

Xior was founded in 2007 by its current CEO, Christian Teunissen. In the

course of his studies, Christian developed a passion for student housing

along with a clear vision: to deliver a great living experience for every

student by providing them with an environment in which they can study

and prepare for their future in the best possible conditions.

Xior has grown to be the largest owner and operator of student housing

in continental Europe. Today, Xior‘s portfolio has residences in Belgium,

the Netherlands, Spain, Portugal, Poland, Germany, Denmark and Sweden.

We have a dedicated team of over 250 employees who provide housing

to more than 22,800 students, with the mission to make them all feel at

home.

To stay true to our vision, we continue to build a strong and sustainable

foundation, by working to develop the right people, culture, processes and

environmental commitments.

XIOR ANNUAL FINANCIAL REPORT 2025

”

PEOPLE ARE AT THE HEART OF OUR BUSINESS. WE

ENCOURAGE INCLUSION AND PERSONAL GROWTH SO

THAT WE CAN OFFER THE BEST POSSIBLE SERVICE AND

HAVE AS MANY HAPPY STUDENTS AS POSSIBLE.

„

COMMERCIAL ACTIVITIES & STRATEGY XIOR

GERMANY

Leipzig

Potsdam

SWEDEN

Malmo

SPAIN

Barcelona

Granada

Madrid

Malaga

Seville

Zaragoza

PORTUGAL

Lisbon

Porto

BELGIUM

Antwerp Leuven

Brussels Liège/Seraing

Ghent Mechelen

Hasselt Namur

THE NETHERLANDS

Amsterdam

Breda

Delft

Eindhoven

Enschede

Groningen

Leeuwarden

Leiden

Maastricht

Rotterdam

The Hague

Utrecht

Vaals

Venlo

Wageningen

DENMARK

Aarhus

Copenhagen

Lyngby

POLAND

Katowice

Krakow

Łódź

Warsaw

Wroclaw

252

Employees

22,268

Operational units

4.2 WHY WE DO IT – OUR PURPOSE

Our foundation involves an integrated approach to sustainability

in our business and values. Environmental and social respect will

be embedded in the whole company and everything we do. We

will have a people-centric culture and we will apply a model of

governance driving efficiency in a larger and wider geographical

spread business. The governance model includes a more balanced

work method among regions and the group’s support functions.

Xior wants to go beyond just providing the bricks or infrastructure.

We believe we play a fundamental role in student’s journey

towards independence.

We want to offer our students a safe and qualitative environment,

a place where they truly feel at home. We want to give our

students the foundation to succeed by supporting them in their

development and their learning journey, thereby helping them be

fruitful in their education and their future careers.

”XIOR STUDENT HOUSING

WANTS TO OFFER AS MANY

STUDENTS AS POSSIBLE

A GREAT FIRST LIVING

EXPERIENCE, IN LINE WITH

THEIR VALUES.

„

XIOR ANNUAL FINANCIAL REPORT 2025

SWEDEN

Malmo

22,268

As the largest continental European player, we have a serious

responsibility towards our students, a unique, future-oriented

demographic with rapidly rotating generations and evolving

needs. That’s why we aim to always be close to our students,

keeping track of their values, needs and expectations in order to

provide a great living experience.

Our position as one of the largest owners and operators in student

housing enables us to set standards and be game changer for the

industry. It allows us to help drive constant evolution in student

housing, to provide access to education and housing in a healthy

environment to as many students as possible.

4.3 WHAT WE DO – OUR PRODUCT &

ORGANISATION

Xior is a listed real estate investment trust specialised in student

housing across continental Europe. As owner & operator, we have

the full value chain in house, while being a pure player focused

squarely on student housing. This unique business model enables

us to go beyond just being a landlord by also managing the assets

and servicing the students, and closely aligning the assets, the

rooms and the services to the specific needs of students.

OUR TARGET MARKET:

Our target group are students in the age category of 17-28. These

include national and international students, research assistants

and researchers, young post-graduate and PhD students, to

whom we rent directly in our rental offices and residences. In

addition, Xior works directly with educational institutions through

nomination agreements or partnerships. To a lesser extent, we

also target semestral exchange students, seasonal language

students and starting young professionals. Parents are important

co-decision makers in selecting a home away from home for the

student, and Xior offers them the peace of mind that their student

can live, learn and grow in the best possible circumstances.

THE CORE OF OUR PRODUCT:

We operate a continental European platform with local presence

in each of our sites through local teams in the residence and/or a

local rental office. This way, we are always close to our students.

Xior has different product families, enabling us to provide housing

to as wide a range of students as possible. These room types are

split into 4 categories ranging from basic to premium+.

BASIC BASIC+

COMFORT PREMIUM +

XIOR ROOM TYPES

No matter the type, all rooms in Xior’s residences offer a

comfortable environment to live and are fully equipped for the

wellbeing of today’s and tomorrow’s students.

HOUSING THE FUTURE

Housing students means housing

the future, housing the generations

facing the consequences of

society’s choices and actions

today. That’s why we find it

essential to align with the values

set by these students themselves,

by doing business in a sustainable

way whilst also educating them to

do right for their living environment

and the planet, so that we can make

an impact together. This way, we

can build towards a bright future

for our students and our planet.

COMMERCIAL ACTIVITIES & STRATEGY XIOR

All our residences:

• are centrally located in “triple-A” locations near the educatio-

nal institutions and/or near the city centre;

• are located close to public transport;

• are of the highest quality and are maintained regularly, fitted

with adequate fire and other safety equipment;

• enjoy many other facilities (varying from building to building),

such as:

- Attractive communal areas (study rooms, cooking area,

gaming rooms, gyms, outdoor areas or rooftops, …).

- Parking (for cars and/or bicycles).

- In some countries, Xior even offers three meals a day (full

board), linen service, room cleaning, 24/7 reception and

security, as well as an outdoor swimming pool, air conditioning

and a medical telephone service at night.

Een levendige

gemeenschap

24/7

availability for

emergencies

Local teams

High speed internet

connection

In-house

maintenance with

quick interventions

Smooth check-in &

check-out process

Laundry rooms

Cleaning services

Fair pricing

Security systems

Vending

machines

A vibrant

community

XIOR ANNUAL FINANCIAL REPORT 2025

Leipzig - GERMANY

BASECAMP BY XIOR

4.4 HOW WE DO IT – OUR STRATEGY

Our strategy keeps us focused on our priorities, so that we can

sustainably continue to provide a great living experience to

as many students as possible while also creating value for our

shareholders and all of our stakeholders.

Xior’s strategy has 4 key pillars: People, Product, Planet and

Process.

Our values are an integral part of each of these pillars, forming the

glue that binds all our actions together.

HOUSING THE FUTURE

PROVIDING AS MANY

STUDENTS AS POSSIBLE

WITH A GREAT FIRST

LIVING EXPERIENCE

PEOPLE, PRODUCT, PLANET AND PROCESS

COMMERCIAL ACTIVITIES & STRATEGY XIOR

PEOPLE – THE #XIORFAMILY

People are at the core of our business. Each individual is essential

to the success of Xior. A motivated employee will lead to happy

students and strong partnerships. That’s why it’s essential to us

that we invest in our people to help them succeed.

We empower inclusion, personal growth & nurture talent, so that

we can offer the best possible service in order to have as many

happy students as possible.

Our corporate culture is based on our shared values, which serve

as the core engine of our strategy, guiding our business and

operations as we uphold them in everything we do.

FOCUS ON THE CLIENT

How can I help? We will always put the client

first and keep them in mind when making a

decision.

ACT SUSTAINABLY

We care for the planet and strive to continue

to improve our efforts to reduce our climate

impact.

MOVE AS ONE TEAM

We are one team, one family. Together we can

accomplish so much more.

INTEGRITY AND DIVERSITY

We respect each other and everyone’s

differen ces and contributions. Every employee

is valued and respected for who they are.

LEARN, TEACH, GROW

We learn together, we teach together, we grow

together.

YOU CAN MAKE THE DIFFERENCE

We know that every individual is essential to

the success of Xior. Everyone brings their talent

& makes an impact on our company.

XIOR ANNUAL FINANCIAL REPORT 2025

PRODUCT (INVESTMENT & FINANCIAL STRATEGY)

As owner & operator, Xior has the full value chain in house. This

unique business model enables us to go beyond just being a

landlord by also managing the assets and servicing the students.

As it is our purpose to offer as many students as possible a great

first living experience, offering the right product and services is

essential.

Additionally, we aim to generate long-term, sustainable value

growth for our shareholders, communities, employees and the

company itself. Our assets are geographically diversified, reducing

single market risks.

When looking at new investments, we look for high quality,

sustainable, well designed and well located residences. Xior

applies a set of parameters against which future acquisitions or

developments will be assessed, including criteria which ensure

our entire portfolio (and therefore the entire student housing

landscape) becomes more and more sustainable.

OUR INVESTMENT CRITERIA

Established student cities:

With a higher educational centre and a high and/or growing

student population

Tier 1 locations:

Residences must be well located near educational institutions,

public transport and if possible close to the city centre

Minimum size:

Generally, we target residences with at least 100 units to

facilitate efficient management and economies of scale

Financial return hurdles:

Certain minimum return hurdles are applied per country/city,

taking into account market conditions, with a specific focus on

long term stabilised cash on-cash returns

Quality and sustainability:

Sustainability and sustainable development of buildings are

a priority in our investment strategy. For own developments,

Xior sets quality standards pertaining to comfort, safety and

sustainability. When existing buildings are acquired, these

buildings must also comply with these standards or be capable

of being converted to meet these standards in an efficient and

cost-effective manner. Xior continues to explore the application

of innovative & more established solutions, such as heat

recovery, modular construction techniques, energy storage,

green electricity, the control of insulation and ventilation

characteristics and the use of solar panels, green roofs etc.

Product differentiation:

New investments should contribute to a balanced product

offering on a city and residence basis in terms of room type,

student affordability and service level

Portfolio diversification:

Xior diversifies its portfolio and operations by building a

student accommodation platform in multiple Continental

European countries. Other types of assets, such as commercial

or educational real estate are subordinate or complimentary to

the core focus of student accommodation

OUR INVESTMENT APPROACH

Asset acquisition:

We acquire or develop long-life, high quality, sustainable

assets

Enhancing & optimizing investment value:

We enhance investment value through scalability, operational

efficiencies & excellence

Disciplined financing:

We use a disciplined financing approach, keeping an eye on

our leverage and ensuring that we optimize our capital across

all of our assets

Diversification:

We diversify on 4 different levels:

1. International diversification by spreading the portfolio over

multiple countries in continental Europe

2. Play into the breadth of the market by being active in

multiple cities in one country

3. Deepening into the market by operating multiple residences

in one city

4. Diversifying our product by offering different product

families

Sustainability:

We are committed to providing a healthy living environment

for our students and minimize our ecological footprint. We

want to have happy students in efficient buildings

COMMERCIAL ACTIVITIES & STRATEGY XIOR

Financial strategy

Belgian REITs are subject to rules on the maximum debt ratio

(legally capped at 65%), interest cover ratio (at least 125%)

and pay-out ratio (at least 80% of the profit in simple terms).

Consequently, Xior, like any other REIT, is limited in its self-

financing options. The company will therefore continue to strive

for balanced growth of both equity and debt capital in parallel

with the further expansion of the portfolio. The company pursues

a financial strategy that is based on the following principles:

• Given the current macro-economic environment, continuous

balance sheet discipline remains the core focus to keep debt

ratio and LTV below 50%.

• A diversified maturity profile of our debt obligations.

• An appropriate interest rate hedging structure (see also

Chapter 5.3.2 of this Annual Report).

• An attractive dividend policy, subject to the availability of dis-

tributable reserves, that aims to increase the dividend (or at

least keep stable) per share each year (see Chapter 7.5 of this

Annual Report).

PLANET

As long term owner and operator, Xior is committed to its

mission to provide as many students as possible as well as all

of our employees with a healthy, sustainable environment that

promotes personal growth.

'Housing the future' means that we are committed to taking care

of and protecting the planet by doing business in a responsible

and sustainable way. We want to provide our students with

a healthy living environment that makes them ready for their

future, aligns with their values and gives them a first look at how

sustainable living can work in practice.

For Xior, sustainability is a mission, a way of thinking, doing and

living. Xior endeavours social commitment and a future-oriented

vision to continue to improve its position as a responsible

employer and landlord, investing in our team and our students, to

create long-term value for all its stakeholders.

We care for the planet and its communities by taking several

actions and commitments. We are committed to the Science

Based Targets Initiative (SBTi) which was established in 2015 to

help companies to set emission reduction targets in line with

climate science and the Paris Agreement goals with the end goal

to limit global warming to 1.5°C above pre-industrial levels. Joining

that global effort, Xior committed to reduce its so-called “scope

1&2“ Green House Gas emissions. For scope 3, there are reduction

ambitions as well. Our sustainability strategy is also aligned with 7

“sustainable development goals” (SDG’s) of the UN (see Chapter

9 of this Annual Report for our full ESG reporting and strategy).

With these actions and commitments, we strive to create

sustainable buildings in sustainable communities.

XIOR ANNUAL FINANCIAL REPORT 2025

PROCESS

Governance, ethics & integrity

Xior has a clear strategy to conduct business fairly and correctly at

all times. This ensures responsible business practices throughout

the company with all our stakeholders and partners.

Our network and communities

With years of experience specialising in student housing, Xior

has become an expert in student housing and has built strong

partnerships with developers, educational institutions, local

communities and neighbourhoods. We work closely with them

in order to build and operate residences that meet the needs

of the students, our investors and the community and align with

our values and sustainability goals. We continue to support and

engage with our extensive network in order to provide a great first

living experience for as many students as possible. This way we

can continue to build sustainable, inclusive communities where

students feel at home.

Operations

Xior’s operational strategy is to be as close as possible to the target

market supported by centralised staff functions. The day-to-day

management of the residences is done from local offices, so that

Xior can ensure high quality of service, short turnaround times and

close student contacts. The same goes for sales and rent collection.

Where required, Xior relies on a network of service providers

who deliver consistent service standards aligned with our values,

and Xior invests in building longstanding relationships with these

partners. Whilst Xior offers a personal and tailored service per

residence, there is an equal emphasis on digital communication.

Online tools do not replace Xior’s close contact with students but are

in place to deliver increased responsiveness, customer satisfaction

and community building. For most residences, the onboarding cycle

of room viewings, bookings and contracts can now be done online.

The aim is to give potential tenants the opportunity to see and

investigate information online.

Online marketing efforts such as #xiorfamily underscore the

community feeling Xior aims to create for its tenants. These

marketing efforts are done at group level and at country, region,

city and residence level, to ensure relevant information makes

its way to the right audience. The online marketing presence is

continuously backed up with local activation, such as open house

days and on-site marketing. Functional centralised support from

the group headquarters or country head offices comes in the form

of management, finance, accounting, marketing, HR, legal, IT, project

management, ESG implementation, quality control and engineering.

Baselife and community building

In addition to high-quality accommodation, Xior is strongly

committed to creating an integrated living and lifestyle experience

through the Baselife concept. With this programme, Xior aims

to go beyond simply offering a room by actively focusing on

community building, well-being and social connection within the

residences.

Through a varied range of activities, ranging from sports and

leisure activities to cultural initiatives, cooking workshops

and activities focused on student wellbeing, Xior encourages

interaction between residents of different nationalities and fields

of study. In this way, Baselife contributes to an inclusive and safe

living environment in which students feel supported and involved.

The Basebuddies play a central role in this concept. These are

students who live in a particular residence and act as a point

of contact and community ambassador. They support new

residents in their integration, organise activities and promote a

sense of community. Through this peer-to-peer approach, Xior

lowers the threshold for contact, strengthens social cohesion and

increases the overall satisfaction of residents.

With Baselife and the involvement of Basebuddies, Xior is not only

improving the experience for residents, but also retention and

engagement. The concept is being rolled out in phases and further

optimised within the various countries where Xior operates, with

attention to local needs and cultural differences.

BASELIFE &

COMMUNITY

BUILDING

COMMERCIAL ACTIVITIES & STRATEGY XIOR

MANAGEMENT

REPORT

XIOR ANNUAL FINANCIAL REPORT 2025

”

IN 2025, WE FURTHER EXPANDED OUR

UNIQUE BASELIFE COMMUNITY CONCEPT. AS A

RESULT, WE HAVE AN INCREASING NUMBER OF

ENTHUSIASTIC LOCAL BASEBUDDIES (STUDENT

AMBASSADORS) WHO HELP STUDENTS IN THEIR

RESIDENCE FEEL COMPLETELY AT HOME.„

MANAGEMENT REPORT XIOR

5.1 PUBLIC RREC STATUS

On 24 November 2015, the FSMA accredited Xior as a public

Regulated Real Estate Company (public RREC) under the Law on

Regulated Real Estate Companies. The FSMA has included the

Company in the official list of public RRECs with effect from 24

November 2015.

Xior was successfully floated on the Euronext Brussels stock

market on 11 December 2015. This makes Xior the first Belgian

public RREC specialising in the student housing sector.

This status as a Public Regulated Real Estate Company or BE-REIT

will reflect Xior's role as an operational and commercial real estate

company and will allow it to grow further in the future. It allows

Xior to position itself as a real estate investment trust (BE-REIT)

in the best possible way and optimise its visibility to national and

international stakeholders.

5.2 COMMENTS ON THE CONSOLIDATED

FINANCIAL STATEMENTS FOR

FINANCIAL YEAR 2025

5.2.1 CONSOLIDATED BALANCE SHEET

As at 31 December 2025, the portfolio consisted of 22,268

lettable student units (22,863 lettable beds). The total property

portfolio is valued at 3,558,842 KEUR as at 31 December 2025,

representing an increase of 7.4% or 244,789 KEUR compared to

31 December 2024 (3,314,053 KEUR). This increase is partly due

to the acquisition of three properties in Poland (Wolska, Wrocław,

Wenedów), the finishing of properties under development and

positive variations in the fair value of the property portfolio. If all

committed acquisitions and projects in the active and land bank

pipeline are realised, the portfolio will continue to rise to around

4 billion EUR, with 25,463 lettable student units (26,046 beds).

The financial fixed assets were 18,034 KEUR as at 31 December

2025 compared to 7,690 KEUR as at 31 December 2024. They

For the notes to the consolidated financial statements for 2024, we refer you to the Annual Financial Report 2024 pp. 49-51. For the notes to the consolidated financial

statements for 2023, we refer you to the Annual Financial Report 2023 pp. 46-48.

are mainly related to the market value of the authorised hedging

instruments as at 31 December 2025.

Long-term receivables (6,245 KEUR) fell by 28,530 KEUR com-

pared to 31 December 2024. The decrease is mainly attributable

to the conversion of the shareholder loan to the joint venture

Collegno into an intercompany loan, following the acquisition of

the remaining shares in the company. The remaining balance is

related to a deferred payment in conjunction with a sale (6,110

KEUR).

Deferred taxes on the asset side were 21,854 KEUR, which was

3,374 KEUR more than on 31 December 2024. This includes only

deferred taxes on foreign properties. This increase mainly relates

to Dutch properties.

Current assets are 93,735 KEUR. These have fallen by 27,772 KEUR

since 31 December 2024. The decline is primarily due to a fall in

accrued, but not yet due rental income under accruals. Current

assets also included part of the earn-out obligation booked in

2024. This was allocated largely to the new Polish acquisitions

in 2025.

Current assets include primarily:

• Trade receivables still to be collected (2,789 KEUR): mainly

rents still to be received;

• Tax receivables and other receivables (44,689 KEUR): this mainly

concerns advance payments of Dutch corporation taxes, VAT

to be recovered (10,812 KEUR), credit notes receivable and a

grant receivable;

• Cash and cash equivalents held by the various entities (4,756

KEUR);

• Accrued expenses and deferred assets (41,500 KEUR) mainly

comprise property-related costs to be carried forward (7,409

KEUR), property-related income and rental guarantees (15,833

KEUR), interest received (7,611 KEUR), and other income recei-

ved (including project management fees and compensation).

The equity totals 1,753,131 KEUR. As at 31 December 2025, the

registered capital was 829,644 KEUR, an increase of 75,860 KEUR

XIOR ANNUAL FINANCIAL REPORT 2025

compared to 31 December 2024. The issue premiums were

821,273 KEUR on 31 December 2025, an increase of 41,415 KEUR

compared to 31 December 2024. This increase in registered

capital and issue premiums is the result of the contribution

in cash of approx. 80 MEUR, the capital increase to pay the

second tranche of the earn-out compensation (16 MEUR) and

the optional dividend (approx. 23.72 MEUR). The reserves are

positive and amount to 32,607 KEUR. These reserves mainly

consist of a negative reserve for the impact on the fair value of

estimated property transaction levies and costs resulting from a

hypothetical disposal of investment properties, a positive reserve

for the balance of variances in the fair value of the property, a

positive reserve for the balance of variations in the fair value of

permitted hedging instruments, and a positive reserve for the

conversion differences arising from the conversion of foreign

activities.

The net result for 2025 stands at 68,672 KEUR.

In the financial year 2025, 4,350,811 new shares were created.

Long-term financial debts stood at 1,681,727 KEUR as at 31

December 2025, compared to 1,584,104 KEUR as at 31 December

2024. The increase is primarily due to the continued execution of

the capex program. Xior continues to apply a proactive financing

strategy, in which loans are systematically extended or refinanced

at least 12 months before their maturity date. At the same time,

the Company continues to strive for a strong liquidity position,

with a minimum target amount of 100 MEUR in unused credit lines.

Xior’s liquidity position was 141 MEUR as at 31 December 2025.

This will cover 100% of Xior’s financing needs over the next 18

months. The refinancing, the fully committed capex programme

and the outstanding commercial paper are all covered in full. The

USPP loan of 34 MEUR that expires in Q2 2026 will be refinanced

via a new loan with another bank.

This also includes debts arising from financial leasing (16,182

KEUR). The increase of 10,625 KEUR compared to 31 December

2024 is related to the long lease obligations for a number of Polish

property projects.

As at 31 December 2025, the loan-to-value ratio was 49.87%

compared to 50.99% as at 31 December 2024. The debt ratio

(per Royal Decree on Regulated Real Estate Companies) as at

31 December 2025 was 49.92% compared to 50.64% as at 31

December 2024.

Deferred taxes amount to 92,506 KEUR and have increased by

5,916 KEUR. This includes deferred taxes on foreign properties

only. The increase mainly relates to Danish, Swedish, German and

Polish properties. On the other hand, deferred tax assets have

also been recognised on the decreases in value.

Short-term financial debt amounts to 109,394 KEUR and primarily

relates to commercial paper that has been drawn down (66

MEUR) together with loans that are set to mature in 2026 (34

MEUR). At the same time, it includes the repayment obligations

of some asset-related loans.

Other short-term debts primarily include:

• Outstanding supplier payments and provisions for invoices not

yet received (7,811 KEUR): these mainly consist of several sup-

plier balances relating to projects carried out in 2025;

• Other (26,234 KEUR): these mainly comprise provisions for

taxes relating to the Dutch permanent establishment and other

subsidiaries (6,226 KEUR), VAT and social security due (16,604

KEUR), and tenant deposits (3,404 KEUR);

• Other short-term liabilities (28,142 KEUR): these primarily relate

to collateral received from tenants.

Accrued and deferred liabilities (23,633 KEUR) mainly relate to

rental income billed in advance (4,780 KEUR), accrued interest

costs (2,940 KEUR), provisions for (overhead) costs (2,595 KEUR),

accrued project costs (6,044 KEUR), and provisions for property

taxes (1,469 KEUR).

5.2.2 CONSOLIDATED P&L

Xior achieved a net rental result of 179,600 KEUR in 2025,

compared to 167,638 KEUR in 2024. This is an increase of 7%. This

net rental result will continue to grow in 2026, given that certain

buildings were completed or acquired during the course of 2025

XIOR WENEDOW

Warsaw - POLAND

MANAGEMENT REPORT XIOR

and therefore did not contribute a full year to the net rental result.

The following properties are involved:

• Wolska, Warsaw, Poland: this property was acquired on 25

March 2025 and has generated rental income since that date;

• Wrocław, Poland: this property was acquired on 16 April 2025

and has generated rental income since that date;

• Xior Wenedów, Warsaw, Poland: this site was completed over

the summer and welcomed the first students from September

2025.

The average occupancy rate for the property portfolio was 98%

for 2025 as a whole.

In addition, six properties were sold in 2025, which will slightly

reduce the net rental result. The impact of the sold properties on

the net rental income amounts to 1,233 KEUR on an annualised

basis.

Over 2025, like-for-like rental growth stood at 5.43% (compared to

2024), which was above the guidance rate of 5%. On 31 December

2025, Xior was able to calculate a like-for-like coverage ratio of

84% in rental income for the whole year. The property result

is 188,459 KEUR, while the property operating result is 156,627

KEUR. The property charges (-31,832 KEUR) primarily include

costs related to maintenance and repair, insurance, property

management costs, valuation expert expenses and other property

charges, such as property withholding tax that cannot be passed

on to the tenants. The Company's overheads for 2025 are -12,755

KEUR, and the fees received for the management of investment

property owned by third parties are 424 KEUR.

The portfolio result is -31,921 KEUR. During 2025, new properties

were acquired through share acquisitions and property

acquisitions, as well as properties sold through property

acquisitions.

The property was acquired at a negotiated value (the acquisition

value agreed between the parties), which was in line with (but not

necessarily equal to) the Fair Value as assessed by the Valuation

Experts.

• The difference between the Fair Value of properties acquired

through property acquisitions (sale-purchase) and the nego-

tiated value of these properties is shown in "variations in the

fair value of investment property" on the income statement.

• For properties purchased through share acquisitions, the diffe-

rence between the properties' book value and negotiated value

and any other sources of discrepancies between the Fair Value

and the negotiated value of the shares are processed as "other

portfolio result" on the income statement. This “other portfolio

result" relates to amounts arising from the application of the

consolidation principles and merger transactions and consists

of the differences between the price paid for real estate com-

panies and the fair value of the net assets acquired. This "other

portfolio result" also covers directly attributable transaction

fees. The difference between the negotiated value and the Fair

Value was treated as "variations in the fair value of investment

property" in the income statement.

EPRA earnings = net result +/- variations in the fair value of investment property +/- other portfolio result +/- result from the sale of investment property +/- variations in the fair

value of financial assets and liabilities.

The positive variation in the valuation of real estate investments

is mainly due to a change in the real estate market. There are

more real estate transactions for large volumes, which has an

impact on the market and on valuations, with yields declining

slightly for some properties. In addition, the rental income for a

large part of the portfolio has also increased thanks to our pricing

power. These changes mean that the portfolio's Fair Value has

risen. The portfolio’s revaluation increased by 1.2% compared

to Q4 2024 (+39.3 MEUR). In addition, a negative other portfolio

result of -70,167 KEUR was recorded. This is primarily due to

the allocation of the second earn-out in connection with the

Basecamp acquisition and the payment of a fee following the

achievement of a milestone in a licensing process that has not

yet been reflected in the valuation.

The financial result stood at -29,924 KEUR. This result mainly

includes interest on loans (-42,664 KEUR), IRS income (4,827

KEUR), bank charges and other financial expenses (-3,180 KEUR).

The Company has concluded IRS contracts for 1,167,633 KEUR.

The variation in the fair value of these hedging instruments was

recognised directly in the income statement (5,001 KEUR).

The result before taxes is 82,451 KEUR. Taxes amount to -13,779

KEUR and have a negative effect on the net result. These were

primarily taxes on earnings of the permanent business in the

Netherlands and the Dutch subsidiaries (-6,544 KEUR) plus

deferred taxes on the property (-7,235 KEUR).

The net result was 68,672 KEUR and the EPRA earnings

were

102,827 KEUR. The group's share of EPRA earnings is 102,323

KEUR. EPRA earnings per share are 2.22 EUR, and the group's

EPRA earnings per share are 2.21 EUR.

XIOR ANNUAL FINANCIAL REPORT 2025

5.2.3 RESULT ALLOCATION

This includes 30% withholding tax to cover liability.

Based on the weighted average number of shares and therefore taking into account the dividend entitlement for shares issued as part of the capital increase in April 2025, a

coupon was detached. All Xior shares are listed as of 31 December 2025 with coupon numbers 28 and later attached. See also the press releases published in the context of the

capital increase. More information is also available at https://corporate.xior.be/en/investors/dividend

The Board of Directors proposes to allocate the financial year's profit shown in the separate annual financial statements as follows:

31/12/2025

A. Net result 124,398

B. Addition to/withdrawal from reserves (-/+)

1. Addition to/withdrawal from the reserve for the (positive or negative) balance of variations in the

property's fair value (-/+)

- financial year

22,894

2. Addition to/withdrawal from the reserve of the estimated transaction fees and costs resulting from the

hypothetical disposal of investment properties (-/+)

- financial year

-1,674

5. Addition to the reserve for the balance of the variations in the fair value of permitted hedging

instruments that are not subject to hedging accounting as defined in the IFRS (+)

- financial year

3,440

10.

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

11.

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

17,916

12. Addition to reserves for the share of profit or loss and unrealised income of subsidiaries, associates and

joint ventures accounted for using the equity method

C. Return on capital pursuant to Article 13, Section 1, first paragraph 81,045

D. Return on capital – other than C 777

Based on this, the Board of Directors intends to propose to the

Annual General Meeting a gross dividend of 1.768 EUR, or 1.238

EUR net

per share for 2025 (taking into account the dividend

entitlements of the shares (or the coupons detached from

them), represented by coupon number 27 (worth 0.4989 EUR

and already detached from the Xior share

on 10 April 2025) and

coupon number 28 worth 1.2691 EUR).

5.2.4 RESEARCH AND DEVELOPMENT

The Company did not develop any activities or incur any expen-

ses with regard to research and development.

5.2.5 BRANCHES

The Company does not have any branches.

5.3 MANAGEMENT AND USE OF

FINANCIAL RESOURCES

5.3.1 FINANCING AGREEMENTS

As at 31 December 2025, the Company had concluded financing

agreements with 23 lenders for an amount of 1,915 MEUR. A

total of 1,774 MEUR in financing had been drawn down as at 31

December 2025.

The Company seeks to stagger loan maturities, with an average

maturity of 5.2 years as at 31 December 2025. This does not

include commercial paper, which is essentially all short-term. For

a further breakdown of debts by maturity, please refer to Chapter

10.9.22 of this Annual Report.

Xior has taken out a number of green loans and a bond loan for a

total amount of 1,274 MEUR, of which 993 MEUR had been drawn

down by the year end.

Given the updated framework for sustainable financing, the

total value of the eligible assets rose from 2.22 billion EUR as

at 31 December 2024 to approximately 2.31 billion EUR as at

31 December 2025, an increase of approximately 4% on an

annualised basis, which in fact means that Xior was able to

classify all its existing financing as sustainable.

Xior will report annually on the allocation of green/social loans

until they have been fully used to finance "green or social assets".

MANAGEMENT REPORT XIOR

The reports will contain the following information: the total

number of green/social loans, total amount not allocated to

green investments, portfolio composition, geographical split of

portfolio, financing versus refinancing and an overview of eligible

assets. We also refer to Chapter 9.3.2.5 Sustainable buildings

in sustainable communities – Sustainable assets and a

Sustainable Finance Framework in this Annual Report.

In addition, Xior is largely protected against a climate of rising

interest rates by the long-term hedging of its existing debt

position. As at 31 December 2025, 89.3% of the financing (1,774

MEUR) is hedged for a term of 5 years, via interest rate swap (IRS)

contracts (1,168 MEUR) or via fixed interest rates (417 MEUR). As

these IRS contracts do not occur at the level of individual financing

but for a longer term than the underlying loans, the approaching

maturity of the individual loans for which IRS contracts have been

entered into does not entail any additional interest rate risk

The average cost of financing during 2025 was 3.06% (2024:

3.10%).

The main covenants that the Company must adhere to in relation

to these financing agreements relate to compliance with an LTV

ratio (loan to value, i.e. the outstanding amount of credit in relation

to the value of the property portfolio calculated according to the

Royal Decree on Regulated Real Estate Companies), which must

always be less than 60%, an interest coverage ratio that must be

greater than 2.5, and hedging of at least 70% of the financing debt.

As at 31 December 2025, the debt ratio stood at 49.92%. The

debt ratio is calculated as follows: liabilities (excluding provisions,

accruals and deferrals, interest rate hedging instruments and

deferred taxes) divided by total assets (excluding interest rate

hedging instruments). The debt ratio is now is lower than the debt

ratio as at the end of 2024. This decrease is due to the increase in

the value of the property and to the fact that the acquisitions of

Wrocław and Wolska were largely financed via the capital increase

in cash (approx. 80 MEUR) that took place on 21 January 2025.

The graph below provides an overview of the maturity dates of the

loans, taking into account the extensions granted as at the end of

December 2025 in respect of a number of the loans that are due

to mature in 2026 and 2027. Almost all loans that expire in 2026

have been extended. The USPP loan of 34 MEUR that expires in

Q2 2026 will be refinanced via a new loan with another bank. Xior

50.000.000

100.000.000

150.000.000

200.000.000

2053

2051

2036

2033

2032

2031

2030

2029

2028

2027

2026

ABN Amro Argenta Bank of China Banque de Lux Belfius Bank BNP Paribas Fortis CDE Natixis Danske Bank DZ Hyp Ethias

ICBC ING Bank KBC Bank Novo Banco Nykredit Pensio B Pricoa Rabo bank Sparkasse Leipzig USPP vdk bank

Overview of loan maturities (as at 31/12/2025)

The graph above does not include the loans with quarterly repayments, as this would render the graph unreadable.

XIOR ANNUAL FINANCIAL REPORT 2025

maintains strong, long-term relationships with its lenders, who

continue to show interest in extending and increasing financing.

5.3.2 INTEREST RATE RISK HEDGING

The Company wants to hedge a substantial part of the interest

rate risk with regard to its long-term financing up to at least

70%, either with a fixed interest rate for the entire period of

the agreement, or with interest rate swap and forward rate

agreements as hedging instruments of the interest rate swap and

forward rate agreement type.

The Company's hedging policy is regularly evaluated and adjusted

when necessary (such as with regard to the instrument types,

hedging period and so on).

We hereby refer to Chapter 10.9.10 of this Annual Report

regarding the interest rate hedging that is in place.

5.3.3 CAPITALISATION AND DEBT

For a summary of the capital, please refer to Chapter 10.9.17 of

this Annual Report. The table below does not include the result

for the financial year and minority interests.

In thousands of EUR

31/12/2025

Capital

829,644

Issue premiums

821,273

Reserves

32,607

Total equity

1,683,524

Non-current liabilities

1,780,588

Current liabilities

195,214

Total equity and liabilities

3,659,326

As at 31 December 2025, the nominal value of the long-term and short-term financial debt was 1,791,122 KEUR, as shown in detail in

the table below:

In thousands of EUR 31/12/2025

Guaranteed

financial debt

Non-guaranteed

financial debt

Long-term financial liabilities 1,681,727 264,927 1,416,800

Current financial liabilities 109,394 4,800 104,594

Total 1,791,122 269,726 1,521,396

Overview of net debt position

In thousands of EUR 31/12/2025

A Cash

4,756

B Cash equivalents

C Trading securities

D Liquid assets (A+B+C) 4,756

E Short-term bank debt

- 4,938

F Current financial debt – part of long-term financing

- 104,457

G Short-term debt (E+F) - 109,394

H Net short-term debt (G-D) - 104,638

I Long-term bank debt

- 1,445,977

J Bond loans and other

- 235,750

K Other non-short-term debt

- 98,860

L Long-term debt (I+J+K) - 1,780,588

M Net debt (H+L) - 1,885,226

MANAGEMENT REPORT XIOR

5.4 TRANSACTIONS AND

ACHIEVEMENTS

The property portfolio fell slightly from 117 properties as at 31

December 2024 to 116 properties as at 31 December 2025, thus

remaining virtually stable.

Other than what is set out in Chapter 5.6 of this Annual Report,

no significant changes have occurred in the Company's financial

or trading position since 31 December 2025.

The prices paid for acquisitions between the parties was in line

with the valuation by the Valuation Experts.

OPERATIONAL REALISATIONS

Expansion in Poland with 2 new student residences

On 16 January 2025, Xior announced its intention to strengthen

its position through the planned acquisition of two first-class

and fully operational student residences in Wrocław and Warsaw.

This allowed Xior to increase its inventory by around 900 units

in one step, which resulted in a total of around 3,600 beds in

Poland. These are residences in Wrocław (775 units) and Warsaw

(117 units), representing an investment value of 55 MEUR and 12

MEUR respectively. The purchase of the residence in Warsaw

was completed on 24 March 2025, while the acquisition of the

residence in Wrocław was successfully completed on 16 April

2025, well within the expected timeframe.

Deal agreed for new Wenedów residence in Warsaw,

Poland

Xior has successfully taken over the new Wenedów student

residence in Warsaw, Poland, from Solida Capital and held its

official opening. The investment amounts to 38.5 MEUR with a

gross return of around 9%. The residence has 404 modern units

and extensive communal areas, such as study rooms, a gym, a

cinema and a roof terrace. It is in a central location in Warsaw,

close to universities and public transport. This is the first fully

developed and marketed residence in Poland, through which Xior

is expanding its Polish portfolio to 3,767 units. The opening was

celebrated on 10 September 2025, and the strong rental interest

confirms Xior's position as the preferred choice for student

housing in the country.

European Commission recognises student housing as

essential infrastructure

In November 2025, student housing was formally recognised

as 'essential infrastructure' for the first time by the European

Commission, as part of the announced European Affordable

Housing Plan. This recognition underlines the strategic importance

of the sector for student mobility, social inclusion and economic

resilience in Europe. Xior contributed to this policy dialogue as

an active member of the European Public Real Estate Association

(EPRA), and the Company was included as a case study due to its

focus on high-quality, affordable and sustainable student housing

on a European scale.

For our transactions and achievements in 2024, we refer you to the Annual Financial Report 2024 pp. 54 and following. For our transactions and achievements in 2023, we

refer you to the Annual Financial Report 2023 pp. 52 and following. For our transactions and achievements in 2022, we refer you to the Annual Financial Report 2022 pp.

56 and following.

FINANCIAL REALISATIONS

ABB of approx. 80 MEUR

On 21 January 2025, Xior successfully completed a capital

increase through an accelerated private placement ("ABB"). This

resulted in 2,877,698 new shares being issued at an issue price of

27.80 EUR per share. Given the issue price and the number of new

shares, the capital increase therefore resulted in gross proceeds

of 80,000,004 EUR. The new shares have been listed on the stock

exchange since 21 January 2025.

Second and last Basecamp acquisition earn-out

On 9 April 2025, Xior announced that the second and last tranche

of the earn-out compensation, amounting to approximately 16

MEUR, that forms part of the Basecamp acquisition would be paid

on 14 April 2025. As part of this, coupon no. 27 was detached on

10 April 2025 (ex-date). As part of the earn-out, a capital increase

was carried out of 595,418 shares at approximately 26.896 EUR

per share. The new shares have been listed on the stock exchange

since 16 April 2025.

Optional dividend

On 15 May 2025, Xior announced the terms and conditions for

an optional dividend. On 5 June it was announced that approx

imately 46.6% of Xior shareholders entitled to dividend payments

opted to make a contribution of their net dividend entitlement

in exchange for new shares rather than taking a cash dividend

payment. This result led to a Xior capital increase (including

issue premium) of approximately 23.7 MEUR, with the creation of

877,695 new shares.

New loan

During Q3 2025, a new 100 MEUR credit facility was granted by

Rabobank, a new financing partner for the Group. Rabobank’s

entry as a new lender confirms the continued confidence in

Xior’s business model and strategy. The financing consists of two

tranches: 50 MEUR with maturity until Q1 2030 (2.5 years +1 +1)

and 50 MEUR with maturity until Q1 2031 (3.5 years +1 +1). In Q4

2025, a new loan was also concluded with ICBC for an amount of

25 MEUR with a maturity of 3 years.

XIOR ANNUAL FINANCIAL REPORT 2025

5.5 OPERATIONAL UPDATE

Rental season

Xior’s portfolio once again achieved a maximum occupancy rate

of 98%, which was fully in line with expectations. Both the existing,

stabilised residences and recent completions are performing

strongly.

The new rental season 2026-2027 will start in most markets

from February-March 2026. Xior is already seeing a strong influx

of applications, especially in popular student cities where the

structural deficits are greatest. In all countries, the local teams are

actively preparing for the upcoming rental season. The continued

growth of the student population and the persistent shortage of

quality student housing underpin the confidence in a strong and

predictable rental season. Through its pan-European platform,

Xior combines high-quality student housing with a strong brand

and community approach in many European cities. This allows

students to move easily between locations and organise their

studies flexibly, while relying on the same level of quality and

service everywhere.

Completions and acquisitions in 2025

In 2025, the portfolio was further strengthened with the

completion of the new Wenedów residence in Warsaw. In addition,

Xior expanded its presence in Poland with the acquisition of two

operational residences in Wroclaw and Warsaw. Poland remains

a market with considerable growth potential and a structural

shortage of high-quality student housing, which means that any

new supply is quickly taken advantage of. As a result, a total of

around 1,300 rentable units/beds were added to the portfolio.

The completion of several important projects from the company’s

own development pipeline is also planned for 2026:

• Brinktoren (Amsterdam, Netherlands) - 266 units/beds

• Boavista (Porto, Portugal) - 532 units/beds

These projects are making good progress and are scheduled to

open before the start of the new academic year in 2026. For the

Brinktoren tower in Amsterdam, a letter of intent has already been

signed with Tio Business School Amsterdam for the purchase of

all 266 units. This strategic collaboration will be formalised in

Q2 2026 through a finalised lease agreement. For Boavista and

Trasenster, important milestones were reached in June 2025, with

the Labour Day celebration in Porto on 1 May and the laying of the

foundation stone for the project in Seraing, respectively.

The completion of Trasenster (Seraing, Belgium) - 300 units/beds

has been postponed to 2027. After completion of these three

projects, the portfolio will be expanded by around 1,100 additional

units in 2027.

BRINKTOREN

Amsterdam - THE NETHERLANDS

MANAGEMENT REPORT XIOR

MyXior

The MyXior transformation project is making further progress. As

previously communicated, the entire Dutch portfolio is now live

on the platform, with all processes running smoothly and steadily.

MyXior strengthens digital interaction with students while

increasing operational efficiency for employees.

Scan here

MyXior

New Xior website for students

In parallel, Xior is working on the development of an updated

website through which students can discover the full range of

rooms and residences. The new website will further optimise

the customer journey thanks to a user-friendly interface and

comprehensive information per residence, including room types,

facilities, location, local team information and resident reviews.

The website is based on the Basecamp by Xior website, a best-

in-class digital platform, with the go-live likewise scheduled for

spring 2026.

Rebranding of German properties

The two residences in Germany (Leipzig and Potsdam) are

currently still operating under the Basecamp by Xior brand. In the

course of 2026, Xior will completely rebrand these properties and

align them with the current Xior corporate style. This rebranding

is part of the ongoing harmonisation of the portfolio and will

strengthen brand consistency as well as increase the recognition

of the Xior brand among students.

Ambassador programme

Xior continues to be strongly committed to not only offering rooms

to students, but also to creating a close community experience

through its Baselife programme. Throughout 2025, further steps

were taken to roll out this concept in all countries within the

portfolio, and cooperation with partners and universities was

strengthened accordingly. Our Basebuddies organised a wide

range of activities at our residences, bringing together students

of all nationalities and study programmes. They included sporting

events and competitions, our ever-popular food clubs, cultural

events, wellness webinars and much more.

Over the past two years, the Baselife programme has been

gradually implemented within Xior, and we are seeing sustained

demand for more activities and a significant increase in resident

satisfaction. This confirms our conviction that we must offer

students a complete living experience so they feel at home during

their stay with Xior.

The further roll-out of the programme in 2026 will focus primarily

on the Belgian portfolio, as well as on the optimisation of existing

processes to standardise them across the different countries,

including identifying differences in services.

BASECAMP BY XIOR

Leipzig - GERMANY

XIOR ANNUAL FINANCIAL REPORT 2025

Strategic pillars for sustainable EPS growth

Following a period in which Xior has deliberately focused on

strengthening its balance sheet, integration and operational

optimisation, the group will embark on a new growth phase from

2026, spanning a two-year period (2026–2027), in parallel with

the completion of the active pipeline. With a fully funded growth

pipeline, a stable debt ratio and a proven operational platform,

the focus will shift once again to structural and visible growth

in earnings per share (EPS), following a period of predominantly

EPS-neutral growth.

For the period 2026–2027, the strategy rests on three

complementary pillars: Return, Efficiency and Quality - which

together aim to restore and boost earnings per share without

increasing balance sheet risk.

RETURN

Accelerate rental

performance

QUALITY

Deliver superior

student experience

EPS

GROWTH

Operational

excellence

EFFICIENCY

Smart cost

reduction

Return: acceleration of rental growth as the primary driver of

EPS

Xior is strengthening its EPS profile through a further acceleration

of rental growth, supported by several clearly identifiable leverage

mechanisms:

• Structural pricing power above inflation through dynamic

and market-driven pricing. For 2026, Xior expects LfL rental

growth of at least 4%, at least 1% higher than inflation, driven

by a continuing supply shortage in all core markets and high

occupancy rates.

• Accelerated contribution from new completions, with a

faster operational ramp-up thanks to a centralised digital sales

approach and proven commercial processes. The recent com-

pletions in 2025 and expected completions in 2026 will make

an immediate and visible contribution to recurring profit.

• Development of a dedicated B2B revenue desk, aimed at

maximising ancillary revenue. This desk focuses on increasing

summer occupancy through corporate partnerships and ex-

panding collaborations with universities and educational in-

stitutions, leading to higher revenue without a proportional

increase in costs.

MANAGEMENT REPORT XIOR

• Capital recycling through asset rotation, whereby assets can

be sold opportunistically for reinvestment in higher-yielding

assets. These initiatives not only strengthen the top line but

translate directly into higher recurring earnings per share.

Efficiency: scale and cost reduction as direct EPS leverage

After years of integration, cost control and platform expansion,

Xior now has a robust, scalable and lean operating model. From

2026 onwards, this scale will be explicitly utilised as operational

leverage, whereby unit costs will fall further, with a direct impact

on margins and EPS. The efficiency improvements are based,

among other things, on:

• The further roll-out of centralised shared services within a

matrix structure, whilst maintaining local responsibility. This

model combines local market knowledge and operational

proximity with economies of scale, consistent processes and

strict cost control.

• Further digitalisation and process automation, including

administrative workflows, IT integration and data-driven ma-

nagement.

• A lean and scalable cost model, with continuous benchmar-

king and discipline regarding overheads and operational ex-

penditure

Quality: quality and retention as the foundation for sustainable

EPS growth

Xior continues to invest in the quality of the student experience as

a structural lever for pricing power, occupancy rates and long-

term value creation. Quality is not a cost item, but a strategic

tool that supports sustainable rental growth and strengthens the

stability of recurring earnings per share. The focus is on:

• The further roll-out of the Baselife model, a cost-efficient com-

munity and service model with a proven positive impact on

student satisfaction and retention.

• Harmonised service and quality standards across all countries

and residences, ensuring consistent service delivery at scale.

• An enhanced digital customer experience, with seamless digi-

tal touchpoints, faster problem resolution and more efficient

interaction with residents.

5.6 POST BALANCE SHEET EVENTS

No significant events have occurred since the end of the financial

year that have had an impact on the financial statements.

These forecasts are based on the current situation and subject to unforeseen circumstances (such as a substantial deterioration of the economic and financial environment

and/or the materialisation of risks to which the Company and its activities are exposed). Forecasts relating to dividends are also subject to approval by the Annual General

Meeting.

5.7 OUTLOOK FOR 2026

5.7.1 GROWTH PROSPECTS FOR THE FINANCIAL YEAR

2026

After a period in which the focus was on balance sheet

reinforcement, integration and operational optimisation, Xior is

entering a new growth phase where its focus is on renewed and

sustainable growth in earnings per share (EPS), together with the

winding up of the active pipeline over the course of 2026-2027.

The Group currently has a fully internally funded active pipeline,

a stable debt ratio below 50% and a proven pan-European

operational platform. The growth outlook for the coming years is

supported by three complementary drivers:

• Structural rental growth, driven by a persistent shortage of

quality student housing in all core markets and supported by

pricing power. For 2026, Xior expects like-for-like rental growth

of at least 4%, which is at least 1% above inflation. This is also

thanks to a faster ramp-up and additional initiatives such as

the launch of a B2B revenue desk.

• Operational leverage, where economies of scale, further digi-

talisation and a lean cost model translate into lower unit costs

and higher operating margins starting in 2026. The quality of

the portfolio and the student experience remains an essential

prerequisite for sustainable value creation.

• Implementation of the active pipeline, with the delivery of

approx. 1,150 new rentable units in 2026-2027, fully financed

through internal cash flows.

Thanks to these elements, Xior expects EPS growth to be

structurally positive again from 2026, with no additional pressure

on the balance sheet or an increase in the risk profile.

For the financial year 2026, Xior confirms its forecasts of earnings

per share (EPS) of 2.30 EUR and a dividend per share (DPS) of 1.84

EUR, which represents an increase of 4% compared to 2025 (see

also Chapter 7.6.3 of this Annual Report).

For the financial year 2027, Xior expects a further growth in

earnings per share (EPS) to 2.40 EUR and a dividend per share

(DPS) of 1.92 EUR, which corresponds to an increase of 4%

compared to 2026.

For 2026 as a whole, Xior expects an occupancy rate comparable

to the current occupancy rate.

XIOR ANNUAL FINANCIAL REPORT 2025

5.8 DATA ACCORDING TO THE EPRA

REFERENCE SYSTEM

5.8.1 EPRA KEY PERFORMANCE INDICATORS

The data set out below is not required by the Legislation on

Regulated Real Estate Companies. The Statutory Auditor verified

whether the EPRA earnings, EPRA net asset value (NAV) and

Financial performance indicator calculated in accordance with the EPRA (European Public Real Estate Association) Best Practice Recommendations. See also www.epra.com.

EPRA triple net asset value (NNNAV) ratios were calculated

according to the definitions quoted in the EPRA Best Practice

Recommendations and whether the financial data used in the

calculation of these ratios corresponds to the accounting

information included in the consolidated financial statements.

For the detailed calculations, we refer you to Chapter 10.8

Alternative Performance Measures (APMs).

31/12/2025 31/12/2024

EPRA metrics Definition in KEUR EUR per

in KEUR EUR per

EPRA-earnings Underlying result derived from the strategic opera-

ting activities. This indi-cates the extent to which

dividend payments are covered by earnings.

102,827 2.22 91,240 2.22

EPRA NAV Net asset value (NAV) adjusted to take into

account the fair value of the in-vestment property

and excluding cer-tain elements that are not

part of a financial model of long-term property

investments.

1,813,753 38.84 1,695,608 40.04

EPRA NNNAV EPRA NAV adjusted to take into account the fair

value of (i) the assets and liabilities, (ii) the debts

and (iii) the deferred taxes.

1,753,131 37.54 1,634,504 38.60

EPRA

Net Reinstatement

Value (NRV)

Assumes that entities never sell property and

aims to represent the value needed to rebuild the

property.

1,989,794 42.61 1,888,744 44.60

EPRA

Net Tangible Asset

(NTA)

Assumes that entities buy and sell assets, causing

certain levels of unavoidable deferred tax to

materialise.

1,805,726 38.67 1,689,785 39.91

EPRA

Net Disposal Value

(NDV)

Represents the shareholder value in a sell-out

scenario, in which deferred tax, assets and liabilities

and certain other adjustments are calculated to the

full extent, after deduction of the resulting tax.

1,827,569 39.14 1,696,730 40.07

% %

EPRA Net Initial Yield

(NIY)

Annualised gross rental income based on the

current rent on the closing date, excluding the

property charges, divided by the portfolio market

value plus the estimated transaction fees and

costs resulting from the hypothetical disposal of

investment properties.

4.8% 4.6%

EPRA Adjusted Net

Initial Yield (Adjusted

NIY)

This measure integrates an adjustment of the

EPRA NIY for the end of rent-free periods or other

non-expired rental incentives.

4.8% 4.6%

EPRA rental vacancy

Estimated Rental Value of vacant units divided by

the Estimated Rental Value of the total portfolio.

1.76% 2.13%

EPRA LTV

This measure reflects the ratio between net debt

and net ownership value.

49.69% 51.10%

EPRA cost ratio (incl.

vacancy costs)

EPRA costs (including vacancy costs) divided by

the gross rental income.

27.1% 28.3%

EPRA cost ratio (excl.

vacancy costs)

EPRA costs (excluding vacancy costs) divided by

the gross rental income.

27.1% 28.3%

MANAGEMENT REPORT XIOR

5.8.2 EPRA NET RENTAL INCOME ON A CONSTANT COMPARISON BASIS

In thousands of EUR 31/12/2025 31/12/2024

Unchanged

portfolio over 2

years

Projects and

acquisitions Divestments

Total net rental

income

Unchanged

portfolio over 2

years

Evolution of

net rental

income

Evolution of

net rental

income (in %)

Changes as a result of

indexation

122,737 180,002 116,413 6,324 5.43%

Other changes

57,838 -573

Total rental income

assuming constant

composition

122,737 57,838 -573 180,002 116,413 6,324 5.43%

Reconciliation with the

consolidated net rental

income

Impairments

-402

NET RENTAL RESULT 179,601

The table above shows the evolution of the EPRA rental income

assuming the composition of the portfolio remains constant.

Like-for-like income could be calculated for 84% of the rental

income.

The like-for-like for EPRA rental income showed an increase of

5.43% at the end of 2025, compared to 6.52% last year. This is

primarily attributable to the indexation of rental income and the

indexation of commercial leases.

5.8.3 EPRA CAPEX TABLE

In thousands of EUR 31/12/2025

31/12/2024

Property acquisitions 71,952

92,901

Developments 56,551

109,532

Like-for-like portfolio 45,346

6,864

Other 14,553

16,007

Total 188,402

225,304

Developments relate to the capex on current property

development projects or property development projects

that were completed during the course of 2025. The like-

for-like portfolio only includes capex on properties that were

already owned and rented as of 1 January 2025. This concerns

improvement investments and thorough renovations, whereby

buildings were temporarily taken out of lease for renovation. Part

of the capex relates to ESG investments under Xior’s CO

climate

plan, the impact of which on rental income and valuation will only

become apparent after a delay.

Other relates to capitalised interest expenses.

HERTZ

Hasselt - BELGIUM

XIOR ANNUAL FINANCIAL REPORT 2025

5.9 REQUIRED ELEMENTS OF THE

ANNUAL REPORT

In accordance with Articles 3:6 and 3:32 of the Belgian Companies

and Associations Code, the required elements of Xior's Annual

Report are contained in the following chapters:

1. Risk Management

5.2. Management Report – Comments on the consolidated

financial statements for the financial year 2025

5.3. Management Report – Management and use of financial

resources

5.4. Management Report – Transactions and achievements

5.6. Management Report – Post-balance-sheet events

5.7. Management Report – Outlook for 2026

6. Corporate Governance

9. Sustainability Report

10. Financial Report

MANAGEMENT REPORT XIOR

CORPORATE

GOVERNANCE

XIOR ANNUAL FINANCIAL REPORT 2025

”

IN 2025, XIOR PUBLISHED ITS

HUMAN RIGHTS POLICY. IN ADDITION,

WE ATTACH GREAT IMPORTANCE TO

DRAWING UP, UPDATING AND MAKING

AVAILABLE ALL KINDS OF RELEVANT

POLICIES FOR OUR EMPLOYEES. „

CORPORATE GOVERNANCE XIOR

6.1 CORPORATE GOVERNANCE

STATEMENT

6.1.1 CODE OF REFERENCE AND CORPORATE

GOVERNANCE CHARTER

This Chapter outlines the rules and principles that form the basis

for the organisation of the Company's corporate governance.

This statement contains the main rules that Xior has adopted

pursuant to legislation and recommendations on corporate

governance and forms part of the Annual Report, in accordance

with Article 3:6, Sections 2 and 3 of the Belgian Companies and

Associations Code.

For the past financial year, the Company used the Belgian

Corporate Governance Code 2020 as indicated by the Royal

Decree of 12 May 2019 (the “Governance Code 2020”, available

on the following website: https://corporategovernancecommittee.

be/nl/) as a code of reference.

The Company's Corporate Governance Charter (including the

Dealing Code) was approved on 25 November 2015 and was

last revised on 15 September 2022. The Company has also

established a whistleblowing procedure (Internal Reporting

Procedure) and a Code of Conduct. These documents can be

viewed on the Company website https://corporate.xior.be/nl/

corporate-governance/policies, and obtained free of charge from

the Company's registered office.

The Company does its utmost to comply at all times with the

principles on corporate governance as set out in the Governance

Code 2020, but without compromising the applicable statutory

provisions (particularly those of the Belgian Companies and

Associations Code and Legislation on Regulated Real Estate

Companies) and the Company's Articles of Association. If the

Company deviates from one or more principles or provisions of

the Governance Code 2020, it must set out the reasons for this

in the corporate governance statement, in accordance with the

comply or explain principle.

Xior's Board of Directors fully endorses the principles of the

Governance Code 2020, but believes that certain, limited

deviations from its provisions are justified in light of the

nature, size and complexity of the Company and its activities.

More specifically, in 2025 Xior did not apply the following

recommendation of the Governance Code 2020:

• Article 7.6 of the Governance Code 2020: this provision recom-

mends that the non-executive directors receive part of their

remuneration in the form of Company shares in order to give

their actions the perspective of a long-term shareholder. As

already explained in the Company's remuneration policy (see

Chapter 6.5 of the Corporate Governance Charter), Xior does

not follow this principle, nor does it provide any share-based

remuneration to directors. The Board of Directors is convinced

that the application of this principle would not help actions to

be taken more from the perspective of a long-term shareholder,

given the Company's nature (an RREC) and the directors' actual

circumstances. The fees of the Company’s non-executive di-

rectors are at a level where the effect of any such share-based

remuneration would be very limited. In the Board of Directors'

opinion, the legal framework for the Company and its strategy

(as determined by the Board of Directors) also guarantees that

actions are always taken from the perspective of long-term

Company shareholders.

XIOR ANNUAL FINANCIAL REPORT 2025

$Graphics$

BASECAMP BY XIOR

Malmö - SWEDEN

6.1.2 INTERNAL CONTROL AND RISK MANAGEMENT

SYSTEMS

6.1.2.1 General

Internal control is a process that aims to provide reasonable

certainty about the effectiveness and improvement of the

Company's operation, the reliability and integrity of information,

and conformity with policy lines, procedures, legislation and

regulations.

The "internal control" is divided into three specific pillars: internal

audit (internal audit procedures and internal audit function), risk

management (risk management policy and risk management

function) and compliance (integrity policy and compliance

function), for which purpose the "internal audit" should not only be

implemented as a separate third pillar but also play a "transversal"

role in relation to the other two pillars. The performance of each

of these functions, in conjunction with the responsibilities of

the operational services, forms a "line of defence" against the

risks faced by the Company. The organisation of the above

functions is approached in an appropriate and proportional

manner, depending also on the nature, size and complexity of

the Company's activities in terms of its balance sheet, result and

number of staff. For a more detailed description of the Company's

internal controls, we refer you to Chapter 8 of the Company's

Corporate Governance Charter, which is available on the

Company's website (https://corporate.xior.be/en/corporate-

governance/charters).

The Company's executive managers, Christian Teunissen and

Frederik Snauwaert, assume responsibility for the organisation of

internal control under the supervision of the Company’s Board

of Directors.

6.1.2.2 Organisation of internal control

The Company's audit committee's responsibilities include: (i) the

monitoring of the financial reporting process; (ii) the monitoring of

the statutory audit of the financial statements and the Consolidated

Financial Statements, including follow-up of the questions and

recommendations formulated by the Statutory Auditor; and (iii) the

assessment and monitoring of the independence of the Statutory

Auditor, paying particular attention to the provision of additional

services to the Company. The audit committee performs its

tasks when the Board of Directors draws up the annual financial

statements, the Consolidated Financial Statements and the

abridged financial statements intended for publication. Prior to

every half-yearly meeting of the Board of Directors, a half-yearly

report is drawn up and submitted by the Statutory Auditor to the

audit committee.

6.1.2.3 Risk analysis and audit procedures

The audit committee regularly assesses the risks to which the

Company is exposed, reports on these to the Board of Directors

and the latter takes the necessary decisions based on this

assessment (for example with regard to market trends in both

property and rental potential, determining the financing and

interest rate hedging strategy, assessing tenant risks, determining

and managing the identified residual risks).

As part of this process, a “risk voting” session was organised on 9

December 2022 where the management identified and evaluated

the most important risks (a similar exercise took place in 2019),

based on a long list drawn up from interviews with managers in

various departments of the company. This resulted in a list of

fourteen risks, each of which was assessed to be at a “residual”

risk level (i.e. after taking into account the existing control

measures). These fourteen risks were re-evaluated internally in

2024. The Company's internal auditor will repeat this exercise

on a regular basis and use its conclusions to determine the risk

management strategy and evaluate the results of the initiatives

taken. A new risk voting session was organised in Q4 2025.

Following this session and in light of changing market conditions,

the risk level of a number of existing risks was adjusted and new

risks were identified.

CORPORATE GOVERNANCE XIOR

6.1.2.4 Financial information and communication

The process for drawing up financial information is structured

based on pre-determined tasks and timetables that must be

observed. For the purpose of financial reporting, the audit

environment consists of the following components:

(i) The finance and accounting team is responsible for the

preparation and reporting of the financial information.

(ii) Xior uses a checklist with a summary of all tasks that must be

performed in relation to the annual, half-yearly and quarterly

closing of its accounts (at the separate and consolidated

level). A manager within the financial department and the

timetable to be observed are linked to each task. Based

on this checklist, everyone within the financial department

knows what tasks have to be performed and by what

deadline.

(iii) The controller (Finance Manager) is responsible for the

verification of the separate financial information and the

follow-up of the accountants.

(iv) The Finance & Reporting Director is responsible for the

preparation of the consolidated figures (in conjunction with

the CFO) and the feedback on the financial information to

Xior's operational activities. The Finance & Reporting Director

is also responsible for preparing all financial reporting for the

public, the Management and the Board of Directors.

(v) The Finance & Reporting Director analyses the quarterly

figures and compares them with the budget or forecast and

with the figures of the previous quarter or previous year. This

analysis is discussed afterwards with the CFO and CEO.

(vi) The CFO is responsible for the final check of the Consolidated

Financial Statements, and warrants the correct application

of the valuation rules.

(vii) The CFO regularly discusses the financial information with

the CEO as the person responsible for the day-to-day

policy.

(viii) The CEO, CFO and Finance & Reporting Director regularly

hold extensive meetings to discuss the main financial

priorities.

(ix) The Board of Directors questions and discusses the financial

reporting and forecasts in depth with the CEO and CFO each

quarter and ensures the correct application of the valuation

rules.

6.1.2.5 Persons involved in evaluating internal control

The quality of internal control is also assessed during the course

of the financial year by:

(i) The Statutory Auditor: firstly, as part of the audit of the

annual figures and the limited audit of the half-yearly figures

and, secondly, as part of the annual assessment of the

underlying processes and procedures. The processes are

adjusted, where necessary, based on the Statutory Auditor's

recommendations.

(ii) The audit committee (see above) and the Board of Directors.

(iii) The internal auditor.

(iv) The Valuation Experts: the Company's Valuation Experts

obviously play an important indirect role for purposes of

internal control with regard to the valuation of the Company's

property.

(v) The FSMA: as a listed company and a public RREC, the

Company is supervised by the Belgian Financial Services

and Markets Authority (FSMA). This involves a specific

inspection of the financial information.

(vi) The Compliance Officer.

6.1.2.6 Pillars of internal control

6.1.2.6.1 Appropriate risk management function and

appropriate risk management policy

The person responsible for the risk management function

(the Risk Manager) prepares, develops, monitors, updates and

implements the risk management policy and risk management

procedures. Until 1 April 2025, the role of risk manager within the

Company was held by the CFO, Mr Frederik Snauwaert. Since 1

April 2025, this role has been held by Mr. Dick Schotman (who

was previously appointed as Operations Director responsible for

the Netherlands).

The Risk Manager fulfils this role based on their job responsibilities

and operational experience by analysing the risks facing the

Company both on a regular basis and on an ad hoc basis. This may

result in practical advice to the Company's other departments.

The risk manager reports frequently to the Company's executive

managers. Equally, the risk manager discusses the main risk

developments with the Board of Directors at least once a year

via the audit committee, as they bear final responsibility for the

Company's risk management.

It is underlined that risk management is an integral part of the way

the business is run on an operational, technical, financial and legal

level. This covers the daily financial and operational management,

continuous consultation internally and with external advisers

where necessary, the optimal application of the four-eyes

principle, the analysis of new investment cases, due diligence

procedures, the definition of the strategy and objectives and

the embedding of strict decision-making procedures. Risk

management is therefore the responsibility of the entire team

across all layers of the organisation, each at their own level with

different responsibilities.

6.1.2.6.2 Appropriate independent internal audit function

The "internal audit" can be understood as an independent ap-

praisal function that is embedded in the organisation and

focuses on the investigation and evaluation of the operation,

effectiveness and efficiency of the Company's (control)

processes/procedures, including the compliance and risk

management functions. Internal audit includes the operation,

effectiveness and efficiency of processes, procedures and

activities with regard to: (i) operational matters (quality

and adequacy of systems and procedures, organisational

structures, policies and methods and resources used in relation

to objectives); (ii) financial matters (reliability of accounting,

financial statements and the financial reporting process, and

compliance with applicable (accounting) regulations); (iii)

management matters (quality of the management function and

staff services within the framework of the company's objectives);

and (iv) risk management and compliance.

XIOR ANNUAL FINANCIAL REPORT 2025

Since 17 October 2021, the Company has entrusted the internal

audit function to an employee of the Company who holds the

full-time position of "Internal Audit Manager" and who reports to

the Finance & Reporting Director.

6.1.2.6.3 Appropriate independent compliance function and

appropriate integrity policy

The "independent compliance function" is defined as an

independent role within the organisation and focuses on

investigating and promoting the Company's compliance with

the laws, regulations and rules of conduct that apply to the

Company, in particular the rules relating to the integrity of the

Company's operations. These include the rules resulting from the

Company's policy, the Company's status and the other statutory

and regulatory provisions. In other words, they are part of the

corporate culture with the emphasis being placed on honesty

and integrity, adherence to high ethical standards in business

and compliance with the regulations applicable to the Company.

The Company (this RREC) and its employees must behave with

integrity: they must be honest, reliable and trustworthy.

The person charged with the compliance function is responsible

for preparing and testing recommendations. The compliance

function's scope specifically includes – but is not limited to – the

monitoring of compliance with the applicable rules (i) on conflicts

of interest, (ii) on the incompatibility of mandates (for example

with respect to the assessment of directors' independence), (iii)

laid down in the Company's code of ethics (if available), and (iv)

on market abuse (inside information and market manipulation).

These rules have been further developed in the Company's

Corporate Governance Charter, Dealing Code and Code of

Conduct.

Senior management (regularly) investigates which other domains

and activities should be included in the work domains of the

compliance function. It does so based on a risk analysis and in

consultation with the Board of Directors, taking into account the

Company's specific characteristics.

Pieter Bogaert has held the Compliance position since 6 August

2024, to which he was appointed for an indefinite period.

6.1.3 SHAREHOLDERS

6.1.3.1 Company founders

The Company's historic founders are:

• Aloxe NV, a public limited company with its registered office

at Frankrijklei 70, 2000 Antwerp, registered in the Crossroads

Bank for Enterprises under company number BE 0849.479.874

(Antwerp Register of Legal Entities, Antwerp Division); and

• Bimmoc BV, a private limited company under Belgian law with

its registered office at Mechelsesteenweg 34, Box 101, 2018

Antwerp, registered in the Crossroads Bank for Enterprises

under company number BE 0899.916.906 (Antwerp Register of

Legal Entities, Antwerp Division), which has since been dissol-

ved following its merger with Xior Student Housing NV.

6.1.3.2 Shareholder structure

As at 31 December 2025, the registered capital of Xior Student

Housing NV was 840,511,692 EUR, represented by 46,695,094 fully

paid-up shares.

The following table illustrates Xior's shareholder structure based

on the information received from the shareholders (see also

transparency notifications) and/or publicly known information in

the case of Aloxe NV.

Shareholder

Number of

(31.12.2025)

% shares

(rounded)

Aloxe NV –

Mr C. Teunissen and

Mr F. Snauwaert 5,094,009

10.91%

Car Logistics Brussels NV 2,945,826

6.31%

Public (free float) 38,655,259

82.78%

Total (denominator) 46,695,094

100%

Based on the transparency notification received on 4 and 5 July 2024 (including

the denominator as at 5 June 2025 (46,695,094)).

Based on the transparency notification received on 10 July 2024 (including the

denominator as at 5 June 2025 (46,695,094)).

No special rights of inspection have been granted to certain

categories of shareholders.

CORPORATE GOVERNANCE XIOR

6.1.3.3 Members of the Board of Directors or the

executive management

The following table shows an overview of the number of shares

owned by members of the Board of Directors and the executive

management as at 31 December 2025.

Member of the Board of Directors or

executive management as at

31 December 2025

Number of

shares as at 31

December 2025

Aloxe NV – Mr C. Teunissen and

Mr F. Snauwaert

(see transparency notification/public infor-

mation)

5,094,009

Mr Christian Teunissen

5,103

Aloxe NV

5,083,569

Mr Frederik Snauwaert

5,337

Mr Joost Uwents

12,950

Mr Wouter De Maeseneire

1,795

Ms Kristina Olsen

4,500

This stake in Xior Student Housing NV is held directly by Aloxe NV. Aloxe NV is

controlled by Christian Teunissen (directly and via Nevi BV, a company which is

likewise controlled by Christian Teunissen).

6.1.4 THE COMPANY'S BOARD OF DIRECTORS

6.1.4.1 General

With regard to the period from 1 January 2025 to 15 May 2025, the

Board of Directors consisted of eight directors, namely six non-

executive independent directors (including the Chairperson)

and two executive directors, including the Managing Director.

Since 15 May 2025, the Board of Directors has consisted of seven

directors. It includes five non-executive independent directors

(including the Chair) and two executive directors, one of which is

the Managing Director.

The composition of the Board of Directors must display a

proportional representation between executive, independent

and other non-executive directors. At least half of the Board of

Directors consists of non-executive directors, and at least three

of them are independent within the meaning of Article 7:87,

Section 1 of the Belgian Companies and Associations Code, and

Provision 3.5 of the Governance Code 2020.

The composition of the Board of Directors must guarantee that

decisions are taken in the Company's interest. This composition

will be determined based on complementarity in terms of

competences, experience and knowledge. The aim is to achieve

a composition of the Board of Directors that guarantees the

presence of directors who are familiar with property in general,

student housing in particular and/or other contiguous areas of

expertise that are deemed important for the Company's activities.

The further aim is to achieve a representation of directors who

are experienced in operational, financial and other aspects of

real estate company management, and of a regulated real estate

company in particular, and/or in policy in listed companies.

The necessary attention will also be paid to the requirements

of gender diversity and diversity in general. Article 7:86 of the

Belgian Companies and Associations Code stipulates that

in companies whose securities are admitted for trading on

a regulated market, at least one third of the members of the

Board of Directors must be of the opposite sex to that of the

other members. For the application of this provision, the required

minimum number of members of the opposite sex is rounded to

the closest whole number. For companies whose securities are

admitted to a regulated market for the first time, this obligation

must be complied with from the first day of the sixth financial

year that commences after this admission (from 1 January 2021).

Since 19 May 2022, the composition of the Board of Directors has

met the requirements of Article 7:86 of the Belgian Companies

and Associations Code.

Under the Legislation on Regulated Real Estate Companies, the

directors, executive managers and those responsible for the

independent control functions may only be natural persons. In

accordance with the relevant provisions of the Legislation on

Regulated Real Estate Companies, members of the Board of

Directors must always have the required professional reliability

and appropriate expertise for the performance of their duties.

They may not fall within the scope of the prohibitory provisions

of the Legislation on Regulated Real Estate Companies. Their

appointment must be submitted to the FSMA for approval in

advance.

XIOR ANNUAL FINANCIAL REPORT 2025

BASECAMP BY XIOR

Katowice - POLAND

6.1.5 COMPOSITION

The Company's Board of Directors consists of seven members as

at 31 December 2025:

• two executive directors: Christian Teunissen and Frederik

Snauwaert; and

• five non-executive independent directors, namely Joost

Uwents, Wilfried Neven, Wouter De Maeseneire, Colette Dierick

and Conny Vandendriessche.

The table below provides an overview of the (non-)executive

directors and the terms of their directorships.

Director's name Capacity Directorship start Directorship end

Reappointment

Christian Teunissen Executive director – CEO 23/11/2015

Ordinary Annual General

Meeting 2026

19/05/2022

Frederik Snauwaert Executive director – CFO 23/11/2015

Ordinary Annual General

Meeting 2026

19/05/2022

Wilfried Neven Non-executive director 23/11/2015

Ordinary Annual General

Meeting 2026

19/05/2022

Wouter De Maeseneire Non-executive director 23/11/2015

Ordinary Annual General

Meeting 2026

19/05/2022

Joost Uwents Non-executive director 23/11/2015

Ordinary Annual General

Meeting 2026

19/05/2022

Colette Dierick Non-executive director 19/05/2022

Ordinary Annual General

Meeting 2026

N/A

Conny Vandendriessche Non-executive director 19/05/2022

Ordinary Annual General

Meeting 2026

N/A

Marieke Bax Non-executive director 20/05/2021

Ordinary Annual General

Meeting 2025

N/A

Marieke Bax’s mandate expired at the 2025 Annual General Meeting. Since the 2025 Annual General Meeting, the Board of Directors has been composed of seven members, of

which two are female directors. The Company thereby still meets the requirement of Article 7:86, Section 1 of the Belgian Companies and Associations Code, which requires at

least one-third of the members of the board to be of a different gender than the other members. In 2026, the Company will carry out a thorough analysis of the composition of

the Board of Directors in view of the expiry of the twelve-year period of independence in accordance with the Corporate Governance Code 2020 for a number of directors.

6.1.6 BRIEF DESCRIPTION OF THE DIRECTORS'

PROFESSIONAL CAREERS

The directorships and a brief description of the directors'

professional careers are provided below. For an outline of the

professional careers of Mr Christian Teunissen and Mr Frederik

Snauwaert, please refer to Chapter 6.1.12 of this Annual Report.

CORPORATE GOVERNANCE XIOR

Mr Wilfried Neven - °1966

Office address: Rue des Croisiers 24,

4000 Liège

Mr Joost Uwents - °1969

Office address: Blakebergen 15,

1861 Wolvertem

Wilfried Neven is Vice CEO at Ethias SA, where he has held the

key role of Chief Customer Experience Officer since December

2021. He had previously worked within the Allianz Group since

2011, where he was CEO Belgium of Allianz Benelux NV until

the end of 2019. Previously, he held directorships with P&V

Group and ING Insurance Belgium. He obtained a degree in

commercial engineering in 1989 and also completed a course in

Risk Management at the Antwerp Management School. He also

obtained additional qualifications at the ING Business School,

Heemskerk (Netherlands).

Current directorships: Ethias SA (Member of the Executive

Committee), Ethias Solution NV (Director), EURESA (Director),

Ethias Ventures NV (Director) and Ethias Lease Corporation NV

(Director).

Ended directorships: Allianz Benelux NV (CEO Belgium and

member of the Board of Directors), Allianz Nederland Groep NV

(member of the Management Board and Board of Directors),

Assuralia (member of the Executive Committee and Board of

Directors), EDB Investments SCA (member of the Supervisory

Board), Portima CBVA (Chair of the Board of Directors), Viaxis

CVBA (Director) and the Royal Circle of Belgian Insurers CRAB/

KKVB (Director).

Wilfried Neven has been Chairman of the Company's Board of

Directors since 19 May 2022.

Joost Uwents is CEO of the listed public RREC WDP (Warehouses

De Pauw) and has been on the Board of Directors there since

2002. He obtained a degree in commercial engineering in 1991 and

has an MBA from Vlerick Business School. Joost started his career

as an Account Manager at Generale Bank in 1994.

In 1999, he became the CFO of the then listed real estate

investment trust WDP. He has been the company's CEO since

2010. He contributed to WDP's growth, becoming the market

leader in rentals of logistics and semi-industrial property in the

Benelux, active in Belgium, the Netherlands, Romania, Germany

and elsewhere, with a property portfolio of more than 8.6 billion

EUR.

Current directorships: Managing Director of WDP NV (listed),

and in this context executive director/business manager of

various group companies: WDP France SARL, WDP Nederland

NV (including as a permanent representative of WDP Nederland

NV as the director of WDP Development NL BV), Warehouses De

Pauw Romania SRL, WDP Invest NV, WDP Luxembourg SA, WVI

GmbH, member of the Board of Directors of Catena.

Ended directorships: member of the Board of Directors of

Unifiedpost Group NV.

XIOR ANNUAL FINANCIAL REPORT 2025

Prof. Dr. Wouter De Maeseneire - °1977

Office address: Reep 1,

9000 Ghent

Wouter De Maeseneire is an associate professor in corporate

finance at the Vlerick Business School and a visiting professor

at Erasmus/Ghent University. In August 2015 he was appointed

academic dean of the Vlerick Master's degrees and he is also

the programme director for the Master's in Financial Management

there. He studied Applied Economics at Ghent University and

completed a doctorate at Erasmus University Rotterdam.

His research was presented at several international conferences,

including the Financial Management Association and Academy

of Management Meeting, Babson Entrepreneurship Conference,

Strategic Management Society, Real Options Conference and

Midwest Finance Association. Wouter has published articles in

scientific journals such as Research Policy and the Journal of

Business, Finance and Accounting. He has also contributed to

many management books. After completing his thesis, he wrote a

book about real options, a new technique used for the valuation

of companies and projects that estimates the value of flexibility

often available in high-risk investment projects.

Wouter received several Best Teacher Awards and won the 2012

EFMD Banking & Finance Case Writing Competition with his

analysis of the AB Inbev deal. His current research interests lie

in IPOs, valuations, real options, venture capital, private equity,

acquisitions and financing constraints.

Current directorships: Vlerick Partner CVBA.

Colette Dierick graduated as a civil engineer from Ghent

University and after her studies started as a management trainee

at ING, where she served as CEO and Managing Director of ING

Luxembourg until the end of June 2022. Prior to this position,

she was responsible for the Belgian Retail and Private Banking

activities, Digital Channels and Marketing for ING Belgium and

Record Bank, among other things.

Current directorships: Belfius Bank (independent director and

member of the audit committee and group committee).

Ended directorships: Nextensa (Director), Patronale Group

(Director), Patronale Life (Member of the Audit and Risk

Committee, and the Remunerations and Appointments

Committee).

Ms Colette Dierick - °1960

Office address: Wolfsmelkweg 8,

8620 Nieuwpoort

CORPORATE GOVERNANCE XIOR

Ms Conny Vandendriessche - °1964

Office address: Westwing Park, Kwadestraat 153 b 4.2,

8800 Rumbeke

Conny Vandendriessche studied at the Vlerick Business School,

Guberna and Stanford. She is the founder, and was the long-time

CEO, of Accent Jobs, which has since grown into The House of HR,

where she is still active today as a director and member of the

ESG Committee. Conny also founded several other companies,

such as Stella P. (a company specialising in the composition of

boards of directors and advisory bodies), and We are Jane (an

investment fund specifically focused on companies managed by

women).

Current directorships: Ardo NV (Director), House of HR (Director

and member of the ESG Committee).

Ended directorship: JBC NV (Director).

Marieke Bax is a Dutch national. She has an MA in Law from the

University of Amsterdam, an LLM from the Cambridge University

and an MBA from INSEAD. Marieke holds various directorships in

various sectors. Today, she holds directorships as Chair of the

Audit Committee at Inpost, Mediq and Superbet and as Chair

of the Nomination Committee at Frontier Economics. She also a

member of the ESG committee at Inpost and Mediq.

Current directorships: InPost (Chairman of the Audit Committee

and member of the ESG Committee), Mediq (Chairman of the

Audit Committee and member of the ESG Committee), Superbet

(Chairman of the Audit & Risk Committee) and Frontier Economics

(Chairman of the Appointments Committee).

Ended directorships: Fastned (member of the audit committee),

VastNed Retail (chairman of the remuneration committee and the

nomination committee), Fonds Podiumkunsten (director), CLSA

(member of the audit committee), Euroclear/EESA (Chairman of

the Audit and Risk Committee), Frans Hals Museum (Member of the

Audit Committee), ASR Insurance (Chairman of the Remuneration

Committee), Gooseberry Amsterdam (managing partner), KMPG

The Netherlands (partner), Sara Lee Corporation (director), Hot

Orange Amsterdam (Chief Financial Officer), Vion Food (Chairman

of the Audit Committee), Climate Transition Capital (Chairman of

the Board of Directors).

BASECAMP BY XIOR

Potsdam - GERMANY

Ms Marieke Bax - °1961

Office address: Plantage Westermanlaan 13, 1018 DK

Amsterdam (Netherlands)

XIOR ANNUAL FINANCIAL REPORT 2025

6.1.7 CHAIR OF THE BOARD OF DIRECTORS

The Company's Board of Directors appointed Wilfried Neven as

its Chair for an indefinite period on 25 April 2022.

6.1.8 RELIABILITY, EXPERTISE AND EXPERIENCE

Article 14 of the Law on Regulated Real Estate Companies imposes

specific regulations regarding professional reliability and the

appropriate expertise on directors of public RRECs.

In the context of these obligations, the Company's directors and

senior managers have stated that they have not been convicted

for any fraudulent crimes in the past five years. All the Company

directors have also declared that they have not been involved

in any bankruptcy, moratorium or liquidation in the previous

five years as members of an administrative, management or

supervisory body. There are no family ties between the members

of the administrative, management or supervisory bodies.

All directors and senior managers have also stated that they

have not been the subject of any official or publicly expressed

accusations and/or sanctions imposed by a regulatory or

supervisory authority and that they have not been prevented by

a court of law (i) from acting as members of the administrative,

management or supervisory body of an issuer of financial

instruments, or (ii) from managing or carrying out the operations

of an issuer of financial instruments.

We are of the opinion that all directors contribute special

knowledge and competencies in the field of social, environmental

and governance issues based on their personal extensive

professional experience and background.

Finally, each Company director meets the selection and

competency criteria included in the Company's Corporate

Governance Charter (see Chapter 6.1.4.1 of this Annual Report),

as follows:

• Christian Teunissen knows the property and construction

sector and the student housing sector in particular;

• Frederik Snauwaert knows the property and construction

sector and the student housing sector in particular and is also

a financial expert;

• Wilfried Neven has knowledge of the insurance sector and risk

management, as well as knowledge of digital transformation;

• Joost Uwents has knowledge of the property and constructi-

on sector (both in Belgium and the Netherlands) and of public

RRECs. He is also CEO of WDP, a leading RREC in the sector

in terms of ESG goals, vision and reporting, and therefore has

particularly relevant experience to tackle the Company's chal-

lenges in this field;

• Wouter De Maeseneire has knowledge of corporate finance and

capital markets and about the Company's target audience in

particular;

• Colette Dierick has knowledge of the banking and financial

sector. Given her appointments as director of other listed real

estate companies, she also has knowledge of the real estate

sector;

• Conny Vandendriessche has extensive experience in the field

of Human Capital.

6.1.9 ROLES AND DUTIES OF THE BOARD OF

DIRECTORS

The Board of Directors meets at least four times a year, and in

any event often enough for the directors to actually be able to

discharge their responsibilities. The Chair may convene other or

additional meetings whenever this is required in the Company's

interests or at the request of at least two directors or the CEO.

The Board of Directors held fifteen meetings during 2025. In

addition, the Board of Directors took decisions on eight occasions

using the written decision-making procedure.

The Chair sets the agenda items for each meeting of the Board

of Directors in consultation with the CEO. During the meeting,

the Board of Directors may decide to place a further item on

the agenda provided all members are present and approve this

change to the agenda.

Each director may give a proxy to another member of the Board

of Directors to represent them at a specific meeting.

The Board of Directors may only validly deliberate on and adopt

resolutions when at least the majority of the directors are present

or represented. If this quorum is not reached, a new meeting may

be convened with the same agenda, which will validly deliberate

and adopt resolutions if at least two directors are present or

represented.

CORPORATE GOVERNANCE XIOR

If a director has a direct or indirect interest of a proprietary nature

that conflicts with a resolution or transaction that falls under

the Board of Directors' authority, they must act in accordance

with the provisions of Article 7:96 of the Belgian Companies and

Associations Code. The members of the Board of Directors must

also comply with Articles 37-38 of the Law on Regulated Real

Estate Companies.

Resolutions of the Board of Directors are adopted by a majority

of the votes cast. Abstentions or invalid votes are not counted as

votes cast. If the votes are tied within the Board of Directors, the

motion is rejected.

The Board of Directors strives to guarantee the long-term

success of the Company through enterprising leadership, while

simultaneously assessing and managing the Company's risks

within a framework of efficient and effective controls.

As part of its policy-making role, the Board of Directors decides

on the values and strategy of the Company, its main policy lines

and its risk appetite. It ensures that the Company's obligations to

all its shareholders are clear and that these obligations are met,

taking account of the other stakeholders' interests.

In its supervisory role, the Board of Directors assesses the

implementation and achievement of the Company's strategy

and objectives, as well as the performance of its executive

management.

In order to consistently improve its own effectiveness, the Board

of Directors evaluates its size, composition, achievements and

interaction with the executive management at appropriate times.

The actual contribution and presence of each director is regularly

evaluated in order to be able to adjust the composition of the

Board of Directors, taking account of changing circumstances.

The Board of Directors has set up an Audit and Risk Committee,

a Remuneration and Appointments Committee, an Investment

Committee, an ESG & Ethics Committee and an Executive

Committee (see below). On 1 April 2025, the Board of Directors

decided to integrate the ESG & Ethics Committee into the Board

of Directors.

For a detailed description of the Board of Directors' duties and

procedures, we refer you to Chapter 2.6 of the Company's

Corporate Governance Charter.

XIOR ANNUAL FINANCIAL REPORT 2025

6.1.10 SUMMARY OF THE BOARD OF DIRECTORS' ACTIVITIES IN 2025

Name Capacity

Attendance

Wilfried Neven

Chairperson (since 19/05/2022)

Non-executive, independent director

Board of Directors: 15/15

Audit and Risk Committee : 5/5

Joost Uwents Non-executive, independent director

Board of Directors: 15/15

Investment Committee: 10/10

Wouter De Maeseneire Non-executive, independent director

Board of Directors: 15/15

Remuneration Committee: 2/2

Audit and Risk Committee : 2/2

Colette Dierick Non-executive, independent director

Board of Directors: 13/15

Audit and Risk Committee: 4/5

Remuneration Committee: 2/2

Conny Vandendriessche Non-executive, independent director

Board of Directors: 13/15

Remuneration Committee: 2/2

ESG & Ethics comité: 1/1

Marieke Bax Non-executive, independent director

Board of Directors: 3/4

Audit and Risk Committee: 3/3

ESG & Ethics comité: 0/1

Christian Teunissen Executive director

Board of Directors: 15/15

Audit and Risk Committee: 5/5 (at the committee's

invitation)

Remuneration Committee: 2/2 (at the committee's

invitation)

Investment Committee: 10/10

ESG & Ethics comité: 1/1

Frederik Snauwaert Executive director

Board of Directors: 15/15

Audit and Risk Committee: 5/5 (at the committee's

invitation)

Remuneration Committee: 2/2 (at the committee's

invitation)

Wouter De Maeseneire was appointed member of the Audit and Risk Committee on 15 May 2025. Consequently, only the meetings

that took place between 15 May 2025 and 31 December 2025 are reported on.

Marieke Bax’s mandate expired at the Company’s Annual General Meeting on 15 May 2025. Consequently, only those meetings that

took place between 1 January 2025 and 15 May 2025 are reported on.

6.1.11 MANAGING DIRECTOR AND EFFECTIVE

MANAGEMENT

The Company's Board of Directors has entrusted the day-to-

day management to one Managing Director, Christian Teunissen

(CEO). The Managing Director was appointed for an indefinite

period at the meeting of the Board of Directors on 25 November

2015, provided that his appointment as Managing Director will

end when his appointment as Company Director ends.

Christian Teunissen (CEO) and Frederik Snauwaert (CFO) were

appointed as executive managers of the Company for an

CORPORATE GOVERNANCE XIOR

indefinite period in the sense of Article 14 of the Law on Regulated

Real Estate Companies.

6.1.12 EXECUTIVE MANAGEMENT

The Company's executive management now consists of three

members: namely two executive directors (CEO and CFO) and

the Chief Operating Officer (COO), Kristina Olsen.

The CEO, CFO and COO are appointed by the Board of Directors.

Depending on its future size, activities and requirements, the

Company may expand or vary its executive management in due

course.

Name Role

Start of ap-

pointment

as Director

End of ap-

pointment

as Director

Christian Teunissen

CEO 23/11/2015

Indefinite

Frederik Snauwaert

CFO 23/11/2015

Indefinite

Kristina Olsen

COO 19/10/2022

Indefinite

CEO Christian Teunissen is the leader of the executive manage-

ment. The CEO is responsible for areas such as the Company's

daily management and the prospecting and identification of new

property projects. The CEO also leads the Company's operational

management and leasing activities. The CFO leads the financial,

accounting and administrative department.

The COO is responsible for the management of the day-to-day

and (non-financial) administrative operations of the Company.

The CGO (formerly "CIO") is responsible for coordinating and

implementing the investments and transactions that the

Company decides to carry out. It was decided not to appoint a

CGO for the time being, and the above responsibilities are carried

out by the CEO.

Article 5.2 of the Company's Corporate Governance Charter

describes the roles and responsibilities of the members of the

executive management.

The executive management members elect their professional

address to be that of the Company's registered office, namely

Frankrijklei 64-68, 2000 Antwerp, Belgium.

The professional careers of the members of the executive

management are described briefly below.

Christian Teunissen (°1973)

Christian Teunissen obtained his degree in business studies

(accountancy option) at EHSAL in Brussels in 1996. He started his

career in the insurance sector at Fortis AG. In 2000, he started

his own insurance business by buying AdB Business Partners,

which he later sold in 2005 to Van Dessel Verzekeringen. This

allowed Christian Teunissen to spend nine years in the insurance

industry gaining knowledge and experience. Since 2005, Christian

has focused on building up a real estate portfolio as a developer,

investor and manager. In 2007, Christian Teunissen delivered his

first student accommodation project, consisting of 45 student

rooms. He has now been at the helm of the Xior Group for 19 years.

His professional property activities have focused especially on the

student property sector, which is at the core of the development

of the Company's current portfolio. He is the (co-)founder and

director of several real estate companies, including Xior Student

Housing NV.

Current directorships: Alongside his appointment as a member

of the Company's Board of Directors, he also holds other

appointments in the following companies (the vast majority

of which do not require any involvement in the day-to-day

management): Aloxe NV, Student House Building BV, Limimmo

BV, Proinvest BV, Mopro Antigoon NV, M-Building BV, Moose Real

Estate BV, Anthonis Verzekeringen NV, Nevi BV, Livec NV, Landwin

BV, Gropius BV, Coral BV, Coral Build BV, Teuvan NV, Immo DDL

NV, Silex BV.

Past directorships in the previous five years: Devimmo NV,

CPG CVBA and Retail Design BV, Promiris Student NV and Alma

Student NV, Mopro Zurenborg BV, Jugho BV, Off Site Europe BV,

Lotta BV, B&C Enterprises Ltd.

XIOR ANNUAL FINANCIAL REPORT 2025

Frederik Snauwaert (°1980)

Frederik Snauwaert holds a Master's in Business Studies with

a focus on financial policy and investments, having graduated

from EHSAL in Brussels in 2003. In 2009, he completed the

Postgraduate Real Estate Studies programme at KU Leuven.

Frederik has been CFO of the Company since 2012. He started

his career in 2003 at PwC, where he worked as a Senior Auditor

until 2006. He then worked as a Group Credit/Asset Risk Officer

for Fortis Lease Group Services. From 2008 to 2012, he held the

position of Relationship Manager Midcorporates & Institutionals

(Real Estate) at ING Belgium, after which he moved to the Company.

Current directorships: Alongside his appointment as a member

of the Company's Board of Directors, he also holds other

appointments in the following companies (the vast majority

of which do not require any involvement in the day-to-day

management): Aloxe NV, CaliXto BV, Anthonis Verzekeringen NV,

M-Building BV, Mopro Antigoon NV, Studium Invest GCV, PDH

Invest BV, Immo DDL NV, Tyche Investments BV, Silex BV, Krijgimmo

BV, Boerenkrijg Construct BV, Immo Parkland BV.

Past directorships in the previous five years: Jugho BV,

Lovania Properties BV, Ramberghof BV, Mopro Zurenborg BV,

Off Site Europe BV, Modesti SARL, Vere Investments SARL, Here

Investments SARL, Leuven Tréfonds BV, Devimmo NV, CPG CVBA

and Retail Design BV, Promiris Student NV and Alma Student NV.

Kristina Olsen (°1967)

Kristina Olsen holds postgraduate qualifications from both the

University of Oxford and INSEAD and is a high-profile real estate

agent.

Between 2000 and 2016, Kristina held various management

positions in the listed Scandinavian construction company NCC.

When she focused on residential construction, she became

Managing Director of Denmark and Norway. In 2021, Kristina joined

the Basecamp team as Managing Director of Basecamp Nordics.

Kristina has held the position of COO at Xior since 19 October

2022 and is responsible for the general management of Xior's

daily activities.

CORPORATE GOVERNANCE XIOR

SUMMARY OF THE BOARD OF DIRECTORS AND

EXECUTIVE MANAGEMENT

Executive directors

Christian Teunissen (CEO)

Frederik Snauwaert (CFO)

Non-executive, independent

directors

Joost Uwents

Wilfried Neven

Wouter De Maeseneire

Colette Dierick

Conny Vandendriessche

Marieke Bax

Chair of the Board of

Directors

Wilfried Neven

Managing Director

Christian Teunissen (CEO)

Executive management

Christian Teunissen (CEO)

Frederik Snauwaert (CFO)

Kristina Olsen (COO)

Executive managers

Christian Teunissen (CEO)

Frederik Snauwaert (CFO)

Marieke Bax’s mandate expired at the Annual General Meeting of shareholders on

15 May 2025.

6.1.13 COMMITTEES OF THE BOARD OF DIRECTORS

Under Article 7:93 of the Belgian Companies and Associations

Code, the Board of Directors may establish one or more

advisory committees from among its membership and under

its responsibility, such as a strategy committee. The Board

of Directors defines the composition and powers of these

committees, with due observance of the applicable regulations.

The Board of Directors has established the following committees:

an Investment Committee, an Audit and Risk Committee,

a Remuneration and Appointments Committee, an ESG &

Ethics Committee and, since 15 September 2022, an Executive

Committee. As previously mentioned, the Board of Directors

decided on 1 April 2025 to integrate the ESG & Ethics Committee

into the Board of Directors.

(i) Investment Committee

In the course of 2018, an investment committee was established,

consisting of Joost Uwents (independent, non-executive

director) and Christian Teunissen (executive director and CEO)

and Frederik Snauwaert (executive director and CFO).

The purpose of the Investment Committee is to help facilitate

the Company's further growth as an intermediary between the

executive management and the Board of Directors. This will

further optimise the interaction with the Board of Directors and

therefore also the decision-making process in order to respond

to investment opportunities even more efficiently.

The role and responsibilities, membership and operation of the

Investment Committee are described in Chapter 4.5 of the

Company's Corporate Governance Charter.

The Investment Committee met a total of ten times during 2025

(physical and video conference meetings).

(ii) Audit and Risk Committee

During the last quarter of 2019, in view of the growth in terms of

the complexity, scope and size of the Company and its activities

(see also Chapter 6.1.1. of this Annual Report), the Company

set up a separate Audit Committee with sufficient relevant

competence, in particular in financial matters, to be able to fulfil

its role effectively and ensure smooth operations.

Until 31 December 2022, the Audit Committee consisted of all the

Company's independent directors with Wilfried Neven as Chair.

Given the growth of the Company's property portfolio during

2022, the Board of Directors decided to reduce the members of

the Committee to three, so that the Committee would be able

to meet more regularly and for longer. From 1 January 2023, the

Committee has been referred to as the Audit & Risk Committee

and comprises Marieke Bax, Wilfried Neven and Colette Dierick.

Marieke Bax’s mandate expired at the Annual General Meeting on

15 May 2025. Wouter De Maeseneire was appointed as the third

member of this committee as of 15 May 2025. Colette Dierick was

appointed Chair of this Committee.

The role and responsibilities, membership and operation of the

Audit Committee are described in Chapter 4.2 of the Company's

Corporate Governance Charter.

The Audit Committee met a total of five times in 2025 (physical

or video conference meetings).

(iii) Remuneration and Appointments Committee

On 31 March 2020, the Company set up a separate Remuneration

and Appointments Committee, of which all the Company's

independent directors were members throughout 2022 and

which was chaired by Wouter De Maeseneire. Given the growth

of the Company's property portfolio in 2022, the Board of

Directors decided to reduce the members of the Committee

to three, so that the Committee would be able to meet more

regularly and for longer. Since 1 January 2023, the Remuneration

and Appointments Committee has consisted of three members:

Wouter de Maeseneire, Conny Vandendriessche and Colette

Dierick.

The role and responsibilities, membership and operation of the

Remuneration and Appointments Committee are described in

Chapter 4.3 of the Company's Corporate Governance Charter.

XIOR ANNUAL FINANCIAL REPORT 2025

The Remuneration and Appointments Committee met twice in

2025 (physical or video conference meetings).

(iv) ESG & Ethics Committee

In April 2022, the Company established an ESG & Ethics Commit-

tee. Marieke Bax, Christian Teunissen and Conny Vandendriessche

were appointed as members of this Committee.

The Committee's task is to monitor the Company's compliance

with the highest ethical standards in the broadest sense, including

the Company's Code of Conduct (presenting the "Xior Values") as

well as providing advice and recommendations to the Board of

Directors on ESG policy, including in the context of implementing

or updating the Company's sustainability strategy. The first part

aims for the Company to generally conduct business in a fair,

transparent and ethical manner and to systematically prevent

such things as fraud, corruption, discrimination, violations of

human rights and infringement of anti-money laundering or

competition law. The second part fits with the Company's

publicised ambition to accelerate its ESG efforts. The role and

responsibilities, composition and operation of the ESG & Ethics

Committee are described in Chapter 4.6 of the Company's

Corporate Governance Charter.

The ESG & Ethics Committee met once in 2025 (physical or video

conference meetings).

On 1 April 2025, the Company’s Board of Directors decided to no

longer have a separate ESG & Ethics Committee, but to integrate

it into the Board of Directors itself. The Board of Directors

decided to do so because, for one thing, the Company now has

an extensive and standardised code of conduct; for another, the

acceleration of ESG efforts that Xior wanted to achieve, whereby

the committee would offer specific assistance, was completed

and can now be monitored further within the Board of Directors.

The Board of Directors will meet twice a year, paying special

attention to non-financial topics such as ESG. This new structure

will better position Xior to achieve its ESG and ethical objectives.

(v) Executive Committee

The Executive Committee was established on 15 September

2022 and consists of the CEO, CFO, COO and CGO (currently

no CGO has been appointed and the Committee therefore

consists of the CEO, CFO and COO). The Committee's task is to

advise the CEO (who in turn will advise the Board of Directors)

on important matters, to take executive decisions and to make

important recommendations to the Board of Directors within the

scope of responsibility of each of the members of the Executive

Committee.

The role and responsibilities, membership and operation of

the Executive Committee are described in Chapter 4.4 of the

Company's Corporate Governance Charter.

The Executive Committee met at least once per month in 2025

(physical or video conference meetings). In addition, in 2025 the

committee held regular informal consultations (electronically or

by telephone) when a formal meeting was not required.

6.1.14 CONFLICTS OF INTEREST

6.1.14.1 General

The Company has implemented a number of procedures with

a view to limiting the risk of any conflicts of interest having an

adverse impact on the Company.

The statutory provision relating to conflicts of interest for directors

(Article 7:96 of the Belgian Companies and Associations Code)

applies, in principle, to decisions or transactions that fall within

the scope of the Board of Directors when a director has a direct

or indirect proprietary interest that conflicts with a decision or

transaction that falls within the scope of the authority of the

Board of Directors.

The Company must also comply with the procedure of Article

7:97 of the Belgian Companies and Associations Code if it

makes a decision or carries out a transaction that relates to: (i)

relationships between the Company and an affiliated company,

with the exception of its subsidiaries and (ii) relationships

between one of the Company's subsidiaries and an affiliated

company, with the exception of subsidiaries of that subsidiary.

The provisions of Articles 37 and 38 of the Law on Regulated

Real Estate Companies also apply to the Company. Article 37

of the Law on Regulated Real Estate Companies contains an

arrangement on functional conflicts of interest which entails that

a public RREC must contact the FSMA whenever certain persons

affiliated with the public RREC (listed in the same article, including

the directors, the persons who control, are affiliated with or hold

a participating interest in the RREC, the promoter and other

shareholders of all subsidiaries of the public RREC) act directly

or indirectly as a counterparty in, or derive any pecuniary gain

from, a transaction with the public RREC or one of its subsidiaries.

Transactions involving a functional conflict of interest must be

notified to the FSMA and must be disclosed immediately (without

prejudice to the rules on inside information). These are explained

in the Annual Report and the Statutory Auditor's report. These

transactions must also be carried out under normal market terms

and conditions and must follow the normal course defined by

the Company's business strategy. If such a transaction involves

property, the valuation by the property expert is binding as a

minimum price (if the RREC is the seller) or as a maximum price

(if the RREC is the purchaser). Article 38 of the Law on Regulated

Real Estate Companies provides a number of exceptions where

the provisions of Article 37 of the Law on Regulated Real Estate

Companies do not apply.

The Company further imposes the obligation on each member

of the Board of Directors and executive management that they

must avoid any conflicts of interest arising as far as possible. The

Company also voluntarily applies a stricter policy on conflicts of

interest that relate to matters that fall within the authority of the

Board of Directors or executive management.

Since the Company's directors are appointed based on their

competences and experience in relation to real estate and other

contiguous areas of expertise, they may hold directorships in

other real estate companies or companies that control real estate

CORPORATE GOVERNANCE XIOR

companies, or they may perform property-related activities

as a natural person. It is possible that a transaction which is

submitted to the Board of Directors (such as the purchase of

a building at auction) may also attract the attention of another

company in which a director holds a directorship. The Company

has decided to also apply a special procedure to such corporate

opportunities that may sometimes lead to conflicts of interest,

which is modelled to some extent on the conflicts of interest

procedure laid down in Article 7:96 of the Belgian Companies and

Associations Code.

For a detailed description of the Board of Directors' duties

and procedures, we refer you to Chapter 3 of the Company's

Corporate Governance Charter.

6.1.15 SPECIFIC CONFLICTS OF INTEREST

The procedure set out in Articles 7:96 and 7:97 of the Belgian

Companies and Associations Code was applied at one meeting

of the Board of Directors in 2025.

Extract from the minutes of the Board of Directors’ meeting of

31 January 2025 on the variable remuneration of the executive

management in relation to the financial year 2023-2024 (long

term 2023 - second tranche) and in relation to the financial

year 2024 (short term - first tranche):

"Determining the first tranche of the variable remuneration for

the executive management relating to the financial year 2023

1. Introduction

The Board of Directors took note of the declaration by Christian

Teunissen and Frederik Snauwaert, reproduced below, of their

personal conflicts of proprietary interests, under Article 7:96 of

the Belgian Companies and Associations Code. After declaring

this conflict of interest, Christian Teunissen and Frederik

Snauwaert left the meeting.

2. Acknowledgement of the statement by Christian Teunissen

and Frederik Snauwaert in accordance with Article 7:96 of the

Belgian Companies and Associations Code

The Board of Directors acknowledges the statement by Christian

Teunissen and Frederik Snauwaert in accordance with Article 7:96

of the Belgian Companies and Associations Code concerning

their interests under property law that are in conflict with the

intended decision of the Board of Directors. The directors were

informed of this conflict of proprietary interest under the law

prior to its discussion and the decision-making for this agenda

item.

A copy of the statements referred to above is attached to these

minutes as Annex 2.

3. Discussion and approval of the specific allocation of the

second tranche of variable remuneration of the members of

executive management over 2023 (long-term KPIs) and the first

tranche of variable remuneration of the members of executive

management over 2024 (short-term KPIs)

The Board of Directors acknowledged the various declarations in

the context of the proposed discussion of the specific allocation

of the second tranche of variable remuneration to the members

of executive management for the financial year 2023 (long-

term KPIs) and the first tranche of variable remuneration to the

members of executive management for the financial year 2024

(short-term KPIs), which will logically be paid for by Xior and

whereby Xior will bear the financial consequences, resulting in a

conflict of proprietary interest under the law between Xior and

both Christian Teunissen and Frederik Snauwaert.

The consequences of proprietary interests for Xior from paying

the remuneration are shown in Annexes 5 and 6 to the minutes,

which includes an overview of the total fixed remuneration and

the total maximum variable remuneration for Christian Teunissen

and Frederik Snauwaert.

The Board of Directors therefore refers to the Remuneration and

Appointments Committee meeting held today and takes note of

the calculation of the quantitative KPIs and a status update on

the content of the qualitative KPIs.

The Remuneration and Appointments Committee has formulated

a recommendation regarding the variable remuneration, both

with regard to the second tranche for the financial year 2023

(long-term KPIs) and the first tranche for the financial year

2024 (short-term KPIs), and the Board of Directors decides, in

accordance with this recommendation:

• to allocate the second tranche of variable remuneration with

regard to 2023 (long-term KPIs) to Mr Christian Teunissen and

Mr Frederik Snauwaert in the amount of 88% of the maximum

amount provided for this second tranche, after having de-

termined the extent to which the various KPIs were achieved

(Annex 5);

• to allocate the first instalment of the variable remuneration

with regard to 2024 (short-term) to Mr Christian Teunissen

and Mr Frederik Snauwaert in the amount of 77% of the maxi-

mum amount provided for this first instalment, after having

determined the extent to which the various KPIs were achieved

(Annex 6).

6.1.15.1 Other real estate activities of the executive di-

rectors and the companies to which they are

associated

In addition to their Company real estate activities, Christian

Teunissen (CEO) and Frederik Snauwaert (CFO) are indirectly

involved in other real estate activities (with stakes in other real

estate companies and/or as members of administrative bodies).

However, these activities do not require daily or active follow-up

or involvement, and therefore do not prevent the CEO's and CFO's

operational activities at the Company.

Furthermore, these activities do not constitute significant

competitive activities in relation to the Company's student

housing activities. For the sake of completeness, it is mentioned

that CEO Christian Teunissen has a stake in a company holding a

limited number of student housing units he has no control over, and

CFO Frederik Snauwaert has a stake in another company holding

a limited number of student housing units he has no control over.

Both are exit scenarios and neither person has any intention of

expanding these student housing activities in the future. Because

XIOR ANNUAL FINANCIAL REPORT 2025

of the limited scope of these activities, they could never cause

any significant competition with the Company's student housing

activities.

6.1.16 STATEMENTS

The Company has no arrangements or agreements with any

major shareholders, clients, suppliers or other persons electing

these parties as members of administrative, management or

supervisory bodies or as members of the senior management.

6.1.17 REMUNERATION REPORT

6.1.17.1 General information – persons concerned

In compliance with Article 3:6, Section 3 of the Belgian Companies

and Associations Code, Xior draws up a remuneration report on

the remuneration policy and the individual remuneration of its

executive and non-executive directors and the members of its

executive management.

This report covers the period from 1 January 2025 to 31 December

2025. This report was approved by the Remuneration and

Appointments Committee and the Board of Directors of the

Company on 28 January 2026.

The remuneration policy for 2025 has not changed compared to

the previous reporting period. This policy can be reviewed in the

Company's Corporate Governance Charter and is published on

the Company's website.

6.1.17.2 Remuneration of the members of the Board of

Directors

The Company's Board of Directors presents the fees of each of its

members at the Annual General Meeting. The remuneration policy

is evaluated annually, based on external benchmarking carried

out on a two-yearly basis, or in the event of a significant change

in the size of the Company or the functions and responsibilities

of executive management.

As far as remuneration is concerned, the Company aims to position

itself at the median of the benchmark group. The reference group

identified by the Company in this context consists of a group of

comparable listed real estate companies (including other RRECs,

among others).

It is submitted to the Annual General Meeting for approval on

a four-yearly basis, on the understanding that if the annual

evaluation or benchmarking leads to material changes, these

changes are also presented for approval to the Annual General

Meeting.

Independent specialist Hudson carried out this benchmarking

exercise for the first time in 2018. The adjustment of the fees for

2018 was also based on such an exercise.

In 2021, the Remuneration Committee carried out an analysis

of directors' remuneration for a second time. On 14 April 2021,

the Board of Directors decided to increase the remuneration of

the non-executive directors (as proposed by the Remuneration

Committee).

On 12 April 2023, the Remuneration Committee carried out its third

analysis of directors' remuneration. The Annual General Meeting

on 19 May 2023 then decided to increase the remuneration of the

non-executive directors once again (see Chapter 6.1.17.4 of this

Annual Report).

On 27 January 2026, the Remuneration Committee carried

out an analysis of the directors' remuneration once again. As a

result of this analysis, the Board of Directors (after consulting

the Remuneration Committee) proposes to increase the fixed

remuneration of the Chairperson of the Board of Directors. After

this increase, the fixed remuneration of the Chairperson shall

be equal to twice the fixed remuneration of a non-executive

director who is not the Chairperson. This increase is due to

the benchmarking carried out annually, as well as on the basis

of additional projects monitored by the Chair. The Board of

Directors will submit this increase for approval at the Annual

General Meeting of Shareholders on 21 May 2026.

All the members of the Board of Directors are covered by a D&O

Insurance policy. Xior pays the premium (including tax) of this

policy (50,801.25 EUR). The directors do not receive any other

benefits (company car, pension, mobile telephone and so on).

The Company's remuneration policy distinguishes between

two types of directors: executive directors and non-executive

directors, whether independent or not. The directors are not

paid any variable remuneration (in their role as directors) (for the

executive directors' variable fee in their capacity as members of

the executive management, see Chapter 6.1.17.5 of this Annual

Report), nor any fee for specific actions or transactions of the

public RREC or its subsidiaries. This remuneration is therefore

compliant with Article 35 of the Law on Regulated Real Estate

Companies.

No shares were awarded within the remuneration of members of

the Board of Directors for 2025.

6.1.17.3 Executive directors

The Company's directors who are also members of the executive

management receive no fixed fees or attendance fees. As members

of the executive management, they receive a management fee

(see below Chapter 6.1.17.5 of this Annual Report).

6.1.17.4 Non-executive directors

The remuneration of non-executive independent directors takes

into account their role as members of the Board of Directors

and their individual roles as chairs or members (as applicable)

of the Board of Directors' committees, as well as the resulting

responsibilities and demands on their time.

The Annual General Meeting on 19 May 2023 decided to adjust

the remuneration of the non-executive directors as follows with

effect from 1 January 2023.

CORPORATE GOVERNANCE XIOR

At the level of the Board of Directors, the non-executive directors

receive only a fixed annual remuneration, and no longer any

attendance fees for meetings. For the non-executive director

who chairs the Board of Directors, this fee amounts to 47,500

EUR per year. For each of the other non-executive directors, it

amounts to 37,500 EUR per year.

As previously stated, the Board of Directors will propose an

increase in the fixed remuneration of the Chair of the Board of

Directors (i.e. twice the fixed remuneration of a non-executive

director who is not the Chair) at the Annual General Meeting of

Shareholders on 21 May 2026.

In the case of the Audit & Risk Committee, the non-executive

director who chairs the committee receives a fixed annual fee of

8,000 EUR. The other non-executive directors who are members

of the committee receive 4,000 EUR per year. No attendance fees

will be paid for attending meetings of this committee.

In the case of the Remuneration and Appointments Committee,

the non-executive director who chairs the committee receives a

fixed annual fee of 8,000 EUR. The other non-executive directors

who are members of the committee receive 4,000 EUR per year.

No attendance fees will be paid for attending meetings of this

committee.

In the case of the ESG & Ethics Committee, all non-executive

directors who are members of this committee receive a fixed

annual fee of 4,000 EUR. No attendance fees will be paid for

attending meetings of this committee.

In the case of the Investment Committee, all non-executive

directors who are members of the committee (currently only

Mr Joost Uwents) receive a fixed annual fee of 20,000 EUR. No

more attendance fees will be paid for attending meetings of this

committee.

The non-executive directors domiciled in Belgium also receive a

fixed expense allowance of 2,500 EUR per year. For non-executive

directors who are domiciled outside Belgium, this is increased to

5,000 EUR.

The Company's remuneration policy has been amended in line

with the above arrangements.

No additional payments in kind are made to the non-executive

directors (independent or otherwise) during the term of their

mandate. There are no conditional, variable or deferred payments.

6.1.17.5 Remuneration for the members of the execu-

tive management

Members of executive management who are also members of

the Board of Directors do not receive any fee in their capacity as

members of the Board of Directors. As a member of the executive

management, they receive a management fee.

The remuneration of the members of executive management

consists of a fixed amount per month or per year that is laid

down in a special agreement approved by the Company's Board

of Directors based on a proposal from the Remuneration and

Appointments Committee.

The CEO and CFO each concluded a management agreement

with the Company on 23 November 2015. As a result of the new

Executive Committee established in September 2022 and the

new remuneration policy applicable from 2023, new management

contracts were concluded with the CEO and CFO at the end of

2022, which took effect from 1 January 2023.

The COO was appointed on 19 October 2022 and entered into a

management agreement with the Company on 25 October 2022.

The remuneration for the COO has applied since 1 November

2022.

Following the creation of the new Executive Committee in

September 2022, a new benchmarking exercise was carried out

in 2022. A long-term incentive plan was offered to the members

of the Executive Committee, involving an annual cash bonus

and a net amount to be used by the members of the Executive

Committee to buy shares in the Company under a three-year

acquisition programme. Since this long-term incentive plan

significantly changes the current remuneration policy, the new

remuneration policy was submitted to and approved by the

Extraordinary General Meeting on 15 September 2022. This new

XIOR ANNUAL FINANCIAL REPORT 2025

long-term incentive plan came into effect on 1 January 2023.

On the basis of the new benchmarking exercise defined in the

new remuneration policy comparing to "peers" designated in the

remuneration policy, and in the light of the Company's significant

growth in 2022 and the associated extended management

responsibilities, the total fixed annual remuneration for the

CEO for 2023 was adjusted to 400,000 EUR (indexed annually),

and the total fixed annual remuneration for the other members

of the Executive Committee (CFO and COO) to 660,000 EUR

(indexed annually). For 2025, the total fixed annual (indexed)

remuneration of the CEO was 418,265.64 EUR and the total fixed

annual (indexed) remuneration for the other members of the

Executive Committee (CFO and COO) was 690,128.88 EUR.

Each year, the Company's Board of Directors decides (on the

basis of a proposal from the Remuneration Committee) on the

variable fee to which the executive management members may

effectively be entitled for their activities during the previous

financial year. The achievement of the financial criteria is

checked based on the Company's accounting and financial data.

The calculation of the level of variable remuneration is based on

the extent to which objectives have been achieved, and serves

as a guideline for the Board of Directors when making a final

decision on the variable remuneration (based on a proposal from

the Remuneration Committee).

For all members of the executive management, the maximum

total package of variable remuneration is capped at 150% of their

fixed remuneration, meaning that it may represent a maximum of

60% of their total remuneration.

The variable remuneration relating to the financial year 2025 will

be further split (for the executive directors, in accordance with

the provisions of Article 7:91 of the Belgian Civil Code) into three

tranches. The three tranches relating to the financial year 2025

are set out in the table below and comprise the payment of two

tranches based on long-term criteria and one tranche based on

short-term criteria, namely:

• The assessment of the long-term criteria relating to 2023-

2024-2025 (i.e. the third tranche of the variable remuneration

of 2023).

• The assessment of the long-term criteria relating to 2024-

2025 (i.e. the second tranche of the variable remuneration of

2024).

• The assessment of the short-term criteria relating to 2025 (i.e.

the first tranche of the variable remuneration of 2025).

HERTZ

Hasselt - BELGIUM

CORPORATE GOVERNANCE XIOR

1. LONG-TERM CRITERIA 2023-2024-2025 – ASSESSMENT AND PAYMENT OF THE THIRD TRANCHE

VARIABLE REMUNERATION

2023 2023-2024

2023-2024-2025

Executive management

Short-term criteria

Percentage of the fixed remuneration

Long-term criteria

Percentage of the fixed remuneration

Christian Teunissen 50% 25%

25%

Frederik Snauwaert 50% 25%

25%

Kristina Olsen 50% 25%

25%

↓

tranche 2

tranche

of the variable remuneration

of 2023

of the variable remuneration

of 2023

of the variable remuneration

of 2023

Assessment of KPIs and payment in 2024 Assessment of KPIs and payment in 2025

Assessment of KPIs and payment in 2026

(see table long-term criteria 2023-2024-

2025)

This table assumes achievement of a target score on all proposed KPIs. If the maximum score were to be achieved on the proposed KPIs, the percentage would be 75 % of the fixed

remuneration related to short-term criteria (i.e. the first tranche), and 37.5 % of the fixed remuneration related to long-term criteria (i.e. the second tranche) and 37.5 % related to long-

term criteria (i.e. the third tranche), adding up to 150 % of the fixed remuneration. In this way, there is a linear increase, for both the financial and non-financial KPIs, between 0 EUR (at

"Minimum" or below), the “target” amount (at the target score) and from there again linearly to the "Maximum" score).

Long-term criteria 2023-2024-2025

KPI Weight Score

Occupancy rate

20%

Target

Top line growth (like-for-like)

40%

Maximum

Net debt to EBITDA Ratio

20%

Between target and maximum

Qualitative (non-financial) KPIs

20%

Target

This is the new definition of the ‘portfolio growth' KPI, as the focus is now on optimising the composition of the portfolio with a view to achieving an appropriate debt ratio rather

than growth in absolute terms.

>ESG

• Preparation of successful first CSRD reporting

• CO

reduction of at least 10% versus recalculated base year

• Increase training hours to 32 hours per year/employee (soft skills, languages, cyber security, job-specific training, safety & fire

training)

• Transparent performance reviews (minimum 80% employees in all countries)

• Digital safe workplace (Automated Security policies installed to digitally store personal and HR sensitive or company related data)

(all countries)

• Standarized digital onboarding & offboarding flow 'anytime & anywhere' (standardised policy BE, NL, ES, PT, DK, DE, PT)

• Implemented Comp&Ben strategy

>Yardi implementation

• Go live Sweden, Denmark, Poland

>Basecamp Integration

• Implementation of digital systems: implementation of BC properties and Ops teams on Yardi software (PMS, booking engine,

website and back-end)

• HR: role & responsibility alignment cfr. Xior job descriptions

>Finance

• Optimisation of portfolio in line with the strategy approved by the Board of Directors

On 28 January 2026, the Board of Directors also decided (following

the proposal of the Remuneration and Appointments Committee)

on the variable remuneration for the financial year 2023 linked to

the long-term criteria for the year 2023-2024-2025 (i.e. the third

tranche of 2023) using the following pre-defined KPIs, whereby

"minimum", "target" and "maximum" thresholds were set:

At the aforementioned meeting, it was decided that the CEO,

COO and CFO had achieved the "target" level, except in relation to

the “Top line growth (like for like)” for which the “maximum” level

had been reached, and the "Net debt to EBITDA ratio" for which

the level in between maximum and target had been reached (and

therefore overall 87% of the maximum amount of the variable

remuneration had been achieved for 2023-2024-2025).

XIOR ANNUAL FINANCIAL REPORT 2025

2. LONG-TERM CRITERIA 2024-2025 – ASSESSMENT AND PAYMENT OF THE SECOND TRANCHE

VARIABLE REMUNERATION

2024 2024-2025

2024-2025-2026

Executive management

Short-term criteria

Percentage of the fixed remuneration

Long-term criteria

Percentage of the fixed remuneration

Christian Teunissen 50% 25%

25%

Frederik Snauwaert 50% 25%

25%

Kristina Olsen 50% 25%

25%

↓

tranche 2

tranche

of the variable remuneration

of 2024

of the variable remuneration

of 2024

of the variable remuneration

of 2024

Assessment of KPIs and payment in 2025 Assessment of KPIs and payment in 2026

(see table long-term criteria 2024)

The third tranche is dependent on the

achievement of pre-determined KPIs.

These KPIs will be assessed in 2027 on

the basis of the KPIs determined for the

period 2024–2025–2026.

This table assumes achievement of a target score on all proposed KPIs. If the maximum score were to be achieved on the proposed KPIs, the percentage would be 75 % of the fixed

remuneration related to short-term criteria (i.e. the first tranche), and 37.5 % of the fixed remuneration related to long-term criteria (i.e. the second tranche) and 37.5 % related to long-

term criteria (i.e. the third tranche), adding up to 150 % of the fixed remuneration. In this way, there is a linear increase, for both the financial and non-financial KPIs, between 0 EUR (at

"Minimum" or below), the “target” amount (at the target score) and from there again linearly to the "Maximum" score).

Long-term criteria 2024-2025

KPI Weight Score

Occupancy rate

20%

Target

Top line growth (like-for-like)

40%

Maximum

Net debt to EBITDA Ratio

20%

Maximum

Qualitative (non-financial) KPIs

20%

Target

This is the new definition of the ‘portfolio growth' KPI, as the focus is now on optimising the composition of the portfolio with a view to achieving an appropriate debt ratio rather

than growth in absolute terms.

>ESG

• CSRD: Implementation of the new CSRD KPI & targets, including test reporting H1 2025

• Customer satisfaction of at least 75 % and higher then the percentage achieved in 2024

>Yardi implementation

• Activation targets achieved in line with the implementation strategy determined by the Board of Directors

>Finance

• Optimisation of portfolio in line with the strategy approved by the Board of Directors

Subsequently, on 28 January 2026 (following a proposal from

the Remuneration and Appointments Committee), the Board

of Directors decided on the financial year 2024’s variable

remuneration linked to the long-term criteria for 2024-2025 (i.e.

the second tranche of 2024) using the following pre-defined KPIs,

setting "minimum", "target" and "maximum" thresholds:

At the aforementioned meeting, it was decided that the CEO,

COO and CFO had achieved the “target” level, except with regard

to the "Net debt to EBITDA ratio" and "Top line growth" (like-for-

like), for which the "maximum" level had been reached (meaning

that 89% of the maximum amount of the variable remuneration

had been earned for 2024-2025 overall).

CORPORATE GOVERNANCE XIOR

3. SHORT-TERM CRITERIA 2025 – ASSESSMENT AND PAYMENT OF FIRST TRANCHE

VARIABLE REMUNERATION

2025 2025-2026

2025-2026-2027

Executive management

Short-term criteria

Percentage of the fixed remuneration

Long-term criteria

Percentage of the fixed remuneration

Christian Teunissen 50% 25%

25%

Frederik Snauwaert 50% 25%

25%

Kristina Olsen 50% 25%

25%

↓ ↓

↓

tranche 2

tranche

of the variable remuneration

of 2025

of the variable remuneration

of 2025

of the variable remuneration

of 2025

Assessment of KPIs and payment in

2026 (see table short-term criteria

2025)

The second and third tranches are dependent on the achievement of the pre-deter-

mined KPIs. These KPIs will be assessed in 2027 and 2028 based on the KPIs deter-

mined for the 2025–2026 period and the KPIs determined for the 2025–2026–2027

period.

This table assumes achievement of a target score on all proposed KPIs. If the maximum score were to be achieved on the proposed KPIs, the percentage would be 75 % of the fixed

remuneration related to short-term criteria (i.e. the first tranche), and 37.5 % of the fixed remuneration related to long-term criteria (i.e. the second tranche) and 37.5 % related to long-

term criteria (i.e. the third tranche), adding up to 150 % of the fixed remuneration. In this way, there is a linear increase, for both the financial and non-financial KPIs, between 0 EUR (at

"Minimum" or below), the “target” amount (at the target score) and from there again linearly to the "Maximum" score).

Short-term criteria 2025

KPI Weight Score

Occupancy rate

20%

Between target and maximum

EPS

40%

Target

Net debt to EBITDA Ratio

20%

Between target and maximum

Qualitative (non-financial) KPIs

20%

Target

This is the new definition of the ‘portfolio growth' KPI, as the focus is now on optimising the composition of the portfolio with a view to achieving an appropriate debt ratio rather

than growth in absolute terms.

>ESG

• Customer Satisfaction on group level of at least 77% - measurement based on the 2 surveys each year.

• Calculations CO

scopes per 31/07/2025 + Target setting based on calculations 2030-2040-2050 per 30/09/2025 + request

validation from SBTI per 31/12/2025.

• Develop HR structure on group level according to HR plan to be presented by Xior's external HR consultant in August 2025 (+ HR

target setting in August 2025 for H2 2025, 2026 and 2027).

>Yardi implementation

• Activation and full onboarding in the Netherlands per 31/12/2025 + data clean-up, gap fit, design and configuration Spain &

Portugal per 31/12/2025.

>Portfolio optimization

• Divestments of at least 20 million EUR, execution committed pipeline and activation landbank (start up Seraing & Bokelweg) in line

with the strategy as defined by the Board of Directors.

Finally, on 28 January 2026, the Board of Directors decided

(following the proposal of the Remuneration and Appointments

Committee) on the variable remuneration for financial year 2025

linked to the short-term criteria for the aforementioned year (i.e.

the first tranche), based on the following predetermined KPIs,

whereby "minimum", "target" and "maximum" thresholds were set

as well:

At the aforementioned meeting, it was decided that the CEO, COO

and CFO had achieved a total of 76% of the maximum amount of

variable remuneration over 2025.

During 2025, no form of share-based remuneration existed

anywhere within the Company.

If a proposal is made to create a system by which the members

of the executive management are paid in the form of shares,

share options or any other right to acquire shares, this system

must be approved in advance by the Company's shareholders.

However, it is quite possible that the Board of Directors may

require members of the executive management to use part of

their variable remuneration to purchase shares in the Company

in line with a three-year acquisition program. This was not applied

for the first tranche of variable remuneration with regard to the

financial year 2025.

XIOR ANNUAL FINANCIAL REPORT 2025

The criteria for allocating the income-based variable remuneration

for the executive directors only relate to the public RREC's

consolidated net result and exclude all variations in the fair value

of the assets and hedging instruments. No remuneration is paid

based on a specific operation or transaction of the public RREC

or its subsidiaries. This remuneration is therefore compliant with

Article 35 of the Law on Regulated Real Estate Companies.

No additional fees are granted to the members of the executive

management. There are no conditional, other variable or deferred

payments.

In accordance with Principle 7.9 of the Corporate Governance

Code, there is a minimum threshold of number of shares in the

Company that each member of the Executive Committee must

hold. This is explained in more detail in Chapter 6.7.4 of the

Corporate Governance Charter.

The agreements with the members of the executive management

provide for a recovery mechanism for both the short-term and

the long-term incentives, under which the Company has the

right to recover all or part of the variable remuneration from the

beneficiary up to one year after its payment if during that period,

it appears that the payment was made on the basis of incorrect

information about the achievement of the objectives on which

the variable remuneration was based or about the circumstances

on which the variable remuneration depended. The agreements

with the executive management have been concluded in line

with market conditions. For the purpose of determining the

remuneration of the executive management, there was also some

limited benchmarking with similar listed real estate companies

when the relevant agreements were signed.

The Company has not concluded any other agreements with

the remaining members of its management, executive and

supervisory bodies.

6.1.17.6 Overview of remuneration of members of the Board of Directors and executive management for 2025

Board of Directors Fixed fee Expense allowance

Total

Joost Uwents 57,500 EUR 2,500 EUR

60,000 EUR

Wilfried Neven 51,500 EUR 2,500 EUR

54,000 EUR

Wouter De Maeseneire 48,000 EUR 2,500 EUR

50,500 EUR

Colette Dierick 49,500 EUR 2,500 EUR

52,000 EUR

Conny Vandendriessche 42,500 EUR 2,500 EUR

45,000 EUR

Marieke Bax

16,563 EUR 1,875 EUR

18,438 EUR

Christian Teunissen - -

Frederik Snauwaert - -

Total 265,563 EUR 14,375 EUR

279,938 EUR

The mandate of Marieke Bax expired at the Annual General Meeting of Shareholders on 15 May 2025.

Executive management Fixed fee Variable fee

Total

CEO 418,265.64 EUR 494,796.15 EUR

913,061.79 EUR (100%)

(composed of 130,077.43 EUR with regard to the

third tranche of variable remuneration for 2023-

2024-2025 (long term) plus 135,933.01 with

regard to the second tranche of variable remune-

ration for 2024-2025 (long term), plus 228,785.71

EUR with regard to the first bracket of variable

remuneration for 2025 (short term))

CFO & COO 690,128.88 EUR 816,413.66 EUR

1,506,542.54 EUR (100%)

(composed of 214,627.76 EUR with respect to the

third tranche of the variable remuneration for

2023-2024-2025 (long term), plus 224,289.46

EUR with regard to the second tranche of variable

remuneration for 2024-2025 (long term), plus

377,496.41 EUR with regard to the first tranche of

variable remuneration for 2025 (short term))

Total 1,108,394.52 EUR 1,311,209.81 EUR

2,419,604.33 EUR

CORPORATE GOVERNANCE XIOR

The remuneration of the executive management is subject to

annual indexation.

The table below provides an overview of the annual changes

in the remuneration of non-executive directors and executive

management, the annual changes in the Company's performance

and the annual changes in the average remuneration (expressed

in full-time equivalents) of Company employees other than non-

executive directors and executive management over the last five

financial years:

Annual change in %

2021 vs

2020

2022 vs

2021

2023 vs

2022

2024 vs

2023

2025 vs

2024

1. Remuneration of non-executive directors (total)

Joost Uwents 41% 5% -1.67% 0%

Wilfried Neven 50% 16% 22.7% 0%

Wouter De Maeseneire 47% 19% 9% 0%

Marieke Bax N/A 86%

26.2% 0%

-63.50%

Conny Vandendriessche N/A N/A 103.60%

Colette Dierick N/A N/A 116%

2. CEO (total)

Christian Teunissen 5% 6% 35.50% 15.03%

18.47%

3. Average remuneration of other members of the executive management

CFO, CIO (until 15 September 2022) & COO (from 19

October 2022) 14% -8% 40.7% 15.03%

18.47%

4. Company performance

EPRA EPS 6% 15% 7% 0%

DPS 6% 15% 7% 0%

FV of portfolio 26% 54% 6% 3%

Market capitalisation 32% -26% 13% 11%

5. Average remuneration of the Company's employees (FTE)

0% +4% +11% +13.3%

+6.8%

In the financial year 2021, Marieke Bax's remuneration only covered the period from her appointment, i.e. 20 May 2021 to 31 December 2021.

Marieke Bax’s remuneration in the financial year 2025 only covered the period from 1 January 2025 up to and including the termination of her mandate, i.e. 15 May 2025.

Conny Vandendriessche's and Colette Dierick's remuneration in the financial year 2022 only covered the period from their appointment, i.e. 19 May 2022 to 31 December 2022.

The remuneration of the CEO, CFO and COO concerns the fixed remuneration with regard to 2024, plus the variable remuneration (i.e. the second tranche of variable remuneration

with regard to 2023-2024 (long term) and the first tranche of variable remuneration with regard to 2024 (short term)).

The remuneration of the CEO, CFO and COO concerns the fixed remuneration with regard to 2025, plus the variable remuneration (i.e. the third tranche of variable remuneration

with regard to 2023-2024-2025 (long term), the second tranche of variable remuneration with regard to 2024-2025 (long term) and the first tranche of variable remuneration with

regard to 2025 (short term)).

The ratio between the remuneration of the highest-paid senior

management and the lowest-paid Company employee is 13.94.

6.1.17.7 Share options

Until 1 January 2023, the Company has not set up any share

options plans, share purchase plans or employee participation

agreements under which members of the management,

executive or supervisory bodies and the senior management

could acquire shares in the Company. Since 1 January 2023, the

Board of Directors has had the option to require members of the

executive management to use part of their variable remuneration

to purchase shares in the Company under the terms of a three-

year acquisition programme. This was not applied for the variable

remuneration with regard to the financial year 2025.

XIOR ANNUAL FINANCIAL REPORT 2025

6.2 INFORMATION PURSUANT TO ARTICLE 34 OF THE ROYAL DECREE OF

14 NOVEMBER 2007

6.2.1 CAPITAL STRUCTURE

As at 31 December 2025, the Company's capital was 840,511,692

EUR, divided into 46,695,094 no-par value shares, each

representing 1/46,695,094

fraction of the capital.

There are no preference shares. Each of these shares confers

the right to one vote in the Annual General Meeting. The existing

shareholders have a pre-emptive right in case of a capital increase

in the Company (see also Chapter 10.9.17 of this Annual Report).

No special rights of inspection have been granted to certain

categories of shareholders.

There is no restriction on voting rights by law or under the Articles

of Association. Xior's Articles of Association contain no provisions

that restrict the free transfer of the shares.

The Company is not aware of the existence of any shareholders'

agreement between the existing shareholders in relation to the

Company.

6.2.2 DECISION-MAKING BODIES

The rules that apply to the appointment or replacement of the

members of the Board of Directors, and to the amendment of

Xior's Articles of Association are those mentioned in the applicable

legislation – specifically the Belgian Companies and Associations

Code, and Legislation on Regulated Real Estate Companies – and

in the Company's Articles of Association (see also Chapter 6.1.4

of this Annual Report.)

6.2.3 AUTHORISED CAPITAL

At the Extraordinary General Meeting on 4 April 2025, the Board

of Directors was authorised to increase the registered capital

in one or more stages (see also Chapter 10.9.17 of this Annual

Report and Article 7 of the updated Articles of Association, which

are published on the Company's website).

6.2.4 PURCHASE OF SHARES

The Company may acquire its own shares or accept them as

security in accordance with the conditions laid down in the

Belgian Companies and Associations Code (see Article 7:215,

Section 1, (1-4) of the Code).

The Company does not hold any of its own shares.

6.2.5 CONTRACTUAL PROVISIONS

The conditions under which financial institutions have granted

financing to Xior require that it must retain its status as a public

regulated real estate company. The general terms and conditions

under which this financing is granted contain an early repayment

clause, implemented at the banking institutions' discretion on any

change of control.

CORPORATE GOVERNANCE XIOR

THE XIOR

”

THE NET VALUE PER SHARE AS OF 31

DECEMBER 2025 WAS 37.54 EUR. XIOR'S

MARKET CAPITALISATION ON EURONEXT

BRUSSELS ROSE TO APPROXIMATELY

1.35 BILLION EUR IN 2025. „

XIOR ANNUAL FINANCIAL REPORT 2025

THE XIOR SHARE XIOR

Share price (in EUR per share) Net Asset Value EPRA NAV Net Asset Value IFRS NAV

12/’15 03/’16 06/’16 09/’16 12/’16 03/’17 06/’17 09/’17 12/’17 03/'18 06/’18 09/’18 12/’18 03/’19 06/’19 09/’19 12/’19 03/’20 06/’20 09/’20 12/’20 03/’21 06/’21 09/’21 12/’21 03/’22 06/’22 09/’22 12/’22 03/’23 06/’23 09/’23 12/’23 03/’24 06/’24 09/’24 12/”24 03/’25 06/’25 09/’25 12/'25

20.0

22.5

25.0

27.5

30.0

32.5

35.0

37.5

40.0

42.5

45.0

47.5

50.0

52.5

55.0

57.5

60.0

62.5

65.0

67.5

70.0

72.5

75.0

The Xior share price at the end of the organisation's tenth year

as a listed company was 28.95 EUR. The average daily volume

based on the number of outstanding shares at year-end was

58,004 shares. The velocity – the number of shares traded per

year divided by the total number of shares at the end of the year

– was 31.96%.

7.1 THE SHARE ON EURONEXT BRUSSELS

Based on the number of issued shares.

The Xior share (ISIN code BE0974288202) has been listed on the

regulated Euronext Brussels market since 11 December 2015. Xior

shares moved from the BEL Small to the BEL Mid index of Euronext

Brussels in 2017 and were also included in the EPRA Index in 2017,

making Xior the first fully dedicated student housing REIT in

continental Europe to be included in the index. As of November

2021, Xior was also included in the Morgan Stanley Capital

International (MSCI) Global Small Cap Index.

The closing price on the last trading day of 2025 (31 December

2025) was 28.95 EUR, which represents a discount of

approximately 23% on the net asset value per share as at 31

December 2025 (see Royal Decree on Regulated Real Estate

Companies), which was 37.54 EUR

per share. Xior's market

capitalisation on Euronext Brussels rose to approximately 1,352

MEUR in 2025.

XIOR ANNUAL FINANCIAL REPORT 2025

DATA PER SHARE 31/12/25 31/12/24 31/12/23

31/12/22

Number of shares issued

46,695,094 42,344,283 38,227,797

34,752,543

Weighted average number of shares

46,279,394 41,118,335 37,142,375

30,005,985

Market capitalisation (in EUR) 1,351,822,971 1,255,507,991 1,135,365,571

1,004,348,493

Free float

82.78% 81.02% 86.68%

72.15%

Share price (closing price) for relevant period (in EUR)

Highest 31.75 35.50 32.95

52.40

Lowest 25.30 24.45 25.20

26.25

Average 29.12 29.72 28.90

41.40

At year-end 28.95 29.65 29.70

28.90

Volume (in number of shares)

Number of shares traded 14,791,032 11,163,729 11,435,588

11,426,394

Average daily volume 58,004 43,608 44,670

44,461

Velocity 31.96% 27.15% 30.79%

38.08%

NAV (IFRS) (in EUR) 37.54 38.60 39.70

42.77

EPRA NAV (in EUR)

38.84 40.04 40.65

43.01

Dividend payout ratio 80.00% 80.00% 80.00%

80.00%

EPRA earnings per share

(in EUR) 2.22 2.22 2.22

2.08

EPRA earnings per share

(in EUR) – group share 2.21 2.21 2.21

2.07

Gross dividend/share (in EUR)

1.768 1.768 1.768

1.656

Net dividend/share (in EUR)

1.238 1.238 1.238

1.159

Gross dividend yield

6.50% 6.34% 6.33%

6.08%

Net dividend yield

4.55% 4.44% 4.43%

4.25%

The data are shown as made available on the Euronext Brussels website, without corrections for “corporate events” such as capital increases and coupon detachments.

According to the respective dividend entitlement.

Approximate estimate, taking into account the known percentages of shareholders who have made transparency notifications (using the then current total number of shares

(denominator)).

Based on the total number of shares outstanding. - For definitions, usage and reconciliation tables of APMs, please refer to Section 10.8 of this Annual Report. All APMs are

marked with an .

Based on the weighted average number of shares.

Taking into account a 30% withholding tax..

Calculated as gross dividend divided by (closing price - gross dividend)..

Calculated as (gross dividend - 30% withholding tax) divided by (closing price - gross dividend).

Xior will continue its efforts to regularly participate in roadshows, conferences and events for both institutional and retail investors, as

in past years, in order to continue to inform investors in a transparent manner and to further broaden and strengthen its investor base.

Market: Euronext Brussels

Symbol: XIOR

ISIN code: BE0974288202

Trading: continu

Index: BEL Mid, EPRA Index & MSCI Global Small Cap Index

Liquidity provider: Van Lanschot Kempen Wealth Management NV

THE XIOR SHARE XIOR

7.2 SHAREHOLDERS

For a summary of Xior's shareholding structure, please refer to Chapter 6.1.3 of this Annual Report.

7.3 COUPON INFORMATION

N° Type Dividend period

Gross dividend

value

Reason for the

detachment Ex date Record date

Payment

date

1 Dividend 01/01/16 – 10/09/16 0.892 EUR Contribution in kind 12/10/17 13/10/17 19/05/17

2 Dividend 11/09/16 – 31/12/16 0.258 EUR Contribution in kind 18/01/17 19/01/17 19/05/17

3 IAR

(SPO ‘17) N/A N/A SPO 2017 08/06/17 09/06/17 N/A

4 Dividend 01/01/17 – 21/06/17 0.565 EUR SPO 2017 08/06/17 09/06/17 22/05/18

5 Dividend 22/06/17 – 31/12/17 0.635 EUR Contribution in kind 29/03/18 03/04/18 22/05/18

6 IAR

(SPO 2018) N/A N/A SPO 2018 31/05/18 01/06/18 N/A

7 Dividend 01/01/18 – 11/06/18 0.555 EUR SPO 2018 31/05/18 01/06/18 04/06/19

8 Dividend 12/06/18 – 04/12/18 0.603 EUR Contribution in kind 06/12/18 07/12/18 04/06/19

9 Dividend 05/12/18 – 31/12/18 0.092 EUR – 17/05/19 20/05/19 04/06/19

10 Dividend 01/01/19 –12/06/19 0.581 EUR Contribution in kind 14/06/19 17/06/19 27/05/20

11 IAR

(SPO 2019) N/A N/A SPO 2019 17/10/19 18/10/19 N/A

12 Dividend 13/06/19 – 28/10/19 0.492 EUR SPO 2019 17/10/19 18/10/19 27/05/20

13 Dividend 29/10/19 – 31/12/19 0.227 EUR – 25/05/20 26/05/20 27/05/20

14 Dividend 01/01/20 – 06/10/20 1.0104 EUR Contribution in kind 09/10/20 12/10/20 26/05/21

15 Dividend 07/10/20 – 24/11/20 0.1821 EUR ABB 2020 23/11/20 24/11/20 26/05/21

16 Dividend 25/11/20 – 31/12/20 0.1375 EUR SPO 2021 25/02/21 26/02/21 26/05/21

17 Dividend 01/01/21 – 08/03/21 0.2643 EUR SPO 2021 25/02/21 26/02/21 9/06/22

18 IAR

(SPO 2021) N/A N/A SPO 2021 25/02/21 26/02/21 N/A

19 Dividend 09/03/21 – 06/12/21 1.0770 EUR ABB 2021 03/12/21 06/12/21 09/06/22

20 Dividend 07/12/21 – 31/12/21 0.0987 EUR – 23/05/22 24/05/22 09/06/22

21 Dividend 01/01/22 – 14/09/22 1.1660 EUR Contribution in kind 15/09/22 16/09/22 24/05/23

22 Dividend 15/09/22 – 31/12/22 0.4900 EUR Contribution 21/04/23 24/04/23 24/05/23

23 Dividend 01/01/23 – 24/04/23 0.5522 EUR Contribution 21/04/23 24/04/23 22/05/24

24 Dividend 25/04/23 – 31/12/23 1.2158 EUR – 20/05/24 21/05/24

22/05/24

25 Dividend 01/01/24 –17/04/24 0.5217 EUR Contribution in kind

(earn-out 1)

16/04/24 17/04/24

21/05/25

26 Dividend 18/04/24 – 31/12/24 1.2463 EUR ABB 2025 17/01/25 20/01/25

21/05/25

27 Dividend 01/01/25 – 13/04/25 0.4989

EUR Contribution in kind

(earn-out 2)

10/04/25 11/04/25

26/05/26

28 Dividend 14/04/25 – 31/12/25 1.2691

EUR 22/05/26 25/05/26

26/05/26

Irreducible allocation right.

The value of the dividends relating to the previous fiscal year, yet to be distributed and paid, is subject to approval by the annual general meeting and reference is made to the

relevant published financial information.

SPO: Secondary public offering

ABB: Accelerated Bookbuild

XIOR ANNUAL FINANCIAL REPORT 2025

7.4 FINANCIAL CALENDAR 2026

The financial calendar for 2026 is shown below.

Date Item

24 April 2026 Announcement of results as of March 31 2026 (before start of trading)

21 May 2026 Annual General Meeting

26 May 2026 Payment date for 2025 dividend (coupons 27 and 28)

6 August 2026 Announcement of results as of June 30 2026 (before start of trading)

23 October 2026 Announcement of results as of September 30 2026 (before start of trading)

These dates are subject to change. For possible changes, please

refer to the financial agenda on the website www.xior.be.

7.5 DIVIDEND POLICY

Under the Legislation on Regulated Real Estate Companies, in its

capacity as a public RREC, the Company must pay out a minimum

amount as remuneration of capital each year. At least 80% of the

adjusted net income (pursuant to Article 13 of the Royal Decree

on Regulated Real Estate Companies) minus the net reduction in

the Company's debt in the course of the financial year must be

paid as remuneration of capital.

This obligation to distribute is subject to two restrictions. Firstly,

it must not lead to the distribution of an amount that must not

be distributed pursuant to Article 7:212 of the Belgian Companies

and Associations Code and secondly, such a distribution is not

possible if, following the distribution, the Debt Ratio (separate and

consolidated) would exceed the limit of 65% of the separate or

consolidated assets.

The Company is proposing a gross dividend of 1,768 EUR per share

for the financial year 2025, subject to approval at the Company's

annual general meeting. Pursuant to Articles 171(3) and 269 of

the Belgian Income Tax Code, the withholding tax on dividends

paid by a public RREC (like Xior) has generally been 30% since

1 January 2017 (see Articles 171(3) and 269, Section 1(1) of the

Belgian Income Tax Code).

Subject to the availability of distributable reserves, and always

subject to approval by the general meeting, the Company intends

to grow the dividend over the next three years.

THE XIOR SHARE XIOR

7.6 OUTLOOK & PROFIT FORECAST

7.6.1 GENERAL

The outlook described below includes expectations for fiscal year

2026, with respect to Xior Student Housing NV's consolidated

EPRA earnings and consolidated balance sheet.

The Board of Directors prepared the following outlook and profit

forecast in order to set expectations for the fiscal year 2026,

taking into account the operational trends identified so far, using

a basis that is comparable to the historical financial information.

The budget for 2026 was drawn up taking into account the

current occupancy rate and an estimate of the future occupancy

rate extrapolated from the past (incl. 2024 and 2025). For the new

acquisitions and buildings completed in 2025, the guarantees

received were also taken into account.

The accounting treatments used for the forecasts are consistent

with the accounting methods used by Xior when preparing its

consolidated accounts as of December 31 2025, complying

with IFRS as adapted by the European Union, and implemented

through the Royal Decree on Regulated Real Estate Companies.

The forecasts relating to the consolidated EPRA earnings

are

predictions whose actual results will depend on the how the

economy, financial markets and property markets develop.

This forecast was based on the information available as of

December 31 2025 while also taking post balance sheet events

into account should any exist

. These are summarised in Chapter

5.6 Post balance sheet events. These forecasts were prepared

and drawn up on a basis that is comparable with the historical

financial information and in accordance with Xior's accounting

policies.

Xior's prospective information, projections, convictions, opinions

and estimates regarding the expected future performance of

Xior and the market in which it operates are not a Company

commitment. By nature, prospective statements involve inherent

Alternative Performance Measures. In accordance with the guidelines issued by the European Securities and Market Authority (ESMA) on 3 July 2016, the definitions of the APMs

and their use and reconciliation tables are included in Chapter 10.8 of the consolidated financial statements for 2025.

See also Chapter 5.6 of this Annual Report

risks, uncertainties and assumptions, both general and specific,

and there is a risk that the prospective statements will not be

achieved.

The main economic trends that can affect the Company's

forecasts are:

• The trends in the property market in Belgium, the Netherlands,

Spain, Portugal, Germany, Poland, Denmark and Sweden and

particularly the student housing market;

• Future demand for student rooms, which is affected by fac-

tors such as the number of 18-to-25-year-olds, the number

of higher education enrolments, even better access to higher

education for all, the quality of education, the number of foreign

students, the enrolment fee and students' decisions to live at

home or in student accommodation. This evolution may have

an impact on the rental income or the valuation of the portfolio

as determined by the Valuation Expert;

• The regional legislation imposing a number of health, safety and

living standards requirements;

• Changes in interest rates and bank margins.

7.6.2 HYPOTHESES

Accounting methods used

The accounting treatments used for this outlook are consistent

with the accounting methods used by Xior in the preparation of

its consolidated accounts as of December 31 2025, in accordance

with IFRS as adapted by the European Union, and implemented

through the Royal Decree on Regulated Real Estate Companies.

Hypotheses with regard to elements that cannot be im-

pacted by Xior directly

• From September 2026 onwards, the evolution of rental income

in each country took into account the inflation of rental prices

and/or changes in rental prices, always considering legislation

and an estimate of the retention rate. When estimating rental

income, the current occupancy rate was taken into account,

and an estimation was made for the future occupancy rate

based on historical data;

XIOR ANNUAL FINANCIAL REPORT 2025

• The property tax was based on historic figures (if available) or

management estimates using similar buildings. The property

tax may be affected by changes in the legislation. Property tax

on retail spaces is fully passed on to the tenant, unlike proper-

ty tax on student housing, which cannot be passed on to the

tenants and is fully charged to the RREC's earnings or those of

its subsidiaries;

• The listing expenses (such as the "subscription tax", the fee for

Euronext Brussels SA/NV and FSMA expenses, etc.) are esti-

mated based on the going market rates, which the RREC does

not control;

• The net rental income may be affected if a significant number

of tenants fail to pay their rent or if the planned occupancy

level is not achieved;

• Financial hedging instruments (IRSs) are valued at market value

in accordance with IFRS (IAS 39). Given the volatility of the in-

ternational financial markets, changes in these market values

were not taken into account. Nor are these changes relevant for

the forecast in terms of EPRA earnings

, on which the dividend

payout is based;

• The investment property is valued at the Fair Value in accor-

dance with IFRS (IAS 40). However, no predictions are made in

terms of any changes in the fair value of the investment proper-

ty, as these would be unreliable and subject to a number of

external factors beyond the Company's control. Nor are these

fluctuations relevant for the forecasts relating to the EPRA

earnings

, on which the dividend payout is based;

• The Company assumes a legal, regulatory and fiscal as ap-

plicable at the date of this Annual Report for determining its

prospects.

Hypotheses with regard to elements that can be impac-

ted by Xior directly

Net rental result:

• This result was estimated on the basis of current contracts and

estimates of the contracts for the new academic year, starting

in September 2026. For new buildings, an estimate of the ex-

pected rental income was made based on market knowledge.

Occupancy rates in 2026 are expected to be at a similar level

to the occupancy rate for 2025;

Alternative Performance Measures. In accordance with the guidelines issued by the European Securities and Market Authority (ESMA) on 3 July 2016, the definitions of the APMs

and their use reconciliation tables are included in Chapter 10.8 of the consolidated financial statements for 2025.

• Normally, rents are reviewed in the new academic year; an es-

timate for this was included in the budget for 2026. Sitting te-

nants have indexation applied (legally determined per country

based on the inflation percentage). New tenants may be char-

ged new rental rates, which do not have to reflect the rate of

inflation. Based on historical data, we know that price increases

can be implemented and that there is a certain pricing power,

therefore, certain price increases above inflation were taken

into account when preparing the budget for 2026;

• If the Company received a rental guarantee upon acquisition

of the property, it was included in the calculation of the result;

• An estimate was made in the budget for doubtful receivables.

This is a percentage of the rental income and was determined

based on historical information and a future estimate. Non-

recoverable receivables of 0.5% were included for 2026. In

terms of occupancy rates, an occupancy rate in line with the

2025 occupancy rate was taken into account.

Property charges:

• These costs mainly include the costs of maintenance and re-

pairs, insurance, property taxes which are not passed on to stu-

dents, direct student-focused publicity, vacancy costs in case

of structural vacancy, property management and Valuation

Experts' fees. These were estimated for 2026 on the basis of

the current portfolio. Certain cost optimisations of costs were

also taken into account;

• An analysis of the current maintenance contracts was carried

out to provide the basis for the 2026 budget, and an estima-

te was also made of the variable maintenance costs for each

building;

• A full marketing budget has been established per building and/

or per country;

• The property management costs mainly include staff costs,

which were estimated per person on the basis of the number of

staff employed per country, as well as taking new recruitment

into account where necessary, and increases in wage costs due

to inflation.

General expenses:

• These expenses include the Company's internal operating ex-

penses, which are management salaries, directors' fees, costs

BASECAMP BY XIOR

Wroclaw - POLAND

100

THE XIOR SHARE XIOR

for staff at HQ (IR, legal, finance and accounting, reception,

etc.), liability insurance policies, office expenses, amortisation

and depreciation and equipment costs. This also includes the

depreciation for the Company's registered office in Antwerp

and the rent for offices abroad where administrative staff are

employed;

• They also include the estimated expenses for external consul-

tants, lawyers, tax advisers, accounting and IT costs, complian-

ce costs and the auditor's fee;

• For a listed company, the overheads also include the annual

taxes for the RREC, fees owed to the financial agent and li-

quidity provider, Euronext Brussels listing fees, expenses with

regard to the prudential monitoring of RRECs and the budget

for financial communication. Only the costs of financial com-

munications can be influenced by the Company;

• The general expenses were estimated based on the overheads

incurred in 2025, again taking into account any possible opti-

misations. On the other hand, in 2025 one-off costs have been

incurred, which are therefore no longer foreseen in the 2026

budget.

Interest charges:

• The estimate of the interest charges is based on the chan-

ges in financial debt, starting from the current situation as at

31 December 2025 plus an estimate of the additional debt

required to finance the investment programme to be imple-

mented during 2026. The interest charges are budgeted per

contract based on the financing agreements and the costs of

the Interest Rate Swaps also concluded. The estimate also took

into account the new loans taken out at the beginning of 2026

as well as the conditions for the contracts that reach their term

in 2026 and for which an agreement on renewal has already

been obtained.

Taxes:

• These include the annual corporation tax. The taxable base in

Belgium is almost zero thanks to the fiscal transparency en-

joyed by the Company. In Spain, too, the Company has gained

a tax-transparent status, which means that the taxable income

is virtually zero here. The corporation tax due mainly relates to

taxation of the income of the Dutch permanent establishment,

the Dutch subsidiaries, and the Portuguese, Danish, Polish,

German and Swedish subsidiaries to the extent that there are

no tax losses that can be offset. This calculation is based on

the applicable corporate tax rates. Where there was an oppor-

tunity to adjust past tax provisions as a result of submitting tax

returns, this was also included in the budget for 2026.

7.6.3 FORECAST OF THE CONSOLIDATED RESULTS AND

DIVIDEND EXPECTATIONS

The profit forecast for 2026 has been drawn up and prepared on

a basis comparable to that of the historical financial information

and in accordance with the Company’s accounting policies.

Based on current market conditions and the information currently

available, Xior expects earnings per share (EPS) to rise to 2.30 EUR

in 2026, representing a 4% increase compared to the projected

EPS of 2.21 EUR for 2025. This growth is primarily driven by the

underlying operational performance of the portfolio, including

like-for-like rental growth, an increasing contribution from

recent acquisitions and projects in the pipeline, and further

improvements in digital and operational efficiency.

Following a period of balance sheet strengthening and debt ratio

reduction in recent years, Xior expects to return to earnings per

share growth from 2026 onwards, whilst maintaining a stable

loan-to-value (LTV) ratio. Operating cash flow can be prioritised

for further growth in earnings per share, including through the

continued monetisation of projects in the pipeline so that they

can make a full contribution to revenue. Supplemented by targeted

asset rotation, this growth can be financed to a significant extent

from internal cash generation.

Furthermore, the European student housing market remains

characterised by structural scarcity, increasing international

student mobility and sustained strong pricing power, which

contributes to a stable and predictable growth profile for the

sector.

These outlooks are, of course, subject to the results and the further

evolution of macroeconomic and financial market conditions.

XIOR ANNUAL FINANCIAL REPORT 2025

101

7.6.4 AUDITOR’S REPORT ON PROFIT FORECAST

ASSURANCE REPORT OF THE AUDITOR ON THE ANALYSIS OF FORWARD-LOOKING FINANCIAL INFORMATION FOR INCLUSION IN THE

REGISTRATION DOCUMENT

At your request and in application of Section 11 of Annex 1 of the

Commission's Delegated EU Regulation 2019/980, supplementing

EU Regulation 2017/1129, we have prepared this report on the

forward-looking financial information of the company Xior

Student Housing NV ("the Company") included in section 7.6 of its

Group Annual Financial Report 2025 (the Annual Financial Report

2025) (hereinafter "the Registration Document").

Responsibilities of the board of directors

In application of the provisions of Section 11 of Annex 1 of the

Commission Delegated EU Regulation 2019/980, the board

of directors of the Company is responsible for preparing the

forward-looking financial information and for determining

the estimates and underlying relevant assumptions on which

such forward-looking financial information is based. The

aforementioned forward-looking financial information as well as

the determinations and assumptions were included in section 7.6

of the Registration Document (the "Criteria").

Responsibilities of the auditor

The auditor is responsible for expressing an opinion as to whether

the forward-looking financial information has been compiled

by the board of directors in all material respects, based on the

appropriate Criteria.

For this purpose, for the projection relating to the financial year

ended 31 December 2026, we have examined the Company's

forward-looking financial information, as well as the estimates and

underlying relevant assumptions on which this forward-looking

financial information is based, as included in the Registration

Document.

We carried out our engagement in accordance with the

"International Standard on Assurance Engagements as applicable

to the analysis of forward-looking financial information" (ISAE

3400). The objective of such engagement is to obtain limited

assurance that the assurance risk is reduced to a level that is

acceptable in the circumstances in order to serve as a basis for

a conclusion, expressed in the negative form, on the forward-

looking information, and more specifically whether anything has

come to our attention that causes us to believe that the forward-

looking financial information has not been prepared, in all material

respects, in accordance with the appropriate Criteria set out in

Section 7.6 of the Registration Document.

In respect of the forward-looking information, we have performed

work with the objective of obtaining sufficient appropriate

information to determine whether the assumptions are not

unreasonable, using appropriate accounting policies.

Conclusion

Based on our review, nothing has come to our attention that

would cause us to believe that the estimates and underlying

relevant assumptions do not provide a reasonable basis for the

preparation of the forward-looking financial information.

Furthermore, we believe that the forward-looking financial

information has been adequately prepared based on the

estimates and underlying relevant assumptions, in accordance

with the decisions of Section 11 of Annex 1 of the Commission

Delegated EU Regulation 2019/980, supplementing EU Regulation

No 2017/1129 and using appropriate accounting policies.

As reality will most likely differ from the forecasts, and as the

projections and underlying assumptions relate to the future, we

cannot make any statement as to whether the actual results to be

reported will correspond to those stated in the projections. Any

deviations may be material.

Due to the fact that the work described above is neither an

audit nor a review in accordance with International Standards on

Auditing or International Standards for Review Engagements, we

do not express any assurance on the forward-looking financial

information. Had we performed additional work, other matters

may have come to our attention to which we would have drawn

your attention.

This report has been prepared and added to the Registration

Document in application of and in accordance with Section 11 of

Annex 1 of the Commission Delegated EU Regulation 2019/980,

supplementing EU Regulation 2017/1129 and should not be used

for any other purpose. The report should necessarily be read

together with Section 7.6 of the Registration Document.

Diegem, 13 April 2026

PwC Bedrijfsrevisoren BV

Statutory auditor of Xior Student Housing NV

represented by

Jeroen Bockaert

Company auditor

Acting on behalf of Jeroen Bockaert BV

102

THE XIOR SHARE XIOR

PROPERTY

REPORT

XIOR ANNUAL FINANCIAL REPORT 2025

103

”

THROUGH ITS STUDENT RESIDENCES, XIOR

OFFERS A SUSTAINABLE SOLUTION TO THE

CHRONIC SHORTAGE OF HIGH-QUALITY STUDENT

ACCOMMODATION IN EUROPE. „

104

PROPERTY REPORT XIOR

8.1 PROPERTY MARKET

The Company mainly holds properties intended for student

accommodation in continental Europe: Belgium, the Netherlands,

Spain, Portugal, Germany, Poland, Denmark and Sweden.

The following paragraphs describe the general state of affairs in

the underlying Belgian resp. Dutch, Spanish, Portuguese, German,

Polish, Danish and Swedish real estate markets for student

accommodation, based on information the Company obtained

from BONARD (Museumstraße 3b/16 1070 Vienna, Austria).

BONARD has agreed that this information can be included in the

Annual Report.

8.1.1 STUDENT HOUSING MARKET IN BELGIUM

Solid international students base

Belgium continues to prove an attractive destination for both

local and international students. Between 2018 and 2023, the total

student population in the two major student cities, Brussels and

Antwerp, grew at a CAGR of 3.6% and 2.6%, respectively. Over the

same period, the international student population in these cities

also increased steadily, at a CAGR of 5.5% in Brussels (124,676

students, 27.1% international) and 4.2% in Antwerp (56,090

students, 15.2% international). The latest available data indicates

that the total student population in Belgium exceeds half a million,

with moderate growth across the major cities.

Total no. of students in Belgium

+3.8

% (CAGR)

+5.6% (CAGR)

100,000

200,000

300,000

400,000

500,000

600,000

'21/'22'20/'21'19/'20'18/'19'17/'18'

20,000

40,000

60,000

80,000

100,000

'21/'22'20/'21'19/'20'18/'19'17/'18'

525,498

88,102

0 2,000 4,000 6,000 8,000 10,000 12,000

Brussels

Antwerp

8.8%

Total provision rate

No. of private PBSA bedsNo. of non-private PBSA beds

Source: Governmental bodies & statistics of the respective countries, BONARD, 2026.

No. of international students in Belgium

+3.8% (CAGR)

+5.6

% (CAGR)

100,000

200,000

300,000

400,000

500,000

600,000

'21/'22'20/'21'19/'20'18/'19'17/'18'

20,000

40,000

60,000

80,000

100,000

'21/'22'20/'21'19/'20'18/'19'17/'18'

525,498

88,102

0 2,000 4,000 6,000 8,000 10,000 12,000

Brussels

Antwerp

8.8%

Total provision rate

No. of private PBSA bedsNo. of non-private PBSA beds

Source: Governmental bodies & statistics of the respective countries, BONARD, 2026.

Belgium’s appeal as a study destination for international students

is underpinned by a combination of academic quality, post-

graduation opportunities, culture, and a growing selection of

English-taught programmes. It is home to several well-regarded

universities, known for teaching and research, such as KU Leuven

(ranked 46th globally), Ghent University (91st), and other highly

ranked educational institutions, such as Université libre de

Bruxelles and the University of Antwerp.

Country

Reference

year

Total no. of

students

No. of

international

students

% of

international

students

Belgium

2017/2018 453,499 70,762

15.6%

2018/2019 472,117 73,271

15.5%

2019/2020 498,117 78,000

15.7%

2020/2021 520,275 83,353

16.0%

2021/2022 525,498 88,102

16.8%

Note: In case of Belgium, the data available covers the academic years 2017/2018 to

2021/2022, as the official source has not been updated since.

Source: Governmental bodies & statistics of the respective countries, BONARD, 2026.

In addition, tuition fees are relatively low compared to those in

other leading study destinations. Beyond these factors, Belgium’s

central location in Europe and the presence of international

institutions, centred in Brussels, provide students with valuable

work opportunities.

XIOR ANNUAL FINANCIAL REPORT 2025

105

ARC

Liège - BELGIUM

BELGIUM

Receives

19,819

Erasmus

students

Sends

17,169

Erasmus

students out

Source: European Commission, BONARD, 2026.

Persisting pressure in the student housing market

The PBSA sector in Belgium remains undersupplied, with a total

provision rate of 8.8%, while the provision rate in the private

sector has reached 13.4%.

Although Brussels and Antwerp are both major student destina-

tions, their PBSA markets differ in structure. The sector in

Antwerp is strongly dominated by private providers, managing

the vast majority of existing PBSA beds (93%). By contrast, the

Belgian capital has a more balanced market split, with 58% beds

managed privately. This difference is clearly displayed in the

private provision rates of these cities - 25.6% in Antwerp and

10.0% in Brussels.

Total no. of PBSA beds in Belgium

+3.8% (CAGR)

+5.6% (CAGR)

100,000

200,000

300,000

400,000

500,000

600,000

'21/'22'20/'21'19/'20'18/'19'17/'18'

20,000

40,000

60,000

80,000

100,000

'21/'22'20/'21'19/'20'18/'19'17/'18'

525,498

88,102

0 2,000 4,000 6,000 8,000 10,000 12,000

Brussels

Antwerp

8.8%

Total provision rate

No. of private PBSA bedsNo. of non-private PBSA beds

Source: BONARD, 2026.

A single studio in a private PBSA residence reached an adjusted

average monthly rent of EUR 853 in Brussels and EUR 686 in

Antwerp. The rents have grown country-wise by 4.4% year-

on-year, but nationwide structural undersupply, combined

with growing demand, strong leasing speed, and waiting lists, is

expected to exert further upward pressure on rents.

Market development

Among the most prominent private providers managing over 1,000

beds, Xior Student Housing remains the leading operator, with

over 4,500 beds. Other major brands include Upkot, Eckelmans,

Generation Campus, Diggit Studentlife, Wilgimmo, and Student

Comfort, which are present not only in Brussels and Antwerp,

but also in cities such as Leuven and Hasselt. Collectively, these

providers manage over 17,000 beds.

The projects currently in the pipeline exceed 5,200 beds, with

the majority of them being in the private sector. New schemes

are being developed not only in Brussels and Antwerp, as the

major student cities, but a strong focus was also placed on

Ghent, where seven new projects (six of them private) are under

development. New schemes are also planned in the non-private

sector, driven in part by KU Leuven and Université Catholique de

Louvain. Meanwhile, the investment activity in Belgium in 2025

remained limited.

All the key market indicators remain strong, supported by high

tenant retention and extensive waiting lists. The persistent

imbalance between supply and demand continues to create clear

opportunities for further market development.

106

PROPERTY REPORT XIOR

8.1.2 STUDENT HOUSING MARKET IN THE NETHERLANDS

An international student magnet

In the academic year 2024/2025, the Netherlands had a total

student population reaching 787,072, with international students

accounting for 16.6%, reflecting strong growth in this segment in

recent years. Between 2020 and 2024, the international student

population grew at a CAGR of 6.3%.

Student demand is largely concentrated in the Netherlands’

main university centres. Amsterdam stands out as the largest

student market, with 29 higher-education institutions and

137,627 students, of whom 20.4% are international. It is followed

by Utrecht, which hosts 78,757 students (9.5% international), and

Rotterdam, with 76,623 students, where international students

make up 16.2%. Compared with the previous year, the proportion

of international students has slightly increased, reinforcing the

role of these cities as leading student hubs.

Total no. of students in the Netherlands

787,072

-0.9

% (CAGR)

+6.3% (CAGR)

131,004

0 5,000 10,000 15,000 20,000 25,000 30,000

Utrecht

Rotterdam

Nijmegen

Groningen

Amsterdam

20.4%

21.2%

11.7%

14.8%

13.7%

Total provision rate

No. of private PBSA bedsNo. of non-private PBSA beds

Source: Governmental bodies & statistics of the respective countries, BONARD, 2026.

No. of international students in the Netherlands

787,072

-0.9% (CAGR)

+6.3

% (CAGR)

131,004

0 5,000 10,000 15,000 20,000 25,000 30,000

Utrecht

Rotterdam

Nijmegen

Groningen

Amsterdam

20.4%

21.2%

11.7%

14.8%

13.7%

Total provision rate

No. of private PBSA bedsNo. of non-private PBSA beds

Source: Governmental bodies & statistics of the respective countries, BONARD, 2026.

The Netherlands hosts 13 globally recognised universities that

consistently rank highly in international rankings, including Delft

University of Technology, the University of Amsterdam, Leiden

University, and Utrecht University, all of which are among the

world’s top 100 HEIs.

Supported by a broad supply of English-language programmes

- particularly at master’s level - alongside high academic

standards and competitive tuition fees, the Netherlands remains

an attractive destination for international students.

Receives

18,716

Erasmus

students

Sends

22,358

Erasmus

students out

THE

NETHERLANDS

Source: European Commission, BONARD, 2026.

Demand-supply imbalance

The supply struggles to keep pace with rising demand. The

average provision rate is 19.3%, giving only every fifth student

access to a PBSA bed, while the private provision rate is even

lower (8.7%). Among the largest student cities, Groningen records

the lowest total provision rate (11.7%). The two major student

cities remain slightly above the average, with total provision rates

of 20.4% in Utrecht and 21.2% in Amsterdam. Private provision in

ZERNIKE TOWER

Groningen -

THE NETHERLANDS

XIOR ANNUAL FINANCIAL REPORT 2025

107

these cities remains low, staying below 10%, in line with country-

wide dynamics.

Total no. of PBSA beds in the Netherlands

787,072

-0.9% (CAGR)

+6.3% (CAGR)

131,004

0 5,000 10,000 15,000 20,000 25,000 30,000

Utrecht

Rotterdam

Nijmegen

Groningen

Amsterdam

20.4%

21.2%

11.7%

14.8%

13.7%

Total provision rate

No. of private PBSA bedsNo. of non-private PBSA beds

Source: BONARD, 2026.

In the private PBSA sector, rent levels have grown by 5.3%

compared to the previous year. The adjusted average rent for a

single studio in private PBSAs in Amsterdam currently constitutes

EUR 1,088, EUR 980 in Utrecht, and EUR 1,206 in Rotterdam.

PBSA supply in the Netherlands continues to fall short of demand,

while alternative housing options in the private rental market

have further diminished following regulatory changes that have

reduced the attractiveness of student letting for private landlords.

The proposed Balanced Internationalisation Act, a measure aimed

at gradually moderating the growth of international student

inflows and easing the pressure on the housing market over time,

has been since its first proposal revised. Currently under review,

it is designed primarily to shape future programme development,

notably by promoting Dutch-medium instruction and tightening

the criteria for new English-taught degrees. As such, any impact is

expected to materialise through forward-looking constraints and

institutional self-regulation, rather than through an immediate

or widespread reduction in existing programmes or student

numbers, keeping the demand levels stable going forward.

Insufficient market saturation

The National Action Plan for Student Housing, launched in 2022

and designed to help ease the shortage in the PBSA market, has

already delivered 15,000 new units over the past three years.

There are concrete plans for at least 11,600 additional student

units in 30 major student cities by 2029, and preliminary plans

for 9,600 units.

About 58% of the PBSA schemes in cities monitored by BONARD

are supported by non-private players such as municipalities and

student housing associations.

As of 2025, 50% of the PBSA stock across the covered cities is

in the hands of only three non-private providers, namely DUWO,

SSH, and Lieven de Key, totalling 56,766 beds.

Some of the largest providers in the Netherlands are Holland2Stay,

Xior Student Housing, The Social Hub, Student Experience, and

Plaza Resident Services, followed by The Cohesion, The Fizz, and

OurDomain (Greystar).

Investment activity in the Dutch PBSA sector increased in 2025

compared to the previous year, reflecting renewed investor

confidence and strong underlying market fundamentals driving

higher transaction volumes. Nido Living, backed by CPPIB,

disposed of two properties in Leiden and Maastricht to Ardian

and Rockfield Real Estate. Greystar sold a mixed-use property

in Rotterdam, while International Campus invested EUR 50 million

into the acquisition of a development project in the same city.

Country

Reference

year

Total no. of

students

No. of

international

students

% of

international

students

The

Netherlands

2020/2021 815,817 102,561

12.6%

2021/2022 831,471 115,068

13.8%

2022/2023 816,490 122,287

15.0%

2023/2024 799,999 128,004

16.0%

2024/2025 787,072 131,004

16.6%

Source: Governmental bodies & statistics of the respective countries, BONARD, 2026.

108

PROPERTY REPORT XIOR

8.1.3 STUDENT HOUSING MARKET IN SPAIN

Student destination in the spotlight

Spain, alongside other Southern European destinations, is

increasingly positioned as an attractive alternative for international

students as restrictive policies across the traditional “Big Four”

markets (USA, Canada, UK, Australia) redirect mobility flows. At

the same time, the region is emerging as a popular target for PBSA

investment and development activity.

The country is home to a large student population: in 2023/2024,

the total student population exceeded 1.8 million (1,824,011), 14.4%

of whom were international. Preliminary figures from 2024/2025

point towards continued growth. Spain has experienced a

heightened demand from international students, with numbers

growing at a CAGR of 2.1% over the past four years.

Madrid and Barcelona remain among the most popular student

cities in Spain, consistently listed in the QS top 50 student cities,

with Valencia in the top 100.

Total no. of students in Spain

+2.1

% (CAGR)

+5.9% (CAGR)

20,000

40,000

60,000

80,000

100,000

1,824,011

262,836

0 5,000 10,000 15,000 20,000 25,000

Valencia

Seville

Madrid

Granada

Barcelona

4.4%

10.5%

7.7%

11.5%

8.7%

Total provision rate

No. of private PBSA bedsNo. of non-private PBSA beds

'23/'24'22/'23'21/'22'20/'21'19/'20

Source: Governmental bodies & statistics of the respective countries, BONARD, 2026.

No. of international students in Spain

+2.1% (CAGR)

+5.9

% (CAGR)

20,000

40,000

60,000

80,000

100,000

1,824,011

262,836

0 5,000 10,000 15,000 20,000 25,000

Valencia

Seville

Madrid

Granada

Barcelona

4.4%

10.5%

7.7%

11.5%

8.7%

Total provision rate

No. of private PBSA bedsNo. of non-private PBSA beds

'23/'24'22/'23'21/'22'20/'21'19/'20

Source: Governmental bodies & statistics of the respective countries, BONARD, 2026.

Receives

68,845

Erasmus students

Sends

59,580

Erasmus

students out

SPAIN

Source: European Commission, BONARD, 2026.

Spain’s leading student cities offer a wide-ranging choice of

institutions. Madrid hosts 54 higher education institutions,

including eight globally ranked, while Barcelona has 35 HEIs,

of which six are ranked. Supported by its reputation for high-

quality education, an attractive lifestyle, and comparatively low

tuition fees, Spain continues to reinforce its appeal as a study

destination.

Although multiple new projects were completed in the past few

years, the sector is still undersupplied. The current provision

rate in Spain remains very low – 9.2% overall and 12.3% private.

In Barcelona, the total provision rate is 7.7%, with the private rate

at 10.6%, similar to Madrid, where the total is 8.7% and the private

13.5%. Average adjusted rents in private PBSAs have reached EUR

1,265 in Madrid and EUR 1,270 in Barcelona for a single studio.

XIOR ANNUAL FINANCIAL REPORT 2025

109

XIOR ATALAYA

Malaga - SPAIN

Country

Reference

year

Total no. of

students

No. of

international

students

% of

international

students

Spain

2019/2020 1,681,747 208,627

12.4%

2020/2021 1,698,711 175,573

10.3%

2021/2022 1,752,402 224,387

12.8%

2022/2023 1,782,527 242,115

13.6%

2023/2024 1,824,011 262,836

14.4%

Source: Governmental bodies & statistics of the respective countries, BONARD, 2026.

Developing market

The Spanish PBSA market remains in an active development

stage, with investors focusing not only on primary markets but

also on secondary cities.

The most dominant player in Spain is Resa, managing over 12,000

beds (operational and in development), followed by Micampus

Residencias, managing almost 10,000 beds. Other major PBSA

providers include YUGO and Livensa Living, recently acquired by

CPPIB-backed Nido Living.

The country-level pipeline, monitored by BONARD, exceeds

21,600 units, with only 12% of all beds being developed by non-

private providers. The private developments comprise 18,902

beds and are driven by the strong players on the market, such

as YUGO, Bravo! Students, Micampus, Amro Estudiantes etc.

Planned private schemes are located not only in Tier 1 cities such

as Madrid, Barcelona, and Valencia: around 50% of beds will be

added in Tier 2 and Tier 3 cities, namely Malaga, Cordoba, Seville,

Granada among all.

Total no. of PBSA beds in Spain

+2.1% (CAGR)

+5.9% (CAGR)

20,000

40,000

60,000

80,000

100,000

1,824,011

262,836

0 5,000 10,000 15,000 20,000 25,000

Valencia

Seville

Madrid

Granada

Barcelona

4.4%

10.5%

7.7%

11.5%

8.7%

Total provision rate

No. of private PBSA bedsNo. of non-private PBSA beds

'23/'24'22/'23'21/'22'20/'21'19/'20

Source: BONARD, 2026.

Investment momentum strengthens

Building on strong underlying fundamentals, the Spanish PBSA

market has seen investment momentum accelerate, with activity

intensifying in 2025. Several notable transactions, involving both

single assets and portfolio deals, point to renewed investor

confidence and improving market liquidity.

The biggest transaction of the year in Continental Europe was the

acquisition of the Livensa Living portfolio by Nido Living and CPPIB

for EUR 1.2 billion. The portfolio includes approximately 9,000

beds across 20 operational properties and two schemes under

development in the university hubs across Spain and Portugal.

Greystar has acquired a Spanish portfolio from Merkel Capital

(1,225 beds) at an acquisition price of EUR 120 million.

Furthermore, Amro Real Estate Partners and Invesco Real Estate

entered into a JV to acquire three development projects, planned

for completion by the 2028 academic year; the acquisition price

for 807 beds was EUR 150 million.

Single assets and plots were also transacted across both primary

and secondary markets, including Malaga, Toledo, and Santander,

confirming private equity and institutional investor interest in

smaller, less saturated locations.

Further entry of institutional capital and the launch of new

platforms underscore the growing appeal of Spanish PBSA within

European living strategies, signalling a market that is gaining more

traction.

110

PROPERTY REPORT XIOR

LUMIAR

Lisbon - PORTUGAL

8.1.4 STUDENT HOUSING MARKET IN PORTUGAL

Demand momentum and persistent undersupply

Over the past year, Portugal has attracted growing interest from

students choosing among its high-quality universities, as well

as increased capital as new entrants seek opportunities in an

increasingly popular market.

Portugal has 456,032 students, with international students

accounting for 17.6%. International enrolment has expanded at a

7.9% CAGR over the past four years, suggesting increased demand

as students look beyond the “Big Four” (the U.S., Canada, the U.K.,

and Australia) amid recent regulatory changes.

Country

Reference

year

Total no. of

students

No. of

international

students

% of

international

students

Portugal

2020/2021 411,995 58,960

14.3%

2021/2022 433,217 69,965

16.2%

2022/2023 446,028 78,113

17.5%

2023/2024 448,235 77,471

17.3%

2024/2025 456,032 80,065

17.6%

Source: Governmental bodies & statistics of the respective countries, BONARD, 2026.

Total no. of students in Portugal

+2.6

% (CAGR)

+7.9% (CAGR)

20,000

40,000

60,000

80,000

100,000

'24/'25'23/'24'22/'23'21/'22'20/'21

456,032

80,065

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000

Porto

Lisbon

Coimbra

9.5%

7.1%

5.1%

Total provision rate

No. of private PBSA bedsNo. of non-private PBSA beds

Source: Governmental bodies & statistics of the respective countries, BONARD, 2026.

No. of international students in Portugal

+2.6% (CAGR)

+7.9

% (CAGR)

20,000

40,000

60,000

80,000

100,000

'24/'25'23/'24'22/'23'21/'22'20/'21

456,032

80,065

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000

Porto

Lisbon

Coimbra

9.5%

7.1%

5.1%

Total provision rate

No. of private PBSA bedsNo. of non-private PBSA beds

Source: Governmental bodies & statistics of the respective countries, BONARD, 2026.

Receives

30,119

Erasmus students

Sends

17,395

Erasmus

students out

Source: European Commission, BONARD, 2026.

The structural imbalance of demand and supply on the Portuguese

market persists, confirmed by Lisbon having one of the lowest

provision rates among selected European cities monitored by

BONARD. Lisbon’s total provision rate stands at 5.1%, and private

provision at 7.5%, representing only a minor increase compared to

the last year. Porto, as the second biggest market in the country,

is achieving slightly higher, yet insufficient saturation, with a total

provision rate of 9.5% and private provision at 15.9%. Most of the

existing stock in both cities is managed by private providers, with

61% share in Lisbon and 75% in Porto.

XIOR ANNUAL FINANCIAL REPORT 2025

111

Total no. of PBSA beds in Portugal

+2.6% (CAGR)

+7.9% (CAGR)

20,000

40,000

60,000

80,000

100,000

'24/'25'23/'24'22/'23'21/'22'20/'21

456,032

80,065

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000

Porto

Lisbon

Coimbra

9.5%

7.1%

5.1%

Total provision rate

No. of private PBSA bedsNo. of non-private PBSA beds

Source: BONARD, 2026.

The country’s pipeline exceeds 9,300 beds. Development is

being driven by both non-private and private players, with the

latter developing 55% of all monitored stock. This includes

both established brands such as Micampus Residencias, and

premiering ones like aparto.

The country’s pipeline is dominated by private providers, while

several projects are being delivered directly by universities under

a governmental initiative aimed at providing affordable student

housing through new developments and renovation of the existing

accommodation properties.

Against a backdrop of strong demand and extremely limited

supply, the country-level rents in the private PBSAs increased by

6.1% year-on-year. The adjusted average rent for a single studio

in a private PBSA residence was EUR 933 in Lisbon and EUR 722

in Porto.

An active market

Among the five biggest operators in the country are Livensa

Living (acquired by Nido Living in 2025), Xior Student Housing,

and Micampus Residencias.

With the entry of new brands and international players, the

market continues to attract attention, driven by a pronounced

demand–supply gap. New development projects are emerging

not only in the two major cities but also in secondary markets

such as Coimbra, Almada, Aveiro, and Faro.

While still fragmented, the Portuguese PBSA market is

professionalising, with many investors considering it a promising

opportunity for expansion.

New entrants to the student housing market

The Portuguese market recorded several transactions in 2025,

including Nido Living’s acquisition of the Livensa Living portfolio

across Portugal and Spain. Hines (HEPP) entered the market by

acquiring a student accommodation project in Porto, set to open

in the following academic year under its aparto brand. Gavari

Properties also established a presence in the Portuguese market

by purchasing a plot in Lisbon for EUR 6 million, marking its first

investment outside Spain. Simultaneously, Stoneshield Capital

acquired two assets in Lisbon for a total of EUR 60 million.

The appeal of the Portuguese market continues to rise, supported

by one of the lowest provision rates among European PBSA markets

and increasing demand. As the market remains in a growth phase,

it continues to attract investor interest in alternative living sectors

such as PBSA, with players seeking entry through acquisitions or

the development of new schemes, not only in primary markets

but also in second-tier cities.

112

PROPERTY REPORT XIOR

8.1.5 STUDENT HOUSING MARKET IN POLAND

Increasing demand

The Polish international student population has grown at a stable

pace over the past few years, reaching 108,609 in 2025, with a

4-year CAGR of 6.4%. International students account for 8.5% of

Poland’s student population, which currently stands at 1,280,096.

Supported by a strong academic reputation, confirmed by

45 globally ranked HEIs, a wide selection of English-medium

programmes, moderate living costs, and dedicated support

for foreign students, Poland is expected to attract increasing

attention in the coming years.

Total no. of students in Poland

+1.2

% (CAGR)

+6.4% (CAGR)

20,000

40,000

60,000

80,000

100,000

120,000

'24/'25'23/'24'22/'23'21/'22'20/'21

1,280,096

108,609

0 5,000 10,000 15,000 20,000 25,000

Wroclaw

Warsaw

Poznan

Lodz

Krakow

10.1%

7.2%

15.7%

15.2%

8.0%

Total provision rate

No. of private PBSA bedsNo. of non-private PBSA beds

Source: Governmental bodies & statistics of the respective countries, BONARD, 2026.

No. of international students in Poland

+1.2% (CAGR)

+6.4

% (CAGR)

20,000

40,000

60,000

80,000

100,000

120,000

'24/'25'23/'24'22/'23'21/'22'20/'21

1,280,096

108,609

0 5,000 10,000 15,000 20,000 25,000

Wroclaw

Warsaw

Poznan

Lodz

Krakow

10.1%

7.2%

15.7%

15.2%

8.0%

Total provision rate

No. of private PBSA bedsNo. of non-private PBSA beds

Source: Governmental bodies & statistics of the respective countries, BONARD, 2026.

Country

Reference

year

Total no. of

students

No. of

international

students

% of

international

students

Poland

2020/2021 1,218,046 84,689

7.0%

2021/2022 1,218,166 89,420

7.3%

2022/2023 1,223,629 105,404

8.6%

2023/2024 1,245,153 107,130

8.6%

2024/2025 1,280,096 108,609

8.5%

Source: Governmental bodies & statistics of the respective countries, BONARD, 2026.

Warsaw remains one of the five largest student markets in

Europe and is home to 256,669 students across 68 HEIs, six of

which have received global recognition. Its international student

population reached 32,532 in 2025, placing it close to cities such

as Brussels and Barcelona, while ahead of Amsterdam, Edinburgh,

and Rome. Warsaw is followed by Krakow, Wroclaw, and Poznan,

each enrolling over 100,000 students.

Following the requirement to verify applicants’ education

qualifications, a rule introduced in 2025 further aims to prevent

student visa policy abuse and introduces mandatory Polish

language proficiency at a B2 level. However, these measures are

not expected to affect genuine students coming to Poland to

study at one of the country’s many prestigious universities.

Receives

25,319

Erasmus

students

Sends

32,217

Erasmus

students out

POLAND

Source: European Commission, BONARD, 2026.

XIOR ANNUAL FINANCIAL REPORT 2025

113

XIOR WENEDOW

Warsaw - POLAND

Ongoing supply shortfall

Due to structural reasons and a strong growth of the international

student population, Poland is struggling to meet accommodation

demand. Poland’s total provision rate is 10.4%, in line with other

countries, but its private provision rate is one of the lowest in

Europe at 2.7%, meaning that only one in 37 international and

domestic mobile students has access to private PBSAs.

The largest student market in Poland, Warsaw, remains severely

undersupplied, with the lowest total provision rate among the five

biggest cities, standing at just 7.2%. The private provision rate

has increased only slightly from 1.0% to 1.3%, underlining deep

structural undersupply.

Demand continues to outpace supply across Poland’s main cities.

Krakow records the highest total provision rate in Poland, at

15.7%, while the private provision rate reaches only 4.1%. Wroclaw

shows only slightly higher saturation than the capital (total 10.1%,

private 2.9%). Overall, provision rates remain well below those in

developed European markets, indicating that Poland is likely to

remain an attractive destination for local and foreign capital.

The rental growth data for the 2024/2025 academic year was

slower compared to the previous year. The adjusted average rent

for a single studio in 2025 in private PBSAs reached EUR 758 in

Warsaw, EUR 689 in Wroclaw, and EUR 589 in Krakow.

Total no. of PBSA beds in Poland

+1.2% (CAGR)

+6.4% (CAGR)

20,000

40,000

60,000

80,000

100,000

120,000

'24/'25'23/'24'22/'23'21/'22'20/'21

1,280,096

108,609

0 5,000 10,000 15,000 20,000 25,000

Wroclaw

Warsaw

Poznan

Lodz

Krakow

10.1%

7.2%

15.7%

15.2%

8.0%

Total provision rate

No. of private PBSA bedsNo. of non-private PBSA beds

Source: BONARD, 2026.

Appealing PBSA market

Polish PBSA landscape, while evolving, remains behind comparable

markets in Western Europe in terms of maturity.

The market is still dominated by non-private providers such as

universities, which typically offer more affordable options but

with fewer amenities and services than those commonly provided

by private PBSA operators.

Alongside the earliest brands active in the market, including

Student Depot, Basecamp, SHED Co-living, and Milestone, new

operator Student Space has recently entered the market and is

expanding the current PBSA bed supply.

Polish brand Student Depot continues to dominate the

private PBSA sector with over 5,700 beds (operational and in

development). The second-largest private brand is Basecamp by

Xior, with over 4,400 beds.

Growing private sector

The Polish market recorded several additions and changes during

2025. In addition to the Xior’s acquisition of two prime properties

in Warsaw and Wroclaw, the company expanded its footprint

in Poland by launching a new residence in Warsaw Wenedow,

developed in cooperation with Solida Capital.

In 2025, Student Space, a relatively new entrant to the Polish

market, has opened two properties in Krakow, contributing over

1,200 beds to the sector. Krakow PBSA capacities were further

enriched by the opening of the Zeitraum asset on Raclawicka,

while Warsaw has seen the opening of two SHED properties.

Meanwhile, Student Depot opened the extension of the existing

asset in Poznan, increasing the total capacity by 408 beds.

114

PROPERTY REPORT XIOR

BASECAMP BY XIOR

Leipzig - GERMANY

8.1.6 STUDENT HOUSING MARKET IN GERMANY

Student population dynamics

Germany’s sizeable student population (2,864,122 in the

2024/2025 academic year) remains stable, with a predicted

increase to almost 2,877,000 students, according to 2025/2026

preliminary data. Meanwhile, international student numbers have

been growing at a CAGR of 4.3% over the past four years and now

account for 17.2% of the total student population.

Country

Reference

year

Total no. of

students

No. of

international

students

% of

international

students

Germany

2020/2021 2,944,145 416,437

14.1%

2021/2022 2,946,141 440,817

15.0%

2022/2023 2,920,263 458,210

15.7%

2023/2024 2,868,311 469,485

16.4%

2024/2025 2,864,122 492,087

17.2%

Source: Governmental bodies & statistics of the respective countries, BONARD, 2026.

Receives

40,181

Erasmus

students

Sends

59,649

Erasmus

students out

GERMANY

Source: European Commission, BONARD, 2026.

Germany continues to be a leading destination for international

students, supported by the strength of its higher education

system, solid labour-market fundamentals, and the appeal of its

major university hubs. This is reflected in global rankings, where

Munich and Berlin placed 4th and 7th, respectively, among the top

10 student cities worldwide according to the QS ranking.

Germany is one of the few countries globally where public

universities across most federal states offer tuition-free

education, with students typically paying only a modest semester

contribution in some cases. This positive academic environment

is one of the main drivers behind the increase in the international

student population.

Total no. of students in Germany

-0.7% (CAGR)

+4.3% (CAGR)

100,000

200,000

300,000

400,000

500,000

'24/'25'23/'24'22/'23'21/'22'20/'21

2,864,122

492,087

0 5,000 10,000 15,000 20,000 25,000 30,000

Munich

Hamburg

Frankfurt

Cologne

Berlin

14.2%

12.9%

14.5%

6.4%

10.5%

Total provision rate

No. of private PBSA bedsNo. of non-private PBSA beds

Source: Governmental bodies & statistics of the respective countries, BONARD, 2026.

No. of international students in Germany

-0.7% (CAGR)

+4.3

% (CAGR)

100,000

200,000

300,000

400,000

500,000

'24/'25'23/'24'22/'23'21/'22'20/'21

2,864,122

492,087

0 5,000 10,000 15,000 20,000 25,000 30,000

Munich

Hamburg

Frankfurt

Cologne

Berlin

14.2%

12.9%

14.5%

6.4%

10.5%

Total provision rate

No. of private PBSA bedsNo. of non-private PBSA beds

Source: Governmental bodies & statistics of the respective countries, BONARD, 2026.

One of the strongest European PBSA markets

Germany is among the largest and most mature PBSA markets in

continental Europe. Throughout 2025, the market fundamentals

remained resilient, with rents increasing by 2.5%. Adjusted

average rents for a single studio in private PBSAs stood at EUR

920 in Berlin, EUR 852 in Hamburg, and EUR 993 in Munich.

XIOR ANNUAL FINANCIAL REPORT 2025

115

Non-private providers continue to dominate the market,

accounting for over 70% of all student beds across the 46 cities

covered by BONARD, and they currently develop about 50% of

monitored pipeline projects. In 2025, the country-level private

provision rate decreased slightly to 7.1%, indicating that demand

is growing faster than supply.

The biggest private provider on the German market remains

i-Live, which operates over 7,000 beds, followed by The Fizz with

over 4,000 beds under management. Other major operators,

including Home & Co, Felixx, and Campo Novo, each manage

between 2,800 and 2,900 beds.

At a national level, the total provision rate stands at 12.9%, marking

only a minor increase compared with last year and equating to

roughly one PBSA bed per eight students. Provision levels in

Germany’s major student cities broadly mirror the national

average, with private provision rates continuing to increase. In

Berlin, the total provision rate is 12.9%, and the private provision

rate 7.3%, while Hamburg records a total provision rate of 10.5%,

and 7.7% private provision rate.

Munich has higher provision rates (14.2% total, 14.1% private);

however, the stock has remained almost unchanged, putting

additional pressure on students seeking a PBSA bed.

Total no. of PBSA beds in Germany

-0.7% (CAGR)

+4.3% (CAGR)

100,000

200,000

300,000

400,000

500,000

'24/'25'23/'24'22/'23'21/'22'20/'21

2,864,122

492,087

0 5,000 10,000 15,000 20,000 25,000 30,000

Munich

Hamburg

Frankfurt

Cologne

Berlin

14.2%

12.9%

14.5%

6.4%

10.5%

Total provision rate

No. of private PBSA bedsNo. of non-private PBSA beds

Source: BONARD, 2026.

Heightened activity in the capital market

The year 2025 brought increased activity on the German PBSA

market, resulting in multiple acquisitions happening across prime

and secondary markets.

Amro Partners formed a joint venture with Aviva Investors to

launch a platform for investment into the PBSA sector and to

build a portfolio in Germany, targeting 3,000 student beds, with

an expected gross asset value of EUR 500 million over the next

three years. The JV has already acquired the first development

project in Berlin for EUR 60 million, which is set to open in the

academic year 2028/2029.

Frankfurt recorded an acquisition of a 164-unit property by Home

& Co, with the intention of renovating the project. Meanwhile,

Rockfield Real Estate and Ardian closed a forward purchase deal

for the development project in Aachen, expected to add 300

units to the local market.

Besides the acquisitions, Ares has recently entered a JV with

Studentkompanie with the intention of building a student

housing platform in Germany. The portfolio should be developed

in top-tier German cities, with the end value set to EUR 400 to

EUR 500 million.

116

PROPERTY REPORT XIOR

BASECAMP BY XIORBASECAMP BY XIOR

Aarhus - DENMARK

8.1.7 STUDENT HOUSING MARKET IN DENMARK

Stable demand and robust student housing performance

In the academic year 2024/2025, the country’s total student

population remained stable at 249,331, with a share of international

students accounting for 14.7%.

Country

Reference

year

Total no. of

students

No. of

international

students

% of

international

students

Denmark

2020/2021 265,025 37,656

14.2%

2021/2022 263,616 37,799

14.3%

2022/2023 253,286 35,675

14.1%

2023/2024 248,778 34,719

14.0%

2024/2025 249,331 36,750

14.7%

Source: Governmental bodies & statistics of the respective countries, BONARD, 2026.

Receives

7,994

Erasmus students

Sends

6,425

Erasmus

students out

DENMARK

Source: European Commission, BONARD, 2026.

Copenhagen, with a student population of 106,859 across 24

higher education institutions, consistently ranks in the top 50

of the QS ranking of the world’s best student cities. The capital

records the highest total provision rate among the eight selected

markets at 34.4%, with private provision at 22.1%. Three-quarters

of the city’s 36,710 available student beds are managed by non-

private providers, including housing associations and universities.

Total no. of students in Denmark

-1.5

% (CAGR)

-0.6% (CAGR)

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

'24/'25'23/'24'22/'23'21/'22'20/'21

249,331

36,750

0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000

Copenhagen

Aarhus

Aalborg

29.4%

29.2%

34.4%

Total provision rate

No. of private PBSA bedsNo. of non-private PBSA beds

Source: Governmental bodies & statistics of the respective countries, BONARD, 2026.

No. of international students in Denmark

-1.5% (CAGR)

-0.6

% (CAGR)

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

'24/'25'23/'24'22/'23'21/'22'20/'21

249,331

36,750

0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000

Copenhagen

Aarhus

Aalborg

29.4%

29.2%

34.4%

Total provision rate

No. of private PBSA bedsNo. of non-private PBSA beds

Source: Governmental bodies & statistics of the respective countries, BONARD, 2026.

Denmark’s policy stance on international education has shifted

notably in recent years. The overall approach has moved from

an intention to limit the number of English-taught programmes

to reversing this policy and committing to opening new places

for international students, signalling a more welcoming approach.

While the international student population remains modest

compared to larger European markets, the current environment -

combined with low tuition fees - is attracting increased interest.

XIOR ANNUAL FINANCIAL REPORT 2025

117

Denmark takes pride in the high quality of its education system,

which has gained global recognition. Among the country’s

leading institutions is the University of Copenhagen, consistently

ranked among the world’s top universities and currently placed

35th globally. Another Danish institution in the global top 100

is Aarhus University, ranked 85th, while other well-regarded

higher education institutions include the Technical University of

Denmark and Aalborg University.

Denmark records the highest total provision rate among all

countries covered in this report, at 32.2%, which translates to

PBSA availability for around one in three students.

The average rental growth on a country level for single studios

between 2024 and 2025 reached 7.7%. The adjusted average rent

for a single studio in private PBSAs of Copenhagen was EUR 1,201

in 2025.

The top brands operating in the market are Basecamp by Xior,

Canvas (previously UMEUS), and CPH Village, altogether managing

over 4,200 beds.

Total no. of PBSA beds in Denmark

-1.5% (CAGR)

-0.6% (CAGR)

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

'24/'25'23/'24'22/'23'21/'22'20/'21

249,331

36,750

0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000

Copenhagen

Aarhus

Aalborg

29.4%

29.2%

34.4%

Total provision rate

No. of private PBSA bedsNo. of non-private PBSA beds

Source: BONARD, 2026.

Investment market

In 2025, the UMEUS residences in Copenhagen, developed

and managed by NREP, were acquired by Greystar for EUR 350

million. The transaction of three operational properties in Amager,

Nordhavn, and Frederiksberg, as well as a development project in

Valby, marks the formal entry of Greystar into the Danish market.

All properties, comprising 1,758 beds in total, will be operated

under the Canvas student brand.

118

PROPERTY REPORT XIOR

8.1.8 STUDENT HOUSING MARKET IN SWEDEN

Growing demand base

Sweden has experienced a notable acceleration in international

student demand, with international enrolment increasing by 9.2%

compared with the 2023/2024 academic year, and reaching 46,920

students. Over the same period, the total student population

expanded by 3.7% to 476,223, highlighting the country’s growing

appeal as a study destination. This trend is further supported

by Sweden recording the highest CAGR in international student

numbers among the target markets, at 9.0% over the 2023/2024

period.

Total no. of students in Sweden

+1.2

% (CAGR)

+9.0% (CAGR)

10,000

20,000

30,000

40,000

50,000

'24/'25'23/'24'22/'23'21/'22'20/'21

476,223

46,920

0 5,000 10,000 15,000 20,000

Uppsala

Stockholm

Malmo

Lund

Gothenburg

18.4%

13.4%

16.5%

28.8%

29.4%

Total provision rate

No. of private PBSA bedsNo. of non-private PBSA beds

Source: Governmental bodies & statistics of the respective countries, BONARD, 2026.

No. of international students in Sweden

+1.2% (CAGR)

+9.0

% (CAGR)

10,000

20,000

30,000

40,000

50,000

'24/'25'23/'24'22/'23'21/'22'20/'21

476,223

46,920

0 5,000 10,000 15,000 20,000

Uppsala

Stockholm

Malmo

Lund

Gothenburg

18.4%

13.4%

16.5%

28.8%

29.4%

Total provision rate

No. of private PBSA bedsNo. of non-private PBSA beds

Source: Governmental bodies & statistics of the respective countries, BONARD, 2026.

Sends

9,467

Erasmus

students out

Receives

14,054

Erasmus students

SWEDEN

Source: European Commission, BONARD, 2026.

Stockholm represents the country’s largest student hub and

consistently ranks among the leading global student cities in

the QS rankings. Beyond Stockholm, Sweden’s higher-education

landscape is well diversified across a network of established

university cities, including Gothenburg, Malmo, Uppsala, Lund,

Linkoping, Umea, and Orebro. Together, the country hosts 16

globally ranked universities, reinforcing Sweden’s position as

a provider of high-quality education across a wide range of

disciplines.

Country

Reference

year

Total no. of

students

No. of

international

students

% of

international

students

Sweden

2020/2021 454,046 33,285

7.3%

2021/2022 450,405 39,806

8.8%

2022/2023 441,114 41,699

9.5%

2023/2024 459,065 42,960

9.4%

2024/2025 476,223 46,920

9.9%

Source: Governmental bodies & statistics of the respective countries, BONARD, 2026.

Non-private players dominate

In Sweden, the PBSA landscape remains largely shaped by local,

non-private student housing organisations, which represent the

dominant share (80%) of existing supply and continue to play a

central role in meeting student accommodation demand. This is

reflected in the country-wide 6.6% private provision rate, one of

the lowest in Europe, while the total provision rate is 20.3%.

The PBSA supply remains insufficient in all student cities, including

Stockholm, Gothenburg, Lund, Uppsala, Visby, and Malmo. In

Stockholm and Gothenburg, provision is below one bed per five

students (16.5% and 18.4% total provision rate, respectively).

This represents a decline compared with the previous year and

points to a widening gap between demand and available supply.

Beyond the traditional demand drivers for student housing, such

XIOR ANNUAL FINANCIAL REPORT 2025

119

BASECAMP BY XIOR

Malmo - SWEDEN

as rising international student numbers and persistent structural

undersupply in the largest markets, socioeconomic factors,

including a high share of single-person households and one of

the lowest ages of leaving the parental home, also reinforce the

demand–supply imbalance.

The private provision rate is particularly low in Gothenburg (1.9%).

Stockholm, the biggest market, records a private provision rate

of 8.2%.

Meanwhile, in 2025, the adjusted average rent for a single studio

in a private PBSA was EUR 791 in Stockholm and EUR 488 in

Gothenburg.

Total no. of PBSA beds in Sweden

+1.2% (CAGR)

+9.0% (CAGR)

10,000

20,000

30,000

40,000

50,000

'24/'25'23/'24'22/'23'21/'22'20/'21

476,223

46,920

0 5,000 10,000 15,000 20,000

Uppsala

Stockholm

Malmo

Lund

Gothenburg

18.4%

13.4%

16.5%

28.8%

29.4%

Total provision rate

No. of private PBSA bedsNo. of non-private PBSA beds

Source: BONARD, 2026.

With the number of students growing faster than the provision

rate, the supply and demand gap is widening, and the country

requires innovative solutions for student housing. Stock growth is

slowing down, with only one private and two non-private projects

announced in 2025. However, the total number of beds in the

pipeline reaches almost 7,000, with only around 1,500 beds sche-

duled for completion in 2026. The majority of pipeline schemes

(69%) will be brought to market by non-private providers, such as

SSSB or Svenska Bostäder.

The initiative to build housing units in the Skelleftea municipality,

supported by the EIB and EU PLSF grant, has experienced set-

backs. Due to changes in the housing market, vacancies, and 600

units under construction, the housing company Skelleftebostäder

AB (Skebo) has put several projects on hold, including the plan-

ning of the 420 student apartments.

Untapped market potential

With the highest CAGR of international students among the

selected markets (9.0%) and a low private provision rate,

particularly in the top-tier markets, Sweden offers strong

opportunities in the PBSA sector. In 2025, the market recorded

a major portfolio acquisition of 1,300 units across Sweden

and Finland, as Brookfield and MESH Group acquired six newly

constructed assets branded under Unity Living.

DEFINITIONS

Total no. of students: no. of students (full-time and part-

time) cumulatively enrolled at the respective universities and

colleges in a respective city.

No. of domestic students: no. of students (full-time and

part-time) cumulatively enrolled at the respective universities

and colleges in a respective city who are enrolled inside their

country of origin.

No. of domestic mobile students: indication of no. of

students cumulatively enrolled at the respective universities

and colleges in a respective city who are enrolled inside their

country of origin and come from other city/region than the city

they study at.

No. of international students: no. of students (full-time and

part-time) cumulatively enrolled at the respective universities

and colleges in a respective city who have crossed a national

or territorial border for the purpose of education and are now

enrolled outside their country of origin.

Total provision rate: total number of beds divided by total

number of students for the respective country/city.

Private provision rate: the number of private PBSA beds

divided by the total of domestic mobile and international

students for the respective country/city.

Occupancy rate: ratio of beds occupied by students towards

the total number of beds.

Privately-run residence (private PBSA): a PBSA establis-

hment that is owned/operated by a private (commercial)

company/individual. For the purposes of price benchmarking,

private foundations were also included in this category. This

category excludes public, religious and university-owned resi-

dences and other non-commercial providers.

Globally ranked HEI: higher education institutions ranked

by at least one of the three rankings monitored by BONARD

(ARWU, THE, QS). Only the highest position achieved by each

HEI across the three rankings is considered.

PBSA: Purpose Built Student Accommodation.

HEI: Higher Education Institution.

CAGR: Compound Annual Growth Rate.

120

PROPERTY REPORT XIOR

Portfolio breakdown by geography Portfolio KPIs

8.2 PROPERTY PORTFOLIO

% of Fair Value

43%

17%

12%

105 standing assets & 11 developments and landbank assets

22,268

Student units

Cities

22,863

Student beds

98%

Occupancy rate

RENTED

5 years

Average age portfolio

116

Assets

5.4 %

LfL rental growth

79%

EPC A-C

XIOR IS THE LARGEST DIVERSIFIED

EUROPEAN PBSA SPECIALIST ACROSS

CONTINENTAL EUROPE WITH A

PORTFOLIO FAIR VALUE OF 3.6 BN EUR.

XIOR ANNUAL FINANCIAL REPORT 2025

121

Xior has established assets in best-in-class locations across its active

markets in Europe and is ideally placed to attract a broad student population

3.6 bn EUR

Total Fair Value

105

No. standing assets

6,908 units

4,372 units

2,473 units

3,767 units

1,704 units

583 units

1,786 units

675 units

37 Assets

15 Cities

Amsterdam

Breda

Delft

The Hague

Eindhoven

Enschede

Groningen

Leeuwarden

Leiden

Maastricht

Rotterdam

Utrecht

Vaals

Venlo

Wageningen

39 Assets

8 Cities

Antwerp

Brussels

Ghent

Hasselt

Leuven

Liège/Seraing

Mechelen

Namur

10 Assets

6 Cities

Barcelona

Granada

Madrid

Malaga

Seville

Zaragoza

7 Assets

5 Cities

Katowice

Krakow

Lodz

Warsaw

Wroclaw

5 Assets

2 Cities

Lisbon

Porto

1 Asset

1 City

Malmö

4 Assets

3 Cities

Aarhus

Copenhagen

Lyngby

2 Assets

2 Cities

Leipzig

Potsdam

22.268 No. units

42 Cities

122

PROPERTY REPORT XIOR

Xior’s student housing platform in The Netherlands

The Netherlands is by far the largest active market of Xior,

representing 1.52 bn EUR or c. 43% of the company’s FV. Xior’s

Dutch portfolio is strategically located in prime student cities,

in close proximity to leading universities and key campus areas.

The modern, purpose-built assets support consistently high

occupancy rates and provide a solid foundation for sustainable

rental growth.

Amsterdam

567 units

Groningen

1,161 units

Leiden

134 units

Utrecht

340 units

Eindhoven

335 units

Breda

450 units

Delft

317 units

Rotterdam

280 units

Enschede

400 units

Maastricht

1,116 units

Wageningen

201 units

Venlo

166 units

Vaals

460 units

The Hague

335 units

Leeuwarden

266 units

Number of operational properties

15 cities

37 buildings

6,908 units

99% occupancy rate

C. 9’ campus commuting time

25% nomination agreements

Average commuting time (in minutes) by bicycle from student residence to the

nearest university;

Also influenced by the students’ personal income and capital;

Based on % of units excluding partnerships;

Excluding units Keesomlaan rented out to COA.

1. Zernike tower

XIOR ANNUAL FINANCIAL REPORT 2025

123

3. Narita Barajasweg 4. Karspeldreef 5. Woudestein

XIOR’S PORTFOLIO IS BUILT TO PERFORM WITHIN THE DUTCH REGULATORY FRAMEWORK

Self-contained/ Non-self-contained split Rental segment split

~78% Self-contained

~22% Non-self-contained

Eligible for rent allowance

87.7% Low

7.6% Medium

4.7% High

6,528

units

Asset City

1. Zernike tower Groningen 2020 698 698 33,659 100 7.4 MEUR 130 MEUR

2. Annadal Maastricht 2019 725 725 45,695 100 4.8 MEUR 69 MEUR

3. Narita Barajasweg Amsterdam 2018 247 247 7,595 100 4.1 MEUR 71 MEUR

4. Karspeldreef Amsterdam 2019 320 320 12,350 100 3.9 MEUR 70 MEUR

5. Woudestein Rotterdam 2017 280 280 9,308 100 3.1 MEUR 58 MEUR

Year of construction

or renovation

# of operational

student units

# of operational

beds

# of sqm

Financial

occupancy rate (%)

Estimated rental

value

FV as at 31-Dec-25

Top-5 assets in The Netherlands

2. Annadal

124

PROPERTY REPORT XIOR

Xior’s student housing platform in Belgium

Belgium is the second largest active market of Xior, representing

602 MEUR or c. 17% of the company’s FV. As the Group’s home

market, Belgium forms the operational and strategic backbone

of Xior. The portfolio benefits from structurally high occupancy

levels (~98%), supported by a persistent undersupply of quality

student housing across key university cities. Over more than a

decade, Xior has built a strong and trusted brand in Belgium,

operating modern, high-quality residences that command stable

demand and solid pricing power.

Average commuting time (in minutes) on foot from student residence to the nearest university;

Based on % of units excluding partnerships.

2. Alma

Number of operational properties

Ghent

651 units

Brussels

1.162 units

Antwerp

982 units

Hasselt

354 units

Namur

216 units

Liège

378 units

Mechelen

15 units

Leuven

614 units

8 cities

39 buildings

4,372 units

98% occupancy rate

Ca. 8’

campus commuting time

22%

nomination

agreements

Asset City

1. Voskenslaan Overwale Ghent 2016 490 490 8,046 100 3.1 MEUR 56 MEUR

2. Alma Brussels 2019 339 339 12,369 100 3.0 MEUR 53 MEUR

3. Drie Eiken Antwerp 2024 334 334 7,891 88 2.7 MEUR 40 MEUR

4. Couronne-Kroonlaan Brussels 2014 337 337 13,774 99 2.3 MEUR 45 MEUR

5. Studax Leuven 2016 292 292 4,772 100 1.9 MEUR 38 MEUR

Year of construction

or renovation

# of operational

student units

# of operational

beds

# of sqm

Financial

occupancy rate (%)

Estimated rental

value

FV as at 31-Dec-25

Top-5 assets in Belgium

3. Drie Eiken

4. Couronne-Kroonlaan

5. Studax

1. Voskenslaan Overwale

XIOR ANNUAL FINANCIAL REPORT 2025

125

Number of operational properties

Xior’s student housing platform in Spain & Portugal

Spain and Portugal represent together 608 MEUR or c. 17% of

the company’s FV. Spain and Portugal provide a large growth

potential through premium asset yields and persistent structural

undersupply. Iberia strengthens Xior’s international profile by

attracting a highly global tenant base, with residences in Spain

and Portugal consistently housing large numbers of EU and

non-EU student

Average commuting time (in minutes) on foot from student residence to the nearest university

Only in Portugal;. Based on % of units excluding partnerships.

Porto

454 units

Granada

347 units

Saragoza

340 units

Madrid

636 units

Malaga

450 units

Lisbon

1.250 units

Barcelona

397 units

Seville

303 units

Asset City

1. Campus UEM Madrid 2016 490 545 16,471 100 9.6 MEUR 131 MEUR

2. Campo Pequeno Lisbon 2022 380 380 12,731 100 4.8 MEUR 63 MEUR

3. Lumiar Lisbon 2023 498 498 12,680 100 4.3 MEUR 51 MEUR

4. Retiro Madrid 2018 146 189 5,840 100 3.4 MEUR 42 MEUR

5. Asprela Porto 2020 454 454 12,600 100 3.3 MEUR 35 MEUR

Year of construction

or renovation

# of operational

student units

# of operational

beds

# of sqm

Financial

occupancy rate (%)

Estimated rental

value

FV as at 31-Dec-25

Top-5 assets in Iberia

8 cities

15 buildings

4,177 units

96% occupancy rate

Ca. 13’

campus commuting time

nomination

agreements

1. Campus UEM

2. Campo Pequeno

3. Lumiar 4. Retiro

5. Asprela

126

PROPERTY REPORT XIOR

Warsaw

521 units

Lodz

1.118 units

Wroclaw

775 units

Krakow

620units

Katowice

733 units

Xior’s student housing platform in Poland

Poland represents 261 MEUR or c. 7% of the company’s FV.

Poland is characterised by high yields, supported by accelerating

student demand and a structurally undersupplied market. Xior’s

Baselife model resonates strongly with Polish students, driving

high satisfaction, retention and operational outperformance.

Average commuting time (in minutes) on foot from student residence to the nearest university;

Based on % of units excluding partnerships.

Number of operational properties

2. Basecamp by Xior Krakow 3. Basecamp by Xior Katowice

4. Wenedow 5. Bacecamp by Xior Lodz I

5 cities

7 buildings

3,767 units

99% occupancy rate

Ca. 9’

campus commuting time

nomination

agreements

Asset Stad

1. Basecamp by Xior Wroclaw Wroclaw 2022 775 775 34,201 99 6.8 MEUR 62 MEUR

2. Basecamp by Xior Krakow Krakow 2019 620 676 14,394 100 4.2 MEUR 34 MEUR

3. Basecamp by Xior Katowice Katowice 2021 733 773 34,807 99 4.0 MEUR 38 MEUR

4. Wenedow Warsaw 2025 404 404 9,076 100 3.7 MEUR 38 MEUR

5. Bacecamp by Xior Lodz I Lodz 2017 487 623 26,304 100 3.6 MEUR 38 MEUR

Year of construction

or renovation

# of operational

student units

# of operational

beds

# of sqm

Financial

occupancy rate (%)

Estimated rental

value

FV as at 31-Dec-25

Top-5 assets in Poland

1. Basecamp by Xior Wroclaw

XIOR ANNUAL FINANCIAL REPORT 2025

127

Number of operational properties

Xior’s student housing platform in Germany

Germany represents 82 MEUR or c. 2% of the company’s

FV. Xior’s German portfolio contains two large assets that are

integrated into Xior’s broader Northern European management

structure, enabling operational consistency and efficiency across

regions.

Average commuting time (in minutes) on foot from student residence to the nearest university;

Based on % of units excluding partnerships.

Potsdam

263 units

Leipzig

412 units

2 cities

2 buildings

675 units 100% occupancy rate

Ca. 13’

campus commuting time

no nomination

agreements

Asset City

Basecamp by Xior Leipzig Leipzig 2018 412 412 15,818 100 3.5 MEUR 49 MEUR

Basecamp by Xior Potsdam Potsdam 2017 263 263 10,131 100 2.5 MEUR 33 MEUR

Year of construction

or renovation

# of operational

student units

# of operational

beds

# of sqm

Financial

occupancy rate (%)

Estimated rental

value

FV as at 31-Dec-25

Top-5 assets in Germany

1. Basecamp by Xior Leipzig

2. Basecamp by Xior Potsdam

128

PROPERTY REPORT XIOR

Aarhus

650 units

Malmö

583 units

Kongens Lyngby

786 units

Copenhagen

350 units

Xior’s student housing platform in Nordics

Denmark and Sweden represent together 491 MEUR or c. 14% of

the company’s FV. Sweden operates in a semi-regulated market,

combined with high study grants, providing stable affordability for

students. Denmark benefits from free market pricing, supported

by high study grants, enabling strong affordability and pricing

flexibility.

2. Basecamp by Xior Aarhus

Average commuting time (in minutes) on foot from student residence to the nearest university;

Only in Denmark. Based on % of units excluding partnerships.

3. Basecamp by Xior Copenhagen

4. Basecamp by Xior Malmö

Number of operational properties

5. Basecamp by Xior Lyngby (resid.)

4 cities

5 buildings

2,369 units

96% occupancy rate

Ca. 16’

campus commuting time

12%

nomination

agreements

Top-5 assets in Nordics

Asset City

1. Basecamp by Xior Lyngby

(student) Lyngby 2020 639 639 23,500 99 8.1 MEUR 158 MEUR

2. Basecamp by Xior Aarhus Aarhus 2023 650 650 20,105 88 5.1 MEUR 105 MEUR

3. Basecamp by Xior

Copenhagen Copenhagen 2021 350 350 13,900 99 4.3 MEUR 87 MEUR

4. Basecamp by Xior Malmö Malmö 2023 583 583 20,492 97 4.9 MEUR 79 MEUR

5. Basecamp by Xior Lyngby

(residential) Lyngby 2020 147 147 12,055 100 3.2 MEUR 62 MEUR

Year of construction

or renovation

# of operational

student units

# of operational

beds

# of sqm

Financial

occupancy rate (%)

Estimated rental

value

FV as at 31-Dec-25

1. Basecamp by Xior Lyngby (student)

XIOR ANNUAL FINANCIAL REPORT 2025

129

”

AT XIOR, WE DON'T JUST BUILD

RESIDENCES, WE BUILD SUSTAINABLE

STUDENT ENVIRONMENTS THAT ENSURE

HIGH OCCUPANCY RATES, STABLE INCOME

AND LONG-TERM VALUE.„

130

PROPERTY REPORT XIOR

8.2.1 DESCRIPTION AND DIVERSIFICATION OF THE

PROPERTY PORTFOLIO

8.2.1.1 General description of the property portfolio

As of December 31 2025, the Company's property portfolio

consisted of 116 properties (of which 105 standing assets, and 11

developments and landbank assets). Of these, 43 properties were

located in Belgium, 42 in the Netherlands, 11 in Spain, 6 in Portugal,

7 in Poland, 4 in Denmark, 1 in Sweden and 2 in Germany. These

properties offer a total of 22,268 lettable units as of December

31 2025 (alternatively 25,463 student rooms in 116 properties

on completion of the Company's fully committed pipeline as of

December 31 2025, with 26 of these buildings also having retail

activity on the ground floor). The property portfolio also includes

one property used only for short stay activities: "Roxi" Zaventem

with 99 units. Excluding the properties that are being renovated

and those awaiting conversion, the property portfolio had a total

occupancy rate of 98% in 2025.

The total fair value, as estimated by the valuation expert,

amounted to 3,568,619 KEUR as at 31 December. Investment

property was recognised in the consolidated balance sheet in

the amount of 3,558,842 KEUR. The difference is attributable to

a) the property relating to joint ventures is valued by the valuation

expert but is not recognised under the investment property line

(44,400 KEUR); b) a number of properties are under construction

or renovation; in determining the amount recognised in the

consolidated balance sheet, account was taken of expected

future construction costs and any development margin (costs to

come and any development margin were deducted from the Fair

Value) (37,147 KEUR); c) certain structural works will be carried

out on a number of properties in the portfolio (lift refurbishment,

updating of installations, energy investments, etc.); here too,

expected future costs were taken into account when determining

the amount recognised in the consolidated balance sheet (2,128

KEUR); and d) costs have already been incurred and capitalised

for a number of projects, for which the project is currently still at

a preliminary stage and no accurate estimate of the future project

value can yet be made. We believe that the value corresponds at

least to the costs incurred (73,855 KEUR).

The property portfolio is a strategically diversified portfolio,

including within the student accommodation sector – which

constitutes the Company’s core business as a pure player in

student housing – a mix in terms of both geographical spread

and the type of student accommodation (cf. different types of

student rooms). Given the large number of different tenants on the

one hand, and the various types of rooms on the other (meaning,

in other words, that not just one type of student or tenant is

attracted), diversification by tenant type is also achieved.

Xior Student Housing's property portfolio is insured for a total

rebuild value of 2,205 MEUR, which does not include the land on

which the properties are located, compared to a Fair Value of

3,559 MEUR (including land) as of December 31 2025, i.e. 62% of

the Fair Value. Insurance premiums paid in 2025 totalled 1,368

KEUR.

The insured value does not take into account insurance for "all

construction site risks" for projects under development. As

soon as the project has been finalised and is ready for rental,

fire insurance is taken out for the property's total reconstruction

value.

The insurance policies also include additional cover for lost rent if

the properties are no longer usable. The lost rent will be paid out

until the building has been reconstructed. Xior Student Housing

also has civil liability (third party) insurance.

XIOR ANNUAL FINANCIAL REPORT 2025

131

BASECAMP BY XIOR

Leipzig - GERMANY

8.2.1.2 Property portfolio type

The following diagram shows the diversification for every type of

property based on the Total Rent of the respective properties in

the property portfolio.

Total rent based on type of property

The above summary shows the strong focus on student property,

accounting for 90.25% of rental income. In addition, the portfolio

includes a limited number of retail spaces, mainly located on

the ground floor of properties that primarily serve as student

accommodation. The "Other" segment (9.75% of rental income)

includes retail as well as income from other activities, including

"Roxi" Brussels, several car parks and the residential apartments

in Basecamp Lyngby.

8.2.1.3 Description of student room types

The Company offers various types of student rooms within its

student portfolio. Most buildings contain a mix of room types,

appealing to a broad target group of students. The number

of units per building also varies greatly and often depends

on the location. The smallest property consists of 8 student

units (Brusselsestraat 244, Leuven), while the largest complex,

Basecamp by Xior Wroclaw, has 775 student units. As a general

rule of thumb, the individually lettable area (excluding common

areas) averages approximately 60% of the total area.

The room types are divided as follows:

Basic: room with sink; toilet and shower are shared and

are located in the hallway.

Basic+: room with sink and private shower; toilet is shared

and is located in the hallway.

Comfort: room with bathroom (sink, shower and toilet) and

refrigerator.

Premium: studio with private bathroom (sink, shower and

toilet) and kitchenette (refrigerator and cooking

stove).

The graph below shows the distribution per room type within the

total portfolio. The Premium room type represents the largest

share at 57%. Together with the Comfort (28%) and Basic+ (5%)

room types, this reflects the strong demand for privacy and

personal comfort. Furthermore, the Basic room type accounts

for 10%.

The various Xior room types

Students 90.25%

Other 9.75%

Basic

10%

Basic+

Comfort

28%

Premium

57%

132

PROPERTY REPORT XIOR

8.2.1.4 Geographical diversification of the property portfolio

The graphs below show the distribution of the property portfolio

per country based on Fair Value. The Netherlands is the largest

market with 42 properties and a Fair Value of 1,457 MEUR (41%

of the portfolio). Belgium has 43 properties, representing a Fair

Value of 627 MEUR (18%). Spain and Portugal together represent

17 properties with a Fair Value of 649 MEUR (18%). The remaining

23% is located in Denmark, Germany, Poland and Sweden, together

accounting for 14 properties and a Fair Value of 835 MEUR.

Fair value – distribution by country

Based on Total Rent the Netherlands represents 65 MEUR (33%),

Spain and Portugal together 48 MEUR (24%) and Belgium 29

MEUR (15%). The remaining 28% (56 MEUR) is located in Denmark,

Sweden, Germany and Poland.

The RREC's diversified property portfolio comprises 116 properties

across 42 cities in 8 European countries. Below is an overview of

the 10 most important locations within the portfolio, based on

their representation in the Fair Value and Total Rent.

Total rent – distribution by country

Total Rent represents the rent that the Company would charge based on its asking price as at 31 December 2025, assuming that 100% of the property portfolio — i.e. the portion

available for letting, excluding rooms undergoing renovation or extension — were 100% let for 12 months (thus disregarding countries with summer rentals where there is no 100%

occupancy in the summer months anyway). The Spanish and Portuguese properties have an all-inclusive price; for inclusion in this table, rents were recorded inclusive of charges for

costs such as F&B, linen, cleaning, electricity, gas, water and internet, whereas the rents in the income statement are recorded exclusive of these charges.

Belgium 18%

Denmark 12%

Germany 2%

The Netherlands 42%

Poland 6%

Portugal 5%

Spain 12%

Sweden 2%

Belgium 17%

Denmark 12%

Germany 3%

The Netherlands 34%

Poland 7%

Portugal 8%

Spain 18%

Sweden 2%

„

BUILT ON QUALITY. DRIVEN

BY DEMAND. FOCUSED ON

SUSTAINABLE GROWTH.„

XIOR WENEDOW

Warsaw - POLAND

XIOR ANNUAL FINANCIAL REPORT 2025

133

8.2.1.5 Diversification in terms of Rental Income and Fair Value

The tables below show the Top 10 assets in the property portfolio based on Total Rent and Fair Value respectively.

Top 10 assets based on Total Rent

0 50,000,000 100,000,000 150,000,000 200,000,000

Karspeldreef 15-18, Amsterdam

Basecamp by Xior Malmö, Malmö

Project Regio Amsterdam

Basecamp by Xior South, Copenhagen

Heer Bokelweg, Rotterdam

Brinktower, Amsterdam

Basecamp by Xior Aarhus, Aarhus

Zernike Tower, Groningen

Xior Picasso – Velázquez, Madrid

Basecamp by Xior Lyngby, Lyngby

0 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000

Basecamp by Xior Krakow, Krakow

Basecamp by Xior South, Copenhagen

Annadal, Maastricht

Ariënsplein – fase I, Enschede

Campo Pequeno, Lisbon

Basecamp by Xior Aarhus, Aarhus

Basecamp by Xior Wrocław, Wrocław

Zernike Toren, Groningen

Basecamp by Xior Lyngby, Lyngby

Xior Picasso – Velázquez, Madrid

Top 10 assets based on the Fair Value

0 50,000,000 100,000,000 150,000,000 200,000,000

Karspeldreef 15-18, Amsterdam

Basecamp by Xior Malmö, Malmö

Project Regio Amsterdam

Basecamp by Xior South, Copenhagen

Heer Bokelweg, Rotterdam

Brinktower, Amsterdam

Basecamp by Xior Aarhus, Aarhus

Zernike Tower, Groningen

Xior Picasso – Velázquez, Madrid

Basecamp by Xior Lyngby, Lyngby

0 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000

Basecamp by Xior Krakow, Krakow

Basecamp by Xior South, Copenhagen

Annadal, Maastricht

Ariënsplein – fase I, Enschede

Campo Pequeno, Lisbon

Basecamp by Xior Aarhus, Aarhus

Basecamp by Xior Wrocław, Wrocław

Zernike Toren, Groningen

Basecamp by Xior Lyngby, Lyngby

Xior Picasso – Velázquez, Madrid

The Xior Picasso – Velázquez site in Madrid represents the largest

share of the Total Rent of the property portfolio, accounting for

4.58% with a total amount of 9.1 MEUR. Basecamp by Xior Lyngby in

Lyngby and Zernike Tower in Groningen complete the top 3 largest

assets in terms of Total Rent, with 4.1% and 3.6% respectively. The

remaining 113 assets together account for 87.7% of the Total Rent.

Based on Fair Value, Basecamp by Xior Lyngby is the largest asset

in the portfolio, with a value of 158 MEUR, accounting for 4.4% of

the total Fair Value. Zernike Tower in Groningen and Xior Picasso

– Velázquez in Madrid complete the top three, with 3.7% and 3.7%

respectively. The remaining 113 assets together represent 88.2%

of the total Fair Value.

Denmark

Spain

The Netherlands

Poland

Portugal

Denmark

Spain

The Netherlands

Sweden

134

PROPERTY REPORT XIOR

8.2.1.6 Diversification of average contract maturity

The following table provides a breakdown of rental income due

dates. Since Xior's activity is the renting of student rooms, most

of the contracts are concluded for a maximum period of one year.

Each year, these leases must be renewed with the students.

Term of rental leases

Rental Income (iii)

Up to 1 year

170,219,906

Between 1 and 5 years

3,166,676

More than 5 years

10,448,221

The average term of the contracts is not included, since this is

generally of little or no informative value in view of the short-term

nature of student housing contracts.

For a description of the other contracts, please refer to Chapter

10.9.1 of this Annual Report.

8.2.1.7 Diversification of average room price

The rent of the various room types is determined by several factors,

including geographical location, the building's specific location

(e.g. distance from the educational institution), the location within

the building, the surface area and the level of comfort. Although all

properties meet minimum quality standards, differences in age,

finish and communal facilities can result in variations in the rent

per room.

For average rental prices per region, please refer to Chapter

10.9.8.

8.2.1.8 Distribution in function of age of buildings

To calculate the age of the properties in the real estate portfolio,

either the year of construction or the date since the last conversion

is used. The following intervals were used for the age distribution:

• 0 to 3 years

• 3 to 6 years

• 6 to 9 years

• Older than 9 years

This table is different from the table in Chapter 10.9.1. The table in 10.9.1 is based on the actual rent collected in the financial year 2024, whereas this table is based on the

tenancy schedule as at 31 December 2025 (i.e. in terms of Total Rent).

In function of the Fair Value, the following ratios per category

apply to the Property portfolio:

Spread in function of age of building

In other words, it is a relatively young portfolio.

8.2.2 FAIR VALUE OF THE BELGIAN BUILDINGS

Fair value (as determined by IFRS 13) is defined as the price

that would be received for the sale of an asset or paid for the

transfer of a liability in an orderly transaction between market

participants at the measurement date, in the principal market for

the asset or liability. From the seller's perspective, this is the value

of the investment property after deduction of transfer taxes. In

Belgium, the effective amount of this tax depends on the method

of transfer, the status of the buyer and the geographical location

of the asset. The first two elements, and therefore also the full

amount of tax due, are therefore only known once the transfer of

ownership has been completed.

As a result, the actual percentage of transfer tax varies from 0%

to 12.50%. In 2006, a panel of independent property experts

analysed a representative number of transactions to determine

the average impact of transfer taxes on the Belgian market. The

panel set the average impact of transfer duties at 2.5%. In 2016 and

2025, this calculation was updated using the same methodology,

confirming the previously established percentages.

The panel of independent real estate experts concluded that a

general approach across all sub-sectors is logical and consistent,

and that the 2.5% rate can be maintained for properties valued at

over 2.5 MEUR. Below this threshold, it was determined that the

standard rate for registration fees would be applied. The rate will

be reviewed every five years or when the tax context changes

significantly. The rate will only be adjusted if the 0.5% threshold

is exceeded.

Xior Student Housing has only a limited number of assets in its

Belgian portfolio with an individual value of less than 2.5 MEUR.

Some of these properties, located in Leuven, are adjacent to

each other and were therefore considered by the valuer in the

past as a cluster. Consequently, the fair value for these cluster

properties is determined by deducting 2.5% from the value of

the properties (in accordance with the ‘fair value’ valuation of its

valuation experts). In line with its strategy, Xior Student Housing

does not, in principle, intend to sell individual properties within

these clusters with an investment value of less than 2.5 MEUR.

0 to 3 years 31%

3 to 6 years 38%

6 to 9 years 28%

Older than 9 years 4%

XIOR ANNUAL FINANCIAL REPORT 2025

135

Xior Student Housing follows the valuation of the independent

valuers in accordance with the RREC legislation.

8.2.3 VALUATION OF THE PROPERTY PORTFOLIO BY

THE VALUATION EXPERTS

8.2.3.1 General

The valuation of the property portfolio was prepared by Stadim

(Belgium and the Netherlands), Cushman & Wakefield (Spain

and Portugal) and CBRE (Spain, Poland, Denmark, Sweden and

Germany). This valuation has a reference date of December 31,

2025.

The valuation process within Xior is based on a structured

approach in which the policy on property valuations is

determined by executive management, with the approval of the

board of directors. Each year, executive management will review

this policy, and identify which independent Valuation Experts will

be appointed for the respective parts of the property portfolio.

Typically, contracts will be concluded for a renewable three-year

term with a double rotation requirement under the GVV Law (see

Section 12.3.1 of this Annual Report). Selection criteria include

local market knowledge, reputation, independence and assurance

of the highest professional standards. The fees of the Valuation

Experts are fixed for the term of their mandate and are not related

to the value of the appraised properties.

The independent Valuation Experts perform an external valuation

of the property portfolio each quarter.

The valuation methods are determined by the external experts.

The valuation methods that are used are the Discounted Cash

Flow method (actualisation of future cash flows), by which the

yield is assessed, together with the breakdown of the value into

land, buildings and financials and the rent capitalisation method

(capitalisation of the estimated net proceeds at a market-based

rate of return (the so-called capitalisation rate or yield)).

This is based on detailed discounting of the financial flows based

on explicit assumptions concerning the future evolution of this

income and the end value. In this case, the discount rate takes

account of financial interest rates on the capital markets, plus

a specific risk premium for investment property. Fluctuating

interest rates and inflation projections are taken into account

conservatively in the appraisals. These appraisals are also tested

against the unit prices listed for the sale of similar buildings, after

which an adjustment is made taking into account any differences

between these references and the properties concerned. The

development projects (building, renovation or expansion works)

are valued by deducting the costs of the project on completion

from their expected value that was determined by applying the

above approaches. The costs of the study phase of the building,

renovation or expansion works are valued at their actual cost. The

independent expert determines the fair market value on the basis

of a discounted cash flow model. The appraisals thus reached are

also compared to the initial yield and available comparison points

from recent market transactions for similar properties (including

properties acquired by Xior itself during that year). The valuation

cycle within a financial year consists of a visit to the site, followed

by a detailed appraisal report that is drawn up for each individual

building and three desktop reviews in which new data supplied

by Xior in relation to the tenancy situation is considered and the

main assumptions relating to the significant non-observable

inputs are rationalised.

136

PROPERTY REPORT XIOR

8.2.3.2 Conclusions of valuation experts Stadim, Cushman & Wakefield and CBRE as at 31 December 2025

‘Dear,

We are pleased to submit to you our estimate of the value

of the property portfolio (43 properties in Belgium and 42

properties in the Netherlands, for Stadim, 6 for Cushman &

Wakefield Portugal, 4 for Cushman & Wakefield Spain, 7 for

CBRE Spain, 7 properties in Poland for CBRE Poland and 7 for

CBRE Limited, respectively) of Xior Student Housing NV as at

31 December 2025.

Xior appointed us as independent property experts to

determine the investment value and fair value (fair value) of

its property portfolio. The estimates were made taking into

account both the comments and definitions mentioned in

the reports and the guidelines of the International Valuation

Standards, issued by IVSC.

Fair value is defined by standard IAS 40 as the amount for

which the assets would be transferred between two well-

informed parties, on a voluntary basis and without any

special interests, mutual or otherwise. IVSC considers these

conditions fulfilled if the above definition of market value is

respected. In addition, the market value should reflect the

current leases, the current gross self-financing margin (or

cash flow), reasonable assumptions regarding potential rental

income and expected costs.

In this context, deed costs should be adjusted to reflect the

actual situation of the market. After analysing a large number

of transactions, the real estate experts acting at the request

of listed real estate companies came to the conclusion in a

working group that, since real estate can be transferred under

different forms, the impact of transaction costs on large

investment properties on the Belgian market whose value

exceeds 2.5 MEUR is limited to 2.5%. The value free in name

therefore corresponds to the fair value plus 2.5% deed costs.

The fair value is thus calculated by dividing the value deed-

in-hand by 1.025. Properties below the 2.5 MEUR threshold

and foreign properties are subject to the usual registration

duty and their fair value therefore corresponds to the value

costs-to-buyer.

We acted as independent experts. As property experts, we

have a relevant and recognised qualification as well as up-to-

date experience with properties of a similar type and location

to those in Xior's property portfolio.

The estimation of the properties took into account both

current leases and all rights and obligations arising from these

agreements. Each property was estimated separately. The

estimates do not take into account any potential capital gain

that could be realised by marketing the portfolio as a whole. Our

estimates do not take into account marketing costs specific

to a transaction, such as brokerage fees or publicity costs. In

addition to an annual inspection of the properties in question,

our estimates are also based on information provided by Xior

regarding the rental situation, surfaces, sketches or plans,

rental charges and taxes related to the property in question,

conformity and environmental pollution. The information

provided was deemed accurate and complete. Our estimates

assume that non-communicated elements are not of a nature

to affect the value of the property.

BASECAMP BY XIOR

Łódź - POLAND

XIOR ANNUAL FINANCIAL REPORT 2025

137

Based on the comments from previous paragraphs, we can

confirm that the fair value of the part of Xior's real estate

portfolio (43 properties in Belgium and 42 in the Netherlands)

estimated by Stadim at 31 December 2025 is 2,084,221,374

EUR (two billion eighty-four million two hundred and twenty-

one thousand three hundred and seventy-four euros).

Based on the observations from previous paragraphs, we can

confirm that the fair value of the portion of Xior's property

portfolio (6 properties in Portugal) estimated by Cushman

& Wakefield Portugal at 31 December 2025 is rounded

231,777,000 EUR (two hundred and thirty-one million seven

hundred and seventy-seven thousand euros).

Based on the observations from previous paragraphs, we can

confirm that the fair value of the portion of Xior's real estate

portfolio (4 properties in Spain) estimated by Cushman &

Wakefield Spain at 31 December 2025 is rounded 113,100,000

EUR (one hundred and thirteen million one hundred thousand

euros).

Based on the observations from previous paragraphs, we can

confirm that the fair value of the portion of Xior's property

portfolio (7 properties in Spain) estimated by CBRE Spain at 31

December 2025 is rounded 304,065,000 EUR (three hundred

and four million sixty-five thousand euros).

Based on the observations made in previous paragraphs,

we can confirm that the fair value of the portion of Xior's

real estate assets (2 properties in Germany, 4 properties

in Denmark and 1 property in Sweden) estimated by CBRE

Limited at 31 December 2025 is rounded off to 573,204,798

EUR (five hundred and seventy-three million, two hundred

and four thousand, seven hundred and ninety-eight euros).

Based on the observations from previous paragraphs, we can

confirm that the fair value of the portion of Xior's real estate

portfolio (7 properties in Poland) estimated by CBRE Poland at

31 December 2025 is rounded 262,250,177 EUR (two hundred

and sixty-two million, two hundred and fifty thousand, one

hundred and seventy-seven euros).

Yours sincerely,

Stadim

Cushman & Wakefield Portugal

Cushman & Wakefield Spain

CBRE Spain

CBRE Poland

CBRE Limited.”

138

PROPERTY REPORT XIOR

SUSTAINABILITY

REPORT

”OUR AMBITION REMAINS UNCHANGED:

HOUSING THE FUTURE MEANS RESPECTING THE FUTURE.„

XIOR ANNUAL FINANCIAL REPORT 2025

139

$Graphics$

MAIN SUSTAINABILITY ACHIEVEMENTS 2025

+7.5%

evolution number of students

51%

49%

74%

general employee

satisfaction based on

the annual survey

86%

general student

satisfaction based on

the annual survey

+ 10%

increase green eligible

buildings (in FV)

100%

green

electricity

externally certified

buildings (23% in FV)

intensity

= 13 kg CO

e/m²

(-59% vs. 2020)

targets SBTi:

net ZERO by 2050

+34%

installed solar panel

capacity

+31%

training hours for

employees

140

SUSTAINABILITY REPORT XIOR

9.1 WORD FROM THE CEO

I am proud to present our 2025 ESG Report. In a year

marked by significant changes in the sustainability lands-

cape and regulatory environment, Xior has made clear

choices: simplifying where possible, accelerating where

necessary, and deepening our efforts where they truly

make an impact.

Our mission remains unchanged: “Housing the future

means respecting the future.” Today’s students are to-

morrow’s generation. We want to offer them not only a

home away from home, but also a living environment that

is ready for a low-carbon, inclusive, and forward-looking

community.

CLIMATE: FROM MEASUREMENT TO ACCELERATION

2025 marks a significant step in the continued rollout of our

climate and transition plan. With 100% green electricity, a further

reduction in our CO

intensity (LfL, market-based), and the

structural integration of digital energy monitoring via the IQBI

platform, we are continuing to build a portfolio that is ready for

net zero by 2050.

Our SBTi-validated targets remain the compass of our climate

strategy. In doing so, our focus is increasingly shifting toward

scope 3, where the greatest reduction potential lies. In addition to

operational emissions, we are working toward a more structured

approach to embodied carbon, in which we aim to use Life Cycle

Assessment (LCA)-based insights to further optimize future

projects.

PORTFOLIO QUALITY AND SUSTAINABLE FINANCING

The successful completion of the divestment program has led

to a significant improvement in the quality and energy efficiency

of our portfolio. The proportion of sustainable and externally

certified buildings continues to rise, and through our Sustainable

Finance Framework, we now have sufficient eligible assets to

ensure that all our financing is sustainable.

For Xior, sustainability is not a separate pillar, but is integrated

into our investment decisions, risk management, and long-term

value creation.

PEOPLE FIRST

For us, sustainability goes beyond the climate. Our employees

are at the heart of our organization. With the continued rollout

of the Xior Academy, a strengthened KPI plan incorporating

ESG components, and an ongoing focus on well-being and

engagement, we are building a “best-in-class” organization.

Our students also remain our top priority. Their satisfaction,

safety, and sense of community are essential to our success.

Through initiatives such as our Baselife community concept,

MyXior, and local engagements, we continue to invest in a high-

quality living experience.

LOOKING FORWARD

Although regulations surrounding the CSRD and reporting are

evolving, we remain committed to transparency and structural

improvement. Sustainable business is not merely a compliance

exercise, but a strategic choice.

I would like to thank our employees, partners, and stakeholders

for their dedication and trust. Together, we will continue to build

a portfolio and an organization that is financially robust, socially

engaged, and environmentally responsible.

We look ahead with confidence.

Christian Teunissen, CEO

XIOR ANNUAL FINANCIAL REPORT 2025

141

9.2 SUSTAINABILITY STRATEGY

'Housing the future' means providing a home for the generation

of the future. We want to offer as many students as possible

a great first living experience, where they are prepared for the

future in the best possible conditions. We want to create a second

home feeling, where students can grow and develop personally,

academically, and professionally.

'Housing the future' also means 'respecting the future', which

can only be achieved by also caring for and respecting people,

planet and environment.

We want to provide our students with a healthy living environment

that prepares them for their future, matches their values and gives

them a first glimpse of how sustainable living can work in practice.

Xior translates this ambition by doing business responsibly and

sustainably every day. By leading by example as a company, we

believe we can make an even bigger impact on the future, together

with the generation of the future (our students).

In this chapter, we give an overview of how Xior as an organisation

takes care of its students, staff and the planet. Our employees and

other stakeholders play a crucial role in our strategy. Through their

commitment and cooperation, we can achieve our sustainability

goals and make a positive impact on the communities we serve.

Together, we strive for a future where respect for people and the

environment is central.

HOUSING THE FUTURE

“TO US, A SECOND

HOME MEANS MORE

THAN JUST A PLACE

TO LIVE: IT’S A

SAFE, SUSTAINABLE

ENVIRONMENT WHERE

STUDENTS CAN GROW

AND PREPARE FOR THEIR

FUTURE.„

142

SUSTAINABILITY REPORT XIOR

9.2.1 DOUBLE MATERIALITY ASSESSMENT (DMA)

In 2024, Xior conducted a full double materiality assessment

in collaboration with an external consultant. This involved

determining the material sustainability issues and, on that basis,

the sustainability strategy for the coming years, including not

only operational activities but also upstream and downstream

activities so that Xior's entire value chain is covered. All relevant

stakeholders were involved in this process to get a broad and

representative picture of the key sustainability issues.

WHAT IS DOUBLE MATERIALITY?

FINANCIAL MATERIALITY

(OUTSIDE-IN):

The impact of the

environment and society

on our organisation

IMPACT MATERIALITY

(INSIDE-OUT):

Our organisation’s

impact on the

environment

and society

Double materiality is an important concept within the Corporate Sustainability Reporting Directive (CSRD) and helps

organisations to assess sustainability from two different perspectives:

Financial Materiality (Outside-In Perspective):

This perspective focuses on how sustainability issues affect the

organisation itself. It deals with the risks and opportunities ari-

sing from sustainability-related developments and events. This

perspective helps organisations make strategic decisions that

promote their long-term success and resilience.

Impact Materiality (Inside-Out Perspective):

This perspective looks at the organisation's impact on people and

the environment. It considers how the organisation's activities

have positive or negative impacts on society and the environ-

ment. This perspective helps organisations take responsibility for

the wider impact of their activities.

Sustainability topics

material from a financial

materiality perspective

Sustainability topics

material from

an impact materiality

perspective

Double

materiality

By combining both perspectives, organisations can get a more

complete picture of the sustainability issues that matter to them.

This helps not only in meeting CSRD requirements, but also in

shaping an effective and responsible sustainability strategy.

Material sustainability topics can include both positive and

negative impacts, risks or opportunities (IROs). These material

IROs are linked to the various topics and subtopics in accordance

with the CSRD guideline, providing a detailed and integrated

overview of the sustainability issues affecting the organisation.

An external consultant supported Xior in the DMA process, which

was carried out based on the following steps:

• Establishing the context and selection of stakeholders

• Identifying potential material IROs

• Scoring these IROs to determine the material IROs

• Validating the material IROs and categorising the results to

ESRS sub-topics

Overall, the DMA resulted in 8 sub-topics that are material to

Xior. To determine the information to be reported under CSRD

(DR - Disclosure Requirements), the material IROs were mapped

to the relevant ESRS sub-sub-topics. The ESRS sub-sub-topics

that cannot be linked to a material IRO will not be reported. In

line with the EPRA 2024 guidelines, the corresponding non-

material EPRA KPIs based on this double materiality and mapping

will also be unreported this year. According to the new CSRD

guideline, material IROs will continue to be implemented with

concrete commitments, targets and action plans. However, we

are still awaiting the official publication and transposition of the

Omnibus I amendments to the CSRD. These amendments have

been agreed upon politically and limit the scope of the CSRD to

large companies (more than 1,000 employees and 450 MEUR in

net revenue). As a result, Xior would fall outside the scope of the

CSRD.

XIOR ANNUAL FINANCIAL REPORT 2025

143

TABLE MATERIAL IRO’S AND MAPPING TO ESRS SUB-SUB-TOPICS

Name IRO

I/R/O *

Sub-sub-topic Xior DMA topic

HAPPY STUDENTS

Safety of students PI ESRS S4 Health and safety Wellbeing & engagement of students

Residence Managers PI ESRS S4 Health and safety Wellbeing & engagement of students

Customer satisfation O ESRS S4 Health and safety Wellbeing & engagement of students

Compliance safety & maintenance regulations R ESRS S4 Health and safety Wellbeing & engagement of students

Online customer reviews R

ESRS S4 Access to (quality) infor-

mation

Wellbeing & engagement of students

Social housing PI

ESRS S4 Access to products and

services

Accessible student housing

Partner for universities PI

ESRS S4 Access to products and

services

Accessible student housing

Changing consumer trends and expectations O

ESRS S4 Access to products and

services

Accessible student housing

Expansion into new regions/cities O

ESRS S4 Access to products and

services

Accessible student housing

EFFICIENT BUILDINGS

GHG emissions NI ESRS E1 Climate change mitigation Climate change mitigation

Extreme weather conditions R ESRS E1 Climate change adaptation Climate change adaptation

Energy use NI ESRS E1 Energy Energy efficient buildings

Heating PI ESRS E1 Energy Energy efficient buildings

Energy efficient portfolio growth PI ESRS E1 Energy Energy efficient buildings

Investor expectations & Taxonomy O ESRS E1 Energy Energy efficient buildings

Devaluation of non-energy efficient buildings due

to regulation

R ESRS E1 Energy Energy efficient buildings

HAPPY EMPLOYEES

Attract and retain employees on the long term PI ESRS S1 Job security Working conditions & wellbeing

War for talent R ESRS S1 Job security Working conditions & wellbeing

Focus on growth and financial returns NI ESRS S1 Work-life balance Working conditions & wellbeing

Xior Academy platform PI

ESRS S1 Training and skills develop-

ment

Training & skills development

Employee & leadership development O

ESRS S1 Training and skills develop-

ment

Training & skills development

BEST-IN-CLASS ORGANISATION

Embed ESG in business and corporate culture PI ESRS G1 Corporate culture Corporate culture

Business ethics PI

ESRS G1 Business conduct, cor-

ruption and bribery, protection of

whistle-blowers

Business ethics & integrity

Business integration & transformation R ESRS G1 Entity specific Business ethics & integrity

Cyber-attacks R ESRS G1 Entity specific Business ethics & integrity

*PI=Positive impact, NI=Negative impact, R=Risk, O=Opportunity

144

SUSTAINABILITY REPORT XIOR

9.2.2 STAKEHOLDER ENGAGEMENT

Xior's management identified the following key stakeholder

groups. The needs and expectations of these stakeholder groups

form the basis of Xior's sustainability policy and responds to

expectations through clear commitments. The same stakeholder

groups were also involved in drafting the double materiality.

STUDENTS/TENANTS AND PARENTS

THEIR EXPECTATIONS

• A second home, meeting all needs & requi-

rements

• A reliable and accessible owner and ope-

rator

• Sustainable buildings that ensure the safety,

well-being and comfort of the tenants

• A smooth check-in and check-out process

• Easy access to information and additional

services

• Support with settling in and living in a new

country

• A vibrant place to live and meet people

THE COMMITMENT OF XIOR

•

Providing as many students as possible with

a fantastic first living experience with offe-

rings in different price categories

• Professional team in front & back office

who understand tenants' needs and trans-

late them into quality buildings, including

best-in-class service and operational ma-

nagement

• Local presence and 24/7 accessibility

• Healthy and safe living environment where

students can relax and focus on their stu-

dies

• Efficient buildings for optimal energy con-

sumption

• Two satisfaction surveys per year

• Action plans drawn up based on satisfac-

tion surveys: actively implement student

feedback

• Roll out MyXior & Xior App - new student

website and app for optimal user conveni-

ence (online payments, access to invoices,

house rules, etc. via the customer portal)

• Webshop: purchase of starter packages

(linen, cooking, cleaning and starter pack-

age)

• Employee KPIs linked to student satisfaction

• The Basebuddy program, which maintains

close contact with residents even outside

of normal business hours

• The Baselife community concept, featuring

monthly events (e.g., cooking clubs, sports

activities, cultural events, etc.)

• Community App (Discord) facilitates con-

tact between students, keeps them infor-

med about events and activities and serves

as an accessible information channel bet-

ween Xior and the students (available in DK,

SE, DE, PL, PT, and later in other countries

as well,)

• Relevant partnerships and local initiatives

for residents

• Providing peace of mind for parents by en-

suring a safe, high-quality, and professional-

ly managed living environment

STAFF

THEIR EXPECTATIONS

• High ethical values

• Good work-life balance

• A healthy, pleasant working environment

• Stability and professional development

• Personal development

• Employment in line with legal framework

• Content-rich jobs or internships

• Job security

• Remuneration in line with market

• Sustainable offices

• Internal mobility

• Cyber security

THE COMMITMENT OF XIOR

• Xior Family: open & horizontal company cul-

ture

• Pleasant working environment based on core

values & Code of Conduct with respect for

work-life balance

• Regular assessments and evaluation inter-

views with clear KPI’s

• Xior Academy: support of personal develop-

ment, regular training and workshops

• Corporate wellbeing programme Xiorize

• Health & Safety Policy

• Trained HR professionals with specialised

service providers

• Correct salary policy

• Financially healthy company

• Annual anonymous employee survey

• Mentoring programme onboarding new em-

ployees

• Whistleblowing policy

• Quarterly town hall and regular communica-

tion

MUNICIPALITIES

THEIR EXPECTATIONS

• Responding to student housing needs

• Reliable consultation with long-term

cooperation

• Prioritise community impact incl. environ-

ment, wellbeing & safety

• Information sharing

THE COMMITMENT OF XIOR

• Open dialogue with local municipalities to

provide a solution to housing needs

• Participating in tenders/public contracts

• Proactive consultation during licensing and

development phases

• Monitoring and compliance with applicable

local regulations

XIOR ANNUAL FINANCIAL REPORT 2025

145

EDUCATIONAL INSTITUTIONS

THEIR EXPECTATIONS

• Reliable consultation

• Long-term collaborations or partnerships

• Responding to student housing needs

• Sharing knowledge & helping build a strong link

between education and business

THE COMMITMENT OF XIOR

• Open dialogue to respond to housing

needs

• Participation in tenders/public contracts

• Giving training courses, workshops, pre-

sentations & organising property tours

for training programmes

• Offering internships

• Supervise students on thesis, projects,

etc.

LOCAL COMMUNITIES AND LOCAL RESIDENTS

THE COMMITMENT OF XIOR

• Regular neighbourhood meetings

• Respect for local residents in develop-

ment and operation of the residences

• Inviting local residents to official openings

• Local initiatives to better integrate buil-

dings into the neighbourhood

THEIR EXPECTATIONS

• Consultation & information in connection with

new (re)developments

• Minimal impact of activities on the immediate

surroundings

INVESTORS AND CAPITAL MARKETS

THEIR EXPECTATIONS

• Value creation and profit generation with growing

dividend

• Corporate financial performance

• Stable long-term partnerships

• Timely distribution of reliable & accurate infor-

mation

• Socially responsible investment

• Repayment of debt and payment of interest

• Risk Management

THE COMMITMENT OF XIOR

• Clear & consistent investment policy

• Annual reports, press releases & other

publications

• Participation in roadshows, seminars,

fairs

• Annual General Meeting

• Organisation of Capital Markets Day and

property tours

• Dedicated IR contact

• Corporate governance charter

• Sustainable Finance Framework

CONTRACTORS/DEVELOPERS AND OTHER SUPPLIERS

THEIR EXPECTATIONS

• Compliance with contracts and payment terms

• Balanced long-term commercial relationships

• Respect for contractor staff

THE COMMITMENT OF XIOR

• Striving for long-term relationships

• Cooperation with clear agreements and

compliance with payment terms

• Supplier Code of Conduct

• Dialogue and openness in disputes

POLICYMAKERS

THEIR EXPECTATIONS

• Compliance with applicable regulations, regar-

ding town planning, public land use planning, etc.

• Regulatory compliance GVV (RREC)

• Compliance with conditions for licences, confor-

mity, etc. on rentals and operations

• Compliance with social and tax legislation obli-

gations

• Compliance with sustainability targets in line with

European Green Deal

THE COMMITMENT OF XIOR

• Financial publications in line with regula-

tory requirements

• Targets and CO

reduction plan according

to SBTi (max. 1.5°C)

• Open dialogue through professional as-

sociations

• Monitoring and compliance with applica-

ble regulations and procedures

• Open dialogue with regulators for building

applications new developments

• Timely transmission of information to

control authority in connection with

transactions

Gereglementeerde Vastgoed Vennootschap (Regulated Real Estate Company)

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SUSTAINABILITY REPORT XIOR

Associations & societies

Xior is a member of the following associations and societies and made no contributions to political parties or campaigns in 2025.

9.2.3 XIOR'S ESG FRAMEWORK: HOUSING THE FUTURE

IS RESPECTING THE FUTURE

The current ESG framework (planet, people, process) consists of

two pillars that subsume the main material themes linked to the

United Nations SDGs (Sustainable Development Goals) to which

Xior contributes.

• Happy employees in a ‘Best in class’ organisation: Achieving

operational excellence by ensuring that the organisation ope-

rates in an ethical and transparent manner, and that its people

can flourish.

• Happy students in efficient buildings: Providing quality and

sustainable accommodation to as many students as possible,

where they feel comfortable, safe and at home.

These pillars form the basis of Xior's sustainability policy in which

Xior has worked in recent years on the various focus themes

with concrete action points and priorities. Following the double

materiality assessment, a new roadmap will be drawn up that will

further concretise these 2 pillars for the future.

“HOUSING THE FUTURE MEANS

RESPECTING THE FUTURE„

PEOPLE-PLANET-PROCESS

DECENT work

and economic

growth

sustainable cities

and communities

climate

action

affordable and

clean energy

DECENT work

and economic

growth

sustainable cities

and communities

climate

action

affordable and

clean energy

DECENT work

and economic

growth

sustainable cities

and communities

climate

action

affordable and

clean energy

DECENT work

and economic

growth

sustainable cities

and communities

climate

action

affordable and

clean energy

DECENT work

and economic

growth

sustainable cities

and communities

climate

action

affordable and

clean energy

DECENT work

and economic

growth

sustainable cities

and communities

climate

action

affordable and

clean energy

DECENT work

and economic

growth

sustainable cities

and communities

climate

action

affordable and

clean energy

ENERGY EFFICIENCY &

CLIMATE PLAN

ETHICS &

INTEGRITY

EMPLOYEE AND STUDENT

WELLBEING, HEALTH & SAFETY

SUSTAINABLE BUILDINGS IN

SUSTAINABLE COMMUNITIES

‘

’

XIOR ANNUAL FINANCIAL REPORT 2025

147

9.2.4 XIOR'S CONTRIBUTION TO THE SDGS

PLANET

E: ENVIRONMENT (Environmental responsibility)

The consumption data of all our residences and offices are mapped with the aim of reducing both consumption and

energy costs. There is also an increasing focus on renewable energy.

Xior not only invests in new sustainable buildings but also invests in its existing portfolio where residences are optimised

using the latest innovations & eco-friendly technologies.

Xior has submitted an ambitious climate plan with concrete reduction targets (according to SBTi) in line with the 2015

Paris climate agreement (max 1.5°C).

With its residences, Xior offers an answer to the shortage of quality, sustainable but affordable housing that is in harmony

with local communities and ideally also adds value to the local environment.

PEOPLE

S: SOCIAL (social responsibility)

A safe, healthy and pleasant environment for both our students and our employees is an essential part of Xior's operati-

ons.

As an international company, Xior always strives for a healthy mix of talents, cultures, personalities and genders in its

recruitment policy. Xior offers its employees an inclusive working environment where diversity, respect and equality go

hand in hand and where sufficient attention is given to personal development and work-life balance.

PROCESS

G: GOVERNANCE (corporate governance responsibility)

Xior is an effective, responsible and transparent company where high ethical standards and values are maintained

throughout the company.

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SUSTAINABILITY REPORT XIOR

9.2.5 ACTION PLANS & KPI’S

Materiality Action KPIs

Ethics & Integrity

ü Xior Values & policies Participation rate Code of conduct training

ü Ethics audit (3-yearly) # breaches of Code of Conduct

ü Transparent reporting MSCI / Sustainalytics score

ü Formal anti-bribery & anti-corruption policy EPRA sBPR Award

ü Supplier Code of Conduct

ü Human rights policy

ü Whistle blower policy

ü Incident reporting policy

ü Procedure to pay policy

ü Maintenance & repair policy

6 Health, Safety, Security & Environment policy

6 Emergency Response procedure

ü Formal complaint procedure

ü Yearly Code of Conduct & Ethics training

ü Additional ethics and integrity trainings

ü Cybersecurity trainings

Energy efficiency &

climate plan

ü Local energy management model CO

emissions

ü Climate plan with CO

e targets using SBTi CO

reduction targets & reduction plan

ü Implementation EMS Installed capacity of solar panels

ü Energy audits of existing buildings % renewable energy (purchased/produced)

6 Green building policy % installed digital energy monitoring (EMS)

ü Share of renewable energy to 100%

ü Digitisation - transition to paperless

Sustainable buil-

dings in sustainable

communities

Increase share of green/social assets according to

Sustainable Finance Framework criteria (continuous

target)

% sustainable loans

Increase share of sustainable loans (continuous target) % green assets

Increase number of externally verified buildings

(BREEAM, LEED, DGNB) (continuous target)

% social assets

Continuous dialogue with local residents & government # externally certified buildings

Knowledge sharing (presentations universities, etc.)

Social inclusion jobs

EPC mapping

Charity policy

Employee wellbeing,

health & safety

Annual Workforce Survey & psychosocial risk assessment Overall employee satisfaction score

Xiorize corporate wellbeing programme % annual evaluation

Employee handbook per country # of training hours

KPI bonus plan for every staff member with focus on

ESG, customer satisfaction and building quality

# employees with first aid certificate

Opportunities for internal promotion or rotation #/% voluntary leavers

Referral programme for new employees, with donation to

charity of choice

Employee KPI results

Complete onboarding & offboarding plan

Mentoring programme (Xior Buddy) for new employees

Formalizing the Xior Academy Individual Training Plan:

a digital learning platform featuring all training options

within Xior

First Aid Training

Internal ESG workshops

Student wellbeing,

health & safety

Semi-annual satisfaction survey

Satisfaction Score & Participation Rate

Google reviews action plan

# incidents or non-compliance with regulation/health

& safety

Annual H&S audit of buildings Google reviews score

KPIs employees linked to student satisfaction

Awareness campaign energy/environment

Internship programme at Xior

Baselife-Basebuddy pogramme

Community engagement: via Discord and MyXior-app

ü completed 6 in progress ¥ to be started

XIOR ANNUAL FINANCIAL REPORT 2025

149

”

I live at Basecamp by Xior Katowice and highly recommend this place to

everyone. The building is modern, well-maintained, and excellently equipped.

Residents have access to a fitness center and numerous common areas, ideal

for both studying and socializing. This makes it easy to build relationships, not

only with people from Poland but also with residents from other countries,

creating a unique, international atmosphere. It’s also worth noting that security

is top-notch—there’s 24/7 security on-site, which provides a sense of comfort

and peace of mind. The building managers deserve a special mention, as they’re

always helpful, friendly, and dedicated. You can contact them with any issue, and

they always work to find a solution.„

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SUSTAINABILITY REPORT XIOR

9.3 ENERGY

9.3.1 CLIMATE IMPACT: TOWARDS NET ZERO BY 2050

Climate change is one of today's biggest challenges. At Xior, we

strive to create a sustainable living environment for both our

students and our staff, to work with them to make positive impact

on the climate. We want to take responsibility for our own impact

and actively work to minimise it. Our ambition is to be climate-

neutral (net zero) by 2050.

An important step in our climate policy was submitting our targets

to the Science Based Targets initiative (SBTi), through which

we align our emissions reductions with the guidelines of climate

science and the goal of the Paris Agreement (1.5°C).

9.3.1.1 XIOR’S CO

-CLASSIFICATIONS ACCORDING TO THE 3

SCOPES

Under the new CSRD directive, Xior worked hard to improve the

measurement of the three different emission scopes and develop

a new climate and transition plan. In light of the recent Omnibus

proposals and the potential adjustment to the scope of application

of the CSRD, Xior is not expected to be formally subject to the CSRD

requirements (any longer). Nevertheless, Xior remains committed

to continuing to systematically measure and monitor emissions

within scopes 1, 2, and 3. This ongoing effort is an essential part

of its broader sustainability strategy and the further rollout of its

climate plan.

Xior classifies its emissions according to the GHG Protocol into

scope 1, 2, and 3. Scope 1 and 2 primarily relate to its own offices

and vehicle fleet. The largest share of Xior’s climate impact falls

under scope 3, as this includes emissions associated with energy

consumption in residential properties and—in the long term—

also emissions generated during construction and renovation

(embodied carbon).

”

BY JOINING THE SBTI, WE ARE NOT

ONLY DEMONSTRATING THAT WE TAKE

OUR CLIMATE AMBITIONS SERIOUSLY, BUT

ALSO THAT WE ARE COMMITTING TO A

LEVEL OF EMISSIONS REDUCTION THAT

IS IN LINE WITH INTERNATIONAL CLIMATE

EXPECTATIONS.„

OVERVIEW: WHAT’S INCLUDED IN EACH SCOPE AT XIOR?

Scope Emissions type What does Xior include? Examples

Scope 1

Direct

Emissions directly controlled by Xior (offices +

company vehicle fleet)

Gas in own offices, fuel for company

vehicles, refrigerant leaks

Scope 2

Indirect

(purchased energy)

Purchased energy used by Xior itself (primarily

offices)

Electricity, district heating/cooling

(offices)

Scope 3

Other indirect

(value chain)

Downstream: energy consumption in student

residences (from 2025)

Upstream: embodied carbon, purchased goods &

services

Student consumption, materials

(concrete/steel), construction/reno-

vation, maintenance, waste/demolition

Starting from 2025 reporting year, the energy consumption of student residences will be classified as scope 3 (downstream) in line with the value chain logic of the CSRD/ESRS.

XIOR ANNUAL FINANCIAL REPORT 2025

151

Reclassification in 2025 (impact on scope allocation,

not on total emissions)

Starting with the 2025 reporting year, the energy consumption of

student residences will be reclassified to scope 3 (downstream

leased assets), in line with a value chain approach. As a result,

the figures per scope are not directly comparable with previous

years. The reclassification does not change total emissions, but it

does change the allocation of emissions to the various scopes. To

this end, an update of the SBTI emissions profile was made in the

course of 2025 based on the emissions from 2024. Scope 3 will

be reported annually in accordance with EPRA guidelines; given

their limited scope, scopes 1 and 2 will be reported periodically

(with 2024 thus being the most recent update for scopes 1 & 2).

Xior aims for a triennial update.

For many years, Xior has been reporting the energy consumption

and associated emissions of its offices and student residences

under scopes 1 and 2 via EPRA. In line with the Greenhouse

Gas Protocol, the energy consumption of the residences was

reclassified to scope 3 (downstream leased assets) in the

course of 2025. As a result, the figures per scope are not directly

comparable with previous years. The reclassification does not

change the total emissions, but it does affect the allocation of

emissions to the various scopes.

Furthermore, the scope of the calculation was expanded to

include the vehicle fleet, embodied carbon from developments,

and corporate emissions. These are reported separately from

EPRA.

Scope 1 & 2 (offices & vehicles)

99.1 ton CO

e 0.4%

Scope 3 (operational emissions,

student consumption)

14,289.1 ton CO

e 55.5%

Scope 3 (embodied carbon from

developments)

10,919.3 ton CO

e 42.4%

Scope 3 (corporate emissions:

travel, commuting, office

supplies, etc.)

428.7 ton CO

e 1.7%

Total 25,736.4 ton CO

e 100%

Split Xior’s 2024 CO

emissions –

Total 25,736.4 ton CO

emissions (2024)

Scope 1&2

(offices & vehicles)

0.4%

Scope 3

(student consumption)

55.5%

Scope 3

(developments)

42.4%

Scope 3

(business consumption)

1.7%

In 2024, scope 1 and 2 together accounted for approximately

0.4% of total emissions, while scope 3 represented 99.6%. Within

scope 3, approximately 42% consisted of operational emissions.

This underscores that the greatest reduction potential for Xior

lies in scope 3, and in particular in the energy consumption and

energy mix of our residences.

SBTi Validation

In 2023, Xior submitted its CO

reduction plan to the Science

Based Targets initiative (SBTi), receiving official validation of its

targets and confirmation that Xior’s reduction goals are aligned

with the 1.5°C target of the Paris Agreement. Xior remains

committed to reducing its CO

emissions toward net zero by

2050, in line with the SBTi framework.

In the 2025 reporting year, a reclassification was implemented

in the allocation of emissions to scopes 1, 2, and 3, to better align

reporting with a value chain approach. As a result, the figures

per scope are not directly comparable with previous years.

However, the underlying ambition and tracking of the reduction

targets remain based on the base year 2020.

Offices

Electricity

Heat

Purchased

Student consumption

(downstream)

Embodied carbon (upstream)

Goods & services

End-of-life

Supply chain

Offices

Cars

Refrigerants

Direct

Offices

Electricity

Heat

Purchased

Student consumption

(downstream)

Embodied carbon (upstream)

Goods & services

End-of-life

Supply chain

Offices

Cars

Refrigerants

Direct

Offices

Electricity

Heat

Purchased

Student consumption

(downstream)

Embodied carbon (upstream)

Goods & services

End-of-life

Supply chain

Offices

Cars

Refrigerants

Direct

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SUSTAINABILITY REPORT XIOR

9.3.1.2 CLIMATE AND TRANSITION PLAN: FROM MEASUREMENT

TO ACCELERATION

For several years now, Xior has been systematically assessing

the climate impact of its portfolio and translating these insights

into a concrete reduction strategy. In line with our SBTi validation,

Xior focuses on a combination of operational reduction

(energy consumption and energy mix) and structural reduction

(sustainable investments, portfolio quality, and construction

principles).

Xior translates the insights from its emissions measurement into a concrete transition plan that focuses on four levers:

1. Transition of heating systems in existing residential properties

Gas remains a major heating source in parts of the portfolio and is therefore a priority area for

emissions reduction. Xior is accelerating the transition to more sustainable alternatives by, among

other things, replacing gas boilers with heat pumps where technically feasible, and connecting

residential properties to district heating networks where available and economically viable.

2. Energy efficiency and monitoring as standard

Xior continues to invest in digital energy monitoring (with quarter-hourly metering where possible)

so that consumption can be actively tracked and optimized. This is complemented by technical

optimizations and targeted awareness campaigns among students and management teams.

3. New developments and renovations: focus on both embodied and operational carbon

Through internal green building guidelines, Xior systematically integrates climate impact into

design and investment decisions. This involves considering both energy efficiency during operation

(operational carbon) and material choices and construction methods with a lower carbon footprint

(embodied carbon).

4. Electrification of the vehicle fleet and reduction of office impact

Although scope 1 and 2 emissions represent a limited share, Xior remains committed to reducing

them through further electrification of the vehicle fleet, energy efficiency, and greening the energy

supply in its own offices.

XIOR’S CO

TARGETS AND AMBITIONS

Scope 1 & 2

Xior has set an absolute reduction target of -50% by 2030

(compared to the 2020 baseline) for scope 1 and 2 emissions,

and a net-zero target for 2040 (compared to the 2020 baseline).

In 2025, a full recalculation of the scope 1 & 2 emissions for 2024

was performed. Unlike scope 3, which undergoes a comprehensive

annual update, scope 1 & 2 emissions are recalculated periodically.

Year Scope 1&2 (tCO

Reduction % vs

2020

73.6

2024 99,4 +35%

2030e

… -50% target

2040e Net zero -90% target

In 2024, emissions total 99.4 tCO

e, representing an increase

compared to 2020. This increase is primarily due to the

organization’s continued growth. Approximately 70% of total

scope 1 & 2 emissions in 2024 are attributable to the vehicle fleet

(company cars), in line with the expansion of the workforce and

the number of company cars. At the same time, the transition to

a low-carbon fleet has already begun. With the introduction of a

new car policy starting in 2026, all new company cars will be fully

electric. Starting in 2026, the first fully electric vehicles will be

added to the fleet, and as existing lease contracts expire, vehicles

will be systematically replaced with electric alternatives. This will

lead to a structural reduction in scope 1 emissions in the coming

years. Given the more limited scope of scope 1&2, a thorough

update is conducted every few years. In addition, Xior already

uses 100% green electricity in all offices, ensuring that scope 2

emissions remain structurally limited. Although 2024 shows a

temporary increase due to economies of scale, the reduction

targets for 2030 and 2040 remain realistic and within reach. The

policy measures already taken and the planned full electrification

XIOR ANNUAL FINANCIAL REPORT 2025

153

of the vehicle fleet provide clear leverage to accelerate the

reduction of emissions in the coming years.

Scope 3 – operational carbon (target)

Xior proposes reduction targets based on CO

intensity (kg CO

m²) for the operational emissions of student housing (student

consumption).

Year Kg CO

e/m²

Reduction % vs

2020

2021

24 -25%

2022

16 -50%

2023

15 -53%

2024

13 -61%

2025

13 -59%

2030e

… -65% target

2040e

… -80% target

2050e Net zero -90% target

In recent years, significant steps have already been taken,

including the use of 100% green electricity in all our student

housing facilities. For example, in our EPRA scope, nearly 1,500

MWh of self-generated green electricity was used in 2025. In

2020, that figure was just under 400 MWh. In the meantime, we

have also fully digitized our energy monitoring system.

Scope 3 – embodied carbon (target)

In 2025, the scope 3 embodied carbon impact for 2024 was

calculated based on standardized estimates for completed

projects. Xior is currently investigating how a more LCA-driven

approach can be integrated into future developments in a cost-

effective and scalable manner. The goal is to gradually evolve

toward a more robust baseline and to gain project-specific

insights into embodied carbon, with a view to formulating realistic

reduction pathways.

Year Ambition

2026 Further analysis of the implementation of LCA-

based calculations and potential establishment of

a baseline

>2026 Phased improvement of understanding and reduc-

tion of embodied carbon, with the goal of annually

optimizing CO

intensity (kg CO

e/m²), depending

on project type and feasibility.

Evaluation of the feasibility of systematically

applying LCA to new projects

See https://europeanclimate.org/wp-content/uploads/2022/03/ecf-building-emmissions-problem-march2022.pdf

9.3.2 GENERAL RESULTS (EPRA)

As a real estate player specified in the housing of students, Xior

continues to actively work with their students to reduce its

environmental footprint. Since 2019, Xior has committed to the

systematic mapping of its environmental performance, partly

based on a comprehensive set of EPRA-indicators. The climate

impact of the student residences is also calculated and all waste

collectors are contacted to get a picture of the evolution of waste

flows.

In the European Union, buildings account for 40%

of total energy

demand and 36% of total CO

emissions. Improving the energy

performance of buildings over their entire life cycle therefore

plays a crucial role in Europe's ambitious energy reduction and

climate neutrality targets. At Xior, we therefore understand very

well that the company, with its growing portfolio, has a major

responsibility that is not shirked. Mapping the energy consump-

tion and climate impact of the student residences forms the

basis for further reducing this impact through further initiatives

during the construction and usage phase.

Xior signed an agreement with IQBI, a specialist in energy

monitoring, in 2022 to map its data collection and environmental

performance even to map out more efficiently and accurately.

Xior remains committed to four core principles:

MAKING HEATING AND

THE ENERGY MIX MORE

SUSTAINABLE

(heat pumps/district heating

networks in residences)

MONITORING, EFFICIENCY,

AND BEHAVIORAL IMPACT

(smart meters + awareness)

LCA & LOW-CARBON

CONSTRUCTION

(as the standard for new deve-

lopments and major renovations)

100% RENEWABLE

ELECTRICITY

(via guarantees of origin or PPAs)

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SUSTAINABILITY REPORT XIOR

Through the IQBI platform, Xior can digitally measure and track

energy consumption across its entire portfolio. The system

enables real-time monitoring of energy flows and provides

insight into peak consumption, deviations, leaks, and potential

malfunctions.

In addition, the centralized data collection system allows

buildings to be benchmarked against one another and enables

targeted measures to be taken in a structured manner to further

improve energy efficiency. The monitoring system also supports

more transparent communication with students regarding their

energy consumption and helps to implement targeted actions to

optimize energy costs, both for Xior and for its residents.

By the end of 2025, the rollout of IQBI will be nearly complete

within the existing portfolio, with the exception of a few

technically complex cases. New acquisitions and completions will

be immediately integrated into the system upon commissioning,

ensuring that the energy consumption of the entire portfolio is

continuously and uniformly monitored.

All consumption and associated GHG emissions are collected

centrally based on measurements and invoices. This report states

only on the performance data of the units under own management

and considers 2023 as the base year for the trend analysis (like-

for-like) between 2023, 2024 and 2025. The previous reporting

year's consumption figures were retrospectively adjusted using

actual figures from invoices and measurements. The methodology

used for all measurements is described in detail in Chapter 9.6

of this Annual Report. This methodology is in line with EPRA

reporting guidelines and applies mainly to the environmental

part, but also to the social part.

An overview of all environmental performance indicators is shown

in the EPRA tables in Annex to this Annual Report. The main

observations and trends are discussed below.

9.3.2.1 GREENHOUSE GAS EMISSIONS

Total greenhouse gas emissions in 2025: distribution by

source (market based)

Heat grid

22.01%

Biomass

0.12%

(pellets & pits)

Natural gas 77.87%

Electricity 0%

Electricity

Xior’s current electricity consumption is fully green and doesn’t

account anymore for the total CO

climate impact by Xior. In this

climate study emissions are calculated and reported on both

market- and location-based methodology. Both methodologies

are recommended by the GHG Protocol.

• Location-based electricity emissions are calculated based on

the average CO

intensity per kWh of the national electricity

networks used by Xior. Decreases in these emissions are due

to reduced consumption, increased own power generation and

improved national CO

/kWh.

• The market-based methodology gives the possibility to dis-

tinguish between the type of power purchased. However, the

climate impact of electricity production differs from producer

and whether or not green electricity is purchased.

Although both values are transparently calculated and shared,

Xior primarily focuses on market-based emissions in its

communications, charts and Science Based Target trajectory.

100% electricity consumption 2025 via green electricity

(100% in 2024)

through certified green energy

suppliers

96%

own power generation through

renewable energy sources 4%

Within the CO

reduction plan, Xior has fulfilled its ambition to

consume 100% green electricity. For example, several initiatives

are ongoing in the countries to increase the production of our

own electricity through solar panels.

Fossil fuels

The majority of Xior's residences gets heated by natural gas. The

measurements show that on average, natural gas is responsible

for 77.87% of the greenhouse emissions (excluding emissions

from electricity consumption) linked to the portfolio in the

measurement scope. This forms the largest part of Xior's CO

reduction plan. The first studies on the implementation of heat

pumps put forward from Xior's digital EMS have already started.

Under the CSRD climate plan, the rollout and implementation of

heat pumps will be further planned.

emissions: Absolute, like-for-like and intensity

(GHG-Dir-Abs, GHG-Indir-Abs, GHG-Dir-LfL, GHG-Indir-LfL, GHG-Int)

It is understood that Xior's climate strategy of focusing on

sustainable energy-efficient buildings is working. In 2025,

Xior’s absolute emissions rose to 10,041 tCO

e (market-based),

compared to 8,864 in 2024.

This increase is mainly due to a rise in absolute fuel consumption

for heating (+14%). This can be partly explained by the increase

in the number of buildings included in the measurement scope

XIOR ANNUAL FINANCIAL REPORT 2025

155

from 85 to 91. In addition, the energy intensity of the buildings

rose by 4% (kWh/m²). The number of degree days in Belgium and

the Netherlands was 9% and 10% higher, respectively, than in the

reporting year 2024. This resulted in a higher energy demand for

heating. On a like-for-like basis, we see the same trend to a lesser

extent, with an increase from 8,178 tCO

e to 8,922 tCO

e (+9%).

This increase can largely be explained by the higher number of

degree days.

-intensity (LfL, market based) (kgCO

e/m²)

”

THE ENERGY INTENSITY OF OUR

ENTIRE PORTFOLIO IS LOWER THAN

THAT OF THE LIKE-FOR-LIKE SCOPE.

THIS SHOWS THAT THE RECENTLY

COMPLETED BUILDINGS HAVE A

LOWER ENERGY INTENSITY THAN

THE EXISTING PORTFOLIO AND WILL

IMPROVE THE AVERAGE CARBON

FOOTPRINT. „

9.3.2.2 Energy efficiency

The key to reducing our climate impact lies in improving the

energy efficiency of the buildings, which already starts at the

design of a new student residence and continues during the

development and final occupation. During the design, the best

techniques and materials (e.g. solar panels, cold thermal energy

storage (CTES), etc.) are considered. Once the building is

operational, Xior puts its efforts into influencing user behaviour

(also known as 'nudging') through awareness campaigns among

its tenants, to further optimize energy consumption.

Energy intensity of buildings

(Energy-Int)

If all buildings (excluding offices) are included in the scope, the

average consumption per square meter rises to 136 kWh/m². This

represents an increase of approximately 4% compared to 2024,

primarily due to higher energy demand during several cold winter

months in the reporting year.

A 7% increase in energy intensity was also observed in the like-

for-like scope (rising from 132 kWh/m² in 2024 to 141 kWh/m²).

This indicates that the energy intensity of the new buildings

included in the scope is significantly lower than that of the

existing portfolio.

”

THE ENERGY INTENSITY OF OUR

NEW BUILDINGS IS SIGNIFICANTLY

LOWER THAN THAT OF OUR EXISTING

PORTFOLIO. THIS CONFIRMS THAT OUR

TARGETED FOCUS ON SUSTAINABLE

AND ENERGY-EFFICIENT BUILDINGS

IS EFFECTIVELY CONTRIBUTING

TO A FURTHER REDUCTION IN OUR

OPERATIONAL IMPACT.„

Solar and green energy

Compared to reporting year 2024, the installed capacity of

solar panels in Xior's portfolio continued to increase, despite the

divestment programme carried out, which included the sale of

several properties with solar panels to third parties. In addition,

a strategic cooperation was also entered into in Belgium for the

further roll-out and realisation of solar panels on all Xior's Belgian

assets as far as technically and financially possible. In addition,

Xior continues to work to dedicate all useful roof area to the

installation of solar panels to the extent possible to maximise its

own generated electrical energy from renewable energy sources.

The cumulative installed capacity for the total Xior portfolio now

totals more than 2,311 kWp by the end of 2024. An increase over

reporting year 2024 by more than 34%.

SOLAR ENERGY

2,311kWp

15.06

13.05

14.19

kg CO

e/m²

2023 2024 2025

+9%

+34%

Increase in

Solar Panels

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SUSTAINABILITY REPORT XIOR

In 2025, 100% of the total electricity demand was covered by

green electricity (from renewable energy sources) from the sites

in measurement scope with 4% self-generated and 96% coming

from green power contracts. That is, the entire portfolio reports

net zero emissions in terms of purchased electricity (landlord-

based).

The sale of several properties where students were still

responsible for their own electricity contract further increased

the relative percentage of landlord obtained electricity in the

portfolio. Furthermore, for the properties where Xior has its own

operational authority, it also has a tenant-based guarantee of

100% green electricity.

Electricity consumption: absolute and like-for-like

(Elec-Abs, Elec-LfL)

In 2025, the scope (for which contracts are in Xior's name) had 91

buildings responsible for an absolute electricity consumption of

36,850 MWh. This is an increase in energy consumption of around

21%. This can be partly attributed to an increase in the number

of properties within the EPRA scope (+7%). In addition, several

smaller properties were sold, and larger properties were included

in the EPRA scope for the first time, such as LivinnX in Poland

(12,760 m²) and Campo Pequeno in Lisbon (10,740 m²). Of this

consumption, 100% comes from renewable sources. Due to the

large growth of the portfolio and automatic increase in absolute

electricity consumption, analysing like-for-like consumption as

an indicator of consumption evolution is much more relevant.

Therefore, it is important for Xior to analyse trends based on a

constant scope rather than absolute consumption.

The like-for-like analysis compares the electricity consumption

of 77 buildings that were operational in the last 3 years. The

analysis shows a 5% increase compared to 2024. The share of

green electricity in the like-for-like scope remains at 100%.

Given the increasing number of buildings with electric heating

(heat pumps) in the like-for-like score, this percentage is

expected to continue to rise systematically in the coming years.

Electricity consumption 2023-2025 (like-for-like)

26,688

27,434

MWh

28,912

5,000

10,000

15,000

20,000

25,000

30,000

2023 2024 2025

Fossil fuel consumption: absolute and like-for-like

(Fuel-Abs, Fuel-LfL)

The share of heating using internal combustion processes such as

natural gas & pellets is decreasing, as more heating is electric &

via district heating. In 2024, absolutely 43,358 MWh of natural gas

(incl. biomass) was consumed across 64 buildings. An increase of

just over 14% compared to 2024, partially explained by a colder

winter and the commissioning of several buildings that still use

natural gas heating. An 11% increase is also evident on a like-for-

like basis. At the same time, our heating strategy is undergoing

a clear transition. Xior is structurally committed to phasing out

fossil fuel heating systems and making a phased transition to heat

pumps and other sustainable heating solutions. This transition will

have a significant impact on the further reduction of fossil fuel

consumption in the coming years and supports our long-term

reduction goals.

A normalisation of consumption data using degree days is not

relevant in this context, as part of the natural gas is also used

to heat domestic water. More explanations are given in the

measurement methodology in Chapter 9.6 of this Annual Report.

Heat networks

(DH&C-Abs & LfL)

With average CO

emissions 38% lower than natural gas per kWh of

energy delivered (based on comparison between emission factors

for natural gas and heat networks, taken from BaseCarbone 8.10

en emissiefactoren.nl-warmtelevering respectively), the use of

heat distribution has a positive impact on a building's ecological

footprint.

The Ariënsplein residential complex achieves a CO

reduction of

more than 88% compared to traditional natural gas heating. A

total of 18 Xior residences are connected to such a system:

• Ariënsplein 1

• Barajasweg 60-70

• Basecamp by Xior Copenhagen South

• Burgemeester Oudlaan 480-1008

• Bokelweg Rotterdam

• Basecamp by Xior Malmö

• Basecamp by Xior Aarhus

• Zernike tower

• Karspeldreef 15-18

• Basecamp by Xior Katowice

• Basecamp by Xior Krakow

• Lutherse Burgwal 10

• Naritaweg 139-149

• Naritaweg 151-161

• Basecamp by Xior Leipzig

• Basecamp by Xior Lodz II

• Basecamp by Xior Lodz I

• Diagonal Besòs

This year, 17 out of 18 buildings are in the EPRA measurement

scope. Bokelweg concerns a former office building that has yet to

be converted to student residence, and thus was not yet included

in the scope. The increase in absolute figures from 22,936 MWh

to 23,743 MWh is a positive evolution since heat networks are a

much more sustainable form of energy than fossil fuels (natural

XIOR ANNUAL FINANCIAL REPORT 2025

157

gas). The like-for-like analysis covers 14 buildings and shows an

increase of 4% compared to 2024.

Raising awareness among tenants

Besides its own investments in sustainability, Xior also focuses on

raising awareness or ‘nudging’ among its students. Information,

tips and tricks on how to consume energy responsibly and on

recycling correctly hang in the residences. Tips are also regularly

given on social media.

OFF

RRemind me to save energy !emind me to save energy !

9.3.2.3 Water consumption

Most of Xior's water consumption

comes from the consumption

of its tenants or students. The

double materiality analysis

showed that water consumption

is not a material sustainability

topic for Xior so Xior will no

longer report water consumption

according to CSRD guidelines.

Nevertheless, Xior continues to

measure water consumption

through its digital monitoring

system and is committed to

efficient water management

where possible, including

rapid intervention in case of

leaks to reduce water wastage.

Through various measures, Xior

continues to raise awareness

among students: through internal

communication, the provision of

shower timer, etc. Water-saving

techniques (economy showerheads, dual flush buttons, rainwater

recovery, etc.) are also always considered in the design and

development phase of buildings.

9.3.2.4 Waste production

The double materiality analysis showed that waste generation is

not a material sustainability topic for Xior so Xior will no longer

report waste generation according to CSRD guidelines. However,

Xior remains committed to awareness and sorting campaigns

Xior does remain strongly committed to the sorting policy in the

various residences with regular awareness and sorting campaigns.

158

SUSTAINABILITY REPORT XIOR

9.3.2.5 Sustainable buildings in sustainable communities

URBAN BROWNFIELDS

Xior avoids developments on "virgin" green fields. Given the inner-

city nature of student accommodation, Xior has already developed

many urban brownfield projects in the past. Some examples

include Bonnefanten (Maastricht), Kipdorpvest (Antwerp), Black

Box (Groningen), Alma (Brussels), and Ariënsplein (Enschede). Here,

vacant and/or obsolete buildings such as schools, hospitals, office

buildings are given a second life, with a positive revitalisation effect

on the entire neighbourhood.

XIOR 3 EIKEN – BELGIUM (334 UNITS)

108 Solar panels

(total capacity of 46.44 kWp)

Fossil-fuel-free sports hall: heating &

cooling via a BEO field & heat pumps

Maximum rainwater infiltration

120 units at social rate

Integrated biodiversity: nesting sites for swifts in

the facade

Green campus – minimal land use

Certificates

(Cert-Tot)

86% of the buildings in scope holds an EPC or similar Energy

Index (EI). On the one hand, some reports are missing and are still

pending due to recent renovations or new construction projects.

However, we cannot have an EPC for all buildings or units as, in

some cities, there is only an obligation to measure the energy

performance of stand-alone units. Xior's ambition is to collect

certificates from as many properties as possible in order to get

the best possible picture of the portfolio's energy performance.

The majority (79)% of the surface area of the buildings has

good energy scores, such as A, B and C. By implementing the

divestment programme (particularly regarding the least efficient

and least sustainable residential properties) and by implementing

the CO2 reduction plan, the scores will improve, clearly reflecting

Xior's strategic commitment to greening its portfolio. Thus, Xior is

also making the necessary investments in its existing residences

to optimise these buildings, not only in terms of comfort but also

in terms of sustainability.

XIOR ANNUAL FINANCIAL REPORT 2025

159

Distribution of EPC certificates Xior buildings in scope

100

49.6

79%

EPC A-C

4.3

21.2

8.2

1.6

4.5

10.6

A B C D E

F/G/H

Unkn.

External certificates

Xior currently has 11 properties with external certification

(BREEAM Very Good, LEED Gold, DGNB Silver and BREEAM in

use). This is already a significant proportion of the portfolio (5,381

units out of a total of 22,268 units (24%) or 23% based on Fair

Value). Applications for sustainability certification are ongoing for

the following developments or recently completed properties:

Brinktoren Amsterdam (BREEAM, Warsaw Poland (BREEAM) and

Seraing (BREEAM). In addition, Xior is also studying the feasibility

of external certification for existing buildings. In the Netherlands

(Woudestein) and in Portugal (Campo Pequeno), Xior has a

BREEAM in use certificate. Xior's aim is to increase the number of

external certificates where possible.

Sustainable assets & Sustainable Finance Framework

(Cert-Tot)

Xior's Sustainable Finance Framework includes not only

environmental criteria (E) to finance its greenest assets, but also

social criteria (S) based on affordability and social pricing.

In total, Xior's sustainable finance framework includes c. 2.31

billion EUR in eligible assets.

As part of Xior's sustainability ambitions and with the aim of

attracting specific funding to (re)finance green or social projects

and assets, Xior has developed a Sustainable Finance Framework.

This framework provides a framework that complies with GBP-

Green Bond Principles and Social Bond Principles, supported

by the International Capital Market Association (ICMA) and with

certification by a Second Party Opinion from Sustainalytics.

At the end of December 2025, this portfolio consisted of:

• 44 green buildings (from which 43 in EPRA measurement

scope), for a total value of 1.92 billion EUR (compared to 1.74

billion EUR at the end of 2024).

• 5,393 social/affordable units, for a total value of 756 MEUR.

Taking into account the properties already covered by green

financing, the remaining additional amount of social assets

amounts to 396 MEUR.

• As of 31 December 2025, Xior has a total of 1.27 billion EUR of

sustainable financing, of which 993 MEUR was drawn (67% of

total financing). In total, Xior has 2.31 billion EUR of sustainable

assets, sufficient to make all financing sustainable.

As indicated in the EPRA table (see full EPRA tables in Annex),

43 sites from the measurement scope belong to our green

portfolio. The table below gives more insight into the full green

portfolio, including buildings that were not yet included in the

EPRA measurement scope this year.

Total green (sustainable) financing

€ 1.27billion

€ 993 million drawn

Total sustainable assets

€ 2.31 billion

€ 1.91 billion green eligible assets

€396 million sociale eligible assets

excluding social assets already included as green assets – the total

social eligible assets amount to €756 million)

67%

of total

financing

160

SUSTAINABILITY REPORT XIOR

BELGIUM Residence External Certification E-score or EPC label (Kwh/m²)

1 Ghent Campus Overwale

E59 (72.94)

2 Ghent Voskenslaan 203-207

E66

4 Ghent Sint-Pietersplein

3 Brussels Ommegang

B- & C+ (average 90.79)

5 Leuven Studax

Tussen E47 - E51 (49.12 - 71.50)

6 Leuven Minderbroedersrui 19

A (71)

7 Liège ARC

A & B (average 96)

8 Namur Rue Mélot

A (66)

9 Hasselt Campus PXL

E67 (272.15)

THE NETHERLANDS

Residence External Certification EI (label) / EPC (label)

10 Delft Antonia Veerstraat

0.72-0.80 (A+ label) / 0.4 (A+++)

11 Delft Barbarasteeg

0.70-0.97 (A+/A label)

12 Utrecht Rotsoord

1.02-1.19 (A label) / 0.4 (A+++)

13 Rotterdam Woudestein BREEAM in use - Good (46,23%)

0.66-1.20 (A+/A label) / 0.52 (A++)

14 Groningen Oosterhamrikkade

0.72-0.79 (A+ label) / 0.57 (A++)

15 Amsterdam Karspeldreef

0.50-1.03 (A++/A+/A label) / 0.57 (A++)

16 Amsterdam Naritaweg 139-147

0.46-0.92 (A++/A+/A label) / 0.36 (A+++)

17 Amsterdam Naritaweg 151-159

0.50-0.78 (A++/A+ label) / 0.34 (A+++)

18 Amsterdam Barajasweg

0.48-0.77 (A++/A+ label) / 0.34 (A+++)

19 Enschede Ariënsplein fase 1

0.95-1.14 (A)

20 Groningen Zernike toren

0.34 (A+++)

21 Breda Studio Park

0.81-1.20 (A label) / 0.53 (A++)

22 Vaals Katzensprung

0.40 (A++)

23 Eindhoven Boschdijk Veste

Average 1.16

SPAIN Residence External Certification E-score or EPC label (Kwh/m²)

24 Barcelona Campus Diagonal Besos

A (33)

25 Barcelona The Lofttown

A (115)

26 Barcelona Collblanc

A (239)

27 Madrid Madrid Retiro

A (194)

28 Malaga Malaga Teatinos

A (55.89)

29 Malaga Malaga Atalaya

A (154.37)

30 Seville Xior Sevilla

A (122.05)

31 Granada Xior Granada

B (97.59 & 113.81)

32 Zaragoza Pontoneros

PORTUGAL Residence External Certification E-score or EPC label (Kwh/m²)

33 Porto

Asprela B

34 Lisboa

Benfica B

35 Lisboa

Lumiar B

36 Lisboa

Campo Pequeno

BREEAM in use - Very Good (59.50%)

B-

DENMARK Residence External Certification E-score or EPC label (Kwh/m²)

37 Lyngby

Lyngby Student DGNB Silver A (2015)

38 Lyngby

Lyngby Residential DGNB Silver A (2015)

39 Aarhus

Basecamp by Xior Aarhus DGNB Silver A (2020)

40 Copenhagen

Basecamp by Xior South

Campus

DGNB Silver

XIOR ANNUAL FINANCIAL REPORT 2025

161

POLAND Residence External Certification E-score or EPC label (Kwh/m²)

41 Lodz

Basecamp by Xior Lodz II BREEAM Very Good 55.8% (89.38)

42 Katowice

Basecamp by Xior

Katowice BREEAM Very Good 63.4% (83.95)

GERMANY Residence External Certification E-score or EPC label (Kwh/m²)

43 Leipzig

Basecamp Leipzig LEED GOLD A (29.2)

44 Potsdam

Basecamp Potsdam LEED GOLD (20.44)

SWEDEN Residence External Certification E-score or EPC label (Kwh/m²)

45 Malmö

Basecamp by Xior

Malmö BREEAM Very Good 64.2% B (58)

TOTAL FAIR VALUE 1.911.590.168

Xior's ambition is to further increase this portfolio of sustainable

eligible assets every year along with the growth of the portfolio

through new sustainable developments or through the acquisition

of existing residences that meet the criteria to be included in the

green portfolio.

52% of Xior’s eligible assets are financed with green loans (993

MEUR drawn green loans vs 1.91 billion EUR of green eligible assets).

162

SUSTAINABILITY REPORT XIOR

Campus Overwale – Ghent ARC – Liège Rue Mélot – Namur Campus PXL – Hasselt

Woudestein – Rotterdam Zernike tower – Groningen Karspeldreef – Amsterdam

Campus Diagonal Besos – Barcelona

Xior Granada

Pontoneros – Zaragoza

Lumiar – Lisbon Campo Pequeno – Lisbon

Basecamp by Xior Katowice Basecamp by Xior Lodz II

Basecamp by Xior Lyngby Basecamp by Xior Aarhus

Bc by Xior South Campus Copenhagen

Basecamp by Xior Potsdam Basecamp by Xior Leipzig Basecamp by Xior Malmö

XIOR ANNUAL FINANCIAL REPORT 2025

163

Sustainable financing

As of end-December 2025, total green loans amount to 1.27 billion EUR of which 993 MEUR have already been drawn down and already

fully allocated to ‘eligible green assets’. The total amount of green loans amounts to 67% of total funding. By adding the social assets

and expanding the portfolio of green assets, basically all loans can be made sustainable.

Distribution of Green loans

Impact Reporting: The total GHG intensity for 2025 (kgCO

sqm, market-based) remains virtually stable at 13.13 for the entire

reported Xior portfolio (vs. 12.63 for 2024). The GHG intensity can

be broken down as follows:

• GHG intensity for green assets (assets eligible under the

Sustainable Finance Framework): 8.89 kgCO

/sqm

• GHG intensity for other non-green assets: 39.86 kgCO

/sqm

The significant reduction in CO

emissions from the eligible

“green” portfolio is clearly evident.

SUMMARY TABLE FOR ENERGY INDICATORS

Absolute measurement Like-for-like measurement % change

EPRA KPI (total portfolio)

Unit of

measurement 2023 2024 2025 2023 2024 2025 2025 vs 2024

Total electricity consumption

Elec-Abs & LfL

Annual kWh

28,390,395 30,387,061 36,850,087 26,687,935 27,433,834 28,911,701 5%

Total consumption of district

heating and cooling

DH&C-Abs & LfL

Annual kWh

17,392,077 22,936,448 23,742,989 17,392,077 18,004,300 18,775,624 4%

Total fuel consumption

Fuels-Abs & LfL

Annual kWh

42,456,877 38,134,087 43,358,484 37,422,643 36,496,200 40,329,813 11%

Total energy intensity of the

building

Energy-Int

Annual kWh

per m²

134 130 136 134 132 141 7%

Total GHG emissions (scope 3 -

market based)

Annual tons

of CO

10,090 8,864 10,041 9,195 8,178 8,922 9%

Direct GHG emissions (fuel)

GHG-Dir-Abs & LfL

Annual tons

of CO

7,700 6,898 7,830 6,770 6,596 7,271 10%

Indirect GHG emissions (electri-

city & district heating/cooling)

GHG-Indir-Abs & LFL

Annual tons

of CO

2,390 1,966 2,210 2,424 1,582 1,651 4%

Total GHG intensity

(market based)

GHG-Int

Annual kg CO

per m²

15.30 12.63 13.13 15.06 13.05 14.19 9%

Total water consumption and

intensity

Water-Abs & LfL & Int

Not material Not material

Total waste production

Waste-Abs & LfL

Not material Not material

For the full table, see Annex, Chapter 14 of this Annual Report,

67%

245 MEUR USPP bonds

200 MEUR Green CP

245 MEUR ABN Amro

170 MEUR ING

77 MEUR Realkredit

27 MEUR Nykredit

25 MEUR Ethias

10 MEUR Pensio B

25 MEUR Banque de Lux

100 MEUR Rabobank

150 MEUR Natixis/CDE

164

SUSTAINABILITY REPORT XIOR

9.4 SOCIAL

Xior is an organisation that brings together a great social mix

of people from all corners of the world and from all various

demographic groups, not only in terms of its employees but also

in terms of its students.

9.4.1 SOCIAL EMPLOYEES: STAFF WELLBEING, HEALTH,

SAFETY

At Xior, we strongly believe in creating a stimulating environment

where employees can grow with the company and reach their

full potential at every stage of their career. Xior's approach to the

employee life cycle includes a comprehensive set of initiatives and

programmes aimed at supporting and developing our employees,

from the time of recruitment to retirement.

1. Xior's HR strategy

Xior's strategy is to implement a coherent and sustainable human

resources policy that supports Xior's long-term objectives and

will make the company people-driven and future-proof. The HR

department's objectives include:

• Attracting suitable and talented candidates;

• Optimising training, encouraging professional and personal

growth;

• Strengthening employee loyalty and engagement to reduce

staff turnover.

As an international player in student accommodation, Xior

believes it is important to build not only today's organisation but

also tomorrow's, by proactively attracting the right talent and

developing existing employees.

Given Xior's geographical expansion (4 new countries in 2022),

Xior's HR strategy was further honed to promote our diverse and

inclusive workforce and ensure seamless cultural integration

across all regions.

The implementation of a new matrix organisational structure,

characterised by decentralised operational business units,

requires a strategic approach to talent management, emphasising

autonomy and collaboration within teams. In addition, the shared

service centre streamlines administrative functions through

headquarters, allowing us to optimise our resources and improve

operational efficiency. Through these strategic adjustments, we

aim to enable a smooth transition, exploit synergies and cultivate

a unified organisational culture aligned with our overarching

business objectives.

This strategy will be further embedded at different stages of the

entire employee lifecycle to further strengthen Xior's ambition as

a sustainable, long-term employer.

STRATEGY

ATTRACTING

TALENTS

Company culture and values

OPEN

RECRUITMENT

for all

ONBOARDING

Welcome to the

#xiorfamily

LEARN,

TEACH, GROW

Be given room to build

competences

WE CARE FOR

YOUR TALENT

Rewarding and

recognising talent

HEALTH, SAFETY

& WELLBEING

A healthy work-life

balance

EVALUATION &

FEEDBACK

You can make the

difference

RETAINING TALENT

/FOLLOWING UP ON

DEPARTURES

Employer engagement

-5%

evolution of employees

from 266 at the end of

2024 to 252 at the end

of 2025

Employees:

20% BE

23% NL

23% ES

8% PT

2% DE

14% PL

7% DK

2% SE

XIOR ANNUAL FINANCIAL REPORT 2025

165

2. Attracting talent - Corporate Culture & Values (Diversity-Emp)

As a leading real estate company, we understand the critical

importance of attracting and retaining top talent to the success

of our business. Our commitment to employer branding goes

beyond recruitment; it is about fostering an inclusive and dynamic

work culture where individuals can thrive. We actively invest in

initiatives that showcase our values, capabilities and commitment

to employee growth so that our employer brand resonates with

both current and potential talent. Diversity is at the heart of our

organisation and reflects the vibrant communities in which we

operate. We recognise the unique perspectives and talents each

individual brings. By nurturing a culture of inclusiveness, we not

only attract diverse talent, but also create an environment where

everyone feels valued, respected and empowered to give their

best.

In order to attract talented, suitable staff to Xior and thus create

and maintain a qualitative "talent pool" as well as strengthen the

"employer brand" in the long term, recruitment is being expanded

and adapted to current labour market trends and the needs of

Xior and potential applicants. In 2023, Xior launched a brand

new careers page, with more focus on employer branding and

a clear overview of vacancies per country. In addition, Xior also

has a "referral programme" where current employees can refer

qualified candidates to fill vacancies. If the candidate is hired, the

Xior employee receives a sum that he may donate to a charity of

his choice.

Xior will also move towards strategic future workforce planning,

in which Xior will seek to assess future recruitment needs and

match them with the right talents and qualities. This proactive

approach will ensure that jobs are future-proof and Xior always

has the right talents and skills in-house. Xior adapts its strategy

based on employee feedback, changing market conditions and

best practices to always be a pioneer in talent attraction and

talent management.

Xior aspires to be a valued employer by creating an open, inclusive

and welcoming workplace for both students and employees. This

culture is further exemplified by the Xior "FAMILY" values, with

each letter representing one of our core values.

51%

men

49%

women

25%

UNDER 30Y

55%

BETWEEN 30-50Y

21%

OVER 50Y

166

SUSTAINABILITY REPORT XIOR

FOCUS ON THE CLIENT

ACT SUSTAINABLY

MOVE AS ONE TEAM

INTEGRITY AND DIVERSITY

LEARN, TEACH, GROW

YOU CAN MAKE THE DIFFERENCE

We act as a family.

We grow as a family.

We are a family.

WE OPERATE AND ACT AS ONE "FAMILY",

EACH LETTER STANDING FOR OUR MAIN PRINCIPLES

3. Open recruitment for all

Xior's recruitment policy is anchored in the principles of diversity

and open recruitment. We proactively search with targeted

recruitment campaigns for people with the right competences

who also identify with our corporate culture, values and activities.

In doing so, we also represent an image of society in the markets

in which Xior is present. Here, it is important to see a mix of

cultures, talents, competences, personalities, socio-economic

backgrounds and languages which is also reflected in our students

to our employees.

Therefore, it is primordial for Xior that there is room for everyone

with an eye for diversity during the selection process.

The selection procedures are short, approachable and based

on objective selection criteria and are free of any discrimination

based on the candidate's age, ethnicity, gender, nationality,

religion, sexual orientation or any other personal character trait

that does not have any impact on conditions of employment or

job performance.

Xior employees in Belgium are covered by Joint Committee 323

with the exception of some employees working for Roxi who are

covered by Joint Committee 302. In the other countries, there

are different collective agreements depending on the type of

residence, services offered, location, etc.

• Welcome videos

• Introduction presentation

• Xior values

• KPI targets

• Organisational charts –

who is who

• Internal Intranet (SharePoint)

• Employee handbook

• Company policies

• Health & safety

• Upcoming events

• Get to know the team

• Real time feedback

CULTURE

CLARIFICATION

COMPLIANCE

CONNECTION

THE

4 C

XIOR ANNUAL FINANCIAL REPORT 2025

167

4. Onboarding - welcome to the #xiorfamily

An important part of the strategy is the onboarding process. The

onboarding path was expanded by placing additional emphasis on

smooth integration in the first few months. The onboarding path

starts from the principles Culture, Connection, Clarification and

Compliance. Upon joining, Xior aims for a thorough onboarding

where new employees are immersed in the company, our values,

residencies, services and culture.

Every employee is introduced to Xior through a welcome video,

introduction presentation and interactive sessions where they

get to know the business. The video and introduction include

Code of Conduct & integrity training, including the policies,

a general presentation about Xior and the company values

and GDPR training. They are then also given an introduction to

the Xior Academy where they can receive further training and

relevant training is scheduled at that time. Each new employee is

also given an introduction to their personal KPI plan. The journey

then continues to learning-on-the-job. Xior has implemented a

buddy system where new employees are assigned a mentor from

another department. This initiative promotes mutual connection

and cooperation within the company.

Xior also provides sufficient contact moments between employees

through various initiatives, so that everyone stays connected.

New staff members are introduced through the periodic internal

People Flash, an important internal communication document

containing all kinds of news about the organisation and its

teams. In 2025, the HR team rolled out a comprehensive General

Employee Handbook to serve as a guide for both new and existing

employees. In 2026, this will be supplemented with a country-

specific appendix tailored to local regulations and practices.

5. Learn, Teach, Grow

Learn (Emp-Training)

Xior’s culture is characterised by their flat organisational structure

and a family atmosphere, where entrepreneurship and initiatives are

encouraged and supported. Xior wants its employees to fulfil their

roles in the best way possible, in an environment where everyone

within the Xior Family feels good and valued and is given the space

to further develop their competences.

All employees (including part-time, interim and self-employed

workers) are given the opportunity for personal development. This

is why Xior launched the "Xior Academy", a central, digital learning

platform that bundles all training opportunities and is open to

all employees. By implementing this learning environment, all

employees can easily follow various training courses. Both in-house

trainings as well as external training courses can be found here

(including more than 150 free online courses in cooperation with

the training platform "GoodHabitz"). Other external training courses,

degree programmes, leadership programmes and certificate

courses can also easily be requested via the Xior Academy, and

in consultation with the respective manager, or during the annual

evaluation.

Besides the online Academy, training is also done via 'on the field'

training courses for the development of job-specific, ESG and

software skills (e.g. GDPR training, first aid training, Excel, ESG

workshops, integrity training around ethical standards and equal

opportunities, etc.) as well as soft skills. For external training, in

addition to GoodHabitz, recognised learning institutes are consulted

(e.g. first aid training through ‘het Rode Kruis’, real estate training

through Social Fund 323, Real Estate Specialisation courses through

IEB (Instituto De Estudios Bursatiles).

In 2025, 8.4 hours of training per employee was officially provided,

compared to 6.4 hours in 2024. Since ‘employee training and

leadership’ is a material IRO for Xior, this will be a strong focus in the

coming years, and the Academy and training plan will continue to

expand.

For more information around the measurement methodology of the

above indicators, see Chapter 9.6.6 of this annual report ('analysis

of the calculation').

ACADEMY

PERSONAL STRENGTH

INSPIRING LEADERSHIP

MASTERCLASSES

LANGUAGE

COMMUNICATION

MANAGEMENT AND TEAMWORK

HEALTH AND SAFETY

COMMERCIAL SKILLS

PRODUCTIVITY

DIGITAL SKILLS

MICROSOFT OFFICE

ETHICS & INTEGRITY

GDPR

INTERNAL TRAINING COURSES

More than

150

courses

8.4h

training per

employee

168

SUSTAINABILITY REPORT XIOR

Teach: Sharing knowledge

As provider of student housing, Xior holds the ideal position and

advantage to connect and share knowledge with today's young

talents. That's why we have a yearly traineeship programme, in

which we offer the opportunity for students to do internships

and gain valuable experience within their field of study. By doing

so, students can start their careers right. At the same time, this

gives Xior the opportunity to attract and potentially retain young

talents after their internship, to create a qualitative talent pool.

During busy periods (reporting, start and end of the rental season,

open days, etc.), the organisation also calls on job students. In

addition, we often give lectures and training courses at various

universities and colleges (e.g. KU Leuven, KdG Hogeschool,

Thomas More Hogeschool, Vlerick Business School, Hogeschool

Rotterdam, PXL, etc.).

Grow

The strategy will also focus more on ownership and leadership

development, so that the Xior Family can continue to inspire and

motivate each other. Internal mobility also plays an important

role, even at international level, with staff members being given

the opportunity to also work for Xior in one of the other countries.

The objective is also to roll out an individual training plan based

on this.

6. Reward and recognise talent

(Annual Incentive Plan) (Diversity-Pay)

Xior offers all its employees a fair salary package supplemented

by variable compensation and fringe benefits, depending on

the place of employment, taking into account local legislation,

social status and the employee's position. At the end of 2023,

we launched a new KPI plan, applicable to all employees. This

plan includes measurable KPIs focused on financial and ESG

KPIs (including customer satisfaction and building quality).

This variable pay or bonus is paid in cash or via a warrant plan,

depending on the country-specific legal and fiscal framework.

Whether or not the targets are (partially) achieved, is calculated

based on measurable scorecards, which employees are made

aware of at the introduction of the KPI plan. Quarterly feedback

moments get organised, in which interim scores are reviewed so

that employees are well informed of their progress.

Salaries are set on the principle of "equal pay for equal work"

to ensure fair and balanced remuneration. To guarantee a

competitive salary for its employees, Xior annually reviews its job

descriptions and corresponding weighting and benchmarking

for staff who are already employed by Xior. In terms of salary

and other fringe benefits, no distinction is made between men

and women. Men and women with the same job are treated

equally and we strive for a good pay gap ratio. As a result of

non-materiality based on the double materiality, this metric is

no longer reported.

In addition to fixed and variable compensation, all employees at

Xior are recognised and rewarded in numerous other ways. For

example, everyone receives an annual Christmas package from

Xior, e-bikes are available to employees (BE), and team events are

organised in the different countries, etc.

The Board of Directors may determine from 2023 that the

members of the Executive Management must use part of their

variable remuneration to acquire shares of the Company, subject

to a three-year vesting scheme. No share (option) plan currently

exists for the non-executive directors and Xior employees.

INTERNSHIPS

2025

KPI PLAN EMPLOYEES

1. Remuneration linked to NOI & occupancy rate

2. Remuneration linked to customer satisfaction,

measurable via Google review score & student

wellbeing survey results, among others

3. Remuneration linked to department-specific

target (e.g. monitoring building quality, delivering

and following up the necessary certificates)

XIOR ANNUAL FINANCIAL REPORT 2025

169

7. Health, safety & wellbeing (H&S-Emp)

Xior also aims to provide its employees with the necessary

flexibility, with a healthy work-life balance and room for internal

mobility. Xior has also developed a formal teleworking policy,

allowing employees to work hybrid whenever possible. To prevent

accidents and absenteeism, health and safety training is organised

regularly. Employees can also attend various training courses on

occupational health and safety at the Xior Academy (e.g. mental

health, burn-out prevention, stress management, safety at work).

Based on the double materiality, this metric is no longer reported.

Xior also has a corporate wellbeing programme called "Xiorize".

This involves organising numerous events to improve employees'

physical and mental well-being. Examples include: participation

in a quarter triathlon with full professional coaching, various

sports events such as e.g. the 10 Miles in Antwerp, local fitness

classes, padel tournaments, teambuildings, etc.

8. Evaluatie & feedback – You can make the difference

(Emp-Dev)

For all employees, an (in)formal feedback moment is organised

at least annually with the direct supervisor. For the new KPI

plan, quarterly reviews will also be scheduled, giving employees

an overview of their progress. This will also lead to an increase

in the formal evaluation rate. In addition, line managers are

also expected to hold regular one-to-one meetings with their

employees focusing on personal development, ambitions and

performance. Through regular informal consultation moments,

everyone will have additional opportunities to provide additional

feedback.

In 2025, a formal performance review was conducted for 47%

of employees, compared to 52% in 2024. For more background

around the reporting of development indicators, see the

measurement methodology in Chapter 9.6.6 of this annual

report ('analysis of calculations').

Xior also organises an annual online Workforce survey. This is

organised by an external professional party to ensure anonymity.

In it, all employees across countries are surveyed about, among

other things, their satisfaction with Xior as an employer, training

opportunities, personal development, salary, etc.

70% participation

74% overall satisfaction

WORKFORCE SURVEY 2025

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SUSTAINABILITY REPORT XIOR

9. Retaining talent / following up on departures

(employee engagement) (Emp-Turnover)

Within the HR strategy, there are multiple tracks around employee

engagement to ensure that the right talent can be kept within

the organisation, including by focusing on personal development,

internal mobility, mentoring, coaching, career advice and a

balanced and sound remuneration structure. A structured

exit interview is scheduled for every employee who leaves the

company. In addition, a comprehensive offboarding policy was

developed in 2025. This allows us to regularly critically review our

approach and make adjustments where necessary.

Xior also realises that losing qualified, specialised staff is a risk to

the company's success. It is the HR team's goal to keep talented

employees in the company, allowing them to specialise further

and keep this knowledge in the company. Xior tries to mitigate this

risk through various initiatives and succession planning. Specific

initiatives taken by Xior for this purpose are: Xior Academy with

which staff can develop further, career planning, KPI bonus plan,

regular feedback moments, leadership development, wellbeing

initiatives, annual satisfaction surveys and more.

The number of incidents also includes incidents from previous years as long as they have not been fully resolved.

9.4.2 SOCIAL TENANTS: STUDENT WELFARE, HEALTH

SAFETY

Besides a diverse group of employees, Xior also brings together,

in terms of tenants, a great social mix of people, from various

cultures, countries and socio-economic classes. In 2025, Xior

hosted approx. 150 different nationalities who could study, live

and live together in harmony.

At ease, healthy and safe at home

(H&S-Assets & H&S-Comp)

Xior attaches great importance to the well-being, health and

safety of both its tenants and its staff. The slogan "feel at home"

was therefore deliberately chosen, because at Xior, the safety,

comfort and health of its students will always come first, so that

they can enjoy their student time carefree and Xior really feels

like a second home to them. Residences always meet the highest

safety standards and have access control and fire safety systems.

100% of the assets undergo a safety assessment in accordance

with the housing code as part of the licensing process. These

compliance checks are required by law and include (depending

on the various regional guidelines) fire safety checks and a

technical assessment of lifts, electricity, water quality, ventilation

and heating systems, among others. As indicated in the EPRA

table (see Annex to this annual report), 26 incidents

(of non-

compliance with regulations and voluntary codes related to the

health and safety impacts of our assets) were identified in 2025.

In these, according to our policy, immediate action was taken

once identified.

Azerbeidzjan

Turkije

Moldavië

Oman

Libië

Egypte

Marokko

Portugal

Spanje

Ivoorkust

Nigeria

Kenia

Uganda

Zuid-Afrika

Verenigde Arabische

Emiraten

Sudan

Kosovo

Zweden

Noorwegen

Denemarken

Australië

Suriname

Peru

Mexico

Ecuador

Colombia

Brazilië

Bolivia

Canada

Verenigde Staten

Costa Rica

Bermuda

Curacao

Cyprus

IJsland

Mauritius

Albanië

Macedonië

Griekenland

Bulgarije

Roemenië

Servië

Bosnië

Herzegovina

Kroatië

Polen

Tjechië

Slowakije

Oostenrijk

Hongarije

Italië

Oekraïne

Rusland

Georgië

Iran

Syrië

Afghanistan

Pakistan

India

Oezbekistan

Kazachstan

Libanon

Jordanië

Koeweit

Sri Lanka

Bahrein

Slovenië

Thailand

Vietnam

Indonesië

Maleisië

Taiwan

Filipijnen

China

Zuid-Korea

Japan

Letland

Estland

Litouwen

Finland

Singapore

FROM AROUND THE GLOBE A WORLD CLASS FAMILY

”

FEEL AT HOME! XIOR WANTS TO GIVE AS MANY STUDENTS AS

POSSIBLE A SECOND HOME FEELING, WHERE THEY CAN STUDY AND

LIVE IN IDEAL CONDITIONS.

„

+7.5%

Evolution number of

students 2024-2025

XIOR ANNUAL FINANCIAL REPORT 2025

171

In addition, operational staff or Residence Managers conduct

regular site visits. They identify needs and possible improvements

and ensure that any problems are addressed quickly. Should

an urgent technical problem still arise, operational teams are

available to students 24/7. The operational teams also receive

annual health and safety training so that they can always provide

the best care to the students.

Xior also remains committed to awareness campaigns to make

students more conscious about their own energy consumption.

These campaigns are shared by mail, in the residences and on

social media.

Engagement: sympathising with students

It is important for Xior to know what matters to its tenants.

Therefore, since 2021, Xior has organised an annual satisfaction

survey of its tenants in collaboration with a professional supplier,

and since 2024 the survey has been conducted bi-annually.

The results of this survey are taken to heart by Xior to identify

improvement areas, and concrete actions are communicated to

students to further improve the services and customer experience.

In addition, local and international promotions are also

organised such as, car sharing green mobility for students (which

is already available for properties in Eindhoven and Copenhagen,

and will increase in Belgium and the Netherlands), exclusive

cinema premieres for Xior students, visits to a film set or football

match, connecting with local businesses for seminars etc.

“

Customer satisfaction is a crucial

factor for Xior's sustainability and

success as a company. Therefore, Xior

has included customer satisfaction of

at least 75% in the ESG KPIs linked to

the renumeration of the Management

team.„

Xior also organises various events in all countries to promote a

sense of community such as an opening event, a welcome drink,

speed dating to get to know each other, movie nights, ping-pong

tournaments, city tours, art classes and much more. Seasonal

events such as Sinterklaas, Easter, Christmas, Halloween, Carnival,

are also frequently organised. In Germany, Poland, Denmark, and

Sweden, a webinar on mental well-being was also organized in

November, based on input from the students. And in December,

a student at Campo Pequeno (Lisbon) took the initiative to

organize a book club. In the Netherlands, for the buildings where

no Residence Manager is present by default, we organise 'coffee

hours' where Xior staff go on site and are available to the students,

this way we also get a closer connection to the residents and a

better idea of what is going on in the student residences.

In addition, we are strongly committed to our community concept,

which is already a key differentiator for our residences in several

countries. This includes employing local student ambassadors

who live in the residences and work with the local staff to provide

emergency support, organise events, connect and support

students and help them settle into their new home and country.

86%

overall student satisfaction

172

SUSTAINABILITY REPORT XIOR

BASEBUDDY AMBASSADOR PROGRAM

The Basebuddy ambassador role is desiged to help build community

BY RESIDENTS FOR RESIDENTS

Residence Lyngby in Denmark also has a 700-metres running track on the roof where running races are organised

regularly. These races are open not only to students, but also to the local neighbourhood.

ON-DUTY DAILY

Students that live with us & work for us part-time, trained locally

EVENT PLANNERS

Planning & execution of community events &

engagements throughout the year

CONNECTORS

Role designed to help build a community

by residents for residents

ADMIN SUPPORT

24/7 on call & emergency support for

students outside office hours

XIOR ANNUAL FINANCIAL REPORT 2025

173

With the integration of the MyXior platform, the administrative

side of students' stay will also be even more user-friendly and

efficient (see digitisation).

“

I’ve lived here for the past four years,

and it was a fantastic place during

my time as a student. The studio is

well-equipped, and the building has

everything you need. The student

coach is incredibly helpful and always

available when you need support. If

you’re looking for student housing, I

can definitely recommend this place.„

Affordability for tenants

Xior is well aware that studying and living in a student room

requires a big investment from students and their parents. We

therefore do everything we can to make high-quality and reliable

accommodation, where students can study, live and sleep in ideal

conditions, accessible to as many students as possible. We strive

for an optimal mix of student rooms, including 'budget rooms', so

that student housing does not have to be a luxury product.

We work with educational institutions and housing associations to

ensure an additional 'social' offer. In several cities, Xior contracts

with local universities to guarantee a social offer, or offers

'scholarships' together with them, allowing students to rent a room

at a greatly reduced rent.

Rent subsidy The Netherlands: this is a measure that affects the

affordability of independent student housing. In the Netherlands,

it is possible to apply for rent allowance. If a student rents an

independent living accommodation and is younger than 23, he

or she is eligible for rent allowance if the basic rent plus eligible

service costs does not exceed the quality discount threshold

(2025= 477.20 EUR ).

”

BASECAMP BY XIOR KRAKÓW IS A PLACE I HAVE VERY FOND MEMORIES OF. IT HAS A

GREAT ATMOSPHERE, AND I MET A LOT OF COOL AND INTERESTING PEOPLE THERE. I’LL

ALWAYS CHERISH THE CONVERSATIONS I HAD WITH OTHERS IN THE COMMON AREAS.

COMFORTABLE ROOMS, A WELL-EQUIPPED 24/7 GYM, AND PLENTY OF AMENITIES

ROUND OUT THE EXPERIENCE. THE RESIDENCE TEAM IS FRIENDLY, THOROUGH, AND

ALWAYS HELPFUL. I DEFINITELY RECOMMEND IT!„

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SUSTAINABILITY REPORT XIOR

From the age of 23, students are entitled to rent allowance if

the basic rent plus eligible service costs does not exceed the

liberalisation threshold (2025 = 900.07 EUR). The amount of the

allowance depends on the student's income and the amount

of the rent. Xior aligns its rents in the Netherlands with the rent

supplement limits, keeping the properties affordable for students.

From 2026, the age limit will be lowered and young people aged 21

and over will be eligible for a rent allowance.

Xior also expanded its 'Green Finance Framework' to a 'Sustainable

Finance Framework' to include more focus on social/affordable

housing. See Chapter 9.3.2.5 for more information on this

framework.

“

MyXior is a user-friendly app

for tenants to easily access, manage

financial matters, ask maintenance

questions, stay updated on

announcements, participate in events,

find contact information and consult

frequently asked questions.„

MyXior

Students were also given a central role in the digital transformation

project launched in 2021. The student’s entire customer journey

was mapped out in detail and will serve as the foundation for

various platforms, including the new MyXior PMS and website. The

goal is to create an efficient but, above all, seamless platform—

from check-in to check-out—that will enhance the student

experience and foster meaningful partnerships with the business

community. In 2022, a web store for students was launched, where

they can easily purchase starter kits (such as kitchen, cleaning,

and linen kits, etc.).

In 2024, the new MyXior app was launched. MyXior is an all-in-one

platform that can be used by all our tenants for:

• Easy access: The MyXior app opens effortlessly with password

or facial recognition. No more hassle with password recovery,

tenants now hold the key themselves

• Financial: View and track your outstanding balance. And most

importantly, make payments easily via the app

• Maintenance & repair: Tenants can directly ask questions

about the maintenance and repair of their property via the app

• Announcements: Keep tenants updated 24/7 on important

developments in the residences

• Events: Focus on the community

• Contact information: Details of the residence and Residence

Manager who can be contacted directly via the app

• FAQs: Access to frequently asked questions

MyXior

XIOR ANNUAL FINANCIAL REPORT 2025

175

Sustainable communities: social inclusion & charity

Xior also pays due attention to facilities for the disabled. For

example, many buildings have wider doors for wheelchair patients,

more spacious rooms and bathrooms for the disabled.

In various residencies, Xior collaborates with various social non-

profit organisations that focus on people with disabilities or

want to offer opportunities to people with social disadvantages.

For example, we collaborate with:

• Foundation Formació i Treball for the restaurant, catering and

cleaning of the common areas. The aim of this Caritas foun-

dation is to help people find jobs that are impossible or more

difficult to find in the regular employment circuit.

• ILUNION to process laundry and linen. This organisation aims to

create quality jobs for people with disabilities.

• Diswork for all the night concierges, this is an organisation that

helps people with disabilities get jobs.

• No Hate Foundation - using community kitchens in Lodz

(Poland) to prepare meals for people in need.

At 'The Lofttown' in Barcelona, delicious, healthy and balanced

meals (made with as much local and organic produce as possible)

are served to students. All food surpluses are donated to a charity

that in turn distributes those surpluses to the most underprivi-

leged in the city.

Xior knows all too well that a good education and shelter are very

important for young people. The organisation therefore holds

these two values close to its heart, which is why Xior has become

an official corporate partner of "Little Hearts" since 2020. This is

a non-profit orphanage in Cambodia that takes care of around 40

orphaned children and also teaches around 120 children from the

neighbourhood. Xior supports this organisation with a monthly

contribution and occasional actions or events.

In terms of recruitment, Xior also has a referral policy linked to

charities. Here, a current employee can propose a candidate for

an open vacancy. If that candidate is eventually hired by Xior (and

has been working at Xior for at least 3 months), the aforemen-

tioned employee gets the chance to donate a cheque in the name

of Xior to a charity of their choice.

Xior is also committed to providing its students with additional

opportunities to succeed in their studies. In 2025, Xior once again

participated in the Gala Kosmicznych Stypendiów, organized

by the Łódź City Council as part of their scholarship program.

During the event, Xior donated two vouchers to the scholarship

recipients, granting them a discount on their accommodation at

Rembielińskiego. This gives them an extra boost as they take their

first steps into university life.

At Xior, we strongly believe in the principle of ‘sharing is caring’.

This means that we strive not only to share spaces and facilities,

but also to reuse materials to reduce our carbon footprint. Some

concrete examples of our initiatives in this area are:

• Separate ‘sharing is caring’ room in the residences where stu-

dents can leave belongings they no longer need. These can

then be taken over and reused by other students at no cost.

• Donations: Xior is committed to giving a second life to as many

items as possible;

• Used beds, blankets & pillows that are still in good condition

are donated to good causes (e.g. homeless people, animal

shelters)

• Clothes are donated to various organisations working for

socially vulnerable groups

• Helping disaster areas: we regularly donate materials to areas

affected by disasters, e.g. the floods in Poland and Spain.

Xior's objective is to establish a charity policy to create a

framework to support employee and student initiatives.

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PROPERTY REPORT XIOR

Summary EPRA table Social*

EPRA KPI (total portfolio) Unit of measurement 2023 2024 2025

Employee

diversity

Diversity-Emp Gender diversity among direct employees

All employees

% woman

46% 51% 49%

% men

54% 49% 51%

Diversity-Pay

Gender ratio of salary incl. benefits

not material

All employees

Ratio men/women

Employee

development

Emp-Training

Training for employee development

Average number of hours

per employee

13.4 6.4 8.4

Emp-Dev

Employee performance evaluation

% of employees with

performance evaluation

50% 52% 47%

Emp-Turnover

Employee turnover and retention

New employees

42% 35% 22%

Departed employees

36% 21% 27%

Health and

safety

H&S-Emp

Health and safety of employees not material

H&S-Assets

Health and safety assessments of our assets

% of assets in scope

100% 100% 100%

H&S-Comp Incidents of non-compliance with health and

safety assessments

Number of incidents in

scope 30 32 26

Community Compty-Eng Our impact on the community

% of assets in scope with a

residence manager

57% 62% 65%

For full table, see Annex, Chapter 14 of this Annual Report.

Excluding working students, self-employed persons and temporary agency workers. Xior does not distinguish between management and non-management positions. For more

information on this, please refer to Chapter 9.6.6 "employee categories".

In line with the double materiality assessment, this category was assessed as non-material. See Chapter 9.2.1 for more information.

For more information around the calculation methodology we refer to Chapter 9.6.6 "employee development measurement methodology"

These are the sites that are in scope for the relevant reporting year. Sites that are not in scope due to renovations, ... are not considered. We refer to Chapter 9.6.2 for an

overview of the proportion of sites in scope.

Community engagement (Comty-Eng)

Constant and interactive communication with educational

institutions and (local) governments is a key focus for Xior.

As of 31 December 2025, approximately 13% of the annualized

rental income from the property portfolio is linked to some

form of cooperation with an educational institution (contracts,

guarantees and collaborations).

Xior strives for good relations and rapport with the neighbours of

all residences. To achieve this, regular meetings are held with the

neighbours, from the beginning of the licensing process, but also

after the building is occupied. In addition, Residence Managers

often appoint a corridor manager, who acts as an additional

contact person between the students and Xior. Efforts are made

to keep any nuisance (noise, waste, etc.) to an absolute minimum

for both co-tenants and local residents. This is done through

awareness-raising actions, but also through active and intensive

monitoring by the Residence Managers who are present on site.

Furthermore, Xior also sponsors various youth clubs, sports clubs

and student clubs, both financially and by providing goods such

as sportswear, gadgets and others.

Across countries, various local initiatives are also supported, e.g.

in Portugal the "cycling without age" initiative where young people

take the older, disabled generation out on a bike ride.

65%

Buildings with a

Residence Manager

XIOR ANNUAL FINANCIAL REPORT 2025

177

9.5 GOVERNANCE: ETHICS AND INTEGRITY

Transparent reporting

Xior is committed to doing business honestly and correctly

at all times, communicating openly and reporting as fully and

transparently as possible. For the fifth year in a row, Xior achieved

EPRA Gold for its sustainability reporting.

Corporate Governance charter & Code of Conduct

In order to achieve ethical business practices and provide

everyone in the organisation with clear guidelines, Xior provides

a corporate governance charter (drawn up with the Belgian

Corporate Governance Code as reference) and a Code of Conduct.

This charter and the Code of Conduct, including all policies, can

be freely consulted on Xior's website. An annual report on the

company's operations is provided via the Corporate Governance

Statement in the annual report.

Policies

Xior's policies are bundled in the Code of Conduct and set the

Xior standard for all employees (including part-time, externals,

all members of executive management and the Board of

Directors). These policies cover discrimination, diversity, equal

opportunities, harassment, freedom of association, corruption,

data protection & GDPR, modern slavery, ecological responsibility,

etc. among others. The full Code of Conduct including policies

can be consulted on the website.

Xior also has the following separate and comprehensive policies:

• Whistle blowing policy (available in 8 languages)

• Dealing code

• Anti-bribery & anti-corruption policy

• Supplier Code of Conduct

• Human rights policy

• Procure to Pay policy

• Maintenance & Repair policy

• Incident Reporting policy

• Capex procedure

• Cashprocedure (only in Belgium)

• Delegation Structure

The above policies are translated into various internal binding

guidelines and internal procedures. Through the internal reporting

scheme, employees can report a (potential) violation of the

Corporate Governance charter or the Code of Conduct in full

confidence and confidentiality.

ESG & Ethics Committee and Ethics Audit

In 2022, a separate ESG & Ethics Committee was established to

monitor various policies and potential violations thereof (such as

diversity, human rights, corruption, etc.). Specific targets were

set, and a triennial ethics audit is also conducted. On April 1, 2025,

the Board of Directors decided to integrate the ESG & Ethics

Committee into the Board of Directors.

Training: integrity & GDPR training

Xior organises an annual training on ethics, diversity and integrity

for all employees (including part-time and self-employed) in

which all policies and values are clearly explained using concrete

examples. Furthermore, an annual GDPR training is also organised

to keep everyone up to date with the latest privacy legislation.

In addition, employees can also find additional training around

these topics at the Xior Academy.

Digitisation

In 2021, a comprehensive digital transformation project was

announced for a better customer experience and even more

efficient management and reporting. In a first phase (2021-2022),

Xior launched, among other things, a new IR website, PowerBI

reporting tools, a webshop for students, freshdesk as a customer

service tool and student and staff surveys have been rolled out.

2/7

1/3 0

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PROPERTY REPORT XIOR

This transformation project will enable Xior to create a new

student website with online bookings, including e-signature and

online payments, along with enhanced residential services via a

mobile app and portal to optimise the customer experience. The

property management and financial accounting platform will also

deliver further efficiencies in maintenance, inspections and time

savings in bulk check-ins and check-outs, as well as financial

accounting and reporting. This will enable Xior to further scale its

digital presence, create internal synergies and digitise customer

journey processes in line with Gen-Z customer expectations.

In 2025, a major milestone was reached in the digital trans-

formation project. The integrated platform, which will henceforth

be rolled out under the name MyXior, went fully live across the

Dutch portfolio on October 1, 2025. As a result, 100% of the

Dutch properties are now managed via MyXior, accounting for

more than 40% of the total Xior portfolio. The rollout proceeded

in phases and according to plan, following earlier pilot projects in

five properties (approx. 1,400 units).

All operational processes in the Netherlands are now running

smoothly via the platform. The team received internal training,

and a key user structure, including a ticketing help desk, was

established to support further optimization.

EPRA TABLE WITH GOVERNANCE PERFORMANCE INDICATORS

Governance

GRI Standard

Indicators

ESRS -

sector

agnostic EPRA Sustainability performance measurement

Measuring unit Performance 2025

Total

Governance

2-9

GOV-1 Gov-Board Composition of body (Board)

See chapter 6.1.5 and 6.1.6 Corporate Governance – Board

of directors

Number of executive board members Number

Number of independent/non-executive

board members Number

Average term Years

8.23

Competence of board members relating to

environmental and social topics Number

2-10 Gov-Select

Process for nominating and selecting the Board See chapter 6.1.4.1 Corporate Governance - General

2-15 Gov-Col

Process for managing conflicts of interest

See chapter 6.1.14 Corporate Governance -

Conflicts of interest

Each of our board members has expertise in environmental and socially related topics.

XIOR ANNUAL FINANCIAL REPORT 2025

179

9.6 MEASUREMENT METHODOLOGY

AND ASSUMPTIONS

Xior reports environmental, social and governance performances

in accordance with the EPRA Sustainability Best Practice

Recommendations (sBPR). This reporting is split into several

sections consisting of the overarching EPRA recommendations,

environmental performance indicators, social performance

indicators and governance performance indicators. Although new

EPRA guidelines were issued in 2024, the methodology behind the

KPIs to be reported has not changed from our 2023 annual report;

therefore, there are no fundamental changes in 2025 and 2024

in the way we report our indicators compared to 2023. Further

details on the measurement methodology can be found below.

9.6.1 REPORTING PERIOD AND ORGANISATIONAL

BOUNDARIES

The reporting period of this report is the same as that of the annual

financial report, in this case the 2025 financial year. As of 2019,

Xior publishes an annual update of its sustainability activities in

this report. Xior's portfolio was analysed on 31 December 2025

where a selection was then made of the assets to be included in

the calculation scope of the EPRA indicators.

A distinction is made between 'core' and 'non-core' assets in the

portfolio. Student houses make up the largest part of the total

portfolio and are Xior's core business. Currently, more than 84.6%

of the fair value falls under core business. The non-core portfolio

(15.4%) is diverse and includes:

• 7.0% non-core assets such as retail, car parks and offices. No

data is currently available for some of these ‘core’ assets, so

these are also excluded from the 2025 measurement scope;

• 5.17% of the fair value is from sites under development or awai-

ting conversion;

• 3.25% of the sites are core assets but were too recently com-

pleted or acquired to collect sufficient data.

Distribution of the portfolio according to "fair value"

9.6.2 MEASUREMENT SCOPE AND COVERAGE

In 2025, 84.6% of the total fair value fell within the scope of

measurement. This represents an increase compared to 2024

(79.7%). This year, the scope of measurement includes 95 student

housing buildings and the various Xior offices. Last year, this figure

was 93 buildings. Although several properties were sold throughout

2025, there were also multiple properties that were in use for a full

year for the first time, including Campus 3 Eiken, Felix, Basecamp

by Xior Krakow,... Consumption data was collected using digital

metering and billing data. In cases where data was incomplete or

missing, it was extrapolated in accordance with EPRA-approved

methodologies.

In the Annex in Chapter 14, you can find the full EPRA tables with the

various performances, including the share of buildings in scope for

each of the performance indicators and the size of the extrapolation.

9.6.3 ESTIMATION AND EXTRAPOLATION

OF CONSUMPTION DATA UNDER THE

RESPONSIBILITY OF XIOR

As indicated earlier, at the time of publication of this report, not all

data are available for the measurement year 2025. However, in line

with previous years and as indicated earlier, at the time of reporting

not all data are available for the measurement year 2025. If data for

at least 200 days are available, data are extrapolated to the full year

in accordance with EPRA guidelines. If less than 200 days of data,

preference is first given to last year's data to complete the missing

data. This is done only in case data from last year was complete. If

no data is available in 2025 or in 2024, then a median consumption

per room is used to estimate usage.

The above methodology allows us to have a view of the entire

portfolio as well as the goal of further lowering the total percentage

of extrapolated data. After all, in case of extrapolation, in accordance

with EPRA methodology, the % of extrapolated data is indicated.

In accordance with EPRA guidelines, such like-for-like analysis

was carried out for several environmental indicators. The analysis

allows Xior to observe evolutions in consumption independently

of the fact that new sites are added to the measurement scope

every year. It therefore outlines a view of evolutions resulting from

technical and sensitisation actions. Please note that in 2025, for the

first time, like-for-like analysis was also be available for Germany,

Poland & Denmark, over a total period of 3 years, just as we do for

our other countries.

In future annual reports, the like-for-like scope will move up each

time to reflect the last 3 years. Xior notes that efforts by adding

energy-efficient homes to the measurement scope are only visible

in the absolute measurements. After all, these sites are not yet

included in the three-year like-for-like scope. In terms of intensities,

it is therefore better to look at the absolute measurements. For the

above reasons, the absolute energy intensity for 2025, for example,

is lower than that of the like-for-like scope.

Sites in measuring scope

84.5%

Recently completed 3.2%

Under construction/

refurbishment 5.2%

Non-core business

(landbank, hostel,

parking & retail) 7.0%

180

SUSTAINABILITY REPORT XIOR

9.6.4 REPORTING OF CONSUMPTION DATA UNDER

XIOR AND STUDENT RESPONSIBILITY

Xior reports in accordance with an "operational control approach",

which means that all utility data for the reported assets are 100%

based on invoices for the attention of Xior. However, for part

of the portfolio, the tenant concluded an individual electricity

contract for the rented unit. This reporting therefore only includes

the consumption purchased by Xior as lessor and excludes the

consumption data of the tenant itself (invoices received directly

by the tenant). It is Xior's vision to internalise these contracts

wherever possible.

Sites for which consumption data is in the name of students or

other external parties are not included in the table of landlord-

obtained indicators in line with EPRA guidelines.

Xior itself is responsible for most of the contracts of the student

houses in the measurement scope. For electricity bills it covers

96% of the buildings, this is an increase from last year (91%). For

natural gas, this figure is 98%, which is also an increase compared

to last year (95%). As was the case last year, none of the buildings

connected to district heating networks have contracts in the

student’s name. Managing the contracts ourselves counteracts

late payment and allows Xior to negotiate optimal power contracts

on a larger scale. It fits in with our ambition to green our energy

demand.

9.6.5 REPORTING FROM OWN HEADQUARTERS

This year we report on the head office for the 6th time, and the

consumption of other local offices was also added. Head office

refers to the space occupied by Xior in its headquarters in Antwerp

(Frankrijklei). For its own offices, only the consumption relating to

the floors occupied in the building is reported. The data comes

from consumption invoices for Xior's attention or estimates based

on the surface area. We have also been reporting data on our own

offices (rented or not) for energy performance certificates since

a couple of years. We are continuing the work to reduce the % of

extrapolated data in the future. After all, in accordance with the

EPRA methodology and in line with the reporting around these

assets, the percentage of data extrapolated is also indicated here.

9.6.6 ANALYSIS OF THE CALCULATION

NORMALISATION AND INTENSITIES

Xior calculates intensity indicators based on floor area (m²), as

this variable is comparable across the scope. In line with the

previous annual report, only useful heated surface was included,

thus excluding car parks and stairwells, for example. The analysis

of average consumption per m² and per room allows Xior to

analyse various outliers in more detail and take appropriate

measures in the context of its own sustainability commitments.

In addition, Xior also works internally with an indicator per room,

as this also allows different outliers to be identified, regardless of

the size of the room.

In order to calculate a relevant intensity indicator, on the one hand

sites were excluded for which there are data under the student's

name and on the other hand only sites were included for which

data were available for each form of energy consumed on the site.

The consumption data were not normalised according to degree-

day analyses. No hypotheses are added to keep the uncertainties

on the calculations as low as possible and, moreover, visible.

Indeed, it is not possible to distinguish between the share of

energy used to heat the rooms and that used to heat the domestic

water. After all, the latter is independent of the number of degree

days and thus whether the winter is mild or not.

In addition, Xior is aware that it is not known for 100% of the sites

whether or not there is also electric heating by adding heating

elements by the students themselves.

In line with the latest recommendations in the EPRA guidelines,

which are consistent with the CSRD guidelines, Xior also

reports a materiality analysis. This analysis shows that certain

environmental and social indicators are not part of our core

materiality and are therefore not material sustainability topics.

All material EPRA sustainability topics are included in the EPRA

table, the non-material ones are indicated by a footnote.

SEGMENTATION ANALYSIS: GEOGRAPHICAL LOCATION

Within the measurement scope, all sites fall under the 'core'

category 'student house'. These are located in Belgium, the

Netherlands, Portugal, Spain, Germany, Poland and Denmark. For

Sweden, there are sites included in this year’s scope for the first

time. No distinction by asset type was therefore made in the

reporting, but one based on geographical segmentation. Indeed,

energy suppliers often differ by country, as does the climate

impact of electricity production. The EPRA tables showing the

various achievements, including the breakdown by region, can be

found in the Annex of Chapter 14. A segmentation analysis based

on geography was also applied for the social indicators related

to the sites.

Geography is also a relevant way of segmentation for the various

energy performance scores as the certification schemes differ

from country to country.

XIOR ANNUAL FINANCIAL REPORT 2025

181

MEASUREMENT METHODOLOGY OF THE EMPLOYEE

CATEGORIES

Xior reports diversity indicators for employees.

To create a more complete picture, in addition to employees

employed by the company, the same indicators are also calculated

for Executive management and for the Non-executive board. For

example, one can see that the board has already become more

diversified over the years.

If not explicitly mentioned, Xior focuses for the other indicators

only on salaried employees excluding Executive management

& non-Executive board. In addition, in accordance with EPRA

guidelines, self-employed workers, contractors, interims and

students are not included in these indicators. Through a continued

focus on further data improvement, we aim to include this in the

reporting in the coming years.

Xior makes no further distinction between management and non-

management functions in its reporting of salaried employees.

Its rapid growth and various acquisitions, makes it irrelevant to

make such a distinction across countries today. Xior is putting

extra effort on support staff to provide a good workplace for its

employees, so also in HR services. In the future, it will make it

possible to further structure the company and make a relevant

distinction between different job categories for our reporting,

among other things.

EMPLOYEE DEVELOPMENT MEASUREMENT METHODOLOGY

Since 2019, Xior has been reporting on several indicators around

the development of our employees. For example, the average

training hours as well as the performance evaluation are charted

for white-collar and blue-collar workers.

For training hours, all demonstrable training courses for the

year 2025 are included for all employees who were employed or

joined during 2025. This included external training such as first

aid. In addition, employees also receive annual Code of Conduct

training and can participate in various softskill training such as

GDPR training, ESG workshops, Integrity training and others. More

specifically, since 2023, various trainings are also offered through

the platform Good Habitz. On this platform, employees can attend

all kinds of training courses to brush up on their knowledge and

soft-skills. This could involve Excel, time management, teamwork,

stress management, languages, etc. This system was introduced

throughout 2024 and will be evaluated on its success.

For the performance evaluation, Xior undertakes, as far as possible,

to give each employee official feedback at least once a year, with

a view to performance and future prospects. To form a correct

picture, we therefore base this indicator on employees that have

been with the company for at least 1 year. We count how many of

them have received an official evaluation interview in 2025. We

do this in accordance with the GRI guideline so as not to get a

distorted picture due to the significant change in our employee

base. In 2023, our employees in Poland, Sweden, Germany &

Denmark were added to the scope. Although these employees

generally receive performance reviews as well, this is not always

clearly reflected in the relevant indicator. We are working to gain a

better understanding of this by further harmonizing our systems.

MEASUREMENT METHODOLOGY OF CLIMATE IMPACT

To measure the climate impact related to the core business,

emissions were calculated according to the Greenhouse

Gas (GHG) Protocol. That protocol allows the climate impact of

companies to be calculated in a consistent way. Both CO

and

other greenhouse gases released during the production of energy

demand (CH

, N

O) are taken into account and expressed in CO

equivalents.

Xior calculates on-site direct emissions (natural gas, biomass)

and emissions from electricity and heat generated elsewhere. We

do this by multiplying consumption figures by the corresponding

emission factors. The emission factors are sourced from the IEA

(International Energy Agency), the Bilan Carbone© database for

European emission factors, DEFRA-2025, and supplier-specific

EF. The emissions are then categorized into the relevant scopes,

with Xior reporting the emissions from the student housing in

accordance with the GHG Protocol under scope 3 – downstream

leased assets.

With regard to the climate impact of electricity, the protocol

stipulates that it can be calculated on the basis of both an

average CO

intensity per kWh of the national electricity networks

('location-based') and on the basis of the producer's energy mix

('market-based'). In this report, climate impacts were calculated

for both ways. The evolution in location-based emissions is linked

to evolution in consumption at Xior, de-carbonisation of grid

emissions and the share of power that is self-generated and thus

does not have to be purchased. Market-based emissions in turn

allow Xior's efforts to be reflected in the purchase of green power

that has a lower CO

impact than the grid average.

182

PROPERTY REPORT XIOR

9.7 EXTERNAL VERIFICATION OF REPORTING

9.7.1 LIMITED ASSURANCE REPORT OF THE INDEPENDENT AUDITOR ON THE INFORMATION ON THE RESEARCH

OBJECT OF THE ANNUAL REPORT 2025 OF XIOR STUDENT HOUSING NV

FREE TRANSLATION FROM DUTCH ORIGINAL

For the attention of the Board of Directors of Xior Student Housing

This report has been prepared in accordance with the terms of our

engagement contract dated 7 November 2025 (the “Agreement”),

whereby we have been engaged to issue an independent limited

assurance report in connection with the 2025 EPRA sustainability

indicators as set out in the EPRA tables under chapters 9.3, 9.4

and 9.5, as well as under chapters 14.1, 14.2 and 14.3 in the annex

of the Annual Report as of and for the year ended 31 December

2025 (the “Report”).

THE DIRECTORS’ RESPONSIBILITY

The Directors of Xior Student Housing NV (“the Company”) are

responsible for the preparation and presentation of the 2025

EPRA sustainability indicators as set out in the EPRA tables

under chapters 9.3, 9.4 and 9.5, as well as under chapters 14.1,

14.2 and 14.3 in the annex of the Report (the “Subject Matter

Information”), in accordance with the EPRA Sustainability Best

Practices Recommendations Guidelines – Version 4, April 2024

(the “Criteria”).

This responsibility includes the selection and application

of appropriate methods for the preparation of the Subject

Matter Information, for ensuring the reliability of the underlying

information and for the use of assumptions and estimates for

individual sustainability disclosures which are reasonable in the

circumstances. Furthermore, the responsibility of the Directors

includes the design, implementation and maintenance of systems

and processes relevant for the preparation of the Subject Matter

Information that is free from material misstatement, whether due

to fraud or error.

AUDITOR’S RESPONSIBILITY

Our responsibility is to express an independent conclusion about

the Subject Matter Information based on the procedures we have

performed and the evidence we have obtained.

We conducted our work in accordance with the International

Standard on Assurance Engagements 3000 (Revised) “Assurance

Engagements other than Audits or Reviews of Historical Financial

Information” (ISAE 3000), issued by the International Auditing

and Assurance Standards Board. This standard requires that we

comply with ethical requirements and that we plan and perform

the engagement to obtain limited assurance as to whether any

matters have come to our attention that cause us to believe

that the Subject Matter Information has not been prepared, in all

material respects, in accordance with the Criteria.

The procedures performed in a limited assurance engagement

vary in nature and timing from, and are less in extent than for,

a reasonable assurance engagement. Consequently, the level

of assurance obtained in a limited assurance engagement is

substantially lower than the assurance that would have been

obtained had a reasonable engagement been performed.

The selection of such procedures depends on our professional

judgement, including the assessment of the risks of material

misstatement of the Subject Matter Information in accordance

with the Criteria. The scope of our work comprised the following

procedures:

• assessing and testing the design and functioning of the systems

and processes used for data-gathering, collation, consolidati-

on and validation, including the methods used for calculating

and estimating the Subject Matter Information as of and for the

year ended 31 December 2025 in the Report;

• conducting interviews with responsible officers;

• reviewing, on a limited test basis, relevant internal and external

documentation;

• performing an analytical review of the data and trends in the

information submitted for consolidation;

• considering the disclosure and presentation of the Subject

Matter Information.

The scope of our work is limited to assurance over the Subject

Matter Information. Our assurance does not extend to information

in respect of earlier periods or to any other information included

in the Report.

OUR INDEPENDENCE AND QUALITY MANAGEMENT

We have complied with the independence and other ethical

requirements in the International Ethics Standards Board for

Accountants’ (IESBA) International Code of Ethics for Professional

Accountants (IESBA Code) together with the legal Belgian

requirements in respect of the auditor independence, particularly

in accordance with the rules set down in articles 12, 13, 14, 16, 20,

28 and 29 of the Belgian Act of 7 December 2016 organising the

audit profession and its public oversight of registered auditors

and with Art. 3:62, 3:63 and 3:64 and 3:65 of the Companies’ and

Associations’ Code

Our firm applies International Standard on Quality Management

n°1, Quality Management for Firms that Perform Audits and Reviews

of Financial Statements, and Other Assurance Related Services

Engagements, and accordingly, maintains a comprehensive

system of quality management including documented policies

and procedures regarding compliance with ethical requirements,

professional standards and applicable legal and regulatory

requirements.

OUR CONCLUSION

Based on the procedures we have performed and the evidence

we have obtained, nothing has come to our attention that causes

us to believe that the Subject Matter Information within your

XIOR ANNUAL FINANCIAL REPORT 2025

183

Annual Report as of and for the year ended 31 December 2025

has not been prepared, in all material respects, in accordance

with the Criteria.

OTHER ESG RELATED INFORMATION

The other information comprises all of the ESG related information

in the Report other than the Subject Matter Information and our

assurance report. The directors are responsible for the other

ESG related information. As explained above, our assurance

conclusion does not extend to the other ESG related information

and, accordingly, we do not express any form of assurance

thereon. In connection with our assurance of the Subject

Matter Information, our responsibility is to read the other ESG

related information and, in doing so, consider whether the other

ESG related information is materially inconsistent with the

Subject Matter Information or our knowledge obtained during

the assurance engagement, or otherwise appears to contain a

material misstatement of fact. If we identify an apparent material

inconsistency or material misstatement of fact, we are required

to perform procedures to conclude whether there is a material

misstatement of the Subject Matter Information or a material

misstatement of the other information, and to take appropriate

actions in the circumstances.

Acting on behalf of Jeroen Bockaert BV

OTHER MATTER - RESTRICTION ON USE AND

DISTRIBUTION OF OUR REPORT

Our report is intended solely for the use of the Company, to whom

it is addressed, in connection with their Report as of and for the

year ended 31 December 2025 and should not be used for any

other purpose. We do not accept or assume and deny any liability

or duty of care to any other party to whom this report may be

shown or into whose hands it may come.

Diegem, 13 April 2026

The statutory auditor

PwC Bedrijfsrevisoren BV/PwC Réviseurs d’Entreprises SRL

Represented by

Jeroen Bockaert

Bedrijfsrevisor/Réviseur d'entreprises

184

SUSTAINABILITY REPORT XIOR

FINANCIAL

REPORT

XIOR ANNUAL FINANCIAL REPORT 2025

185

”

THROUGH ITS HOUSING DEVELOPMENTS, XIOR

ADDRESSES THE SHORTAGE OF HIGH-QUALITY,

SUSTAINABLE YET AFFORDABLE HOMES THAT BLEND

IN WITH LOCAL COMMUNITIES AND, IDEALLY, ALSO

ENHANCE THE LOCAL ENVIRONMENT..„

186

FINANCAL REPORT XIOR

10.1 CONSOLIDATED INCOME STATEMENT

Figures in KEUR Note 31/12/25 31/12/24

(+) Rental income

180,002 168,081

(+) Rental income

164,513 148,266

(+) Rental guarantees

15,868 20,332

(+/-) Rent reductions

-380 -517

III

(+/-) Rent-related expenses

-402 -443

Impairments of trade receivables

-402 -443

NET RENTAL INCOME

10.9.1

179,600 167,638

(+)

Recovery of rental charges and taxes normally payable by the

tenants in rented properties

30,911 29,603

Transmission of rental charges borne by the proprietor

30,350 29,148

Transmission of withholding tax and taxes on let properties

561 456

VII

(-)

Rental charges and taxes normally payable by the tenants for rented

properties

-34,650 -33,375

Rental charges borne by the proprietor

-34,288 -32,937

Withholding tax and taxes on let properties

-363 -439

VIII

(+/-) Other rent-related income and expenditure

12,598 8,102

PROPERTY RESULT 10.9.1 188,459 171,968

(-) Technical costs

-8,032 -6,814

(-)

Recurring technical costs

-8,115 -6,881

(-) Maintenance

-6,748 -5,591

(-) Insurance premiums

-1,368 -1,290

(-)

Non-recurring technical costs

84 67

(-) Damages

84 67

(-) Commercial costs

-1,516 -1,540

(-) Advertising

-1,145 -1,100

(-) Lawyers' fees and legal costs

-371 -440

(-) Costs and taxes for unrented properties

-1 -73

XII

(-) Property management costs

-14,382 -14,817

(-) External management costs

0 0

(-) Internal management costs

-14,382 -14,817

XIII

(-) Other property charges

-7,902 -7,434

(-) Architects' fees

-1 -6

(-) Valuation expert fees

-769 -619

(-) Other

-7,132 -6,809

PROPERTY CHARGES 10.9.2 -31,832 -30,678

PROPERTY OPERATING RESULT 156,627 141,290

XIV

(-) General company expenses

10.9.3 -12,755 -12,669

(+/-) Other operating income and expenses

10.9.4 424 1,561

XIOR ANNUAL FINANCIAL REPORT 2025

187

Figures in KEUR

Note 31/12/25 31/12/24

OPERATING RESULT BEFORE RESULT ON THE PORTFOLIO 144,296 130,183

XVI

(+/-) Result from the sale of investment properties

10.9.5 -1,047 -28,213

(+)

Net property sales (sales price - transaction fees)

24,284 154,449

(-)

Book value of properties sold

-25,331 -182,662

XVII

(+/-) Result on sales of other non-financial assets

0 0

XVIII

(+/-) Variations in the fair value of investment property 10.9.5

39,293 58,104

(+)

Positive variations in the fair value of the investment property

117,848 119,747

(-)

Negative variations in the fair value of the investment property

-78,555 -61,643

XIX

(+/-) Other portfolio result 10.9.5

-70,167 -28,596

OPERATING RESULT 112,375 131,478

(+) Financial income

6,930 4,396

(+)

Interest and dividends collected

6,930 4,396

XXI

(-) Net interest costs

-38,675 -37,447

(-)

Nominal interest charges on loans

-42,668 -57,761

(-)

Breakdown of nominal amount of financial debt

-834 -619

(-)

Costs of permitted hedging instruments

4,827 20,932

XXII

(-) Other financial costs

-3,180 -2,355

(-)

Bank costs and other commissions

-634 -322

(-)

Other

-2,545 -2,033

XXIII

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

5,001 -20,136

FINANCIAL RESULT 10.9.6 -29,924 -55,542

XXIV

Share in earnings of associated companies and joint ventures

0 0

RESULT BEFORE TAXES 82,451 75,936

XXV

(+/-) Corporate tax

-6,544 -3,537

XXVI

(+/-) Exit tax

734 -569

XXVII

(+/-) Deferred taxes

-7,969 -5,321

TAXES 10.9.7 -13,779 -9,427

NETTO RESULT 68,672 66,509

EARNINGS PER SHARE

31/12/25 31/12/24

Number of ordinary shares in circulation

46,695,094 42,344,283

Weighted average number of shares

46,279,394 41,118,335

Net result per ordinary share (in EUR)

1.48 1.62

Diluted net earnings per ordinary share (in EUR)

1.48 1.62

EPRA earnings per share (in EUR) 2.22 2.22

EPRA earnings per share (in EUR) – group share 2.21 2.21

The earnings per share were calculated based on the weighted average number of shares in circulation during the financial year 2025.

188

FINANCAL REPORT XIOR

10.2 CONSOLIDATED COMPREHENSIVE RESULT

Figures in KEUR 31/12/25 31/12/24

Net result 68,672 66,509

Other components of comprehensive income

(+/-) Impact on the fair value of estimated transaction costs and costs resulting from the

hypothetical disposal of investment properties

0 0

(+/-) Variations in the effective part of the fair value of permitted cash flow hedging instru-

ments

0 0

(+/-) Exchange rate differences arising from the translation of foreign operations

4,802 275

Comprehensive income 73,474 66,784

Attributable to:

Minority interests

600 368

Group shareholders

72,874 66,416

XIOR ANNUAL FINANCIAL REPORT 2025

189

10.3 CONSOLIDATED BALANCE SHEET

ASSETS Figures in KEUR Note 31/12/25 31/12/24

I Fixed assests 3,635,198 3,398,938

B Intangible fixed assets

6,471 4,863

C Investment property 10.9.8

3,558,842 3,314,053

Property available to let

3,148,319 2,905,287

Property developments

410,524 408,766

D Other tangible fixed assets 10.9.9

10,533 11,309

Tangible fixed assets for own use

10,533 11,309

E Financial fixed assets 10.9.10

18,034 7,690

Permitted hedging instruments

10.9.10

16,384 5,045

Other

1,650 2,645

G Trade receivables and other fixed assets 10.9.11

6,245 34,775

H Deferred taxes – assets

21,854 18,480

Shareholdings in associated companies and joint ventures, equity move-

ments

13,220 7,768

II Current assets 93,735 121,507

D Trade receivables 10.9.13

2,789 3,015

E Tax receivables and other current assets 10.9.14

44,689 37,603

Taxes

10,812 7,329

Other

33,877 30,274

F Cash and cash equivalents 10.9.15

4,756 9,462

G Accruals and deferrals 10.9.16

41,500 71,426

Prepaid property charges

7,409 28,318

Accrued rental income not due

15,833 37,109

Other

18,258 5,999

TOTAL ASSETS 3,728,933 3,520,445

190

FINANCAL REPORT XIOR

LIABILITIES Figures in KEUR 31/12/25 31/12/24

EQUITY 10.4 1,753,131 1,634,504

I Equity attributable to parent company shareholders 1,751,575 1,633,544

A Capital 10.9.17

829,644 753,784

Issued capital

840,512 762,197

Capital increase costs

-10,868 -8,413

B Issue premiums 10.9.17

821,273 779,858

C Reserves

32,607 33,955

Reserve for the balance of variations in the fair value of property 10.4

32,122 34,399

Reserve for the impact on the fair value of the estimated transaction fees

and costs resulting from the hypothetical disposal of investment properties

-41,868 -34,896

Reserve for the balance of the variations in the fair value of permitted

hedging instruments not subject to hedging accounting as defined in the

IFRS

7,324 24,637

Reserves for the share of profit or loss and unrealised income of subsidia-

ries, associates and joint ventures accounted for using the equity method

-7,774 -7,774

Reserve for conversion differences arising from the conversion of foreign

operations

9,800 4,998

Other reserves

89 102

Retained earnings from previous financial years

32,914 12,488

Net result for the financial year 68,051 65,947

II Minority interests 1,556 960

LIABILITIES 1,975,802 1,885,941

I Non-current liabilities 1,780,588 1,670,740

B Non-current financial debts 10.9.22

1,681,727 1,584,104

Credit institutions

1,445,977 1,325,163

Financial leasing

16,182 5,557

Other

219,568 253,384

C Other non-current financial liabilities

6,354 0

Permitted hedging instruments

6,354 0

E Other non-current liabilities 10.9.20

0 46

F Deferred taxes – liabilities 10.9.21

92,506 86,590

Exit tax

0 1,962

Other

92,506 84,629

XIOR ANNUAL FINANCIAL REPORT 2025

191

LIABILITIES Figures in KEUR 31/12/25 31/12/24

II Current liabilities 195,214 215,201

B Current financial liabilities

109,394 111,388

Credit institutions

75,394 111,388

Other

34,000 0

D Trade payables and other current liabilities 10.9.23

34,045 31,979

Exit tax

0 0

Other

34,045 31,979

Suppliers

7,811 10,556

Tenants

3,404 1,026

Taxes, wages and social security contributions

22,830 20,387

E Other current liabilities 10.9.24

28,142 52,748

Other

28,142 52,748

F Other 10.9.25

23,633 19,086

Property income received in advance

4,780 4,153

Accrued interest not yet due and other costs

2,940 1,577

Other

15,913 13,356

TOTAL EQUITY AND LIABILITIES 3,728,933 3,520,445

192

FINANCAL REPORT XIOR

10.4 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Figures in KEUR Capital Issue premiums Reserves

Net income for the

fiscal year Minority interests Equity

Balance sheet as at 31 December 2023 681,298 737,356 108,134 -9,897 777 1,517,667

Appropriation of net result 2023

Transfer of result on the portfolio to reserves

-32,131 32,131

Transfer of operating result to reserves

19,765 -19,765

Result of the period

66,141 368 66,509

Other elements recognised in the comprehensive income

Impact on the fair value of the estimated transaction fees and costs resulting from the hypothetical disposal of investment properties

Variaties in de reële waarde van financiële activa en passiva

-35,486 35,486

Issue of new shares

18,913 18,913

Capital increase through contribution in kind

97,685 97,685

Costs of issuing new shares and of capital increase

-1,610 -1,610

Partial allocation of capital to share premiums

-42,502 42,502

Dividends

-65,667 -65,667

Acquisition of minority share

Currency translation differences

275 275

Other reserves

-26,602 27,518 -185

Balance sheet as at 31 December 2024 753,784 779,858 33,955 65,947 960 1,634,504

Appropriation of net result 2024

Transfer of result on the portfolio to reserves

-9,249 9,249

Transfer of operating result to reserves

33,240 -33,240

Result of the period

68,072 600 68,672

Other elements recognised in the comprehensive income

Impact on the fair value of the estimated transaction fees and costs resulting from the hypothetical disposal of investment properties

Variaties in de reële waarde van financiële activa en passiva

-17,313 17,313

Issue of new shares

23,716 23,716

Capital increase through contribution in kind

96,014 96,014

Costs of issuing new shares and of capital increase

-2,456 -2,456

Partial allocation of capital to share premiums

-41,415 41,415

Dividends

-72,697 -72,697

Acquisition of minority share

Currency translation differences

4,802 4,802

Other reserves

-12,828 13,407 -4

Balance sheet as at 31 December 2025 829,643 821,273 32,607 68,051 1,556 1,753,131

For more information, see also Chapter 10.9.17 and 10.9.29.2 of this Annual Report.

XIOR ANNUAL FINANCIAL REPORT 2025

193

10.4 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Figures in KEUR Capital Issue premiums Reserves

Net income for the

fiscal year Minority interests Equity

Balance sheet as at 31 December 2023 681,298 737,356 108,134 -9,897 777 1,517,667

Appropriation of net result 2023

Transfer of result on the portfolio to reserves

-32,131 32,131 0

Transfer of operating result to reserves

19,765 -19,765 0

Result of the period

66,141 368 66,509

Other elements recognised in the comprehensive income

Impact on the fair value of the estimated transaction fees and costs resulting from the hypothetical disposal of investment properties

Variaties in de reële waarde van financiële activa en passiva

-35,486 35,486 0

Issue of new shares

18,913 18,913

Capital increase through contribution in kind

97,685 97,685

Costs of issuing new shares and of capital increase

-1,610 -1,610

Partial allocation of capital to share premiums

-42,502 42,502 0

Dividends

-65,667 -65,667

Acquisition of minority share

Currency translation differences

275 275

Other reserves

-26,602 27,518 -185 731

Balance sheet as at 31 December 2024 753,784 779,858 33,955 65,947 960 1,634,504

Appropriation of net result 2024

Transfer of result on the portfolio to reserves

-9,249 9,249 0

Transfer of operating result to reserves

33,240 -33,240 0

Result of the period

68,072 600 68,672

Other elements recognised in the comprehensive income

Impact on the fair value of the estimated transaction fees and costs resulting from the hypothetical disposal of investment properties

Variaties in de reële waarde van financiële activa en passiva

-17,313 17,313 0

Issue of new shares

23,716 23,716

Capital increase through contribution in kind

96,014 96,014

Costs of issuing new shares and of capital increase

-2,456 -2,456

Partial allocation of capital to share premiums

-41,415 41,415 0

Dividends

-72,697 -72,697

Acquisition of minority share

Currency translation differences

4,802 4,802

Other reserves

-12,828 13,407 -4 575

Balance sheet as at 31 December 2025 829,643 821,273 32,607 68,051 1,556 1,753,131

For more information, see also Chapter 10.9.17 and 10.9.29.2 of this Annual Report.

194

FINANCAL REPORT XIOR

DETAIL OF RESERVES Figures in KEUR

Reserve for the

balance of

variations in the fair

value of property

Reserve for the

impact on the fair

value of the esti-

mated transaction

fees and costs

resulting from

the hypothetical

disposal of invest-

ment properties

Reserve for the

balance of the va

riations in the fair

value of permitted

hedging instru

ments that are not

subject to hedging

accounting as

defined under IFRS

Reserve for the

share of profit or

loss and unrealised

income of subsi

diaries, associated

companies and

joint ventures

accounted for using

the equity method

Reserve for the

conversion of

foreign activities Other reserves

Retained earnings

from previous

financial years Total reserves

Balance as at 31 December 2023 62,055 -30,421 60,123 -7,774 4,723 102 19,325 108,134

Appropriation of net result

17,816 17,816

Transfer of result on the portfolio to reserves

-27,656 -4,475 0 32,131

Transfer of operating result to reserves

Other elements recognised in the comprehensive result

Impact on the fair value of the estimated transaction fees and costs

resulting from the hypothetical disposal of investment properties

Variations in the fair value of financial assets and liabilities

-35,486 35,486

Issue of new shares

Capital increase through contribution in kind

Costs of issuing new shares and of capital increase

Dividends

-65,667 -65,667

Currency translation differences

275 275

Other

-26,602 -26,602

Balance as at 31 December 2024 34,399 -34,896 24,637 -7,774 4,998 102 12,488 33,955

Appropriation of net result

79,376 79,376

Transfer of result on the portfolio to reserves

-2,277 -6,972 9,249

Transfer of operating result to reserves

Other elements recognised in the comprehensive result

Impact on the fair value of the estimated transaction fees and costs

resulting from the hypothetical disposal of investment properties

Variations in the fair value of financial assets and liabilities

-17,313 17,313

Issue of new shares

Capital increase through contribution in kind

Costs of issuing new shares and of capital increase

Dividends

-72,697 -72,697

Currency translation differences

4,802 4,802

Other

-13 -12,815 -12,828

Balance as at 31 December 2025 32,122 -41,868 7,324 -7,774 9,800 89 32,914 32,607

XIOR ANNUAL FINANCIAL REPORT 2025

195

DETAIL OF RESERVES Figures in KEUR

Reserve for the

balance of

variations in the fair

value of property

Reserve for the

impact on the fair

value of the esti-

mated transaction

fees and costs

resulting from

the hypothetical

disposal of invest-

ment properties

Reserve for the

balance of the va-

riations in the fair

value of permitted

hedging instru-

ments that are not

subject to hedging

accounting as

defined under IFRS

Reserve for the

share of profit or

loss and unrealised

income of subsi-

diaries, associated

companies and

joint ventures

accounted for using

the equity method

Reserve for the

conversion of

foreign activities Other reserves

Retained earnings

from previous

financial years Total reserves

Balance as at 31 December 2023 62,055 -30,421 60,123 -7,774 4,723 102 19,325 108,134

Appropriation of net result

17,816 17,816

Transfer of result on the portfolio to reserves

-27,656 -4,475 0 32,131 0

Transfer of operating result to reserves

Other elements recognised in the comprehensive result

Impact on the fair value of the estimated transaction fees and costs

resulting from the hypothetical disposal of investment properties

Variations in the fair value of financial assets and liabilities

-35,486 35,486 0

Issue of new shares

Capital increase through contribution in kind

Costs of issuing new shares and of capital increase

Dividends

-65,667 -65,667

Currency translation differences

275 275

Other

-26,602 -26,602

Balance as at 31 December 2024 34,399 -34,896 24,637 -7,774 4,998 102 12,488 33,955

Appropriation of net result

79,376 79,376

Transfer of result on the portfolio to reserves

-2,277 -6,972 9,249 0

Transfer of operating result to reserves

Other elements recognised in the comprehensive result

Impact on the fair value of the estimated transaction fees and costs

resulting from the hypothetical disposal of investment properties

Variations in the fair value of financial assets and liabilities

-17,313 17,313 0

Issue of new shares

Capital increase through contribution in kind

Costs of issuing new shares and of capital increase

Dividends

-72,697 -72,697

Currency translation differences

4,802 4,802

Other

-13 -12,815 -12,828

Balance as at 31 December 2025 32,122 -41,868 7,324 -7,774 9,800 89 32,914 32,607

196

FINANCAL REPORT XIOR

10.5 CONSOLIDATED CASH FLOW STATEMENT

CONSOLIDATED CASH FLOW OVERVIEW (Figures in KEUR) 31/12/25 31/12/24

CASH AND CASH EQUIVALENTS AT THE START OF THE FINANCIAL YEAR 9,462 13,768

1. Cash flow from operating activities 86,093 56,544

Cash flows from operations 61,786 56,120

Operating result before portfolio result

119,768 116,204

Interest paid

-51,246 -53,815

Interest received

0 0

Corporation tax paid

-3,556 -3,914

Other

-3,180 -2,355

Non-cash elements added to/deducted from the result 388 400

* Amortisation, depreciation and impairments

- Amortisations/impairments (or writebacks) on tangible and intangible assets 388 400

* Other non-cash elements

0 0

- Variations in the fair value of the investment properties 0 0

- Other non-cash elements 0 0

Change in working capital requirements

: 23,920 24

* Movement of assets:

17,654 15,528

- Trade receivables and other receivables 272 1,295

- Tax receivables and other current assets -213 6,175

- Accruals and deferred payments 17,595 8,058

* Movement of liabilities:

6,266 -15,504

- Trade debts and other current liabilities 436 -12,752

- Other current liabilities 379 3,694

- Accruals and deferred payments 5,451 -6,446

2. Cash flow from investment activities -203,995 -13,560

Acquisition of investment properties and project developments

-182,023 -137,743

Sale of investment property

24,284 148,118

Purchase of shares in real estate companies

-27,933 -2,500

Acquisition of other fixed/intangible assets

-1,220 -1,917

Changes in long-term financial assets

-7,100 -7,391

Receipts from trade receivables and other long-term assets

-10,003 -12,127

Assets held for sale

0 0

XIOR ANNUAL FINANCIAL REPORT 2025

197

CONSOLIDATED CASH FLOW OVERVIEW (Figures in KEUR) (continued) 31/12/25 31/12/24

3. Cash flow from financing activities 112,906 -48,185

* Change in financial liabilities and financial debts

- Increase in financial debts 104,170 234,931

- Reduction in financial debts -20,000 -235,000

- Repayment of shareholder loans 0 0

* Change in other liabilities

173 -47

- Increase in minority interests 0 0

* Change in equity

- Increase (+)/decrease (-) in capital/issue premiums 80,000 0

- Costs for the issue of shares -2,455 -1,611

- Dividend for the previous financial year

-48,982 -46,458

Increase in cash following merger/acquisition

290 895

CASH AND CASH EQUIVALENTS AT THE END OF THE FINANCIAL YEAR 4,756 9,462

Purchase of shares in real estate companies: This concerns the price paid for shares in the various real estate companies acquired. This price does not correspond to the price

of the property, as the companies were partially financed with loans.

The movement in working capital cannot be linked to the movement on the balance sheet, as this has been corrected for the impact of the acquisitions throughout the year. For

an overview of acquired assets and liabilities, see Note 10.9.29.

198

FINANCAL REPORT XIOR

10.6 NOTES TO THE CONSOLIDATED

ANNUAL FINANCIAL STATEMENTS

10.6.1 GENERAL CORPORATE INFORMATION

Xior Student Housing NV is a public Regulated Real Estate

Company (RREC) in the form of a public limited liability company

under Belgian law. Its registered office is in Antwerp.

The Company's consolidated annual financial statements for

the financial year closing on 31 December 2025 include Xior

Student Housing NV and its subsidiaries (the "Group"). The

Board of Directors approved the annual financial statements for

publication on 2 April 2026 and these will be submitted to the

Annual General Meeting on 21 May 2026.

10.6.2 IMPORTANT FINANCIAL REPORTING PRINCIPLES

Statement of conformity

The consolidated financial statements are prepared in accordance

with the International Financial Reporting Standards (IFRS) as

adopted within the European Union and the legal and regulatory

requirements applicable in Belgium. These standards include

all new and revised standards and interpretations published

by the International Accounting Standards Board (IASB), to the

extent that they apply to Group activities and to financial years

beginning on or after 1 January 2024.

The consolidated financial statements are presented in thousands

of euro, rounded to the nearest thousand. The financial years

2025 and 2024 are shown. For historical financial information

for the financial year 2023, please refer to the annual reports for

2024 and 2023.

The accounting methods were applied consistently to the

presented financial years.

The Annual report was drawn up in accordance with ESEF

(European Single Electronic Format) reporting requirements.

statements are labelled with XBRL tags. The annual report in

the iXBRL standard can be consulted via www.xior.be; see also

10.9.36 Auditor's report on the annual accounts.

Standards and interpretations applicable for the annual

period beginning on or after 1 January 2025

• Amendments to IAS 21 The Effects of Changes in Foreign

Exchange Rates: Lack of Exchangeability

Standards and interpretations published, but not yet

applicable for the annual period beginning on 1 January

2025

• IFRS 18 Presentation and Disclosure in Financial Statements

(applicable for annual periods beginning on or after 1 January

2027, but not yet endorsed in the EU)

• IFRS 19 Subsidiaries without Public Accountability – Disclosures

(applicable for annual periods beginning on or after 1 January

2027, but not yet endorsed in the EU)

• Amendments to IFRS 9 and IFRS 7 Classification and

Measurement of Financial Instruments (applicable for annual

periods beginning on or after 1 January 2026)

• Annual Improvements – Volume 11 (applicable for annual peri-

ods beginning on or after 1 January 2026)

• Amendments to IFRS 9 and IFRS 7 Contracts Referencing

Nature-dependent Electricity (applicable for annual periods

beginning on or after 1 January 2026)

• Amendments to IAS 21 The Effects of Changes in Foreign

Exchange Rates: Translation to a Hyperinflationary Presentation

Currency (applicable for annual periods beginning on or after 1

January 2027, but not yet endorsed in the EU)

The Company expects that the application of these standards

and interpretations will have no impact, or only an immaterial

impact, on the consolidated financial statements, with the

exception of IFRS 18, the impact of which Xior Student Housing

is currently assessing.

According to ESEF requirements, the primary financial

10.6.3 ACCOUNTING PRINCIPLES

The financial information is presented in thousands of euros,

rounded to the nearest thousand. The Company also keeps its

books in euro.

Investment property (including projects) and

hedging instruments are recognised at fair value. The other items

in the consolidated financial statements are recorded based on

historical cost. Please find below a summary of the main financial

reporting principles.

10.6.4 SIGNIFICANT ACCOUNTING ESTIMATES AND KEY

UNCERTAINTIES

Significant estimates in drawing up of the financial sta-

tements

• When control is taken over an entity holding investment

property, it is determined whether such an acquisition is con-

sidered a business combination. In all cases the respective

transactions were processed as direct purchases of assets

(also when shares in real estate companies are acquired) and

IFRS 3 Business Combinations was not applied (see note 10.6.6).

IFRS 3 Revised was applied from the financial year beginning on

1 January 2020 (see note 10.6.2).

• It is determined whether derivative assets and liabilities qualify

for hedge accounting. The Company has no hedging instru-

ments qualifying as hedge accounting and the evolutions in

the hedging instruments' fair value are therefore processed in

the income statement.

Determining the fair value of investment property

The fair value of the investment property is determined by

independent valuation experts in accordance with the Legislation

XIOR ANNUAL FINANCIAL REPORT 2025

199

on Regulated Real Estate Companies. The fair value is calculated by

the valuation experts using the discounted cash flow method (for

more information, see Chapter 8.2.3.1 of this Annual Report).

10.6.5 PRINCIPLE FOR CONSOLIDATION

The companies acquired during the last financial year were not

processed as business combinations as defined under IFRS 3, but

as the purchase of assets, since we only acquired the assets and

in certain cases the tenancy agreement and then fully integrated

these into our organisation.

(i) Subsidiaries

Subsidiaries are entities over which the undertaking exercises

control. An undertaking therefore exercises control over a

subsidiary if, and only if, the parent undertaking:

• has control over the holding;

• is exposed to or has rights to variable returns, by reason of its

involvement in the holding; and

• is able to use its control over the holding to influence the size

of the investor's return.

The companies over which the Group has control to determine

the financial and operational policies in order to obtain benefits

from their activities are fully included in the consolidated

financial statements of the Group (integral consolidation).

This means that the assets, liabilities and results of the Group

are stated in their entirety. Intragroup transactions and profits

are completely eliminated.

Minority interests are the interests in

subsidiaries that are not held directly or indirectly by the Group.

Changes to the Company's interest in a subsidiary that do not

lead to a loss of control are dealt with as equity transactions.

The carrying amount of the Group's interest and the minority

interests are therefore adapted to reflect the new proportional

interests in the subsidiary.

If the Company loses control over a subsidiary, the profit or loss

on disposal is calculated as the difference between (i) the sum

of the fair value of the payment received and the fair value of the

interest held, and (ii) the previously recognised carrying amount

of the assets (including goodwill), the liabilities of the subsidiary

and any minority interests. Amounts that would previously be

recognised in the other elements of the total result relating to the

subsidiary are recognised in the same manner (reclassification

to profit or loss or directly to the retained earnings) as when

the disposal of the relevant assets or liabilities occurred. The

fair value of any interest retained in the former subsidiary

at the date of loss of control is regarded as the fair value on

initial recognition for measurement in accordance with IAS 39

Financial Instruments: Recognition and Measurement or, when

applicable, as the cost on initial recognition of an associate or

jointly controlled entity.

(ii) Joint ventures

Joint ventures have been established by contractual agreement

as companies over which the Group has joint control. Such joint

control applies when the strategic, financial and operational

decisions regarding the activity require unanimous consent from

the parties sharing control (the participants in the joint venture).

As defined in IFRS 11 Joint Arrangements, the results and the

balance sheet impact of the joint venture Uhub Investments

Boavista (of which Xior holds 25+1%) are treated using the equity

method.

(iii) Transactions eliminated from the consolidation

All transactions between Group undertakings, balances and

unrealised gains and losses on their transactions are eliminated

when the consolidated annual financial statements are prepared.

10.6.6 BUSINESS COMBINATIONS AND GOODWILL

If the Group acquires control over an integrated set of activities

and assets, as defined in IFRS 3 Business Combinations, the

identifiable assets, liabilities and conditional liabilities of the

acquired undertaking are recognised at their fair value on the

acquisition date.

The goodwill represents the positive difference

between the total of the transferred payment, the amount of the

minority interests and, if applicable, the fair value of the previously

held interest in the acquired party and the Group's share in the fair

value of the net identifiable assets. If this difference is negative

(negative goodwill), it is immediately recognised in the result after

a reassessment of the assets.

After its initial recognition, goodwill is not amortised, but subject

to an impairment test that is performed each year with the

cash-generating units to which the goodwill was allocated. If the

carrying amount of the cash-generating unit exceeds the present

value of the Company, the ensuing loss in value will be recognised

in the result, initially reducing any goodwill and then also the other

assets of the unit in proportion to their carrying amount.

A goodwill impairment is not resumed during a subsequent

financial year.

200

FINANCAL REPORT XIOR

10.6.7 FOREIGN CURRENCY

The individual financial statements of each member of the

Group are presented in the currency of the primary economic

environment in which the entity operates (its functional currency).

For the purpose of preparing consolidated financial statements,

the results and financial position of each entity are expressed

in euro, which is the functional currency of the parent company

and the currency for the presentation of consolidated financial

statements.

Foreign currency transactions

Transactions in foreign currencies are recorded immediately at

the exchange rate on the date of the transaction. Monetary assets

and liabilities denominated in foreign currency are converted at

the closing rate.

Exchange differences realised and unrealised are recognised in

the income statement, except for those relating to intragroup

loans that meet the definition of net investment in a foreign

operation. Loans to subsidiaries are always made in euro. In

that case, exchange differences are recognised in a separate

component of equity and are recognised in the profit or loss

account after disposal of the net investment or after redemption.

Foreign operations

Assets and liabilities are converted at the closing rate. The income

statement is converted at the average rate for the financial

year. The resulting conversion differences are recognised in a

separate component of equity. These conversion differences are

recognised in the income statement when the foreign entity is

disposed of, sold or liquidated.

10.6.8 INVESTMENT PROPERTY

(i) General

Properties that are held for long-term rental income, for their

appreciation in value or for both reasons, and that do not serve for

the Company's own use, are recorded as an investment property.

Property that is built or developed for future use as an investment

property (property development) is also recognised under the

item Investment property (see also below).

Land held for the purpose of starting property developments

with a view to subsequent letting and appreciation in the long

term, but for which no concrete construction plans or property

developments have yet started (ground reserve), is also

considered investment property.

The rights of use recognised in the balance sheet for the

concession or ground lease are also regarded as investment

property.

The borrowing costs directly attributable to the acquisition of an

investment property are also capitalised.

(ii) Valuation on initial recognition

Investment property includes all property that is ready for letting

and that fully or partially generates rental income. Investment

property is valued at the time of purchase at the acquisition

value, including additional transaction fees such as professional

fees, statutory services, registration duties, other transfer taxes

and non-deductible VAT. If the property is acquired via a share

transaction and is located in Belgium, the acquisition price also

includes an adjustment for exit tax, which is due by the companies

over which the Company acquires direct or indirect control

(this is deducted, in principle, from the value of the underlying

property since it is a tax on the latent added value that existed in

the acquired company before the acquisition of control), unless

these companies are not eligible for a merger with the Company

(based on a resolution by the Company’s Board of Directors).

Commissions relating to the purchase of properties are regarded

as additional costs of those purchases and are added to the

acquisition value.

If the property is obtained by acquiring the shares of a real estate

company, through the contribution in kind of property against

the issue of new shares, or through a merger by acquisition of a

real estate company, the notarial charges, audit and consulting,

merger and other costs are also capitalised.

The property also includes the permanent furnishings and fittings

of the student rooms if these are let on a furnished basis.

(iii) Valuation after initial recognition

After their initial recognition, the investment properties are

appraised by the Valuation Expert.

The Valuation Expert precisely appraises the following com-

ponents at the end of each quarter:

XIOR ANNUAL FINANCIAL REPORT 2025

201

•

The properties, the properties by designated use and the real

rights to properties that are held by the Company or, where

applicable, by a real estate company over which it has control;

Fair value (as defined by IFRS 13) is defined as the price that would

be received for the sale of an asset or paid for the transfer of

a liability in an orderly transaction between market participants

at the measurement date, in the principal market for the asset

or liability. From the seller’s perspective, this is the value of the

investment property after the deduction of transfer taxes. In

Belgium, the effective amount of this tax depends on the method

of transfer, the status of the buyer and the geographical location

of the asset. The first two elements, and therefore also the full

amount of the taxes due, are therefore only known when the

transfer of ownership is completed.

As a result, the actual transfer tax rate varies from 0% to 12.5%.

In 2006, a panel of independent real estate experts analysed a

representative number of transactions to determine the average

impact of transfer taxes on the Belgian market. The panel has

determined the average impact of transfer rights to be 2.5%.

In 2016 and 2025, this calculation was updated using the same

methodology, which confirmed the previously established

percentages.

The panel of independent real estate experts concluded that a

general approach across all sub-sectors is logical and consistent,

and that the 2.5% rate can be maintained for real estate with a

value above 2.5 MEUR. Below this threshold, it was established

that the standard rate for registration fees was applied. The rate

will be reviewed every five years or when the tax context changes

significantly. The rate will only be adjusted if the threshold of 0.5%

is exceeded.

Xior Student Housing has only a limited number of assets in its

Belgian portfolio with an individual value of less than 2.5 MEUR.

Located in Leuven, some of these properties are situated next

to each other and were therefore considered a cluster by the

valuation expert in the past. Consequently, the fair value for

these cluster properties is determined by deducting 2.5% from

the value of the properties (in accordance with the valuation at

"fair value" by its valuation experts). In line with its strategy, Xior

Student Housing does not, in principle, intend to sell individual

properties within these clusters with an investment value of less

than 2.5 MEUR. Xior Student Housing follows the valuation of the

independent valuation experts in accordance with the legislation

on regulated real estate companies.

The independent Valuation Experts take the theoretical local

registration duties into account for buildings located outside

Belgium.

Registration taxes applicable per country

The Netherlands	10.4%
Spain	1.07% - 3.02%
Portugal	7.5%
Denmark	0.61%
Sweden	0
Poland	0
Germany	6.8% – 7.8%

Profits or losses arising from changes in the Fair Value of an

investment property are recognised in the income statement

in the period in which they arise and are allocated in the profit

appropriation to the “Reserve for the balance of the changes in

the Fair Value of property”.

202

FINANCAL REPORT XIOR

10.6.9 PROPERTY DEVELOPMENTS

Property developments include land and buildings in progress

as a result of which these only require investments and do not

generate any rental income for a certain period.

Properties that are built or developed as an investment property

for future use are recognised in the sub-heading "Project

developments" under "Investment property" and appraised

in accordance with IAS 40 at their Fair Value, less expected

expenses and any development margin, until the development

is completed. The assets are then transferred to the sub-item

"Property available for letting" of the item "Investment property",

still at their Fair Value "at completion".

After their initial recognition, the projects are appraised at their

Fair Value if all the following criteria are met: (i) the project costs

to be incurred can be reliably estimated and (ii) all necessary

permits for the property development have been obtained. This

Fair Value measurement is based on the valuation by the Valuation

Expert (according to the normal methods and assumptions) and

takes the costs (including a contingency estimate) still to be

incurred for the completion of the project into consideration.

Potential gains on property developments are only recognised

upon completion of the project, once they are certain.

All costs directly related to the purchase or development and

all subsequent investments that are recognised as transaction

fees (costs of new buildings and/or renovations, including the

purchase price of the site and site preparation) are recognised

in the balance sheet.

The interest costs that can be directly attributed to the project

are also capitalised as part of the cost price of the property

development. Interest expenses are capitalised at the Company’s

average financing cost.

The capitalisation of financing costs, in accordance with IAS 23,

as part of the cost price of an eligible asset only happens if:

• expenses are incurred for the asset;

• financing costs are incurred;

• activities are in progress to prepare the asset for its intended

use.

The capitalisation of the financing costs will be suspended for long

periods during which the development of the asset is interrupted

and stopped in any case when the asset is ready for letting.

The item "Project developments" is a sub-heading of the heading

"Investment property" and is included in the calculation of the Fair

Value of the operational property portfolio.

10.6.10 EXPENSES FOR WORKS TO INVESTMENT

PROPERTY

Expenses for works to investment property are deducted from

the property operating result if the expenses do not have any

positive effect on the expected future economic benefits, and

are capitalised if the expected economic benefits that accrue to

the entity increase as a result. There are three types of expenses:

• Costs of structural and occasional maintenance, repairs and

refurbishments on existing furnishings and furniture, including

the internal staff costs of the employees who carry out these

repairs: these are charged to the operating property result and

are included under the item "Technical costs".

• New investments and replacement investments in furnishings

and fittings: these costs are capitalised and added to the Fair

Value of the investment property to the extent that the student

rooms are let on a furnished basis and the new investments and

replacement investments lead to an increase in rental levels.

• Costs for major renovations and improvements: renovations

are occasional works that add a function to the building or sig-

nificantly increase the existing comfort level and thus imply an

increase in the rent and/or rental value. These costs are capita-

lised and thus added to the Fair Value of the real estate proper-

ty. These costs relate to materials, fees, construction work and

internal staffing costs.

In accordance with IAS 23, borrowing

costs incurred specifically for these renovations are also capi-

talised and, therefore, added to the Fair Value of the investment

property to the extent that the building in question does not

generate any income during this period.

Real estate withhol-

ding taxes, levies and other property charges relating to the

building undergoing this renovation are also processed in this

way, as long as the building does not generate any income. The

Valuation Expert deducts the value of work still to be competed

from the appraisal. On completion, these costs are capitalised

and added to the Fair Value of the real estate property.

10.6.11 DISPOSAL OF AN INVESTMENT PROPERTY

Profits or losses made on the sale of an investment property

(compared with the Fair Value) are recorded in the income

statement of the reporting period under the item ‘Income from

the sale of investment property’. When the property is sold, both

the "Reserve for the net variations in the Fair Value of property"

and the "Reserve for the impact on the Fair Value" are transferred

to available reserves for the value of the estimated transaction

and other costs resulting from the hypothetical disposal of

investment properties in relation to the property sold.

Commissions paid on the sale of buildings, transaction fees and

liabilities entered into as a result of transactions are deducted

from the selling price obtained in order to determine the eventual

profit or loss.

10.6.12 OTHER TANGIBLE FIXED ASSETS

The tangible fixed assets, other than the investment property, are

classified as ‘other tangible fixed assets’ and are appraised at

their acquisition value, less the accumulated depreciation and

impairments. The straight-line depreciation method is based on

the expected useful life.

XIOR ANNUAL FINANCIAL REPORT 2025

203

In the financial year in which the investment is made, depreciation

is recorded on a time-apportioned basis according to the number

of months that the asset was in use.

The following depreciation rates apply on an annual basis:

•	Buildings for own use:	4%
	• Plant, machinery and equipment:	20%
	• Furniture:	10%
	• Vehicles:	20%
	• IT equipment:	33%

The expected useful life and amortisation method are reviewed at

least annually at the end of the financial year. If there are indications

that an asset has possibly undergone a special impairment loss,

the carrying amount will be compared with the realisable value. If

the carrying amount is higher than the realisable value, a special

impairment loss will be recorded.

When tangible fixed assets, other than investment property,

are sold or taken out of service, the acquisition value and the

related depreciation are removed from the balance sheet and the

realised gains or losses are recorded in the income statement.

Expenditure on work on other tangible fixed assets is treated in

the same way as expenditure on work on investment property.

10.6.13 FIXED ASSETS OR GROUPS OF ASSETS HELD

FOR SALE

Fixed assets and disposal groups are classified as assets held

for sale if their carrying amount will be recovered principally

through a sales transaction rather than through continuing use.

This condition is only fulfilled when the sale is highly probable and

the asset (or disposal group) is immediately available for sale in its

current state. The management must have committed to a plan

for the sale of the asset (or disposal group) which is expected to

qualify for inclusion as a completed sale within one year of the

classification date.

Investment properties held for sale are valued in the same way

as other investment property (at Fair Value) in accordance with

IAS 40.

Other fixed assets held for sale are valued at the lower value of

their carrying amount and their Fair Value less the selling costs

(in accordance with IFRS 5).

10.6.14 FINANCIAL INSTRUMENTS

The Company may use financial derivatives (interest rate swaps)

to hedge against interest rate risks originating from operational,

financial and investment activities. Financial derivative instru-

ments are included under current and fixed financial assets if

their fair values are positive, and under non-current and current

financial liabilities if their fair values are negative.

Profits or losses arising from changes in the Fair Value of financial

derivatives are immediately recognised in the income statement

unless a derivative complies with the conditions for hedge

accounting. The Fair Value of financial interest rate derivatives is

the amount that the Company expects to receive or pay if that

derivative ends on the balance sheet date, for which purpose

the applicable interest rate, the credit risk of the counterparty

concerned, and the credit risk of the undertaking are taken into

account.

If a hedging instrument expires or is sold, or no longer complies

with the criteria of hedge accounting, the accumulated profits

and losses are retained in the equity at first. They are recognised

in the income statement only once the liability or the hedged

cash flow is recognised in the income statement.

10.6.15 CURRENT ASSETS

Current receivables (due in one year or less) are valued at their

nominal value, after the deduction of impairments for doubtful or

non-recoverable receivables.

Non-derivative financial instruments, which are held as part of

a business model that aims to hold financial assets to receive

contractual cash flows and contract terms of the financial

asset that provide cash flows at a given time that relate only to

repayments and interest payments on the outstanding principal,

are measured at amortised cost. This valuation method is mainly

applied to long-term receivables and trade receivables.

Special impairment: In accordance with IFRS 9, Xior is obliged

to recognise expected credit losses on trade receivables:

provision for doubtful debtors is set up on an individual basis

when necessary. The provision for doubtful debts is set up as

follows: the list of rent arrears is monitored internally. Based

on an assessment by the management or when there are clear

indications that the receivables can no longer be collected, a

provision is established. In addition, a general provision is set up

for 25% of receivables outstanding for more than 180 days.

Cash and cash equivalents include cash, demand deposits and

other current, very liquid investments that can be converted into

cash immediately, whose amount is known and which bear no

material risk of impairment. They are measured at amortised cost

and additional costs are recognised immediately in the income

statement.

10.6.16 EQUITY

The capital includes the cash resources obtained at the time

of incorporation, merger or because of a capital increase. The

external costs (fees of notaries, placement partners and so on)

that can be immediately allocated to the issue of new shares are

deducted from the equity. Due diligence costs are capitalised on

the asset.

Dividends form part of the retained result until the general

meeting of shareholders that awards them. The dividends are

then recorded as a debt.

204

FINANCAL REPORT XIOR

10.6.17 PROVISIONS

A provision is made if:

• the Company has an existing – legally enforceable or factual –

liability due to a past event;

• it is likely that an outflow of resources will be needed to settle

the liability; and

• the amount of the liability can be reliably estimated.

The amount that is recognised as a provision is the best estimate

of the expenses that are required to settle the existing liability

on the balance sheet date, taking into account the risks and

uncertainties associated with that liability.

For the sake of completeness, we also refer you to Chapter

10.9.35 of this Annual Report covering "Legal and arbitration

procedures".

10.6.18 FINANCIAL LIABILITIES

Financial liabilities are recognised on the balance sheet under

current or non-current liabilities, depending on their maturity

within twelve months of the closing date.

Trade debts are valued at amortised cost.

Interest-bearing loans are initially recognised at their Fair Value,

after the deduction of the transaction fees. Interest-bearing

loans are subsequently valued at their amortised cost based

on the effective interest method, with interest costs recognised

according to the effective interest rate.

The effective interest method is a method for calculating the

amortised cost of a financial liability and for allocating interest

costs to the relevant period. The effective interest rate is the

interest rate that exactly discounts estimated future cash

receipts (including paid or received commissions and payments

that form an integral part of the effective interest rate, as well as

transaction fees and all other premiums and discounts) during

the expected life of the financial liability or, if relevant, a shorter

period, to the net carrying amount on initial recognition.

IFRS 16 provides a comprehensive model for the identification of

lease agreements and their accounting treatment in the financial

statements of both the lessor and lessee. Since becoming

effective, this standard supersedes IAS 17 and the corresponding

interpretations.

treatment of lease agreements for the lessee, eliminating the

distinction between operating and finance leases and recognising

assets and liabilities for all lease agreements (with the exception

of short-term leases and low-value assets). In contrast to the

lessee's treatment of lease agreements, IFRS 16 retains almost

all provisions from IAS 17 – Leases on the lessor's treatment of

lease agreements. This means that lessors must continue to

categorise the lease agreements as operational or financial lease

agreements.

As a result of the XL Fund transaction in 2020, Xior has acquired

two property objects to which IFRS 16 applies. For this reason,

the necessary debt was included in other non-current debt. A

property that is also subject to IFRS 16 was acquired in Breda

in 2021. The same applies to the Zaragoza property, the Kraków

property and the properties acquired in Wolska and Wrocław in

2025.

Options on shares are included in the balance sheet at the

expected exercise price, if the price is linked to the Fair Value of

the property, or at the agreed fiduciary value, if the price is fixed.

These options are recorded under non-current or current debt.

For options on the shares of a minority shareholder, the option is

entered against equity (Group Equity Debit).

Options on the shares of joint ventures are recorded in relation

to Participating interests in associated companies and joint

ventures with equity movements.

IFRS 16 introduces significant changes to the accounting

10.6.19 PROPERTY RESULT

The net rental income includes the rent, operational lease

payments and other associated income less the costs

associated with letting, such as the rent payable on hired assets

and impairments on trade receivables.

Rental discounts are distributed across the minimum contract

term on the income statement.

The recovery of rental charges and taxes normally borne by the

tenant in let buildings mainly includes the recovery of the costs

of heating, water, electricity and the internet by means of a lump-

sum, fixed amount for costs that the tenant pays at the start

of the tenancy agreement and that is recognised in the result

distributed over the term of the tenancy agreement. Property tax

is not passed on and remains payable by the Company in case of

student housing. For Spain and Portugal, we use an all-in rental

price. Part of the rent paid by the tenant is reclassified from net

rental to recovery of rental charges based on the rental charges.

The rental charges and taxes normally borne by the tenant in let

buildings include the communal charges as well as the cost of

the property tax. In accordance with IFRIC 21, the debt and cost

of the property tax is fully recognised when it becomes due by

the Company (in this case, on 1 January of the financial year).

Income is valued at the Fair Value of the payment that is received

and is recognised on a straight-line basis in the income statement

in the period to which it relates.

XIOR ANNUAL FINANCIAL REPORT 2025

205

10.6.20 PROPERTY CHARGES

Property charges are valued at the Fair Value of the payment that

is paid or due and are recognised in the income statement in the

period to which they relate.

maintenance and losses from claims covered by insurance

companies. The commercial costs include estate agents' fees.

Property management expenses primarily include: (i) the costs

of the personnel responsible for this activity; (ii) the operational

costs of the rental agencies; and (iii) the fees paid to third parties.

The technical costs include structural and occasional

10.6.21 GENERAL EXPENSES OF THE COMPANY AND

OTHER OPERATING INCOME AND COSTS

General expenses of the Company are costs relating to the

management and general operations of the Company. These

include general administrative costs, staffing costs for general

management, and depreciation on assets that are used for

general management.

10.6.22 FINANCIAL RESULT

The financial result consists of interest costs on loans, bank

charges and additional financing costs such as the changes of

hedging instruments insofar as these are not effective within the

meaning of IAS 39, less the returns on investments.

10.6.23 PROFIT TAX

This item includes the current tax expense on the result of the

financial year and the deferred taxes. RREC status provides for a

transparent tax regime, as the RREC is only subject to taxes on

specific components of the result, such as rejected expenditures

and abnormal and favourable benefits. No corporation tax is paid

on the profit arising from rentals and realised capital gains (in

Belgium). Our Spanish real estate entities acquired Socimi status

in 2022, which is similar to the RREC status. As a result, profits

from rentals in Spain are also exempt from corporation tax. The

Portuguese real estate entity Campopre Investments acquired

Sic status in 2024, which is comparable to RREC status. As a result,

profits from this company are also exempt from corporation tax.

Profit tax is recorded directly in the result, unless the tax relates

to elements that are recognised directly in the equity. In that

case, the tax is also recognised directly in the equity. The current

tax expense consists of the expected tax on the taxable income

for the year and adjustments for previous financial years.

Deferred tax claims and liabilities are recognised based on the

balance sheet method for all temporary differences between

the taxable basis and the carrying amount for both assets and

liabilities. Deferred tax liabilities are included for all taxable

temporary differences. Deferred tax claims are recognised to

the extent it is likely that sufficient taxable profit will be realised

against which temporary differences can be set off.

Besides the tax on profits, a deferred tax liability is attributed to

the latent capital gain of properties. This deferred tax liability will

be adjusted if the Fair Value or carrying amount of the property

changes as a result of fluctuations in value or tax depreciation,

for example. In the Netherlands, the calculation of the applied

percentage takes into account the projected gross margin on

the real estate income in the Netherlands for the coming years.

See the table below for the percentages in the other countries.

Spain	25%
Portugal	21%
Poland	19%
Denmark	22%
Germany	15.825%
Sweden	20.60%

As a result of the application of IFRS 3 Revised and linked to

the 'initial recognition exemption' under IAS 12, Section 15b, no

deferred tax was recognised on the difference between the

carrying amount at acquisition and the fiduciary value.

This tax may be due on the disposal of the property via an 'asset

transaction'. This gives rise to contingent liability. This amounted

to 53,163 KEUR as at 31 December 2025.

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FINANCAL REPORT XIOR

10.6.24 EXIT TAX

Deferred taxes for subsidiaries are recognised as the difference

between the carrying amount of the investment property

after depreciation in the annual financial statements of these

subsidiaries, under the Articles of Association, and the Fair Value.

These deferred taxes are recognised at the applicable rate of

the exit tax if the Board of Directors of the Company and the

subsidiary respectively intend to merge the subsidiary with the

Company.

(i) General

Exit tax is the corporate tax on the capital gain that is

established in the case of a taxed merger of an RREC with a

Belgian undertaking that is not an RREC. If this undertaking is

included in the Group's scope of consolidation at first, the exit

tax will be deducted from the equity of the company that is to

be merged. If the undertaking is not immediately merged with

the RREC, adjustments to the exit tax, which prove necessary in

relation to the provision amount at the time of the merger, will be

recognised via the income statement.

(ii) Exit tax rate

The exit tax rate is 15% as from assessment year 2021 (financial

year starting 1 January 2020).

(iii) Principle for calculating the exit tax

The exit tax applies to contributions in kind, mergers, de-

mergers and transactions that are equated with mergers or

de-mergers, in which the Company participates as an RREC.

Such transactions are expressly excluded from tax neutrality.

Both the RREC licence and the above transactions in which the

Company would participate as an RREC are equated, from a tax

perspective, with a dissolution and liquidation of the real estate

company or companies involved.

To calculate the exit tax, the actual value of the assets of the

Company or of the real estate company or companies involved

on the date of the licence or of the relevant transaction is

equated with an 'amount paid on the division of the corporate

assets'. The positive difference between the amount paid in

case of this legal fiction and the enhanced value of the paid-up

capital is regarded as a dividend. If the Company participates

in a transaction that is equated with a de-merger, the rules on

dissolution and liquidation apply only to the separated assets of

the real estate company or companies involved.

If the Company is recognised as an RREC, the exit tax is applied

to its latent capital gains and exempt reserves at the time it is

granted the RREC licence (insofar as this exists at that time). If

the Company participates as an RREC in a contribution, merger,

de-merger or transaction equated with a merger or de-merger,

the exit tax is calculated on the latent capital gains and exempt

reserves of the real estate company that makes the contribution

by merger, de-merger or an equated transaction. The latent

capital gains are calculated as the positive difference between

the actual value for tax purposes of the (separated) assets of

the real estate company concerned, on the one hand, and the

acquisition value of those corporate assets less the depreciation

and impairments accepted for tax purposes on the other hand.

Exit tax, payable by companies whose assets are acquired by an

RREC through mergers, for instance, is calculated in accordance

with Circular Ci.RH.423/567.729 of the Belgian tax authorities

dated 23 December 2004, the interpretation or practical

application of which may change at any time. The Company

calculates the "actual value for tax purposes" as referred to in

the Circular less the registration duties or VAT (that would be

applicable if the asset were sold) (the "Costs payable by the

Purchaser") and may differ from – including being lower than –

the Fair Value of the property as recognised in the Company's

balance sheet in accordance with IAS 40.

(iv) Payment of the exit tax

If the Company engages in a contribution, merger, de-merger

or transaction equated with a merger or de-merger as an RREC,

the exit tax is payable by the real estate company that makes

the contribution to the RREC. If a contribution is made to the

Company by way of a merger, the exit tax will be payable by the

Company as the acquiring company.

(v) Purpose of the exit tax

As an RREC, the Company benefits from a special tax regime.

Although it is subject to corporation tax, its taxable base is

limited to (i) the extraordinary or gratuitous advantages that

it receives and (ii) the expenses and costs that cannot be

deducted as business costs (other than impairments and capital

losses on shares (Article 185a of the Belgian Income Tax Code

1992). After becoming licensed as an RREC, the Company is thus

not taxed on its accounting result, which also implies that its

capital gains are not included in its taxable base. The exit tax

was introduced to prevent the Company from being definitively

exempt from paying tax on the latent, unrealised capital gains

and exempt reserves it possesses on the licensing date. With the

levying of exit tax, the Company is deemed, as it were, to have

settled its past obligations on the date it becomes a licensed

RREC. The same reasoning applies to the real estate company

or companies involved in a merger, de-merger or a transaction

equated with a merger or de-merger in which the Company

participates as an RREC.

(vi) Accounting treatment

The exit tax is the corporate tax on capital gains that is

established for the taxed merger of an RREC with a non-RREC

undertaking. The exit tax due on this capital gain is recognised

when the non-RREC undertaking is included in the Group's scope

of consolidation for the first time. In principle, the provision for

exit tax is revised in the interim only if it needs to be increased

because of the appreciation of this undertaking's property. Any

over-estimate because of depreciation will be determined only

once the merger is actually concluded. These adjustments to the

exit tax liability are recognised via the income statement.

XIOR ANNUAL FINANCIAL REPORT 2025

207

10.6.25 FINANCIAL RISK MANAGEMENT

i. Changes in interest rates

Higher interest rates lead to an increase in financial expenses

and a fall in the EPRA result. Xior Student Housing uses IRS-type

assets and liabilities to hedge the interest rate risk on long-term

loans with variable interest rates. An interest rate swap is an

agreement between two parties in which the variable interest

rate is exchanged for a fixed interest rate. The interest rate policy

followed means that 89% of loans drawn down are covered by a

fixed interest rate. The average financing cost of the public

RREC is 3.06%. Please refer to Chapter 10.9.22 of this Annual

Report for the potential impact of changes in interest rates.

ii. Financing risk

The long-term financing was concluded for the most part in the

form of bullet loans. These are loans where the entire principal

is paid in full after three to ten years. The diversification of the

financing across various banks limits Xior Student Housing's

liquidity risk. The loans were partially taken out at a variable

interest rate and partially at a fixed interest rate. Xior Student

Housing has put in place the necessary hedging facilities, with

89% of its drawn-down loans having been converted to a fixed

interest rate. The effect of interest rate changes on the net result

is therefore limited.

iii. Credit risk

Xior Student Housing monitors rent arrears closely. In case of non-

payment, the Company usually uses a rent deposit. For further

details, please refer to Chapter 10.9.13 of this Annual Report.

208

FINANCAL REPORT XIOR

10.7 SEGMENT INFORMATION

The segmentation basis for reporting by segment is by geographic

region. The rental income is broken down by geographic location:

Belgium, the Netherlands, Iberia (Spain and Portugal), Nordics

(Denmark and Sweden), Germany and Poland. Every location

is broken down further into students and other. Commercial

decisions are taken at this level and rental income and occupancy

rate are tracked at this level.

The unallocated amounts category includes all expenses that

cannot be allocated to a segment.

At the level of the income statement, only the net rental income,

results from the sale of investment properties, the variations

in the fair value of investment property and the other portfolio

results are broken down by segment.

	Belgium		The Netherlands
Figures in KEUR	Students	Other	Students	Other
Net rental income	27,797	4,168	58,376	8,018
Property result
Property charges
Property operational result
General costs
Other operational income and costs
Operating result before result on the portfolio
Result from the sale of investment property	-1,005	0	0	0
Variations in the fair value of investment property	-9,497	-7	-14,136	-10,614
Other portfolio result	-1,035	0	-15,130	0
Operating result
Financial result
Share in earnings of associated companies and joint
ventures
Result before taxes
Taxes
Net result
EPRA earnings
Result on the portfolio	-11,537	-7	-29,266	-10,614
Total assets	601,474	728	1,358,243	156,822
Investment property	601,474	728	1,358,243	156,822
Other assets
Total liabilities and equity
Equity
Liabilities

31/12/25

Iberia Nordics Germany + Poland

Non-allocated

amounts

Total

Students Other Students Other Students Other

32,124 0 22,214 3,401 21,577 1,926 0 179,600

8,859 188,459

-31,832 -31,832

156,627

-12,755 -12,755

424 424

144,296

0 -42 0 0 0 0 0 -1,047

43,951 0 21,862 1,839 5,896 0 0 39,293

-1,765 0 -916 0 -51,321 0 0 -70,167

112,375

-29,924 -29,924

0 0

82,451

-13,779 -13,779

68,672

102,827 102,827

42,186 -42 20,946 1,839 -45,425 0 0 -31,921

607,773 0 429,372 61,575 342,854 0 170,091 3,728,933

607,773 0 429,372 61,575 342,854 0 3,558,842

170,091 170,091

3,728,933 3,728,933

1,753,131 1,753,131

1,975,802 1,975,802

XIOR ANNUAL FINANCIAL REPORT 2025

209

	31/12/25
Iberia		Nordics		Germany + Poland		Non-allocated	Total
Students	Other	Students	Other	Students	Other	amounts
32,124	0	22,214	3,401	21,577	1,926	0	179,600
						8,859	188,459
						-31,832	-31,832
							156,627
						-12,755	-12,755
						424	424
							144,296
0	-42	0	0	0	0	0	-1,047
43,951	0	21,862	1,839	5,896	0	0	39,293
-1,765	0	-916	0	-51,321	0	0	-70,167
							112,375
						-29,924	-29,924
						0	0
							82,451
						-13,779	-13,779
							68,672
						102,827	102,827
42,186	-42	20,946	1,839	-45,425	0	0	-31,921
607,773	0	429,372	61,575	342,854	0	170,091	3,728,933
607,773	0	429,372	61,575	342,854	0		3,558,842
						170,091	170,091
						3,728,933	3,728,933
						1,753,131	1,753,131
						1,975,802	1,975,802

Belgium

The Netherlands

Students

Other

Students

Other

Net rental income

27,797

4,168

58,376

8,018

Property result

Property charges

Property operational result

General costs

Other operational income and costs

Operating result before result on the portfolio

Result from the sale of investment property

-1,005

Variations in the fair value of investment property

-9,497

-7

-14,136

-10,614

Other portfolio result

-1,035

-15,130

Operating result

Financial result

ventures

Result before taxes

Taxes

Net result

EPRA earnings

Result on the portfolio

-11,537

-7

-29,266

-10,614

Total assets

601,474

728

1,358,243

156,822

Investment property

601,474

728

1,358,243

156,822

Other assets

Total liabilities and equity

Equity

Liabilities

Figures in KEUR

Share in earnings of associated companies and joint

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FINANCAL REPORT XIOR

	Belgium		The Netherlands
Figures in KEUR	Students	Other	Students	Other
Net rental income	28,316	2,811	55,123	8,890
Property result
Property charges
Property operational result
General costs
Other operational income and costs
Operating result before result on the portfolio
Result from the sale of investment property	-15,185	0	-7,919	-4,436
Variations in the fair value of investment property	-201	5	54,626	-6,620
Other portfolio result	-2,408	0	-5	0
Operating result
Financial result
Share in earnings of associated companies and joint
ventures
Result before taxes
Taxes
Net result
EPRA earnings
Result on the portfolio	-17,794	5	46,702	-11,056
Total assets	607,573	735	1,312,933	143,629
Investment property	607,573	735	1,312,933	143,629
Other assets
Total liabilities and equity
Equity
Liabilities

31/12/24

Iberia Nordics Germany + Poland

Non-allocated

amounts

Total

Students Other Students Other Students Other

28,507 0 27,415 3,364 11,927 1283 167,638

4,330 171,968

-30,678 -30,678

141,291

-12,669 -12,669

1,561 1,561

130,183

0 -672 0 0 0 0 0 -28,213

20,178 0 -15,902 -2,175 8,191 0 0 58,104

-1,908 0 -7,581 0 -16,336 0 -356 -28,594

131,480

-55,542 -55,542

0 0

75,939

-9,427 -9,427

66,509

91,240 91,240

18,270 -672 -23,483 -2,175 -8,145 0 -356 1,297

562,598 391 402,681 59,785 223,727 0 206,391 3,520,445

562,598 391 402,681 59,785 223,727 0 3,314,054

206,391 206,391

3,520,445 3,520,445

1,634,504 1,634,504

1,885,941 1,885,941

XIOR ANNUAL FINANCIAL REPORT 2025

211

	31/12/24
Iberia		Nordics		Germany + Poland		Non-allocated	Total
Students	Other	Students	Other	Students	Other	amounts
28,507	0	27,415	3,364	11,927	1283		167,638
						4,330	171,968
						-30,678	-30,678
							141,291
						-12,669	-12,669
						1,561	1,561
							130,183
0	-672	0	0	0	0	0	-28,213
20,178	0	-15,902	-2,175	8,191	0	0	58,104
-1,908	0	-7,581	0	-16,336	0	-356	-28,594
							131,480
						-55,542	-55,542
						0	0
							75,939
						-9,427	-9,427
							66,509
						91,240	91,240
18,270	-672	-23,483	-2,175	-8,145	0	-356	1,297
562,598	391	402,681	59,785	223,727	0	206,391	3,520,445
562,598	391	402,681	59,785	223,727	0		3,314,054
						206,391	206,391
						3,520,445	3,520,445
						1,634,504	1,634,504
						1,885,941	1,885,941

Belgium

The Netherlands

Students

Other

Students

Other

Net rental income

28,316

2,811

55,123

8,890

Property result

Property charges

Property operational result

General costs

Other operational income and costs

Operating result before result on the portfolio

Result from the sale of investment property

-15,185

-7,919

-4,436

Variations in the fair value of investment property

-201

54,626

-6,620

Other portfolio result

-2,408

-5

Operating result

Financial result

ventures

Result before taxes

Taxes

Net result

EPRA earnings

Result on the portfolio

-17,794

46,702

-11,056

Total assets

607,573

735

1,312,933

143,629

Investment property

607,573

735

1,312,933

143,629

Other assets

Total liabilities and equity

Equity

Liabilities

Figures in KEUR

Share in earnings of associated companies and joint

212

FINANCAL REPORT XIOR

10.8 ALTERNATIVE PERFORMANCE MEASURES (APM’S)

APM name	Definition	Use
EPRA earnings	The net result +/- variations in the Fair Value of the investment property +/- other portfolio result +/- result from the sale of investment property +/- varia-tions in the Fair Value of financial assets and liabilities +/- deferred taxes with regard to IAS 40 ad-justments.	Measuring the result of the strategic operating activities, excluding variations in the fair value of investment property, other portfolio result, result of the sale of investment property, va-ria-tions in the fair value of financial assets and liabilities, and deferred taxes arising from IAS 40. This indicates the extent to which dividend payments are covered by earnings.
Result on the portfolio	Result from the sale of invest-ment property +/- variations in the fair value of investment property +/- other portfolio results.	Measuring the realised and unrealised gain/loss on investment property.
Average interest rate	Interest charges including IRS interest costs divided by the average outstanding debt during the period.	Measuring the average interest costs of the debts to enable a comparison with peers + anal-ysis of evolution over time.
Average interest rate excl. IRS interest charges	Interest charges excluding IRS interest costs divided by the average outstanding debt during the period.	Measuring the average interest costs of the debts to enable a comparison with peers + anal-ysis of evolution over time.
Average financing costs	Interest costs including IRS in-terest costs + arrangement fees and commitment fees, divided by the average outstanding debt during the period.	Measuring the average financing costs of the debt to enable a comparison with peers + analy-sis of evolution over time.
Average financing cost excl. IRS interest charges	Interest charges including IRS interest costs + arrangement fees and commitment fees, divided by the average out-standing debt during the period.	Measuring the average financing costs of the debt to enable a comparison with peers + analy-sis of evolution over time.
EPRA earnings per share	Net result +/- result of the sale of investment property +/- varia-tions in the fair value of in-vest-ment property +/- other portfo-lio result +/- variations in the fair value of financial assets and liabilities +/- deferred taxes with regard to IAS 40 adjustments, divided by the average number of shares.	Comparability with other RRECs and interna-tion-al property players.
EPRA NAV	This is the net asset value (NAV) that has beenadjusted to also include real estate and otherinvestments at their fair value and to exclude certain elements that are not expected to actually take shapein a business model withlong-term investment property.	Comparability with other RRECs and interna-tional property players.
EPRA NNNAV	EPRA NAV adjusted to take into account (i) the Fair Value of the assets and liabilities, (ii) the Fair Value of debts and (iii) the de-ferred tax.	Comparability with other RRECs and interna-tion-al property players.
EPRA Net Reinstatement Value (NRV)	Assumes that entities never sell property and aims to show the value needed to rebuild the property.	Comparability with other RRECs and interna-tional property players. The EPRA NAV metrics make adjustments to the NAV via the IFRS financial statements in order to provide sta-keholders with the most relevant information about the fair value of a property company's assets and liabilities under various scenarios.

With the exception of EPRA Net Initial Yield, EPRA Rental Vacancy and EPRA Cost Ratio, the APMs were audited by the Statutory Auditor.

XIOR ANNUAL FINANCIAL REPORT 2025

213

APM name	Definition	Use
EPRA Net Tangible Assets (NTA)	Assuming that entities buy and sell assets, causing certain levels of unavoidable deferred tax to materialise.	Comparability with other RRECs and interna-tional property players. The EPRA NAV metrics make adjustments to the NAV via the IFRS financial statements in order to provide sta-keholders with the most relevant information about the fair value of a property company's assets and liabilities under various scenarios.
EPRA Net Disposal Value (NDV)	Represents the shareholder value in a "sell-off scenario", in which deferred tax, financial instruments and certain other adjustments are calculated to their fullest extent, after de-duc-tion of the resulting tax.	Comparability with other RRECs and interna-tional property players. The EPRA NAV metrics make adjustments to the NAV via the IFRS financial statements in order to provide sta-keholders with the most relevant information about the fair value of a property company's assets and liabilities under various scenarios.
EPRA Net Initial Yield (NIY)	Annualised gross rental income based on the current rent on the closing date, excluding the property charges, divided by the portfolio market value plus the estimated transaction fees and costs resulting from the hypothetical disposal of investment properties.	Comparability with other RRECs and interna-tional property players.
EPRA Adjusted Net Initial Yield (Adjusted NIY)	This measure integrates an adjustment of the EPRA NIY for the end of rent-free periods or other non-expired rental incentives.	Comparability with other RRECs and interna-tional property players.
EPRA rental vacancy	Estimated rental value of vacant units divided by the estimated rental value of the total portfolio.	Comparability with other RRECs and interna-tional property players.
EPRA cost ratio (incl. vacancy costs)	EPRA costs (including vacancy costs) divided by the gross rental income, less the rent still to be paid on rented land.	Comparability with other RRECs and interna-tional property players.
EPRA cost ratio (excl. vacancy costs)	EPRA costs (excluding vacancy costs) divided by the gross rental income, less the rent still to be paid on rented land.	Comparability with other RRECs and interna-tional property players.
Financial result (excluding variations in the fair value of financial assets and liabilities)	Financial result corrected for variations in the fair value of financial assets and liabilities.	Comparability with other RRECs and interna-tional property players.
EPRA Loan-to-Value (LTV)	An important measure showing the extent to which activities are financed by debt.	Comparability with other RRECs and interna-tional property players.

214

FINANCAL REPORT XIOR

Alternative Performance Measures (APMs): reconciliation tables

EPRA earnings	31/12/25	31/12/24
Net result	68,672	66,509
Variations in the fair value of investment property	-39,293	-58,104
Other portfolio result	70,167	28,596
Result from the sale of investment properties	1,047	28,213
Variations in the fair value of financial assets and liabilities	-5,001	20,136
Deferred taxes for IAS 40	7,235	5,890
EPRA earnings	102,827	91,240
EPRA earnings – group share	102,323	90,961

Result on the portfolio	31/12/25	31/12/24
Result from the sale of investment properties	-1,047	-28,213
Variations in the fair value of investment property	39,293	58,104
Other portfolio result	-70,167	-28,596
Result on the portfolio	-31,921	1,295

EPRA earnings per share	31/12/25	31/12/24
Net result	68,672	66,509
Variations in the fair value of investment property	-39,293	-58,104
Other portfolio result	70,167	28,596
Result from the sale of investment properties	1,047	28,213
Variations in the fair value of financial assets and liabilities	-5,001	20,136
Deferred taxes for IAS 40	7,235	5,890
Weighted average number of shares	46,279,394	41,118,335
EPRA earnings per share	2.22	2.22
EPRA earnings per share – group share	2.21	2.21

Average interest rate	31/12/25	31/12/24
Nominal interest burden on loans	42,664	57,760
Costs of permitted hedging instruments	-4,827	-20 ,932
Capitalised interest	14,553	16,007
Average outstanding debt during the period	1,757,942	1,734,843
Average interest rate	2.98%	3.05%
Average interest rate excl. Costs of permitted hedging instruments	3.25%	4.25%

Average financing costs	31/12/25	31/12/24
Nominal interest burden on loans	42,664	57,760
Costs of permitted hedging instruments	-4,827	-20,932
Capitalised interest	14,553	16,007
Breakdown of the nominal amount of financial debt	834	619
Bank costs and other commissions	634	322
Average outstanding debt during the period	1,757,942	1,734,843
Average financing costs	3.06%	3.10%
Average financing cost excl. Costs of permitted hedging instruments	3.34%	4.31%

XIOR ANNUAL FINANCIAL REPORT 2025

215

EPRA Net Initial Yield	31/12/25	31/12/24
Investment property – full ownership fair value	3,524,218	3,224,828
Investment property – share of joint ventures	44,400	78,980
Minus property developments	-426,772	-427,807
Completed property portfolio	3,141,846	2,876,001
Transaction fees	145,711	153,893
Investment value of property available for rent	3,287,558	3,029,893
Annualised gross rental income	187,165	161,786
Property charges	29,628	22,916
Annualised net rental income	157,536	138,870
Notional amount at the end of the rent-free period	0	0
Adjusted annualised net rental income	157,536	138,870
EPRA Net Initial Yield (NIY)	4.8%	4.6%
EPRA Adjusted Net Initial Yield (Adjusted NIY)	4.8%	4.6%

EPRA Rental Vacancy	31/12/25	31/12/24
Estimated rental value of the vacant units	3,290	3,452
Estimated rental value of the entire portfolio	187,165	161,786
EPRA Rental Vacancy	1.76%	2.13%

EPRA cost ratio	31/12/25	31/12/24
General costs	12,755	12,669
Impairments on trade receivables	402	443
Property charges	31,832	30,678
Loss on the service costs	3,739	3,772
EPRA costs (incl. vacancy costs)	48,728	47,562
Vacancy costs	0	73
EPRA costs (excl. vacancy costs)	48,728	47,489
Gross rental income	180,002	168,081
EPRA cost ratio (incl. vacancy costs)	27.1%	28.3%
EPRA cost ratio (excl. vacancy costs)	27.1%	28.3%

Financial result excl. variations in the fair value of financial assets and liabilities	31/12/25	31/12/24
Financial result	-29,924	-55,542
Variations in the fair value of financial assets and liabilities	5,001	-20,136
Financial result excl. variations in the fair value of financial assets and liabilities	-34,925	-35,406

216

FINANCAL REPORT XIOR

31/12/25	Proportional consolidation
EPRA Loan-To-Value ratio	Group	Share in JVs	Combined
Add:
Credit institutions	1,455,055	2,618	1,457,673
Commercial paper	65,657		65,657
Bond issues	253,568		253,568
Net payable	6,814	437	7,251
(-) Long-term trade receivables	7,895		7,895
(-) Trade receivables	2,789	131	2,920
(-) Tax receivables and other current assets	44,689	114	44,803
(+) Other long-term liabilities	0		0
(+) Trade debts and other current debts	34,045	681	34,726
(+) Other current liabilities	28,142		28,142
Exclusion:
Cash	4,756	365	5,121
Net debt (a)	1,776,338	2,689	1,779,027
Add:
Property for own use*	10,533		10,533
Property available for rent	3,148,319		3,148,319
Project developments	410,524	4,094	414,618
Assets or groups of assets held for sale	0		0
Intangible assets	6,471		6,471
Receivables from associates and joint ventures	0	0	0
Total property value (b)	3,575,847	4,094	3,579,941
Real estate transfer taks	177,597		177,597
Total property value incl. RETTs (c)	3,753,444	4,094	3,757,538

EPRA LTV (a/b)	49.68%		49.69%
EPRA LTV (incl RETTs) (a/c)	47.33%		47.35%

EPRA guidelines require that if owner-occupied property is accounted for under IAS 16, the Fair Value of the owner-occupied property must be recognised. As these properties are not valued

at Fair Value, this table includes the book value for calculation purposes.

XIOR ANNUAL FINANCIAL REPORT 2025

217

31/12/24	Proportional consolidation
EPRA Loan-To-Value ratio	Group	Share in JVs	Combined
Add:
Credit institutions	1,364,001	1,323	1,365,324
Commercial paper	72,550		72,550
Bond issues	253,384		253,384
Net payable	34,887	299	35,186
(-) Long-term trade receivables	9,268		9,268
(-) Trade receivables	3,015		3,015
(-) Tax receivables and other current assets	37,603	797	38,400
(+) Other long-term liabilities	46		46
(+) Trade debts and other current debts	31,979	1,096	33,075
(+) Other current liabilities	52,748		52,748
Exclusion:
Cash	9,462	530	9,992
Net debt (a)	1,715,360	1,092	1,716,452
Add:
Property for own use*	11,309		11,309
Property available for rent	2,905,287		2,905,287
Project developments	408,766	7,639	416,405
Assets or groups of assets held for sale	0		0
Intangible assets	4,863		4,863
Receivables from associates and joint ventures	28,152	-7,320	20,832
Total property value (b)	3,358,377	319	3,358,696
Real estate transfer taks	194,096		194,096
Total property value incl. RETTs (c)	3,552,473	319	3,552,792

EPRA LTV (a/b)	51.08%		51.10%
EPRA LTV (incl RETTs) (a/c)	48.29%		48.31%

EPRA guidelines require that if owner-occupied property is accounted for under IAS 16, the Fair Value of the owner-occupied property must be recognised. As these properties are not valued

at Fair Value, this table includes the book value for calculation purposes.

218

FINANCAL REPORT XIOR

Per 31/12/2025	EPRA NRV	EPRA NTA	EPRA NRV	EPRA NAV	EPRA NNNAV
IFRS equity attributable to shareholders excluding minority interests	1,751,575	1,751,575	1,751,575	1,751,575	1,751,575
Minority interests	XXXXXXXXXXX	XXXXXXXXXXX	XXXXXXXXXXX	1,556	1,556

DEDUCT
DT in relation to FV income from IP	70,652	70,652	XXXXXXXXXXX	70,652	XXXXXXXXXXX
FV of financial assets	-10,030	-10,030	XXXXXXXXXXX	-10,030	XXXXXXXXXXX
Intangible fixed assets as per IFRS BS	XXXXXXXXXXX	-6,471	XXXXXXXXXXX	XXXXXXXXXXX	XXXXXXXXXXX

ADD
FV of fixed-income debts	XXXXXXXXXXX	XXXXXXXXXXX	75,994	XXXXXXXXXXX	XXXXXXXXXXX
Taxes on real estate transfers	177,597	N/A	XXXXXXXXXXX	XXXXXXXXXXX	XXXXXXXXXXX

NAV	1,989,794	1,805,726	1,827,569	1,813,753	1,753,131

Fully diluted number of shares	46,695,094	46,695,094	46,695,094	46,695,094	46,695,094

NAV per share	42.61	38.67	39.14	38.84	37.54
NAV per share – group share	42.61	38.67	39.14	38.81	37.51

Additional deferred tax, note if option (i) or (ii) is chosen	Fair Value	as % of total portfolio	% of deferred tax excluded
Portfolio subject to deferred taxes and intended to be held and not sold in the long term.	3,558,842	100	100
Portfolio subject to partial deferred tax and tax structuring	0	0	0

XIOR ANNUAL FINANCIAL REPORT 2025

219

Per 31/12/2024	EPRA NRV	EPRA NTA	EPRA NDV	EPRA NAV	EPRA NNNAV
IFRS equity attributable to shareholders excluding minority interests	1,633,544	1,633,544	1,633,544	1,633,544	1,633,544
Minority interests	XXXXXXXXXXX	XXXXXXXXXXX	XXXXXXXXXXX	960	960

DEDUCT
DT in relation to FV income from IP	66,149	66,149	XXXXXXXXXXX	66,149	XXXXXXXXXXX
FV of financial assets	-5,045	-5,045	XXXXXXXXXXX	-5,045	XXXXXXXXXXX
Intangible fixed assets as per IFRS BS	XXXXXXXXXXX	-4,863	XXXXXXXXXXX	XXXXXXXXXXX	XXXXXXXXXXX

ADD
FV of fixed-income debts	XXXXXXXXXXX	XXXXXXXXXXX	63,186	XXXXXXXXXXX	XXXXXXXXXXX
Taxes on real estate transfers	194,096	N/A	XXXXXXXXXXX	XXXXXXXXXXX	XXXXXXXXXXX

NAV	1,888,744	1,689,785	1,696,730	1,695,608	1,634,504

Fully diluted number of shares	42,344,283	42,344,283	42,344,283	42,344,283	42,344,283

NAV per share	44.60	39.91	40.07	40.04	38.60
NAV per share – group share	44.60	39.91	40.07	40.02	38.58

Additional deferred tax, note if option (i) or (ii) is chosen	Fair Value	as % of total portfolio	% of deferred tax excluded
Portfolio subject to deferred taxes and intended to be held and not sold in the long term.	3,314,053	100	100
Portfolio subject to partial deferred tax and tax structuring	0	0	0

220

FINANCAL REPORT XIOR

10.9 OTHER NOTES

Due to rounding to thousands, rounding differences may arise between the balance sheet, income statement and the attached details.

10.9.1 PROPERTY RESULT

Figures in KEUR		31/12/25	31/12/24
(+)	Rental income	180,002	168,081
	- Rent	164,513	148,266
	- Rental guarantees	15,868	20,332
	- Rent reductions	-380	-517
(+)	Writeback of rentals carried over and discounted	0	0
(+/-)	Rent-related expenses	-402	-443
	Net rental income	179,600	167,638
(+)	Recovery of property charges	0	0
	Recovery of rental charges and taxes normally payable by the tenants for rented proper-
(+)	ties	30,911	29,603
	Costs of tenants and borne by the landlord for rental damage and refurbishment at the
(-)	end of the tenancy	0	0
(-)	Rental charges and taxes normally payable by the tenants for rented properties	-34,650	-33,375
(+/-)	Other rent-related income and expenditure	12,598	8,102
	Property result	188,459	171,968

Rent-related expenses include impairments on rent receivables.

Guaranteed income as at 31 December 2025 includes the rental guarantees given by the sellers for acquisitions in 2025 or 2024. These

rental guarantees have a term of 1 to 2 years and cover the vacant units.

Figures in KEUR	31/12/25	31/12/24
Summary of rental income that could cease to exist in future
Within one year	151,110	134,683
Between one and five years	3,012	6,162
More than five years	10,391	7,421
Total	164,513	148,266

The above table shows how much of the rental income

realised between 1 January 2025 and 31 December 2025 could

theoretically cease to exist in future if the current tenants gave

notice to terminate on the next contractually permitted date and

no new tenant could be found.

Most of Xior's tenancy agreements are short-term contracts

for the letting of student units. These contracts are typically

concluded for a one-year period, after which they may be

extended. Xior also tries to conclude long-term contracts with

academic and technical universities for some of the rooms in

its portfolio. Please find beside a list of Xior's main rental and

guarantee contracts with academic universities and universities

of applied sciences:

XIOR ANNUAL FINANCIAL REPORT 2025

221

University	Location	Object	End date
Lease agreement
University of Antwerp	Antwerp	PRINCE	31/08/26
James Madison University	Antwerp	Rodestraat 2	30/06/33
Brik	Brussels	Van Orley + Zavelput	15/09/31
UCLouvain	Brussels	Ommegang	14/09/26
EPHEC	Brussels	ALMA	31/08/26
Hogeschool PXL	Hasselt	PXL	31/08/26
Hogeschool PXL	Hasselt	PXL (guest professors)	31/08/26
Hogeschool PXL	Hasselt	PXL (12th floor)	28/02/30
HoGent	Ghent	Voskenslaan	31/08/36
HoGent	Ghent	Overwale	31/08/36
KUL	Leuven	Martelarenlaan	14/10/44
Saxion University of Applied Sciences	Enschede	Ariënsplein 1-200	31/07/26
Saxion University of Applied Sciences		Ariënsplein 1-300 (educational facility 1 -
	Enschede	section 15 & 16 - BG)	31/08/27
Saxion University of Applied Sciences		Ariënsplein (educational facility 2 -
	Enschede	section 14 BG)	28/02/29
Saxion University of Applied Sciences	Enschede	Ariënsplein 1 - 300	28/02/27
Saxion University of Applied Sciences	Enschede	Ariënsplein 1 - 300	30/04/29
Twente Regional Training Centres Foundation	Enschede	Ariënsplein 1-300 (office)	31/03/30
Twente Regional Training Centres Foundation	Enschede	Ariënsplein 1-300 (office)	31/07/30
Maastricht University	Maastricht	Vijverdalseweg 8	Indefinite duration
Maastricht University	Maastricht	Brouwersweg 100	31/01/31
Maastricht University	Maastricht	Brouwersweg 100	2031
Maastricht University	Maastricht	Brouwersweg 100	31/01/31
Maastricht University	Maastricht	Brouwersweg 100	31/01/31
Veste Foundation	Maastricht	Brouwersweg 100	31/07/29
AWL University	Wroclaw	Wroclaw Sienkiewicza	30/09/27
Danish Institute for Study Abroad (DIS)	Copenhagen	South Campus	31/12/26
Danish Institute for Study Abroad (DIS)	Lyngby	Lyngby Student	31/05/26
CIEE	Lisbon	Campo Pequeno	30/06/26
Warranty agreement
Navitas	Enschede	Ariënsplein 1 -163	31/05/26
Tu/e	Eindhoven	Zernikestraat 1-240	31/05/26
Zuyd University of Applied Sciences	Maastricht	Vijverdalseweg 8	31/07/26
Zuyd University of Applied Sciences	Maastricht	Brouwersweg 100	31/07/26
Utrecht University of Applied Sciences	Utrecht	Willem Dreeslaan 113	31/03/27
Rotterdam School of Management	Rotterdam	Burgemeester Oudlaan	31/12/26
Copenhagen Business School	Copenhagen	South Campus	30/06/26

222

FINANCAL REPORT XIOR

10.9.2 PROPERTY CHARGES

Figures in KEUR		31/12/25	31/12/24
(-)	Technical costs	-8,032	-6,814
	- Recurring technical costs	-8,116	-6,881
	- Maintenance	-6,748	-5,591
	- Insurance premiums	-1,368	-1,290
	- Non-recurring technical costs	84	67
(-)	Commercial costs	-1,516	-1,540
	- Lawyers' fees and legal costs	-371	-440
	- Estate agent commissions	0	0
	- Advertising	-1,145	-1,100
	- Other	0	0
(-)	Costs and taxes for non-let properties	-1	-73
(-)	Property management costs	-14,382	-14,817
	- External management costs	0	0
	- Internal management costs of existing assets	-14,382	-14,817
(-)	Other property charges	-7,902	-7,434
	-Valuation expert fees	-769	-619
	-Architects' fees	-1	-6
	- Immovable property tax and other taxes	-7,132	-6,809
Property charges		-31,834	-30,678

The increase in property charges as at 31 December 2025

compared to 31 December 2024 is the result of the expansion of

the property portfolio in recent years. The property available for

rent increased by +/- 240 MEUR compared to 31 December 2024.

This has lead to an increase in management costs and property

taxes, as well as in the commercial costs for properties that are

in a ramp-up phase.

A number of the contracts have been in place for several years

and are renewed each year.

Together, these rental or guarantee contracts cover 10.49% of Xior's

annualised long-term rental income. There are also partnerships

with academic universities and universities of applied sciences.

These are rather "soft commitments" and represent 2.94% of the

annualised rental income.

In addition, Xior Student Housing has several other types of

tenancy agreements that are also long-term. These are mainly

tenancy agreements for the commercial properties, which

typically have terms that exceed one year. The term of these

contracts generally ranges from 3 to 10 years.

Rents are paid monthly in advance. Certain property-related

costs, such as utility costs, certain taxes and levies and

municipal charges, are also payable by the tenant. Tenants pay

a fixed monthly advance payment for these whereby an annual

reconciliation or a fixed annual amount may be charged to cover

these costs. In order to ensure that tenants comply with their

obligations, a rental deposit of at least one month's rent and, in

most cases two months' rent is charged. This is usually paid in

cash and shown on the balance sheet under other short-term

liabilities. In some countries, the last month's rent is also paid in

advance at the start of the tenancy agreement.

XIOR ANNUAL FINANCIAL REPORT 2025

223

10.9.3 GENERAL EXPENSES

Figures in KEUR		31/12/25	31/12/24
(-)	General company expenses	-12,755	-12,669
	- Lawyers' fees, notarial charges and legal costs	-640	-623
	- Audit	-525	-581
	- Tax advice, accounting services and compliance	-362	-552
	- Directors and executive management	-1,430	-1,417
	- Staffing costs	-5,214	-6,364
	- Housing costs	-760	-648
	- Office costs	-1,079	-495
	- Advertising, communication and annual report	-555	-1,007
	- Taxes and statutory expenses	-1,466	-992
	- Business development	-454	-452
	- Insurance	-192	-83
	- Environmental, social and governance (ESG)	-112	-33
	- Other general expenses	34	581
Company general costs		-12,755	-12,669

The overheads of the Company cover the fixed operating

expenses of the undertaking, which operates as a legally listed

entity and enjoys RREC status. These costs are incurred to provide

transparent financial information. The decrease in overhead costs

is mainly due to a decrease in personnel costs. This decrease is

due to Xior’s focus on internal streamlining and efficiency in the

Group structure and operational processes.

10.9.4 OTHER OPERATING INCOME AND COSTS

Figures in KEUR		31/12/25	31/12/24
(+)/(-)	Other operating income and costs	424	1,561
	- Management for third parties	424	1,561
Other operating income and costs		424	1,561

Under Article 6 of the Law on Regulated Real Estate Companies,

Xior Student Operations Nordic ApS, a wholly owned subsidiary

of Xior Student Housing NV, provided limited real estate services

to third parties, which have since been suspended. The returns

from this are recognised as other operational income and costs.

The result before taxes for these services to third parties over

2025 represents an insignificant percentage (0.51%) of the

consolidated result before taxes.

224

FINANCAL REPORT XIOR

10.9.5 RESULT ON THE PORTFOLIO

Figures in KEUR		31/12/25	31/12/24
(+/-)	Result from the sale of investment properties	-1,047	-28,213
	- Net property sales (sales price - transaction fees) (+)	24,284	154,449
	- Book value of properties sold (-)	-25,331	-182,662
(+/-)	Result from the sale of other non-financial assets	0	0
(+/-)	Variations in the fair value of investment property	39,293	58,104
	- Positive variations in the fair value of the investment property	117,848	119,747
	- Negative variations in the fair value of the investment property	-78,555	-61,643
(+/-)	Other portfolio result	-70,167	-28,596
Result on the portfolio		-31,921	1,294

During 2025, new property was acquired through share acqui-

sitions, as well as property purchased via property acquisitions.

The property was acquired or sold at a negotiated value (the

acquisition value agreed upon by the parties), which was in line

with (but not necessarily equal to) the Fair Value as assessed by

the Valuation Experts.

• The difference between the acquired properties' Fair Value and

negotiated value is processed as "variations in the fair value of

investment property" on the income statement.