KBC cuts Aedifica rating after strong stock run

Aedifica NV

18/02/2026 10:12

** KBC Securities cuts Belgian healthcare property firm Aedifica AED.BR to "accumulate" from "buy", removes it from Dynamic Topick List

** Cites less upside potential after AED outperformed EPRA developed index by over 15%

** However, KBC raises PT by nearly 4% to 81 euros, citing negotiations with tenant Armonea lowered risk premium

** Notes that while "sentiment around Belgian healthcare operators remains negative," Aedifica's earnings exposure is the most contained among its peers

** Broker says newly guided investments of 300 million euros ($355 million), skewed towards H2 of 2026, are set to benefit future rental income from 2027

** Of 14 analysts covering Aedifica, 11 rate it "strong buy" or "buy," three have "hold" - LSEG-compiled data

($1 = 0.8451 euros)

(Reporting by Jerome Terroy)

((jerome.terroy@thomsonreuters.com))