PRESS RELEASE

Brussels, 24 February 2021, 5:40 pm CET

Regulated information

Annual results 2021

Summary

  • Strong growth of the real estate portfolio in operation to reach 214 M€ as of 31/12/2021 an increase of 66% in comparison with 31 December 2020 and even 24% ahead of the projections included at the IPO.
  • Affordable rental housing : Inclusio now owns more than 1.000 housing units let against an affordable rent.
  • Building for people with disabilities: 5 new buildings were purchased in 2021 (a large center for 40 residents in Wallonia, two new Villa VIP and the first Thomashouse in Flanders to accomodate in each instance 10 residents with complex care needs and a facility in Wijnegem for couples where one of the partners suffers from dementia
  • Social infrastructure: purchase of a building rented to the Samusocial to offer shelter to 160 homeless people and opening of a nursery to accomodate 56 children in the RUTE project in Gentbrugge
  • Occupancy rate stands at 99,4% and the average length of the lease contracts is now 14 years
  • The development projects under construction consist of 240 additional affordable rental units and two new Thomashouses to accomodate 21 people with disabilities.
  • The property operating result reached 6,4 M € (a 58% increase over 2020)
  • Still limited debt ratio of 24,30% as of 31 December 2021
  • IFRS NAV per share 22.59 EUR as of 31/12/2021 (a 9,7% increase over 31 December 2020)
  • Gross dividend of 50 cents payable on May 25, 2022

Perspectives for 2022

Based on the scheduled delivery of the buildings under construction, the operational portfolio should reach 240 M€ by 31 December 2022 without taking into consideration new acquisitions that could be realized over the coming months. Barring unforeseen events, the gross dividend is projected to reach a minimum of 60 cents per share for the next calendar year (+20% in comparison with the dividend that will be paid in May 2022).

Inclusio SA/NV

Avenue Herrmann-Debroux 40, 1160 Brussels, BelgiumPage 1 of 15 www.inclusio.be - BE 0840.020.295 - Tel + 32 2 675 78 82

PRESS RELEASE

Brussels, 24 February 2021, 5:40 pm CET

Regulated information

Table of content

1.

Operational activities.................................................................................................................

3

1.1. Buildings in operation......................................................................................................

3

1.2. Development projects .....................................................................................................

8

1.3. Summary of the real estate portfolio ..............................................................................

8

2.

Financial results .........................................................................................................................

9

2.1. Consolidated income statement .....................................................................................

9

2.2. Consolidated Balance Sheet ..........................................................................................

11

3.

ESG objectives and achievements ...........................................................................................

13

4.

Financial calendar ....................................................................................................................

15

Inclusio SA/NV

Avenue Herrmann-Debroux 40, 1160 Brussels, BelgiumPage 2 of 15 www.inclusio.be - BE 0840.020.295 - Tel + 32 2 675 78 82

PRESS RELEASE

Brussels, 24 February 2021, 5:40 pm CET

Regulated information

1. Operational activities

1.1. Buildings in operation

The operational portfolio registered a significant growth in 2021 to reach 214 M€ as of 31 December 2021 ( + 66% in comparison with 31 December 2020).

More than 53 M€ have been invested in existing buildings and new projects over the course of the year.

1.1.1. Affordable housing

Inclusio added close to 200 new units to its porfolio through either the purchase of existing buildings or the completion of some of its projects included in the pipeline.

1.1.1.1. Acquisition of existing buildings :

On 25 June 2021, acquisition of Société d'Habitations de Tournai, portfolio of 123 housing units (mainly small workers houses in the former industrial city of Tournai)

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On 25 June 2021 a building complex including 27 housing units located in Péronnes. The property has been leased for a period of 15 years to the local social rental agency (SRA) ABEM

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Two buildings with 22 apartments located in Oudenburg leased to the SRA Woondienst JOGI

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On 12 December 2021, purchase of an existing building in

Mechelen with 9 apartments

Inclusio SA/NV

Avenue Herrmann-Debroux 40, 1160 Brussels, BelgiumPage 3 of 15 www.inclusio.be - BE 0840.020.295 - Tel + 32 2 675 78 82

PRESS RELEASE

Brussels, 24 February 2021, 5:40 pm CET

Regulated information

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In the RUTE project in Gentbrugge, 19 apartments have been leased for a period of 27 years to Huuringent. The apartments were completed in October 2021.

1.1.1.2. Projects completed in 2021Antares building in Woluwe-Saint-Lambert :

  • Purchase of former office building : April 2019
  • Start of construction : June 2020
  • Completion of 79 apartments in July 2021
  • Leased for 27 years to the SRA of Woluwe-Saint-Lambert

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Auflette project in Cuesmes (Mons)

  • Construction works started in 2019
  • A first phase of 19 apartments was completed in November 2020
  • The last three phases were completed between February and October 2021 and have been leased to the SRA Mons-Logement for a 9 year period

Inclusio SA/NV

Avenue Herrmann-Debroux 40, 1160 Brussels, BelgiumPage 4 of 15 www.inclusio.be - BE 0840.020.295 - Tel + 32 2 675 78 82

PRESS RELEASE

Brussels, 24 February 2021, 5:40 pm CET

Regulated information

Pavillon 7 project in Schaerbeek

  • Purchase of the former office building : June 2018
  • Start of construction : April 2020
  • Completion of 41 apartments in August 2021
  • Let for a fixed term of 27 years to the SRA of Schaerbeek

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Broedershof 11 à 9900 Eeklo

Construction of a new building consisting of 15 apartments let to the SRA Meetjesland. The project was completed in July 2021.

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Dendermondesteenweg 201 à 9100 Sint-Niklaas

This new project includes 9 apartments leased to the SRA Waasland. The project was completed in February 2021.

Inclusio SA/NV

Avenue Herrmann-Debroux 40, 1160 Brussels, BelgiumPage 5 of 15 www.inclusio.be - BE 0840.020.295 - Tel + 32 2 675 78 82

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Inclusio SCA published this content on 24 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 February 2022 13:25:05 UTC.