Portfolio developments in 2025

Portfolio composition

In 2025, the AL&C Fund delivered 12 properties for a total of 438 units. The portfolio reached a new milestone of 121 properties, comprising of 2,717 care homes. Zorggroep de Laren expanded by one location, Dagelijks Leven and Seasons expanded by three locations and Het Gastenhuis by five locations. Some of the Dagelijks Leven locations were part of the Luxor2+ portfolio acquired in 2023. The care providers have ambitious growth objectives and aim to add more locations in the coming years. In terms of the relative investment volume, Dagelijks Leven remained the largest healthcare provider in our portfolio.

Our assisted living concept, ‘Seasons’, bridges the gap between residential living and nursing care. The goal is to establish an efficient care delivery model by incorporating informal care into a community environment. This approach helps to lower healthcare costs, eases the burden on healthcare providers and encourages healthier aging. The share of locations in the low-priced segment (Dagelijks Leven) decreased from 49% to 39%. The share of locations in the mid-priced (Futura Zorg and Het Gastenhuis) and higher-priced segment (De Laren) decreased slightly to 33% and 11%, respectively. This decrease is relative investment volume in mainly due to the increase of Seasons properties.

At year-end 2025, the committed pipeline consisted of 13 turnkey projects for a total of 513 residential units. It includes six Het Gastenhuis locations, five Dagelijks Leven locations, the Haarlem Rootz project and two assisted living projects: Seasons De Trappenberg (Huizen) and Seasons The Sphinx (Amsterdam).

Figure 5: Number of locations per provider

^{Number of locations}

Figure 6: Relative investment volume per provider

Fund developments

We periodically conduct a materiality assessment to bring our strategy and actions in line with stakeholder interests and priorities and to better manage our impacts on the economy, environment and people. We use the outcomes of the materiality assessment to determine our targets and Key Performance Indicators (KPIs). The materiality assessment also helps us identify what topics to report on. In this section, we report on the topics that have been determined most material to the Fund. The Annex contains additional information on the materiality assessment.

Resident satisfaction

We closely track resident satisfaction to assess the Fund's effectiveness in meeting the expectations of residents and to monitor the quality of care provided by our care partners. In 2025, our care homes received an average score of 9.3 in the Zorgkaart Nederland survey of residents and their families. In the accommodation category – which is most material to the AL&C Fund – our facilities received an average score of 9.4. Nearly all properties scored higher than the care home benchmark score of 9.1. The average score for Amvest locations since 2022 can be found below:

• Dagelijks Leven 9.3 (based on 861 surveys)

• Het Gastenhuis 9.5 (based on 305 surveys)

• Zorggroep De Laren 9.3 (based on 49 surveys)

• Futura Zorg 9.0 (based on 69 surveys)

Figure 7: Resident satisfaction per provider

The AL&C Fund actively encourages all care providers to join the Zorgkaart Nederland platform in order to monitor resident satisfaction on a regular basis.

Investing in the mid-priced segment

The AL&C Fund has a strong focus on affordability. We aim to invest in nursing homes and assisted living properties in the lower-priced and mid-priced segments for at least 75% of the total portfolio book value. In 2025, we exceeded this target, with these segments making up 83% (2024: 88%) of the total portfolio in terms of book value

GPR certificates

To improve our score in the Building Certifications category, we continue to obtain GPR certificates for our properties. GPR is an instrument for measuring the sustainability of a property. Measuring the current sustainability of our properties in five different categories (energy use, environmental impact, health, quality and future value) allows us to set goals for future optimisations and track the impact of our optimisation efforts. In the current year, our primary objective has been to certify all newly build properties within nine months of completion. The certification organisation is currently certifying newly added properties, as well as renewing certificates that are approaching their expiration date.

GRESB performance

GRESB allows for an objective assessment of the sustainability of our portfolio. It takes a holistic view of sustainability, scoring real estate funds on environmental, social and governance indicators of sustainability. In 2025, the AL&C Fund maintained the maximum five-star GRESB rating and received the GRESB award for Overall Global Sector Leader, Western Europe Healthcare Senior Homes Core for the sixth consecutive year. The award recognises our Fund's commitment to incorporating sustainability into our operations and communicating our sustainability performance to our investors and stakeholders.

Energy and water consumption

The AL&C Funds aims to lower the energy consumption of properties and reduce the CO₂ emissions of its portfolio. We monitor the energy and water consumption of our properties to set goals for optimisation. We use smart meters and an environmental KPI dashboard to track and report on the sustainability performance of our properties. Energy consumption, carbon emission and water use data for 2025 is not completely available at the time of submission of this annual report. Therefore, the 2024 figures are included in this report.

Energy Use Intensity (EUI) provides a consistent unit of measurement to report on the energy efficiency of our properties by converting heat energy into GJ and gas use into m³ to kWh/m /year. In 2024, the average EUI of our properties was 106.3 kWh/m²*, compared to 109.1 kWh/m² in 2023. The average location-based Carbon intensity (CI) of our properties was 20.0 kg/m²/year, this is a decrease in comparison to previous year CI of 22.2 kg/m²/year. The overall reduction can be attributed to the completion of new properties that comply with the latest requirements. 

The total water usage was 102,008.60 m³(2024: 106,631.44 m³). The water use intensity in 2025 was 0.82 m³/m² (2024: 0.98)*, which is equal to 820 litres water per m².

Energy performance certificates

The energy performance certificates (EPC) within our portfolio reflect a strong focus on sustainability and energy efficiency. Currently, 99% of the portfolio holds an A or B EPC*(2024: 99%). The majority of the properties have been awarded an A or higher certificate, while one property has a B certificate and one property has a C certificate. The high proportion of A and B certificates aligns with our Sustainable Finance Disclosure Regulation (SFDR) standards, reinforcing our commitment to sustainable investments. We continue to focus on optimizing energy performance across all assets to further enhance compliance with our sustainability objectives

^{*Please refer to the KPI tables in the Annexes. KPIs include limited assurance by external auditor. A separate assurance report in the annexes}

EU Taxonomy

In 2025, the AL&C Fund voluntarily determined the alignment of its portfolio with the EU Taxonomy for the second time.

This annual report outlines AL&C Fund's alignment with the criteria set forth in the EU Taxonomy Regulation (EU) 2020/852, aiming to provide transparency regarding our environmental performance and commitment to sustainable development objective. The SFDR Annex, included in the annual report as other information, contains three required Taxonomy KPIs.

In addition, we have voluntarily assessed our real estate-related assets against the EU Taxonomy alignment criteria for Climate Change Mitigation activity 7.7. Based on this alignment assessment, we are able to categorise 91% of assets as Taxonomy-aligned (2024: 83%). The assessment includes assets under construction, other assets, and cash in the analysis. Our commitment to sustainability is reflected in our business practices and investment strategies.

Last year, we developed adaptation plans aimed at properties with elevated gross risks, such as risks related to flooding, drought and heat stress. In 2024, we converted these gross risks into net risks by utilising property-specific characteristics, as outlined by the Dutch Green Building Council (DGBC). This has led to changes in the risks per property, which may result in a revision of the previous plan. In the current year there we also determined whether there are already adaption measures in place. 13 measures are implemented in this year and previous years which mitigate high or very high climate risks. For the upcoming years new measures are planned. 

We use a flowchart to determine the adaptation plan. The flowchart indicates whether an adaptation plan is needed for EU Taxonomy alignment. The AL&C Fund has six properties with elevated risks. We have already implemented 4 measures at 4 properties with an elevated risk.