Outlook

The long term outlook for the AL&C Fund remains favourable, driven by the significant shortage of healthcare real estate and favourable demographic trends. Following the capital raise in 2025 and the access to new projects through a.o. Amvest Development, the fund is well positioned to benefit from these trends.

We anticipate some challenges in the coming year, including the service cost regime, which limits community management costs to the service component of the rent, and the ongoing shortage of space for new developments.

However, the strong interest shown by municipalities, developers, and, of course, our residents and partners in the Seasons concept reinforces our confidence in navigating these challenges.

We believe the Fund is well-positioned to make a meaningful impact on the social challenges facing the ageing population and continue delivering value for our stakeholders and the communities we serve.

Amsterdam, the Netherlands, 20 April 2026

Mark van der Wekken, Fund Director

Niclas von der Thüsen, Director Finance and Risk

Susan van de Koppel-Nagelmaeker, Portfolio Manager