Financials Welltower Inc. Buenos Aires S.E.

Stocks

WELL

AR0474385009

Specialized REITs

End-of-day quote Buenos Aires S.E. 04/09/2026			5-day change	1st Jan Change
7,800.00 ^ARS	-2.13%		0.00%	-

09-02	Scotiabank Adjusts PT on Welltower to $251 From $244, Maintains Sector Outperform Rating	MT
09-02	JPMorgan Adjusts Price Target on Welltower to $260 From $230, Maintains Neutral Rating	MT

Projected Income Statement: Welltower Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	4,742	5,861	6,638	7,991	10,838	14,449	16,765	18,774
Change	-	23.59%	13.26%	20.38%	35.63%	33.32%	16.02%	11.98%
EBITDA ¹	1,841	2,151	2,511	2,925	2,602	5,360	6,460	7,217
Change	-	16.87%	16.72%	16.5%	-11.07%	106.02%	20.53%	11.73%
EBIT ¹	803.3	841.1	1,110	1,293	516.6	2,613	3,413	4,150
Change	-	4.71%	31.98%	16.51%	-60.05%	405.71%	30.65%	21.58%
Interest Paid ¹	-489.9	-529.5	-607.8	-574.3	-652	-753.3	-783.9	-830
Earnings before Tax (EBT) ¹	170.8	173.1	350	524.4	-480	1,770	2,683	3,245
Change	-	1.35%	102.27%	49.82%	-191.53%	468.66%	51.63%	20.95%
Net income ¹	336.1	141.2	340.1	951.7	936.8	2,129	2,396	2,868
Change	-	-57.99%	140.84%	179.83%	-1.56%	127.24%	12.53%	19.69%
Announcement Date	15/02/22	15/02/23	13/02/24	11/02/25	10/02/26	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4	2028 Q1	2028 Q2
Net sales ¹	1,240	1,309	1,396	1,473	1,474	1,519	1,561	1,665	1,662	1,750	1,860	1,825	2,056	2,251	2,423	2,548	2,686	3,181	3,352	3,545	3,746	3,956	4,143	4,294	4,596	4,728	-	-
Change	-	5.6%	6.6%	5.5%	0.09%	3.03%	2.78%	6.71%	-0.21%	5.28%	6.28%	-1.87%	12.65%	9.49%	7.65%	5.17%	5.39%	18.44%	5.37%	5.75%	5.68%	5.6%	4.74%	3.64%	7.04%	2.88%	-	-
EBITDA ¹	478.1	491	504.3	581.9	526.9	538.4	558.6	662.5	620.6	669.4	709.5	658	765.1	792.8	896.9	969.4	1,046	-310.3	1,229	1,327	1,401	1,484	1,555	1,627	1,675	1,735	1,727	1,781
Change	-	2.68%	2.72%	15.38%	-9.46%	2.19%	3.76%	18.6%	-6.32%	7.85%	6%	-7.26%	16.27%	3.63%	13.13%	8.07%	7.86%	-129.68%	496.08%	7.97%	5.54%	5.97%	4.8%	4.58%	2.99%	3.58%	-0.46%	3.15%
EBIT ¹	210.4	206.5	200.2	271.6	173.2	196.1	219.5	320.6	281.3	288.6	343.6	276	361.3	312.4	411.1	474.3	535.7	-904.4	606.3	589.2	683.3	749.4	801.9	844.7	857.6	911	973	1,009
Change	-	-1.86%	-3.02%	35.64%	-36.25%	13.24%	11.94%	46.05%	-12.24%	2.6%	19.06%	-19.69%	30.91%	-13.53%	31.58%	15.39%	12.94%	-268.83%	167.03%	-2.82%	15.97%	9.66%	7.02%	5.33%	1.53%	6.23%	6.8%	3.71%
Charge d'intérêts ¹	-122.5	-121.8	-121.7	-127.8	-139.7	-140.4	-144.4	-152.3	-156.5	-154.6	-147.3	-133.4	-139	-154.5	-145	-141.2	-162.1	-203.8	-192.7	-181.9	-183.3	-187.8	-191.8	-193.2	-195.1	-195.2	-179.6	-179.2
Earnings before Tax (EBT) ¹	-	-	-	-	-	-	38	152.3	72.24	87.46	140.9	90.43	183.9	109.2	198.7	298.2	293.1	-1,270	345.2	320.4	502.2	534.4	534.7	596.7	644.4	664.1	708.9	779.1
Change	-	-	-	-	-	-	-	300.87%	-52.58%	21.08%	61.1%	-35.82%	103.32%	-40.59%	81.89%	50.08%	-1.71%	-533.31%	127.18%	-7.19%	56.73%	6.41%	0.06%	11.6%	7.99%	3.05%	6.74%	9.9%
Net income ¹	179.7	58.67	61.92	89.78	-6.767	-3.728	25.67	103	127.5	83.91	127.1	254.7	449.8	120	258	301.9	280.6	96.44	728.7	445	454.9	494.7	536.8	581	636.2	654.2	666.5	719.7
Change	-	-67.34%	5.54%	44.99%	-107.54%	44.91%	788.65%	301.36%	23.71%	-34.17%	51.52%	100.33%	76.61%	-73.33%	115.02%	17.03%	-7.07%	-65.63%	655.56%	-38.93%	2.22%	8.76%	8.5%	8.24%	9.49%	2.84%	1.88%	7.98%
Announcement Date	04/11/21	15/02/22	10/05/22	09/08/22	07/11/22	15/02/23	02/05/23	31/07/23	30/10/23	13/02/24	29/04/24	29/07/24	28/10/24	11/02/25	28/04/25	28/07/25	27/10/25	10/02/26	28/04/26	27/07/26	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Welltower Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	13,862	13,916	13,742	11,994	14,528	17,815	18,224	18,651
Change	-	0.39%	-1.25%	-12.72%	21.13%	22.63%	2.3%	2.34%
Announcement Date	15/02/22	15/02/23	13/02/24	11/02/25	10/02/26	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Welltower Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	700.6	1,108	1,533	1,685	1,488	1,101	1,128	1,184
Change	-	58.13%	38.35%	9.97%	-11.72%	-26.01%	2.5%	4.92%
Free Cash Flow (FCF) ¹	574.8	-	-	571	-	-	-	-
Change	-	-	-	-	-	-	-	-
Announcement Date	15/02/22	15/02/23	13/02/24	11/02/25	10/02/26	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Welltower Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	38.82%	36.71%	37.83%	36.61%	24%	37.09%	38.53%	38.44%
EBIT Margin (%)	16.94%	14.35%	16.72%	16.18%	4.77%	18.08%	20.36%	22.11%
EBT Margin (%)	3.6%	2.95%	5.27%	6.56%	-4.43%	12.25%	16.01%	17.29%
Net margin (%)	7.09%	2.41%	5.12%	11.91%	8.64%	14.73%	14.29%	15.27%
FCF margin (%)	12.12%	-	-	7.15%	-	-	-	-
FCF / Net Income (%)	170.99%	-	-	60%	-	-	-	-
Profitability
ROA	1%	0.39%	0.83%	2%	1.58%	3.3%	3.52%	4.3%
ROE	2%	0.74%	1.49%	3.32%	2.57%	4.83%	4.74%	5.69%
Financial Health
Leverage (Debt/EBITDA)	7.53x	6.47x	5.47x	4.1x	5.58x	3.32x	2.82x	2.58x
Debt / Free cash flow	24.12x	-	-	21.01x	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	14.77%	18.9%	23.09%	21.09%	13.73%	7.62%	6.73%	6.31%
CAPEX / EBITDA (%)	38.06%	51.49%	61.03%	57.61%	57.2%	20.54%	17.47%	16.4%
CAPEX / FCF (%)	121.88%	-	-	295.19%	-	-	-	-
Items per share
Cash flow per share ¹	2.988	2.856	3.088	3.707	4.241	6.156	7.299	8.454
Change	-	-4.4%	8.11%	20.02%	14.41%	45.17%	18.56%	15.83%
Dividend per Share ¹	2.44	2.44	2.44	2.56	2.82	3.143	3.568	3.927
Change	-	0%	0%	4.92%	10.16%	11.44%	13.53%	10.05%
Book Value Per Share ¹	39.43	41.38	44.66	50.3	60.49	65.46	69.14	71.23
Change	-	4.92%	7.93%	12.64%	20.25%	8.22%	5.62%	3.04%
EPS ¹	0.78	0.3	0.66	1.57	1.39	2.911	3.211	3.931
Change	-	-61.54%	120%	137.88%	-11.46%	109.41%	10.3%	22.45%
Nbr of stocks (in thousands)	435,275	472,521	553,469	622,690	686,328	720,745	720,745	720,745
Announcement Date	15/02/22	15/02/23	13/02/24	11/02/25	10/02/26	-	-	-