Atenor S.a. · EURONEXT:ATEB
Atenor — H1 2025 Earnings Presentation
31 slides from Atenor's earnings presentation, Sep 4, 2025
Slide 1: HY Results 2025
HY RESULTS 2025 — STÉPHAN SONNEVILLE Chief Executive Officer ALEXANDER HODAC Chief Operating Officer CAROLINE VANDERSTRAETEN Chief Financial Officer September 4, 2025
Slide 2: Disclaimer
Disclaimer Please read the following before proceeding. “Presentation” means this document, any oral presentation, the Q&A session and any written or oral material discussed or distributed during the Analyst meeting. This presentation is intended solely for general informational purposes about the A
Slide 3: Welcome
Slide 4: Agenda
1. Financial Update 2. Business Update 3. Portfolio Update 4. Outlook 5. Q&A
Slide 5: Clarity in uncertainty
Clarity in uncertainty CONSOLIDATED NET DEBT REDUCTION 67 CONTINUE Million Euro ESG PERFORMANCE 3 YEAR PLAN
Slide 6: Financial Update
Financial Update —
Slide 7: Continued reduction of Consolidated Net Financial Debt
Continued reduction of Consolidated Net Financial Debt Net Debt (1) Consolidated Net Debt reduction 67 (since 31/12/2024) 868 809 744 757 627 665 598 Million Euro FY 2020 FY 2021 FY 2022 FY 2023 HY 2024 FY 2024 HY 2025 (1) Net Financial Debt: consolidated financial debt - cash & cash equivalents (Fi
Slide 8: Solid improvement of the solvency ratio
Solid improvement of the solvency ratio Solvency Ratio in % (1) 35 31,2 30,5 29,4 28,8 29,9 24 FY 2020 FY 2021 FY 2022 FY 2023 HY2024 FY2024 HY2025 (1) Equity / (Equity + Net Financial Debt)
Slide 9: Pursuing the strategic shift to project financing while improving cash position
Pursuing the strategic shift to project financing while improving cash position Market Financing Corporate Financing Project Financing Cash and Cash equivalents 584 63,3 59,5 397 47,5 317 323 250 235 254 202 200 157 25,1 101 74 FY 2022 FY 2023 FY 2024 HY 2025 2022 2023 2024 HY2025 (Figures x €1,000,
Slide 10: Debt maturity schedule
Debt maturity schedule Majority of debt maturing within two years relates to Project financing. 193 Project Corporate Confidence on a high level Market 59 of renewals of those project 77 145 24 financing given the 15 54 55 portfolio value. 24 <1 year 1 to 2 years 2 to 3 years 3 to 4 years >4 years B
Slide 11: Bond maturity schedule
Bond maturity schedule REIMBURSED 501,1 434,1 TO BE REIMBURSED 67 369,5 PLANNED TO BE REIMBURSED 64,5 TOTAL TO REIMBURSE 285,5 84,1 2,5 203 80 135 434,1 369,6 68 55 285,5 203 80 135 55 55 0 2022 2023 2024 2025 2026 2027 2028 2029 3 YEAR PLAN (Figures x €1,000,000) June 30, 2025
Slide 12: Evolution of Operational result
Evolution of Operational result Adjusted operational result (1) (2) REVENUE HY 2025 (1) 122,8 64 58 GROSS MARGIN (1) 40 6% 20 1,6 -5 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 HY 2025 3 40 64 20 -5 58 1,6 (Figures x €1,000,000) June 30, 2025 (1) Based on Alternative Performance measures (2) before impa
Slide 13: Evolution of Net result
Evolution of Net result 38 38 24 -1 -22,5 DETAILS HY2025 -39 1,6 -2,2 -0,4 -6,1 -107 -15,4 -22,5 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY2024 HY2025 ADJUSTED FINANCIAL Non controlling NET RESULT OPERATIONAL IMPAIRMENT TAX RESULTS RESULTS interests TOTAL 38 24 38 -1 -107 -39 -22,5 RESULT (1) (2) 1,
Slide 14: Consolidated balance sheet
Consolidated balance sheet FY24 H125 FY24 H125 Investment properties 21,5 21,5 Participation (equity method) 77,4 78,4 Total Equity 291,4 321,5 Loans to participation 107,3 117,9 Non-current financial iabilities 381,4 510,4 Other on current assets 18,0 12,6 Other non current liabilities 7,1 6,2 Non
Slide 15: Profit and Loss
Profit and Loss Internal APM (1) view HY24 FY24 H125 IFRS view HY24 FY24 H125 Gross margin on disposal 42,4 70,7 7,0 Gross margin on disposal 24,1 46,9 5,3 Other operating income and expenses -5,1 -12,5 -5,3 Other operating income and expenses -6,1 -14,2 -7,4 Operational result before value adjustme
Slide 16: Business Update
Business Update —
Slide 17: 3 Axes, 3 Years
1. Deploy the residential portfolio through strategic partnerships With clear roadmap of 3 AXES 2. Strengthen targeted focus on office development in key for the coming markets 3 YEARS 3. Reduce exposure of offices in Central Europe 2025 - 2027
Slide 18: European Investment Market
European Investment Market 2025 ▪ Investment volumes remain below pre-COVID levels but show early recovery signs ▪ Office take-up +10% YoY in H1 2025; Frankfurt, Amsterdam, and London City saw the largest gains ▪ Vacancy rates edged up in Q2, yet prime rents rose 6.1% YoY; yields stabilizing after r
Slide 19: European Rental Market Residential & Office – 2025
European Rental Market Residential & Office – 2025 (source Savills) Office Market ▪ Prime office rents forecasted +2.7% in 2025; driven by limited Grade A supply & rising demand ▪ Prime yields stabilizing (~4.89%) after rate-hike pressure; early signs of compression ▪ Vacancy rates in core markets n
Slide 20: Portfolio Update
Portfolio Update —
Slide 21: Key priorities 2025
Key priorities 2025 1. Deliver the projects and collect our cash 2. Reposition and rebrand some of our major office projects, resulting in first leasing successes 3. Introduce new building permits and prepare the future pipeline 4. Clear roadmap
Slide 22: Project Portfolio
Project Portfolio* AS FROM JULY 1, 2025 DIVERSIFICATION BY DEVELOPMENT PHASE IN EUR (estimated market value) PORTFOLIO BY FUNCTION in M² 28 PROJECTS 700 M DESIGN > 3,2 bn EUR RETAIL (estimated market value) 600 M BUILDING PERMIT INSTRUCTION 3,1% OTHERS EQUIPMENTS 1,100 M BUILDING PERMIT OBTAINED 800
Slide 23: Project Portfolio
Project Portfolio CAMPUS - LU PULSAR - DE COM’UNITY - FR LAKE 11 - HU LAKE 11 - HU MOVE’HUB - BE
Slide 24: 2025's first months
2025’s first 8 months LUXEMBOURG (LU) DUSSELDORF (DE) CAMPUS (41,078 m²): CONSTRUCTION STARTED * PULSAR (14,525 m²) : REPOSITIONING 45% PRE-LEASING KYKLOS (8,644 m²) : BUILDING PERMIT OBTAINED * UNDER FINALISATION BRUSSELS (BE) NOR (162,387 m²): MODIFIED BUILDING PERMIT INTRODUCED * BUCHAREST (RO) M
Slide 25: Key ESG Highlights
Key ESG Highlights EU TAXONOMY GRESB ENERGY ALIGNED TURNOVER SCORE SAVINGS 100% 99% -30% * 122,8 Million Euro recognized Global on average compared to Sector Leader Nearly Zero Energy Standard
Slide 26: Outlook
OUTLOOK —
Slide 27: Where do we want to be in 2027?
Where do we want to be in 2027? WHERE WE STAND NOW 2024 Q2 2025 2026 2027 2028 1. Deploy the residential INDEBTNESS INDEBTNESS 67€ portfolio through strategic partnerships 2. Strengthen targeted focus on office development in key markets SOLVENCY RATIO SOLVENCY RATIO 3. Reduce exposure of offices in
Slide 28: Outlook
Outlook Our focus remains on further debt reduction, improving solvency, and selectively launching projects that meet market demand and enhance long-term value of the company.
Slide 29: Questions & Answers
Questions & Answers —
Slide 30: Financial Calendar 2025 - 2026
Financial Calendar 2025 - 2026 19/11 05/03 Interim Statement Publication of the Q3 2025 Full Year results 2025 24/04 19/05 General Assembly Interim Statement 2025 Q1 2026
Slide 31: Thank you