Atenor S.a. · EURONEXT:ATEB
Atenor — FY2025 Earnings Presentation
33 slides from Atenor's earnings presentation, Mar 5, 2026
Slide 1: FY Results 2025
FY RESULTS 2025 — STÉPHAN SONNEVILLE Chief Executive Officer ALEXANDER HODAC Chief Operating Officer CAROLINE VANDERSTRAETEN Chief Financial Officer March 5, 2026 1
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 Investor Day. This presentation is intended solely for general informational purposes about the Aten
Slide 3: Agenda
Agenda Market context & our response — Financial results Portfolio & Business update Outlook Conclusion Q&A 3
Slide 4: Market context & our response
Market context & our response — 4
Slide 5: Market environment: a structural shift
Market environment: a structural shift A new real estate environment • More selective capital allocation • Increased focus on liquidity and risk • Changing occupier demand These structural changes require greater discipline and capital selectivity. 5
Slide 6: Strategic Plan 2025-2027
1. Strengthening and enhancing the value of the residential portfolio STRATEGIC 2. Selective office development in PLAN Western Europe 2025 - 2027 3. Reducing exposure in Central Europe 6
Slide 7: FY 2025: decisive actions
FY 2025 : decisive actions FY 2025 was marked by significant strategic and financial decisions to adapt to the new environment: • Portfolio rebalancing and asset disposals • Project rephasing and capital discipline • Focus on liquidity and debt reduction These measures impacted short-term results bu
Slide 8: Strategic Plan Update: Residential portfolio
UPDATE 1. Strengthening and enhancing the value of the residential portfolio STRATEGIC • Lake 11 (Budapest) & Upsite (Bucharest): PLAN 400 units sold • Permit submitted (>1,800 units) 2025 - 2027 - Verheeskade I (The Hague): 500 units - Bakerstreet II (Budapest): 280 units - Pulsar (Dusseldorf): 110
Slide 9: Strategic Plan Update: Selective office development in Western Europe
UPDATE 2. Selective office development in Western Europe STRATEGIC • Victor Hugo (Paris): PLAN asset sold • Campo Grande (Lisbon): 2025 - 2027 construction started • Oriente (Lisbon): office acquisition completed • Realex (Brussels) & Campus (Lux): office construction ongoing 9
Slide 10: Strategic Plan Update: Reducing exposure in Central Europe
UPDATE 3. Reducing exposure in Central Europe STRATEGIC ✓ Bakerstreet I (Budapest) ✓ @ Expo (Bucharest) PLAN 2025 - 2027 The disposal of @Expo formed a material part of the FY 2025 value adjustment. Cash was received in Q1 2026, while the solvency impact was reflected at year-end 2025. 10
Slide 11: Financial Results
Financial Results — 11
Slide 12: Key 2025 Financial Highlights
Key 2025 Financial Highlights 31.12.2025 31.12.2024 Net Financial Debt 521,4 664,6 Solvency ratio 28,6%(1) 30,5% Net result -138,7 -39,4 (1) Ratio of 30,8% if @ Expo cash would have been received in 2025 (Figures x €1,000,000) December 31, 2025 12
Slide 13: Net result 2025 APM View
Net result 2025 APM View 2,3 -14,3 -14,8 -36,1 -29,4 -50,4 -41,8 Incl. -48,3M€ for the sales of -138,7 Impairments Victor Hugo & mainly related Bakerstreet -2,6M€ to offices -8,3M€ goods & services in Central Europe financial charges and personnel versus 2024 costs versus 2024 Result attributable Ad
Slide 14: Net result 2025 IFRS View
Net result 2025 IFRS View -3 2,3 -6,6 -29,3 -41,8 -61 -138,7 Share of net result of Result attributable to OPERATIONAL investments Impairement Financial results Tax results non-controlling NET RESULT TOTAL RESULT consolidated by the interests equity method -61 -6,6 -41,8 -29,3 -3 2,3 -138,7 14 (Figu
Slide 15: Substantial reduction of Consolidated Net Financial Debt
Substantial reduction of Consolidated Net Financial Debt Net Debt (1) Consolidated Net Debt reduction in 3 years 627 FY 2020 744 FY 2021 868 FY 2022 809 FY 2023 665 FY 2024 521 FY2025 346 Million Euro (1) Net Financial Debt: consolidated financial debt - cash & cash equivalents (Figures x €1,000,000
Slide 16: Evolution of the solvency ratio
Evolution of the solvency ratio Solvency Ratio in % (1) Pro forma if cash @expo was received in 2025 29,4 29,9 30,5 30,7 30,5 30,8 28,8 28,6 28,9 29,6 24 24 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY2025 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 (1) Equity / (Equity + Net Financial Debt) 16
Slide 17: Pursuing the strategic shift to project financing
Pursuing the strategic shift to project financing Market Financing Corporate Financing Project Financing 584 397 317 250 235 232 244 202 200 157 101 93 FY 2022 FY 2023 FY 2024 FY 2025 (Figures x €1,000,000) December 31, 2025 17
Slide 18: Bond maturity schedule
Bond maturity schedule (1) 2022 -2025 Reimbursed Bond Maturity schedule as of 31/12/25 (1) Q4 Q3 84 83 80 Q2 67 65 65 55 Q1 3 2022 2023 2024 2025 2026 2027 2028 2029 (1) Bond, MTN, EMTN (Figures x €1,000,000) December 31, 2025 18
Slide 19: Portfolio & Business Update
Portfolio & Business Update — 19
Slide 20: Project Portfolio
Project Portfolio* PORTFOLIO BY FUNCTION RESIDENTIAL 58% OFFICES 35% * Other : 8% * Atenor share * Total portfolio : 1,010,240 m² 26 PROJECTS AS FROM JAN 1, 2026 3,33 BN EUR (estimated market value) 20
Slide 21: Project Portfolio: diversification by development phase
Project Portfolio DIVERSIFICATION BY DEVELOPMENT PHASE IN M2 240,587 DESIGN FUTURE VOLUME AS OF 2027 209,622 BUILDING PERMIT INSTRUCTION 258,114 BUILDING PERMIT OBTAINED AS FROM JAN 1, 2026 159,814 CONSTRUCTION IN PROGRESS 26 142,103 CONSTRUCTION COMPLETED PROJECTS 21
Slide 22: Archilab
Archilab — 22
Slide 23: More Efficient. More Independent
More Efficient. More Independent Through Archilab and our continued focus on energy efficiency, we significantly lowered energy consumption across our buildings. Total Savings CO₂ avoided 5,87 M€/ year 6,55 M kgCO2e / year * Estimation compared to NZEB 23
Slide 24: Our sustainability efforts recognised
Our sustainability efforts recognised Leadership in Sustainability GRESB score - Confirming Reporting Award – IWBI the quality and transparency Recognising our integration of our ESG reporting and of healthy building strategies governance framework. 98% and the WELL approach into our business object
Slide 25: Conclusion
Conclusion — 25
Slide 26: Conclusion: outlook
Conclusion : outlook 2025 a year of decisive actions 2025 - 2027 focused on stabilisation and restoring sustainable profitability portfolio rotation and risk reduction deleveraging and selective investments 26
Slide 27: Questions & Answers
Questions & Answers — 27
Slide 28: Financial Calendar 2026
Financial Calendar 2026 25/04 19/05 General Interim Statement of Assembly The 1st quarter 2026 03/09 19/11 Publication of the Interim Statement of half-year results 2026 the 3rd quarter 2026 28
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Slide 30: Appendix
Appendix — 30
Slide 31: APM Definitions
APM Definitions Revenue Sum of (i) IFRS revenue, (ii) the project valuation that was used to determine the share price of projects sold in the form of a share deal and (iii) the breakdown of the share of net income of equity accounted companies into revenue for projects sold in equity-accounted comp
Slide 32: Consolidated balance sheet
Consolidated balance sheet FY24 FY25 FY24 FY25 Investment properties 21,5 21,8 Participation (equity method) 77,4 62,2 Total Equity 291,4 208,8 Loans to participation 107,3 120,0 Non-current interest-bearing liabilities 381,4 319,7 Other on current assets 18,0 11,6 Other non current liabilities 7,1
Slide 33: Profit and Loss
Profit and Loss Profit and Loss (IFRS) - in M€ FY24 FY25 Profit and Loss (APM) - in M€ FY24 FY25 Turnover 321,3 147,0 Turnover 390,4 264,4 Gross margin on disposal 46,9 -38,6 Gross margin on disposal 70,7 -36,1 Other operating income and expenses -14,2 -22,4 Other operating income and expenses -12,5