Immobel Sa · EURONEXT:IMMO
Immobel Sa — H1 2026 Earnings Presentation
27 slides from Immobel Sa's earnings presentation, Sep 11, 2026
Slide 1: Half Year Results 2026 Investor Presentation
HALF YEAR FOR CITIES FOR PEOPLE Results 2026 Investor Presentation September 11, 2026
Slide 2: Summary
summAry Oxy | Brussels 01 IMMOBEL AT A GLANCE 05 FINANCIAL PERFORMANCE 02 REAL ESTATE ENVIRONMENT 06 OUTLOOK 03 BUSINESS & FINANCIAL HIGHLIGHTS 07 APPENDIX 04 PORTFOLIO OVERVIEW
Slide 3: Immobel at a glance
Immobel at a glance We are a Belgian real estate Ambitious ESG policy based development company that on three pillars on asset level: specialises in the creation of sustainable and high-quality projects across Europe, encompassing residential, office and mixed-use properties. With more than 1 For th
Slide 4: Real Estate Environment
REAL ESTATE environment 4 KIEM 2050 | Luxembourg
Slide 5: Office Sector: occupier market faces pressure from fragile recovery
European Office Take up (sqm) 02 Real Estate Environment Office Sector Occupier market faces pressure from the fragile economic recovery and the geopolitical fallout of the Iran war. Biggest impact on grade B & C offices while grade A remains resilient • European office take up in H1 2026 is down 9%
Slide 6: Office Sector: European office investment up 8% y-o-y in H1
02 Real Estate Environment Office Sector European Office Investment European Office investment up 8% y-o-y in H1 but large differences between countries. Prime yields hold broadly stable at 4.9% • Office investment in H1 down 42% y-o-y in France and down 74% in Belgium • Prime European office yields
Slide 7: Residential Sector: structural demand sustains prices
Inflation % of housing prices – Belgium vs Neighbouring countries 02 Real Estate Environment Residential Sector Structural demand sustains prices, while mortgage rates in Q2 at 3.55% cap purchasing power (and increasing further in Q3) • Residential transactions diverge: Germany shows early recovery,
Slide 8: Business & Financial Highlights
Business & financial HIGHLIGHTS 8 Lebeau | Brussels
Slide 9: Immobel delivers solid H1 2026 results driven by disciplined execution
03 Business & Financial Highlights Immobel delivers solid H1 2026 results driven by disciplined execution across its portfolio Business update • Immobel successfully completed high quality office • The construction of 596 residential units has started across transactions across Europe, including Cen
Slide 10: Net result of EUR 13.2 million: financial update
03 Business & Financial Highlights Confirming its resilience over years, Immobel reports a net result of EUR 13.2 million Financial update • Net result amounted to EUR 13.2 million (H1 2025: EUR 31.5 • Result before financial result and taxes: EUR 20.7 million (H1 million). The decrease is explained
Slide 11: Financial update and portfolio update
03 Business & Financial Highlights Confirming its resilience over years, Immobel reports a net result of EUR 13.2 million Financial update Portfolio update • Annualized rental income: Over EUR 8 million, on track to • Total assets: EUR 1.3 billion (FY 2025: EUR 1.4 billion) at cost. reach EUR 14 mil
Slide 12: Portfolio overview
Portfolio overview 12 Saint-Antoine | Paris
Slide 13: Portfolio with GDV of €3.6 bn, of which €1.5 bn permitted
04 Portfolio overview Portfolio strategy Portfolio with GDV of € 3.6 bn, of which € 1.5 bn is permitted Portfolio by country Portfolio by asset class (1) Portfolio by status Time of Delivery 5% 35% 23% 29% 28% 34% 6% € 3.6 bn € 3.6 bn € 3.6 bn € 3.6 bn 38% 54% 71% 12% 17% 17% 32% Belgium Luxembourg
Slide 14: Project pipeline
04 Portfolio Overview In conception / permitting phase In construction phase In permitting Final permit obtained Project pipeline Zoning permit obtained Continued launch of premium real estate projects in Belgium Project Country Type Gross m² GDV (EURm)(1) % sold/rented(2) 2026E 2027E 2028E
Slide 15: Financial performance
Financial performance Brouck’R | Brussels 15
Slide 16: P&L: Higher operating income and solid gross margin
05 Financial Performance P&L Higher operating income and solid gross margin Operating income Operating income(2) (EURm) 23% Belgium France 549 486 431 445 456 7% Germany 410 371 Luxembourg 227 216 239 3% 66% 211 Other 1% 2017A 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025A 2025 H1 2026 H1 Gross mar
Slide 17: Balance sheet and operating cash flows
05 Financial Performance Balance sheet and operating cash flows Solid liquidity position maintained Average interest cost = 4,7% About 78% hedged or fixed up Gearing(1) Debt maturity schedule as of H1 2026 to the end of 2027 (EURm) 72,2% 70,2% 71,0% 66,8% 67,0% 66,5% 66,0% 64,4% 5,6% 60,4% 60,9% 61,
Slide 18: Outlook
OUtlook 18 Marbella | Spain
Slide 19: Outlook
06 Outlook The Group now expects full-year operating income of EUR 375-400 million (internal view), compared with its previous guidance of EUR 400-450 million (internal view), primarily reflecting the delayed disposal of the Isala office building in Brussels. 19
Slide 20: Thank you
Thank you 20
Slide 21: Contact details
Contact Immobel is one of Belgium’s largest listed property developers details (Euronext Brussels: IMMO). Established in 1863, the Company is specializing in creating high-quality, sustainable urban environments in premium locations that positively impact how people live, work, and play. The company
Slide 22: Appendix
Appendix Brouck’R | Brussels 22
Slide 23: Profit & loss statement: External view
07 Appendix Profit & loss statement External view kEUR Dec-22 Dec-23 Dec-24 Dec-25 Jun-25 Jun-26 Operating Income 243,875 162,843 379,386 354,824 149,222 127,468 Turnover 236,306 156,378 377,506 333,869 148,273 125,933 Other operating income 7,569 6,465 1,879 20,955 0,948 1,536 Operating Expenses -2
Slide 24: Balance sheet: External view
07 Appendix Balance sheet External view kEUR Dec-22 Dec-23 Dec-24 Dec-25 Jun-26 kEUR Dec-22 Dec-23 Dec-24 Dec-25 Jun-26 Non-current assets 362,294 367,090 346,751 339,311 338,525 Total equity 573,139 501,674 400,167 454,221 467,918 Goodwill 0,000 0,000 0,000 0,000 0,000 Equity share of immobel 556,5
Slide 25: Profit & loss statement: Internal view
07 Appendix Profit & loss statement Internal view kEUR Dec-22 Dec-23 Dec-24 Dec-25 Jun-25 Jun-26 Operating Income 409,516 215,674 445,449 456,379 210,571 238,739 Turnover 377,377 189,820 415,773 408,614 196,600 227,811 Other operating income 32,139 25,854 29,676 47,764 13,971 10,928 Operating Expens
Slide 26: Balance sheet: Internal view
07 Appendix Balance sheet Internal view kEUR Dec-22 Dec-23 Dec-24 Dec-25 Jun-26 kEUR Dec-22 Dec-23 Dec-24 Dec-25 Jun-26 Non-current assets 258,956 242,962 215,260 218,652 288,022 Total equity 572,644 500,793 400,167 454,221 467,918 Intangible and tangible assets 15,416 14,136 12,705 10,435 7,834 Non
Slide 27: Definitions
07 Appendix Definitions • Click here to have the APM (as included in the press release) 27 Source: Company information