Atenor S.a. · EURONEXT:ATEB
Atenor — FY2024 Earnings Presentation
37 slides from Atenor's earnings presentation, Mar 5, 2025
Slide 1: FY Results 2024
FY RESULTS 2024 — STÉPHAN SONNEVILLE Chief Executive Officer ALEXANDER HODAC Chief Operating Officer CAROLINE VANDERSTRAETEN Chief Financial Officer March 5, 2025 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
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Slide 4: Where we stand today, Where we are going, Conclusion
1. Where we stand today 2. Where we are going 3. Conclusion 4. Q&A 4
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Slide 6: Where we stand today
1. Where we stand today Financial & Business Update 6
Slide 7: Key 2024 Financial Highlights
Key 2024 Financial Highlights Consolidated Net Debt Transactions in sales Investment in the business reduction 153 390 188 * Million Euro Million Euro Million Euro * Based on APM 7
Slide 8: 2024 Transaction Breakdown
2024 Transaction Breakdown Am Wehrhahn Well BE Realex Conf. Center GERMANY PORTUGAL BELGIUM CASH RECEIVED Twist City Dox lot 5 Mons Offices LUXEMBOURG BELGIUM BELGIUM Mons Residential Lakeside I BELGIUM POLAND 8
Slide 9: Capital increase purpose
Capital increase purpose 1. Strengthens equity for strategic flexibility 2. Enhances (re)financing options & margin protection 3. Improves negotiation position in operations 9
Slide 10: Shareholder structure after capital increase
Shareholder structure after capital increase Public 21,39% Own shares 3D NV 0,51% 37,20% Vandewiele Group NV 9,53% Midelco NV 4,84% ForAtenoR SA Shareholder agreement in place among Stéphan Sonneville SA 7,81% Luxempart SA, 3D NV, ForAtenoR SA 2,84% Luxempart SA and Stéphan Sonneville SA. 15,87% 10
Slide 11: Financial Update
Financial Update — 11
Slide 12: Key 2024 Financial Highlights
Key 2024 Financial Highlights 31.12.2024 31.12.2023 Adjusted turnover 390,4 130,5 Adjusted gross margin on sales 70,6 14,5 Adjusted operating result before impairment 58,2 -4,6 Net financial debt 664,6 817,5 Solvency ratio 30,5% 29,6% (Figures x €1,000,000) December 31, 2024 Based on Alternative Per
Slide 13: Solid improvement of the solvency ratio
Solid improvement of the solvency ratio Solvency Ratio in % (1) Pro forma after capital increase in % 35,2 30,7 29,6 29,4 29,9 30,5 28,9 28,8 24 24 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 (1) Equity / (Equity + Net Financial Debt) 13
Slide 14: Substantial reduction of Consolidated Net Financial Debt
Substantial reduction of Consolidated Net Financial Debt Net Debt (1) Consolidated Net Debt reduction 627 FY 2020 744 FY 2021 868 FY 2022 809 FY 2023 665 FY 2024 153 Million Euro (1) Net Financial Debt: consolidated financial debt - cash & cash equivalents (Figures x €1,000,000) December 31, 2024 14
Slide 15: Pursuing the strategic shift to project financing
Pursuing the strategic shift to project financing Market Financing Corporate Financing Project Financing 584 397 317 250 235 202 200 157 101 FY 2022 FY 2023 FY 2024 (Figures x €1,000,000) December 31, 2024 15
Slide 16: Bond maturity schedule
Bond maturity schedule 2022 -2024 Reimbursed Bond Maturity schedule as of 31/12/24 (1) 2,5 Q4 40 Q3 84,1 80 Q2 66,75 64,5 68 55 Q1 40 3 2022 2023 2024 2025 2026 2027 2028 2029 (Figures x €1,000,000) December 31, 2024 (1) Bond, MTN, EMTN 16
Slide 17: Strong revenue and operational result
Strong revenue and operational result Adjusted operational result (1) (2) REVENUE 2024(1) 390 61 58 GROSS MARGIN (1) 42 18% 20 -5 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 3 42 61 20 -5 58 (Figures x €1,000,000) December 31, 2024 (1) Based on Alternative Performance measures 17 (2) before impairments
Slide 18: Evolution of Net result
Evolution of Net result DETAILS 2024 38 38 58 24 -1 -23 -36 -38 -39 -39 ADJUSTED OPERATIONAL IMPAIREMENT FINANCIAL RESULTS TAX RESULTS NET RESULT TOTAL -107 RESULT (1) (2) 58 -36 -38 -23 -39 DETAILS 2023 -5 -37 -56 -9 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 -107 38 24 38 -1 -107 -39 ADJUSTED
Slide 19: Business Update
Business Update — 19
Slide 20: Group Management Committee
Group Management Committee Stephanie Geeraerts Development Directors Corp. Com / IR Director Country Directors Alexander Hodac Julie Willem COO Development & Archilab Team Archilab Director Stéphan Sonneville Laurent Collier CEO Transaction Officer Caroline Vanderstraeten Jonathan Loos CFO HR Direct
Slide 21: My first four months with Atenor
My first four months with Atenor 1. 2. 3. Operational Strengthening Portfolio Efficiency of commercial Redesign and technical competences 21
Slide 22: Project Portfolio
Project Portfolio* PORTFOLIO BY FUNCTION PORTFOLIO BY COUNTRY IN M2 RETAIL OTHERS 3% 2% EQUIPMENTS UNITED KINGDOM / 25,000 3% ROMANIA / 91,000 RESIDENTIAL PORTUGAL / 42,000 56% POLAND / THE NETHERLANDS / 208,000 96,000 1.131.536 m2 LUXEMBOURG / 66,000 HUNGARY / 228,000 GERMANY / 15,000 OFFICES 36% F
Slide 23: Our Living Sector track record
Our Living Sector track record 87 U 272 U 106 U 74 U 165 U 360 U 900 U 97 U 164 U 33 U 74 U 113 U 42 u 34 U 356 U 167 U 1500 U 140 U 152 U 350 23
Slide 24: Project Portfolio by development phase
Project Portfolio DIVERSIFICATION BY DEVELOPMENT PHASE IN M2 AS FROM JAN 1, 2025 348,005 DESIGN 30 PROJECTS 158,659 BUILDING PERMIT INSTRUCTION 278,574 BUILDING PERMIT OBTAINED 183,048 CONSTRUCTION IN PROGRESS 163,250 CONSTRUCTION COMPLETED 24
Slide 25: Where we are going
2. Where we are going Strategy and Vision 25
Slide 26: Atenor's strategy centers on sustainable urban development
Atenor’s strategy centers on sustainable urban development, leveraging structural partnerships to create future-proof mixed-use projects.
Slide 27: 3 axes for the coming 3 years
1. Implement the residential portfolio With clear roadmap of 2. Further develop CORE offices 3 axes for the coming 3 years 3. Reduce exposure of offices in Central Europe 27
Slide 28: Project Pipeline
Project Pipeline 13 POLAND 2025 2026 2027 RESIDENTIAL PORTFOLIO GROSS AREA ROMANIA ATENOR (M2) IMPLEMENT THE BELGIUM LUXEMBOURG A MIXED THE NETHERLANDS UK GERMANY 634,236 DEVELOPMENT PHASE PROJECTS HUNGARY FRANCE 12 2025 2026 2027 GROSS AREA FURTHER DEVELOP ATENOR (M2) CORE OFFICES BELGIUM FRANCE MA
Slide 29: Continued focus on sustainability
Continued focus on sustainability Taxonomy Compliant aligned with Turnover EU Taxonomy 91% 99,62% 354.910.738 EUR* 1.127.286 m2 TOTAL TURNOVER ATENOR TOTAL PROJECTS IN DEVELOPMENT 390.448.487 EUR 1.131.536 m² * Turnover including disposals, share NON-COMPLIANT disposals and equity-accounted companie
Slide 30: Average energy saving
Average energy saving 97 Nearly Zero Energy Building -30% On the actual portfolio, energy requirement 80 saving of the projects Nearly Zero Energy Building -30% represents : 68 requirement 57 - 6 664 TCO²eq per year Project performance Project - Or 6 857 031 € per year performance office [kwh/m² y]
Slide 31: Office certification
Office certification BREEAM targeted certification WELL targeted certification Outstanding Platinum 63% Excellent 37% 139 736 m² 59% Gold 41% 235 319 m² 198 115 m² 138 603 m² 375 055 m2 336 718 m2 Under study : 33 079 m² Under study : 71 416 m² *Atenor share 31
Slide 32: Corporate Carbon Footprint - Atenor
Corporate Carbon Footprint - Atenor Scope 1+2 -37% 160 127 115 100 78 2020 2022 2023 2024 2030 In TCO²eq 32
Slide 33: Conclusion
3. Conclusion 33
Slide 34: Atenor has delivered on its commitments
Atenor has delivered on its commitments: a suengthened management team, a reinforced financial position a diversified and resilient portfolio
Slide 35: Questions & Answers
4. Questions & Answers 35
Slide 36: Financial Calendar 2025
Financial Calendar 2025 25/04 20/05 General Interim Statement of Assembly The 1st quarter 2025 04/09 19/11 Publication of the Interim Statement of half-year results 2025 the 3rd quarter 2025 36
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