Immobel Sa · EURONEXT:IMMO
Immobel Sa — FY2024 Earnings Presentation
30 slides from Immobel Sa's earnings presentation, Mar 6, 2025
Slide 1: Full Year Results 2024
FULL year FOR CITIES FOR PEOPLE Results 2024 Investor Presentation March 6, 2025
Slide 2: Summary
summAry Oxy | Brussels 01 IMMOBEL AT A GLANCE 05 SOME OF OUR PROJECTS 02 REAL ESTATE ENVIRONMENT 06 FINANCIAL PERFORMANCE 03 BUSINESS & FINANCIAL HIGHLIGHTS 07 OUTLOOK 04 PORTFOLIO OVERVIEW 08 APPENDIX
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 Slachthuissite | Antwerp 4
Slide 5: Office Sector: fundamentals remain resilient in the occupier market
European Office Take up (sqm) 01 Real Estate Environment Office Sector Fundamentals remain resilient in the occupier market as vacancy rates stabilize across CBD markets and strong demand for prime office buildings • European office take up in 2024 is slightly higher than 2023 Office Vacancy Rate 5,
Slide 6: Office Sector: high interest rates restrict core office investment
01 Real Estate Environment European Investment Volumes Office Sector High interest rates continue to restrict core office investment transactions • European investment volumes across all asset classes continue to trend upwards and grew by 17% in 2024 • Upward trend began in September, gaining moment
Slide 7: Residential Sector: recovery depends on mortgage rate trends
Luxembourg – Transaction Volume (number of 01 Real Estate Environment units) Residential Sector While residential markets have largely hit their lowest point, the pace of recovery will be significantly influenced by mortgage rate trends • Throughout Europe, the residential sector is facing intensifi
Slide 8: Business & Financial Highlights
Business & financial HIGHLIGHTS The Muse | Brussels 8
Slide 9: Business update
03 Business & Financial Highlights Immobel demonstrates financial strength and strategic agility in a challenging market Business update • Sale of approximately 1,000 residential units in Belgium (Oxy, • Sale of 6,800 m² of office space to National Lottery (Brouck’R, Slachthuis, UNI, O’Sea, Ilot Sai
Slide 10: Financial update
03 Business & Financial Highlights Immobel demonstrates financial strength and strategic agility in a challenging market Financial update • Liquidity position: EUR 182 million (or EUR 209 million internal • Financing: extension of EUR 135 million corporate finance facility view) • Total assets: EUR
Slide 11: Portfolio overview
Portfolio overview 11 Tati – La Passerelle Barbès | Paris
Slide 12: Portfolio of EUR 4.3 bn, of which EUR 2 bn is permitted
04 Portfolio overview Portfolio strategy Portfolio of € 4,3 bn, of which € 2 bn is permitted Portfolio by country Portfolio by asset class (1) Portfolio by status Time of Delivery 3% 4% 15% 24% 29% 36% 36% 8% € 4,3 bn 50% € 4,3 bn € 4,3 bn € 4,3 bn 29% 42% 71% 18% 10% 24% Belgium Luxembourg Contract
Slide 13: Project pipeline: key projects launched
04 Portfolio Overview In conception / permitting phase Project pipeline In construction phase In permitting With a large number of projects being launched Final permit obtained Project Country Type Gross m² GDV % 2027E+ (X1000) (EURm)(1) sold/rented(2) 2024A 2025E 2026E O'Sea Phase 2 BEL Residential
Slide 14: Financial performance
Financial performance Brouck’R | Brussels 14
Slide 15: P&L: revenue has rebounded, but margins have yet to recover
06 Financial Performance P&L Revenue has rebounded, but margins have yet to recover Operating income Operating income (2) (EURm) 28% Belgium 37% France Germany 486 549 371 431 410 445 Luxembourg 15% 227 216 17% Other 3% 2017A 2018A 2019A 2020A 2021A 2022A 2023A 2024A Gross margin(1) (EURm) Net incom
Slide 16: Balance sheet and operating cash flows
06 Financial Performance Balance sheet and operating cash flows Solid balance sheet Gearing ratio increased mainly Average interest cost = 4,4% due to unsold leased offices About 90% hedged or fixed up Gearing(1) Debt maturity schedule as of 2024 to the end of 2026 72% (EURm) 68% 5% 268 64% 67% 61%
Slide 17: Outlook
OUtlook The Muse | Brussels 17
Slide 18: Expected 2025 revenues between €300 million and €400 million
07 Outlook → Expected 2025 revenues are projected between €300 million and €400 million 18
Slide 19: Thank you
Thank you 19
Slide 20: Contact details
Contact details Immobel is one of Belgium’s largest listed property developers (Euronext Brussels: IMMO). The Group, which dates back to 1863, creates high-quality, future-proof urban environments with a positive impact on the way people live, work and play, and specialises in mixed real estate. Wit
Slide 21: Appendix
Appendix Brouck’R | Brussels 21
Slide 22: Profit & loss statement: external view
08 Appendix Profit & loss statement External view kEUR dec-20 dec-21 dec-22 dec-23 dec-24 Operating Income 375,390 392,815 243,875 162,843 379,386 Turnover 364,479 386,330 236,306 156,378 377,506 Other operating income 10,911 6,484 7,569 6,465 1,879 Operating Expenses -333,526 -338,312 -293,572 -189
Slide 23: Balance sheet: external view
08 Appendix Balance sheet External view kEUR déc-20 déc-21 déc-22 déc-23 déc-24 kEUR dec-20 dec-21 dec-22 dec-23 dec-24 Non-current assets 448,370 506,258 362,294 367,090 330,536 Total equity 494,490 582,920 573,139 501,674 400,167 Goodwill 43,789 43,789 0,000 0,000 0,000 Equity share of immobel 491
Slide 24: Profit & loss statement: internal view
08 Appendix Profit & loss statement Internal view kEUR dec-20 dec-21 dec-22 dec-23 dec-24 Operating Income 431,153 549,046 409,516 215,674 445,449 Turnover 413,751 526,799 377,377 189,820 415,773 Other operating income 17,402 22,247 32,139 25,854 29,676 Operating Expenses -378,746 -430,390 -386,615
Slide 25: Balance sheet: internal view
08 Appendix Balance sheet Internal view kEUR dec-20 dec-21 dec-22 dec-23 dec-24 kEUR dec-19 dec-20 dec-21 dec-22 dec-23 dec-24 Non-current assets 420,272 428,872 258,956 242,962 215,260 Total equity 426,182 492,907 582,798 572,644 500,793 400,167 Intangible and tangible assets 50,200 50,663 15,416 1
Slide 26: Definitions
08 Appendix Definitions • Click here to have the APM 26 Source: Company information
Slide 27: Our ESG Strategy
08 Appendix Our ESG Strategy Buildings are constructed to endure. We therefore design our buildings to be healthy places to live or work that will last for decades. This objective is thrown into sharper relief when we consider the crises affecting the world: climate change, an ailing global economy,
Slide 28: We create healthy places
08 Appendix We create Healthy places 2024 main achievements in our portfolio FOR OUR END-USERS FOR THE NEIGHBOURHOODS FOR THE ENVIRONMENT Well-Being Social Purpose Leadership Offices target a WELL certification or eq., Temporary occupations were hosted in main Offices target a BREEAM certification o
Slide 29: We lead by example
08 Appendix We Lead by examples 2024 main achievements as a responsible company TOWARDS OUR COLLABORATORS FOR THE INDUSTRY FOR THE COMMUNITY Mobility Governance Financial Empowerment Changes in employees’ remuneration package ESG Committee at board level to allow for more flexibility. Sector engagem
Slide 30: Discover more in our ESG report
08 Appendix Discover more in our ESG report