Atenor S.a. · EURONEXT:ATEB
Atenor — H1 2026 Earnings Presentation
25 slides from Atenor's earnings presentation, Sep 3, 2026
Slide 1: Half Year Results 2026
HY202 6 Presentation 03.09.2026 Half Year Results 2026 STÉPHAN SONNEVILLE / Chief Executive Officer ALEXANDER HODAC / Chief Operating Officer CAROLINE VANDERSTRAETEN / Chief Financial Officer
Slide 2: Disclaimer
HY 202 6 Presentation 03.09.2026 Disclaimer Please read the following before proceeding. “Presentation” means this herein. The content and opinions presented in this document are as of the document, any oral presentation, the Q&A session and any written or oral date of this presentation and are subj
Slide 3: Agenda
HY 202 6 Presentation 03.09.2026 1. Update on Strategic Plan 2025 - 2027 2. Financial highlights 3. Portfolio focus & flagship projects 4. Outlook for 2026
Slide 4: Update on Strategic Plan 2025-2027
HY 202 6 Presentation 03.09.2026 1. Update on Strategic Plan 2025 - 2027
Slide 5: Delivering the strategic plan 2025-2027
HY 202 6 Presentation 03.09.2026 Delivering the strategic plan 2025 - 2027 Completed actions demonstrate concrete and focussed execution across the three strategic pillars. 1. 2. 3. REDUCING CEE OFFICE EXPOSURE RESIDENTIAL DELIVERY SELECTIVE WESTERN EUROPE @Expo (RO) sold Upsite (RO) (258) & Lake11
Slide 6: Financial highlights
HY 202 6 Presentation 03.09.2026 2. Financial highlights
Slide 7: Net result HY 2026
HY 202 6 Presentation 03.09.2026 Net result HY 2026 H1 2026 H1 2025 Operating result and net result remain negative in H1 2026, in line with the current development stage of Gross margin on disposals 1.6 5.3 the portfolio. The value of those developments will materialize in the future. Operating res
Slide 8: Balance Sheet and Finance structure
HY 202 6 Presentation 03.09.2026 Balance Sheet and Finance structure Net Financial Net Debt (2) EUR million 30.06.2026 31.12.2025 Total assets 817.3 871.6 Cash and cash equivalents 66.9 59.6 868 809 665 598 Net debt 484.8 521.4 521 485 Total consolidated equity 196.5 208.8 FY 2022 FY 2023 FY 2024 HY
Slide 9: Bond maturity and repayment visibility
HY 202 6 Presentation 03.09.2026 Bond maturity and repayment visibility As at 30 June 2026, three bond issues remained outstanding for a total of € 200M Repaid since 2022 23 October 2026 19 March 2027 5 April 2028 € 299M €65M €75M €55M (bond, MTN, EMTN) Available liquidity Repayment envisaged mainly
Slide 10: Portfolio focus & flagship projects
HY 202 6 Presentation 03.09.2026 3. Portfolio focus & flagship projects
Slide 11: Portfolio characteristics as of 02.09.2026
HY 202 6 Presentation 03.09.2026 Portfolio characteristics as of 02.09.2026
Slide 12: Portfolio surfaces as of 02.09.2026
HY 202 6 Presentation 03.09.2026 Portfolio surfaces as of 02.09.2026
Slide 13: Pipeline permits as of 02.09.2026
HY 202 6 Presentation 03.09.2026 Pipeline permits as of 02.09.2026
Slide 14: Pipeline construction as of 02.09.2026
HY 202 6 Presentation 03.09.2026 Pipeline construction as of 02.09.2026
Slide 15: Portfolio sustainability as of 02.09.2026
HY 202 6 Presentation 03.09.2026 Portfolio sustainability as of 02.09.2026
Slide 16: Campus
HY 202 6 Presentation 03.09.2026 Campus Cloche d’Or , Luxembourg A 41,078 m² office campus under construction, fully KEY PROJECT DATA pre -let to PwC and scheduled for delivery in Q2 2027. Type of development New construction Surfaces EXECUTION & PERMITTING Offices: 41,078 m² Permit Obtained Archite
Slide 17: Campo Grande
HY 202 6 Presentation 03.09.2026 Campo Grande Lisbon, Portugal A 16,133 m² office -led development under KEY PROJECT DATA construction, with pre -leasing ongoing and delivery Type of development targeted for Q1 2028. New construction Surfaces EXECUTION & PERMITTING Total: 16,133 m² Permit Obtained O
Slide 18: Oriente
HY 202 6 Presentation 03.09.2026 Oriente Lisbon, Portugal A 9,548 m² office -led development with permit KEY PROJECT DATA obtained, construction scheduled to start in Q2 2026 Type of development and pre -leasing ongoing. New construction Surfaces EXECUTION & PERMITTING Total: 9,548 m² Offices: 7,887
Slide 19: Realex
HY 202 6 Presentation 03.09.2026 Realex Brussels , Belgium A 45,856 m² mixed -use project under construction, KEY PROJECT DATA including the European Commission’s future conference Type of development centre, with offices commercialisation from Q3 2028. New construction Surfaces EXECUTION & PERMITTI
Slide 20: HY 202 6 Presentation
HY 202 6 Presentation 03.09.2026
Slide 21: Lake 11
HY 202 6 Presentation 03.09.2026 Lake 11 Budapest, Hungary A 111,220 m² large -scale residential project under phase KEY PROJECT DATA development, comprising nearly 900 homes. Phase 2 is under construction following the launch of sales in Q2 Type of development New construction 2026. Surfaces EXECUT
Slide 22: Verheeskade
HY 202 6 Presentation 03.09.2026 Verheeskade The Hague , Netherlands A 128,460 m² mixed -use urban district combining KEY PROJECT DATA 1,222 residential units, retail and commercial space; Type of development the project is currently in design. New construction Surfaces EXECUTION & PERMITTING Total:
Slide 23: Outlook for 2026
HY 202 6 Presentation 03.09.2026 4. Outlook for 2026
Slide 24: Outlook for 2026 – Delivering the Strategic Plan 2025–2027
HY 202 6 Presentation 03.09.2026 Outlook for 2026 – Delivering the Strategic Plan 2025 – 2027 with continued trust 1. 2. 3. RESIDENTIAL PORTFOLIO SELECTIVE WESTERN EUROPE OFFICES CENTRAL EUROPEAN OFFICE EXIT Continue deployment of the residential Focus capital and execution on high -quality Exit fro
Slide 25: Thank you
HY 202 6 Presentation 03.09.2026 Thank you