Atenor S.a. · EURONEXT:ATEB
Atenor — H1 2024 Earnings Presentation
37 slides from Atenor's earnings presentation, 2024
Slide 1: Upgrade the Future
UPGRADE THE FUTURE
Slide 2: Disclaimer
Disclaimer Please read the following before proceeding. This presentation is intended solely for general informational purposes about Atenor SA and its activities. It does not constitute an offer to buy or sell any securities issued by Atenor or any other entity of Atenor. This presentation is not t
Slide 3: Atenor half-year results 2024
Atenor half-year results 2024
Slide 4: Market update, Business update, Financial update, Outlook, Q&A
Company update Market update Business update Financial update Outlook 2024 Q&A
Slide 5: Company
Company update
Slide 6: We're an international real estate developer
We're an international real estate developer, creating spaces that evolve with how we work and live.
Slide 7: A Pan-European strategy empowered by local teams
A Pan-European strategy empowered by local teams A proven track record of more than 25 years i © Active in 10 Pan-European countries q 110 enthusiastic colleagues
Slide 8: Bringing value at every stage of development
Bringing value at every stage of development Building permit Launch of the delivery construction From ue ; To obsolete Building permit Leasing Grade A submission Green Acquisition Sale © Atenor HY Results 2024
Slide 9: Diversified shareholder structure
Diversified shareholder structure June 30, 2024 ALVA SA1,7% e © LUXEMPART SA 15,6% PUBLIC 28,8% © Established trust with main shareholders VANDEWIELE | GROUP NV 4,6% ° 3D NV301% MIDELCO 4,6% @ STEPHAN SONNEVILLE SA , & CONSORTS 3,7% ° FORATENOR SA 10,9% © Atenor HY Results 2024 Shareholder agreement
Slide 10: Archilab as driving force towards sustainable growth
Archilab as driving force towards sustainable growth An in-house think and do tank that shapes the future of Atenor and its projects
Slide 11: Atenor's unique taxonomy alignment
Atenor’s unique taxonomy alignment 2022 83% EU taxonomy aligned ————x_—_—_—___L; zzz EE ee 2023 87% EU taxonomy aligned ——————— eas) | 2024 100% EU taxonomy aligned (foreseen) hE SS a ae a a a a a a ae
Slide 12: Market update
Market update
Slide 13: Continued instability leads to caution
© Atenor HY Results 2024 Continued instability leads to caution “Geopolitics and regional conflicts are seen as the primary macro-economic risk facing the sector (31%), followed by interest rates (26%) and inflation (15%)” ~White & Case, Market Overview & Outlook, “Real Estate 2024: Emerging from th
Slide 14: The office of tomorrow is sustainable and mixed-use
The office of tomorrow Is sustainable and mixed-use “Occupiers are demonstrating a willingness to pay premium rents for environmentally compliant buildings. However, this is dependant on the availability of adequate real estate, so now is an opportune time for investors to benefit from repositioning
Slide 15: Business update
Business update
Slide 16: Current Atenor portfolio
Current Atenor portfolio June 30, 2024 In touch with the market HY 2023 a 7% Other 53% Office 40% Residential HY 2024 Cn sts—‘“‘“‘“‘“‘isS 10% Other 44% Office 46% Residential © Atenor HY Results 2024
Slide 17: Promising projects in every phase
Promising projects in every phase A portfolio of more than 1,2 million sq.m. Bulding permit delivery 2023: 190,500 sq. m. 06-2024: 40,500 sq. m. Building permit submission 2023: 152,150 sq.m. 06-2024: - sq.m. Acquisition 2023: 18,000 sq.m. 06-2024: - sq.m. © Atenor HY Results 2024 Launch of the cons
Slide 18: Highlight on projects - under construction
Highlight on projects — under construction
Slide 19: Realex (BE)
a | Vid REALEX (BE) i oe | 26,000 sq.m. - Conference Center 19,500 sq.m. - Office la Whit.
Slide 20: WellBe (PT)
WellBe (PT) 31,000 sq.m. - Office /retail eT Lai > FROM ONAN TA ee FRAO MANNA = 2: FRNA OMAN? a rane FOCAL ET HL) tal are Ho ae
Slide 21: Expected completion 2024
Expected completion 2024 Up-site (RO) 31,000 sq.m. Residential
Slide 22: 4,300 sq.m. offices leased
4,300 sq.m. offices leased in Belgium, Romania & Hungary “© Atenor HY Results 2024
Slide 23: Cash generation projects
WellBe, PT Realex, BE Au Fil des Grands Prés, BE Am Wehrhahn, GE 31,000 sq.m. 26,000 sq.m. 14,600 sq.m. 4,250 sq.m. Cash generation Revenue & cash generation 100% Sold 100% Sold until completion in 2026 until completion in 2028
Slide 24: Units sold by project
Twist, LU UP-site, RO Lake 11, HU (Phase 1) City Dox Lot 5, BE 15,500 sq.m. 31,000 sq.m. 32,000 sq.m. 23,000 sq.m. 37 / 37 units sold 270 / 270 units sold 160 / 265 units sold 100% sold
Slide 25: Units sold by project
Twist, LU UP-site, RO Lake 11, HU (Phase 1) City Dox Lot 5, BE 15,500 sq.m. 31,000 sq.m. 32,000 sq.m. 23,000 sq.m. 37 / 37 units sold 270 / 270 units sold 160 / 265 units sold 100% sold
Slide 26: Financial update
Financial update
Slide 27: Equity / (Equity + Net Financial Debt)
(1) Equity /(Equity + Net Financial Debt)
Slide 28: Pursuing the strategic shift towards project financing
Pursuing the strategic shift towards Project financing (Figures x €1,000,000) June 30, 2024 FY 2022 FY 2023 H12024 @ Market financing Corporate financing @ Project financing
Slide 29: Project gross margin turned out largely positive
Project gross margin turned out largely positive (Figures x €1,000,000) June 30, 2024 Project Gross Margin 73 29 -52 H1 2020 FY 2020 H1 2021 FY 2021 H1 2022 FY 2022 H1 2023 FY 2023 H1 2024
Slide 30: Resulting in a break-even net result
Resulting in a break-even Net result (part of the group) (Figures x €1,000,000) June 30, 2024 Net Result (group) -107 H1 2020 FY 2020 H1 2021 FY 2021 H1 2022 Fy 2022 H1 2023 FY 2023 H12024
Slide 31: Consolidated balance sheet
Consolidated balance sheet (Figures x €1,000,000) June 30, 2024 Inventories Investment properties Participation (equity method) Loans to participations Projects Receivables Cash and Cash equivalent Other assets Total Assets H1 2023 973 22 58 131 1,183 52 24 25) 1,282 H1 2024 969 22 81 105 1,177 40 5
Slide 32: Profit & loss account
Profit & loss account June 30, 2024 Atenor HY Results HY 2024 FY 2023 HY 2023 Projects Results Realized € 45,076,000 € 8,425,000 € 9,541,000 Impairment Realized - - € 20,500,000 Impairment not realized - € 4,500,000 - € 39,800,000 - € 39,210,000 Total Projects € 40,567,000 - € 51,875,000 - € 29,671,
Slide 33: Outlook
Outlook
Slide 34: Outlook
Outlook Our first priority: Continued focus on debt reduction
Slide 35: Financial Calendar
Financial Calendar 5 September 2024 ————— 13 November 2024 —————— March 2025 ——————— 25 April 2025 Publication of the half-year Interim statement Full year results General Assembly results 2024 of the 3rd quarter 2024 2024
Slide 36: Q&A
Q&A
Slide 37: Thank you
Thank you AJENOR