48 slides from Compagnie D'entreprises Cfe Sa's earnings presentation, Feb 27, 2025
Slide 1: Analyst meeting Full Year results 2024
Analyst meeting Full Year results 2024
Slide 2: We delivered a solid financial & non-financial performance
We finished some large We delivered a We are confident in our and operationally solid financial & multidisciplinary challenging projects non-financial business model and and pursue our performance in 2024 our growth strategy in successful risk in a challenging market core markets management Year res
Slide 3: Safety, CO2 emissions and taxonomy alignment
Accident severity rate Direct CO2 emissions Taxonomy aligned turnover scope 1+2 (ktCO2eq) Target -40% by 2030 From 20,03% 21,47% 0,72 0,68 2020 -25% 0,56 0,52 13,56% 15,3 15,4 13,2 10,6 2022 2023 2024 Target 2030 2022 2023 2024 Target 2022 2023 2024 2030 Indirect CO2 emissions Waste intensity reduct
Slide 4: Key figures 2024
Key figures 2024 REVENUE EBIT NET INCOME ORDER BOOK € 1,182 mio € 32 mio € 24 mio € 1,646 mio -5.3 % -3.1 % +5.2 % +29.8 % EQUITY RETURN ON NET FINANCIAL EQUITY DEBT € 248 mio €236.8 mio 10.1 % € 42 mio 10.1% -55.3 % Year results 2024 • Analyst presentation 4
Slide 5: Historical performance
Historical performance Revenue and order book (€m) EBIT (€m) Order Book Revenue EBIT EBIT % 4,4% 3,7% 5,2% 2,6% 2,7% 1.715 1.646 1.549 1.621 1.269 58,0 1.249 1.182 51,0 1.027 1.125 1.167 38,1 33,0 32,0 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Net Result (€m) Return On Equity (%) Average 22/
Slide 6: Historical performance by segment
Historical performance by segment Turnover (€m) EBIT (€m) 9,3 873 7,2 1,7 799 788 724 18,8 643 15,0 17,4 5,0 20,1 11,3 8,3 338 277 304 30,1 321 339 10,2 22,9 17,6 17,4 131 106 158 126 8,5 85 -56 -3,9 -0,2 -0,2 -24 -26 -120 -36 -4,3 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Real Estate Develo
Slide 7: Balance sheet
Balance sheet (€m) 2021 2022 2023 2024 Tangible fixed assets 82.3 77.7 95.1 96.0 Goodwill 23.8 23.7 23.9 23.9 Investments accounted for using the equity method 102.6 110.9 185.4 176.4 14.4% Of which Deep C Holding, Green Offshore and GreenStor 52.8 64.4 73.2 75.7 Net other non-current assets / (liab
Slide 8: Decreasing debt level supporting CFE's growth
Decreasing debt level supporting CFE’s growth Debt structure 2024 Net financial debt / (surplus) evolution (€m) 300 NET FINANCIAL DEBT 200 € 41.7 mio 112,4 113,0 93,3 -55.3 % 48,9 41,7 100 0 -100 OPERATING CASH FLOW -200 € 85.3 mio -300 € 0.2 mio 2020 2021 2022 2023 2024 CFE Real Estate Development
Slide 9: Real Estate development
Real Estate development Analyst Presentation | YEAR RESULTS 2024 9
Slide 10: Real Estate Development
Real Estate Development €m 1HY2023 2HY2023 FY2023 1HY2024 2HY2024 FY2024 EBIT 8.7 8.7 17.4 (2.5) 11.0 8.5 Net result 6.7 5.0 11.7 0.3 7.7 8.0 Capital employed 219.5 n.m. 259.2 280.2 n.m. 255.8 Equity 122.6 n.m. 159.1 153.4 n.m. 160.3 Net Financial 96.9 n.m. 100.1 126.8 n.m. 95.4 Debt Year results 20
Slide 11: Real Estate Development
Real Estate Development POSITIVE NET RESULT: €8.0 million sold; Arboreto in Tervuren, Erasmus Gardens in Anderlecht, and Tervuren Square in Woluwe- Staint-Pierre delivered and around 65% sold; • Main contributors are the margins on apartments construction of John Martin’s in Antwerp on track sold an
Slide 12: Real Estate Development
Real Estate Development CAPITAL EMPLOYED PERMITS decrease to €256 million • Belgium – permit for Move’Hub in Brussels obtained but appeals ongoing against planning and environmental permits; permits for Key West and Uni’Vert in Brussels challenged before the Conseil d’État; permit for Samaya in Otti
Slide 13: Gross Development value € 1.58 billion (363,000 m²)
Gross Development value € 1.58 billion (363,000 m²) Belgium Brussels Projects FY2024 187.000 m² Projects FY2023 221.000 m² Breakdown of m2 by type FY2024 65% 20% 3% 12% FY2023 68% 17% 3% 12% Residential Office Retail Other Year results 2024 • Analyst presentation 13
Slide 14: Real Estate Development: Luxembourg and Poland
Real Estate Development Luxembourg Poland Projects FY2024 Projects FY2024 70.000 m² 106.000 m² Projects FY2023 Projects FY2023 74.000 m² 158.000 m² Breakdown Breakdown of m2 by type of m2 by type FY2024 43% 54% 3% FY2024 85% 8% 7% FY2023 46% 51% 3% FY2023 90% 5% 5% Residential Office Retail Resident
Slide 15: Selection of BPI's promising project pipeline
Selection of BPI’s promising project pipeline Year results 2024 • Analyst presentation 15
Slide 16: Selection of highly attractive project portfolio
Selection of highly attractive project portfolio * EQ Brussels Tervuren Square Kronos Luxembourg The Roots Belval Domaine des Vignes (II & IV) Mertert Brouck’R Brussels Woluwe-Saint-Pierre Mixed-use – 37,800 m2 Mixed-use – 11,800 m2 Mixed-use – 55,658 m2 Mixed-use – 20,700 m2 Residential – 15,200 m2
Slide 17: Multitechnics
Multitechnics Year results 2024 • Analyst presentation 17
Slide 18: Multitechnics
Multitechnics €m 1HY2023 2HY2023 FY2023 1HY2024 2HY2024 FY2024 Revenue 171.2 166.8 338.0 157.8 146.5 304.3 YoY growth (0.6%) 0.1% (0,3%) (7.8%) (12.1%) (10.0%) EBIT (1.2) (3.1) (4.3) 1,6 8.6 10.2 Margin (0.7%) (1.9%) (1.3%) 1,0% 5.9% 3.3% Net result (2.4) (3.9) (6.3) (0.5) 6.8 6.3 Margin (1.4%) (2.3
Slide 19: Multitechnics
Multitechnics REVENUE ORDER BOOK decrease of 10.0% to €304.3 million up by 7.6% to €286.9 million boosted by major commercial successes: • a four-year framework agreement with Walloon network OPERATING INCOME operator ORES to install underground cables in several Walloon provinces increase to €10.2
Slide 20: Multitechnics forward order book
Multitechnics Forward order book December 2024 2025 2026 >2026 VMA Total: 171 m€ 119 42 10 Multitechnics Total: 287 m€ MOBIX 50 32 34 Total: 766.7116 m€ 354. 143. 0 4 2024 2025 >2025 December 2023 VMA 128 16 19 Total: 163 m€ Multitechnics Total: 266 m€ MOBIX Total: 103 m€ 33 26 44 Year results 2024
Slide 21: Construction & Renovation
Construction & Renovation Year results 2024 • Analyst presentation 21
Slide 22: Construction & Renovation
Construction & Renovation €m 1HY2023 2HY2023 FY2023 1HY2024 2HY2024 FY2024 Revenue 455.1 417.5 872.6 442.2 346.2 788.5 YoY growth 14.5% 4.0% 9.3% (2.8%) (17.1%) (9.6%) EBIT 0.7 (0.9) (0.2) 6.8 1.5 8.3 Margin 0.2% (0.2%) 0.0% 1.5% 0.4% 1.1% Net result (0.2) 0.1 (0.1) 8.4 2.2 10.6 Margin 0.0% 0.2% 0.0
Slide 23: Construction & Renovation
Construction & Renovation REVENUE Flanders – Continued strong activity: decrease of 9.6% to € 788.5 million construction of Q building for Ghent University Hospital, O’Sea in Ostend, and block 21/24 Nieuw Zuid in Antwerp; steady progress on 2 projects for OPERATING INCOME Ineos in the Port of Antwer
Slide 24: Construction & Renovation order book
Construction & Renovation ORDER BOOK • Construction of the Rout Lëns project plot 14 in increase of 36.6% to €1.3 billion Luxembourg with 3 residential buildings comprising several major projects to be executed totaling 19,300 sqm over multiple years • Construction of the new SD Worx Among the contr
Slide 25: Construction & Renovation forward order book
Construction & Renovation Forward order book Revenue by country December 2024 December 2024 2025 2026 >2026 8,0% C&R Total: 1,343 m€ 595 337 411 766.7 354. 143. 20,0% 0 4 December 2023 72,0% 2024 2025 >2025 C&R 672 248 62 Total: 983 m€ Belgium Poland Luxembourg Year results 2024 • Analyst presentati
Slide 26: Investments & Holding
Investments & Holding Year results 2024 • Analyst presentation 26
Slide 27: Investments & Holding
Investments & Holding €m 1HY2023 2HY2023 FY2023 1HY2024 2HY2024 FY2024 EBIT 9.4 10.7 20.1 0 5.1 5.1 Net result 8.6 8.8 17.4 (3.1) 2.2 (1.0) Net financial 146.7 n.m. 201.6 213.4 n.m. 227.6 debt Contribution of Green Offshore: € 4.1 million Contribution of Deep C Holding: € 6.4 million Year results 20
Slide 28: Sustainable investments
Sustainable investments GREENSTOR (CFE 50%) Green Offshore (CFE 50%) DEEP C Rentel 309 MW CFE: NORTH VIETNAM 6.25% SeaMade 487 MW CFE: 4.38% (42%) 28
Slide 29: Investments: Deep C, Green Offshore, GreenStor
Investments DEEP C • More modest sales of industrial land: 80 hectares compared to 127 hectares in 2023 • Significant increase in sales and operating income of Services GREEN OFFSHORE • Less favourable wind conditions and price of electricity well below the guaranteed price • Strategic partnership o
Slide 30: Investments & Holding: Deep C sites
Investments & Holding 1 Deep C Haiphong I (541 ha) 5 4 2 Deep C Haiphong II (646 ha) 1 3 Deep C Haiphong III (527 ha) 2 3 4 Deep C Quang Ninh I (366 ha) 5 Deep C Quang Ninh II (1,193 ha) (*) IAI stake + direct Deep C Holding stake Year results 2024 • Analyst presentation 30
Slide 31: Outlook
Outlook • The medium- and long-term outlook for CFE is • VMA expects a stable activity level for 2025 positive, thanks to its positioning in the growth combined with an improvement in operating markets of renovation and energy performance margin. improvement of existing buildings, the At MOBIX, the
Slide 32: Flagship projects in core markets
Flagship projects in core markets 32
Slide 33: Well placed in high-growth markets
Well placed in high-growth markets Sustainable Smart Green energy buildings industry & mobility
Slide 34: Sustainable living
Sustainable living ROUT LËNS Luxembourg More than 19.300 sqm of highly sustainable housing NIEUW ZUID Antwerp Additional order of two buildings (of which one with PARK LANE Brussels wooden structure) on the Nieuw 350 high-quality and sustainable apartments on the Tour & Taxis site Zuid development i
Slide 35: Sustainable offices
Sustainable offices REALEX Brussels New 26.000 sqm conference center RED CROSS HQ Luxembourg and 18.000 sqm office buliding for the European Commission with high 13.400 sqm new headquarters to be sustainability and security built with low carbon concrete standards PWC HQ Luxembourg 34.000 sqm to obt
Slide 36: Bio-based construction
SD WORX HQ Antwerp Combination of concrete & Cross Laminated Timber for high sustainability standards GLP Warsaw Largest logistics centre with wooden roof structure in Poland KRONOS Luxembourg Bio-based Architectural competition concluded and site works to be started in Q4 construction 36
Slide 37: Large-scale renovation
Large-scale renovation 1st place ZIN IN NOORD Brussels Very high client satisfaction for occupant wellbeing and sustainability EQ Brussels Renovation of an iconic building in the heart of the European Quarter with respect for its initial architecture BROUCK’R Brussels 6.800 sqm (of total 37.000 sqm)
Slide 38: One-stop-shop for real estate revalorisation from A to Z
One-stop-shop for real estate revalorisation from A to Z. ETHIAS AXA REIM GENERALI ETHIAS Westia Jambes Office RAC Hasselt Office Montoyer 47 Brussels Office Goed Arthur Antwerp Senior Housing 4 projects signed and ongoing for » Taxonomy alignment study » Decarbonisation analyses » BREEAM assessment
Slide 39: Industrial buildings
INEOS Antwerp 200.000 m3 ethane tank for Ineos’ FULL LIFE TECHNOLOGIES Project One is on track Gembloux Construction & building technology for a new 17.000 sqm radiopharmaceutical manufacturing facility Industrial LCL DATA CENTERS Brussels buildings Construction and building technology for state-of-
Slide 40: Industrial automation
INDAVER Continued strong partnership and additional orders after successful first Plastics-2-Chemicals project last year BELCOLADE Additional orders on first CO2-neutral chocolate factory in Belgium Industrial VOLVO automation Additional orders for automation and electrification of production lines
Slide 41: Mobility infrastructure
Mobility infrastructure STIB METRO Brussels LOCK TERNEUZEN 4-year contract for the renewal of the energy grid and technical installations Panama Canal-sized lock allowing ships up to 366m long to enter North Sea Port OOSTERWEEL Antwerp Additional orders for tunnels under the Albert Canal and ring co
Slide 42: Energy infrastructure
Energy infrastructure ORES ENERGY GRID WALLONIA 4-year contract for the installation of underground energy cables D-STOR BATTERY PARK ZONE PRINCESSE ELISABETH Joint venture to submit offer for Construction & exploitation of construction & exploitation of 700 MW additional 140 MWh energy storage in L
Slide 43: Focus 2025
_—— Focus 2025 NN Octfe
Slide 44: Our joint focus as a Group in 2025
Our joint focus as a Group in 2025 SHIFT PERFORM ACCELERATE RETURN COMMUNITY SELECTIVE BIDDING SYNERGY FINANCIAL RIGOR LEADERSHIP SUSTAINABILITY & RISK MGMT TASKFORCE SEIZE ADJACENT Margin over DEVELOPMENT KNOWLEDGE Keep focus and Drive initiatives to MARKET POTENTIAL revenue, tight cash Further pro
Slide 45: Why invest in CFE
Why invest in CFE Top ESG Total solutions Resilient company in promising thanks to that walks net-zero diversified the talk markets revenues Year results 2024 • Analyst presentation 45
Slide 46: Thank you !
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Slide 47: Glossary
Glossary Capital employed Closing equity balance of the period + closing net financial debt HVAC Heating, ventilation, and air conditioning EBITDA Income from operating activities + amortisation and depreciation of (in)tangible assets and goodwill Debt ratio Net financial debt of the fiscal year / c
Slide 48: Disclaimer
Disclaimer The Information and any opinions contained therein are provided as at the date of the presentation and are subject to change without notice. In giving this presentation, neither CFE undertake any obligation to provide the recipient with access to any additional information or to update th