Slide 1: Full Year Results 2025 Investor Presentation
FULL YEAR FOR CITIES FOR PEOPLE Results 2025 Investor Presentation March 4, 2026
Slide 2: Summary
summAry Oxy | Brussels 01 IMMOBEL AT A GLANCE 05 FINANCIAL PERFORMANCE 02 REAL ESTATE ENVIRONMENT 06 OUTLOOK 03 BUSINESS & FINANCIAL HIGHLIGHTS 07 APPENDIX 04 PORTFOLIO OVERVIEW
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: occupier market faces pressure from fragile economic recovery
European Office Take up (sqm) 02 Real Estate Environment Office Sector Occupier market faces pressure from the fragile economic recovery and geopolitical tensions • European office take up in 2025 is 2% higher y.o.y and close to 5-year average Office Vacancy Rate • Office vacancy rate remains resili
Slide 6: Office Sector: investment progressing back from low point while prime yields stable
02 Real Estate Environment Office Sector Office investment is demonstrating solid progress back from its low point while prime yields remain broadly stable • Offices reported the highest growth rate of all commercial real estate asset classes with +19% y.o.y. growth in Q4 2025 • The end of monetary
Slide 7: Residential Sector: supply-demand gap to sustain prices in 2026
Evolution of the housing prices – Belgium vs Neighbouring 02 Real Estate Environment countries Residential Sector Supply-demand gap to sustain prices in 2026 • Structural challenges persist across Europe: supply shortages, affordability pressures, and energy efficiency requirements continue to shape
Slide 8: Business & financial highlights
Business & financial HIGHLIGHTS The Muse | Brussels 8
Slide 9: Strong performance with a EUR 48 million net result for FY2025 (business update)
03 Business & Financial Highlights Immobel delivers a strong performance with a EUR 48 million net result for FY2025 Business update Sablon (Brussels), and the full leasing of the CALA building in • 882 residential units sold across markets in 2025, supported Liège, contributed to a total of 18,000
Slide 10: Strong performance with a EUR 48 million net result for FY2025 (financial update)
03 Business & Financial Highlights Immobel delivers a strong performance with a EUR 48 million net result for FY2025 Financial update • Net result of EUR 48 million, a turnaround from a EUR - 94 • Gearing ratio decreased to 58.9% from 66.7% FY2024, million loss in FY2024. The improved result is driv
Slide 11: Strong performance with a EUR 48 million net result for FY2025 (financial update)
03 Business & Financial Highlights Immobel delivers a strong performance with a EUR 48 million net result for FY2025 Financial update • Dividend recommendation: The Board of Directors • Taxes of EUR 1 million, up from EUR -2 million FY2024, mainly recommends not to declare a dividend for FY2025, in
Slide 12: Portfolio overview
Portfolio overview 12 Tati – La Passerelle Barbès | Paris
Slide 13: Portfolio strategy: GDV of €3.8 bn, of which €1.7 bn permitted
04 Portfolio overview Portfolio strategy Portfolio with GDV of € 3.8 bn, of which € 1.7 bn is permitted Portfolio by country Portfolio by asset class (1) Portfolio by status Time of Delivery 4% 27% 18% 27% 46% 33% € 3.8 bn € 3.8 bn € 3.8 bn € 3.8 bn 6% 52% 41% 29% 73% 16% 9% 21% Belgium Luxembourg C
Slide 14: Project pipeline
04 Portfolio Overview In conception / permitting phase Project pipeline In construction phase In permitting Continued launch of premium real estate projects in Belgium Final permit obtained Gross m² Project Country Type GDV (EURm)(1) % sold/rented(2) 2025A 2026E 2027E 2028E+ (x1000) O'Sea Phase 2 BE
Slide 15: Financial performance
Financial performance Brouck’R | Brussels 15
Slide 16: P&L: higher net result driven by improved gross margins
05 Financial Performance P&L Higher net result driven by significantly improved gross margins Operating income Operating income(2) 4% (EURm) 14% Belgium 3% France 51% Germany 549 486 445 456 431 410 Luxembourg 371 227 216 28% Other 2017A 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025A Gross margin (
Slide 17: Balance sheet and operating cash flows
05 Financial Performance Balance sheet and operating cash flows Deleveraging ongoing while maintaining a strong liquidity position Gearing ratio increased mainly Average interest cost = 4,5% due to unsold leased offices About 81% hedged or fixed up Gearing(1) Debt maturity schedule as of 2025 to the
Slide 18: Outlook
OUtlook The Muse | Brussels 18
Slide 19: Expected operating income of EUR 400-450 million
06 Outlook The Group expects operating income to reach EUR 400-450 million (internal view) supported by continued solid residential sales in Belgium and the sale of several liquid office assets throughout Europe. 19
Slide 20: Thank you
Thank you 20
Slide 21: Contact details
Contact Immobel is one of Belgium’s largest listed property developers details (Euronext Brussels: IMMO). Established in 1863, the Company is specializing in creating high-quality, sustainable urban environments in premium locations that positively impact how people live, work, and play. The company
Slide 22: Appendix
Appendix Brouck’R | Brussels 22
Slide 23: Profit & loss statement (external view)
07 Appendix Profit & loss statement External view kEUR Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Operating Income 392,815 243,875 162,843 379,386 354,824 Turnover 386,330 236,306 156,378 377,506 333,869 Other operating income 6,484 7,569 6,465 1,879 20,955 Operating Expenses -338,312 -293,572 -189,217 -460
Slide 24: Balance sheet (external view)
07 Appendix Balance sheet External view kEUR Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 kEUR Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Non-current assets 506,258 362,294 367,090 346,751 339,311 Total equity 582,920 573,139 501,674 400,167 454,221 Goodwill 43,789 0,000 0,000 0,000 0,000 Equity share of immobel 571,
Slide 25: Profit & loss statement (internal view)
07 Appendix Profit & loss statement Internal view kEUR Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Operating Income 549,046 409,516 215,674 445,449 456,379 Turnover 526,799 377,377 189,820 415,773 408,614 Other operating income 22,247 32,139 25,854 29,676 47,764 Operating Expenses -430,390 -386,615 -227,511
Slide 26: Balance sheet (internal view)
07 Appendix Balance sheet Internal view kEUR Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 kEUR Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Non-current assets 428,872 258,956 242,962 215,260 218,652 Total equity 582,798 572,644 500,793 400,167 454,221 Intangible and tangible assets 50,663 15,416 14,136 12,705 10,435 No
Slide 27: Definitions
07 Appendix Definitions • Click here to have the APM (as included in the press release) 27 Source: Company information
Slide 28: Our ESG Strategy
07 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 29: We create healthy places
07 Appendix We create healthy places 2025 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 or
Slide 30: We lead by example
07 Appendix We lead by example 2025 main achievements as a responsible company TOWARDS OUR COLLABORATORS FOR THE INDUSTRY FOR THE COMMUNITY Mobility Governance Financial Empowerment Changes in employees’ car/mobility policy to ESG Committee at board level 7 projects supported accelerate transition t