Immobel Sa · EURONEXT:IMMO
Immobel Sa — H1 2025 Earnings Presentation
26 slides from Immobel Sa's earnings presentation, Sep 12, 2025
Slide 1: Half Year Results 2025 Investor Presentation
HALF YEAR FOR CITIES FOR PEOPLE Results 2025 Investor Presentation September 12, 2025
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 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 H1 2025 is higher than H1 2024 and is expected to increase Office Vacancy Rate by 5% in 2025 YOY 4,5% 4,0% 3
Slide 6: Office Sector: investors remain cautious outside ultra prime
02 Real Estate Environment European Investment Volumes Office Sector Investors remain cautious toward office sector, outside the ultra prime segment • European investment volumes across all asset classes continue to trend upwards and is expected to grow by 12% in 2025 • Investment volume expected to
Slide 7: Residential Sector: scarcity in major cities drives prices and rents
Luxembourg – Transaction Volume (number of units) 02 Real Estate Environment Residential Sector Scarcity in major cities continues to drive prices and rents higher • Structural challenges persist across Europe: supply shortages, affordability pressures, Belgium – Transaction volume (number of units)
Slide 8: Business & financial highlights
Business & financial HIGHLIGHTS The Muse | Brussels 8
Slide 9: Immobel reports strong H1 2025 results: business update
03 Business & Financial Highlights Immobel reports strong H1 2025 results Business update • Completion of the sale to the National Lottery of 4,500 m² of • Red Bull has established its French headquarters in a prime additional office space in Brouck’R, a mixed-use project in Brussels. Immobel-develo
Slide 10: Immobel reports strong H1 2025 results: financial update
03 Business & Financial Highlights Immobel reports strong H1 2025 results Financial update • Net result: profit of EUR 31.5 million, a turnaround from a EUR -89.1 million loss in H1 2024. The improved result is driven by successful commercialization • Annualized rental income: Over EUR 8 million, on
Slide 11: Portfolio overview
Portfolio overview 11 Tati – La Passerelle Barbès | Paris
Slide 12: Portfolio with GDV of €4 bn, of which €2 bn is permitted
04 Portfolio overview Portfolio strategy Portfolio with GDV of € 4 bn, of which € 2 bn is permitted Portfolio by country Portfolio by asset class (1) Portfolio by status Time of Delivery 1% 12% 4% 29% 26% 29% 37% € 4 bn € 4 bn 28% € 4 bn € 4 bn 7% 51% 71% 46% 15% 10% 33% Belgium Luxembourg Contracte
Slide 13: Project pipeline: key projects in operation 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 (EURm)(1) % sold/rented(2) 2025E 2026E 2027E 2028E+ (x1000) O'Sea Phase 2 BEL Residential
Slide 14: Financial performance
Financial performance Brouck’R | Brussels 14
Slide 15: P&L: revenue up 54% and margins strongly improved
05 Financial Performance P&L Revenue has grown with 54% and margins have strongly improved Operating income Operating income(2) (EURm) 7% Belgium +54% 22% France Germany 549 51% 486 431 410 445 4% Luxembourg 371 227 216 211 16% Other 137 2017A 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2024 H1 2025 H
Slide 16: 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 = 4,4% due to unsold leased offices About 89% hedged or fixed up Gearing(1) Debt maturity schedule as of H1 2025 to
Slide 17: Outlook
OUtlook The Muse | Brussels 17
Slide 18: Outlook: FY2025 revenues expected at upper end of guidance
06 Outlook → FY2025 revenues expected to reach the upper end of the €300 million to €400 million guidance. 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
07 Appendix Profit & loss statement External view kEUR déc-21 déc-22 déc-23 déc-24 juin-24 juin-25 Operating Income 392,815 243,875 162,843 379,386 113,553 149,222 Turnover 386,330 236,306 156,378 377,506 111,445 148,273 Other operating income 6,484 7,569 6,465 1,879 2,108 0,948 Operating Expenses -
Slide 23: Balance sheet: external view
07 Appendix Balance sheet External view kEUR déc-21 déc-22 déc-23 déc-24 juin-25 kEUR déc-20 déc-21 déc-22 déc-23 déc-24 juin-25 Non-current assets 506,258 362,294 367,090 330,536 349,892 Total equity 494,490 582,920 573,139 501,674 400,167 431,696 Goodwill 43,789 0,000 0,000 0,000 0,000 Equity shar
Slide 24: Profit & loss statement: internal view
07 Appendix Profit & loss statement Internal view kEUR déc-21 déc-22 déc-23 déc-24 juin-24 juin-25 Operating Income 549,046 409,516 215,674 445,449 137,022 210,571 Turnover 526,799 377,377 189,820 415,773 123,228 196,600 Other operating income 22,247 32,139 25,854 29,676 13,794 13,971 Operating Expe
Slide 25: Balance sheet: internal view
07 Appendix Balance sheet Internal view kEUR déc-21 déc-22 déc-23 déc-24 juin-25 kEUR déc-21 déc-22 déc-23 déc-24 juin-25 Non-current assets 428,872 258,956 242,962 215,260 229,776 Total equity 582,798 572,644 500,793 400,167 431,696 Intangible and tangible assets 50,663 15,416 14,136 12,705 11,607
Slide 26: Definitions
07 Appendix Definitions • Click here to have the APM 26 Source: Company information