FY results 2024 – Presentation

-

FY RESULTS 2024

STÉPHAN SONNEVILLE

Chief Executive Officer

ALEXANDER HODAC

Chief Operating Officer

CAROLINE VANDERSTRAETEN

1

Chief Financial Officer

3

1. Where we stand today

2. Where we are going

3. Conclusion

   4

4. Q&A

ïÂtenor ls a European urban developer

transforming sustainable and vlbrant Clties

5

Where we stand today

6

Financial & Business Update

Key 2024 Financial Highlights

Consolidated Net Debt reduction

Million Euro

Transactions in sales

*

Million Euro

7

*BasedonAPM

Investment in the business

Million Euro

8

POLAND

Lakeside I

BELGIUM

Mons Residential

LUXEMBOURG

Twist

PORTUGAL

Well BE

2024 Transaction Breakdown

Capital increase purpose

1.

2.

9

3.

Shareholder structure after capital increase

Public

21,39%

Own shares

0,51%

3D NV

37,20%

Vandewiele Group NV

9,53%

Midelco NV

4,84%

Stéphan Sonneville SA

2,84%

Luxempart SA

15,87%

ForAtenoR SA

7,81%

10

Shareholder agreement in place among Luxempart SA, 3D NV, ForAtenoR SA and Stéphan Sonneville SA.

Financial Update

Key 2024 Financial Highlights

31.12.2024 31.12.2023

Adjusted turnover

Adjusted grossmargin on sales

Adjusted operating result before impairment

Netfinancial debt

Solvency ratio

390,4

70,6

58,2

664,6

30,5%

130,5

14,5

-4,6

817,5

29,6%

12

(Figures x C1,000,000) December 31, 2024 Based on Alternative Performance Measures

Solid improvement of the solvency ratio

Solvency Ratio in % (1) Pro forma after capital increase in %

30,7 28,9

24

29,6 30,5

30,7 28,9

24

29,6

35,2

FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

13

(1) Equity / (Equity + Net Financial Debt)

Substantial reduction

of Consolidated Net Financial Debt

Net Debt (1)

14

FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

Consolidated Net Debt reduction

Million Euro

(Figures x C1,000,000) December 31, 2024

1. Net Financial Debt: consolidated financial debt - cash & cash equivalents

   
   
   

   Pursuing the strategic shift to project financing

   Market Financing Corporate Financing Project Financing

   584

FY 2022 FY 2023 FY 2024

15

(Figures x C1,000,000) December 31, 2024

Bond maturity schedule

2022 -2024 Reimbursed Bond Maturity schedule as of 31/12/24 (1)

2,5

40

68

40

3

Q4 Q3 Q2

55 Q1

2022 2023 2024 2025 2026 2027 2028 2029

16

(Figures x C1,000,000) December 31, 2024 (1) Bond, MTN, EMTN

Strong revenue

and operational result

REVENUE 2024(1)

390

GROSS MARGIN (1)

18%

Adjusted operational result (1) (2)

61

58

3 42 61 20 -5 58

FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

17

(Figures x C1,000,000) December 31, 2024 (1) Based on Alternative Performance measures

1. before impairments

Evolution of Net result

58 -36 -38 -23 -39

-1

38 24 38 -1 -107 -39

FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

1. Based on Alternative Performance measures

   -5 -56 -37 -9 -107

2. before impairments

18

(Figures x C1,000,000) December 31, 2024

DETAILS 2024

ADJUSTED OPERATIONAL RESULT (1) (2)

IMPAIREMENT FINANCIAL RESULTS TAX RESULTS NET RESULT TOTAL

DETAILS 2023

-5

-56

-37

-9

-107

ADJUSTED OPERATIONAL RESULT (1) (2)

IMPAIREMENT FINANCIAL RESULTS TAX RESULTS NET RESULT TOTAL

Business Update

Group Management Committee

Stéphan Sonneville

CEO

Caroline Vanderstraeten

CFO

Jonathan Loos

HR Director

Hans Vandendael

20

Legal Director

21

My first four months with Atenor

1.

Operational Efficiency

2.

Strengthening of commercial and technical competences

3.

Portfolio Redesign

Project Portfolio*

PORTFOLIO BY FUNCTION PORTFOLIO BY COUNTRY IN M2

EQUIPMENTS

3%

OFFICES

36%

RETAIL

3%

OTHERS

2%

RESIDENTIAL

56%

UNITED KINGDOM / 25,000

ROMANIA / 91,000

PORTUGAL / 42,000

POLAND / 208,000

THE NETHERLANDS / 96,000

LUXEMBOURG / 66,000

HUNGARY / 228,000

GERMANY / 15,000

FRANCE / 73,000

BELGIUM / 288,000

22

*Atenor share

Project Portfolio

DIVERSIFICATION BY DEVELOPMENT PHASE IN M2 AS FROM JAN 1, 2025

348,005 DESIGN

158,659 BUILDING PERMIT INSTRUCTION

278,574 BUILDING PERMIT OBTAINED

183,048 CONSTRUCTION IN PROGRESS

23

163,250 CONSTRUCTION COMPLETED

Where we are going

24

Strategy and Vision

272 U

106 U

165 U

360 U

87 U

Our Living Sector track record

42 u

350

97 U

356 U

164 U

167 U

74 U

140 U

152 U

113 U

74 U

33 U

1500 U

900 U

34 U

u

Implement the residential portfolio

With clear

roadmap of

Further develop CORE offices

3 axes

for the coming

27

Reduce exposure of offices in Central Europe

3 years

Project Pipeline

IMPLEMENT THE RESIDENTIAL PORTFOLIO

GROSSAREA ATENOR(M2)

634,236

2025 2026 2027

FURTHER DEVELOP

CORE OFFICES

GROSSAREA

ATENOR(M2)

323,336

REDUCE EXPOSURE

OF OFFICE IN CE

GROSSAREA

ATENOR(M2)

173,937

2025 2026 2027

MAINLY PROJECTS

WITH PERMITS AND

CONSTRUCTION ONGOING

2025 2026 2027

28

Continued focus on sustainability

Taxonomy aligned Turnover

91%

354.910.738 EUR*

TOTAL TURNOVER ATENOR

390.448.487 EUR

* Turnover including disposals, share

disposals and equity-accounted companies

Compliant with

EU Taxonomy

99,62%

1.127.286 m2

TOTAL PROJECTS IN DEVELOPMENT

1.131.536 m²

NON-COMPLIANT

29

4.250 m²

Direct C02 emissions at Atenor Corporate level Scope 1+2 (TCOeq)

-37%

30

2020 2022 2023 2024 2030

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