HY results 2025 – Presentation

STÉPHAN SONNEVILLE

Chief Executive Officer

ALEXANDER HODAC

Chief Operating Officer

CAROLINE VANDERSTRAETEN

Chief Financial Officer

September 4, 2025

1. Financial Update

2. Business Update

3. Portfolio Update

4. Outlook

5. Q&A

Clarity in uncertainty

NET DEBT REDUCTION

CONSOLIDATED

67

Million Euro

ESG

PERFORMANCE

CONTINUE

3

YEAR

PLAN

Financial Update

-

Continued reduction

of Consolidated Net Financial Debt

Net Debt (1)

FY 2020 FY 2021 FY 2022 FY 2023 HY 2024 FY 2024 HY 2025

Consolidated Net Debt reduction

(since 31/12/2024)

Million Euro

(Figures x C1,000,000) June 30, 2025

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

   Solid improvement of the solvency ratio

   Solvency Ratio in % (1)

   35

   29,4

   28,8

   29,9

   31,2

   30,5

   
   
   

   24

   FY 2020 FY 2021 FY 2022 FY 2023 HY2024 FY2024 HY2025

   1. Equity / (Equity + Net Financial Debt)

      Pursuing the strategic shift to project financing while improving cash position

      
      
      
      
      
      
      Market Financing Corporate Financing Project Financing
      
      

      Cash and Cash equivalents

      63,3

      59,5

      47,5

      584

25,1

FY 2022 FY 2023 FY 2024 HY 2025

2022 2023 2024 HY2025

(Figures x C1,000,000) June 30, 2025

Debt maturity schedule

<1 year 1 to 2 years 2 to 3 years 3 to 4 years >4 years

Majority of debt maturing within two years relates to Project financing.

193

Project

Corporate

59 Market

77

15

54

145

24

55

24

Confidence on a high level of renewals of those project financing given the portfolio value.

Bond repayments due within two years, but maturity spread remains meaningfully extended

(Figures x C1,000,000) June 30, 2025

Bond maturity schedule

501,1

67

434,1

434,1

64,5

369,6

369,5

84,1

285,5

285,5

2,5

80

203

203

68

135

135

80

55

REIMBURSED

TO BE REIMBURSED

PLANNED TO BE REIMBURSED TOTAL TO REIMBURSE

3 YEARPLAN

(Figures x C1,000,000) June 30, 2025

Evolution of Operational result

REVENUE HY 2025 (1)

GROSS MARGIN (1)

Adjusted operational result (1) (2)

6%

1,6

3 40 64 20 -5 58 1,6

-5

FY 2020

FY 2021

FY 2022

FY 2023

FY 2024

HY 2025

(Figures x C1,000,000) June 30, 2025 (1) Based on Alternative Performance measures

Evolution of Net result

DETAILS HY2025

1,6

-0,4

-2,2

-22,5

ADJUSTED OPERATIONAL RESULT (1) (2)

IMPAIRMENT

FINANCIAL RESULTS

TAX RESULTS

Non controlling NET RESULT

interests

TOTAL

-1

38 24 38 -1 -107 -39 -22,5

1,6 -0,4 -15,442 -6,06 -2,158 -22,46

FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY2024 HY2025

1. Based on Alternative Performance measures

2. before impairments

(Figures x C1,000,000) June 30, 2025

Consolidated balance sheet

(Figures x C1,000,000) June 30, 2025

Profit and Loss

(1) Based on Alternative Performance measures

(Figures x C1,000,000) June 30, 2025

Business Update

-

Deploy the residential portfolio through strategic partnerships

Strengthen targeted focus on office development in key markets

Reduce exposure of offices in Central Europe

With clear roadmap of

3 AXES

for the coming

3 YEARS

2025 - 2027

European Investment Market 2025

• Investment volumes remain below pre-COVID levels

  but show early recovery signs

• Office take-up +10% YoY in H1 2025; Frankfurt, Amsterdam, and London City saw the largest gains

• Vacancy rates edged up in Q2, yet prime rents rose

  6.1% YoY; yields stabilizing after rate-driven pressure

• Residential remains Europe's best investment sector (notably in Poland, The Netherlands, Hungary).

• ESG-compliant buildings command rental premiums as sustainability shapes tenant demand.

  European Rental Market Residential & Office - 2025 (source Savills)

  Office Market

  • Prime office rents forecasted +2.7% in 2025; driven by limited Grade A supply & rising demand

  • Prime yields stabilizing (~4.89%) after rate-hike pressure; early signs of compression

  • Vacancy rates in core markets near 3%; development pipeline at decade lows

  • Tenants prioritizing ESG-compliant, central locations;

    landlords benefit from supply scarcity

    Residential Market

  • Key European cities show ongoing upward price trends, reflecting sustained market interest

  • Supply shortages across Europe pushing rents higher

    despite affordability concerns

  • Rental growth momentum expected to continue through 2025

Source: Trends & forecasts in the European real estate market in 2025 - Integra - DCM

Portfolio Update

-

Key priorities 2025

1.

Deliver the projects

and collect our cash

2.

Reposition and rebrand some of our major office projects, resulting in first leasing successes

3.

Introduce new building permits and prepare the future pipeline

4. Clear roadmap

Project Portfolio*

PORTFOLIO BY FUNCTION in M²

RETAIL

3,1% OTHERS

EQUIPMENTS

AS FROM JULY 1, 2025 DIVERSIFICATION BY DEVELOPMENT PHASE IN EUR

(estimated market value)

700 M DESIGN

600 M BUILDING PERMIT INSTRUCTION

1,100 M BUILDING PERMIT OBTAINED

800 M CONSTRUCTION IN PROGRESS

1,042,799 m2

LIVING

PORTFOLIO BY COUNTRY IN M2

WORKING

36,3%

*Atenor share

56,7%

UNITED KINGDOM / 7,749

ROMANIA / 91,066

PORTUGAL / 35,653

POLAND / 187,584

THE NETHERLANDS / 94,455

LUXEMBOURG / 69,017

HUNGARY / 217,005

GERMANY / 14,525

FRANCE / 72,847

BELGIUM / 252,898

CAMPUS - LU

COM'UNITY - FR

LAKE 11 - HU

LAKE 11 - HU

MOVE'HUB - BE

PULSAR - DE

Project Portfolio

2025's first 8 months

LUXEMBOURG (LU)

CAMPUS (41,078 m²): CONSTRUCTION STARTED * KYKLOS (8,644 m²) : BUILDING PERMIT OBTAINED *

DUSSELDORF (DE)

PULSAR (14,525 m²) : REPOSITIONING 45% PRE-LEASING

UNDER FINALISATION

BRUSSELS (BE)

NOR (162,387 m²): MODIFIED BUILDING PERMIT INTRODUCED *

MOVE'HUB (54,756 m²): BUILDING PERMIT OBTAINED *

BUCHAREST (RO)

UPSITE (31,371 m²) : 98% PRE-SOLD - DELIVERY ONGOING

PARIS (FR)

COM'UNITY (40,052 m²) : REPOSITIONING / REBRANDING - FIRST 1200M2 OFFICES LEASED

LISBON (PT)

WELLBE (32,6657 m²) : PROVISIONAL ACCEPTANCE ** ORIENTE (9,548 m²) : ACQUISITION IN JV ***

BUDAPEST (HU)

BAKERSTREET I (19,500 m²): SOLD

LAKE 11 PHASE 1 (265 apart.) : 89% PRE-SOLD - DELIVERY ONGOING

BAKERSTREET II (31,571 m²) : BUILDING PERMIT INTRODUCED

Key ESG Highlights

EU TAXONOMY ALIGNED TURNOVER

100%

122,8 Million Euro

GRESB SCORE

99%*

recognized Global Sector Leader

ENERGY SAVINGS

-30%

on average compared to Nearly Zero Energy Standard

OUTLOOK

-

Where do we want to be in 2027?

67€

INDEBTNESS

34,9%

SOLVENCY RATIO

WHERE WESTANDNOW

Q2 2025 2026

2027

1.

2.

3.

Deploy the residential portfolio through strategic partnerships

Strengthen targeted focus on office development in key markets

Reduce exposure of offices in Central Europe

2024 2028

Outlook

Our focus remains on further debt reduction, improving solvency, and selectively launching projects that meet market demand and

enhance long-term value of the company.

Questions & Answers

-

Financial Calendar 2025 - 2026

Publication of the

Full Year results 2025

19/11

Interim Statement

Q3 2025

Interim Statement Q1 2026

General Assembly 2025

24/04

05/03

19/05