Half year results 2025

embargoed until Thursday 28 August 2025 - 7:00 CET

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First half results 2025

First half results 2025

• Operating margin up sharply compared with the first half of 2024

• Strong net income of € 7.5 million (+79%) despite a difficult economic context

• Increase of 45% of the VMA's order book

• Net financial debt down 67% compared with 30 June 2024

• Outlook for 2025 confirmed

1. Key figures

   Year ended June 30 (in million €)	2025	2024	Change
   Revenue	545.8	600.7	-9.1%
   EBITDA	21.7	21.7	+0.0%
   % of revenue	4.0%	3.6%
   Operating income (EBIT)	11.5	4.6	+150.0%
   % of revenue	2.1%	0.7%
   Result for the period - share of the group	7.5	4.2	+78.6%
   % of revenue	1.4%	0.6%

   (in million €)	June 2025	December 2024	Change
   Equity - share of the group	236.2	247.8	-4.7%
   Net financial debt	46.5	41.7	+11.5%
   Order book	1,711.9	1,646.3	+4.0%

   (*) The definitions are included in the 'Definitions' section on page 26

   Raymund Trost, CEO of CFE, said :

   CFE Group delivered a solid performance during the first half of 2025 despite a challenging macro-economic environment. Our operational results increased by 150% with all business segments contributing positively and we further strengthened our balance sheet with a mid-year record low financial debt position. This is the result of the continuous focus of our exceptional talents on high selectivity for new projects, operational excellence in project delivery, and attractive opportunities in our growth markets of energy-efficient buildings, quality housing, smart industry and infrastructure for the energy transition.

   We have again proven the resilience of our multi-disciplinary business model and are well positioned to provide total solutions to increasingly complex challenges for our clients by combining the areas of expertise within our group.

   General overview

   Revenue for the first half of 2025 amounted to € 545.8 million, down by 9.1% compared with the first semester 2024. The decline is mostly concentrated in the Belgian and Polish construction entities, and at MOBIX. The economic context remains challenging.

   Operating income for the first half of 2025 amounted to € 11.5 million, which is up 150.0% compared with the first half of 2024.

   Net income increased to € 7.5 million.

   Shareholders' equity stood at € 236.2 million at 30 June 2025, down slightly by 4.7% compared with

   31 December 2024. On 21 May 2025, a dividend of € 9.9 million was paid to shareholders, equivalent to € 0.4 gross per share.

   Net financial debt amounted to € 46.5 million, a historically low level for a half-year closing. CFE SA, the parent company of the group, together with its subsidiaries have confirmed bank credit facilities of € 250 million, of which € 66.5 million was used as at 30 June 2025. All bank covenants have been complied with. The order book increased by 4.0% compared with 31 December 2024. It stood at € 1.71 billion as at 30 June 2025. Order intake was particularly strong at VMA (+45% compared with 31 December 2024).

2. Outlook 2025 confirmed

   Despite challenging market conditions, CFE once again demonstrated its resilience with solid results and a strong balance sheet.

   CFE maintains the previously announced forecast, i.e. a moderate decline in its revenue in 2025, but a net income that should remain at a level comparable to that of 2024. Excluding exceptional events, CFE forecasts the following trends for its various divisions:

   • BPI Real Estate: net income close to that of 2024;

   • VMA: operating income is expected to grow significantly compared with 2024;

   • MOBIX: a lower activity level and the LuWa project will continue to weigh on its results;

   • Construction & Renovation: revenue for the second half of the year should be close to that of the second half of 2024. Priority will be placed on selectivity in taking on business and on improving operational performance;

   • Deep C: excluding the impact of exchange rates, net income should exceed that of 2024;

   • Green Offshore: the contribution to the Group's results is expected to be lower than in 2024 due to weather conditions in the first half of the year.

3. Segment analysis

Real Estate Development

KEY FIGURES

(*) The definitions are included in the "Definitions" section on page 26

CHANGES IN CAPITAL EMPLOYED (*)

BREAKDOWN BY STAGE OF PROJECT DEVELOPMENT

BREAKDOWN BY COUNTRY

(*) The definitions are included in the "Definitions" section on page 26

Capital employed amounted to € 238 million as at 30 June 2025, which is down 7.0% compared with end of December 2024. No acquisitions were made in the first half of 2025.

The real estate market remains disrupted, although market conditions for the residential segment are showing the first signs of recovery, without returning to pre-crisis levels. The office market is expected to start its recovery as from 2026 for buildings located in prime location and which are exemplary in terms of environmental performance and comfort for their occupants. The future evolution of long-term interest rates remains an attention point.