Half-yearly financial report 2025

INTERIM REPORT

FOR THE HALF-YEAR ENDING 30 JUNE 2025

DEFINITIONS 4

FIRST HALF RESULTS 2025 5

1. Key figures 5

2. Outlook 2025 confirmed 7

3. Segment analysis 8

   Real Estate Development 8

   Multitechnics 11

   Construction & Renovation 13

   Investments & Holding 15

4. Social responsibility and sustainability commitment 16

CONSOLIDATED FINANCIAL STATEMENTS 19

Consolidated statement of income 19

Consolidated statement of comprehensive income 19

Consolidated statement of financial position 20

Consolidated statement of cash flows 21

Consolidated statement of changes in equity 24

Share capital and reserves 24

Earnings per share 24

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 25

Introduction 25

Main transactions for the first six months of 2025 and 2024 with effect on the scope of the cfe group 25

1. GENERAL POLICIES 26

2. CONSOLIDATION METHODS 27

3. SIGNIFICANT ACCOUNTING POLICIES 28

4. SEGMENT REPORTING 29

5. ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES 33

6. OTHER OPERATING INCOME 33

7. FINANCIAL RESULT 34

8. INCOME TAX OF THE COMPREHENSIVE INCOME 34

9. INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD 35

10. PROVISIONS OTHER THAN THOSE RELATING TO NON-CURRENT EMPLOYEE BENEFIT OBLIGATIONS 36

11. INFORMATION RELATED TO STOCK OPTION PLANS ON OWN SHARES 37

12. CONTINGENT ASSETS AND LIABILITIES 38

13. DERIVATIVE FINANCIAL INSTRUMENTS 39

14. NET FINANCIAL DEBT 41

15. OTHER COMMITMENTS GIVEN 42

16. OTHER COMMITMENTS RECEIVED 43

17. LITIGATION 43

18. RELATED PARTIES 43

19. SUBSEQUENT EVENTS 44

20. IMPACT OF FOREIGN CURRENCIES 44

21. SEASONAL NATURE OF THE BUSINESS 45

ALTERNATIVE PERFORMANCE MEASURES RECONCILIATION 46

STATEMENT ON THE TRUE AND FAIR NATURE OF THE FINANCIAL STATEMENTS 48

GENERAL INFORMATION ABOUT THE COMPANY 49

‌DEFINITIONS

Working capital requirement Inventories + trade and other operating receivables + contract assets + other

current non-operating assets - trade and other operating payables - current tax liabilities - contract liabilities - other current non-operating liabilities

Capital employed Real Estate Equity of real estate development segment + net financial debt of real estate

development segment

Net financial debt (NFD) Current and Non-current financial liabilities - cash and cash equivalents

Net financial surplus Cash and cash equivalents - current and non-current financial liabilities

Income from operating activities Revenue + other operating income + raw materials, consumables, services and

subcontracted work + personnel expenses + other operating expenses + depreciation and amortisation

Operating Income (EBIT) Income from operating activities + share of profit (loss) of investments accounted

for using equity method

EBITDA Income from operating activities + depreciation and amortisation

Return on equity (ROE) Net income, share of the group / equity, share of the group (opening)

Average interest rate on gross The contractual interest rate (weighted average) of financial debt in force during

the

Financial debt financial year after taking hedging instruments into account. Financial debt includes

drawdowns on credit facilities, bank loans, bonds and leases.

Capital employed Net financial debt (NFD) + Equity, share of the group

Debt ratio Net financial debt (NFD) / Capital employed

Order book Revenue to be generated by the projects for which the contract has been signed and has come into effect (after notice to proceed has been given or conditions precedent have been fulfilled) and for which project financing is in place.

Unsold units post completion Projects for which construction has been completed during the quarters preceding

the balance sheet date.

Projects under construction Projects under construction

Projects in development Projects secured by BPI Real Estate i) for which permit applications are being

prepared or have been filed or ii) for which building permits have been obtained but construction has not yet started.

‌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

(*) The definitions are included in the 'Definitions' section .

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 proved the resilience of our multi-disciplinary business model and are well positioned to provide total solutions to increasingly complex challenges for our valued clients by combing the global expertise of our group.