Interim statement 1Q2026

Embargoed until Wednesday 20 May 2026 - 7 :00 CET

regulated information

Quarterly information as at 31 March 2026

Quarterly information as at 31 March 2026

• Approval of the Development Plan (PAP) for the Kennedy Park site
• Strong increase in revenue in the Multitechnics segment: +21%
• Net cash position of € 48.3 million as at 31 March 2026, up € 140 million compared to 31 March 2025
• Payment of a dividend of € 0.50 gross per share on 21 May 2026
• 2026 outlook unchanged: net income close to that of 2025

1. Key figures

   Revenue In million €	31/03/2026	31/03/2025	Change
   Real Estate Development	13.7	16.7	-18.0%
   Multitechnics	83.0	68.5	+21.2%
   Construction & Renovation	173.0	179.6	-3.7%
   Holding & Investments and eliminations between segments	(3.0)	(3.4)	n.s.
   Total	266.7	261.4	+2.0%

   Order book In million €	31/03/2026	31/12/2025	Change
   Multitechnics	316.8	338.1	-6.3%
   Construction & Renovation	1,228.0	1,286.3	-4.5%
   Other segments	7.7	8.2	-6.1%
   Total	1,552.5	1,632.6	-4.9%

2. Analysis by segment

In million € March 2026 December 2025

EVOLUTION OF THE CAPITAL EMPLOYED BREAKDOWN BY STAGE OF PROJECT DEVELOPMENT

In million € March 2026 December 2025

BREAKDOWN BY COUNTRY

Capital employed

Capital employed of the unsold units post completion decreased significantly during the first quarter of 2026. The marketing of properties under construction is also progressing satisfactorily.

On 27 April 2026, the Municipal Council of the City of Luxembourg approved the Development Plan (PAP) for the Kennedy Park site, marking a new milestone for one of the most emblematic sites on the Kirchberg plateau. Spanning more than 3 hectares, the former historic headquarters of BGL BNP Paribas is set to be completely transformed: Kennedy Park will fully redevelop the site into a mixed-use, open and sustainable district.

Eight new buildings will combine offices, residential space (apartments, co-living and hospitality), leisure facilities, retail and services, together with a 1.6-hectare park open to the public. The above-ground built area will total approximately 75,000 m².

Two international companies have already chosen Kennedy Park for their future headquarters: KPMG Luxembourg and Linklaters. Linklaters will move into its new 5,500 m² headquarters in the third quarter of 2028, followed by KPMG Luxembourg, which will relocate its 1,800 employees there in the fourth quarter of 2028 in a 31,000 m² building.

The dismantling of the former buildings will continue until September 2026, while construction works for the new buildings are scheduled to start in summer 2026.

In Poland, BPI Real Estate is preparing the launch of three new residential projects:

• the first phase of the Gedania project in Gdansk (139 apartments);

• the second phase of the PanoramiQa project in Poznan (160 apartments);

• the third phase of the Cavallia project, also in Poznan (131 apartments).

  In Belgium, the urban development permit for the Samaya project was obtained in September 2025 and became enforceable and final during the first quarter of 2026. The granting of the urban development permit (PUR) marks a decisive step in the realization of this ambitious 82,000 m² real estate development. This former industrial brownfield site will be transformed into a vibrant and sustainable neighbourhood within walking distance of Ottignies station.

  Multitechnics

  KEY FIGURES

  In million €	31/03/2026	31/12/2025	31/03/2025
  Revenue	83.0	301.4	68.5
  Order book	316.8	338.1	316.2

  REVENUE

  VMA achieved a revenue of € 61.2 million, up 22.1% compared to the first quarter of 2025.

  Activity was particularly strong in the Electricity and HVAC Business Units. Market conditions nevertheless remain challenging in industry, and particularly in the European automotive industry.

  MOBIX also recorded an increase in activity of a similar magnitude, in percentage terms, to that of VMA. Its revenue amounted to € 21.8 million in the first quarter of 2026.

  ORDER BOOK

  The order book amounts to € 316.8 million, slightly down compared to 31 December 2025. Several major orders are expected to be added to the order book in the coming weeks.

  During the first quarter, VMA strengthened its order book in two of its target markets: hospitals and healthcare facilities, and data centers.

  Construction & Renovation

  KEY FIGURES

  In million €	31/03/2026	31/12/2025	31/03/2025
  Revenue	173.0	683.4	179.6
  Order book	1,228.0	1,286.3	1,382.1

  REVENUE

  Revenue amounted to € 173 million, down 3.7%.

  Revenue increased significantly in Luxembourg, while it declined in Belgium and Poland.

  In Flanders, several major projects are currently under way, including the closure of the Antwerp Ring Road (Oosterweel Link), the construction of the Airport Business Center office complex in Diegem, several residential buildings in the new Nieuw Zuid district, and the construction of the new SD Worx headquarters. A significant number of projects are also in the start-up phase.

  In Brussels, the major renovation of the future Kanal - Centre Pompidou museum has entered its final phase: the works are expected to be completed in the third quarter of 2026.

  In Mons, the last phase of the construction of 600 housing units on the SHAPE (NATO) site has been delivered.

  In Luxembourg, several major projects are under way, including the future PwC headquarters and a residential complex on the Rout Lëns site.

  ORDER BOOK

  The order book amounted to € 1,228.0 million on 31 March 2026, compared to € 1,286.3 million on 31 December 2025.

  Several major new orders were secured during the first quarter of 2026, including:

• the renovation and extension of the British School of Brussels in Tervuren;

• the construction of a shopping center in Poland.

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