Investor Presentation - Full-year results 2025

FOR CITIES FOR PEOPLE

FULL YEAR

REsULTs 2025

Investor Presentation

March 4, 2026

sUMMARY

Oxy | Brussels

1. IMMOBEL AT A GLANCE
2. REAL ESTATE ENVIRONMENT
3. BUSINESS & FINANCIAL HIGHLIGHTS
4. PORTFOLIO OVERVIEW
5. FINANCIAL PERFORMANCE
6. OUTLOOK
7. APPENDIX

   IMMOBEL

   AT A GLANCE

   We are a Belgian real estate development company that specialises in the creation of sustainable and high-quality projects across Europe, encompassing residential, office and mixed-use properties. With more than 160 years of history, we have extensive experience

   in developing neighbourhoods that enrich the lives of the communities we serve.

   We create healthy places.

   Ambitious ESG policy based on three pillars on asset level:

   1For the users

   2For the neighbourhood

   3

   EUR 240 mio

   Market Capitalisation1

   ~1.000.000 m2

   Under development

   73%

   Residential projects in portfolio

   1. On 31 December 2025

      39

      Projects under development

      EUR 3.8 bio

      Gross development value2

      >100

      Devoted team members in Europe

      For the environment

   2. Sales value or gross development value: total expected future turnover (Group share) of all projects in the current portfolio (including projects subject to conditions precedent for which the management judges there is a high likelihood of completion).

3

REAL ESTATE

ENVIRONMENT

Slachthuissite | Antwerp

1. Real Estate Environment

   Office Sector

   Occupier market faces pressure from the fragile economic recovery and geopolitical tensions

   European Office Take up (sqm)

   • European office take up in 2025 is 2% higher y.o.y and close to 5-year average

   • Office vacancy rate remains resilient in Luxembourg and Brussels around 2-4 % in prime districts. Paris QCA vacancy is increasing illustrating a cooling rental market

   • Proportion of rent renewals is increasing mainly driven by higher fit-out costs, geopolitical concerns and shortage of prime alternatives in prime locations

   • The low availability for grade A and the appeal of high-quality buildings located in the most sought-after districts continue to drive prime rents up. This phenomenon could be amplified by the increase in return to office mandates and a reduced office development pipeline

   • Newly constructed office buildings in prime locations are likely to outperform, as occupiers seek to meet ESG, mobility and well-being standards

Office Vacancy Rate

6,0%

5,0%

4,0%

3,0%

2,0%

1,0%

0,0%

Paris QCA Brussels - Leopold Luxembourg - Central Districts

Q4 2023 Q4 2024 Q4 2025

Brussels & Paris - Prime rent evolution in €/sqm

Brussels Paris

420

400

380

360

340

320

300

2022 2023 2024 2025

Brussels Paris

1350

1250

1150

1050

950

850

750

5 Source : Cushman & Wakefield, CBRE, BNPRE

02 Real Estate Environment

Office Sector

Office investment is demonstrating solid progress back from its low point while prime yields remain broadly stable

European Office Prime Yield

6 Sources : Savills Research, JLL

02 Real Estate Environment

Residential Sector

Supply-demand gap to sustain prices in 2026

Evolution of the housing prices - Belgium vs Neighbouring

countries

Evolution of the housing prices - Luxembourg

Belgium - Transaction volume (number of units)

7 Source : Statbel, Statec, Inowai

BUsINEss & FINANCIAL HIGHLIGHTS

The Muse | Brussels

1. Business & Financial Highlights

   Immobel delivers a strong performance with a EUR 48 million net result for FY2025

   Business update

   • 882 residential units sold across markets in 2025, supported by strong sales in the Brouck'R, Îlot-Saint

     Roch, O'Sea, UNI, Slachthuissite, Kiem2050 projects and other residential schemes.

   • Three offices sold in prime, well-connected locations, including the Saint-Antoine asset, located in Le Marais Paris, as well as the Sainctelette office building and

     the last office component of Brouck'R in Brussels.

   • Leasing activity remained strong, with new lettings such

as the new Brunello Cucinelli flagship and Red Bull's French

headquarters in Paris' most prestigious

districts. Additional leases, including Bain & Company on the

Sablon (Brussels), and the full leasing of the CALA building in Liège, contributed to a total of 18,000 m² of new leases across the portfolio (FY2024: 56,000 m²).

• Permits obtained for projects representing a GDV of EUR 207 million including Gutenbergstraße in Germany, resulting in a total permitted GDV of EUR 1.7 billion (FY2024: EUR 2 billion).

• ESG: Immobel received a 97% - 4 stars GRESB rating (up from 94% - 4 stars in 2024) and has been nominated

  as a finalist for the Family Business Network Belgium Impact Award.

  9

  
  
  

  03 Business & Financial Highlights

  Immobel delivers a strong performance with a EUR 48 million net result for FY2025

  Financial update

  • Net result of EUR 48 million, a turnaround from a EUR - 94 million loss in FY2024. The improved result is driven by the successful commercialisation of projects such as Saint-Antoine in Le Marais Paris, Kiem2050 in Luxembourg, and Brouck'R and O'Sea in Belgium, alongside the sale of the Proximus Towers building permit, generating EUR 18 million.

  • Operating income of EUR 355 million (EUR 456 million internal view) compared to EUR 379 million in FY2024 (EUR 445 million internal view).

  • Liquidity position of EUR 175 million; internal view EUR 202 million (FY2024 liquidity: EUR 182 million; internal view: EUR 209 million), ensuring coverage of all financial obligations, including the EUR 125 million bond maturity in June 2026.

• Gearing ratio decreased to 58.9% from 66.7% FY2024, reflecting prudent financial management and selective capital allocation, with net financial debt down to EUR 651 million vs. EUR 801 million in FY2024.

• Result before financial results and taxes of EUR 57 million, a significant recovery from EUR -83 million in FY2024. This is due to the strong performance of residential developments and project launches.

• Financial cost of EUR -9.5 million, primarily due to average debt costs of 4.2% (FY2024: 3.6% (1)) and currency effects, compared to EUR -8.6 million in FY2024.

Note(s): Numbers on this slide are external view unless specifically mentioned

10 1. Revised calculation methodology; see APM section.

1. Business & Financial Highlights

   Immobel delivers a strong performance with a EUR 48 million net result for FY2025

   Financial update

   • Taxes of EUR 1 million, up from EUR -2 million FY2024, mainly reflecting the recognition of deferred tax assets, made possible by Immobel's strong results.

   • Annualised rental income of EUR 16 million (FY2024: EUR 17 million).

   • Total assets of EUR 1.4 billion vs EUR 1.6 billion in FY 2024 (at cost).

   • Portfolio composition of 73% residential, out of a EUR 3.8 billion GDV portfolio (FY2024: 71% out of a EUR 4.3 billion GDV).

     • Dividend recommendation: The Board of Directors recommends not to declare a dividend for FY2025, in order to further strengthen the balance sheet and prioritise long-term shareholder value.

     11 Note(s): Numbers on this slide are external view unless specificaly mentioned

     
     
     

     PORTFOLIO OVERVIEW

     12

     Tati - La Passerelle Barbès | Paris

     
     
     

2. Portfolio overview

Portfolio strategy

Portfolio with GDV of € 3.8 bn, of which € 1.7 bn is permitted

Portfolio by country

Portfolio by asset class (1)

Portfolio by status

Time of Delivery

27%

27%

4%

18%

46%

€ 3.8 bn € 3.8 bn € 3.8 bn

33%

€ 3.8 bn

6%

16%

52%

73%

29%

9%

41%

21%

Belgium Luxembourg

France Other

Residential Office

Contracted sales Permitted

Permit submitted Zoning permit obtained

In conception

1-3 Years 4-5 Years

6-10 Years

Note(s): (1) Residential includes landbanking

13 Source(s): Company information

1. Portfolio Overview

   Project pipeline

   Key projects in operation

   Continued launch of premium real estate projects in Belgium

   In conception / permitting phase
   
   In construction phase In permitting
   
   

   Final permit obtained

   O'Sea Phase 2	BEL	Residential	25	88,1	86%
   Eden	GER	Residential	20	173,3	90%
   St Roch - Phase 1	BEL	Residential	15	42,5	92%
   Canal	LUX	Residential	6	42,3	97%
   Liewen Phase 1 Saint-Antoine	LUX FRA	Residential Office	8 5	50,5 N/A(3)	98% 94%

   Key projects to be launched

   Heros	BEL	Residential	4	24,9	69%
   O'Sea Phase 3	BEL	Residential	26	104,9	85%
   The Muse Slachthuissite - 1014	BEL BEL	Office Residential	9 25	N/A(3) 27,7	0% / 100% 81%
   T-Park (Tielt)	BEL	Residential	9	23,1	100%
   The Commodore	BEL	Residential	13	54,5	56%
   Oxy BEL Mixed 74 N/A(3) 17% / 85%
   UP Lot 2A & 2D	BEL	Residential	15	37,1	68%
   St Roch - Phase 2	BEL	Residential	20	72,0	80%
   De Brouckère - Phase 1	BEL	Mixed	24	75,7	63%
   Slachthuissite - 1013	BEL	Residential	20	23,6	24%
   Kiem	LUX	Residential	30	105,7	72%
   River Place	LUX	Residential	8	57,8	100%
   Lebeau - Phase 1	BEL	Mixed	16	137,9	8% / 100%
   Slachthuissite - 1012	BEL	Residential	10	11,7	2%
   UP Lot 2C	BEL	Residential	14	33,9	●●
   De Brouckère - Phase 2 Isala	BEL BEL	Residential Office	15 34	36,8 N/A(3)	●● ●●
   Gutenbergstrasse	GER	Mixed	25	184,0	●●
   O'Sea Phase 4	BEL	Residential	34	148,0	●●
   Polvermillen	LUX	Residential	33	227,3	●
   Totalenergies Lebeau - Phase 2	LUX BEL	Residential Office	13 25	115,8 N/A(3)	● ●●

   UP Lot 2B BEL Residential 7 19,5 ●●

   2025A

   2026E

   2027E 2028E+

   Note(s): Financials refer to internal view published in annual reports/ half year reports; (1) Immobel share; (2) Weighted based on gross m2 per project phase; (3) For confidentiality reasons office projects' GDVs are not shown

   14 Source(s): Company information

   
   
   

   FINANCIAL PERFORMANCE

   Brouck'R | Brussels

   
   
   

2. Financial Performance

P&L

Higher net result driven by significantly improved gross margins

(EURm)

Operating income

Operating income(2)

4%

14%

3%

51%

28%

Belgium France Germany Luxembourg Other

2017A

2018A

2019A

2020A

2021A

2022A

2023A

2024A

2025A

Gross margin (EURm)

Net result (EURm)

23%

13%

23%

28%

28%

20%

30%

27%

22%

Gross Margin (%) (1)

Net

(3)

5%

15% 21% 8% 17% 13% 6% 1%

5%

Margin (%)

146

152

100

115

105

87

11

102

57

33

92

55 48

24

11 12 6

50

50

57

2017A 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025A

2025A

2024A

2023A

2022A

2021A

2020A

2019A

2018A

2017A

Net result Underlying net result

-38

Note(s): Financials refer to internal view published in annual reports; (1) (operating income - cost of sales) /operating income; (2) Proxy based on revenue, (3) Underlying net result/operating income

16 Source(s): Company information

1. Financial Performance

   Balance sheet and operating cash flows

   Deleveraging ongoing while maintaining a strong liquidity position

   Gearing(1)

   72%

   Gearing ratio increased mainly due to unsold leased offices

   Debt maturity schedule as of 2025

   (EURm)

   Average interest cost = 4,5%

   About 81% hedged or fixed up

   to the end of 2027

   71%

   66%

   61%

   68% 67%

   67%

   60%

   7%

   Debt

   Project Finance

   103

56%

51%

2023A 2024A 2025A

Year 1 Year 2 Year 3 Year 4 30

0

Year 5

Net debt(2)

(EURm)

412

668

802

736

829

1.048 1.041

924

Evolution cash position

(EURm)

202

Undrawn corporate lines

209

152

2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025A

Cash position 01/01/2025

Operating cash flow Working capital Cash from financing Cash position

31/12/2025

Note(s): Financials refer to internal view published in annual reports/ half year reports; (1) Please refer to the appendix for the definition; (2) Long-term & short-term financial debt + controlling interest - cash & cash equivalents;

17 Source(s): Company information

OUTLOOK

The Muse | Brussels

1. Outlook

The Group expects operating income to reach EUR 400-450 million (internal view) supported by continued solid residential sales in Belgium and the sale of several liquid office assets throughout Europe.

19

Thank you

20