2025
ANNUAL REPORT
Table of Contents
NEXTENSA AT A GLANCE 6
Profile of the company 7
Main results of the company 8
COMPANY REPORT 10
Vision, mission, values 11
Our strategy 13
How we create value 16
Highlights of 2025 17
Activity report 18
Comments on the consolidated income statement and balance sheet 26
2026 outlook 28
Nextensa on the stock exchange 29
SUSTAINABILITY REPORT 32
Our sustainability journey 33
About this year's Sustainability Report 36
Nextensa's Sustainability Governance 38
Nextensa's Double Materiality Assessment as the basis for our ESG strategy 39
Material IRO's and their interaction with strategy and business model 46
Our ESG strategy 47
(Re)developing climate-adaptive buildings 52
Energy & Emission Management 52
Circularity 77
Healthy & Resilient Buildings 82
Creating sustainable societies 89
Lively neighbourhoods 89
Investing in human capital 97
Nextensa's people 97
Exemplary Governance 102
CORPORATE GOVERNANCE 104
Corporate governance statement 105
Diversity policy 116
Compliance 117
Internal control and risk management 120
Other stakeholders 121
Remuneration report 122
Related-party transactions - conflicts of interest 129
Repurchase of own shares 131
Factors likely to have an influence in the event of a takeover bid 131
Risk factors 134
REAL ESTATE REPORT 142
Main (re)development projects in 2025 143
Investment portfolio 146
Analysis of the investment portfolio 149
Table of Contents
CONSOLIDATED STATEMENTS 2025 156
Consolidated financial statements and notes 157
Statutory auditor's report 227
Sustainability statements 234
APPENDICES 248
Lexicon 249
Alternative performance measures 256
Nextensa's communication with its stakeholders 259
NEXTENSA IDENTIFICATION CARD 262
The legally required content of the annual report is incorporated in the following sections of this 'annual report', which also contains non-compulsory information:
2. Company report;
4. Corporate governance; en
6. Consolidated statements 2025.
We combine the annual report on the Belgian statutory financial statements of Nextensa NV with the annual report on the consolidated financial statements of the Nextensa group. Other reports and the websites we refer to in this 'annual report' do not form part of the legally compulsory annual report.
By Nextensa group, we or the group we refer to the consolidated entity, i.e. the company Nextensa NV including all companies included in the consolidation scope. By Nextensa or the Company, we only refer to that company.
The annual report is available in a Dutch ESEF (European Single Electronic Format) version, a Dutch PDF version and an English PDF version. The Dutch ESEF version is the original version and the other versions are unofficial versions. Should there nevertheless be differences between the different language and format versions, the Dutch ESEF version takes precedence.
Due to the technical limitations inherent to the block-tagging of the consolidated financial statements according to the European single electronic format, the content of certain tags of the notes may not be rendered identically to the accompanying consolidated financial statements.
PERSONS RESPONSIBLE FOR THE CONTENT
The members of the board of directors of Nextensa state that, as far as they are aware:
the financial statements have been established in accordance with the applicable accounting standards, present a fair view of the assets, financial situation and the results of Nextensa and the companies included in the consolidation;
the annual financial report gives a true and fair view of the development and the results of Nextensa and of the position of the company and the companies included in the consolidation, and also comprises a description of the main risks and uncertainties, in accordance with regulation (EU) 2017/1129, which the company is facing.
FORWARD-LOOKING STATEMENTS
As far as this annual report contains forward-looking statements, these statements involve unknown risks and uncertainties which may cause the actual results to be substantially different from the results that can be assumed by such forward-looking statements in this annual report. Important factors that may influence such results are changes in particular in the economic situation, geopolitical, commercial, fiscal, regulatory and environmental factors.
Letter to shareholders
Dear Shareholders,
We may state with measured pride that 2025 has been a particularly fruitful year for Nextensa. What we prepared and initiated in 2024 was successfully delivered in 2025, including the letting of 38,000 m² of office space to Proximus at Lake Side and the strategic acquisition of the BEL Towers.
Our objective of achieving a stable and sound balance sheet was not an abstract ambition, but a clear guiding principle. Through a series of carefully considered disposals - including the sale of the Knauf shopping centres in Luxembourg, the DIY store in Diekirch and the Monteco office building in Brussels - we were able to meet this objective. In addition, we realised a solid capital gain on the sale of our stake in Retail Estates. Together, these transactions illustrate our financial discipline and our focus on long-term value creation.
Since Nextensa was founded in 2021, we have divested more than €550 million of assets, reducing our debt ratio to 37% today. Freeing up this liquidity is not an end in itself, but a necessary step that enables us to approach our large and complex development projects with confidence.
In 2026, we hope to commence works at Lake Side, where, alongside the new Proximus headquarters, 670 residential units will be developed. Lake Side forms the centrepiece of Tour & Taxis, an exceptional site that exemplifies what contemporary, mixed-use urban development can and should be.
Tour & Taxis, which represents a significant share of our activities, continues to grow and mature. It has become a place where different worlds converge: families attending exhibitions and events, residents, sports enthusiasts, employees and visitors who gather there on a daily basis. The fact that the site is increasingly perceived as a natural place to spend time reinforces our conviction that vibrant, mixed-use urban developments stand the test of time.
The sale of Park Lane 2 also proved successful, with only a dozen units remaining available today. With the official opening of Parkdreef, attended by the Mayor and Aldermen of the City of Brussels, we were able to complete an important phase of development. Such moments mark not only the conclusion of a project, but also the beginning of new dynamics for an entire neighbourhood.
With the development of the BEL Towers, a mixed-use project of 110,000 m², Nextensa will continue to leave its mark on Brussels' North District in the years ahead - an area that can undoubtedly be regarded as one of the city's districts of the future. Located next to Brussels North Station, this project is fully aligned with our ambition to play an active role in large-scale, urban and sustainable transformation projects.
Nextensa has also remained actively engaged in Luxembourg. Grossfeld, in which we hold a 50% interest, clearly set the tone in the market. Several built-to-suit office buildings were launched, including The Terraces (4,600 m²) for a Swiss private bank and Eosys (12,000 m²) for PwC. In addition, a new residential development comprising 50 residential units was launched, half of which have already been sold - an encouraging signal in what remains a challenging market.
It would be an understatement to say that the current geopolitical climate, combined with a slowing economy, does not create ideal conditions for business. The property market, under pressure for some time, does not yet show clear signs of an imminent recovery. At the same time, this period also offers room for renewal: for innovation and reinvention, but equally for a renewed commitment to clear principles.
Letter to shareholders
For Nextensa, our mission therefore remains unchanged: to be a sustainable
real estate player in all its dimensions - from technical innovation and architecture to urban regeneration and the creation of added value for the surrounding environment. We are convinced that we are on the right path. That confidence, grounded in our choices, results and convictions, serves as the guiding principal of this annual report.
Drawn up in Brussels on 27 March 2026
Michel Van Geyte
Managing director
Piet Dejonghe
Chairman of the Board of Directors
"Since our formation in 2021, Nextensa has sold more than €550 million of assets, lowering our debt ratio to 38%. Unlocking this capital gives us the financial capacity to deliver the ambitious projects that we hope to start in the course of 2026."
Michel Van Geyte, CEO Nextensa
1
NEXTENSA AT A GLANCE
Table of Contents • Nextensa at a glance • Company Report • Sustainability Report • Corporate Governance • Real Estate Report • Consolidated Statements 2025 • Appendices
Gare Maritime - Tour & TaxisPROFILE OF THE COMPANY
Nextensa is a leading real estate investor and developer creating sustainable and vibrant spaces for living, working and shopping, with a focus on generating value for all stakeholders.
It was established as a regulated Belgian real estate company under the name Leasinvest Real Estate before becoming, in 2021, a mixed real estate investor and developer following a merger with Extensa.
Nextensa holds a unique market position by combining recurring rental income from real estate investments with the added-value potential of development activities in which authenticity and sustainability are paramount.
Nextensa manages a high-quality investment portfolio with a focus on office and retail. In addition, the company is committed to sustainable urban development, realising innovative and forward-looking projects that contribute to a pleasant and mixed living environment. One of its most prominent developments is the redevelopment of the iconic Tour & Taxis site in Brussels, an ambitious project that brings together living, working and leisure in a dynamic and green urban environment.
Nextensa is a listed integrated real estate group, listed on Euronext Brussels and active in Luxembourg, Belgium and Austria.
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Investment Portfolio*
(*including re-developments on investment properties)
23
buildings
6.05%
rental yield
307,479 m2
lettable surface
€56.7 M
consolidated rental income
Split location:
Split function:
34% Luxembourg
52% Belgium
14% Austria
51% offices
31% retail
18% other
Financial
€33.2 M
result of the group
€845 M
equity
38.8%
LTV-ratio
€592 M
net financial debt
Environmental
47.2%
EU Taxonomy alignment (Turnover)
CO2 footprint Scope 1:
43.23 ton CO2 (-63% cfr. 2021)
CO2 footprint Scope 2:
10.27 ton CO2 (-36% cfr. 2021)
Social
55 team members
51% women
49% men
€16.5 M
consolidated development result
233.462 m2
122.607 m2
TOTAL
N/A
N/A
N/A
2
9.547 m
N/A
N/A
OFFICES
OTHER
59.935 m226.648 m237.500 m258.000 m2
9.700 m2
N/A
RESIDENTIAL
93.000 m225.000 m2
N/A
32.140 m2
3.259 m2
1,340 m2
Development Projects
UNDER CONSTRUCTION PERMITS OBTAINED IN STUDY
MAIN RESULTS OF THE COMPANY
Table of Contents • Nextensa at a glance • Company Report • Sustainability Report • Corporate Governance • Real Estate Report • Consolidated Statements 2025 • Appendices
Lake Side - Tour & Taxis2
COMPANY REPORT
Table of Contents • Nextensa at a glance • Company Report • Sustainability Report • Corporate Governance • Real Estate Report • Consolidated Statements 2025 • Appendices
Lake Side - Tour & TaxisVISION, MISSION, VALUES
Vision
LEADING BY EXAMPLE IN LONG-TERM URBAN DEVELOPMENT
Nextensa believes that sustainable value creation in real estate requires long-term commitment, responsible governance and measurable impact.
Our ambition is to lead by example as a trusted urban partner, taking responsibility from conception to operation.
Guided by a transparent ESG framework and aligned with the Sustainable Development Goals, we aim to deliver lasting social, environmental and economic value.
"As a real estate developer and landlord Nextensa wants to shape future cities, combining a variety of programs into large-scale mixed urban real-estate projects with environmental and social added value by uncovering opportunities and turn them into valuable prosperity for all stakeholders."
Mission
WE CREATE PLACES PEOPLE PREFER
Nextensa is a long-term real estate investor and developer active in Belgium, the Grand Duchy of Luxembourg and Austria.
We invest in, develop and manage large-scale mixed urban real-estate projects, transforming them into high-quality mixed-use places that are sustainably embedded in the city.
By combining a long-term investment perspective with development expertise across the full life cycle, we create enduring value for cities, communities and all stakeholders.
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Values
PASSION BUILT ON TRUST
Nextensa fosters a culture of trust, autonomy and accountability. We rely on the expertise, commitment and intrinsic motivation of our people, focusing on results and long-term value creation. By investing in personal and professional development, we enable our teams to perform at a high level and contribute meaningfully to our organisation and society.
Hôtel Des Douanes - Tour & Taxis- Partnership
We recognise that sustainable urban development requires close collaboration. Nextensa works in partnership with public authorities, communities, investors and other stakeholders, building long-term relationships based on transparency, alignment and shared responsibility.
- Entrepreneurship
Entrepreneurship is central to our approach. We anticipate trends, take initiative and manage complexity with a long-term perspective. This enables us to transform opportunities into sustainable value while remaining disciplined in risk management and capital allocation.
- Excellence
We pursue high standards in design, execution, governance and operations. Our focus on continuous improvement and quality ensures resilient, future-proof projects that are valued by users and contribute positively to the city over time.
- Reliability
As a long-term investor and developer, reliability underpins our role as a trusted partner. We act with integrity, honour our commitments and provide consistency and clarity to our partners throughout the entire project life cycle.
- Positive surprise
We aim to go beyond expectations. Through thoughtful choices, innovation and attention to detail, we create added value for users, neighbours and cities, enhancing quality of life and long-term impact.
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OUR STRATEGY
Gare Maritime - Tour & TaxisNextensa operates as an investor-developer that combines stable rental income from its investment portfolio with value creation through development activities. This dual role ensures that every project is conceived with a long-term vision. Sustainability is a core pillar of our strategy. By integrating environmental, social and governance considerations across the full real estate life cycle, we create economic value while also delivering positive social and environmental outcomes for our stakeholders. This long-term perspective reinforces Nextensa's role as a trusted urban partner.
OUR STRATEGIC PRIORITIES:
1.FUTURE-PROOF SUSTAINABLE PROJECTS
2.BALANCING NEXTENSA'S HYBRID MODEL
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Future-proof sustainable projects
CLIMATE-ADAPTIVE BUILDINGS
SUSTAINABLE SOCIETIES
HUMAN CAPITAL
Nextensa's Environmental, Social
and Governance (ESG) approach
Nextensa creates places you prefer based on three pillars:
(RE)DEVELOPING CLIMATE-ADAPTIVE BUILDINGS
Nextensa develops and invests in buildings designed to optimise energy performance, reduce carbon intensity and support operational efficiency and resilience over their full life cycle. The use of renewable energy sources, careful material selection and efficient water management contribute to lower operating risks and enhanced asset value.
Innovation and new technologies are selectively integrated to improve performance, adaptability and long-term resilience.
CREATING SUSTAINABLE SOCIETIES
Nextensa creates sustainable societies by developing vibrant and healthy neighbourhoods that offer a mix of functions. These 15-minute neighbourhoods promote proximity, accessibility and soft mobility, reducing reliance on car traffic and creating space for high-quality public areas, greenery and biodiversity.
Cultural and social functions are integrated to strengthen community life. For all development projects, Nextensa aims for high sustainability standards and internationally recognised certifications.
INVESTING IN HUMAN CAPITAL
People are central to Nextensa's long-term success. The company invests in its employees and actively engages with external stakeholders to foster collaboration, knowledge sharing and co-creation.
Through social partnerships and sustainable initiatives, Nextensa contributes to strong, resilient communities and creates shared value across its B2B and B2C ecosystems.
More information about Nextensa's ESG approach can be found in Chapter 3 'Sustainability Report'
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Park Lane - Tour & TaxisBalancing Nextensa's hybrid model
To support long-term growth and future sustainable projects, Nextensa combines financial discipline with active portfolio management. The hybrid model - recurring rental income complemented by development-driven value creation - provides flexibility, mitigates risk and strengthens Nextensa's role in urban transformation.
FINANCIAL HEALTH
Nextensa focuses on maintaining a strong balance sheet and reducing leverage to support future development projects through active debt management and strengthening the equity. The sale of non-core assets is part of this strategy to reduce the debts and free up capital for sustainable projects.
ACTIVE PORTFOLIO MANAGEMENT
Nextensa applies an active portfolio management approach across its real estate assets. Continuous evaluation of the portfolio, including selective investments, redevelopments and disposals, ensures alignment with strategic priorities, optimises capital allocation and supports long-term value creation.
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HOW WE CREATE VALUE
UPSTREAM
ACQUISITION
Brownfields Existing buildings Capital
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Nextensa's business model is built around two core activities: investments and developments. Across both activities, Nextensa aims to create long-term value for people, planet and profit throughout the entire real estate value chain, from acquisition and design to operation and disposal (upstream and downstream).
Nextensa identifies and secures the key upstream components required for both investment and development activities. This includes the acquisition of buildings and brownfield sites, securing capital, selecting technologies and materials, sourcing energy solutions and attracting talent.
Each acquisition decision is assessed against financial viability, strategic alignment and sustainability criteria, ensuring that assets and resources contribute to long-term value creation and are consistent with Nextensa's investment and ESG objectives.
DEVELOPMENT ACTIVITIES
E
Development activities cover both
to support wellbeing and long-term asset resilience. Technological and process innovation further enhance performance and future adaptability.
INVESTMENT ACTIVITIES
Investment activities include property and asset management, as well as the selective disposal of assets. Through active portfolio management, Nextensa continuously optimises building performance, focusing on cost control, operational efficiency and ESG improvement. The portfolio is progressively reshaped towards lower emissions, improved energy performance and healthier indoor and outdoor environments, supported by monitoring systems that enable data-
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DEVELOPMENT INVESTMENT
Nextensa's Value Chain
VALUE CREATION
DOWNSTREAM
Sustainable Building
Architecture Green Enviroments Renewable Energy Lively Communities Customer Satisfaction Shareholder Dividends
development and construction management, transforming upstream inputs into high-quality mixed-use projects that create lasting value for cities and stakeholders. New developments prioritise environmental performance, aiming for carbon-neutral operations where feasible through energy efficiency, renewable energy and reduced embodied carbon via responsible material choices. Water efficiency, healthy indoor environments, biodiversity and high-quality public and green spaces are integrated
driven decisions and resource optimisation. Nextensa engages with tenants, lessees and residents to reduce environmental impact and strengthen community ties. Initiatives such as energy communities to facilitate local exchange of overproduced generated solar energy together with strategic partnerships contribute to resilient assets and a strong ecosystem around the portfolio.
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HIGHLIGHTS OF 2025
ǫ1Proximus selected Nextensa as preferred bidder to conduct exclusive negotiations for the development of its Brussels campus and the acquisition of its towers at the Brussels North Station.
In February, Nextensa sold both Knauf shopping centres at Pommerloch and Schmiede for a total amount of €165.75 M.
Construction works started for Stairs office building (9,000 m²) at Cloche d'Or (Luxembourg)
The public inquiry for the Lake Side development project at Tour & Taxis has started.
ǫ2Nextensa signed a long-term lease agreement of 15 years with Proximus. As of 2027 the company will start relocating to the Tour & Taxis. Beginning of 2029 the entire Proximus Brussels Campus will be relocated to the site and will be largely housed in new to build office buildings in the Lake Side development project.
Also in April, Nextensa acquired from Proximus the iconic office buildings at the North station in Brussels. In addition, Nextensa purchased the existing planning and environmental permit from Immobel.
Tour & Taxis is seeing renewed retail growth, marked by the opening of Proxy Delhaize in Gare Maritime.
In June Nextensa, in collaboration with Promobe via their joint venture Grossfeld, has concluded a major lease agreement with PwC Luxembourg (9,488 m²) in the future Eosys building
(12,000 m²), situated at Cloche d'Or.
Nextensa entered a new permit application for Treemont office building (2,800 m²) in Brussels and submitted a revised application for the Lake Side project at Tour & Taxis (Brussels).
In August Nextensa sold its entire 8.99% stake in the Belgian REIT Retail Estates generating proceeds of €89.6 M.
ǫ3After summer Nextensa and ION sold 100% of their shares in Monteco BV, the company owning the Monteco building in Brussels, to Caisse d'Épargne et de Prévoyance Hauts de France for a valuation of €28 M.
In September Nextensa sold a retail property in Ingeldorf (Luxembourg) to the Luxembourg State. The transaction represented a net amount of €19.6 M.
End October, Nextensa obtained a positive advice of the concertation committee for Treemont office building (2,800 m²) in Brussels.
ǫ5The B&B Hotel Luxembourg Cloche d'Or was delivered mid July 2025 and officially opened its doors on September 1st, 2025.
In October Nextensa and Promobe, via their joint venture Grossfeld, signed a nine-year lease with a major financial institution for the entire Terraces office building (4,703 m²) in Luxembourg's Cloche d'Or district.
Nextensa is honoured Excellence level in the ESG Transparency Award and recognized with Leading Status.
Completion of the Residential Park Lane development at Tour & Taxis in Brussels.
Residential sales reached 93% in Park Lane Phase 2 at Tour & Taxis in Brussels.
Following the outcome of the consultation committee, Nextensa submitted a revised application for the Lake Side project at Tour & Taxis (Brussels) at year-end.
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ACTIVITY REPORT
Strong full-year 2025 results confirm Nextensa's strategic course
CAPITAL RECYCLING AND STRATEGIC MILESTONES
During 2025, Nextensa executed several targeted transactions that significantly
reinforced its financial position, including the sale of the Knauf shopping
centres, the retail site in Ingeldorf, the Monteco office building and the group's
Nextensa closed the 2025 financial year with strong results, confirming a clear increase in profitability (+€33.8 M) driven by a higher contribution from development activities (+1.8 M), lower financing costs (-9.2 M) and a continued balance sheet strengthening.
During 2024 and 2025, Nextensa executed several targeted transactions for a total amount of €360 M. As a direct outcome of this disciplined capital recycling approach, Nextensa reduced its debt ratio from 45.39% to 38.80%, significantly enhancing financial flexibility and strengthening the Group's capacity to finance the next phase of its development pipeline with the Lake Side project and BEL Towers as key developments.
These projects are envisaged to start in 2026 (subject to permit and commercialisation) and will entail a construction cost of approximately €265 M for the Proximus HQ and the residential tower at Lake Side and approximately
€300 M for the BEL Towers, a mixed-use redevelopment of 115,000 m².
FULL-YEAR PROFITABILITY SUPPORTED BY STRATEGIC EXECUTION
For the full year 2025, Nextensa realised a net result (Group share) of €33.2 M, corresponding to €3.29 per dividend-entitled share, compared with -€10.8 M one year earlier. Profitability was primarily driven by a higher contribution from development activities, lower financing costs, and disciplined operational and financial management. The investment property portfolio proved resilient in a volatile market environment, with only limited revaluations over the year.
participation in Retail Estates.
In parallel, Proximus confirmed Tour & Taxis as the location of its new headquarters, with the full pre-leasing of the Lake Side office project (38,000 m²).
INVESTMENT PROPERTIES: RESILIENT OPERATING PERFORMANCE
Like-for-like rental income increased by more than 3% over the year, reflecting the continued strong performance of Tour & Taxis and the contribution from major renovations such as Moonar in Luxembourg. Net rental income declined on an absolute basis, in line with the group's divestment strategy.
DEVELOPMENT PROJECTS PROGRESSING ACCORDING TO PLAN
At Tour & Taxis, the site continued to strengthen its appeal as a mixed-use urban district, supported by a growing number of events, permanent leases and visitors. 96% of the apartments in the second phase of the Park Lane project were sold or reserved, with delivery of all residential buildings completed by year-end.
At Cloche d'Or in Luxembourg, Nextensa continued to shape the market through Grossfeld, in which the group holds a 50% participation. Several built-to-suit office projects were secured, including The Terraces (4,600 m²) for the Swiss private bank, Lombard Odier, and Eosys (12,000 m²) for PwC. In addition, a new residential project of 50 units was launched, with approximately half already sold.
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ACTIVE FINANCIAL MANAGEMENT AND REDUCED LEVERAGE
Tour & Taxis - BrusselsActive financial management remained a key priority throughout the year. The average cost of financing stabilized at 2.90%, supported by the group's hedging strategy and the reduction in financial debt.
Most of the credit lines maturing in 2026 have already been extended. With a headroom of €169 M available credit lines at year-end 2025, increased to more than €200 M after the sale of Gewerbepark Stadlau in mid-January 2026, the
€100 M private bond maturing in November 2026 can be reimbursed using available credit lines, while still leaving sufficient headroom for upcoming construction works, including the Proximus HQ at Tour & Taxis.
DIVIDEND
Due to the strong financial results and balance sheet, the board of directors proposes to the ordinary general meeting of shareholders to distribute a dividend of €1.00 per share.
OUTLOOK
While uncertainty in the economic environment and pressure on real estate markets persist, Nextensa enters the next phase of its strategy with a strengthened balance sheet, controlled financing costs, sufficient financial headroom and a high-quality development pipeline. The group remains well positioned to continue creating sustainable long-term value for its stakeholders through disciplined execution, selective investments and a clear focus on sustainable urban development.
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Building the future and reshaping cities
On 30 June 2025, Nextensa submitted a revised permit application for the
Lake Side project, reflecting input from local residents and the authorities.
1
TOUR & TAXIS
Following the consultation committee of 12 November 2025, which resulted in ten specific requirements, an amended file was submitted on 23 December 2025 addressing all outstanding points. The Lake Side project represents the final phase of urban development on the Tour & Taxis site, located alongside the existing ponds. The permit is expected towards the end of Q1 2026.
Park Lane II - Tour & TaxisTour & Taxis consolidates its growth with continued high activity in 2025.
In 2025, the Tour & Taxis site has continued to experience a high level of activity. At Gare Maritime, the new Proxy Delhaize store opened in April, and a new lease was signed with Bldr (boulder climbing). As a result, the occupancy rate now stands at 88% for office space and 93% for retail space on site.
The site's numerous events have contributed to a significant increase in visitor numbers. The event season was successfully launched with the Ceramic and Affordable Art Fairs following with the Amazônia exhibition, alongside other cultural highlights. The Foire du Livre, a well-established event at Tour & Taxis, achieved an impressive turnout and welcomed an additional 10,000 visitors. For the fourth consecutive year, Gare Maritime hosted the international padel tournament Lotto Brussels Premier Padel, part of the Premier Padel Circuit. With 5,000 more visitors this year, the event continues to grow annually.
In September 2025, Nextensa, together with the City of Brussels, officially inaugurated the Parkdreef and marked the completion of Park Lane Phase II, an important step in the ongoing development of the Tour & Taxis site. The residential project Park Lane Phase I & II comprises approximately 700 apartments. By the end of Q4, 333 apartments of Park Lane Phase II had been sold or reserved, representing 96% of the total units, and the project was completed in Q4 2025.
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2
CLOCHE D'OR
The further development of an urban district in Luxembourg City in joint venture with Luxembourg developer Promobe.
OFFICE BUILDINGS
Project
Status
Details
Letting
Emerald
Delivered Q4 2023
Approx. 7,000 m²: 6 above-ground and 1 underground floor
100% let: Intertrust, PwC and Stibbe
White House
Delivered Q1 2024
Approx. 7,000 m²: 6 above-ground and 1 underground floor
100% let: Intertrust
Terraces (formerly Lofthouse)
Under construction - delivery expected in Q2 2027
Approx. 5,000 m²: 5 above-ground and 1 underground floor
100% let: Lombard Odier
Stairs
Delivery expected in May 2026
Approx. 10,000 m²: 10 above-ground and 1 underground floor
100% let: State Street and purchase agreement signed upon
delivery in 2026
Eosys
Under construction - delivery expected in September 2027
Approx. 12,355 m²: 11 above-ground and 2 underground floor
78% let (PwC Luxembourg) LOI signed for 11% with a renowned
investment bank
The Rock
Under construction - delivery expected mid-2027
Approx. 9,492 m2: 10 above-ground and 2 underground floor
Top 3 floors: let Citi (bank)
At the end of June 2025, Nextensa and Promobe signed a major lease agreement with PwC Luxembourg as the main tenant (78%) of Eosys, a new future office building designed by architect Andrew Philips. Eosys is targeting for a BREEAM "Outstanding" certification, the highest sustainability standard. Delivery of the office building is scheduled for September 2027.
In October 2025, Nextensa and Promobe signed a long-term lease with Lombard Odier, a renowned financial institution, for the entire office building Terraces (formerly LoftHouse) in the Cloche d'Or district, confirming the project's strong market appeal.
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Residential activity remains robust despite a cautious market. By the end of Q4, the sell-through rate of D-Nord and D5-D10 are 98% and 91%, respectively, leaving only 20 apartments available. The D-Tours complex has been restructured, separating the Eosys office building from the D1 residential project, which will comprise 162 apartments.
The B&B Hotel Luxembourg Cloche d'Or was delivered mid July 2025 and officially opened its doors on September 1st, 2025. With 150 modern rooms, communal facilities, and sustainable features such as green roofs and energy efficient systems, the hotel reinforces the district's mixed-use urban identity.
RESIDENTIAL DEVELOPMENTS
B&B Hotels, Cloche d'Or - LuxembourgProject
Status
Details
Letting
D-Nord
Delivered Q1 2023
194 apartments
190/194 apartments reserved/sold
D5-D10
Under construction, first units being delivered
185 apartments
169/185 apartments reserved/sold
B&B HOTELS
Delivered mid-July 2025
Hotel of approx. 4,500 m² with 150 rooms
100% let to B&B hotels for 20 years fix
D1
In planning phase
Approx. 162 apartments
Table of Contents • Nextensa at a glance • Company Report • Sustainability Report • Corporate Governance • Real Estate Report • Consolidated Statements 2025 • Appendices
Investing in the future
Treemont - Brussels: Situated in the Leopold District - one of the most sought-
after office locations in the city, Nextensa plans to develop an emission-free
timber office building of around 2,800 m² on this site, to be named Treemont.
BEL Towers - Brussels: In the first half of 2025, Nextensa acquired the former headquarters of Proximus at Brussels North Station. This redevelopment project, renamed the BEL Towers, comprises two towers with a total surface area of 115,000 m². The iconic towers will be transformed into a multifunctional urban project while retaining their existing structures. The site will accommodate a mix of residential, office, public and leisure facilities, with the aim of creating a vibrant and inclusive urban environment. The redevelopment of the BEL Towers is closely aligned with the City of Brussels' urban vision to transform the North District from a monofunctional office enclave into a mixed-use, accessible, and dynamic urban neighbourhood. The permit is in place, and negotiations with prospective tenants and buyers are ongoing.
Moonar Campus - Luxembourg: Located near Luxembourg Airport, the Moonar Campus comprises five buildings totalling around 21,500 m². Following a comprehensive renovation completed at the end of 2024, the campus now offers a variety of services including a library, game room, brainstorming area, coffee corner, fitness room, and meeting spaces. A new lease agreement has been signed with John Deere Bank, starting April 2026, for a total surface of around 1,500 m² in building A. Occupancy therefore increased to 84%, with a prime rent of €32/m²/month. Prospective tenants negotiations are progressing positively.
Montree - Luxembourg: The permit for the new Montree building was obtained in Q4 2025, with completion scheduled for mid-2027. The office building located at 20 Avenue Monterey and the property acquired in 2023 at 18 Avenue Monterey in Luxembourg will be redeveloped into a single new CO₂-neutral timber office building, inspired by Monteco and Treemont in Brussels. The building will serve both as an ecological manifesto and as a new benchmark for responsible chic. Negotiations with prospective tenants and buyers are ongoing.
By using energy-efficient systems, preserving and reusing part of the existing structure, and constructing the new sections in timber, the building aims to achieve a "BREEAM Excellent" certification upon completion and to align fully with the EU Taxonomy criteria. In June 2025 Nextensa submitted a renewed permit application. Following the consultation committee an amended file has been submitted in Q1 2026. Permit should be expected by Q2 2026. Negotiations with prospective tenants and buyers are ongoing.
THREE SIGNIFICANT PORTFOLIO ROTATIONS TOOK PLACE IN Q3 2025:
A key transaction was the sale of Nextensa's entire 8.99% stake in the Belgian REIT Retail Estates at €66.30 per share, generating total proceeds of €89.6 M. This represented a substantial capital gain of €9.5 M recorded in revaluations of financial assets and liabilities compared to the valuation in Nextensa's half year results (€61.50 per share) and reduced the debt ratio to below 40%, significantly strengthening the balance sheet.
Nextensa completed the sale of its retail property in Ingeldorf, in Luxembourg, to the State of the Grand Duchy of Luxembourg for a net amount of €19.6 M. Owned since 2008, the asset comprises a Batiself building and a separate extension housing Siemes Schuhcenter. A profit of €1.8 M was realized.
Together with ION, Nextensa completed the sale of 100% of the shares in Monteco BV, in Brussels, to Caisse d'Épargne et de Prévoyance Hauts de France. The transaction, reflecting a property valuation of €28 M, highlights the continued interest of institutional investors in high-quality, sustainable offices in prime locations.
Table of Contents • Nextensa at a glance • Company Report • Sustainability Report • Corporate Governance • Real Estate Report • Consolidated Statements 2025 • Appendices
Towards a more sustainable future
The expansion of electric vehicle charging infrastructure at Tour & Taxis is
nearing completion. By the end of April, 192 alternating current (AC) charging
stations were made available to users on site. In addition, at Nextensa's Hangar
Nextensa is a leading, forward-thinking and responsible real estate player developing projects with both social and ecological added value. Our ambition is to be a reliable and resilient partner, mastering complexity through innovative, high-quality, and surprising solutions that make a positive impact on our local environment.
This commitment was recognized with an ESG Transparency Award by EUPD Research during the ESG summit in Bonn, reflecting our forward-looking sustainability concepts communicated through our transparent sustainability report.
This recognition reinforces our belief that transparency about our real estate activities is essential to creating places people truly prefer. It reflects the collective efforts of our teams and partners who work with responsibility every day. By sharing our impact honestly, we not only create better places, we build trust in the future we are shaping together.
SUSTAINABLE ENERGY
Sustainable energy plays a central role in the transition toward a carbon-neutral real estate portfolio. In 2025, we continued the expansion of the photovoltaic network on the Tour & Taxis site, bringing the total rooftop capacity across the entire site to 6,223 kWp, or 17,947 solar panels, generating over 5,000 MWh of energy annually. Meanwhile, the Royal Depot underwent a complete roof renovation to improve both its performance and environmental impact. The upgrades included improved insulation to reduce heat loss and enhance comfort, next-generation solar panels producing clean, green energy, upgraded technical installations for greater efficiency and durability, and a refreshed rooftop terrace offering a renewed space to experience the building differently. These works represent a significant step forward in creating buildings that are both sustainable and welcoming.
in Antwerp, the charging network has been further expanded with 20 new stations, bringing the total number of charging points to 50.
SMART AND SUSTAINABLE MOBILITY
On 14 May, in collaboration with the municipality of Molenbeek, we opened a new entrance to the Tour & Taxis-park from Laekenveld Square. This improvement is the result of a participatory process with local residents, undertaken in coordination with Brussels youth organization JES. It opens the park to the higher-lying Maritime district in Molenbeek via an access point that previously did not exist. Before, residents of the district had to travel or walk at least 500 meters further to reach the park. The new entrance removes this barrier and provides additional green access from both sides.
VIBRANT NEIGHBOURHOODS
The Moonar office campus in Luxembourg is more than just a workplace. For several months, Moonar has been offering its community a series of events and initiatives aimed at fostering exchange, innovation, and well-being, while infusing the entire site with creative energy. Between afterworks, digital progress with the launch of the Moonar app, summer relaxation, solidarity initiatives, and artistic discoveries, the complex is establishing itself as a genuine ecosystem.
Nextensa is delighted that Proximus has chosen Tour & Taxis and the Lake Side project as its future location. This choice reflects a shared ambition in the fields of sustainable urban development, well-being and social responsibility. The Proximus Campus Brussels will be a forward-thinking work environment focused on collaboration, innovation, and connectedness. Designed as a progressive, multifunctional ecosystem following the '5-minute city' principle, it will offer all facilities within easy reach. The buildings, amenities and green spaces will each serve distinct purposes while complementing one another. This innovative project addresses urban, social, ecological and mobility challenges, and Nextensa is fully committed to making this vision a reality.
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Gewerbepark Stadlau - ViennaSignificant events after the close of the period 01/01/2025 - 31/12/2025
On January 14, 2026 Nextensa announced the sale of its retail park Gewerbepark Stadlau (approx. 11,000 m²) in Vienna to an open-ended special real estate fund managed by Union Investment.
The transaction, structured as an asset deal, represents a net amount of €35.45 M and is in line with Nextensa's strategy to optimise its real estate portfolio while pursuing its sustainability objectives.
The Rock - Cloche d'Or, LuxembourgOn March 4, 2026, Nextensa, in partnership with Promobe through their joint venture Grossfeld, announced that Citi signed a long-term lease agreement for office space in The Rock, a new landmark office building located in the Cloche d'Or district of Luxembourg.
The Rock will offer 9,492 m² of premium office space spread over ten floors, complemented by two basement levels.
The building is scheduled for delivery in mid-2027.
Table of Contents • Nextensa at a glance • Company Report • Sustainability Report • Corporate Governance • Real Estate Report • Consolidated Statements 2025 • Appendices
COMMENTS ON THE CONSOLIDATED INCOME STATEMENT AND BALANCE SHEET
KEY FIGURES - INVESTMENT PORTFOLIO
31/12/2025
31/12/2024
Fair value investment portfolio (€1,000)
1,057,981
1,049,325
Rental yield based on fair value
6.05%
5.99%
KEY FIGURES - BALANCE SHEET
31/12/2025
31/12/2024
Net asset value group share (€1,000)
845,687
812,487
Net asset value group share per share
83.15
79.88
Financial debt ratio (financial debts/total assets)
38.80%
45.39%
Net financial debt position
592,814
763,019
Average duration credit lines (years) - investment portfolio
2.91
1.98
Average funding cost - investment portfolio
2.90%
2.86%
Average duration hedges (years)
2.95
2.68
Hedge ratio (investment portfolio)
100%
61%
Due to the sale of various buildings, the net financial debt position decreased to €593 M. This figure already takes into account the investment in the BEL Towers, including the building permit. The average duration of the credit lines increased to almost 3 years, even taking into account the maturity of the €100 M private bond in November 2026.
The average financing cost stabilized at around 2.90%, with the debt being 100% hedged against interest rate fluctuations.
Equity amounts to €846 M, or €83.15/share. The closing price of €42.70 on 31 December 2025 therefore implies a discount of approximately 49%.
KEY FIGURES - INCOME STATEMENT 31/12/2025 31/12/2024
The fair value of investment properties remained stable compared to last year, but this masks the sale of the retail property in Diekirch, the reclassification of the Gewerbepark Stadlau to "assets held for sale" and the inclusion of the land for the construction of the new Proximus HQ under "investment properties" (previously included in the land inventory).
Rental income declined due to the sale of certain investment
Rental income (€1,000) Operating result of development projects (€1,000) | 56,717 16,532 | 72,179 14,669 | properties, but still increased by 3% on a like-for-like basis. Development activities contributed €16.5 M to the net result of |
Net result group share (€1,000) | 33,244 | -10,827 | €33.2 M (or €3.27/share). |
Net result group share per share (number of shares at closing date) 3.27 -1.06
Changes in the fair value of financial assets and liabilities include the €9.5 M gain realised on the sale of the participation in Retail Estates.
Table of Contents • Nextensa at a glance • Company Report • Sustainability Report • Corporate Governance • Real Estate Report • Consolidated Statements 2025 • Appendices
Net rental income from investment properties was €15.5 M lower compared to last year due to the sale of several buildings. On the other hand, the like-for-like rental income was still up by 3%, mainly driven by Moonar which is now fully delivered.
In addition, property costs decreased by €1 M.
The sale of the Diekirch retail property resulted in a profit of €1.8 M.
The operating result of the investment properties amounted to €39.4 M, €26 M higher compared to last year, mainly due to the absence of a significant negative revaluation of investment properties, as recorded in 2024.
The sum of the lines "Revenue from development projects" and "Costs development projects" reflects the contribution (€6.2 M) from the Belgian development projects, which in 2025 mainly consisted of Phase II of the Park Lane project at Tour & Taxis. In addition, the last units from Phase I and the Riva project were also sold.
The lines 'Other results of development projects' and 'Share of profit/loss of investees accounted for using the equity method' largely include the contribution from Cloche d'Or (approx. €10 M). This amount reflects progress on the projects "Stairs" (to be delivered & sold in Q2 2026), "B&B Hotel" (delivered in July 2025) and the residential project "D5-D10" where all but one sub-phases were delivered in 2025.
The company's overheads are in line with last year.
Financial income was €3.7 M higher compared to last year mainly due to higher working capital requirements provided to the joint venture on Cloche d'Or in Luxembourg. Furthermore, the dividend received from Retail Estates is also included in this line. Financial expenses were €9.2 M lower than last year due to the decreased net debt position.
The changes in fair value of financial assets and liabilities amount to a positive
€8 M, mainly due to the realised gain on the sale of the participation in Retail Estates.
The result before tax thus amounts to €49.4 M. After deduction of taxes of
Moonar - Luxembourg€16.6 M, this results in a net result of €32.9 M, or €33.2 M net result part of the group. In terms of earnings per share, this corresponds to €3.27 on the total number of shares and to €3.29 per dividend-entitled share taking into account the 65,000 treasury shares held by Nextensa.
Table of Contents • Nextensa at a glance • Company Report • Sustainability Report • Corporate Governance • Real Estate Report • Consolidated Statements 2025 • Appendices
2026 OUTLOOK
BEL Towers - BrusselsIf 2024 was a transition year, then 2025 was the year in which Nextensa prepared its balance sheet for the new projects in the pipeline over the coming years. The sale of certain investment properties and the participation in Retail Estates reduced the financial debt ratio to 38%. This ratio has in the meantime been further reduced to 37%, taking into account the sale of Gewerbepark Stadlau in January 2026.
Meanwhile, the building permit for Lake Side at Tour & Taxis, including the new Proximus HQ, is expected towards the end of Q1 2026. Construction works will start as soon as possible after the permit is obtained, which will again increase the amount of investment properties.
Almost all bank credit lines maturing in 2026 have already been extended. With headroom of €169 M, increasing to more than €200 M following the sale of Gewerbepark Stadlau, Nextensa is able to reimburse the maturing €100 M private bond maturing in November 2026, while still leaving sufficient headroom to finance the construction works of Treemont, Montree and of course, the Proximus HQ.
Table of Contents • Nextensa at a glance • Company Report • Sustainability Report • Corporate Governance • Real Estate Report • Consolidated Statements 2025 • Appendices
NEXTENSA ON THE STOCK EXCHANGE
31/12/2025 | 31/12/2024 | |
Number of shares listed (#) | 10,171,130 | 10,171,130 |
Number of issued shares (#) | 10,171,130 | 10,171,130 |
Key figures and graphics Agio/disagio share price Nextensa versus net asset value
Market capitalization based on closing price (€ million)
434 436
Nextensa shares closed with a closing price of €42.70 (2024: €42.85) on 31/12/2025, resulting in a discount of -49% to the net asset value based on fair value (2024: discount of -46%).
Free float (%) 15.94% 18.43%
Closing price (€) 42.70 42.85
Highest rate (€) 44.80 50.20
Lowest rate (€) 36.90 36.00
The average transaction volume per month of the share increased last fiscal year to 61,064 shares compared to 26,765 in 2024.
Share price NextensaNAV Nextensa (fair value)
Average monthly volume (#) | 61,064 | 26,765 | 140 |
Velocity (%) | 7.20% | 3.16% | |
Free float velocity (%) | 45.20% | 17.13% | 120 |
Premium/discount based on closing price vs NAV (fair value) | -49% | -46% | |
Gross dividend (€) | 1.00 | 0 | 100 |
Net dividend (€) | 0.70 | 0 | |
Gross dividend yield | 2.34% | 0 | 80 |
Payout ratio - consolidated | 30.58% | 0 | 60 |
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Table of Contents • Nextensa at a glance • Company Report • Sustainability Report • Corporate Governance • Real Estate Report • Consolidated Statements 2025 • Appendices
Analysts tracking the stock
LYNN HAUTEKEETE
KBC Securities
Havenlaan 2, BE-1080 Brussels lynn.hautekeete@kbcsecurities.be
Financial calendar
Regarding the practical formalities for participating in the general meetings of shareholders, reference is made to the website www.nextensa.eu (Investors - General meetings).
VINCENT KOPPMAIR
Degroof Petercam
Nijverheidsstraat 44, BE-1040 Brussels v.koppmair@degroofpetercam.com
JON PÉREZ
Kepler Cheuvreux Rogier Tower Rogierplein 11, BE-1210 Brussels jperez@keplercheuvreux.com
Annual meeting of shareholders
Treemont - BrusselsEx-date dividend
Payment date dividend
Publication of annual report 2025
18/11/2026
12/08/2026
21/05/2026
20/05/2026
19/05/2026
18/05/2026
18/05/2026
27/03/2026
Publication of financial results Q1 2026
Record date dividend
Publication of financial
results Q3 2026
Publication of financial results Q2 2026