Immobel (IMMO) Investor presentation summary

Company overview and strategy

• Operates as a leading Belgian real estate developer with over 160 years of experience, active in seven European countries and specializing in sustainable, high-quality residential, office, and mixed-use projects.

• Portfolio includes 44 projects under development, totaling 1,000,000 m² and a gross development value of €4 billion, with 71% focused on residential assets.

• Emphasizes ESG integration, BREEAM certifications, and circular construction, with a disciplined approach to financial management and operational excellence.

• Maintains a devoted team of over 100 employees and a market capitalization of approximately €192 million as of June 2025.

• History marked by international expansion, mergers, and a strong urban footprint in major European cities.

Market environment and sector trends

• Residential sector faces persistent supply shortages, affordability pressures, and energy efficiency demands, driving prices and rents higher in major cities.

• New-build activity is constrained by high construction and financing costs, with Belgium showing more resilience compared to France and Luxembourg.

• Office sector sees increased take-up in 2025, stable vacancy rates in prime districts, and rising prime rents due to demand for high-quality space.

• Investors remain cautious in the office sector outside ultra-prime assets, but investment volumes are expected to grow by 12% in 2025 as larger transactions become more frequent.

• Prime office yields have risen sharply but are expected to stabilize, with institutional investors returning as market clarity improves.

Portfolio highlights and recent activity

• Major projects underway in Brussels, Luxembourg, Paris, Germany, and Poland, including mixed-use, residential, and office developments.

• Portfolio valued at €4 billion, with €2 billion already permitted and a strong focus on delivery in prime urban locations.

• Recent business highlights include the sale of 4,500 m² office and retail space in Brussels, flagship leases in Paris, and the start of construction on Kiem2050 in Luxembourg.

• Liquidity position stands at €155 million, covering all obligations for the next 12 months, including bond maturities.

• Back to exploring new opportunities after resolving recent project issues and navigating the real estate crisis.