Slides
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Analyst meeting Full Year results 2024
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2 We delivered a solid financial & non-financial performance in 2024 in a challenging market We finished some large and operationally challenging projects and pursue our successful risk management We are confident in our multidisciplinary business model and our growth strategy in core markets Year results 2024 • Analyst presentation
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Waste intensity reduction (-15% since 2020, target -30% by 2030) 21,6 23,3 23,7 17,8 20232022 Target 2030 2024 Accident severity rate 0,72 0,68 0,56 0,52 2022 2023 Target 2030 2024 Accident frequency rate 21,96 18,47 15,10 2022 2023 2024 Taxonomy aligned turnover 2023 2024 13,56% 21,47%20,03% 2022 Direct CO2 emissions scope 1+2 (ktCO2eq) Target -40% by 2030 15,3 15,4 13,2 10,6 Target 2030 20232022 -25% 2024 From 2020 Indirect CO2 emissions Scope 3 (ktCO2eq) 445,204,97 32,13 Capital goods Purchased goods & services Use of sold products
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EQUITY € 248 mio €236.8 mio RETURN ON EQUITY 10.1 % 10.1% NET FINANCIAL DEBT € 42 mio -55.3 % NET INCOME € 24 mio +5.2 % EBIT € 32 mio -3.1 % ORDER BOOK € 1,646 mio +29.8 % REVENUE € 1,182 mio -5.3 % Key figures 2024 4Year results 2024 • Analyst presentation
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Historical performance 5 1.549 1.621 1.715 1.269 1.646 1.027 1.125 1.167 1.249 1.182 2021 2022 20232020 2024 Order Book Revenue 38,1 58,0 51,0 33,0 32,0 2020 2021 2022 2023 2024 EBIT 3,7% 5,2% 4,4% 2,6% 17,7 39,5 38,4 22,8 24,0 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 20,9% 41,5% 22,0% 10,1% EBIT (€m) Net Result (€m) Revenue and order book (€m) Return On Equity (%) EBIT % Year results 2024 • Analyst presentation Average 22/24 +14,1% 2,7% 10,1%
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Historical performance by segment 6 131 106 85 158 126 277 321 339 338 304 643 724 799 873 788 -24 -26 -56 -120 -36 202220212020 20242023 MultitechnicsReal Estate Development Construction & Renovation Investments & Holding 22,9 30,1 17,6 17,4 8,5 17,4 18,8 11,3 -4,3 10,2 1,7 9,3 15,0 -0,2 8,3 -3,9 -0,2 7,2 20,1 5,0 2022 20232021 20242020 Investments & HoldingConstruction & Renovation Real Estate Development Multitechnics Turnover (€m) EBIT (€m) Year results 2024 • Analyst presentation
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Balance sheet 7 (€m) 2021 2022 2023 2024 Tangible fixed assets 82.3 77.7 95.1 96.0 Goodwill 23.8 23.7 23.9 23.9 Investments accounted for using the equity method 102.6 110.9 185.4 176.4 Of which Deep C Holding, Green Offshore and GreenStor 52.8 64.4 73.2 75.7 Net other non-current assets / (liabilities) 25.0 75.9 76.6 79.4 Of which Deep C Holding, Green Offshore and GreenStor shareholder loans 19.1 34.8 26.0 27.7 Working capital 13.2 (14.6) (50.9) (86.2) Of which Construction & Renovation and Multitechnics (72.4) (97.8) (123.8) (164.3) Equity - share of the group 133.8 224.7 236.8 247.8 Net financial debt 113.0 48.9 93.3 41.7 Capital employed 246.8 273.6 330.1 289.5 14.4% Debt ratio Year results 2024 • Analyst presentation
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Decreasing debt level supporting CFE’s growth 8 Note: (1) Excluding of IFRS 16 leases Debt structure 2024 Net financial debt / (surplus) evolution (€m) Year results 2024 • Analyst presentation 112,4 113,0 48,9 93,3 41,7 -300 -200 -100 0 100 200 300 2020 2021 2022 2023 CFE Construction & RenovationReal Estate Development Investments & HoldingMultitechnics 2024 NET FINANCIAL DEBT € 41.7 mio -55.3 % OPERATING CASH FLOW € 85.3 mio € 0.2 mio
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9 Real Estate development Analyst Presentation | YEAR RESULTS 2024
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Real Estate Development 10 €m 1HY2023 2HY2023 FY2023 1HY2024 2HY2024 FY2024 EBIT 8.7 8.7 17.4 (2.5) 11.0 8.5 Net result 6.7 5.0 11.7 0.3 7.7 8.0 Capital employed 219.5 n.m. 259.2 280.2 n.m. 255.8 Equity 122.6 n.m. 159.1 153.4 n.m. 160.3 Net Financial Debt 96.9 n.m. 100.1 126.8 n.m. 95.4 Year results 2024 • Analyst presentation
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Real Estate Development 11 POSITIVE NET RESULT: €8.0 million • Main contributors are the margins on apartments sold and delivered and the capital gain on the sale of the future headquarters of La Loterie Nationale. In addition, write-downs totaling €4.8 million were recorded, mainly on the stock of the Schoettermarial project (Kirchberg plateau) which was fully impaired PROJECTS UNDER CONSTRUCTION OR DELIVERED IN 2024 • Belgium – Construction of Brouck’R in Brussels has started, 6.800 sqm sold to La Loterie Nationale, 1st phase of housing to be launched in spring 2025; renovation of EQ in Brussels started, discussions with prospective tenants or buyers ongoing; PURE in Auderghem 100% sold; 1st phase of Bavière 80% sold; Arboreto in Tervuren, Erasmus Gardens in Anderlecht, and Tervuren Square in Woluwe- Staint-Pierre delivered and around 65% sold; construction of John Martin’s in Antwerp on track with delivery to ION Residential Platform NV set for summer 2025 • Luxembourg – Domaines des Vignes in Mertert 3rd phase delivered, 4th phase construction on track with 75% sold • Poland – construction of PianoForte in Warsaw started, pre-sales rate satisfactory, delivery set for late 2026; Bernardovo in Gdynia, 1st phase of Panoramiqa in Poznan, and Czysta in Wroclaw delivered with nearly 80% sales rate; Chmielna Duo in Warsaw and first 3 phases of Cavallia in Poznan under construction with delivery in 2025; sale of 50% of major property in Gdansk to new partner Year results 2024 • Analyst presentation
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Real Estate Development CAPITAL EMPLOYED decrease to €256 million ACQUISITIONS • Luxembourg - two additional plots on the Pourpelt site in Bertange with BPI currently owning around 30% of total new residential development • Poland – additional phases 2 and 3 of the Panoramiqa project in Poznan - potential for more than 600 apartments with construction starting in 2026 once planning permission obtained PERMITS • Belgium – permit for Move’Hub in Brussels obtained but appeals ongoing against planning and environmental permits; permits for Key West and Uni’Vert in Brussels challenged before the Conseil d’État; permit for Samaya in Ottignies rejected and re-introduced with alterations; planning permission obtained for the school on Bavière in Liège with deed of sale planned for April 2025 • Luxembourg – Team of architects appointed for Kronos on the Kirchberg plateau, permits will be submitted first half of 2025, dismantling works scheduled for 4th quarter 2025; preparation works for The Roots in Belval started with construction to start shortly • Poland – Permit applications for next phase of Cavallia in Poznan being prepared 12Year results 2024 • Analyst presentation
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Gross Development value € 1.58 billion (363,000 m²) Brussels Breakdown of m2 by type FY2024 65% 20% 3% 12% FY2023 68% 17% 3% 12% Residential Office Retail Other Belgium Projects FY2024 187.000 m² Projects FY2023 221.000 m² 13Year results 2024 • Analyst presentation
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Luxembourg Projects FY2024 70.000 m² Projects FY2023 74.000 m² Real Estate Development 14 Poland Projects FY2024 106.000 m² Projects FY2023 158.000 m² Breakdown of m2 by type FY2024 43% 54% 3% FY2023 46% 51% 3% Residential Office Retail Breakdown of m 2 by type FY2024 85% 8% 7% FY2023 90% 5% 5% Residential Office Retail Year results 2024 • Analyst presentation
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Selection of BPI’s promising project pipeline 15Year results 2024 • Analyst presentation
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Selection of highly attractive project portfolio * 16 TervurenSquare Woluwe-Saint-Pierre Mixed-use – 11,800 m2 delivered Brouck’RBrussels Mixed-use – 37,800m2 under development EQ Brussels Office – 21,900 m2 under development Park – Erasmus Gardens Anderlecht Residential –9,400m2 delivered The Roots Belval Mixed-use – 20,700m2 under development Domaine des Vignes (II & IV)Mertert Residential –15,200 m2 III delivered IV under construction CavalliaPoznań Mixed-use – 95,200 m2 under development, under construction PianoForte Warsaw Residential –10,300m2 under development BernadovoGdynia Residential –13,120m2 delivered ChmielnaDuo Warsaw Residential –17,400m2 under construction CzystaWroclaw Residential –10,201m2 delivered Panoramiqa Poznań Residential –19,626m2 delivered Kronos Luxembourg Mixed-use – 55,658 m2 under development Year results 2024 • Analyst presentation * @100% Clarisse Arlon Residential –6,350m2 under development Key West Anderlecht Mixed-use – 63,300 m2 under development Uni’VertBrussels Residential– 10,000 m2 under development Samaya OttIgnies- LLN Residential –24,400 m2 under development Move'Hub Brussels Mixed-use – 54,300m2 under development
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17 Multitechnics Year results 2024 • Analyst presentation
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Multitechnics 18 €m 1HY2023 2HY2023 FY2023 1HY2024 2HY2024 FY2024 Revenue YoY growth 171.2 (0.6%) 166.8 0.1% 338.0 (0,3%) 157.8 (7.8%) 146.5 (12.1%) 304.3 (10.0%) EBIT Margin (1.2) (0.7%) (3.1) (1.9%) (4.3) (1.3%) 1,6 1,0% 8.6 5.9% 10.2 3.3% Net result Margin (2.4) (1.4%) (3.9) (2.3%) (6.3) (1.9%) (0.5) (0.3%) 6.8 4.7% 6.3 2.1% Net Financial Surplus/(Debt) 9.0 n.m. (0.5) 9.0 n.m. 25.5 Order Book 284.7 n.m. 266.5 316.2 n.m. 286.9 Year results 2024 • Analyst presentation
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Multitechnics REVENUE decrease of 10.0% to €304.3 million OPERATING INCOME increase to €10.2 million with both VMA and MOBIX profitable • Negative impact of ZIN in Noord and LuWa continues to weigh on results but is largely offset by the good profitability of the rest of the segment • Diversification into the Energy market is starting to bear fruit ORDER BOOK up by 7.6% to €286.9 million boosted by major commercial successes: • a four-year framework agreement with Walloon network operator ORES to install underground cables in several Walloon provinces • installation of building technology in a new radiopharmaceutical production facility in Gembloux • Engineering, renovation and maintanance of 18 public buildings in the Flemish municipalities of Beerse and Oud-Turnhout to upgrade their energy performance combined with an Energy Service Contract (ESCO) • a four-year framework contract for the STIB covering renewal of the primary energy network and technical equipment • a framework agreement for the renewal of railway tracks in the Brussels Region • installation of all special techniques for the future headquarters of La Loterie Nationale 19Year results 2024 • Analyst presentation
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Multitechnics 20 766.7 354. 0 143. 4 December 2024 Forward order book 119 42 10 Multitechnics Total: 287 m€ >202620262025 Year results 2024 • Analyst presentation Multitechnics Total: 266 m€ December 2023 50 32 34 VMA Total: 171 m€ MOBIX Total: 116 m€ 128 16 19 33 26 44 VMA Total: 163 m€ MOBIX Total: 103 m€ 2024 2025 >2025
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21 Construction & Renovation Year results 2024 • Analyst presentation
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Construction & Renovation 22 €m 1HY2023 2HY2023 FY2023 1HY2024 2HY2024 FY2024 Revenue YoY growth 455.1 14.5% 417.5 4.0% 872.6 9.3% 442.2 (2.8%) 346.2 (17.1%) 788.5 (9.6%) EBIT Margin 0.7 0.2% (0.9) (0.2%) (0.2) 0.0% 6.8 1.5% 1.5 0.4% 8.3 1.1% Net result Margin (0.2) 0.0% 0.1 0.2% (0.1) 0.0% 8.4 1.9% 2.2 0.6% 10.6 1.3% Net Financial Surplus/(Debt) 162.1 n.m. 208.9 191.7 n.m. 255.8 Order Book 1.102,7 n.m. 983.2 1,080.0 n.m. 1,343.5 Year results 2024 • Analyst presentation
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Construction & Renovation REVENUE decrease of 9.6% to € 788.5 million OPERATING INCOME increase to € 8.3 million with all business units improving their results, especially MBG • Brussels – Continued strong activity: 350 apartments of the 2nd phase of Park Lane are being delivered; ZIN in Noord has obtained provisional acceptance; multiple operationally challenging projects for BPC were delivered with high customer satisfaction • Wallonia – Reduced activity with the delivery of multiple projects and a lower order intake Flanders – Continued strong activity: construction of Q building for Ghent University Hospital, O’Sea in Ostend, and block 21/24 Nieuw Zuid in Antwerp; steady progress on 2 projects for Ineos in the Port of Antwerp; increased activity on the Oosterweelverbinding in Antwerp Luxembourg – Drop in sales was expected given the market conditions, with return to growth expected in 2025 thanks to start-up of multiple large projects, although not yet to pre-real estate crisis levels Poland – Sustained activity and increased revenue with several buildings under construction for BPI Real Estate and multiple major logistics & retail projects 23Year results 2024 • Analyst presentation
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Construction & Renovation ORDER BOOK increase of 36.6% to €1.3 billion comprising several major projects to be executed over multiple years Among the contracts won, the most significant are: • Construction (in JV) of the Realex project with a 26,000 m² conference centre and 18,000 m² office building in the European district • Two additional orders valued at €370 million over multiple years for the Oosterweelverbinding in Antwerp to construct tunnels under the Albert Canal and their connection to the Ring • Construction of the Rout Lëns project plot 14 in Luxembourg with 3 residential buildings totaling 19,300 sqm • Construction of the new SD Worx headquarters in Antwerp with an innovative hybrid timber/concrete structure • Construction of a school in Deurne for AG Vespa • Construction of the new Luxembourg PWC headquarters and Red Cross headquarters • Two new orders for Triple Living on the Nieuw Zuid site in Antwerp, including a timber-frame building 24Year results 2024 • Analyst presentation
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Construction & Renovation 25 766.7 354. 0 143. 4 December 2024December 2024 Revenue by countryForward order book 595 337 411 C&R Total: 1,343 m€ >202620262025 72,0% 20,0% 8,0% Belgium Poland Luxembourg Year results 2024 • Analyst presentation 672 248 62 2024 2025 >2025 C&R Total: 983 m€ December 2023
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26 Investments & Holding Year results 2024 • Analyst presentation
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Investments & Holding 27 €m 1HY2023 2HY2023 FY2023 1HY2024 2HY2024 FY2024 EBIT 9.4 10.7 20.1 0 5.1 5.1 Net result 8.6 8.8 17.4 (3.1) 2.2 (1.0) Net financial debt 146.7 n.m. 201.6 213.4 n.m. 227.6 Contribution of Green Offshore: € 4.1 million Contribution of Deep C Holding: € 6.4 million Year results 2024 • Analyst presentation
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Sustainable investments DEEP C NORTH VIETNAM (42%) 28 GREENSTOR (CFE 50%) Green Offshore (CFE 50%) Rentel 309 MW CFE: 6.25% SeaMade 487 MW CFE: 4.38%
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Investments 29 DEEP C • More modest sales of industrial land: 80 hectares compared to 127 hectares in 2023 • Significant increase in sales and operating income of Services GREEN OFFSHORE • Less favourable wind conditions and price of electricity well below the guaranteed price • Strategic partnership of OTARY (of which Green Offshore is one of the eight shareholders) with Eneco and Ocean Winds to jointly bid for the construction and operation of a 700MW offshore wind farm in the Princess Elisabeth area off the Belgian coast GREENSTOR • Construction started of a second 50 MW battery park in La Louvière for delivery in 2026 • Construction of a third farm of 100 MW to be started shortly
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1 2 3 4 5 Investments & Holding 30 Deep C Haiphong I (541 ha) Deep C Haiphong II (646 ha) Deep C Haiphong III (527 ha) Deep C Quang Ninh I (366 ha) Deep C Quang Ninh II (1,193 ha) 1 2 3 4 5 (*) IAI stake + direct Deep C Holding stake Year results 2024 • Analyst presentation
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Outlook 31 • The medium- and long-term outlookfor CFE is positive,thanks to its positioningin the growth marketsof renovationand energyperformance improvement of existing buildings, the developmentof infrastructurelinkedto the energy transitionand sustainablemobilityas well as industrialautomation. • The Real Estate market remains disrupted in the short term, both in the residential and office sectors. BPI Real Estate is expected to post a positive net income in 2025, although the extent of this will depend on the strength and speed of the real estate market recovery in Belgium as in Luxembourg. • VMA expects a stable activity level for 2025 combined with an improvement in operating margin. At MOBIX, the benefits of the diversification of its operations is set to intensify in 2025. • TheConstruction& Renovationsubsidiariesantici- patea declineinsalesin2025, giventhepersistently unsettledeconomicenvironment. Prioritywill be givento selectivelytakingon new ordersand im- provingoperatingperformance. • CFE expects a moderate contraction in turn- over in 2025 and net income close to that of 2024. Year results 2024 • Analyst presentation
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32 Flagship projects in core markets
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Sustainable buildings Smart industry Green energy & mobility Well placed in high-growth markets
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Sustainable living 34 ROUT LËNS Luxembourg More than 19.300 sqm of highly sustainable housing PARK LANE Brussels 350 high-quality and sustainable apartments on the Tour & Taxis site NIEUW ZUID Antwerp Additional order of two buildings (of which one with wooden structure) on the Nieuw Zuid development in Antwerp PIANOFORTE Warsaw 10.000 sqm residential development in an exquisite part of Warsaw started
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Sustainable offices 35 RED CROSS HQ Luxembourg 13.400 sqm new headquarters to be built with low carbon concrete PWC HQ Luxembourg 34.000 sqm to obtain BREEAM, WELL and LCBI certifications REALEX Brussels New 26.000 sqm conference center and 18.000 sqm office buliding for the European Commission with high sustainability and security standards
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Bio-based construction 36 GLP Warsaw Largest logistics centre with wooden roof structure in Poland KRONOS Luxembourg Architectural competition concluded and site works to be started in Q4 SD WORX HQ Antwerp Combination of concrete & Cross Laminated Timber for high sustainability standards
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Large-scale renovation 37 ZIN IN NOORD Brussels Very high client satisfaction for occupant wellbeing and sustainability BROUCK’R Brussels 6.800 sqm (of total 37.000 sqm) sold to La Loterie Nationale as new HQ 1st place EQ Brussels Renovation of an iconic building in the heart of the European Quarter with respect for its initial architecture
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One-stop-shop for real estate revalorisation from A to Z. ETHIAS Westia Jambes Office AXA REIM RAC Hasselt Office GENERALI Montoyer 47 Brussels Office ETHIAS Goed Arthur Antwerp Senior Housing4 projects signed and ongoing for » Taxonomy alignment study » BREEAM assessments » Decarbonisation analyses » Energy optimisation measures
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Industrial buildings 39 INEOS Antwerp 200.000 m3 ethane tank for Ineos’ Project One is on track LCL DATA CENTERS Brussels Construction and building technology for state-of-the-art data center FULL LIFE TECHNOLOGIES Gembloux Construction & building technology for a new 17.000 sqm radiopharmaceutical manufacturing facility
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Industrial automation 40 BELCOLADE Additional orders on first CO2-neutral chocolate factory in Belgium VOLVO Additional orders for automation and electrification of production lines INDAVER Continued strong partnership and additional orders after successful first Plastics-2-Chemicals project last year
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Mobility infrastructure 41 STIB METRO Brussels 4-year contract for the renewal of the energy grid and technical installations OOSTERWEEL Antwerp Additional orders for tunnels under the Albert Canal and ring connections LOCK TERNEUZEN Panama Canal-sized lock allowing ships up to 366m long to enter North Sea Port
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Energy infrastructure 42 ORES ENERGY GRID WALLONIA 4-year contract for the installation of underground energy cables ZONE PRINCESSE ELISABETH Joint venture to submit offer for construction & exploitation of 700 MW D-STOR BATTERY PARK Construction & exploitation of additional 140 MWh energy storage in La Louvière
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43 Focus 2025
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ERP Organization-wide support without further delays or overspends INNOVATION Smart investments in select initiatives (incl AI trials) that make the difference SHIFT PERFORM ACCELERATE RETURN COMMUNITY SUSTAINABILITY KNOWLEDGE CENTER big success for our projects & clients OPERATIONAL EXCELLENCE Systemic programs in all BU’s with more best-practice sharing SYNERGY TASKFORCE Drive initiatives to strengthen collaborative Group culture LEADERSHIP DEVELOPMENT Further program roll-out and build strong leadership team & culture FINANCIAL RIGOR Margin over revenue, tight cash management & overhead cost control E-NPS +10 in all business units Leverage as one-stop-shop the full CFE offering SELECTIVE BIDDING & RISK MGMT Keep focus and rigor despite the tough market NON-FINANCIALS On track with mid- term targets: safety, CO2 reduction, Taxonomy-aligned business,… SEIZE ADJACENT MARKET POTENTIAL Industrial, data centers, …. Our joint focus as a Group in 2025 & other community initiatives
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45 Top ESG company that walks the talk Total solutions in promising net-zero markets Resilient thanks to diversified revenues Year results 2024 • Analyst presentation Why invest in CFE
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Thank you !
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Glossary 47 Capital employed Closing equity balance of the period + closing net financial debt HVAC Heating, ventilation, and air conditioning EBITDA Income from operating activities + amortisation and depreciation of (in)tangible assets and goodwill Debt ratio Net financial debt of the fiscal year / capital employed of the fiscal year Gross development value Estimated market value of real estate development projects (CFE share) for which CFE is committed to purchase the land Income from operating activities Turnover + other operating income + purchases + remunerations and social security payments + other operating expenses + depreciation and goodwill depreciation n.a. Not applicable n.m. Not meaningful Operating income (EBIT) Income from operating activities + share of profit (loss) of investments accounted for under the equity method Order book Revenue to be generated by the projects for which the contract has been signed and has come into effect (i.e. after a notice to proceed has been given or conditions precedent have been fulfilled) and or for which project financing is in place Return on equity (ROE) Net income of the fiscal year (share of the group) / Opening equity balance of the fiscal year Working capital requirement Inventories + trade receivables and other operating receivables + other (operating/non -operating) current assets + current assets held for sale - trade payables and other operating liabilities - tax payables - other (operating/non-operating) liabilities YoY Year-on-year Year results 2024 • Analyst presentation
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Disclaimer 48 The Information and any opinions contained therein are provided as at the date of the presentation and are subject to change without notice. In giving this presentation, neither CFE undertake any obligation to provide the recipient with access to any additional information or to update the Information, or to correct any inaccuracies in the Information, including any data or forward-looking statements. The Information contains statistics, data and other information relating to markets, market sizes, market shares, market positio ns and other industry data pertaining to CFE’s business and markets. Unless otherwise indicated, such information is based on CFE’s analysis of multiple sources such as indust ry publications, market research and other publicly available information. Such information has been accurately reproduced and, as far as CFE is aware and able to ascertain, no facts have been omitted which would render the reproduced information provided inaccurate or misleading. Third party industry publications, studies and surveys generally st ate that the data contained therein have been obtained from sources believed to be reliable, but there is no guarantee of the accuracy or completeness of such data. While CFE reasonably believes that each of these publications, studies and surveys has been prepared by a reputable party, CFE has not verified the data contained therein. In addition, certain of the industry, market and competitive position data contained in the Information come from CFE’s own internal research and estimates based on the knowledge and experience of CFE’s management in the markets in which CFE operates. While CFE reasonably believes that such research and estimates are reasonable and reliable , they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained in the Information. The Information may include statements that are, or may be deemed to be, “forward- looking statements”. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms “believes”, “estimates”, “plans”, “projects”, “anticipates”, “expects”, “intends”, “targets”, “may”, “will” or “should” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future event s or intentions. Forward-looking statements may and often do differ materially from actual results. Past performance of CFE cannot be relied on as a guide to future performance. Any forward-looking statements reflect CFE’s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assu mptions relating to CFE’s business, results of operations, financial position, liquidity, prospects, growth or strategies, many of which are based, in turn, upon further assumptions, incl uding without limitation, management’s examination of historical operating trends, data contained in CFE’s records (and those of its affiliates) and other data available from thir d parties. Although CFE believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, co ntingencies and other important factors which are difficult or impossible to predict and are beyond its control. Forward-looking statements are not guarantees of future performance and such risks, uncertainties, contingencies and other important factors could cause the actual results of operations, financial condition and liquidity of CFE and its affiliate s or the industry to differ materially from those results expressed or implied in the Information by such forward-looking statements. No representation is made that any forward- looking statements will come to pass or that any forecast result will be achieved. As a result, undue influence should not be placed on any forward- looking statement. Forward-looking statements speak only as of the date they are made. Year results 2024 • Analyst presentation