Slides
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1 Half Year Results 2026 Analyst meeting
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Summary 2 Half year results 2026 • Analyst presentation Solid performance 50% EBIT increase thanks to disciplined risk management and operational performance, despite contrasting market dynamics and macroeconomic volatility. Strong balance sheet We further strengthened our balance sheet, with our net cash position reaching a record level for a half-year closing, while our order book remains stable. Strategy confirmed Complementary activities delivering integrated solutions across the entire project lifecycle, enabling us to capture growth opportunities in attractive markets.
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Key figures 3Half year results 2026 • Analyst presentation REVENUE €531.5 mio (2.6%) (HY2025) EBIT €17.4 mio €11.5 mio (HY2025) NET INCOME €12.9 mio €7.5 mio (HY2025) ORDER BOOK €1,626.5 mio €1,632.6 (FY2025) EQUITY €265 mio €264 mio (FY2025) NET FINANCIAL SURPLUS €21 mio €43.8 mio (FY2025) ROE 16.5% 11.9% (HY2025)
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Breakdown by segment
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Breakdown by segment Half year results 2026 • Analyst presentation 5 (*) does not include eliminations between segments Real Estate Development Multitechnics Construction & Renovation Investments & Holding (*) HY/€m 2025 2026 2025 2026 2025 2026 2025 2026 Revenue YoY growth 51.1 22.2 145.7 (7.7)% 166.3 14.1% 359.2 (18.8)% 350.3 (2.5%) 1.2 1.5 EBIT Margin 4.6 9.0% (0.3) (1.3%) 1.3 0.9% (1.9) (1.1%) 5.5 1.5% 20.2 5.8% 0.7 (0.7) Net result Margin 4.6 9.0% 0.1 0.5% 0.3 0.2% (1.7) (1%) 4.6 1.3% 16.8 4.8% (1.5) (2.2)
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Consolidated CFE figures 6 Note: ROE calculated on 12 rolling months EBIT EBIT % 22,8 24 33,5 7,5 12,9 2023 2024 2025 1HY2025 1HY2026 10,1% 10,1% 13,5% 11,9% 16,5% 2023 2024 2025 1HY2025 1HY2026 33 32 44,9 11,5 17,4 2023 2024 2025 1HY2025 1HY2026 Revenue and order book (€m) EBIT (€m) Net Result (€m) Return On Equity (ROE) 2,6% 2,7% 4,3% 2,1% 3,3% Half year results 2026 • Analyst presentation 1.269 1.646 1.633 1.712 1.627 1.249 1.182 1.042 546 532 2023 2024 2025 1HY2025 1HY2026 Order Book Revenue
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Historical performance 7 20252024 -61 2023 1HY20261HY2025 17,4 8,5 14,5 4,6 -4,3 10,2 9,2 -1,9 -0,2 8,3 19,3 5,5 20,2 20,1 5,0 1,7 2025 1HY2025 9,3 2024 1HY20262023 Revenue (€m) EBIT (€m) Half year results 2026 • Analyst presentation 158 126 77 51 22 338 304 301 146 166 873 788 683 359 350 -122 -36 -19 -10 -6 MultitechnicsReal Estate Development Construction & Renovation MultitechnicsReal Estate Development Construction & RenovationInvestments & Holding Investments & Holding
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Balance sheet 8 (€m) 2023 2024 1HY 2025 2025 1HY 2026 Tangible fixed assets 95.1 96.0 94.9 92.9 92.3 Goodwill 23.9 23.9 23.9 24.0 23.9 Investments accounted for using the equity method 185.4 176.4 165.7 176.9 163.7 Of which Deep C Holding, Green Offshore and GreenStor 73.2 75.7 68.6 74.3 73.0 Net other non-current assets / (liabilities) 76.6 79.4 90.7 78.3 66.5 Of which Deep C Holding, Green Offshore and GreenStor financial receivables 26.0 27.7 29.8 30.0 30.3 Working capital (50.9) (86.2) (92.5) (151.9) (102.4) Of which Construction & Renovation and Multitechnics (123.8) (164.3) (148.5) (193.5) (163.2) Equity 236.8 247.8 236.2 264.0 265.0 Net financial debt 93.3 41.7 46.5 (43.8) (21.0) Capital employed 330.1 289.5 282.7 220.2 244.0 Half year results 2026 • Analyst presentation Return on capital employed 18.0 % Equity 265 M€
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9 Note: (1) Excluding of IFRS 16 leases 2023 2024 2025 1HY2026 CFE Construction & RenovationReal Estate Development Investments & HoldingMultitechnics Debt structure HY2026 Net financial surplus / (debt) evolution (€m) Half year results 2026 • Analyst presentation Breakdown – Net Financial Surplus / (Debt) €m Corporate financing 33 Credit facilities 3 Commercial papers 0 Medium term notes 30 BPI - Project financing 20 Leasing and others 60 IFRS16 29 Others 31 Gross Financial Debt 113 Unutilized committed credit line 247 Cash 134 -93,3 -41,7 43,8 21,0 -300 -200 -100 0 100 200 300
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Kennedy Park - Luxembourg Real Estate Development
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Real Estate Development 11 €m 1HY2025 2HY2025 FY2025 1HY2026 EBIT 4.6 9.9 14.5 (0.3) Net result 4.6 7.4 12.0 0.1 Capital employed 237.9 n.m. 219.9 214.0 Equity 157.2 n.m. 165.2 152.3 Net Financial Debt 80.6 n.m. 54.6 61.6 Half year results 2026 • Analyst presentation
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Capital employed amounts to € 214 million (-2.7% FY2025) No major acquisitions in 1HY2026. Market trends • Sales of apartments completed or near completion up compared with 2025, with stock of unsold units post construction down 80% during 1HY2026. • Residential market remains challenging for off-plan sales or sales during initial phase of construction, but sales momentum improves in the six months leading up to completion. • Investor liquidity for large-scale real estate assets (incl. offices) and future development of long-term interest rates remain attention points. Equity & Net Financial Debt • Equity € 152.3 as at 30 June 2026, down by € 13 million compared with 31 December 2025 following the payment of a dividend of € 12 million for the 2025 financial year. • Net financial debt € 61.6 million as at 30 June 2026 (€ 54.6 million as at 31 December 2025). • Debt ratio 29% as at 30 June 2026. Net result Net profit in balance due to absence of major transactions during 1HY2026. Real Estate Development 12Half year results 2026 • Analyst presentation
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Real Estate Development 13 Belgium • Continued renovation of EQ office building in the European Quarter (22,000 m²), which is fully let on a long-term basis to the European Commission with hand-over foreseen in 2028. • Steady progress on first two phases of the Brouck’R project in Brussels centre, including construction of two office buil- dings for the National Lottery (12,000 m²) and around 100 residential units of which 2/3 already sold. • Finalisation of structural work on residential project Uni’Vert in Auderghem with 50% of 75 luxury apartments sold. • Construction on schedule of the future nursing school for Province of Liège on the Bavière site. Luxembourg • Sale completion of remaining residential units in final phase of the Domaine des Vignes project in Mertert and Mimosa residence on Route d’Arlon. • Approval of new Specific Development Plan (PAP) for Kennedy Park (75,000 m2 above-ground + 1.6-hectare park) by City Council of Luxembourg on 27 April 2026. Kennedy Park will feature the new headquarters of KPMG Luxembourg and Linklaters. Ongoing exclusive negotiations with other partners including prospective buyers for the hotel (5,400 m²), the co- living building (8,300 m²) and the residential building (5,800 m²). Poland • Successful sale completion of remaining apartments in the blocks due for handover in 2025 in 1HY2026, with only 4 of 197 residential units left to sell. • Completion of two residential buildings at the Cavallia site in Poznań (l158 apart- ments) with sales rate 94%. • Near completion of Piano Forte residential project (100 residential units) in Warsaw, handover foreseen in fourth quarter of 2026. • Launch of second phase of the PanoramiQa project (160 apartments) and third phase of the Cavallia project (131 apartments) in Poznań. Half year results 2026 • Analyst presentation Projects under development or construction
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Gross Development value € 1.66 billion (352.000 m²) Brussels Breakdown of m2 by type HY2026 60% 26% 3% 11% FY2025 63% 23% 3% 11% Residential Office Retail Other Belgium Projects HY2026 171,000 m² (*) Projects FY2025 169,000 m² (*) (*) BPI's share Half year results 2026 • Analyst presentation
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Luxembourg Projects HY2026 80,000 m² (*) Projects FY2025 74,000 m²(*) Real Estate Development 15 Poland Projects HY2026 101,000 m² (*) Projects FY2025 116,000 m² (*) (*) BPI's share Half year results 2026 • Analyst presentation Breakdown of m2 by type HY2026 46% 42% 5% 7% FY2025 44% 51% 5% 0% Residential Office Retail Other Breakdown of m 2 by type HY2026 92% 2% 6% 0% FY2025 90% 4% 6% 0% Residential Office Retail Other
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Selection of highly attractive project portfolio * 16 Residential – 10,400 m² under development Brouck’R Brussels Mixed-use – 38,000 m2 under construction EQ Brussels Office – 24,000 m2 under renovation SamayaOttignies-LLN Mixed-used – 82,000m2 under development Bavière Liège School – 9,000 m2 under construction Uni'vert Auderghem Residential – 10,000 m2 under construction Roots Belval Mixed-use – 16,700 m2 under construction Cavallia Poznań Mixed-use – 56,400 m2 under development, under construction Piano Forte Warsaw Residential – 10,300m2 under construction Mixed-use – 55,000 m2 under development Kennedy Park Luxembourg Mixed-use – 75,100 m2 under development Half year results 2026 • Analyst presentation Move'Hub Brussels Moniuszki Warsaw Panoramiqa 2&3 PoznańGedania Gdansk Emely Dudelange Residential – 13,500 m² under development PourpeltBertrange * @100% Residential – 33,000m2 under development Office – 10,000m2 (GLA) under development Residential – 46,300 m2 under development, under construction
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Multitechnics
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Multitechnics €m 1HY2025 2HY2025 FY2025 1HY2026 Revenue YoY growth 145,7 (7.7%) 155.7 6.3% 301.4 (1.0%) 166,3 14.1% EBIT Margin 1.3 0.9% 7.9 5.1% 9.2 3.1% (1.9) (1.1%) Net result Margin 0.3 0.2% 5.7 3.6% 6.0 2.0% (1.7) (1.0%) Net Financial Surplus 16.1 n.m. 41.1 30.0 Order book 361.1 n.m. 338.1 333.5 18Half year results 2026 • Analyst presentation
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114 30 96 43 22 28 2HY2026 2027 > 2027 VMA 232 m€ MOBIX 101 m€ Multitechnics 19 Forward order book (€m) Half year results 2026 • Analyst presentation 164 52 53 39 6 24 2026 2027 > 2027 VMA 223 m€ MOBIX 115 m€ June 2026 December 2025 Multitechnics Total: 333 m€ Multitechnics Total: 338 m€
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Multitechnics VMA • Revenue at € 125.7 million (+15.2 yoy) particularly driven by the Electricity and HVAC Business Units in both Flanders and Wallonia. Several major projects currently underway for data centres and industrial facilities. Maintenance activities recording double-digit growth. Continued challenging conditions in the industrial sector, particularly in European automotive industry. • Operating income significantly improved compared to 1HY2025, driven by strong commercial momentum, rigorous operational excellence and overhead control. • Order Book strengthened, notably for data centres, a hotel and office buildings (including Realex), and with several major new contracts currently being finalized. MOBIX • Revenue at € 40.8 million (+11.5% yoy) but remains at a relatively low level. • EBIT showing significant loss due to LuWa project (DBFM contract), insufficient profitability of certain projects and high overhead costs relative to the level of activity. • Order Book decline despite number of major orders for the Catenary Business Unit which are insufficient to offset decline in other activities. 20Half year results 2026 • Analyst presentation
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Multitechnics 21 Nexans production site, Charleroi Realex office & conference center, Brussels Infrabel service building, Ghent Catenary works, Brughes Brussels Airport runway 25L Half year results 2026 • Analyst presentation LCL Datacenter, Diegem
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Construction & Renovation Airport Business Center - Brussels
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Construction & Renovation €m 1HY2025 2HY2025 FY2025 1HY2026 Revenue YoY growth 359.2 (18.8%) 324.2 (6.4%) 683.4 (13.3%) 350.3 (2.5%) EBIT Margin 5.5 1.5% 13.8 4.3% 19.3 2.8% 20.2 5.8% Net result Margin 4.6 1.3% 11.9 3.7% 16.5 2.4% 16.8 4.8% Net Financial Surplus 248.5 n.m. 285.8 268.9 Order book 1.334,8 n.m. 1.286,3 1.300,8 23Half year results 2026 • Analyst presentation
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Construction & Renovation Revenue at € 350.3 million (-2.5% yoy) Revenue rose significantly in Luxembourg, while it contracted in Belgium and Poland. • In and around Brussels, successful completion of residential building on Erasmus Gardens, pace gathering of Newton and Realex, steady progress on EQ office, finalization of Kanal-Pompidou museum and Airport Business Centre. • In Antwerp, works ongoing on northern section of Antwerp Ring Road (Oosterweel link), INEOS Project One, SD Worx headquarters and three buildings in Nieuw Zuid district. • In Wallonia, completion of Edenya tropical greenhouse for Pairi Daiza and 600 homes for NATO in Mons, construction ongoing on UCB site in Braine-l’Alleud, Full Life Technologies radiopharmaceutical production site in Gembloux and Grand Poste office in Liège. • In Luxembourg, buoyant business mainly driven by construction of headquarters for PwC and Luxembourg Red Cross, and residential buildings of the Kennedy Park project. Trend is set to continue as Kennedy Park gathers pace. • In Poland, business is slowing due to less favorable market conditions in logistics and offices. Conversely, excellent growth prospects for defense-related projects with a first project delivered to the client’s satisfaction (MBDA). Operating income at €20.2 million (+€ 14.7 million yoy) • Fourfold increase of operating income compared to 1HY2025 and all-time high operating margin of 5.7% with all operational units contributing positively. • Strong performance driven by disposal of production site in Marche-en- Famenne, favorable settlement of significant accounts with subcontractors, and absence of heavily loss-making projects thanks to focus on selective bidding and operational excellence. Order book stable at €1.3 billion New significant contracts: • Construction of three additional buildings on Rout Lëns site in Luxembourg (90 apartments with retail and office on ground floor, 110-unit retirement home and 113 student accommodation units) • redevelopment of two social housing blocks in Antwerp; • construction of new phase of housing on Cavallia site in Poznań; • conversion of former offices into 71 apartments and workspaces for Matexi in central Brussels (IRYS project); • renovation and extension of British School of Brussels in Tervuren; • construction of a shopping centre in Poland. • As at 30 June 2026, several significant orders yet to be included in the order book, notably those relating to the Kennedy Park and Lake Side projects. 24Half year results 2026 • Analyst presentation
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25 Construction & Renovation 71% 12% 17% Belgium Poland Luxembourg C&R Total : 1,301 m€ 326 464 511 2HY2026 2027 > 2027 June 2026 Revenue by countryForward order book (€m) Half year results 2026 • Analyst presentation 605 330 351 2026 2027 > 2027 June 2026 December 2025 C&R Total : 1,286 m€
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Construction & Renovation 26 Luxembourg Newton, BrusselsIneos Wood Kanal, Brussels Roots, Luxembourg PanoramiQa 2, Poznań Oosterweel, Antwerp Westo Wola, Warsaw Half year results 2026 • Analyst presentation Belgium Poland Kennedy Campus PWC, Luxembourg
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Investments & Holding Hai Phong
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28 Investments & Holding €m (*) 1HY2025 2HY2025 FY2025 1HY2026 EBIT 0.7 1.1 1.8 (0.7) Net result (1.5) 0.5 (1.0) (2.2) Net Financial Debt 230.6 n.m. 228.5 216.4 (*) figures exclude eliminations between segments BSTOR (CFE 19%) Green Offshore (CFE 50%) Deep C (CFE 42%) Half year results 2026 • Analyst presentation Contribution of Green Offshore: € 1.0 million Contribution of Deep C Holding: (€ 1.1 million)
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Investments & Holding Operating income at -€ 0.7 million (€ 0.1 million in 1HY2025) Green-Offshore (a € 1.0 million contribution in CFE's share) • Combined green energy production from the Rentel and SeaMade wind farms reached 1.3 TWh (1.1 TWh in the first half of 2025). Deep C Holding (a -€ 1.1 million contribution in CFE's share) • Loss of € 2.2 million (compared with net profit of € 3 million in 1HY2025) attributable to significant decrease in sales of industrial land. Important impact of Middle East conflict in terms of rising interest rates and prices, and availability of materials, leading to additional costs and delays in delivery of infrastructure works. • However, important to note are the steady growth and operating profit of the services business and the landmark agreement with LG-Innotek for its new semiconductor substrates production site estimated at over USD 1 billion for the first phase. GreenStor (a -€ 0.5 million contribution in CFE's share) • BSTOR currently holds stakes in ESTOR LUX I (10 MW, 75% stake) in Bastogne, DSTOR (50 MW, 50% stake) in La Louvière, ESTOR LUX II (100 MW, operational in October 2026, 75% stake) in Aubange, and has a pipeline of over 1.7 gigawatts spread over appr. 10 projects at various stages of development. • On 17 July 2026, TINC and INFRAVEST acquired a minority stake in BSTOR AssetCo, valued at € 10 million. At the same time, TINC and INFRAVEST granted BSTOR AssetCo a mezzanine loan of € 12 million, the proceeds of which were used to partially repay BSTOR’s shareholder loan. This transaction, which will have no impact on the profit and loss account, will result in BSTOR receiving € 22 million, which will be used to develop new battery parks. Net financial debt amounted to € 216.4 million (€ 228.5 million at 31 December 2025). 29Half year results 2026 • Analyst presentation
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Outlook 30 Half year results 2026 • Analyst presentation During the first half of the year, CFE once again demonstrated its resilience by posting very solid results and a very strong balance sheet. Thanks to the combination and complementarity of its various activities, CFE is meeting growing market demand for solutions covering the entire project life cycle – from development and concept optimisation through to construction, including multitechnical installations and maintenance. The conflict in the Middle East has so far had only a limited impact on CFE’s operations and profitability. Nevertheless, given that the situation has not yet returned to normal, the risk of a further rise in material prices and interest rates cannot be ruled out. CFE anticipates the following developments for its various divisions in 2026: • as usual, BPI Real Estate’s contribution to the Group’s result will depend on market developments and the timing of the completion of ongoing transactions; • driven by strong market momentum, VMA’s revenue and operating income are expected to show a significant increase compared with 2025; • weak business activity will continue to weigh on MOBIX’s results in 2026; • reflecting its consistent policy of selective bidding, revenue in the Construction & Renovation segment is expected to be on a par with that of 2025, while operating income is expected to show an increase. However, the contribution for the second half of the year will be lower than that recorded as at 30 June 2026; • excluding the negative impact of exchange rates during the second half of the year, Deep C Holding’s net profit is expected to at least match that of 2025. In view of the uncertainties set out above, CFE is forecasting a return on equity of at least 10% for 2026.
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Summary 31 Half year results 2026 • Analyst presentation Solid performance 50% EBIT increase thanks to disciplined risk management and operational performance, despite contrasting market dynamics and macroeconomic volatility. Strong balance sheet We further strengthened our balance sheet, with our net cash position reaching a record level for a half-year closing, while our order book remains stable. Strategy confirmed Complementary activities delivering integrated solutions across the entire project lifecycle, enabling us to capture growth opportunities in attractive markets.
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32 Thank you!
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Glossary 33Half year results 2026 • Analyst presentation Capital employed Closing equity balance of the period + closing net financial debt EBITDA Income from operating activities + amortisation and depreciation of (in)tangible assets and goodwill Net Financial Debt (NFD) Non-current bonds + non-current financial liabilities + current bonds + current financial liabilities - cash and cash equivalents Net Financial Surplus(NFS) Cash and cash equivalents – non-current bonds – non-current financial liabilities – current bonds – current financial liabilities Debt ratio Net Financial Debt / Equity + Net financial Debt 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 Revenue + other operating income + raw materials, consumables, services and subcontracted work + personnel expenses + other operating expenses + depreciation and amortisation 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 ROE on 12 rolling months Net income (share of the group) 2HYn-1+1HYn / Equity balance June n-1 Return on capital employed (ROCE) EBIT of the fiscal year (share of the group) / Opening capital employed June N -1 ROCE on 12 rolling months EBIT 2HYn-1+1HYn / Capital employed June n-1 Working capital requirement Inventories + trade and other operating receivables + contract assets + other current non -operating assets – trade and other operating payables – current tax liabilities – contract liabilities – other current non-operating liabilities YoY Year-on-year