Earnings release
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PRESS RELEASE REGULATED INFORMATION Brussels, 13 August 2025, 5:40 PM
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2 Content HIGHLIGHTS ............................................................................................................................................ 3 1. KEY FIGURES ............................................................................................................................................ 5 2. INTERIM ANNUAL REPORT .......................................................................................................... 7 2.1 Activity report ................................................................................................................................................................................ 8 2.2 Consolidated results 01/01/2025 - 30/06/2025 .............................................................................................. 13 2.3 Financial results and management of financial resources ................................................................... 14 2.4 Condensed real estate report ........................................................................................................................................ 16 2.5 Outlook .................................................................................................................................................................................................. 19 2.6 Main risks and uncertainties ............................................................................................................................................. 20 2.7 Main related-party transactions .................................................................................................................................... 20 3. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ........................................ 21 3.1 Consolidated statement of comprehensive income .................................................................................. 22 3.2 Other elements of comprehensive income ....................................................................................................... 23 3.3 Consolidated balance sheet ............................................................................................................................................. 24 3.4 Consolidated cash flow statement ............................................................................................................................. 26 3.5 Consolidated statement of changes in equity ................................................................................................ 28 3.6 Notes to the condensed consolidated financial statements ............................................................. 29 4. STATUTORY AUDITOR’S REPORT ............................................................................................. 39 5. STATEMENT .............................................................................................................................................. 41 ANNEX: ALTERNATIVE PERFORMANCE MEASURES .............................................................. 43
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In the first half of 2025, Nextensa achieved a clear increase in profitability despite a challenging economic context. Net profit increased significantly, driven by a higher contribution from development activities, lower financing costs, and a further strengthening of the balance sheet. Underlying rental income recorded positive like-for-like growth, mainly thanks to improved occupancy at Moonar and Tour & Taxis. The decrease in total rental income is mainly due to divestments, including the Knauf shopping centres, the Brixton retail park, and Hygge, representing a total volume of approximately €230 million. These solid financial and operational results are the outcome of a clear long-term strategy, which materialised in three notable transactions in the first half of the year. The sale of the Knauf shopping centres to Wereldhave for €165.75 million reinforced the group’s financial strength. In addition, Proximus’s decision to choose Tour & Taxis as its new headquarters — with full pre-leasing of the Lake Side office project — confirmed the appeal of Nextensa’s sustainable urban developments. Lastly, Nextensa reinforced its sustainability ambitions by acquiring the iconic Proximus Towers (BEL Towers) and obtaining the permit to redevelop them into a mixed-use sustainable project located in a prime area next to Brussels North Station. Thanks to these targeted strategic decisions and a solid foundation of results, Nextensa remains well positioned to create sustainable value for all its stakeholders. NET RESULT The net result (Group share) for the first half of 2025 amounted to €19.9 M, or €1.96 per dividend-bearing share, representing a 41% increase compared to €14.1 M or €1.39 per share in the same period last year. INVESTMENT PROPERTIES • Rental income (like-for-like) increased by 5.45% in the first half of 2025 driven by the continued strong performance of the Tour & Taxis site combined with the contribution from major renovations such as Moonar (Luxembourg) and Vösendorf 16 (Austria). Net rental income in H1 2025 was lower (-19.6%) than in the same period last year, due to sales completed in 2024 and H1 2025. • A limited positive revaluation of € 0,2 M on the existing portfolio compared with a negative revaluation of €6.6 M in the first half of 2024. • A further 10% reduction in property costs was achieved compared with the same period last year. DEVELOPMENT PROJECTS Cloche d’Or • Construction of the Stairs office building (9.000 m²) is progressing well, with delivery scheduled for the end of March 2026. • At the end of June, a lease was signed with PwC Luxembourg for approximately 9,500 m² of office space in the new office building Eosys of 12.000 m², with delivery scheduled for September 2027. • Commercialisation of the final phase of D5-D10 is progressing successfully: as at 30 June 2025, 153 apartments were sold or reserved, corresponding to an occupancy rate of 83%. Solid half-year results confirm Nextensa’s strategic course 3 HIGHLIGHTS Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor’s report • Statement • Annex
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Tour & Taxis • The Tour & Taxis site continues to strengthen its appeal thanks to a wide range of activities and facilities. The increase in both the number of events and permanent leases has translated into a 2% rise in rental income compared with the same period last year. • The residential development is also progressing successfully: as at 30 June 2025, 327 out of 346 apartments had been sold or reserved. At present, only 15 apartments remain available for sale — a result that can be considered a major success. ACTIVE FINANCIAL MANAGEMENT • The average financing cost of the investment portfolio has decreased from 2.86% to 2.71%, thanks to the hedging policy and a reduction in financial debt. • The sale of both Knauf shopping centres reduced the financial debt ratio to 43.41%, compared with 45.39% on 31 December 2024. • Most of the investment portfolio maturing in 2025 have been extended for several years, so that the average maturity of the credit lines is now 2.85 years, with available headroom of € 135 M. Michel Van Geyte - CEO Nextensa “The real estate sector remains under pressure, but for Nextensa, the first half of 2025 was an exceptional period. Proximus’s decision to establish its new headquarters at Tour & Taxis confirms Nextensa’s visionary strategy to focus on inner-city, mixed-use, and above all, sustainable developments. The redevelopment of the BEL Towers (formerly the Proximus Towers) will be undertaken with the same mission in place. The sale of the Knauf shopping centres, the largest transaction on the Luxembourg market in the past five years, has significantly strengthened our balance sheet. I can only express my sincere thanks to our clients, tenants, banks and the entire Nextensa team for their continued commitment and trust dispite the turbulent market conditions.” 4 Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor’s report • Statement • Annex
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KEY FIGURES 1 Lake Side - Brussels
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6 KEY FIGURES - INVESTMENT PORTFOLIO 30/06/2025 31/12/2024 Fair value investment portfolio (€ 1,000) 1,106,262 1,215,075 Fair value investment properties, incl. participation Retail Estates (€ 1,000) 1,189,368 1,295,208 Rental yield based on fair value 6.10% 5.99% KEY FIGURES - BALANCE SHEET 30/06/2025 31/12/2024 Net asset value group share (€ 1,000) 832,083 812,487 Net asset value group share per share 81.81 79.88 Financial debt ratio (financial debts/total assets) 43.41% 45.39% Net financial debt position 707,201 763,019 Average duration credit lines (years) - investment portfolio 2.85 1.98 Average funding cost - investment portfolio 2.71% 2.86% Average duration hedges (years) 2.65 2.68 Hedge ratio 99% 61% KEY FIGURES - INCOME STATEMENT 30/06/2025 30/06/2024 Rental income (€ 1,000) 29,149 36,174 Result development projects (€ 1,000) 7,665 5,233 Net result group share (€ 1,000) 19,942 14,094 Net result group share per share (number of shares at closing date)* 1.96 1.39 Net result group share per share (weighted average)* 1.97 1.40 * net result per share is equal to the diluted net result per share KEY FIGURES - DEVELOPMENT RESULTS 30/06/2025 30/06/2024 Development results Belgium (€ 1,000) 3,310 1,675 Development results Grand Duchy Luxembourg (€ 1,000) 4,355 3,558 Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor’s report • Statement • Annex
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INTERIM ANNUAL REPORT 2 Moonar - Luxembourg
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• Occupancy of the office and retail spaces at the Tour & Taxis site continues to rise. New office leases were signed, including with Moxy BV. In the retail segment, Le Pain Quotidien renewed its lease, Syntra expanded its ground- floor space, and a new agreement was signed with the Order of Surveyors. At Gare Maritime, the new Proxy Delhaize store opened on 3 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 the site. • The numerous events on the site – both in the Sheds and in Gare Maritime, as well as in the conference center Maison de la Poste – once again generated significant activity. • The event season was successfully launched with the Ceramic and Affordable Art Fairs. 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 for 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. Several major corporate events, including ABU and MPS World Summit, also took place on the site. In anticipation of the arrival of Proximus, Hôtel des Douanes is being used as a prestigious and exclusive event venue. The first event was held there on April 3, 2025. • The residential neighbourhood Park Lane Phase II is on track for completion in Q3 2025. As at 30 June 2025, six of the eleven buildings had been delivered. At the end of the first half of the year, 327 apartments had been sold or reserved, bringing the project to 94% sold or reserved. CITY 1 TOUR & TAXIS : • On February 5, 2025, the public inquiry for the Lake Side project was launched. The public meeting of the consultation committee took place on 18 March and resulted in a favourable opinion with conditions on 21 April. At the end of June 2025, Nextensa submitted a revised permit application. For the modifications, Nextensa took maximum account of the comments made by local residents and the consultation committee. The Lake Side project is the final phase of urban development on the Tour & Taxis site, located alongside the previously constructed ponds. Proxy Delhaize, Gare Maritime, Tour & Taxis - Brussels 8 2.1 ACTIVITY REPORT Building the future and reshaping cities Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor’s report • Statement • Annex
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The developments at Cloche d’Or, across both office and residential projects, contributed positively to the results for the first half of 2025 by €4.4 M. OFFICE BUIDLINGS • For Terraces (formerly LoftHouse) we are in advanced discussions with a prospective tenant. • In August 2024, Nextensa and Promobe signed an agreement with State Street, one of the world’s leading financial services providers, for the sale, upon completion, of the new Stairs office building. On completion, State Street will acquire full ownership. Construction of the office building is progressing well and remains on schedule for delivery by the end of March 2026. • At the end of June, 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 will be a high- quality, contemporary 13-storey building with a distinctive architectural identity. The façade in gold-coloured aluminum will give the building an elegant and sculptural appearance. Inside, well-being and flexibility are at the core, with amenities including a wellness area, fitness room, coffee corner, training facilities, and a large landscaped terrace. Eosys is targeting for a BREEAM “Outstanding” certification, the highest sustainability standard. Delivery of the office building is scheduled for September 2027. The further development of an urban district in Luxembourg City in joint venture with Luxembourg developer Promobe. CITY 2 CLOCHE D’OR : Eosys Building, Cloche d’Or - Luxembourg Project Status Details Letting Emerald Delivered Q4 2023 Approx. 7,000 sqm: 6 above- ground and 1 underground floor 100% let: Intertrust, PwC and Stibbe White House Delivered Q1 2024 Approx. 7,000 sqm: 6 above- ground and 1 underground floor 100% let: Intertrust Terraces (formerly Lofthouse) In planning phase Approx. 5,000 sqm: 5 above- ground and 1 underground floor Advanced negotiations with a potential tenant Stairs Under construction - delivery expected in March 2026 Approx. 10,000 sqm: 10 above- ground and 1 underground floor 100% let: State Street and purchase agreement signed upon delivery in 2026 Eosys In planning phase - delivery expected in september 2027 Approx. 12,355 sqm: 11 above- ground and 2 underground floors 78% let (PwC Luxembourg) 9 Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor’s report • Statement • Annex
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B&B Hotel, Cloche d’Or - Luxembourg RESIDENTIAL DEVELOPMENTS • Despite the slowdown in the residential market, the commercialisation of the final phase of D5-D10 has begun. Of the additional 49 units, 26 had already been reserved by the end of June, leaving only 37 apartments still available on the Cloche d’Or site, bringing the occupancy rate to 83%. • The B&B Hotel was delivered in mid-July 2025. • The D-Tours residential complex was divided into the Eosys office building and the D1 residential project, comprising 162 apartments. Project Status Details Sale D-Nord Delivered Q1 2023 194 apartments 189/194 apartments reserved/sold D5-D10 Under construction, first units being delivered 185 apartments 153/185 apartments reserved/sold B&B HOTELS Delivered mid-July 2025 Hotel of approx. 4,500 sqm with 150 rooms 100% let to B&B hotels for 20 years fix D1 In planning phase Approx. 162 apartments 10 Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor’s report • Statement • Annex
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• 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 of two office 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 accomodate a mix of residential, office, educational, and leisure functions, 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 under way. • The Moonar campus (approx. 21,500 m²) near Luxembourg Airport underwent a major renovation, completed at the end of 2014, transforming it into a modern, future-oriented working environment. With a wide range of amenities and the appointment of a community manager, Nextensa is creating a vibrant and attractive campus. The opening of the Comet Café in January, a massage room in May, and the forthcoming launch of a fitness area in September will further strenghten the sense of community. Occupancy remains stable at 80% with a prime rent of €32 per square meter per month. • The permit for the new Montree building is expected by October 2025, with completion is 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. • In 2023, Nextensa acquired the leasehold rights to the office building located at 24 Montoyer Street in Brussels. Situated in the Leopold District – one of the most sought- after office locations in the city – and only a few meters from the Monteco building, Nextensa plans to develop an emission-free timber office building of around 2,800 m² on this site, to be named Treemont. 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 pemit application. Permit should be expected by Q2 2026. 11 Investing in the future Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor’s report • Statement • Annex Moonar Campus - Luxembourg
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Nextensa is a leading 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. SUSTAINABLE ENERGY • Sustainable energy plays an important role in the transition towards a carbon-free real estate portfolio. By the end of April 2025, the latest expansions of the solar panel installations had been completed, 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. • The expansion of the charging infrastructure at the Tour & Taxis site is also nearing completion. By the end of April, 192 AC charging points had been made available for site users. 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 organisation 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. During the first half of the year, services were expanded with the opening of the Comet Café and a massage room. In September, the underground fitness centre will open. 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. Tours & Taxis - Brussels 12 Towards a more sustainable future Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor’s report • Statement • Annex
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13 The net result for the first half of 2025 is approximately € 5.8 M higher compared to 30 June of last year. This is mainly due to the improvement in development results (+ € 2.4 M) thanks to better market conditions. In addition, financial costs are € 4.1 M lower, driven by a lower average debt level and a decrease in interest rates. Financial income is also € 1.8 M higher compared to the same period last year. OPERATING RESULT OF INVESTMENT PROPERTIES Rental income in the first half of 2025 was € 7.0 M lower than in the first half of 2024, due to the sale of both Knauf shopping centres in early February 2025 and the sales in 2024. On a like-for-like basis, however, rental income increased by 5.45% or € 1.5 M, mainly as a result of additional rental income from the Moonar site in Luxembourg, which has now been fully delivered following a phased renovation, from the increase in events at the Tour & Taxis site, and from additional rental income at Gare Maritime. Property expenses decreased by € 0.7 M compared to the same period last year, also mainly due to the sale of both Knauf shopping centres in early February 2025. Unlike in the first half of 2024, there was no realised gain on the sale of investment properties this half-year. The sale of the Knauf shopping centres in February took place at the book value as at 31 December 2024. On the existing portfolio, there was a very limited positive revaluation of € 0.2 M compared to a negative revaluation of € 6.6 M in the first half of 2024. This results in an operating result for investment properties of € 23.8 M, which is € 1.1 M lower than in the first half of 2024. 2.2 CONSOLIDATED RESULTS 01/01/2025 - 30/06/2025 OPERATING RESULT OF DEVELOPMENT PROJECT The sum of the lines ‘Revenue from development projects’ and ‘Costs of development projects’ reflects the contribution (€ 3.3 M) from the Belgian development projects, which in the first half of 2025 mainly consisted of Phase II of the Park Lane project at Tour & Taxis, where a total of 327 apartments has already been sold or reserved. In addition, a few units from Phase I were sold as well as the last unit at RIVA. The lines ‘Other results from development projects’ and ‘Profit (loss) from investments – changes in fair value’ mainly reflects the contribution from Cloche d’Or (€ 4.4 M). The construction of the B&B HOTELS project has now been completed, with provisional delivery taking place in mid-July 2025. The construction of the residential project D5-D10 is on schedule and already more than 83% sold or reserved. The works on the ‘Stairs’ project are also on schedule, with delivery planned for March 2026. The building is already fully leased and sold to State Street Luxembourg. In the course of 2025, several sales took place within the D-Nord sub-project. The building was already fully completed in 2023 and currently only the last 5 apartments remain for sale. As a result, the operating result of development projects amounts to € 7.7 M, which is € 2.4 M higher compared to H1 2024. Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor’s report • Statement • Annex
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66% 71% 23% 12% 9% 14% 2% 3% Variable interest Commercial paper Bonds Fixed interest Variable interest Commercial paper Bonds Fixed interest 14 The financial result (excluding revaluations) amounts to € 1.3 M compared to € -4.6 M in Q2 2024. The financing costs are € 4.1 M lower than in the first half of 2024 due to lower interest rates and the overall lower outstanding amount of debts. On the other hand, the finance income is also € 1.8 M higher compared to 30 June 2024. The average cost of funding decreased from 2.86% over 2024 to 2.71% after Q2 2025. As of June 30, 2025, the financial debt ratio is 43.41%, which is lower compared to December 31, 2024 (45.39%). The financial income also includes the dividend received from Retail Estates (€ 6.9 M). Due to the sale of both Knauf shopping centres, the debt position was significantly reduced, although this was also partially reinvested in the purchase of the Proximus towers. The headroom of undrawn credit lines amounts to € 135 M as at 30 June 2025. 2.3 FINANCIAL RESULTS AND MANAGEMENT OF FINANCIAL RESOURCES CREDIT LINES 30/06/2025 CREDIT WITHDRAWALS 30/06/2025 Nextensa’s financing sources are diversified through bilateral bank loans (at fixed and variable interest rates), a bond, and commercial paper. Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor’s report • Statement • Annex
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2025 2032203120302029202820272026 € 200,000 € 150,000 € 100,000 € 50,000 € 250,000 € 0 15 Almost all loans maturing in 2025 have now been renewed, bringing the average maturity of the loans to 2.85 years. In addition, interest rate risk is almost fully hedged (hedge ratio of 99% as at 30 June 2025), ensuring that Nextensa’s balance sheet remains sufficiently solid to support major developments in the coming years (Lake Side, BEL Towers, Cloche d’Or, …). The revaluation results of financial assets and liabilities were limited to +€ 0.3 M (compared to –€ 0.2 M after Q2 2024), as the positive revaluation of the stake in Retail Estates was largely offset by a negative revaluation of the derivatives portfolio. The net result (Group share) amounts to € 19.9 M or € 1.96 per share. Equity amounts to € 832 M or € 81.81 per share. MATURITIES CREDIT LINES 30/06/2025 Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor’s report • Statement • Annex
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Composition of the investment portfolio GEOGRAPHICAL BREAKDOWN Grand Duchy of Luxembourg 323.80 331.93 29% 17.19 5.31% 5.18% 83.94% 6.55 Belgium 504.69 517.47 46% 32.50 6.44% 6.28% 90.00% 7.04 Austria 186.24 190.90 17% 12.24 6.57% 6.41% 100.00% 5.18 Investment properties available for lease 1,014.73 1,040.30 92% 61.93 6.10% 5.94% 86.62% 6.55 Projects Luxembourg 26.10 26.10 2% 0.00 Projects Belgium 63.17 63.39 6% 0.00 Total investment properties 1,104.00 1,129.79 100% 61.93 6.10% 5.94% 86.62% 6.55 ASSETS AVAILABLE FOR SALE 0.00 0.00 0% 0.00 IFRS 16 Right of use 2.26 2.28 0% 0.00 TOTAL INVESTMENT PROPERTIES (INCL. IFRS 16) 1,106.26 1,132.07 100% 61.93 6.10% 5.94% 86.62% 6.55 Fair value (€ mio) Rental yield based on FV (%) Investment value (€ mio) Rental yield based on IV (%) Share in portfolio based on fair value (% of FV) Occupancy rate (%) Contractula rent (€ M/year) Duration 16 2.4 CONDENSED REAL ESTATE REPORT The total investment portfolio (including development projects) decreased by €108.8 million compared to December 31, 2024. This is explained by the sale of both Knauf shopping centres (-€165.8 million). In addition, the land value for the two office buildings to be constructed at Lake Side for the new Proximus campus was reclassed from inventories. Furthermore, capex was also carried out. Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor’s report • Statement • Annex
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BREAKDOWN BY ASSET CLASS Retail Retail Grand Duchy of Luxembourg 116.51 119.42 11% 6.68 5.74% 5.60% 97.70% 7.83 Retail Belgium 54.41 55.83 5% 3.07 5.64% 5.50% 91.68% 7.44 Retail Austria 186.24 190.90 17% 12.24 6.57% 6.41% 100.00% 5.18 Total retail 357.16 366.15 32% 21.99 6.16% 6.01% 97.98% 6.39 Offices Offices Grand Duchy of Luxembourg 206.58 211.74 19% 10.48 5.07% 4.95% 73.36% 5.84 Offices Brussels 310.70 320.87 28% 18.35 5.91% 5.72% 82.32% 7.75 Offices rest of Belgium 44.76 45.88 4% 3.81 8.51% 8.30% 86.90% 4.88 Total offices 562.04 578.49 51% 32.64 5.80% 5.64% 79.39% 6.82 Other Other Belgium 94.82 97.17 0.09 7.27 7.67% 7.49% NA 5.55 Other Grand Duchy Luxembourg 0.72 0.77 0.00 0.03 3.76% 3.52% NA 4.50 Total other 95.53 97.94 9% 7.30 7.64% 7.45% NA 5.54 Assets held for sale 0.00 0.00 0% 0 - - - 0.00 TOTAL ASSETS HELD FOR SALE 0.00 0.00 0% 0 0 0 0 0.00 INVESTMENT PROPERTIES AVAILABLE FOR LEASE 1,014.73 1,042.58 92% 61.93 6.10% 5.94% 86.62% 6.55 Right of use IFRS 16 2.26 Projects Belgium 63.17 63.39 6% 0.00 Projects Grand Duchy of Luxembourg 26.10 26.10 3% 0.00 TOTAL INVESTMENT PROPERTIES 1,104.00 1,132.07 100% 61.93 TOTAL INVESTMENT PROPERTIES (INCL. IFRS 16) 1,106.26 Fair value (€ mio)30/06/2025 Rental yield based on FV (%) Investment value (€ mio) Rental yield based on IV (%) Share in portfolio based on fair value (% of FV) Occupancy rate (%) Contractual rent (€ M/year) Duration 17 Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor’s report • Statement • Annex
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OVERVIEW OF FUTURE RENT DISTRIBUTION BASED ON PROPERTY TYPE INCLUDING PROJECTS 30/06/2025 31/12/2024 Within 1 year 54,094 60,362 Between 1-2 years 44,351 42,789 Between 2-3 years 37,583 29,240 Between 3-4 years 31,288 20,963 Between 4-5 years 19,854 17,270 More than 5 years 6,227 1,545 TOTAL 193,397 172,169 32% 50% 18% Retail Offices Other + Projects 18 Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor’s report • Statement • Annex
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The first half of 2025 was marked by several major transactions: the sale of the Knauf shopping centres, the lease agreement for Proximus’s new headquarters at Tour & Taxis, the acquisition of the BEL Towers, and a new lease with PwC Luxembourg for the Eosys building. None of these transactions had an impact on the results for the first half of 2025, but they lay the foundations for the results of the coming financial years. The quality of the investment property portfolio will see a significant increase with the new Proximus offices at Tour & Taxis, particularly in terms of the sustainability score. This project also represents the final stage of the office developments at Tour & Taxis, where new residential developments are being built in parallel, bringing the site — after many years of construction — to completion. In addition, the redevelopment of Treemont (24 Montoyer Street in Brussels) and Montree (18–20 Avenue Monterey in Luxembourg) continues, both of which meet the strictest sustainability standards. In the coming months, development activities will focus mainly on the delivery of the last apartments of Park Lane Phase II and the sale of the remaining 19 units. The next residential units at Tour & Taxis are planned in Phase A of Lake Side, which will start as soon as the permit has been obtained. In addition, the reconversion of the BEL Towers is expected to begin in 2026, with one of the two office towers being converted into a residential tower. At Cloche d’Or, office developments continue steadily, with the Stairs project on schedule for delivery at the end of Q1 2026. Preparations are also underway for the Eosys building, which is due to be delivered in Q3 2027 to tenant PwC Luxembourg. In addition, we are in an advanced phase of negotiations with a prospective tenant for The Terraces (formerly the Lofthouse project). The Luxembourg residential market is also showing signs of revival. The final phase of 49 apartments in the D5-D10 project was launched just before summer, with 26 reservations already made to date. Several credit lines maturing in 2025 have been extended, resulting in an average loan maturity of 2.85 years. In addition, the hedge ratio stands at 99%, meaning that virtually the entire debt position is protected against rising interest rates. 19 2.5 OUTLOOK Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor’s report • Statement • Annex Montree - Luxembourg
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The main risks associated with Nextensa’s activities are listed in the Annual Report 2024 (p. 75 etc) which is available on the website. The main risks associated with Nextensa have not changed materially from those described in the annual report. In summary, the main risks and uncertainties for the remaining months of the financial year are mainly strategic risks, financial risks, risks associated with market conditions, real estate- related risks and operational risks. In the period 01/01/2025-30/06/2025 no related-party trans - actions, which had material consequences with regard to the financial position or the results of Nextensa, took place. 20 2.6 MAIN RISKS AND UNCERTAINTIES 2.7 MAIN RELATED-PARTY TRANSACTIONS Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor’s report • Statement • Annex Hôtel des Douanes - Brussels
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CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 3 Lake Side - Brussels
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (1,000 €) 30/06/2025 30/06/2024 % Net rental income from investment properties 29,149 36,174 -7,025 -19% Property charges -5,737 -6,392 656 -10% Result of disposal of investment properties 0 1,595 -1,595 -100% Changes in the fair value of investment properties 181 -6,635 6,816 -103% Other costs/revenue investment properties 245 230 15 6% OPERATING RESULT OF INVESTMENT PROPERTIES 23,839 24,971 -1,133 -5% Revenue from development projects 24,093 31,346 -7,254 -23% Costs of development projects -20,783 -29,671 8,889 -30% Other results of development projects 1,379 1,413 -34 -2% Share of profit/loss of investees accounted for using the equity method 2,976 2,145 831 39% OPERATING RESULT OF DEVELOPMENT PROJECTS 7,665 5,233 2,432 46% RESULT OF INVESTMENT PROPERTIES & DEVELOPMENT PROJECTS 31,503 30,205 1,299 4% General costs of the company -5,127 -5,650 523 -9% Other operating charges and income -188 -184 -4 2% OPERATING RESULT 26,189 24,371 1,818 7% Financial income 11,833 10,063 1,770 18% Financial charges -10,550 -14,683 4,133 -28% Changes in fair value of financial assets and liabilities 259 -233 492 -211% FINANCIAL RESULT 1,541 -4,853 6,395 -132% PRE-TAX RESULT 27,731 19,517 8,213 42% Deferred taxes -3,524 -2,463 -1,061 43% Corporation tax -4,393 -3,111 -1,281 41% TAXES -7,917 -5,574 -2,343 42% NET RESULT 19,814 13,943 5,872 42% Minority interests -129 -151 23 -15% NET RESULT (attributable to group) 19,942 14,094 5,848 41% The condensed consolidated financial statements of Nextensa have been approved for publication by the board of directors on 12 August 2025. The half-year report of the board of directors should be read jointly with the condensed financial statements of Nextensa. The condensed financial statements have been subject to a limited review by the auditor 22 3.1 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor’s report • Statement • Annex
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For the reporting period, there are no potential ordinary shares that could have a dilutive effect on earnings per share. Therefore, the diluted earnings per share is equal to the basic earnings per share. 23 3.2 OTHER ELEMENTS OF COMPREHENSIVE INCOME OTHER ELEMENTS OF COMPREHENSIVE INCOME (IN 1,000 €) 30/06/2025 30/06/2024 Variations in the effective portion of the fair value of hedging instruments admitted in a cash-flow hedge as defined in IFRS -343 -27 Other elements of comprehensive income -343 -27 Minority interests -129 -151 Other elements of comprehensive income - attributable to group -343 -27 GLOBAL RESULT 19,471 13,916 Attributable to: Minority interests -129 -151 Global result - attributable to group 19,599 14,067 Net result (attributable to group) 19,942 14,094 EARNINGS PER SHARE (IN €) 30/06/2025 30/06/2024 Global result per share, attributable to group* 1.93 1.39 Global result per share entitled to dividends, attributable to group* 1.94 1.39 Net result per share, attributable to group* 1.96 1.40 Net result per share entitled to dividends, attributable to group* 1.97 1.39 *calculated on the basis of the number of weighted average shares (10,095,183 shares) Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor’s report • Statement • Annex
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24 3.3 CONSOLIDATED BALANCE SHEET ASSETS (1,000 €) 30/06/2025 31/12/2024 NON-CURRENT ASSETS 1,311,138 1,252,778 Intangible assets 272 378 Investment properties 1,106,262 1,049,325 Other property, plant and equipment 7,119 7,497 Investees accounted for using the equity method 84,216 82,424 Affiliated enterprises: receivables 8,500 8,500 Financial fixed assets 94,586 94,717 Finance lease receivables 0 0 Deferred tax assets 10,184 9,937 CURRENT ASSETS 335,715 447,146 Assets held for sale 0 165,750 Inventories 152,755 108,901 Work in progress 55,528 60,891 Finance lease receivables 0 0 Trade receivables 18,077 32,805 Tax receivables and other current assets 92,876 64,274 Cash and cash equivalents 7,762 8,590 Deferred charges and accrued income 8,717 5,934 TOTAL ASSETS 1,646,853 1,699,924 Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor’s report • Statement • Annex
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25 LIABILITIES (1,000 €) 30/06/2025 31/12/2024 TOTAL SHAREHOLDERS’ EQUITY 831,606 812,139 I. SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO THE SHAREHOLDERS OF THE PARENT COMPANY 832,083 812,487 Capital 111,856 111,856 Share premium account 448,398 448,398 Purchase of treasury shares -4,608 -4,608 Reserves 256,495 267,663 Exchange rate differences 0 6 Net result of the financial year 19,942 -10,827 II. MINORITY INTERESTS -477 -348 LIABILITIES 815,247 887,785 I. NON-CURRENT LIABILITIES 355,239 480,816 Provisions 569 382 Non-current financial debts 302,392 432,062 Credit institutions 197,411 327,004 Other 102,664 102,740 Lease liabilities (IFRS 16) 2,318 2,318 Other non-current financial liabilities 1,295 1,248 Other non-current liabilities 0 0 Deferred tax liabilities 50,983 47,125 II.CURRENT LIABILITIES 460,008 406,968 Provisions 350 350 Current financial debts 412,571 339,548 Credit institutions 331,744 257,838 Other 80,827 81,710 Other current financial liabilities 0 0 Trade debts and other current debts 19,718 33,346 Trade payables 13,052 26,745 Tax liabilities 6,666 6,601 Other current liabilities 9,443 12,496 Deferred charges and accrued income 17,925 21,229 TOTAL EQUITY AND LIABILITIES 1,646,853 1,699,924 FINANCIAL DEBT RATIO (financial debts / total assets) 43.41% 45.39% Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor’s report • Statement • Annex
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26 CONSOLIDATED CASH FLOW STATEMENT (1,000 €) 30/06/2025 30/06/2024 CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE FIN. YEAR 8,590 11,128 1. CASH FLOW FROM OPERATING ACTIVITIES -106,586 -5,332 Net result 19,814 14,094 Share in the result of associated companies and joint ventures -2,976 -2,145 Adjustment of the profit for non-cash and non-operating elements 7,905 12,061 Depreciation, amortisation, impairment losses and taxes 8,638 6,326 Depreciation, amortisation and impairment of intangible assets and property, plant and equipment (+/-) 721 751 Impairment of current assets (-) 0 Taxes 7,917 5,574 Other non-cash elements -550 6,868 Changes in fair value of investment properties (+/-) -181 6,635 Distribution of gratuities (+/-) 0 Increase (+) / Decrease (-) in fair value of financial assets and liabilities -369 233 Other non-recurrent transactions 0 0 Non-operating elements -1,283 -1,133 Gains on disposals of non-current assets 0 -1,595 Dividends received -6,892 0 Write-back of financial income and financial charges 5,609 7,219 Change in working capital requirements -125,840 -26,234 Movements in asset items -104,635 -11,456 Movement of liabilities -21,205 -14,778 Movements on provisions (+/-) 3 3 Tax paid -4,393 -3,111 2. CASH FLOW FROM/(USED IN) INVESTING ACTIVITIES 159,992 18,440 Investments Investment properties -3,937 -7,272 Development projects -175 -5,611 Intangible assets and property, plant & equipment -347 -745 Non-current financial assets 1,615 0 Divestments 162,837 32,067 3.4 CONSOLIDATED CASH FLOW STATEMENT Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor’s report • Statement • Annex
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27 CONSOLIDATED CASH FLOW STATEMENT (1,000 €) 30/06/2025 30/06/2024 3. CASH FLOW FROM/(USED IN) FINANCING ACTIVITIES -54,234 -15,032 Change in financial liabilities and financial debts Increase (+) of financial debts 73,957 63,343 Decrease (-) of financial debts -130,604 -67,132 Increase (+) / Decrease (-) of other financial liabilities Financial income received 4,941 3,306 Financial charges paid -9,420 -13,856 Dividends received 6,892 6,757 Change in other liabilities Increase (+) / Decrease (-) in other liabilities 0 0 Changes in equity Changes in capital and issue premiums (+/-) 0 0 Costs of capital increases 0 0 Increase (+) / Decrease (-) in own shares 0 0 Dividend of the previous financial year 0 -7,451 Cash and cash equivalents before impact of fluctuations in quoted prices 7,762 9,204 Cash and cash equivalents acquired by means of business combinations 0 0 Impact of fluctuations in quoted prices on cash and cash equivalents 0 0 CASH AND CASH EQUIVALENTS AT THE END OF THE FINANCIAL YEAR 7,762 9,204 Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor’s report • Statement • Annex
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28 Balance Sheet per IFRS at 31/12/2023 109,997 442,803 -4,608 258,665 2,700 24,492 834,048 10,430 844,516 Distribution of final dividend for previous financial year 1,859 5,595 -14,906 -7,452 -7,452 Business combinations- minority interests 0 0 Business combinations - conversion differences 0 0 Acquisition of treasury shares 0 0 Transfer of net result for 2023 to reserves 24,492 -24,492 0 0 Comprehensive income financial year 2024 (6 months) 14,094 -27 14,067 -101 13,966 Capital increase Balance Sheet per IFRS at 30/06/2024 111,856 448,398 -4,608 282,384 2,673 0 840,702 10,279 851,030 Balance Sheet per IFRS at 31/12/2024 111,856 448,398 -4,608 268,289 -620 -10,827 812,487 -348 812,139 Distribution of final dividend for previous financial year 0 0 Business combinations - minority interests 0 0 Business combinations - conversion differences 0 0 Acquisition of treasury shares 0 0 Transfer of net result for 2024 to reserves -10,827 10,827 0 0 Comprehensive income financial year 2025 (6 months) -343 19,942 19,599 -129 19,471 Balance Sheet per IFRS at 30/06/2025 111,856 448,398 -4,608 257,459 -964 19,942 832,083 -477 831,607 Consolidated statement of changes in equity (1,000 €) Capital Hedge reserves Share premium account Net result of the financial year Treasury shares (-) Shareholders’ equity attributable to the shareholders of the parent company Reserves Minority interests Total equity 3.5 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor’s report • Statement • Annex
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3.6.1 Basis for presentation Vösendorf - Austria 29 These interim condensed consolidated financial statements have been established in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union. These interim condensed consolidated financial statements are in accordance with IAS 34 ‘Interim financial reporting’. For establishing the interim condensed consolidated financial statements, the same accounting standards and methods have been used as for the financial statements per 31 December 2024, as described in note 2 to the financial statements in the Annual financial report 2024 to be consulted on the website www.nextensa.eu. 3.6 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor’s report • Statement • Annex
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3.6.2 Segment reporting CONDENSED CONSOLIDATED INCOME STATEMENT (GEOGRAPHICAL SEGMENTATION) CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (1,000 €) Belgium Luxembourg Austria Corporate Total 30/06 2025 30/06 2024 30/06 2025 30/06 2024 30/06 2025 30/06 2024 30/06 2025 30/06 2024 30/06 2025 30/06 2024 Net rental income from investment properties 13,670 15,538 9,439 14,742 6,039 5,894 29,149 36,174 Property charges -3,894 -3,609 -1,340 -2,431 -502 -353 0 -5,737 -6,392 Result of disposal investment properties 0 0 0 1,595 0 0 0 1,595 Changes in fair value of investment properties 2,181 -2,889 98 -4,129 -2,098 384 181 -6,635 Other costs/revenue property portfolio 285 243 -14 0 -26 -13 245 230 OPERATING RESULT OF INVESTMENT PROPERTIES 12,242 9,283 8,184 9,777 3,413 5,911 0 0 23,839 24,971 OPERATING RESULT OF DEVELOPMENT PROJECTS 3,621 2,744 4,044 2,489 0 0 7,665 5,233 (-) Corporate operating charges -4,605 -4,946 -376 -576 -146 -127 -5,127 -5,650 (+/-) Other operating charges and income -1,049 1,121 1,453 -1,264 -591 -41 -188 -184 OPERATING RESULT 10,209 8,202 13,304 10,426 2,675 5,743 0 0 26,189 24,371 (+) Financial income 11,833 10,063 11,833 10,063 (-) Net interest charges and other financial charges -10,550 -14,683 -10,550 -14,683 (+/-) Changes in fair value of financial assets and liabilities 259 -233 259 -233 FINANCIAL RESULT 0 0 0 0 0 0 1,541 -4,853 1,541 -4,853 PRE-TAX RESULT 10,209 8,202 13,304 10,426 2,675 5,743 1,541 -4,853 27,731 19,517 (+/-) Corporate taxes -4,393 -3,111 -4,393 -3,111 (+/-) Latent taxes -3,524 -2,463 -3,524 -2,463 TAXES 0 0 0 0 0 0 -7,917 -5,574 -7,917 -5,574 NET RESULT 10,209 8,202 13,304 10,426 2,675 5,743 -6,375 -10,428 19,814 13,943 Attributable to: Minority interests -129 -151 Group shareholders 19,942 14,094 30 Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor’s report • Statement • Annex
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CONDENSED CONSOLIDATED BALANCE SHEET (GEOGRAPHICAL SEGMENTATION) CONSOLIDATED BALANCE SHEET (1,000 €) Belgium Luxembourg Austria Corporate Total 30/06 2025 31/12 2024 30/06 2025 31/12 2024 30/06 2025 31/12 2024 30/06 2025 31/12 2024 30/06 2025 31/12 2024 ASSETS Intangible fixed assets 272 378 272 378 Investment properties (incl. development projects, excl. finance leasing) 568,919 513,097 351,099 347,886 186,244 188,342 1,106,262 1,049,325 Participation Retail Estates 83,107 80,133 83,107 80,133 Investees accounting for using the equity method -7,294 -4,970 91,510 87,394 84,216 82,424 Assets held for sale 0 165,750 0 0 165,750 Inventories 152,778 108,924 -23 -23 152,755 108,901 Work in progress 55,528 60,891 0 0 0 55,528 60,891 Other assets 199,553 300,742 -17,870 -147,356 -16,969 -1,264 164,714 152,121 ASSETS PER SEGMENT 1,052,591 1,058,818 424,715 453,650 169,275 187,077 272 378 1,646,853 1,699,924 LIABILITIES Non-current financial debts 303,687 433,310 303,687 433,310 Current financial debts 412,571 339,548 412,571 339,548 Other liabilities 98,989 114,927 98,989 114,927 LIABILITIES PER SEGMENT 815,247 887,785 815,247 887,785 EQUITY 831,606 812,139 31 Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor’s report • Statement • Annex
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OTHER SEGMENT INFORMATION – INVESTMENT PROPERTIES 32 The other segment information contains only information related to the investment properties. For more information about the development projects we refer to the note ‘operational result development projects’. The investment properties consist of investment properties available for lease as well as of the re- development of investment properties. (1,000 €) Belgium Luxembourg Austria Total 30/06 2025 31/12 2024 30/06 2025 31/12 2024 30/06 2025 31/12 2024 30/06 2025 31/12 2024 INVESTMENT PROPERTIES acquisitions 55,292 9,538 3,115 2,124 0 1,100 58,408 12,762 divestments -39,958 -1,652 -32,067 -1,652 -72,025 FINANCE LEASE RECEIVABLES acquisitions 0 0 divestments 0 0 ASSETS HELD FOR SALE acquisitions 0 divestments -165,750 165,750 -165,750 165,750 OTHER TANGIBLE ASSETS (OTHER) acquisitions 133 268 70 137 133 474 divestments -186 0 -186 depreciations -619 -800 -20 -101 -83 -135 -721 -1,035 NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR 572,668 516,886 351,337 513,980 189,375 191,705 1,113,380 1,222,572 Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor’s report • Statement • Annex
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OTHER SEGMENT INFORMATION – MAIN KEY FIGURES OTHER SEGMENT INFORMATION – KEY FIGURES BY BUILDING TYPE – INVESTMENT PROPERTIES (EXCLUDING REDEVELOPMENTS OF INVESTMENT PROPERTIES) The fair value and the investment value of the investment portfolio include both the buildings in operation, i.e. the buildings available for lease and the fixed assets held for sale, as well as the redevelopment of investment properties. For the calculation of the other key figures (the yield, the total lettable The investment properties include the buildings in operation, the fixed assets held for sale as well as the redevelopments of investment properties. For the calculation of the occupancy rate and the rental yield, only the buildings in operation, excluding assets held for sale and the redevelopments of area, the occupancy rate and the weighted average life span), only the buildings in operation are taken into account, excluding the redevelopments of investment properties and assets held for sale. The yields are gross yields. investment properties, are considered. The yields are gross yields. As regards the other assets, other than the investment portfolio, it is irrelevant to apply the segmentation by type. Nextensa is not dependent on major customers who each represent more than 10% of the rental income. (1,000 €) Belgium Luxembourg Austria Total 30/06 2025 31/12 2024 30/06 2025 31/12 2024 30/06 2025 31/12 2024 30/06 2025 31/12 2024 Fair value of the investment portfolio 567,861 512,039 349,899 346,686 186,244 188,341 1,104,004 1,047,066 Investment value of the investment portfolio 580,860 524,960 358,027 355,380 190,900 193,050 1,129,787 1,073,391 Gross yield (in fair value) of the segment 6.44% 5.56% 5.31% 7.30% 6.57% 6.29% 6.10% 6.27% Gross yield (in investment value) of the segment 6.28% 5.42% 5.18% 7.13% 6.41% 6.14% 5.94% 6.11% Total lettable area (m²) 169,780 163,170 77,911 157,098 43,404 43,404 291,095 389,487 Occupancy rate 90.00% 90.00% 83.94% 83.94% 100.00% 100.00% 86.62% 87.85% Weighted average duration till first break possibility (# years) 7.04 4.10 6.55 4.12 5.18 5.41 6.55 4.34 (1,000 €) Retail Offices Other Total 30/06 2025 31/12 2024 30/06 2025 31/12 2024 30/06 2025 31/12 2024 30/06 2025 31/12 2024 Rental income (incl. lease receivables and excl. compensation for termination and incentives) 21,990 35,716 32,639 30,960 7,301 5,504 61,930 72,179 Fair value of the investment properties 357,161 341,796 562,035 617,898 95,533 87,372 1,014,729 1,047,066 Investment value of the investment properties 366,149 350,349 578,489 631,879 97,938 91,163 1,042,576 1,073,391 Occupancy rate 97.98% 93.64% 79.39% 78.60% 86.62% 87.85% Rental yield (in fair value) of the segment 6.16% 5.94% 5.80% 5.80% 7.64% 7.00% 6.10% 5.99% Rental yield (in investment value) of the segment 6.01% 5.92% 5.64% 5.94% 7.45% 6.71% 5.94% 5.76% Weighted average duration till first break possibility (# years) 6.39 4.28 6.82 5.04 5.54 0.71 6.55 4.34 33 Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor’s report • Statement • Annex
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3.6.3 Inventories 3.6.4 Other current assets 34 The inventories have increased due to the sale of the BEL Towers at the beginning of April 2025 which was partially offset by the reallocation to investment properties of the land value of both office buildings that will be constructed for the new Proximus campus at Tour & Taxis. The deal also includes a profit-sharing mechanism whereby Proximus may benefit from an additional purchase price if the real estate market were to rebound significantly. The increase of the other current assets is mainly due to the increased working capital that was provided to Cloche d’Or. BEL Towers - Brussels Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor’s report • Statement • Annex
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3.6.5 Participations accounted for by the equity method (1,000 €) 30/06/2025 31/12/2024 AMOUNT AT THE END OF PREVIOUS YEAR 82,424 69,706 Share of profit (loss) of investees accounted for using the equity method 2,976 4,364 Provisions for investments with negative equity 0 Dividends received from JV’s Investments (+) / Divestments (-) -1,184 8,354 Other 0 BALANCE AT THE END OF THE FINANCIAL YEAR 84,216 82,424 Name Country Main activity 30/06/2025 31/12/2024 CBS Development NV Belgium Development 0.00% 50.00% CBS-Invest NV Belgium Development 0.00% 50.00% Grossfeld Immobilière SA Luxembourg Development 50.00% 50.00% Grossfeld PAP SICAV-RAIF SA Luxembourg Development 50.00% 50.00% Darwin II SàRL Luxembourg Development 50.00% 50.00% Emerald I SàRL Luxembourg Development 50.00% 50.00% White House I SàRL Luxembourg Development 50.00% 50.00% Niederanven I SàRL Luxembourg Development 50.00% 50.00% Les Jardins de Oisquercq NV Belgium Development 50.00% 50.00% Sparkling 1 SàRL Luxembourg Development 50.00% 50.00% AdHoc SàRL Luxembourg Development 50.00% 50.00% Stairs 1 SàRL Luxembourg Development 50.00% 50.00% Grossfeld Developments SàRL Luxembourg Development 50.00% 50.00% The equity method relates mainly to the participations we have in Luxembourg, which were acquired at the time of the transaction with Extensa Group. An overview of the participations is given below as well as further details for the most important participations. The main participation consolidated by the equity method is Grossfeld PAP (= the joint venture relating to Cloche d’Or). 35 Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor’s report • Statement • Annex
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3.6.6 Information on the financial debt 3.6.7 Definition of the fair value of assets and liabilities per level On 30/06/2025 the total financial debts amount to € 715 M compared to € 772 M at the end of 2024. The line other loans (long term and short term includes € 102.7 M of the bond issued by Nextensa in 2019 as well as the commercial paper Assets and liabilities valued at fair value after their initial booking can be presented in three levels (1-3), that each correspond to a different input level to observe the fair value: • Level 1 valuations of the fair value are determined according to (unadjusted) market price quotations in active markets for identical assets and liabilities; • Level 2 valuations of fair value are determined based on data other than quoted prices referred to in level 1, which are observable for the asset or liability, both directly (i.e. as prices) and indirectly (i.e. derived from prices); • Level 3 valuations of fair value are determined using valuation techniques that include data for the asset or liability that are not based on observable market data (non- observable data). Concretely, the company appeals to comparable market data for the valuation of the credits, such as an approximation of the applied reference rate and an approximation of the evolution of the credit margin based on recent comparable observations. (€ 80.8 M). The confirmed credit lines (excluding the € 102.7 M bond loan and € 80.8 M commercial paper) amount to € 667 M at the end of June 2025 (end 2024: € 637 M). With regard to the financial derivatives, the valuations of the different counterparty banks have been recorded, meaning that a detailed description of these data, as required by level 3, is not possible. However, these instruments were classified under level 2 as we calculate a CVA or a DVA on these received valuations, and this on the basis of data that are an approximation of the underlying credit risk. The valuation of the private bond is based on an approximation of an observable CDS spread and the evolution of the corresponding Euribor reference rate. The financial leasing is valued based on a discounted cash flow principle. 36 Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor’s report • Statement • Annex
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AT 30 JUNE 2025 (1,000 €) Level 1 Level 2 Level 3 Book value Fair value Non-current financial assets - Participations in other REIT (SIR/GVV) / real estate certificates 83,107 0 83,107 83,107 - Investments in entities accounted for using the equity method 84,216 84,216 84,216 - Other derivative instruments which do not qualify under cash flow hedges 0 0 0 - Other derivative instruments qualifying under fair value hedges 11,257 11,257 11,257 Finance lease receivables 0 0 0 - Other 0 0 0 Current financial assets Stocks 152,755 Work in progress 55,528 Trade receivables 18,077 18,077 18,077 Tax receivables and other current assets 92,876 92,876 92,876 Cash and cash equivalents 7,762 7,762 7,762 Deferred charges and accrued income 8,717 8,717 8,717 Non-current financial debts - Credit insitutions 197,411 197,411 197,411 - Other 102,664 102,664 100,046 Other non-current financial liabilities - Financial derivatives through the income statement - Financial derivatives through other equity components 1,295 1,295 1,295 - IFRS 16 2,318 2,318 2,318 Current financial debts - Credit institutions 331,744 331,744 331,791 - Other 80,827 80,827 80,827 Trade debts and other current debts - Other derivative instruments qualifying under fair value hedges 0 0 0 Trade debts and other current debts - Trade payables 6,666 6,666 6,666 - Other current liabilities 13,052 13,052 13,052 Other current liabilities 9,443 9,443 9,443 Deferred charges and accrued income 17,925 17,925 17,925 37 Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor’s report • Statement • Annex
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AT END 2024 (1,000 €) Level 1 Level 2 Level 3 Book value Fair value Non-current financial assets - Participations in other REIT (SIR/GVV) / real estate certificates 80,133 80,133 80,133 - Investments in entities accounted for using the equity method 82,242 82,424 82,424 - Other derivative instruments which do not qualify under cash flow hedges 0 0 0 - Other derivative instruments qualifying under fair value hedges 14,314 14,314 14,314 Finance lease receivables 0 0 0 0 Current financial assets Stocks 108,901 Work in progress 60,891 Trade receivables 32,805 32,805 32,805 Tax receivables and other current assets 64,274 64,274 64,274 Cash and cash equivalents 8,590 8,590 8,590 Deferred charges and accrued income 5,934 5,934 5,934 Non-current financial debts - Credit insitutions 327,004 327,004 326,732 - IFRS 16 2,318 2,318 2,318 - Other 102,740 102,740 98,352 Other non-current financial liabilities - Financial derivatives through the income statement 0 0 - Financial derivatives through other equity components 1,248 1,248 1,248 Current financial debts - Credit institutions 256,735 256,735 256,868 - Other 82,813 82,813 82,813 Trade debts and other current debts - Other derivative instruments qualifying under fair value hedges 0 0 0 Trade debts and other current debts - Trade payables 26,745 26,745 26,745 - Other current liabilities 6,601 6,601 6,601 Other current liabilities 12,496 12,496 12,496 Deferred charges and accrued income 21,229 21,229 21,229 38 Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor’s report • Statement • Annex
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STATUTORY AUDITOR’S REPORT 4 Treemont - Brussels
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In the context of our appointment as the company’s statutory auditor, we report to you on the condensed consolidated interim financial statements. These condensed consolidated interim financial statements comprises the consolidated balance sheet as at 30 June 2025, the consolidated statement of comprehensive income, the consolidated condensed statement of changes in equity and the consolidated cash flow statement for the period of six months then ended, as well as selective notes 3.6.1 to 3.6.7. REPORT ON THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS We have reviewed the condensed consolidated interim financial statements of Nextensa SA (“the company”) and its subsidiaries (jointly “the group”), prepared in accordance with International Accounting Standard (IAS) 34, “Interim Financial Reporting” as adopted by the European Union. The consolidated balance sheet shows total assets of 1 646 853 (000) EUR and the consolidated profit (group share) for the period then ended of 19 942 (000) EUR. The board of directors of the company is responsible for the preparation and fair presentation of the condensed consolidated interim financial information in accordance with IAS 34, “Interim Financial Reporting” as adopted by the European Union. Our responsibility is to express a conclusion on this condensed consolidated interim financial information based on our review. SCOPE OF REVIEW We conducted our review of the condensed consolidated interim financial statements in accordance with International Standard on Review Engagements (ISRE) 2410, “Review of interim financial information performed by the independent auditor of the entity”. A review of interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit performed in accordance with the International Standards on Auditing (ISA) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on the consolidated interim financial statements. CONCLUSION Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated interim financial information of Nextensa SA has not been prepared, in all material respects, in accordance with IAS 34, “Interim Financial Reporting” as adopted by the European Union. Signed at Antwerp. The statutory auditor Deloitte Bedrijfsrevisoren/Réviseurs d’Entreprises BV/SRL Represented by Ben Vandeweyer Report on the review of the condensed consolidated interim financial statements of Nextensa SA for the six-month period ended 30 June 2025 40 Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor’s report • Statement • Annex
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STATEMENT 5 Lake Side - Brussels
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Interim statement Q3 2025 (30/09/2025) Annual meeting of shareholders Annual results 2025 Interim statement Q1 2026 (31/03/2026) Half-year financial report 2025 Annual report 2025 11/02/2026 18/05/2026 13/08/2025 27/03/2026 13/11/2025 18/05/2026 Financial calendar The undersigned declare that, to their knowledge: (i) the condensed financial statements, which have been prepared in accordance with the applicable accounting standards, present a fair view of the assets, financial situation and results of the Company and the companies included in the consolidation; (ii) the interim financial report includes a fair overview of the major events and major related party transactions that have occurred during the first six months of the financial year and their impact on the condensed financial statements, together with a description of the main risks and uncertainties which they are confronted with. 13 August 2025 On behalf of the company Michel Van Geyte1 Tim Rens2 CEO CFO 1 Midhan BV 2 Montevini BV 42 Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor’s report • Statement • Annex
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ANNEX Park Lane, Tour & Taxis - Brussels
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In presenting the financial results, Nextensa NV/SA uses a number of Alternative Performance Measures (APMs) in accordance with the guidelines of the European Securities and Markets Authority (ESMA) of 5 October 2015. These APMs are regarded as industry-standard within the sector in order to provide a better understanding of the financial results and performance that have been reported. Measures defined by IFRS or physical or non-financial measures are not regarded as APMs. In addition, the ESMA guidelines do not apply to the APMs that are re-ported in the financial statements or that are reported in accordance with the applicable legislation. RESULT ON THE PORTFOLIO (€ 1 000) 30/06/2025 30/06/2024 Result on the sale of investment properties 0 1,595 Changes in the fair value of investment properties 181 -6,635 Result on the portfolio 181 -5,040 NET RESULT - GROUP SHARE (AMOUNT PER SHARE) 30/06/2025 30/06/2024 Net Result - group share (€ 1,000) 19,942 14,094 Number of registered shares in circulation (at closing date) 10,171,130 10,171,130 Net result - group share per number of shares at closing date 1.96 1.39 NET ASSET VALUE BASED ON FAIR VALUE (AMOUNT PER SHARE) 30/06/2025 31/12/2024 Equity attributable to the shareholders of the parent company (€ 1,000) 832,083 812,487 Number of registered shares in circulation (at closing date) 10,171,130 10,171,130 Net asset value (RW) group share per number of shares at closing date 81.81 79.88 NET ASSET VALUE BASED ON INVESTMENT VALUE (AMOUNT PER SHARE) 30/06/2025 31/12/2024 Equity attributable to the shareholders of the parent company (€ 1,000) 832,083 812,487 Investment value of the investment properties at 30/6 (€ 1,000) 1,132,071 1,238,514 Fair value of the investment properties at 30/06 (€ 1,000) 1,106,262 1,215,075 Difference investment value - fair value at 30/06 (€ 1,000) 25,809 23,440 TOTAL 857,893 835,927 Number of registered shares in circulation at closing date 10,171,130 10,171,130 Net asset value (IV) group share per number of shares at closing date 84.3 82.2 44 ALTERNATIVE PERFORMANCE MEASURES Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor’s report • Statement • Annex
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AVERAGE FUNDING COST IN % 30/06/2025 31/12/2024 Interest costs on an annual basis (€ 1,000) -17,957 -20,473 Commitment fees on an annual basis (€ 1,000) -418 -352 Interest paid incl. commitment fees on an annual basis (€ 1,000) -18,375 -20,825 Average weighted outstanding debt (€ 1,000) 677,750 728,203 Average funding cost in % -2.71% -2.86% OVERALL RESULT - GROUP SHARE (AMOUNT PER SHARE) 30/06/2025 30/06/2024 Net result - group share (€ 1,000) 19,942 14,094 Other elements of comprehensive income -343 -27 Variations in the effective portion of the fair value of hedging instruments admitted in a cash-flow hedge as defined in IFRS -343 -27 Overall result - group share 19,599 14,067 Number of registered shares in circulation at closing date 10,171,130 10,171,130 Overall result - group share per number of shares at closing date 1.96 1.40 FINANCIAL DEBT RATIO IN % 30/06/2025 31/12/2024 Financial debts 714,963 771,610 Total assets 1,646,853 1,699,924 Financial debt ratio in % 43.41% 45.39% LOAN-TO-VALUE (INVESTMENT PORTFOLIO) IN % 30/06/2025 31/12/2024 Financial debts related to investment properties 606,543 718,335 Fair value of the investment properties 1,106,262 1,215,075 Participation Retail Estates 83.107 80.133 Loan-to-value (investment portfolio) in % 51.00% 55.46% 45 Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor’s report • Statement • Annex
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Nextensa is a mixed-use real estate investor and developer. The company’s investment portfolio is divided between the Grand Duchy of Luxembourg (32%), Belgium (51%) and Austria (17%); its total value as at 30/06/2025 was approximately € 1.1 billion. As a developer, Nextensa is primarily active in shaping large urban developments. At Tour & Taxis (development of over 350,000 sqm) in Brussels, Nextensa is building a mixed real estate portfolio consisting of a revaluation of iconic buildings and new constructions. In Luxembourg (Cloche d’Or), it is working in partnership on a major urban extension of more than 400,000 sqm consisting of offices, retail and residential buildings. The company is listed on Euronext Brussels and has a market capitalisation of € 426 M (value 30/06/2025). ABOUT NEXTENSA Tim Rens | Chief Financial Officer Nextensa NV | 0436.323.915 (RPM Brussels, Dutch-speaking division) Gare Maritime, Picardstraat 11, B505, 1000 Brussels +32 2 882 10 08 | investor.relations@nextensa.eu www.nextensa.eu FOR MORE INFORMATION