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Nextensa SA
Interim / Quarterly Report • Aug 13, 2025
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Interim / Quarterly Report
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PRESS RELEASE
REGULATED INFORMATION
Brussels, 13 August 2025, 5:40 PM
| HIGHLIGHTS | |||
|---|---|---|---|
| 1. | KEY FIGURES | 5 | |
| 2. | INTERIM ANNUAL REPORT | ||
| 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 |
Highlights • Key figures • Interim annual report • Condensed consolidated financial statements • Statutory auditor's report • Statement • Annex
HIGHLIGHTS
Solid half-year results confirm Nextensa's strategic course
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%.
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.
"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."
Michel Van Geyte - CEO Nextensa
KEY FIGURES
Lake Side - Brussels
1
| 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 - 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 |
| 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
INTERIM ANNUAL REPORT
2
2.1 ACTIVITY REPORT
Building the future and reshaping cities
CITY
TOUR & TAXIS :
- 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 groundfloor 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 wellestablished 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.
• 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
CITY
CLOCHE D'OR :
The further development of an urban district in Luxembourg City in joint venture with Luxembourg developer Promobe.
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.
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.
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 highquality, 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
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) |
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 |
Investing in the future
• 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 soughtafter 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.
Towards a more sustainable future
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.
2.2 CONSOLIDATED RESULTS 01/01/2025 - 30/06/2025
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.
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.
2.3 FINANCIAL RESULTS AND MANAGEMENT OF FINANCIAL RESOURCES
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.
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.
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
2.4 CONDENSED REAL ESTATE REPORT
Composition of the investment portfolio
GEOGRAPHICAL BREAKDOWN
| Fair value (€ mio) |
Investment value (€ mio) |
based on fair value Share in portfolio (% of FV) |
Contractula rent (€ M/year) |
Rental yield based on FV (%) |
Rental yield based IV (%) on |
Occupancy rate (%) |
Duration | |
|---|---|---|---|---|---|---|---|---|
| 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 Projects Belgium |
26.10 63.17 |
26.10 63.39 |
2% 6% |
0.00 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 |
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.
BREAKDOWN BY ASSET CLASS
| 30/06/2025 | Fair value (€ mio) |
Investment value (€ mio) |
based on fair value Share in portfolio (% of FV) |
Contractual rent (€ M/year) |
Rental yield based on FV (%) |
Rental yield based IV (%) on |
Occupancy rate (%) |
Duration |
|---|---|---|---|---|---|---|---|---|
| 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 |
OVERVIEW OF FUTURE RENT
| 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 |
DISTRIBUTION BASED ON PROPERTY TYPE INCLUDING PROJECTS
2.5 OUTLOOK
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.
2.6 MAIN RISKS AND UNCERTAINTIES
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 estaterelated risks and operational risks.
2.7 MAIN RELATED-PARTY TRANSACTIONS
In the period 01/01/2025-30/06/2025 no related-party transactions, which had material consequences with regard to the financial position or the results of Nextensa, took place.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 3
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
3.1 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| 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% |
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)
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.
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 |
| 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% |
3.4 CONSOLIDATED CASH FLOW STATEMENT
| 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 |
| 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 |
3.5 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
| Consolidated statement of changes in equity (1,000 €) |
Capital | Share premium account | Treasury shares (-) | Reserves | Hedge reserves | Net result of the financial year |
Shareholders' equity shareholders of the attributable to the parent company |
Minority interests | Total equity |
|---|---|---|---|---|---|---|---|---|---|
| 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 |
3.6 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
3.6.1 Basis for presentation
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.
3.6.2 Segment reporting
CONDENSED CONSOLIDATED INCOME STATEMENT (GEOGRAPHICAL SEGMENTATION)
| CONSOLIDATED | Belgium | Luxembourg | Austria | Corporate | Total | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| STATEMENT OF COMPREHENSIVE INCOME (1,000 €) |
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 |
CONDENSED CONSOLIDATED BALANCE SHEET (GEOGRAPHICAL SEGMENTATION)
| Belgium | Luxembourg | Austria | Corporate | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| CONSOLIDATED BALANCE SHEET (1,000 €) |
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 |
OTHER SEGMENT INFORMATION – INVESTMENT PROPERTIES
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 redevelopment of investment properties.
| Belgium | Luxembourg | Austria | Total | |||||
|---|---|---|---|---|---|---|---|---|
| (1,000 €) | 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 |
OTHER SEGMENT INFORMATION – MAIN KEY FIGURES
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 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.
| Belgium | Luxembourg Austria |
Total | ||||||
|---|---|---|---|---|---|---|---|---|
| (1,000 €) | 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 |
OTHER SEGMENT INFORMATION – KEY FIGURES BY BUILDING TYPE – INVESTMENT PROPERTIES (EXCLUDING REDEVELOPMENTS OF INVESTMENT PROPERTIES)
| Retail | Offices | Other | Total | |||||
|---|---|---|---|---|---|---|---|---|
| (1,000 €) | 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 |
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 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.
3.6.3 Inventories
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.
3.6.4 Other current assets
The increase of the other current assets is mainly due to the increased working capital that was provided to Cloche d'Or.
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 |
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.
| 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 main participation consolidated by the equity method is Grossfeld PAP (= the joint venture relating to Cloche d'Or).
3.6.6 Information on the financial debt
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 (€ 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).
3.6.7 Definition of the fair value of assets and liabilities per level
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 (nonobservable 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.
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.
| 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 |
| 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 |
STATUTORY AUDITOR'S REPORT
4
Report on the review of the condensed consolidated interim financial statements of Nextensa SA for the six-month period ended 30 June 2025
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
STATEMENT 5
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
Financial calendar
ANNEX
ALTERNATIVE PERFORMANCE MEASURES
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 |
| 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% |
ABOUT NEXTENSA
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).
FOR MORE INFORMATION
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 | [email protected]
www.nextensa.eu