Immobel : PRESENTATION HALF-YEAR RESULTS 2023

Half year

Results 2023

Investor Presentation

September 15th 2023

FOR CITIES FOR PEOPLE

summAry

Oxy | Brussels

01	MACRO-ECONOMIC and real estate ENVIRONMENT	04	FINANCIAL PERFORMANCE
02	highlights	05	OUTLOOK
03	PORTFOLIO OVERVIEW	06	APPENDIX

Immobel

at a glance

As experts in high-quality real estate projects in major European cities, we create

attractive urban environments that meet clients' expectations

and the needs of today and tomorrow. With more than 160 years of experience, we dare to claim that we have the agility to invest and the drive to improve living and working environments.

Ambitious ESG policy based on three pillars on asset level:

1For the users

2For the neighbourhood

3For the environment

EUR 350 million	59
Market Capitalisation1	Projects under development

> 1,400,000 m2	EUR 5.7 billion
Under development
	Gross development value2

73%	> 150
Residential projects in	Devoted team
portfolio	members in Europe

1. As of 30 June 2023
2. Sales value or gross development value: total expected future turnover (Group share) of all projects in the current portfolio (including projects subject to conditions precedent for which the management judges there is a high likelihood of completion).

3

macro-economic

environment

Slachthuissite | Antwerp

01 Macro-economic and real estate environment

Economic Growth

Global economy is cooling as monetary policy tightens

GDP - (Q1 2023 = 100)

• The globaleconomyslows as tighter monetarypolicycontinuesto feed through

• Anyrecession in major developedmarkets is currently expected to be mild

• With real disposable incomesstagnant and interest expenditurerising, householdconsumptionshouldkeep falling

• Investment,with construction, is also likelyto suffer as the housingmarket weakens

5	Source : Capital Economics