ANNUAL RESULTS 2025
REGULATED INFORMATION
Brussels, 11 February 2026, 5:55 PM
STRONG FULL-YEAR 2025 RESULTS CONFIRM NEXTENSA’S STRATEGIC COURSE
Nextensa closed the 2025 financial year with strong results, confirming a clear increase in profitability (+€33.8 M) driven by a higher contribution from development activities (+1.8 M), lower financing costs (-9.2 M) and a continued balance sheet strengthening.
During 2024 and 2025, Nextensa executed several targeted transactions for a total amount of €360 M. As a direct outcome of this disciplined capital recycling approach, Nextensa reduced its debt ratio from 45.39% to 38.80%, significantly enhancing financial flexibility and strengthening the Group’s capacity to finance the next phase of its development pipeline with the Lake Side project and BEL Towers as key developments.
These projects are envisaged to start in 2026 (subject to permit and commercialisation) and will entail a
construction cost of approximately €265 M for the Proximus HQ and the residential tower at Lake Side and approximately €300 M for the BEL Towers, a mixed-use redevelopment of 115.000 m².
FULL-YEAR PROFITABILITY SUPPORTED BY STRATEGIC EXECUTION
For the full year 2025, Nextensa realised a net result (Group share) of €33.2 M, corresponding to €3.29 per dividend-entitled share, compared with -€10.8 M one year earlier. Profitability was primarily driven by a higher contribution from development activities, lower financing costs, and disciplined operational and financial management. The investment property portfolio proved resilient in a volatile market environment, with only limited revaluations over the year.
CAPITAL RECYCLING AND STRATEGIC MILESTONES
During 2025, Nextensa executed several targeted transactions that significantly reinforced its financial position, including the sale of the Knauf shopping centres, the retail site in Ingeldorf, the Monteco office building and the group’s participation in Retail Estates.
In parallel, Proximus confirmed Tour & Taxis as the location of its new headquarters, with the full pre-leasing of the Lake Side office project (38,000 m²).
INVESTMENT PROPERTIES: RESILIENT OPERATING PERFORMANCE
Like-for-like rental income increased by more than 3% over the year, reflecting the continued strong performance of Tour & Taxis and the contribution from major renovations such as Moonar in Luxembourg. Net rental income declined on an absolute basis, in line with the group’s divestment strategy.
DEVELOPMENT PROJECTS PROGRESSING ACCORDING TO PLAN
At Tour & Taxis, the site continued to strengthen its appeal as a mixed-use urban district, supported by a growing number of events, permanent leases and visitors. 96% of the apartments in the second phase of the Park Lane project were sold or reserved, with delivery of all residential buildings completed by year-end.
At Cloche d’Or in Luxembourg, Nextensa continued to shape the market through Grossfeld, in which the group holds a 50% participation. Several built-to-suit office projects were secured, including The Terraces (4,600 m²) for the Swiss private bank, Lombard Odier, and Eosys (12,000 m²) for PwC. In addition, a new residential project of 50 units was launched, with approximately half already sold.
ACTIVE FINANCIAL MANAGEMENT AND REDUCED LEVERAGE
Active financial management remained a key priority throughout the year. The average cost of financing stabilized at 2.90%, supported by the group’s hedging strategy and the reduction in financial debt.
Most of the credit lines maturing in 2026 have already been extended. With a headroom of €169 M available credit lines at year-end 2025, increased to more than €200 M after the sale of Gewerbepark Stadlau in mid-January 2026, the €100 M private bond maturing in November 2026 can be reimbursed using available credit lines, while still leaving sufficient headroom for upcoming construction works, including the Proximus HQ at Tour & Taxis.
DIVIDEND
Due to the strong financial results and balance sheet, the board of directors proposes to the ordinary general meeting of shareholders to distribute a dividend of €1.00 per share.
OUTLOOK
While uncertainty in the economic environment and pressure on real estate markets persist, Nextensa enters the next phase of its strategy with a strengthened balance sheet, controlled financing costs, sufficient financial headroom and a high-quality development pipeline. The group remains well positioned to continue creating sustainable long-term value for its stakeholders through disciplined execution, selective investments and a clear focus on sustainable urban development.
"Since our formation in 2021, Nextensa has sold more than €550 million of assets, lowering our debt ratio to 38%. Unlocking this capital gives us the financial capacity to deliver the ambitious projects that we hope to start in the course of 2026." Michel Van Geyte, CEO Nextensa
ABOUT NEXTENSA
Nextensa is a mixed real estate investor and developer.
The company’s investment portfolio is divided between the Grand Duchy of Luxembourg (34%), Belgium (52%) and Austria (14%); its total value as at 31/12/2025 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 m²) 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 m² consisting of offices, retail and residential buildings.
The company is listed on Euronext Brussels and has a market capitalisation of €431.53 M (value 31/12/2025).
FOR MORE INFORMATION
Tim Rens | Chief Financial Officer
Nextensa NV/SA | 0436.323.915 (RLE Brussels, Dutch-speaking division) Gare Maritime, Picardstraat 11, B505, 1000 Brussels
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