Company: Ackermans & van Haaren
Industry: Finance, Investment, Real Estate, Energy
Country: Belgium
Sector: Real Estate
Company type: Public limited company (N.V.)
Revenue (EUR): 5221000000
Employees: 5973

Reported EU Taxonomy activities:
Electricity generation from wind power
Construction of new buildings
Infrastructure for rail transport
Electricity generation from bioenergy
Renovation of existing buildings
Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings
Acquisition and ownership of buildings
Installation, maintenance and repair of renewable energy technologies
Installation, maintenance and repair of energy efficiency equipment
Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings)
Remediation of contaminated sites and areas
Sorting and material recovery of non-hazardous waste
Transmission and distribution of electricity

EU Taxonomy KPIs (currency: EUR, units: millions)
Turnover:
totalTurnover: value: 5132.122
percentage: 100.0%
eligibleTurnover: value: 2491.427
percentage: 48.5%
alignedTurnover: value: 1377.436
percentage: 26.8%
nonEligibleTurnover: value: 2640.696
percentage: 51.5%
CapEx:
totalCapex: value: 671.526
percentage: 100.0%
eligibleCapex: value: 372.975
percentage: 55.5%
alignedCapex: value: 285.861
percentage: 42.6%
eligibleNotAlignedCapex: value: 87.114
percentage: 13.0%
nonEligibleCapex: value: 298.551
percentage: 44.5%
OpEx:
totalOpex: value: 0
percentage: 100%
eligibleOpex: value: 0
percentage: 0%
alignedOpex: value: 0
percentage: 0%
nonEligibleOpex: value: 0
percentage: 0%

{0}------------------------------------------------

## **FINANCIAL STATEMENTS**

Image /page/0/Picture/1 description: The image shows the number 2023. The number 2 has a background of wind turbines in the ocean. The number 0 has a background of a building with the word "DELEN" on it. The second number 2 has a background of a large indoor market with many people. The number 3 has a background of green plants.

Image /page/0/Picture/2 description: The image shows the logo for Ackermans & van Haaren. The logo features the company name in a simple, sans-serif font, with the ampersand symbol in between the two names. Above the company name is a stylized image of a building or tower, rendered in a muted green color. Below the company name is the tagline "Your partner for sustainable growth" in a smaller font, also in green.

{1}------------------------------------------------

# CONTENTS

| 138 | CONSOLIDATED<br>ANNUAL ACCOUNTS             |
|-----|---------------------------------------------|
| 138 | Income statement                            |
| 139 | Statement of comprehensive income           |
| 140 | Balance sheet                               |
| 142 | Cash flow statement (indirect method)       |
| 143 | Statement of changes in consolidated equity |

| 138 | CONSOLIDATED ANNUAL ACCOUNTS                | 144 | NOTES TO THE FINANCIAL STATEMENTS                              |
|-----|---------------------------------------------|-----|----------------------------------------------------------------|
| 138 | Income statement                            | 144 | IFRS valuation rules                                           |
| 139 | Statement of comprehensive income           | 152 | Subsidiaries and jointly controlled subsidiaries               |
| 140 | Balance sheet                               | 156 | Associated and non-consolidated participations                 |
| 142 | Cash flow statement (indirect method)       | 158 | Business combinations and disposals                            |
| 143 | Statement of changes in consolidated equity | 158 | Assets and liabilities held for sale                           |
|     |                                             | 159 | Segment information                                            |
|     |                                             | 172 | Intangible assets                                              |
|     |                                             | 173 | Goodwill                                                       |
|     |                                             | 174 | Tangible assets                                                |
|     |                                             | 175 | Investment property at fair value                              |
|     |                                             | 177 | Participations accounted for using the equity method           |
|     |                                             | 179 | Financial risk management and financial derivatives            |
|     |                                             | 184 | Financial assets and liabilities                               |
|     |                                             | 188 | Banks - receivable from credit institutions and clients        |
|     |                                             | 190 | Inventories and construction contracts                         |
|     |                                             | 191 | Minorities                                                     |
|     |                                             | 193 | Lease                                                          |
|     |                                             | 194 | Provisions                                                     |
|     |                                             | 195 | Financial debts                                                |
|     |                                             | 196 | Banks - debts to credit institutions, clients and securities   |
|     |                                             | 198 | Taxes                                                          |
|     |                                             | 200 | Share based payment                                            |
|     |                                             | 201 | Rights and commitments not reflected in the balance sheet      |
|     |                                             | 202 | Employment                                                     |
|     |                                             | 203 | Raw materials, consumables,<br>services and subcontracted work |
|     |                                             | 203 | Pension liabilities                                            |
|     |                                             | 205 | Related parties                                                |
|     |                                             | 207 | Earnings per share                                             |
|     |                                             | 207 | Proposed and distributed dividends                             |
|     |                                             | 208 | Major events after balance sheet date                          |
|     |                                             | 209 | Statutory auditor's report                                     |

{2}------------------------------------------------

Image /page/2/Figure/1 description: The image shows a table of contents. The first entry is "215 STATUTORY ANNUAL ACCOUNTS", with sub-entries "215 Statutory annual accounts" and "219 Comments on the statutory annual accounts". The second entry is "220 SUSTAINABILITY REPORT: ANNEX". The third entry is "232 LEXICON". The fourth entry is "234 GENERAL INFORMATION REGARDING THE COMPANY AND THE CAPITAL".

{3}------------------------------------------------

## Income statement

| (€ 1,000)                                                                              | Note | 2023       | 2022       |
|----------------------------------------------------------------------------------------|------|------------|------------|
| Revenue                                                                                | 6    | 5,221,553  | 4,401,419  |
| Rendering of services                                                                  |      | 26         | 42         |
| Real estate revenue                                                                    | 10   | 284,101    | 221,392    |
| Interest income - banking activities                                                   |      | 233,068    | 115,243    |
| Fees and commissions - banking activities                                              |      | 106,367    | 100,051    |
| Revenue from construction contracts                                                    | 15   | 4,508,561  | 3,864,890  |
| Other operating revenue                                                                |      | 89,431     | 99,802     |
| Operating expenses (-)                                                                 | 6    | -4,819,411 | -4,108,096 |
| Raw materials, consumables, services and subcontracted work (-)                        | 25   | -3,338,275 | -2,849,372 |
| Interest expenses Bank J.Van Breda & C° (-)                                            |      | -92,370    | -20,047    |
| Employee expenses (-)                                                                  | 24   | -944,751   | -820,282   |
| Depreciation (-)                                                                       | 7-9  | -385,286   | -359,585   |
| Impairment losses (-)                                                                  |      | -19,556    | 1,053      |
| Other operating expenses (-)                                                           |      | -42,136    | -51,455    |
| Provisions                                                                             | 18   | 2,964      | -8,408     |
| Profit (loss) on assets/liabilities designated at fair value through profit and loss   | 6    | -23,379    | -16,854    |
| Financial assets - Fair value through P/L (FVPL)                                       | 13   | -12,177    | -5,234     |
| Investment property                                                                    | 10   | -11,202    | -11,620    |
| Profit (loss) on disposal of assets                                                    | 6    | 49,367     | 379,402    |
| Realised gain (loss) on intangible and tangible assets                                 |      | 19,534     | 9,491      |
| Realised gain (loss) on investment property                                            | 10   | 2,074      | 28,346     |
| Realised gain (loss) on financial fixed assets                                         | 13   | 43,067     | 343,866    |
| Realised gain (loss) on other assets                                                   |      | -15,308    | -2,301     |
| Profit (loss) from operating activities                                                |      | 428,130    | 655,871    |
| Financial result                                                                       | 12   | -41,924    | -10,156    |
| Interest income                                                                        |      | 36,959     | 17,619     |
| Interest expenses (-)                                                                  | 19   | -58,544    | -37,365    |
| (Un)realised foreign currency results                                                  |      | -11,217    | -9,219     |
| Other financial income (expenses)                                                      |      | 976        | -7,114     |
| Derivative financial instruments designated at fair value through profit and loss      | 12   | -10,098    | 25,923     |
| Share of profit (loss) from equity accounted investments                               | 11   | 223,378    | 243,874    |
| Other non-operating income                                                             |      | 0          | 0          |
| Other non-operating expenses (-)                                                       |      | 0          | 0          |
| Profit (loss) before tax                                                               |      | 609,585    | 889,590    |
| Income taxes                                                                           | 21   | -102,483   | -82,078    |
| Deferred taxes                                                                         |      | 12,365     | 3,250      |
| Current taxes                                                                          |      | -114,848   | -85,328    |
| Profit (loss) after tax from continuing operations                                     |      | 507,101    | 807,512    |
| Profit (loss) after tax from discontinued operations                                   | 4    | 0          | 3,050      |
| Profit (loss) of the period                                                            |      | 507,101    | 810,562    |
| Minority interests                                                                     | 16   | 107,908    | 101,907    |
| Share of the group                                                                     |      | 399,194    | 708,655    |
|                                                                                        |      |            |            |
| Earnings per share (€)                                                                 |      | 2023       | 2022       |
| 1. Basic earnings per share                                                            |      |            |            |
| 1.1. from continued and discontinued operations                                        | 28   | 12.13      | 21.39      |
| 1.2. from continued operations                                                         | 28   | 12.13      | 21.31      |
| 2. Diluted earnings per share                                                          |      |            |            |
| 2.1. from continued and discontinued operations                                        | 28   | 12.12      | 21.37      |
| 2.2. from continued operations                                                         | 28   | 12.12      | 21.28      |
| (€ 1,000)                                                                              | Note | 2023       | 2022       |
| Profit (loss) of the period                                                            |      | 507,101    | 810,562    |
| Minority interests                                                                     | 16   | 107,908    | 101,907    |
| Share of the group                                                                     |      | 399,194    | 708,655    |
| Other comprehensive income                                                             |      | -32,718    | 121,581    |
| Items that may be reclassified to profit or loss in subsequent periods                 |      |            |            |
| Changes in revaluation reserve: bonds - Fair value through OCI (FVOCI)                 | 13   | 36,429     | -58,554    |
| Taxes                                                                                  | 21   | -8,934     | 14,639     |
|                                                                                        |      | 27,496     | -43,916    |
| Changes in revaluation reserve: hedging reserves                                       | 12   | -56,445    | 186,396    |
| Taxes                                                                                  | 21   | 13,999     | -46,495    |
|                                                                                        |      | -42,445    | 139,901    |
| Changes in revaluation reserve: translation differences                                |      | -17,325    | 22,929     |
| Items that cannot be reclassified to profit or loss in subsequent periods              |      |            |            |
| Changes in revaluation reserve: shares - Fair value through OCI (FVOCI)                | 13   | 713        | 5          |
| Taxes                                                                                  | 21   | -178       | -1         |
|                                                                                        |      | 535        | 4          |
| Changes in revaluation reserve: actuarial gains (losses) defined benefit pension plans | 26   | -1,105     | 3,525      |
| Taxes                                                                                  | 21   | 127        | -86        |
|                                                                                        |      | -978       | 2,664      |
| Total comprehensive income                                                             |      | 474,384    | 932,143    |
| Minority interests                                                                     | 16   | 95,185     | 144,643    |
| Share of the group                                                                     |      | 379,199    | 787,501    |

We refer to Note 6. Segment information for more comments on the consolidated results.

{4}------------------------------------------------

## Statement of comprehensive income

For a breakdown of the item 'Share of the group and Minority interests' in the results, we refer to Note 6. Segment information.

In accordance with the accounting standard "IFRS 9 Financial Instruments", financial assets are split into three categories on the balance sheet and fluctuations in the fair value of financial assets are reported in the consolidated income statement. The only exception to this rule are the fair value fluctuations in the investment portfolio of Bank Van Breda and Delen Private Bank, which in the table above are divided into shares and bonds. The market value of the bond portfolio of Bank Van Breda is affected by the volatility in the interest rates and by the sale of bonds (in the context of its Asset & Liability Management).

Hedging reserves arise from fluctuations in the fair value of hedging instruments used by group companies to hedge against risks. Several group companies (a.o. DEME, Nextensa and Rentel/SeaMade) have hedged against a possible rise in interest rates. In 2023 the positive market value of the hedging instruments has declined, resulting in unrealised gains on hedging reserves having decreased by 42.4 million euros (including minority interests).

Translation differences arise from fluctuations in the exchange rates of group companies that report in foreign currencies. In 2023, the euro increased in value against most relevant currencies, which explains a big part of the negative evolution in translation differences of 17.3 million euros (including minority interests).

With the introduction of the amended IAS 19R accounting standard in 2013, the actuarial gains and losses on certain pension plans are recognized directly in other comprehensive income.

{5}------------------------------------------------

## Balance sheet - assets

| (€ 1,000)                                                                | Note    | 2023       | 2022       |
|--------------------------------------------------------------------------|---------|------------|------------|
| I. Non-current assets                                                    |         |            |            |
| Intangible assets                                                        | 7       | 118,806    | 117,649    |
| Goodwill                                                                 | 8       | 320,123    | 319,953    |
| Tangible assets                                                          | 9       | 2,909,412  | 2,720,708  |
| Land and buildings                                                       |         | 279,354    | 246,782    |
| Plant, machinery and equipment                                           |         | 2,241,138  | 2,183,188  |
| Furniture and vehicles                                                   |         | 65,730     | 49,296     |
| Other tangible assets                                                    |         | 11,753     | 9,310      |
| Assets under construction                                                |         | 311,437    | 232,132    |
| Investment property                                                      | 10      | 1,288,844  | 1,278,716  |
| Participations accounted for using the equity method                     | 11      | 2,022,091  | 1,845,237  |
| Non-current financial assets                                             | 13      | 450,040    | 398,203    |
| Financial assets : shares - Fair value through P/L (FVPL)                |         | 223,016    | 208,328    |
| Receivables and warranties                                               |         | 227,024    | 189,875    |
| Non-current hedging instruments                                          | 12      | 89,227     | 158,911    |
| Deferred tax assets                                                      | 21      | 150,442    | 154,829    |
| Banks - receivables from credit institutions and clients after one year  | 14      | 4,994,181  | 4,974,302  |
| Banks - loans and receivables to clients                                 |         | 5,029,531  | 4,974,302  |
| Banks - changes in fair value of the hedged credit portfolio             |         | -35,350    | 0          |
| II. Current assets                                                       |         |            |            |
| Inventories                                                              | 15      | 415,779    | 389,711    |
| Amounts due from customers under construction contracts                  | 15      | 780,222    | 532,289    |
| Investments                                                              | 13      | 589,954    | 544,498    |
| Financial assets : shares - Fair value through P/L (FVPL)                |         | 44,914     | 41,328     |
| Financial assets : bonds - Fair value through OCI (FVOCI)                |         | 501,037    | 502,908    |
| Financial assets : shares - Fair value through OCI (FVOCI)               |         | 58         | 263        |
| Financial assets - at amortised cost                                     |         | 43,944     | 0          |
| Current hedging instruments                                              | 12      | 20,079     | 24,359     |
| Amounts receivable within one year                                       | 13      | 937,971    | 847,085    |
| Trade debtors                                                            |         | 789,368    | 719,214    |
| Other receivables                                                        |         | 148,603    | 127,871    |
| Current tax receivables                                                  | 21      | 46,851     | 37,379     |
| Banks - receivables from credit institutions and clients within one year | 14      | 2,791,806  | 1,965,939  |
| Banks - loans and advances to banks                                      |         | 102,073    | 110,836    |
| Banks - loans and receivables to clients                                 |         | 1,218,593  | 1,214,188  |
| Banks - changes in fair value of the hedged credit portfolio             |         | -1,402     | 0          |
| Banks - cash balances with central banks                                 |         | 1,472,542  | 640,916    |
| Cash and cash equivalents                                                |         | 989,810    | 1,160,972  |
| Deferred charges, accrued income and other current assets                |         | 93,885     | 143,270    |
| III. Assets held for sale                                                | 5       | 10,998     | 62,504     |
| Total assets                                                             |         | 19,020,522 | 17,676,517 |
| (€ 1,000)                                                                | Note    | 2023       | 2022       |
| I. Total equity                                                          |         | 6,377,063  | 6,002,456  |
| Equity - group share                                                     |         | 4,913,951  | 4,633,633  |
| Issued capital                                                           |         | 113,907    | 113,907    |
| Share capital                                                            |         | 2,295      | 2,295      |
| Share premium                                                            |         | 111,612    | 111,612    |
| Consolidated reserves                                                    |         | 4,907,712  | 4,547,922  |
| Revaluation reserves                                                     |         | -7,594     | 12,401     |
| Financial assets : bonds - Fair value through OCI (FVOCI)                |         | -11,310    | -32,964    |
| Financial assets : shares - Fair value through OCI (FVOCI)               |         | 697        | 129        |
| Hedging reserves                                                         |         | 32,617     | 59,938     |
| Actuarial gains (losses) defined benefit pension plans                   |         | -24,164    | -23,375    |
| Translation differences                                                  |         | -5,434     | 8,673      |
| Treasury shares (-)                                                      | 22      | -100,074   | -40,597    |
| Minority interests                                                       | 16      | 1,463,112  | 1,368,824  |
| II. Non-current liabilities                                              |         | 2,803,449  | 2,916,141  |
| Provisions                                                               | 18      | 118,304    | 95,036     |
| Pension liabilities                                                      | 26      | 72,121     | 76,955     |
| Deferred tax liabilities                                                 | 21      | 138,710    | 151,635    |
| Financial debts                                                          | 12 - 19 | 1,465,653  | 1,631,833  |
| Bank loans                                                               |         | 1,219,260  | 1,333,174  |
| Bonds                                                                    |         | 99,613     | 139,348    |
| Subordinated loans                                                       |         | 677        | 677        |
| Lease debts                                                              |         | 133,969    | 112,180    |
| Other financial debts                                                    |         | 12,135     | 46,453     |
| Non-current hedging instruments                                          | 12      | 35,869     | 53,892     |
| Other amounts payable                                                    |         | 46,754     | 41,721     |
| Banks - non-current debts to credit institutions, clients & securities   | 20      | 926,038    | 865,069    |
| Banks - deposits from credit institutions                                |         | 0          | 0          |
| Banks - deposits from clients                                            |         | 926,038    | 736,385    |
| Banks - debt certificates including bonds                                |         | 0          | 40,003     |
| Banks - changes in fair value of the hedged credit portfolio             |         | 0          | 88,687     |
| III. Current liabilities                                                 |         | 9,840,010  | 8,757,920  |
| Provisions                                                               | 18      | 30,356     | 35,232     |
| Pension liabilities                                                      | 26      | 136        | 248        |
| Financial debts                                                          | 12 - 19 | 550,672    | 402,656    |
| Bank loans                                                               |         | 338,070    | 280,710    |
| Bonds                                                                    |         | 40,000     | 0          |
| Subordinated loans                                                       |         | 0          | 0          |
| Lease debts                                                              |         | 43,055     | 39,778     |
| Other financial debts                                                    |         | 129,547    | 82,168     |
| Current hedging instruments                                              | 12      | 20,175     | 31,893     |
| Amounts due to customers under construction contracts                    | 15      | 660,854    | 526,349    |
| Other amounts payable within one year                                    |         | 1,683,849  | 1,529,778  |
| Trade payables                                                           |         | 1,266,776  | 1,136,241  |
| Advances received                                                        |         | 84,486     | 72,539     |
| Amounts payable regarding remuneration and social security               |         | 218,725    | 210,608    |
| Other amounts payable                                                    |         | 113,863    | 110,391    |
| Current tax payables                                                     | 21      | 92,010     | 98,131     |
| Banks - current debts to credit institutions, clients & securities       | 20      | 6,725,882  | 6,059,308  |
| Banks - deposits from credit institutions                                |         | 49,604     | 116,379    |
| Banks - deposits from clients                                            |         | 6,564,963  | 5,817,110  |
| Banks - debt certificates including bonds                                |         | 111,315    | 124,766    |
| Banks - changes in fair value of the hedged credit portfolio             |         | 0          | 1,052      |
| Accrued charges and deferred income                                      |         | 76,075     | 74,326     |
| IV. Liabilities held for sale                                            | 5       | 0          | 0          |

The breakdown of the consolidated balance sheet by segment is presented in Note 6. Segment information. This reveals that the full consolidation of Bank Van Breda (Private Banking segment) has a significant impact on both the balance sheet total and the balance sheet structure of AvH. Bank Van Breda contributes for 8,500.2 million euros to the balance sheet total of 19,020.5 million euros, and although this bank is solidly capitalized with a Common Equity Tier 1 ratio of 17.7%, its balance sheet ratios, as explained by the nature of its activity, are different from those of the other companies in the consolidation scope. To improve the readability of the consolidated balance sheet, certain items from the balance sheet of Bank Van Breda have been summarized in the consolidated balance sheet.

{6}------------------------------------------------

## Balance sheet – equity and liabilities

{7}------------------------------------------------

## Cash flow statement (indirect method)

| (€ 1,000)                                                                            | Note      | 2023       | 2022      |
|--------------------------------------------------------------------------------------|-----------|------------|-----------|
| I. Cash and cash equivalents - opening balance                                       |           | 1,160,972  | 883,730   |
| Profit (loss) from operating activities                                              |           | 428,130    | 655,871   |
| Reclassification 'Profit (loss) on disposal of assets' to cash flow from divestments |           | -49,367    | -377,790  |
| Dividends from participations accounted for using the equity method                  | 11        | 134,974    | 122,246   |
| Other non-operating income (expenses)                                                |           | 0          | 0         |
| Income taxes (paid)                                                                  | 21        | -121,739   | -84,378   |
| Non-cash adjustments                                                                 |           |            |           |
| Depreciation                                                                         | 7 - 9     | 385,286    | 359,585   |
| Impairment losses                                                                    | 7 - 8 - 9 | 19,598     | -1,014    |
| Share based payment                                                                  | 22        | 2,827      | -5,834    |
| Profit (loss) on assets/liabilities designated at fair value through profit and loss | 10 - 13   | 23,379     | 16,854    |
| (Decrease) increase of provisions                                                    | 18        | -7,179     | 8,523     |
| Other non-cash expenses (income)                                                     |           | 3,513      | -951      |
| Cash flow                                                                            |           | 819,423    | 693,111   |
| Decrease (increase) of working capital                                               |           | -168,234   | 23,524    |
| Decrease (increase) of inventories and construction contracts                        | 15        | 43,719     | -19,152   |
| Decrease (increase) of amounts receivable                                            | 13        | -380,371   | -112,931  |
| Decrease (increase) of receivables from credit institutions and clients (banks)      | 14        | -878,853   | 172,598   |
| Increase (decrease) of liabilities (other than financial debts)                      |           | 259,186    | 213,384   |
| Increase (decrease) of debts to credit institutions, clients & securities (banks)    | 20        | 774,564    | -204,306  |
| Decrease (increase) other                                                            |           | 13,520     | -26,069   |
|                                                                                      |           |            |           |
| Cash flow from operating activities                                                  |           | 651,189    | 716,635   |
| Investments                                                                          |           | -1,016,584 | -954,131  |
| Acquisition of intangible and tangible assets                                        | 7 - 9     | -433,989   | -514,530  |
| Acquisition of investment property                                                   | 10        | -72,015    | -42,157   |
| Acquisition of financial fixed assets (business combinations included)               | 4 - 13    | -145,278   | -59,940   |
| Cash acquired through business combinations                                          |           | 0          | 4,433     |
| New loans granted                                                                    | 13        | -43,756    | -46,762   |
| Acquisition of investments                                                           | 13        | -321,547   | -295,174  |
| Divestments                                                                          |           | 495,760    | 956,824   |
| Disposal of intangible and tangible assets                                           | 7 - 9     | 57,310     | 12,115    |
| Disposal of investment property                                                      | 10        | 43,532     | 169,036   |
| Disposal of financial fixed assets (business disposals included)                     | 4 - 13    | 71,750     | 488,707   |
| Cash disposed of through business disposals                                          |           | 0          | -541      |
| Reimbursements of loans                                                              | 13        | 19,326     | 26,455    |
| Disposal of investments                                                              | 13        | 303,843    | 261,051   |
| Cash flow from investing activities                                                  |           | -520,824   | 2,693     |
| Financial operations                                                                 |           |            |           |
| Dividends received                                                                   |           | 9,677      | 9,037     |
| Interest received                                                                    |           | 37,233     | 17,619    |
| Interest paid                                                                        | 12 - 19   | -57,755    | -38,175   |
| Other financial income (costs)                                                       |           | -21,148    | -26,767   |
| Decrease (increase) of treasury shares - AvH                                         | 22        | -58,945    | -8,550    |
| Decrease (increase) of treasury shares - affiliates                                  |           | -835       | -15,661   |
| Increase of financial debts                                                          | 19        | 311,105    | 593,858   |
| (Decrease) of financial debts                                                        | 19        | -401,724   | -824,484  |
| (Investments) and divestments in controlling interests                               | 4         | 18,214     | -43,733   |
| Dividends paid by AvH                                                                | 29        | -102,511   | -91,085   |
| Dividends paid to minority interests                                                 |           | -35,492    | -16,241   |
| Cash flow from financial activities                                                  |           | -302,180   | -444,181  |
| II. Net increase (decrease) in cash and cash equivalents                             |           | -171,816   | 275,147   |
| Impact of exchange rate changes on cash and cash equivalents                         |           | 654        | 2,095     |
|                                                                                      |           |            |           |
| III. Cash and cash equivalents - ending balance                                      |           | 989,810    | 1,160,972 |
|                                                                                      |           |            |           |
| (€                                                                                   | 1,000     |            |           |
|                                                                                      |           |            |           |

{8}------------------------------------------------

## Statement of changes in consolidated equity

| (€ 1,000)                                                        | Issued capital & share<br>premium | Consolidated reserves | Bonds -Fair value<br>through OCI (FVOCI) | Shares -Fair value<br>through OCI (FVOCI) | Hedging reserves | Actuarial gains (losses)<br>defined benefit pension<br>plans | Translation differences | Treasury shares | Equity - group share | Minority interests | Total equity |
|------------------------------------------------------------------|-----------------------------------|-----------------------|------------------------------------------|-------------------------------------------|------------------|--------------------------------------------------------------|-------------------------|-----------------|----------------------|--------------------|--------------|
| Opening balance, 1 January 2022                                  | 113,907                           | 3,943,016             | 1,620                                    | 126                                       | -31,050          | -24,458                                                      | -12,682                 | -33,251         | 3,957,229            | 1,277,774          | 5,235,003    |
| Profit                                                           |                                   | 708,655               |                                          |                                           |                  |                                                              |                         |                 | 708,655              | 101,907            | 810,562      |
| Unrealised results                                               |                                   |                       | -34,584                                  | 3                                         | 90,988           | 1,083                                                        | 21,355                  |                 | 78,845               | 42,736             | 121,581      |
| Total of realised and<br>unrealised results                      | 0                                 | 708,655               | -34,584                                  | 3                                         | 90,988           | 1,083                                                        | 21,355                  | 0               | 787,501              | 144,643            | 932,143      |
| Distribution of dividends                                        |                                   | -91,085               |                                          |                                           |                  |                                                              |                         |                 | -91,085              | -16,241            | -107,326     |
| Operations with treasury shares                                  |                                   |                       |                                          |                                           |                  |                                                              |                         | -7,346          | -7,346               |                    | -7,346       |
| Other (a.o. changes in consol. scope / beneficial interest<br>%) |                                   | -12,664               |                                          |                                           |                  |                                                              |                         |                 | -12,664              | -37,353            | -50,017      |
| Ending balance, 31 December 2022                                 | 113,907                           | 4,547,922             | -32,964                                  | 129                                       | 59,938           | -23,375                                                      | 8,673                   | -40,597         | 4,633,633            | 1,368,824          | 6,002,456    |
| Impact IFRS amendments                                           |                                   |                       |                                          |                                           |                  |                                                              |                         | 0               |                      | 0                  |              |
| Opening balance, 1 January 2023                                  | 113,907                           | 4,547,922             | -32,964                                  | 129                                       | 59,938           | -23,375                                                      | 8,673                   | -40,597         | 4,633,633            | 1,368,824          | 6,002,456    |
| Profit                                                           |                                   | 399,194               |                                          |                                           |                  |                                                              |                         |                 | 399,194              | 107,908            | 507,101      |
| Unrealised results                                               |                                   |                       | 21,653                                   | 568                                       | -27,321          | -789                                                         | -14,107                 |                 | -19,995              | -12,723            | -32,718      |
| Total of realised and<br>unrealised results                      | 0                                 | 399,194               | 21,653                                   | 568                                       | -27,321          | -789                                                         | -14,107                 | 0               | 379,199              | 95,185             | 474,384      |
| Distribution of dividends                                        |                                   | -102,511              |                                          |                                           |                  |                                                              |                         |                 | -102,511             | -35,492            | -138,003     |
| Operations with treasury shares                                  |                                   |                       |                                          |                                           |                  |                                                              |                         | -59,477         | -59,477              |                    | -59,477      |
| Other (a.o. changes in consol. scope / beneficial interest<br>%) |                                   | 63,107                |                                          |                                           |                  |                                                              |                         |                 | 63,107               | 34,595             | 97,702       |
| Ending balance, 31 December 2023                                 | 113,907                           | 4,907,712             | -11,310                                  | 697                                       | 32,617           | -24,164                                                      | -5,434                  | -100,074        | 4,913,951            | 1,463,112          | 6,377,063    |

More details on the unrealised results can be found in the section "Statement of comprehensive income".

After the General Meeting of May, 22th 2023, AvH paid a dividend of 3.10 euros per share, resulting in a total dividend payment of 102.5 million euros, taking into account that no dividend is paid on the treasury shares that AvH owns at the date of payment.

In October 2022, AvH announced the start of a share buyback programme of up to 70.0 million euros. The programme started on October 5, 2022 and its duration was extended by the Board of Directors until year end 2023. Since the start of this programme, 488,414 treasury shares have been bought, for a total amount of 70 million euros. Meanwhile 80,000 of these shares have been allocated to cover stock option plan obligations. On December 31, 2023, 339,600 options were outstanding on AvH shares. In order to hedge these (and future) obligations, AvH owned 351,839 treasury shares on that date.

In addition, 471,490 AvH shares were purchased and 443,883 shares were sold in 2023 in the context of the contract that AvH entered into with Kepler Cheuvreux in order to support the liquidity of the AvH share. These transactions are initiated autonomously by Kepler Cheuvreux, but as they take place on behalf of AvH, the net purchase of 27,607 AvH shares has an impact on AvH's equity. On December 31, 2023, the number of treasury shares in the portfolio in the context of this liquidity agreement amounts to 31,113. In total, on December 31, 2023, the total number of treasury shares amounts to 791,366 (2.36% of the shares issued).

The item "Other" in the "Minority interests" column arises, among other aspects, from the changes in the consolidation scope of AvH or its affiliates. Third-party capital increases in Infra Asia Investment (Deep C Holding) and GSR (DEME) resulted in an increase in minority interests, without loss of control. The increase in the controlling interest in Nextensa gave rise to a decrease in minority interests. We refer to Explanatory Note 6. Segment reporting for more details.

The item "Other" in the column "Consolidated reserves" includes a.o. the eliminations of results on sales of treasury shares, the impact of the acquisition or sale of minority interests and the impact of the remeasurement of the purchase obligation on certain shares. The third-party capital increases mentioned above gave rise to results on the dilution at GSR (43 million euros) and at Infra Asia Investments (7 million euros); the acquisition of additional Nextensa shares (12 million euros).

#### **General data regarding the capital**

The issued capital amounts to 2,295,277.90 euros. The capital is fully paid-up and is represented by 33,496,904 shares without nominal value. Please refer to the Section 'General information regarding the company and the capital'.

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## Note 1: IFRS valuation rules

## 1. Statement of compliance

The consolidated annual accounts are prepared in accordance with the International Financial Reporting Standards and IFRIC interpretations effective on December 31, 2023, as approved by the European Commission.

#### **New and amended standards and interpretations**

Following new standards and amendments to existing standards published by the IASB, are applied as from January 1, 2023.

- Amendments to IAS 1 presentation of financial statements and IFRS practice statement 2: disclosure of accounting policies
- Amendments to IAS 8 accounting policies, changes in accounting estimates and errors: definition of accounting estimates
- Amendments to IAS 12 income taxes: deferred tax related to assets and liabilities arising from a single transaction
- IFRS 17 insurance contracts

The application of the new and amended standards and interpretations has no significant impact on the group's financial statements.

Below amendment applies for the first time in 2023 and has an impact on the consolidated financial statements of the group:

• amendments to IAS 12 income taxes: Pillar Two Model Rules International Tax Reform. The amendments include a temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules. Following the amendments, the Group is required to disclose that is has applied the exception and to disclose separately its current tax expense (income) related to the Pillar Two income taxes. Reference is made to Note 21. Taxes for more information.

## 2. Main assumptions and estimates

The preparation of financial statements under IFRS requires estimates to be used and assumptions to be made that affect the amounts shown in the financial statements, particularly as regards the following items:

- the period over which non-current assets are depreciated or amortized;
- the measurement of provisions and pension obligations;
- the measurement of income or losses on construction contracts using the percentage of completion method;
- estimates used in impairment tests;
- the measurement of investment property and financial instruments at fair value;
- the assessment of control;
- the qualification of a company acquisition as a business combination or an acquisition of assets;
- the assumptions used to determine the financial liabilities in accordance with IFRS 16.

• The estimates used in the assessment of income taxes or uncertain tax positions. These estimates assume the operation is a going concern and are made on the basis of the information available at the time. Estimates may be revised if the circumstances on which they were based alter or if new information becomes available. Actual results may be different from these estimates.

The valuation rules, which are part of the annual report, are approved annually by AvH's board of directors. The most recent deliberation on and approval of these valuation rules by AvH's board of directors took place on March 22, 2024. At the same board meeting, AvH's financial statements as of 31 December 2023 were approved.

#### **Macroeconomic matters**

Despite low economic growth in 2023 in the Eurozone, marked by high inflation, rising interest rates and weak external demand, AvH realised an excellent set of results. Both our private banks and DEME have realised record results thanks to their leading market positions and strong operational capabilities. The positive effects of the higher interest environment for the banks compensate somewhat the more challenging market context for real estate and contracting.

Our participations can be 'part of the solution' in these challenging markets, amongst others because they offer innovative and cost-efficient solutions to their customers or they contribute to the energy transition, for example through the installation of offshore wind parks and biodigesters, the construction of smart buildings and the development of green hydrogen.

**Climate related matters: Opportunities and Risks**

The **EU Taxonomy** is part of the EU's Green Deal approach and defines a classification system for environmentally sustainable activities, with the aim of facilitating sustainable investments and avoiding the risk of 'greenwashing'. The EU Taxonomy system sets high standards in terms of technical screening criteria. Notwithstanding these high standards, AvH group stands out thanks to the substantial portion of its turnover (27%) and investments (43%) which is already 'aligned' with this framework. These figures show the financial impact of initiatives taken by the AvH group from an ecological perspective, whereby the Capex figure clearly demonstrates its commitments to, and belief in, the future.

- DEME's activities in offshore wind are considered both eligible and largely aligned. Rail infrastructure projects were screened as well. DEME's eligible activities expanded in 2023 to also include parts of its environmental activities.
- CFE's eligible activities primarily relate to construction and renovation, electrical installation, rail infrastructure and real estate development. The aligned turnover mainly relates to BPI's project development and CFE's construction projects.
- Nextensa's eligible activities are primarily related to real estate development and the letting of real estate from its own investment portfolio. The aligned turnover is mainly generated from rental income and the sale of apartments (Park Lane).

The **climate risks** to which AvH is exposed of are described in Section "ESG risks" starting on page 20. For more information on the description, mitigating actions and governance, we refer to 'Risk and uncertainties" (p.20). More specific regarding the Climate related matters:

- The operations of **DEME Group** involve risks and opportunities related to 'climate and energy'. Both the dredging and offshore wind operations emit CO2, which are primarily due to the fuel consumption of the vessels required for the realization of land reclamation, the establishment of port infrastructure, and the construction of foundations for wind turbines. DEME Group incorporates fuelsaving technologies across the fleet. In addition to the current utilisation of low carbon fuels, DEME is embarking on its first pilot projects to gain practical experience with future green fuels. However, there remains a significant level of uncertainty regarding the specific fuels that will dominate the future market, their availability, and the capacity for bunkering. The Emissions Trading Systems (ETS) will be gradually rolled out for maritime transport activities covering offshore vessels as well. DEME Group currently assesses the impact thereof and takes that into account in its carbon reduction strategy.
- **Nextensa's** primary ESG risk is linked to climate mitigation, with a significant focus on energy efficiency. This relates to the project design for real estate development activities as well as to the value of its portfolio. Leveraging the EU Taxonomy as a guide, Nextensa integrates climate mitigation into its vision to further develop and invest in real estate.
- The production volumes and the turnover and margins realised by **SIPEF** are influenced by climatic conditions such as rainfall, sunshine, temperature and humidity. The potential physical impact of climate change is uncertain and may vary by region and product. SIPEF monitors water tables to design systems to deal with water retention, maintains buffer zones and invests in fire prevention/monitoring. With the growing concern over sustainability, tighter rules may be imposed on companies. SIPEF's oil palm plantations adhere to the RSPO standards and comply with the RSPO principles and criteria. If SIPEF is unable to continue to meet stricter requirements, it may lose its certification, or this may be suspended.
- **Sagar Cements'** production process encounters ESG risks associated with the cement industry, such as energy-intensive operations, high carbon emissions, resource use, water, waste generation and pollution. Sagar Cements developed an ESG roadmap for 2030 and identified levers to decarbonize its processes. Sagar Cements committed to the Science Based Targets initiative (SBTi), demonstrating its proactive approach to mitigate these risks.

{10}------------------------------------------------

**Disclosures related to Climate and Macroeconomic matters**

The impact of macroeconomic issues such as inflation and rising interest rates, among others, are discussed in the Notes: Investment property (10), Participations accounted for using the equity method (11), Financial risk management and financial derivatives, (12), Banks receivables and debts (14-20), Financial debts (19) and Pension liabilities (26).

Climate-related topics are included in subsequent disclosures: Goodwill (8), Tangible assets (9), Investment property (10) and Provisions (18).

For the year ended December 31, 2023, no material impact on financial reporting judgement and estimes arising from climate change were identified and as a result the valuations of assets and liabilities have not been significantly impacted by climate change risks. Further, the Group concludes that the climate change risk does not impact the going concern assessment for December 2023.

## 3. Principles of consolidation

The consolidated annual accounts contain the financial details of the parent AvH, its subsidiaries and jointly controlled companies, as well as the share of the group in the results of the associated companies.

#### 3.1 Subsidiaries

Subsidiaries are entities which are controlled by the group. Control exists when AvH (a) has power over the subsidiary; (b) is exposed, or has rights, to variable returns from its involvement with the subsidiary; and (c) has the ability to affect those returns through its power over the subsidiary. The participating interests in subsidiaries are consolidated in full as from the date of acquisition until the end of the control.

Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income from the date the Group gains control until the date when the Group ceases to control the subsidiary.

Profit or loss and each component of other comprehensive income are attributed to the owners of the Group and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance.

When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group's accounting policies.

All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full in the consolidated financial statements.

Changes in the Group's ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group's interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Group.

When the Group loses control of a subsidiary, a gain or loss is recognised in profit or loss and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if the Group had directly disposed of the related assets or liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred to another category of equity as specified/ permitted by applicable IFRSs).

An investment retained is initially measured at fair value. This fair value becomes the initial carrying amount at the date when control is lost and for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset.

### 3.2 Jointly controlled subsidiaries and associated participating interests

#### **Jointly controlled subsidiaries**

Companies which are controlled jointly (defined as those entities in which the group has joint control, among others via the shareholders' percentage or via contractual agreement with one or more of the other shareholders and that are considered to be joint ventures) are included on the basis of the equity method as from the date of acquisition until the end of the joint control.

#### **Associated participating interests**

Associated participating interests in which the group has a significant influence, more specifically companies in which AvH has the power to participate (without control) in the financial and operational management decisions, are included in accordance with the equity method, as from the date of acquisition until the end of the significant influence.

#### **The equity method**

Assets, liabilities, revenues and expenses from jointly controlled subsidiaries and associates are accounted for under the equity method in the consolidated financial statements. Under the equity method, an investment in a jointly controlled subsidiary or associate is firstly recorded at cost in the consolidated financial statements and then adjusted to record the share of the Group in the net result and in the comprehensive income of the jointly controlled subsidiary or associate. When the Group's share of losses of a jointly controlled subsidiary or associate exceeds the Group's interest in that jointly controlled subsidiary or associate (which includes any long-term interests that, in substance, form part of the Group's net investment in the jointly controlled subsidiary or associate), the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the jointly controlled subsidiary or associate.

According to the equity method, the participating interests are initially recorded at cost. Any surplus between the cost of the investment and the share in the fair value of net assets of the entity is recorded as goodwill included in the carrying amount of the investment. The carrying amount is subsequently modified to include the share of the group in the profit or loss of the participating interest, as from the date of purchase. The financial statements of these companies are prepared for the same reporting period as AvH and uniform IFRS valuation rules are applied. Unrealised intra-group profits and losses on transactions are eliminated to the extent of the interest in the company.

The Group continues to use the equity method when an investment in an associate becomes an investment in a jointly controlled subsidary or an investment in a jointly controlled subsidiary becomes an investment in an associate. There is no remeasurement to fair value upon such changes in ownership interests. When the Group reduces its ownership interest in an associate or a jointly controlled subsidiary but the Group continues to use the equity method, the Group reclassifies to profit or loss the proportion of the gain or loss that had previously been recognised in other comprehensive income relating to that reduction in ownership interest if that gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities.

#### **Joint operations**

A joint operation is a joint arrangement in which the parties (joint operators) have direct rights over the assets and direct obligations with respect to the entity's liabilities. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. When a subsidiary of AvH starts a joint operation, that subsidiary recognises:

- its assets, including its share of any assets held jointly;
- its liabilities, including its share of any liabilities incurred held jointly;
- its revenue from the sale of its share of the output arising from the joint operation;
- its share of the revenue from the sale of its share of the output by the joint operation;
- its expenses, including its share of any expenses incurred jointly.

{11}------------------------------------------------

## 4. Business combinations

Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. Acquisition-related costs are generally recognised in the income statement as operating expenses as incurred.

Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group's cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.

Where goodwill has been allocated to a cash-generating unit (CGU) and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained.

Non-controlling interests that represent ownership interests and entitle their holders to a proportionate share of the entity's net assets in the event of liquidation may be initially measured either at fair value or at the non-controlling interests' proportionate share of the recognised amounts of the acquiree's identifiable net assets. The choice of measurement basis is made on a transaction-by-transaction basis.

When the consideration transferred by the Group in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the 'measurement period' (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date.

The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as an asset or a liability is remeasured at subsequent reporting dates in accordance with IFRS 9, or IAS 37 provisions, contingent liabilities and contingent assets, as appropriate, with the corresponding gain or loss being recognised in profit or loss.

When a business combination is achieved in stages, the Group's previously held equity interest in the acquiree is remeasured to its acquisition-date fair value and the resulting gain or loss, if any, is recognised in profit or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to profit or loss where such treatment would be appropriate if that interest were disposed of.

If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted retrospectively during the measurement period (see above), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognised at that date.

As current IFRSs do not specify recognition and measurement principles in respect of business combinations between entities under common control (these are excluded from the scope of IFRS 3 business combinations), the Group applies predecessor accounting. This means that the assets and liabilities of the acquiree are initially recognised at their carrying amount without fair value adjustments. The difference between the acquisition/selling price and the carrying amount of the net assets acquired/disposed of is accounted for in equity as a compensation to the shareholder.

## 5. Intangible fixed assets

Intangible fixed assets with a finite useful life are stated at cost, less accumulated amortisation and any accumulated impairment losses.

Intangible fixed assets are amortised on a straight-line basis over the useful economic life. The useful economic life is reviewed per annum and this is also the case for any residual value. The residual value is assumed to be zero.

Intangible fixed assets with indefinite useful life, stated at cost, are not amortised but are subject to an impairment test on an annual basis and whenever indications of a possible impairment occur.

Costs for starting up new activities are included in the profit or loss at the time they occur.

Research expenses are taken into profit or loss in the period in which they arise. Development expenses that meet the severe recognition criteria of IAS 38 are capitalised and amortised over the useful life.

## 6. Goodwill

Goodwill arising from a business combination is recognised as an asset on the date on which control was obtained (the acquisition date). Goodwill is measured at cost being the excess of the consideration transferred, the non-controlling interests in the acquired company and the fair value of the stake already owned by the Group in the acquired company (if any) over the net amount of identifiable assets acquired and liabilities assumed on the acquisition date.

Non-controlling interests are initially measured either at fair value, or at the noncontrolling interests' share of the acquiree's recognised identifiable net assets. The basis of measurement is selected on a transaction-by-transaction basis.

If, after reassessment, the net balance, at the acquisition date, of identifiable assets acquired and liabilities assumed is higher than the sum of the consideration transferred, non-controlling interests in the acquiree and the fair value of the stake in the acquiree previously owned by the Group (if any), the surplus is recognised immediately in the income statement as a gain from a bargain purchase.

Goodwill is not amortised but is subject to impairment tests taking place annually or more frequently if there is an indication that the cash-generating unit to which it is allocated could have suffered a loss of value. Goodwill is stated on the balance sheet at cost less accumulated impairment losses, if any. Impairment of goodwill is not reversed in future periods.

If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, noncontrolling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value.

## 7. Tangible fixed assets

Tangible fixed assets are carried at cost or production cost less accumulated amortisations and any impairments.

Tangible fixed assets are amortised on a straight-line basis over the useful economic life. The useful life is reviewed on a yearly basis and this is also the case for any residual value.

The depreciation periods as defined by DEME of the floating and other construction materials range from 3 years (such as for pipelines) to 21 years. The principal component of trailing suction hopper dredgers and cutter suction dredgers is depreciated over a period of 18 years. For new hopper dredgers, cutter suction dredgers, cable lay vessels and DP3 Offshore crane vessels in production since 

{12}------------------------------------------------

2019 the principal component is depreciated over a period of 20 years and a second component is depreciated over a period of 10 years. For major jack-up vessels this depreciation rule was already applicable. The principal component mainly includes the hull and machinery and the second component relates to parts of a vessel for which the lifespan is shorter than the economic life cycle of the vessel.

Repair and maintenance expenses for tangible assets are recognized as an expense in the period in which they occur, unless they result in an increase of the future economic benefit of the respective tangible fixed assets, which justifies their capitalisation.

Assets under construction are amortised as from the time they are taken into use.

## 8. Impairment of fixed assets

On each closing date, the group verifies whether there are indications that an asset is subject to an impairment. In the event that such indications are present, an estimation is made of the recoverable amount. When the carrying amount of an asset is higher than the recoverable amount, an impairment is recorded in order to bring the carrying amount of the asset back to the recoverable amount.

The recoverable amount of an asset is defined as the higher of the fair value minus costs to sell (assuming a voluntary sale) and the value in use (based upon the net present value of the estimated future cash flows). Any resulting impairments are charged to the profit and loss account.

Previously recorded impairments, except on goodwill, are reversed through the profit and loss account when they are no longer valid.

## 9. Leases

#### 9.1 Lessor accounting

When the Group acts as a lessor, it determines at lease inception whether a lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is considered a finance lease. As part of the assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset.

If the lease agreement contains both lease and non-lease components, the Group applies IFRS 15 to allocate the consideration in the contract.

#### 9.2 Lessee accounting

Under IFRS 16, a contract is, or contains, a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration.

The Group recognises a right-of-use asset and a corresponding lease liability at the lease commencement date. Assets and liabilities arising from a lease are initially measured on a present value basis, discounted using the incremental borrowing rate of the lessee. The right-of-use asset is subsequently depreciated and/or impaired when deemed necessary. The right-of-use asset is also adjusted for certain remeasurements of the lease liability.

The lease liability is subsequently increased by the interest cost on the lease liability and reduced by lease payment made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable, or a change in the reassessment of whether a purchase or extension option is reasonably certain to be exercised (or a termination option curtained not to be exercised). The Group has applied judgement to determine the lease term for lease contracts containing renewal options.

In accordance with the standard on lease contracts, the Group elected to use following exemptions when applying IFRS 16 accounting for:

- short-term leases, i.e. contracts with a duration of less than one year;
- leases for which the underlying asset is of low value;

• intangible assets.

The most important judgements and assumptions in determining the lease asset and liability are as follows:

- The lease payments are discounted using the interest rate implicit in the lease agreement. If that rate cannot be readily determined, which is generally the case for leases in the group, the lessee has used judgement to determine its incremental borrowing rate, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
- In determining the lease term, management considers all facts and circumstances that create an incentive to exercise an extension option, (or not exercise a termination option). Extension options (or periods after termination options) are only included in the lease term if the lease agreement is reasonably certain to be extended (or not terminated).

## 10. Investment property - leased buildings and project developments

These investments cover buildings which are ready to be leased (real estate investments) as well as buildings under construction or being developed for future use as operative real estate investments (project development).

Investment property is measured at fair value through profit or loss. On a yearly basis, the fair value of the leased buildings is determined based upon valuation reports.

## 11. Financial instruments

#### 11.1 Recognition and derecognition of financial instruments

- Financial assets and liabilities are recognized when the Group becomes a party to the contractual provisions of the instrument. Financial assets bought and sold in accordance with standard market conventions are recognized on the transaction date.
- Financial assets are derecognized when the contractual rights to receive cash flows from the assets have expired or have been transferred and the Group has transferred all risks and rewards of ownership of those assets.
- Financial liabilities are derecognized when the obligation specified in the contract is discharged, cancelled, or expires.

#### 11.2 Classification and measurement of financial assets

When another financial asset is acquired or invested in, the contractual terms determine whether it is an equity instrument or a debt instrument.

Equity instruments give entitlement to the remaining interest in the net assets of another entity.

#### **Classification and measurement of debt instruments**

The assessment of the contractual cash flow characteristics or SPPI test is carried out per product group (financial assets with similar cash flow characteristics) or, where necessary, on an individual basis. It is assessed whether the instrument generates cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding (SPPI: solely payments of principal and interest). It is also investigated how these cash flows fit in with the business model of the entity in question.

The relevant classification and measurement method follows from those assessments:

i) **measured at amortised cost (AC)**: debt instruments that pass the SPPI test and are held under an HTC business model (Held-to-collect). At initial recognition, they are measured at fair value plus transaction costs that are directly attributable to their acquisition. Subsequently, the effective interest rate method is applied where the difference between the measurement at initial recognition and the repayment value is recognized pro rata temporis in profit or loss on the basis of the effective interest rate.

{13}------------------------------------------------

- ii) **fair value measurement with value changes recognized in other comprehensive income (FVOCI)**: debt instruments that pass the SPPI test and are held under an HTC&S business model (Held-to-collect & sell). On disposal, the cumulative fair value changes are reclassified to profit or loss.
- iii) **fair value measurement with value changes recognized in profit or loss (FVPL)**: debt instruments that fail the SPPI test and/or are not held under an HTC or HTC&S model must mandatorily be measured in this way.

Irrespective of these assessments, one can make an irrevocable election to designate, at initial recognition, a financial asset as measured at FVTPL (fair value option) if doing so eliminates or significantly reduces a measurement or recognition inconsistency ('accounting mismatch').

For the aforementioned financial assets that are measured at amortised cost and at fair value with value changes recognized in other comprehensive income, a loss allowance for expected credit losses is required (see section 6. Impairment of financial assets).

#### **Classification and measurement of equity instruments**

Equity instruments held for trading must mandatorily be measured at fair value with value changes recognized in profit or loss (FVTPL).

For other equity instruments, the Group can make an irrevocable election, at initial recognition, to measure those instruments at fair value with value changes recognized in other comprehensive income (FVTOCI). This election can be made instrument by instrument (per share). On disposal, the cumulative fair value changes must not be reclassified to profit or loss. Only dividend income may be recognized in profit or loss.

For equity instruments, no loss allowance is required for expected credit losses.

#### 11.3 Classification and measurement of financial liabilities

For the classification and measurement of financial liabilities, other than derivatives, there are the following possibilities:

• fair value measurement with value changes recognized in profit or loss (FVTPL):

- if the financial liability is held for trading;
- if the Group opts for this method (fair value option), more specific regarding Bank Van Breda)
- measurement at amortised cost: at initial recognition, they are measured at fair value, less transaction costs that are directly attributable to their issue.

#### 11.4 Derivative financial instruments

The operational subsidiaries belonging to the AvH-group are responsible for their risk management, such as exchange risk, interest risk, credit risk, commodity risk, etc. The risks vary according to the particular business where the subsidiaries are active and therefore they are not managed centrally at group level. The respective executive committees report to their board of directors or audit committee regarding their hedging policy.

Derivative instruments are recorded in the balance sheet at their fair value; the changes in fair value are reported in the income statement unless these instruments are part of hedging transactions.

The recognition of derivative instruments is in accordance with IFRS 9, except for macro hedge accounting for which IAS 39 is applied.

#### **Cash flow hedges**

The value fluctuations of a derivative financial instrument that complies with the strict conditions for recognition as a cash flow hedge are recorded in other comprehensive income for the effective part. The ineffective part is recorded directly in the profit and loss account. The hedging results are transferred from of 'other comprehensive income' into the profit and loss account at the same moment the hedged transaction has impact on the result.

#### **Fair value hedges**

Changes in fair value of a derivative instrument that is formally allocated to hedge the changes of fair value of recorded assets and liabilities, are recognized in the profit and loss account together with the profits and losses caused by the fair value revaluation of the hedged component. The value fluctuations of derivative financial instruments, which do not meet the criteria for fair value hedge or cash flow hedge are recorded directly in the profit and loss account.

#### 11.5 Cash and cash equivalents

Cash and cash equivalents consist of cash and short-term investments and are recorded on the balance sheet at nominal value.

#### 11.6 Impairment of financial assets

Under IFRS 9, a loss allowance is made at initial recognition for expected credit losses (ECLs) for:

- financial assets measured at amortised cost;
- debt instruments measured at fair value with value changes recognized in other comprehensive income;
- finance lease receivables;
- loan commitments and financial guarantee contracts.
- for the purpose of determining the loss allowance for expected credit losses, the financial assets are classified in three stages:
	- Stage 1: performing assets, for which at initial recognition a one-year expected credit loss allowance is made based on the probability that events will occur within 12 months that give rise to default;
	- Stage 2: underperforming assets for which a lifetime expected credit loss allowance is made if there has been a significant increase in credit risk since initial recognition;
	- Stage 3: for non-performing assets an estimate is made of the recoverable amount. When the carrying amount of an asset is higher than the recoverable amount, an impairment is recorded in order to bring the carrying amount of the asset back to the recoverable amount.

Changes in loss allowances are recognized under the item 'Impairment losses' in profit and loss. The loss allowance for expected credit losses is presented:

- as deducted from the gross carrying amount of financial assets that are measured at amortised cost (incl. lease receivables);
- as a loss allowance in other comprehensive income for debt instruments measured at fair value with value changes recognized in other comprehensive income;
- as a loss allowance under obligations resulting from loan commitments and financial guarantee contracts.

The staging in the event of a significant increase (or decrease) in credit risk is done on an individual contract level ('bottom-up' staging) based on certain criteria such as payment arrears, renegotiations, and rating category. The internal credit rating is used for the individual staging of loans. As this is a criterion based on past history, a distinct 'collective staging' logic is used as well to take into account the macroeconomic outlook.

For the bond portfolio, the 'low credit risk exemption' is applied: as long as bonds retain their investment grade rating category, they remain in stage 1. On the basis of the low credit risk at the reporting date it may be concluded that there has been no significant increase in credit risk. Should a bond migrate to a non-investment grade rating category, the bank will either sell the bond or transfer it to stage 2 and determine an appropriate lifetime ECL.

A valuation model calculates the expected credit losses for contracts in stages 1 and 2 in line with the literature on IFRS9 ECL modelling. They are determined without any deliberate optimistic or conservative bias, and are based on all reasonable and substantiated information available by justifiable cost or effort. This includes information about past history, present circumstances and future projections. They also reflect the expected value that the bank deems possible in the foreseeable future.

These one-year expected credit losses and lifetime expected credit losses are calculated for each individual contract on the basis of the future cash flows and the following model parameters:

- PD stands for 'Probability of Default' in a given period. The PD modelling has been set up using migration matrices based on existing internal credit ratings for loans and supplied by rating agency DBRS for the bond portfolio.
- Loss Given Default (LGD) stands for expected loss in the event of default. The LGD figure is obtained from the 'exposure at default' and the pledged collateral.
- 'Survival Probability' is the probability that a contract is still liable to credit losses. The Survival Probability is determined on the basis of:

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- the probability that a contract has not disappeared from the balance sheet following an earlier default, and
- the probability that a contract has not yet disappeared from the balance sheet following full early repayment.
- Effective Interest Rate' (EIR) is the effective interest rate at which the losses are discounted. For fixed-rate contracts this is the contractual effective interest rate; for variable-rate contracts, the most recent fixing is used.

On each closing date, an investigation is performed whether there are objective indications that a financial asset is becoming non-performing and therefore transfers to stage 3, based on one of the following objectively observable events:

- major financial difficulties at the borrower;
- breach of contract, including failure to meet due dates for principal and/or interest repayments;
- the granting by the bank of certain terms, for economic or legal reasons, which the Group under normal circumstances would not grant to the borrower;
- the likelihood of the borrower going bankrupt or being restructured;
- for bonds, the extinction of an active market due to financial difficulties or other indications threatening the recoverability of the acquisition value;
- objective criteria showing a measurable deterioration of the expected future cash flows from a collective group of financial assets, even though such deterioration cannot be detected on an individual basis, or criteria indicating a deterioration of the creditworthiness or financial capacity of the borrowers of the group, or national or economic circumstances specific to that group of borrowers.

For stage 3 contracts, an estimate is made of the recoverable amount. When the carrying amount of an asset is higher than the recoverable amount, an impairment is recorded in order to bring the carrying amount of the asset back to the recoverable amount.

The net recoverable amount of an asset is defined as the higher of the following values:

- the net sale price (assuming a voluntary sale), and
- the value in use (based on the present value of the expected future cash flows).

## 12. Inventories / construction contracts

Inventories are valued at cost (purchase or production cost) or at net realisable value when this is lower. The production cost comprises all direct and indirect costs incurred in bringing the inventories to their completion at balance sheet date and this corresponds with the estimated sales prices in normal circumstances, minus the handling, marketing and distribution costs (net realizable value). Construction contracts are valued according to the Percentage of Completion method whereby the result is recognized in accordance with progress of the works. Expected losses are immediately recognized as an expense.

## 13. Capital and reserves

Costs which are related to a capital transaction are deducted from the capital.

The purchase of treasury shares is deducted from equity at purchase price. Subsequent sale or cancellation at a later date does not affect the result. Profits and losses with regard to treasury shares are recorded directly in equity.

## 14. Translation differences

Transactions in foreign currency are recorded at the exchange rate on the date of the transaction. Positive and negative unrealised translation differences, resulting from the calculation of monetary assets and liabilities at closing rate on balance sheet date, are recorded as income or cost respectively in the profit and loss account.

Based upon the closing rate method, assets and liabilities of the consolidated subsidiary are converted at closing rate, while the income statement is converted at the average rate of the period, which results in translation differences included in the consolidated 'other comprehensive income'.

## 15. Provisions

A provision is recognized if a company belonging to the group has a (legal or constructive) obligation as a result of a past event, and it is probable that the settlement of this obligation will require an outflow and the amount of this obligation can be determined in a reliable manner. In the event that the difference between the nominal and discounted value is significant, a provision is recorded for the amount of the discounted value of the estimated expenses. The resulting increase of the provision in proportion to the time is recorded as an interest charge.

#### **Restructuring**

Provisions for restructuring costs are only recognized when the group already has a detailed and approved restructuring plan and the planned restructuring has already started or been announced to the relevant staff members. No provisions are made for costs relating to the normal activities of the group.

#### **Guarantees**

A provision is made for warranty obligations relating to delivered products, services and contracts, based upon statistical data from the past.

## 16. Contingent assets and liabilities

Contingent assets and liabilities are mentioned in the note "Rights and commitments not reflected in the balance sheet", if their impact is important.

## 17. Taxes

Taxes concern both current taxes on the result as deferred taxes. Both types of taxes are recorded in the profit and loss accounts except when they relate to components being part of the equity and therefore allocated to the equity. Deferred taxes are based upon the balance sheet method applied on temporary differences between the carrying amount of the assets and liabilities of the balance sheet and their tax base. The main temporary differences consist of different amortisation percentages of tangible fixed assets, provisions for pensions, carry-forward tax losses and tax credits.

Deferred tax liabilities are recognized for all taxable temporary differences:

- except when the deferred tax liability arises from the original recognition of goodwill or the initial recording of assets and liabilities in a transaction that is not a business combination and that at the time of the transaction has no impact on the taxable profit;
- except with regard to investments in subsidiaries, joint and associated companies, where the group is able to control the date when the temporary difference will be reversed, and it is not likely that the temporary difference will be reversed in the foreseeable future.

Deferred tax assets are recorded for all deductible temporary differences and on carry-forward tax credits and tax losses that can be recovered, to the extent that it is probable that there will be taxable profits in the near future in order to be able to enjoy the tax benefit. The carrying amount of the deferred tax assets is verified on every balance sheet date and impaired to the extent that it is no longer probable that sufficient taxable profit will be available to credit all or part of the deferred taxes. Deferred tax assets and liabilities shall be measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

IFRIC 23, which became effective as from January 1, 2019 onwards, clarifies how to apply the recognition and measurement requirements in IAS 12 income taxes when an uncertainty over current and deferred income tax treatments exists. The acceptability of a particular tax treatment under tax law may not be known until the relevant taxation authority or a court takes a decision in the future. In assessing whether and how an uncertain tax treatment affects the determination of taxable results, the Group assumes that a taxation authority will examine amounts it has a right to examine and has full knowledge of all related information when making those examinations. If the Group concludes it is probable that the taxation authority will accept an uncertain tax treatment, it determines the taxable result consistently with the tax treatment used or planned to be used in its income tax filings. If the Group concludes that it is not probable that a taxation authority will accept an uncertain tax treatment, it reflects the effect of uncertainty in 

{15}------------------------------------------------

determining its accounting tax position. If the possible outcomes are binary or concentrated to one value, the uncertain tax position is measured using the most likely amount. In case there exists a range of possible outcomes that are neither binary nor concentrated on one value, the sum of the weighted amounts in a range of possible outcomes might best predict the resolution of the uncertainty.

## 18. Employee benefits

Employee benefits consist of short-term employee benefits, postemployment benefits, other long-term employee benefits, redundancy pay and rewards in equity instruments. The post-employment benefits include the pension plans, life insurance policies and insurance policies for medical assistance. Pension plans with fixed contribution or defined benefit plans are provided through separate funds or insurance plans. In addition, employee benefits consisting of equity instruments also exist.

#### Pension plans

#### **Defined Contribution Plans**

Several subsidiaries within the group have taken out group insurance policies for the benefit of their employees. Since Belgian subsidiaries are obliged to make additional payments if the average return on the employers' contributions and on the employees' contributions is not attained, those plans should be treated as "defined benefit" plans in accordance with IAS19 (Revised).

#### **Defined Benefit Plans**

The group has a number of defined benefit pension plans. The costs of the defined benefit pension plans are actuarially determined using the 'projected unit credit' method.

Remeasurements, composed of actuarial gains and losses, the effect of changes to the asset ceiling and the return on plan assets, are directly recognized in the balance sheet; a corresponding amount is credited or charged to retained earnings through other comprehensive income in the period in which they arise.

Remeasurements are not reclassified to profit or loss in subsequent periods.

Past service costs are recognized in profit or loss on the effective date of the change or restriction of the pension plan or the date on which the group accounts for reorganization costs, whichever occurs first.

Net interest is calculated by applying the discount rate to the net defined benefit asset or liability and is recognized in consolidated profit or loss.

#### **Employee benefits in equity instruments**

On different levels stock option plans exist within the AvH, giving employees the right to buy AvH shares or the shares of some subsidiary at a predefined price. This price is determined at the time when the options are granted and it is based on the market price or the intrinsic value.

The performance of the beneficiary is measured (at the moment of granting) on the basis of the fair value of the granted options and warrants and recognized in profit and loss when the services are rendered during the vesting period.

## 19. Revenue recognition (IFRS 15)

Revenue is recognised in accordance with the IFRS standards, taking into account the specific activities of each segment.

#### **Revenue recognition**

Revenue is recognised when or as each performance obligation is satisfied, at the amount of the transaction price allocated to that performance obligation. Control of an asset refers to the ability to direct the use of and obtain substantially all the remaining benefits from the asset.

When a performance obligation is satisfied by transferring a promised good or service to the customer before the customer pays consideration or before payment is due,the Group presents the contract as a contract asset, unless the Group's rights to that amount of consideration are unconditional, in which case the Group recognises a receivable.

When an amount of consideration is received from a customer prior to the Group transferring a good or service to the customer, the Group presents the contract as a contract liability.

The main streams of revenue are recognised if it meets the criteria outlined below.

#### **Identifying the separate performance obligations in a contract with a customer**

Most of the revenue recognised by the construction companies in the group relates to contracts with customers for the sale of properties and services revenue generated from construction, project management and selling activities. In accounting for these contracts, the Group is required to identify which goods or services are distinct and therefore represent separate performance obligations to which revenue can be assigned.

Management uses judgement to determine whether a promised good or service is distinct by assessing if the customer can benefit from the good or service on its own or together with other resources that are readily available to the customer and by ascertaining whether the Group's promise to transfer the good or service to the customer is separately identifiable from other promises in the contract.

#### **Determination of transaction prices for revenue recognition**

The Group is required to determine the transaction price in respect of each of its contracts with customers. Where consideration is variable due to a performance bonus, the Group estimates the amount of variable consideration to be included in the transaction price.

#### **Allocation of transaction price to performance obligations in contracts with customers**

The Group uses the stand-alone selling price of the distinct goods and services underlying each performance obligation to apportion the transaction price to identified performance obligations. This occurs for a limited number of EPCI contracts in the "Marine Engineering & Contracting" segment, where the multiple performance obligations (procurement activities and installation activities) give rise to a separate revenue recognition pattern.

#### **Satisfaction of performance obligations for revenue recognition**

The Group assesses each of its customer contracts to determine whether performance obligations are satisfied over time or at a point in time in order to determine when revenue is recognised. For sales of properties under development the Group recognises revenue over time, according to the percentage of completion method, because control transfers over time. Its performance creates an asset that the customer controls as the asset is created. It does not create an asset with alternative use as the Group has an enforceable right to payment for performance completed to date. For the EPCI contracts, revenue on the procurement activities are recognised at a point in time and the installation activities are recognised over time.

#### **Method of measuring progress of completion of performance obligations and recognition of revenue**

For performance obligations satisfied over time, contract revenue is recognized according to the percentage of completion of the contract activity at the closing date by using an input method calculated as the proportion of contract costs at the closing date and the estimated total contract costs. An expected loss on a construction contract is immediately recognized.

#### **Other**

Contracts for the sale of properties contain certain warranties covering a period of up to ten years after completion of the property. The Group assessed that these conditions represent 'assurance-type' warranties that are legally required to be provided as quality guarantees and will continue to be accounted for under IAS 37, consistent with its current practice.

A variation may lead to an increase or a decrease in contract revenue. A variation is an instruction by the customer for a change in the scope of the work to be performed under the contract. These contract modifications form typically part of the performance obligation that is partially satisfied at the date of the contract modification, hence the effect is recognised as an adjustment to revenue.

Dividend revenue is recognised when the Group's right to receive the payment is established.

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Other revenue is recognised when it is received or when the right to receive payment is established.

## 20. Assets held for sale and discontinued operations

The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense.

The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification.

## 21. Events after balance sheet date

Events may occur after the balance sheet date which provide additional information with regard to the financial situation of the company at balance sheet date (adjusting events). This information allows the adjustment of estimations and a better reflection of the actual situation on the balance sheet date. These events require an adjustment of the balance sheet and the profit and loss account. Other events after balance sheet date are mentioned in the notes if they have a significant impact.

## 22. Earnings per share

The group calculates both the basic earnings per share and the diluted earnings per share in accordance with IAS 33. The basic earnings per share are calculated on the basis of the weighted average number of outstanding shares during the period. Diluted earnings per share are calculated according to the average number of shares outstanding during the period plus the diluted effect of the warrants and stock options outstanding during the period.

## 23. Segment reporting

AvH is a diversified group which is active in the following core sectors:

- 1. **Marine Engineering & Contracting** with DEME, one of the largest dredging companies in the world, CFE a construction group with headquarters in Belgium, Deep C Holding and Green Offshore.
- 2. **Private Banking** with Delen Private Bank, one of the largest independent private asset managers in Belgium and asset manager JM Finn in the UK and Bank Van Breda, a niche-bank for entrepreneurs and liberal professions in Belgium.
- 3.**Real Estate** with Nextensa, a listed integrated real estate group.
- 4. **Energy & Resources**, SIPEF, an agro-industrial group in tropical agriculture, Verdant Bioscience and Sagar Cements.
- 5. **AvH & Growth Capital** with AvH Growth Capital and their respective Growth Capital participations.

The segment information in the financial statements of AvH is published in line with IFRS 8.

{17}------------------------------------------------

## Note 2: subsidiaries and jointly controlled subsidiaries

## 1. Fully consolidated subsidiaries

| Name of subsidiary                                   | Registration nr | Registered office | Beneficial interest % 2023 | Beneficial interest % 2022 | Minority interest % 2023 | Minority interest % 2022 |
|------------------------------------------------------|-----------------|-------------------|----------------------------|----------------------------|--------------------------|--------------------------|
| Marine Engineering & Contracting                     |                 |                   |                            |                            |                          |                          |
| DEME Group (1)                                       | 0787.829.347    | Belgium           | 62.12%                     | 62.12%                     | 37.88%                   | 37.88%                   |
| CFE (1)                                              | 0400.464.795    | Belgium           | 62.12%                     | 62.12%                     | 37.88%                   | 37.88%                   |
| Deep C Holding (Rent-A-Port) (2)                     | 0885.565.854    | Belgium           | 81.06%                     | 81.06%                     | 18.94%                   | 18.94%                   |
| International Port Engineering and Management (IPEM) | 0441.086.318    | Belgium           | 81.06%                     | 81.06%                     | 18.94%                   | 18.94%                   |
| Infra Asia Consultancy and Project Management        | 0891.321.320    | Belgium           | 81.06%                     | 81.06%                     | 18.94%                   | 18.94%                   |
| IPEM Holdings                                        |                 | Cyprus            | 81.06%                     | 81.06%                     | 18.94%                   | 18.94%                   |
| Deep C (Infra Asia Investments) (3)                  |                 |                   |                            |                            |                          |                          |
| IPEM Reclamation                                     |                 | Cyprus            | 68.09%                     | 76.20%                     | 31.91%                   | 23.80%                   |
| Infra Asia Consultancy                               |                 | Hong Kong         | 68.09%                     | 81.06%                     | 31.91%                   | 18.94%                   |
| Rent-A-Port Reclamation                              |                 | Hong Kong         | 68.09%                     | 76.20%                     | 31.91%                   | 23.80%                   |
| Infra Asia Investment Green Utilities                |                 | Hong Kong         | 68.09%                     | 76.20%                     | 31.91%                   | 23.80%                   |
| Infra Asia Investment HK                             |                 | Hong Kong         | 68.09%                     | 76.20%                     | 31.91%                   | 23.80%                   |
| Warehousing Workshop Worldwide                       |                 | Hong Kong         | 61.28%                     | 68.58%                     | 38.72%                   | 31.42%                   |
| Deep C Blue (Hong Kong)                              |                 | Hong Kong         | 68.09%                     | 76.20%                     | 31.91%                   | 23.80%                   |
| IPEM Vietnam                                         |                 | Hong Kong         | 68.09%                     | 76.20%                     | 31.91%                   | 23.80%                   |
| Dinh Vu Industrial Zone jsc                          |                 | Vietnam           | 52.43%                     | 57.61%                     | 47.57%                   | 42.39%                   |
| Hong Duc Industrial Zone jsc                         |                 | Vietnam           | 68.09%                     | 76.30%                     | 31.91%                   | 23.70%                   |
| Hai Phong Industrial Park jsc                        |                 | Vietnam           | 68.09%                     | 76.25%                     | 31.91%                   | 23.75%                   |
| Deep C Blue Hai Phong Company                        |                 | Vietnam           | 68.09%                     | 76.20%                     | 31.91%                   | 23.80%                   |
| DC Red Hai Phong                                     |                 | Vietnam           | 61.28%                     | 68.58%                     | 38.72%                   | 31.42%                   |
| Deep C Management                                    |                 | Vietnam           | 68.09%                     | 76.20%                     | 31.91%                   | 23.80%                   |
| Green Offshore                                       | 0832.273.757    | Belgium           | 81.06%                     | 81.06%                     | 18.94%                   | 18.94%                   |
| Private Banking                                      |                 |                   |                            |                            |                          |                          |
| Bank Van Breda                                       | 0404.055.577    | Belgium           | 78.75%                     | 78.75%                     | 21.25%                   | 21.25%                   |
| Van Breda Immo Consult                               | 0726.963.530    | Belgium           | 78.75%                     | 78.75%                     | 21.25%                   | 21.25%                   |
| FinAx (4)                                            | 0718.694.279    | Belgium           | 100.00%                    | 100.00%                    |                          |                          |
| Real Estate                                          |                 |                   |                            |                            |                          |                          |
| Nextensa (1) (5)                                     | 0436.323.915    | Belgium           | 61.66%                     | 58.53%                     | 38.34%                   | 41.47%                   |

(1) For an overview of the participations held by the listed companies DEME Group, CFE and Nextensa, we refer to their respective annual reports.

(2) Rent-A-Port changed its name in DEEP C Holding, confirming its focus on the developments of DEEP C ('Infra Asia Investments') in Vietnam.

(2) Rent-A-Port changed its name in DEEP C Holding, confirming its focus on the developments of DEEP C ('Infra Asia Investments') in Vietnam. (3) In April, RG International Limited acquired a 10% stake in DEEP C through a capital increase. RG International is controlled by Mr Horst Geicke, a German investor based in Hong Kong. The participation in DEEP C of DEEP C Holding, which did not take part in the capital increase of 23.8 million USD, has decreased from 94% to 84%.

(4) AvH has, through its 100% subsidiary FinAx, a direct 78.75% stake in Delen Private Bank and Bank Van Breda.

(5) AvH increased its participation in Nextensa from 58.53% to 61.66%.

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| Name of subsidiary                                          | Registration nr           | Registered<br>office | Beneficial<br>interest %<br>2023 | Beneficial<br>interest %<br>2022 | Minority<br>interest %<br>2023 | Minority<br>interest %<br>2022 |
|-------------------------------------------------------------|---------------------------|----------------------|----------------------------------|----------------------------------|--------------------------------|--------------------------------|
| Energy & Resources                                          |                           |                      |                                  |                                  |                                |                                |
| AvH Resources India                                         | U74300DL2001<br>PTC111685 | India                | 100.00%                          | 100.00%                          |                                |                                |
| AvH & Growth Capital                                        |                           |                      |                                  |                                  |                                |                                |
| AvH Growth Capital                                          | 0434.330.168              | Belgium              | 100.00%                          | 100.00%                          |                                |                                |
| Sofinim Luxembourg                                          | 2003.2218.661             | Luxembourg           | 100.00%                          | 100.00%                          |                                |                                |
| Agidens International                                       | 0468.070.629              | Belgium              | 84.98%                           | 84.98%                           | 15.02%                         | 15.02%                         |
| Agidens Life Sciences                                       | 0411.592.279              | Belgium              | 84.98%                           | 84.98%                           | 15.02%                         | 15.02%                         |
| Agidens Proces Automation                                   | 0465.624.744              | Belgium              | 84.98%                           | 84.98%                           | 15.02%                         | 15.02%                         |
| Agidens Proces Automation BV                                | 005469272B01              | The Netherlands      | 84.98%                           | 84.98%                           | 15.02%                         | 15.02%                         |
| Agidens Life Sciences BV                                    | 850983411B01              | The Netherlands      | 84.98%                           | 84.98%                           | 15.02%                         | 15.02%                         |
| Agidens Inc                                                 | 32.067.705.379            | USA                  | 84.98%                           | 84.98%                           | 15.02%                         | 15.02%                         |
| Agidens SAS (liquidated)                                    | 10.813.818.424            | France               | 84.98%                           | 84.98%                           |                                | 15.02%                         |
| Agidens GmbH (liquidated)                                   | 76301                     | Germany              | 84.98%                           | 84.98%                           |                                | 15.02%                         |
| Agidens AG                                                  | 539301                    | Switzerland          | 84.98%                           | 84.98%                           | 15.02%                         | 15.02%                         |
| Argus Technologies (merger with Agidens Process Automation) | 0844.260.284              | Belgium              | 84.98%                           | 84.98%                           |                                | 15.02%                         |
| Baarbeek Immo                                               | 651.662.133               | Belgium              | 84.98%                           | 84.98%                           | 15.02%                         | 15.02%                         |
| Biolectric Group                                            | 0422.609.402              | Belgium              | 55.83%                           | 55.83%                           | 44.17%                         | 44.17%                         |
| Biolectric                                                  | 0879.126.440              | Belgium              | 55.83%                           | 55.83%                           | 44.17%                         | 44.17%                         |
| Biolectric Ltd                                              | 0879.126.440              | UK                   | 55.83%                           | 55.83%                           | 44.17%                         | 44.17%                         |
| Subholdings AvH                                             |                           |                      |                                  |                                  |                                |                                |
| Anfima                                                      | 0426.265.213              | Belgium              | 100.00%                          | 100.00%                          |                                |                                |
| AvH Singapore                                               | 202118768G                | Singapore            | 100.00%                          | 100.00%                          |                                |                                |
| Brinvest                                                    | 0431.697.411              | Belgium              | 100.00%                          | 100.00%                          |                                |                                |
| Profimolux                                                  | 1992.2213.650             | Luxembourg           | 100.00%                          | 100.00%                          |                                |                                |

{19}------------------------------------------------

## 2. Jointly controlled subsidiaries accounted for using the equity method – 2023

| (€ 1,000) Name of subsidiary         | Registration<br>nr | Registered<br>office | Beneficial<br>interest %<br>2023 | Minority<br>interest %<br>2023 | Activity<br>report | Total<br>assets | Total<br>liabilities | Turnover | Net result |
|--------------------------------------|--------------------|----------------------|----------------------------------|--------------------------------|--------------------|-----------------|----------------------|----------|------------|
| Marine Engineering & Contracting     |                    |                      |                                  |                                |                    |                 |                      |          |            |
| Deep C Holding (1)                   |                    |                      |                                  |                                |                    |                 |                      |          |            |
| Deep C (subgroup Deep C Holding) (2) |                    |                      |                                  |                                |                    |                 |                      |          |            |
| Euro Jetty (Hong Kong)               |                    | Hong Kong            | 34.05%                           | 15.95%                         |                    | 16,751          | 10                   | 444      | -73        |
| Deep C Green Energy (Hong Kong)      |                    | Hong Kong            | 34.05%                           | 15.95%                         |                    | 16,462          | 217                  | 444      | 769        |
| Deep C Green Energy (Vietnam)        |                    | Vietnam              | 34.05%                           | 15.95%                         |                    | 21,041          | 17,743               | 41,012   | 953        |
| Euro Jetty (Vietnam) Company         |                    | Vietnam              | 34.05%                           | 15.95%                         |                    | 7,025           | 1,189                | 4,819    | 2,743      |
| Tien Phong Industrial Zone           |                    | Vietnam              | 34.05%                           | 15.95%                         |                    | 35,610          | 17,337               | 6,843    | 1,327      |
| Bac Tien Phong Industrial Zone       |                    | Vietnam              | 34.05%                           | 15.95%                         |                    | 94,495          | 39,294               | 68,339   | 17,060     |
| Hateco Deep C Port                   |                    | Vietnam              | 34.05%                           | 15.95%                         |                    | 6               | 8                    | 0        | -4         |
| GreenStor (3)                        | 0803.082.794       | Belgium              | 50.00%                           |                                |                    | 4,716           | 1,628                | 0        | -12        |
| Private Banking                      |                    |                      |                                  |                                |                    |                 |                      |          |            |
| Delen Private Bank (4)               | 0453.076.211       | Belgium              | 78.75%                           |                                | p. 88              | 2,784,479       | 1,599,604            | 565,895  | 179,490    |
| Energy & Resources                   |                    |                      |                                  |                                |                    |                 |                      |          |            |
| SIPEF (USD 1.000) (5)                | 0404.491.285       | Belgium              | 38.53%                           |                                | p. 104             | 1,080,242       | 226,465              | 443,886  | 72,735     |
| Verdant Bioscience (USD 1.000) (6)   |                    | Singapore            | 42.00%                           |                                | p. 108             | 32,291          | 25,699               | 5,315    | -3,310     |
| AvH & Growth Capital                 |                    |                      |                                  |                                |                    |                 |                      |          |            |
| Amsteldijk Beheer                    | 33.080.456         | The<br>Netherlands   | 50.00%                           |                                |                    | 5,396           | 4,738                | 631      | 19         |
| Turbo's Hoet Groep                   | 0881.774.936       | Belgium              | 50.00%                           |                                | p. 121             | 491,702         | 328,931              | 757,970  | 19,416     |
| Telemond (7)                         | 0893.552.617       | Belgium              |                                  |                                |                    |                 |                      |          |            |

(1) Rent-A-Port changed its name in DEEP C Holding, confirming its focus on the developments of DEEP C ('Infra Asia Investments') in Vietnam.

(1) Rent-A-Port changed its name in DEEP C Holding, confirming its focus on the developments of DEEP C ('Infra Asia Investments') in Vietnam. (2) In April, RG International Limited acquired a 10% stake in DEEP C through a capital increase. RG International is controlled by Mr Horst Geicke, a German investor based in Hong Kong. The

participation in DEEP C of DEEP C Holding, which did not take part in the capital increase of 23.8 million USD, has decreased from 94% to 84%. (3) DEEP C Holding sold its 38% participation in BStor to a newly created company GreenStor, that is a 50/50 joint venture between AvH and CFE. This transaction had no impact on the economic

interests (beneficial%) of AvH in BStor (see note 3). (4) FinAx holds a 78.75% stake in Delen Private Bank NV. The shareholder agreements between AvH and the Jacques Delen family, which holds a 21.25% stake through Promofi NV, include, among other things, agreements concerning representation on the board of directors and decision-making at the level of the board of directors and the shareholders' meeting. The special majority requirements specified for certain key decisions lead to joint control.

(5) The shareholders' agreement between the Baron Bracht family and AvH results in joint control of SIPEF. AvH's stake in SIPEF increased from 36.81% to 38.53% in 2023. (6) AvH holds 42% in Verdant Bioscience, a strategic investment in line with its 38.53% interest in SIPEF. SIPEF holds a 38% interest in VBS.

(6) AvH holds 42% in Verdant Bioscience, a strategic investment in line with its 38.53% interest in SIPEF. SIPEF holds a 38% interest in VBS

(7) Early February 2023, after a successful collaboration of more than 30 years, AvH sold its 50% participation in Telemond to the German family Maas, its long-term partner. This participation was already reclassified to 'Assets held for sale' at year-end 2022.

{20}------------------------------------------------

## 3. Jointly controlled subsidiaries accounted for using the equity method – 2022

| (€ 1,000) Name of subsidiary                     | Registration<br>nr | Registered<br>office | Beneficial<br>interest %<br>2022 | Minority<br>interest %<br>2022 | Activity<br>report | Total<br>assets | Total<br>liabilities | Turnover | Net result |
|--------------------------------------------------|--------------------|----------------------|----------------------------------|--------------------------------|--------------------|-----------------|----------------------|----------|------------|
| Marine Engineering & Contracting                 |                    |                      |                                  |                                |                    |                 |                      |          |            |
| Deep C Holding                                   |                    |                      |                                  |                                |                    |                 |                      |          |            |
| Infra Asia Investments (subgroup Deep C Holding) |                    |                      |                                  |                                |                    |                 |                      |          |            |
| Euro Jetty (Hong Kong)                           |                    | Hong Kong            | 38.10%                           | 11.90%                         |                    | 17,401          | 10                   | 455      | 2,435      |
| Deep C Green Energy (Hong Kong)                  |                    | Hong Kong            | 38.10%                           | 11.90%                         |                    | 16,251          | 224                  | 455      | 720        |
| Deep C Green Energy (Vietnam)                    |                    | Vietnam              | 38.10%                           | 11.90%                         |                    | 19,896          | 17,367               | 35,635   | 582        |
| Euro Jetty (Vietnam) Company                     |                    | Vietnam              | 38.10%                           | 11.90%                         |                    | 4,612           | 1,214                | 4,846    | 2,648      |
| Tien Phong Industrial Zone                       |                    | Vietnam              | 38.10%                           | 11.90%                         |                    | 27,988          | 8,857                | 0        | -1,206     |
| Bac Tien Phong Industrial Zone                   |                    | Vietnam              | 38.10%                           | 11.90%                         |                    | 83,859          | 36,248               | 17,286   | 3,774      |
| Hateco Deep C Port                               |                    | Vietnam              | 38.10%                           | 11.90%                         |                    | 6               | 4                    | 0        | -9         |
| Private Banking                                  |                    |                      |                                  |                                |                    |                 |                      |          |            |
| Delen Private Bank                               | 0453.076.211       | Belgium              | 78.75%                           |                                | p. 88              | 2,582,456       | 1,503,860            | 512,143  | 160,623    |
| Energy & Resources                               |                    |                      |                                  |                                |                    |                 |                      |          |            |
| SIPEF (USD 1.000)                                | 0404.491.285       | Belgium              | 36.81%                           |                                | p. 104             | 1,062,223       | 244,420              | 527,460  | 108,157    |
| Verdant Bioscience (USD 1.000)                   |                    | Singapore            | 42.00%                           |                                | p. 108             | 32,989          | 23,087               | 5,905    | -1,288     |
| AvH & Growth Capital                             |                    |                      |                                  |                                |                    |                 |                      |          |            |
| Amsteldijk Beheer                                | 33.080.456         | The<br>Netherlands   | 50.00%                           |                                |                    | 5,349           | 4,711                | 592      | -56        |
| Turbo's Hoet Groep                               | 0881.774.936       | Belgium              | 50.00%                           |                                | p. 121             | 399,859         | 247,563              | 653,767  | 24,826     |
| Telemond                                         | 0893.552.617       | Belgium              | 50.00%                           |                                |                    | 99,490          | 30,051               | 128,408  | 15,156     |

{21}------------------------------------------------

## Note 3: associated and non-consolidated participations

## 1. Associated participating interests accounted for using the equity method - 2023

| (€ 1,000) Name of associated participating interest   | Registration nr        | Registered office | Beneficial interest % 2023 | Minority interest % 2023 | Activity report | Total assets | Total liabilities | Turnover  | Net result |
|-------------------------------------------------------|------------------------|-------------------|----------------------------|--------------------------|-----------------|--------------|-------------------|-----------|------------|
| Marine Engineering & Contracting                      |                        |                   |                            |                          |                 |              |                   |           |            |
| GreenStor (1)                                         |                        |                   |                            |                          |                 |              |                   |           |            |
| BSTOR                                                 | 0648.717.687           | Belgium           | 19.00%                     |                          |                 | 7,866        | 4,307             | 1,089     | 98         |
| ESTOR-LUX                                             | 0749.614.317           | Belgium           | 14.25%                     |                          |                 | 9,906        | 5,469             | 2,232     | 1,041      |
| ESTOR-LUX II                                          | 0791.483.574           | Belgium           | 14.25%                     |                          |                 | 460          | 278               | 0         | -319       |
| Green Offshore (2)                                    |                        |                   |                            |                          |                 |              |                   |           |            |
| Rentel                                                | 0700.246.364           | Belgium           | 10.13%                     | 2.37%                    | p. 83           | 880,089      | 699,139           | 207,645   | 72,482     |
| SeaMade                                               | 0543.401.324           | Belgium           | 7.09%                      | 1.66%                    | p. 83           | 1,277,421    | 1,054,090         | 332,503   | 120,525    |
| Otary RS                                              | 0833.507.538           | Belgium           | 10.13%                     | 2.37%                    |                 | 84,028       | 4,072             | 14,157    | 43,531     |
| Otary BIS                                             | 0842.251.889           | Belgium           | 10.13%                     | 2.37%                    |                 | 56,734       | 4                 | 0         | 40,619     |
| Energy & Resources                                    |                        |                   |                            |                          |                 |              |                   |           |            |
| Sagar Cements (INR million)                           | L26942AP19 81PLC002887 | India             | 19.64%                     |                          | p. 109          | 39,780       | 23,598            | 24,174    | 460        |
| AvH & Growth Capital                                  |                        |                   |                            |                          |                 |              |                   |           |            |
| Axe Investments                                       | 419,822,730            | Belgium           | 48.34%                     |                          | p. 115          | 15,505       | 26                | 450       | 913        |
| Camlin Fine Sciences (31-03-<br>2023 INR million) (3) | L74100MH1993PLC075361  | India             | 6.60%                      |                          | p. 117          | 20,601       | 12,360            | 16,816    | 398        |
| Financière EMG (4)                                    | 801.720.343            | France            | 22.74%                     |                          | p. 118          | 338,726      | 286,993           | 331,708   | -20,819    |
| Mediahuis (5)                                         | 439.849.666            | Belgium           | 13.93%                     |                          | p. 119          | 1,234,560    | 715,670           | 1,230,590 | 72,210     |
| OM Partners                                           | 428.328.442            | Belgium           | 20.01%                     |                          | p. 120          | 196,377      | 54,810            | 190,843   | 33,155     |
| Van Moer Group                                        | 885.987.706            | Belgium           | 21.74%                     |                          | p. 122          | 186,289      | 137,335           | 327,125   | 6,875      |

(1) Deep C Holding sold its 38% participation in BStor to a newly created company GreenStor, that is a 50/50 joint venture between AvH and CFE. This transaction had no impact on the economic interests (beneficial%) of AvH in BStor. BStor is the developer and owner of a 75% share of Estor-Lux, Belgian's first large scale battery park connected to the High Voltage Grid.

(2) The stakes in the offshore wind farms Rentel and SeaMade (and the intermediate holdings Otary RS and Otary BIS) are held through Green Offshore, which is a 50/50 investment vehicle of AvH and CFE. AvH has a (transitive) participation of 10.13% in Rentel and 7.09% in SeaMade. When DEME's interests in Rentel and SeaMade are also taken into account, the (beneficial) interests of AvH amount to 21.9% and 15.3% respectively.

(3) AvH invested 20 million euros in Camlin Fine Sciences (CFS), a listed specialty chemicals company headquartered in Mumbai, India. The investment was made following the completion of an open offer on 26% of CFS's shares at a share price of 160 INR. A total of 9.9% of CFS's shares were tendered, of which 6.6% was acquired by AvH and 3.3% by a fund advised by Convergent Finance. In the context of this transaction, both AvH and Convergent joined Camlin's existing promoter Ashish Dandekar as part of the promoter group, now together representing 48% of CFS's shares.

(4) All figures prior to the business combination between Financière EMG and Gravity Media Group.

(5) AvH has at the end of 2023 a 49.9% stake in Mediacore, the controlling shareholder (53,5%) in Mediahuis Partners. Mediahuis Partners has a controlling share of 52.14% in Mediahuis. The participation percentage of AvH in Mediahuis is therefore 13.93%.

{22}------------------------------------------------

## 2. Associated participating interests accounted for using the equity method - 2022

| (€ 1,000) Name of associated participating<br>interest | Registration<br>nr | Registered<br>office | Beneficial<br>interest %<br>2022 | Minority<br>interest %<br>2022 | Activity<br>report | Total<br>assets | Total<br>liabilities | Turnover  | Net result |
|--------------------------------------------------------|--------------------|----------------------|----------------------------------|--------------------------------|--------------------|-----------------|----------------------|-----------|------------|
| Marine Engineering & Contracting                       |                    |                      |                                  |                                |                    |                 |                      |           |            |
| Deep C Holding                                         |                    |                      |                                  |                                |                    |                 |                      |           |            |
| BSTOR                                                  | 0648.717.687       | Belgium              | 30.80%                           |                                |                    | 5,200           | 1,739                | 499       | -413       |
| ESTOR-LUX                                              | 0749.614.317       | Belgium              | 23.10%                           |                                |                    | 13,402          | 8,456                | 5,010     | 3,031      |
| ESTOR-LUX II                                           | 0791.483.574       | Belgium              | 23.10%                           |                                |                    | 684             | 192                  | 0         | -8         |
| Green Offshore                                         |                    |                      |                                  |                                |                    |                 |                      |           |            |
| Rentel                                                 | 0700.246.364       | Belgium              | 10.13%                           | 2.37%                          | p. 83              | 903,397         | 728,235              | 123,211   | 20,366     |
| SeaMade                                                | 0543.401.324       | Belgium              | 7.09%                            | 1.66%                          | p. 83              | 1,255,529       | 1,062,860            | 140,683   | 11,296     |
| Otary RS                                               | 0833.507.538       | Belgium              | 10.13%                           | 2.37%                          |                    | 86,158          | 7,848                | 13,246    | 20,352     |
| Otary BIS                                              | 0842.251.889       | Belgium              | 10.13%                           | 2.37%                          |                    | 54,530          | 12                   | 0         | 6,271      |
| Energy & Resources                                     | L26942AP19         |                      |                                  |                                |                    |                 |                      |           |            |
| Sagar Cements (INR million)                            | 81PLC002887        | India                | 19.64%                           |                                | p. 109             | 36,535          | 21,358               | 21,097    | -830       |
| AvH & Growth Capital                                   |                    |                      |                                  |                                |                    |                 |                      |           |            |
| Axe Investments                                        | 419,822,730        | Belgium              | 48.34%                           |                                | p. 115             | 14,622          | 56                   | 503       | 403        |
| Financière EMG                                         | 801.720.343        | France               | 22.73%                           |                                | p. 118             | 352,915         | 281,128              | 359,128   | 4,232      |
| Mediahuis                                              | 439.849.666        | Belgium              | 13.93%                           |                                | p. 119             | 1,179,890       | 696,270              | 1,222,960 | 65,264     |
| OM Partners                                            | 428.328.442        | Belgium              | 20.01%                           |                                | p. 120             | 162,491         | 47,363               | 166,657   | 35,519     |
| Van Moer Group                                         | 885.987.706        | Belgium              | 21.74%                           |                                | p. 122             | 163,800         | 121,694              | 310,267   | 5,754      |

## 3. Non-consolidated participations at fair value

| (€ 1,000) Name of the participation    | Registration nr       | Registered<br>office | Activity report | Interest% 2023<br>(fully diluted) | Interest% 2022<br>(fully diluted) |
|----------------------------------------|-----------------------|----------------------|-----------------|-----------------------------------|-----------------------------------|
| AvH & Growth Capital                   |                       |                      |                 |                                   |                                   |
| Life Sciences                          |                       |                      |                 |                                   |                                   |
| AstriVax<br>(1)                        | 0787.990.881          | Belgium              | p. 123          | 7.1%                              | 5.8%                              |
| Biotalys<br>(2)                        | 0508.931.185          | Belgium              | p. 124          | 11.4%                             | 11.9%                             |
| Bio Cap Invest (Epics Therapeutics)    | 0719.433.261          | Belgium              |                 | 29.5%                             | 29.5%                             |
| Indigo Diabetes                        | 0666.442.557          | Belgium              | p. 125          | 11.9%                             | 11.9%                             |
| MRM Health                             | 0742.910.132          | Belgium              | p. 126          | 15.9%                             | 15.9%                             |
| OncoDNA                                | 0501.631.837          | Belgium              | p. 127          | 10.4%                             | 9.8%                              |
| Vico Therapeutics International<br>(3) | 0746.929.395          | Belgium              | p. 128          | 3.8%                              | 3.8%                              |
| India / South-East Asia                |                       |                      |                 |                                   |                                   |
| Convergent Finance<br>(4)              | 160130                | Mauritius            | p. 129          | 6.8%                              | 3.1%                              |
| HealthQuad Fund I                      | U74999DL2019PTC352056 | India                | p. 130          | 36.3%                             | 36.3%                             |
| HealthQuad Fund II                     | U74999DL2019PTC352056 | India                | p. 130          | 11.0%                             | 11.0%                             |
| Medikabazaar (direct)                  | U51397MH2013PTC245092 | India                | p. 131          | 8.9%                              | 8.9%                              |
| Venturi Fund I                         | T21VC0008K-SF001      | Singapore            | p. 132          | 11.1%                             | 11.1%                             |
| Venturi Partners / Venturi I Capital   | 201906515N            | Singapore            | p. 132          | 10.0%                             | 10.0%                             |

(1) In August 2022, AvH announced its investment in AstriVax (AvH 5.8%), as part of the capital round that was organised by the spin-off from KU Leuven. Over time, AvH will acquire a shareholding

(4) Convergent and AvH strengthened their strategic partnership, with AvH committing an additional 9 million USD to Infinity Holdings (Convergent's flagship fund). AvH's cumulative investment in Infinity Holdings now stands at 15.0 million USD.

of 7.7% in AstriVax. (2) In June, Biotalys successfully obtained subscription commitments for an amount of 7 million euros following a private placement of new shares. As a result, the shareholding of AvH slightly decreased.

<sup>(3)</sup> Vico Therapeutics (AvH 3.8%), a Dutch biotech company developing novel Antisense-Oligonucleotide therapies for rare diseases, closed a 54 million euros Series B which was co-led by AvH. AvH initially holds 3.8% of the shares of Vico Therapeutics, with its shareholding further increasing when the full amount of AvH's 7.5 million euros commitment is called by the company after achieving certain milestones.

{23}------------------------------------------------

## Note 4: business combinations and disposals

## 1. Business combinations

No business combinations took place in 2023.

## 2. Business disposals

No business dispoals took place in 2023.

In 2022 AvH and the management of Anima transferred 100% of the Anima shares to AG.

| (€ 1,000)                                                      | Anima      |
|----------------------------------------------------------------|------------|
| Balance sheet                                                  | 30-06-2022 |
| Goodwill and intangible assets                                 | 38,830     |
| Tangible assets                                                | 211,722    |
| Cash and cash equivalents                                      | 4,861      |
| Other assets                                                   | 29,928     |
| Total assets                                                   | 285,340    |
| Equity (group share AvH)                                       | 68,235     |
| Minority interests                                             | 5,734      |
| Current and non-current financial debts                        | 164,690    |
| Other liabilities                                              | 46,682     |
| Total equity and liabilities                                   | 285,340    |
| Total assets                                                   | 285,340    |
| Total liabilities                                              | -211,372   |
| Minority interests                                             | -5,734     |
| Net assets (91.8%)                                             | 68,235     |
| Sales price                                                    | 308,163    |
| Provision - Reps & Warranties                                  | -3,052     |
| Capital gain                                                   | 236,876    |
| Income statement                                               | 30-06-2022 |
| Revenue                                                        | 60,127     |
| Operating expenses (-)                                         | -54,271    |
| Profit (loss) on disposal of assets                            | -245       |
| Profit (loss) from operating activities                        | 5,611      |
| Financial result                                               | -1,442     |
| Profit (loss) before tax                                       | 4,169      |
| Income taxes                                                   | -1,118     |
| Profit (loss) of the period                                    | 3,050      |
| Minority interests                                             | -229       |
| Share of the group                                             | 2,822      |
| Cash flow statement                                            | 30-06-2022 |
| Cash and cash equivalents - opening balance on January 1, 2022 | 6,067      |
| Cash flow from operating activities                            | 6,695      |
| Cash flow from investing activities                            | -8,174     |
| Cash flow from financial activities                            | 273        |

## Note 5: Assets and liabilities held for sale

The main asset held for sale at year end 2023 is a retail property of Nextensa in Luxembourg, that has been sold early February 2024 at a price in line with the valuation in this balance sheet.

**Cash and cash equivalents - ending balance on June 30, 2022 4,861**

At year-end 2022, 62.5 million euros in assets held for sale were recognised. Approximately half of that amount related to one of DEME's vessels (Groenewind) that was sold in July 2023 (Segment Marine Engineering & Contracting), while the balance represented the carrying amount of AvH's 50% participation in Telemond, which was sold in Q1 2023 (Segment AvH & Growth Capital).

{24}------------------------------------------------

## Note 6: Segment information

#### Segment 1

#### Marine Engineering & Contracting:

DEME Group (full consolidation 62.12%), CFE (full consolidation 62.12%), Rent-A-Port (full consolidation 81.06%) and Green Offshore (full consolidation 81.06%).

Rent-A-Port changed its name in Deep C Holding, confirming its focus on the developments of Deep C in Vietnam. Deep C Holding sold its 38% participation in BStor to a newly created company GreenStor, that is a 50/50 joint venture between AvH and CFE. This transaction had no impact on the economic interests (beneficial%) of AvH in BStor. BStor is the developer and owner of a 75% share of Estor-Lux, Belgian's first large scale battery park connected to the High Voltage Grid. The 50% stake of AvH in GreenStor is included in the AvH & Growth Capital segment.

#### Segment 2

#### Private Banking:

Delen Private Bank (equity method 78.75%), Bank Van Breda (full consolidation 78.75%) and FinAx (full consolidation 100%).

Segment 3

#### Real Estate:

Nextensa (full consolidation 61.66%)

In 2023, AvH increased its participation in Nextensa from 58.53% to 61.66%.

Segment 4

#### Energy & Resources:

SIPEF (equity method 38.53%), Verdant Bioscience (equity method 42%), AvH India Resources (full consolidation 100%) and Sagar Cements (equity method 19.64%).

In 2023, AvH increased its participation in SIPEF from 36.81% to 38.53%, without this having an impact on the way in which this participation is reported in the consolidated financial statements.

AvH India Resources holds no other participations than in Sagar Cements.

#### Segment 5

#### AvH & Growth Capital:

- AvH, AvH Growth Capital & subholdings (full consolidation 100%)
- Participations fully consolidated: Agidens (85.0%) and Biolectric Group (55.8%)
- Participations accounted for using the equity method: Amsteldijk Beheer (50%), Axe Investments (48.3%), Financière EMG (22.7%), GreenStor (50%), Mediahuis Partners (26.7%), Mediahuis (13.9%), MediaCore (49.9%), OM Partners (20.0%), Turbo's Hoet Groep (50%), Van Moer Logistics (21.7%) and Camlin Fine Sciences (6.6%).
- Non-consolidated participations:
	- Life Science: Astrivax (7.1%), Biotalys (11.4%), Bio Cap Invest (29.5%), Indigo Diabetes (11.9%), MRM Health (15.9%), OncoDNA (10.4%) and Vico Therapeutics International (3.8%).
	- India / South-East Asia: HealthQuad Fund I (36.3%), HealthQuad Fund II (11.0%), Medikabazaar (8.9%), Venturi Partners Fund I (11.1%) and Convergent Finance (6.8%).

Early February 2023, after a successful collaboration of more than 30 years, AvH sold its 50% participation in **Telemond** to the German family Maas, its long-term partner. This sale earned AvH a cash revenue of 55 million euros and a capital gain of 19.2 million euros.

AvH invested 20 million euros in **Camlin Fine Sciences (CFS)**, a listed specialty chemicals company headquartered in Mumbai, India. The investment was made following the completion of an open offer on 26% of CFS's shares at a share price of 160 INR. A total of 9.9% of CFS's shares were tendered, of which 6.6% was acquired by AvH and 3.3% by a fund advised by Convergent Finance. In the context of this transaction, both AvH and Convergent joined Camlin's existing promoter Ashish Dandekar as part of the promoter group, now together representing 48% of CFS's shares.

**Convergent** and AvH strengthened their strategic partnership, with AvH committing an additional 9 million USD to Infinity Holdings (Convergent's flagship fund). AvH's cumulative investment in Infinity Holdings now stands at 15.0 million USD.

**Vico Therapeutics** (AvH 3.8%), a Dutch biotech company developing novel Antisense-Oligonucleotide therapies for rare diseases, closed a 54 million euros Series B which was co-led by AvH. AvH initially holds 3.8% of the shares of Vico Therapeutics, with its shareholding further increasing when the full amount of AvH's 7.5 million euros commitment is called by the company after achieving certain milestones.

{25}------------------------------------------------

## Note 6: Segment information – income statement 2023

| (€ 1,000)                                                                               | Segment 1                              | Segment 2          | Segment 3   | Segment 4             | Segment 5                  |                                     |               |
|-----------------------------------------------------------------------------------------|----------------------------------------|--------------------|-------------|-----------------------|----------------------------|-------------------------------------|---------------|
|                                                                                         | Marine<br>Engineering<br>& Contracting | Private<br>Banking | Real Estate | Energy &<br>Resources | AvH &<br>Growth<br>Capital | Eliminations<br>between<br>segments | Total<br>2023 |
| Revenue                                                                                 | 4,653,743                              | 346,559            | 127,883     | 41                    | 95,358                     | -2,031                              | 5,221,553     |
| Rendering of services                                                                   | 0                                      | 0                  | 0           | 0                     | 1,971                      | -1,945                              | 26            |
| Real estate revenue                                                                     | 157,696                                | 0                  | 126,405     | 0                     | 0                          |                                     | 284,101       |
| Interest income - banking activities                                                    | 0                                      | 233,068            | 0           | 0                     | 0                          |                                     | 233,068       |
| Fees and commissions - banking activities                                               | 0                                      | 106,367            | 0           | 0                     | 0                          |                                     | 106,367       |
| Revenue from construction contracts                                                     | 4,419,090                              | 0                  | 0           | 0                     | 89,557                     | -87                                 | 4,508,561     |
| Other operating revenue                                                                 | 76,957                                 | 7,125              | 1,478       | 41                    | 3,830                      | 0                                   | 89,431        |
| Operating expenses (-)                                                                  | -4,414,970                             | -215,420           | -72,196     | -120                  | -119,405                   | 2,700                               | -4,819,411    |
| Raw materials, consumables, services and subcontracted work (-)                         | -3,175,930                             | -32,531            | -65,444     | -120                  | -66,950                    | 2,700                               | -3,338,275    |
| Interest expenses Bank J.Van Breda & C° (-)                                             | 0                                      | -92,370            | 0           | 0                     | 0                          |                                     | -92,370       |
| Employee expenses (-)                                                                   | -825,173                               | -68,148            | -5,651      | 0                     | -45,779                    |                                     | -944,751      |
| Depreciation (-)                                                                        | -370,868                               | -7,673             | -1,060      | 0                     | -5,686                     |                                     | -385,286      |
| Impairment losses (-)                                                                   | -18,342                                | -872               | 3           | 0                     | -345                       |                                     | -19,556       |
| Other operating expenses (-)                                                            | -27,543                                | -13,933            | -44         | 0                     | -615                       | 0                                   | -42,136       |
| Provisions                                                                              | 2,888                                  | 106                | 0           | 0                     | -31                        |                                     | 2,964         |
| Profit (loss) on assets/liabilities<br>designated at fair value through profit and loss | 0                                      | 0                  | -7,689      | 0                     | -15,690                    | 0                                   | -23,379       |
| Financial assets - Fair value through P/L (FVPL)                                        | 0                                      | 0                  | 3,513       | 0                     | -15,690                    |                                     | -12,177       |
| Investment property                                                                     | 0                                      | 0                  | -11,202     | 0                     | 0                          |                                     | -11,202       |
| Profit (loss) on disposal of assets                                                     | 36,830                                 | -15,308            | 2,074       | 0                     | 25,771                     | 0                                   | 49,367        |
| Realised gain (loss) on intangible and tangible assets                                  | 19,472                                 | 0                  | 0           | 0                     | 61                         |                                     | 19,534        |
| Realised gain (loss) on investment property                                             | 0                                      | 0                  | 2,074       | 0                     | 0                          |                                     | 2,074         |
| Realised gain (loss) on financial fixed assets                                          | 17,357                                 | 0                  | 0           | 0                     | 25,710                     |                                     | 43,067        |
| Realised gain (loss) on other assets                                                    | 0                                      | -15,308            | 0           | 0                     | 0                          |                                     | -15,308       |
| Profit (loss) from operating activities                                                 | 275,603                                | 115,831            | 50,072      | -79                   | -13,966                    | 669                                 | 428,130       |
| Financial result                                                                        | -31,026                                | 1,566              | -24,972     | -16                   | 13,193                     | -669                                | -41,924       |
| Interest income                                                                         | 20,198                                 | 902                | 4,459       | 0                     | 13,830                     | -2,430                              | 36,959        |
| Interest expenses (-)                                                                   | -36,121                                | -1                 | -23,664     | 0                     | -1,187                     | 2,430                               | -58,544       |
| (Un)realised foreign currency results                                                   | -10,843                                | 0                  | 0           | -16                   | -358                       |                                     | -11,217       |
| Other financial income (expenses)                                                       | -4,261                                 | 125                | 4,873       | 0                     | 908                        | -669                                | 976           |
| Derivative financial instruments designated at fair value<br>through profit and loss    | 0                                      | 541                | -10,639     | 0                     | 0                          |                                     | -10,098       |
| Share of profit (loss) from equity accounted investments                                | 23,288                                 | 141,349            | 9,599       | 25,612                | 23,531                     |                                     | 223,378       |
| Other non-operating income                                                              | 0                                      | 0                  | 0           | 0                     | 0                          |                                     | 0             |
| Other non-operating expenses (-)                                                        | 0                                      | 0                  | 0           | 0                     | 0                          |                                     | 0             |
| Profit (loss) before tax                                                                | 267,865                                | 258,746            | 34,699      | 25,516                | 22,758                     | 0                                   | 609,585       |
| Income taxes                                                                            | -58,717                                | -33,480            | -9,529      | -95                   | -663                       | 0                                   | -102,483      |
| Deferred taxes                                                                          | 6,761                                  | -632               | 5,771       | 0                     | 464                        |                                     | 12,365        |
| Current taxes                                                                           | -65,478                                | -32,848            | -15,300     | -95                   | -1,127                     |                                     | -114,848      |
| Profit (loss) after tax from continuing operations                                      | 209,148                                | 225,266            | 25,170      | 25,421                | 22,095                     | 0                                   | 507,101       |
| Profit (loss) after tax from discontinued operations                                    | 0                                      | 0                  | 0           | 0                     | 0                          | 0                                   | 0             |
| Profit (loss) of the period                                                             | 209,148                                | 225,266            | 25,170      | 25,421                | 22,095                     | 0                                   | 507,101       |
| Minority interests                                                                      | 80,646                                 | 16,543             | 9,588       | 780                   | 350                        |                                     | 107,908       |
| Share of the group                                                                      | 128,503                                | 208,723            | 15,582      | 24,641                | 21,745                     |                                     | 399,194       |

{26}------------------------------------------------

## Comments on the segment information - income statement

Compared to last year, AvH's **consolidation scope** has remained largely unchanged. Early 2023 AvH sold its 50%-stake in Telemond Holding, but as that company was equity accounted for, this doesn't affect comparability of the figures in a significant way. And as the result of the disinvestment of Anima in Q3 2022, the latter had already been transferred to "discontinued" in the 2022 financial statements. Therefore, the **comparability** of the income statement 2023 with the one of last year is not meaningfully complicated by perimeter changes.

Consolidated **revenues** increased by 820.1 million euros (+19%). The major part of this extra turnover is explained by the strong growth at DEME (+630.7 million euros) surpassing the 3 billion euros turnover threshold for the first time. The very strong commercial performances at Bank Van Breda explain the growth in fees and commission income by 6%, while interest income roughly doubled thanks to the general rise in interest rates compared to last year. As the latter also affected Bank Van Breda's interest charges, its net interest margin grew by a very impressive 48%. While CFE's real estate development turnover increased by 85%, its other activities (contracting, multitechnics) remained stable (+1%). Indexation and improved occupancy resulted in a like-for-like growth of 12% of Nextensa's rental income (+5% year on year), while sales revenues from its development projects decreased by 14.2 million euros (-22%). Both Agidens and Biolectric, the two participations fully consolidated within "AvH Growth Capital", realized strong turnover growth.

The 820.1 million euros higher revenues required 711.3 million euros **higher operating expenses** (+17%). Costs of raw materials, services and subcontracting were up year on year by 17%, personnel charges with 15% and depreciation by 7%. The major part of the higher depreciation charges comes from DEME, as a result of the further expansion of the fleet with a new cable laying vessel Yellowstone and the effect of offshore installation vessel Orion being depreciated for a full year in 2023. DEME impaired its idle cutter suction dredger Al Jarraf for an amount of 13.1 million euros.

**Fair value adjustments recorded through P&L** had a total negative impact of 23.4 million euros in 2023. This is 6.5 million euros more negative than last year. The main components of these negative fair value fluctuations in 2023 were: a positive 3.5 million euros effect on the 1,351,320 shares Retail Estates held by Nextensa, a net negative evolution of 11.2 million euros in the fair value of Nextensa's investment portfolio and a negative evolution amounting to 15.7 million euros on AvH's non-consolidated Growth Capital participations and on its treasury portfolio.

**Disposal of assets** contributed 49.4 million euros to the profit in 2023. DEME realized in total 18.6 million euros capital gains on disposal of assets, including 13.0 million euros on the sale of its offshore service operation vessel Groenewind. CFE realized 17.4 million euros profit on the disposal of subsidiaries and development companies, including 50% of its Polish project Chmielna to Compagnie du Bois Sauvage. Rebalancing by Bank Van Breda of its bond portfolio led to a loss of 15.3 million euros. As a result of the lower activity in the institutional real estate market, Nextensa only sold its "Treesquare" office building in Brussels in April 2023. The sale by AvH of its 50% stake in the Polish Telemond Group resulted in a capital gain of 19.1 million euros at the level of AvH and an extra profit (earn out) of 6.1 million euros was recognized on the disposal (in 2017) of AvH's participation in Ogeda.

The global **financial result** was 41.9 million euros negative. Net interest expenses however, came in only 1.8 million euros more negative than in 2022, as some group companies benefited from the higher market interest rates, while others incurred higher borrowing costs. The main variation explaining the 31.8 million euros additional negative financial result is at the level of the fair value adjustments of hedging instruments at Nextensa: while this had a negative effect of 10.6 million euros in 2023, it had been a positive of 27.7 million euros the year before.

The **share of profit from equity accounted participations** amounted to 223.4 million euros. This very significant contribution includes AvH's share in the net profit of a.o. Delen Private Bank, SIPEF, the offshore windfarms Rentel and SeaMade, Sagar Cements and of several Growth Capital-participations. The full list of companies included in this category can be found in note 6. Segment reporting.

**Income taxes** represented a cost of 102.5 million euros in 2023. It should be noted that the contribution from the equity accounted participations is already reported on a post-tax basis. The income tax charge of 102.5 million euros in 2023 therefore corresponded to a tax rate of 26.5% of the profit before tax (minus contribution from equity companies) of 386.2 million euros (609.6 million euros - 223.4 million euros).

{27}------------------------------------------------

## Note 6: Segment information – assets 2023

| (€ 1,000)                                                                  | Segment 1                              | Segment 2          | Segment 3   | Segment 4             | Segment 5                  | Eliminations<br>between<br>segments | Total<br>2023 |
|----------------------------------------------------------------------------|----------------------------------------|--------------------|-------------|-----------------------|----------------------------|-------------------------------------|---------------|
|                                                                            | Marine<br>Engineering<br>& Contracting | Private<br>Banking | Real Estate | Energy &<br>Resources | AvH &<br>Growth<br>Capital |                                     |               |
| I. Non-current assets                                                      | 3,870,602                              | 6,175,212          | 1,480,596   | 353,632               | 488,361                    | -25,236                             | 12,343,167    |
| Intangible assets                                                          | 115,407                                | 267                | 889         | 0                     | 2,243                      |                                     | 118,806       |
| Goodwill                                                                   | 174,150                                | 134,247            | 0           | 0                     | 11,727                     |                                     | 320,123       |
| Tangible assets                                                            | 2,817,276                              | 54,478             | 8,697       | 0                     | 28,961                     |                                     | 2,909,412     |
| Land and buildings                                                         | 216,797                                | 44,832             | 0           | 0                     | 17,725                     |                                     | 279,354       |
| Plant, machinery and equipment                                             | 2,233,197                              | 2,665              | 1,899       | 0                     | 3,378                      |                                     | 2,241,138     |
| Furniture and vehicles                                                     | 53,106                                 | 5,284              | 697         | 0                     | 6,644                      |                                     | 65,730        |
| Other tangible assets                                                      | 3,621                                  | 816                | 6,101       | 0                     | 1,215                      |                                     | 11,753        |
| Assets under construction                                                  | 310,555                                | 882                | 0           | 0                     | 0                          |                                     | 311,437       |
| Investment property                                                        | 0                                      | 0                  | 1,288,844   | 0                     | 0                          |                                     | 1,288,844     |
| Participations accounted for using the equity method                       | 397,890                                | 933,089            | 64,238      | 353,632               | 273,242                    |                                     | 2,022,091     |
| Non-current financial assets                                               | 208,600                                | 3,177              | 93,546      | 0                     | 169,954                    | -25,236                             | 450,040       |
| Financial assets : shares - Fair value through P/L (FVPL)                  | 4,547                                  | 0                  | 87,296      | 0                     | 131,173                    |                                     | 223,016       |
| Receivables and warranties                                                 | 204,053                                | 3,177              | 6,250       | 0                     | 38,781                     | -25,236                             | 227,024       |
| Non-current hedging instruments                                            | 22,630                                 | 45,965             | 20,633      | 0                     | 0                          |                                     | 89,227        |
| Deferred tax assets                                                        | 134,649                                | 9,808              | 3,750       | 0                     | 2,235                      |                                     | 150,442       |
| Banks - receivables from credit<br>institutions and clients after one year | 0                                      | 4,994,181          | 0           | 0                     | 0                          |                                     | 4,994,181     |
| Banks - loans and receivables to clients                                   | 0                                      | 5,029,531          | 0           | 0                     | 0                          |                                     | 5,029,531     |
| Banks - changes in fair value of the hedged credit portfolio               | 0                                      | -35,350            | 0           | 0                     | 0                          |                                     | -35,350       |
| II. Current assets                                                         | 2,531,650                              | 3,388,815          | 284,367     | 736                   | 464,778                    | -3,990                              | 6,666,355     |
| Inventories                                                                | 312,041                                | 0                  | 102,079     | 0                     | 1,659                      |                                     | 415,779       |
| Amounts due from customers under construction contracts                    | 701,437                                | 0                  | 73,490      | 0                     | 5,295                      |                                     | 780,222       |
| Investments                                                                | 2                                      | 545,039            | 0           | 0                     | 44,912                     |                                     | 589,954       |
| Financial assets : shares - Fair value through P/L (FVPL)                  | 2                                      | 0                  | 0           | 0                     | 44,912                     |                                     | 44,914        |
| Financial assets : bonds - Fair value through OCI (FVOCI)                  | 0                                      | 501,037            | 0           | 0                     | 0                          |                                     | 501,037       |
| Financial assets : shares - Fair value through OCI (FVOCI)                 | 0                                      | 58                 | 0           | 0                     | 0                          |                                     | 58            |
| Financial assets - at amortised cost                                       | 0                                      | 43,944             | 0           | 0                     | 0                          |                                     | 43,944        |
| Current hedging instruments                                                | 16,161                                 | 3,918              | 0           | 0                     | 0                          |                                     | 20,079        |
| Amounts receivable within one year                                         | 808,989                                | 5,601              | 81,908      | 3                     | 42,813                     | -1,343                              | 937,971       |
| Trade debtors                                                              | 745,140                                | 56                 | 22,777      | 0                     | 22,738                     | -1,343                              | 789,368       |
| Other receivables                                                          | 63,848                                 | 5,545              | 59,131      | 3                     | 20,076                     | 0                                   | 148,603       |
| Current tax receivables                                                    | 33,758                                 | 1                  | 12,505      | 43                    | 544                        |                                     | 46,851        |
| Banks - receivables from credit                                            | 0                                      | 2,791,806          | 0           | 0                     | 0                          |                                     | 2,791,806     |
| institutions and clients within one year                                   |                                        |                    |             |                       |                            |                                     |               |
| Banks - loans and advances to banks                                        | 0                                      | 102,073            | 0           | 0                     | 0                          |                                     | 102,073       |
| Banks - loans and receivables to clients                                   | 0                                      | 1,218,593          | 0           | 0                     | 0                          |                                     | 1,218,593     |
| Banks - changes in fair value of the hedged credit portfolio               | 0                                      | -1,402             | 0           | 0                     | 0                          |                                     | -1,402        |
| Banks - cash balances with central banks                                   | 0                                      | 1,472,542          | 0           | 0                     | 0                          |                                     | 1,472,542     |
| Cash and cash equivalents                                                  | 583,759                                | 29,339             | 11,129      | 689                   | 364,894                    |                                     | 989,810       |
| Deferred charges, accrued income and other current assets                  | 75,502                                 | 13,110             | 3,257       | 0                     | 4,661                      | -2,647                              | 93,885        |
| III. Assets held for sale                                                  | 1,630                                  | 138                | 9,230       | 0                     | 0                          |                                     | 10,998        |

| (€ 1,000)                                                    | Segment 1                                           | Segment 2                       | Segment 3                | Segment 4                          | Segment 5                               |                                     |               |
|--------------------------------------------------------------|-----------------------------------------------------|---------------------------------|--------------------------|------------------------------------|-----------------------------------------|-------------------------------------|---------------|
| Segment information - pro forma turnover                     | Marine<br>Engineering<br>& Contracting              | Private<br>Banking              | Real Estate              | Energy &<br>Resources              | AvH &<br>Growth<br>Capital              | Eliminations<br>between<br>segments | Total<br>2023 |
| Turnover EU member states                                    | 2,812,244                                           | 707,191                         | 126,405                  | 14,479                             | 741,108                                 | -1,888                              | 4,399,538     |
| Other European countries                                     | 490,085                                             | 78,805                          | 0                        | 59,393                             | 58,304                                  | -1,888                              | 686,587       |
| Rest of the world                                            | 1,277,587                                           | 0                               | 0                        | 139,329                            | 17,029                                  | -1,888                              | 1,433,946     |
| Total                                                        | 4,579,917                                           | 785,995                         | 126,405                  | 213,201                            | 816,441                                 | -1,888                              | 6,520,071     |
| (€ 1,000)                                                    | Segment 1<br>Marine<br>Engineering<br>& Contracting | Segment 2<br>Private<br>Banking | Segment 3<br>Real Estate | Segment 4<br>Energy &<br>Resources | Segment 5<br>AvH &<br>Growth<br>Capital | Eliminations<br>between<br>segments | Total<br>2023 |
| I. Total equity                                              | 2,488,966                                           | 1,806,327                       | 837,420                  | 354,333                            | 890,018                                 |                                     | 6,377,063     |
| Shareholders' equity - group share                           | 1,523,953                                           | 1,646,827                       | 507,192                  | 354,333                            | 881,646                                 |                                     | 4,913,951     |
| Issued capital                                               | 0                                                   | 0                               | 0                        | 0                                  | 113,907                                 |                                     | 113,907       |
| Share capital                                                | 0                                                   | 0                               | 0                        | 0                                  | 2,295                                   |                                     | 2,295         |
| Share premium                                                | 0                                                   | 0                               | 0                        | 0                                  | 111,612                                 |                                     | 111,612       |
| Consolidated reserves                                        | 1,532,617                                           | 1,658,844                       | 505,355                  | 339,566                            | 871,330                                 |                                     | 4,907,712     |
| Revaluation reserves                                         | -8,664                                              | -12,017                         | 1,837                    | 14,767                             | -3,518                                  |                                     | -7,594        |
| Financial assets : bonds - Fair value through OCI (FVOCI)    | 0                                                   | -11,313                         | 0                        | 0                                  | 3                                       |                                     | -11,310       |
| Financial assets : shares - Fair value through OCI (FVOCI)   | 0                                                   | 697                             | 0                        | 0                                  | 0                                       |                                     | 697           |
| Hedging reserves                                             | 30,815                                              | 0                               | 1,665                    | 134                                | 4                                       |                                     | 32,617        |
| Actuarial gains (losses) defined benefit pension plans       | -22,724                                             | -4,357                          | 0                        | -1,782                             | 4,699                                   |                                     | -24,164       |
| Translation differences                                      | -16,755                                             | 2,956                           | 172                      | 16,415                             | -8,223                                  |                                     | -5,434        |
| Treasury shares (-)                                          | 0                                                   | 0                               | 0                        | 0                                  | -100,074                                |                                     | -100,074      |
| Minority interests                                           | 965,013                                             | 159,500                         | 330,228                  | 0                                  | 8,372                                   |                                     | 1,463,112     |
| II. Non-current liabilities                                  | 1,215,006                                           | 974,601                         | 618,568                  | 0                                  | 20,510                                  | -25,236                             | 2,803,449     |
| Provisions                                                   | 101,519                                             | 3,693                           | 2,264                    | 0                                  | 10,828                                  |                                     | 118,304       |
| Pension liabilities                                          | 64,211                                              | 7,458                           | 0                        | 0                                  | 452                                     |                                     | 72,121        |
| Deferred tax liabilities                                     | 84,616                                              | 0                               | 53,709                   | 0                                  | 385                                     |                                     | 138,710       |
| Financial debts                                              | 914,291                                             | 5,726                           | 562,159                  | 0                                  | 8,713                                   | -25,236                             | 1,465,653     |
| Bank loans                                                   | 756,115                                             | 0                               | 457,345                  | 0                                  | 5,800                                   |                                     | 1,219,260     |
| Bonds                                                        | 0                                                   | 0                               | 99,613                   | 0                                  | 0                                       |                                     | 99,613        |
| Subordinated loans                                           | 677                                                 | 0                               | 0                        | 0                                  | 0                                       |                                     | 677           |
| Lease debts                                                  | 123,012                                             | 5,726                           | 2,318                    | 0                                  | 2,913                                   |                                     | 133,969       |
| Other financial debts                                        | 34,487                                              | 0                               | 2,884                    | 0                                  | 0                                       | -25,236                             | 12,135        |
| Non-current hedging instruments                              | 23,078                                              | 12,355                          | 436                      | 0                                  | 0                                       |                                     | 35,869        |
| Other amounts payable                                        | 27,291                                              | 19,331                          | 0                        | 0                                  | 132                                     |                                     | 46,754        |
| Banks - debts to credit institutions, clients & securities   | 0                                                   | 926,038                         | 0                        | 0                                  | 0                                       |                                     | 926,038       |
| Banks - deposits from credit institutions                    | 0                                                   | 0                               | 0                        | 0                                  | 0                                       |                                     | 0             |
| Banks - deposits from clients                                | 0                                                   | 926,038                         | 0                        | 0                                  | 0                                       |                                     | 926,038       |
| Banks - debt certificates including bonds                    | 0                                                   | 0                               | 0                        | 0                                  | 0                                       |                                     | 0             |
| Banks - changes in fair value of the hedged credit portfolio | 0                                                   | 0                               | 0                        | 0                                  | 0                                       |                                     | 0             |
| III. Current liabilities                                     | 2,699,910                                           | 6,783,238                       | 318,205                  | 35                                 | 42,612                                  | -3,990                              | 9,840,010     |
| Provisions                                                   | 29,319                                              | 5                               | 350                      | 0                                  | 681                                     |                                     | 30,356        |
| Pension liabilities                                          | 0                                                   | 136                             | 0                        | 0                                  | 0                                       |                                     | 136           |
| Financial debts                                              | 308,416                                             | 2,955                           | 235,790                  | 0                                  | 3,512                                   | 0                                   | 550,672       |
| Bank loans                                                   | 226,926                                             | 0                               | 109,493                  | 0                                  | 1,651                                   |                                     | 338,070       |
| Bonds                                                        | 0                                                   | 0                               | 40,000                   | 0                                  | 0                                       |                                     | 40,000        |
| Subordinated loans                                           | 0                                                   | 0                               | 0                        | 0                                  | 0                                       |                                     | 0             |
| Lease debts                                                  | 38,240                                              | 2,955                           | 0                        | 0                                  | 1,861                                   |                                     | 43,055        |
| Other financial debts                                        | 43,250                                              | 0                               | 86,297                   | 0                                  | 0                                       | 0                                   | 129,547       |
| Current hedging instruments                                  | 20,324                                              | -149                            | 0                        | 0                                  | 0                                       |                                     | 20,175        |
| Amounts due to customers under construction contracts        | 648,981                                             | 0                               | 0                        | 0                                  | 11,873                                  |                                     | 660,854       |
| Other amounts payable within one year                        | 1,576,528                                           | 41,927                          | 42,881                   | 5                                  | 23,851                                  | -1,343                              | 1,683,849     |
| Trade payables                                               | 1,231,371                                           | 47                              | 26,046                   | 5                                  | 10,651                                  | -1,343                              | 1,266,776     |
| Advances received                                            | 84,486                                              | 0                               | 0                        | 0                                  | 0                                       |                                     | 84,486        |
| Amounts payable regarding remuneration and social security   | 184,774                                             | 16,954                          | 5,265                    | 0                                  | 11,732                                  |                                     | 218,725       |
| Other amounts payable                                        | 75,897                                              | 24,927                          | 11,570                   | 0                                  | 1,469                                   | 0                                   | 113,863       |
| Current tax payables                                         | 79,274                                              | 3,676                           | 8,254                    | 30                                 | 776                                     |                                     | 92,010        |
| Banks - debts to credit institutions, clients & securities   | 0                                                   | 6,725,882                       | 0                        | 0                                  | 0                                       |                                     | 6,725,882     |
| Banks - deposits from credit institutions                    | 0                                                   | 49,604                          | 0                        | 0                                  | 0                                       |                                     | 49,604        |
| Banks - deposits from clients                                | 0                                                   | 6,564,963                       | 0                        | 0                                  | 0                                       |                                     | 6,564,963     |
| Banks - debt certificates including bonds                    | 0                                                   | 111,315                         | 0                        | 0                                  | 0                                       |                                     | 111,315       |
| Banks - changes in fair value of the hedged credit portfolio | 0                                                   | 0                               | 0                        | 0                                  | 0                                       |                                     | 0             |
| Accrued charges and deferred income                          | 37,068                                              | 8,806                           | 30,930                   | 0                                  | 1,918                                   | -2,647                              | 76,075        |
| IV. Liabilities held for sale                                | 0                                                   | 0                               | 0                        | 0                                  | 0                                       |                                     | 0             |
| Total equity and liabilities                                 | 6,403,881                                           | 9,564,165                       | 1,774,194                | 354,368                            | 953,139                                 | -29,226                             | 19,020,522    |

The pro forma turnover comprises the turnover of all participations held by the AvH group, and therefore deviates from the turnover as reported in the legal IFRS consolidation drawn up on the basis of the consolidation scope reported in Note 2 and 3. In this pro forma presentation, all exclusive control interests are incorporated in full and the jointly controlled and associated interests proportionally.

{28}------------------------------------------------

## Note 6: Segment information – equity and liabilities 2023

{29}------------------------------------------------

## Comments on the segment information - balance sheet

AvH's consolidated balance sheet total has further increased to 19,020.5 million euros (+8%). Except for "AvH & Growth Capital", all segments contribute to this growth. But the main variations come from "Private Banking" (+927.3 million euros) and from "Marine Engineering & Contracting" (+396.0 million euros).

The full consolidation of Bank Van Breda continues to have a major impact on both the size and the composition of AvH's balance sheet. Due to the specific nature of its banking activities, Bank Van Breda has a significantly larger balance sheet than the other group companies. The full consolidation of Bank Van Breda alone accounts for 8,500.2 million euros million euros in the balance sheet total (45%) and its structure is specific to its banking operations. And although Bank Van Breda continues to be part of the best capitalised financial institutions in Belgium, it clearly has very different balance sheet ratios from other (non-banking) group companies. A number of balance sheet items from Bank Van Breda have been grouped under separate headings to enable an easier understanding. As in previous periods, the 78.75%-participation in Delen Private Bank has been accounted for using the equity method.

**Intangible assets** and **goodwill** have remained largely unchanged compared to previous year.

**Tangible fixed assets** have increased with 188.7 million euros (+7%), almost completely related to DEME. In 2023 DEME welcomed a new cable laying vessel Viking Neptune and an ultra-deepwater drilling vessel Olympia in its fleet. It is converting a former bulk carrier into a new stone dumping vessel Yelllowstone and upgrading the Sea Installer.

The value of the **investment property** portfolio of Nextensa increased to 1,288.8 million euros (+1%), despite the sale of the Treesquare building in 2023. The Montoyer 24 (Brussels) and Monterey 18 (Luxembourg) were added to the portfolio and further investments were made in Luxembourg in the renovation of the Knauf shopping centre in Schmiede and in the conversion of an old office part near Luxembourg Airport into a new project.

**Participations accounted for using the equity method** comprise the interests in jointly controlled participations or in companies in which no controlling interest is held. These include not only direct participations such as a.o. Delen Private Bank, the offshore wind companies Rentel and SeaMade, SIPEF, Sagar Cements and several participations from the Growth Capital portfolio of AvH, but also equity accounted for participations held by fully consolidated group companies. The increase by 176.9 million euros compared to last year illustrates the strong performance of these participations with result contributions outweighing dividend distributions. But it is also impacted by changes in scope: in 2023 Camlin Fine Sciences has been added in "AvH & Growth Capital" and several changes occurred in the jointly controlled entities that are active in real estate development within CFE.

**Non-current financial assets: shares - fair value through P&L** increased by 14.7 million euros in 2023 to 223.0 million euros. The main contributors at year end 2023 were i) the shares in Retail Estates held by Nextensa, ii) the fair-value of the life sciences and Asia investments in the Growth Capital portfolio and iii) other non-consolidated investments at the level of AvH.

**Non-current financial assets: receivables and warranties**: these mainly consist of financings from DEME and CFE to non-consolidated participations and of receivables on consolidated entities reported in different segments (that are eliminated in the consolidated accounts).

The total **credit portfolio** of Bank Van Breda has increased by 59.6 million euros (+1%) to 6.248.1 million euros. Around 20% of this amount has a duration of less than one year.

**Inventories** increased by 26.1 million euros (+7%). They include raw materials at DEME and CFE as well as land positions at CFE, Deep C Holding and Nextensa.

**Receivables from customers under construction contracts** have increased with 247.9 million euros (+47%). This increase is fully explained by projects in execution at DEME.

**Investments** increased by 45.5 million euros to 590.0 million euros. Besides a small portfolio at AvH of 44.9 million euros, this amount is fully explained by the bond portfolio of Bank Van Breda.

**Banks - receivables < 1 year**: the growth of deposits received from clients has been significantly higher than the increase of the credit portfolio. This has further reinforced the liquidity position of Bank Van Breda and explains the 831.6 million euros higher deposits from Bank Van Breda with central banks at year end 2023.

The variations in the **Cash position** are commented in the Cash flow Statement (see Note 6.).

The main **asset held for sale** at year end 2023 is a retail property of Nextensa in Luxembourg, that has been sold early February 2024 at a price in line with the valuation in this balance sheet.

The roll forward of **Equity** is explained in Note "Statement of changes in consolidated equity".

**Non-current liabilities** have in total decreased by 112.7 million euros, this is a combined effect of different underlying evolutions of which the main variations are:

- **Provisions** increased by 23.3 million euros. The main increase within "Marine Engineering & Contracting" is explained by additional provisions for negative equity of participations accounted for under the equity method. Other provisions within the consolidated accounts of CFE have increased by 13.0 million euros, but are largely compensated by a decrease of 13.5 million euros in provisions < 1 year.
- **Financial debts** decreased by 166.2 million euros. DEME slightly improved its overall net financial debt position (by 8.3 million euros) compared to year end 2022. DEME's long term financial debts decreased by 137.4 million euros, its short term by 4.1 million euros, the balance being explained by a lower cash position. CFE's net financial debt position increased compared to last year by 44.4 million euros, including higher financial debts of 36.9 million euros long term and 34.4 million euros short term. Nextensa's net financial debt position increased by 65.3 million euros, including a 72.8 million euros higher long term financial debt.
- **Banks - deposits from clients > 1 year** increased by 189.7 million euros.

**Current liabilities** have increased with 1,082.1 million euros. The main variations are:

- Short term financial debts increased by 148.0 million euros, mainly in "Real Estate" and to a lesser extent in "Marine Engineering & Contracting". The origin of the variations are commented in the cash flow statement in Note 6.7. of this report.
- Amounts due to customers under construction contracts and other amounts payable have increased by respectively 134.5 million euros and by 154.1 million euros, mainly explained by high activity levels in "Marine Engineering & Contracting".
- Banks <1 year: short term deposits from clients increased by an impressive 747.9 million euros (+13%), while deposits from other banks and debt certificates have been reduced by 80.3 million euros.

{30}------------------------------------------------

## Note 6: Segment information – cash flow statement 2023

| (€ 1,000)                                                                               | Segment 1<br>Marine<br>Engineering<br>& Contracting | Segment 2<br>Private<br>Banking | Segment 3<br>Real Estate | Segment 4<br>Energy &<br>Resources | Segment 5<br>AvH &<br>Growth<br>Capital | Eliminations<br>between<br>segments | Total<br>2023 |
|-----------------------------------------------------------------------------------------|-----------------------------------------------------|---------------------------------|--------------------------|------------------------------------|-----------------------------------------|-------------------------------------|---------------|
| I. Cash and cash equivalents - opening balance                                          | 693,990                                             | 24,515                          | 31,106                   | 642                                | 410,718                                 | 0                                   | 1,160,972     |
| Profit (loss) from operating activities                                                 | 275,603                                             | 115,831                         | 50,072                   | -79                                | -13,966                                 | 669                                 | 428,130       |
| Reclassification 'Profit (loss) on disposal of assets'<br>to cash flow from divestments | -36,830                                             | 15,308                          | -2,074                   | 0                                  | -25,771                                 |                                     | -49,367       |
| Dividends from participations accounted for<br>using the equity method                  | 52,274                                              | 63,226                          | 0                        | 217                                | 19,257                                  |                                     | 134,974       |
| Other non-operating income (expenses)                                                   | 0                                                   | 0                               | 0                        | 0                                  | 0                                       | 0                                   |               |
| Income taxes (paid)                                                                     | -72,369                                             | -32,848                         | -15,300                  | -95                                | -1,127                                  |                                     | -121,739      |
| Non-cash adjustments                                                                    |                                                     |                                 |                          |                                    |                                         |                                     |               |
| Depreciation                                                                            | 370,868                                             | 7,673                           | 1,060                    | 0                                  | 5,686                                   |                                     | 385,286       |
| Impairment losses                                                                       | 18,342                                              | 914                             | -3                       | 0                                  | 345                                     |                                     | 19,598        |
| Share based payment                                                                     | 160                                                 | 713                             | 0                        | 0                                  | 1,953                                   |                                     | 2,827         |
| Profit (loss) on assets/liabilities designated at<br>fair value through profit and loss | 0                                                   | 0                               | 7,689                    | 0                                  | 15,690                                  |                                     | 23,379        |
| (Decrease) increase of provisions                                                       | -6,518                                              | -692                            | 0                        | 0                                  | 31                                      |                                     | -7,179        |
| Other non-cash expenses (income)                                                        | 3,250                                               | -1,285                          | -207                     | 0                                  | 1,755                                   |                                     | 3,513         |
| Cash flow                                                                               | 604,783                                             | 168,840                         | 41,236                   | 43                                 | 3,853                                   | 669                                 | 819,423       |
| Decrease (increase) of working capital                                                  | -62,784                                             | -52,298                         | -35,194                  | 43                                 | -18,000                                 | 0                                   | -168,234      |
| Decrease (increase) of inventories and construction contracts                           | 37,349                                              | 0                               | 6,109                    | 0                                  | 261                                     |                                     | 43,719        |
| Decrease (increase) of amounts receivable                                               | -357,914                                            | 5,676                           | -10,786                  | 65                                 | -17,413                                 | 0                                   | -380,371      |
| Decrease (increase) of receivables from credit institutions<br>and clients (banks)      | 0                                                   | -878,853                        | 0                        | 0                                  | 0                                       |                                     | -878,853      |
| Increase (decrease) of liabilities (other than financial debts)                         | 264,103                                             | 13,290                          | -17,985                  | -6                                 | -217                                    | 0                                   | 259,186       |
| Increase (decrease) of debts to credit institutions,<br>clients & securities (banks)    | 0                                                   | 774,564                         | 0                        | 0                                  | 0                                       |                                     | 774,564       |
| Decrease (increase) other                                                               | -6,322                                              | 33,024                          | -12,531                  | -17                                | -632                                    |                                     | 13,520        |
| Cash flow from operating activities                                                     | 541,998                                             | 116,542                         | 6,041                    | 86                                 | -14,148                                 | 669                                 | 651,189       |
| Investments                                                                             | -543,415                                            | -326,820                        | -74,821                  | -10,015                            | -61,512                                 | 0                                   | -1,016,584    |
| Acquisition of intangible and tangible assets                                           | -421,496                                            | -4,696                          | -2,806                   | 0                                  | -4,991                                  |                                     | -433,989      |
| Acquisition of investment property                                                      | 0                                                   | 0                               | -72,015                  | 0                                  | 0                                       |                                     | -72,015       |
| Acquisition of financial fixed assets (business combinations included)                  | -81,263                                             | 0                               | 0                        | -10,015                            | -54,000                                 |                                     | -145,278      |
| Cash acquired through business combinations                                             | 0                                                   | 0                               | 0                        | 0                                  | 0                                       |                                     | 0             |
| New loans granted                                                                       | -40,657                                             | -597                            | 0                        | 0                                  | -2,501                                  | 0                                   | -43,756       |
| Acquisition of investments                                                              | 0                                                   | -321,527                        | 0                        | 0                                  | -20                                     |                                     | -321,547      |
| Divestments                                                                             | 85,384                                              | 303,831                         | 43,532                   | 0                                  | 72,617                                  | -9,604                              | 495,760       |
| Disposal of intangible and tangible assets                                              | 57,229                                              | 0                               | 0                        | 0                                  | 81                                      |                                     | 57,310        |
| Disposal of investment property                                                         | 0                                                   | 0                               | 43,532                   | 0                                  | 0                                       |                                     | 43,532        |
| Disposal of financial fixed assets (business disposals included)                        | 8,830                                               | 0                               | 0                        | 0                                  | 62,920                                  |                                     | 71,750        |
| Cash disposed of through business disposals                                             | 0                                                   | 0                               | 0                        | 0                                  | 0                                       |                                     | 0             |
| Reimbursements of loans                                                                 | 19,325                                              | 0                               | 0                        | 0                                  | 9,605                                   | -9,604                              | 19,326        |
| Disposal of investments                                                                 | 0                                                   | 303,831                         | 0                        | 0                                  | 12                                      |                                     | 303,843       |
| Cash flow from investing activities                                                     | -458,031                                            | -22,989                         | -31,289                  | -10,015                            | 11,105                                  | -9,604                              | -520,824      |
| Financial operations                                                                    |                                                     |                                 |                          |                                    |                                         |                                     |               |
| Dividends received                                                                      | 0                                                   | 1,575                           | 6,621                    | 0                                  | 1,481                                   |                                     | 9,677         |
| Interest received                                                                       | 20,472                                              | 902                             | 4,459                    | 0                                  | 13,830                                  | -2,430                              | 37,233        |
| Interest paid                                                                           | -35,333                                             | -1                              | -23,664                  | 0                                  | -1,187                                  | 2,430                               | -57,755       |
| Other financial income (costs)                                                          | -18,147                                             | 0                               | -1,749                   | -16                                | -567                                    | -669                                | -21,148       |
| Decrease (increase) of treasury shares - AvH                                            | 0                                                   | 0                               | 0                        | 0                                  | -58,945                                 |                                     | -58,945       |
| Decrease (increase) of treasury shares - affiliates                                     | -835                                                | 0                               | 0                        | 0                                  | 0                                       |                                     | -835          |
| Increase of financial debts                                                             | 192,983                                             | 0                               | 118,122                  | 0                                  | 0                                       | 0                                   | 311,105       |
| (Decrease) of financial debts                                                           | -331,473                                            | -3,104                          | -72,682                  | 0                                  | -4,069                                  | 9,604                               | -401,724      |
| (Investments) and divestments in controlling interests                                  | 31,266                                              | 0                               | 0                        | 0                                  | -13,052                                 |                                     | 18,214        |
| Dividends paid by AvH                                                                   | 0                                                   | 0                               | 0                        | 0                                  | -102,511                                |                                     | -102,511      |
| Dividends paid intra group                                                              | -34,829                                             | -82,300                         | -15,220                  | 0                                  | 132,349                                 |                                     | -102,511      |
| Dividends paid to minority interests                                                    | -18,936                                             | -5,801                          | -10,617                  | 0                                  | -138                                    |                                     | -35,492       |
| Cash flow from financial activities                                                     | -194,831                                            | -88,730                         | 5,270                    | -16                                | -32,809                                 | 8,936                               | -302,180      |
| II. Net increase (decrease) in cash and cash equivalents                                | -110,864                                            | 4,824                           | -19,978                  | -9,945                             | -35,853                                 | 0                                   | -171,816      |
| Transfer between segments                                                               | 0                                                   | 0                               | 0                        | 10,015                             | -10,015                                 |                                     | 0             |
| Impact of exchange rate changes on cash and cash equivalents                            | 633                                                 | 0                               | 0                        | -23                                | 44                                      |                                     | 654           |
| III. Cash and cash equivalents - ending balance                                         | 583,759                                             | 29,339                          | 11,129                   | 689                                | 364,894                                 | 0                                   | 989,810       |

{31}------------------------------------------------

## Comments on the segment information - cash flow statement

In 2023 AvH realised **a cashflow** of 819.4 million euros. This is 126.3 million euros (+18%) higher than in 2022. The main reconciling items are:

- i) A **profit from operating activities** of 428.1 million euros, which is 227.7 million euros lower than last year.
- ii) Within this profit from operating activities, **capital gains on disposal of assets** represent 49.4 million euros. In 2022 the profit from capital gains on disposal reached 377.8 million euros. In this cash flow statement, the capital gains on disposal of assets are reclassified to "Cash flow from investing activities. The profit from operating activities (excluding capital gains) 2023 exceeds that of 2022 by 101 million euros.
- iii) **Dividends received from participations accounted for using the equity method** increased in 2023 by 12.7 million euros to 135.0 million euros. The highest dividends in this category were received from Delen Private Bank (63.2 million euros), from the offshore wind companies Rentel and SeaMade (26,1 million euros) and from SIPEF (11.9 million euros).
- iv) As a bigger proportion of the profit was from operating activities (excluding capital gains), **income taxes** paid also increased (by 37.4 million euros).
- v) 25.7 million euros higher **depreciation** costs, especially at DEME as a result of the continued fleet expansion.
- vi) **Impairment losses** of 19.6 million euros in 2023 (with a 13.1 million euros impairment by DEME on its cutter dredger Al Jarraf), whereas this was a negative of 1.0 million euros last year.
- vii) The operating profit in 2023 included 23.4 million euros of **negative fair value adjustments** (that have no cash flow impact) compared to only 16.9 million euros last year.
- viii) The operating profit 2023 included 7.2 million euros release of **provisions** that have no cash flow impact, whereas 8.5 million euros extra provisions had been created in 2022.

In comparison with the beginning of the year, the **working capital** need increased by 168.2 million euros. During 2022 working capital had been lowered, releasing cash. Because of these higher working capital requirements in 2023, cash flow from operating activities ended at 651.2 million euros, which is 65.4 million euros lower than last year.

Although all segments of the AvH group required more working capital in 2023, this need was most outspoken in "Marine Engineering & Contracting". At Bank Van Breda the strong growth (with 937.5 million euros) of deposits received from clients served to increase the cash deposited with central banks (+ 831.6 million euros) and the growth of the credit portfolio by 59.6 million euros. Its increased working capital need is therefore explained by the decrease in deposits received from credit institutions and of debt certificates.

**Investments** in 2023 exceeded the 1 billion euros threshold. They increased from 954.1 million euros in 2022 to 1,016.6 million euros. After correction for the acquisition of 321.5 million euros of investments by Bank Van Breda within the context its ALM-management, this amount is reduced to a still impressive 695.1 million euros (2022 comparable: 674.0 million euros).

434.0 million euros was invested in **intangible and tangible fixed assets**, of which 398.9 million euros by DEME, 19.7 million euros by CFE and 4.7 million euros by Bank van Breda. Nextensa invested 72.0 million euros in its **real estate portfolio**, including 17.3 million euros in two new properties to be redeveloped.

**Investments in financial fixed assets** reached 145.3 million euros. In "Marine Engineering & Contracting", CFE invested in several companies that will develop real estate projects, including the Kronos project in Luxembourg. Several smaller transactions in the DEME Group led to a cash out of 8.2 million euros. AvH increased its participation in SIPEF by 1.72% to 38.53%, participated in a public tender offer for Camlin resulting in a 20 million euros investment and realized a series of other smaller investments.

**New loans** have been granted for an amount of 43.8 million euros: 19.6 million euros by DEME to several non-consolidated entities and 21.0 million euros by CFE primarily to finance real estate development companies.

495.8 million euros was generated by **divestments**. After correction for the sale by Bank Van Breda of 303.8 million euros investments as part of its ALM management, this amount is reduced to 191.9 million euros (comparable for 2022: 711.3 million euros including the proceeds from the sale of Anima and Manuchar).

DEME generated 53.7 million euros cash from the sale of **tangible fixed assets**. Next to the sale of its offshore service vessel Groenewind, several other smaller units and equipment were sold. Nextensa divested in 2023 its Treesquare building.

In 2023 the main divestments of **financial fixed assets** contributing to this cash generation were the sale by CFE of 50% in the project Chmielna in Poland, the sale by Deep C Holding of BStor to GreenStor and the sale for 55 million euros by AvH of its 50% stake in the Telemond Holding to its long-standing partner, the family Maas.

Both CFE and AvH received reimbursement of shareholder **loans** from Deep C Holding, following the successful capital increase at its affiliate Infra Asia Investment and for a smaller amount from Green Offshore. These cashflows are all eliminated in the consolidated accounts. The remaining amounts concern mainly reimbursements by real estate development companies at CFE and by nonconsolidated companies at DEME.

The net flow from investments/divestments was in 2023 a cash outflow of 520.8 million euros. After correction for the ALM investments/divestments of Bank Van Breda this amount reached 503.1 million euros.

**Cash flow from financial activities** was 302.2 million euros negative in 2023 (2022: -444.2 million euros).

**Dividends received** from non-consolidated participations are mainly related to the Retail Estates dividend received by Nextensa.

Despite the increase of market interest rates in 2023, the impact on the AvH group remained limited. **Net interest charges** paid amounted to 20.5 million euros, almost equal to 2022 (20,6 million euros).

**Other financial income (charges)**caused a cash out of 21.1 million euros. They include a.o. negative exchange results.

In 2023 AvH finished its 70 million euros buyback programme and held 791.366 **treasury shares** at year end 2023.

During 2023 the AvH group companies have reimbursed 356.1 million euros of **financial debts** and taken up new debt for 311.1 million euros. This resulted in a net reduction of 45.0 million euros, with however different evolutions through the portfolio. While DEME reduced its financial debt by 154.1 million euros, it increased at CFE (+58.3 million euros) and Nextensa (+45.3 million euros). The cash out relating to the IFRS 16 leases amounted to -45.6 million euros (2022: - 42.6 million euros).

**Transactions in controlling interests** generated net cash proceeds of 18.2 million euros, thanks to the capital increase of DEME's affiliate GSR by Transocean and of Infra Asia Investments (a Deep C Holding affiliate) by RG International. AvH spent 14.2 million euros in the increase of its participation in Nextensa.

AvH distributed 102.5 million euros of **dividends** to its shareholders, 11.4 million euros more than the year before. Dividends distributed by group companies (DEME, CFE, Bank Van Breda, Nextensa and Agidens) to external shareholders resulted in a cash out of 35.5 million euros, an increase by 19.3 million euros compared to 2022.

{32}------------------------------------------------

## Evolution of the financial debts (cash & non-cash)

| (€ 1,000)                                                                 |           |
|---------------------------------------------------------------------------|-----------|
| Financial debts at 31-12-2022                                             | 2,034,489 |
| Movements in the Cashflow statement (Cash flow from financial activities) |           |
| Increase of financial debts                                               | 311,105   |
| (Decrease) of financial debts                                             | -401,724  |
| Non-cash movements                                                        |           |
| - Changes in consolidation scope - acquisitions                           | 0         |
| - Changes in consolidation scope - divestments                            | 0         |
| - IFRS 16 Leases - tangible assets                                        | 72,638    |
| - IFRS 16 Leases - investment property                                    | 0         |
| - Impact of exchange rates                                                | -18       |
| - Others                                                                  | 0         |
| Financial debts at 31-12-2023                                             | 2,016,326 |

## Evolution of the cash position of the AvH group 2019 – 2023 <sup>(1)</sup>

| € Millions                         | 2023  | 2022  | 2021  | 2020  | 2019  |
|------------------------------------|-------|-------|-------|-------|-------|
| Treasury shares (2)                | 120.7 | 55.7  | 46.0  | 39.6  | 40.8  |
| Other investments                  |       |       |       |       |       |
| - Portfolio shares                 | 44.9  | 41.3  | 48.2  | 51.2  | 55.7  |
| - Term deposits                    | 278.8 | 361.1 | 6.0   | 0.0   | 155.9 |
| Cash                               | 73.1  | 40.7  | 20.3  | 8.1   | 27.0  |
| Financial debts (commercial paper) | 0.0   | 0.0   | -42.7 | -31.0 | -12.0 |
| Net cash position                  | 517.5 | 498.7 | 77.7  | 68.0  | 267.4 |

(1) Includes treasury shares, the cash and financial debts to credit institutions and to financial markets of the consolidated subholdings recorded in the segment 'AvH & Growth Capital' and the cash of FinAx/Finaxis. To the extent that the treasury shares are held in portfolio to cover outstanding option obligations, the value of the treasury shares is matched to those obligations.

(2) According to IFRS, treasury shares are booked at cost and deducted from consolidated equity (we refer to Statement of changes in consolidated equity).

At the end of 2023, AvH had a net cash position of 517.5 million euros, compared to 498.7 million euros at the end of 2022. This position includes an amount of 120.7 million euros of treasury shares. 339,600 treasury shares are held as cover for outstanding option obligations and are valued at the lower of the market price or the exercise price of the corresponding options. All other treasury shares are included at market value. The remaining 396.8 million euros consist of cash, term deposits and a 44.9 million euros portfolio of listed investments at the level of AvH. At year-end 2023, AvH & subholdings had no financial debt outstanding.

On December 31, 2023 AvH owned in total 791,366 treasury shares (2.36% of the share capital):

- 351,839 of these treasury shares are held to cover options in the framework of AvH's stock option plan.
- 31,113 treasury shares are held as a result of the transactions initiated by Kepler Cheuvreux in pursuance of the liquidity agreement. Over 2023, 471,490 AvH shares were purchased and 443,883 were sold. These transactions are initiated entirely autonomously by Kepler Cheuvreux, but as they take place on behalf of AvH, the net purchase of AvH shares has an impact on AvH's equity.
- 408,414 treasury shares resulting from the share buyback programme of 70 million euros that has been completely executed.
- The board of directors has decided to proceed to the cancellation of 335,653 treasury shares (approx. 1% of the outstanding shares).

{33}------------------------------------------------

## Note 6: Segment information – income statement 2022

| (€ 1,000)                                                                                       | Segment 1<br>Marine<br>Engineering<br>& Contracting | Segment 2<br>Private<br>Banking | Segment 3<br>Real Estate &<br>Senior Care | Segment 4<br>Energy &<br>Resources | Segment 5<br>AvH &<br>Growth<br>Capital | Eliminations<br>between<br>segments | Total<br>2022 |            |
|-------------------------------------------------------------------------------------------------|-----------------------------------------------------|---------------------------------|-------------------------------------------|------------------------------------|-----------------------------------------|-------------------------------------|---------------|------------|
| <b>Revenue</b>                                                                                  | 3,965,083                                           | 217,522                         | 145,138                                   | 25                                 | 75,704                                  | -2,053                              | 4,401,419     |            |
| Rendering of services                                                                           | 0                                                   | 0                               | 0                                         | 0                                  | 2,008                                   | -1,966                              | 4             |            |
| Real estate revenue                                                                             | 85,392                                              | 0                               | 135,999                                   | 0                                  | 0                                       |                                     | 221,392       |            |
| Interest income - banking activities                                                            | 0                                                   | 115,243                         | 0                                         | 0                                  | 0                                       |                                     | 115,243       |            |
| Fees and commissions - banking activities                                                       | 0                                                   | 100,051                         | 0                                         | 0                                  | 0                                       |                                     | 100,051       |            |
| Revenue from construction contracts                                                             | 3,793,646                                           | 0                               | 0                                         | 0                                  | 71,330                                  | -87                                 | 3,864,890     |            |
| Other operating revenue                                                                         | 86,044                                              | 2,229                           | 9,139                                     | 25                                 | 2,366                                   | 0                                   | 99,802        |            |
| <b>Operating expenses (-)</b>                                                                   | -3,780,641                                          | -124,820                        | -98,500                                   | -106                               | -106,152                                | 2,123                               | -4,108,096    |            |
| Raw materials, consumables, services and subcontracted work (-)                                 | -2,690,244                                          | -27,755                         | -81,129                                   | -106                               | -52,260                                 | 2,123                               | -2,849,372    |            |
| Interest expenses Bank J.Van Breda & C° (-)                                                     | 0                                                   | -20,047                         | 0                                         | 0                                  | 0                                       |                                     | -20,047       |            |
| Employee expenses (-)                                                                           | -712,607                                            | -58,161                         | -9,204                                    | 0                                  | -40,310                                 |                                     | -820,282      |            |
| Depreciation (-)                                                                                | -346,405                                            | -7,116                          | -1,140                                    | 0                                  | -4,923                                  |                                     | -359,585      |            |
| Impairment losses (-)                                                                           | 2,388                                               | -925                            | -409                                      | 0                                  | 0                                       |                                     | 1,053         |            |
| Other operating expenses (-)                                                                    | -29,818                                             | -13,693                         | -7,170                                    | 0                                  | -774                                    | 0                                   | -51,455       |            |
| Provisions                                                                                      | -3,955                                              | 2,878                           | 552                                       | 0                                  | -7,884                                  |                                     | -8,408        |            |
| <b>Profit (loss) on assets/liabilities<br/>designated at fair value through profit and loss</b> | 0                                                   | 0                               | -24,017                                   | 0                                  | 7,164                                   | 0                                   | -16,854       |            |
| Financial assets - Fair value through P/L (FVPL)                                                | 0                                                   | 0                               | -12,397                                   | 0                                  | 7,164                                   |                                     | -5,234        |            |
| Investment property                                                                             | 0                                                   | 0                               | -11,620                                   | 0                                  | 0                                       |                                     | -11,620       |            |
| <b>Profit (loss) on disposal of assets</b>                                                      | 19,181                                              | -2,559                          | 28,346                                    | 0                                  | 334,433                                 | 0                                   | 379,402       |            |
| Realised gain (loss) on intangible and tangible assets                                          | 9,433                                               | 0                               | 0                                         | 0                                  | 59                                      |                                     | 9,491         |            |
| Realised gain (loss) on investment property                                                     | 0                                                   | 0                               | 28,346                                    | 0                                  | 0                                       |                                     | 28,346        |            |
| Realised gain (loss) on financial fixed assets                                                  | 9,749                                               | 0                               | 0                                         | 0                                  | 334,117                                 |                                     | 343,866       |            |
| Realised gain (loss) on other assets                                                            | 0                                                   | -2,559                          | 0                                         | 0                                  | 257                                     |                                     | -2,301        |            |
| <b>Profit (loss) from operating activities</b>                                                  | 203,623                                             | 90,144                          | 50,966                                    | -81                                | 311,149                                 | 70                                  | 655,871       |            |
| <b>Financial result</b>                                                                         | -31,909                                             | -1,578                          | 19,226                                    | 10                                 | 4,165                                   | -70                                 | -10,156       |            |
| Interest income                                                                                 | 12,302                                              | 17                              | 3,392                                     | 0                                  | 3,345                                   | -1,436                              | 17,619        |            |
| Interest expenses (-)                                                                           | -25,914                                             | 0                               | -12,233                                   | 0                                  | -653                                    | 1,436                               | -37,365       |            |
| (Un)realised foreign currency results                                                           | -9,947                                              | 0                               | 0                                         | 11                                 | 716                                     |                                     | -9,219        |            |
| Other financial income (expenses)                                                               | -8,350                                              | 218                             | 331                                       | 0                                  | 757                                     | -70                                 | -7,114        |            |
| Derivative financial instruments designated at fair value<br>through profit and loss            | 0                                                   | -1,814                          | 27,737                                    | 0                                  | 0                                       |                                     | 25,923        |            |
| <b>Share of profit (loss) from equity accounted investments</b>                                 | 25,430                                              | 126,491                         | 17,417                                    | 35,464                             | 39,072                                  |                                     | 243,874       |            |
| <b>Other non-operating income</b>                                                               | 0                                                   | 0                               | 0                                         | 0                                  | 0                                       |                                     | 0             |            |
| <b>Other non-operating expenses (-)</b>                                                         | 0                                                   | 0                               | 0                                         | 0                                  | 0                                       |                                     | 0             |            |
| <b>Profit (loss) before tax</b>                                                                 | 197,144                                             | 215,056                         | 87,610                                    | 35,393                             | 354,386                                 | 0                                   | 889,590       |            |
| Income taxes                                                                                    | -44,236                                             | -21,723                         | -15,621                                   | -50                                | -449                                    | 0                                   | -82,078       |            |
| Deferred taxes                                                                                  | 12,349                                              | 503                             | -9,548                                    | 0                                  | -54                                     |                                     | 3,250         |            |
| Current taxes                                                                                   | -56,585                                             | -22,226                         | -6,073                                    | -50                                | -394                                    |                                     | -85,328       |            |
| <b>Profit (loss) after tax from continuing operations</b>                                       | 152,908                                             | 193,334                         | 71,989                                    | 35,343                             | 353,937                                 | 0                                   | 807,512       |            |
| <b>Profit (loss) after tax from discontinued operations</b>                                     | 0                                                   | 0                               | 3,050                                     | 0                                  | 0                                       |                                     | 3,050         |            |
| <b>Profit (loss) of the period</b>                                                              | 152,908                                             | 193,334                         | 75,040                                    | 35,343                             | 353,937                                 | 0                                   | 810,562       |            |
| Minority interests                                                                              | 58,343                                              | 13,199                          | 29,702                                    | 1,020                              | -357                                    |                                     | 101,907       |            |
| Share of the group                                                                              | 94.565                                              | 180.135                         | 45.338                                    | 34.323                             | 354.295                                 |                                     | 708.655       |            |
| (€ 1,000)                                                                                       | Segment 1<br>Marine<br>Engineering<br>& Contracting | Segment 2<br>Private<br>Banking | Segment 3<br>Real Estate &<br>Senior Care | Segment 4<br>Energy &<br>Resources | Segment 5<br>AvH &<br>Growth<br>Capital | Eliminations<br>between<br>segments | Total<br>2022 |            |
| I. Cash and cash equivalents - opening balance                                                  | 726,526                                             | 45,362                          | 73,327                                    | 576                                | 37,938                                  | 0                                   | 883,730       |            |
| Profit (loss) from operating activities                                                         | 203,623                                             | 90,144                          | 50,966                                    | -81                                | 311,149                                 | 70                                  | 655,871       |            |
| Reclassification 'Profit (loss) on disposal of assets'<br>to cash flow from divestments         | -17,569                                             | 2,559                           | -28,346                                   | 0                                  | -334,433                                | 0                                   | -377,790      |            |
| Dividends from participations accounted for<br>using the equity method                          | 24,826                                              | 80,145                          | 0                                         | 207                                | 17,068                                  | 0                                   | 122,246       |            |
| Other non-operating income (expenses)                                                           | 0                                                   | 0                               | 0                                         | 0                                  | 0                                       | 0                                   | 0             |            |
| Income taxes (paid)                                                                             | -55,636                                             | -22,226                         | -6,073                                    | -50                                | -394                                    | 0                                   | -84,378       |            |
| Non-cash adjustments                                                                            |                                                     |                                 |                                           |                                    |                                         |                                     |               |            |
| Depreciation                                                                                    | 346,405                                             | 7,116                           | 1,140                                     | 0                                  | 4,923                                   | 0                                   | 359,585       |            |
| Impairment losses                                                                               | -2,388                                              | 965                             | 409                                       | 0                                  | 0                                       | 0                                   | -1,014        |            |
| Share based payment                                                                             | 0                                                   | -7,211                          | 0                                         | 0                                  | 1,377                                   | 0                                   | -5,834        |            |
| Profit (loss) on assets/liabilities designated at<br>fair value through profit and loss         | 0                                                   | 0                               | 24,017                                    | 0                                  | -7,164                                  | 0                                   | 16,854        |            |
| (Decrease) increase of provisions                                                               | 4,597                                               | -3,406                          | -552                                      | 0                                  | 7,884                                   | 0                                   | 8,523         |            |
| Other non-cash expenses (income)                                                                | 1,084                                               | -2,109                          | -233                                      | 0                                  | 307                                     | 0                                   | -951          |            |
| Cash flow                                                                                       | 504,942                                             | 145,978                         | 41,329                                    | 76                                 | 717                                     | 70                                  | 693,111       |            |
| Decrease (increase) of working capital                                                          | 50,840                                              | -27,168                         | 2,341                                     | 16                                 | -1,755                                  | -750                                | 23,524        |            |
| Decrease (increase) of inventories and construction contracts                                   | -31,884                                             | 0                               | 14,134                                    | 0                                  | -1,402                                  | 0                                   | -19,152       |            |
| Decrease (increase) of amounts receivable                                                       | -110,092                                            | -5,612                          | 6,178                                     | 7                                  | -5,913                                  | 2,500                               | -112,931      |            |
| Decrease (increase) of receivables from credit institutions<br>and clients (banks)              | 0                                                   | 172,598                         | 0                                         | 0                                  | 0                                       | 0                                   | 172,598       |            |
| Increase (decrease) of liabilities (other than financial debts)                                 | 207,267                                             | 11,066                          | -7,866                                    | 8                                  | 6,159                                   | -3,250                              | 213,384       |            |
| Increase (decrease) of debts to credit institutions,<br>clients & securities (banks)            | 0                                                   | -204,306                        | 0                                         | 0                                  | 0                                       | 0                                   | -204,306      |            |
| Decrease (increase) other                                                                       | -14,451                                             | -914                            | -10,104                                   | 0                                  | -600                                    | 0                                   | -26,069       |            |
| Cash flow from operating activities                                                             | 555,782                                             | 118,810                         | 43,670                                    | 91                                 | -1,038                                  | -680                                | 716,635       |            |
| Investments                                                                                     | -568,506                                            | -284,265                        | -44,841                                   | -10,605                            | -65,482                                 | 19,569                              | -954,131      |            |
| Acquisition of intangible and tangible assets                                                   | -505,268                                            | -3,591                          | -2,683                                    | 0                                  | -2,989                                  | 0                                   | -514,530      |            |
| Acquisition of investment property                                                              | 0                                                   | 0                               | -42,157                                   | 0                                  | 0                                       | 0                                   | -42,157       |            |
| Acquisition of financial fixed assets (business combinations included)                          | -24,484                                             | 0                               | 0                                         | -10,605                            | -24,851                                 | 0                                   | -59,940       |            |
| Cash acquired through business combinations                                                     | 4,433                                               | 0                               | 0                                         | 0                                  | 0                                       | 0                                   | 4,433         |            |
| New loans granted                                                                               | -43,187                                             | -529                            | 0                                         | 0                                  | -22,614                                 | 19,569                              | -46,762       |            |
| Acquisition of investments                                                                      | 0                                                   | -280,146                        | 0                                         | 0                                  | -15,028                                 | 0                                   | -295,174      |            |
| Divestments                                                                                     | 57,968                                              | 245,544                         | 169,036                                   | 0                                  | 487,979                                 | -3,704                              | 956,824       |            |
| Disposal of intangible and tangible assets                                                      | 11,609                                              | 7                               | 0                                         | 0                                  | 500                                     | 0                                   | 12,115        |            |
| Disposal of investment property                                                                 | 0                                                   | 0                               | 169,036                                   | 0                                  | 0                                       | 0                                   | 169,036       |            |
| Disposal of financial fixed assets (business disposals included)                                | 20,452                                              | 0                               | 0                                         | 0                                  | 468,256                                 | 0                                   | 488,707       |            |
| Cash disposed of through business disposals                                                     | -541                                                | 0                               | 0                                         | 0                                  | 0                                       | 0                                   | -541          |            |
| Reimbursements of loans                                                                         | 26,449                                              | 0                               | 0                                         | 0                                  | 3,710                                   | -3,704                              | 26,455        |            |
| Disposal of investments                                                                         | 0                                                   | 245,537                         | 0                                         | 0                                  | 15,514                                  | 0                                   | 261,051       |            |
| Cash flow from investing activities                                                             | -510,538                                            | -38,722                         | 124,195                                   | -10,605                            | 422,497                                 | 15,865                              | 2,693         |            |
| Financial operations                                                                            |                                                     |                                 |                                           |                                    |                                         |                                     |               |            |
| Dividends received                                                                              | 0                                                   | 1,545                           | 6,217                                     | 0                                  | 1,275                                   | 0                                   | 9,037         |            |
| Interest received                                                                               | 12,302                                              | 17                              | 3,392                                     | 0                                  | 3,345                                   | -1,436                              | 17,619        |            |
| Interest paid                                                                                   | -26,654                                             | -71                             | -12,233                                   | 0                                  | -653                                    | 1,436                               | -38,175       |            |
| Other financial income (costs)                                                                  | -18,296                                             | -7                              | -7,920                                    | 10                                 | -484                                    | -70                                 | -26,767       |            |
| Decrease (increase) of treasury shares - AvH                                                    | 0                                                   | 0                               | 0                                         | 0                                  | -8,550                                  | 0                                   | -8,550        |            |
| Decrease (increase) of treasury shares - affiliates                                             | -11,686                                             | 0                               | -3,974                                    | 0                                  | 0                                       | 0                                   | -15,661       |            |
| Increase of financial debts                                                                     | 523,535                                             | 0                               | 75,888                                    | 0                                  | 16,503                                  | -22,069                             | 593,858       |            |
| (Decrease) of financial debts                                                                   | -525,140                                            | -2,895                          | -240,542                                  | 0                                  | -62,861                                 | 6,954                               | -824,484      |            |
| (Investments) and divestments in controlling interests                                          | -37,636                                             | 0                               | -6,067                                    | 0                                  | -30                                     | 0                                   | -43,733       |            |
| Dividends paid by AvH                                                                           | 0                                                   | 0                               | 0                                         | 0                                  | -91,085                                 | 0                                   | -91,085       |            |
| Dividends paid intra group                                                                      | -4,050                                              | -94,000                         | -14,635                                   | 0                                  | 112,685                                 | 0                                   | 0             |            |
| Dividends paid to minority interests                                                            | -504                                                | -5,525                          | -10,212                                   | 0                                  | 0                                       | 0                                   | -16,241       |            |
| Cash flow from financial activities                                                             | -88,129                                             | -100,935                        | -210,087                                  | 10                                 | -29,856                                 | -15,185                             | -444,181      |            |
| II. Net increase (decrease) in cash and cash equivalents                                        | -42,884                                             | -20,847                         | -42,221                                   | -10,503                            | 391,603                                 | 0                                   | 275,147       |            |
| Transfer between segments                                                                       | 8,203                                               | 0                               | 0                                         | 10,605                             | -18,808                                 | 0                                   |               |            |
| Impact of exchange rate changes on cash and cash equivalents                                    | 2,145                                               | 0                               | 0                                         | -36                                | -15                                     | 0                                   | 2,095         |            |
| III. Cash and cash equivalents - ending balance                                                 | 693,990                                             | 24,515                          | 31,106                                    | 642                                | 410,718                                 | 0                                   | 1,160,972     |            |
| (€ 1,000)                                                                                       | Segment 1<br>Marine<br>Engineering<br>& Contracting | Segment 2<br>Private<br>Banking | Segment 3<br>Real Estate &<br>Senior Care | Segment 4<br>Energy &<br>Resources | Segment 5<br>AvH &<br>Growth<br>Capital | Eliminations<br>between<br>segments | Total<br>2022 |            |
| I. Non-current assets                                                                           | 3,631,135                                           | 6,119,539                       | 1,465,500                                 | 341,798                            | 445,377                                 | -34,840                             | 11,968,509    |            |
| Intangible assets                                                                               | 115,515                                             | 396                             | 1,118                                     | 0                                  | 620                                     |                                     | 117,649       |            |
| Goodwill                                                                                        | 173,980                                             | 134,247                         | 0                                         | 0                                  | 11,727                                  |                                     | 319,953       |            |
| Tangible assets                                                                                 | 2,632,211                                           | 53,009                          | 6,719                                     | 0                                  | 28,769                                  |                                     | 2,720,708     |            |
| Land and buildings                                                                              | 181,802                                             | 45,625                          | 0                                         | 0                                  | 19,355                                  |                                     | 246,782       |            |
| Plant, machinery and equipment                                                                  | 2,176,503                                           | 1,720                           | 1,698                                     | 0                                  | 3,266                                   |                                     | 2,183,188     |            |
| Furniture and vehicles                                                                          | 38,826                                              | 5,014                           | 730                                       | 0                                  | 4,726                                   |                                     | 49,296        |            |
| Other tangible assets                                                                           | 4,116                                               | 449                             | 4,291                                     | 0                                  | 454                                     |                                     | 9,310         |            |
| Assets under construction                                                                       | 230,964                                             | 200                             | 0                                         | 0                                  | 968                                     |                                     | 232,132       |            |
| Investment property                                                                             | 0                                                   | 0                               | 1,278,716                                 | 0                                  | 0                                       |                                     | 1,278,716     |            |
| Participations accounted for using the equity method                                            | 362,398                                             | 849,394                         | 52,946                                    | 341,798                            | 238,701                                 |                                     | 1,845,237     |            |
| Non-current financial assets                                                                    | 175,440                                             | 2,579                           | 91,692                                    | 0                                  | 163,331                                 | -34,840                             | 398,203       |            |
| Financial assets : shares - Fair value through P/L (FVPL)                                       | 5,036                                               | 0                               | 83,782                                    | 0                                  | 119,510                                 |                                     | 208,328       |            |
| Receivables and warranties                                                                      | 170,404                                             | 2,579                           | 7,910                                     | 0                                  | 43,821                                  | -34,840                             | 189,875       |            |
| Non-current hedging instruments                                                                 | 40,076                                              | 86,120                          | 32,715                                    | 0                                  | 0                                       |                                     | 158,911       |            |
| Deferred tax assets                                                                             | 131,515                                             | 19,492                          | 1,592                                     | 0                                  | 2,230                                   |                                     | 154,829       |            |
| Banks - receivables from credit<br>institutions and clients after one year                      | 0                                                   | 4,974,302                       | 0                                         | 0                                  | 0                                       |                                     | 4,974,302     |            |
| Banks - loans and receivables to clients                                                        | 0                                                   | 4,974,302                       | 0                                         | 0                                  | 0                                       |                                     | 4,974,302     |            |
| Banks - changes in fair value of the hedged credit portfolio                                    | 0                                                   | 0                               | 0                                         | 0                                  | 0                                       |                                     | 0             |            |
| II. Current assets                                                                              | 2,344,767                                           | 2,517,309                       | 294,878                                   | 711                                | 490,204                                 | -2,365                              | 5,645,505     |            |
| Inventories                                                                                     | 290,062                                             | 0                               | 98,257                                    | 0                                  | 1,392                                   |                                     | 389,711       |            |
| Amounts due from customers under construction contracts                                         | 445,465                                             | 0                               | 83,186                                    | 0                                  | 3,638                                   |                                     | 532,289       |            |
| Investments                                                                                     | 2                                                   | 503,171                         | 0                                         | 0                                  | 41,325                                  |                                     | 544,498       |            |
| Financial assets : shares - Fair value through P/L (FVPL)                                       | 2                                                   | 0                               | 0                                         | 0                                  | 41,325                                  |                                     | 41,328        |            |
| Financial assets : bonds - Fair value through OCI (FVOCI)                                       | 0                                                   | 502,908                         | 0                                         | 0                                  | 0                                       |                                     | 502,908       |            |
| Financial assets : shares - Fair value through OCI (FVOCI)                                      | 0                                                   | 263                             | 0                                         | 0                                  | 0                                       |                                     | 263           |            |
| Financial assets - at amortised cost                                                            | 0                                                   | 0                               | 0                                         | 0                                  | 0                                       |                                     | 0             |            |
| Current hedging instruments                                                                     | 22,228                                              | 2,131                           | 0                                         | 0                                  | 0                                       |                                     | 24,359        |            |
| Amounts receivable within one year                                                              | 739,242                                             | 11,279                          | 68,220                                    | 68                                 | 29,538                                  | -1,262                              | 847,085       |            |
| Trade debtors                                                                                   | 683,217                                             | 48                              | 15,371                                    | 0                                  | 21,841                                  | -1,262                              | 719,214       |            |
| Other receivables                                                                               | 56,026                                              | 11,231                          | 52,849                                    | 68                                 | 7,698                                   | 0                                   | 127,871       |            |
| Current tax receivables                                                                         | 25,548                                              | 0                               | 11,333                                    | 0                                  | 499                                     |                                     | 37,379        |            |
| Banks - receivables from credit<br>institutions and clients within one year                     | 0                                                   | 1,965,939                       | 0                                         | 0                                  | 0                                       |                                     | 1,965,939     |            |
| Banks - loans and advances to banks                                                             | 0                                                   | 110,836                         | 0                                         | 0                                  | 0                                       |                                     | 110,836       |            |
| Banks - loans and receivables to clients                                                        | 0                                                   | 1,214,188                       | 0                                         | 0                                  | 0                                       |                                     | 1,214,188     |            |
| Banks - changes in fair value of the hedged credit portfolio                                    | 0                                                   | 0                               | 0                                         | 0                                  | 0                                       |                                     | 0             |            |
| Banks - cash balances with central banks                                                        | 0                                                   | 640,916                         | 0                                         | 0                                  | 0                                       |                                     | 640,916       |            |
| Cash and cash equivalents                                                                       | 693,990                                             | 24,515                          | 31,106                                    | 642                                | 410,718                                 |                                     | 1,160,972     |            |
| Deferred charges, accrued income and other current assets                                       | 128,230                                             | 10,274                          | 2,774                                     | 0                                  | 3,094                                   | -1,103                              | 143,270       |            |
| III. Assets held for sale                                                                       | 31,997                                              | 0                               | 0                                         | 0                                  | 30,507                                  |                                     | 62,504        |            |
| Total assets                                                                                    | 6,607,899                                           | 8,636,848                       | 1,760,377                                 | 342,509                            | 966,089                                 | -37,205                             |               | 17,676,517 |

{34}------------------------------------------------

## Note 6: Segment information – cash flow statement 2022

{35}------------------------------------------------

## Note 6: Segment information – assets 2022

| (€ 1,000)                                | Segment 1                              | Segment 2          | Segment 3                    | Segment 4             | Segment 5                  |                                     |               |
|------------------------------------------|----------------------------------------|--------------------|------------------------------|-----------------------|----------------------------|-------------------------------------|---------------|
| Segment information - pro forma turnover | Marine<br>Engineering<br>& Contracting | Private<br>Banking | Real Estate &<br>Senior Care | Energy &<br>Resources | AvH &<br>Growth<br>Capital | Eliminations<br>between<br>segments | Total<br>2022 |
| Turnover EU member states                | 2,793,622                              | 538,551            | 135,999                      | 56,860                | 730,256                    | -1,966                              | 4,253,323     |
| Other European countries                 | 363,593                                | 78,461             | 0                            | 34,582                | 63,182                     |                                     | 539,818       |
| Rest of the world                        | 722,758                                | 0                  | 0                            | 146,138               | 13,327                     |                                     | 882,223       |
| Total                                    | 3,879,973                              | 617,012            | 135,999                      | 237,580               | 806,766                    | -1,966                              | 5,675,363     |

The pro forma turnover comprises the turnover of all participations held by the AvH group, and therefore deviates from the turnover as reported in the legal IFRS consolidation drawn up on the basis of the consolidation scope reported in Note 2 and 3. In this pro forma presentation, all exclusive control interests are incorporated in full and the jointly controlled and associated interests proportionally.

{36}------------------------------------------------

## Note 6: Segment information – equity and liabilities 2022

| (€ 1,000)                                                    | Segment 1<br>Marine<br>Engineering<br>& Contracting | Segment 2<br>Private<br>Banking | Segment 3<br>Real Estate &<br>Senior Care | Segment 4<br>Energy &<br>Resources | Segment 5<br>AvH &<br>Growth<br>Capital | Eliminations<br>between<br>segments | Total<br>2022 |   |         |   |         |  |         |   |            |
|--------------------------------------------------------------|-----------------------------------------------------|---------------------------------|-------------------------------------------|------------------------------------|-----------------------------------------|-------------------------------------|---------------|---|---------|---|---------|--|---------|---|------------|
| I. Total equity                                              | 2,275,511                                           | 1,639,351                       | 841,492                                   | 342,495                            | 903,607                                 |                                     | 6,002,456     |   |         |   |         |  |         |   |            |
| Shareholders' equity - group share                           | 1,414,303                                           | 1,497,979                       | 482,890                                   | 342,495                            | 895,966                                 |                                     | 4,633,633     |   |         |   |         |  |         |   |            |
| Issued capital                                               | 0                                                   | 0                               | 0                                         | 0                                  | 113,907                                 |                                     | 113,907       |   |         |   |         |  |         |   |            |
| Share capital                                                | 0                                                   | 0                               | 0                                         | 0                                  | 2,295                                   |                                     | 2,295         |   |         |   |         |  |         |   |            |
| Share premium                                                | 0                                                   | 0                               | 0                                         | 0                                  | 111,612                                 |                                     | 111,612       |   |         |   |         |  |         |   |            |
| Consolidated reserves                                        | 1,388,917                                           | 1,533,242                       | 479,175                                   | 317,111                            | 829,477                                 |                                     | 4,547,922     |   |         |   |         |  |         |   |            |
| Revaluation reserves                                         | 25,386                                              | -35,263                         | 3,715                                     | 25,383                             | -6,821                                  |                                     | 12,401        |   |         |   |         |  |         |   |            |
| Financial assets : bonds - Fair value through OCI (FVOCI)    | 0                                                   | -32,964                         | 0                                         | 0                                  | 0                                       |                                     | -32,964       |   |         |   |         |  |         |   |            |
| Financial assets : shares - Fair value through OCI (FVOCI)   | 0                                                   | 129                             | 0                                         | 0                                  | 0                                       |                                     | 129           |   |         |   |         |  |         |   |            |
| Hedging reserves                                             | 56,043                                              | 0                               | 3,549                                     | 342                                | 4                                       |                                     | 59,938        |   |         |   |         |  |         |   |            |
| Actuarial gains (losses) defined benefit pension plans       | -22,531                                             | -3,866                          | 0                                         | -1,571                             | 4,593                                   |                                     | -23,375       |   |         |   |         |  |         |   |            |
| Translation differences                                      | -8,127                                              | 1,438                           | 166                                       | 26,612                             | -11,417                                 |                                     | 8,673         |   |         |   |         |  |         |   |            |
| Treasury shares (-)                                          | 0                                                   | 0                               | 0                                         | 0                                  | -40,597                                 |                                     | -40,597       |   |         |   |         |  |         |   |            |
| Minority interests                                           | 861,208                                             | 141,372                         | 358,602                                   | 0                                  | 7,641                                   |                                     | 1,368,824     |   |         |   |         |  |         |   |            |
| II. Non-current liabilities                                  | 1,337,753                                           | 896,493                         | 693,493                                   | 0                                  | 23,242                                  | -34,840                             | 2,916,141     |   |         |   |         |  |         |   |            |
| Provisions                                                   | 77,330                                              | 4,471                           | 1,822                                     | 0                                  | 11,413                                  |                                     | 95,036        |   |         |   |         |  |         |   |            |
| Pension liabilities                                          | 69,049                                              | 7,485                           | 0                                         | 0                                  | 421                                     |                                     | 76,955        |   |         |   |         |  |         |   |            |
| Deferred tax liabilities                                     | 94,174                                              | 0                               | 56,716                                    | 0                                  | 745                                     |                                     | 151,635       |   |         |   |         |  |         |   |            |
| Financial debts                                              | 1,016,861                                           | 4,854                           | 634,932                                   | 0                                  | 10,026                                  | -34,840                             | 1,631,833     |   |         |   |         |  |         |   |            |
| Bank loans                                                   | 834,277                                             | 0                               | 491,538                                   | 0                                  | 7,360                                   |                                     | 1,333,174     |   |         |   |         |  |         |   |            |
| Bonds                                                        | 0                                                   | 0                               | 139,348                                   | 0                                  | 0                                       |                                     | 139,348       |   |         |   |         |  |         |   |            |
| Subordinated loans                                           | 677                                                 | 0                               | 0                                         | 0                                  | 0                                       |                                     | 677           |   |         |   |         |  |         |   |            |
| Lease debts                                                  | 102,413                                             | 4,854                           | 2,247                                     | 0                                  | 2,666                                   |                                     | 112,180       |   |         |   |         |  |         |   |            |
| Other financial debts                                        | 79,494                                              | 0                               | 1,800                                     | 0                                  | 0                                       | -34,840                             | 46,453        |   |         |   |         |  |         |   |            |
| Non-current hedging instruments                              | 53,661                                              | 208                             | 23                                        | 0                                  | 0                                       |                                     | 53,892        |   |         |   |         |  |         |   |            |
| Other amounts payable                                        | 26,678                                              | 14,405                          | 0                                         | 0                                  | 638                                     |                                     | 41,721        |   |         |   |         |  |         |   |            |
| Banks - debts to credit institutions, clients & securities   | 0                                                   | 865,069                         | 0                                         | 0                                  | 0                                       |                                     | 865,069       |   |         |   |         |  |         |   |            |
| Banks - deposits from credit institutions                    | 0                                                   | 0                               | 0                                         | 0                                  | 0                                       |                                     | 0             |   |         |   |         |  |         |   |            |
| Banks - deposits from clients                                | 0                                                   | 736,385                         | 0                                         | 0                                  | 0                                       |                                     | 736,385       |   |         |   |         |  |         |   |            |
| Banks - debt certificates including bonds                    | 0                                                   | 40,003                          | 0                                         | 0                                  | 0                                       |                                     | 40,003        |   |         |   |         |  |         |   |            |
| Banks - changes in fair value of the hedged credit portfolio | 0                                                   | 88,681                          | 0                                         | 0                                  | 0                                       |                                     | 88,681        |   |         |   |         |  |         |   |            |
| III. Current liabilities                                     | 2,394,634                                           | 6,101,004                       | 225,393                                   | 14                                 | 39,239                                  | -2,365                              | 8,757,920     |   |         |   |         |  |         |   |            |
| Provisions                                                   | 33,536                                              | 22                              | 1,158                                     | 0                                  | 516                                     |                                     | 35,232        |   |         |   |         |  |         |   |            |
| Pension liabilities                                          | 0                                                   | 248                             | 0                                         | 0                                  | 0                                       |                                     | 248           |   |         |   |         |  |         |   |            |
| Financial debts                                              | 278,640                                             | 2,613                           | 117,668                                   | 0                                  | 3,735                                   | 0                                   | 402,656       |   |         |   |         |  |         |   |            |
| Bank loans                                                   | 234,133                                             | 0                               | 44,500                                    | 0                                  | 2,078                                   |                                     | 280,711       |   |         |   |         |  |         |   |            |
| Bonds                                                        | 0                                                   | 0                               | 0                                         | 0                                  | 0                                       |                                     | 0             |   |         |   |         |  |         |   |            |
| Subordinated loans                                           | 0                                                   | 0                               | 0                                         | 0                                  | 0                                       |                                     | 0             |   |         |   |         |  |         |   |            |
| Lease debts                                                  | 35,507                                              | 2,613                           | 0                                         | 0                                  | 1,658                                   |                                     | 39,778        |   |         |   |         |  |         |   |            |
| Other financial debts                                        | 9,000                                               | 0                               | 73,168                                    | 0                                  | 0                                       | 0                                   | 82,168        |   |         |   |         |  |         |   |            |
| Current hedging instruments                                  | 31,702                                              | 191                             | 0                                         | 0                                  | 0                                       |                                     | 31,893        |   |         |   |         |  |         |   |            |
| Amounts due to customers under construction contracts        | 516,780                                             | 0                               | 0                                         | 0                                  | 9,569                                   |                                     | 526,349       |   |         |   |         |  |         |   |            |
| Other amounts payable within one year                        | 1,419,762                                           | 32,313                          | 54,951                                    | 11                                 | 24,003                                  | -1,262                              | 1,529,778     |   |         |   |         |  |         |   |            |
| Trade payables                                               | 1,093,327                                           | 55                              | 34,841                                    | 11                                 | 9,269                                   | -1,262                              | 1,136,241     |   |         |   |         |  |         |   |            |
| Advances received                                            | 72,539                                              | 0                               | 0                                         | 0                                  | 0                                       |                                     | 72,539        |   |         |   |         |  |         |   |            |
| Amounts payable regarding remuneration and social security   | 176,460                                             | 15,824                          | 5,540                                     | 0                                  | 12,784                                  |                                     | 210,608       |   |         |   |         |  |         |   |            |
| Other amounts payable                                        | 77,437                                              | 16,434                          | 14,570                                    | 0                                  | 1,950                                   |                                     | 110,391       |   |         |   |         |  |         |   |            |
| Current tax payables                                         | 82,847                                              | 0                               | 14,771                                    | 3                                  | 510                                     |                                     | 98,131        |   |         |   |         |  |         |   |            |
| Banks - debts to credit institutions, clients & securities   | 0                                                   | 6,059,308                       | 0                                         | 0                                  | 0                                       |                                     | 6,059,308     |   |         |   |         |  |         |   |            |
| Banks - deposits from credit institutions                    | 0                                                   | 116,379                         | 0                                         | 0                                  | 0                                       |                                     | 116,379       |   |         |   |         |  |         |   |            |
| Banks - deposits from clients                                | 0                                                   | 5,817,110                       | 0                                         | 0                                  | 0                                       |                                     | 5,817,110     |   |         |   |         |  |         |   |            |
| Banks - debt certificates including bonds                    | 0                                                   | 124,766                         | 0                                         | 0                                  | 0                                       |                                     | 124,766       |   |         |   |         |  |         |   |            |
| Banks - changes in fair value of the hedged credit portfolio | 0                                                   | 1,052                           | 0                                         | 0                                  | 0                                       |                                     | 1,052         |   |         |   |         |  |         |   |            |
| Accrued charges and deferred income                          | 31,367                                              | 6,310                           | 36,846                                    | 0                                  | 906                                     | -1,103                              | 74,326        |   |         |   |         |  |         |   |            |
| IV. Liabilities held for sale                                | Total equity and liabilities                        | 0                               | 6,007,899                                 | 0                                  | 8,636,848                               | 0                                   | 1,760,377     | 0 | 342,509 | 0 | 966,089 |  | -37,205 | 0 | 17,676,517 |

{37}------------------------------------------------

## Note 7: Intangible assets

| (€ 1,000)                                               | Development<br>costs | Concessions,<br>patents &<br>licences | Goodwill | Software | Other<br>intangible<br>assets | Advance<br>payments | Total   |
|---------------------------------------------------------|----------------------|---------------------------------------|----------|----------|-------------------------------|---------------------|---------|
| Movements in intangible assets - financial year<br>2022 |                      |                                       |          |          |                               |                     |         |
| Intangible assets, opening balance                      | 78                   | 23,085                                | 29,814   | 2,603    | 93,155                        | 657                 | 149,391 |
| Gross amount                                            | 5,264                | 49,179                                | 29,814   | 26,171   | 103,966                       | 657                 | 215,051 |
| Cumulative depreciation & impairment (-)                | -5,186               | -26,095                               | 0        | -23,568  | -10,811                       | 0                   | -65,660 |
| Investments                                             | 2,242                | 594                                   | 0        | 1,778    | 83                            | 146                 | 4,843   |
| Additions through business combinations                 | 0                    | 0                                     | 0        | 0        | 0                             | 0                   | 0       |
| Disposals (-)                                           | 0                    | 0                                     | 0        | 0        | 0                             | 0                   | 0       |
| Disposals through business disposals (-)                | 0                    | -696                                  | -29,814  | -222     | -1,212                        | 0                   | -31,945 |
| Depreciations & Impairments (-)                         | -108                 | -3,451                                | 0        | -1,091   | -1,183                        | 0                   | -5,833  |
| Foreign currency exchange increase (decrease)           | 0                    | 0                                     | 0        | 0        | 247                           | 0                   | 248     |
| Transfer from (to) other items                          | -37                  | 0                                     | 0        | 110      | 1,411                         | -539                | 945     |
| Other increase (decrease)                               | 0                    | 0                                     | 0        | 0        | 0                             | 0                   | 0       |
| Intangible assets, ending balance                       | 2,175                | 19,532                                | 0        | 3,179    | 92,501                        | 264                 | 117,649 |
| Gross amount                                            | 6,794                | 36,751                                | 0        | 26,788   | 102,689                       | 264                 | 173,285 |
| Cumulative depreciation & impairment (-)                | -4,619               | -17,220                               | 0        | -23,610  | -10,188                       | 0                   | -55,636 |
| Movements in intangible assets - financial year<br>2023 |                      |                                       |          |          |                               |                     |         |
| Intangible assets, opening balance                      | 2,175                | 19,532                                | 0        | 3,179    | 92,501                        | 264                 | 117,649 |
| Gross amount                                            | 6,794                | 36,751                                | 0        | 26,788   | 102,689                       | 264                 | 173,285 |
| Cumulative depreciation & impairment (-)                | -4,619               | -17,220                               | 0        | -23,610  | -10,188                       | 0                   | -55,636 |
| Investments                                             | 3,110                | 302                                   | 0        | 1,502    | 194                           | 1,807               | 6,915   |
| Additions through business combinations                 | 0                    | 0                                     | 0        | 0        | 0                             | 0                   | 0       |
| Disposals (-)                                           | 0                    | -32                                   | 0        | -205     | -32                           | 0                   | -269    |
| Disposals through business disposals (-)                | 0                    | 0                                     | 0        | 0        | 0                             | 0                   | 0       |
| Depreciations & Impairments (-)                         | -509                 | -3,279                                | 0        | -1,448   | -1,281                        | 0                   | -6,518  |
| Foreign currency exchange increase (decrease)           | 0                    | 0                                     | 0        | 0        | -130                          | 0                   | -131    |
| Transfer from (to) other items                          | 0                    | 4                                     | 0        | 1,153    | 0                             | 0                   | 1,158   |
| Other increase (decrease)                               | 0                    | 0                                     | 0        | 0        | 0                             | 2                   | 2       |
| Intangible assets, ending balance                       | 4,775                | 16,527                                | 0        | 4,181    | 91,251                        | 2,073               | 118,806 |
| Gross amount                                            | 9,903                | 36,847                                | 0        | 28,865   | 102,184                       | 2,073               | 179,872 |
| Cumulative depreciation & impairment (-)                | -5,128               | -20,320                               | 0        | -24,684  | -10,934                       | 0                   | -61,066 |

Intangible assets have remained largely unchanged compared to previous year. The main evolutions relate to investments in licences and software, capitalised development costs (mainly in DEME's Concessions segment) and depreciation cost.

The intangible assets consist of 15.2 million euros of trade names and 69.3 million euros of databases which were reported in the consolidated balance sheet at year-end 2013 following the acquisition of control over DEME. These intangible assets are not amortised (indefinite life) and are included in the annual impairment test performed on the goodwill following the acquisition of control over DEME at the end of 2013 (see Note 8. Goodwill).

On the acquisition by DEME in 2020 of the Dutch firm SPT Offshore, part of the value was attributed to the special environmentally friendly suction pile technology which can be used to secure both fixed and floating structures to the seabed, with a net book value of 12.6 million euros and depreciated over the economic life time of 10 years.

{38}------------------------------------------------

## Note 8: Goodwill

|                                                                      | 2023    | 2022    |
|----------------------------------------------------------------------|---------|---------|
| (€ 1,000)                                                            |         |         |
| Movements in goodwill                                                |         |         |
| Goodwill, opening balance                                            | 319,953 | 327,829 |
| Gross amount - fully consolidated participations                     | 341,531 | 351,785 |
| Cumulative impairment losses - fully consolidated participations (-) | -21,578 | -23,956 |
| Additions through business combinations                              | 0       | 0       |
| Disposals through business disposals (-)                             | 0       | -7,404  |
| Impairments through profit and loss (-)                              | 0       | -432    |
| Other increase (decrease)                                            | 170     | -39     |
| Goodwill, ending balance                                             | 320,123 | 319,953 |
| Gross amount - fully consolidated participations                     | 338,845 | 341,531 |
| Cumulative impairment losses - fully consolidated participations (-) | -18,722 | -21,578 |

| (€ 1,000)                                        | 2023    | 2022    |
|--------------------------------------------------|---------|---------|
| Goodwill per segment                             |         |         |
| Marine Engineering & Contracting                 | 174,150 | 173,980 |
| Goodwill of AvH on DEME                          | 140,764 | 140,764 |
| Goodwill of DEME on its subsidiaries             | 13,028  | 13,028  |
| Goodwill of CFE on its subsidiaries              | 23,894  | 23,723  |
| Intercompany eliminations                        | -3,536  | -3,536  |
| Private Banking                                  | 134,247 | 134,247 |
| Goodwill of AvH on FinAx                         | 134,247 | 134,247 |
| Real Estate                                      | 0       | 0       |
| Energy & Resources                               | 0       | 0       |
| AvH & Growth Capital                             | 11,727  | 11,727  |
| Goodwill of Biolectric Group on its subsidiaries | 11,727  | 11,727  |
| Total                                            | 320,123 | 319,953 |

| (€ 1,000)                | Goodwill 2023 | Goodwill 2022 |
|--------------------------|---------------|---------------|
| Goodwill of AvH on DEME  | 140,764       | 140,764       |
| Goodwill of AvH on FinAx | 134,247       | 134,247       |

Goodwill has remained largely unchanged compared to previous year.

The goodwill is mainly attributable to FinAx, DEME (following the acquisition of control at year-end 2013), Biolectric Group and to the subsidiaries held by DEME and CFE. It should be pointed out that this does not include the goodwill (clients) of 226.8 million euros in the consolidated balance sheet of Delen Private Bank, as Delen Private Bank is recognized according to the equity method. This goodwill mainly results from the acquisition of Capital & Finance in 2007, JM Finn in 2011, and to a limited extent Oyens & Van Eeghen (end of 2015), Nobel (end of 2019) and Groenstate (2023).

AvH subjects the goodwill on its balance sheet to an impairment test in case of impairment indications and at least annually. This means the goodwill that is reported as such in the consolidated balance sheet under the item 'Goodwill', as well as the goodwill that is contained in the item 'Participations accounted for using the equity method'. Each group company of AvH is treated as a distinct cash generating unit (CGU). As part of the impairment test, a fair value is determined for each CGU on the basis of publicly available market valuations (market price of listed companies / recent transactions / broker reports). If after this first step on the basis of a fair value approach it turns out that additional justification is required, a value in use will also be determined from the perspective of AvH based on a discounted cash flow (DCF) model or market multiples. If, after this second step, still no adequate justification can be given for the goodwill in the balance sheet, an 'impairment' will be recognized.

The impairment test at AvH level did not result in any material impairment loss.

- DEME's share price at December 31, 2023 of 111.40 euros is well above the carrying amount of DEME in the consolidated financial statements of AvH.
- Via its 100% affiliate FinAx, AvH has a direct 78.75% participation in Delen Private Bank and Bank Van Breda through its wholly owned subsidiary FinAx. The goodwill on FinAx is amply underpinned based on market multiples.
- Nextensa's carrying amount at AvH results from the full consolidation of the 61.66% participation in the consolidated shareholders' equity of 834.0 million euros. This represents a net asset value of 83.4 euros per share. Notwithstanding the lower share price at year-end of 48.85 euros per share, this does not imply an indication of impairment as the investment property included in Nextensa's net asset value are measured at fair value based on external valuation reports and the project developments are reported according to the percentage of completion. The capital gains that Nextensa usually reports upon realisation, over and above the fair value measurements already recognised, attest this approach.

Significant judgement by the respective management teams is required to estimate the impact of macroeconomic and other factors on future cash flows, including those related to climate related matters. The group does not foresee activities negatively being impacted by climate related business requirements leading to an impairment loss (climate change risk).

{39}------------------------------------------------

## Note 9: Tangible assets

| (€ 1,000)                                                | Land and<br>buildings | Plant,<br>machinery and<br>equipment | Furniture and<br>vehicles | Other tangible<br>assets | Assets under<br>construction &<br>advance<br>payments | Total 2022 |
|----------------------------------------------------------|-----------------------|--------------------------------------|---------------------------|--------------------------|-------------------------------------------------------|------------|
| I. Movements in tangible assets -<br>financial year 2022 |                       |                                      |                           |                          |                                                       |            |
| Tangible assets, opening balance                         | 426,584               | 1,944,209                            | 55,051                    | 7,009                    | 329,992                                               | 2,762,846  |
| Gross amount                                             | 624,902               | 4,504,531                            | 158,421                   | 18,604                   | 329,992                                               | 5,636,450  |
| Cumulative depreciation & impairment (-)                 | -198,318              | -2,560,322                           | -103,370                  | -11,595                  | 0                                                     | -2,873,604 |
| Impact IFRS changes                                      | 0                     | 0                                    | 0                         | 0                        | 0                                                     | 0          |
| Investments                                              | 41,065                | 178,776                              | 23,856                    | 1,294                    | 324,441                                               | 569,431    |
| Additions through business combinations                  | 0                     | 0                                    | 0                         | 0                        | 0                                                     | 0          |
| Changes in scope                                         | 212                   | 0                                    | 60                        | 1                        | 0                                                     | 272        |
| Disposals (-)                                            | -4,791                | -3,367                               | -1,686                    | -6                       | -281                                                  | -10,131    |
| Disposals through business disposals (-)                 | -188,391              | -3,216                               | -3,768                    | -1,935                   | -12,629                                               | -209,939   |
| Depreciation & impairment (-)                            | -28,463               | -299,912                             | -24,533                   | -1,279                   | 0                                                     | -354,187   |
| Foreign currency exchange increase (decrease)            | -100                  | -333                                 | 55                        | 1                        | 219                                                   | -158       |
| Transfer from (to) other items                           | 3,086                 | 367,030                              | 80                        | 4,226                    | -409,452                                              | -35,030    |
| Other increase (decrease)                                | -2,421                | 0                                    | 182                       | 0                        | -158                                                  | -2,397     |
| Tangible assets, ending balance                          | 246,782               | 2,183,188                            | 49,296                    | 9,310                    | 232,132                                               | 2,720,708  |
| Gross amount                                             | 410,286               | 4,932,722                            | 150,486                   | 17,405                   | 232,132                                               | 5,743,032  |
| Cumulative depreciation & impairment (-)                 | -163,504              | -2,749,534                           | -101,191                  | -8,095                   | 0                                                     | -3,022,324 |
| II. Other information                                    |                       |                                      |                           |                          |                                                       |            |
| Leases                                                   |                       |                                      |                           |                          |                                                       |            |
| Net carrying amount of tangible assets under lease       | 92,710                | 17,969                               | 37,495                    |                          |                                                       | 148,174    |
| Tangible assets acquired under lease                     | 23,887                | 18,044                               | 17,927                    |                          |                                                       | 59,857     |

| (€ 1,000)                                                | Land and<br>buildings | Plant, machinery<br>and equipment | Furniture and<br>vehicles | Other tangible<br>assets | Assets under<br>construction &<br>advance<br>payments | Total 2023 |
|----------------------------------------------------------|-----------------------|-----------------------------------|---------------------------|--------------------------|-------------------------------------------------------|------------|
| I. Movements in tangible assets -<br>financial year 2023 |                       |                                   |                           |                          |                                                       |            |
| Tangible assets, opening balance                         | 246,782               | 2,183,188                         | 49,296                    | 9,310                    | 232,132                                               | 2,720,708  |
| Gross amount                                             | 410,286               | 4,932,722                         | 150,486                   | 17,405                   | 232,132                                               | 5,743,032  |
| Cumulative depreciation & impairment (-)                 | -163,504              | -2,749,534                        | -101,191                  | -8,095                   | 0                                                     | -3,022,324 |
| Impact IFRS changes                                      | 0                     | 0                                 | 0                         | 0                        | 0                                                     | 0          |
| Investments                                              | 46,720                | 218,305                           | 42,657                    | 3,522                    | 281,879                                               | 593,083    |
| Additions through business combinations                  | 0                     | 0                                 | 0                         | 0                        | 0                                                     | 0          |
| Changes in scope                                         | 0                     | 0                                 | 0                         | 0                        | 0                                                     | 0          |
| Disposals (-)                                            | -1,555                | -4,711                            | -1,869                    | 0                        | -148                                                  | -8,283     |
| Disposals through business disposals (-)                 | 0                     | 0                                 | 0                         | 0                        | 0                                                     | 0          |
| Depreciation & impairment (-)                            | -31,249               | -333,316                          | -26,347                   | -1,000                   | 0                                                     | -391,912   |
| Foreign currency exchange increase (decrease)            | -488                  | -1,747                            | -431                      | -9                       | -140                                                  | -2,815     |
| Transfer from (to) other items                           | 19,144                | 179,419                           | 2,425                     | -70                      | -202,286                                              | -1,369     |
| Other increase (decrease)                                | 0                     | 0                                 | 0                         | 0                        | 0                                                     | 0          |
| Tangible assets, ending balance                          | 279,354               | 2,241,138                         | 65,730                    | 11,753                   | 311,437                                               | 2,909,412  |
| Gross amount                                             | 460,170               | 5,240,786                         | 173,629                   | 20,767                   | 311,437                                               | 6,206,789  |
| Cumulative depreciation & impairment (-)                 | -180,816              | -2,999,648                        | -107,899                  | -9,014                   | 0                                                     | -3,297,377 |
| II. Other information                                    |                       |                                   |                           |                          |                                                       |            |
| Leases                                                   |                       |                                   |                           |                          |                                                       |            |
| Net carrying amount of tangible assets under lease       | 111,205               | 12,594                            | 48,844                    |                          |                                                       | 172,643    |
| Tangible assets acquired under lease                     | 39,995                | 6,411                             | 30,717                    |                          |                                                       | 77,122     |

Tangible fixed assets have increased with 188.7 million euros (+7%) to 2,909,4 million euros at year-end 2023. Of this figure, DEME accounts for 93%, its main assets being its fleet. In addition, this balance sheet item includes the offices, machinery and vehicle fleets of CFE, Bank Van Breda, Deep C Holding, Nextensa, Agidens, Biolectric and AvH.

In 2023 **DEME** welcomed a new cable laying vessel Viking Neptune and an ultra-deepwater drilling vessel Olympia in its fleet. It is converting a former bulk carrier into a new stone dumping vessel Yelllowstone and upgrading the Sea Installer.

{40}------------------------------------------------

In the beginning of 2023, Transocean Ltd, a global leader in the offshore drilling industry, made a non-controlling investment for 15.7% in GSR (deep sea harvesting) through the contribution of an ultra-deepwater drilling vessel and a cash investment. The 'Ocean Rig Olympia' is included within the additions and net book value of 'assets under construction' but the addition of the year is considered as a non-cash item.

In addition to the above contribution in kind of the 'Ocean Rig Olympia', the additions within 'assets under construction' mainly include the amounts invested in 2023 in the 'Yellowstone', in the 'Viking Neptun', in some additional modifications for the 'Orion', in a new offshore service vessel and in a new office building. As of 31 December 2023, the 'Viking Neptun', 'Orion', and the new office building were transferred to 'Property, plant and equipment' and 'land and buildings'. The investments aimed at transitioning the DEME campus into a sustainable and energy-neutral head office have been incorporated into the net book value of 'land and buildings'.

'Depreciation charge and impairment cost of the year' increased to 392 million euros in total compared to 354 million euros in 2022. The higher level of depreciation charges in 2023 is attributed primarily to investments in 'Orion', DEME's largest offshore installation vessel, that was added to the fleet mid 2022, and in 'Viking Neptun', the cable laying vessel that was integrated into the fleet in the first half of 2023. The amount also includes a 13 million euros impairment for 'Al Jarraf', one of DEME's cutter suction dredger vessels.

A workshop in Zeebrugge, included within 'land and buildings' and with a net book value of 1.6 million euro, was transferred to 'assets held for sale' (Note 5).

At 31 December 2023, DEME made commitments for investments in coming years for 37.5 million euros, mainly relating to upgrades of vessels 'Yellowstone', 'Viking Neptun' and for an offshore service vessel.

AvH's group companies have a significant potential to make a positive impact on climate change. AvH's strong **EU Taxonomy alignment** underscores its positive impact. The AvH group stands out thanks to the substantial portion of its turnover (27%) and investments (43%) which is already 'aligned' with this framework. These figures show the financial impact of initiatives taken by the AvH group from an ecological perspective, whereby the Capex figure clearly demonstrates its commitments to, and belief in, the future.

DEME's activities in offshore wind are considered both eligible and largely aligned. Rail infrastructure projects were screened as well. DEME's eligible activities expanded in 2023 to also include parts of its environmental activities. CFE's eligible activities primarily relate to construction and renovation, electrical installation, rail infrastructure and real estate development. The aligned turnover mainly relates to BPI's project development and CFE's construction projects. Nextensa's eligible activities are primarily related to real estate development and the letting of real estate from its own investment portfolio.

## Note 10: Investment property at fair value

| (€ 1,000)                                                              | Leased buildings | Development<br>projects | Assets held for<br>sale | Total     |
|------------------------------------------------------------------------|------------------|-------------------------|-------------------------|-----------|
| I. Movement in investment property at fair value - financial year 2022 |                  |                         |                         |           |
| Investment property, opening balance                                   | 1,226,963        | 40,187                  | 141,259                 | 1,408,409 |
| Gross amount                                                           | 1,226,963        | 40,187                  | 141,259                 | 1,408,409 |
| Investments                                                            | 34,870           | 7,264                   | 23                      | 42,157    |
| Additions through business combinations                                | 0                | 0                       | 0                       | 0         |
| Disposals (-)                                                          | -1,848           | 0                       | -140,691                | -142,538  |
| Disposals through business disposals (-)                               | 0                | 0                       | -490                    | -490      |
| Gains (losses) from fair value adjustments                             | -11,729          | 199                     | -91                     | -11,620   |
| Transfer from (to) other items                                         | 0                | -17,190                 | 0                       | -17,190   |
| Other increase (decrease)                                              | 0                | 0                       | -11                     | -11       |
| Investment property, ending balance                                    | 1,248,256        | 30,460                  | 0                       | 1,278,716 |
| Gross amount                                                           | 1,248,256        | 30,460                  | 0                       | 1,278,716 |
| I. Movement in investment property at fair value - financial year 2023 |                  |                         |                         |           |
| Investment property, opening balance                                   | 1,248,256        | 30,460                  | 0                       | 1,278,716 |
| Gross amount                                                           | 1,248,256        | 30,460                  | 0                       | 1,278,716 |
| Investments                                                            | 37,341           | 34,674                  | 0                       | 72,015    |
| Additions through business combinations                                | 0                | 0                       | 0                       | 0         |
| Disposals (-)                                                          | -41,458          | 0                       | 0                       | -41,458   |
| Disposals through business disposals (-)                               | 0                | 0                       | 0                       | 0         |
| Gains (losses) from fair value adjustments                             | -11,357          | 855                     | -700                    | -11,202   |
| Transfer from (to) other items                                         | -75,750          | 65,820                  | 9,930                   | 0         |
| Other increase (decrease)                                              | 0                | 2                       | 0                       | 2         |
| Investment property, ending balance                                    | 1,157,032        | 131,811                 | 9,230                   | 1,298,074 |
| Gross amount                                                           | 1,157,032        | 131,811                 | 9,230                   | 1,298,074 |

{41}------------------------------------------------

| (€ 1,000)          | 2023   | 2022   |
|--------------------|--------|--------|
| Key figures        |        |        |
| Rental income      | 70,522 | 67,400 |
| Rental yield (%)   | 5.74%  | 5.30%  |
| Occupancy rate (%) | 91.10% | 88.48% |

The value of the investment property portfolio of Nextensa increased to 1,298.1 million euros (+1%):

- Nextensa invested 72.0 million euros in its real estate portfolio, including 17.3 million euros in two new properties to be redeveloped. The Montoyer 24 (Brussels) and Monterey 18 (Luxembourg) were added to the portfolio and further investments were made in Luxembourg in the renovation of the Knauf shopping centre in Schmiede and in the conversion of an old office part near Luxembourg Airport into a new project.
- As a result of the lower activity in the institutional real estate market, Nextensa only sold its "Treesquare" office building in Brussels in April 2023, with a profit of 2.1 million euros.
- The main asset held for sale at year end 2023 is a retail property of Nextensa in Luxembourg, that has been sold early February 2024 at a price in line with the valuation in this balance sheet.
- Nextensa recorded a net negative evolution of 11.2 million euros in the fair value of its investment portfolio (0.9%).

Nextensa realised a higher rental income in 2023 compared to 2022, i.e. a like-for-like rental growth of +12%. Property costs decreased due to higher occupancy rate.

The average rental yield on the investment property increased from 5.30% at year-end 2022 to 5.74% at year-end 2023.

EU Taxonomy: 32% of Nextensa's turnover and 20% of Nextensa's capex are aligned with the EU Taxonomy. In 2023, the decision was taken to align new developments going forward with the criteria of the EU taxonomy (within the climate mitigation objective) and an action plan was drawn up to move towards a fossil-free portfolio.

#### Valuation of investment properties – Nextensa

Nextensa uses the following methods to define the fair value according to IFRS 13:

#### • **Net present value of estimated rental income**

The fair value is the result of the yield applied on the estimated rental value (capitalisation method or market approach) corrected by the net present value of the difference between the current rent and the estimated rental value at the valuation date, and this, for the period till the next break possibility of the current rental contracts.

#### • **Discounted cash flow method**

The DCF method consists in defining the present value of the future cash flows. The future rental income is estimated on the basis of the existing contractual rents and the real estate market outlook for each building in the following periods. Moreover, the future maintenance costs are also estimated and taken into account. The actualisation rate applied takes into account the risk premium for the object defined by the market. The obtained value is also compared to the market on the basis of the definition of the residual land value.

#### • **Residual valuation**

Buildings to renovate or in the course of renovation, or planned projects are valued based on the value after renovation, under deduction of the amount for the remainder of the work to be carried out, including costs, interests, vacancy and risk premium.

Assets and liabilities valued at fair value after their initial booking can be presented in three levels (1-3):

- **Level 1** inputs are quoted prices in active markets for identical assets or liabilities.
- **Level 2** inputs are inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly (i.e. prices) or indirectly (i.e. deducted from prices).
- **Level 3** inputs are unobservable inputs for the asset or liability based on valuations techniques comprising data for the asset or liability.

The investment properties of Nextensa fall under level 3. The valuations at the end of 2023 were carried out by external parties: Cushman & Wakefield, Stadim (Belux) and Oerag (Austria). The table below provides an overview of the valuation techniques applied per asset class.

{42}------------------------------------------------

| Asset class                                   | Fair value<br>2023<br>(€ 1,000) | Fair value<br>2022<br>(€ 1,000) | Valuation<br>technique                                                                     | Important input data                                                                                                                                                                         | 31/12/2023 Min-Max<br>(weighted average)                                                                                | 31/12/2022 Min-Max<br>(weighted average)                                                                                |
|-----------------------------------------------|---------------------------------|---------------------------------|--------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------|
| Retail Grand Duchy of<br>Luxembourg & Belgium | 373,924                         | 377,629                         | Actualization of<br>estimated<br>rental income                                             | a) Estimated rental value spread<br>b) Average weighted estimated<br>rental value<br>c) Capitalization rate spread<br>d) Weighted average cap. rate<br>e) Remaining duration<br>f) Number m² | a) [0.34 €/m² - 20.59 € /m²]<br>b) [13.69 € /m²]<br>c) [1.82% - 15.09%]<br>d) [6.93%]<br>e) 4.17 years<br>f) 166 950 m² | a) [0.34 €/m² - 18.66 € /m²]<br>b) [13.72 € /m²]<br>c) [0.90% - 11.58%]<br>d) [6.51%]<br>e) 3.62 years<br>f) 166 950 m² |
| Retail Austria                                | 190,926                         | 189,581                         | DCF (discounted<br>cash flow)                                                              | a) Estimated rental value spread<br>b) Average weighted estimated<br>rental value<br>c) Capitalization rate spread<br>d) Weighted average cap. rate<br>e) Remaining duration<br>f) Number m² | a) [12.38 €/m² - 15.87 € /m²]<br>b) [13.77 €/m²]<br>c) [5.22% - 6.54%]<br>d) [5.62%]<br>e) 5.62 years<br>f) 69 219 m²   | a) [8.79 €/m² - 15.09 € /m²]<br>b) [12.71 €/m²]<br>c) [3.70% - 6.11%]<br>d) [5.38%]<br>e) 5.21 years<br>f) 69 219 m²    |
| Offices Grand Duchy of<br>Luxembourg          | 136,330                         | 186,660                         | Actualization of<br>estimated<br>rental income                                             | a) Estimated rental value spread<br>b) Average weighted estimated<br>rental value<br>c) Capitalization rate spread<br>d) Weighted average cap. rate<br>e) Remaining duration<br>f) Number m² | a) [35.41 €/m² - 61.07 € /m²]<br>b) [42.44 €/m²]<br>c) [1.61% - 5.93%]<br>d) [4.30%]<br>e) 3.34 years<br>f) 29 605 m²   | a) [22.57 €/m² - 46.58 € /m²]<br>b) [26.71 €/m²]<br>c) [0.58% - 6.75%]<br>d) [4.74%]<br>e) 1.46 years<br>f) 35 550 m²   |
| Offices Belgium                               | 367,357                         | 409,511                         | Actualization of<br>estimated<br>rental income                                             | a) Estimated rental value spread<br>b) Average weighted estimated<br>rental value<br>c) Capitalization rate spread<br>d) Weighted average cap. rate<br>e) Remaining duration<br>f) Number m² | a) [13.12 €/m² - 26.55 €/m²]<br>b) [16.36 €/m²]<br>c) [4.54% - 8.32%]<br>d) [5.14%]<br>e) 6.10 years<br>f) 107 658 m²   | a) [11.68 €/m² - 25.18 €/m²]<br>b) [17.03 €/m²]<br>c) [3.78% - 8.80%]<br>d) [4.93%]<br>e) 6.68 years<br>f) 112 891 m²   |
| Other                                         | 229,537                         | 115,335                         | DCF (discounted<br>cash flow or net<br>present value of<br>cash-flows at<br>discount rate) | a) Estimated rental value spread<br>b) Average weighted estimated<br>rental value<br>c) Average discount rate<br>d) Economic life<br>e) Remaining duration<br>f) Number m²                   | a) Not applicable<br>b) Not applicable<br>c) Not applicable<br>d) 30 years<br>e) 1.17 years<br>f) 32 629 m²             | a) Not applicable<br>b) Not applicable<br>c) Not applicable<br>d) 30 years<br>e) 3.41 years<br>f) 32 629 m²             |
| Total                                         | 1,298,074                       | 1,278,716                       |                                                                                            |                                                                                                                                                                                              |                                                                                                                         |                                                                                                                         |

Nextensa's investment portfolio was valued at 1.3 billion euros on December 31, 2023 and is divided over Belgium (42%), Luxembourg (43%) and Austria (15%). According to the type of properties, the portfolio comprises 38% offices and 44% retail. The remaining 18% represents 'Other' real estate, such as car parks and real estate for events.

| Note 11: | Participations accounted for using the equity method |
|----------|------------------------------------------------------|
|----------|------------------------------------------------------|

| (€ 1,000)                                            | 2023      | 2022      |
|------------------------------------------------------|-----------|-----------|
| Participations accounted for using the equity method |           |           |
| Marine Engineering & Contracting                     | 397,890   | 362,398   |
| Private Banking                                      | 933,089   | 849,394   |
| Real Estate                                          | 64,238    | 52,946    |
| Energy & Resources                                   | 353,632   | 341,798   |
| AvH & Growth Capital                                 | 273,242   | 238,701   |
| Total                                                | 2,022,091 | 1,845,237 |

{43}------------------------------------------------

| (€ 1,000)                                                             | Equity value | Goodwill<br>allocated | Total 2023 | Total 2022 |
|-----------------------------------------------------------------------|--------------|-----------------------|------------|------------|
| Movements in participations accounted for using the equity method     |              |                       |            |            |
| Participations accounted for using the equity method: opening balance | 1,757,711    | 87,526                | 1,845,237  | 1,647,196  |
| Additions                                                             | 105,599      | 11,149                | 116,748    | 35,171     |
| Additions through business combinations                               | 0            | 0                     | 0          | 0          |
| Disposals (-)                                                         | -2,996       | 0                     | -2,996     | -19,389    |
| Disposals through business disposals (-)                              | 0            | 0                     | 0          | 0          |
| Share of profit (loss) from equity accounted investments              | 223,378      | 0                     | 223,378    | 243,874    |
| Impairments through profit and loss                                   | 0            | 0                     | 0          | 0          |
| Foreign currency exchange increase (decrease)                         | -18,244      | 0                     | -18,244    | 11,746     |
| Impact of dividends distributed by the participations (-)             | -134,974     | 0                     | -134,974   | -122,246   |
| Transfers (to) from other items                                       | 11,192       | 0                     | 11,192     | -25,928    |
| Other increase (decrease)                                             | -18,249      | 0                     | -18,249    | 74,812     |
| Participations accounted for using the equity method: ending balance  | 1,923,417    | 98,675                | 2,022,091  | 1,845,237  |

#### General evolution

Participations accounted for using the equity method comprise the interests in jointly controlled participations or in companies in which no controlling interest is held. These include not only direct participations such as a.o. Delen Private Bank, the offshore wind companies Rentel and SeaMade, SIPEF, Sagar Cements and several participations from the Growth Capital portfolio of AvH, but also equity accounted for participations held by fully consolidated group companies. The increase by 176.9 million euros compared to last year illustrates the strong performance of these participations with result contributions outweighing dividend distributions. But it is also impacted by changes in scope: in 2023 Camlin Fine Sciences has been added in "AvH & Growth Capital" and several changes occurred in the jointly controlled entities that are active in real estate development within CFE.

During the past year 2023, the group invested 116,8 million euros:

- In "Marine Engineering & Contracting", CFE invested in several companies that will develop real estate projects, including the Kronos project in Luxembourg, while investments by DEME were limited to a number of smaller transactions.
- AvH increased its participation in SIPEF by 1.72% to 38.53%, participated in a public tender offer for Camlin resulting in a 20 million euros investment and realized a series of other smaller investments.

There were no noteworthy disposals in 2023. The sale of Telemond is not included in this scheme, as the 50% stake in Telemond had already been recognised as 'Asset held for sale' in the 2022 financial statements (see Note 5).

The share of profit from equity accounted participations amounted to 223.4 million euros. This very significant contribution includes AvH's share in the net profit of a.o. Delen Private Bank, SIPEF, the offshore windfarms Rentel and SeaMade, Sagar Cements and of several Growth Capital-participations.

Dividends received from participations accounted for using the equity method increased in 2023 by 12.7 million euros to 135.0 million euros. The highest dividends in this category were received from Delen Private Bank (63.2 million euros), from the offshore wind companies Rentel and SeaMade (26,1 million euros) and from SIPEF (11.9 million euros).

The 'Transfer (to) from other items' is primarily explained by the reclassification to (from) provisions of negative equity accounted participations.

The 'Other increase (decrease)' item reflects movements in the equity of the participations, with a decreased fair value of the cash flow hedges at the participations of DEME and Green Offshore in the Rentel and SeaMade offshore wind farms, having the greatest impact. Other movements in the equity of the participations include a.o. the eliminations of results on sales of treasury shares, the impact of the buy-out of minority interests, and the impact of the measurement of the purchase obligation resting on certain shares.

#### Directly held participations accounted for using the equity method

AvH applies the equity method to the jointly controlled subsidiaries Delen Private Bank (78.75%), SIPEF (38.5%), Verdant Bioscience (42%), Amsteldijk Beheer (50%), Turbo's Hoet Groep (50%) and GreenStor (50%). This balance sheet item also comprises the associated interests in Sagar Cements (19.6%), Axe Investments (48.3%), Financière EMG (22.7%), Mediahuis (13.9%), OM Partners (20%), Van Moer Logistics (21.7%) and Camlin Fine Sciences (6.6%). For a more detailed description of the changes in the scope, see Note 6. Segment information.

Some of the group companies mentioned above are listed on the stock market. If the interests in SIPEF, Sagar Cements and Camlin FS were to be valued at the market price at year-end 2023 those companies would represent stock market values of 216,0 million euros, 73.2 million euros and 16.9 million euros respectively. If the stock market value at the end of the year was lower than the consolidated equity method value, other elements were considered in the assessment as to whether an impairment was necessary. This was not the case at the end of 2023.

#### Indirectly held participations accounted for using the equity method

The full consolidation of CFE, DEME, Deep C Holding, Green Offshore and Nextensa gives rise to the recognition of their jointly controlled subsidiaries and associated participating interests for a total amount of 462.1 million euros, the main interests being those of DEME in C-Power (6.5%), of DEME/Green Offshore in Rentel (18.9% and 12.5% respectively) and in SeaMade (13.2% and 8.75% respectively), of DEME in CDWE Taiwan, Deeprock and GEM/EMW, as well as the real estate and PPP projects set up by CFE and Nextensa together with partners and port-related partnerships at Deep C Holding.

{44}------------------------------------------------

## Note 12: Financial risk management and financial derivatives

## 1. Credit risk

Both **CFE** and **DEME** have set up procedures to limit the risk of their trade receivables. To limit the credit risk, both participations constantly monitor their outstanding trade receivables and adjust their positions if necessary. For the purposes of major foreign contracts, for instance, DEME regularly uses the services of the Credendo Group insofar as the country concerned qualifies for this service and the risk can be covered by credit insurance. A large part of the consolidated turnover is realized through public or semi-public sector customers. The level of counterparty risk is limited by the large number of customers. For large-scale infrastructure contracts, DEME is dependent on the ability of customers to obtain financing and can, if necessary, help to organize project financing. Although the credit risk cannot be ruled out altogether, it is still limited. Moreover, as a worldwide player, DEME is exposed to political risks and negative developments that may manifest themselves at the macroeconomic level.

The credit risk of **Deep C Holding**, primarily active in Vietnam, is limited by advances received on the sale of acquired rights over developed sites (industrial zones) and by the monthly invoicing and the wide spread of customers when providing utilities, maintenance and management services in those industrial zones.

For the credit risk regarding the loan portfolio of **Bank Van Breda** we refer to the credit risk policy as described in Note 14.

**Nextensa** aims at a good spread both in terms of the number of tenants and the sectors in which these tenants are active in order to limit the risk of bad debts and bankruptcies by tenants. Furthermore, the solvency of the tenants is screened on a regular basis by an external rating agency, and long-term lease agreements are sought to ensure a recurrent rental income flow and increase the duration of the lease agreements. In the real estate development activity an extensive analysis of the related technical, legal and financial risks is made, prior to the signing of a new project.

**Agidens** manages its debtor risk in accordance with the relevant policy, procedures and checks that have been set out by the group. Outstanding receivables are periodically monitored, and large-scale projects are generally covered by bank or other similar guarantees. The same applies to **Biolectric**.

In the **AvH & Growth Capital** segment the group invests for the long term in companies with international growth potential. The diversified character of these investments contributes to a balanced spread of the economic and financial risks. Furthermore, AvH usually finances these investments with shareholders' equity.

| (€ 1,000)                                                         | Segment 1                                 | Segment 2          | Segment 3   | Segment 4             | Segment 5                  |                                     |            |
|-------------------------------------------------------------------|-------------------------------------------|--------------------|-------------|-----------------------|----------------------------|-------------------------------------|------------|
|                                                                   | Marine<br>Engineering<br>&<br>Contracting | Private<br>Banking | Real Estate | Energy &<br>Resources | AvH &<br>Growth<br>Capital | Eliminations<br>between<br>segments | Total 2022 |
| Financial fixed assets - receivables and warranties               | 170,404                                   | 2,579              | 7,910       | 0                     | 43,821                     | -34,840                             | 189,875    |
| Other receivables                                                 | 56,026                                    | 11,231             | 52,849      | 68                    | 7,698                      | 0                                   | 127,871    |
| Trade debtors                                                     | 683,217                                   | 48                 | 15,371      | 0                     | 21,841                     | -1,262                              | 719,214    |
| Total (net - accumulated impairments included)                    | 909,646                                   | 13,858             | 76,131      | 68                    | 73,359                     | -36,102                             | 1,036,960  |
| %                                                                 | 88%                                       | 1%                 | 7%          | 0%                    | 7%                         | -3%                                 | 100%       |
| not expired                                                       | 721,903                                   | 13,858             | 73,268      | 68                    | 68,541                     | -36,102                             | 841,536    |
| expired < 30 d                                                    | 48,354                                    | 0                  | 650         | 0                     | 3,017                      | 0                                   | 52,021     |
| expired < 60 d                                                    | 51,388                                    | 0                  | 405         | 0                     | 497                        | 0                                   | 52,290     |
| expired < 120 d                                                   | 40,792                                    | 0                  | 1,457       | 0                     | 438                        | 0                                   | 42,688     |
| expired > 120 d                                                   | 47,210                                    | 0                  | 350         | 0                     | 866                        | 0                                   | 48,425     |
| Total (net - accumulated impairments included)                    | 909,646                                   | 13,858             | 76,131      | 68                    | 73,359                     | -36,102                             | 1,036,960  |
| %                                                                 | 88%                                       | 1%                 | 7%          | 0%                    | 7%                         | -3%                                 | 100%       |
| Accumulated impairments                                           |                                           |                    |             |                       |                            |                                     |            |
| Financial fixed assets - receivables and warranties (impairments) | -5,229                                    | 0                  | 0           | 0                     | -10,985                    | 0                                   | -16,213    |
| Other receivables (impairments)                                   | -212                                      | 0                  | 0           | 0                     | -1,981                     | 0                                   | -2,192     |
| Trade debtors (impairments)                                       | -36,203                                   | 0                  | -821        | 0                     | -50                        | 0                                   | -37,074    |
|                                                                   | -41,644                                   | 0                  | -821        | 0                     | -13,016                    | 0                                   | -55,480    |

{45}------------------------------------------------

| (€ 1,000)                                                         | Segment 1                                 | Segment 2          | Segment 3   | Segment 4             | Segment 5                  |                                     |            |
|-------------------------------------------------------------------|-------------------------------------------|--------------------|-------------|-----------------------|----------------------------|-------------------------------------|------------|
|                                                                   | Marine<br>Engineering<br>&<br>Contracting | Private<br>Banking | Real Estate | Energy &<br>Resources | AvH &<br>Growth<br>Capital | Eliminations<br>between<br>segments | Total 2023 |
| Financial fixed assets - receivables and warranties               | 204,053                                   | 3,177              | 6,250       | 0                     | 38,781                     | -25,236                             | 227,024    |
| Other receivables                                                 | 63,848                                    | 5,545              | 59,131      | 3                     | 20,076                     | 0                                   | 148,603    |
| Trade debtors                                                     | 745,140                                   | 56                 | 22,777      | 0                     | 22,738                     | -1,343                              | 789,368    |
| Total (net - accumulated impairments included)                    | 1,013,042                                 | 8,778              | 88,158      | 3                     | 81,594                     | -26,579                             | 1,164,996  |
| %                                                                 | 87%                                       | 1%                 | 8%          | 0%                    | 7%                         | -2%                                 | 100%       |
| not expired                                                       | 787,884                                   | 8,778              | 77,795      | 3                     | 76,984                     | -26,579                             | 924,864    |
| expired < 30 d                                                    | 80,750                                    | 0                  | 5,680       | 0                     | 2,404                      | 0                                   | 88,834     |
| expired < 60 d                                                    | 46,251                                    | 0                  | 1,117       | 0                     | 566                        | 0                                   | 47,934     |
| expired < 120 d                                                   | 48,102                                    | 0                  | 686         | 0                     | 434                        | 0                                   | 49,223     |
| expired > 120 d                                                   | 50,054                                    | 0                  | 2,879       | 0                     | 1,206                      | 0                                   | 54,140     |
| Total (net - accumulated impairments included)                    | 1,013,042                                 | 8,778              | 88,158      | 3                     | 81,594                     | -26,579                             | 1,164,996  |
| %                                                                 | 87%                                       | 1%                 | 8%          | 0%                    | 7%                         | -2%                                 | 100%       |
| Accumulated impairments                                           |                                           |                    |             |                       |                            |                                     |            |
| Financial fixed assets - receivables and warranties (impairments) | -7,156                                    | 0                  | 0           | 0                     | -11,285                    | 0                                   | -18,441    |
| Other receivables (impairments)                                   | 0                                         | 0                  | 0           | 0                     | -1,981                     | 0                                   | -1,981     |
| Trade debtors (impairments)                                       | -36,267                                   | 0                  | -845        | 0                     | -50                        | 0                                   | -37,162    |
|                                                                   | -43,423                                   | 0                  | -845        | 0                     | -13,316                    | 0                                   | -57,584    |

#### **Marine Engineering & Contracting**

• Financial fixed assets: receivables and warranties: loans granted to participating interests include a.o. financing granted by DEME and Green Offshore to their respective participating interests active in the development/operation of the Rentel and SeaMade wind farms, and by CFE to real estate project companies.

• Trade debtors in this segment account for 94% of total trade receivables.

Overdue receivables in contracting mainly relate to settlements and additional charges, but which still have to be included in the budgets or are to be covered by an overall agreement. CFE and DEME have a number of negotiations and/or procedures pending. Overdue receivables (mostly attributable to DEME) are mainly covered by Credendo. Expected losses on construction contracts are adequately recorded in the balance sheet item 'Construction contracts' (Note 15).

The turnover of Deep C Holding, primarily active in Vietnam, derives from (i) the sale of acquired rights over developed sites (industrial zones), (ii) the provision of utilities (electricity and water) and (iii) of maintenance and management services in those industrial zones:

- The compensation for the sale of acquired rights over developed sites, usually varying from 40 to 50 years, is largely paid in advance (80% to 100%) by the customers of the Deep C Holding group. Once the land is delivered to the customer, the risks and rewards of the land use rights are transferred.
- The charges for the provision of utilities, maintenance and management services are invoiced on a monthly basis, and given the wide spread of customers, the credit risk is fairly limited.

#### **Private Banking**

We refer to Note 14 for more details regarding the credit risk of Bank Van Breda.

#### **Real Estate**

- The other receivables relate to the advances that Nextensa grants to its real estate project companies.
- Referring to the above description of the credit risk management, under normal circumstances the impairments on trade receivables are limited at Nextensa.

#### **AvH & Growth Capital and Intercompany eliminations**

- the full consolidation of Agidens and Biolectric Group with their respective trade receivables.
- financing provided by AvH & subholdings to, among others, Green Offshore in the context of the development of the Rentel and SeaMade wind farms and to Deep C Holding (development of port-related industrial zones in Vietnam) has been eliminated in the consolidation.

In 2023, no customer accounted for more than 10% of group revenue.

## 2. Liquidity risk and capital management

The financial debts, after intercompany elimination, relate to the following segments:

| (€ 1,000)                        | 2023                   |                        |                       | 2022                   |                        |                       |
|----------------------------------|------------------------|------------------------|-----------------------|------------------------|------------------------|-----------------------|
|                                  | Financial debt -<br>ST | Financial debt -<br>LT | Net financial<br>debt | Financial debt -<br>ST | Financial debt -<br>LT | Net financial<br>debt |
| Marine Engineering & Contracting | 308,416                | 914,291                | 638,947               | 278,640                | 1,016,861              | 601,511               |
| Private Banking (IFRS 16 leases) | 2,955                  | 5,726                  | -20,658               | 2,613                  | 4,854                  | -17,048               |
| Real Estate                      | 235,790                | 562,159                | 786,820               | 117,668                | 634,932                | 721,493               |
| Energy & Resources               | 0                      | 0                      | -689                  | 0                      | 0                      | -642                  |
| AvH & Growth Capital             | 3,512                  | 8,713                  | -352,669              | 3,735                  | 10,026                 | -396,956              |
| Intercompany                     | 0                      | -25,236                | -25,236               | 0                      | -34,840                | -34,840               |
| Total                            | 550,672                | 1,465,653              | 1,026,515             | 402,656                | 1,631,833              | 873,517               |

{46}------------------------------------------------

**DEME**'s liquidity risk is limited by spreading the financing over several banks and by preference over the long term. DEME has major credit and guarantee lines with a whole string of international banks. Certain ratios (covenants) were agreed in the loan agreements with the relevant banks which DEME must observe. This was the case at year end 2023. In addition, it has a commercial paper programme to cover short-term financial needs. DEME predominantly invests in equipment with a long life which is depreciated over several years. For that reason, DEME seeks to schedule a substantial part of its debts over a long term. DEME converted all its long-term financing into sustainability-linked loans in February 2022.

**CFE** finances its construction and real estate development activities with bank loans, medium term notes and commercial paper. In 2022, CFE has set up new credit lines that incorporate sustainability criteria.

Both DEME and CFE had a substantial cash position (cash and cash equivalents) at year-end 2023.

The **Deep C Holding** group is financed primarily by equity, bank and shareholder loans. Following the successful capital increase at its affiliate Infra Asia Investment in 2023, Deep C Holding partially reimbursed shareholder loans. Infra Asia Investment disposes of 55 million USD credit facilities of which 20 million USD are undrawn.

**Nextensa** has the necessary long-term credit facilities and backup lines for its commercial paper to cover present and future investment needs. Those credit facilities and backup lines serve to hedge the financing risk. The liquidity risk is limited by having the financing spread over several financial counterparties and by tapping various sources of funding, as well as by diversifying the expiration dates of the credit facilities. Nextensa finances its operations through bank financing and bond financing. As of 31 December 2023, Nextensa had confirmed credit lines of 871 million euros, of which 164 million euros were undrawn. The average duration of the credit lines relating the investment portfolio was 2.08 years at 31 December 2023 and 1.31 years for the financing related to the development portfolio.

The financial debts reported by the AvH & Growth Capital segment are entirely attributable to **Agidens** and **Biolectric Group**. The debts of Agidens relate to the financing of the main building, the leases of cars and a straight loan regarding working capital management. The financial debts of Biolectric relate to its headquarters, the acquisition loan, its working capital and the biogas installations that remain in ownership of Biolectric so to operate them and to sell the electricity produced to farmers.

**AvH (and subholdings)** has a net cash position of 517,5 million euros (see Note 6. Segment information Cash flow statement for more details). AvH disposes of confirmed credit lines (280 million euros), spread over different banks.

Several fully consolidated companies have agreed on certain ratios (covenants) in their credit agreements and these were respected end on December, 31 2023.

The evolution of the financial debts and the net financial debt position is further explained in Note 19 Financial debts.

## 3. Financial derivatives for hedging the interest rate risk, currency risk and commodity risk

| (€ 1,000)                                                                  | Notional amount<br>2023 | Book value 2023 | Notional amount<br>2022 | Book value 2022 |
|----------------------------------------------------------------------------|-------------------------|-----------------|-------------------------|-----------------|
| I. Interest rate hedges                                                    |                         |                 |                         |                 |
| Assets                                                                     |                         |                 |                         |                 |
| Fair value hedges - Bank Van Breda                                         | 785,000                 | 49,883          | 870,000                 | 88,251          |
| Cash flow hedges                                                           | 880,521                 | 35,500          | 1,269,235               | 82,695          |
| Hedging instruments that do not meet the requirements of cash flow hedging | 570,000                 | 16,490          | 185,000                 | 7,732           |
| Accrued interest                                                           |                         | 0               |                         | 0               |
| Total                                                                      |                         | 101,873         |                         | 178,677         |
| Liabilities                                                                |                         |                 |                         |                 |
| Fair value hedges - Bank Van Breda                                         | 265,000                 | -12,206         | 25,000                  | -399            |
| Cash flow hedges                                                           | 32,416                  | -125            | 0                       | 0               |
| Hedging instruments that do not meet the requirements of cash flow hedging | 50,000                  | -436            | 15,000                  | -23             |
| Accrued interest                                                           |                         | 0               |                         | 0               |
| Total                                                                      |                         | -12,767         |                         | -422            |
| II. Currency hedges                                                        |                         |                 |                         |                 |
| Assets                                                                     | 179,146                 | 7,054           | 198,298                 | 2,549           |
| Liabilities                                                                | 1,021,518               | -43,276         | 1,148,935               | -84,188         |
|                                                                            |                         | -36,223         |                         | -81,639         |
| III. Commodity risks                                                       |                         |                 |                         |                 |
| Assets                                                                     |                         | 380             |                         | 2,044           |
| Liabilities                                                                |                         | 0               |                         | -1,175          |
|                                                                            |                         | 380             |                         | 869             |
| Reconciliation with consolidated balance sheet                             |                         | Asset side      |                         | Asset side      |
| Non-current hedging instruments                                            |                         | 89,227          |                         | 158,911         |
| Current hedging instruments                                                |                         | 20,079          |                         | 24,359          |
|                                                                            |                         | 109,306         |                         | 183,270         |
|                                                                            |                         | Liability side  |                         | Liability side  |
| Non-current hedging instruments                                            |                         | -35,869         |                         | -53,892         |
| Current hedging instruments                                                |                         | -20,175         |                         | -31,893         |
|                                                                            |                         | -56,043         |                         | -85,785         |

{47}------------------------------------------------

#### 3.1 Interest rate risk

The interest rate risk within the **CFE** group is managed according to the type of activity. The Contracting activities are characterized by an excess of cash which partially compensates the real estate commitments. Cash management is mainly centralized through the cash pooling. **DEME** enters into substantial financing for the acquisition of dredging vessels. DEME uses interest rate swaps to achieve the best possible balance between financing costs and the volatility of the financial results.

The **Deep C Holding** group is financed primarily by equity, bank and shareholder loans. Following the successful capital increase at its affiliate Infra Asia Investment in 2023, Deep C Holding partially reimbursed shareholder loans. Infra Asia Investment disposes of 55 million USD credit facilities of which 20 million USD are undrawn. 50% of the interest rate risk on this credit facility is hedged by a forward interest rate swap.

The hedging policy of **Nextensa** is to ringfence the interest rate risks for approximately 75% of the financial debt for a period of 4-5 years and approximately 50% for the following 5 years. The hedge ratio for the investment portfolio at year-end 2023 is 79%, compared to 74% at year-end 2022. As of December 31, 2023, the weighted residual maturity of the loan portfolio allocated to the investment property evolved from 2.85 years at year-end 2022 to 2.31 years at year-end 2023. The weighted residual maturity of the hedging products decreased from 3.52 years (year-end 2022) to 2.95 years at year-end 2023.

The financial debts of the **AvH & Growth Capital** segment entirely consist of the debt entered into by Agidens and Biolectric regarding offices, the car park and the funding of working capital. No interest hedging contracts were outstanding at the 2023 year end.

#### **Sensitivity analysis for the interest rate risk**

If Euribor rises by 50 base points this will mean an interest charge increase of 1.2 million euros (CFE), negligible due to almost 100% hedge ratio (DEME), 0.7 million euros (Nextensa), 0.0 million euros (Agidens) and 0.1 million euros (Biolectric). AvH (& subholdings) is debt-free. However, this does not take into account the impact we would observe on the assets.

#### 3.2 Exchange risk

Given the international character of its business operations and the execution of contracts in foreign currency, **DEME** is exposed to currency risks. DEME's transactional foreign currency risk arises from commercial flows denominated in currencies other than the euro. However, 65% of DEME's revenues (2022: 79%) related to transactions expressed in euros and, as such, represented the largest portion of DEME's revenues realised. Turnover in foreign currency related to a.o.: US dollar, Singapore dollar, Indian rupee, British pound, Danish krone, Mexican Peso and the Papua New Guinea kina. DEME's expenses are also predominantly in euro, except for contracts that are carried out in non-euro countries. The residual foreign currency risk is assessed on a case-by-case basis and, if necessary, DEME uses forward-exchange contracts to hedge its residual foreign currency risk on projected net commercial flows denominated in currencies other than the euro.

In the case of **CFE**, most operations take place within the eurozone; nevertheless, exposure to foreign currency fluctuations (mainly Polish Zloty) is limited as much as possible.

**Deep C Holding** primarily operates in Southeast Asia and is essentially exposed to an exchange rate risk relating to the US dollar and the Vietnamese dong. Since the subsidiaries of Deep C Holding mainly effect purchases and sales in local currencies, the group's exposure to exchange rate fluctuations in commercial transactions is limited in a natural way. The translation of the functional currency (USD) into euros upon consolidation embodies an exchange rate risk.

**Nextensa** operates in Belgium, Luxembourg and Austria, and is therefore not subject to exchange risks.

The exchange rate risk of **Bank Van Breda** is limited, as the bank only operates in Belgium and the nature of its clients is such that it does not hold any significant own currency position.

**Agidens**, with its worldwide operations, has a (limited) exchange rate exposure to the US dollar and Swiss franc, and hedges its currency risk by using the same currency as much as possible for the income and expenses in question (natural hedging). If necessary, a currency swap is concluded with approved and reputable counterparties. **Biolectric** has a limited GBP exposure through its branch in the United Kingdom.

The strategy of **AvH** to look towards emerging markets resulted in investments in Indian rupees (Sagar Cements, the Healthquad I and II Funds, Medikabazaar and Camlin Fine Sciences) and in US Dollar (the Venturi Partners Fund I and Convergent Finance). This risk is not hedged as it concerns long term investments.

The remaining fully consolidated participations are not subject to significant exchange rate risks since they mainly operate in the eurozone.

Various non-fully consolidated participations such as Delen Private Bank, SIPEF and Verdant Bioscience, as well as Turbo's Hoet Groep and others, operate to a significant extent outside the eurozone. This may give rise to greater risks as a result of geopolitical developments or events.

The exchange rate risk in each of these cases is followed up and controlled at the level of the participation itself.

The exchange rate risk at **Delen Private Bank** is limited to the foreign currency subsidiaries (JM Finn and to a lesser extent Delen Suisse). The net exposure to the British Pound is currently limited as the impact of any exchange rate fluctuation on the JM Finn equity is neutralized by an opposite impact on the liquidity obligation on the remaining 8% minority stake in JM Finn. At **SIPEF** the majority of the costs are incurred abroad (in Indonesia and Papua New Guinea), whereas sales are realised in USD. This is a structural risk that is not hedged by the company and is therefore considered as a general business risk. Transactional risks are generally limited by short payment terms, and translation differences are limited by making the functional currency and reporting currency the same as much as possible. **Turbo's Hoet Groep**, finally has developed a significant level of activity in Eastern Europe. Turbo's Hoet Groep realizes its turnover in those markets on the basis of local currency. Although Turbo's Hoet Groep tries to pass on the impact of any depreciations in those local currencies to the final customer, market conditions do not always allow it.

{48}------------------------------------------------

Some of the main exchange rates that have been used to convert the balance sheets and results of the foreign entities into euro.

| Conversion from foreign currency to Euro | Closing rate | Average rate |
|------------------------------------------|--------------|--------------|
| Australian Dollar                        | 0.6171       | 0.6153       |
| British Pound                            | 1.1534       | 1.1508       |
| Brazilian Real                           | 0.1867       | 0.1852       |
| Egyptian Pound                           | 0.0293       | 0.0307       |
| Indian Rupee                             | 0.0109       | 0.0112       |

The table below gives an overview of the relevant financial instruments used at DEME and to a lesser extent CFE – for the financial year 2023:

| (€ 1,000)        |               |                         |                  |              |                          |        | Notional value | (€ 1,000)      |               |                         |                  |              |                          |       | Fair value (net) |
|------------------|---------------|-------------------------|------------------|--------------|--------------------------|--------|----------------|----------------|---------------|-------------------------|------------------|--------------|--------------------------|-------|------------------|
|                  | USD US Dollar | SGD Singapore<br>Dollar | PLN Polish Zloty | GBP GB Pound | AUD Australian<br>Dollar | Other  | Total          |                | USD US Dollar | SGD Singapore<br>Dollar | PLN Polish Zloty | GBP GB Pound | AUD Australian<br>Dollar | Other | Total            |
| Term purchases   | 104,737       | 43,481                  | 12,625           | 10,849       | 6,542                    | 911    | 179,147        | Term purchases | -334          | 72                      | 2,657            | -30          | 11                       | 1     |                  |
| Term sales       | 975,209       | 13,190                  | 0                | 1,365        | 185                      | 31,569 | 1,021,518      | Term sales     | 38,480        | 62                      | 0                | 0            | 0                        | 57    |                  |
| Fair value (net) | -38,814       | 9                       | 2,657            | -30          | 10                       | -56    | -36,223        |                |               |                         |                  |              |                          |       |                  |

The table below gives an overview of the relevant financial instruments used at DEME and to a lesser extent CFE – for the financial year 2022:

| (€ 1,000)      |               |                         |                  |              |                       |       | Notional value |
|----------------|---------------|-------------------------|------------------|--------------|-----------------------|-------|----------------|
|                | USD US Dollar | SGD Singapore<br>Dollar | PLN Polish Zloty | GBP GB Pound | EGP Egyptian<br>Pound | Other | Total          |
| Term purchases | 110,362       | 73,464                  | 0                | 7,510        | 0                     | 6,963 | 198,298        |
| Term sales     | 1,100,913     | 0                       | 28,375           | 6,104        | 5,670                 | 7,873 | 1,148,935      |
|                |               |                         |                  |              |                       |       |                |
| (€ 1,000)      |               |                         |                  |              |                       |       | Fair value     |
|                | USD US Dollar | SGD Singapore<br>Dollar | PLN Polish Zloty | GBP GB Pound | EGP Egyptian<br>Pound | Other | Total          |
| Term purchases | 463           | -580                    | 0                | -91          | 0                     | -12   | -221           |
| Term sales     | 81,342        | 0                       | 298              | -177         | 369                   | -414  | 81,418         |

#### **Sensitivity to the currency risk - DEME 2023**

| (€ 1,000)                                                                                     | Impact of the<br>sensitivity<br>calculation-<br>depreciation of<br>5% of the euro | Impact of the<br>sensitivity<br>calculation-<br>appreciation of<br>5% of the euro |
|-----------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------|-----------------------------------------------------------------------------------|
| Balance sheet impact (+ is debit / - is credit)                                               |                                                                                   |                                                                                   |
| Non-current interest-bearing debts (+ current portion due in the year) after hedge accounting | 0                                                                                 | 0                                                                                 |
| Net short-term financial debts after hedge accounting                                         | 4,526                                                                             | -4,095                                                                            |
| Outstanding trade receivables & payables                                                      | 10,534                                                                            | -10,534                                                                           |

#### **Sensitivity to the currency risk - DEME 2022**

| (€ 1,000)                                                                                     | Impact of the<br>sensitivity<br>calculation-<br>depreciation of<br>5% of the euro | Impact of the<br>sensitivity<br>calculation-<br>appreciation of<br>5% of the euro |
|-----------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------|-----------------------------------------------------------------------------------|
| Balance sheet impact (+ is debit / - is credit)                                               |                                                                                   |                                                                                   |
| Non-current interest-bearing debts (+ current portion due in the year) after hedge accounting | 0                                                                                 | 0                                                                                 |
| Net short-term financial debts after hedge accounting                                         | 4,309                                                                             | -3,899                                                                            |
| Outstanding trade receivables & payables                                                      | 11,871                                                                            | -11,871                                                                           |

#### 3.3 Commodity risk

**Commodity risks** are also linked to DEME, which hedges against oil price fluctuations by entering into forward contracts.

{49}------------------------------------------------

## Note 13: Financial assets and liabilities

## 1. Financial assets and liabilities per category

| (€ 1,000)                                                    |           | Fair value |           | Book value |  |
|--------------------------------------------------------------|-----------|------------|-----------|------------|--|
|                                                              | 2023      | 2022       | 2023      | 2022       |  |
| Financial assets                                             |           |            |           |            |  |
| Financial assets : shares - Fair value through P/L (FVPL)    | 267,930   | 249,656    | 267,930   | 249,656    |  |
| Financial assets : bonds - Fair value through OCI (FVOCI)    | 501,037   | 502,908    | 501,037   | 502,908    |  |
| Financial assets : shares - Fair value through OCI (FVOCI)   | 58        | 263        | 58        | 263        |  |
| Financial assets - at amortised cost                         | 44,560    | 0          | 43,944    | 0          |  |
| Receivables and cash                                         |           |            |           |            |  |
| Financial fixed assets - receivables and warranties          | 227,024   | 189,875    | 227,024   | 189,875    |  |
| Other receivables                                            | 148,603   | 127,871    | 148,603   | 127,871    |  |
| Trade debtors                                                | 789,368   | 719,214    | 789,368   | 719,214    |  |
| Cash and cash equivalents                                    | 989,810   | 1,160,972  | 989,810   | 1,160,972  |  |
| Banks - receivables from credit institutions & clients       | 7,836,913 | 6,780,990  | 7,822,739 | 6,940,242  |  |
| Banks - changes in fair value of the hedged credit portfolio | -36,752   | -89,733    | -36,752   | -89,733    |  |
| Hedging instruments                                          | 109,306   | 183,270    | 109,306   | 183,270    |  |

| (€ 1,000)                                                  |           | Fair value |           | Book value |  |
|------------------------------------------------------------|-----------|------------|-----------|------------|--|
|                                                            | 2023      | 2022       | 2023      | 2022       |  |
| Financial liabilities                                      |           |            |           |            |  |
| Financial liabilities valued at amortised cost             |           |            |           |            |  |
| Financial debts                                            |           |            |           |            |  |
| Bank loans                                                 | 1,545,623 | 1,577,488  | 1,557,330 | 1,613,885  |  |
| Bonds                                                      | 139,613   | 139,348    | 139,613   | 139,348    |  |
| Surbordinated loans                                        | 677       | 677        | 677       | 677        |  |
| Lease debts                                                | 177,024   | 151,959    | 177,024   | 151,959    |  |
| Other financial debts                                      | 141,681   | 128,621    | 141,681   | 128,621    |  |
| Other debts                                                |           |            |           |            |  |
| Trade payables                                             | 1,266,776 | 1,136,241  | 1,266,776 | 1,136,241  |  |
| Advances payable                                           | 84,486    | 72,539     | 84,486    | 72,539     |  |
| Amounts payable regarding remuneration and social security | 218,725   | 210,608    | 218,725   | 210,608    |  |
| Other amounts payable                                      | 113,863   | 110,391    | 113,863   | 110,391    |  |
| Banks - debts to credit institutions, clients & securities | 7,630,595 | 6,792,663  | 7,651,919 | 6,834,644  |  |
| Hedging instruments                                        | 56,043    | 85,785     | 56,043    | 85,785     |  |

| (€ 1,000)                                                    |         |           | 2023      |         |           | 2022      |
|--------------------------------------------------------------|---------|-----------|-----------|---------|-----------|-----------|
|                                                              | Level 1 | Level 2   | Level 3   | Level 1 | Level 2   | Level 3   |
|                                                              |         |           |           |         |           |           |
| Financial assets                                             |         |           |           |         |           |           |
| Financial assets : shares - Fair value through P/L (FVPL)    | 161,684 |           | 106,245   | 152,405 |           | 97,251    |
| Financial assets : bonds - Fair value through OCI (FVOCI)    | 501,037 |           |           | 502,908 |           |           |
| Financial assets : shares - Fair value through OCI (FVOCI)   |         |           | 58        |         |           | 263       |
| Financial assets - at amortised cost                         | 44,560  |           |           |         |           |           |
| Receivables and cash                                         |         |           |           |         |           |           |
| Banks - receivables from credit institutions & clients       |         | 1,574,684 | 6,262,229 |         | 751,761   | 6,029,229 |
| Banks - changes in fair value of the hedged credit portfolio |         |           | -36,752   |         |           | -89,733   |
| Hedging instruments                                          |         | 109,306   |           |         | 183,270   |           |
| Financial liabilities                                        |         |           |           |         |           |           |
| Financial debts                                              |         |           |           |         |           |           |
| Bank loans                                                   |         | 1,545,623 |           |         | 1,577,488 |           |
| Bonds                                                        |         | 139,613   |           |         | 139,348   |           |
| Surbordinated loans                                          |         | 677       |           |         | 677       |           |
| Lease debts                                                  |         | 177,024   |           |         | 151,959   |           |
| Banks - debts to credit institutions, clients & securities   |         | 7,630,595 |           |         | 6,792,663 |           |
| Hedging instruments                                          |         | 56,043    |           |         | 85,785    |           |

The fair values must be classified in three levels according to the valuation hierarchy of IFRS 13, depending on the type of input used for the valuation of financial instruments: • Parameters for **level 1 instruments** are unadjusted quoted prices in active markets for identical assets and liabilities. No valuation technique (model) is used. In level 1, we find all financial assets (valued at fair value, with incorporation of value changes in the unrealised results) with a public listing in an active market.

{50}------------------------------------------------

- Parameters for **level 2 instruments** are prices quoted for similar assets and liabilities in active markets, or data based on or supported by observable market data. A valuation technique (model) is used, based on observable parameters such as:
	- the actual value of the future cashflows (discounted cashflow model)
	- the comparison with the current or recent fair value from another similar instrument
	- the determination of prices by third parties, provided that the price is in line with alternative observable parameters.

We find the following financial assets and liabilities in level 2:

- Cash and assets with central banks: because these assets have a very short term, the fair value is equated with the book value.
- Receivables from credit institutions and financial liabilities valued at amortised cost: the fair value of the above financial instruments is determined as the current value of future cash flows based on the applicable swap interest rate and the assumptions below:
- Commercial margins are taken into account when repricing;
- No account is taken of a percentage of credit losses.
- Derivatives held for trading purposes and for hedging purposes: the fair value of these instruments is also determined as the current value of future cash flows based on the applicable swap interest rate.
- Parameters for **level 3 instruments** are non-observable data for determining the fair value of an asset or liability. In this case, use is made of a valuation technique (model) with (partly) non-observable parameters.

We find the following financial assets in level 3:

- Some financial assets (valued at fair value with value changes included in the unrealised results) for which no public listing is available.
- Loans and advances to customers, valued at amortised cost: the fair value thereof is determined as the current value of future cash flows based on the applicable swap interest rate and the assumptions below:
	- Commercial margins are taken into account when repricing;
	- A percentage of early repayments and cap options is taken into account;
	- No account is taken of a percentage of credit losses.

The fair value of the securities in the **investment portfolio** of the Group is determined on the basis of the listing on the public market (level 1). The bonds issued by Nextensa are reported under level 2.

The above table gives no fair value information for financial assets and liabilities that are not measured at fair value, such as receivables and warranties, other receivables and payables, trade receivables and trade payables, advance payments, amounts payable regarding remuneration and social security, and cash and cash equivalents, since their carrying amount is a reasonable approximation of their fair value.

## 2. Financial assets: at fair value through OCI or through P/L

| (€ 1,000)                                                                                               | Financial fixed<br>assets - FVPL | Investments -<br>FVPL | Investments -<br>FVOCI | Investments - at<br>amortised cost | Investments -<br>Total |
|---------------------------------------------------------------------------------------------------------|----------------------------------|-----------------------|------------------------|------------------------------------|------------------------|
| Financial assets : at fair value through OCI or through<br>P/L - financial year 2022                    |                                  |                       |                        |                                    |                        |
| Financial assets: opening balance at fair value                                                         | 177,351                          | 48,190                | 507,788                | 20,005                             | 575,982                |
| Financial assets - carrying amount (including accumulated fair value adjustments<br>through P/L - FVPL) | 177,351                          | 48,190                | 504,139                | 20,005                             | 572,334                |
| Financial assets - adjustment to fair value                                                             |                                  |                       | 2,895                  |                                    | 2,895                  |
| Financial assets - accrued interest                                                                     |                                  |                       | 753                    |                                    | 753                    |
| Additions                                                                                               | 33,058                           | 15,028                | 172,660                | 107,486                            | 295,174                |
| Additions through business combinations                                                                 | 0                                | 0                     | 0                      | 0                                  | 0                      |
| Actuarial return                                                                                        |                                  | 0                     | -731                   | 0                                  | -731                   |
| Disposals (-)                                                                                           | -618                             | -15,254               | -120,595               | -127,500                           | -263,349               |
| Disposals through business disposals (-)                                                                | 0                                | 0                     | 0                      | 0                                  | 0                      |
| Increase (decrease) through changes in fair value (FVPL)                                                | 1,399                            | -6,636                |                        | 0                                  | -6,636                 |
| Increase (decrease) through changes in fair value (FVOCI)                                               |                                  |                       | -58,551                |                                    | -58,551                |
| Impairment losses recognized in the income statement (-)                                                |                                  |                       | 0                      |                                    | 0                      |
| Foreign currency exchange increase (decrease)                                                           | 11                               | 0                     | 2,173                  | 0                                  | 2,173                  |
| Transfer from (to) other items                                                                          | -2,872                           | 0                     | 0                      | 0                                  | 0                      |
| Other increase (decrease)                                                                               | 0                                | 0                     | 427                    | 10                                 | 437                    |
| Financial assets: ending balance at fair value                                                          | 208,328                          | 41,328                | 503,171                | 0                                  | 544,498                |
| Financial assets - carrying amount (including accumulated fair value adjustments<br>through P/L - FVPL) | 208,328                          | 41,328                | 557,646                | 0                                  | 598,974                |
| Financial assets - adjustment to fair value (FVOCI)                                                     |                                  |                       | -55,655                |                                    | -55,655                |
| Financial assets - accrued interest                                                                     |                                  |                       | 1,180                  |                                    | 1,180                  |

{51}------------------------------------------------

| (€ 1,000)                                                                                               | Financial fixed<br>assets - FVPL | Investments -<br>FVPL | Investments -<br>FVOCI | Investments - at<br>amortised cost | Investments -<br>Total |
|---------------------------------------------------------------------------------------------------------|----------------------------------|-----------------------|------------------------|------------------------------------|------------------------|
| Financial assets : at fair value through OCI or through<br>P/L - financial year 2023                    |                                  |                       |                        |                                    |                        |
| Financial assets: opening balance at fair value                                                         | 208,328                          | 41,328                | 503,171                | 0                                  | 544,498                |
| Financial assets - carrying amount (including accumulated fair value adjustments<br>through P/L - FVPL) | 208,328                          | 41,328                | 557,646                | 0                                  | 598,974                |
| Financial assets - adjustment to fair value                                                             |                                  |                       | -55,655                |                                    | -55,655                |
| Financial assets - accrued interest                                                                     |                                  |                       | 1,180                  |                                    | 1,180                  |
| Additions                                                                                               | 32,428                           | 20                    | 140,444                | 181,083                            | 321,547                |
| Additions through business combinations                                                                 | 0                                | 0                     | 0                      | 0                                  | 0                      |
| Actuarial return                                                                                        |                                  |                       | 1,242                  | 791                                | 2,033                  |
| Disposals (-)                                                                                           | -379                             | -12                   | -165,681               | -138,150                           | -303,843               |
| Disposals through business disposals (-)                                                                | 0                                | 0                     | 0                      | 0                                  | 0                      |
| Increase (decrease) through changes in fair value (FVPL)                                                | -15,752                          | 3,576                 |                        | 0                                  | 3,576                  |
| Increase (decrease) through changes in fair value (FVOCI)                                               |                                  |                       | 21,349                 |                                    | 21,349                 |
| Impairment losses recognized in the income statement (-)                                                |                                  |                       | 0                      |                                    | 0                      |
| Foreign currency exchange increase (decrease)                                                           | 0                                | 0                     | -717                   | 0                                  | -717                   |
| Transfer from (to) other items                                                                          | 206                              | 0                     | -157                   | 0                                  | -157                   |
| Other increase (decrease)                                                                               | -1,815                           | 3                     | 1,444                  | 220                                | 1,667                  |
| Financial assets: ending balance at fair value                                                          | 223,016                          | 44,914                | 501,096                | 43,944                             | 589,954                |
| Financial assets - carrying amount (including accumulated fair value adjustments<br>through P/L - FVPL) | 223,016                          | 44,914                | 517,626                | 43,724                             | 606,264                |
| Financial assets - adjustment to fair value (FVOCI)                                                     |                                  |                       | -19,155                |                                    | -19,155                |
| Financial assets - accrued interest                                                                     |                                  |                       | 2,624                  | 220                                | 2,844                  |

The **Financial fixed assets at fair value through Profit&Loss** increased by 14.7 million euros in 2023 to 223.0 million euros. The main contributors at year end 2023 were i) the shares in Retail Estates held by Nextensa, ii) the fair-value of the life sciences and Asia investments in the Growth Capital portfolio and iii) other non-consolidated investments at the level of AvH.

During 2023, AvH invested 32.4 million euros in the further expansion of its "Growth Capital" portfolio with focus on Life Sciences and India/Southeast Asia. AvH and Convergent strengthened their strategic partnership, with AvH committing an additional 9 million USD to Infinity Holdings (Convergent's flagship fund). AvH's cumulative investment in Infinity Holdings now stands at 15.0 million USD. AvH invested in Vico Therapeutics (AvH 3.8%), a Dutch biotech company developing novel Antisense-Oligonucleotide therapies for rare diseases. AvH initially holds 3.8% of the shares of Vico Therapeutics, with its shareholding further increasing when the full amount of AvH's 7.5 million euros commitment is called by the company after achieving certain milestones.

The Fair value adjustments recorded through P&L had a total negative impact of 15.8 million euros in 2023. The main components of these negative fair value fluctuations in 2023 were: a positive 3.5 million euros effect on the 1,351,320 shares Retail Estates held by Nextensa and a negative evolution amounting to 19.3 million euros on AvH's nonconsolidated Growth Capital participations.

The **investments** increased by 45.5 million euros to 590.0 million euros. Besides a small portfolio at AvH of 44.9 million euros, this amount is fully explained by the bond portfolio of Bank Van Breda. The additions and disposals of investments are largely attributable to Bank Van Breda, and relate to transactions realized as part of its Asset & Liability management (ALM).

{52}------------------------------------------------

| (€ 1,000) Financial fixed assets at Fair value through P/L | Interest% 2023<br>(fully diluted) | Interest% 2022<br>(fully diluted) | Valuation -<br>Level | Fair value in<br>Profit & Loss<br>2023 | Fair value in<br>Profit & Loss<br>2022 |
|------------------------------------------------------------|-----------------------------------|-----------------------------------|----------------------|----------------------------------------|----------------------------------------|
| Marine Engineering & Contracting                           |                                   |                                   |                      |                                        |                                        |
| Small stakes                                               |                                   |                                   | Level 3              |                                        |                                        |
| Fair value                                                 | 4,547                             | 5,036                             |                      | 0                                      | 0                                      |
| Real Estate                                                |                                   |                                   |                      |                                        |                                        |
| Retail Estates                                             | 9.4%                              | 9.6%                              | Level 1              | 3,513                                  | -12,702                                |
| Small stakes                                               |                                   |                                   | Level 3              | 0                                      | 305                                    |
| Fair value                                                 | 87,296                            | 83,782                            |                      | 3,513                                  | -12,397                                |
| AvH & Growth Capital                                       |                                   |                                   |                      |                                        |                                        |
| Life Sciences                                              |                                   |                                   |                      |                                        |                                        |
| AstriVax                                                   | 7.1%                              | 5.8%                              | Level 3              |                                        |                                        |
| Biotalys                                                   | 11.4%                             | 11.9%                             | Level 1              |                                        |                                        |
| Epics Therapeutics (Bio Cap Invest)                        | 29.5%                             | 29.5%                             | Level 3              |                                        |                                        |
| Indigo Diabetes                                            | 11.9%                             | 11.9%                             | Level 3              |                                        |                                        |
| MRM Health                                                 | 15.9%                             | 15.9%                             | Level 3              |                                        |                                        |
| OncoDNA                                                    | 10.4%                             | 9.8%                              | Level 3              |                                        |                                        |
| Vico Therapeutics International                            | 3.8%                              |                                   | Level 3              |                                        |                                        |
| Life Sciences - Fair value                                 | 30,282                            | 40,150                            |                      | -14,855                                | -5,383                                 |
| India / South-East Asia                                    |                                   |                                   |                      |                                        |                                        |
| Convergent Finance                                         | 6.8%                              | 3.1%                              | Level 3              |                                        |                                        |
| HealthQuad Fund I                                          | 36.3%                             | 36.3%                             | Level 3              |                                        |                                        |
| HealthQuad Fund II                                         | 11.0%                             | 11.0%                             | Level 3              |                                        |                                        |
| Medikabazaar (direct)                                      | 8.9%                              | 8.9%                              | Level 3              |                                        |                                        |
| Venturi Fund I                                             | 11.1%                             | 11.1%                             | Level 3              |                                        |                                        |
| Venturi Partners / Venturi I Capital                       | 10.0%                             | 10.0%                             | Level 3              |                                        |                                        |
| India / South-East Asia - Fair value                       | 80,143                            | 69,346                            |                      | 1,737                                  | 19,183                                 |
| Other - Fair value                                         | 20,748                            | 10,014                            | Level 3              | -6,148                                 | 0                                      |
| Subtotal AvH & Growth Capital                              | 131,173                           | 119,510                           |                      | -19,266                                | 13,800                                 |

| The investments consist of (€ 1,000): | Number of<br>shares | Fair value |
|---------------------------------------|---------------------|------------|
| Investment portfolio Bank Van Breda   |                     | 545,039    |
| Funds managed by Delen Private Bank   |                     | 33,689     |
| Ageas                                 | 278,284             | 10,939     |
| Other                                 |                     | 286        |
|                                       |                     | 589,954    |

| The breakdown per segment of the fair value of the investments is as follows (€ 1,000): | Fair value |
|-----------------------------------------------------------------------------------------|------------|
| Private Banking (Bank Van Breda)                                                        | 545,039    |
| AvH & Growth Capital                                                                    | 44,912     |
| Marine Engineering & Contracting                                                        | 2          |
| Real Estate                                                                             | 0          |
| Energy & Resources                                                                      | 0          |
|                                                                                         | 589,954    |

#### Credit risk of the investment portfolio Bank Van Breda

The risk profile of the investment portfolio has for years now deliberately been kept very low. The investment portfolio at year-end 2023 contains 99% government and government-guaranteed bonds with a minimum Aa3 rating (Moody's rating) and less than 1% shares.

The investment framework that is submitted annually for the approval of the board of directors of Bank Van Breda determines which investments can be made and the limits that apply. The following table shows the composition of the consolidated investment portfolio by rating and maturity.

{53}------------------------------------------------

| Composition of the investment portfolio 31/12/2023 | Rating |            | Remaining duration |
|----------------------------------------------------|--------|------------|--------------------|
| Government bonds Aaa                               | 39%    | 2024       | 14%                |
| Government bonds Aa1                               | 19%    | 2025       | 12%                |
| Government bonds Aa2                               | 9%     | 2026       | 17%                |
| Government bonds Aa3                               | 32%    | 2027       | 10%                |
| Government bonds A2                                | 0%     | 2028       | 11%                |
| Equity instruments                                 | 1%     | > 2028     | 35%                |
|                                                    |        | indefinite | 1%                 |

## Note 14: Banks – receivable from credit institutions and clients

| (€ 1,000)                                            |           | Fair value |           | Book value |  |
|------------------------------------------------------|-----------|------------|-----------|------------|--|
|                                                      | 2023      | 2022       | 2023      | 2022       |  |
| Loans and receivables to clients                     | 6,262,228 | 5,939,496  | 6,248,124 | 6,188,490  |  |
| Changes in fair value of the hedged credit portfolio | -36,752   | 0          | -36,752   | 0          |  |
| Loans and advances to banks                          | 102,142   | 110,845    | 102,073   | 110,836    |  |
| Cash balances with central banks                     | 1,472,542 | 640,916    | 1,472,542 | 640,916    |  |
|                                                      | 7,800,160 | 6,691,257  | 7,785,987 | 6,940,242  |  |

| (€ 1,000)                                    | 2023      | 2022      |
|----------------------------------------------|-----------|-----------|
| Loans and receivables to clients             |           |           |
| Finance lease                                | 470,530   | 366,374   |
| Investment credits and financing             | 2,796,995 | 2,815,391 |
| Mortgage loans                               | 2,603,891 | 2,617,715 |
| Operating appropriations                     | 387,292   | 404,040   |
| Other                                        | 15,157    | 12,373    |
| Subtotal - Gross loans and advances          | 6,273,865 | 6,215,893 |
| Provisions Expected Credit Losses/write-offs | -25,741   | -27,403   |
| Loans and receivables to clients             | 6,248,124 | 6,188,490 |

The full consolidation of Bank Van Breda results in the inclusion of the specific banking receivables and debts in the balance sheet of AvH. These items have been grouped in order to keep the balance sheet as transparent as possible.

The loans and advances to clients comprise the following:

- loans granted to family entrepreneurs and the liberal professions at Bank Van Breda. The many entrepreneurs and practitioners of liberal professions who have become clients in previous years entrust an ever increasing share of their banking business to the bank;
- car financing provided by Van Breda Car Finance, a division of the bank.

The strong commercial performance of the bank explains the significant increase of loans and advances to clients.

#### Credit risk

The credit portfolio of Bank Van Breda is very widely spread throughout the local economic fabric of family businesses and liberal professions. The bank applies concentration limits per sector and maximum credit amounts per client. The credit portfolio of the Van Breda Car Finance division consists of car loans and car finance leases, and is very widely spread. Constant fine-tuning of the acceptance criteria and proactive debtor monitoring also give this portfolio a low risk profile.

The credit portfolio is divided into risk categories, each of which is monitored in its own specific way. The board of directors of Bank Van Breda periodically receives a report on credit facilities in the highest risk category.

Debts which become doubtful are transferred to the Litigation department. There are specific criteria for mandatory transfer when specific events arise with clients, borrowers or guarantors. For credit facilities in the highest risk category and for debts that become doubtful, it will be determined whether impairments are required.

The valuation rules (Note 1) offer an explanation of the methodology which Bank Van Breda uses under normal circumstances to determine the **expected credit losses (stage 1 and stage 2)** and the **impairments (stage 3)** for the whole credit portfolio.

Despite the very challenging environment for its clients due to the geopolitical tensions and the sharply increased inflation, Bank Van Breda did not report any significant losses on loans in 2023. The total provision for credit losses (including Expected Credit Losses or ECL) remains low at +0.01% of the average loan portfolio. This proves the strong quality of the bank's credit portfolio as well as the resilience of its clients.

{54}------------------------------------------------

Internal rating per category – loans and advances to clients

| Loans and advances to clients - internal rating per category | Stage 1    |            | Stage 2    |            | Stage 3 | 2023      |
|--------------------------------------------------------------|------------|------------|------------|------------|---------|-----------|
| (€ 1,000)                                                    | Individual | Collective | Individual | Collective |         |           |
| Performing                                                   |            |            |            |            |         |           |
| Low risk                                                     | 2,822,405  | 0          | 17,124     | 41,939     | 0       | 2,881,467 |
| Medium risk                                                  | 2,113,606  | 0          | 337,877    | 153,717    | 0       | 2,605,200 |
| High risk                                                    | 292,386    | 0          | 339,944    | 56,292     | 0       | 688,622   |
| Overdue                                                      | 36,837     | 0          | 17,167     | 2,492      | 0       | 56,496    |
| Non-performing                                               |            |            |            |            |         |           |
| Submitted to write off                                       | 0          | 0          | 0          | 0          | 42,080  | 42,080    |
| Total                                                        | 5,265,233  | 0          | 712,112    | 254,440    | 42,080  | 6,273,865 |

| Loans and advances to clients - internal rating per category | Stage 1    |            | Stage 2    |            | Stage 3 | 2022      |
|--------------------------------------------------------------|------------|------------|------------|------------|---------|-----------|
| (€ 1,000)                                                    | Individual | Collective | Individual | Collective |         |           |
| Performing                                                   |            |            |            |            |         |           |
| Low risk                                                     | 2,599,257  | 0          | 19,099     | 15,313     | 0       | 2,633,669 |
| Medium risk                                                  | 2,348,294  | 0          | 361,644    | 59,268     | 0       | 2,769,205 |
| High risk                                                    | 328,614    | 0          | 372,495    | 19,408     | 0       | 720,516   |
| Overdue                                                      | 33,343     | 0          | 14,523     | 222        | 0       | 48,088    |
| Non-performing                                               |            |            |            |            |         |           |
| Submitted to write off                                       | 0          | 0          | 0          | 0          | 44,416  | 44,416    |
| Total                                                        | 5,309,507  | 0          | 767,760    | 94,210     | 44,416  | 6,215,893 |

| Loans and advances to clients - evolution in 2023 | Stage 1    |            | Stage 2    |            | Stage 3 | Total     | Accumulated impairments          | Stage 1    |            | Stage 2    |            | Stage 3 |  | Total   |
|---------------------------------------------------|------------|------------|------------|------------|---------|-----------|----------------------------------|------------|------------|------------|------------|---------|--|---------|
| (€ 1,000)                                         | Individual | Collective | Individual | Collective |         |           | (€ 1,000)                        | Individual | Collective | Individual | Collective |         |  |         |
| 31/12/2022                                        | 5,309,507  | 0          | 767,760    | 94,210     | 44,416  | 6,215,893 | 31/12/2022                       | -4,805     | 0          | -2,045     | -176       | -20,377 |  | -27,403 |
| Impact from collective staging                    | -146,948   | 146,948    | -21,744    | 21,744     | 0       | 0         | Impact from collective staging   | 78         | -78        | 323        | -323       | 0       |  | 0       |
| Recognition                                       | 1,274,081  | 0          | 124,394    | 27,256     | 4,380   | 1,430,111 | Recognition                      | -4,202     | -29        | -891       | -48        | -811    |  | -5,981  |
| Derecognition                                     | -767,904   | 0          | -127,844   | -13,159    | -7,944  | -916,852  | Derecognition                    | 1,439      | 1          | 751        | 0          | 2,146   |  | 4,336   |
| Repayments                                        | -374,231   | 0          | -46,232    | -23,041    | -8,630  | -452,135  | Repayments                       | 1,836      | 43         | 318        | 146        | 0       |  | 2,343   |
| Transfers to stage 1                              | 192,768    | 0          | -192,327   | 0          | -441    | 0         | Transfers to Stage 1             | -698       | -520       | 638        | 515        | 65      |  | 0       |
| Transfers to stage 2                              | -213,174   | -146,948   | 215,862    | 147,586    | -3,326  | 0         | Transfers to Stage 2             | 94         | 119        | -253       | -334       | 374     |  | 0       |
| Transfers to stage 3                              | -8,628     | 0          | -7,249     | 0          | 15,877  | 0         | Transfers to Stage 3             | 24         | 0          | 201        | 0          | -225    |  | 0       |
| Methodology modifications                         | -238       | 0          | -506       | -156       | -1      | -90       | Impact on ECL by Stage Transfer  | 602        | 460        | -979       | -906       | -3,084  |  | -3,907  |
| Write offs                                        | 0          | 0          | 0          | 0          | -2,251  | -2,251    | Other adjustments to credit risk | 531        | 4          | 198        | 314        | 1,243   |  | 2,291   |
| 31/12/2023                                        | 5,265,233  | 0          | 712,112    | 254,440    | 42,080  | 6,273,865 | Methodology modifications        | 3          | 0          | -24        | 0          | -139    |  | -159    |
| Model modifications                               | 447        | 0          | 40         | 0          | 0       |           | 487                              |            |            |            |            |         |  |         |
| Write-offs                                        | 0          | 0          | 0          | 0          | 2,252   |           | 2,252                            |            |            |            |            |         |  |         |
| 31/12/2023                                        | -4,651     | 0          | -1,722     | -812       | -18,557 |           | -25,741                          |            |            |            |            |         |  |         |

{55}------------------------------------------------

## Note 15: Inventories and construction contracts

| (€ 1,000)                                                                          | 2023     | 2022     |
|------------------------------------------------------------------------------------|----------|----------|
| I. Inventories, net amount                                                         | 415,779  | 389,711  |
| Gross carrying amount                                                              | 418,266  | 391,376  |
| Raw materials and consumables                                                      | 65,180   | 62,879   |
| Goods in progress                                                                  | 86,756   | 63,361   |
| Finished products                                                                  | 9,775    | 5,213    |
| Goods purchased for sale                                                           | 1,779    | 1,468    |
| Immovable property acquired or constructed for resale                              | 254,776  | 258,453  |
| Prepayments                                                                        | 0        | 0        |
| Depreciation and impairments (-)                                                   | -2,488   | -1,664   |
| Impairment on inventory through income statement during the financial year         | 452      | 38       |
| Impairment on inventory reversed in the income statement during the financial year | 387      | 185      |
| II. Construction contracts                                                         |          |          |
| Amounts due from (to) customers under construction contracts, net                  | 119,367  | 5,940    |
| Amounts due from customers under construction contracts                            | 780,222  | 532,289  |
| Amounts due to customers under construction contracts                              | -660,854 | -526,349 |
| Prepayments received (CFE-DEME)                                                    | -94,859  | -79,734  |

CFE's real estate development projects, Nextensa's landholdings, and the port-related developments in Vietnam by Deep C Holding are the main components within '**Inventories**'.

- CFE's inventories are essentially real estate projects developed by BPI and its fully consolidated participations.
- The inventory of Nextensa consists mainly of the land bank of Tour & Taxis on which about 130,000 m² of mixed residential/offices can still be developed in the future on Zone A and B.
- In 2023, Deep C Holding accelerated the development of the DEEP C Industrial Zones in Haiphong (Vietnam). At present its affiliate Infra Asia Investments already owns a land portfolio of approximately 3,400 hectares near the new deep-sea port of Lach Huyen. This represents around 21% of all the available industrial land in northern Vietnam.

The **construction & project contracts** of CFE, DEME and Agidens are valued according to the 'Percentage of Completion'-method, whereby results are recognized in accordance with the progress of the work. Expected losses are immediately recognized as an expense through in the income statement.

The execution of projects always entails a certain operational risk, but also means that certain estimates of profitability need to be made at the end of such a project. This risk is inherent to the activity, as well as the risk of disagreements with customers over divergent costs or changes in execution and the collection of these receivables. DEME is involved, both as claimant and as defendant, in discussions with customers about the financial consequences of deviations in the execution of contracting projects. In a small number of cases they may result in lawsuits. In so far as the consequences of such lawsuits can be reliably estimated, provisions are made for this in the accounts.

The increase in construction contracts is entirely attributable to DEME and in line with its increased level of activity. This increase was not impacted by business combinations. DEME estimates the pace of execution of its current contracts as follows: 58% in 2024, followed by 29% in 2025, 9% in 2026 and 4% beyond. The current construction contracts of CFE will generate a turnover of 1.032 million euros in the next years, of which 519 million euros is estimated in 2024.

Nextensa's real estate development projects are also contained in this balance sheet item, as the results of the pre-sold entities that are still under construction are also recognized according to the 'Percentage of Completion' method. On the Tour & Taxis site, the Park Lane II project consists of 11 compact buildings and 346 flats. More than 215 flats of this project have already been reserved or sold.

The progress of the work is defined based on the expenditures versus the estimated cost price of the entire project.

{56}------------------------------------------------

## Note 16: Minorities

| (€ 1,000)                                   |  | Minority % |        | Minority share in the<br>AvH balance sheet |           | Minority share in the<br>profit for the period |         |
|---------------------------------------------|--|------------|--------|--------------------------------------------|-----------|------------------------------------------------|---------|
|                                             |  | 2023       | 2022   | 2023                                       | 2022      | 2023                                           | 2022    |
| I. Marine Engineering & Contracting         |  |            |        |                                            |           |                                                |         |
| DEME Group                                  |  | 37.88%     | 37.88% | 855,362                                    | 769,598   | 68,938                                         | 43,831  |
| CFE                                         |  | 37.88%     | 37.88% | 70,284                                     | 68,995    | 4,161                                          | 10,648  |
| Deep C Holding (Infra Asia Investments) (1) |  | 18.94%     | 18.94% | 35,304                                     | 20,365    | 3,795                                          | 3,164   |
| II. Private Banking                         |  |            |        |                                            |           |                                                |         |
| Bank Van Breda (2)                          |  | 21.25%     | 21.25% | 159,500                                    | 141,372   | 16,543                                         | 13,199  |
| III. Real Estate                            |  |            |        |                                            |           |                                                |         |
| Nextensa (3)                                |  | 38.34%     | 41.47% | 330,228                                    | 358,602   | 9,588                                          | 29,473  |
| IV. AvH & Growth Capital                    |  |            |        |                                            |           |                                                |         |
| Agidens                                     |  | 15.02%     | 15.02% | 3,748                                      | 3,392     | 1                                              | -74     |
| Other                                       |  |            |        | 8,686                                      | 6,499     | 4,881                                          | 1,666   |
| Total                                       |  |            |        | 1,463,112                                  | 1,368,824 | 107,908                                        | 101,907 |

(1) In April, RG International Limited acquired a 10% stake in DEEP C ('Infra Asia Investments') through a capital increase. RG International is controlled by Mr Horst Geicke, a German investor based in Hong Kong. The participation in DEEP C of DEEP C Holding, which did not take part in the capital increase of 23.8 million USD, has decreased from 94% to 84%. AvH/CFE's direct stake in Deep C Holding remained unchanged.

(2) In 2018 the shareholder structure of Delen Private Bank and Bank Van Breda was simplified. AvH now holds, via the 100%-affiliate FinAx, a direct stake of 78.75% in Delen Private Bank, equity accounted directly.

(3) In 2023, AvH increased its participation in Nextensa from 58.53% to 61.66%.

#### Summarized income statement – 2023

| (€ 1,000)                               | DEME Group | CFE       | Bank Van Breda | Deep C Holding | Nextensa | Agidens |
|-----------------------------------------|------------|-----------|----------------|----------------|----------|---------|
| Revenue                                 | 3,285,422  | 1,248,470 | 240,942        | 46,025         | 126,405  | 70,584  |
| Profit (loss) from operating activities | 241,263    | 28,201    | 118,155        | 9,020          | 49,839   | 839     |
| Finance result                          | -23,269    | -2,010    |                | -5,741         | -14,333  | -156    |
| Profit (loss) before tax                | 221,211    | 31,031    | 118,155        | 13,815         | 33,771   | 684     |
| Profit (loss) of the period             | 171,593    | 22,726    | 84,675         | 11,782         | 24,242   | 5       |
| At the level of the individual company  | 171,593    | 22,726    | 84,675         | 11,782         | 24,242   | 5       |
| - Minority interests                    | 8,831      | -53       | 0              | 2,142          | -249     | 0       |
| - Share of the group                    | 162,762    | 22,779    | 84,675         | 9,640          | 24,492   | 5       |
| At the level of AvH (a)                 | 167,514    | 10,959    | 83,225         | 10,868         | 25,170   | 5       |
| - Minority interests                    | 68,938     | 4,161     | 16,543         | 3,795          | 9,588    | 1       |
| - Share of the group                    | 98,576     | 6,798     | 66,682         | 7,074          | 15,582   | 5       |

#### (a) Including a limited number of consolidation adjustments

#### Summarized income statement – 2022

| (€ 1,000)                               | DEME Group | CFE       | Bank Van Breda | Deep C Holding | Nextensa | Agidens |
|-----------------------------------------|------------|-----------|----------------|----------------|----------|---------|
| Revenue                                 | 2,654,725  | 1,167,221 | 194,602        | 58,027         | 135,999  | 59,745  |
| Profit (loss) from operating activities | 155,236    | 42,358    | 90,048         | 14,827         | 51,165   | 487     |
| Finance result                          | -24,311    | -217      |                | -3,822         | -8,511   | -444    |
| Profit (loss) before tax                | 146,752    | 47,359    | 90,048         | 14,885         | 86,828   | 43      |
| Profit (loss) of the period             | 115,391    | 38,398    | 68,325         | 9,732          | 71,208   | -492    |
| At the level of the individual company  | 115,391    | 38,398    | 68,325         | 9,732          | 71,208   | -492    |
| - Minority interests                    | 2,671      | -36       | 0              | 1,629          | -102     | 0       |
| - Share of the group                    | 112,720    | 38,434    | 68,325         | 8,104          | 71,310   | -492    |
| At the level of AvH (a)                 | 111,313    | 28,166    | 67,005         | 9,732          | 71,989   | -492    |
| - Minority interests                    | 43,831     | 10,648    | 13,199         | 3,164          | 29,473   | -74     |
| - Share of the group                    | 67,482     | 17,518    | 53,806         | 6,569          | 42,516   | -418    |

(a) Including a limited number of consolidation adjustments

{57}------------------------------------------------

#### Summarized statement of comprehensive income – 2023

| (€ 1,000)                              | DEME Group     | CFE           | Bank Van Breda | Deep C Holding | Nextensa      | Agidens   |
|----------------------------------------|----------------|---------------|----------------|----------------|---------------|-----------|
| At the level of the individual company | <b>134,323</b> | <b>18,340</b> | <b>112,205</b> | <b>4,999</b>   | <b>20,875</b> | <b>43</b> |
| Profit (loss) of the period            | 171,593        | 22,726        | 84,675         | 11,782         | 24,242        | 5         |
| - Minority interests                   | 8,831          | -53           | 0              | 2,142          | -249          | 0         |
| - Share of the group                   | 162,762        | 22,779        | 84,675         | 9,640          | 24,492        | 5         |
| Other comprehensive income             | -37,270        | -4,386        | 27,530         | -6,783         | -3,368        | 38        |
| - Minority interests                   | -316           |               |                |                |               |           |
| - Share of the group                   | -36,954        | -4,386        | 27,530         | -6,783         | -3,368        | 38        |
| At the level of AvH                    | <b>130,560</b> | <b>9,304</b>  | <b>110,226</b> | <b>4,085</b>   | <b>21,803</b> | <b>43</b> |
| Profit (loss) of the period            | 167,514        | 10,959        | 83,225         | 10,868         | 25,170        | 5         |
| - Minority interests                   | 68,938         | 4,161         | 16,543         | 3,795          | 9,588         | 1         |
| - Share of the group                   | 98,576         | 6,798         | 66,682         | 7,074          | 15,582        | 5         |
| Other comprehensive income             | -36,954        | -1,655        | 27,001         | -6,783         | -3,368        | 38        |
| - Minority interests                   | -13,998        | -627          | 5,738          | -1,285         | -1,490        | 0         |
| - Share of the group                   | -22,956        | -1,028        | 21,263         | -5,499         | -1,878        | 38        |

#### Summarized statement of comprehensive income – 2022

| (€ 1,000)                              | DEME Group | CFE    | Bank Van Breda | Deep C Holding | Nextensa | Agiden |
|----------------------------------------|------------|--------|----------------|----------------|----------|--------|
| At the level of the individual company | 218,416    | 54,249 | 22,374         | 12,095         | 87,639   | -504   |
| Profit (loss) of the period            | 115,391    | 38,398 | 68,325         | 9,732          | 71,208   | -492   |
| - Minority interests                   | 2,671      | -36    | 0              | 1,629          | -102     | 0      |
| - Share of the group                   | 112,720    | 38,434 | 68,325         | 8,104          | 71,310   | -492   |
| Other comprehensive income             | 103,025    | 15,851 | -45,951        | 2,363          | 16,431   | -12    |
| - Minority interests                   | 498        |        |                |                |          |        |
| - Share of the group                   | 102,527    | 15,851 | -45,951        | 2,363          | 16,431   | -12    |
| At the level of AvH                    | 213,840    | 33,651 | 20,365         | 12,095         | 88,420   | -504   |
| Profit (loss) of the period            | 111,313    | 28,166 | 67,005         | 9,732          | 71,989   | -492   |
| - Minority interests                   | 43,831     | 10,648 | 13,199         | 3,164          | 29,473   | -74    |
| - Share of the group                   | 67,482     | 17,518 | 53,806         | 6,569          | 42,516   | -418   |
| Other comprehensive income             | 102,528    | 5,485  | -46,640        | 2,363          | 16,431   | -12    |
| - Minority interests                   | 38,850     | 2,080  | -9,911         | 448            | 6,815    | -2     |
| - Share of the group                   | 63,678     | 3,405  | -36,729        | 1,915          | 9,617    | -10    |

#### Summarized balance sheet – 2023

| (€ 1,000)                                  | DEME Group | CFE     | Bank Van Breda | Deep C Holding | Nextensa  | Agidens |
|--------------------------------------------|------------|---------|----------------|----------------|-----------|---------|
| Non-current assets                         | 3,106,348  | 471,203 | 5,106,337      | 115,241        | 1,486,064 | 20,129  |
| Current assets                             | 1,653,710  | 709,383 | 3,393,884      | 164,915        | 295,225   | 35,616  |
| Non-current liabilities                    | 835,687    | 272,184 | 955,270        | 93,889         | 618,568   | 6,780   |
| Current liabilities                        | 1,963,561  | 672,009 | 6,783,011      | 66,555         | 318,204   | 24,004  |
| Equity                                     | 1,960,810  | 236,393 | 761,940        | 119,712        | 844,516   | 24,961  |
| - Group Share                              | 1,910,473  | 236,770 | 761,940        | 89,406         | 834,048   | 24,961  |
| - Minority interests                       | 50,337     | -377    | 0              | 30,306         | 10,468    | 0       |
| Dividend distributed to minority interests | -15,257    | -3,679  | -5,801         | 0              | -10,617   | -138    |

#### Summarized balance sheet – 2022

| (€ 1,000)                                  | DEME Group | CFE     | Bank Van Breda | Deep C Holding | Nextensa  | Agidens |
|--------------------------------------------|------------|---------|----------------|----------------|-----------|---------|
| Non-current assets                         | 2,969,289  | 372,143 | 5,134,536      | 109,734        | 1,471,663 | 18,529  |
| Current assets                             | 1,540,489  | 685,936 | 2,522,491      | 150,831        | 296,738   | 28,784  |
| Non-current liabilities                    | 1,015,460  | 209,731 | 882,087        | 104,858        | 693,493   | 6,895   |
| Current liabilities                        | 1,718,053  | 623,822 | 6,100,799      | 55,709         | 225,393   | 17,830  |
| Equity                                     | 1,776,265  | 224,526 | 674,141        | 99,998         | 849,516   | 22,589  |
| - Group Share                              | 1,753,947  | 224,653 | 674,141        | 83,514         | 838,798   | 22,589  |
| - Minority interests                       | 22,318     | -127    | 0              | 16,483         | 10,718    | 0       |
| Dividend distributed to minority interests | -504       | 0       | -5,525         | 0              | -10,212   | 0       |

{58}------------------------------------------------

## Note 17: Lease

## 1. Lessor

Bank Van Breda is active in the sector of car finance and finance leasing of cars via its division Van Breda Car Finance. We refer to Note 14 for more information.

## 2. Lessee

| (€ 1,000)                      | 2023    | 2022    |
|--------------------------------|---------|---------|
| Assets                         |         |         |
| Tangible assets                | 172,643 | 148,174 |
| Land and buildings             | 111,205 | 92,710  |
| Plant, machinery and equipment | 12,594  | 17,969  |
| Furniture and vehicles         | 48,844  | 37,495  |
| Investment property            | 2,284   | 2,309   |
| Total - Assets                 | 174,927 | 150,483 |
| Liabilities                    |         |         |
| Equity - group share           | -2,097  | -1,476  |
| Financial debts                | 177,024 | 151,959 |
| Non-current lease debts        | 133,969 | 112,180 |
| Current lease debts            | 43,055  | 39,778  |
| Total - Liabilities            | 174,927 | 150,483 |

As a result of the application of IFRS 16 Leases, the group recognized on December 31, 2023 a right-of-use asset of 174.9 million euros and a lease obligation of 177.0 million euros, of which 92% is attributable to DEME and CFE. The increase on assets of 24 million euros is mainly explained by investments (77 million euros) on the one hand and depreciation expense (49 million euros) and divestments (3 million euros) on the other.

We refer to:

- Acquisitions of right-of-use assets during 2023 amounted to 77.1 million euros (Note 9 Tangible assets).
- Cashflow statement (Note 6. Segment information).

There are no material leases concluded at reporting date that did not commence as of December 31, 2023. The amount of renewal options and termination options not reflected in the lease liabilities is immaterial.

| (€ 1,000)                  | 2023    | 2022    |
|----------------------------|---------|---------|
| Income statement           |         |         |
| Reversal of rental charges | 48,614  | 44,588  |
| Depreciation               | -46,269 | -43,995 |
| Interest expenses          | -2,971  | -2,030  |

The depreciation cost primarily relates to land and buildings. The expenses related to short-term lease contracts and low value lease contracts are considered immaterial. There are no expenses incurred which relate to variable lease payments. Income derived from sub-leasing right-of-use assets is considered immaterial.

{59}------------------------------------------------

## Note 18: Provisions

| (€ 1,000)                                        | Warranty<br>provisions | Legal<br>proceeding<br>provisions | Environmental<br>provisions | Provisions for<br>restructuring | Provisions for<br>contractual<br>obligations | Provisions for<br>negative<br>equity<br>method<br>values | Other<br>provisions | Total   |
|--------------------------------------------------|------------------------|-----------------------------------|-----------------------------|---------------------------------|----------------------------------------------|----------------------------------------------------------|---------------------|---------|
| Provisions - financial year<br>2022              |                        |                                   |                             |                                 |                                              |                                                          |                     |         |
| Provisions, opening balance                      | 16,012                 | 6,349                             | 0                           | 1,933                           | 5,768                                        | 12,595                                                   | 38,162              | 80,819  |
| Additional provisions                            | 6,545                  | 1,480                             | 0                           | 659                             | 11,342                                       | 0                                                        | 1,448               | 21,475  |
| Increase of existing provisions                  | 670                    | 10                                | 0                           | 0                               | 0                                            | 0                                                        | 0                   | 679     |
| Increase through business combinations           | 0                      | 0                                 | 0                           | 0                               | 0                                            | 0                                                        | 0                   | 0       |
| Amounts of provisions used (-)                   | -1,884                 | -733                              | 0                           | -155                            | -4,142                                       | 0                                                        | -3,461              | -10,373 |
| Reversal of unused amounts of provisions (-<br>) | 0                      | -13                               | 0                           | 0                               | -552                                         | 0                                                        | -2,945              | -3,510  |
| Decrease through business disposals (-)          | 0                      | -42                               | 0                           | 0                               | 0                                            | 0                                                        | -25                 | -67     |
| Foreign currency exchange increase<br>(decrease) | -33                    | 0                                 | 0                           | 0                               | 0                                            | 0                                                        | -107                | -140    |
| Transfer from (to) other items                   | 37,378                 | 0                                 | 0                           | 0                               | 0                                            | 4,080                                                    | 2,754               | 44,212  |
| Other increase (decrease)                        | 0                      | 0                                 | 0                           | 0                               | 0                                            | 0                                                        | -2,827              | -2,827  |
| Provisions, ending balance                       | 58,688                 | 7,051                             | 0                           | 2,437                           | 12,416                                       | 16,675                                                   | 33,000              | 130,268 |

| (€ 1,000)                                        | Warranty<br>provisions | Legal<br>proceeding<br>provisions | Environmental<br>provisions | Provisions for<br>restructuring | Provisions for<br>contractual<br>obligations | Provisions for<br>negative<br>equity<br>method<br>values | Other<br>provisions | Total   |
|--------------------------------------------------|------------------------|-----------------------------------|-----------------------------|---------------------------------|----------------------------------------------|----------------------------------------------------------|---------------------|---------|
| Provisions - financial year<br>2023              |                        |                                   |                             |                                 |                                              |                                                          |                     |         |
| Provisions, opening balance                      | 58,688                 | 7,051                             | 0                           | 2,437                           | 12,416                                       | 16,675                                                   | 33,000              | 130,268 |
| Additional provisions                            | 14,392                 | 2,861                             | 0                           | 780                             | 912                                          |                                                          | 1,622               | 20,567  |
| Increase of existing provisions                  | 0                      | 0                                 | 0                           | 0                               | 0                                            |                                                          | 0                   | 0       |
| Increase through business combinations           | 0                      | 0                                 | 0                           | 0                               | 0                                            |                                                          | 0                   | 0       |
| Amounts of provisions used (-)                   | -2,612                 | -3,316                            | 0                           | -1,275                          | -722                                         |                                                          | -2,273              | -10,198 |
| Reversal of unused amounts of provisions (-<br>) | -1,139                 | -72                               | 0                           | 0                               | -808                                         |                                                          | -2,500              | -4,519  |
| Decrease through business disposals (-)          | 0                      | 0                                 | 0                           | 0                               | 0                                            |                                                          | -21                 | -21     |
| Foreign currency exchange increase<br>(decrease) | 146                    | 0                                 | 0                           | 0                               | 0                                            |                                                          | 347                 | 493     |
| Transfer from (to) other items                   | 0                      | 2,624                             | 0                           | -1,000                          | 0                                            | 10,197                                                   | 143                 | 11,963  |
| Other increase (decrease)                        | 0                      | 0                                 | 0                           | 0                               | 0                                            |                                                          | 106                 | 106     |
| Provisions, ending balance                       | 69,474                 | 9,147                             | 0                           | 942                             | 11,798                                       | 26,872                                                   | 30,425              | 148,659 |

Provisions increased by 18.4 million euros; mainly within the segment "Marine Engineering & Contracting" and a.o. due to 10.2 million euros of additional provisions for negative equity of participations accounted for under the equity method. Other LT provisions within the consolidated accounts of CFE have increased by 13.0 million euros, but are largely compensated by a decrease of 13.5 million euros in provisions < 1 year.

The acquisition of control over CFE at year-end 2013 gave rise to the recognition of a contingent liability for risks of 60.3 million euros in connection with CFE's construction and real estate development activities. In the course of 2014-2022, 47.8 million euros (group share 28.9 million euros) was reversed because the risks in question at CFE were either no longer present or were reported in CFE's own financial statements. In 2023, AvH further reduced the provision for contingent liabilities by 2.5 million euros (AvH share: 1.5 million euros) to 10 million euros (AvH share: 6.0 million euros). This reversal is justified by the disappearance of the underlying risks for which the provision had been constituted at year-end 2013.

When disposing of participating interests and/or activities, AvH and its subholdings are regularly required to provide certain warranties and representations. These may give rise to claims - legitimate or otherwise - from buyers for compensation on that basis. AvH and its subholdings received no such claims in 2023.

Several group companies of AvH (such as DEME, CFE, Agidens...) are actively involved in the execution of projects. This always entails a certain operational risk, but also means that certain estimates of profitability need to be made at the end of such a project. This risk is inherent to the activity, as well as the risk of disagreements with customers over divergent costs or changes in execution and the collection of these receivables. DEME is involved, both as claimant and as defendant, in discussions with customers about the financial consequences of deviations in the execution of contracting projects. In a small number of cases they may result in lawsuits. In so far as the consequences of such lawsuits can be reliably estimated, provisions are made for this in the accounts.

At current no contingent liabilities are recorded related to the impact of climate change.

Following contingent assets and liabilities are related to DEME:

• Since 2018, DEME has been involved in discussions with Rijkswaterstaat in the Netherlands related to the execution by one of its subsidiaries of the Juliana Canal widening project. Following intense discussions, a settlement (included in the H1 2023 result of DEME) has been reached. As such this matter can be closed.

{60}------------------------------------------------

• In September 2023, certain companies of the DEME-group were summoned to appear before the criminal court in Ghent. This decision follows a judicial investigation carried out in respect of the circumstances in which a contract was awarded in April 2014 by negotiated procedure to Mordraga, a former Russian joint venture company of the DEME group, for the execution of dredging works in the port of Sabetta (Russia). The works were carried out in the summer months of 2014 and 2015. The investigation was launched following a complaint lodged by a competitor, to whom said contract was not granted by negotiated procedure and is based solely on selective information provided by this competitor. Said competitor has meanwhile definitely waived its civil complaint in the dispute. At the introductory hearing on 6 December 2023, the Court of First Instance Oost-Vlaanderen, Ghent Division, has set a calendar for exchange of submissions. The DEME companies will now, for the first time, have the chance to submit substantive arguments regarding the charges brought by the Public Prosecutor. This means that so far, there has been no assessment of the case on the merits, which will require extensive debate, both in written submissions and oral arguments. In the current circumstances, it is therefore premature to speculate on the outcome of these proceedings. It is however clear that there is no longer any risk of payment of civil damages against the Claimant, which, as stated above, has definitively waived its civil complaint.

## Note 19: Financial debts

| (€ 1,000)                 | < 1 year | 1 year < 5<br>years | > 5 years | Total 2023        | < 1 year | 1 year < 5<br>years | > 5 years | Total 2022        |
|---------------------------|----------|---------------------|-----------|-------------------|----------|---------------------|-----------|-------------------|
|                           |          |                     |           | Remaining<br>term |          |                     |           | Remaining<br>term |
| I. Financial debts        |          |                     |           |                   |          |                     |           |                   |
| Bank loans                | 338,070  | 1,050,634           | 168,625   | 1,557,330         | 280,710  | 1,134,375           | 198,800   | 1,613,885         |
| Bonds                     | 40,000   | 99,613              | 0         | 139,613           | 0        | 139,348             | 0         | 139,348           |
| Subordinated loans        | 0        | 677                 | 0         | 677               | 0        | 677                 | 0         | 677               |
| Lease debts               | 43,055   | 78,948              | 55,021    | 177,024           | 39,778   | 67,946              | 44,234    | 151,959           |
| Other financial debts     | 129,547  | 12,135              | 0         | 141,681           | 82,168   | 46,453              | 0         | 128,621           |
| Financial debts - Total   | 550,672  | 1,242,007           | 223,646   | 2,016,326         | 402,656  | 1,388,799           | 243,034   | 2,034,489         |
| Cash and cash equivalents |          |                     |           | -989,810          |          |                     |           | -1,160,972        |
| Net financial debt        | 550,672  | 1,242,007           | 223,646   | 1,026,515         | 402,656  | 1,388,799           | 243,034   | 873,512           |

| (€ 1,000)                        | 2023                   |                        |                       | 2022                   |                        |                       |
|----------------------------------|------------------------|------------------------|-----------------------|------------------------|------------------------|-----------------------|
|                                  | Financial debt -<br>ST | Financial debt -<br>LT | Net financial<br>debt | Financial debt -<br>ST | Financial debt -<br>LT | Net financial<br>debt |
| Marine Engineering & Contracting | 308,416                | 914,291                | 638,947               | 278,640                | 1,016,861              | 601,511               |
| Private Banking (IFRS 16 leases) | 2,955                  | 5,726                  | -20,658               | 2,613                  | 4,854                  | -17,048               |
| Real Estate                      | 235,790                | 562,159                | 786,820               | 117,668                | 634,932                | 721,493               |
| Energy & Resources               | 0                      | 0                      | -689                  | 0                      | 0                      | -642                  |
| AvH & Growth Capital             | 3,512                  | 8,713                  | -352,669              | 3,735                  | 10,026                 | -396,956              |
| Intercompany                     | 0                      | -25,236                | -25,236               | 0                      | -34,840                | -34,840               |
| Total                            | 550,672                | 1,465,653              | 1,026,515             | 402,656                | 1,631,833              | 873,517               |

| (€ 1,000)                                                                 |           |
|---------------------------------------------------------------------------|-----------|
| Financial debts at 31-12-2022                                             | 2,034,489 |
| Movements in the Cashflow statement (Cash flow from financial activities) |           |
| Increase of financial debts                                               | 311,105   |
| (Decrease) of financial debts                                             | -401,724  |
| Non-cash movements                                                        |           |
| - Changes in consolidation scope - acquisitions                           | 0         |
| - Changes in consolidation scope - divestments                            | 0         |
| - IFRS 16 Leases - tangible assets                                        | 72,638    |
| - IFRS 16 Leases - investment property                                    | 0         |
| - Impact of exchange rates                                                | -182      |
| - Others                                                                  | 0         |
| Financial debts at 31-12-2023                                             | 2,016,326 |

We refer to 'Note 12. Financial risk management and financial derivatives' for more details regarding the liquidity risk and capital management of the fully consolidated subsidiaries.

The financial debts are attributable to the fully consolidated participations. Those participations are, taking into account their own creditworthiness, responsible for obtaining market terms from lenders. The participation should also assess on a case-by-case basis whether debt instruments, subject to variable interest rates and/or foreign currency fluctuations, require hedging so as to retain an acceptable residual risk.

The **financial debts** decreased by 18 million euros. During 2023 the AvH group companies have reimbursed 356.1 million euros of financial debts and taken up new debt for 311.1 million euros. This resulted in a net reduction of 45.0 million euros, with however different evolutions through the portfolio. While DEME reduced its financial debt by 154.1 million euros, it increased at CFE (+58.3 million euros) and Nextensa (+45.3 million euros). The cash out relating to the IFRS 16 leases amounted to -45.6 million euros (2022: -42.6 million euros).

{61}------------------------------------------------

When cash and cash equivalents are taken into account, the **net financial debt position** actually increased by 153.0 million euros:

- DEME's financial position decreased by 9 million euros and remains healthy with a net financial debt of 512 million euro (or 0.9 times EBITDA) compared to 521 million euro (or 1.1 times EBITDA) at the end of 2022.
- The net financial debt of CFE increased by 44.4 million euros compared to 31 December 2022. The debt ratio was 28%, well below the historical average of recent years. If CFE's injection into the Kronos project (64 million euros) is excluded, net financial debt would have decreased by 20 million euros in 2023.
- Although Deep C Holding reimbursed partially its shareholder loans, following the successful capital increase at its affiliate Infra Asia Investment, the net financial debt remained almost unchanged as a result of investments and working capital needs.
- As the real estate market largely came to a standstill during 2023, Nextensa sold fewer buildings than desired. This led to an increase by 26.6 million euros in the net debt position amounting 786.8 million euros.

#### Financial covenants

**DEME**: bilateral loans and long term credit facilities are subject to specific covenants. At December 31, 2023 DEME complied with the solvency ratio (>25%), the debt/EBITDA ratio (<3), and the interest cover ratio (>3), that were agreed upon within the contractual terms of the loans received.

**CFE**: the credit facilities are subject to specific covenants that take into account criteria such as financial debt and the ratio of debt to equity or fixed assets, as well as cash flow. These covenants were fully honoured as of December 31, 2023.

**Deep C Holding**: the credit facilities are subject to specific covenants that take into account criteria such as financial debt and the ratio of debt to equity or total assets. These covenants were fully honoured as of December 31, 2023.

**Nextensa**: the financial institutions grant loans to Nextensa on the basis of the company's reputation and various financial and other covenants. Failure to honour these covenants may result in the early cancellation of these loans. The loans received contain conventional covenants. The company was in compliance with all covenants as of yearend 2023.

| (€ 1,000)                                                                                                                                                                             | 2023    | 2022    |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|
| II. Amounts payable (or the portion thereof), which are guaranteed by real guarantees given or<br>irrevocably promised on the assets of the enterprises included in the consolidation |         |         |
| Bank loans                                                                                                                                                                            | 237,341 | 230,604 |
| Bonds                                                                                                                                                                                 | 0       | 0       |
| Lease debts                                                                                                                                                                           | 0       | 0       |
| Other financial debts                                                                                                                                                                 | 0       | 0       |
| Total                                                                                                                                                                                 | 237,341 | 230,604 |

The debts guaranteed by real guarantees given mainly relate to the concessions-activity of Deep C Holding and the real estate projects by Nextensa. In the context of various development projects, Nextensa provided pledges as security for financial debt amounting to 181.7 million euros.

## Note 20: Banks – debts to credit institutions, clients and securities

| (€ 1,000)                                                    |           | Fair value |           | Book value |  |
|--------------------------------------------------------------|-----------|------------|-----------|------------|--|
|                                                              | 2023      | 2022       | 2023      | 2022       |  |
| Debts to credit institutions and central banks               | 49,601    | 116,334    | 49,604    | 116,379    |  |
| Debts to clients                                             | 7,469,535 | 6,504,730  | 7,491,001 | 6,553,495  |  |
| - of which subordinated                                      | 0         | 560        | 0         | 560        |  |
| Securities including bonds                                   | 111,459   | 171,599    | 111,315   | 164,769    |  |
| - of which subordinated                                      | 0         | 47,155     | 0         | 40,236     |  |
| Banks - changes in fair value of the hedged credit portfolio | 0         | 89,733     | 0         | 89,733     |  |
|                                                              | 7,630,595 | 6,882,396  | 7,651,919 | 6,924,377  |  |

{62}------------------------------------------------

| (€ 1,000)                                                    | 2023      | 2022      |
|--------------------------------------------------------------|-----------|-----------|
| Debts to credit institutions and central banks               |           |           |
| Current accounts / overnight deposits                        | 46,067    | 104,845   |
| Deposits with agreed maturity                                | 3,537     | 11,534    |
| Accrued interests                                            | 0         | 0         |
| Total                                                        | 49,604    | 116,379   |
| Debts to clients                                             |           |           |
| Current accounts / overnight deposits                        | 3,151,095 | 4,197,238 |
| Deposits with agreed maturity                                | 3,506,038 | 1,248,652 |
| Special deposits                                             | 45,805    | 56,798    |
| Regulated deposits                                           | 788,063   | 1,050,247 |
| Subordinated certificats                                     | 0         | 560       |
| Total                                                        | 7,491,001 | 6,553,495 |
| Securities including bonds                                   |           |           |
| Debt certificates                                            | 111,315   | 124,533   |
| Subordinated bonds                                           | 0         | 40,236    |
| Total                                                        | 111,315   | 164,769   |
| Banks - changes in fair value of the hedged credit portfolio |           |           |
|                                                              | 0         | 89,733    |
| Total debts to credit institutions, clients and securities   | 7,651,919 | 6,924,377 |

The full consolidation of Bank Van Breda results in the recording of specific bank receivables and debts in the balance sheet of AvH. These items were grouped for maximum transparency of the balance sheet.

#### Liquidity risk Bank Van Breda

Liquidity risk is the risk that the bank has insufficient funds available, or is unable to release funds quickly enough and at a reasonable cost to meet its short-term commitments. The commercial banking activities are the main source of liquidity risk. A bank's sources of funding traditionally have a shorter maturity than the financed assets, resulting in a maturity mismatch. The liquidity management of Bank Van Breda constantly monitors this mismatch and works out a financing strategy to confine it within the guidelines that are set out in a liquidity control framework. In this area, too, the bank pursues a deliberately low risk profile. Bank Van Breda maintains a solid and high-quality liquidity buffer to absorb fluctuations in the treasury position. This buffer stood at 2,113 million euros at year end 2023 and consists primarily of cash, placed at the ECB, and a highly liquid portfolio of bonds.

The bank's financing mix is very stable, with the deposits of the core clients as the main source of funding. The core clients use the bank for their investments and everyday banking transactions. The bank also closely watches the loan-to-deposit ratio and applies strict limits to this ratio between client credit portfolio and client deposits, which at year-end 2023 stood at 84%. Dependence on external institutional financing accounted for only 1.4% of total assets in 2023.

Two liquidity ratios were introduced in the Basel regulations and the CRR/CRD IV directive:

- The LCR (Liquidity Coverage Ratio) is a criterion for the liquidity position under an acute stress scenario over 30 days. It requires financial institutions to hold sufficient highquality liquid assets. The regulator imposes a limit of at least 100%.
- The NSFR (Net Stable Funding Ratio) contrasts the available amount of stable funding with the required amount of stable funding over a one-year period. The Basel IIIguidelines impose a limit of at least 100% as from 2018.

At year-end 2023, those ratios stood at 304% and 150% respectively. Both ratios are well above the lower limit of 100% that is imposed by the regulatory authority.

The bank's liquidity risk is monitored constantly by means of proactive treasury management, within the lines defined by the Asset & Liability Management and the investment framework. For its liquidity management, the bank uses, among other things, liquidity gap reports, ratio analysis and short- and long-term volume prognoses.

In the following table the assets and liabilities are grouped by maturity period and internal assumptions for deposits without maturity date were taken into account.

| (€ 1,000)     | < 1 month  | 1-3 months | 3-12 months | 1-5 years  | 5-10 years | > 10 years | Indefinite |
|---------------|------------|------------|-------------|------------|------------|------------|------------|
| 31/12/2023    |            |            |             |            |            |            |            |
| Assets        | 1,911,000  | 186,000    | 872,000     | 3,020,000  | 1,782,000  | 625,000    | 43,000     |
| Liabilities   | -1,435,000 | -1,359,000 | -2,207,000  | -1,532,000 | -831,000   | -241,000   | -64,000    |
| Derivatives   | 3,000      | 4,000      | 14,000      | 14,000     | 5,000      | 0          | 0          |
| Liquidity Gap | 479,000    | -1,169,000 | -1,321,000  | 1,502,000  | 956,000    | 384,000    | -21,000    |
| 31/12/2022    |            |            |             |            |            |            |            |
| Assets        | 1,078,000  | 161,000    | 900,000     | 2,903,000  | 1,816,000  | 652,000    | 39,000     |
| Liabilities   | -1,000,000 | -790,000   | -1,925,000  | -1,675,000 | -1,101,000 | -343,000   | -51,000    |
| Derivatives   | 1,000      | 2,000      | 16,000      | 55,000     | 23,000     | 0          | 0          |
| Liquidity Gap | 79,000     | -627,000   | -1,009,000  | 1,283,000  | 738,000    | 309,000    | -12,000    |

{63}------------------------------------------------

#### Interest rate risk Bank Van Breda

Interest rate risk can be defined as the extent to which the results or value of a financial transaction are affected by a change in market interest rates. Applied to a financial institution, interest rate risk is the extent to which the (interest) earnings and/or fair value of this institution is liable to be adversely affected by a change in market interest rates.

The bank opts to keep the interest rate risk at a relatively low level:

- The bank uses hedging instruments to correct the mismatch. This is done with a combination of interest rate swaps (which convert variable interest rate commitments into fixed rate commitments) and options (which provide protection against a rise in interest rates above given levels).
- Equity value sensitivity is the exposure of the company's economic value to unfavourable interest rate fluctuations. Earnings sensitivity is the exposure of the bank's (interest) earnings to those same unfavourable interest rate fluctuations. Its intensity can be seen in the duration gap. By this is meant the difference in duration of all assets and duration of all liabilities (mismatch), the duration being the weighted average of the maturities of a set of fixed-interest securities.

Equity value sensitivity and earnings sensitivity are monitored by means of scenario analyses that take account of changing market conditions, enabling the impact of stress scenarios to be analysed. This equity value and earnings sensitivity is measured using the Basis Point Value (BPV) methodology which shows the value change of the portfolio being analyzed when confronted with an increase in inte rest rates over the entire curve.

|                                    | Impact of an immediate increase of the yield curve with 100 base points (1%) on: |         | 2023    | 2022 |
|------------------------------------|----------------------------------------------------------------------------------|---------|---------|------|
| The interest result                |                                                                                  | -920    | 2,827   |      |
| (earnings sensitivity)             |                                                                                  |         |         |      |
| The faire value of the equity      |                                                                                  | -63,586 | -53,698 |      |
| (equity value sensitivity) (= BPV) |                                                                                  |         |         |      |

For the interest gap analysis both balance sheet and off balance sheet products are grouped together per period of maturity. In this way the mismatch structure becomes visible.

| (€ 1,000)    | ≤ 1 month  | 1-3 months | 3-12 months | 1-5 years  | 5-10 years | > 10 years | Indefinite |
|--------------|------------|------------|-------------|------------|------------|------------|------------|
| 31/12/2023   |            |            |             |            |            |            |            |
| Assets       | 1,985,000  | 365,000    | 992,000     | 2,953,000  | 1,575,000  | 521,000    | 43,000     |
| Liabilities  | -1,435,000 | -1,359,000 | -2,206,000  | -1,532,000 | -831,000   | -241,000   | -64,000    |
| Derivatives  | 375,000    | 665,000    | -60,000     | -370,000   | -570,000   | -40,000    |            |
| Interest Gap | 925,000    | -329,000   | -1,274,000  | 1,051,000  | 174,000    | 240,000    | -21,000    |
| 31/12/2022   |            |            |             |            |            |            |            |
| Assets       | 1,143,000  | 307,000    | 957,000     | 2,916,000  | 1,625,000  | 546,000    | 48,000     |
| Liabilities  | -1,045,000 | -789,000   | -1,943,000  | -1,662,000 | -1,056,000 | -338,000   | -38,000    |
| Derivatives  | 325,000    | 570,000    | -60,000     | -370,000   | -410,000   | -55,000    |            |
| Interest Gap | 423,000    | 88,000     | -1,046,000  | 884,000    | 159,000    | 153,000    | 10,000     |

## Note 21: Taxes

## 1. Recognized deferred tax assets and liabilities

| (€ 1,000)                                             | Assets 2023 | Liabilities 2023 | Net 2023 | Assets 2022 | Liabilities 2022 | Net 2022 |
|-------------------------------------------------------|-------------|------------------|----------|-------------|------------------|----------|
| Intangible assets                                     | 0           | 21,132           | -21,132  | 0           | 21,132           | -21,132  |
| Tangible assets                                       | 24,494      | 37,410           | -12,916  | 23,365      | 37,683           | -14,318  |
| Investment property                                   | 0           | 34,127           | -34,127  | 0           | 33,726           | -33,726  |
| Financial fixed assets                                | 0           | 7,358            | -7,358   | 0           | 1,626            | -1,626   |
| Investments                                           | 4,789       | 0                | 4,789    | 13,953      | 0                | 13,953   |
| Employee benefits                                     | 14,857      | 343              | 14,514   | 17,648      | 705              | 16,943   |
| Provisions                                            | 8,839       | 3,711            | 5,129    | 4,878       | 464              | 4,414    |
| Financial derivative instruments                      | 524         | 7,863            | -7,338   | 1,057       | 21,216           | -20,159  |
| Working capital items                                 | 45,047      | 48,963           | -3,916   | 43,099      | 65,556           | -22,457  |
| Tax losses and tax credits / deduction for investment | 74,087      | 0                | 74,087   | 71,450      | -9,852           | 81,302   |
| Set-off                                               | -22,196     | -22,196          | 0        | -20,621     | -20,621          | 0        |
| Total                                                 | 150,442     | 138,710          | 11,732   | 154,829     | 151,635          | 3,195    |

Deferred taxes are mainly due to the revaluation of assets and liabilities as a result of business combinations. The Group regularly assesses its uncertain tax positions. In accordance with IFRIC 23, and where appropriate, provisions are made which are recorded under the deferred tax liabilities.

DEME operates in multiple jurisdictions with often complex legal and tax regulatory environments. DEME engages constructively with the tax authorities and where needed asks support from local advisors and counsels to obtain the most correct position on taxlegislation and principles. However it is acknowledged that some of the positions are uncertain and include interpretation of complex tax laws as well as transfer pricing considerations. A deferred tax liability is recorded for each item that is not probable of being sustained on examination by the tax authorities and after using all legal remedies of defending the position before Court. The estimates are based on an approach which provides the best prediction of the resolution of the uncertainties with the tax authorities and is calculated using the most likely single amount or expected value method following IFRIC 23. The 

{64}------------------------------------------------

estimates are based on facts and circumstances existing at the end of the reporting period. At the end of 2023, deferred tax liabilities relating to uncertain tax positions (UTP) amount to 22.6 million euros and the major UTP relate to ongoing potential tax litigations in the Philippines, Belgium, the Netherlands and India.

The item 'Set-off' reflects the set-off between deferred tax assets and liabilities per entity at DEME.

## 2. Unrecognized deferred tax assets

| (€ 1,000)                                     | 2023    | 2022    |
|-----------------------------------------------|---------|---------|
| Unrecognized receivables following tax losses | 215,255 | 118,286 |
| Tax credits                                   | 7,443   |         |
| Deferred depreciations                        | 5,495   |         |
| Investment deductions                         | 2,787   |         |
| Other unrecognized deferred tax assets        | 0       | 0       |
| Total                                         | 230,980 | 118,286 |

On December 31,2023, unrecognised deferred tax assets were extended to include dividend received deductions, tax credits, deferred depreciations and investment deductions. The unrecognised receivables following tax losses consist of 86 million euros of tax losses and 129 million euros of dividend received deductions.

Unrecognized deferred tax assets are largely attributable to DEME and CFE.

## 3. Current and deferred tax expenses (income)

| (€ 1,000)                                         | 2023     | 2022    |
|---------------------------------------------------|----------|---------|
| Current income tax expense, net                   |          |         |
| Current period tax expense                        | -120,291 | -89,723 |
| Adjustments to current tax of prior periods       | 5,443    | 4,395   |
| Total                                             | -114,848 | -85,328 |
| Deferred taxes, net                               |          |         |
| Origination and reversal of temporary differences | 12,672   | 3,154   |
| Additions (use) of tax losses                     | -186     | 245     |
| Other deferred taxes                              | -121     | -150    |
| Total                                             | 12,365   | 3,250   |
| Total current and deferred tax (expenses) income  | -102,483 | -82,078 |

## 4. Reconciliation of statutory tax to effective tax

| (€ 1,000)                                                                                              | 2023     | 2022     |
|--------------------------------------------------------------------------------------------------------|----------|----------|
| Profit (loss) before taxes                                                                             | 609,585  | 889,590  |
| Profit (loss) of participations accounted for using the equity method (-)                              | -223,378 | -243,874 |
| Profit (loss) before taxes, excluding result from participations accounted for using the equity method | 386,207  | 645,716  |
| Statutory tax rate (%)                                                                                 | 25.00%   | 25.00%   |
| Tax expense using the statutory tax rate                                                               | -96,552  | -161,429 |
| Tax effect of rates in other jurisdictions                                                             | 10,866   | 427      |
| Tax effect of tax-exempt revenues                                                                      | 35,957   | 99,041   |
| Tax effect of non-deductible expenses                                                                  | -18,445  | -15,029  |
| Tax effect of tax losses                                                                               | -28,748  | -4,930   |
| Tax effect from (under) or over provisions in prior periods                                            | 230      | -2,847   |
| Other increase (decrease)                                                                              | -5,792   | 2,689    |
| Tax expense using the effective tax rate                                                               | -102,483 | -82,078  |
| Profit (loss) before taxes                                                                             | 609,585  | 889,590  |
| Profit (loss) of participations accounted for using the equity method (-)                              | -223,378 | -243,874 |
| Profit (loss) before taxes, excluding result from participations accounted for using the equity method | 386,207  | 645,716  |
| Effective tax rate (%)                                                                                 | 26.54%   | 12.71%   |

Income taxes represented a cost of 102.5 million euros in 2023. It should be noted that the contribution from the equity accounted participations is already reported on a posttax basis. The income tax charge of 102.5 million euros in 2023 therefore corresponded to a tax rate of 26.5% of the profit before tax (minus contribution from equity companies) of 386.2 million euros (609.6 million euros - 223.4 million euros). In 2022, a substantial part of the result consisted of gains on the disposal of participations which AvH held over the long term and are exempt from tax.

## 5. Pillar Two

Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the AvH Group operates (ao. Belgium). The legislation will be effective for the AvH Group's financial year beginning 1 January 2024.

The AvH Group is in scope of the enacted or substantively enacted legislation and has performed an assessment of the AvH Group's potential exposure to Pillar Two top-uptaxes.

{65}------------------------------------------------

The assessment of the potential exposure to Pillar Two top-up-taxes is based on the most recent tax filings, country-by-country reporting and financial information for the constituent entities in the Group. Based on the assessment, the Transitional Safe Harbour relief will be applicable up to 80% of the jurisdictions in scope.

Based on the assessment, the AVH Group has identified potential exposure to Pillar Two top-up-taxes in certain jurisdictions. The exact exposure can currently not reasonably be estimated, a.o. since the outcome of the assessment will still be influenced by the outcome of the expected OECD Administrative Guidance to be published in the course of 2024. However, based on historical data, the AvH Group currently does not expect that such exposure may be significant in view of the consolidated financial statements.

The Group has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar two income taxes.

## Note 22: share based payment

## 1. Equity settled stock option plan AvH as of 31 December 2023

| Grant date | Number options<br>accepted | Number options<br>exercised | Number options<br>expired | Balance | Exercise price (€) | Exercise period         |
|------------|----------------------------|-----------------------------|---------------------------|---------|--------------------|-------------------------|
| 2015       | 50,500                     | -50,500                     |                           | 0       | 100.23             | 01/01/2019 - 05/01/2023 |
| 2016       | 40,500                     | -40,500                     |                           | 0       | 130.95             | 01/01/2020 - 03/01/2024 |
| 2017       | 46,000                     | -8,000                      |                           | 38,000  | 128.30             | 01/01/2021 - 12/01/2025 |
| 2018       | 46,000                     | 0                           | -500                      | 45,500  | 148.64             | 01/01/2022 - 11/01/2026 |
| 2019       | 46,000                     | -8,000                      |                           | 38,000  | 132.52             | 01/01/2023 - 14/01/2027 |
| 2020       | 23,750                     | 0                           |                           | 23,750  | 141.09             | 01/01/2024 - 13/01/2028 |
| 2021       | 55,000                     | 0                           |                           | 55,000  | 124.67             | 01/01/2025 - 14/01/2029 |
| 2022       | 59,350                     | 0                           |                           | 59,350  | 166.35             | 01/01/2026 - 13/01/2030 |
| 2023       | 80,000                     | 0                           |                           | 80,000  | 160.91             | 01/01/2027 - 13/01/2031 |
|            | 447,100                    | -107,000                    | -500                      | 339,600 |                    |                         |

AvH's stock option plan, which was approved in March 1999, is intended to provide long-term motivation for executive directors, members of the executive committee and management whose activities are essential to the success of the group. The options give them the right to acquire a corresponding number of shares in Ackermans & van Haaren.

The remuneration committee is responsible for monitoring this plan and selecting the beneficiaries. The options are provided free of charge and their exercise period is 8 years.

The total value of the outstanding options of 2017-2023 (measured at the fair value when granted) amounts to 10.9 million euros and is calculated by an external party according to an adjusted Black & Scholes model of which the main components are:

| Year of grant | Share price (€) | Dividend yield | Volatility | Interest rate | Estimated expected<br>lifetime | Black & Scholes Value<br>(€) |
|---------------|-----------------|----------------|------------|---------------|--------------------------------|------------------------------|
| 2015          | 101.35          | 2.19%          | 19.00%     | 0.47%         | 7.79                           | 13.76                        |
| 2016          | 131.95          | 1.28%          | 23.00%     | 0.59%         | 7.79                           | 27.72                        |
| 2017          | 129.40          | 1.40%          | 23.00%     | 0.34%         | 7.79                           | 25.70                        |
| 2018          | 149.20          | 1.30%          | 20.00%     | 0.68%         | 7.79                           | 27.32                        |
| 2019          | 135.50          | 1.43%          | 20.40%     | 0.52%         | 7.90                           | 24.92                        |
| 2020          | 141.80          | 1.77%          | 21.00%     | -0.01%        | 7.90                           | 22.43                        |
| 2021          | 129.50          | 1.35%          | 24.00%     | -0.36%        | 7.90                           | 26.59                        |
| 2022          | 174.30          | 1.00%          | 22.00%     | 0.25%         | 7.90                           | 38.20                        |
| 2023          | 163.90          | 1.31%          | 22.00%     | 2.66%         | 7.90                           | 42.93                        |

| Movement schedule - Stock options | 2023    | 2022    |
|-----------------------------------|---------|---------|
| Opening balance                   | 317,100 | 306,250 |
| Number of options accepted        | 80,000  | 59,350  |
| Number of options exercised       | -57,500 | -48,500 |
| Number of options expired         | 0       | 0       |
| Ending balance                    | 339,600 | 317,100 |

In 2023, 80,000 new stock options were granted with an exercise price of 160.91 euros per share. The fair value when granted was fixed at 3.4 million euros and is recorded in the profit and loss account over the vesting period of 4 years. In 2023 57,500 options were exercised (weighted average stock price of 158.24 euros).

At the end of 2023, the total number of outstanding stock options was 339,600. To hedge the current (and future) obligations AvH had a total of 351,839 shares in portfolio at the end of 2022.

{66}------------------------------------------------

## 2. Cash settled stock option plans at consolidated subsidiaries of AvH

The beneficiaries of the option plans of Delen Private Bank, Bank Van Breda, Agidens, Biolectric and Turbo's Hoet Groep have a put option on the respective parent companies FinAx/Promofi and AvH Growth Capital (these companies have call options and a pre-emption right to prevent the shares from being transferred to third parties).

These option plans concern shares which are not listed on a stock exchange and whose value is determined in the option plan. The valuation of the option price is (depending on the option plan) based on the growth of the equity, a multiple on the growth of the consolidated profit or a market valuation of the company.

These option plans are accounted for in accordance with IFRS 2, and as such a liability is recorded in the balance sheet. The liabilities are reviewed as a result of an exercise, a regranting or modification of the parameters. These in- or decreases of the liability result respectively in a loss or profit in the income statement.

The total liability of the option plans of the fully consolidated subsidiaries as of 31 December 2023 amounts to 19.5 million euros, included in the other non-current liabilities.

## 3. Treasury share

| Treasury shares as part of the stock option plan               | 2023    | 2022    |
|----------------------------------------------------------------|---------|---------|
| Opening balance                                                | 317,100 | 345,250 |
| Acquisition of treasury shares                                 | 12,239  | 20,350  |
| Transfer from the share buyback programme                      | 80,000  | 0       |
| Disposal of treasury shares as a result of exercise of options | -57,500 | -48,500 |
| Ending balance                                                 | 351,839 | 317,100 |

| Treasury shares as part of the liquidity contract | 2023     | 2022     |
|---------------------------------------------------|----------|----------|
| Opening balance                                   | 3,506    | 1,842    |
| Acquisition of treasury shares                    | 471,490  | 347,174  |
| Disposal of treasury shares                       | -443,883 | -345,510 |
| Ending balance                                    | 31,113   | 3,506    |

|                                                        | 2023    | 2022   |
|--------------------------------------------------------|---------|--------|
| Treasury shares as part of the share buyback programme |         |        |
| Opening balance                                        | 70,633  | 0      |
| Acquisition of treasury shares                         | 417,781 | 70,633 |
| Transfer to cover of stock option plan                 | -80,000 | 0      |
| Disposal of treasury shares                            | 0       | 0      |
| Ending balance                                         | 408,414 | 70,633 |

In October 2022, AvH announced the start of a share buyback programme of up to 70.0 million euros. The programme started on October 5, 2022 and its duration was extended by the Board of Directors until year end 2023. Since the start of this programme, 488,414 treasury shares have been bought, for a total amount of 70 million euros. Meanwhile 80,000 of these shares have been allocated to cover stock option plan obligations. On December 31, 2023, 339,600 options were outstanding on AvH shares. In order to hedge these (and future) obligations, AvH owned 351,839 treasury shares on that date.

In addition, 471,490 AvH shares were purchased and 443,883 shares were sold in 2023 in the context of the contract that AvH entered into with Kepler Cheuvreux in order to support the liquidity of the AvH share. These transactions are initiated autonomously by Kepler Cheuvreux, but as they take place on behalf of AvH, the net purchase of 27,607 AvH shares has an impact on AvH's equity. On December 31, 2023, the number of treasury shares in the portfolio in the context of this liquidity agreement amounts to 31,113.

In total, on December 31, 2023, the total number of treasury shares amounts to 791,366 (2.36% of the shares issued). ). In accordance with IFRS, the carrying amount of these treasury shares of 59.5 million euros additionally for 2023 is deducted from equity (see Statement of changes in consolidated equity).

The board of directors has decided to proceed to the cancellation of 335,653 treasury shares (roughly 1% of the outstanding shares).

## Note 23: Rights and commitments not reflected in the balance sheet

## 1. Rights and commitments not reflected in the balance sheet, excluding CFE-DEME

| (€ 1,000)                                                                                                                                                                                                            | 2023    | 2022    |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------|
| Amount of personal guarantees, given or irrevocably promised by the enterprises included in the consolidation, as security for debts or commitments                                                                  | 685,432 | 635,278 |
| Amount of real guarantees, given or irrevocably promised by the enterprises included in the consolidation on their own assets, as security for debts<br>and commitments of enterprises included in the consolidation | 302,949 | 303,463 |
| Goods and values, not disclosed in the balance sheet, held by third parties in their own name but at risk to and for the benefit of the enterprise                                                                   | 0       | 0       |
| Commitments to acquire fixed assets                                                                                                                                                                                  | 115,804 | 96,816  |
| Commitments to dispose of fixed assets                                                                                                                                                                               | 303,084 | 312,230 |
| Rights and commitments not reflected in the balance sheet of banks (Bank Van Breda)                                                                                                                                  |         |         |
| - Loan commitments                                                                                                                                                                                                   | 454,939 | 610,220 |
| - Financial guarantees                                                                                                                                                                                               | 49,100  | 49,465  |
| - Repo transactions + collateral                                                                                                                                                                                     | 0       | 2,000   |

{67}------------------------------------------------

The personal guarantees in 2023 are represented by 108.8 million euros in guarantees for Nextensa real estate projects and 1.1 million euros in guarantees for Agidens projects. The balance of 575.6 million euros mainly concerns guarantees entered into by AvH & subholdings relating to the sale of participations.

The real guarantees concern 181.7 million euros in guarantees put up by Nextensa regarding the financing of its activities in land and real estate development and 113.2 million euros in the scope of Deep C Holding development projects. On balance, there remains 3.4 million euros from Agidens (financing of the headquarter) and 4.7 million euros from Biolectric (regarding the acquisition loan).

The commitments to acquire fixed assets concern options as part of stock option plans or options as part of shareholders' agreements for a total of 115.8 million euros.

The commitments to dispose of fixed assets are for call options (including conditional options) on the assets of AvH & Growth Capital for the amount of 303.1 million euros.

The off-balance-sheet commitments of Bank Van Breda consist primarily of the unused part of loans/credit lines granted. Bank guarantees, security loans and documentary credits have also been granted to clients. These off-balance-sheet commitments are also taken into account in the assessment of the credit risk.

## 2. Rights and commitments not reflected in the balance sheet CFE-DEME

| (€ 1,000)                                                                                                                                                                                                            | 2023      | 2022      |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|-----------|
| Commitments                                                                                                                                                                                                          |           |           |
| Amount of real guarantees, given or irrevocably promised by the enterprises included in the consolidation on their own assets, as security for debts<br>and commitments of enterprises included in the consolidation | 0         | 0         |
| Bank and insurance guarantees for commitments of enterprises included in the consolidation                                                                                                                           | 2,011,504 | 1,623,964 |
| Other commitments given                                                                                                                                                                                              | 92,828    | 35,869    |
| Total                                                                                                                                                                                                                | 2,104,332 | 1,659,833 |
|                                                                                                                                                                                                                      |           |           |
| Rights                                                                                                                                                                                                               |           |           |
| Bank guarantees received as security for commitments to enterprises included in the consolidation                                                                                                                    | 104,990   | 180,335   |
| Other commitments received                                                                                                                                                                                           | 5,414     | 4,308     |
| Total                                                                                                                                                                                                                | 110,404   | 184,643   |

Bank and insurance guarantees relate to guarantees given in connection with the performance of construction contracts. Guarantees are also given in the context of tenders. The 'Other commitments given' refer to the 'progress guarantee' (Breyne Act) at CFE.

## Note 24: Employment

## 1. Average number of persons employed

|           | 2023  | 2022  |
|-----------|-------|-------|
| Employees | 5,973 | 5,732 |
| Workers   | 3,642 | 3,771 |

## 2. Personnel charges

| (€ 1,000)                                                         | 2023     | 2022     |
|-------------------------------------------------------------------|----------|----------|
| Remuneration and social charges                                   | -914,575 | -795,125 |
| Pension expenses (defined contribution and defined benefit plans) | -25,358  | -23,112  |
| Share based payment                                               | -4,818   | -2,045   |
| Total                                                             | -944,751 | -820,282 |

In 2023 the headcount increased by 1%, mainly at DEME, while personnel charges increased by 15%, mainly driven by the higher inflation, the increased pension expenses and higher share based payment valuations.

AvH, AvH Growth Capital en AvH Singapore count for 49 employees. A pro forma headcount of 21,887 is cited in the section '2023 at a glance' (page 8). This pro forma figure comprises the staff of all participations held by the AvH group, and therefore deviates from the average headcount reported above which is based on the IFRS consolidation, which was drawn up on the basis of the consolidation scope reported in Note 2 and 3. In this pro forma presentation, all exclusive control interests are incorporated in full and the jointly controlled and associated interests proportionally.

{68}------------------------------------------------

## Note 25: Raw materials, consumables, services and subcontracted work

| (€ 1,000)                                                             | 2023       | 2022       |
|-----------------------------------------------------------------------|------------|------------|
| Raw materials and consumables used                                    | -2,708,475 | -2,260,861 |
| Changes in inventories of finished goods, raw materials & consumables | 27,944     | 48,720     |
| General and administrative expenses, including subcontracted work     | -657,745   | -637,231   |
| Total                                                                 | -3,338,275 | -2,849,372 |

These costs vary according to the turnover, but also depend on a number of other factors, including and more specifically in the case of DEME/CFE, the nature of the work performed (execution only, EPC, …) and its contractual structure (subcontractors, sole contractor or joint ventures, …).

## Note 26: Pension liabilities

| (€ 1,000)                                    | 2023    | 2022    |
|----------------------------------------------|---------|---------|
| Defined benefit pension plans                | -68,226 | -72,038 |
| Other pension obligations (early retirement) | -4,032  | -5,164  |
| Total pension obligations                    | -72,257 | -77,202 |
| Total pension assets                         | 1,371   | 2,820   |

## Defined benefit pension plans

| (€ 1,000)                                                                                  | 2023     | 2022     |
|--------------------------------------------------------------------------------------------|----------|----------|
| 1. Amounts as recorded in the balance sheet                                                |          |          |
| Net funded defined benefit plan (obligation) asset                                         | -66,855  | -69,218  |
| Present value of wholly or partially funded obligations (-)                                | -291,577 | -289,860 |
| Fair value of plan assets                                                                  | 224,722  | 220,642  |
| Defined benefit plan (obligation) asset, total                                             | -66,855  | -69,218  |
| Liabilities (-)                                                                            | -68,226  | -72,038  |
| Assets                                                                                     | 1,371    | 2,820    |
| Movements in plan assets (obligations) as recorded in the balance sheet                    |          |          |
| Net defined benefit plan asset (obligation) recorded in the balance sheet, opening balance | -69,218  | -73,201  |
| Increase (decrease) from business combinations/disposals                                   | 0        | 0        |
| Net defined benefit cost recorded in the income statement                                  | -21,021  | -22,034  |
| Net defined benefit cost recorded in 'Other Comprehensive Income'                          | -901     | 3,338    |
| Contributions from employer / employee                                                     | 25,898   | 22,515   |
| Other increase (decrease)                                                                  | -1,613   | 164      |
| Net defined benefit plan asset (obligation) recorded in the balance sheet, ending balance  | -66,855  | -69,218  |
| 2a. Net cost recorded in the income statement                                              | -21,021  | -22,034  |
| Current service cost                                                                       | -19,436  | -21,659  |
| Interest cost                                                                              | -9,827   | -3,269   |
| Interest income on plan assets (-)                                                         | 8,105    | 2,679    |
| Past service cost                                                                          | 137      | 216      |
| 2b. Net cost recorded in 'Other Comprehensive Income'                                      | -901     | 3,338    |
| Actuarial gains/(losses) recognised in 'Other Comprehensive Income'                        | 8,536    | 80,252   |
| Return on plan assets, excluding interest income (-)                                       | -9,546   | -75,978  |
| Exchange differences                                                                       | 12       | 0        |
| Other                                                                                      | 97       | -935     |

{69}------------------------------------------------

| 3a. Movements in defined benefit plan obligations                                         |          |          |
|-------------------------------------------------------------------------------------------|----------|----------|
| Defined benefit plan obligations recorded in the balance sheet, opening balance           | -289,861 | -358,746 |
| Increase as a result of business combinations                                             | 0        | 0        |
| Decrease as a result of business disposals                                                | 0        | 0        |
| Current service cost                                                                      | -19,436  | -21,659  |
| Interest cost                                                                             | -9,827   | -3,269   |
| Contributions from employee                                                               | -833     | -922     |
| Benefit payments (-)                                                                      | 17,248   | 11,900   |
| Remeasurement (gains)/losses (net)                                                        | 8,536    | 80,252   |
| of which: actuarial (gains)/losses on DBO arising from changes in demographic assumptions | 2,394    | 325      |
| of which: actuarial (gains)/losses on DBO arising from changes in financial assumptions   | 3,388    | 102,473  |
| of which: actuarial (gains)/losses on DBO arising from experience                         | 2,754    | -22,546  |
| Past service cost                                                                         | 0        | 0        |
| Exchange differences                                                                      | 0        | 170      |
| Other increase (decrease)                                                                 | 2,596    | 2,414    |
| Defined benefit plan obligations recorded in the balance sheet, ending balance            | -291,577 | -289,861 |
| 3b. Movements in plan assets                                                              |          |          |
| Fair value of the plan assets, opening balance                                            | 220,642  | 285,545  |
| Increase as a result of business combinations                                             | 0        | 0        |
| Decrease through business disposals                                                       | 0        | 0        |
| Return on plan assets excluding interest income                                           | -9,546   | -75,978  |
| Interest income on plan assets                                                            | 8,105    | 2,679    |
| Contributions from employer / employee                                                    | 26,889   | 23,327   |
| Benefit payments (-)                                                                      | -17,248  | -11,900  |
| Exchange differences                                                                      | 0        | -170     |
| Other increase (decrease)                                                                 | -4,121   | -2,860   |
| Fair value of the plan assets, ending balance                                             | 224,722  | 220,642  |
| 4. Principal actuarial assumptions                                                        |          |          |
| Discount rate used                                                                        | 3.4%     | 3.5%     |
| Expected rate of salary increase                                                          | 3.7%     | 3.7%     |
| Inflation                                                                                 | 2.2%     | 2.2%     |
| Mortality tables                                                                          | MR/FR    | MR/FR    |
| 5. Other information                                                                      |          |          |
| Term (in years)                                                                           | 11.98    | 13.84    |
| Average actual return on plan assets                                                      | -0.60%   | -25.16%  |
| Expected contribution in next financial year                                              | 20,687   | 20,534   |
| 6. Sensitivity analysis                                                                   |          |          |
| Discount rate                                                                             |          |          |
| 25 base point increase                                                                    | -5.8%    | -3.8%    |
| 25 base point decrease                                                                    | 3.8%     | 2.4%     |
| Expected rate of salary increase                                                          |          |          |

AvH took out 'defined benefit' as well as 'defined contribution' pension plans. These plans are underwritten by insurers in class 21 (life insurance policies with guaranteed interest rate).

25 base point increase 0.3% 1.0% 25 base point decrease -2.4% -2.1%

Belgian law requires that employers guarantee a minimum yield of 3.25% on their own contributions to defined contribution plans; this applies to all payments made up to 31/12/2015 and until retirement age. On January 1, 2016, the Act of December 18, 2015 came into effect. The WAP (Law on Supplementary Pensions) yield guaranteed by the employer is a 'variable' interest rate, linked to the yield on the bond market which will be defined each year as of January 1 on the basis of a formula specified in the Law on Supplementary Pensions. For the periods 2017 up to 2023, the guaranteed yield was 1.75%.

The guarantee which the employer offers under the Law on Supplementary Pensions is a secondary guarantee: the employer only has to make up the difference if the yield guaranteed by the insurer on plan assets is lower than the legally guaranteed yield.

In accordance with IAS 19R, an actuarial calculation is carried out according to the Projected Unit Credit method for the defined benefit plans. The plan assets are measured at the discounted value of the reserves, taking into account the interest rates guaranteed by the insurers. Actuarial gains and losses are reported as other comprehensive income in the equity (see the item 'Actuarial gains and losses on defined benefit pension plans' in the statement of changes in consolidated equity).

{70}------------------------------------------------

## Note 27: Related parties

## 1. Related parties, excluding CFE – DEME

| (€ 1,000)                                                    |              |                              | Financial<br>year        | 2023       |              | Financial<br>year            | 2022                     |            |
|--------------------------------------------------------------|--------------|------------------------------|--------------------------|------------|--------------|------------------------------|--------------------------|------------|
|                                                              | Subsidiaries | Associated<br>participations | Other related<br>parties | TOTAL 2023 | Subsidiaries | Associated<br>participations | Other related<br>parties | TOTAL 2022 |
| I. Assets with related parties - balance<br>sheet            |              |                              |                          |            |              |                              |                          |            |
| Financial fixed assets                                       | 0            | 3,938                        | 0                        | 3,938      | 0            | 4,128                        | 0                        | 4,128      |
| Receivables and warranties: gross amount                     | 0            | 3,938                        | 0                        | 3,938      | 0            | 4,128                        | 0                        | 4,128      |
| Receivables and warranties: impairments                      | 0            | 0                            | 0                        | 0          | 0            | 0                            | 0                        | 0          |
| Amounts receivable                                           | 37,240       | 10,292                       | 4                        | 47,535     | 21,705       | 11,966                       | 4                        | 33,675     |
| Trade debtors                                                | 615          | 0                            | 4                        | 619        | 17           | 0                            | 4                        | 20         |
| Other receivables: gross amount                              | 36,624       | 10,292                       | 0                        | 46,916     | 21,689       | 11,966                       | 0                        | 33,654     |
| Other receivables: impairments                               | 0            | 0                            | 0                        | 0          | 0            | 0                            | 0                        |            |
| Banks - receivables from credit institutions & clients       | 91           | 0                            | 0                        | 91         | 5,091        | 0                            | 0                        | 5,091      |
| Deferred charges & accrued income                            | 8,142        | 83                           | 0                        | 8,225      | 6,819        | 390                          | 0                        | 7,209      |
| Total                                                        | 45,473       | 14,313                       | 4                        | 59,789     | 33,616       | 16,484                       | 4                        | 50,103     |
| II. Liabilities with related parties - balance<br>sheet      |              |                              |                          |            |              |                              |                          |            |
| Financial debts                                              | 0            | 0                            | 0                        | 0          | 0            | 0                            | 0                        | 0          |
| Subordinated loans                                           | 0            | 0                            | 0                        | 0          | 0            | 0                            | 0                        | 0          |
| Other financial debts                                        | 0            | 0                            | 0                        | 0          | 0            | 0                            | 0                        | 0          |
| Other debts                                                  | 19,347       | 150                          | 0                        | 19,497     | 155          | 150                          | 0                        | 305        |
| Trade payables                                               | 243          | 0                            | 0                        | 243        | 152          | 0                            | 0                        | 152        |
| Other amounts payable                                        | 19,104       | 150                          | 0                        | 19,254     | 3            | 150                          | 0                        | 153        |
| Banks - debts to credit institutions, clients & securities   | 77,179       | 0                            | 0                        | 77,179     | 79,614       | 0                            | 0                        | 79,614     |
| Accrued charges and deferred income                          | 0            | 0                            | 0                        | 0          | 0            | 0                            | 0                        | 0          |
| Total                                                        | 96,526       | 150                          | 0                        | 96,676     | 79,769       | 150                          | 0                        | 79,919     |
| III. Transactions with related parties -<br>income statement |              |                              |                          |            |              |                              |                          |            |
| Revenue                                                      | 73,792       | 113                          | 3                        | 73,908     | 65,972       | 125                          | 3                        | 66,100     |
| Rendering of services                                        | 3,794        | 23                           | 3                        | 3,820      | 2,887        | 35                           | 3                        | 2,925      |
| Real estate revenue                                          | 10           | 0                            | 0                        | 10         | 20           | 0                            | 0                        | 20         |
| Interest income of banking activities                        | 0            | 0                            | 0                        | 0          | 0            | 0                            | 0                        | 0          |
| Commissions receivable of banking activities                 | 69,925       | 0                            | 0                        | 69,925     | 63,040       | 0                            | 0                        | 63,040     |
| Revenue from construction contracts                          | 0            | 0                            | 0                        | 0          | 0            | 0                            | 0                        | 0          |
| Other operating revenue                                      | 64           | 90                           | 0                        | 153        | 25           | 90                           | 0                        | 115        |
| Operating expenses (-)                                       | -634         | 0                            | 0                        | -634       | -173         | 0                            | 0                        | -173       |
| Raw materials, consum., services & subcontracted work (-)    | -634         | 0                            | 0                        | -634       | -173         | 0                            | 0                        | -173       |
| Interest expenses Bank Van Breda (-)                         | 0            | 0                            | 0                        | 0          | 0            | 0                            | 0                        | 0          |
| Impairment losses (-)                                        | 0            | 0                            | 0                        | 0          | 0            | 0                            | 0                        | 0          |
| Financial result                                             | 4,251        | 832                          | 0                        | 5,083      | 3,689        | 996                          | 0                        | 4,685      |
| Interest income                                              | 4,251        | 832                          | 0                        | 5,083      | 3,689        | 996                          | 0                        | 4,685      |
| Interest expenses                                            | 0            | 0                            | 0                        | 0          | 0            | 0                            | 0                        | 0          |

The loans that AvH (and subholdings) have granted to participations that are not fully consolidated are included in the above table. The interest rate charged for these intragroup loans is at arm's length. The same applies for financing loans that Nextensa, Deep C Holding and Green Offshore grant to their equity-method participations, reported as 'other receivables'. The advances received by Nextensa on developments at Cloche d'Or are included in the 'Other amounts payable'.

Through the full consolidation of Bank Van Breda and the inclusion of Delen Private Bank using the equity method, the commercial paper of Bank Van Breda held by Delen Private Bank (71.2 million euros) and the term deposits (6.0 million euros) are reported as a debt of Bank Van Breda to a related party.

{71}------------------------------------------------

## 2. Transactions with related parties – CFE – DEME

- Ackermans & van Haaren (AvH) owns 15,725,684 shares of CFE and DEME Group as a result is the primary shareholder of both companies with 62.12% of the total number of shares.
- Under the service contracts which DEME and CFE concluded with AvH (in 2001 and 2015 respectively), amounts were paid of 1.4 million euros and 0.4 million euros respectively.
- Transactions with related parties concerned mainly transactions with companies in which CFE and DEME have a joint control or a significative influence. These transactions are concluded at arm's length.

| (€ 1,000)                                 | 2023    | 2022    |
|-------------------------------------------|---------|---------|
| Assets with related parties CFE-DEME      | 271,678 | 213,973 |
| Non current financial assets              | 184,255 | 162,467 |
| Trade and other receivables               | 80,553  | 45,190  |
| Other current assets                      | 6,870   | 6,316   |
| Liabilities with related parties CFE-DEME | 64,842  | 48,296  |
| Other non current liabilities             | 14,936  | 13,666  |
| Trade and other liabilities               | 49,906  | 34,630  |

| (€ 1,000)                                           | 2023    | 2022    |
|-----------------------------------------------------|---------|---------|
| Revenues and expenses with related parties CFE-DEME | 334,534 | 281,050 |
| Revenue and revenue from auxiliary activities       | 329,651 | 303,068 |
| Purchases and other operating expenses              | -5,719  | -28,822 |
| Net financial income/(expense)                      | 10,602  | 6,804   |

## 3. Remuneration

| (€ 1,000)                                              | 2023  | 2022  |
|--------------------------------------------------------|-------|-------|
| Remuneration of the directors                          |       |       |
| Tantièmes at the expense of AvH                        | 836   | 630   |
| Remuneration of the members of the executive committee |       |       |
| Fixed remuneration                                     | 3,045 | 3,548 |
| Variable remuneration                                  | 3,015 | 6,798 |
| Share based payment                                    | 2,468 | 1,862 |
| Group and hospitalisation insurance                    | 871   | 572   |
| Benefits in kind (company car)                         | 30    | 38    |

## 4. The auditor EY received following fees related to:

| (€ 1,000)                       | AvH | Subsidiaries (1) | Total 2023 | AvH | Subsidiaries (1) | Total 2022 |
|---------------------------------|-----|------------------|------------|-----|------------------|------------|
| The statutory mandate           | 79  | 3,517            | 3,595      | 71  | 3,227            | 3,298      |
| Special missions                |     |                  |            |     |                  |            |
| - Other control missions        |     | 271              | 271        | 0   | 331              | 331        |
| - Tax advice                    | 34  | 334              | 369        | 6   | 416              | 422        |
| - Other missions than statutory | 10  | 132              | 141        | 9   | 86               | 95         |
| Total                           | 123 | 4,254            | 4,376      | 86  | 4,060            | 4,146      |

(1) Including jointly controlled subsidiaries accounted for using the equity method.

{72}------------------------------------------------

## Note 28: Earnings per share

## 1. Continued and discontinued operations

| (€ 1,000)                                      | 2023         | 2022         |
|------------------------------------------------|--------------|--------------|
| Net consolidated result, group share (€ 1,000) | 399,194      | 708,655      |
| Weighted average number of shares (1)          | 32,905,602   | 33,127,739   |
| <b>Earnings per share (€)</b>                  | <b>12.13</b> | <b>21.39</b> |
| Net consolidated result, group share (€ 1,000) | 399,194      | 708,655      |
| Weighted average number of shares (1)          | 32,905,602   | 33,127,739   |
| Impact stock options                           | 19,903       | 34,772       |
| Adjusted weighted average number of shares     | 32,925,504   | 33,162,510   |
| Diluted earnings per share (€)                 | 12.12        | 21.37        |

## 2. Continued activities

| (€ 1,000)                                                                 | 2023       | 2022       |
|---------------------------------------------------------------------------|------------|------------|
| Net consolidated result from continuing operations, group share (€ 1,000) | 399,194    | 705,834    |
| Weighted average number of shares (1)                                     | 32,905,602 | 33,127,739 |
| Earnings per share (€)                                                    | 12.13      | 21.31      |
| Net consolidated result from continuing operations, group share (€ 1,000) | 399,194    | 705,834    |
| Weighted average number of shares (1)                                     | 32,905,602 | 33,127,739 |
| Impact stock options                                                      | 19,903     | 34,772     |
| Adjusted weighted average number of shares                                | 32,925,504 | 33,162,510 |
| Diluted earnings per share (€)                                            | 12.12      | 21.28      |

(1) Based on number of shares issued, adjusted for treasury shares in portfolio

## Note 29: Proposed and distributed dividends

A dividend of EUR 3.40 per share will be proposed for approval to the ordinary general meeting of shareholders which will take place on 27 May 2024.

## 1. Determined and paid out during the year

| (€ 1,000)                                   | 2023     | 2022    |
|---------------------------------------------|----------|---------|
| Dividend on ordinary shares distributed in: |          |         |
| - Final dividend 2022: 3.10 euros per share | -102,511 | -91,085 |

## 2. Proposed for approval by the general meeting of May 27, 2024

| (€ 1,000)                                       |          |
|-------------------------------------------------|----------|
| Dividend on ordinary shares:                    |          |
| - Final dividend 2023: 3.40 euros per share (1) | -113,889 |

(1) Maximum amount of dividend, based upon the total number of shares, without taking into account the treasury shares.

## 3. Dividend per share (€)

|                          | 2023   | 2022   |
|--------------------------|--------|--------|
| Gross                    | 3.4000 | 3.1000 |
| Net (witholding tax 30%) | 2.3800 | 2.1700 |

{73}------------------------------------------------

## Note 30: Major events after balance sheet date

In January 2024, **EMG** (AvH 22.74%), one of the leading global providers of broadcast services and media solutions for live sports, entertainment and events and Gravity Media, a global provider of complex live creative production and media services combined their businesses to create one of the world's largest and most significant broadcast technology and production companies. The new venture, which will be formally named in due course, will have significant global capability, including more than 100 outside broadcast trucks and fly packs and 40 studios and production facilities across Europe, the Middle East, United States, and Australia, which will be part of the new global business. The business will have 30 offices across 12 countries, with a total of 2,000 permanent employees and access to a global network of freelance personnel. The business combination didn't lead to additional investments from AvH, nor is it expected to have an immediate impact on AvH's results, but it diluted AvH's participation to 15.8%.

**Van Moer Logistics** has ambitious plans to continue its growth. To finance this, AvH Growth Capital and the founding couple Jo Van Moer – Anne Verstraeten have together implemented a capital increase in March 2024, totalling 25 million euros. Following this operation, AvH Growth Capital's stake in Van Moer Logistics increased to 32.4%. Simultaneously with this capital increase, AvH Growth Capital acquired 33.3% in the capital of Blue Real Estate.

Also in March 2024, **Delen Private Bank** has reached an agreement with the shareholders of Box Consultants (the Netherlands) to acquire 100% of the shares. With this acquisition, Delen Private Bank Nederland will more than double its assets under management.

{74}------------------------------------------------

## Statutory Auditor's report

Independent auditor's report to the general meeting of Ackermans & van Haaren NV for the year ended 31 December 2023.

In the context of the statutory audit of the Consolidated Financial Statements of Ackermans & van Haaren NV (the "Company") and its subsidiaries (together the "Group"), we report to you as statutory auditor. This report includes our opinion on the consolidated statement of the financial position as at 31 December 2023, the consolidated statement of income and consolidated statement of comprehensive income, the realized and un-realized results, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year ended 31 December 2023 and the disclosures including material accounting policy information (all elements together the "Consolidated Financial Statements") and includes as well our report on other legal and regulatory requirements. These two reports are considered as one report and are inseparable.

We have been appointed as statutory auditor by the shareholders' meeting of 23 May 2022, in accordance with the proposition by the Board of Directors following recommendation of the Audit Committee. Our mandate expires at the shareholders' meeting that will deliberate on the Consolidated Financial Statements for the year ending 31 December 2024. We performed the audit of the Consolidated Financial Statements of the Group during 23 consecutive years. As a result of the legislation regarding the rotation of audit firms, we need to resign as statutory auditor of the company after the audit of the accounting year ending on 31 December 2023.

## Report on the audit of the Consolidated Financial Statements 2023

### Unqualified opinion

We have audited the Consolidated Financial Statements of Ackermans & van Haaren NV, that comprise of the consolidated statement of the financial position as at 31 December 2023, the consolidated statement of income and consolidated statement of comprehensive income , the consolidated statement of changes in equity and the consolidated statement of cash flows for the year ended for the year ended 31 December 2023 and the disclosures including material accounting policy information, which show a consolidated balance sheet total of € 19,020,522,(000) and of which the consolidated income statement shows a profit for the year (attributable to the owners of the Company) of € 399,194,(000).

In our opinion, the Consolidated Financial Statements give a true and fair view of the consolidated net equity and financial position as at 31 December 2023, and of its consolidated results for the year then ended, prepared in accordance with the International Financial Reporting Standards as adopted by the European Union ("IFRS") and with applicable legal and regulatory requirements in Belgium.

### Basis for the unqualified opinion

We conducted our audit in accordance with International Standards on Auditing ("ISAs") applicable in Belgium. In addition, we have applied the ISA's approved by the International Auditing and Assurance Standards Board ("IAASB") that apply at the current year-end date and have not yet been approved at national level. Our responsibilities under those standards are further described in the "Our responsibilities for the audit of the consolidated financial statements" section of our report.

We have complied with all ethical requirements that are relevant to our audit of the Consolidated Financial Statements in Belgium, including those with respect of independence.

We have obtained from the Board of Directors and the officials of the Company the explanations and information necessary for the performance of our audit and we believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

## Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Consolidated Financial Statements of the current reporting period.

These matters were addressed in the context of our audit of the Consolidated Financial Statements as a whole and in forming our opinion thereon, and consequently we do not provide a separate opinion on these matters.

1. Revenue recognition and contract accounting (Marine Engineering & Contracting)

#### Companies concerned: DEME and CFE

• Description of the key audit matter

For the majority of its contracts (hereafter the "contracts" or the "projects"), the Group recognizes revenue and profit on the stage of completion based on the proportion of contract costs incurred for the work performed to the balance sheet date, relative to the estimated total costs of the contract at completion. The recognition of revenue and profit therefore relies on estimates in relation to the forecast total costs on each contract. Cost contingencies may also be included in these estimates to take account of specific uncertain risks, or disputed claims against the Group, arising within each contract. The revenue on contracts may also include variations and claims, which are recognized on a contract-by-contract basis when the additional contract revenue can be measured reliably in line with the IFRS.

Revenue recognition and contract accounting often involves a high degree of judgment due to the complexity of projects, uncertainty about costs to complete and uncertainty about the outcome of discussions with clients on variation orders and claims. This is a key audit matter because there is a high degree of risk and related management judgement in estimating the amount of revenue and associated profit or loss to be recognized, and changes to these estimates could give rise to important variances.

- Summary of audit procedures performed
- We obtained an understanding of the process related to the contract follow up, the revenue and margin recognition and when applicable the provisions for losses at completion, and we assessed the design and the implementation of the related key internal controls, including management review controls.

{75}------------------------------------------------

- Based on quantitative and qualitative criteria, we selected a sample of contracts has been selected to challenge the most significant and complex project estimates. For this testing we gained an understanding of the current status and history of the projects and discussed the judgments inherent to these projects with senior executive and financial management. We analyzed the differences with prior project estimates and assessed consistency of reporting of the status of the project with the actual developments of the project during the year.
- We determined the proper calculation of the percentage of completion and the related revenue and margin recognized for a sample of projects.
- We compared the financial performance of projects against budget and historical trends.
- We completed site visits for certain projects observed the stage of completion of these projects and discusses with site personnel the status and complexities of the project that could impact it's total forecasted cost.
- We analyzed correspondence with customers : around variations and claims and assessed whether this information is consistent with the estimates made by the management.
- We inspected selected contracts for key clauses. We identified relevant contractual clauses impacting the (un)bundling of contracts, delay penalties, bonuses or success fees and we assessed whether these key clauses have been appropriately reflected in the amounts recognized in the Consolidated Financial Statements.
- Reference to information or notes in the Consolidated Financial Statements

The methodology applied in recognizing revenue and contract accounting is set out in note 1 (IFRS valuation rules) and note 15 (Inventories and construction contracts) to the Consolidated Financial Statements.

2. Uncertain tax positions (Marine Engineering & Contracting)

#### Company concerned: DEME

• Description of the key audit matter

DEME operates its global business across a variety of countries subject to different tax regimes. The taxation of its operations can be subject to judgements and might result in diverging views of local tax authorities and that may span multiple years to get resolved. Where the amount of tax payable is uncertain, management establishes an accrual based on its best estimate of the probable amount to settle the liability. Management exercises significant judgement in assessing the liability for uncertain tax positions at balance sheet date and changes to these estimates could give rise to important variances.

- Summary of audit procedures performed
- We obtained an understanding of the process in respect of accounting for (deferred) taxes and assessed the design and the implementation of the related controls.
- We assessed the estimated probability of the identified tax risk and challenged management's estimate of the potential outflows trough management inquiry and inspection of a review of the supporting documentation (changes in tax legislation, correspondence with tax authorities and tax advisors, available rulings).
- We involved our tax professionals to assist us to evaluate management's assumptions and application of relevant tax laws and regulations in assessing of the Group's uncertain tax positions.
- Reference to information or notes in the Consolidated Financial statements

#### Refer to note 1 (IFRS valuation rules) and note 21 (Taxes).

3. Revenue recognition and valuation of inventories and construction contracts (Marine Engineering & Contracting, Real Estate)

#### Companies concerned: CFE and Nextensa

• Description of the key audit matter

The valuation of the land positions and the incurred constructions costs for residential property developments are based on the historical cost or lower net realizable value. The assessment of the net realizable values involves assumptions relating to future market developments, permit decisions of governmental bodies, discount rates and future changes in costs and selling prices. These estimates involve various terms and are sensitive to scenarios and assumptions used and involve as such significant management judgement. Risk exists that potential impairments of inventories are not appropriately accounted for in the Consolidated Financial Statements.

Revenues and results are recognized to the extent that components (housing units) have been sold and based on the percentage of completion of the development. The recognition of revenue and profit therefore relies on estimates in relation to the forecasted total costs on each project.

This often involves a high degree of judgement due to the complexity of projects and uncertainty about costs to complete. This is a key audit matter because there is a high degree of risk associated with estimating the amount of revenue and related profit to be recognized for the period and changes to these estimates could give rise to important variances.

- Summary of audit procedures performed
- We obtained an understanding of the process related to the contract follow up, the revenue and margin recognition, and we considered the design and the implementation of the related key internal controls, including management review controls.
- We have selected a sample of project developments and verified the costs incurred to date, relating to land purchases and work in progress. We also recalculated the percentage of completion at balance sheet date, agreed sales values to contracts, and verified the accuracy of the revenue recognition formula.
- We performed an assessment of the calculations of net realizable values and challenged the reasonableness and consistency of the assumptions and model used by management.
- We evaluated the financial performance of specific projects against budget and historical trends, specifically in view of assessing the reasonableness of the costs to complete
- Reference to information or notes in the Consolidated Financial statements

Refer to note 1 (IFRS valuation rules) and note 15 (inventories and construction contracts)

4. Specific allowances for loans and advances to customers (Private banking)

#### Company concerned: Bank Van Breda

• Description of the key audit matter

The net portfolio of loans and advances to customers amounted to € 6,248 million as at 31 December 2023. Loans and advances to customers are measured at amortized cost, net of the allowance for loan losses (€ 26.5 million, including committed loans not (yet) recognised in the balance sheet).

Certain aspects of the accounting for allowance for loan losses require significant judgement by management, such as the identification of loans and advances to customers that are deteriorating, the assessment of objective evidence for impairment, the value of collateral and the estimation of the recoverable amount. 

{76}------------------------------------------------

The use of different modeling techniques and assumptions can lead to considerably different estimates of impairments for credit losses.

Due to the significance of loans and advances to customers and the related estimation uncertainty, the valuation of loans and advances to customers is considered as a key audit matter.

• Summary of audit procedures performed

The following audit procedures were performed, amongst others:

- Assessing the design and evaluation of the operating effectiveness of controls around the valuation and accuracy of loans and advances and collateral data, the determination of risk ratings and the process for identifying arrears and the management thereof.
- Performing risk assessment aimed at identifying higher risk portfolios, including an assessment of management's own portfolio stress tests.
- Credit file reviews on a sample basis to test the recoverability of loans and advances to customers. By doing so, challenging the probability of realization, and valuation of collateral and other possible sources of repayment.
- Evaluation of the most important input variables and assumptions for the models used for the determination of impairment of loans and advances to customers calculated on a collective basis and testing of the arithmetic accuracy of the models.
- Comparing Management's key assumptions against the understanding of the relevant industries and business environments.
- Assessing whether disclosures appropriately reflected the exposure to credit risk, including controls over identification and disclosure of forborne loans, collateral valuation and sensitivity of key assumptions.
- Reference to information or notes in the Consolidated Financial statements

Refer to note 1 (IFRS valuation rules) and note 14 (Banks – receivables from credit institutions and clients)

#### 5. Valuation of the investment properties (Real Estate)

#### Companies concerned: Nextensa

• Description of the key audit matter

As per 31 December 2023 the Group presents Investment property for a total amount of € 1,289 million on its balance sheet.

In accordance with the accounting policies and IAS 40 standard "Investment property", investment property is valued at fair value, and the changes in the fair value of investment property are recognized in the income statement.

The fair value of investment properties belongs to the level 3 of the fair value hierarchy defined within the IFRS 13 standard "Fair Value Measurement". Some parameters used for valuation purposes are based on data that can be observed to a limited extent (discount rate, future occupancy rate, …) and therefore require judgment of management.

The audit risk appears in the valuation of these investment properties and is therefore a key audit matter.

#### • Summary of audit procedures performed

The group uses external appraisers to make an estimate of the fair value of the investment properties of the Group, with the support of internal real estate valuation specialists, the valuation reports were evaluated. More precisely we have:

- assessed the objectivity, the independence and the competence of the external appraisers,
- tested the integrity of source data (contractual rentals, maturities of the rental contracts, …) used in their calculations and reconciled with underlying contracts for a sample,
- and assessed the models and assumptions used in their reports (discount rates, future occupancy rates, …) for a sample.

• Reference to information or notes in the Consolidated Financial statements

Assessment of the appropriateness of the information on the fair value of the investment properties disclosed in note 1 (IFRS valuation rules) and note 10 (Investment property at fair value) of the Consolidated Financial Statements.

- 6. Valuation of financial instruments (multiple segments)
- Description of the key audit matter

Different companies within the group use interest rate swaps (IRS) to hedge its interest rate risk on its variable rate debts. The measurement of the derivatives at fair value is an important source of volatility of the result and/or the shareholders' equity. As a matter of fact. In accordance with IFRS 9 "Financial Instruments: Recognition and Measurement", these derivatives are valued at fair value (considered to belong to the level 2 of the fair value hierarchy defined by IFRS 13 "Fair Value Measurement"). The changes in fair value are recognized in the income statements except for those IRS for which the Company applies hedge accounting ("cash-flow hedging"), which allows to classify most of the changes in fair value in the caption of the shareholders' equity ("Hedge reserves"). The audit risk appears on the one hand in the complexities involved in determining the fair value of these derivatives and on the other hand in the correct application of hedge accounting for the IRS contracts that were classified by the Group as cash flow hedges and are therefore a key audit matter.

- Summary of audit procedures performed
- We have compared the fair values of the derivatives with the values communicated by the counterparties and the credit risk adjustments.
- We have assessed the most important assumptions and the calculations performed by this external specialist in this respect.
- Regarding the correct application of hedge accounting , we have evaluated the effectiveness tests performed by the external specialist involved by the Group and we have compared the volume of derivatives subject to hedge accounting with the volume of the variable rate debts projected on the future accounting years in order to identify any potential over hedging any potential overhedging which could potentially jeopardize the application of hedge accounting.
- Reference to information or notes in the Consolidated Financial statements

Assessment of the appropriateness of the information on the financial instruments disclosed in note 12 (Financial risk management and financial derivatives) to the Consolidated Financial Statements.

- 7. Goodwill
- Description of the key audit matter

As per 31 December 2023 the Group presents goodwill for a total amount of € 320 million on its balance sheet.

The impairment analysis is yearly performed by management based on different factors such as (i) stock exchange share prices, (ii) equity values, (iii) discounted cash flow analysis ("DCF analysis") of the underlying participations based on forecasts approved by the board of directors of the companies and (iv) sales prices based on ongoing negotiations. This requires assessment and valuation of the assumptions used by management, such as the underlying recoverable value of the participation. The determination of the future cash flows of the cash generating units ("CGU") and of the used discount rate is complex and subjective. Changes in these assumptions can result in material deviations in the value-in-use calculations, which influences the potential impairment loss to be recorded on goodwill.

- Summary of audit procedures performed
- Review of management's process to identify the impairment indicators.

{77}------------------------------------------------

- Assessing management's method to determine the recoverable value of each of the investments, along with the related goodwill to ensure this follows the IFRS guidelines.
- Assessing the appropriateness of the assumptions used by management to determine the recoverable value (with the help of internal specialists).
- Comparison of the operational cash flows with historical figures and trends.
- Assessing the reasonableness of future cash flows used in the valuation exercise on goodwill based on the historical results, the business plan available and the evaluation of the historical accuracy of the assumptions used by management.
- Checking whether the future cash flows were based on a business plan approved by the board of directors.
- Performing of mathematical accuracy checks of the valuation model.
- Assessment of the sensitivity analysis performed by management.
- Reference to information or notes in the Consolidated Financial statements

Assessment of the appropriateness of the information on the financial instruments disclosed in note 1 (IFRS valuation rules – principles of consolidation) and note 8 (Goodwill) to the Consolidated Financial Statements.

- 8. Risks of the companies accounted for under the equity method
- Description of the key audit matter

A large number of companies are accounted for using the equity method in the Consolidated Financial Statements of the Group. Per 31 December 2023 this amounts to € 2,022 million in the balance sheet and they contribute for € 223 million in the consolidated result of the year. The information on participations accounted for using the equity method is included in note 11 to the Consolidated Financial Statements.

The risks exists that key audit matters are related to those companies which are significant to the Consolidated Financial Statements of the Group.

Delen Private Bank has acquired clientele, as a result of several acquisitions, which are included under intangible fixed assets, the majority of the purchased clientele is considered as intangible assets with an indefinite useful life. The statistical data from the past show that only a limited part of the purchased clientele has a definite useful life. With each acquisition of clientele, on the basis of the statistics, it is determined how much of the purchased clientele is to be considered as an intangible fixed asset with a certain useful life, which is amortized pro rata over this useful life. The remainder is not amortized. Management conducts an annual impairment analysis on the basis of its own developed model for both clientele with a definite and indefinite useful life, whereby the purchased clientele is subdivided per group office.

The valuation of the purchased clientele is complex and requires estimates from the management. The valuation of the clientele is based on the assets entrusted by the clientele (Assets under management, hereinafter "AuMs") that represents the purchased clientele on which a factor is applied.

A change in these parameters or the use of erroneous data would have an important impact on the valuation of the purchased clientele.

For these reasons, the valuation of the activated, acquired clientele is a key audit matter.

• Summary of the procedures performed

With regard to the valuation of the activated, acquired clientele of Delen Private Bank, the following audit procedures were carried out:

- Assessment of the division of the existing clientele within the group per office and discussion of any changes in relation to previous periods.
- Assessment of the parameters used (such as AuMs and factors), the methodology and the model used in accordance with IAS 36.
- Analysis of the breakdown of purchased customers per office.
- Verification of the factors used in the model with market data and reconciliation of the AuMs with the accounting inventories and of the applied market value with the market data.
- Sensitivity analysis on the most important assumptions, which is mainly the costincome ratio.
- Recalculation of the recorded depreciation on the clientele with a certain useful life.
- Assessment of the adequacy and completeness of note 11 (companies accounted for using the equity method) of the Consolidated Financial Statements.

With respect to the key audit matters in the balance sheets of the companies accounted for using the equity method, the following audit procedures were performed, amongst others:

- Communication of clear audit instructions to the component auditors indicating the possible key audit matters, specific audit risks, audit procedures to be performed according to the materiality levels determined.
- Detailed review of the reported deliverables by the component auditors.
- Critical evaluation of the used audit approach in accordance with the international auditing standards.
- Discussion on the key audit matters with the component auditor and assessment of the reported clarifications.
- Assessment of the adequacy and completeness of note 11 (companies accounted for using the equity method) of the Consolidated Financial Statements.

#### **Responsibilities of the Board of Directors for the preparation of the Consolidated Financial Statements**

The Board of Directors is responsible for the preparation of the Consolidated Financial Statements that give a true and fair view in accordance with IFRS and with applicable legal and regulatory requirements in Belgium and for such internal controls relevant to the preparation of the Consolidated Financial Statements that are free from material misstatement, whether due to fraud or error.

As part of the preparation of Consolidated Financial Statements, the Board of Directors is responsible for assessing the Company's ability to continue as a going concern, and provide, if applicable, information on matters impacting going concern, The Board of Directors should prepare the financial statements using the going concern basis of accounting, unless the Board of Directors either intends to liquidate the Company or to cease business operations, or has no realistic alternative but to do so.

#### **Our responsibilities for the audit of the Consolidated Financial Statements**

Our objectives are to obtain reasonable assurance whether the Consolidated Financial Statements are free from material misstatement, whether due to fraud or error, and to express an opinion on these Consolidated Financial Statements based on our audit. Reasonable assurance is a high level of assurance, but not a guarantee that an audit conducted in accordance with the ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Consolidated Financial Statements.

In performing our audit, we comply with the legal, regulatory and normative framework that applies to the audit of the Consolidated Financial Statements in Belgium. However, a statutory audit does not provide assurance about the future viability of the Company and the Group, nor about the efficiency or effectiveness with which the board of directors has taken or will undertake the Company's and the Group's business operations. Our responsibilities with regards to the going concern assumption used by the board of directors are described below.

As part of an audit in accordance with ISAs, we exercise professional judgment and we maintain professional skepticism throughout the audit. We also perform the following tasks:

• identification and assessment of the risks of material misstatement of the Consolidated Financial Statements, whether due to fraud or error, the planning and execution of audit procedures to respond to these risks and obtain audit evidence which is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting material misstatements resulting from fraud is higher than when such misstatements result from errors, since fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;

{78}------------------------------------------------

- obtaining insight in the system of internal controls that are relevant for the audit and with the objective to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control;
- evaluating the selected and applied accounting policies, and evaluating the reasonability of the accounting estimates and related disclosures made by the Board of Directors as well as the underlying information given by the Board of Directors;
- conclude on the appropriateness of the Board of Directors' use of the goingconcern basis of accounting, and based on the audit evidence obtained, whether or not a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's or Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Consolidated Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on audit evidence obtained up to the date of the auditor's report. However, future events or conditions may cause the Company to cease to continue as a going-concern;
- evaluating the overall presentation, structure and content of the Consolidated Financial Statements, and evaluating whether the Consolidated Financial Statements reflect a true and fair view of the underlying transactions and events.

We communicate with the Audit Committee within the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Because we are ultimately responsible for the opinion, we are also responsible for directing, supervising and performing the audits of the subsidiaries. In this respect we have determined the nature and extent of the audit procedures to be carried out for group entities.

We provide the Audit Committee within the Board of Directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with the Audit Committee within the Board of Directors, we determine those matters that were of most significance in the audit of the Consolidated Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our report, unless the law or regulations prohibit this.

#### Report on other legal and regulatory requirements

#### **Responsibilities of the Board of Directors**

The Board of Directors is responsible for the preparation and the content of the Board of Directors' report on the Consolidated Financial Statements, the nonfinancial information attached to the Board of Directors' report, and other information included in the annual report.

#### **Responsibilities of the auditor**

In the context of our mandate and in accordance with the additional standard to the ISAs applicable in Belgium, it is our responsibility to verify, in all material respects, the Board of Directors' report on the Consolidated Financial Statements, the non-financial information attached to the Board of Directors' report, and other information included in the annual report, as well as to report on these matters.

#### **Aspects relating to Board of Director's report and other information included in the annual report**

In our opinion, after carrying out specific procedures on the Board of Directors' report, the Board of Directors' report is consistent with the Consolidated Financial Statements and has been prepared in accordance with article 3:32 of the Code of companies and associations.

In the context of our audit of the Consolidated Financial Statements, we are also responsible to consider whether, based on the information that we became aware of during the performance of our audit, the Board of Directors' report and other information included in the annual report, being:

- 2023 at a glance page 8;
- Activity report page 70;
- Key figures 2023 appendix

contain any material inconsistencies or contains information that is inaccurate or otherwise misleading. In light of the work performed, there are no material inconsistencies to be reported.

The non–financial information required by article 3:32, § 2, of the Code of companies and associations has been included in the Board of Directors' report on the Consolidated Financial Statements. The Company has prepared this nonfinancial information based on the Global Reporting Initiative ("GRI") reporting framework. However, we do not comment on whether this non-financial information has been prepared, in all material respects, in accordance with the GRI reporting framework.

#### **Independence matters**

Our audit firm and our network have not performed any services that are not compatible with the audit of the Consolidated Financial Statements and have remained independent of the Company during the course of our mandate.

The fees related to additional services which are compatible with the audit of the Consolidated Financial Statements as referred to in article 3:65 of the Code of companies and associations were duly itemized and valued in the notes to the Consolidated Financial Statements.

#### **European single electronic format ("ESEF")**

In accordance with the standard on the audit of the conformity of the financial statements with the European single electronic format (hereinafter "ESEF"), we have carried out the audit of the compliance of the ESEF format with the regulatory technical standards set by the European Delegated Regulation No 2019/815 of 17 December 2018 (hereinafter: "Delegated Regulation").

The board of directors is responsible for the preparation, in accordance with the ESEF requirements, of the consolidated financial statements in the form of an electronic file in ESEF format (hereinafter 'the digital consolidated financial statements') included in the annual financial report available on the portal of the FSMA (https://www.fsma.be/en/stori).

It is our responsibility to obtain sufficient and appropriate supporting evidence to conclude that the format and markup language of the digital consolidated financial statements comply in all material respects with the ESEF requirements under the Delegated Regulation.

Based on the work performed by us, we conclude that the format and tagging of information in the digital consolidated financial statements of Ackermans & van Haaren NV per 31 December 2023 included in the annual financial report available on the portal of the FSMA (https://www.fsma.be/en/stori) are, in all material respects, in accordance with the ESEF requirements under the Delegated Regulation.

Due to the technical limitations inherent in the tagging of consolidated financial statements using the ESEF format, it is possible that the content of certain tags in the accompanying notes is not reproduced in an identical manner as in the consolidated financial statements attached to this report.

{79}------------------------------------------------

#### **Other communications**

This report is consistent with our supplementary declaration to the audit committee as specified in article 11 of the regulation (EU) nr. 537/2014.

Diegem, March 28, 2024

Statutory auditor, Represented by

Christel Weymeersch - Partner\*

\* Acting on behalf of a BV/SRL

23CW0100

EY Bedrijfsrevisoren BV

{80}------------------------------------------------

## Statutory Annual Accounts

In accordance with article 3:17 CCA, the statutory annual accounts of Ackermans & van Haaren, are presented in short form. In accordance with article 3:10 and 3:12 CCA, the full annual accounts, the annual report of the board of directors and the report of the statutory auditor are filed with the National Bank of Belgium.

The statutory auditor has given an unqualified opinion regarding the statutory accounts.

The annual accounts, the annual report of the board of directors and the report of the statutory auditor are available at the registered office of the company upon simple request.

The statutory annual accounts are prepared in accordance with the Belgian General Accounting Principles.

Address: Begijnenvest 113 - 2000 Antwerp, Belgium Phone: +32 3 231 87 70 - E-mail: info@avh.be

## Balance sheet - assets

| (€ 1,000)                                                | Note | 2023      | 2022      | 2021      |
|----------------------------------------------------------|------|-----------|-----------|-----------|
| Fixed assets                                             |      | 2,172,105 | 2,091,261 | 2,076,142 |
| I. Formation expenses                                    |      |           |           |           |
| II. Intangible assets                                    |      | 41        | 64        | 28        |
| III. Tangible assets                                     | (1)  | 9,224     | 8,861     | 8,994     |
| A. Land and buildings                                    |      | 7,118     | 7,227     | 7,559     |
| C. Furniture and vehicles                                |      | 2,106     | 1,634     | 1,435     |
| D. Leasing and other similar rights                      |      | 0         | 0         | 0         |
| E. Other tangible assets                                 |      | 0         | 0         | 0         |
| F. Assets under construction and advanced payments       |      |           |           |           |
| IV. Financial assets                                     |      | 2,162,840 | 2,082,336 | 2,067,120 |
| A. Affiliated enterprises                                | (2)  | 1,814,656 | 1,769,748 | 1,781,619 |
| 1. Participating interests                               |      | 1,771,612 | 1,734,908 | 1,762,644 |
| 2. Amounts receivable                                    |      | 43,044    | 34,840    | 18,976    |
| B. Other enterprises linked by participating interests   | (3)  | 283,354   | 271,112   | 259,568   |
| 1. Participating interests                               |      | 281,354   | 271,112   | 259,568   |
| 2. Amounts receivable                                    |      | 2,000     | 0         | 0         |
| C. Other financial assets                                |      | 64,830    | 41,476    | 25,933    |
| 1. Shares                                                |      | 64,828    | 41,474    | 25,925    |
| 2. Amounts receivable and cash guarantees                |      | 2         | 2         | 8         |
|                                                          |      |           |           |           |
| Current assets                                           |      | 492,452   | 476,316   | 138,067   |
| V. Amounts receivable after more than one year           |      | 3,825     | 0         | 0         |
| A. Trade receivables                                     |      |           |           |           |
| B. Other amounts receivable                              |      | 3,825     | 0         | 0         |
| VI. Stocks and contracts in progress                     |      |           |           |           |
| A. Stocks                                                |      |           |           |           |
| 1. Raw materials and consumables                         |      |           |           |           |
| 2. Work in progress                                      |      |           |           |           |
| 3. Finished goods                                        |      |           |           |           |
| 4. Goods purchased for sale                              |      |           |           |           |
| 5. Immovable property acquired or constructed for resale |      |           |           |           |
| 6. Advance payments                                      |      |           |           |           |
| B. Contracts in progress                                 |      |           |           |           |
| VII. Amounts receivable within one year                  |      | 28,142    | 14,535    | 63,986    |
| A. Trade receivables                                     |      | 1,335     | 1,235     | 1,224     |
| B. Other amounts receivable                              | (4)  | 26,807    | 13,300    | 62,762    |
| VIII. Investments                                        | (5)  | 386,240   | 420,823   | 54,975    |
| A. Treasury shares                                       |      | 107,208   | 47,731    | 40,385    |
| B. Other investments and deposits                        |      | 279,032   | 373,092   | 14,590    |
| IX. Cash at bank and in hand                             |      | 69,467    | 38,259    | 17,882    |
| X. Deferred charges and accrued income                   |      | 4,778     | 2,699     | 1,224     |

{81}------------------------------------------------

## Balance sheet - liabilities

| (€ 1,000)                                                      | Note | 2023      | 2022      | 2021      |
|----------------------------------------------------------------|------|-----------|-----------|-----------|
| Equity                                                         | (6)  | 2,481,211 | 2,329,974 | 2,062,930 |
| I. Capital                                                     |      | 2,295     | 2,295     | 2,295     |
| A. Issued capital                                              |      | 2,295     | 2,295     | 2,295     |
| B. Uncalled capital (-)                                        |      |           |           |           |
| II. Share premium account                                      |      | 111,612   | 111,612   | 111,612   |
| III. Revaluation surplus                                       |      |           |           |           |
| IV. Reserves                                                   |      | 203,091   | 136,656   | 123,576   |
| A. Legal reserve                                               |      | 248       | 248       | 248       |
| B. Reserves not available for distribution                     |      | 107,243   | 47,766    | 40,420    |
| 1. Own shares                                                  |      | 107,208   | 47,731    | 40,385    |
| 2. Other                                                       |      | 35        | 35        | 35        |
| C. Untaxed reserves                                            |      |           |           |           |
| D. Reserves available for distribution                         |      | 95,600    | 88,642    | 82,908    |
| V. Profit carried forward                                      |      | 2,164,213 | 2,079,410 | 1,825,447 |
| Loss carried forward (-)                                       |      |           |           |           |
| VI. Investment grants                                          |      |           |           |           |
| Provisions and deferred taxation                               |      | 10,742    | 10,742    | 0         |
| VII. A. Provisions for liabilities and charges                 |      | 10,742    | 10,742    | 0         |
| 1. Pensions and similar obligations                            |      | 0         | 0         | 0         |
| 2. Taxation                                                    |      |           |           |           |
| 3. Major repairs and maintenance                               |      |           |           |           |
| 4. Other liabilities and charges                               | (7)  | 10,742    | 10,742    |           |
| B. Deferred taxation                                           |      |           |           |           |
| Creditors                                                      |      | 172,603   | 228,191   | 151,279   |
| VIII. Amounts payable after more than one year                 |      | 0         | 0         | 0         |
| A. Financial debts                                             |      | 0         | 0         | 0         |
| B. Trade debts                                                 |      |           |           |           |
| C. Advances received on contracts in progress                  |      |           |           |           |
| D. Other amounts payable                                       |      |           |           |           |
| IX. Amounts payable within one year                            |      | 168,950   | 227,571   | 150,979   |
| A. Current portion of amounts payable after more than one year |      | 0         | 0         | 1         |
| B. Financial debts                                             | (8)  | 48,755    | 113,857   | 53,506    |
| 1. Credit institutions                                         |      |           |           |           |
| 2. Other loans                                                 |      | 48,755    | 113,857   | 53,506    |
| C. Trade debts                                                 |      | 838       | 1,162     | 727       |
| 1. Suppliers                                                   |      | 838       | 1,162     | 727       |
| E. Taxes, remuneration and social security                     |      | 3,634     | 6,586     | 3,868     |
| 1. Taxes                                                       |      | 0         | 53        | 73        |
| 2. Remuneration and social security                            |      | 3,634     | 6,533     | 3,795     |
| F. Other amounts payable                                       | (9)  | 115,723   | 104,636   | 92,878    |
| X. Accrued charges and deferred income                         |      | 3,654     | 620       | 300       |
| Total liabilities                                              |      | 2,664,557 | 2,567,577 | 2,214,209 |

{82}------------------------------------------------

## Income statement

| (€ 1,000)                                                                                              | Note | 2023      | 2022      | 2021      |
|--------------------------------------------------------------------------------------------------------|------|-----------|-----------|-----------|
| <b>Charges</b>                                                                                         |      |           |           |           |
| A. Interests and other debt charges                                                                    |      | 3,701     | 218       | 36        |
| B. Other financial charges                                                                             |      | 1,313     | 1,023     | 1,067     |
| C. Services and other goods                                                                            |      | 12,554    | 14,748    | 10,350    |
| D. Remuneration, social security costs and pensions                                                    |      | 3,965     | 3,017     | 2,585     |
| E. Other operating charges                                                                             |      | 362       | 282       | 259       |
| F. Depreciation of and other amounts written off on formation expenses, intangible and tangible assets |      | 783       | 692       | 682       |
| G. Amounts written off                                                                                 | (10) | 8,237     | 1,355     | 11,011    |
| 1. Financial assets                                                                                    |      | 7,716     | 0         | 0         |
| 2. Current assets                                                                                      |      | 521       | 1,355     | 11,011    |
| H. Provisions for liabilities and charges                                                              | (7)  | 0         | 10,742    | 0         |
| I. Loss on disposal of                                                                                 | (11) | 565       | 2,316     | 46,479    |
| 1. Intangible and tangible assets                                                                      |      | 0         | 8         | 0         |
| 2. Financial assets                                                                                    |      | 0         | 0         | 18,469    |
| 3. Current assets                                                                                      |      | 565       | 2,307     | 28,010    |
| J. Extraordinary charges                                                                               |      | 0         | 0         | 0         |
| K. Income taxes                                                                                        |      | 127       | 96        | 84        |
| L. Profit for the period                                                                               |      | 266,431   | 370,748   | 234,382   |
| M. Transfer to the untaxed reserves                                                                    |      |           |           |           |
| N. Profit for the period available for appropriation                                                   |      | 266,431   | 370,748   | 234,382   |
| <b>Appropriation account</b>                                                                           |      |           |           |           |
| A. Profit to be appropriated                                                                           |      | 2,345,841 | 2,196,195 | 1,925,781 |
| 1. Profit for the period available for appropriation                                                   |      | 266,431   | 370,748   | 234,382   |
| 2. Profit brought forward                                                                              |      | 2,079,410 | 1,825,447 | 1,691,399 |
| <b>Total</b>                                                                                           |      | 2,345,841 | 2,196,195 | 1,925,781 |

{83}------------------------------------------------

## Income statement

| (€ 1,000)                                                                                        | Note | 2023      | 2022      | 2021      |
|--------------------------------------------------------------------------------------------------|------|-----------|-----------|-----------|
| Income                                                                                           |      |           |           |           |
| A, Income from financial assets                                                                  |      | 198,878   | 127,759   | 116,124   |
| 1. Dividends                                                                                     | (12) | 196,008   | 126,035   | 114,687   |
| 2. Interests                                                                                     |      | 2,113     | 1,230     | 599       |
| 3. Tantièmes                                                                                     |      | 758       | 493       | 838       |
| B. Income from current assets                                                                    |      | 11,851    | 2,461     | 2,191     |
| C. Other financial income                                                                        |      | 1         | 119       | 0         |
| D. Income from services rendered                                                                 |      | 1,845     | 1,938     | 2,030     |
| E. Other operating income                                                                        |      | 382       | 198       | 359       |
| F. Write back to depreciation of and to other amounts written off intangible and tangible assets |      |           |           |           |
| G. Write back to amounts written off                                                             | (10) | 40,000    | 701       | 46,764    |
| 1. Financial assets                                                                              |      | 40,000    | 0         | 20,004    |
| 2. Current assets                                                                                |      | 0         | 701       | 26,760    |
| H. Write back to provisions for liabilities and charges                                          |      | 0         | 0         | 0         |
| I. Gain on disposal of                                                                           | (13) | 45,079    | 271,777   | 139,467   |
| 1. Tangible and intangible assets                                                                |      | 44        | 27        | 14        |
| 2. Financial assets                                                                              |      | 43,938    | 271,350   | 139,022   |
| 3, Current assets                                                                                |      | 1,097     | 399       | 431       |
| J, Extraordinary income                                                                          |      | 0         | 275       | 0         |
| K. Regularisation of income taxes and write back to tax provisions                               |      | 0         | 11        |           |
| L. Loss for the period                                                                           |      | 0         | 0         | 0         |
| M. Transfer from untaxed reserves                                                                |      |           |           |           |
| N. Loss for the period available for appropriation                                               |      | 0         | 0         | 0         |
| Appropriation account                                                                            |      |           |           |           |
| C. Transfers to capital and reserves                                                             |      | 66,436    | 13,080    | 8,317     |
| 3. To other reserves                                                                             |      | 66,436    | 13,080    | 8,317     |
| D. Result to be carried forward                                                                  |      | 2,164,213 | 2,079,410 | 1,825,447 |
| 1. Profit to be carried forward                                                                  |      | 2,164,213 | 2,079,410 | 1,825,447 |
| F. Distribution of profit                                                                        |      | 115,193   | 103,705   | 92,017    |
| 1. Dividends                                                                                     |      | 113,889   | 102,511   | 91,085    |
| 2. Tantièmes                                                                                     |      | 870       | 836       | 630       |
| 3. Profit premium for employees                                                                  |      | 433       | 358       | 302       |
| Total                                                                                            |      | 2,345,841 | 2,196,195 | 1,925,781 |

{84}------------------------------------------------

## Balance sheet

#### Assets

- 1. Tangible assets mainly comprise the buildings and furnishing of the real estate located in Antwerp at Begijnenvest 113 and at Schermersstraat 42-44, where Ackermans & van Haaren has its registered office.
- 2. Financial fixed assets Affiliated enterprises: the increase of Financial Fixed Assets – Affiliated enterprises by 36.7 mio is mainly explained by a reversal of a value reduction recorded in previous years on AvH Growth Capital, by the increase of the participation in Nextensa, by the acquisition of a 50% stake in Greenstor as well as by the disposal of the Telemond participation.
- 3. Financial fixed assets Other enterprises linked by participating interests: in 2023, 10.2 million euros was invested in increasing the participation in SIPEF to 38.53%.
- 4. The other amounts receivable within one year consist mainly of recoverable taxes and short-term financing to group companies.
- 5. The movements in the item 'Investments' are explained by the investments in other financial assets, the movement in treasury shares and the value adjustments on the investment portfolio of AvH.

#### Liabilities

- 6. AvH's shareholders' equity increased by 151.2 million euros compared to year-end 2022 (both figures include the dividend proposed to the general meeting of shareholders). This increase is primarily the result of the profit for the year of 266.4 million euros less a proposed dividend of 3.40 euros gross per share, to a total (maximum) amount of 113.9 million euros. These statutory financial statements already take account of the maximum amount of payable dividend (see other amounts payable). The final dividend amount will be determined on the basis of the number of shares that are entitled to a dividend, i.e. without the treasury shares.
- 7. There has been no movement in 2023 in the provisions as part of the warranties and representations provided by AvH in 2022. AvH constituted provisions totalling 10.7 million euros for two cases. Although AvH believes that in both instances it has a solid case, the maximum amount that might be claimed was provided.
- 8. AvH had no external short-term financial debt as of December 31, 2023. The balance corresponds to deposits received from subholdings.
- 9. The other amounts payable as at December 31, 2023 include the (maximum) dividend payment proposed to the general meeting of shareholders of 113.9 million euros.

## Income statement

#### Charges

- 10. The impairment losses on financial assets primarily relate to adjustments made in order to align the carrying value of the investment portfolio to its market value at December 31, 2023. On the income side there is a write back of an impairment loss recorded in previous years.
- 11. Capital losses were recorded on the sale of treasury shares under the stock option plan and as part of the liquidity programme. Capital gains on the disposal of treasury shares are reported separately in income.

#### Income

- 12. AvH received 196.0 million euros in dividends from its direct participations. The increase in 2023 is explained a.o. by a dividend received from DEME (previously held through CFE) and a significant distribution by AvH Growth Capital.
- 13. A capital gain of 36.9 million euros was realised on the disposal of Telemond Holding and an extra profit (earn out) of 6.1 million euros was recognized on the disposal (in 2017) of AvH's participation in Ogeda. In 2022, a significant capital gain had been realised on the disposal of Anima.

{85}------------------------------------------------

## Sustainability report: annex

## 1. AvH's ESG policy and methodology

Within AvH, materiality operates on two levels: (1) AvH as a responsible investor, and (2) AvH as a responsible and active partner. The interaction between the two levels is shown in the visual below. The material topics were established as cornerstones of AvH's ESG policy and methodology. 'Responsible investment policy', 'Responsible ownership' and 'Corporate governance' determine the

strategy and control. AvH rolls out the necessary actions through the right culture or 'Business ethics' and the attraction and training of the right talent ('Talent development'), supported by 'Innovation' and operational efficiency. This leads to 'Financial resilience and long-term return'.

Image /page/85/Figure/5 description: The image shows two sections, one titled "AvH as responsible investor" and the other "AvH as a responsible and active partner". The "AvH as responsible investor" section contains two points: 1. Materiality analysis, which includes a graph with axes labeled "Impact on stakeholders" and "Importance to AvH". The graph plots various factors such as responsible investment policy, risk management, and reputation. 2. For material ESG topics: policy, goals, SDGs & KPIs, which includes a circular diagram with icons representing various sustainable development goals. The "AvH as a responsible and active partner" section contains three points: 1. Materiality analysis of participations (sector-specific), which includes logos of DEME, DELEN, Bank Van Breda, and SFPIM. It also includes the text "Activity report + ESG reporting by participations". 2. Materiality analysis at group level of priority topics of participations, which includes a table with columns for DEME and DELEN, and rows for various factors such as remuneration, health and safety, and governance. 3. For material ESG topics of participations at group level: policy, goals, SDGs & KPIs.

#### AvH as a responsible investor

AvH's ESG approach as an investment company is based on a materiality exercise done in 2019. A substantive review was performed in 2022, while the impact of the topics is monitored annually.

The business impact (X axis) is measured by the impact on the shareholders' equity, and recurring impact on the result over a period of 3 to 5 years. A new stakeholder survey (Y axis) was launched at the end of 2021. The stakeholders are shown in the table below. AvH broadened the range of stakeholders in the survey in order to capture even better theirviews. The response rate of the survey was 77%, which gives an indication of the good relations with the stakeholders.

{86}------------------------------------------------

Image /page/86/Figure/1 description: The image is a matrix with the y-axis labeled "Stakeholders" and the x-axis labeled "Business impact". The y-axis ranges from medium to high, and the x-axis ranges from medium to high. The top left quadrant contains "Responsible investment policy". The top right quadrant contains "Responsible ownership", "Corporate governance", "Business ethics", and "Financial resilience and long-term return". The bottom left quadrant contains "Risk management" and "Reporting". The bottom right quadrant contains "Talent development" and "Innovation". The legend at the top indicates that green dots represent "Environment (E)", black dots represent "Social (S)", and yellow dots represent "Governance (G)".

(1) approved by the board of directors on October 4, 2022.

#### Stakeholder survey (2021/2022):

| Stakeholders                                       | Dialogue                                                                                                                                                                                                                                                                                                                      |
|----------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Participations                                     | • Involved in AvH's ESG stakeholder consultation<br>• CEO sounding boards<br>• HR sounding boards, innovation, ESG, legal and finance workshops<br>• ESG questionnaire (annual) for all participations<br>• ESG strategic sessions with participations<br>• ESG sector initiatives for real estate and financial institutions |
| Investment team<br>(including executive committee) | • Involved in AvH's ESG stakeholder consultation (investment team)<br>• Annual ESG training and awareness sessions<br>• Bimonthly information sessions (AvH What's Up)                                                                                                                                                        |
| Board of directors                                 | • Involved in AvH's ESG stakeholder consultation<br>• ESG explained annually in the audit committee and discussed and approved by the board of directors                                                                                                                                                                      |
| Shareholders                                       | • Selection involved in AvH's ESG stakeholder consultation<br>• Feedback to broader shareholder groups                                                                                                                                                                                                                        |
| Investors                                          | • Financial institutions (bankers and analysts) involved in AvH's ESG stakeholder consultation<br>• AvH presentations to investors                                                                                                                                                                                            |

{87}------------------------------------------------

#### AvH as a responsible and active partner

The material ESG-related risks of the AvH group are situated at the level of the participations. This means that an ESG risk or opportunity in a participation can potentially also have a major (positive or negative) impact on the consolidated shareholders' equity or net result of AvH, taking into account the shareholding percentage owned by AvH and the asset value managed (AuM approach). A longterm perspective is adopted in this respect. To monitor its portfolio from an ESG perspective, AvH conducts an annual risk analysis of the companies in its portfolio. This analysis, of which the procedure is described in the first visual in this annex, is based on (1) the available materiality matrix of the participations, combined with data from (2) AvH's ESG questionnaire, (3) available external ESG ratings (retrieved from the ESG questionnaire) and (4) knowledge of the investment team about the participations and the sectors in which they operate. All risks are analysed premitigation. The results of all those analyses are reported to and discussed with the executive committee, the audit committee and the board of directors.

The table below summarises the results of this risk analysis (taking into account the shareholding percentage and the asset value managed (AuM approach)). The results of these analyses revealed that three participations have a potential material ESG risk as regards corporate governance, but that only DEME has a potential ESG risk and opportunity regarding the environment and a risk regarding social aspects. As for SIPEF, the analyses do not reveal any material issues for AvH group from an ESG perspective. Participations as well as ESG risks and opportunities other than those mentioned are included in the analyses. Based on current insights, they are not deemed to have a material impact on the AvH group.

| ESG risks and opportunities that are material to the AvH group |                    |                                 |                                                                   |
|----------------------------------------------------------------|--------------------|---------------------------------|-------------------------------------------------------------------|
| Participation                                                  | Environment        | Social (including human rights) | Governance (including anti-corruption)                            |
| DEME                                                           | Climate and energy | Health and safety               | Business ethics<br>Sustainable innovation                         |
| DELEN<br>PRIVATE BANK                                          | n.m.               | n.m.                            | Asset protection<br>Responsible investment policy                 |
| Bank<br>Van Breda                                              | n.m.               | n.m.                            | Safe harbour<br>Protection of data and privacy<br>Business ethics |
| SIPEF                                                          | n.m.               | n.m.                            | n.m.                                                              |

.m.: (not material: no material ESG risk at AvH level, measured by the impact on AvH's consolidated shareholders' equity and net result, and taking into account the shareholding percentage of AvH in the
participation

{88}------------------------------------------------

## 1. Sustainable Development Goals (SDGs)

AvH uses the international ESG standard 'Sustainable Developments Goals' (SDGs) of the United Nations to structure its sustainability reporting. Based on the materiality analyses that was performed, AvH focuses, as an investment company, on 4 SDGs, in particular SDGs 3 (good health & well-being), 8 (decent work & economic growth, 9 (industry, innovation and infrastructure) and 16 (peace, justice and strong institutions). The participations were also asked to map their ESG policies to the SDGs and 4 SDGs were identified as common ground over the participations: 3 (good health & well-being), 8 (decent work & economic growth, 13 (climate action) and 16 (peace, justice and strong institutions).

Image /page/88/Figure/4 description: The image shows the Sustainable Development Goals (SDGs) at the participations, as a percentage of the consolidated shareholders' equity of AvH. There are 17 goals displayed in a grid format. Each goal is represented by a number, a title, and an icon. The goals are: 1. No Poverty, 2. Zero Hunger, 3. Good Health and Well-Being, 4. Quality Education, 5. Gender Equality, 6. Clean Water and Sanitation, 7. Affordable and Clean Energy, 8. Decent Work and Economic Growth, 9. Industry, Innovation and Infrastructure, 10. Reduced Inequalities, 11. Sustainable Cities and Communities, 12. Responsible Consumption and Production, 13. Climate Action, 14. Life Below Water, 15. Life on Land, 16. Peace, Justice and Strong Institutions, and 17. Partnerships for the Goals. Below each goal, there are four squares that are either filled or empty, representing the level of participation. The percentage ranges are: 0-25%, 26-50%, 51-75%, and 76-100%.

{89}------------------------------------------------

## 2. GRI content index

AvH has reported the information cited in this GRI content index for the period January 1, 2023 to December 31, 2023 with reference to the GRI Standards (cfr. GRI 1: Foundation 2021).

| GRI standard                                                         | Disclosure                                                                                                                | Location                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|----------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| GRI 2: General Disclosures<br>(edition 2021)                         | 2-1 Organizational details                                                                                                | Legal name: Ackermans & van Haaren (See 'Cover')<br>Nature of ownership: listed on Euronext Brussels (BEL20) and with solid<br>family ties (See 'Mission')<br>Legal status: Public limited company (See 'Cover' at the back – reference to<br>'NV')<br>Location head office: Antwerp (See 'Cover' at the back)<br>Countries of operation: See '2023 at a glance - Economic footprint of the<br>AvH group', operations in Europe, India and Southeast Asia                                                                                                                                                                          |
|                                                                      | 2-2 Entities included in the organization's sustainability<br>reporting                                                   | Reporting perimeter: See 'Sustainability report: 1.4 Reporting scope and<br>reference frameworks'                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                                                      | 2-3 Reporting period, frequency and contact point                                                                         | Reporting period: identical to financial reporting (= 2023, See 'Cover')<br>Frequency: annually<br>Contact person: See 'contact' on last page                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                                                                      | 2-4 Restatements of information                                                                                           | No 'restatements' for the previous reporting period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                                                      | 2-5 External assurance                                                                                                    | No                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                                                      | 2-6 Activities, value chain and other business<br>relationships                                                           | Sector: independent, diversified group (See 'Mission')<br>Description value chain:<br>- See 'Sustainability report: 1. Your partner for sustainable growth'<br>- See 'Activity report' with overview per segment and company<br>- See 'Note 2 from the Financial Statements: Subsidiaries and jointly<br>controlled subsidiaries'<br>- See 'Note 3 from the Financial Statements: Associated participating<br>interests'<br>Other business relations: See 'Note 27 Related parties'<br>Significant changes compared to previous reporting period: See 'Note 4 from<br>the Financial Statements: Business combinations & disposals' |
|                                                                      | 2-7 Employees                                                                                                             | See 'Sustainability report: 4. AvH as a sustainable company' (total<br>headcount at end of the reporting period, by region & m/f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                                                      | 2-8 Workers who are not employees                                                                                         | - Members of the executive committee have a status as self-employed<br>- Two consultants (Filip Portael & Jan Suykens) work on an independent<br>basis                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                                                      | 2-9 Governance structure and composition                                                                                  | See 'Corporate governance statement: 1. General information and 2. Board<br>of Directors'. There is no presence of underrepresented social groups on the<br>Board of Directors.                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                                                      | 2-10 Nomination and selection of the highest<br>governance body                                                           | See 'Corporate governance charter: 2.3.2. (Re)nomination procedure':<br>https://www.avh.be/sites/avh/files/2023-05/avh-corporate-governance-charter-2022-uk.pdf<br>See 'Corporate governance statement: 5. Nomination committee'<br>See 'Corporate governance statement: 2. Board of Directors - 7. Diversity<br>policy'                                                                                                                                                                                                                                                                                                           |
|                                                                      | 2-11 Chair of the highest governance body                                                                                 | See 'Corporate governance statement: 2. Board of Directors - 2.1<br>Composition'                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                                                                      | 2-12 Role of the highest governance body in overseeing<br>the management of impacts                                       | See 'Corporate governance statement: 2. Board of Directors - 2.4 Activity<br>report'                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                                                      | 2-13 Delegation of responsibility for managing impacts                                                                    | Not applicable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                                                      | 2-14 Role of the highest governance body in<br>sustainability reporting                                                   | See 'Sustainability report: 4.1 Corporate governance'                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                      | 2-15 Conflicts of interest                                                                                                | See 'Corporate governance statement: 2. Board of Directors - 2.5. Code of<br>conduct regarding conflicts of interest'                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                      | 2-16 Communication of critical concerns<br>('whistleblower')                                                              | See 'Corporate governance statement: 2. Board of Directors - 8.3.1 Control assessment'                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                                                      | 2-17 Collective knowledge of the highest governance<br>body                                                               | See 'Sustainability report: 4.1. Corporate governance'                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                                                      | 2-18 Evaluation of the performance of the highest<br>governance body                                                      | See 'Corporate governance charter: 2.10. Assessment':<br>https://www.avh.be/sites/avh/files/2023-05/avh-corporate-<br>governance-charter-2022-uk.pdf                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                                                      | 2-19 Remuneration policies                                                                                                | See 'Corporate governance statement: 2. Board of Directors'<br>See 'Remuneration report: 7.4. Pay gap and 7.5. Gender pay gap'                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                                                      | 2-20 Process to determine remuneration                                                                                    | See 'Corporate governance charter: 2.9 Remuneration policy, 3.3.<br>Remuneration committee and 4.6.Remuneration policy executive<br>committee': https://www.avh.be/sites/avh/files/2023-05/avh-<br>corporate-governance-charter-2022-uk.pdf<br>See 'Remuneration report'<br>See minutes 'Annual General Meeting'                                                                                                                                                                                                                                                                                                                   |
|                                                                      | 2-21 Annual total compensation ratio                                                                                      | See 'Remuneration report'                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                                                      | 2-22 Statement on sustainable development strategy                                                                        | See 'Sustainability report: 1. Your partner for sustainable growth'                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                                                      | 2-23 Policy commitments                                                                                                   | The following policy commitments have been approved at board level:<br>- Investment exclusion policy: See 'Sustainability report: 2.3. Responsible<br>investment policy – Exclusion policy' and link:<br>https://www.avh.be/sites/avh/files/2023-02/avh-exclusion-policy-uk.pdf<br>- Integrity code: See 'Sustainability report: 4.3. Integrity' and link:<br>https://www.avh.be/sites/avh/files/2023-02/avh-integriteitscode-2022-<br>uk.pdf<br>- ESG policy: See 'Sustainability report: Annex 1. ESG policy and<br>methodology of AvH'                                                                                          |
|                                                                      | 2-24 Embedding policy commitments                                                                                         | Idem 2-23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                                                      | 2-25 Processes to remediate negative impacts                                                                              | See Integrity policy: https://www.avh.be/sites/avh/files/2023-02/avh-<br>integriteitscode-2022-uk.pdf                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                      | 2-26 Mechanisms for seeking advice and raising concerns                                                                   | See Integrity policy: https://www.avh.be/sites/avh/files/2023-02/avh-<br>integriteitscode-2022-uk.pdf                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                      | 2-27 Compliance with laws and regulations                                                                                 | No fines or non-monetary sanctions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                                                      | 2-28 Membership associations                                                                                              | Belgian Venture Capital & Private Equity Association (BVA), Invest Europe<br>and UN PRI (AvH NV)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                                                                      | 2-29 Approach to stakeholder engagement                                                                                   | See 'Sustainability report: Annex 1. AvH's ESG policy and methodology'                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                                                      | 2-30 Collective bargaining agreements                                                                                     | See 'Sustainability report: 4.2. Talent development': AvH complies with the<br>applicable sectoral CLAs and even goes further in certain respects                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| GRI 3: Material Topics<br>(edition 2021)                             | 3-1 Process to determine material topics                                                                                  | See 'Sustainability report: 1.2 Integration of ESG factors into the business<br>model, 1.3 'Focused approach based on materiality and annex 1. 'AvH's ESG<br>policy and methodology'                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                                                      | 3-2 List of material topics                                                                                               | See 'Sustainability report: 1.2 Integration of ESG factors into the business<br>model, 1.3 'Focused approach based on materiality and annex 1. 'AvH's ESG<br>policy and methodology'                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                                                      | 3-3 Management of material topics                                                                                         | See 'Sustainability report: 1.2 Integration of ESG factors into the business<br>model, 1.3 'Focused approach based on materiality and annex 1. 'AvH's ESG<br>policy and methodology'                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Material topic - Responsible ownership                               |                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| ESG policy at portfolio<br>companies                                 | No relevant GRI indicators                                                                                                | See 'Sustainability report: 3. AvH as a responsible and active partner'                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| GRI 305: Emissions (edition<br>2016)                                 | 305-3 Other indirect (Scope 3) CO₂ emissions (=<br>companies in investment portfolio)<br>305-5 Reduction of CO₂ emissions | See 'Sustainability report: 3.3. CO₂ emissions'<br>Idem 305-3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Material topic - Corporate governance                                |                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Corporate governance<br>charters and relevant<br>portfolio companies | No relevant GRI indicators                                                                                                | See 'Sustainability report: 3.1 Governance'                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Corporate governance AvH<br>NV and subholdings                       | See GRI indicators 2-9 to 2-18 above                                                                                      | Idem 2-9 till 2-18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Material topic - Business ethics                                     |                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| GRI 205: Anti-corruption<br>(edition 2016)                           | 205-2 Communication and training about anti-corruption<br>policies and procedures                                         | See 'Sustainability report: 4.3 Integrity'                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Material topic - Financial resilience and long-term return           |                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| GRI 201: Economic<br>Performance (edition 2016)                      | 201-1 Direct economic value generated and distributed                                                                     | See 'Sustainability report: 2. AvH as a responsible investor'                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                                                                      | 201-2 Financial implications and other risks and<br>opportunities due to climate change                                   | See 'Annual report of the Board of Directors - II. Consolidated annual<br>accounts – Risks at the level of Ackermans & van Haaren'                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Material topic - Talent development                                  |                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| GRI 401: Employment<br>(edition 2016)                                | 401-1 New employee hires and employee turnover                                                                            | See 'Sustainability report: 4. AvH as a sustainable company'<br>See 'Sustainability report: 4.2 Talent development'                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| GRI 404: Training and<br>Education (edition 2016)                    | 404-1 Average hours of training per year per employee                                                                     | See 'Sustainability report: 4. AvH as a sustainable company' (expressed in<br>days)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                                                      | 404-2 Programs for upgrading employee skills and<br>transition assistance programs                                        | See 'Sustainability report: 4.2 Talent development'<br>See 'Sustainability report: 4. AvH as a sustainable company'                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                                                      | 404-3 Percentage of employees receiving regular<br>performance and career development reviews                             | See 'Sustainability report: 4.2 Talent development'<br>See 'Sustainability report: 4. AvH as a sustainable company'                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| GRI 405: Diversity and<br>Equal Opportunity (edition<br>2016)        | 405-1 Diversity of governance bodies and employees                                                                        | - See 'Corporate governance statement: 7. Diversity policy'<br>- See 'Sustainability report: 4.2 Talent development'                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Material topic - Innovation                                          |                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Innovation policy at<br>portfolio companies                          | No relevant GRI indicators                                                                                                | See 'Sustainability report: 3.1 Innovation'                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Other                                                                |                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| GRI 305: Emissions (edition<br>2016)                                 | 305-1 Direct (Scope 1) CO2 emissions                                                                                      | See 'Sustainability report: 4. AvH as a sustainable company'<br>See 'Sustainability report: 4.4 Direct impact on environment and social<br>aspects'                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                                                      | 305-2 Energy indirect (Scope 2) CO2 emissions                                                                             | See 'Sustainability report: 4. AvH as a sustainable company'<br>See 'Sustainability report: 4.4 Direct impact on environment and social<br>aspects'                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                                                      | 305-5 Reduction of CO2 emissions                                                                                          | See 'Sustainability report: 4.4 Direct impact on environment and social<br>aspects'                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |

{90}------------------------------------------------

{91}------------------------------------------------

{92}------------------------------------------------

## 3. CO2-footprint

The table below summarizes AvH's CO2 footprint according to the accounting consolidation perimeter. This includes AvH (including its sub holdings) and the fully consolidated participations. For more information, see Note 2 to the Consolidated Financial Statements - section 1 Fully consolidated subsidiaries.

| CO₂ footprint scope 1 & 2 (in ton CO₂ eq) - Based on the accounting consolidation scope |         |         |         |         |         |         |         |         |         |
|-----------------------------------------------------------------------------------------|---------|---------|---------|---------|---------|---------|---------|---------|---------|
|                                                                                         | 2023    |         |         | 2022    |         |         | 2021    |         |         |
|                                                                                         | Scope 1 | Scope 2 | Total   | Scope 1 | Scope 2 | Total   | Scope 1 | Scope 2 | Total   |
| Image: Building                                                                         | 183     | 3       | 186     | 202     | 57      | 259     | 197     | 32      | 229     |
| Image: DEME                                                                             | 733,000 | 500     | 733,500 | 652,000 | 1,000   | 653,000 | 832,000 | 800     | 832,800 |
| Image: cfe                                                                              | 14,055  | 1,228   | 15,283  | 13,914  | 1,395   | 15,309  | 14,570  | 1,919   | 16,489  |
| Image: Bank VanBreda                                                                    | 1,336   | 40      | 1,376   | 1,455   | 15      | 1,470   | 1,372   | 16      | 1,388   |
| Image: nextensa                                                                         | 105     | 2       | 107     | 110     | 6       | 116     | 128     | 0       | 128     |
| Other                                                                                   | 2,338   | 1,960   | 4,298   | 1,848   | 790     | 2,638   | 1,323   | 66      | 1,389   |
| Total CO₂ emissions                                                                     | 751,016 | 3,733   | 754,749 | 669,529 | 3,263   | 672,792 | 849,590 | 2,833   | 852,423 |

{93}------------------------------------------------

## 4. EU Taxonomy

The tables below show the information to be disclosed in the context of the EU Taxonomy reporting obligation according to the accounting consolidation perimeter. Turnover, Capex and Opex were determined according to generally accepted accounting principles.

#### 4.1 Turnover

|                                                                                                                                                    |        |                   |                             | Substantial contribution criteria |                                |                                 |                       |                |                                  | DNSH criteria ('Does Not Significantly Harm') |                                  |                                   |                         |                  |                                    |                           |                                              |                                                |                                      |                                       |
|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|-----------------------------|-----------------------------------|--------------------------------|---------------------------------|-----------------------|----------------|----------------------------------|-----------------------------------------------|----------------------------------|-----------------------------------|-------------------------|------------------|------------------------------------|---------------------------|----------------------------------------------|------------------------------------------------|--------------------------------------|---------------------------------------|
| Economic activities (€ 1,000)<br>2023                                                                                                              | Codes  | Absolute turnover | Proportion of turnover<br>% | Climate change mitigation<br>%    | Climate change adaptation<br>% | Water and marine resources<br>% | Circular economy<br>% | Pollution<br>% | Biodiversity and ecosystems<br>% | Climate change mitigation<br>Y/N              | Climate change adaptation<br>Y/N | Water and marine resources<br>Y/N | Circular economy<br>Y/N | Pollution<br>Y/N | Biodiversity and ecosystems<br>Y/N | Minimum safeguards<br>Y/N | Taxonomy- aligned % of turnover, year N<br>% | Taxonomy- aligned % of turnover, year N-1<br>% | Category (enabling activity or)<br>E | Category (transitional activity)<br>T |
| A. Taxonomy-eligible<br>activities                                                                                                                 |        |                   |                             |                                   |                                |                                 |                       |                |                                  |                                               |                                  |                                   |                         |                  |                                    |                           |                                              |                                                |                                      |                                       |
| A.1. Environmentally sustainable<br>activities (Taxonomy-aligned)                                                                                  |        |                   |                             |                                   |                                |                                 |                       |                |                                  |                                               |                                  |                                   |                         |                  |                                    |                           |                                              |                                                |                                      |                                       |
| Electricity generation from wind power                                                                                                             | D35.11 | 1,008,819         | 19.7                        | 19.7                              | 0.0                            |                                 |                       |                |                                  | Y                                             | Y                                | Y                                 | Y                       | Y                | Y                                  | Y                         | 19.7                                         | 15.1                                           |                                      |                                       |
| Construction of new buildings                                                                                                                      | F41.1  | 230,147           | 4.5                         | 4.5                               | 0.0                            |                                 |                       |                |                                  | Y                                             | Y                                | Y                                 | Y                       | Y                | Y                                  | Y                         | 4.5                                          | 3.6                                            |                                      |                                       |
| Infrastructure for rail transport                                                                                                                  | F42.12 | 59,719            | 1.2                         | 1.2                               | 0.0                            |                                 |                       |                |                                  | Y                                             | Y                                | Y                                 | Y                       | Y                | Y                                  | Y                         | 1.2                                          | 0.9                                            | E                                    |                                       |
| Electricity generation from bioenergy                                                                                                              | D35.11 | 18,974            | 0.4                         | 0.4                               | 0.0                            |                                 |                       |                |                                  | Y                                             | Y                                | Y                                 | Y                       | Y                | Y                                  | Y                         | 0.4                                          | 0.3                                            |                                      |                                       |
| Renovation of existing buildings                                                                                                                   | F41    | 18,477            | 0.4                         | 0.4                               | 0.0                            |                                 |                       |                |                                  | Y                                             | Y                                | Y                                 | Y                       | Y                | Y                                  | Y                         | 0.4                                          | 0.2                                            |                                      | T                                     |
| Installation, maintenance and repair of<br>instruments and devices for measuring,<br>regulation and controlling energy<br>performance of buildings | F42    | 16,968            | 0.3                         | 0.3                               | 0.0                            |                                 |                       |                |                                  | Y                                             | Y                                | Y                                 | Y                       | Y                | Y                                  | Y                         | 0.3                                          | 0.4                                            | E                                    |                                       |
| Acquisition and ownership of buildings                                                                                                             | L68    | 12,553            | 0.2                         | 0.2                               | 0.0                            |                                 |                       |                |                                  | Y                                             | Y                                | Y                                 | Y                       | Y                | Y                                  | Y                         | 0.2                                          | 0.1                                            |                                      |                                       |
| Installation, maintenance and repair of<br>renewable energy technologies                                                                           | F42    | 7,057             | 0.1                         | 0.1                               | 0.0                            |                                 |                       |                |                                  | Y                                             | Y                                | Y                                 | Y                       | Y                | Y                                  | Y                         | 0.1                                          | 0.1                                            | E                                    |                                       |
| Installation, maintenance and repair of<br>energy efficiency equipment                                                                             | F42    | 3,619             | 0.1                         | 0.1                               | 0.0                            |                                 |                       |                |                                  | Y                                             | Y                                | Y                                 | Y                       | Y                | Y                                  | Y                         | 0.1                                          | 0.1                                            | E                                    |                                       |
| Installation, maintenance and repair of<br>charging stations for electric vehicles in<br>buildings (and parking spaces attached to<br>buildings)   | F42    | 1,103             | 0.0                         | 0.0                               | 0.0                            |                                 |                       |                |                                  | Y                                             | Y                                | Y                                 | Y                       | Y                | Y                                  | Y                         | 0.0                                          | 0.0                                            | E                                    |                                       |
| Turnover of environmentally<br>sustainable activities (Taxonomy<br>aligned) (A.1)                                                                  |        | 1,377,436         | 26.8                        | 26.8                              | 0.0                            |                                 |                       |                |                                  |                                               |                                  |                                   |                         |                  |                                    |                           | 26.8                                         | 20.7                                           |                                      |                                       |

{94}------------------------------------------------

| Economic activities (€ 1,000)<br>2023                                                                                      | Codes  | Absolute turnover | Proportion of turnover<br>% | Substantial contribution criteria |                                |                                 |                       |                |                                  |                                  | DNSH criteria ('Does Not Significantly Harm') |                                   |                         |                  |                                    |                           |                                              |                                                |                                      |                                       |  |  |
|----------------------------------------------------------------------------------------------------------------------------|--------|-------------------|-----------------------------|-----------------------------------|--------------------------------|---------------------------------|-----------------------|----------------|----------------------------------|----------------------------------|-----------------------------------------------|-----------------------------------|-------------------------|------------------|------------------------------------|---------------------------|----------------------------------------------|------------------------------------------------|--------------------------------------|---------------------------------------|--|--|
|                                                                                                                            |        |                   |                             | Climate change mitigation<br>%    | Climate change adaptation<br>% | Water and marine resources<br>% | Circular economy<br>% | Pollution<br>% | Biodiversity and ecosystems<br>% | Climate change mitigation<br>Y/N | Climate change adaptation<br>Y/N              | Water and marine resources<br>Y/N | Circular economy<br>Y/N | Pollution<br>Y/N | Biodiversity and ecosystems<br>Y/N | Minimum safeguards<br>Y/N | Taxonomy- aligned % of turnover, year N<br>% | Taxonomy- aligned % of turnover, year N-1<br>% | Category (enabling activity or)<br>E | Category (transitional activity)<br>T |  |  |
| A. Taxonomy-eligible                                                                                                       |        |                   |                             |                                   |                                |                                 |                       |                |                                  |                                  |                                               |                                   |                         |                  |                                    |                           |                                              |                                                |                                      |                                       |  |  |
| activities                                                                                                                 |        |                   |                             |                                   |                                |                                 |                       |                |                                  |                                  |                                               |                                   |                         |                  |                                    |                           |                                              |                                                |                                      |                                       |  |  |
| A.2 Taxonomy-Eligible but not<br>environmentally sustainable activities<br>(not Taxonomy-aligned activities)               |        |                   |                             |                                   |                                |                                 |                       |                |                                  |                                  |                                               |                                   |                         |                  |                                    |                           |                                              |                                                |                                      |                                       |  |  |
| Construction of new buildings                                                                                              | F41.1  | 569,662           | 11.1                        |                                   |                                |                                 |                       |                |                                  |                                  |                                               |                                   |                         |                  |                                    |                           |                                              |                                                |                                      |                                       |  |  |
| Remediation of contaminated sites and<br>areas                                                                             |        | 127,091           | 2.5                         |                                   |                                |                                 |                       |                |                                  |                                  |                                               |                                   |                         |                  |                                    |                           |                                              |                                                |                                      |                                       |  |  |
| Renovation of existing buildings                                                                                           | F41    | 107,480           | 2.1                         |                                   |                                |                                 |                       |                |                                  |                                  |                                               |                                   |                         |                  |                                    |                           |                                              |                                                |                                      |                                       |  |  |
| Electricity generation from wind power                                                                                     | D35.11 | 90,589            | 1.8                         |                                   |                                |                                 |                       |                |                                  |                                  |                                               |                                   |                         |                  |                                    |                           |                                              |                                                |                                      |                                       |  |  |
| Sorting and material recovery of non-<br>hazardous waste                                                                   | E38.32 | 77,440            | 1.5                         |                                   |                                |                                 |                       |                |                                  |                                  |                                               |                                   |                         |                  |                                    |                           |                                              |                                                |                                      |                                       |  |  |
| Infrastructure for rail transport                                                                                          | F42.12 | 59,767            | 1.2                         |                                   |                                |                                 |                       |                |                                  |                                  |                                               |                                   |                         |                  |                                    |                           |                                              |                                                |                                      |                                       |  |  |
| Acquisition and ownership of buildings                                                                                     | L68    | 49,475            | 1.0                         |                                   |                                |                                 |                       |                |                                  |                                  |                                               |                                   |                         |                  |                                    |                           |                                              |                                                |                                      |                                       |  |  |
| Computer programming activities                                                                                            | J62.01 | 25,307            | 0.5                         |                                   |                                |                                 |                       |                |                                  |                                  |                                               |                                   |                         |                  |                                    |                           |                                              |                                                |                                      |                                       |  |  |
| Transmission and Distribution of Electricity                                                                               | D35.12 | 7,180             | 0.1                         |                                   |                                |                                 |                       |                |                                  |                                  |                                               |                                   |                         |                  |                                    |                           |                                              |                                                |                                      |                                       |  |  |
| Turnover of Taxonomy-eligible but not<br>environmentally sustainable activities<br>(not Taxonomy-aligned activities) (A.2) |        | 1,113,991         | 21.7                        |                                   |                                |                                 |                       |                |                                  |                                  |                                               |                                   |                         |                  |                                    |                           |                                              |                                                |                                      |                                       |  |  |
| Total (A.1 + A.2)                                                                                                          |        | 2,491,427         | 48.5                        |                                   |                                |                                 |                       |                |                                  |                                  |                                               |                                   |                         |                  |                                    | 26.8                      | 20.7                                         | 1.7                                            | 0.4                                  |                                       |  |  |
| B. Taxonomy - non-eligible                                                                                                 |        |                   |                             |                                   |                                |                                 |                       |                |                                  |                                  |                                               |                                   |                         |                  |                                    |                           |                                              |                                                |                                      |                                       |  |  |
| activities                                                                                                                 |        |                   |                             |                                   |                                |                                 |                       |                |                                  |                                  |                                               |                                   |                         |                  |                                    |                           |                                              |                                                |                                      |                                       |  |  |
| Turnover of Taxonomy-non-eligible<br>activities (B)                                                                        |        | 2,640,696         | 51.5                        |                                   |                                |                                 |                       |                |                                  |                                  |                                               |                                   |                         |                  |                                    |                           |                                              |                                                |                                      |                                       |  |  |
| Total (A + B)                                                                                                              |        | 5,132,122         | 100.0                       |                                   |                                |                                 |                       |                |                                  |                                  |                                               |                                   |                         |                  |                                    |                           |                                              |                                                |                                      |                                       |  |  |

{95}------------------------------------------------

#### 4.2 Capex

|                                                                                                                                                    |        |                | Substantial contribution criteria |                                |                                |                                 |                       |                | DNSH criteria ('Does Not Significantly Harm') |                                  |                                  |                                   |                         |                  |                                    |                           |                                          |                                            |                                      |                                       |
|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|-----------------------------------|--------------------------------|--------------------------------|---------------------------------|-----------------------|----------------|-----------------------------------------------|----------------------------------|----------------------------------|-----------------------------------|-------------------------|------------------|------------------------------------|---------------------------|------------------------------------------|--------------------------------------------|--------------------------------------|---------------------------------------|
| Economic activities (€ 1,000)<br>2023                                                                                                              | Codes  | Absolute capex | Proportion of capex<br>%          | Climate change mitigation<br>% | Climate change adaptation<br>% | Water and marine resources<br>% | Circular economy<br>% | Pollution<br>% | Biodiversity and ecosystems<br>%              | Climate change mitigation<br>Y/N | Climate change adaptation<br>Y/N | Water and marine resources<br>Y/N | Circular economy<br>Y/N | Pollution<br>Y/N | Biodiversity and ecosystems<br>Y/N | Minimum safeguards<br>Y/N | Taxonomy- aligned % of capex, year N     | Taxonomy- aligned % of capex, year N-1     | Category (enabling activity or)      | Category (transitional activity)      |
| A. Taxonomy-eligible                                                                                                                               |        |                |                                   |                                |                                |                                 |                       |                |                                               |                                  |                                  |                                   |                         |                  |                                    |                           |                                          |                                            |                                      |                                       |
| activities                                                                                                                                         |        |                |                                   |                                |                                |                                 |                       |                |                                               |                                  |                                  |                                   |                         |                  |                                    |                           |                                          |                                            |                                      |                                       |
| A.1. Environmentally sustainable                                                                                                                   |        |                |                                   |                                |                                |                                 |                       |                |                                               |                                  |                                  |                                   |                         |                  |                                    |                           |                                          |                                            |                                      |                                       |
| activities (Taxonomy-aligned)                                                                                                                      |        |                |                                   |                                |                                |                                 |                       |                |                                               |                                  |                                  |                                   |                         |                  |                                    |                           |                                          |                                            |                                      |                                       |
| Electricity generation from wind power                                                                                                             | D35.11 | 252,961        | 38                                | 38                             | 0                              |                                 |                       |                |                                               | Y                                | Y                                | Y                                 | Y                       | Y                | Y                                  |                           | 38                                       | 45                                         |                                      |                                       |
| Renovation of existing buildings                                                                                                                   | F41    | 10,707         | 2                                 | 2                              | 0                              |                                 |                       |                |                                               | Y                                | Y                                | Y                                 | Y                       | Y                | Y                                  |                           | 2                                        | 0                                          |                                      | T                                     |
| Infrastructure for rail transport                                                                                                                  | F42.12 | 9,886          | 1                                 | 1                              | 0                              |                                 |                       |                |                                               | Y                                | Y                                | Y                                 | Y                       | Y                | Y                                  |                           | 1                                        | 0                                          | E                                    |                                       |
| Construction of new buildings                                                                                                                      | F41.1  | 6,988          | 1                                 | 1                              | 0                              |                                 |                       |                |                                               | Y                                | Y                                | Y                                 | Y                       | Y                | Y                                  |                           | 1                                        | 1                                          |                                      |                                       |
| Acquisition and ownership of buildings                                                                                                             | L68    | 3,809          | 1                                 | 1                              | 0                              |                                 |                       |                |                                               | Y                                | Y                                | Y                                 | Y                       | Y                | Y                                  |                           | 1                                        | 1                                          |                                      |                                       |
| Electricity generation from bioenergy                                                                                                              | D35.11 | 837            | 0                                 | 0                              | 0                              |                                 |                       |                |                                               | Y                                | Y                                | Y                                 | Y                       | Y                | Y                                  |                           | 0                                        | 0                                          |                                      |                                       |
| Installation, maintenance and repair of<br>instruments and devices for measuring,<br>regulation and controlling energy<br>performance of buildings | F42    | 397            | 0                                 | 0                              | 0                              |                                 |                       |                |                                               | Y                                | Y                                | Y                                 | Y                       | Y                | Y                                  |                           | 0                                        | 0                                          | E                                    |                                       |
| Installation, maintenance and repair of<br>renewable energy technologies                                                                           | F42    | 165            | 0                                 | 0                              | 0                              |                                 |                       |                |                                               | Y                                | Y                                | Y                                 | Y                       | Y                | Y                                  |                           | 0                                        | 0                                          | E                                    |                                       |
| Installation, maintenance and repair of<br>energy efficiency equipment                                                                             | F42    | 85             | 0                                 | 0                              | 0                              |                                 |                       |                |                                               | Y                                | Y                                | Y                                 | Y                       | Y                | Y                                  |                           | 0                                        | 0                                          | E                                    |                                       |
| Installation, maintenance and repair of<br>charging stations for electric vehicles in<br>buildings (and parking spaces attached to<br>buildings)   | F42    | 26             | 0                                 | 0                              | 0                              |                                 |                       |                |                                               | Y                                | Y                                | Y                                 | Y                       | Y                | Y                                  |                           | 0                                        | 0                                          | E                                    |                                       |
| Capex of environmentally sustainable<br>activities (Taxonomy-aligned) (A.1)                                                                        |        | 285,861        | 42.6                              | 42.6                           | 0.0                            |                                 |                       |                |                                               |                                  |                                  |                                   |                         |                  |                                    |                           | 42.6                                     | 47.4                                       |                                      |                                       |
| A.2 Taxonomy-Eligible but not<br>environmentally sustainable activities<br>(not Taxonomy-aligned activities)                                       |        |                |                                   |                                |                                |                                 |                       |                |                                               |                                  |                                  |                                   |                         |                  |                                    |                           |                                          |                                            |                                      |                                       |
| Acquisition and ownership of buildings                                                                                                             | L68    | 36,545         | 5.4                               |                                |                                |                                 |                       |                |                                               |                                  |                                  |                                   |                         |                  |                                    |                           |                                          |                                            |                                      |                                       |
| Renovation of existing buildings                                                                                                                   | F41    | 24,440         | 3.6                               |                                |                                |                                 |                       |                |                                               |                                  |                                  |                                   |                         |                  |                                    |                           |                                          |                                            |                                      |                                       |
| Construction of new buildings                                                                                                                      | F41.1  | 14,959         | 2.2                               |                                |                                |                                 |                       |                |                                               |                                  |                                  |                                   |                         |                  |                                    |                           |                                          |                                            |                                      |                                       |
| Infrastructure for rail transport                                                                                                                  | F42.12 | 5,589          | 0.8                               |                                |                                |                                 |                       |                |                                               |                                  |                                  |                                   |                         |                  |                                    |                           |                                          |                                            |                                      |                                       |
| Computer programming activities                                                                                                                    | J62.01 | 4,494          | 0.7                               |                                |                                |                                 |                       |                |                                               |                                  |                                  |                                   |                         |                  |                                    |                           |                                          |                                            |                                      |                                       |
| Sorting and material recovery of non-<br>hazardous waste                                                                                           | E38.32 | 724            | 0.1                               |                                |                                |                                 |                       |                |                                               |                                  |                                  |                                   |                         |                  |                                    |                           |                                          |                                            |                                      |                                       |
| Transmission and Distribution of Electricity                                                                                                       | J62.01 | 363            | 0.1                               |                                |                                |                                 |                       |                |                                               |                                  |                                  |                                   |                         |                  |                                    |                           |                                          |                                            |                                      |                                       |
| Capex of Taxonomy-eligible but not<br>environmentally sustainable activities<br>(not Taxonomy-aligned activities) (A.2)                            |        | 87,114         | 13.0                              |                                |                                |                                 |                       |                |                                               |                                  |                                  |                                   |                         |                  |                                    |                           |                                          |                                            |                                      |                                       |
| Total (A.1 + A.2)                                                                                                                                  |        | 372,975        | 55.5                              |                                |                                |                                 |                       |                |                                               |                                  |                                  |                                   |                         |                  |                                    |                           | 42.6                                     | 47.4                                       | 1.6                                  | 1.6                                   |
| B. Taxonomy - non-eligible<br>activities                                                                                                           |        |                |                                   |                                |                                |                                 |                       |                |                                               |                                  |                                  |                                   |                         |                  |                                    |                           |                                          |                                            |                                      |                                       |
| Capex of Taxonomy-non-eligible<br>activities (B)                                                                                                   |        | 298,551        | 44.5                              |                                |                                |                                 |                       |                |                                               |                                  |                                  |                                   |                         |                  |                                    |                           |                                          |                                            |                                      |                                       |
| Economic activities (€ 1,000)<br>2023                                                                                                              | Codes  | Absolute opex  | Proportion of opex<br>%           | Climate change mitigation<br>% | Climate change adaptation<br>% | Water and marine resources<br>% | Circular economy<br>% | Pollution<br>% | Biodiversity and ecosystems<br>%              | Climate change mitigation<br>Y/N | Climate change adaptation<br>Y/N | Water and marine resources<br>Y/N | Circular economy<br>Y/N | Pollution<br>Y/N | Biodiversity and ecosystems<br>Y/N | Minimum safeguards<br>Y/N | Taxonomy- aligned % of opex, year N<br>% | Taxonomy- aligned % of opex, year N-1<br>% | Category (enabling activity or)<br>E | Category (transitional activity)<br>T |
| A. Taxonomy-eligible activities                                                                                                                    |        |                |                                   |                                |                                |                                 |                       |                |                                               |                                  |                                  |                                   |                         |                  |                                    |                           |                                          |                                            |                                      |                                       |
| A.1. Environmentally sustainable activities<br>(Taxonomy-aligned)                                                                                  |        |                |                                   |                                |                                |                                 |                       |                |                                               |                                  |                                  |                                   |                         |                  |                                    |                           |                                          |                                            |                                      |                                       |
|                                                                                                                                                    |        |                |                                   |                                |                                |                                 |                       |                |                                               |                                  |                                  |                                   |                         |                  |                                    |                           |                                          |                                            |                                      |                                       |
|                                                                                                                                                    |        |                |                                   |                                |                                |                                 |                       |                |                                               |                                  |                                  |                                   |                         |                  |                                    |                           |                                          |                                            |                                      |                                       |
| Opex of environmentally sustainable activities<br>(Taxonomy-aligned) (A.1)                                                                         |        | 0              | 0                                 | 0                              | 0                              |                                 |                       |                |                                               |                                  |                                  |                                   |                         |                  |                                    |                           | 0                                        | 0                                          |                                      |                                       |
| A.2 Taxonomy-Eligible but not environmentally<br>sustainable activities (not Taxonomy-aligned<br>activities)                                       |        |                |                                   |                                |                                |                                 |                       |                |                                               |                                  |                                  |                                   |                         |                  |                                    |                           |                                          |                                            |                                      |                                       |
|                                                                                                                                                    |        |                |                                   |                                |                                |                                 |                       |                |                                               |                                  |                                  |                                   |                         |                  |                                    |                           |                                          |                                            |                                      |                                       |
| Opex of Taxonomy-eligible but not environmentally<br>sustainable activities (not Taxonomy-aligned<br>activities) (A.2)                             |        | 0              | 0                                 |                                |                                |                                 |                       |                |                                               |                                  |                                  |                                   |                         |                  |                                    |                           |                                          |                                            |                                      |                                       |
| Total (A.1 + A.2)                                                                                                                                  |        | 0              | 0                                 |                                |                                |                                 |                       |                |                                               |                                  |                                  |                                   |                         |                  |                                    |                           | 0                                        | 0                                          | 0                                    | 0                                     |
| B. Taxonomy - non-eligible activities                                                                                                              |        |                |                                   |                                |                                |                                 |                       |                |                                               |                                  |                                  |                                   |                         |                  |                                    |                           |                                          |                                            |                                      |                                       |
| Opex of Taxonomy-non-eligible activities (B)                                                                                                       |        | 0              | 100                               |                                |                                |                                 |                       |                |                                               |                                  |                                  |                                   |                         |                  |                                    |                           |                                          |                                            |                                      |                                       |
| Total (A + B)                                                                                                                                      |        | 0              | 100                               |                                |                                |                                 |                       |                |                                               |                                  |                                  |                                   |                         |                  |                                    |                           |                                          |                                            |                                      |                                       |

**Total (A + B) 671,526 100.0**

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#### 4.3 Opex

The Opex, as defined in the scope of the EU Taxonomy, comprises a restrictive list of non-capitalised costs. As the participations draw up their annual financial statements on the basis of IFRS, they are already to a large extent contained in the capex. The eligible and aligned Opex under the definition of the EU Taxonomy is reported as 0.

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## Lexicon

## ESG terminology

- **BACA (Belgian Alliance for Climate Action)**: a platform for Belgian organisations that want to reduce their CO2 emissions, show climate ambition and use SBTi (Science Based Targets initiative) to define their goals**.**
- **BREEAM** (Building Research Establishment Environmental Assessment Method): international sustainability benchmark and standard for the optimal realisation (new construction) or renovation (buildings in use) and exploitation of buildings with a minimal environmental impact, based on scientifically substantiated sustainability metrics and indices encompassing a range of environmental issues, such as energy and water use assessment, the impact on health and well-being, pollution, transport, materials, waste, ecology and management processes.
- **Circularity**: the reuse of raw materials, components and products after their useful life so that their value can be preserved.
- **CSRD** (corporate sustainability reporting directive): EU ESG disclosure legislation that enters into force as of 2024. This directive modernises and strengthens the rules concerning the social and environmental information that companies have to report. The new rules will ensure that investors and other stakeholders have access to the information they need to assess the impact of companies on people and the environment to assess financial risks and opportunities arising from climate change and other sustainability issues.
- **CO2 emissions – scope 1**: all direct emissions from sources that are owned or controlled by the company (e.g. combustion of fuel and natural gas).
- **CO2 emissions – scope 2**: all indirect emissions from the production of electricity that is purchased by the company. Scope 2 emissions physically occur in the installation where the electricity is generated.
- **CO2 emissions – scope 3**: indirect emissions from activities of a company, such as emissions from the production of sourced products (upstream) or from products, services or projects sold by the company (downstream).
- **Contributed capacity (DEME)**: calculated counting total number of foundations installed by DEME during the reporting period (between January 1 and December 31), and multiplying by the corresponding turbine capacity. The turbine capacity is also called the rated power of the turbine. It is the power that the turbine generates for wind speeds above the 'rated' level. Each installed turbine has a specific rated power, expressed as a number of MW.
- **Corporate governance**: organisation & processes of the managing bodies that define the strategy and monitor its implementation.
- **Diversity, equity & inclusion or DEI**: this relates to the involvement of different views and avoiding discrimination, by promoting diversity in various areas, such as gender, religious beliefs or background, and to the implementation of a policy of inclusion.
- **DNSH (Do No Significant Harm)**: the concept of 'avoiding significant harm' that is used in the EU Taxonomy as one of the conditions to classify an activity as 'green'.
- **ESG**: Environment, Social & Governance.
- **ESG policy**: statement setting out the company's approach to environmental, social and governance aspects, along with the plan to accomplish this mission, as well as the indicators used to measure progress made.
- **ESG material participation**: there are four ESG material participations (DEME, Delen Private Bank, Bank Van Breda and SIPEF) which are closely monitored from an ESG perspective within the ESG policy pursued by AvH.
- **ESG stewardship**: the influence that investors exert on participations to maximise the overall long-term economic, social and environmental value.
- **ESRS (European sustainability reporting standards)**: Companies subject to the CSRD will have to report according to European Sustainability Reporting Standards (ESRS). The standards are tailored to EU policies, while building on and contributing to international standardisation initiatives.
- **EU Taxonomy**: regulations that determine which investments can be classified as 'green' and which contribute to the realisation of the EU Green Deal. The classification is based on technical screening criteria (TSC) and minimum criteria for the avoidance of significant harm (DNSH).
- **Financial resilience and long term return**: healthy balance sheet structures, with business plans and strategies that make it possible to achieve a fair return in the long term and enable the investments required for that purpose.
- **GRI (Global Reporting Initiative)**: an international organisation that draws up guidelines for sustainability reporting.
- **Human rights**: the rights as defined in the Universal Declaration of Human Rights.
- **Innovation strategy**: statement setting out a company's innovation approach, and how it seeks to achieve objectives, taking into account their long-term impact on profitability.
- **Integrity code**: statement that may comprise the following integrity aspects: anti-corruption policy and procedures, human rights policy, whistle-blower policy and procedures, compliance policy and practices (e.g. where relevant antimoney-laundering, know your customer (KYC), etc.).
- **KPI**: Key Performance Indicator.
- **Low carbon fuels:** combine the fuels for which the CO2 emissions are lower compared to conventional fuel (marine gas oil). This category includes fuels such as LNG (Liquified Natural Gas) and blended biofuels.
- **Material** (in materiality matrix): an aspect that (i) can have a significant positive or negative financial impact on the activities or the shareholders' equity of a company, of which (ii) a stakeholder expects that it is carefully managed with high priority.
- **NPS (Net Promoter Score)**: this can be determined by putting one question to the client: How likely are you to recommend us to a friend or colleague? The respondent can reply by assigning a score from 0 to 10. The scores are divided into three groups: Promoters: respondents who gave a score of 9 or 10; Neutrals: respondents who gave a score of 7 or 8; Critics: respondents who gave a score of 0 to 6. The score is calculated as follows: NPS = % promoters - % critics.
- **Reporting**: relates to financial and non-financial reporting, with emphasis on material aspects.
- **Responsible investment policy**: investing with a view to a sustainable mix of activities. This means that investments are first examined in terms of whether

{98}------------------------------------------------

the company is active in a sector that AvH wishes to invest in, whether in sensitive sectors it scores well on relevant ESG aspects, and whether it is active in a sector that has a positive impact on ESG goals. It may also lead to divestments from companies.

- **Responsible shareholding**: structured monitoring as a shareholder of ESG aspects in participations (e.g. defining and monitoring an ESG strategy and related processes).
- **Risk management**: structured handling of risks (by audit & control, procedures, manuals, committees, etc.).
- **RSPO (Roundtable on Sustainable Palm Oil)**: an independent organisation that develops global standards for the production of sustainable palm oil.
- **SASB (Sustainability Accounting Standards Board)**: an international organisation that sets guidelines for businesses on relevant sustainability reporting to investors
- **SBTi (Science Based Targets initiative)**: an initiative that defines best practices in the area of CO2 emission reductions and targets in line with the goals of the Paris Climate Agreement.
- **SDGs (Sustainable Development Goals)**: Sustainable Development Goals of the United Nations that constitute a call for action to promote prosperity and at the same time protect the planet against climate change. They encompass strategies that support economic growth and address social needs (education, health, social protection and employment, etc.).
- **SFDR (Sustainable Finance Disclosure Regulation)**: regulation concerning the disclosure of information on sustainability in the financial sector. The idea is to improve the disclosure of information to investors on the sustainability impact of investment policies and investment decisions.

## Financial and legal terminology

- **Cost-income ratio**: the relative cost efficiency (cost versus income) of the banking activities (EBA definition).
- **Common Equity Tier1 capital ratio (CET1)**: the regulatory core capital buffer held by banks to offset any losses.
- **EBIT**: Earnings before interest and taxes.
- **EBITDA**: EBIT plus depreciation and amortisation on fixed assets
- **ESEF**: the European Single Electronic Format is an electronic reporting format in which issuers on EU regulated markets must prepare their annual financial reports.
- **Rental yield based on fair value**: rental yield is only calculated on buildings in operation, excluding the projects and the assets held for sale.
- **Net financial position**: cash & cash equivalents and short-term investments minus short- and long-term financial debt.
- **Net result**: Net result (group share)
- **(% of) Shareholders' equity**: calculation method to indicate what percentage of the assets managed by AvH meet certain standards of the ESG policy. It involves determining what share the assets in question represent in the consolidated shareholders' equity of AvH (group share).
- **Talent development**: taking care of the human capital needed for the proper functioning of the company concerned (recruitment, training, personal development, appraisal, well-being, etc.), where the talents of staff members can emerge and be used in the best possible way.
- **TSC (Technical Screening Criteria)**: technical screening criteria defined for each economic activity in the EU Taxonomy, and used to determine whether a particular activity can be classified as 'green'.
- **UN PRI (United Nations Principles of Responsible Investment)**: framework of the United Nations that focuses on a responsible investment policy as shareholder, where ESG factors are taken into account in order to achieve proper returns by managing risks and opportunities.
- **Value creation**: the average growth (CAGR) of the consolidated shareholders' equity (group share), including dividends, measured over a certain period of time (i.e. in case of AvH 10 years)
- **Worldwide LTIFR (DEME)**: The Worldwide Lost Time Injury Frequency Rate is the metric reflecting accidents of DEME employees and DEME temporary employees involving work incapacity (≥ 24 hours or ≥ 1 shift) multiplied by 200,000 and divided by the number of hours worked. The 'Worldwide' method is a risk-based method that combines 'risk level rate' (= event that resulted in the injury) and 'injury rate' (= type of injury). To determine if an incident scores as 'Worldwide', the 'risk level rate' and 'injury rate' are multiplied.

- **Return on equity (ROE)**: the relative profitability of the group, more particularly the amount of net income returned as a percentage of shareholders' equity.
- **SPV (Special Purpose Vehicle)**: a company in which a project or part of a project is contained.
- **TLTRO (Targeted longer-term refinancing operations)**: an ECB instrument that encourages banks to provide loans to businesses and consumers.
- **Real estate portfolio**: the outstanding capital employed equals the sum of the shareholders' equity and the net financial debt of the real estate division.
- **CCA**: Code of Companies and Associations.
- **XBRL**: An electronic language, specifically designed for the exchange of financial reporting over the Internet.

{99}------------------------------------------------

## General information regarding the company and the capital

## General information regarding the company

#### Registered office - registration details

Begijnenvest 113, 2000 Antwerp, Belgium 0404.616.494 RPR Antwerp - Department Antwerp Email adress : info@avh.be Website : https://www.avh.be

## Incorporation date, last amendment bylaws

The company was incorporated on 30 December 1924 by notarial deed, published in full in the Annexes to the Belgian Official Gazette of 15 January 1925 under number 566. The bylaws have been modified several times and for the last time by notarial deed of 9 November 2020, published by excerpt in the Annexes to the Belgian Official Gazette of 25 November 2020, under number 20356891, with a supplementary excerpt published in the Annexes to the Belgian Official Gazette of 16 December 2020, under number 20361786.

#### Duration of the company

Indefinite

## Legal form, applicable law

Limited liability company under Belgian law.

## Statutory purpose

The statutory purpose of the company includes the following:

- (a) the project study, supervision and management of all kinds of public and private works, mainly in the field of construction in general, as well as the organization and administration of all companies or businesses and assistance to them in all forms;
- (b) the contracting of all sea- and land based public or private works in the area of construction and, in particular, all kinds of sea- and river-based works, major irrigation activities and the canalization of waterways, major dewatering and pumping works, dredging, drilling, sounding, wellsinking, drainage, the building of permanent structures, digging, and the general contracting of construction works, as well as the re-floating of boats and ships;
- (c) sea- and land-based prospecting for industrial extraction, mainly of crude oil or natural gas, as well as mineral products in general;
- (d) the operation, production, processing, distribution, purchase, sale and transport of all products derived from industrial extraction;
- (e) the acquisition, operation, development and transfer of land, real estate and any property entitlement;
- (f) the acquisition, the operation and the realization, in any form whatever, of intellectual property rights, licenses and concessions;
- (g) the acquisition of an interest or participation, by way of subscription, contribution, merger, cooperation, financial intervention or in any other way, in any company, enterprise, operation or association in Belgium or abroad, already existing or still to be incorporated;
- (h) the management, development and realization of these interests or participations;
- (i) involvement, directly or indirectly, in the management, control or dissolution of any company, enterprise, business or association in which it has a an interest or participation;
- (j) providing assistance and support in all possible management matters to the board of directors and the management of companies, enterprises, businesses or associations in which it has an interest or participation, and in general, performing all acts constituting entirely or partially, directly or indirectly, holding activities.

The company may carry out all civil, commercial, industrial and financial activities as well as activities relating to real and movable property that are linked, directly or indirectly, to its statutory purpose or that may enhance the realization thereof. The company may provide securities or guarantee in favor of companies, enterprises, businesses or associations in which it has an interest or participation, act as representative or agent, provide advances, credit facilities and mortgages or other securities. The company's activities may be carried out both abroad and in Belgium.

## Consultation of documents regarding the company

The statutory and consolidated annual accounts of the company are deposited with the National Bank of Belgium. A coordinated version of the company bylaws can be consulted with the clerk of the Business Court of Antwerp - Division Antwerp. The annual financial report is sent to the registered shareholders and to anyone who so requests. The coordinated version of the company bylaws and the annual financial report are also available on the company's website (www.avh.be).

{100}------------------------------------------------

## General information regarding the company's capital

## Subscribed capital

The subscribed capital is 2,295,277.90 euros. The capital is fully paid-up and is represented by 33,496,904 shares without nominal value.

#### Capital increases

The most recent capital increase was decided upon on 11 October 1999, as part of the merger through acquisition of Belcofi NV by Ackermans & van Haaren NV.

### Authorized capital

In accordance with the decision of the extraordinary general meeting dated 20 October 2023, the board of directors is authorized to increase the capital in one or more instalments with a maximum (aggregate) amount of 500,000 euros (excluding issuance premium) and this in accordance with the terms and conditions set forth in the special report of the board of directors prepared in accordance with article 7:199 CSA.

The board of directors can use this authorization for a period of five years from 31 October 2023 (the date of publication of the amendment to the articles of association decided by the extraordinary general meeting of 20 October 2023).

The board of directors can also make use of the authorized capital in case of a public takeover bid on securities issued by the company, in accordance with the provisions and within the limits of article 7:202 CSA. The board of directors is allowed to use this authorization in case the notification of a public takeover bid by the FSMA to the company is received not later than three years as from 20 October 2023.

The authorizations can be renewed in accordance with legal provisions.

Capital increases decided pursuant to these authorizations will be carried out in accordance with the modalities specified by the board of directors, including among others by contribution in cash or in kind, with or without share premium, by incorporation of, distributable or non-distributable, reserves and share premiums and profits carried forward, with or without the issuance of new shares with or without voting rights, below, above or at par value, in accordance with the mandatory rules prescribed by the CCA.

The board of directors may use this authorization to issue, subordinated or nonsubordinated, convertible bonds, subscription rights, bonds with subscription rights or other securities, in accordance with the conditions set out in the CCA.

The board of directors is authorized, when exercising its powers under the authorized capital, to limit or cancel the statutory preferential subscription right of the shareholders in the interest of the company, including in favor of one or more specific persons or of members of the personnel of the company or of its subsidiaries.

## Nature of the shares

The fully paid-up shares as well as other securities of the company may exist as registered or dematerialized securities. Each holder may, at any time and at his/her/its own expenses, request the conversion of his/her/its paid in securities into another form, within the limits of the law.

The securities are indivisible vis-à-vis the company which can suspend the rights of any share regarding which disputes would arise as to the ownership, usufruct or naked ownership. Co-owners, usufructuaries and bare-owners must be represented by a common authorized representative and notify the company accordingly.

In case of usufruct, the usufructuary shall exercise all the rights attached to the shares, and the bare-owners of the share shall be represented vis-à-vis the company by the usufructuary, except with respect to (the exercise of) the preferential subscription right, which belongs to the bare owner(s). This rule applies except as otherwise provided in an agreement between the parties or in a will. In that case, the bare owner(s) and the usufructuary(ies) must notify the company in writing of such an arrangement.

#### ESEF INFORMATION

| Homepage of reporting entity                                                                                                 | www.avh.be                     |
|------------------------------------------------------------------------------------------------------------------------------|--------------------------------|
| LEI code of reporting entity                                                                                                 | 5493005E2GHATS0Z6J59           |
| Name of reporting entity or other means of identification                                                                    | Ackermans van Haaren           |
| Domicile of entity                                                                                                           | Belgium                        |
| Legal form of entity                                                                                                         | Limited liability company      |
| Country of incorporation                                                                                                     | Belgium                        |
| Address of entity's registered office                                                                                        | 2000 Antwerp, Begijnenvest 113 |
| Principal place of business                                                                                                  | Worldwide                      |
| Description of nature of entity's operations and principal activities                                                        | Industrial Group               |
| Name of parent entity                                                                                                        | Ackermans van Haaren           |
| Name of ultimate parent of group                                                                                             | Ackermans van Haaren           |
| Explanation of change in name of reporting entity or other means of<br>identification from end of preceding reporting period | N/A                            |
| Length of life of limited life entity                                                                                        | N/A                            |
| Period covered by financial statements                                                                                       | N/A                            |