ABO-Group Environment Half-year results 2025

Ghent, 18 July 2025 – 19.30 hrs Press release / Regulated information

Highlights first half-year 2025

With sales of 53.6 million euros in the first half, the group achieved 17.7% growth. The 2nd semester 2024 acquisitions were integrated for the first time, with an impact of 9.6%. We also achieved 8.1% organic growth.Belgium and France generated a growth of 17.6% and 12.8% respectively (both +2.8 million euros), the Netherlands achieved a growth of 32.5% (+2.4 million euros).The Monitoring & Infrastructure division experienced a robust growth of 71.9%/+2.1 million euros whilst the large Environment and Geotechnics divisions increased by 17.3%/3.6 million and 10.8%/2.3 million euros, respectively.EBITDA increased from 5.4 million to 5.9 million euros.The balance sheet structure remains sound with a solvency ratio of 28% (28.2% as of 31 December 2024) and a debt ratio of 2x EBITDA.

Outlook

Thanks to the strong performance of the ABO Group's Geotechnical consulting arm and its Monitoring and Infrastructure companies, the group is maintaining its 2025 revenue target of between €105 million and €110 million. The slowdown in the construction sector and public procurement in Belgium and France is not affecting the ABO Group for the time being. During the fourth quarter of 2025, a number of large, recently secured contracts for the ministries of defence and the nuclear waste sector will commence.From September 2025 the group will be streamlined even more with a focus on the three countries in which we operate, with the appointment of Alexander De Palmenaer (27) as COO for Belgium and Gijs Vanreusel (35) as COO for the Netherlands with the aim of promoting operational and financial efficiency and knowledge sharing. Both De Palmenaert and Vanresuel have been active within the group for several years. Their appointment shows the organisations’ ambition to put a younger generation at the helm.

Frank De Palmenaer, CEO ABO-Group Environment: “ABO-Group is at a tipping point. The Group’s 30th anniversary marks the start of a new era, in which we are making a permanent transition from small-scale projects to large projects commissioned by 3 new categories of clients: defence, nuclear waste management and mining. This shift has several positive consequences for our organisation.

Most of these assignments are recurring, which helps shield us from the effects of a negative economic climate. For example, we are now virtually immune to the turbulence in the construction sector for the next two to three years.

These large-scale projects also require an adjustment in the way we work, which in turn accelerates the integration of our 25 specialised companies. To support this evolution, we are now appointing a COO for Belgium and one for the Netherlands: Alexander De Palmenaer and Gijs Vanreusel. From now on, they will focus on supporting and developing our Belgian and Dutch entities.

These projects also foster the growth of our employees. Greater challenges broaden their knowledge and deepen their expertise. As a result, we are able to serve our clients even better, with a service offering that is unique within our industry.

Finally, we can also state that this tipping point strengthens ABO-Group’s ability to achieve its societal goals: on the one hand, remediating historical pollution caused by more than two centuries of industrial, technological and nuclear activity. On the other, developing solutions to complex societal challenges such as climate change, the energy transition and geopolitical developments requiring an upgrade of defence infrastructure and new mining capabilities for critical raw materials.

As for our financial targets, our half-year results for 2025 show that we are on track to reach our communicated revenue goal for the year. This comes after having already approached our five-year target of 100 million euros in revenue (originally set for 2025) one year ahead of schedule in 2024.”

in 000€ 1H25 1H24 % changeRevenues 53 669 45 579 17.7%Total operating income 56 709 46 240 22.6%EBITDA1 5 936 5 390 10.1%EBITDA margin % 11.1% 11.8% -Depreciation & amortization -4 220 -3 724 13.3%EBIT 1 715 1 666 3.0%EBIT margin % 3.2% 3.7% -Financial result - 906 - 814 11.2%Profit before tax 809 852 -5.1%Net profit 226 493 -54.1%Total result 148 460 -67.8%Earnings per share for the shareholders 0.021 0.050 -57.2%Net cash flow from operating activities 5 1501 920 168.2% in 000€ 1H25 FY 2024 % changeTotal Equity 28 251 27 716 1.9%Net Financial Debt 25 569 24 704 3.5%NFS / EBITDA 2.0x 2.0x - Fixed assets 45 054 44 913 0.3%Working Capital 13 806 12 576 9.8%Balance sheet total 100 927 98 217 2.8%

1 EBITDA defined as operating result before depreciation and amortisation

HY 2025 highlights

Given the slowdown in growth in the construction market and in public procurement, the group managed to achieve organic growth of 3.7 million euros or 8.1%. Combined with the revenue contribution of 4.4 million euros, or 9.6%, through acquisitions in the second half of 2024, being Eco Reest and Demey Infrabureau, group revenue amounts to 53.7 million euros for the first half of 2025. The acquisition of Délo Boringen will not contribute to the results until the 2nd semester. Only the opening balance sheet was included in the consolidation.

REVENUE PER ACTIVITY

Activity - in €000 1H25 1H24 % changeGeotechnical 23 962 21 619 10.8%% total 44.6% 47.4% -Environment 24 660 21 024 17.3%% total 45.9% 46.1% -Monitoring & Infrastructure 5 047 2 936 71.9%% total 9.4% 6.4% -Total 53 669 45 579 17.7%

Growth in the Geotechnical division is almost entirely attributable to France where activities normalized following a year of project delays and unforeseen machine maintenance.

The main share of the Environmental Division’s growth is due to the Dutch Eco Reest acquisition, which accounts for 75% of the growth. Moreover, environmental divisions in the field are under pressure as a result of intense competition from small new players entering the market.

The acquisition of Demey Infrabureau represents 79% of the growth of the Monitoring and Infrastructure Division. It is complemented by solid growth in Monitoring, amongst other things as a result of winning major, long-term contracts such as Oosterweel Antwerp and the start-up of GEO-ICT.

REVENUE PER COUNTRY

Geografical - in €000 1H25 1H24 % changeBelgium 18 881 16 052 17.6%% total 35.2% 35.2% -Netherlands 9 900 7 469 32.5%% total 18.4% 16.4% -France 24 888 22 057 12.8%% total 46.4% 48.4% -Total 53 669 45 579 17.7%

Belgian activities increased by 2.8 million to 18.9 million euros. Acquisitions in 2024 represent 59% of the increase. Existing Belgian activities are increasing mainly in Monitoring & Infrastructure (see above) and in Environment. With respect to the latter, growth has been driven by large framework contracts and increasing consulting assignments despite the slowdown in the construction market.

Sales from Dutch operations grew by 2.4 million euros to 9.9 million euros. This growth is mainly found in the Environmental Division where the revenue from the Eco Reest acquisition is a major contributor. Our Dutch companies are facing a particularly competitive market combined with the switch to larger-scale projects that pose operational challenges.

The revenue increase in France is a combination of, among other things, the recovery in geotechnical orders following a weak 2024, growth in Environment - partially offset by a decline in geophysics - a specific part of geotechnical engineering.

Margin and net results evolution

The decrease in our EBITDA margin from 11.8% to 11.1% is primarily the result of:

A negative EBITDA margin in geophysics, where the decline in business means that sales levels are insufficient to cover fixed costs.A decline in the margin of Geotechnics in the Netherlands and in Belgium where 2024 was a highly exceptional year.A decline in fieldwork Environmental Departments in Belgium and the Netherlands due to increasing competition in basic drilling.

Depreciations rose from 3.7 million to 4.2 million euros. However, this section was positively impacted in 1H24 by a reversal of the ABO Logistics provision to the tune of 0.5 million euros. Abstracting this reversal, depreciation would remain virtually unchanged compared to 1H24.

Mainly due to increased financing for acquisitions, the financial loss increased from 0.8 million euros as of 1H24 to 0.9 million euros.

The increase in the tax expenses is mainly due to the tax credit on R&D in France recorded in 1H24, whilst no such credits were accounted for in 1H25. Given the uncertainty of the amount as well as the timing of such benefits, they are only recognized once they have been granted.

As a result of the above-mentioned effects, net profit decreased from 0.5 million euros in 1H24 to 0.2 million euros in 1H25.

Key points relating to balance sheet and cash flow

ABO-Group achieved a sound cash flow from operating activities of 5.2 million euros in 1H25, up 3.2 million euros from 1H24. Efforts with respect to working capital contributed to this increase to the tune of 2.5 million euros.

Net financial debt increased from 24.7 million euros at the end of 2024 to 25.6 million as of 1H25. The annualized debt ratio thus increases from 2.03 to 2.14 and remains healthy.

The balance sheet total as of 1H25 is 100.9 million euros, an increase of 2.7 million euros as per the end of 2024. In terms of assets the increase is mainly found in goodwill (acquisition Délo Boringen), trade receivables and other current assets, offset by the decrease in cash and cash equivalents. On the liabilities side, the increase in other short-term debt and long-term financial debt is partially offset by the decrease in short-term financial debt.

The full consolidated income statement and balance sheet, statement of changes in equity and consolidated cash flow statement are included below.

Outlook

We observe that in the second half of 2025, the slowdown in the construction sector is becoming more pronounced, which is affecting the number of orders coming from that sector. However, this is precisely the semester where several large projects that we secured are starting up and for which we are currently organizing ourselves.

Over the past years, ABO-Group has acquired specialized niche players, giving us all the necessary expertise and the capacity to participate in the largest projects. These projects relate to military reinvestments in infrastructure, the disposal of nuclear waste and the development of the mining sector under the ‘Critical Raw Materials Act’, aimed at making Europe more self-sufficient in terms of raw materials.

Ongoing geopolitical turbulence is making ABO-Group increasingly resilient to economic cycles, supporting our expectations for continued growth in 2026 and 2027.

Financial calendar

Publication of financial results 2H205 and FY 2025: 27 March 2026Publication 2025 annual report: 24 April 2026General Shareholders' Meeting: 27 May 2026

Statement regarding the fair presentation of the interim condensed consolidated financial information and the fair overview of the interim report

Frank De Palmenaer, CEO, declares that, to his knowledge, the interim condensed consolidated financial information for the six-month period ending 30 June 2025, which was prepared in accordance with IAS 34 “Interim Financial Reporting” as approved by the European Union, gives a true and fair impression of the assets, the financial position and the results of the company and the companies incorporated in the consolidation. The interim report gives a fair overview of the most significant events and key transactions with related parties that have taken place during the first six months of the financial year and their impact on the interim condensed financial information, as well as a description of the main risks and uncertainties for the remaining months of the financial year.

About ABO-Group Environment

Founded in 1995 as a consultancy for soil research, ABO-Group has grown into an international engineering firm specializing in all aspects of the environment and soil: quality, reuse and remediation, geotechnics and monitoring, ecology, and cultural heritage.

ABO-Group operates through its various semi-independent subsidiaries in Belgium, France and the Netherlands. With more than 800 experts, the group has the technology, expertise and scale to deliver comprehensive solutions for the most challenging projects. For customers
in construction, infrastructure, mining and raw materials, energy and water; from assessment and design to execution and maintenance of various assets.

ABO-Group Environment is listed on EURONEXT Brussels and EURONEXT Paris.

For a more detailed description of the activities of ABO-Group Environment, visit www.abo-group.eu.

For more information:

Frank De Palmenaer
CEO ABO-Group Environment nv
[email protected]
T: +32 (0)496 59 88 88

Consolidated interim income statement (unaudited)

For the 6 months ending 30 Junein 000€Note20252024 Revenue 53 669 45 579Other operating income 2 3 040 661Total operating income 56 709 46 240 Purchases of materials -8 452 -5 928Services and other goods -14 497 -13 465Employee benefit expense -24 561 -20 821Depreciations and amortizations 6 -4 220 -3 724Other operating charges 2 -3 264 -636Operating profit 1 715 1 666 Financial charges -949 -882Financial income 43 66Profit before tax 809 852 Tax 4 -583 -359Net profit 226 493 Net profit (loss) attributable to the shareholders of the parent company 149 460Minority interests 77 33 Earnings per share for the shareholdersBasic and diluted 0.021 0.05 Weighted average shares (basic earnings per share) 10 569 10 569Weighted average shares with impact of dilution 10 569 10 569

Interim segment split – Revenue (unaudited)

Geografical - in €000 1H25 1H24 % changeBelgium 18 881 16 052 17.6%% total 35.2% 35.2% -Netherlands 9 900 7 469 32.5%% total 18.4% 16.4% -France 24 888 22 057 12.8%% total 46.4% 48.4% -Total 53 669 45 579 17.7%

Activity - in €000 1H25 1H24 % changeGeotechnical 23 962 21 619 10.8%% total 44.6% 47.4% -Environment 24 660 21 024 17.3%% total 45.9% 46.1% -Monitoring & Infrastructure 5 047 2 936 71.9%% total 9.4% 6.4% -Total 53 669 45 579 17.7%

Consolidated interim total result (unaudited)

For the 6 months ending 30 Junein 000€20252024 Net profit 226 493 Other comprehensive income - not transferable to the income statement Revaluation of buildings − -83Impact taxes − 21Other comprehensive income, net of tax − -62 Total profit after tax 226 431 Total result attributable to theshareholders of the parent company 149 398Minority interests 77 33

Consolidated interim balance sheet (unaudited)

30 June 31 Decemberin 000€Note20252024Non-current assetsGoodwill 5 3 066 2 043Intangible assets 6 8 190 8 700Property, plant and equipment 6 32 056 32 371Investments in associated companies 135 135Deferred tax assets 809 825Other financial assets 799 839Total non-current assets 45 055 44 913 Current assetsInventories 1 485 1 354Contract assets 7 9 009 9 618Trade receivables 26 155 25 205Other current assets 2 6 831 3 693Cash and cash equivalents 8 12 392 13 434Total current assets 55 872 53 304 Total assets 100 927 98 217

30 June 31 Decemberin 000€Note20252024Total EquityShare Capital 2 870 2 870Consolidated reserves 19 176 18 871Non-realised results 4 024 4 099Equity attributable to the shareholders of the group 26 070 25 840Minority interest 2 181 1 876Total Equity 9 28 251 27 716 Non-current liabilitiesFinancial debts 10 17 492 16 328Deferred tax liabilities 2 977 3 110Provisions 1 151 1 139Other non-current liabilities 913 820Total non-current liabilities 22 533 21 397 Current liabilitiesFinancial debts 10 20 469 21 810Trade payables 9 278 9 207Tax liabilities 2 109 1 716Social liabilities 8 323 8 134VAT payables 4 279 4 295Other current liabilities 2 5 685 3 942Total current liabilities 50 143 49 104 Total shareholders’ equity and liabilities 100 927 98 217

Consolidated statement of changes in equity (unaudited)

Attributable to the shareholders of the group in 000€CapitalConsolidated reservesNon-realised resultsTotalMinority interestTotal EquityOn 1 January 2024 3 863 16 882 4 246 24 991 839 25 830Net profit − 460 − 460 33 493Non-realised results − − -62 -62 − -62Total result − 460 -62 398 33 431Transfer of depreciation of property, plant and equipment − 123 -123 − − −Non-exercise of put option Geosonda BV − -83 − -83 230 147 On 30 June 2024 3 863 17 382 4 061 25 306 1 102 26 409 On 1 January 2025 2 870 18 871 4 099 25 840 1 876 27 716 Net profit − 149 − 149 77 226Total result 149 − 149 77 226 Transfer of depreciation of property, plant and equiment − 75 -75 − − −Non exercising put option Geosonda BV − 133 − 133 228 361Minority interest Délo Boringen BV − − − − 273 273Put option minority interest Délo Boringen BV − -52 − -52 -273 -325 On 30 June 2025 2 870 19 176 4 024 26 070 2 181 28 251

Consolidated cash flow statement (unaudited)

For the 6 months ending 30 Junein 000€Note20252024Operating activities Net profit 226 493 Non-cash costs and operating adjustments Depreciation of tangible fixed assets 6 3 377 3 281Depreciation of intangible fixed assets 6 629 443Loss (profit) on sale of tangible fixed assets 6 -17 57Fair value adjustments 21 70Movements in provisions 59 -628Movements in impairments on customers 169 160Financial revenue -43 -60Financial charges 949 882Badwill arising from business combinations − -17Share in the profit of associated companies − -2Deferred tax expenses (income) -116 -83Tax expenses 699 442Others 30 38 Changes to the working capital Increase in other financial fixed assets, trade receivables and other short-term assets -2 804 1 567Decrease/ (increase) in stocks and contract assets 649 -2 503Increase /(decrease) in trade payables and other debts 2 653 -1 088Cash flow from operating activities before interest and taxes 6 481 3 052Interest received 23 59Taxes paid -1 354 -1 191 Net cash flow from operating activities 5 150 1 920

For the 6 months ending 30 Junein 000€Note20252024Investment activities Investments in tangible fixed assets 6 -1 957 -2 547Investments in intangible fixed assets 6 -115 -155Sales of tangible fixed assets 31 -21Acquisition of subsidiary 5 -749 -269Income from financial assets − 10Payment of deferred compensation 11 -188 − Net cash flow (used in) from investing activities -2 978 -2 982 Financing activities Income from loans 10 3 595 1 690Repayment of loans 10 -3 481 -3 282Repayment of lease debts 10 -1 527 -1 475Interest paid -683 -591Capital decrease 9 -994 -994Other financial costs -124 -201 Net cash flow from financing activities -3 214 -4 853 Net increase in cash and cash equivalents -1 042 -5 915Cash and cash equivalents at the beginning of the year 13 434 13 968Cash and cash equivalents at the end of the year 12 392 8 053

Attachment

ABO-Group press release - Half Year Results 2025