Management report
on the consolidated accounts for the 2025 financial year
Dear Sir or Madam,
We have the pleasure of presenting to you the consolidated accounts of the Interparking Group as per 31 December 2025.
During the financial year, Interparking completed the integration of Saba on 1 October 2025, following an agreement reached on 16 October 2024 and the subsequent approval from the competition authorities. AG Group remains the majority shareholder, alongside APG Asset Management and CriteriaCaixa.
This strategic alliance strengthens Interparking’s position as a leading pan European operator. The complementarity of both networks and their combined expertise enable the Group to fully capitalise on emerging trends in urban mobility and to deploy electric charging solutions across the continent.
The results for the 2025 financial year demonstrate a significant improvement, both in revenue and in EBITDA. Consolidated revenue excluding non recurring items amounts to €719.9 million, an increase of 22.8% compared with the €586.1 million recorded in 2024. Consolidated EBITDA reaches €310.1 million, representing a 30.5% increase compared with the previous financial year.
The Group has invested more than € 170 million in its growth, mainly to complete major construction projects, acquire new carparks, extend its EV charging network, and reinforce its IT structures.
In Belgium, the Group is carrying out several construction and renovation projects, notably in Brussels and Antwerp. It has also acquired, through an asset deal, a parking facility in Antwerp that it previously operated.
In Germany, the Group acquired, also through asset deals, several car parks in the cities of Cologne, Frankfurt, Mainz, Düren, Erlangen and Celle.
In Italy, the Group acquired an additional parking facility in Venice through an asset deal, thereby strengthening its offering near the “City of the Doges”.
In France, the Group operates parking facilities in the cities of Cassis and Brignoles, acquired a car park in Saint Laurent du Var through an asset deal, and secured a concession in Salon de Provence. This has reinforced the Group’s position in the south of the country. The past financial year also saw the construction of car parks in Bordeaux and Saint Ouen.
Our Polish subsidiary continues its expansion, particularly in Gdansk and in new cities such as Kolobrzeg and Szczecin.
In the Netherlands, the main subsidiary now operates a parking facility along the Amstel River in Amsterdam, expanding its presence in the city.
In Spain, the Group is completing major renovation works in Madrid. The Spanish subsidiary has also acquired a parking facility in Barcelona.
For SABA, the last quarter of 2025 saw the completion of investments in Santiago, Chile, in Funchal on Madeira Island, as well as through its collaboration with the Spanish railway operator Adif.
Including new operations and considering expiring contracts, as of 31 December 2025, the Group operated 2,092 sites in 567 cities in sixteen countries mostly in European Union countries and managed more than 800,000 parking spaces. This compares to 1.019 sites and 436,000 parking places at the end of 2024.
ESG and sustainable mobility remain at the core of our strategy. In 2025, we expanded our network of electric charging stations across several countries, thereby facilitating our customers’ transition to electric vehicles. Our mobile application, the Pcard app, which continues to grow in popularity, now includes an electric charging feature, offering a seamless digital experience.
The number of Pcards grew by over 18% compared to 2024, further demonstrating the client expectations for digital products.
To reduce the impact of mobility on the environment, the Group promotes the Pcard as an intermodal tool compatible with public transport.
The Group continued investing to improve the quality of our carparks. By the end of 2025, 266 of the Group’s carparks had been awarded the ESPA quality label granted by the European Parking Association (EPA), whereof 51 were “Gold” labelled. This is an increase of 3 carparks compared to the previous financial year.
To support the transition to low-polluting vehicles, Interparking is increasing the number of charging stations for electric and hybrid vehicles in its carparks. The number of parking spaces equipped with charging stations has increased by more than 50% to reach 9,522 spaces on 31 December 2025.
The Group ranks among the top 10 charging networks in Belgium, according to Chargemap’s 2025 ranking, which is based on feedback from thousands of users across Europe. We are the first parking operator to appear in this ranking, alongside other major players in the electric vehicle charging sector. Our development of electric charging solutions is built on a progressive approach: testing, analysing, and adapting solutions according to real world usage. In this context, an innovative pilot project has just been launched in Dinant, involving the installation of a mobile battery designed to support the power supply of existing charging stations.
The Group has been fully CO2 neutral since 2015, thanks to its energy consumption savings and green energy supplies. In 2025, Interparking continued to invest to reduce the environmental impact of its activities. At the end of 2025, the Group had over 137 fine particle neutralisation units, which we call “Lungs in the city”. We have also entered new “green” financing agreements that foresee lower interest rates if specific Environmental Social Governance (ESG) parameters are met.
Finally, the Group participates in the Global Real Estate Sustainability Benchmark (GRESB) since 2021. The GRESB is an international certification that evaluates and compares the ESG performance of stakeholders in the real estate and infrastructure sector. The Group obtained a score of 97% and a four-star ranking.
Net financial costs, were € 73.5 million in 2025, compared with € 48.8 million in 2024.
The Group’s net debt excluding IFRS16 was € 1.482 billion at the end of 2025.
In 2025, the Group significantly strengthened its financing structure in order to support its development and the strategic investments related to the integration of SABA. In this context, a syndicated bridge loan involving ten leading banks was put in place. An amount of €787 million was drawn from the €1,150 million available, with the aim of covering the financing needs identified during or after closing, including the repayment of SABA’s loans, the financing of CAPEX, as well as other bilateral facilities. It also aims to ensure the transition until the implementation of DCM solutions, which will enable the long term refinancing of this structure.
At the same time, the Group continued its strategy of diversifying its funding sources. In this regard, a third financing line was obtained from Pricoa in 2025 for an additional amount of €70 million, bringing the total to €190 million out of the €220 million available. This approach is intended to strengthen the Group’s financial flexibility.
Finally, the expansion of the Group’s perimeter represents a key lever in its ambition to obtain an Investment Grade (IG) credit rating in the medium term. This objective reflects a commitment to sustainably improve the Group’s financial profile while supporting its ability to invest in its infrastructure and mobility services.
The Group’s net debt / EBITDA ratio, calculated according to the definition included in its banking covenants, stood at 5.0 at the end of 2025, taking into account a full year of SABA.
Interparking limits the rate risk inherent to its financial debt via interest rate hedging instruments and cross currency hedging instruments. In a volatile financial market characterized by instability and fluctuating interest rates, the Group is well protected by a debt that is 90% hedged against interest rate variations.
Profit before tax were € 54.6 million in 2025 compared to € 53.2 million the previous year. In 2025, the Group’s profit attributable to the owners of the company was €28.3 million, compared with € 31.3 million in 2024.
Lastly, with respect to risk, the Group analyses and closely tracks changes in mobility which could potentially entail a risk for the operation of certain carparks. More specifically, the Group could be impacted by certain mobility and parking trends, such as reductions in access to city centres, or the promotion of alternative transport means. The Group’s development strategy is thus focused both on major European cities and other quality cities.
The Group anticipates and tracks these changes jointly with its “upstream” customers and aims, within this framework, to strengthen its collaboration with cities, notably through the promotion of parking guiding systems, the development of bicycle parking facilities, and proactive participation in the policy to move parking from the street to off-street carparks.
Aware of its social responsibility, the Group continued to support various social, cultural, and sporting initiatives during the past year.
No major event has occurred since the accounts for the 2025 financial year were closed that would be such as to have any significant effect on the Group’s financial situation and results.
Brussels, 04 March 2026
The Board of Directors