NEXUS Logistics is our modular warehouse concept, launched in late 2024. It combines circular construction with high energy performance: bio-based insulation, low-emission steel decks, timber beams, and low-carbon concrete reduce embodied carbon by 38% compared to a conventional concrete warehouse. Energy consumption is engineered at 20 kWh per square metre per year, against a recent sector average of around 70 kWh/m2. The design allows the building to expand or reconfigure without material waste, and energy systems including heat pumps, charging infrastructure, solar panels, and optional battery storage can be offered under an as-a-service model to reduce upfront capital costs.

Prefabrication reduces carbon in several ways at once. Components produced in a controlled factory environment use precise material quantities, generate less waste, and can be designed with connections that allow disassembly at end of life. Our C-concrete facility in Temse produces precast elements and the C-fast system. C-metal fabricates steel structures using a CNC punch-cutting line and a plasma cutting robot. And Sinqer brings the same logic to timber: 3D modules assembled in our own facilities, arriving on site ready to connect, storing CO₂ in the structure. The factory setting also makes continuous improvement faster: every production run is an opportunity to refine the mix or design.

C-fast is our patented precast concrete building system designed specifically for disassembly. It uses smart couplings for columns and prestressed floor slabs that allow the structure to be taken apart and reassembled, giving buildings a second or third life without major demolition. Floor assembly takes less than one week per floor. By avoiding fixed interior walls, the layout can be adapted over time. C-fast is best suited for buildings with a repetitive structure: high-rise residential, mixed-use, student housing. Projects built with it include Xior Totem in Hasselt, Kortrijk Businesspark, and The Ensemble in Amsterdam.

We mean that every building contains valuable materials that, if designed and documented correctly, can be recovered and reused at the end of the building’s life rather than sent to waste. This shapes how we design from the start: using connections that allow disassembly, avoiding glued-in insulation in favour of coffer facades that can be taken apart, and registering all materials in a building passport on the Madaster platform. That passport records what is in the building, its residual value, and its potential for reuse. We were one of the first Belgian companies to adopt Madaster, and we now aim to produce a building passport for new projects at completion.

We have three main channels. First, an internal digital reuse platform in Belgium and the Netherlands where site managers and project leaders register surplus materials and offer them free of charge to other active projects, creating direct site-to-site transfers. Second, materials that cannot be reused internally within a defined period are donated to material banks and thrift shops. Third, we work with a network of specialist suppliers, material banks, and reuse experts built up over seven years of large-scale renovation projects. C-metal is now running the first pilots using reclaimed steel products in their production operations, expanding reuse beyond construction sites into our own manufacturing.

Urban mining means treating existing buildings as a source of raw materials: dismantling and salvaging components before demolition rather than crushing everything together. We apply this on demolition and large-scale renovation projects, where a reuse audit identifies which materials can be recovered before any work starts. That is a formal ongoing target: 100% of our demolition and large-scale renovation projects receive a reuse audit. Building passports, which we create via Madaster, are designed to make future urban mining easier by documenting exactly what is in a building and where it is.

Buurman Antwerpen is a social enterprise that gives construction materials a second life while creating employment for people recovering from burnout, long-term unemployed individuals, and students at risk of dropping out. Since 2023, Cordeel Group companies have been donating materials and production offcuts to Buurman rather than sending them to waste. C-concrete contributed timber beams, Off Site Belgium donated 4 tonnes of OSB sheets, C-wood provided sheet material and rubberwood beams, and C-supply gave deadstock. At Buurman, people dismantle, sort, and prepare those materials for reuse. In 2025 we won the Embuild Foundation Award together with Buurman, which came with 10,000 euros to fund a second social workplace. By the end of 2026, that second site will be operational.

In 2025, renovation projects accounted for 14.8% of total group revenue, and that share more than doubled compared to the previous year. The growth is driven primarily by large-scale office transformation projects, particularly in Brussels, where older buildings need to meet modern energy and sustainability requirements. Renovation is also one of the most direct decarbonisation levers available: retaining an existing structure avoids thousands of cubic metres of new concrete that would otherwise need to be produced. We are deliberately growing this part of the business, with several major projects already in our order book.

Several large-scale projects define our renovation practice. Multi in Brussels, completed in 2022, achieved BREEAM Excellent with recovered Belgian blue stone, 400 reclaimed granite tiles, 1,300 metres of aluminium profiles from the Brouckere tower reused in balustrades and light fittings, and reused sanitary equipment. Montgomery Square in Brussels involves transforming the former RIZIV buildings into a 22,000 m2 complex targeting BREEAM Outstanding, DGNB Platinum, and WELL Platinum. The OXY project in Brussels takes a deliberately thorough approach to reuse: heat pumps, solar panels integrated into facades, and materials reused on-site or redirected elsewhere. The Ambiorix site in Tongeren, our largest residential development to date, is a former military site being renovated step by step while preserving its character and connecting to the adjacent nature reserve.

In 2025, Cordeel generated 16,708.7 tonnes of waste across our operations. Of that, 68.7% was recycled or otherwise valorised; 31.3% was not recycled. Hazardous waste totaled 31.13 tonnes; radioactive waste was zero. On every site, we apply maximum source separation using dedicated containers for rubble, wood, metals, hazardous materials, and residual waste. Subcontractors are contractually required to manage their own waste streams. Surplus materials that cannot be reused internally are offered to other projects via our internal digital reuse platform, or donated to material banks and thrift shops.

Our goal is to be nature-positive by 2050. We hold a land bank of over 1 million m² in Belgium, a large share of which is greenfield, which is precisely why biodiversity became a double-material topic in our 2025 assessment. On current projects, we integrate nature-inclusive building methods. On our redevelopments, like the Ambiorix site in Tongeren, we actively remove sealed surfaces and design masterplans that connect with nearby nature reserves. We have the ambition to become nature-positive.

We follow a four-step hierarchy: avoid, minimise, restore, and contribute. We made a small adaptation to the classical model by adding ‘positive impact solutions’ on top of the break-even line. In our case, these positive impact solutions (e.g. soil remediation, bio-based materials) will help us and our customers to minimize our nature and climate impact, no matter whether it’s inside or outside of our value-chain. In practice: renovation already accounts for 14.8% of group revenue, avoiding the full resource footprint of new construction. We have supported the planting of approximately 620 hectares of hemp in Vlaams-Brabant, a crop that improves soil health and sequesters carbon. In 2025 we donated to a 2-hectare nature restoration project in Mechelen, and a second is planned in Estonia. Our energy hills incorporate dedicated biodiversity plans as part of their design, and through C-fire we have eliminated PFAS-based fire suppressants from our product range entirely.

We are running pilot projects that use industrial hemp to stabilise PFAS-polluted soil, rather than excavating and landfilling it. Our subsidiary C-biotech ran field trials in 2025 through Fytolutions, our collaboration with DEME Group, showing consistent PFAS uptake into hemp plants. In February 2026, we opened Europe’s first ex-situ phytoremediation greenhouse in the Port of Ghent to accelerate and control the process year-round. We now have 10 pilot projects using hemp for soil remediation. We position this as phytostabilisation: it reduces further spreading of PFAS into ground and surface water while creating productive value for otherwise unusable land.

We employed 1,354 people across the group at the end of 2025. Work-related accidents dropped from 37 in 2024 to 30 in 2025, and days lost to injuries fell by 44.9%. Zero fatalities. Our ambition remains zero lost-time accidents. Safety is managed through VCA certification, daily last-minute risk analyses on site, regular toolbox meetings, and our 10 lifesaving rules.

Women make up 20% of our Executive Committee and 25% of our Board of Directors. Across the total workforce of 1,354 people, 1,119 are men (82.6%) and 235 are women (17.4%), reflecting the reality of the construction sector. At top management level, 18.8% are women. We track a gender pay gap and have identified that women holding administrative positions are paid less on average than male counterparts. This is something we are actively working to close through unified wage mark-ups in new contracts. We have a non-discrimination statement embedded in our Corporate Governance Charter.

Our employees completed 19,661.6 training hours in 2025, an increase of 8.22% compared to 2024, already ahead of our target of a 5% increase by 2026. Of the 1,354 employees, 1,015 received a formal annual performance evaluation. Training covers technical skills, safety, ethical behaviour, and sustainability. Employees can also share improvement ideas through our continuous improvement programme; the best ideas are awarded a prize.

We partner with UAntwerpen, UGent, UHasselt, and KU Leuven, and work with secondary schools through dual learning programmes, particularly at our C-tech division, where students gain hands-on experience in a protected work environment. New employees go through a structured onboarding day where they meet colleagues from across the group, and each newcomer is paired with a C-coach for their first weeks and months. This is a designated contact for practical questions, alongside their direct manager. We also participate in the YOUCA Action Day, where secondary school students spend a day working across Cordeel Group companies and donate the wages they earn to charity.

BIM is how we build virtually before we build physically. Every element is created once in a model and carries its data through tender, design, execution, maintenance, and management. We work on Dalux following the ISO 19650 standard, with a Cordeel BIM company standard that applies across all our teams and external partners. On site, we use 360-degree cameras and SiteWalks cross-referenced against the BIM model for remote inspections. We have replaced traditional work planning with 4D simulation: a 3D model played as a film, linked to the construction schedule, which lets us develop scenarios and optimise site setup before a single element is placed. At handover, the client receives a digital dossier locking the 3D model to the as-built situation.

In Belgium, 85% of our passenger cars are now electric. Our target is 100% in both Belgium and the Netherlands by 2027. The electrification programme started in 2022, and since then no hybrid or fossil-fuel-powered passenger cars have been ordered. One remaining challenge is the delivery speed and range of suitable electric vans, particularly for Imtech technicians. We have ordered ten Volkswagen ID. Buzz vans and 15 small Peugeot EV-vans to test their suitability and will continue expanding into the lightest commercial vehicle category.

Yes, and we explain this openly. During mid-2025, four entities exited the group: Pivaco, Powerstation, Follaets Painting, and ForGrowth. At the same time, a strategic capital reinforcement brought external investor SDM Corporate Finance Group into Imtech, C-bimco, Imtech Engineering Poland, C-Tech Holding, and C-battery. Cordeel Group remains the reference shareholder in all of these, but their weighting in our consolidated figures changed. We retroactively adjusted all sustainability KPIs for prior periods to reflect these changes, in line with ESRS 1. This means year-on-year comparisons in this report reflect a consistent perimeter, not the original reported numbers.

We are a “wave 2” company and have two additional years to reach full CSRD compliance. We have chosen to prepare voluntarily and publish a CSRD-aligned report now, structured around the five pillars of our strategy and the relevant ESRS data points. It is transparent about what we are still building out, including a formal Scope 3 reduction target (expected by end 2026) and full EU Taxonomy assessment (by our FY 2027 report).

We have not yet completed our full EU Taxonomy assessment. We have committed to including the required KPI disclosures — turnover, CapEx, and OpEx — in our sustainability statement at the latest by our FY 2027 report. On CSRD: our sustainability statement follows the ESRS 2.0 framework and has not yet been subject to external assurance. We are using the additional time to build out data quality, particularly for Scope 3 categories beyond purchased goods and services, and for biodiversity.

In 2025, our total GHG footprint across all three scopes was 216,499 tonnes of CO₂-equivalent. Of that, Scope 1 (direct emissions from our vehicles, equipment, and heating) was 5,024 tonnes; Scope 2 (purchased electricity) was 557 tonnes; and Scope 3 (the emissions embedded in the materials we buy and use) was 210,918 tonnes. Scope 3 is by far the largest category, and purchased goods and services (mostly concrete, steel, facades, and timber account) for almost all of it.

Compared to our 2021 base year, we have cut our absolute Scope 1 and 2 emissions by 50.4%. We are already more than halfway to our 2030 target of a 72% reduction. In 2025 alone, Scope 1 and 2 fell by 19.1% compared to the previous year.

Because that is where our real impact is. Our Scope 1 and 2 emissions are significant and falling fast. But Scope 3, the carbon locked into the materials we buy and use on projects, is around 40 times larger. Reducing embodied carbon through green concrete, bio-based materials, and renovation over demolition is where construction companies like us make the most difference.

In 2025 we did not use carbon offsetting and have made no public claim of carbon neutrality. Our strategy is built on direct emission reductions. We have cut Scope 1 and 2 emissions by 50.4% in absolute terms since our 2021 base year, and our Scope 3 work focuses on reducing the embodied carbon of what we buy and build with. Our subsidiary Earth+ helps producers of bio-based materials certify and broker carbon credits to third parties, but Cordeel Group itself does not purchase them. We think the more credible path is to show the numbers falling year on year.

Our total energy consumption in 2025 was 29,555 MWh. Of that, 32% came from renewable sources, including purchased green electricity and our own solar generation. Of all purchased and self-generated electricity, 74.2% was renewable. In Belgium and the Netherlands it’s even 90.2%. The remaining fossil-based energy is primarily petroleum products used in our vehicle fleet and construction equipment, and natural gas for heating. Increasing the renewable share especially through fleet electrification and site decarbonisation is the main lever we are pulling.

Cordeel Group is a Belgian family-owned company with operations in seven countries: Belgium, the Netherlands, Bulgaria, Serbia, Germany, Hungary, and Poland.

We operate through six divisions: C-construct (full building process), C-production (precast concrete, steel, joinery, facades), C-tech (smart building installations), C-energy (renewable energy and battery storage), C-living (real estate development) and C-innovation (low-carbon and circular products). Belgium and the Netherlands together represent approximately 95% of our consolidated revenue of 891 million euros in 2025.

HVO100 is a synthetic biofuel made entirely from waste vegetable oils. It emits 89% less CO₂ over its full life cycle compared to regular diesel. Cordeel Nederland uses it across all its construction sites. We are clear that it is a transition fuel, not a permanent answer: the end goal is full electrification. But for equipment and vehicles that cannot yet run on electricity, HVO100 is how we reduce emissions while that transition completes.

Grid congestion happens when demand for electricity grows faster than grid infrastructure can handle, which is exactly what is occurring across Belgium and the Netherlands as buildings, transport, and industry electrify at speed. For project developers it means delays of years waiting for a grid upgrade. C-energy has built a structured answer: start with a detailed analysis of current and future energy needs, then design a customised on-site energy mix combining solar, battery storage, potentially backup generation (optionally on HVO100), and an energy management system. Where it makes sense, C-energy can also finance the assets under an Energy-as-a-Service model, removing both the capital burden and the energy uncertainty from the client’s equation.

Energy as a Service is a model where C-energy invests in solar panels, EV charging infrastructure, batteries, and energy management systems on a client’s site, owns and maintains them throughout the contract, and charges the client a transparent price per kilowatt-hour consumed. The contract runs for 15 years, after which ownership transfers to the client. We handle everything: analysis, design, permits, grid study, financing, insurance, construction, maintenance, monitoring, and billing. It is designed for clients who want to make the energy transition without carrying the capital investment upfront.

Heat as a Service applies the same ownership and financing logic to heating and cooling systems. C-energy invests in and owns the collective heat generation and distribution network on a client’s site including heat pumps, geothermal systems, backup heating, and energy management. The client pays a fixed fee for installation and maintenance, plus a pre-determined price per unit of heat consumed, over 20-30 years. We also work on ESCO (Energy Service Company) projects, which go further: improving the energy efficiency of the building itself through large-scale renovation, not just the energy systems.

Through our green concrete programme at our C-concrete precast facility in Temse, running since 2018. Since Q2 2024, our standard beams, columns, and walls are produced with 100% CEM III/A cement, reducing embodied carbon by more than 33% compared to CEM I. One pilot has already reached a 65% reduction. We plan to reach a 50% reduction across all precast production by 2030. Raw materials like sand and aggregates are delivered by boat to minimise road transport and Scope 3 emissions.

A LCA measures the environmental impact of a product or building across its entire life cycle, from raw material extraction through construction, use, and disposal. We use the One Click LCA tool at both product and building level. For our most common precast concrete mixes, we have completed LCAs that continuously inform how we improve the formula. We are currently finishing the LCA for C-battery’s battery modules and developing LCAs and Environmental Product Declarations (EPDs) for hemp-based products and plaster. Demand for LCAs in tenders is rising fast, which is why we are building in-house expertise rather than only relying on external consultants.

An energy-positive building produces more energy than it consumes over a year. The Brink Towers project in Amsterdam does exactly that, and was featured in a National Geographic episode of Engineering Europe in 2025. It is one of the clearest examples of where low-carbon design, integrated energy systems, and smart building technology come together in a project we have actually built and handed over.