Review of business

General

In the financial year 2025, once again we delivered another very strong performance, building on the solid results of 2024. We achieved further growth in our existing business and our portfolio development activities. A key highlight was the completion of two strategic acquisitions in Germany, significantly expanding our footprint in the country, particularly in the Bavaria region. These companies had long been on our target list as they operate in several German cities and represent a substantial addition to our portfolio.

Our strong performance drove total underlying net revenues up by 15.0% versus last year, marking an important milestone as we surpassed the EUR 1.0 billion revenue threshold. This success was supported by our ongoing pricing initiatives, positive like-for-like volume growth, and another record year for our digital performance. Our digital strategy continues to pay off, with pre-booking revenues and accelerated adoption of the Q-Park App, both enabled by our PaSS platform, achieving new all-time highs. Revenues from our digital solutions increased by 24% for pre-booking and 80% for the Q-Park App. The Q-Park App performed particularly well in the Netherlands where we experienced a surge in demand, resulting in more than 1.0 million unique registered users.

In line with our commitment to sustainability and innovation, we continued to expand our electric vehicle (EV) charging infrastructure. Our EV Charging Programme generated a 45.6% increase in revenues compared to the previous year. Our parking facilities now include around 9,400 charging points (2024: 6,800), of which more than 7,300 are owned and operated by Q-Park (2024: 4,700), underlining our long-term dedication to supporting the energy transition.

On the costs side, inflationary pressures and market volatility persisted, driven mainly by Consumer Price Index-linked lease indexations and wage increases. Nevertheless, these cost increases were more than offset by our proactive pricing strategies and rising volumes, as reflected in our strong overall performance.

Despite continued geopolitical challenges, including US trade sanctions, changes in US international relations, military conflicts and ongoing inflation volatility, Q-Park has remained resilient and delivered robust results. We continue to navigate these challenges with agility, leveraging operational excellence accompanied by our digital and pricing strategies to sustain our positive momentum.

Significant portfolio developments

2025 was again an outstanding year for portfolio development. As previously mentioned, we completed two significant acquisitions in Germany: on 9 April 2025, we acquired 100% of the shares of Park One GmbH, and on 30 June 2025 we acquired 100% of the shares of Bavaria Parkgaragen GmbH. Together, these companies add a substantial portfolio of leased parking facilities in several German cities, with a strong focus on the Bavaria region.

Further to these acquisitions, we secured 30 new contracts and renewals to our portfolio in 2025:

• In Ireland, we acquired the IFSC parking facility in Dublin, which was previously operated by us under a lease agreement. We also renewed the lease agreements for the Cruises Street facility in Limerick and the St Finbarr’s facility in Cork.

• In France, we acquired the Breteuil parking facility in Marseille, also previously operated under a lease agreement. We also purchased the new Celeno parking facility in Annemasse. Furthermore, we secured three new concession and lease contracts for operating the Palais des Congrès facility in Antibes, the Saint Denis and De Gaulle facilities in Colombes, and the Meriden facility in Paris. On top, contracts were renewed for: the two Edouard VII facilities in Paris, the La Vache Noire facility in Arceuil and the Daumesnil facility in Paris.

• In Germany, our lease portfolio was strengthened with seven new lease contracts, including the Forum Köpenick facility in Berlin, the Yorcks facility in Düsseldorf, the Sky Hub facility in Heidelberg, the Werther Carré in Wuppertal, Am Strandkai in Hamburg, Dom Aquaree in Berlin, NordWestZentrum in Frankfurt and the Kö Galerie in Düsseldorf. Additionally, we acquired the Westspange parking facility, which we previously operated under a lease agreement.

• In Belgium, we acquired the Duinenwater facility in Knokke and won the prestigious contract for developing two new facilities in Zwijnaarde, Gent. Furthermore, we renewed the existing lease agreement for the Leuven Centrum facility, and extended the management contract in Tournai.

• In the United Kingdom, we secured the lease contract for the Rose Street facility in Inverness and renewed the management contract for the Wellington Street facility in Leeds and the Trafalgar facility in London.

• In the Netherlands, we added a new contract for the Mares facility in Scheveningen and renewed the lease for the Koopgoot facility in Rotterdam.

• In Denmark, we successfully renewed the lease contract for the Fog Huset facility in Lyngby.

These strategic additions reinforce our commitment to growth and operational excellence, ensuring a stronger presence across key Western European markets. As a result, we expanded our portfolio to over 5,500 parking facilities (2024: 5,300) and increased the number of parking spaces to over 1.2 million (2024: over 1.0 million).

Revenue and operating result

The reported net revenue amounted to EUR 1,079.5 million (2024: EUR 943.0 million) with a reported operating result before depreciation, amortisation and impairments of EUR 376.2 million (2024: EUR 302.0 million).

These figures are not fully comparable as they are impacted by non-operating and incidental items and financial lease accounting for certain lease contracts. For comparison purposes the revenue and operating result have been adjusted for:

• Other non-operating and incidental items.

• Fixed lease expenses related to financial leasing which, based on Dutch GAAP, are recorded as interest expenses and repayment on financial lease debt.

• Underlying constant exchange rate adjustments with respect to our UK and Danish operations to enhance the comparability of the financial figures.

The following tables show the comparable underlying net revenue and operating result before depreciation, amortisation and impairments.

Reported net revenue increased by EUR 136.5 million (+14.5%) to EUR 1,079.5 million (2024: EUR 943.0 million). This growth was primarily driven by strong like‑for‑like performance and contributions from new business, with the SAGS, Britannia, Park One and Bavaria Parkgaragen acquisitions in 2024 and 2025 delivering the most significant impact. Underlying net revenue amounted to EUR 1,083.1 million, representing an increase of EUR 140.9 million (+15.0%) year-on-year.

Like-for­-like parking revenues were up 4.8% compared to 2024. Like-for-like short-term parking revenues (STP) increased by 5.5% thanks to pricing initiatives and a volume increase. Like-for-like long-term parking revenues (LTP) increased by 2.7% versus 2024, primarily as a result of pricing.

Our ongoing investments in electric vehicle (EV) charging infrastructure resulted in total EV charging revenues of EUR 13.1 million, an increase of EUR 4.1 million (+45.6%) compared to 2024.

The operating result before depreciation, amortisation and impairments increased to EUR 376.2 million, up from EUR 302.0 million in 2024. This EUR 74.2 million (+24.6%) increase reflects the rise in reported net revenue, partially offset by the cost developments outlined below. The underlying operating result before depreciation, amortisation and impairments amounted to EUR 307.6 million, an increase of EUR 49.6 million (+19.2%) compared to 2024.

Adjusted non-operating and incidental items amounted to EUR 7.5 million compared to EUR 33.0 million in 2024. In 2025 these items were largely attributable to shareholder management fees and incidental costs associated with integrating recent acquisitions. In 2024, non-operating and incidental items also included EUR 21.0 million of costs related to the minority stake sale process.

Reported lease expenses increased by EUR 32.8 million, primarily due to higher fixed lease expenses (EUR 26.2 million) resulting from contractual lease indexations in combination with the new business additions, mainly the 2024 and 2025 acquisitions. Variable lease expenses rose by EUR 6.6 million due to improved revenue performance in 2025 as well as the contributions from SAGS and the German acquisitions. These increases were partially offset by lower lease expenses from expiring contracts, predominantly in Germany and Ireland.

Reported operating expenses of parking facilities increased by EUR 14.6 million, largely attributable to the 2024 and 2025 acquisitions as well as the Amsterdam on-street management contract. On a like-for-like basis, operating expenses increased due to annual cost indexation, partially offset by the reduction in costs related to expired contracts, mainly in Ireland and France.

Reported wages and salaries, social security premiums and pensions increased by EUR 18.4 million. This is mainly attributable to higher staffing levels following the 2024 and 2025 acquisitions. Higher annual salary increases in line with market developments and minimum wage increases also contributed. These cost increases were partly offset by cost reductions related to the further integration and optimisation of the Amsterdam on-street contract. Furthermore the 2024 figures included the non-operating and incidental items related to the minority stake sale process of 2024.

Other operating expenses decreased by EUR 3.5 million compared to 2024, primarily due to non-operating and incidental costs related to the minority stake sale process included in the previous year. Excluding these items, other operating expenses increased in line with annual cost indexations and the impact of the 2024 and 2025 acquisitions. These cost increases were partly offset by the cost reductions related to the further integration and optimisation of the Amsterdam on-street contract.

Cash flow

In 2025, total cash flow amounted to EUR -2.6 million versus EUR -2.0 million in 2024.

Cash flow from operating activities amounted to EUR 321.1 million versus EUR 288.7 million in 2024. This improvement was primarily due to the higher operating result before depreciation, amortisation, and impairments. The positive impact was partially offset by increased tax payments and a negative impact of working capital movement. In 2024, working capital benefited from settling incidental items related to implementing the Amsterdam on-street management contract in early 2024. In contrast, the working capital movement in 2025 was negatively affected by the payment of outstanding one-off advisory fees associated with the minority equity stake sale in the first quarter of 2025.

Cash flow from investment activities amounted to EUR -251.7 million versus EUR -234.3 million in 2024. Investments in existing facilities amounted to EUR -89.7 million (2024: EUR -84.3 million). The increase in existing business capex was primarily driven by larger refurbishment projects and timing differences in regular maintenance. The acquisition and expansion investments amounted to EUR -162.2 million (2024: EUR -150.0 million) and are primarily driven by the earlier mentioned acquisitions and parking facilities purchased during 2025.

Cash flow from financing activities came in at EUR -72.0 million (2024: EUR -56.4 million). In June 2025, new fixed rate notes were issued for a total amount of EUR 300 million. The proceeds were primarily used to repay borrowings under the revolving credit facilities (EUR 130 million) and to finance the German acquisitions. Additionally, EUR 23.0 million was repaid on bilateral facilities, mainly in Ireland and France. Shareholder distributions were made for an amount of EUR 175.0 million (2024: EUR 110.0 million). The interest paid on loans and bank balances amounted EUR -72.4 million (2024: EUR -50.7 million) which was primarily driven by impact of the 2024 and 2025 notes issuances on the total outstanding debt and the increased interest rate payable on these notes. The interest and repayment component on financial lease obligations amounted to EUR -94.4 million versus EUR -77.2 million in 2024. The increase of EUR 17.2 million is related to early settlement and lease prepayments on two financial lease contracts in the United Kingdom.

Financing

At year-end 2025, the Group financing agreements primarily consisted of senior secured notes of EUR 1,910 million and RCFs of EUR 335 million. The bonds are listed on The International Stock Exchange (TISE) in Guernsey and comprise of four tranches:

• EUR 630 million senior secured fixed rate notes due in 2027 with an interest rate of 2.0%.

• EUR 430 million senior secured fixed rate notes due in 2029 with an interest rate of 5.125%.

• EUR 550 million senior secured fixed rate notes due in 2030 with an interest rate of 5.125%.

• EUR 300 million senior secured fixed rate notes due in 2030 with an interest rate of 4.25%.

At year-end 2025, the total outstanding loans with credit institutions amounted to EUR 220.6 million and included the drawn part of the RCF of EUR 55.0 million and corporate bank loans of EUR 105.0 million. The remaining amount of EUR 60.6 million relates to bilateral loan facilities in primarily France and Denmark.

The total net debt position excluding restricted cash and the shareholder loan at year-end 2025 was EUR 2,020.7 million versus EUR 1,737.4 million at year-end 2024. The total financial expenses on bonds and loans amounted to EUR -81.9 million (2024 EUR -64.5 million), resulting in an average interest percentage on loans of 4.1% which is higher compared to 2024 (3.8%) due to higher interest rates on recently refinanced bonds.

Taxation

As the Group is present in seven Western European countries, it is subject to different tax regimes. The total tax expense in 2025 amounted to EUR -37.2 million representing an average tax rate on the result for the year of 169% (2024: EUR -21.6 million and 96%). This average tax rate is impacted by the effect of permanent differences related to goodwill amortisation, non-deductible interest expenses and other non-deductible costs. Furthermore, the tax pressure is affected by incidental items with an impact of EUR -11.7 million (2024: EUR -1.7 million), primarily related to the movement in deferred tax assets on valuation differences on assets in the United Kingdom. Excluding the effect of incidental items and permanent differences, the effective tax rate for 2025 would be approximately 24%, which reflects the average of the applicable tax rates in the countries where we operate.