Covivio Sa · EURONEXT:COV
Covivio Sa — Q3 2026 Earnings Presentation
17 slides from Covivio Sa's earnings presentation, Oct 21, 2026
Slide 1: Q3 2026 Activity
COVIVIO Q3 2026 ACTIVITY OCTOBER 21ST 2026
Slide 2: Summary
SUMMARY I. CONTINUED SOLID OPERATING PERFORMANCE 3 I. CONTINUED SOLID OPERATING PERFORMANCE 3 II. A STRENGTHENED BALANCE SHEET 11 II. A STRENGTHENED BALANCE SHEET 11 III. KEY TAKEAWAYS AND GUIDANCE 13 III. KEY TAKEAWAYS AND GUIDANCE 13
Slide 3: I. Continued Solid Operating Performance
3 I. CONTINUED SOLID OPERATING PERFORMANCE I. CONTINUED SOLID OPERATING PERFORMANCE Beige – Paris CBD 3
Slide 4: 9M 2026 Revenues: Like-for-like Revenue Growth Acceleration
9M 2026 REVENUES: LIKE-FOR-LIKE REVENUE GROWTH ACCELERATION Revenue Revenue Revenue % Change % Change Occupancy Average 9M 2026, 9M 2025 9M 2026 9M 2026 current scope like-for-like rate lease term in € million Group share 100% Group share Group share Group share % firm, in years OFFICES 245.4 277.1
Slide 5: Offices – Like-for-like Rent Growth Acceleration
OFFICES – LIKE-FOR-LIKE RENT GROWTH ACCELERATION +2.5% LIKE-FOR-LIKE RENT GROWTH OCCUPANCY RATE vs +1.6% in H1 2026 REMAINS AT A HIGH LEVEL 95.1% 95.6% 95.5% +1.3pts Occupancy gains in France -1.3pts: Beige OCCUPANCY 94.2% delivery +0.5pts Strong positive reversion in Italy REVERSION +0.8pts Indexa
Slide 6: Offices – Solid Leasing Activity with ~149,400 m² Let or Renewed
OFFICES – SOLID LEASING ACTIVITY WITH ~149,400 M² LET OR RENEWED Q3 2026 NEW LETTING EXAMPLES LETTINGS & PRE-LETTINGS 66,800 m² over 9M 2026 of which 21,300 m² in Q3 ~17 M€ annual rents secured (Group share) 8-year average lease term CB21 – La Défense Beige – Paris CBD Grands Boulevards – Paris CBD
Slide 7: Offices – Releases Providing Value Creation Upside
OFFICES – RELEASES PROVIDING VALUE CREATION UPSIDE Q3 2026 EXAMPLES RELEASES 6,100 m² released 3,300 m² released 5,200 m² released 50,700 m² over 9M 2026 of which 32,400 m² in Q3 ~13 M€ annual rents (Group share) 2/3 of released surfaces already relet or identified for future redevelopment Louvre –
Slide 8: Hotels – +2.6% Like-for-like Variable Revenue Growth
HOTELS – +2.6% LIKE-FOR-LIKE VARIABLE REVENUE GROWTH Share of revenue LfL VARIABLE REVENUE 45% of hotel revenue France 52% +1.9% Germany 21% +5.8% +2.6% Belgium United Kingdom 9% 7% -11.4% +11.4% Performance impacted by market conditions and VAT increase + 2.0% like-for-like Spain Other 5% 5% +21.2%
Slide 9: Hotels – Solid Execution to Fuel Future Growth
HOTELS – SOLID EXECUTION TO FUEL FUTURE GROWTH 1 2 3 OPERATOR MANAGEMENT OFFICE-TO-HOTEL PROJECTS HOTEL CAPEX PIPELINE Change operator in German management Two management contracts signed: One new project launched in Q3 contract portfolio ▪ Ibis Budget Toulouse Matabiau IHG - Voltaire, Paris New ope
Slide 10: German Residential – Sustained Rental Growth
GERMAN RESIDENTIAL – SUSTAINED RENTAL GROWTH STEADY GOOD PERFORMANCES RENTAL MOMENTUM ACROSS LOCATIONS +3.4% +4.4% LIKE-FOR-LIKE RENT +2.8% Structural high GROWTH Hamburg Berlin occupancy rate +1.8% +0.7% +4.0% 98.4% +3.2% INDEXATION REVERSION NRW Dresden & Leipzig OCCUPANCY RATE +1.0% -0.1% MODERNI
Slide 11: II. A Strengthened Balance Sheet
11 II. A STRENGTHENED BALANCE SHEET II. A STRENGTHENED BALANCE SHEET Kimpton – Londres 11
Slide 12: Proactive Financing Strengthens Balance Sheet and Financial Flexibility
PROACTIVE FINANCING STRENGTHENS BALANCE SHEET AND FINANCIAL FLEXIBILITY Q3 FUNDING ACTIONS DIVERSIFIED AND WELL-SPREAD MATURITY PROFILE (1) 500M€ Debt maturity schedule (in Bn€, Group share) GREEN BOND ISSUED IN JULY Nearly 3x oversubscribed 1.7 4.1% coupon (105 bps spread), 2.8% effective rate afte
Slide 13: III. Key Takeaways and Guidance
13 III. KEY TAKEAWAYS AND GUIDANCE III. KEY TAKEAWAYS AND GUIDANCE Grand Hotel Palazzo – Venice 13
Slide 14: Key Takeaways: A High-Quality Portfolio, Solid Performance and Balance-Sheet Discipline
KEY TAKEAWAYS: A HIGH-QUALITY PORTFOLIO, SOLID PERFORMANCE AND BALANCE-SHEET DISCIPLINE A resilient, diversified and high-quality 1 2 Solid activity across the board portfolio DIVERSIFIED ACROSS 3 ASSET CLASSES +2.7% 96.4% 7.6 yrs 47% 29% 24% LfL revenue growth (2) occupancy rate (2) average lease m
Slide 15: 2026 Guidance Confirmed
2026 GUIDANCE CONFIRMED A year of growth Strong operating performance Like-for-like above inflation Active asset management 2026 Recurring net result (Adjusted EPRA Earnings) Ancillary revenue growth Despite ~+4% Increase in financing YoY growth expenses per share Low indexation 2025 Suez departure
Slide 16: Key Upcoming Events
KEY UPCOMING EVENTS 2026 Full-year results 17th February 2027 Q1 2027 Activity 21st April 2027 Annual General Meeting 22nd April 2027 H1 2027 Results 20th July 2027 16
Slide 17: Anne-Sophie Jugean
Anne-Sophie Jugean Head of IR anne-sophie.jugean@covivio.fr 10, rue de Madrid 75008 - Paris covivio.eu