Covivio Sa · EURONEXT:COV
Covivio Sa — H1 2025 Earnings Presentation
77 slides from Covivio Sa's earnings presentation, Jul 21, 2025
Slide 1: H1 2025 Results
COVIVIO H1 2025 RESULTS STRONG GROWTH AND IMPROVED OUTLOOK JULY 21ST 2025
Slide 2: H1 2025 – Key Performance Figures
H1 2025 – KEY PERFORMANCE FIGURES SOLID +9% 97.3% +1.5% OPERATING PERFORMANCE Revenue growth Occupancy Like-for-like +5% Like-for-Like rate value growth €263m €80.4/sh GROWING H1 2025 recurring net result Net asset value (EPRA NTA) FINANCIAL RESULTS +14% year-on-year +3% YoY +6% per share +1% in H1
Slide 3: Summary
SUMMARY I. REAL ESTATE MARKETS: CONFIRMATION OF RECOVERY SIGNALS 4 I. REAL ESTATE MARKETS: CONFIRMATION OF RECOVERY SIGNALS 4 II. DRIVING GROWTH THROUGH ACTIVE ASSET MANAGEMENT 10 II. DRIVING GROWTH THROUGH ACTIVE ASSET MANAGEMENT 10 III. INCREASING OPERATING PERFORMANCE 26 III. INCREASING OPERATING
Slide 4: I. Real Estate Markets: Confirmation of Recovery Signals
I. REAL ESTATE MARKETS: CONFIRMATION OF RECOVERY SIGNALS I. REAL ESTATE MARKETS: CONFIRMATION OF RECOVERY SIGNALS 4 21 Goujon – Paris CBD 4
Slide 5: European Investment Market on a Recovery Mode
EUROPEAN INVESTMENT MARKET ON A RECOVERY MODE European investment volumes expected to grow by +12% in 2025 (in € billion) H1 figures 222 198 +12% +30% 95 +11% in H1 25 86 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025e Focus on our asset classes EUROPEAN OFFICES EUROPEAN HOTELS GER
Slide 6: Return of Large Deals and Yield Compression
RETURN OF LARGE DEALS AND YIELD COMPRESSION LARGE DEALS SIGNED OR UNDER EXCLUSIVITY Stabilizing or even declining prime yields Offices - Paris CBD Offices - Top 6 Germany Offices - Milan CBD Buyer: Blackstone Buyer: URSSAF German residential European Hotels Seller: Union Invest Seller: Ardian 41,000
Slide 7: Offices – Improving Supply / Demand Balance
OFFICES – IMPROVING SUPPLY / DEMAND BALANCE MAIN TRENDS European take-up stabilization Stronger future office demand Future office supply expected post-Covid and prime rents up supported by the return to office to decline from 2026 European office take-up in H1 2025 Lots of ‘return-to-office’ initia
Slide 8: Hotels – Embedded Structural Growth in Europe
HOTELS – EMBEDDED STRUCTURAL GROWTH IN EUROPE 2025 YEAR-TO-DATE CAPACITY TO CONTINUE TO AT END-MAY OUTPERFORM GDP GROWTH A GROWING DEMAND WITH RevPAR ADR Occupancy LIMITED OFFER EXPECTED BY 2030 vs. 2024 vs. 2024 vs. 2024 INCREASE IN OVERNIGHT STAYS +2.5% +1.4% +0.7pt ~ +4% ~ +0.5% Good performance
Slide 9: Residential – Favorable Market Momentum
RESIDENTIAL – FAVORABLE MARKET MOMENTUM CONTINUED DECLINE IN IMPROVED VISIBILITY ON GROWING CONSTRUCTION ACTIVITY REGULATION AND ECONOMY MARKET RENTS AND PRICES Following federal elections with the CDU/CSU-led Average asking residential rents /m² Sharp decrease in building permits (year-on-year chan
Slide 10: II. Driving Growth Through Active Asset Management
II. DRIVING GROWTH THROUGH ACTIVE ASSET MANAGEMENT II. DRIVING GROWTH THROUGH ACTIVE ASSET MANAGEMENT 10 Anantara Palazzo Naiadi – Roma 10
Slide 11: Key Achievements of the First Semester
KEY ACHIEVEMENTS OF THE FIRST SEMESTER 1 Portfolio value growth and further quality improvement 2 Take advantage of market momentum in offices 3 Seize new asset management opportunities in hotels 4 Extract value in German residential 11 Wellio Gare de Lyon – Paris
Slide 12: Portfolio Value – +3.1% Growth in H1
1 PORTFOLIO VALUE – +3.1% GROWTH IN H1 PORTFOLIO AT END-JUNE 2025 €16,039m HOTELS €15,556m ~60% 8.9/10 20.1% Reasonable Booking.com +0.4pt effort rate location grade +3.1% RESIDENTIAL Targeting at current scope the high-end of the 100% 58% 29.9% housing market in Germany A-Cities in Berlin +0.4pt +1
Slide 13: H1 2025 Appraisals – +1.5% Like-for-Like
1 COVIVIO H1 2025 APPRAISALS – +1.5% LIKE-FOR-LIKE Values H1 Values H1 2025 H1 2025 LfL Yield In € million 2025 (100%) (Group share) value change H1 2025 City centers (70%) 6,244 5,564 +1.0% 5.1% Major Business 2,736 2,048 -0.8% 7.1% +1.2% in Paris CBD Offices Hubs (25%) +1.8% in Milan Non-Core (5%)
Slide 14: Capital Allocation – Towards Centrality and Quality
1 CAPITAL ALLOCATION – TOWARDS CENTRALITY AND QUALITY H1 2025 INVESTMENTS SELECTIVE DISPOSALS IN H1 2025 Development Capex, €105m mostly in prime offices €215m(1) Opportunistic 52% Investments €50m acquisitions in offices €132m (2) OFFICES New disposal agreements in high-quality Capex works on €36m
Slide 15: Key Achievements of the First Semester
KEY ACHIEVEMENTS OF THE FIRST SEMESTER 1 Portfolio value growth and further quality improvement 2 Take advantage of market momentum in offices 3 Seize new asset management opportunities in hotels 4 Extract value in German residential 15 Corte Italia – Milan CBD
Slide 16: Capitalize on Market Momentum in Value-Add Offices (1/2)
2 CAPITALIZE ON THE MARKET MOMENTUM IN VALUE-ADD OFFICES (1/2) FOCUS ON CB21 TOWER IN LA DÉFENSE A DYNAMIC 2024 SUSTAINED ACTIVITY IN H1 2025 Take-up Take-up 2nd hand rents First recovery 211,200 m² all surfaces Surfaces < 5,000 m² signals since 2024 2024 take-up 48,000 m² €431/m² 65,300 m² +11% yoy
Slide 17: Capitalize on Market Momentum in Value-Add Offices (2/2)
2 CAPITALIZE ON THE MARKET MOMENTUM IN VALUE-ADD OFFICES (2/2) FOCUS ON CB21 TOWER IN LA DÉFENSE OPPORTUNISTIC ACQUISITION OF THE CB21, an emblematic tower in 1 25% MINORITY STAKE IN THE TOWER La Défense <€3,000/m² €45m ✓ Great access, on metro Line 1 Attractive Immediate ~10% ✓ Exceptional visibili
Slide 18: Capitalize on Market Momentum in CBD Offices in Milan
2 CAPITALIZE ON THE MARKET MOMENTUM IN CBD OFFICES IN MILAN NEW DEAL IN 2025 MILAN Via Parini 6 – Milan CBD(1) H1 2025 DELIVERY A value-adding refurbishment offices portfolio A SIGNIFICANT RESERVE FOR VALUE CREATION Corte Italia – Milan CBD ✓ 6,000 m² mixed-used building, fully let to Fibercop ✓ Loc
Slide 19: Key Achievements of the First Semester
KEY ACHIEVEMENTS OF THE FIRST SEMESTER 1 Portfolio value growth and further quality improvement 2 Take advantage of market momentum in offices 3 Seize new asset management opportunities in hotels 4 Extract value in German residential 19 Anantara Palazzo Naiadi – Rome
Slide 20: Unlocking Further Value in Hotels
3 UNLOCKING FURTHER VALUE IN HOTELS ASSET SWAP WITH ESSENDI* IS STARTING TO BEAR FRUITS ASSET SWAP WITH ESSENDI PROGRESS ON ASSET MANAGEMENT WORKS Deal realized at end-2024 Ibis Montmartre *** SOLID PERFORMANCES A prime location in Paris Full consolidation of 43 POST-DEAL OpCos from Essendi Franchis
Slide 21: Unlocking Further Value in Hotels
3 UNLOCKING FURTHER VALUE IN HOTELS FROM MANAGEMENT CONTRACT TO LEASE, TO DRIVE ADDITIONAL REVENUE GROWTH A HIGH-QUALITY HOTEL IN A STRATEGIC LOCATION ✓ Acquired in 2014, full ownership with a management contract with Accor PULLMAN ROISSY CDG ✓ Ideally located just few minutes from the CDG airport t
Slide 22: Roughly €300m of Operations Secured Over the Semester
3 ROUGHLY €300M OF OPERATIONS SECURED OVER THE SEMESTER Accelerate on offices to hotels conversion Increased participation Support our tenant’s to extract further growth potential in Covivio Hotels growth in Southern Europe Increasing demand for Favorable local context Acquisition of a turnkey B&B H
Slide 23: Key Achievements of the First Semester
KEY ACHIEVEMENTS OF THE FIRST SEMESTER 1 Portfolio value growth and further quality improvement 2 Take advantage of market momentum in offices 3 Seize new asset management opportunities in hotels 4 Extract value in German residential 23 Kurfürstendamm – Berlin
Slide 24: German Residential – A Prime and Well-Located Portfolio
4 GERMAN RESIDENTIAL – A PRIME AND WELL-LOCATED PORTFOLIO Covivio is active in German Residential through its 61.7% subsidiary alongside long-term investors PORTFOLIO AT END-JUNE 2025 A prime and sizeable €7.6bn €4.8bn 41,007 residential Value 100% Group share Units Hamburg Berlin portfolio 7% 58% A
Slide 25: German Residential – Main Pillars for Value Creation
4 GERMAN RESIDENTIAL – 4 MAIN PILLARS FOR VALUE CREATION CAPTURE CRISTALIZE HIGH REVERSION VALUE THROUGH PURSUE PRIVATIZATIONS OPTIMIZE OUR LAND PROFITABLE BANKS WITH BUILD- MODERNIZATIONS TO-SELL PROJECTS +24% 1 DELIVERY IN H1 2025 77 Reversion captured on reletting €37m (1) Units sold in H1 2025 €
Slide 26: III. Increasing Operating Performance
III. INCREASING OPERATING PERFORMANCE III. INCREASING OPERATING PERFORMANCE26 Schlossstrasse – Berlin 26
Slide 27: H1 2025 Revenues: +9% at Current Scope / +5% Like-for-Like
H1 2025 REVENUES: +9% AT CURRENT SCOPE / +5% LIKE-FOR-LIKE Revenue Revenue Revenue % Change % Change Occupancy Average H1 2025, H1 2024 H1 2025 H1 2025 current scope like-for-like rate lease term in € million Group share 100% Group share Group share Group share % firm, in years OFFICES 155.2 198.1 1
Slide 28: Offices – Maintained High Occupancy and Revenue Up +9%
OFFICES – MAINTAINED HIGH OCCUPANCY AND REVENUE UP +9% MAINTAINED OCCUPANCY STRONG AT HIGH LEVELS LIKE-FOR-LIKE RENT GROWTH Significant rent growth at 95.5% 95.5% current scope 95.1% +4.7% 94.5% Like-for-Like +8.9% IN H1 2025 +2.6pts +1.8pts +0.3pt Mostly due to like-for- INDEXATION OCCUPANCY REVERS
Slide 29: Hotels – +14.6% Revenue Growth, of Which +5.3% Like-for-Like
HOTELS – +14.6% REVENUE GROWTH, OF WHICH +5.3% LIKE-FOR-LIKE +3.6% +8.5% Maintained +5.3% LIKE-FOR-LIKE LIKE-FOR-LIKE Like-for-like revenue FIXED LEASES VARIABLE REVENUES strong growth in H1 2025 like-for-like 56% OF HOTELS REVENUES 44% OF HOTELS REVENUES Vs. +2.5% RevPAR Benefitting from High perfo
Slide 30: German Residential – Accelerated Rental Growth
GERMAN RESIDENTIAL – ACCELERATED RENTAL GROWTH STRONG PERFORMANCES IN ALL GEOGRAPHIES Increasing like-for-like rental growth +2.4% +2.7% +4.8% INDEXATION Hamburg +4.9% +4.3% Berlin +3.9% +1.5% MODERNIZATIONS +3.1% +5.3% +5.1% +1.1% REVERSION NRW Dresden & Leipzig FY 2022 FY 2023 FY 2024 H1 2025 (0.2
Slide 31: IV. Growing Financial Results
IV. GROWING FINANCIAL RESULTS IV. GROWING FINANCIAL RESULTS 31 L’Atelier – Paris CBD 31
Slide 32: H1 2025 Recurring Net Result: +6% Year-on-Year at €2.38/Share
H1 2025 RECURRING NET RESULT: +6% YEAR-ON-YEAR AT €2.38/SHARE Change In € million, Group share H1 2024 H1 2025 % Net rental income 284.9 301.1 EBITDA from hotel operating activities 15.7 30.6 Result of other activities 17.2 17.5 Asset Management revenues 12.9 13.3 Increased revenue driven by good op
Slide 33: H1 2025 Recurring Net Result: +6% Year-on-Year at €2.38/Share
H1 2025 RECURRING NET RESULT: +6% YEAR-ON-YEAR AT €2.38/SHARE ACCRETIVE ASSET MANAGEMENT OPERATIONS GOOD OPERATING PERFORMANCE €263.2m + €14m +14% Like-for-like + €3m revenue growth + €5m Other effects + €6m Asset swap + €6m Reinforcement with Essendi Acquisition of CB21 in hotels minority stake €23
Slide 34: Maintained Financial Discipline
MAINTAINED FINANCIAL DISCIPLINE HEALTHY DEBT METRICS DESPITE FULL DIVIDEND PAYMENT DURING THE FIRST SEMESTER €719m(1) Maintained 39.8% 38.7% considering 50% of dividend SECURED FINANCING IN H1 2025 LTV ratio €500m Reduced Net Debt / EBITDA 10.7x vs. 11.4x end-2024 First EU Green bond issued (9-year
Slide 35: EPRA Net Tangible Asset: +3.5% Year-on-Year
EPRA NET TANGIBLE ASSET : +3.5% YEAR-ON-YEAR +1% OVER 6 MONTHS DESPITE FULL DIVIDEND PAYMENT H1 2024 FY 2024 H1 2025 Var. 6m Var 1Y € million 9,511 9,705 9,829 +1.3% +3.3% EPRA NRV MAIN IMPACTS (Net Reinvestment value) Per share €85.4 €87.1 €88.2 +1.2% +3.3% Negative impact from full - dividend dist
Slide 36: V. Key Takeaways and Guidance
V. KEY TAKEAWAYS AND GUIDANCE V. KEY TAKEAWAYS AND GUIDANCE 36 Beige – Paris CBD 36
Slide 37: Key Takeaways and Guidance
KEY TAKEAWAYS AND GUIDANCE A REGULAR INCREASE IN EARNINGS WHILE IMPROVING DEBT METRICS Adjusted EPRA Earnings (€m) Strong 515(1) operating 477 performance UPGRADED GUIDANCE 435 +5% Like-for-like BY +4% revenue growth 2025 recurring net result 2023 2024 2025e (Adjusted EPRA Earnings) LTV Including Du
Slide 38: Key Upcoming Events
KEY UPCOMING EVENTS Q3 2025 activity 22nd October 2025 38
Slide 39: Appendix
APPENDIX 1. REAL ESTATE MARKETS 2. COVIVIO’S PORTFOLIO AND STRATEGY 3. ESG PERFORMANCE 4. COMMITTED PIPELINE 5. MANAGED PIPELINE 6. FINANCIAL & OPERATIONAL KEY PERFORMANCE INDICATORS 39
Slide 40: European Offices – Slight Recovery in Take-up
EUROPEAN OFFICES – SLIGHT RECOVERY IN TAKE-UP INCREASING TAKE-UP IN EUROPEAN OFFICES SEGMENT H1 2025 DATA Year-on-year European office take-up evolution since 2015, in 000’ m² Q1 Q2 Q3 Q4 Q1 5-year average 10 000 GREATER PARIS 768,400 m² -12% year-on-year 8 000 6 000 MILAN 190,000 m² +10% year-on-ye
Slide 41: European Offices – Increasing Prime Rents
EUROPEAN OFFICES – INCREASING PRIME RENTS INCREASING PRIME RENTS IN EUROPE H1 2025 DATA Prime rents evolution since 2015 (in € / m² / year) €1,200 PARIS Paris €1,250/m² +17% year-on-year €1,000 €800 MILAN Milan €770/m² €600 +10% year-on-year Top 6 German cities €400 TOP 6 GERMANY €200 €528/m² 2018 2
Slide 42: Offices – Prime Yields Are Starting to Decrease in H1 2025
OFFICES - PRIME YIELDS ARE STARTING TO DECREASE IN H1 2025 Since 6 months Peak-to-through change (end-June 2025 vs. H1 2022) Berlin +170 bps Stable LONDON BERLIN 4.00% 4.25% Munich +160 bps Stable MUNICH PARIS 4.20% 3.90% Paris +120 bps -10bps MILAN 4.25% Milan +125 bps Stable MADRID ROME 3.95% 4.75
Slide 43: Appendix
APPENDIX 1. REAL ESTATE MARKETS 2. COVIVIO’S PORTFOLIO AND STRATEGY 3. ESG PERFORMANCE 4. COMMITTED PIPELINE 5. MANAGED PIPELINE 6. FINANCIAL & OPERATIONAL KEY PERFORMANCE INDICATORS 43
Slide 44: Covivio's Portfolio – Unique, Irreplicable, and Diversified
COVIVIO’S PORTFOLIO - UNIQUE, IRREPLICABLE, AND DIVERSIFIED Portfolio breakdown by value ❑ 95% in city centers and major business hubs 20.1% 49.9% Hotels Offices ❑ High occupancy rate: 95.5% OFFICES ❑ +16% reversion captured in city centers +0.4pt -0.8pt vs. 2024 vs. 2024 € 16.0BN €23.6BN AT 100% GE
Slide 45: Maintained High Portfolio Quality
MAINTAINED HIGH PORTFOLIO QUALITY HOTELS OFFICES GERMAN RESIDENTIAL 90% 70% 100% of our portfolio located in of our portfolio located in of our portfolio located in Major European touristic destinations European City-centers German A-Cities(1) 98% 8.9/10 98% 72% 58% 60% Certified portfolio Booking.c
Slide 46: Values at End-June 2025: +1.5% Like-for-Like
VALUES AT END-JUNE 2025: +1.5% LIKE-FOR-LIKE 2024 value H1 2025 value H1 2025 value Change at 6 Months 2024 H1 2025 Group share 100% Group share current scope LfL change yield yield City – centers 5,536 6,244 5,564 +0.5% +1.0% 5.0% 5.1% Major business hubs 1,916 2,736 2,048 +6.9% -0.8% 7.1% 7.1% Non
Slide 47: Offices Strategic Split – 70% in City-Centers
OFFICES STRATEGIC SPLIT – 70% IN CITY-CENTERS AT END-JUNE 2025 25% 70% CORE ASSETS IN MAJOR BUSINESS HUBS CORE ASSETS IN CITY-CENTERS High-yield and high-quality assets, with long-term leases, prime tenants and located in top business areas In the heart of Major European capitals, 94.2% 5.8Y Occupan
Slide 48: Hotels – A Leading Portfolio in Europe
HOTELS – A LEADING PORTFOLIO IN EUROPE ❑ #1 hotel platform Leader among European hotel investors ❑ Pioneer in hotel real estate since 2005 GEOGRAPHY CONTRACT TYPE A diversified portfolio €6.6BN €3.2BN SEGMENTS OPERATORS VALUE VALUE AT 100% (GROUP SHARE) Prime locations 8.9/10 91% average Booking.com
Slide 49: Hotel Lease Properties – 59% of the Portfolio
HOTEL LEASE PROPERTIES – 59% OF THE PORTFOLIO €1.9bn 10.7Y VALUE WALB (GROUP SHARE) 8.7/10 BOOKING.COM 57% EFFORT RATE Kimpton Fitzroy – London Anantara Palazzo Naiadi – Rome Eurostar Grand Marina – Barcelona LOCATION RATING ✓ Resiliency thanks to sustainable effort rates ✓ Growth through indexation
Slide 50: Hotel Operating Properties – 41% of the Portfolio
HOTEL OPERATING PROPERTIES – 41% OF THE PORTFOLIO €1.3bn VALUE (GROUP SHARE) 9.2/10 BOOKING.COM 30% AVERAGE EBITDA Parkinn Alexanderplatz – Berlin Mercure Tour Eiffel – Paris LOCATION RATING MARGIN Westin Grand - Berlin Ibis Cambronne – Paris ✓ Full exposure to market growth ✓ Flexibility / optional
Slide 51: Hotel Operating Properties – Main Assets Consolidated in 2024
HOTEL OPERATING PROPERTIES – MAIN ASSETS CONSOLIDATED IN 2024 ASSET SWAP WITH ESSENDI Top 8 OpCos acquired / 75% of total Mercure Tour Eiffel IBIS Paris Cambronne Ibis Styles Paris Bercy Ibis Bruxelles Gd Place Mercure Paris St Cloud Mercure Nice Ibis Paris Montmartre Ibis Lyon Part Dieu 51
Slide 52: Hotels Portfolio – Diversified and Transformed Over the Years
HOTELS PORTFOLIO – DIVERSIFIED AND TRANSFORMED OVER THE YEARS A PORTFOLIO EXPOSED TO A PORTFOLIO BRANDED TO A DIVERSIFIED PORTFOLIO A DIVERSIFIED PORTFOLIO MAJOR EUROPEAN MARKETS TOP HOTEL OPERATORS IN TERMS OF SEGMENTS IN TERMS OF CONTRACT TYPES Others 5% The Netherlands 3% 15% Italy 5% Belgium 6%
Slide 53: Hotels Portfolio: 91% in Major European Destinations
HOTELS PORTFOLIO: 91% IN MAJOR EUROPEAN DESTINATIONS Value 2024 Value 2024 Value H1 2025 Value H1 2025 LfL 1 Yield Yield % of (In € million. Excluding Duties) 100% Group share 100% Group share change 2024 H1 2025 total value France 1,283 444 1,233 428 +0.7% 6.0% 6.2% 13% Paris 364 139 364 141 4% Gre
Slide 54: German Residential – A Prime and Well-Located Portfolio
GERMAN RESIDENTIAL – A PRIME AND WELL-LOCATED PORTFOLIO Covivio is active on German residential through its 61.7% subsidiary alongside long-term investors Portfolio at end-June 2025 Portfolio at end-2015 VALUE (100%) €7.6BN Hamburg Berlin Hamburg 7% VALUE (GROUP SHARE) 7% Berlin 58% €4.8BN 40% Signi
Slide 55: Berlin – A Prime Portfolio Offering High Potential
BERLIN – A PRIME PORTFOLIO OFFERING HIGH POTENTIAL PORTFOLIO 100% HIGH QUALITY LOCATIONS WITH STRONG UPSIDE POTENTIAL €4.4BN Average rent Portfolio valuation well below regulated well below PORTFOLIO GROUP SHARE and market rents replacement value €2.8BN €9.4/m²/month €3,228/m² AVERAGE RENT VALUE LFL
Slide 56: German Residential – NRW Assets Refocused on Best Locations
GERMAN RESIDENTIAL – NRW ASSETS REFOCUSED ON BEST LOCATIONS Oberhausen 10% Duisburg A portfolio in the VALUE GROUP SHARE € 1.3bn 15% Mulheim 11% best performing Dusseldorf locations of NRW UNITS RENTAL YELD 10% 16,511 5.3% Essen Others 40% 14% Almost fully let OCCUPANCY RATE LIKE-FOR-LIKE RENTS with
Slide 57: Appendix
APPENDIX 1. REAL ESTATE MARKETS 2. COVIVIO’S PORTFOLIO AND STRATEGY 3. ESG PERFORMANCE 4. COMMITTED PIPELINE 5. MANAGED PIPELINE 6. FINANCIAL & OPERATIONAL KEY PERFORMANCE INDICATORS 57
Slide 58: On Track on Our Carbon Trajectory
ON TRACK ON OUR CARBON TRAJECTORY CARBON TRAJECTORY (kgCO2/m²/year, 2010 = 100 basis) MAIN LEVERS TO ACHIEVE THE TRAJECTORY 100 1 • Energy efficiency 2 • Low carbon on the portfolio in-use construction Energy intensity reduction by -4% between 2023 and 2024 1 BBCA label awarded in 2024 (L’Atelier) I
Slide 59: Increase in Portfolio Certification Rate: 98.6%
INCREASE IN PORTFOLIO CERTIFICATION RATE: 98.6% AT END-JUNE 2025 Offices portfolio certification breakdown 100% GERMAN CERTIFIED No certification RESIDENTIAL Outstanding 2% 20% <Very Good 72% Certification 98% 26% >=Very Good CERTIFIED Vs. 67% in 2023 OFFICES Excellent 34% 98% Very Good 18% CERTIFIE
Slide 60: A Strategy Recognised by Rating Agencies
A STRATEGY RECOGNISED BY RATING AGENCIES A strategy awarded by ESG rating agencies 2022 2024 B A- 88/100 = 88/100 (5-stars) (5-stars) named in the Top100 amongst the world's most AAA = AAA sustainable companies of 2024 B- B- = # 23 # 1st COMPANY REIT 7.9 5.0 WORLDWIDE WORLDWIDE (14th in the sector)
Slide 61: Appendix
APPENDIX 1. REAL ESTATE MARKETS 2. COVIVIO’S PORTFOLIO AND STRATEGY 3. ESG PERFORMANCE 4. COMMITTED PIPELINE 5. MANAGED PIPELINE 6. FINANCIAL & OPERATIONAL KEY PERFORMANCE INDICATORS 61
Slide 62: Committed Pipeline – €86m Additional Revenue and €0.4bn Remaining Capex
COMMITTED PIPELINE – €86M ADDITIONAL REVENUE AND €0.4BN REMAINING CAPEX Project Surface(1) Delivery Pre-leased Total Budget (2) Total Budget (2) Target Classification Location type (m²) year (%) (M€, 100%) (M€, GS) Yield The Line City-centers Paris Regeneration 5,000 m² 2025 100% 101 101 4.6% Icon (
Slide 63: Focus on Grands Boulevards, Paris 9th
FOCUS ON GRANDS BOULEVARDS, PARIS 9TH AN AMBITIOUS FULL RESTRUCTURING PROGRAM 1911 - 1914 Orange switch center 1919 Post office Significant rent increase through asset redevelopment 1935 Building extension 2006 €400/m² €1,000/m² Acquisition by COVIVIO Rent before Sale & leaseback from redevelopment
Slide 64: Focus on Monceau, Paris 17th
FOCUS ON MONCEAU, PARIS 17TH 2006 Extracting rent and value creation Acquisition by COVIVIO Sale and leaseback with through redevelopment €630/m² €1,050/m² Rent before 2021 redevelopment target rent Release by Monceau CBD 2023 Building permit obtained 4.8% €80m Yield on cost Capex Marginal yield on
Slide 65: Appendix
APPENDIX 1. REAL ESTATE MARKETS 2. COVIVIO’S PORTFOLIO AND STRATEGY 3. ESG PERFORMANCE 4. COMMITTED PIPELINE 5. MANAGED PIPELINE 6. FINANCIAL & OPERATIONAL KEY PERFORMANCE INDICATORS 65
Slide 66: Capture Rental Growth Through (Re)developments
CAPTURE RENTAL GROWTH THROUGH (RE)DEVELOPMENTS PARIS: FURTHER REDEVELOPMENT POTENTIAL NEXT LEASE EXPIRY END-2025 LOUVRE, PARIS CBD PARIS €470/m² Current rent 5 opportunities SURFACE AREA identified in the medium-term €1,100/m² TARGET RENT 5,600 m² COMMITMENT 2026 Maillot Jemmapes €17m existing rents
Slide 67: Milan – Pursue the Success Story of Symbiosis
MILAN – PURSUE THE SUCCESS STORY OF SYMBIOSIS COVIVIO IN THE SYMBIOSIS DISTRICT Announcement of Prada Foundation 2017 installation in Symbiosis North ICS G+H F 2018 Expansion in the Symbiosis district €330/m² D Significant deliveries in the area: TARGET RENT • Symbiosis A+B (100% pre-let) in 2017 C+
Slide 68: Scalo di Porta Romana: Mixed-Use Urban Regeneration Project in Milan
SCALO DI PORTA ROMANA: ONE OF THE GREATEST MIXED-USE URBAN REGENERATION PROJECT IN MILAN COVIVIO PLOT North Plot Construction possibilities ~ 45,000m² A strategic plot connecting Residential area symbiosis to the CBD Railway Tunnel M3 Lodi Residential area Tibb Station PIAZZA VIALE ISONZO • Scalo is
Slide 69: Scalo di Porta Romana: Mixed-Use Urban Regeneration Project in Milan
SCALO DI PORTA ROMANA: ONE OF THE GREATEST MIXED-USE URBAN REGENERATION PROJECT IN MILAN In 2024, Covivio launched an H1 2024 H2 2024 2025 2026 2028 2029 international architectural competition (selection in 2025) Launch of north plot Awarding of north Approval of the Start of the works architectura
Slide 70: Appendix
APPENDIX 1. REAL ESTATE MARKETS 2. COVIVIO’S PORTFOLIO AND STRATEGY 3. ESG PERFORMANCE 4. COMMITTED PIPELINE 5. MANAGED PIPELINE 6. FINANCIAL & OPERATIONAL KEY PERFORMANCE INDICATORS 70
Slide 71: H1 2025 Revenues: +4.9% Like-for-Like Rental Growth
H1 2025 REVENUES: +4.9% LIKE-FOR-LIKE RENTAL GROWTH Group share (€ million) H1 2024 H1 2025 Change (%) Change (%) LfL % of revenue Offices 155.2 169.1 +8.9% +4.7% 48% Paris / Levallois / Neuilly 35.1 36.5 +4.1% +10.1% 10% Greater Paris (excl. Paris) 32.1 46.4 +44.5% +7.2% 13% Milan 34.2 36.4 +6.4% +
Slide 72: Office Lease Expiries 2025 and 2026
OFFICE LEASE EXPIRIES 2025 AND 2026 €768m 6.3y GROUP ANNUALIZED RENTS WALB High tenant stay probability Core assets to be managed Non Core assets to be managed €36.8m 4.8% of annualized revenue €5m | 0.6% Development: €2.5m €7m | 1% Assets in city-centers: €4.7m €11.4m 1.5% of annualized revenue €0.
Slide 73: Healthy Balance Sheet
HEALTHY BALANCE SHEET WELL STAGGERED MATURITIES Debt maturity schedule (in € million, Group share) DIVERSIFIED DEBT PROFILE Corporate credit facilities Mortgage loans Bonds Covered by €2.3Bn liquidity 1,723 BANK BONDS 1,422 MORTGAGE LOANS 48% 1,118 1,018 34% 100% 867 868 779 GREEN 595 495 404 45 202
Slide 74: H1 2025 Profit & Losses – Group Share
H1 2025 PROFIT & LOSSES – GROUP SHARE (In € million, Group share) H1 2024 H1 2025 var. % Net rental income 281.9 299.3 +17.5 6% EBITDA from hotel operating activity 15.1 29.7 +14.6 +97% Income from other activities 17.2 17.5 +0.3 +2% Management and administration revenue 12.9 13.3 +0.4 +3% Net reven
Slide 75: H1 2025 Balance Sheet – Group Share
H1 2025 BALANCE SHEET – GROUP SHARE (In € million, Group share) 31 Dec. 2024 30 Jun. 2025 Liabilities 31 Dec. 2024 30 Jun. 2025 Assets Goodwill 169 171 Investment properties (at fair value) 12,426 12,480 Investment properties under development 973 1,377 Other fixed assets 1,298 1,225 Equity affiliat
Slide 76: €132m New Disposal Agreements in H1 2025
€132M NEW DISPOSAL AGREEMENTS IN H1 2025 Disposals Agreements New New Total Margin vs <2025 <2025 disposals agreements Total Yield Realised 2024 value (In € million) closed to close 2025 2025 Disposals 1 2 3 =2+3 =1+2 100% 48 295 1 76 77 -5.7% 7.3% 49 Offices Group share 24 289 1 68 69 -5.8% 7.3% 26
Slide 77: Investor Relations Contacts
Vladimir MINOT Christina EDING Head of IR IR Vladimir.Minot@covivio.fr Christina.Eding@covivio.fr Tel: +33 6 35 21 80 76 Tel: +33 6 42 36 71 54 10, rue de Madrid 75008 - Paris covivio.eu