Covivio Sa · EURONEXT:COV
Covivio Sa — H1 2026 Earnings Presentation
79 slides from Covivio Sa's earnings presentation, Jul 20, 2026
Slide 1: 2026 Half-Year Results
COVIVIO 2026 HALF-YEAR RESULTS EARNINGS GROWTH DRIVEN BY ACTIVE ASSET MANAGEMENT JULY 20, 2026
Slide 2: Covivio – A diversified business model built on best-in-class portfolio and asset management
COVIVIO – A DIVERSIFIED BUSINESS MODEL BUILT ON BEST-IN-CLASS PORTFOLIO AND ASSET MANAGEMENT AN INTEGRATED OPERATOR LEADER IN EACH OF ITS ASSET CLASSES PORTFOLIO QUALITY AT THE CORE Built on three main pillars 16.3 Bn€ 24,2 Bn€ AT 100% CENTRALITY In the heart of European >96% PORTFOLIO VALUE ASSETS
Slide 3: H1 2026 KPIs – Growing results
H1 2026 KPIS – GROWING RESULTS SOLID +2.2% 97.0% OPERATING PERFORMANCE Like-for-like Occupancy revenue growth rate SOUND +0.5% 38.6% 10.5x BALANCE SHEET Like-for-like LTV ratio Net debt portfolio -0.3pt vs 2025 /EBITDA value growth -0.2x vs 2025 282 M€ GROWING H1 2026 recurring net result 84.2€/sh F
Slide 4: Summary
SUMMARY I. REAL ESTATE MARKET ENVIRONMENT 5 I. REAL ESTATE MARKET ENVIRONMENT 5 II. H1 2026 STRONG RESULTS DRIVEN BY ASSET MANAGEMENT 8 III. STRATEGIC PRIORITIES 30 IV. A RENEWED EXECUTIVE TEAM 45 IV. A RENEWED EXECUTIVE TEAM 45 V. KEY TAKEAWAYS & GUIDANCE 47
Slide 5: I. Real estate market environment
I. REAL ESTATE MARKET ENVIRONMENT Anantara Palazzo – Rome 5
Slide 6: Despite a highly volatile environment, structural trends remain supportive
DESPITE A HIGHLY VOLATILE ENVIRONMENT, STRUCTURAL TRENDS REMAIN SUPPORTIVE OFFICE GERMAN RESIDENTIAL HOTEL Flight-to-quality reshaping occupier Expropriation risk removed 2026 Market Revenue per Room forecasts demand revised upward Berlin rent index (Mietspiegel) up +7% European destinations benefit
Slide 7: Covivio's portfolio is well positioned for those structural trends
COVIVIO’S PORTFOLIO IS WELL POSITIONED FOR THOSE STRUCTURAL TRENDS OFFICE GERMAN RESIDENTIAL HOTEL Value creation strategy focused on prime Exposure to a dynamic market: Germany Scaling exposure to a dynamic sector: locations, high-quality assets and best-in- benefits from Europe’s largest populatio
Slide 8: II. H1 2026 strong results driven by asset management
H1 2026 STRONG RESULTS II. DRIVEN BY ASSET MANAGEMENT Wellio – Lyon 8
Slide 9: II. H1 2026 strong results driven by asset management
II. H1 2026 STRONG RESULTS DRIVEN BY ASSET MANAGEMENT 1 Further portfolio rebalancing through accretive asset management 2 Solid operating performance 3 Accelerate ancillary revenues 4 Growing financial results CB21 – Paris 9
Slide 10: Accretive capital reallocation towards hotels and core assets
1 ACCRETIVE CAPITAL REALLOCATION TOWARDS HOTELS AND CORE ASSETS Continued disposals of non-core and peripheral assets Enhancing Asset Quality and higher yielding investments 223 M€ (1) 312 M€ INVESTMENTS in H1 2026 (3) DISPOSALS CLOSED IN H1 2026 Quality-accretive >7% 5.8% asset rotation 1 153 M€(4)
Slide 11: Hotels – Acquisition of leased hotels in Southern Europe
1 HOTELS – ACQUISITION OF 5 LEASED HOTELS IN SOUTHERN EUROPE Milan - 4 Hotels **** 260.5 M€(1) Portfolio of 4 leased hotels, representing ~900 rooms Arcimboldi – Milan 7BA – Milan New acquisitions signed since Central and prime locations across Milan the start of the year Sale-and-leaseback with Inv
Slide 12: Hotels – First delivery validates value-add capex programme
1 HOTELS – FIRST DELIVERY VALIDATES THE ACCRETIVE POTENTIAL OF OUR VALUE-ADD CAPEX PROGRAMME Delivery MERCURE NICE SIGNIFICANT SYNERGIES POTENTIAL Méridien Nice **** WITH THE ADJACENT LE MÉRIDIEN A flagship asset in a strategic location ✓ Refurbishment and creation of new rooms ❑ 324 rooms ❑ 2 resta
Slide 13: Offices – Unlocking value from Vélizy's innovation cluster footprint
1 OFFICES – UNLOCKING VALUE FROM OUR VÉLIZY’S INNOVATION CLUSTER FOOTPRINT CLOSING OF THE VELIZY – BLUE OWL JV A MISSION-CRITICAL CAMPUS IN THE PARIS-SACLAY ECOSYSTEM, KEY TRANSACTION TERMS DEAL BENEFITS ONE OF THE MAIN FRENCH INNOVATIVE DISTRICT Reinforce Closing of the agreement for the sharing of
Slide 14: German residential – Driving value creation
1 GERMAN RESIDENTIAL – DRIVING VALUE CREATION INVESTING IN UNLOCKING VALUE-CREATING VALUE THROUGH MODERNIZATIONS PRIVATIZATIONS 23 M€ (1) 37 M€ (2) 29% Modernization Capex Price Margin Invested in H1 2026 With ~7% 2.6% Yield on Capex Exit yield Genter Strasse - Berlin (1) €14m Group share | (2) €24m
Slide 15: Asset management driving value resilience
1 ASSET MANAGEMENT DRIVING VALUE RESILIENCE Values H1 2026 Yield In € million H1 2026 Like-for-like H1 2026 (Group share) (LfL) values City-centres (73%(1) ) 5,588 +0.9% 5.1% ❑ City-centres: value growth mainly driven by Milan (+2.0% LfL) Major Business 1,931 -1.8% 7.1% Hubs (24%(1) ) OFFICES ❑ Majo
Slide 16: II. H1 2026 strong results driven by asset management
II. H1 2026 STRONG RESULTS DRIVEN BY ASSET MANAGEMENT 1 Further portfolio rebalancing through accretive asset management 2 Solid operating performance 3 Accelerate ancillary revenues 4 Growing financial results Santa Lucia – Venice 16
Slide 17: H1 2026 revenues: +2.2% like-for-like
2 H1 2026 REVENUES: +2.2% LIKE-FOR-LIKE Revenue Revenue Revenue % Change % Change Occupancy Average H1 2026, H1 2025 H1 2026 H1 2026 current scope like-for-like rate lease term in € million Group share 100% Group share Group share Group share % firm, in years OFFICES 169.1 187.3 155.8 -7.9% +1.6% 95
Slide 18: Hotels – +3.2% like-for-like growth on variable revenue
2 HOTELS – +3.2% LIKE-FOR-LIKE GROWTH ON VARIABLE REVENUE VARIABLE REVENUES Share of LfL revenue 43% HOTELS REVENUE Revenue Solid performance, despite 49% +2.2% renovation pipeline Strong performance, outperforming 22% +6.9% the market ACCELERATING +3.2% REVENUE GROWTH Performance impacted by market
Slide 19: Offices – Solid leasing momentum in H1 2026
2 OFFICES – SOLID LEASING MOMENTUM IN H1 2026 In a muted office market Lettings ~45,500 m2 -5%(1) ~9 M€ annual rents secured 65% of the Pre-let up Office take-up in Europe at H1 2026 7-year average lease term Letting / pre-letting: retail now from 9% to 100% on exploitation 26% 6,100 m2 32% on devel
Slide 20: Offices – High occupancy sustaining solid rental growth
2 OFFICES – HIGH OCCUPANCY SUSTAINING SOLID RENTAL GROWTH MAINTAINED OCCUPANCY SOLID AT HIGH LEVELS LIKE-FOR-LIKE RENT GROWTH +50 bps 95.6% 95.1% +1.6% Like-for-Like Lower indexation effect but expected to accelerate French ILAT expected to increase by +1.0% by end-2026 and by +2.8% by end-2027(1) 2
Slide 21: German residential – Continued strong rental growth
2 GERMAN RESIDENTIAL – CONTINUED STRONG RENTAL GROWTH LIKE-FOR-LIKE GOOD PERFORMANCE ACCELERATION RENT GROWTH ACROSS LOCATIONS AHEAD NEW BERLIN REGULATED +3.4% +4.3% +3.1% RENT INDEX(1) PUBLISHED Hamburg AT END-MAY 2026 Berlin +1.8% +0.7% +6.7% ON COVIVIO PORTFOLIO IN BERLIN INDEXATION REVERSION +3.
Slide 22: II. H1 2026 strong results driven by asset management
II. H1 2026 STRONG RESULTS DRIVEN BY ASSET MANAGEMENT Further portfolio rebalancing 1 through accretive asset management 2 Solid operating performance 3 Accelerate ancillary revenues 4 Growing financial results Eiswerder – Berlin 22
Slide 23: Asset management & partnership model – Expanding investment capacity
3 ASSET MANAGEMENT & PARTNERSHIP MODEL – EXPANDING INVESTMENT CAPACITY STRATEGIC BENEFITS 31 10 Portfolio under Portfolio value JVs partners Strong alignment of interests management held with partners by partners 24.9 Bn€(1) Covivio ownership: 20% to 55% Portfolio Accelerates growth and expands 8.6
Slide 24: Asset management & partnership model – A growing and recurring revenue stream
3 ASSET MANAGEMENT & PARTNERSHIP MODEL – A GROWING AND RECURRING REVENUE STREAM HIGH-QUALITY EARNINGS A RECURRING AND GROWING INCOME STREAM CHARACTERISTICS Asset management revenues (M€) Recurring → Long-term mandates ~40 Capital-light → Limited balance sheet 33 31 requirement 28 25 25 22 Diversifie
Slide 25: Development margins – A recurring source of revenue
3 DEVELOPMENT MARGINS – A RECURRING SOURCE OF REVENUE SOLID TRACK RECORD A LONG-STANDING COMPONENT OF COVIVIO’S BUSINESS MODEL ACROSS ASSET CLASSES AND GEOGRAPHIES Development margins revenues (M€) 2020-2025 average: 22 M€ 39 ~35 Dassault Systems Campus – Silex 2, Lyon – France SNAM, Milan – Italy V
Slide 26: II. H1 2026 strong results driven by asset management
II. H1 2026 STRONG RESULTS DRIVEN BY ASSET MANAGEMENT Further portfolio rebalancing 1 through accretive asset management 2 Solid operating performance 3 Accelerate ancillary revenues 4 Growing financial results Mariott Hermitage – Lille 26
Slide 27: H1 2026 recurring net result – +7% year-on-year
4 H1 2026 RECURRING NET RESULT – +7% YEAR-ON-YEAR 282.4 M€ In €million, Group share H1 2025 H1 2026 Change +7% YoY +15.1 M€ Results of Net rental income 301.1 296.8 +3.0 M€ +5.7 M€ other activities +0.6 M€ EBITDA from hotel operating activities 30.6 29.7 +12.7 M€ Share in AM (dev. 0.6 M€ Others -17.
Slide 28: Maintained financial discipline
4 MAINTAINED FINANCIAL DISCIPLINE CONTINUED IMPROVEMENT IN DEBT RATIOS HEALTHY BALANCE SHEET COST OF DEBT 1.7% LTV including 39.8% duties and secured disposals 38.9% 38.6% HEDGING COVERAGE 85% below our <40% policy 2024 2025 H1 2026 DEBT MATURITY 4.6 years BANK MORTGAGE LOANS DIVERSIFIED 35% BONDS F
Slide 29: Net asset value: +2% over 6 months
4 NET ASSET VALUE: +2% OVER 6 MONTHS H1 2025 FY 2025 H1 2026 Var. 6m € million 9,829 10,078 10,251 +1.7% EPRA NRV MAIN IMPACTS (Net Reinvestment value) Per share €88.2 €90.5 €92.0 +1.6% ❑ Increasing recurring net € million 8,962 9,236 9,390 +1.7% result EPRA NTA (Net Tangible Asset) ❑ Positive chang
Slide 30: III. On track with our strategic priorities
ON TRACK III. WITH OUR STRATEGIC PRIORITIES Breda Suites Sarca – Milan 30
Slide 31: III. On track with our strategic priorities
III. ON TRACK WITH OUR STRATEGIC PRIORITIES 1 Continue portfolio rebalancing and centrality 2 Increase profitability and value growth through active asset management 3 Scale ancillary revenues streams 4 Develop hospitality-led services Radisson – Madrid 31
Slide 32: On track towards our 2030 portfolio rebalancing target
1 ON TRACK TOWARDS OUR 2030 PORTFOLIO REBALANCING TARGET H1 2026 STRATEGIC GOALS PRO FORMA(1) HOTELS 2020 2030 TARGET Pursuit of the 2025 92% portfolio rebalancing+3 pts to 24% ~24% Top vs FY25 tourism 15% towards hotel cities 2022 ~ ⅓ HOTELS SOUTH EUROPE ~21% 25% ~15% ~29% 100% Increase exposure to
Slide 33: Hotels – Accelerate office-to-hotel conversions
1 HOTELS – ACCELERATE OFFICE-TO-HOTEL CONVERSIONS VOLTAIRE TRANSFORMATION PROJECT 4 COMMITTED PROJECTS CREATING A NEW DESTINATION IN CENTRAL PARIS LEVERS TO GROW HOTELS NEW ▪ Prime location in central Paris, close to the Marais and République EXPOSURE Voltaire, Paris 165-room, 5* hotel and a sports
Slide 34: III. On track with our strategic priorities
III. ON TRACK WITH OUR STRATEGIC PRIORITIES 1 Continue portfolio rebalancing and centrality 2 Increase profitability and value growth through active asset management 3 Scale ancillary revenues streams 4 Develop hospitality-led services Loft – Berlin 34
Slide 35: Hotels – Double EBITDA in the value-add portfolio (1/2)
2 HOTELS – DOUBLE EBITDA IN THE VALUE-ADD PORTFOLIO (1/2) 20 IDENTIFIED VALUE-ADD OPPORTUNITIES 20 ~860 M€ 12% PROJECTS ASSET VALUE(1) HOTEL PORTFOLIO CAPEX(2) YIELD ON CAPEX VALUE CREATION(3) ~400 M€ 13% ~260 M€ Double EBITDA from 50 M€(4) today to 102 M€(5) by 2030 (1) 341 M€ Group share (2) 151 M
Slide 36: Hotels – Double EBITDA in the value-add portfolio (2/2)
2 HOTELS – DOUBLE EBITDA IN THE VALUE-ADD PORTFOLIO (2/2) 8 PROJECTS LAUNCHED IN H1 2026 3 PROJECTS 4* hotel, 96-room - Upcoming 3* hotel, 141-room (+24 rooms) 4* hotel, 199-room (+44 rooms) TO BE LAUNCHED rebranding IN H2 2025 Committed projects at end-2026 5 15 12% PROJECTS LAUNCHED Novotel Lille
Slide 37: Hotels – Enhance profitability through active operator management
2 HOTELS – ENHANCE PROFITABILITY THROUGH ACTIVE OPERATOR MANAGEMENT Change operator END OF EXISTING NEW HOTEL OPERATORS WITH REVENUE AND VALUE MANAGEMENT CONTRACTS STRONG TRACK RECORDS CREATION in German management contract portfolio July 2026 ➢ Stronger performance through • Westin Grand Berlin opt
Slide 38: Office – Enhance portfolio quality and profitability
2 OFFICE – ENHANCE PORTFOLIO QUALITY AND PROFITABILITY 1 PRIME DEVELOPMENTS IN PARIS AND MILAN TARGETING >7% YIELD ON CAPEX Milan: 3 projects already committed Paris: 1 capex enhancement programme To be launched in H2 2026 >7% VITAE – Symbiosis District (Milan) 8.5% ROMBON – Eastern Milan PARINI – M
Slide 39: German residential – Drive profitability through privatizations and rental upside
2 GERMAN RESIDENTIAL – DRIVE PROFITABILITY THROUGH PRIVATIZATIONS AND RENTAL UPSIDE EXPANDING THE PRIVATIZATION PIPELINE EXTRACT RENTAL UPSIDE Ongoing increase of the privatization portfolio 1 400M€ 70M€ 1 200M€ 60M€ Indexation → Berlin Mietspiegel up +6.7% on Covivio portfolio 1 000M€ 50M€ Reversio
Slide 40: III. On track with our strategic priorities
III. ON TRACK WITH OUR STRATEGIC PRIORITIES 1 Continue portfolio rebalancing and centrality 2 Increase profitability and value growth through active asset management 3 Scale ancillary revenues streams 4 Develop hospitality-led services Helios 2 – Vélizy-Meudon 40
Slide 41: Scale ancillary revenues streams
3 SCALE ANCILLARY REVENUES STREAMS SCALE ASSET INCREASE DEVELOPMENT MARGINS & FEES MANAGEMENT REVENUES Increasing numbers of institutional ONGOING PROJECTS ADDITIONAL OPPORTUNITIES investors are looking at reliable partners to invest in real estate 160,000 m² to be delivered by 2029 Land bank > 160,
Slide 42: III. On track with our strategic priorities
III. ON TRACK WITH OUR STRATEGIC PRIORITIES Continue portfolio rebalancing and 1 centrality 2 Increase profitability and value growth through active asset management 3 Scale ancillary revenues streams 4 Develop hospitality-led services Novotel – Bruges 42
Slide 43: Office – Driving attractiveness and revenues through hospitality-led services
4 OFFICE – DRIVING ATTRACTIVENESS AND REVENUES THROUGH HOSPITALITY-LED SERVICES REINVENTING THE OFFICE EXPERIENCE ENHANCING APPEAL THROUGH PARTNERSHIPS CB21 – LA DÉFENSE: REPOSITIONING IN ACTION Partnership with chef Julien Sebbag Time Out Awards at Grands to operate 'Morrow', a hospitality- Bouleva
Slide 44: Operated residential – Capturing growing demand in Germany
4 OPERATED RESIDENTIAL – CAPTURING GROWING DEMAND IN GERMANY Leveraging Covivio-To-Share expertise to scale the operated residential platform #1 Capturing rising structural demand # 3 Accelerating through 030BLN, Covivio's flagship operated urban living project 42% +19% 2.9 M Student enrolled in ❑ P
Slide 45: V. A renewed executive team
V. A RENEWED EXECUTIVE TEAM L’Atelier – Paris CBD 45
Slide 46: A renewed executive team to execute Covivio's strategy
A RENEWED EXECUTIVE TEAM TO EXECUTE COVIVIO'S STRATEGY STRENGTHENING COVIVIO’S EXECUTIVE COMMITTEE AUDE GRANT ALEXEI DAL PASTRO NEW DEPUTY CEO NEW DEPUTY CEO Effective 21 September 2026 Effective January 2027 ❑ Former CEO of SFL ❑ ~25 years of experience in real estate ❑ 20+ years of experience in F
Slide 47: VII. Key takeaways & guidance
VII. KEY TAKEAWAYS & GUIDANCE Nordplatz – Leipzig 47
Slide 48: Key takeaways
KEY TAKEAWAYS Accretive asset management in a muted investment market 1. ❑ Asset rotation to drive enhanced quality portfolio and increased profitability Solid operating performance across the board ❑ Office: 103,800 office m² let or renewed; 95.6% occupancy rate (+50 bps YTD) 2. ❑ German residentia
Slide 49: 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 50: Key upcoming events
KEY UPCOMING EVENTS Q3 2026 Activity 21st October 2026 50
Slide 51: Appendices
APPENDICES 1. COVIVIO’S PORTFOLIO 2. FINANCIAL & OPERATIONAL KEY PERFORMANCE INDICATORS 3. COMMITTED PIPELINE 4. MANAGED PIPELINE 51
Slide 52: Covivio's portfolio - Unique, irreplicable, and diversified
COVIVIO’S PORTFOLIO - UNIQUE, IRREPLICABLE, AND DIVERSIFIED Portfolio breakdown by value ❑ 97%(1) in city centres and major business 24%(1) 47%(1) hubs Hotels(2) Offices ❑ High occupancy rate: 95.6% OFFICES ❑ +10% reversion captured in city centres +3pts -2pts vs. 2025 vs. 2025 16.3 BN€ 24.2 BN€ AT
Slide 53: Maintained high portfolio quality
MAINTAINED HIGH PORTFOLIO QUALITY HOTELS OFFICES GERMAN RESIDENTIAL 92% 73% (1) 100% of our portfolio located in of our portfolio located in of our portfolio located in Major European touristic destinations European City-centres German A-Cities(2) 100% 8.9/10 100% 74% 58% 61%(3) Certified portfolio
Slide 54: Values at end-June 2026: +0.5% like-for-like
VALUES AT END-JUNE 2026: +0.5% LIKE-FOR-LIKE 2025 value H1 2026 value H1 2026 value Change at 6 months H1 2026 Group share 100% Group share current scope LfL change yield City-centres 5,477 6,276 5,588 +2.0% +0.9% 5.1% Major business hubs 2,055 2,733 1,932 -6.0% -1.8% 7.1% Non-core 319 323 295 -7.6%
Slide 55: Hotels – A leading portfolio in Europe
HOTELS – A LEADING PORTFOLIO IN EUROPE ❑ One of the leading hotel platforms in Europe Leader among European hotel investors ❑ Pioneer in hotel real estate since 2005 GEOGRAPHY CONTRACT TYPE A diversified portfolio 7.1 Bn€ 3.5 Bn€ SEGMENTS OPERATORS VALUE VALUE AT 100% (GROUP SHARE) Prime locations 8
Slide 56: Hotel lease properties – 62% of the portfolio
HOTEL LEASE PROPERTIES – 62% OF THE PORTFOLIO 2.2 Bn€ VALUE 11.4Y WALB (GROUP SHARE) 8.7/10 BOOKING.COM 60% Kimpton Fitzroy – London Anantara Palazzo Naiadi – Rome Eurostar Grand Marina – Barcelona LOCATION RATING EFFORT RATE ✓ Resiliency thanks to sustainable effort rates ✓ Growth through indexatio
Slide 57: Hotel operating properties – 38% of the portfolio
HOTEL OPERATING PROPERTIES – 38% OF THE PORTFOLIO 1.3 Bn€ 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 / optiona
Slide 58: Hotels portfolio – Diversified and transformed over the years
HOTELS PORTFOLIO – DIVERSIFIED AND TRANSFORMED OVER THE YEARS A DIVERSIFIED PORTFOLIO A PORTFOLIO EXPOSED TO A PORTFOLIO BRANDED TO A DIVERSIFIED PORTFOLIO IN TERMS OF CONTRACT MAJOR EUROPEAN MARKETS TOP HOTEL OPERATORS IN TERMS OF SEGMENTS TYPES Others 5% The Netherlands 2% Belgium 6% 23% Italy 7%
Slide 59: Hotels portfolio: 92% in major European destinations
HOTELS PORTFOLIO: 92% IN MAJOR EUROPEAN DESTINATIONS (M€ - excl. Duties - Value 2025 Value 2025 Value H1 2026 Value H1 2026 Yield Dec. Yield Jun. LfL (%) change % of total Group share) 100% GS 100% GS 2025 2026 Lease Properties 4,216 2,038 4,476 2,176 1.0% 6.1% 6.1% 62% France 1,350 517 1,367 527 -0
Slide 60: Hotels - Acquisition of leased hotels in Southern Europe
HOTELS - ACQUISITION OF 5 LEASED HOTELS IN SOUTHERN EUROPE Milan, 4 Hotels **** ~217 M€ Total investment(2) Portfolio of 4 leased hotels in central locations Reinforce across Milan, Italy’s second-largest city in terms hotel exposure in of overnight stays ~900 Sale-and-leaseback opportunity with Inv
Slide 61: Hotels strategy – Increase exposure to strategic markets
HOTELS STRATEGY– INCREASE EXPOSURE TO STRATEGIC MARKETS WHY WE LIKE SOUTHERN EUROPE 1 Best-in-class RevPAR growth(1) in Europe 3 Aconstrained persistent demand-supply imbalance in a supply- market driving robust RevPAR growth +5.9% Constrained supply outlook: only +1.6% in 2026 and RevPAR growth YTD
Slide 62: 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 2026 Portfolio at end-2015 VALUE (100%) 7.8 Bn€ Hamburg Berlin Hamburg 7% VALUE (GROUP SHARE) 7% Berlin 58% 4.9 Bn€ 40% Sig
Slide 63: Berlin – A prime portfolio offering high potential
BERLIN – A PRIME PORTFOLIO OFFERING HIGH POTENTIAL PORTFOLIO 100% HIGH QUALITY LOCATIONS WITH STRONG UPSIDE POTENTIAL 4.5 Bn€ Average rent Portfolio valuation well below regulated well below PORTFOLIO GROUP SHARE and market rents replacement value 2.9 Bn€ 10.8 €/m²/month 3,480 €/m² AVERAGE RENT VALU
Slide 64: German residential – NRW assets refocused on best locations
GERMAN RESIDENTIAL – NRW ASSETS REFOCUSED ON BEST LOCATIONS Others 23% A portfolio in the VALUE GROUP SHARE 1.3 Bn€ best performing Essen locations of NRW UNITS RENTAL YIELD Oberhausen 41% 16,371 5.4% 10% Mulheim Duisburg 11% 16% Almost fully let OCCUPANCY RATE LIKE-FOR-LIKE RENTS with increased lik
Slide 65: A high-quality prime portfolio in major European capitals
A HIGH-QUALITY PRIME PORTFOLIO IN MAJOR EUROPEAN CAPITALS Strategy: revenue growth through CORE ASSETS IN reletting and value-enhancing Capex OFFICE PORTFOLIO CITY-CENTRES 73% Beige – Paris 7.8 Bn€ (2) 6.4Y WALB 96.2% Occupancy rate 5.1% Yield GROUP SHARE(1) Of which 57% in Paris & Milan Strategy: l
Slide 66: Appendices
APPENDICES 1. COVIVIO’S PORTFOLIO 2. FINANCIAL & OPERATIONAL KEY PERFORMANCE INDICATORS 3. COMMITTED PIPELINE 4. MANAGED PIPELINE 66
Slide 67: H1 2026 revenues: +2.2% like-for-like rental growth
H1 2026 REVENUES: +2.2% LIKE-FOR-LIKE RENTAL GROWTH Group share Change % of (in M€) H1 2025 H1 2026 Change (%) (%) LfL 1 revenue Offices 169.1 155.8 -7.9% +1.6% 45% Paris / Levallois / Neuilly 36.5 37.3 +2.1% +1.2% 11% Greater Paris (excl. Paris) 46.4 28.9 -37.8% -0.5% 8% Milan 36.4 38.0 +4.4% +2.4%
Slide 68: H1 2026 profit & losses – Group share
H1 2026 PROFIT & LOSSES – GROUP SHARE (In € million, Group share) H1 2025 H1 2026 var. % Net rental income 299.3 293.0 -6.3 -2% EBITDA from hotel operating activity 29.7 28.7 -1.0 -3% Income from other activities 17.5 32.6 +15.1 +86% Management and administration revenue 13.3 19.0 +5.7 +42% Net reve
Slide 69: Lease expiries 2026 and 2027
LEASE EXPIRIES 2026 AND 2027 774 M€(1) 7.4y GROUP ANNUALIZED REVENUES WALB Office leases expiries High stay visibility Development Core assets to be managed Non Core assets to be managed 40.5 M€ 5.2% of annualized revenue € 0.5m € 14.7m City-centres assets: 13.5 M€ € 6.5m 14 M€ 1.8% of annualized re
Slide 70: Appendices
APPENDICES 1. COVIVIO’S PORTFOLIO 2. FINANCIAL & OPERATIONAL KEY PERFORMANCE INDICATORS 3. COMMITTED PIPELINE 4. MANAGED PIPELINE 70
Slide 71: Total committed pipeline (1/2)
TOTAL COMMITTED PIPELINE (1/2) Committed projects Delivery Total Budget Total Budget Target Remaining Location Number of rooms (1) Yield on Capex Hotels year (M€, 100%) (M€, GS) Yield(2) Capex (M€, GS) The Mix - Raspail Paris 103# 2028 129 129 Bobillot Paris 98# 2028 44 44 B&B - Piazza del 8 Agosto
Slide 72: Total committed pipeline (2/2)
TOTAL COMMITTED PIPELINE (2/2) Total Budget Total Budget Remaining Committed projects Surface Delivery Pre-leased (²) Target Yield(3) Capex (M€, GS) Location Project type Offices & Mixed-Use (m²)(1) year June 2026(%) (M€, 100%) (M€, GS) Beige Paris Regeneration 11,200 m² 2026 26% 249 249 4.8% CB21 (
Slide 73: Hotels – Active asset management driving value creation
HOTELS – ACTIVE ASSET MANAGEMENT DRIVING VALUE CREATION REPOSITION OF VALUE-ADD ASSETS IN PRIME LOCATIONS 2025 2026 2027 2028 Mercure Nice 27 M€ DELIVERED VALUE CREATION TARGET Mercure – Nice Ibis Antwerpen Centrum Novotel Pont de Sèvres COMMITTED EXPECTED VALUE Mercure Paris Parc des Princes at Jun
Slide 74: Hotels – Active asset management driving value creation
HOTELS – ACTIVE ASSET MANAGEMENT DRIVING VALUE CREATION REPOSITION OF VALUE-ADD ASSETS IN PRIME LOCATIONS 2026 2027 2028 2029 Ibis Styles Bercy – Paris Ibis Bordeaux Lac Mercure Tour Eiffel Mercure – Toulouse Ibis Toulouse Matabiau Centre Gare Ibis Lyon Part Dieu Ibis Styles Bercy Ibis – Paris Mercu
Slide 75: Appendices
APPENDICES 1. REAL ESTATE MARKETS 2. COVIVIO’S PORTFOLIO 3. FINANCIAL & OPERATIONAL KEY PERFORMANCE INDICATORS 4. COMMITTED PIPELINE 5. MANAGED PIPELINE 75
Slide 76: 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 VITAE • Symbiosis A+B (100% pre-let) in
Slide 77: Scalo di Porta Romana: one of the greatest mixed-use urban regeneration projects 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 Symbiosis to the CBD Residential area Railway Tunnel M3 Lodi Tibb Station PIAZZA VIALE ISONZO • Scalo is located just in
Slide 78: Scalo di Porta Romana: one of the greatest mixed-use urban regeneration projects 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 2027 2029 2030 international architectural competition (selection in 2025) Launch of north plot Awarding of north Approval of the architectural plot architectural mas
Slide 79: Anne-Sophie Jugean
Anne-Sophie Jugean Head of IR anne-sophie.jugean@covivio.fr 10, rue de Madrid 75008 - Paris covivio.eu