Slide 1: Half-Year Results
® HALF-YEAR RESULTS ALTAREA
Slide 2: Agenda
AGENDA 1. INTRODUCTION 2. OPERATING PERFORMANCE AT 30 JUNE 2025 3. FINANCAL & ENVIRONMENTAL PERFORMANCE AT 30 JUNE 2025 2025 half-year results 4. OUTLOOK ALTAREA 2
Slide 3: Introduction
INTRODUCTION 01 3 ALTAREA 2025 half-year results
Slide 4: Performance in line across all business segments
Performance in line across all business segments 2025 guidance confirmed Retail REIT FFO growth A winning strategy Increase in NRI €954.7m €62.2 Revenue FFO down 20.3% up 7.3% Residential 72.4% aligned with Success of the New offer EU Taxonomy Increase in New orders Robust financial position 2025 ha
Slide 5: Operating performance at June 2025
02 OPERATING PERFORMANCE at 30 June 2025 2025 half-year results ALTAREA 5
Slide 6: Retail REIT: A best-in-class property portfolio
Retail REIT A best-in-class property portfolio Portfolio value €5.3bn (AuM) €2.3bn in group share Annualised GRI €337m €145m in group share 2025 half-year results Average exit rate 6.13% +2 bps vs end-2024 ALTAREA CAP3000 in Nice, L’Avenue83 in Toulon, Paris-Est station, Qwartz in Villeneuve-la-Gare
Slide 7: Retail REIT: A winning strategy
Retail REIT A winning strategy Focus on best performing formats Large shopping & leisure centers, Retail parks, Convenience stores, Railway stations Partnerships with leading institutional investors Crédit Agricole Assurances, APG, Allianz, EDF Invest… Proactive Asset management Collaborative approa
Slide 8: Retail REIT: Solid operational performance
Retail REIT Solid operational performance Tenant’s sales +1.7% vs H1 2024 Footfall +4.2% €109.3m 2025 half-year results NRI +3.5% lfl 6 months o/w +2.4% indexation ALTAREA Occupancy rate 97.1% CAP 3000 - Nice 8
Slide 9: Paris-Austerlitz: A landmark project
Paris-Austerlitz A landmark project, lauching of the letting phase 25,000 m² of GLA (retail area only) 130 shops and restaurants 2025 half-year results 30 million travelers per year expected by 2030 Delivery scheduled for 2027 ALTAREA 9
Slide 10: Residential: A new offer tailored to market demand
Residential A new offer tailored to market demand Increase in New orders Success of the New offer New orders: +16% in volume, +4% in value 4,610 +16% In units High monthly absorption rate by individuals: 10.8% (1) 3,973 19% First-time buyers +30% 17% Individuals investors -37% Strong demand from fir
Slide 11: Residential: An extensive redesign of the product
Residential A extensive redesign of the product Less concrete in buildings Example: 38 m² one-bedroom apartment (T2) Need-oriented apartments A majority of T2 and T3 units (combinable into T4 and T5 units) Focus on compactness Optimized floor space and layouts Enhanced modularity of living spaces Br
Slide 12: Residential: A brand new product range
Residential A brand new product range For first-time buyers For Individual investors Very low-carbon timber solution NUE-PRO GÉRÉ PATRIMONIAL LLI LLI MEUBLÉ MEUBLÉ 2025 half-year results Facilitating access to Tailored to all Reducing the carbon footprint homeownership (1) investor profiles of new b
Slide 13: Residential: Quality by Cogedim, accessible to all
Residential Quality by Cogedim, accessible to all Quality changes life Product quality User experience quality Quality in design and construction driven by a Quality in use through the creation of accessible, thirst for excellence lifestyle-adapted and affordable housing 2025 half-year results Envir
Slide 14: Residential: Accelerating the pace in H2 2025
Residential Accelerating the pace in H2 2025 10,700+ units building permit fillings in 2024, mostly submitted at the end of the year 5,085 units building permits granted in H1 2025 2025 half-year results Acceleration in H2 of commercial launches and ALTAREA land acquisitions From left to right and t
Slide 15: Offices in the Paris region: Sustained activity
Offices in the Paris region Sustained activity St Honoré: renovation work started Upper (Montparnasse): asbestos removal and stripping works Madeleine: works ongoing 55,000 m² developed with CDC 2025 half-year results ALTAREA Delivery of the Bobigny Cœur de Landscape – 1,100 m² leased Ville offices
Slide 16: Offices & Logistics in the Regions
Offices & Logistics in the Regions smooth progress across ongoing projects Construction launched for the Ki project in Delivery of Delta, Alstom’s regional Lyon Part-Dieu (29,000 m²) headquarters in Aix-en-Provence (7,500 m²) Off-plan sale to WDP of the final phase of the Bollène logistics hub (75,0
Slide 17: New businesses: Photovoltaics infrastructure
New businesses Photovoltaics infrastructure Large roofs Agrivoltaics on real estate projects partnership Launch of the first ground-mounted PV power Ramp-up underway plant construction site, with a capacity of 7 MWp Control of the operational value chain Strategic partnerships Construction site in C
Slide 18: New businesses: Cold chain logistics and data centers
New businesses First investments in Edge data centers in colocation cold chain logistics (1) On-going marketing phase of the Rennes site (3 MW IT) Building permit granted in the Paris region (7 MW IT) 2025 half-year results ALTAREA (1) Logistics sites leased to Danone (long-term leases recently rene
Slide 19: Financial performance at June 2025
03 FINANCIAL PERFORMANCE at 30 June 2025 2025 half-year results ALTAREA 19
Slide 20: FFO up by +7.3%
2025 half-year results FFO up by +7.3% Retail Business New In €m Residential REIT property businesses Revenue(1) 954.7 -20.3% 146.7 733.0 71.3 3.6 +7.5% -24.1% -21.4% na EBITDA(2) 138.6 +14.0% 113.7 23.7 15.3 (4.4) +7.3% -0.4% X2.0 na Financial costs (16.4) Other financial results (16.3) €39.0m up 2
Slide 21: Residential revenue: contribution of new-generation operations
Residential revenue Rapid increase in the contribution of new-generation operations In €m 966 Ramp-up of new-generation operations 733 - 24.1% May 2024: launch of the first new-gen program Rives Nature, Villeneuve-la-Garenne 92% Old generation 59% Low to zero margin December 2024: 14% of total reven
Slide 22: Net Debt: €1,817m
Net Debt(1): €1,817m (+€136m vs. December 31, 2024) Ongoing Investments across all business segments +51 €1,817 In €m +47 -6 +39 €1,681 -62.2 +66 New Other Retail Businesses Offices & CAPEX Photovoltaics, Logistics data centres (Austerlitz FFO H1 25 Residential WCR CAPEX station) new-generation (exi
Slide 23: Financial structure: A strongly capitalised balance sheet
Financial structure A strongly capitalised balance sheet Capital employed (1) Consolidated resources Robust financial ratios Residential 19% BP 7% Economic New Businesses 5% Shareholders' LTV 29.8% Equity (2) Covenant ≤ 60% Retail REIT 60% 69% ICR 8.5x 2025 half-year results Net bank and bond debt C
Slide 24: Strong financial visibility through 2028
Strong financial visibility through 2028 €2,068m in available liquidity(1) After repayment of €343m bond(2) in April 2025 No maturities before 2028 Bank or bond-related 2025 half-year results Debt fully hedged until 2028 Competitive secured average rate (2.22% in H1 2025) ALTAREA (1) €502m in cash &
Slide 25: Outlook and Guidance
04 OUTLOOK AND GUIDANCE 25 ALTAREA Résultats semestriels 2025
Slide 26: 2025 outlook
2025 outlook In H2 2025, Altarea will maintain the same strategy by: • leveraging the high quality of its Retail portfolio and continuing to invest in railway station retail assets; • executing the ramp-up of new-generation Residential operations with discipline; • developing New businesses and seek
Slide 27: 2025 guidance confirmed
2025 guidance confirmed In light of the trends observed in H1 particularly in Residential and in Retail Altarea confirms its expectations of a slight increase in FFO for 2025 and stable dividend per share (to be paid in 2026) subject to no deterioration in the political, geopolitical, macroeconomic,
Slide 28: Leader in low-carbon urban transformation
Leader in low-carbon urban transformation 2025 half-year results ALTAREA 28
Slide 29: Appendices
APPENDICES 05 2025 half-year results 29 ALTAREA
Slide 30: Disclaimer
DISCLAIMER This presentation has been in the event of failure by any implied by these forward‐looking prepared for information person to obey these restrictions. statements. These risks and purposes only and is intended to Certain information included in this uncertainties include those supplement o
Slide 31: Glossary
Glossary • Tenant sales: Change in merchant sales on the basis of the period stated. • New orders Residential: New orders net of withdrawals at 100%, with the • Average total cost of the debt: Average total cost including related fees exception of jointly controlled operations (Group share). In € in