Covivio Sa · EURONEXT:COV
Covivio Sa — FY2025 Earnings Presentation
78 slides from Covivio Sa's earnings presentation, Feb 19, 2026
Slide 1: 2025 Full-Year Results
COVIVIO 2025 FULL-YEAR RESULTS DELIVERING STRONG EARNINGS GROWTH FEBRUARY 19, 2025
Slide 2: 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 16.0 Bn€ 23.7 Bn€ AT 100% CENTRALITY >96% In the heart of European ASSETS IN PORTFOLIO VAL
Slide 3: 2025 Results – A dynamic year, exceeding growth expectations
2025 RESULTS – A DYNAMIC YEAR, EXCEEDING GROWTH EXPECTATIONS SOLID GROWING SOUND OPERATING PERFORMANCE FINANCIAL RESULTS BALANCE SHEET +3.4% +6.4% 38.9% RECURRING NET RESULT PER SHARE LOAN-TO-VALUE RATIO (LTV) LIKE-FOR-LIKE RENTS (ADJUSTED EPRA EARNINGS) (Stable) 4.75 €/sh 97.1% +7.1% 10.7X OCCUPANC
Slide 4: Summary
SUMMARY I. STRONG OPERATIONAL PERFORMANCE ACROSS ALL ASSET CLASSES IN 2025 5 II. 2025: DELIVERING ROBUST FINANCIAL RESULTS 20 III. 2026: LAYING THE FOUNDATIONS FOR SUSTAINABLE GROWTH 30 IV. KEY TAKEAWAYS AND GUIDANCE 36
Slide 5: I. Strong operational performance across all asset classes in 2025
STRONG OPERATIONAL PERFORMANCE I. ACROSS ALL ASSET CLASSES IN 2025 Anantara Plaza – Nice 5
Slide 6: Strong operational performance across all asset classes: Offices
I. STRONG OPERATIONAL PERFORMANCE ACROSS ALL ASSET CLASSES A portfolio aligned with market evolution OFFICES Goujon – Paris The Sign – Milan Seizing asset management opportunities across the hotel portfolio HOTELS Couvent des Minimes – Lille Meininger – Paris Extracting value in German residential R
Slide 7: 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 CITY-CENTRES 70% Beige – Paris 4.6Y 95.7% 5.0% OFFICE PORTFOLIO WALB Occupancy rate Yield 7.9 Bn€ GROUP SHARE(1) Strategy: long-term cash-flow generation LOFT
Slide 8: Offices – Portfolio quality driving leasing momentum in 2025
OFFICES – PORTFOLIO QUALITY DRIVING LEASING MOMENTUM IN 2025 Leasing performance supported by our market-aligned offering ~134,700 m2 LET OR RENEWED IN 2025 ~81,500 m2 STRONG MOMENTUM IN H2 Lettings 22,700 m2 (1) 6,541 m2 4,397 m2 CB21 – La Défense Vitae – Milan LOFT(2) – Berlin 66,800 ~53,200 m2 32
Slide 9: Offices – Leveraging Milan market dynamics capturing rental reversion
OFFICES – LEVERAGING MILAN MARKET DYNAMICS 1 CAPTURING RENTAL REVERSION COVIVIO, THE LEADING OFFICE LANDLORD IN MILAN… MOMENTUM EXTENDING INTO 2025 6.5 M€ OF RENEWALS SIGNED IN ITALY 2.1 Bn€ ~27% >20% +19% Of the Group’s 2023-2025 Assets in Milan office portfolio Average rental uplift 20,780 m2 13 y
Slide 10: Offices – Unlocking value through redevelopments in Milan
OFFICES – LEVERAGING MILAN MARKET DYNAMICS 2 UNLOCKING VALUE THROUGH REDEVELOPMENTS PARINI(2) – CBD VITAE – Symbiosis district Redevelopment launched in July 2025 New development launched in Dec 2025 6,500 m2 – 2027 delivery 11,000 m2 – 2027 delivery 139 M€ OF COMMITTED 61 M€ >6% 75% 53 M€ >7 % TOTA
Slide 11: Strong operational performance: Hotels
I. STRONG OPERATIONAL PERFORMANCE ACROSS ALL ASSET CLASSES A portfolio aligned with market evolution OFFICES Goujon – Paris The Sign – Milan Seizing asset management opportunities across the hotel portfolio HOTELS Couvent des Minimes – Lille Meininger – Paris Extracting value in German residential R
Slide 12: Hotels – Successful integration of former Essendi OpCos
HOTELS – SUCCESSFUL INTEGRATION OF FORMER ESSENDI OPCOS End-2024: full consolidation of 43 OpCos acquired from Essendi alongside Covivio’s existing PropCos, forming a 1.5 Bn€ pro-forma portfolio(1) Strategic rationale for Covivio A high-quality portfolio 20 capex Top 8 opcos acquired programmes 1 Re
Slide 13: Hotels – Active asset management driving value creation
HOTELS – ACTIVE ASSET MANAGEMENT DRIVING VALUE CREATION 1 REPOSITION UNDER-INVESTED ASSETS IN PRIME LOCATIONS Significant identified 20 ~760 M€ ~330 M€ +46 M€ ~300 M€ 14% capex pipeline INCREMENTAL VALUE YIELD ON PROJECTS ASSET VALUE(1) CAPEX(2) EBITDA(3) CREATION(4) CAPEX CAPEX PROGRAMS LAUNCHED IN
Slide 14: Hotels – Leveraging contract flexibility to drive revenue growth
HOTELS – ACTIVE ASSET MANAGEMENT DRIVING VALUE CREATION 2 LEVERAGING CONTRACT FLEXIBILITY TO DRIVE REVENUE GROWTH CHANGING CONTRACT TYPE CHANGING BRANDS CHANGING MANAGERS Transition from management contract to lease Target the best brands to maximize RevPAR Target the best manager to optimize costs
Slide 15: Hotels – WiZiU, our in-house hotel operating platform
HOTELS – WIZIU, OUR IN-HOUSE HOTEL OPERATING PLATFORM LAUNCHED IN 2024, IS ALREADY DELIVERING +7% 30% STRATEGIC RATIONALE FOR OPERATING DIRECTLY EBITDA uplift EBITDA year-on-year margin Novotel Off Grand Place – Brussels Novotel Centrum – Bruges ❑ Internalization of a key know-how ❑ Flexibility & co
Slide 16: Strong operational performance: Residential
I. STRONG OPERATIONAL PERFORMANCE ACROSS ALL ASSET CLASSES A portfolio aligned with market evolution OFFICES Goujon – Paris The Sign – Milan Seizing asset management opportunities across the hotel portfolio HOTELS Couvent des Minimes – Lille Meininger – Paris Extracting value in German residential R
Slide 17: German residential – Pursuing initiatives to enhance profitability
GERMAN RESIDENTIAL – PURSUING INITIATIVES TO ENHANCE PROFITABILITY Leveraging +24% Of which +36% rental upside Reversion captured on re-letting In Berlin Deploying accretive 81 M€ With ~7% Modernization modernizations Capex(1) Yield on Capex Executing a disciplined 186 72 M€ 30% 2.5% privatization s
Slide 18: Unlocking ancillary revenue alongside core rental income
UNLOCKING ANCILLARY REVENUE ALONGSIDE CORE RENTAL INCOME ADDRESSING BERLIN’S HOUSING SHORTAGE ROLLING OUT NEW TENANT-DRIVEN SERVICES TO THROUGH BUILD-TO-SELL DEVELOPMENTS ADDRESS OCCUPIER NEEDS Example – building delivered in 2025 Energy optimisation & trading services 28 M€ Total Cost(1) Insurance
Slide 19: Operated residential – Capturing growing demand
OPERATED RESIDENTIAL – CAPTURING GROWING DEMAND Capitalising on +17% >50% 1 # structural tailwinds for operated residential Growth in EU single-person Single-person houselds (2015-24) households in Berlin Operated Building on Covivio’s residential 2 # established managed residential platform 420 Uni
Slide 20: II. 2025: Delivering robust financial results
2025: DELIVERING ROBUST II. FINANCIAL RESULTS Beige – Paris CBD 20
Slide 21: II. Strong financial growth
II. STRONG FINANCIAL GROWTH A CAPITAL ROTATION AND PORTFOLIO VALUE B GROWING FINANCIAL RESULTS AND SOUND BALANCE SHEET Uhland – Berlin 21
Slide 22: Continuous capital reallocation towards core assets
CONTINUOUS CAPITAL REALLOCATION TOWARDS CORE ASSETS 463 M€ (1) 446 M€ (2) DISPOSALS CLOSED IN 2025(3) INVESTMENTS (5.3% average disposal yield) (6.6% average yield) Mostly peripheral assets Quality-accretive Value-add opportunities in the heart of major European capitals asset rotation 72% 15% 13% 3
Slide 23: Portfolio value – Recovery in 2025
PORTFOLIO VALUE – RECOVERY IN 2025 Values 2025 Yield In € million End-2025 Like-for-like End-2025 (Group share) (LfL) values City-centres (70%) 5,477 +1.7% 5.0% City-centres: value growth driven Major Business 2,055 -2.8% 7.1% by Paris (+1.3% LfL) and Milan (+3.3% LfL) Portfolio values Hubs (26%) OF
Slide 24: II. Strong financial growth
II. STRONG FINANCIAL GROWTH A CAPITAL ROTATION AND PORTFOLIO VALUE B GROWING FINANCIAL RESULTS AND SOUND BALANCE SHEET Anantara New York Palace – Budapest 24
Slide 25: 2025 Revenue – +3.7% at current scope
2025 REVENUE – +3.7% AT CURRENT SCOPE / +3.4% LIKE-FOR-LIKE Revenue Revenue Revenue % Change % Change Occupancy Average 2025, 2024 2025 2025 current scope like-for-like rate lease term in M€ Group share 100% Group share Group share Group share % firm, in years OFFICES 317 379 319 +0.8% +3.4% 95.1% 4
Slide 26: 2025 Recurring net result – +6% YoY per share
2025 RECURRING NET RESULT – +6% YOY PER SHARE 526.5 M€ Change +6.7 M€ +10% YoY In €million, Group share 2024 2025 % +12.1 M€ Net financial +3.8 M€ Ancillary Others +20.5 M€ expenses Net rental income 585.3 584.7 Rental revenues activity EBITDA from hotel operating activities 42.7 69.5 +5.9 M€ Portfo
Slide 27: Further strengthening our balance sheet
FURTHER STRENGTHENING OUR BALANCE SHEET CONTINUED DECREASE IN DEBT RATIOS HEALTHY BALANCE SHEET LTV including duties and 40.8% CONTROLLED COST OF DEBT 1.7% 38.9% 38.9% Expected secured disposals below our <2.5% <40% policy until 2029 2023 2024 2025 HIGH HEDGING COVERAGE 87% EPRA LTV 44.6% (excluding
Slide 28: 2025 Net asset value – +4% year-on-year
2025 NET ASSET VALUE – +4% YEAR-ON-YEAR +4.8 € 82.9 €/sh Adj. EPRA Change Earnings +1.8 € +4% YoY 2024 2025 YoY Property +0.4 € value change CB21 acquisition In M€ 9,705 10,078 +3.8% (0.4 €) EPRA NRV 79.8 €/sh (3.5 €) Others (Net Reinvestment Value) Per share 87.1 90.5 +3.9% Dividend payment In M€ 8
Slide 29: 2025 Dividend proposal – 3.75 € per share
2025 DIVIDEND PROPOSAL – 3.75 € PER SHARE / +7% YEAR-ON-YEAR 16 April 2026 General Meeting 2025 ACHIEVEMENTS 2025 DIVIDEND STRONG GROWTH PROPOSAL Full cash payment in IN RECURRING two instalments EARNINGS 3.75 € PER SHARE(1) 19 March 2026 SOUND +7% YoY Interim dividend - 1.50 €/sh BALANCE SHEET 17 J
Slide 30: III. 2026: Laying the foundations for sustainable growth
2026: LAYING THE FOUNDATIONS III. FOR SUSTAINABLE GROWTH Nollendorfstrasse – Berlin 30
Slide 31: 2030 Target: a balanced and centrally located portfolio
2030 TARGET: A BALANCED AND CENTRALLY LOCATED PORTFOLIO COVIVIO PORTFOLIO BREAKDOWN STRONG START TO 2026 2030 2020 TARGET STRATEGIC GOALS 1 Expanding our partnership strategy 15% ✓ Balance the portfolio to offer cash ~ ⅓ 25% flow generation resiliency 2 Scaling offices-to-hotels conversions ✓ Furthe
Slide 32: New strategic partnership supporting portfolio rebalancing
NEW STRATEGIC PARTNERSHIP SUPPORTING PORTFOLIO REBALANCING 1 DISPOSAL OF PERIPHERAL OFFICE ASSETS TO RECYCLE CAPITAL AT ATTRACTIVE CONDITIONS FURTHER EXPANDING OUR KEY TRANSACTION TERMS DEAL BENEFITS PARTNERSHIP TRACK RECORD Signing of an agreement to share the whole Confirm the attractiveness of Co
Slide 33: Reallocating recycled capital towards hotels – Offices-to-hotels conversions
REALLOCATING RECYCLED CAPITAL TOWARDS HOTELS 2 ACCELERATING OFFICES-TO-HOTELS CONVERSIONS Strategic rationale Ongoing projects 407M€ (1) 1 Accelerates portfolio rebalancing by increasing hotels exposure TOTAL COST ~700 >9% INCREMENTAL HOTEL ROOMS 2 Creates value through repositioning and disciplined
Slide 34: Reallocating recycled capital towards hotels – Southern Europe acquisitions
REALLOCATING RECYCLED CAPITAL TOWARDS HOTELS 3 EARNINGS-ACCRETIVE HOTEL ACQUISITIONS UNDERWAY IN SOUTHERN EUROPE OUR INVESTMENT CONVICTION IN SOUTHERN EUROPE A dynamic leisure destination ~+10% International arrivals in Southern +25% Leisure ADR in Europe 300 M€ Europe (2025 vs. 2019) (2025 vs. 2019
Slide 35: Delivering the shift towards hotels across the portfolio
DELIVERING THE SHIFT TOWARDS HOTELS ACROSS THE PORTFOLIO 2025 PRO FORMA(1) HOTELS 2024 ~22% Reinforcement in +2.2pts Southern Europe NH Collection – Venice vs. 2024 2022 ~20% ~15% ~30% RESIDENTIAL Reinforcement in ~29% +0.7pt Berlin ~30% vs. 2024 Opelnerstrasse – Berlin OFFICES ~48% ~55% ~51% -3.0pt
Slide 36: IV. Key takeaways and guidance
IV. KEY TAKEAWAYS AND GUIDANCE L’Atelier – Paris CBD 36
Slide 37: 2024–2025: Ahead of strategic plan targets
2024 – 2025: AHEAD OF STRATEGIC PLAN TARGETS What we said Achievements Capital Markets Day - November 2024 2025 Full-Year Results – February 2026 # 1 Pursue portfolio rebalancing and centrality improvement ❑ +220 bps increase in hotel exposure (pro-forma(1)) # 2 Deploy our comprehensive hospitality
Slide 38: 2025: Starting point of a new growth phase
2025: STARTING POINT OF A NEW GROWTH PHASE LONG-TERM EARNINGS GROWTH FUELLED BY FOUR STRUCTURAL ENGINES 1 2 3 4 REBALANCING TOWARDS DEPLOYING OUR ASSET MANAGEMENT ANCILLARY REVENUES HOTELS HOSPITALITY-LED APPROACH Increasing average portfolio yield Strengthening recurring Supporting revenue growth D
Slide 39: 2026 Guidance – Continued growth in recurring net result
2026 GUIDANCE – CONTINUED GROWTH IN RECURRING NET RESULT 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 Lo
Slide 40: Key takeaways: a diversified platform supporting future growth
KEY TAKEAWAYS: A DIVERSIFIED PLATFORM SUPPORTING FUTURE GROWTH A REGULAR INCREASE IN EARNINGS WHILE IMPROVING DEBT METRICS 2025: a year of strong EPS(1) growth Adjusted EPRA Earnings (M€) ❑ +3.4% like-for-like rental growth and 97.1% occupancy rate 1. ❑ +10% growth in recurring net result / +6% per
Slide 41: Key upcoming events
KEY UPCOMING EVENTS Interim dividend payment 19th March 2026 Q1 2026 Activity 15th April 2026 Annual General Meeting 16th April 2026 Final dividend payment 17th July 2026 H1 2026 Results 21st July 2026 41
Slide 42: European investment market maintains recovery momentum
EUROPEAN INVESTMENT MARKET MAINTAINS RECOVERY MOMENTUM European investment volumes grew by +13% in 2025 (in Bn€) COME BACK OF LARGE DEALS 369 Office 333 309 312 325 308 Buyer: Blackstone 286 Trocadero 275 41,230 m² 241 112 Kléber 705 M€ | 17,100 €/m² 206 Paris CBD 4.25% yield 167 German residential
Slide 43: Offices – Return to a more balanced market environment
OFFICES – RETURN TO A MORE BALANCED MARKET ENVIRONMENT DEEPENING POLARIZATION MAIN TREND: IN THE EUROPEAN OFFICE MARKET DEMAND RECOVERY, CONTRACTED SUPPLY Average take-up growth driven by prime assets and central locations 1 Stronger future office demand supported by the return to office Lots of ‘re
Slide 44: Hotels – Steady growth of the European hotel market
HOTELS – STEADY GROWTH OF THE EUROPEAN HOTEL MARKET INCREASING REVPAR OUTPERFORMING GDP GROWTH WITH FAVORABLE DESPITE NEGATIVE BASE EFFECTS SUPPLY DEMAND IMBALANCE A GROWING DEMAND WITH LIMITED OFFER EXPECTED BY 2030 INCREASE IN OVERNIGHT STAYS RevPAR 2025 RevPAR 2026e ~+4% ~+1.3% vs. 2024 vs. 2025
Slide 45: Residential – Positive market momentum
RESIDENTIAL – POSITIVE MARKET MOMENTUM LIMITED GROWING CONSTRUCTION ACTIVITY MARKET RENTS AND PRICES Building permits rebound but remain Average asking residential rents /m² historically low in Germany (year-on-year change, 2025) (Rolling 12-months figures, November 2025) New flats Existing flats 50
Slide 46: Appendices
APPENDICES 1. REAL ESTATE MARKETS 2. COVIVIO’S PORTFOLIO 3. FINANCIAL & OPERATIONAL KEY PERFORMANCE INDICATORS 4. COMMITTED PIPELINE 5. MANAGED PIPELINE 46
Slide 47: Covivio's portfolio - Unique, irreplicable, and diversified
COVIVIO’S PORTFOLIO - UNIQUE, IRREPLICABLE, AND DIVERSIFIED Portfolio breakdown by value ❑ 96% in city centres and major business hubs 20.7% 49.0% Hotels(1) Offices ❑ High occupancy rate: 95.1% OFFICES ❑ +7.7% reversion captured in city centres +1.0pt -1.8pt vs. 2024 vs. 2024 16.0 BN€ 23.7 BN€ AT 10
Slide 48: Maintained high portfolio quality
MAINTAINED HIGH PORTFOLIO QUALITY HOTELS OFFICES GERMAN RESIDENTIAL 92% 70% 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(1) 100% 8.9/10 99% 73% 58% 61%(2) Certified portfolio Booki
Slide 49: Values at end-December 2025: +2.1% like-for-like
VALUES AT END-DECEMBER 2025: +2.1% LIKE-FOR-LIKE 2024 value 2025 value 2025 value H2 2025 12 months 2025 Group share 100% Group share LfL change LfL change yield City-centres 5,536 6,167 5,477 +0.7% +1.7% 5.0% Major business hubs 1,916 2,742 2,055 -1.9% -2.8% 7.1% Non-core 432 352 319 -10.6% -11.3%
Slide 50: 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 6.7 Bn€ 3.3 Bn€ SEGMENTS OPERATORS VALUE VALUE AT 100% (GROUP SHARE) Prime locations 8
Slide 51: Hotel lease properties – 61% of the portfolio
HOTEL LEASE PROPERTIES – 61% OF THE PORTFOLIO 2 Bn€ VALUE 11.1Y WALB (GROUP SHARE) 8.8/10 BOOKING.COM 57% Kimpton Fitzroy – London Anantara Palazzo Naiadi – Rome Eurostar Grand Marina – Barcelona LOCATION RATING EFFORT RATE ✓ Resiliency thanks to sustainable effort rates ✓ Growth through indexation
Slide 52: Hotel operating properties – 39% of the portfolio
HOTEL OPERATING PROPERTIES – 39% 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 53: 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 3% 16% Italy 5% Belgium 7%
Slide 54: Hotels portfolio: 92% in major European destinations
HOTELS PORTFOLIO: 92% IN MAJOR EUROPEAN DESTINATIONS (M€ - excl. Duties - Value 2024 Value 2024 Value 2025 Value 2025 Yield Dec. Yield Dec. LfL (%) change % of total Group share) 100% GS 100% GS 2024 2025 Lease Properties 4,047 1,890 4,216 2,038 3.4% 6.0% 6.1% 61% France 1,283 444 1,350 517 2.3% 6.0
Slide 55: 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-2025 Portfolio at end-2015 VALUE (100%) 7.7 Bn€ Hamburg Berlin Hamburg 7% VALUE (GROUP SHARE) 7% Berlin 58% 4.9 Bn€ 40% Signific
Slide 56: 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 2.8 Bn€ 10.8 €/m²/month 3,404 €/m² AVERAGE RENT VALU
Slide 57: 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 40% 16,431 5.3% 10% Mulheim Duisburg 11% 15% Almost fully let OCCUPANCY RATE LIKE-FOR-LIKE RENTS with increased lik
Slide 58: 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 70% Beige – Paris 7.9 Bn€ 4.6Y WALB 95.7% Occupancy rate 5.0% Yield GROUP SHARE(1) Of which 56% in Paris & Milan Strategy: long-
Slide 59: Offices – CB21: A strategic acquisition in a dislocated market
OFFICES – CB21: A STRATEGIC ACQUISITION IN A DISLOCATED MARKET JUNE 2025 CB21, an emblematic tower in La Défense 1 OPPORTUNISTIC ACQUISITION OF THE 25% MINORITY STAKE IN THE TOWER ✓ Great access, on metro Line 1 ✓ Exceptional visibility along the <3,000 €/m2 45 M€ ~10% Paris-La Défense axis Attracti
Slide 60: Offices – Long-standing footprint in Vélizy-Meudon's innovation cluster
OFFICES – A LONG-STANDING FOOTPRINT IN VÉLIZY-MEUDON’S INNOVATION CLUSTER 1 BLUE OWL JOINT-VENTURE (1/2) Within the Paris-Saclay innovation ecosystem Supporting the development of a mission-critical campus 15 Leading universities & schools Vélizy-Meudon 275 Laboratories Acquisition of Thales TED (pr
Slide 61: Offices – New strategic partnership supporting portfolio rebalancing
OFFICES – NEW STRATEGIC PARTNERSHIP SUPPORTING PORTFOLIO REBALANCING 2 BLUE OWL JOINT-VENTURE (2/2) Signing of an agreement for a partnership to share the whole Thales campus with Blue Owl in December 2025 ASSET VALUATION OF 503 M€ Helios 1 TED & Helios 2 Before 50% 50% 100% Above End-2024 After val
Slide 62: Appendices
APPENDICES 1. REAL ESTATE MARKETS 2. COVIVIO’S PORTFOLIO 3. FINANCIAL & OPERATIONAL KEY PERFORMANCE INDICATORS 4. COMMITTED PIPELINE 5. MANAGED PIPELINE 62
Slide 63: 2025 Revenues: +3.4% like-for-like rental growth
2025 REVENUES: +3.4% LIKE-FOR-LIKE RENTAL GROWTH Group share (in M€) 2024 2025 Change (%) Change (%) LfL % of revenue Offices 317.0 319.4 +0.8% +3.4% 45% Paris / Levallois / Neuilly 72.3 72.4 +0.1% +6.7% 10% Greater Paris (excl. Paris) 68.8 74.0 +7.5% +4.6% 10% Milan 68.9 73.6 +6.8% +1.5% 10% Teleco
Slide 64: Offices – Driving up occupancy and rents
OFFICES – DRIVING UP OCCUPANCY AND RENTS OCCUPANCY REMAINS LIKE-FOR-LIKE RENT GROWTH AT A HIGH LEVEL OUTPERFORMING INFLATION 95.1% +3.4% Like-for-Like Occupancy Rate Stable despite ~75,000 m2 of deliveries in 2025 (let at 74%) +2.0pts +1.1pt +0.3pt INDEXATION OCCUPANCY REVERSION 64
Slide 65: German residential – Accelerated rental growth
GERMAN RESIDENTIAL – ACCELERATED RENTAL GROWTH Increasing like-for-like rental growth Strong performances across the portfolio +4.8% +2.2% INDEXATION +3.0% +4.3% +3.9% +5.2% Hamburg +1.2% +3.1% 7% of portfolio Berlin REVERSION 58% of portfolio +4.9% +3.8% +1.4% MODERNIZATIONS NRW Dresden & Leipzig 2
Slide 66: Hotels – Revenue growth despite negative base effects
HOTELS – REVENUE GROWTH DESPITE NEGATIVE BASE EFFECTS Resilient performance despite base effects affecting France and Germany Fixed leases Positive outlook for 2026 +3.0% Recovery underway in Q4 53% Like-for-like Like-for-like HOTELS European RevPAR(1) revenue revenue growth growth REVENUE LIKE-FOR-
Slide 67: Lease expiries 2026 and 2027
LEASE EXPIRIES 2026 AND 2027 760 M€ 6.4y GROUP ANNUALIZED REVENUES WALB Office leases expiries High stay visibility Core assets to be managed Non Core assets to be managed 41.0 M€(1) 5.4% of annualized revenue 30.9 M€(1) 4.1% of annualized revenue 0.9 M€ Development: 6.4 M€ (city-centres) 15.4 M€ As
Slide 68: 2025 Profit & losses – Group share
2025 PROFIT & LOSSES – GROUP SHARE (In M€, Group share) 2024 2025 var. % Net rental income 585.3 584.7 -0.6 -0% EBITDA from hotel operating activity 43.3 70.0 +26.8 +62% Income from other activities 27.6 38.0 +10.4 +38% Management and administration revenue 30.8 32.8 +2.0 +6% Net revenue 687.0 725.5
Slide 69: New disposal agreements in 2025
392 M€ NEW DISPOSAL AGREEMENTS IN 2025 Disposals Agreements New New Total Margin vs <2025 <2025 disposals agreements Total Yield Realised 2024 value (In M€) closed to close 2025 2025 Disposals 1 2 3 =2+3 =1+2 100% 277.1 59.9 91.1 409.3 500.4 +0.4% +7.2% 368.2 Offices Group share 253.6 54.7 79.0 213.
Slide 70: Healthy balance sheet
HEALTHY BALANCE SHEET WELL STAGGERED MATURITIES Debt maturity schedule (in M€, Group share) DIVERSIFIED DEBT PROFILE Corporate credit facilities Mortgage loans Bonds 1,813 Covered by 2.1 Bn€ liquidity BONDS BANK 1,261 MORTGAGE 47% 1,043 1,098 LOANS 1,018 33% 100% 814 780 GREEN 495 404 261 24 2026 20
Slide 71: 2025 Balance sheet – Group share
2025 BALANCE SHEET – GROUP SHARE (In M€, Group share) 31 Dec. 2024 31 Dec. 2025 Liabilities 31 Dec. 2024 31 Dec. 2025 Assets Goodwill 169 171 Investment properties (at fair value) 12,426 12,398 Investment properties under development 973 1,243 Other fixed assets 1,298 1,205 Equity affiliates 292 347
Slide 72: Appendices
APPENDICES 1. REAL ESTATE MARKETS 2. COVIVIO’S PORTFOLIO 3. FINANCIAL & OPERATIONAL KEY PERFORMANCE INDICATORS 4. COMMITTED PIPELINE 5. MANAGED PIPELINE 72
Slide 73: Committed pipeline – 91 M€ additional revenue and 0.5 Bn€ remaining capex
COMMITTED PIPELINE –91 M€ ADDITIONAL REVENUE AND 0.5 BN€ 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 (3) Paris - Beige City-centres Paris Regeneration 11,200 m² 2026 9% 249 249 4.
Slide 74: Appendices
APPENDICES 1. REAL ESTATE MARKETS 2. COVIVIO’S PORTFOLIO 3. FINANCIAL & OPERATIONAL KEY PERFORMANCE INDICATORS 4. COMMITTED PIPELINE 5. MANAGED PIPELINE 74
Slide 75: 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 76: 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 ~ 45,000 m² A strategic plot connecting Residential area symbiosis to the CBD Railway Tunnel M3 Lodi Residential area Tibb Station PIAZZA VIALE ISONZO • Scalo i
Slide 77: Scalo di Porta Romana: timeline and budget
SCALO DI PORTA ROMANA: ONE OF THE GREATEST MIXED-USE URBAN REGENERATION PROJECT IN MILAN In 2024, Covivio launched an H1 2024 H2 2024 2026 2028 2029 international architectural competition (selection in 2025) Launch of north plot Awarding of north Approval of the architectural plot architectural mas
Slide 78: IR Team
IR Team ir@covivio.fr 10, rue de Madrid 75008 - Paris covivio.eu