2025 Universal Registration Document

1. 2025 Annual results: Strong growth in recurring earnings 10

2. Business analysis 19

3. Business analysis by segment 27

4. Financial information and comments 41

5. Financial resources 50

6. EPRA reporting 55

7. Real estate appraisals 64

8. Portfolio list 68

1. Risk factors 76

2. Internal control, risk management and compliance policies 95

3. Trends and outlook for 2026 101

1. Introduction 104

2. Environmental information 139

3. Social information 217

4. Business conduct information 271

5. CSR performance 281

6. Audit of non-financial information 290

1. Consolidated financial statements at 31 December 2025 297

2. Notes to the consolidated financial statements 303

3. Statutory report on the consolidated financial statements 361

4. Individual financial statements at 31 December 2025 366

5. Notes to the individual financial statements 370

6. Statutory report on the annual financial statements 410

7. Extract from the profit and loss account and balance sheet for the fiscal year ended 31 December 2025 415

1. Agenda and text of draft resolutions for the Combined General Meeting of 16 April 2026 442

2. Report of the Board of Directors on the text of the draft resolutions presented to the Combined

   General Meeting of 16 April 2026 456

3. Report from the Board of Directors on corporate governance 464

4. Statutory Auditors' special report on related-party agreements and regulated commitments 548

5. Report of the Statutory Auditors on the share capital reduction 553

6. Statutory Auditors' report on the issue of shares and/or other securities with or without a waiver

   of preferential subscription rights 554

7. Statutory Auditors' report on the issue of shares and/or other securities reserved for the benefit

1. Company overview 560

2. General information about the issuer and its share capital 563

3. Shareholder structure 569

4. Stock market ‒ Dividend 574

5. Administration and management 576

6. Information about the company and its investments 579

7. Significant agreements 581

8. Parties responsible for auditing the financial statements 582

9. Persons responsible for overseeing sustainability information 582

10. Person responsible for the Universal Registration Document 583

1. Concordance table for the Universal Registration Document 586

2. Table of concordance with the annual financial report 589

3. Concordance table with the management report 590

4. Cross-reference table with the tables on the remuneration of corporate officers

1. 2025 Annual results: Strong growth

   in recurring earnings 10

   1. Covivio: a diversified and constantly

      improving portfolio 11

   2. Acceleration of asset management

      initiatives 12

   3. Portfolio growth of +3.2% at current scope

      and 2.1% like-for-like 14

   4. Revenues up +3.7% at current scope

      and +3.4% like-for-like 15

   5. €1.5 billion of financing secured on attractive terms and a further

      strengthened balance sheet 15

   6. +10% growth in recurring net result

      (+6% per share) 16

   7. ESG: leadership further strengthened 16

   8. 2026 outlook 17

2. Business analysis 19

   1. Revenues: €705 million Group share in 2025 19

   2. Lease expiries and occupancy rates 20

   3. Breakdown of annualized revenues: well diversified by tenants and activity 21

   4. Improved cost to revenue ratio 22

   5. Disposals: €463 million realized and €392

      milllion of new agreements 22

   6. Investments: €446 million Group share 22

   7. Development projects 23

   8. Portfolio 25

   9. List of main Office and Hotel assets 26

1. Financial resources 50

   1. Summary of the financial activity 50

   2. Main debt characteristics 50

   3. Debt by type 51

   4. Debt maturity 52

   5. Hedging profile 52

   6. Debt ratios 52

   7. Reconciliation with consolidated accounts 53

2. EPRA reporting 55

   1. Change in net rental income (Group share) 55

   2. Investment assets - Information on leases 56

   3. Investment assets - Assets value 56

   4. Assets under development 57

   5. Information on leases 58

   6. EPRA Net Initial Yield 58

   7. EPRA cost ratio 59

   8. Adjusted EPRA Earnings: growing

      to €526.5 million 59

   9. EPRA NRV, EPRA NTA and EPRA NDV 60

   10. Capex by type 61

   11. EPRA LTV 62

   12. EPRA performance indicator

       reference table 63

   13. Financial indicators of the main activities 63

3. Real estate appraisals 64

   1. Asset valuation method 64

   2. Appraiser remuneration at Covivio level 65

   3. Abridged experts' report on the appraisal

1. Financial information and comments 41

   1. Consolidated accounts 41

1. Italy Offices 70

   1.3 1.3.1 1.3.2	Business analysis by segment Offices: 49% of Covivio's portfolio German residential: 30% of Covivio portfolio	27 27 33	1.8	at the end of 2025 of the market value of the France Offices and German Residential portfolios Portfolio list	65 68
   1.3.3	Hotels: 21% of Covivio's portfolio	36	1.8.1	France Offices	68

2. Germany Offices 71

3. Covivio Immobilien SE 72

4. Hotels 73

1. ‌2025 Annual results: Strong growth in recurring earnings

   "The implementation of our strategic priorities is translating into solid performance: in 2025, recurring net result rises by +6% per share, while net asset value is up +4%. In this context, and supported by its diversified model, Covivio enters 2026 with strong momentum and targets +4% growth in recurring net income per share."

   Christophe Kullmann, CEO of Covivio

   A year of accelerated asset management execution on all fronts

   • Hotels: successful integration of hotels consolidated at end-2024, illustrated by +13% like-for-like value growth

   • Offices: 135,000 m² leased and continued value creation across the Milan portfolio

   • Residential: active modernization and privatization programs (with a ~30% margin) and increasing ancillary revenues

   • Scaling up operated real estate model: +7% EBITDA growth on WiZiU, our own-operated hotel platform; scaling up managed residential in Germany; success of Covivio's service-led office offer

   • Quality accretive asset rotation: €463 million realized disposals, largely of peripheral assets, and €446 million investments mainly in prime offices and hotel

     Operational activity: +3.7% growth in revenues

   • Consolidated rental revenue of €1.1 billion (€705 million Group share), up +3.7% at current scope (+3.4% like-for-like)

   • Offices: rents up +3.4% like-for-like and 95.1% occupancy rate

   • Hotels: revenues up +7.7% at current scope and +1.6% on a like-for-like basis despite negative base effects

   • Residential: acceleration in like-for-like rental growth to +4.8% vs. +4.3% in 2024

   • High occupancy rate (97.1%) and long-term revenue visibility (6.4-year firm lease terms)

1. ‌Covivio: a diversified and constantly improving portfolio

   Covivio holds €23.7 billion (€16.0 billion Group share) of assets in Europe, managed according to three strategic pillars:

   1. Location in the heart of European capitals and major business and leisure hubs, particularly in Paris, Berlin and Milan. 96% of our assets are located in central areas (1) and 99% is less than 5 minutes' walk from public transport.

   2. An innovative and integrated real estate operator approach, inspired by the hotel industry. Beyond its integrated hotel platform WiZiU and its managed apartments operated through Covivio-to-share, Covivio also develops its operated office offering through Wellio, providing tailor-made solutions. This approach has been recognised by customers, as reflected in an average occupancy rate of 97%.

   3. Sustainable development: Covivio is committed to the climate transition, for a positive and lasting impact on the city. This objective is illustrated by an ambitious carbon trajectory (40% reduction in emissions from 2010 to 2030) and is praised by the main rating agencies (5-star by GRESB and AAA by MSCI and A List rating from CDP).

   The portfolio consists of 49% of offices, mainly in Paris, Milan and major German cities, of which 70% in city-centers and 26% in major business hubs; 30% of residential, mainly in Berlin (58% of the residential portfolio); and 21% of hotels in major European destinations (Paris, Berlin, Rome, Madrid, Barcelona, London, etc.), leased or managed by leading operators: Accor, IHG, Marriott, B&B, Minor Hotels, etc.

   ‌(1) Offices: centers of major European metropolises (Paris, Berlin, Milan, etc.) and main business hubs; Hotels: major European tourist destinations; Housing: Berlin, Dresden, Leipzig, Hamburg and major cities in North Rhine-Westphalia

2. ‌Acceleration of asset management initiatives

   1. Hotels: successful integration of hotels consolidated at end-2024

      In 2024, as part of the asset swap with Essendi (formerly AccorInvest), Covivio consolidated the OpCos and PropCos of 43 hotels, representing a total value of €1.5 billion at 100% (€0.5 billion Group share) and a blended property and operating yield of 7.9%. Located in major tourist cities such as Paris, Brussels, Lyon and Nice, this consolidated portfolio has already recorded a

      +13% increase in value in 2025 and offers significant additional value creation potential through capex programmes and brand repositioning.

      Four initial renovation and brand change projects were launched in 2025 within this portfolio, notably at the Mercure Nice, adjacent to the Méridien, which is owned by Covivio. Ideally located on the Promenade des Anglais, the hotel will be renovated by mid-2026 with 125 rooms and offers operational synergies with the neighbouring Le Méridien hotel, with both assets managed by Covivio's hotel operating platform, WiZiU.

      In Paris, works have commenced at the 326-room, 3-star Ibis Montmartre hotel, which will be operated under the Moxy by Marriott brand, enabling an enhanced customer mix and higher RevPAR. Delivery is expected for mid-2027. The Ibis Antwerp Centre and the Novotel Paris Pont de Sèvres are also undergoing refurbishment works, with completion scheduled for late 2026 to early 2027. These four projects, representing a total value of €185 million (€63 million Group share), involve €48 million of capex investment (€16 million Group share), expected to generate +€9 million of incremental EBITDA (+€3 million Group share), implying a marginal yield of 19% and €87 million in value creation (€30 million Group share).

      Beyond this, a further 15 hotels, representing a total value of €558 million (€206 million Group share), are expected to undergo value-enhancing works between 2026 and 2028. ~€260 million of capex investment (€91 million Group share) are planned to generate +€35 million of incremental EBITDA (+€12 million Group share), implying a marginal yield of 13% and value creation of around €205 million (€69 million Group share).

      new supply, with a Grade A vacancy rate of just 1.8%, Covivio has launched three development projects in Milan, representing a total investment cost of €139 million (€114 million Group share) and targeting a 7% yield. In particular, the Group launched the Vitae project in December, comprising 11,000 m² of office and laboratory. Located in Symbiosis area, a former industrial district in southern Milan fully redeveloped by Covivio, the project is already 75% pre-let. The main tenant, Fastweb, already a tenant of Covivio at Symbiosis A+B, will further strengthen its presence in an area that also hosts LVMH, SNAM, Boehringer Ingelheim, Mars Group and Gruppo Orsero. Completion of Vitae is scheduled for end-2027, with a total development cost of €61 million and a target yield of 6.3%.

      At the same time, Covivio has started the redevelopment of two assets in Milan, one located on Via Rombon and the other on Via Parini, in the Porta Nuova district. The latter (2), comprising 6,500 m², had long been leased to Telecom Italia and subsequently to Fibercorp. In 2025, Fibercop and Covivio signed an agreement for the release of 4,700 m² in view of its redevelopment. The total project cost, amounting to €53 million including land (of which

      €15m in capex), is expected to generate a rental yield of above 7%, with a value creation target of over +20%. The second project, on Via Rombon, totals 7,300 m², is scheduled for completion in 2027 and represents a €25m total development cost with an 8% target yield.

      1.1.2.3 Residential: continued rental growth and portfolio quality enhancement

      Covivio continued the active value enhancement of its German residential portfolio. Over the year, 2,842 units were re-let, achieving a strong rental reversion of +24%, including +36% in Berlin and +20% in North Rhine-Westphalia.

      This value enhancement dynamic was also driven by unit-by-unit disposal programmes. In 2025, 186 units - primarily vacant - were sold for €72 million (€47 million Group share). These disposals crystallised an average sales price of €5,960/m² and a margin of +30%. Proceeds were reinvested to enhance portfolio quality through modernisation programmes amounting to €81

   2. Offices : strong leasing activity and value creation in the Milan portfolio

      million (€52 million Group share), delivering an average return on investment of around 7%.

      Office leasing activity accelerated throughout the year, reaching nearly 135,000 m² let and renewed. Following 32,600 m² of lettings and renewals in the first half, 102,100 m² were signed in the second half, including 66,800 m² in the fourth quarter alone. New lettings totalled 81,500 m² over the year, including 41,600 m² in France, 24,800 m² in Italy and 15,100 m² in Germany. Covivio notably signed nearly 22,700 m² at the CB21 (1) tower in La Défense, securing almost half of the space vacated by Suez just six months after its departure. In Germany, the Group notably signed 4,400 m² at the Loft by Covivio building in Berlin, delivered in Q3 2025 and currently 76% let. First lettings totalling 4,800 m2 were also secured at Icon by Covivio in Düsseldorf, which was delivered at end-2025.

      Leasing momentum was also strong in Milan, with an occupancy rate of 97.9%. Through 20,800 m² of renewals, Covivio achieved an average rental reversion of +19% while extending lease terms to an average of 13 years firm. In a market facing a shortage of

      Across its residential portfolio of nearly 41,000 units in Germany, Covivio continues to roll out an extensive range of services aimed at enhancing the tenant experience. In particular, the Group offers heating and connectivity solutions through partnerships with specialised providers. At the same time, Covivio continues to build new residential units, primarily intended for disposal. These ancillary activities generated €15 million in additional revenues for Covivio in 2025 (€8 million Group share).

      Since 2018, the German business magazine FOCUS-MONEY, in collaboration with the Cologne-based research institute ServiceValue, has assessed leading landlords in Germany. For the 2026 study, approximately 1,900 tenants across Germany were surveyed online between November and December 2025. A total of 26 real estate companies were evaluated. Covivio was once again recognised in the "Fairest Landlord 2026" study, achieving the highest rating for the eighth consecutive year.

      1. ‌Including ~3,000 m signed in Feb. 2026.‌

      2. 51% owned by Covivio.

      1.1.2.4

      Scaling up operated estate model

      1.1.2.5

      Quality accretive asset rotation

      As an investor, developer, operator and service provider, leveraging diversified expertise across multiple asset classes and geographies, Covivio delivers sustainable real estate solutions for working, travelling and living.

      These solutions are part of a clear commitment to an enhanced real estate model that is more service-oriented and closely connected to end users. This integrated operator model is reflected in the in-house management of office buildings (through Wellio), hotels (through WiZiU) and residential assets (through Covivio To Share). Through this approach, the Group strengthens its direct relationship with users to better adapt to their evolving needs, while creating value by controlling both property and operating components, enhancing asset attractiveness, reducing costs and generating additional revenues.

      WiZiU, Covivio's hotel operating platform, manages 24 hotels, representing 10% of the hotel portfolio and 3,110 rooms. Following the integration of 14 hotels previously managed by Essendi, the platform has gained efficiency and delivered a +7% increase in EBITDA on a like-for-like basis.

      Wellio, Covivio's operated office brand, enhances the attractiveness of office spaces by offering services and contractual flexibility. This is reflected in an average occupancy rate of over 95% and additional revenues. Nearly €4 million was also generated through event space rentals within Covivio buildings, notably at the Group's headquarters, l'Atelier.

      In residential, Covivio manages 420 co-living units in Berlin. The platform is set to expand with the delivery of more than 300 additional units as part of the mixed-use Alexanderplatz development in H2 2027. This activity generates an average margin of 30%.

      In 2025, Covivio completed €606 million of disposals (€463 million Group share) and €577 m of investments (€446m Group share), contributing to the continued enhancement of portfolio quality and profitability. The average yield on disposals stood at 5.3%, compared with 6.6% for investments.

      1

      
      
      

      Disposals completed in 2025 primarily focused on office assets (€368m) located in southern Milan (Moncler's headquarters), Berlin and Montpellier. The Group also disposed of €107m (€70m Group share) of residential assets in Germany, mainly on a unit-by-unit basis, as well as €131m (€60m Group share) of non-core hotels in regional cities in Germany and France. Over the year, Covivio signed €671m (€392m Group share) of new disposal agreements, in line with end-2024 appraisal values (+1.3% premium Group share). The main new agreements signed at end-2025 related to the sharing of the Thales campus with Blue Owl, with closing expected in Q2 2026. As of end-2025,

      €386m of disposal agreements remain to be cashed in.

      At the same time, Covivio continued to invest in assets aligned with user expectations. A total of €361m (€287m Group share) was deployed to development and modernisation works, notably on prime office assets in Paris CBD (Beige, Grands Boulevards, The Line), Berlin-Alexanderplatz and Milan CBD (Corso Italia), as well as in German residential assets and initial hotel refurbishment projects. 92% of this capex is aligned with the EU Taxonomy.

      The Group also completed €103m (€79m Group share) of acquisitions, notably through the buyout of the 25% minority stake in the CB21 tower in Paris - La Défense. This opportunistic investment enables to take full ownership of this flagship asset at a pivotal stage following the departure of Suez, the tower's historic tenant. Covivio will therefore be able to fully implement its real estate strategy and capture the benefits of active asset management, in a context of recovering leasing market conditions in La Défense. The €50m transaction, immediately value accretive, targets a 10% yield on cost once the tower is fully re-let. To date, 50% of the space previously occupied by Suez has already been re-let.

      The remaining acquisitions mainly included hotels in Southern Europe, including the 176-room, 3-star B&B Porto Centro Massaleros hotel in Portugal.

3. ‌Portfolio growth of +3.2% at current scope and 2.1% like-for-like

   12 months

   (In € million,	Values 2024	Values 2025	Values 2025	at current change	Yield 2024	Yield 2025	In % of
   excluding duties)	Group share	100%	Group share	scope Like-for-like	(%)	(%)	portfolio

   change 12 months

   Offices 7,884	9,261 7,851 -0.4% -0.1%	5.8%	5.7%	49%
   German residential 4,587	7,659 4,855 +5.8% +4.9%	4.3%	4.2%	30%
   Hotels 3,059	6,734 3,324 +8.6% +3.7%	6.4%	6.2%	21%
   STRATEGIC TOTAL 15,530	23,654 16,030 +3.2% +2.1%	5.4%	5.3%	100%
   Non-strategic 26	30 18 n.a n.a	n.a.	n.a	n.a.
   TOTAL 15,556	23,684 16,048 +3.2% +2.1%	5.4%	5.3%	100%

   Covivio's portfolio recorded +3.2% growth on a current basis, reaching €16.0 billion Group share (€23.7 billion at 100%), notably driven by the return to like-for-like growth, up +2.1% over the year.

   In offices (stable on a like-for-like basis), values of core city-centre assets - representing 70% of the portfolio - increased by +1.7% on a like-for-like basis, supported by favourable market dynamics, particularly in Milan and Paris. Core assets located in major business districts (26% of the portfolio) declined by -2.8% over the year, impacted by value declines in Germany and in Greater Paris' inner suburbs. Finally, non-core assets, which now represent only 4% of the office portfolio compared with 6% a year earlier, recorded a -11.3% decrease on a like-for-like basis in a market characterised by limited transaction volumes. The average office portfolio yield stands at 5.7%.

   The German residential portfolio recorded +4.9% like-for-like growth, driven by rental growth (+4.8%). Values in Berlin (58% of the portfolio) were particularly strong, increasing by +5.4%. The average portfolio value stands at €2,699 per m2, including

   €3,404 per m2 in Berlin, based on block valuation. Nevertheless, 47% of the portfolio, representing €2.3 billion, has already been converted into condominiums, particularly in Berlin (67% and €1.9 billion), where the premium between block value and individual sales prices reaches +40-45%.

   The hotel portfolio benefited from the year-end 2024 deal of OpCos and PropCos and favourable market conditions, with values up +3,7% on a like-for-like basis. Hotels operated under property and operating structures increased by +4.2% on a like-for-like basis, including +13% on the combined assets, while leased hotels rose by +3.4%. Growth was particularly strong in France (+6.8%) and Southern Europe (+9.0% in Spain, +6.2% in Italy), whereas Germany (-2.1%) was impacted by weaker market performance in 2025.

   Omces

   49%

   €7.9 bn

   
   
   

   -0.1%

   Like-for-like

   Residential

   30%

   €4.9 bn

   
   
   

   +4.9%

   Like-for-like

   City-centers +1.7%

   70% of oNces portfolio

   Core outside city-centers -2.8%

   26%

   Non core -11.3%

   4%

   Berlin +5.4% /€3,404 /m²

   NRW +3.7% €1,853 /m²

   +3.7%

   Like-for-like

   Dresden & Leipzig +5.2% / €2,176 /m² Hamburg +5.1% / €3,752 /m²

   Hotels 21%

   €3.3 bn

1. ‌Revenues up +3.7% at current scope and +3.4% like-for-like

   			% change	% change to	Occupancy	Firm lease
   	Revenue 2024 Revenue 2025	Revenue 2025	current scope	Like-for-like	rate	terms
   In € million	Group share 100%	Group share	Group share	Group share	%	in years

   Offices	317.0	378.6	319.4	+0.8%	+3.4% 95.1%	4.9
   Residential Germany	190.5	315.7	200.3	+5.2%	+4.8% 99.0%	n.a.
   Hotels	171.3	363.2	184.5	+7.7%	+1.6% 100.0%	11.1
   Non strategic	1.0	1.1	0.6	n.a	n.a n.a	7.5
   TOTAL	679.8	1,058.5	704.8	+3.7%	+3.4% 97.1%	6.4

   Revenues amounted to €1.1 billion at 100% and €705 million Group share, up +3.7% year-on-year, driven by solid like-for-like performance, the 2024 hotel consolidation (nine-month contribution in 2024) and the acquisition of the 25% minority stake in the CB21 tower.

   On a like-for-like basis, revenues increased by +3.4%, supported by indexation (1.9 pt), higher occupancy and rental uplift on relettings and renewals (1.5 pt).

   In offices, rents rose by +3.4% on a like-for-like basis, driven by three main factors: indexation (2.0 pts), new lettings (+1.1 pt) and rental reversion on lease renewals (+0.3 pt). On a current basis, revenues increased by +0.8%, despite disposals, reflecting strong like-for-like performance and the buyout of the minority stake in CB21. In this context, the occupancy rate remained high at 95.1%, despite the delivery of roughly 75,000 m2over the year.

   In German residential, like-for-like rental growth accelerated to

   +4.8%, compared with +4.3% in 2024 and +3.9% in 2023, driven by indexation (2.2 pts), modernisation programmes (1.4 pt) and rental reversion (1.2 pt). Strategic vacancy related to privatisation programmes had a limited impact of -0.1 pt. The occupancy rate remained high at 99.0%.

   Hotel revenues increased by +7.7% on a current basis, benefiting from the increased stake in its Covivio Hotels subsidiary completed in Q2 2024. On a like-for-like basis, growth stood at

   +1.6%. Within variable revenues (47% of total hotel revenues), despite an unfavourable base effect related to the Olympic Games, France recorded +3.4% growth, supported by a very strong fourth quarter (EBITDA up +25%). In Germany, full-year performance (-9.9%) was significantly impacted by an adverse base effect (UEFA European Championship and biennial congresses) and weak economic activity. However, Q4 showed a recovery, with revenues up +4.9% year-on-year. Other countries delivered solid growth of +7.3%, supported by strong market conditions in Spain and Italy. Overall, variable revenues declined by -0.9% on a like-for-like basis but increased slightly (+0.2%) including the portfolio consolidated at end-2024 (excluded from the like-for-like scope). Meanwhile, the EBITDA margin improved by 1.2 points to 28.8%. Fixed revenues (53%) rose by +3.0%, driven by indexation.

   The average portfolio occupancy rate remains high at 97.1%, as does the average firm lease term at 6.4 years.

2. ‌€1.5 billion of financing secured on attractive terms and a further strengthened balance sheet

   1.1.5.1

   €1.5 billion financed or refinanced in 2025 on favourable terms

   1.1.5.2

   Solid debt metrics and continued reduction in Net Debt/EBITDA

   The Group secured nearly €1.5 billion of financing and refinancing at 100% (€1.1 billion Group share), with an average maturity of over 8 years.

   In June 2025, Covivio notably issued €500 million of green bonds maturing in 2034, with a spread of 135 bps. The transaction has been more than four times oversubscribed, reflecting strong investor appetite for this issuance, the first EU Green Bond format in the real estate sector.

   On the banking market, €1 billion of secured financing and corporate credit facilities were arranged, with an average maturity of nearly 8 years.

   These financings, largely linked to ESG performance criteria, enabled Covivio to further increase the share of green debt, which reached 74% at end-2025 (vs. 64% at end-2024).

   The Loan-to-Value (LTV) ratio remains stable at 38.9%, in line with the Group's policy of maintaining LTV below 40%. Net Debt / EBITDA continues to improve, at 10.7x compared with 11.4x at end-2024.

   Average debt maturity stands at 4.8 years (stable) and the Group maintains a high level of protection against interest rate increases, with a hedging ratio of 87% and an average hedge maturity of 5.5 years. The average cost of debt stands at 1.7% and is expected to remain below 2.5% through 2029.

   On 15 May 2025, Standard & Poor's confirmed its BBB+ rating on Covivio with a stable outlook.

3. ‌+10% growth in recurring net result (+6% per share)

   1. Recurring net result of €526.5 million, up +10% year-on-year

   2. Net asset value (EPRA NTA) of

      €82.9/share, up +4% year-on-year

      Driven by strong operational momentum, portfolio rotation and growth in ancillary revenues (asset management and development fees, as well as service-related income), net rental income increased by +5.6% year-on-year to €725 million (Group share). In parallel, disciplined cost control supported a +7.7% increase in operating profit, which reached €615.7 million.

      Net financial expenses decreased by -6.9% over the period, as the increase in the cost of debt was offset by higher capitalised financial expenses linked to the expansion of the development pipeline. Capitalised financial expenses are expected to decline in 2026 following the deliveries of Icon by Covivio (Düsseldorf) at end-2025 and Beige (Paris) in 2026.

      Recurring net result (Adjusted EPRA Earnings) therefore recorded strong +10% year-on-year growth, reaching €526.5 million. On a per-share basis, it amounted to €4.75, up +6.4%, reflecting the increase in the number of shares in 2024 related to the payment of the 2023 dividend in shares and the strengthened position in hotels.

      Covivio's net profit amounted to +€739 million, benefiting not only from recurring earnings but also from positive fair value movements and the reduction of deferred tax liabilities in Germany, following the gradual decrease in the corporate tax rate from 15% to 10% between 2027 and 2032.

      EPRA NTA (continuation NAV) amounted to €9,236 million and

      €82.9 per share, up +3.9% per share year-on-year. Recurring earnings, asset value growth and value creation from acquisitions more than offset the dividend payment. EPRA NDV (liquidation NAV) stood at €9,140 million (€82.1 per share), up +5.3% per share, while EPRA NRV (reinstatement NAV) reached €10,074 million (€90.5 per share; +3.9% per share).

   3. Proposed dividend of €3.75 per share, up +7%

      Covivio will submit to the vote of the Annual General Meeting on 16 April 2026 the payment of a €3.75 per share cash dividend, up

      +7% compared with 2024. Considering the recurring nature of its business, Covivio will distribute the dividend in two instalments: an interim dividend of €1.50 will be paid on 19 March (ex-dividend date: 17 March), with the balance of €2.25 to be paid on 17 July (ex-dividend date: 15 July).

      Based on the current share price, this dividend represents a yield of nearly 7%.

4. ‌ESG: leadership further strengthened

   Covivio continues to implement its ambitious and pragmatic ESG strategy, focused on tackling climate change through improving the energy efficiency of its assets, while addressing the expectations of its clients and stakeholders.

   1. A portfolio now 100% certified (1)

      Covivio achieves its target set 6 years ago: the share of assets benefiting from HQE, BREEAM, LEED or equivalent certification, either in operation and/or under development, now reaches

      100% (+1.1 pt vs. 2024). In addition, the proportion of office buildings holding the highest certification levels (Very Good and above) stands at 73%, up +2 pts compared with end-2024.

      This environmental improvement policy actively contributes to the achievement of the Group's ESG ambitions, notably its target to reduce greenhouse gas emissions by -40% between 2010 and 2030 (across scopes 1, 2 and 3 and over the entire asset life cycle, including materials, construction, refurbishment and operation).

      98.5% 100%

      95%

      88%

      91%

      93%

      84%

      54%

      48%

      45%

      35%

      2015

      2016

      2017

      2018

      2019

      2020

      2021

      2022 2023

      2024

      2025

      ‌(1) Certification rate of 99.6%, rounded to 100%

   2. Increase in the share of ESG-linked debt

      A pioneer in green bond issuance since 2016, Covivio continues to increase its share in green debt (linked to ESG targets), which reaches 74% at end-2025 (vs. 64% at end-2024). All of Covivio's outstanding bonds are green bonds. In particular, Covivio became the first European real estate company to issue a green bond under the new EU Green Bond format.

      Effective since December 2024, this new framework aims to harmonise and strengthen the requirements applicable to green bonds. This voluntary European regulation (EU Green Bond Standard) is based on the EU Taxonomy and sets out clear rules regarding transparency, reporting and verification. By inaugurating this new format within the real estate sector, Covivio further reinforces its position as a pioneer in the green bond market.

      Among other recognitions of its ESG policy, Covivio also maintains its AAA rating from MSCI, as well as its "negligible risk" status from Sustainalytics, supported by an improved score placing Covivio among the highest-rated companies globally across all sectors.

      1

      
      
      

      In early 2026, Covivio joined CDP's Climate A List (formerly Carbon Disclosure Project), the international non-profit organisation that invites companies to disclose their climate change strategy. The Climate A List recognises companies with comprehensive and transparent climate strategies. In 2025, only 877 companies were included in the A List, representing around 4% of the 22,100 participants.

      1.1.7.4 Covivio, committed to low-carbon construction and refurbishment

   3. Covivio among the highest-rated companies by rating agencies

      In September, the Association for Low-Carbon Building Development (BBCA) announced the winners of the inaugural Low-Carbon Real Estate Awards. L'Atelier, Covivio's European

      Each year, GRESB (Global Real Estate Sustainability Benchmark) assesses and ranks the ESG policies, action plans and performance of more than 2,000 companies in the building and real estate sector worldwide. In 2025, Covivio ranks first in its category in the Standing Investments segment, with a score up 3 points to 91/100, compared with a sector average of 82/100, thereby maintaining its "5-star" status. The Group also retains its score of 98/100 in the Development segment, in the Office category, representing an 11-point improvement since 2020.

      ISS ESG, the responsible investment arm of ISS STOXX, provides sustainability performance assessments of companies through its ESG Corporate Rating, covering 12,000 issuers worldwide. In October, ISS ESG upgraded Covivio's rating to B (from B-). Covivio also maintains its Prime status, which it has held every year since 2015.

      headquarters, received the BBCA 2025 Grand Prize in the Tertiary Renovation category. The project was notably recognised for the preservation of its architectural heritage. Beige, scheduled for delivery in 2026, is also targeting BBCA certification and stands out for the circular approach implemented throughout the project to reduce emissions associated with the renovation works. The project also aims to improve energy performance by 45% and to create 1,900 m2of landscaped outdoor areas.

      The Group has also signed an agreement for the acquisition of a MEININGER hotel in Porto, which will become the first building in Portugal to be certified under the LCBI (Low Carbon Building Initiative) label.

5. ‌2026 outlook

   In 2026, Covivio intends to continue its growth momentum and further advance its three strategic priorities:

   Thales has been present in Vélizy-Meudon since 1971, within the Paris-Saclay (1) innovation and defence cluster, the leading hub in

   i)

   ii)

   Rebalancing its portfolio across its three asset classes, with a focus on strengthening exposure to hotels (target 1/3 vs. 21% at end-2025) and increasing centrality (80% of the office portfolio located in city centres vs. 70% at end-2025);

   Unlocking the portfolio's growth potential, notably through value-enhancing hotel refurbishment programmes;

   Greater Paris. Since 2002, Covivio has supported Thales' expansion in Vélizy through three sites (including one currently under construction), leased for an average of 12 years and representing more than 126,000 m². This makes it Thales' largest site worldwide, with nearly 6,000 employees.

   The transaction involves the creation of a joint venture owned 51% by Covivio and 49% by Blue Owl, which will hold the three

   iii) Deploying its integrated real estate operator model across all asset classes and growing ancillary revenues.

   The start of the year has been dynamic, with the announcement of the partnership with Blue Owl in Vélizy and €700 million (€550 million Group share) of hotel reinforcements initiated.

   Covivio and funds managed by Blue Owl Capital, a US-based alternative asset manager with >$300 billion of assets under management, signed an agreement at end-2025 to form a joint venture aimed at acquiring the Thales sites in Vélizy-Meudon, currently owned by Covivio. Completion of the transaction is expected by Q2 2026.

   Thales sites in Vélizy:

   • The "Hélios 1" campus, comprising 46,750 m², currently held in partnership between Covivio and Crédit Agricole Assurances;

   • The TED production and R&D site, totalling 41,500 m², 100%-owned by Covivio;

   • The new "Hélios 2" campus, comprising 38,000 m², currently under construction with delivery scheduled for mid-2026 and fully owned by Covivio. Under this forward sale agreement (VEFA), Covivio will retain its role as developer.

   ‌(1) Paris-Saclay university and research cluster, source: EPA Paris-Saclay.

   The transaction values the entire site at €503 million, representing an exposure of €246 million for Blue Owl. As part of the transaction, Crédit Agricole Assurances will sell its entire stake in Hélios 1. Consequently, for Covivio, the transaction represents the equivalent of €138 million (Group share) in disposals, at a premium to end-2024 appraisal values.

   By welcoming Blue Owl, Covivio opens a new chapter in its partnership-driven growth model, which has supported its growth from the very beginning.

   At the same time, Covivio, through its subsidiary Covivio Hotels (1), has entered into exclusive negotiations for the acquisition of

   €300 million of leased hotels in Italy and Spain (€160 million Group share), further strengthening its presence in Southern Europe. These transactions are based on an average fixed yield of above 6% and a target yield (including variable components) of 7%. Final agreements are expected to be signed during Q1, subject to completion of final due diligence.

   In addition, the Group will further increase its hotel exposure by

   €400 million (€389 million Group share) through five office-to-hotel conversion projects. Located in Paris and Boulogne-Billancourt in France, as well as in Bologna, Italy, these five projects - with deliveries expected in 2028/2029 - represent

   €211 million (2) of capex, targeting a yield on total project cost (€407 million including land value) of approximately 6%. The four assets in Paris and Boulogne were vacated prior to 2025 and generated no rental income in 2025.

   1. 2026 Guidance: growth in recurring net result

      Despite higher financing costs, the temporary slowdown in indexation and the impact of Suez's departure from CB21 - with relettings taking effect progressively throughout the year - Covivio should deliver solid rental prospects in 2026. The Group will benefit from the qualitative repositioning of its portfolio and ongoing asset management initiatives. The ramp-up of its integrated operator model and ancillary activities is also expected to further support performance. Covivio is therefore targeting around +4% growth in 2026 recurring net result (adjusted EPRA Earnings) per share.

      1. ‌53.2% owned by Covivio.‌

      2. €206m Group share.

1. ‌Business analysis

   1. ‌Revenues: €705 million Group share in 2025

      (In € million)	100%			Group share
      	2024	2025	Change (%)	2024	2025	Change (%)	Change (%) LfL(1)	% of revenue
      Offices	385.5	378.6	-1.8%	317.0	319.4	+0.8%	+3.4%	45%
      Paris / Levallois / Neuilly	77.7	78.9	+1.5%	72.3	72.4	+0.1%	+6.7%	10%
      Greater Paris (excl. Paris)	92.3	89.9	-2.6%	68.8	74.0	+7.5%	+4.6%	10%
      Milan	68.9	73.6	+6.8%	68.9	73.6	+6.8%	+1.5%	10%
      Telecom Italia	58.0	56.2	-3.0%	29.6	28.7	-3.0%	+1.1%	4%
      Top 7 German cities	56.8	48.9	-13.9%	50.6	45.2	-10.8%	+0.8%	6%
      French Major Regional Cities	23.0	23.0	+0.1%	17.9	17.5	-2.3%	+2.0%	2%
      Other (France & Italy)	8.8	8.1	-8.4%	8.8	8.1	-8.4%	+2.1%	1%
      Germany Residential	297.3	315.7	+6.2%	190.5	200.3	+5.2%	+4.8%	28%
      Berlin	152.9	162.1	+6.0%	98.5	102.4	+4.0%	+5.2%	15%
      Dresden & Leipzig	24.0	25.7	+6.8%	15.6	16.6	+6.7%	+3.8%	2%
      Hamburg	19.4	20.1	+4.0%	12.7	13.2	+4.0%	+3.0%	2%
      North Rhine-Westphalia	101.0	108.0	+6.9%	63.7	68.1	+7.0%	+4.9%	10%
      Hotels	353.5	363.2	+2.7%	171.3	184.5	+7.7%	+1.6%	26%
      Lease Properties	268.0	229.4	-14.4%	128.1	114.5	-10.6%	+3.6%	16%
      France	91.0	43.4	-52.3%	39.6	23.0	-41.9%	+2.1%	3%
      Germany	35.5	38.4	+8.3%	16.8	17.9	+6.3%	+1.7%	3%
      UK	38.3	38.9	+1.5%	19.3	20.6	+6.7%	-0.1%	3%
      Spain	42.5	42.5	-0.1%	21.6	22.5	+4.4%	+6.4%	3%
      Belgium	15.4	10.6	-31.0%	7.8	5.6	-27.6%	+2.3%	1%
      Italy	16.8	18.7	+11.5%	8.8	9.9	+12.7%	+11.5%	1%
      Others	28.5	36.9	+29.5%	14.1	14.8	+5.5%	+5.0%	2%
      Operating Properties(2)	85.5	133.8	+56.4%	43.3	70.0	+61.9%	-3.9%	10%
      France	26.2	71.2	+172%	13.7	37.8	+175%	+4.9%	5%
      Germany	45.2	38.9	-13.9%	22.2	19.7	-11.4%	-9.7%	3%
      Others	14.1	23.6	+67%	7.3	12.6	+71%	+2.3%	2%
      Total strategic activities	1,036.3	1,057.4	+2.0%	678.8	704.2	+3.8%	+3.4%	100%
      Non-strategic 2.1		1.1	-48.7%	1.0	0.6	-44.5%	+2.2%	0%
      TOTAL REVENUES	1,038.4	1,058.5	+1.9%	679.8	704.8	+3.7%	+3.4%	100%

      1. LfL: Like-for-Like.

      2. Operating Properties (EBITDA).

         Group share revenues, up +3.7% at current scope, stand at €704.8 million vs.€679.8 million in 2024, due to:

         • The +3.4% increase on like-for-like basis, split between:

           • Offices: +3.4% like-for-like, driven by indexation and letting activity

           • Hotels: like-for-like revenue increased by +1.6%, due to a

             +3.0% like-for-like growth for fixed lease properties, -0.9% for variable revenues linked to negative base effect (Olympic Games and Euro Soccer games in 2024) and negative performance in Germany, despite growth in France, UK and Southern Europe

           • German Residential: a robust and accelerated growth of

             +4.8% like-for-like vs +4.3% in 2024.

         • The reinforcement of the stake in Covivio Hotels in 2024 and H1 2025: +€7.4 million

         • Reinforcement of ownership on CB21 tower: +€5.6 million

         • Negative impact of the disposals: -€7.4 million.

   2. ‌Lease expiries and occupancy rates

      1. Lease expiries: average firm residual duration of 6.4 years

         1. Average lease duration by activity

            Group share, in Years	By lease end date (1st break)		By lease end date
            	2024	2025	2024	2025
            Offices	4.8	4.9	5.4	5.4
            Hotels	11.0	11.1	12.6	12.2
            Non-strategic	8.0	7.5	8.0	7.5
            TOTAL	6.2	6.4	7.1	7.1

         2. Lease expiries schedule

            Group share

            (In € million)

            By lease end date

            (1st break) % of total By lease end date % of total

            2026	39	5%	19	3%
            2027	43	6%	30	4%
            2028	51	7%	38	5%
            2029	26	3%	26	3%
            2030	57	8%	48	6%
            2031	55	7%	44	6%
            2032	40	5%	55	7%
            2033	36	5%	50	7%
            2034	16	2%	38	5%
            2035	17	2%	38	5%
            Beyond	104	14%	96	13%
            Offices and Hotels leases(1)	482	63%	482	63%
            German Residential	207	27%	207	27%
            Hotel operating properties	71	9%	71	9%
            TOTAL	760	100%	760	100%

            1. Excluding non-strategic

               In 2026, lease expiries with first break options represent €39 million:

               • €23.5 million are already managed

               • €2.5 million vacating for redevelopment in Paris

               • €12.5 million (1.6% of Annualized revenue) are still to be managed in offices.

      2. Occupancy rate: 97.1% secured, stable vs. 2024

         Group share (In %)

         Occupancy rate

         2024 2025

         Offices 95.5%	95.1%
         German Residential 99.2%	99.0%
         Hotels (1)100.0%	100.0%
         Total strategic activities 97.2%	97.1%
         Non-strategic n.a.	n.a.
         TOTAL 97.2%	97.1%

         (1) on leased assets

         High occupancy rate at 97%. In offices, occupancy rate reaches 95.1%, close to 2024 despite 75,400m² development projects delivered over the year.

         1

         
         
         

   3. ‌Breakdown of annualized revenues: well diversified by tenants and activity

      By major tenants

      Group share (In € million)

      Annualized revenues

      2025 %

      Minor (NH Hotels)	32	4%
      Fibercorp	26	3%
      B&B	26	3%
      Orange	21	3%
      IHG	20	3%
      Dassault	18	2%
      Tecnimont	16	2%
      Thalès	14	2%
      LVMH	10	1%
      Edvance	10	1%
      Essendi	9	1%
      Cerved	8	1%
      Chloé	7	1%
      Fastweb	7	1%
      NTT Data Italia	6	1%
      Operating Properties	71	9%
      Other < €5m	254	33%
      German Residential	207	27%
      TOTAL	760	100%

      By activity

      16%

      Italy omces

      25%

      France omces

      6%

      Germany

      omces

      27%

      German

      Residential

      25%

      Hotels

   4. ‌Improved cost to revenue ratio

      Offices

      German

      Residential Hotels Total

      Group share (In € million) 2025 2025 2025 2024 2025

      Rental Income	318.0	201.7	115.1	636.6	634.8
      Unrec. property oper. costs	-19.2	-0.7	-1.2	-23.5	-21.0
      Expenses on properties	-12.0	-14.4	-0.2	-25.4	-26.5
      Net losses on unrec. receivable	-1.0	-2.1	0.6	-2.4	-2.5
      Net rental income	285.9	184.5	114.3	585.3	584.7
      Cost to revenue ratio	10.1%	8.5%	0.7%	8.1%	7.9%

      Cost to revenue ratio is down by -20 bps year-on-year, mostly thanks to lower non-recoverable property operational costs in offices offsetting the decrease of rental revenues in hotels.

   5. ‌Disposals: €463 million realized and €392 milllion of new agreements

      Disposals

      New

      New

      Total

      (<2025

      Agreements

      disposals agreements

      Total

      Margin

      Realised

      (In € million)

      closed)

      (I)

      <2025

      to close

      2025 (II)

      2025 (III)

      2025

      (II) + (III)

      vs 2024

      value Yield (1)

      Disposals

      = (I)+(II)

      Offices & Conversion to Residential	100% 277 60	91 409 500 0.4% 7.2%	368
      	Group share 254 55	79 213 292 -2.7% 7.6%	333
      Germany Residential	100% 40 1	67 34 101 23.4% 1.6%	107
      	Group share 26 1	44 22 66 23.4% 1.6%	70
      Hotels & Non strategic	100% 64 3	67 3 70 1.8% 7.8%	131
      	Group share 28 2	32 2 34 1.9% 7.7%	60
      TOTAL	100% 381 64	224 446 671 3.4% 6.4%	606
      	GROUP 308 57 SHARE	155 237 392 1.3% 6.6%	463

      (1) Group Share

      The realized disposals made in 2025 mainly concerned office assets (€368 million at 100%) at the periphery of Milan (Moncler headquarters), Berlin and Montpellier. The group also sold €107 million (€70 million Group share) of residential assets in Germany, mainly condominiums, and €131 million of non-core hotels (€60 million Group share) located in regional cities in Germany and France.

      Over the year, Covivio signed €671 million (€392 million Group share) in new sales agreements, in line with appraisal values at the end of 2024 (+1.3% margin). The main new agreements at the end of 2025 concerned the sale of 49% of the Thales campus to Blue Owl, which is expected to close in the second quarter of 2026.

      At end 2025, €386 milllion Group Share (€602 million at 100%) of sales agreements remain to be cashed in.

   6. ‌Investments: €446 million Group share

      Covivio continued its investment programs in assets aligned with user expectations. €361 million (€287 million in Group Share) was spent on development and modernization work on prime office space in Paris CBD (Beige, Grands Boulevard, The Line), Berlin-Alexanderplatz, Milan CBD (Corte Italia), residential properties in Germany, and initial hotel renovation projects. 92% of the capex are aligned with the taxonomy.

      The group also made €103 million (€79 million Group Share) in acquisitions, notably by buying back the 25% minority stake in the CB21 tower in Paris-La Défense. This opportunistic investment allows Covivio to regain full ownership of this iconic asset at a key moment in the building's life following the departure of Suez, the tower's long-standing tenant. The remaining acquisitions mainly concern hotels in Southern Europe, including the 176-room 3* B&B Porto Centro Massaleros hotel in Portugal.

      1

      
      
      

   7. ‌Development projects

      1. Deliveries: 75,400 m² of offices & two hotels delivered

         • A turnkey project in Paris 1string for Thalès, with 8.2% yield on cost, to be shared with Blue Owl (closing of the partnership in H1 2026)

         • Corte Italia in Milan (€125 million total cost), 100% let, with a 6% yield on cost.

         • Loft in Berlin (€27 milllion total cost), 76% let, with a 5% yield on cost.

         • Icon in Dusseldorf (€235 million total cost), 59% let, with a 6% yield on cost.

         • The Met Hotel Leeds & Novotel-Ibis Brugge (€41 million total cost), offering 403 rooms for a 9% yield on cost.

      2. Committed pipeline: €91 million Group Share of future revenues

         • New developments in the city center of Berlin (Alexanderplatz) and Milan (Vitae), with an average yield on cost of 5.3%

         • The redevelopment of half (34,000m²) of the CB21 tower in La Défense, with a yield on cost of 6.7%.

           Covivio also has a hotel pipeline of 9 buildings, offering a 7.4% yield on cost:

         • Transformation of office to hotels in Paris (two projects) & Bologne, with an average yield on cost of 6.4%

         • A turnkey project in Porto for Meininger, with 7.4% yield on cost

           Covovio's development pipeline evolved in 2025, with hotel projects in particular gaining momentum (19% of the total pipeline). The committed pipeline now includes office, mixed-use, and hotel projects with an average total yield of 6.0%.

           Covivio has a pipeline of 8 office / mixed-use buildings with €69 million of additional revenue potential in France, Germany, and Italy. This pipeline will participate to the continued improvement of the portfolio quality towards centrality & grade A buildings (100% of the projects certified "Excellent" or above).

           The office / mixed-use pipeline is made of:

         • Redevelopments in Paris CBD (Grands Boulevards & Monceau) & Milan (Rombon & Parini), with an average yield on cost of around 5.0% and marginal yield on capex of 6% to 7%

         • Refurbishment of hotels, most of it coming from the acquisition of the opcos from Essendi, 5 hotels for a yield on cost of 9.7% and a marginal yield on capex of 15.3%. 26 new rooms will be opened in these hotels, and two establishments will change operator brand.

         The regeneration or construction of these hotels will allow to open 668 additional rooms. The hotel pipeline will generate €21 million of revenues after its delivery.

         Capex still to be spent on the total committed (office, mixed-use, hotels) development pipeline amount to €465 million Group share (€155m per year by end-2028 on average), of which €309 million in offices & mixed-use buildings, and €155 million in hotels.

         Committed projects

         Offices & Mixed-Use Location Project type

         Surface(1)

         (m2)

         Delivery

         year

         Pre-leased

         (%)

         Total Budget(2)

         (€ million, 100%)

         Total Budget(2)

         (€ million, GS)

         Target Yield (3)

         Hélios 2 (51% share)	Meudon	Construction	38,000 m²	2026	100%	197	100	8.2%
         Beige	Paris	Regeneration	11,200 m²	2026	9%	249	249	4.8%
         CB21 (50% of areas)	La Défense	Regeneration	34,000 m²	2026	29%	256	256	6.7%
         Grands Boulevards	Paris	Regeneration	7,500 m²	2027	0%	157	157	4.6%
         Rombon	Milan	Regeneration	7,300 m²	2027	29%	25	25	8.0%
         Vitae	Milan	Construction	11,000 m²	2027	75%	61	61	6.3%
         Parini (51% share)	Milan	Regeneration	6,500 m²	2027	12%	53	27	7.4%
         Alexanderplatz (55% share)	Berlin	Construction	60,000 m²	2027	35%	623	343	5.0%
         TOTAL COMMITTED OFFICE / MIXED-USE PIPELINE	175,500 M²				34%	1,622	1,219	5.7%

         Committed projects Hotels Location Project type

         Number of

         rooms

         Delivery

         year

         Total Budget(2)

         (€ million, 100%)

         Total Budget(2)

         (€ million, GS)

         Target Yield (3)

         Mercure - Prom. des Anglais	Nice	Regeneration	125	2026	37	20
         Novotel - Pont de Sèvres	Paris	Regeneration	131	2027	29	15
         Ibis - Centrum	Anvers	Regeneration	150	2026	18	10
         Voco - Picardie	Le Touquet	Regeneration	113	2027	33	18
         Moxy - Montmartre	Paris	Regeneration	326	2027	111	18
         Raspail	Paris	Tranformation	103	2028	129	129
         Bobillot	Paris	Tranformation	98	2028	44	44
         B&B - Piazza del 8 Agosto	Bologne	Tranformation	213	2028	38	20
         Meininger - Bonfim	Porto	Construction	228	2028	32	17
         TOTAL COMMITTED HOTELS			1 487		470	290 7.4%

         Total committed pipeline

         Total Budget

         (€ million, 100%)

         Total Budget

         (€ million, GS)(2)

         Target Yield(3)

         OFFICES / MIXED-USE & HOTELS

         2 092

         6.0%

         1 510

         1. Surface at 100%.

         2. Including land and financial costs.

         3. Yield on total rents over total budget.

      3. Managed Pipeline

         In the long-term, Covivio also owns more than 227,000 m² of landbanks that could welcome new development projects:

         • in Paris, Greater Paris and Major French Cities (115,000 m²) mainly for turnkey developments

         • in Milan mainly with Symbiosis area (23,000 m²), and Porta Romana (76,000 m²)

         • and approximately 14,000 m² in Berlin.

         Around 15 hotels, mainly located in France, with a total value of

         €558 milllion (€205 million Group share), will undergo value-enhancement works between 2026 and 2028. Planned capex of ~€260 million (€91 million Group share) is expected to generate €35 million of incremental EBITDA (€12 million Group share) and ~€210 million of value creation (€69 million Group share), corresponding to a marginal yield of 13%.

         1

         
         
         

   8. ‌Portfolio

      1. Portfolio value: +3.2% at current scope, +2.1% like-for-like change over the year

         	Value 2024	Value 2025	Value 2025	Change LfL (1)change			% of
         (€ million, Excluding Duties)	Group share	100%	Group share	(in %) 2025	Yield 2024	Yield 2025	portfolio

         Offices	7,884	9,261	7,851	-0.4%	-0.1%	5.8%	5.7%	49%
         Residential Germany	4,587	7,659	4,855	+5.8%	+4.9%	4.3%	4.2%	30%
         Hotels	3,059	6,734	3,324	+8.6%	+3.7%	6.4%	6.2%	21%
         Non-strategic	26	30	18	-29.0%	-1.4%	n.a.	n.a.	n.a.
         TOTAL	15,556	23,684	16,048	+3.2%	+2.1%	5.4%	5.3%

         (1) LfL: Like-for-Like

         Covivio's assets grew by +3.2% on a current basis, to €16.0 billion Group share (€23.7 billiion at 100%), thanks in particular to the return to growth on a like-for-like basis, with an increase of +2.1% over the year.

         • In offices (stable on a like-for-like basis), the value of core assets in city centers, which represent 70% of the portfolio, rose by +1.7% on a like-for-like basis, benefiting from favorable market dynamics, particularly in Milan and Paris. The value of core properties located in the main business districts (26% of the portfolio) fell by 2.8% over the year, penalized by the decline in values in Germany and the inner suburbs of Greater Paris. Finally, non-core assets, which represent 4% of the office portfolio compared with 6% a year earlier, saw their value decline by 11% on a like-for-like basis in a market lacking in transactions. The average yield on the office portfolio was 5.7%.

         • German residential assets grew by +4.9% on a like-for-like basis, driven by +4.8% growth in rents. Values in Berlin (58% of assets) performed particularly well, rising by +5.4%. The average metric value of residential assets was €2,587/m², including 3,404/m² in Berlin, based on a block valuation. However, 47% of the portfolio, or €2.3 billion, is already divided into condominiums, particularly in Berlin (67% and €1.9 billion), where the difference between block value and unit price is

           +40-45%.

         • The hotel portfolio, buoyed by the deal with Essendi at the end of 2024, grew by +3.7% on a like-for-like basis. The portfolio of operating grew by +4.2% on a like-for-like basis, including

         +13% on assets for which Covivio bought the operating companies at end of 2024 to merge the operating companies & the property companies. The lease portfolio gained +3.4%. Growth was particularly strong in hotels in France (+6.8%) and southern Europe (+9.0% in Spain, +6.2% in Italy), while Germany (-2.1%) was penalized by negative market performance in 2025

         Over the year, the portfolio quality improvement continued, with a certification rate at 99.6% (up 1.1pt vs end-2024).

         Geographical portfolio breakdown at end-2025

         8%

         
         
         

         35%

         41%

         16%

   9. ‌List of main Office and Hotel assets

      The value of the ten main assets represents 12% of the portfolio at 100%.

      Top 10 Assets (100%)	Location	Tenants	Surface (m2)	Covivio share
      GARIBALDI COMPLEX	Milan	Multi-let	44,700	100%
      CB21	La Defense	Multi-let & Dev.	68,100	100%
      PARK INN ALEXANDER PLATZ	Berlin	Radisson Group	95,700	51%
      ALEXANDERPLATZ	Berlin	Development	59,700	55%
      JEAN GOUJON	Paris	LVMH	8,600	100%
      BEIGE	Paris	Development	11,200	100%
      KIMPTON FITZROY LONDON	London	IHG	21,200	51%
      MASLO	Levallois	Multi-let	20,800	100%
      PERCIER	Paris	Multi-let	8,600	100%
      THE WESTIN GRAND BERLIN	Berlin	Westin Group	36,700	51%

      1

      
      
      

2. ‌Business analysis by segment

   1. ‌Offices: 49% of Covivio's portfolio

      Covivio has implemented an overall offices strategy based on centrality, operated real estate, and sustainability. This strategy has been executed by targeting investments in best-in-class assets in central locations, improving the quality of the existing portfolio and exiting from non-core areas, and offering top-level services.

      Offices buildings are located in France (56% of Covivio's office portfolio), Italy (31%, of which 87% in Milan), and Germany (13%) totaling €9.3 billion (€7.9 billion Group share) as of end 2025.

      This office strategy is bearing fruit, as illustrated by a 95.1% occupancy rate in 2025.

      Covivio's portfolio is split as follows:

      • Core assets in city centers (70% of Covivio's office portfolio,

        +11pts vs. 2020): located in city centers of major European cities (Paris/Levallois/Neuilly, Milan, Berlin, Düsseldorf, Hamburg, and French major regional cities), with high occupancy (95.7%) and 4.6 years WALB;

      • Core assets in major business hubs (26%): includes assets in well-connected business hubs (Greater Paris, Periphery of German cities), with high occupancy (95.6%) and long WALB (5.7 years), mostly let to long-term partners;

      • Non-Core assets (4%): gathers secondary offices assets outside city centers for which the occupancy rate (88.8%) and the WALB (3.4 years) are lower, with a disposal or conversion into residential strategy. This cluster has decrease strongly over the previous years, and by 2 pts (from 6% to 4%) in 2025.

      €7.9 bn

      Omces portfolio

      26%

      CORE ASSETS

      in Major Business Hubs

      95.6% occupancy

      WALB: 5.7 years

      7.1% Yield

      70%

      CORE ASSETS

      in City-centers

      95.7% Occupancy

      WALB: 4.6 years

      5.0% Yield

      4%

      NON-CORE ASSETS

      88.8% occupancy

      WALB: 3.4 years

      9.3% Yield

      Core assets in city-centers (70%; €5.5 billion Group Share)

      Selected examples of our portfolio

      39%

      of city-centers o ce assets

      Via Amedei - Milano

      L'Atelier - Paris

      Via Dell'Unione - Milano

      21 Goujon - Paris

      Steel - Paris

      Corte Italia - Milano

      Art & Co - Paris

      Alexanderplatz - Berlin

      Percier - Paris

Torre Garibaldi - Milano

Stream Building - Paris

Flow - Montrouge

So Pop - Paris-Saint-Ouen

Thalès campus - Vélizy-Meudon

CB 21 - La Défense

Urban Garden - Issy les Moulineaux

FAC - Francfort

Iro - Chatillon

Corso Ferrucci - Torino

1. 1. European office market: confirmed polarization, positive signals for investments

      1. French offices: polarization in favor of grade A buildings in Paris and main business districts (source: Cushman & Wakefield)

      2. Milan offices: dynamic letting market and improving investment market (source: Savills, DILS)

         Take-up in Greater Paris office market reached 1,638,100 m² in 2025, down -9% year-on-year. At the same time, customer demand became increasingly polarised, concentrating not only on prime assets in city centres but also on the best-located peripheral assets offering the right price-quality balance:

         • Paris CBD outperformed again, despite -11% year-on-year take-up to 311,681 m², confirming the ongoing flight-to-quality toward the most central and prime locations.

         • Paris inner city maintained its strong position, counted for 46% of the total take-up in Greater Paris, in line with last year and supported by selective large transactions in the best-located sub-markets.

         • In the periphery, demand also concentrated on the best-located markets, with a clear return of activity on well positioned assets. La Défense illustrates this shift, with a continued growth in the demand for below 5,000 m² areas.

           The year is characterised by positive signals regarding office take-up, supported by numerous large corporates implementing policies that reinforce the return-to-office trend initiated in 2024 and confirmed in 2025. For the full year 2026, Colliers is expecting take-up in Greater Paris around 1.7 million m², a growth of around

           Milan office market recorded a total take-up of 402,000 m² in 2025, up +6% year-on-year and +11% above 10-year average. Demand continued to be focused on buildings in prime locations, offering good level of services, as illustrated by demand for grade A/A+ properties, accounting for 75% of total take-up, up 4% compared to the last 5-year average. Availability of Grade A offices is expected to decrease by 25% within 2027 vs 10-year average, highlighting the scarcity of high-quality assets.

           The average vacancy rate in Milan, of 9.1% in 2025 is concentrated in peripheral areas. Average vacancy in CBD, Centre and Semi-centre reaches 5.4%. Scarcity of product is even more pronounced for grade A building with 3.5% vacancy rate of which 1.8% in CBD (where most of Covivio's portfolio is located). The intense demand for high-quality spaces, combined with the scarcity of grade A assets, contributed to a new increase of prime rents in Milan, at €850/m²/year (+16% year-on-year).

           With a total amount of €1.4 billion invested in 2025, the Milan office investment market is up +40% compared to last year and prime yields are down at 3.80%.

           5%.

           The immediate offer stands at 6.25 million m² with a vacancy rate

      3. Germany offices: a market still under pressure (source: Savills)

         of 10.7%, up +50bps year-on-year. In parallel, obsolescence is accelerating and 34% of spaces are now considered obsolete. Construction pipeline is starting a sharp contraction, while new constructions are almost entirely concentrated within Paris inner city.

         Scarcity of the best assets in city centers continues to impact positively prime rents, reaching all-time levels in Paris at €1,250/ m²/year (+4% yoy). Incentives in Greater Paris increased slightly to 30%, and in Paris Center West 17%.

         Office investments in Greater Paris totaled €5.6 bn in 2025, up

         +55% YoY. This stronger appetite for offices is also illustrated by the comeback of large deals (>200 million) which represented 29% of the investment volumes in 2025 vs 4% in 2024 and vs 40% in 2019. Prime yields are stable vs end-2024 at 4.0% in Paris CBD. Yields in Greater Paris have continued to rise, from 5.7% in 2024 to 5.9% in 2025.

         Take-up in top six German office markets increased by +2.8% year-on-year in 2025, to 2,421,879 m² (-11.3% below last 5-year average), boosted by Frankfurt (+55%), while Berlin (-7%) and Munich (-14%) are lagging.

         The decline in overall space demand continues to contribute to rising vacancy rates in the top six cities. Vacancy rates reached 8.2% on average, up +170 bps year-on-year. Hamburg (4.8%) and Cologne (5%) recorded among the lowest vacancy rates, followed by Berlin (7.9%) and Dusseldorf (8.4%), Munich (8.9%) and Frankfurt (13.8%).

         Nevertheless, the development pipeline starts to decline, by 12% across Germany and is expected to decline by 32% by 2027. Prime rents grew on average by 5+% year-on-year, with Berlin recording a significant increase to €576/m²/year (+7% year-on-year) and Frankfurt too (+13% year-on-year).

         According to Cushman & Wakefield, investment volumes in German Offices increased by +5% YoY in 2025 to €4.0 bn. Prime yields stabilized since end-2023, at 4.9% on average for the top 6 cities in Germany.

   2. Accounted revenues: +3.4% on a Like-for-like basis

      (In € million)	100%			Group share
      	2024	2025	Change (%)	2024	2025	Change (%)	Change (%) LFL(1)	% of revenue
      Offices	385.5	378.6	-1.8%	317.0	319.4	+0.8%	+3.4%	100%
      France	196.7	194.9	-0.9%	162.7	167.0	+2.6%	+5.3%	52%
      Italy	132.1	134.8	+2.0%	103.7	107.2	+3.4%	+1.4%	34%
      Germany	56.8	48.9	-13.9%	50.6	45.2	-10.7%	+0.8%	14%

      1. LfL: Like-for-Like.

         Compared to last year, rental income increased by €2.4 million, mainly due to:

         • Strong Like-for-like rental growth of +3.4%, mostly driven by the impact of indexation (+2.0pts contribution), increase in occupancy rate (+1.2 pts), and +0.3pts reversion.

   3. Annualized revenue

      • Disposals (-€6.2 million) mainly in Italy,

      • Impact of vacated assets to be redeveloped (-€11.6 milllion) offset by deliveries of new assets in Milan (+€6.1 million), and the reinforcement in CB21 in La Défense (+€5.6 million).

      (In € million)

      Surface

      (m²)

      Number of assets

      2025 revenue

      (at 100 %)

      2025 revenue (Group share)

      In % of rental income

      France	1,001,676	78	243.6	193.5	53%
      Paris / Levallois / Neuilly	260,126	22	99.1	90.1	25%
      Greater Paris (excl. Paris)	469,522	24	112.0	79.9	22%
      Major Regional Cities	231,409	22	29.4	20.5	6%
      Others France	40,619	10	3.0	3.0	1%
      Italy	650,701	61	145.9	120.5	33%
      Milan	234,175	26	88.4	88.4	24%
      Telecom Italia portfolio (51% ownership)	373,387	33	51.9	26.5	7%
      Others Italy	43,139	2	5.6	5.6	2%
      Germany	299,871	11	52.4	48.3	13%
      Berlin	23,806	2	3.5	2.7	1%
      Frankfurt	118,887	4	23.3	21.4	6%
      Düsseldorf	68,702	2	8.8	8.3	2%
      Other (Hamburg & Munich)	88,476	3	16.8	15.8	4%
      TOTAL OFFICES	1,952,248	150	441,9	362,3	100%

   4. Indexation

      Fixed-indexed leases are indexed to benchmark indices (ILC and ICC in France and the consumer price index for foreign assets):

      • For current leases in France, 92.8% of rental income is indexed to ILAT, 5.4% to ICC and 1.6% to ILC.

      • In Italy, the indexation of rental income is usually calculated by applying the increase in the Consumer Price Index (CPI) on each anniversary of the signing of the agreement.

      • Rents are indexed on the German consumer price index for 50% of leases, 17% have a fixed uplift and 22% have an indexation clause (special clause). The remainder (11%) is not indexed and mainly let to public administration.

   5. Rental activity: 134,657 m² let or renewed during 2025

      (In € million - 2025)

      Surface

      (m2)

      Annualized IFRS rents

      Group Share (in € million)

      Vacating in Europe 102,765	36
      Letting in Europe 81,489	24
      Renewals in Europe 53,169	13

      In 2025, 134,657 m² were let or renewed, representing €36 milllion Group Share of IFRS rents.

      • 81,489 m² (€24 million) have been let or pre-let in 2025, in France (41,558 m², mostly CB21 La Défense with 21,288 m² and Paris Cap 18 with 3,830 m²), in Italy (24,815 m²) and Germany (15,116 m²).

      • 53,169 m² (€13 million) have been renewed, for 9 years firm on average and with a +9% uplift on average. A large part of renewals was achieved in Germany (14,202 m² / 27%),

   6. Lease expiries and occupancy rate

      principally 6,174 m² in Frankfurt, 3,509 m² in Berlin and 2,602 m² in Hamburg. 18,185 m² (34%) were renewed in France, the major ones in Lyon (8,378 m²), Chatillon (4,856 m²) and Marseille (1,441 m²). Finally, 20,782 m² (39%) were renewed in Italy, mainly linked to Symbiosis A+B, in Milan.

      1

      
      
      

      • 102,765 m2 (€36m) were vacated, including c.44,000 m² linked to the departure of Suez from CB21 tower (almost 50% of those areas have already been relet), 11,689 m² for assets to be redeveloped or transformed into hotels, and finally 46,118 m² concern operating assets mostly relet.

      1. Lease expiries: firm residual lease term of 4.9 years

         By lease end date

         (In € million Group share)

         (1stbreak) % of total By lease end date % of total

         2026	31	9%	19	5%
         2027	41	11%	30	8%
         2028	49	13%	38	10%
         2029	24	7%	22	6%
         2030	56	15%	44	12%
         2031	41	11%	30	8%
         2032	34	10%	48	13%
         2033	30	8%	44	12%
         2034	12	3%	34	9%
         2035	16	4%	21	6%
         Beyond	27	7%	31	9%
         TOTAL	362	100%	362	100%

         In 2026, €31 million leases will expire, of which:

         • €16 million with already a high stay visibility

      2. Occupancy rate: 95.1% at end-2025

         • €3 million vacating for redevelopment in Paris

         • then, €13 million (3% of offices annualized revenues) are still to be managed, mostly on core assets.

           (%) 2024 2025

           France	96.3%	96.8%
           Paris / Neuilly / Levallois	97.8%	97.6%
           Western Crescent and La Defense	97.7%	99.5%
           First ring	93.3%	94.3%
           Major Regional Cities	97.3%	98.2%
           Others France	84.7%	91.3%
           Italy	97.4%	98.3%
           Milan	96.6%	97.9%
           Telecom Italia portfolio (51% ownership)	100.0%	100.0%
           Others Italy	97.2%	97.0%
           Germany	87.9%	83.6%
           Berlin	84.7%	82.3%
           Frankfurt	90.4%	91.0%
           Düsseldorf	85.8%	61.6%
           Other (Hamburg & Munich)	86.3%	93.0%
           TOTAL OFFICES	95.5%	95.1%

         • In France, the occupancy rate increased by +50bps to 96.8%, compared to 96.3% at end-2024, mostly due to the full letting of Urban Garden in the Western Crescent of Paris.

         • In Italy, the occupancy rate level increased by +90bps to 98.3%, compared to 97.4% at end-2024, mainly due to new lettings in Milan.

         • In Germany, the occupancy rate decrease at 83.6% vs 87.9% with the delivery of Icon in Düsseldorf end-2025, 59% let, and Loft in Berlin in September 2025, let at 76%. Without this impact, the occupancy would have increased to 91%.

   7. Portfolio values

      1. Change in portfolio values: -€33 million on offices

         (In € million - excl. Duties - Group share) Value 2024 Invest. Disp.

         Chge. in value

         & Others Value 2025

         Assets in operation	6,596	100	-89	-147	6,460
         Assets under development	1,288	234	-140	9	1,391
         TOTAL OFFICES	7,884	334	-229	-138	7,851

         The other effects are mainly related to the office buildings to be transformed into hotels, reclassified in the hotel portfolio (-€141 million).

      2. Portfolio value change on a like-for-like basis: -0.1% over the year

         (In € million, Excluding Duties)

         Value 2024

         (100%)

         Value 2024

         (Group share)

         Value 2025

         (100%)

         Value 2025

         (Group share)

         LfL (1)

         change

         Yield (2) Dec. 2024

         Yield (2) Dec. 2025

         % of total

         France	5,126	4,264	5,140	4,382	-0.6%	5.7%	5.8%	56%
         Paris / Neuilly / Levallois	2,664	2,488	2,634	2,462	+1.3%	4.6%	4.8%	31%
         Greater Paris (excl. Paris)	1,904	1,375	1,977	1,546	-2.8%	7.0%	7.0%	20%
         Major Regional Cities	520	363	497	342	-3.7%	6.8%	6.6%	4%
         Others France	38	38	32	32	-14.2%	10.0%	12.9%	0%
         Italy	2,950	2,508	2,841	2,424	+2.6%	5.7%	5.5%	31%
         Milan	1,991	1,991	1,936	1,936	+3.3%	5.4%	5.1%	25%
         Telecom portfolio(3)	903	460	851	434	+0.4%	6.2%	6.4%	6%
         Others Italy	57	57	55	55	-2.7%	9.9%	10.2%	1%
         Germany	1,345	1,112	1,279	1,045	-4.1%	6.4%	6.2%	13%
         Berlin	479	309	449	270	-2.7%	5.6%	4.8%	3%
         Frankfurt	355	327	349	321	-3.9%	6.7%	6.4%	4%
         Düsseldorf	215	203	228	215	-0.7%	6.1%	3.6%	3%
         Other (Hamburg & Munich)	296	273	253	239	-8.7%	6.3%	6.0%	3%
         TOTAL OFFICES	9,422	7,884	9,261	7,851	-0.1%	5.8%	5.7%	100%

         1. LfL : Like-for-like.

         2. Yield excluding assets under development.

         3. 51% ownership.

         Like-for-Like value is stable in 2025, driven by several effects.

   8. Assets partially owned

      • The value of core assets in city centers, which represent 70% of the portfolio, rose by +1.7% on a like-for-like basis, benefiting from favorable market dynamics, particularly in Milan and Paris.

      • The value of core buildings located in prime business districts (26% of the portfolio) fell by 2.8% over the year, penalized by the decline in values in Germany and the inner suburbs of Greater Paris.

      • Finally, non-core buildings, which represent 4% of the office portfolio compared with 6% a year earlier, saw their value decline by 11% on a like-for-like basis in a market lacking in transactions.

      The average yield on the office portfolio was 5.7%.

      Partially owned assets are the following:

      • The Silex 1 and 2 assets in Lyon (50.1% owned and fully consolidated)

      • So Pop in Paris Saint-Ouen (50.1% owned and fully consolidated)

      • Streambuilding in Paris 17th (50% owned and fully consolidated)

      • The Dassault campuses in Vélizy (50.1% owned and fully consolidated)

      • The New Vélizy campus for Thales (50.1% owned and accounted for under the equity method)

      • Euromed Centre in Marseille (50% owned and accounted for under the equity method)

      • Cœur d'Orly in Greater Paris (50% owned and accounted for under the equity method).

        1

        
        
        

2. ‌German residential: 30% of Covivio portfolio

   Covivio operates in the German residential segment mostly through its 61.7% held subsidiary Covivio Immobilien. The figures presented are expressed as 100% and as Covivio Group share.

   Covivio owns around ~41,000 units in Berlin, Hamburg, Dresden, Leipzig, and North Rhine-Westphalia, representing €7.7 billion (€4.9 billion Group share) of assets.

   Covivio is mostly exposed to A-cities in Germany, with a 100% exposure to metropolitan areas above 1 million inhabitants and 90% in cities above 500,000 inhabitants. Covivio targets the high-end of the housing market.

   Exposure to Berlin, where housing shortage is the highest in Germany, represents 58% at end-December 2025. Covivio's portfolio in Berlin is of high quality, with 61% of buildings built before 1950 and 67% of assets already divided into condominiums.

   1. Positive momentum confirmed in rental markets, while investment activity remains subdued (source: Destatis, Immoscout 24)

      • In Germany, the demand for housing continued to rise since the start of the year, given its significant population (Germany remains Europe's most populated country in 2025 with 83.5 million inhabitants), while building permits are at a record low level despite a +11% growth at end-November 2025 (at 237,784 units vs Government target > 400,000 units / year).

      • This shortage continues to support rents in Germany and especially in Berlin. In the Q4 2025, average asking rents for existing buildings were by +3.7% year-on-year to €8.9/m²/ month in Germany and by +4.3% to €13.1/m²/month in Berlin. For new buildings, rents were up by +3.7% year-on-year in Germany to €13.1/m²/month and by +4.4% in Berlin to €21/m².

      • Average asking prices were also trending continuously upwards. Prices for existing buildings increased by +5.2% in 2025 in Berlin to €4,884/m², still well above the current valuation of Covivio's residential portfolio (€3,404/m² in Berlin). The average price for new buildings also increased by +4.6% to €6,874/m² in 2025.

      • German residential investment volumes (for multi-family buildings above 30 units) are close to 2024 (-4%) at €8.9 billion. However, the private market proved a continued appetite, as illustrated by private real estate loans recorded by the Bundesbank, up +23% year-on-year to €238 billion over the last 12 months at end-November 2025.

   2. Accounted rental income: +4.8% like-for-like change

      100% Group share

      Change

      Change

      Change

      % of

      (€ million)

      2024 2025

      (%) 2024 2025

      (%)

      (%) LFL(1)

      revenue

      Berlin	152.9	162.1	+6.0%	98.5	102.4	+4.0%	+5.2%	51%
      Dresden & Leipzig	24.0	25.7	+6.8%	15.6	16.6	+6.7%	+3.8%	8%
      Hamburg	19.4	20.1	+4.0%	12.7	13.2	+4.0%	+3.0%	7%
      North Rhine-Westphalia	101.0	108.0	+6.9%	63.7	68.1	+7.0%	+4.9%	34%
      Essen	37.0	39.5	+6.8%	23.0	24.5	+6.8%	+5.5%	12%
      Duisburg	17.3	18.2	+4.6%	10.8	11.3	+4.6%	+4.8%	6%
      Müllheim	12.0	12.7	+6.0%	7.6	8.0	+6.0%	+4.2%	4%
      Oberhausen	10.5	11.2	+6.3%	6.9	7.3	+6.2%	+3.3%	4%
      Others	24.2	26.5	+9.6%	15.5	17.0	+9.7%	+5.0%	8%
      TOTAL	297.3	315.7	+6.2%	190.5	200.3	+5.2%	+4.8%	100%
      of which Residential	254.1	262.8	+3.4%	163.2	167.4	+2.6%	+4.6%	84%
      of which Other commercial (2)	43.1	53.1	+23.0%	27.3	33.0	+21.1%	+6.1%	16%

      1. LfL: Like-for-Like

      2. Other commercial: Ground-floor retail, car parks, etc..

         Rental income amounted to €200.3 million Group share in 2025, up +5.2% (+€9.9 million) thanks to:

         • In Berlin, like-for-like rental growth is +5.2%, driven by the indexation and relettings with high uplift (+36% in 2025).

         • Outside Berlin, like-for-like rental growth was strong in all areas (+4.4% on average) due to the reletting impact (including modernizations) and the indexation.

   3. Annualized rents: €207 million Group share

      100% Group share

      (€ million)

      Surface

      (m2)

      Number of units

      2025

      Average rent

      per month 2025

      % of rental income

      Berlin	1,322,535	17,678	170.1 €10.7/m²	107.5 52%
      Dresden & Leipzig	264,133	4,333	25.6 €8.1/m²	16.6 8%
      Hamburg	147,990	2,395	20.6 €11.6/m²	13.5 7%
      North Rhine-Westphalia	1,112,279	16,431	109.7 €8.2/m²	69.1	33%
      Essen	395,517	5,773	40.1 €8.5/m²	24.9	12%
      Duisburg	198,664	3,033	18.7 €7.9/m²	11.6 6%
      Müllheim	131,420	2,194	12.8 €8.1/m²	8.1	4%
      Oberhausen	137,929	1,836	12.8 €7.8/m²	8.3	4%
      Autres	248,749	3,595	25.2 €8.4/m²	16.2 8%
      TOTAL	2,846,936	40,837	326.0 €9.5/M²	206.7	100%
      o/w Residential	2,572,468	39,288	271.2 €8.8/m²	172.7 84%
      o/w other commercial(1)	274,468	1,549	54.8 €16.6/m²	34.0	16%

      (1) Other commercial: Ground-floor retail, car parks, etc.

      Rental income (€9.5/m²/month on average) offers solid growth potential through reversion vs. our achieved reletting rents in all our markets including Berlin (45-50%), Hamburg (20-25%), Dresden and Leipzig (10-15%) and in North Rhine-Westphalia (20-25%).

   4. Indexation

      Rental income from residential property in Germany changes depending on multiple mechanisms.

      1. For current leases:

         For residential tenants, the rent can generally be adjusted based on the local comparative rent (Mietspiegel), which is usually determined based on the rent index. In addition to this adjustment method, an index-linked or graduated rent agreement can also be concluded. A successive combination of adjustment methods can also be contractually agreed (e.g. graduated rent for the first 5 years of the contract, followed by

         1. Rents for re-leased properties:

            adjustment to the local comparative rent).

            In principle, rents may be increased freely, provided the property is not financed through governmental subsidies.

            As an exception to the unrestricted rent setting principle, cities like Berlin, Hamburg, Cologne, Düsseldorf, Dresden and Leipzig have introduced rent caps (Mietpreisbremse) for re-leased

            Adjustment to the local comparative rent: The current rent can be increased by 15% to 20% within three years, depending on the region, without exceeding the local comparative rent (Mietspiegel). This type of contract represents c. 90% of our rental income.

            properties. In these cities, rents for re-leased properties cannot

      2. For current leases with work carried out:

         exceed the public rent reference (Mietspiegel) by more than 10%, except in the following conditions:

         • If the property has been modernised in the past three years, the rent for the re-let property may exceed the +10% limit by a maximum of 8% of the costs to modernise it.

         • In the event the property is completely modernised (work amounting to more than one-third of new construction costs excl. Maintenance), the rent may be increased freely.

         • If the rent received from the previous tenant is higher than the

      +10% limit, then the previous rent will be the limit in the case of re-letting.

      Properties built after 1 October 2014 are not included in the rent cap.

      If works have been carried out, rents may be increased by up to 8% of the cost of work excl. maintenance, in addition to the possible increase according to the rent index. This increase is subject to three conditions:

      • The works aim to save energy, increase the utility value, or improve the living conditions in the long run

      • The rent increase takes effect 3 months after the declaration of rent increase

      • The rent may not be increased by more than €3/m² for work to modernise the property within a six-year period (€2/m² if the initial rent is below €7/m²).

        1

        
        
        

   5. Occupancy rate: a high level of 99.0%

      (%) 2024 2025

      Berlin	98.7%	98.4%
      Dresden & Leipzig	99.7%	99.6%
      Hamburg	100.0%	99.8%
      North Rhine-Westphalia	99.7%	99.6%
      TOTAL	99.2%	99.0%

      The occupancy rate stands at 99.0%. It has remained above 98% since the end of 2015 and reflects the Group's very high-quality portfolio and low rental risk.

   6. Portfolio values: €7.7 billion (€4.9 billion Group share)

      1. Change in portfolio value

         (€ million - excl. Duties - Group share) Value 2024 Invest. Disposals

         Change in value &

         Others Value 2025

         Berlin	2,635	45	-18	160	2,822
         Dresden & Leipzig	356	7	-2	11	373
         Hamburg	346	6	0	11	363
         North Rhine-Westphalia	1,250	31	-11	28	1,297
         TOTAL	4,587	89	-31	211	4,855

         In 2025, the portfolio increased by €268 million Group Share at current scope, to €4.9 billion Group share, mostly driven by the increase in market values due to ongoing strong rental growth.

      2. Maintenance and modernization Capex

         In 2025, CAPEX totalled €122 million (€43/m²; €80 milllion in Group share) and OPEX came to €17 million (€6/m²; €12 million in Group share).

         On average, modernization projects, which totalled €81 million in 2025 (€52 million in Group share), have an immediate yield around 5%, going up to 10% post relettings.

         Dresde & Leipzig

         €11 m

         €43/m²

         Hamburg

         €10 m

         €66/m²

         North Rhine-Westphalia

         €46 m

         €41/m²

         €122 m

         CAPEX

         €43/m²

         Berlin

         €55 m

         €42/m²

      3. Growing values: +4.9% on a like-for-like basis

         Value 2025

         LfL(1)

         (In € million, Excluding Duties)

         Value 2024

         (100%)

         Value 2024

         (Group share)

         Value 2025

         (100%)

         Value 2025

         in €/m2

         (Group share)

         change 2025

         Yield 2024

         Yield 2025

         % of total

         value

         Berlin	4,171	2,635	4,468	3,404	2,822	+5.4%	3.8%	3.8%	58%
         Dresden & Leipzig	550	356	575	2,176	373	+5.2%	4.5%	4.5%	8%
         Hamburg	528	346	555	3,752	363	+5.1%	3.8%	3.7%	7%
         North Rhine-Westphalia	1986	1250	2,061	1,853	1,297	+3.7%	5.3%	5.3%	27%
         Essen	806	501	841	2,128	522	+4.4%	4.8%	4.8%	11%
         Duisburg	314	195	320	1,612	199	+2.0%	5.8%	5.9%	4%
         Mulheim	224	141	231	1,757	146	+3.0%	5.6%	5.6%	3%
         Oberhausen	175	115	198	1,439	129	+2.8%	6.1%	6.5%	3%
         Others	466	299	471	1,891	302	+4.4%	5.4%	5.4%	6%
         TOTAL	7,235	4,587	7,659	2,699	4,855	+4.9%	4.3%	4.2%	100%
         o/w Residential	6,337	4,036	6,620	2,587	4,215	+5.2%	4.1%	4.1%	87%
         o/w Other com(2)	898	551	1,039	3,746	640	+3.3%	5.1%	5.2%	13%

         1. LfL: Like for Like.

         2. Other commercial: Ground-floor retail, car parks, etc.

         The average value of residential portfolio is €2,699/m² (€2,587/m² on pure residential), with €3,404/m² in Berlin and €1,853/m² in North Rhine-Westphalia. The average yield is almost stable vs. end of 2024 at 4.2%. Assets are valued at their block value. 48% of the portfolio is already divided into condominiums, particularly in Berlin (67%), where the unit sale value is 40-45% above the block value.

         In 2025, values increased by +4.9% on a like-for-like basis versus end-2024, following rent increase.

3. ‌Hotels: 21% of Covivio's portfolio

1. Hotels market: steady RevPAR growth across Europe in 2025 despite negative base effects (source: MKG)

   Following a good momentum in 2024, European hotels growth was robust in 2025, with RevPAR (revenue Per Available Room) in Europe showing an average increase of +1.7% year-on-year in 2025, supported by a slight increase in average prices (+0.4%) and in occupancy (+0.9%).

   +1,7%

   +4,2%

   +3,8%

   +2,1%

   +1,4%

   +1.3%

   -1,2%

   REVPAR

   Cumulative results at the end of December *

   vs 2024

+0,4%

+3,6%

+2,1%

+0,4%

+0,2%

-0.3%

-1,9%

Average Daily Rate

vs 2024

+0,9pt

+0,5pt

+1,3pt

+1,2pt

+0,8pt

+1.1pt

+0,5pt

Occupancy rate

vs 2024

• Southern European countries continue to outperform, with Spain up by +4.2% and Italy by +3.8%, driven by strong international demand, robust ADR growth, and supported by limited pipelines according to CBRE.

• In Northern European countries, the dynamics are more contrasted, with the UK performing better with RevPAR growth of +2.1% while increases remain low in France at 1.4% due to a strong negative base effect with the Olympic Games in 2024. Nevertheless, France recorded a dynamic end of the year with RevPar increasing by +8.5% in December 2025.

• Germany was the notable exception, with RevPAR declining

  -1.2% vs. 2024, penalised by a less favourable event calendar, especially the UEFA Soccer game in July 2024, and by softer economic activity throughout the year.

• Looking ahead to 2026, growth is expected to continue and to be driven less by rate increases and more by demand volumes and customer-mix optimisation, in a post-inflation catch-up phase.

• On the investment side, hotel investment activity was dynamic with around €23 billion in 2025, growing by +13% year-on-year, indicating a sustained appetite from investors. Hotel asset class represents now 10% of the investment market, which makes it one of the main alternative real estate asset classes.

  +4.2%

  +3.4%

  +3.3%

  +3.0%

  +2.2%

  2026e

1. Accounted revenues: +1.6% on a like-for-like basis

   (In € million)	100%			Group share
   	2024	2025	Change (%)	2024	2025	Change (%)	Change (%) LFL(1)	% of revenue
   Operating properties - EBITDA	85.5	133.8	+56.4%	43.3	70.0	+61.9%	-3.9%	+38%
   Lease properties - Variable	74.3	32.6	-56.1%	37.8	17.3	-54.3%	+6.4%	+9%
   Variable revenues	159.8	166.4	+4.1%	81.1	87.3	+7.7%	-0.9%	47%
   Fixed revenues (lease prop.)	193.7	196.8	+1.6%	90.2	97.2	+7.7%	+3.0%	53%
   Total revenues Hotels	353.5	363.2	+2.7%	171.3	184.5	+7.7%	+1.6%	100%

   (1) LfL: Like-for-Like.

   Hotel revenues increased by +7.7% on a current basis, benefiting from the increase in the stake in Covivio Hotels in the second quarter of 2024. On a like-for-like basis, growth reached +1.6%.

   In terms of variable revenues (47% of hotel revenues), despite the unfavorable base effect linked to the Olympic Games, France posted growth of +3.4% over the year, helped by a very good fourth quarter (+25%). In Germany, the year's performance (-9.9%) was heavily penalized by an equally unfavorable base effect (Euro soccer championship and biannual conventions) and weak economic activity. However, the fourth quarter showed a

   recovery with +4.9% growth in revenues year-on-year. Other countries posted solid growth of +7.3% thanks to the very strong performance of the Spanish and Italian markets.

   Overall, variable revenues fell by - 0.9% on a like-for-like basis but rose slightly (+0.2%) including the portfolio reorganized at the end of 2024 (excluded from the like-for-like calculation). However, the EBITDA margin improved by 2 points to 28.3%.

   Fixed revenues (53%) increased by +3.0% due to indexation and renegotiations.

2. Annualized revenue

   
   
   
   
   

   Breakdown by tenant/operator and by country (based on 2025 revenues), totals €191 million Group share (excluding non-strategic):

   Hotels Operating

   Properties

   37%

   5% 11%

   
   
   

   17%

   9%

   Belgium

   12%

   Spain

   14%

   Others

   20%

   12%

   34%

   France

   14%

   
   
   

   Other

   17%

   United Kingdom

   Germany

   Revenues are split using the following breakdown: fixed leases (54%) variable leases (9%) and EBITDA on management contracts (37%)

3. Indexation