Vitura : 2025 Interim Financial Report

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/ 2025 Interim Financial Report Six-month period ended June 30, 2025 Contents Statement by the person responsible for the 2025 Interim Financial Report 2 Interim activity report 3 Interim consolidated financial statements 8 Statutory Auditors' report 34 Photo credits: Mateya Lux @Vitura - all rights reserved. A French société anonyme (joint-stock corporation) with share capital of €64,933,290 Registered office: 42, rue de Bassano, 75008 Paris 422 800 029 RCS Paris SIRET No. 422 800 029 00031 Interim Financial Report Six-month period ended June 30, 2025 (Article L.451-1-2 III of the French Monetary and Financial Code [ Code monétaire et financier ], Articles 222-4 et seq. of the General Regulations of the French financial markets authority [ Autorité des marchés financiers - AMF]) Interim financial report for the six-month period ended June 30, 2025 prepared in accordance with the provisions of Article L.451-1-2 III of the French Monetary and Financial Code and Articles 222-4 et seq. of the General Regulations of the AMF. This report has been distributed in accordance with the provisions of Article 221-3 of the General Regulations of the AMF. It can also be consulted on the Company's website at https://www.vitura.fr/en/ ‌Statement by the person responsible for the 2025 Interim Financial Report "I certify that, to my knowledge, the complete consolidated financial statements for the six-month period ended June 30, 2025 have been prepared in accordance with the applicable accounting standards and give a true and fair view of the assets, financial position and results of the Company and all companies included in the consolidation scope, and that the attached interim activity report includes a fair review of the material events of the first six months of the year and their impact on the interim financial statements, the principal related-party transactions, as well as a description of the main risks and uncertainties for the remaining six months of the year." Paris, September 10, 2025 Jérome Anselme, Chief Executive Officer ‌Interim activity report Business review Rental activity First-half 2025 saw the arrival of prestigious tenants at Rives de Bercy. Following on from the arrival of Air Liquide in 2024, BPCE Group will soon be moving into 15,500 sq.m of space at the property, representing 50% of its surface area. The bank's return to the fully renovated campus is one of the largest transactions of the period in Greater Paris. The Company's asset management teams are also working alongside Paris-Dauphine University - PSL as it prepares to bring the Dauphine Executive Education program to the Europlaza tower, in the heart of Europe's leading business district, starting from the fourth quarter of 2025. With these leases signed with renowned tenants, Vitura continues to demonstrate its ability to meet the needs of international groups for medium and large surface areas, with buildings that respond to latest trends such as direct access to low-impact mobility solutions and private gardens. Since 2017, leases have been extended or renewed on 75% of leased space, testifying to tenant satisfaction and loyalty. The asset repositioning strategy is reaping its rewards. Vitura boasts an occupancy rate of over 77%, up 8 points compared with December 31, 2024, with the average remaining lease term extended to almost six years. Property occupancy rate The portfolio's overall occupancy rate was 77% including the leases coming into effect in second-half 2025. The occupancy rates for each property are as follows: June 30, 2025 Europlaza Arcs de Seine Rives de Bercy Hanami campus Total Occupancy rate of entire portfolio 88% 80% 71% 60% 77% Excluding these leases, the occupancy rate was 65% at June 30, 2025. The occupancy rates for each property are as follows: June 30, 2025 Europlaza Arcs de Seine Rives de Bercy Hanami campus Total Occupancy rate of entire portfolio 82% 80% 21% 60% 65% Change in rental income (June 30, 2024-June 30, 2025) In millions of euros 21.8 1.0 0.8 (1.5) 21.9 Departures New leases Indexation H1 2024 rental income H1 2025 rental income Net income by key indicator for the period In thousands of euros June 30, 2025 December 31, 2024 June 30, 2024 Change Breakdown Net rental income 17,522 32,911 13,558 In first-half 2025, net rental income corresponds to rental income for the period (€21.9 million), plus rebilled expenses (€11.7 million), less building- +5,293 related costs (€16.1 million). Administrative costs (2,584) (6,365) (3,782) Administrative costs consist of administrative expenses and asset +1,198 management fees. Change in fair value of property (8,269) (87,322) (46,116) This item mainly comprises a €4.8 million decrease in property values over the first six months of the year, a €1.9 million expense relating to renovation work carried out during the period and the negative impact of rent-free periods for +36,517 €1.4 million. First-half 2025 saw a slight decrease in the portfolio value. Net financial expense (17,632) (43,880) (18,249) The improvement of this indicator mainly results from a change in the fair +617 value of derivative instruments. Income (expense) from discontinued operations - (138,645) - This item reflects the sale of a controlling interest in the Passy Kennedy and Office Kennedy holding companies on July 9, 2024. - Net loss (10,962) (243,003) (54,589) 43,627 Financial resources Structure of net debt at June 30, 2025 Net debt stood at €597 million at June 30, 2025, compared with €600 million at December 31, 2024. Group company Financed assets Partner banks Initial principal amount Repayment terms Date of agreement Maturity Extension option Other information Prothin SAS Europlaza Aareal Bank 525,000,000 Repayment at July 26, 2016 July 15, N/A AG, Natixis, maturity/ 2026 event of a change in control of Prothin Arcs de Natixis Contractual and/or Vitura Seine Rives de Bercy Pfandbriefbank AG amortizing payments event of voluntary or mandatory early repayment of all or part of the outstanding amount Hanami Hanami La Banque 94,000,000 Repayment at December 15, August 14, Two one- Rueil SCI Postale, maturity 2016 2025 year of a change in control of Hanami Rueil Société extension and/or Vitura Générale, National Bank options Mandatory early repayment in the Mandatory early repayment in the event of a breach of a default financial covenant No early repayment indemnity in the Mandatory early repayment in the event Mandatory early repayment in the event of a breach of a default financial covenant of Kuwait No early repayment indemnity in the event of voluntary or mandatory early repayment of all or part of the outstanding amount. Prothin The Group has initiated the process to refinance Prothin's debt maturing on July 15, 2026. Given the quality of the assets in the portfolio and their occupancy rate (81% on average), the Group is confident that the banking pool will respond positively to its request. Hanami Consent requests were signed with the banking pool to extend the maturity and postpone the effects of the LTV ratio being breached until July 15, 2025. A new consent request was signed with the pool in July 2025 for an extension to August 14, 2025 (see section 2.4 "Subsequent events"). Negotiations are also underway with the banking pool with a view to securing a further extension. Main guarantees given The gross nominal amount of loans guaranteed by real security interests (contractual mortgages, lender's liens, mortgage undertakings) amounted to €597 million at June 30, 2025 (€600 million at end-2024). At June 30, 2025, the total amount of secured loans represented 68.43% of the total value of the portfolio, unchanged from December 31, 2024, compared with a maximum authorized limit ranging from 65% to 75% in the various credit agreements. The main guarantees given in the credit agreements are as follows: Real security interests: Over the buildings, lender's liens and/or first-ranking mortgages. Assignments of receivables: Assignments of receivables to banks under the Dailly Law mechanism. Pledge of shares: Pledge of the Prothin shares held by Vitura. Pledge of the Hanami Rueil SCI shares held by Vitura and K Rueil. Pledge of bank accounts: Exclusive senior pledges of the credit balance on French bank accounts, in favor of the banks. Assignments of insurance indemnities: Assignment of any insurance indemnity whose payment has been opposed, as provided for in Article L.121-13 of the French Insurance Code ( Code des assurances ). Pledge of receivables - Hedge contract: Pledge of any receivable that might become due to the borrower by the hedging bank under a hedge contract. Pledge of receivables - Recovery claims: Pledge of any recovery claims the borrower might come to have against the debtors in respect of any recovery claims related to the pledge of hedge contract receivables. Pledge of subordinated loan receivables: Pledge of subordinated loan receivables (i.e., any intragroup loan due to Vitura from its subsidiaries as borrower). Letters of intent within the meaning of Article 2322 of the French Civil Code ( Code civil ). Main financial covenants According to their credit agreements, the LTV ratios of Prothin and Hanami Rueil SCI must not exceed 65%. This is the ratio between outstanding bank borrowings and the market value of real estate assets as determined by appraisal reports commissioned by the lenders. Prothin's credit agreement also provides for a repayment of 0.5% of the outstanding amount on each interest payment date, should the intermediate LTV of 60% be exceeded. The July 2023 ratio triggered repayments amounting to €5.2 million in 2023, €10.3 million in 2024 and €2.5 million in first-half 2025. In October 2024, the hard LTV ratio exceeded the threshold authorized by the credit agreement. Agreements were reached in December 2024 and January 2025 with the banking pool to suspend the effects of the ratio being breached until the October 2025 test date. The LTV ratio threshold should be complied with in October 2025, given the expected overall improvement in the fair value of the Company's assets and repayments made on the loan. In October 2023, Hanami Rueil SCI's hard LTV ratio exceeded the threshold authorized by the credit agreement. However, no default events were recorded at June 30, 2025 due to consent requests signed with the banking pool to extend the maturity and postpone the effects of the LTV ratio being breached until July 15, 2025. A new consent request was signed with the pool in July 2025 for an extension to August 14, 2025 (see section 2.4 "Subsequent events"). Negotiations are also underway with the banking pool with a view to securing a further extension. According to their credit agreements, the interest coverage ratios of Prothin and Hanami Rueil SCI must not exceed 150%. This is the ratio between rental income for the reference period (1) and interest expenses (2) . These thresholds are complied with. These covenants are calculated on a quarterly basis on January 15, April 15, July 15 and October 15 of each year. Interest rate risk hedging Vitura's policy is to hedge its interest rate risk. At June 30, 2025, 85% of the Group's debt was hedged using interest rate caps at an average rate of 0.50%. Rental income for the reference period refers to total projected net rental income on leases signed for the following 12 months (for the Prothin loan) or for the previous six months and the next six months (for the Hanami Rueil SCI loan), less rental income where the risk of non-recovery has been established (notice given, unpaid rent) and operating expenses not rebillable to lessees. Interest expenses comprise: • the cumulative amount of projected interest to be paid by the borrower under the loan for the reference period in question; • fees and commission to be paid by the borrower, for the reference period in question; and • the amount of repayment installments on outstanding loans. Changes in net asset value (NAV) The indicators published by Vitura are aligned with the recommendations of the European Public Real Estate Association (EPRA), of which Vitura is a member. EPRA's role is to promote, develop and represent the publicly listed real estate sector. EPRA notably publishes its "Best Practices Recommendations" (BPR) whose purpose is to enhance transparency, uniformity and comparability of financial reporting by real estate companies. EPRA earnings In thousands of euros, except per share data First-half 2025 Full-year 2024 First-half 2024 Net income (loss) under IFRS (10,962) (243,003) (54,588) Adjustment for changes in fair value of investment property 8,269 87,322 46,116 Restatement of the changes in fair value of financial instruments 4,609 11,972 1,335 Restatement of net income from discontinued operations - 138,645 - EPRA earnings 1,916 (5,064) (7,137) Contribution of Kennedy to EPRA earnings (1) - 7,727 7,586 LIKE-FOR-LIKE EPRA EARNINGS 1,916 2,663 449 Like-for-like EPRA earnings per share 0.1 0.2 -0.4 Adjustment for rent-free periods 1,537 2,130 (837) Adjustment for deferred finance costs 858 1,724 937 LIKE-FOR-LIKE CASH FLOW 4,311 6,517 549 (1) Deconsolidation of CGR Propco and Office Kennedy (the companies holding the Passy Kennedy and Office Kennedy assets) on July 9, 2024. EPRA NRV, EPRA NTA & EPRA NDV In accordance with the Best Practices Recommendations (BPR) Guidelines published by EPRA in October 2020, the way in which the Company measures net asset value (NAV) has been revised under various scenarios. There are now three different NAV metrics: EPRA Net Reinstatement Value (NRV), which aims to represent the value required to rebuild the entity and assumes that entities never sell assets; EPRA Net Tangible Assets (NTA), which aims to reflect the value of tangible assets and assumes that entities buy and sell assets, thereby crystallizing certain levels of unavoidable deferred tax; EPRA Net Disposal Value (NDV), which aims to represent shareholder value under an asset disposal scenario, where deferred tax, financial instruments and other liabilities are liquidated net of any resulting tax. EPRA NRV, NTA, NDV, NAV & NNNAV In thousands of euros, except per share June 30, 2025 December 31, 2024 EPRA EPRA EPRA EPRA EPRA EPRA EPRA EPRA EPRA EPRA data NRV NTA NDV NAV NNNAV NRV NTA NDV NAV NNNAV Shareholders' equity under IFRS 257,949 257,949 257,949 257,949 257,949 268,907 268,907 268,907 268,907 268,907 Portion of rent-free periods (13,550) (13,550) (13,550) (13,550) (13,550) (17,617) (17,617) (17,617) (17,617) (17,617) Elimination of fair value of share subscription warrants - - - - - - - - - - Fair value of diluted NAV 244,399 244,399 244,399 244,399 244,399 251,290 251,290 251,290 251,290 251,290 Fair value of financial instruments (7,356) (7,356) (7,356) (7,356) (7,356) (11,965) (11,965) (11,965) (11,965) (11,965) Fair value of fixed-rate borrowings - - (10,876) - (10,876) - - (2,882) - (2,882) Transfer duties 69,753 39,922 - - - 65758 35903 - - - NAV 306,796 276,965 226,167 237,043 226,167 305,083 275,228 236,442 239,325 236,442 Number of shares (excl. treasury shares) 17,050,030 17,050,030 17,050,030 17,050,030 17,050,030 17,048,694 17,048,694 17,048,694 17,048,694 17,048,694 NAV per share 18.0 16.2 13.3 13.9 13.3 17.9 16.1 13.9 14.0 13.9 Subsequent events Hanami A consent request was signed on July 15, 2025 with the banking pool to extend the maturity and postpone the effects of the LTV ratio being breached until August 14, 2025. A further consent request is currently pending signature with the banking pool to extend the maturity and postpone the effects of the LTV ratio being breached until September 15, 2025. Vitura The maturity date of the shareholder loan agreements entered into with NW CGR 1 S.à.r.l, NW CGR 2 S.à.r.l and NW CGR 3 S.à.r.l with the purpose of meeting the short-term financing needs of the Company and other Group companies was extended to July 31, 2026 by amendments dated July 29, 2025. ‌3. Interim consolidated financial statements for the six-month period ended June 30, 2025 Consolidated statement of comprehensive income for the six-month period ended June 30, 2025 In thousands of euros, except per share data Notes June 30, 2025 December 31, 2024 June 30, 2024 6 months 12 months 6 months Rental income 5.20 21,927 43,103 21,756 Income from other services 5.21 11,781 14,768 9,685 Building-related costs 5.22 (16,186) (24,960) (17,884) Net rental income 17,522 32,911 13,558 Sale of building - - - Administrative costs 5.23 (2,584) (6,365) (4,088) Net additions to provisions - 303 307 Other operating expenses - (5) - Other operating income - - - Total change in fair value of investment property 5.1 (8,269) (87,322) (46,116) Net operating income (expense) 6,669 (60,478) (36,340) Financial income 5,215 8,502 11,794 Financial expenses (22,847) (52,383) (30,043) Net financial expense 5.24 (17,632) (43,880) (18,249) Income (expense) from discontinued operations - (138,645) - Corporate income tax 5.25 - - - CONSOLIDATED NET LOSS (10,962) (243,003) (54,588) TOTAL COMPREHENSIVE EXPENSE (10,962) (243,003) (54,588) of which attributable to owners of the Company (10,962) (243,003) (54,588) of which attributable to non-controlling interests - - - Basic earnings (loss) per share (in euros) 5.26 (0.64) (14.25) (3.20) Diluted earnings (loss) per share (in euros) 5.26 (0.64) (14.25) (3.20) Consolidated statement of financial position for the six-month period ended June 30, 2025 In thousands of euros Notes June 30, 2025 December 31, 2024 June 30, 2024 Non-current assets Property, plant and equipment 3 3 3 Investment property 5.1 871,910 876,750 913,100 Non-current loans and receivables 5.2 6,828 12,357 11,291 Financial instruments 5.13 10,368 13,197 17,684 Total non-current assets 889,109 902,308 942,079 Current assets Assets held for sale 5.3 363,101 Trade accounts receivable 5.4 9,087 12,153 13,758 Other operating receivables 5.5 11,277 6,674 12,094 Prepaid expenses 268 379 289 Total receivables 20,632 19,206 389,242 Financial instruments 5.13 3,237 5,470 9,960 Cash and cash equivalents 5.6 23,355 13,488 9,856 Total current assets 47,224 38,164 409,058 Total assets 936,333 940,472 1,351,137 Shareholders' equity Share capital 64,933 64,933 64,933 Legal reserve and additional paid-in capital 60,047 60,047 60,047 Consolidated reserves and retained earnings 143,932 386,930 386,926 Net attributable loss (10,962) (243,003) (54,588) Total shareholders' equity 5.11 257,949 268,907 457,317 Non-current liabilities Non-current borrowings 5.16 503,710 498,591 502,937 Other non-current borrowings and debt 5.15 7,517 7,275 7,379 Total non-current liabilities 511,227 505,866 510,316 Current liabilities Current borrowings 5.18 97,189 105,777 107,982 Financial instruments - - - Other current borrowings and debt 5.18 34,780 32,560 30,569 Liabilities held for sale 5.16 211,101 Trade accounts payable 5.18 7,939 5,177 7,614 Current corporate income tax liability - - - Other operating liabilities 5.17 13,447 7,628 12,083 Prepaid revenue 5.19 13,802 14,558 14,154 Total current liabilities 167,157 165,699 383,504 Total equity and liabilities 678,384 671,565 893,820 Total shareholders' equity and liabilities 936,333 940,472 1,351,137 Consolidated statement of cash flows for the six-month period ended June 30, 2025 In thousands of euros Notes First-half 2025 Full-year 2024 First-half 2024 Operating activities Consolidated net income (loss) (10,962) (243,003) (54,588) Elimination of items related to the valuation of buildings - - Revaluation of buildings 8,269 87,322 46,116 Reversal of depreciation and amortization - - Indemnity received from lessees for the replacement of components - - Elimination of other income/expense items with no cash impact: - - Depreciation of property, plant and equipment (excluding investment property) - - Fair value of financial instruments (share subscription warrants, interest rate caps and swaps) 5,063 14,081 966 Adjustments for loans at amortized cost 858 2,443 937 Elimination of gains and losses on disposals - 138,645 - Cash flows from operations before tax and changes in working capital requirements 3,228 (512) (6,569) Other changes in working capital requirement 11,332 13,122 11,341 Change in working capital requirement 11,332 13,122 11,341 Net cash flows from (used in) operating activities 14,559 12,610 4,772 Investing activities Acquisition of fixed assets (1,987) (7,119) (4,827) Impact of changes in the scope of consolidation - 6,093 - Net increase (decrease) in amounts due to fixed asset suppliers (845) (1,664) (1,774) Net cash flows from (used in) investing activities (2,832) (2,690) (6,601) Financing activities Capital increase - - Capital increase transaction costs - - Sales of hedging instruments - - Change in bank debt 5.16 (3,052) (12,577) (6,087) Refinancing/financing transaction costs - - Net change in liability in respect of refinancing - - Net change in borrowings on assets sold - - Net change in current borrowings 5.16 (1,275) (2,475) 1,565 Net change in other non-current borrowings and debt 2,462 6,898 5,012 Purchases and sales of treasury shares 5 2 (2) Dividends paid - - - Net cash flows from (used in) financing activities (1,861) (8,152) 488 Change in cash and cash equivalents 9,867 1,769 (1,341) Cash and cash equivalents at beginning of period (1) 13,489 11,720 11,720 Cash relating to assets held for sale - (523) CASH AND CASH EQUIVALENTS AT END OF PERIOD 23,355 13,488 9,856 (1) In the statement of cash flows, net operating cash flows are calculated using the indirect method, whereby the net amount is based on net income adjusted for non-cash transactions, items of income or expense associated with investing or financing cash flows, and changes in working capital requirements. The Group considers financing activities to be activities that give rise to changes in the entity's borrowing and share capital structure. Consolidated statement of changes in equity for the six-month period ended June 30, 2025 In thousands of euros Share capital Legal reserve and additional paid-in capital Treasury shares Consolidated reserves and retained earnings Shareholders' equity attributable to owners of the Company Non-controlling interests Total shareholders' equity Shareholders' equity at December 31, 2024 64,933 60,047 (1,046) 144,973 268,907 - 268,907 Comprehensive income (expense) - - - (10,962) (10,962) - (10,962) Net loss - - - (10,962) (10,962) - (10,962) Other changes - - - - - - - Other comprehensive income - - - - - - - Capital transactions with owners - - 5 - 5 - 5 Dividends paid - - - - - - - Capital increase/reduction - - - - - - - Change in treasury shares held - - 5 - 5 - 5 Reduction in the legal reserve - - - - - - - Shareholders' equity at June 30, 2025 64,933 60,047 (1,040) 134,010 257,949 - 257,949 In thousands of euros Share capital Legal reserve and additional paid-in capital Treasury shares Consolidated reserves and retained earnings Shareholders' equity attributable to owners of the Company Non-controlling interests Total shareholders' equity Shareholders' equity at December 31, 2023 64,933 60,046 (1,047) 387,976 511,908 - 511,908 Comprehensive income (expense) - - - (54,588) (54,588) - (54,588) Net loss - - - (54,588) (54,588) - (54,588) Other changes - - - - - - - Other comprehensive income - - - - - - - Capital transactions with owners - - (2) - (2) - (2) Dividends paid - - - - - - - Capital increase/reduction - - - - - - - Change in treasury shares held - - (2) - - - - Reduction in the legal reserve - - - - - - - Shareholders' equity at June 30, 2024 64,933 60,046 (1,050) 333,388 457,317 - 457,317 ‌Notes to the interim consolidated financial statements Note 1 Background and main assumptions used to prepare the consolidated financial statements 1.1 Significant events of first-half 2025 13 income for the period then ended 22 1.2 Presentation of comparative financial information 13 5.1 Investment property 22 1.3 Regulatory context 13 5.2 Non-current loans and receivables 23 5.3 Trade accounts receivable 23 Note 2 Significant accounting policies used to prepare 5.4 Other operating receivables 23 the consolidated financial statements for the six- 5.5 Cash and cash equivalents 23 month period ended June 30, 2025 13 5.6 Aging analysis of receivables 24 2.1 Presentation of the consolidated financial statements 13 5.7 Fair value of financial assets 24 2.2 Segment reporting 14 5.8 Financial assets and liabilities 25 2.3 Investment property 14 5.9 Changes in impairment of financial assets 25 2.4 Measurement of the fair value of investment property 15 5.10 Consolidated equity 25 2.5 Financial instruments - classification and 5.11 Borrowings 26 measurement of financial assets and liabilities 15 5.12 Financial instruments 26 2.6 Loans and receivables 16 5.13 Fair value of financial liabilities 26 2.7 Trade accounts receivable 16 5.14 Other borrowings and debt 26 2.8 Share capital 16 5.15 Other operating liabilities 27 2.9 Treasury shares 16 5.16 Maturity schedule for liabilities with undiscounted 2.10 Election for tax treatment as a SIIC 17 contractual values 27 2.11 Employee benefits 17 5.17 Prepaid revenue 28 2.12 Bank borrowings 17 5.18 Rental income 29 2.13 Rental income 17 5.19 Income from other services 29 2.14 Rental expenses and rebilling of expenses to lessees 18 5.20 Building-related costs 29 2.15 Other operating income and expenses 18 5.21 Administrative costs 29 2.16 Discounting of deferred payments 18 5.22 Net financial expense 30 2.17 Earnings per share 18 5.23 Corporate income tax and tax proof 30 2.18 Presentation of the financial statements 18 5.24 Earnings per share 30 5.25 Off-balance sheet commitments and security for the six-month period ended June 30, 2025 13 Note 5 Notes to the consolidated statement of financial position at June 30, 2025 and to the consolidated statement of comprehensive Note 3 Critical accounting estimates and judgments 18 Note 4 Management of financial risks 20 provided 30 Transactions with related parties 31 Personnel 32 Statutory Auditors 33 4.1 Risk related to refinancing 20 5.29 Subsequent events 33 4.2 Risk related to the valuation of real estate assets 20 4.3 Risk related to changes in market rent levels for office premises 21 4.4 Risk related to the regulatory framework applicable to leases 21 4.5 Counterparty risk 21 4.6 Liquidity risk 21 4.7 Interest rate risk 22 4.8 Climate risk 22 ‌Note 1 Background and main assumptions used to prepare the consolidated financial statements for the six-month period ended June 30, 2025 ‌ Significant events of first-half 2025 ‌The remarkably successful repositioning of Rives de Bercy has very rapidly attracted two prestigious tenants. Following on from the arrival of Air Liquide in 2024, a new lease was signed with BPCE Group for 15,500 sq.m in March 2025, representing 50% of the property's surface area. This transaction - the largest recorded in Greater Paris in the first quarter of 2025 - demonstrates the relevance of our asset strategy and the ability of our assets to meet the large and medium-sized property needs of international groups. Presentation of comparative financial information For purposes of comparison, the financial information presented in the IFRS consolidated financial statements for the six-month period ended June 30, 2025 includes: ‌the IFRS consolidated financial statements for the year ended December 31, 2024; and the IFRS consolidated financial statements for the six-month period ended June 30, 2024. Regulatory context The Group's consolidated financial statements for the six months ended June 30, 2025 were prepared in accordance with International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) applicable to reporting periods ended June 30, 2025, as adopted by the European Union (hereafter referred to as "IFRS"). ‌Dividend payments are decided by the General Shareholders' Meeting on the basis of Vitura's financial statements prepared in accordance with French GAAP and not on the basis of the IFRS financial statements. In addition, Vitura is required to comply with certain dividend payment obligations in accordance with its election for tax treatment as a SIIC (see Note 2.8). The interim consolidated financial statements were adopted by the Board of Directors on July 29, 2025. ‌Note 2 Significant accounting policies used to prepare the consolidated financial statements for the six-month period ended June 30, 2025 Presentation of the consolidated financial statements Accounting standards The Group's consolidated financial statements for the six-month period ended June 30, 2025 have been prepared in accordance with international accounting standards (IAS/IFRS) and with the interpretations of the Standing Interpretations Committee (SIC) and the International Financial Reporting Interpretations Committee (IFRIC) as adopted by the European Union at June 30, 2025 and applicable at that date. For the purposes of comparison, the consolidated financial statements for the prior-year period, prepared according to the same standards, are also presented. For the periods presented, the standards and interpretations adopted in the European Union and applicable to the Group are similar to the standards and interpretations effective for these periods as published by the International Accounting Standards Board (IASB). The Group's financial statements are therefore prepared in accordance with IFRS standards and IFRIC interpretations, as published by the IASB. The consolidated financial statements have been prepared using the historical cost convention, except in the case of investment property, financial instruments and assets held for sale, which are carried at fair value in accordance with IAS 40, IAS 32, IFRS 5 and IFRS 9. The interim consolidated financial statements were prepared in accordance with IAS 34 - Interim Financial Reporting. Standards, amendments to standards and interpretations adopted by the European Union effective for reporting periods beginning on or after January 1, 2025 The standards below, effective for reporting periods beginning on or after January 1, 2025, do not have a material impact on the Group's financial statements: Amendments to IAS 21 - Lack of Exchangeability. Basis of consolidation The consolidated financial statements include all entities controlled or jointly controlled by the Group, or over which it exercises significant influence. In determining its ownership interest, the Group considers any potential voting rights giving access to additional voting rights, provided that these rights are currently exercisable or convertible. Full consolidation All entities controlled by the Group are fully consolidated. Control is presumed to exist when the Group has the power to manage the relevant activities, is exposed to or is entitled to the variable returns generated by such activities, and has the power to influence such returns. At June 30, 2025, no entities were jointly controlled or significantly influenced by the Group. Scope of consolidation At June 30, 2025, the scope of consolidation included the following entities: Company SIREN No. % control % interest Basis of consolidation Period covered Vitura SA 422 800 029 100.00% 100.00% Full consolidation January 1 to June 30, 2025 Prothin SAS 533 212 445 100.00% 100.00% Full consolidation January 1 to June 30, 2025 K Rueil SAS 814 319 513 100.00% 100.00% Full consolidation January 1 to June 30, 2025 Hanami Rueil SCI 814 254 512 100.00% 100.00% Full consolidation January 1 to June 30, 2025 All entities included in the scope of consolidation have a December 31 year-end. Since June 30, 2024, K Rueil's LTV ratio has exceeded the 80% statutory threshold set in the prospectus, due to the general economic climate, the decline in value of the Hanami building and the prolonged partial vacancy of the asset. As compliance with the LTV ratio threshold had not been restored within 12 months, K Rueil's OPPCI status was withdrawn on June 29, 2025. Consolidation adjustments and eliminations Business combinations are accounted for in accordance with IFRS 3. A business combination is where the acquirer acquires a controlling interest in one or several businesses. IFRS 3 defines a business as a combination of the three following elements: economic resources that create, or have the ability to contribute to the creation of outputs; any process that, when applied to the resources, creates or has the ability to create outputs; the outputs resulting from the processes applied to the resources that provide or have the ability to provide the expected return. ‌In accordance with IFRS 3, the cost of a business combination reflects the acquisition-date fair value of the assets acquired, liabilities assumed or incurred and equity instruments issued in exchange for the acquiree. No fair value adjustments or goodwill were recognized on the first-time consolidation of Prothin SAS as the company was incorporated by Vitura on June 22, 2011. K Rueil and Hanami Rueil SCI entered the scope of consolidation with effect from December 15, 2016. The acquisition did not meet the definition of a business combination within the meaning of IFRS 3 and was therefore treated as the acquisition of a group of assets. The acquisition cost relating to the group of assets was allocated to the identifiable assets acquired and liabilities assumed in proportion to their respective fair value at the acquisition date. No goodwill was recognized. Segment reporting Within the framework of IFRS 8, the Group has not identified different operating segments insofar as its assets solely comprise commercial real estate located in the Paris area. IFRS 8 states that operating segments may be aggregated if they are similar in each of the following respects: ‌the nature of the products and services; the nature of the production processes; the type or class of client for their products and services; the methods used to distribute their products or provide their services; if applicable, the nature of the regulatory environment, for example, banking, insurance or public utilities. Consequently, the Group does not have significant additional disclosure requirements as a result of applying IFRS 8. Investment property Property let out to tenants under long-term operating leases to earn rental income or held for capital appreciation or both, and not occupied by the Group, is classified as investment property. Investment property includes owned land and buildings. On acquisition, investment property is measured at the acquisition price including transaction costs (legal fees, transfer duties, etc.) in accordance with IAS 40. After initial recognition, investment property is remeasured at fair value. As a result, no depreciation or impairment is recognized on investment property. Fair value is measured net of registration tax by an external real estate valuer at the end of each reporting period. The methodology used by the external real estate valuer is described in Note 2.4 below. Subsequent expenditure may only be allocated to the assets' carrying amount when it is probable that the future economic benefits associated with the property will flow to the Group, and the cost of the property can be measured reliably. All other repair and maintenance costs are recognized in the statement of comprehensive income during the period in which they are incurred. Changes in the fair value of investment property are recognized in the statement of comprehensive income. Rent-free periods granted since January 1, 2024 are recorded under changes in fair value of investment property for the period, as specified in Note 2.6. ‌Measurement of the fair value of investment property Estimates and assumptions The fair value of property is measured by an external real estate valuer twice a year in accordance with the benchmark treatment in IAS 40. Following a rotation in 2023, the Company's external real estate valuers are BNP Paribas Real Estate Valuation for Europlaza, Rives de Bercy and Arcs de Seine, and Cushman & Wakefield Valuation for Hanami. When preparing the financial statements, management and the external real estate valuer are required to use certain estimates and assumptions that are likely to affect the amounts of assets, liabilities, income and expenses reported in the financial statements and in the accompanying notes. The Group and its real estate valuer are required to review these estimates and appraisals on an ongoing basis in light of past experience and other factors deemed of material importance with regard to economic conditions. The amounts reported in future financial statements may differ from these estimates as a result of changes in assumptions or circumstances. The values of investment property measured by the real estate valuers represent the best estimates at June 30, 2025, based on recent market observations and valuation methods commonly used within the profession. These estimates are not intended to anticipate any market changes. Management believes that the fair values determined by the experts reasonably reflect the fair value of the portfolio. These fair values should be read in conjunction with the sensitivities presented in Note 3 below. The valuation methods used, as described in the consolidated financial statements for the year ended December 31, 2024, remain unchanged for the six-month period ended June 30, 2025. Valuation methods The valuers calculated the fair value of the real estate assets in accordance with the professional standards set out in the French Real Estate Valuation Charter. The market value of the property is measured using its estimated rental value and the discounted cash flow (DCF) and/or capitalization methods. Estimated market rental value ‌Market rental value corresponds to the amount for which an asset could be reasonably let at the time of the valuation. This is analyzed as the annual financial consideration for the use of a real estate asset under a lease agreement. Market rental value therefore corresponds to the amount that could be obtained from a lessee for the use of the property under a new lease, subject to the standard conditions of occupancy for the property category concerned. Rental value is often determined through comparison with transactions on comparable properties in terms of location, use, composition and state of repair. It is subject to a reversion rate to reflect the specific features of the property concerned. Market value To estimate market value, independent experts use the following methods: Cushman & Wakefield Valuation: DCF method and capitalization method. The DCF value was used. BNP Paribas Real Estate Valuation France: DCF method and capitalization method. The market value used corresponds to the average between the two methods. DCF method This method consists of discounting the annual cash flows generated by the asset, including the assumed resale at the end of a defined ownership period. Cash flows are defined as the total amount of all of the asset's revenues, net of expenses not rebillable to lessees. Capitalization approach This method consists of capitalizing the annual income generated by an asset with a capitalization rate defined by reference to the market. The rate used reflects the quality of the financial covenants as well as the long-term risks related to the property. A discount is applied to the gross value to take account of transfer duties and registration costs, which are estimated at 7.50%. Fair value hierarchy under IFRS 13 Vitura applies IFRS 13, which defines fair value as the price that would be received in an orderly transaction to sell an asset or paid in an orderly transaction to transfer the liability at the measurement date under current market conditions. IFRS 13 uses a three-level fair value hierarchy to classify the inputs used as a basis to measure the assets and liabilities concerned. The three levels are as follows: Level 1: fair value corresponds to the unadjusted quoted prices in active markets for identical assets and liabilities. Level 2: fair value is determined, either directly or indirectly, using observable inputs. Level 3: fair value is determined directly using unobservable inputs. The categorization of the Group's investment property in accordance with IFRS 13 is presented in Note 5.1. Financial instruments - classification and measurement of financial assets and liabilities Financial assets and liabilities are recognized and measured in accordance with IFRS 9. Where Vitura has no influence over a company, it recognizes and measures equity instruments in accordance with IFRS 9 (in particular, ordinary shares without redemption rights) and related debt instruments. Equity instruments are recognized at fair value under either net income (expense) or other comprehensive income. For investments in debt instruments, depending on the business model and the characteristics of the contractual cash flows ("solely payments of principal and interest"/SPPI or "basic loan" criteria), the Group recognizes the instruments at amortized cost or fair value under income (expense) or under other comprehensive income. Preferred shares Vitura has determined that the preference shares held in SAS Kennedy are non-SPPI debt instruments and are therefore recognized as financial assets at fair value on the income statement. These shares have been classified as non-current financial assets, due to the nature of the Kennedy project, which is not expected to be completed for at least another four years, i.e., from the end of 2028. Non-derivative financial liabilities ‌After initial recognition, non-derivative financial liabilities are measured at amortized cost using the effective interest method. Derivative financial instruments Vitura has not opted for hedge accounting. Derivative financial instruments are therefore measured at fair value at the end of each reporting period with any gains or losses recognized in income. Vitura applies IFRS 13, which defines fair value as the price that would be received in an orderly transaction to sell an asset or paid in an orderly transaction to transfer the liability at the measurement date under current market conditions (see Note 2.4). The categorization of the Group's derivative financial instruments in accordance with IFRS 13 is presented in Note 5.13. Loans and receivables ‌Loans and receivables include the non-current portion of the economic benefits of the lease, rent-free periods, rent discounts, the portion of fitting-out costs incurred by the lessee and borne by the lessor, and the lease premiums paid to lessees in accordance with IFRS 16. Rent-free periods granted since January 1, 2024 are recorded under changes in fair value of investment property for the period. Trade accounts receivable Trade accounts receivable consist of accrued amounts receivable from lessees. They are initially recognized at fair value and subsequently at amortized cost using the effective interest rate method, less any provisions for impairment. As rent is usually billed in advance, trade accounts receivable consist of rents billed in respect of the following period. The timing difference between the billing date and the end of the reporting period is eliminated by recognizing rent billed for future periods and not yet due under "Prepaid revenue" (see Note 5.19). IFRS 9 introduces a new model for recognizing impairment of financial assets based on expected credit losses. ‌However, it also sets forth a simplified approach for trade and lease receivables, which are often held by companies that do not have sophisticated credit risk tracking or management systems. This approach removes the need to calculate 12-month expected credit losses and track the increase in credit risk. This means that: for trade receivables that do not contain a significant financing component, impairment is equal to lifetime expected credit losses. The Company may use a provision matrix based on days past due to measure expected credit losses; for trade receivables that contain a significant financing component and for lease receivables, the Company must choose between the simplified approach (as for trade receivables that do not contain a significant financing component) or the general approach (which requires tracking changes in credit risk over the lifetime of the trade receivable). The Group has elected to apply the simplified approach. Share capital ‌Ordinary shares are classified in shareholders' equity. Incremental costs directly attributable to new share issues are shown in shareholders' equity as a deduction from additional paid-in capital. Treasury shares On August 29, 2006, Vitura entered into a liquidity agreement with Exane BNP Paribas. This agreement complies with the standard-type contract of the French Association of Investment Firms ( Association française des entreprises d'investissement - AFEI) and the AFEI code of ethics of March 14, 2005, which was approved by the French financial markets authority ( Autorité des marchés financiers - AMF) on March 22, 2005. Vitura entered into a second agreement with Exane BNP Paribas on November 27, 2017, followed by a third agreement on November 16, 2020 and a fourth agreement on December 6, 2021. Under the terms of these agreements, Exane BNP Paribas may buy and sell Vitura shares on behalf of Vitura within the limits imposed by law and the authorizations granted by the Board of Directors within the scope of its share buyback program. Under these liquidity agreements, the Group owned 38,040 treasury shares (representing 0.22% of its total issued shares) for a total amount of €939 thousand at June 30, 2025. In accordance with IAS 32, these treasury shares are shown as a deduction from consolidated equity based on their acquisition cost (net of directly attributable transaction costs) or their initial carrying amount in the consolidated statement of financial position. Any capital gains or losses arising on the disposal of these shares are eliminated in the statement of comprehensive income and recognized against consolidated equity. Cash allocated to the liquidity agreement and not invested in Vitura shares at the end of the reporting period is stated in "Other operating receivables". Election for tax treatment as a SIIC Vitura has elected for the preferential tax treatment granted to listed real estate investment companies (SIICs) in accordance with Article 208 C of the French Tax Code ( Code général des impôts ). This election took effect on April 1, 2006. Owing to this tax treatment, no corporate income tax is payable directly or indirectly through income from subsidiaries in respect of the real estate leasing business and no deferred taxes were recognized at June 30, 2024. Similarly, no tax was payable on capital gains generated on the sale of buildings, shareholdings in subsidiaries eligible for the same tax treatment, or shareholdings in partnerships. Prothin, Vitura's subsidiary, also benefits from this preferential tax treatment. As of June 29, 2025, K Rueil is no longer a tax-exempt SPPICAV (company investing predominantly in real estate with a variable share capital). Accordingly, K Rueil is now subject to the general rules applicable to corporate income tax from July 1, 2025, which should not have any tax impact on the Group. Hanami Rueil SCI, a subsidiary of K Rueil, is transparent for tax purposes, within the meaning of Article 8 of the French Tax Code. There will be no tax impact for Hanami SCI as a result of K Rueil no longer being a SPICCAV. Terms and conditions and impact of tax treatment as a SIIC When a company elects for SIIC status, the ensuing change in tax treatment has a similar impact to that of a discontinuance of business (taxation of unrealized capital gains, income which is subject to tax deferral and as yet untaxed operating income). SIICs that have elected for preferential treatment are exempt from paying corporate income tax on the portion of their income resulting from: the lease of buildings, provided that 95% of this income is distributed before the end of the fiscal year following the year in which the income is generated; ‌capital gains generated on the sale of buildings, shareholdings in partnerships falling within the scope of Article 8 of the French Tax Code and having the same purpose as that of the SIIC, or shareholdings in subsidiaries having elected for SIIC tax treatment, provided that 70% of these capital gains are distributed by the end of the second fiscal year following the year in which they were generated; dividends received from subsidiaries having elected for preferential tax treatment and resulting from exempt income or from capital gains and dividends received from SPPICAVs whose share capital and voting rights have been at least 5%-owned for a minimum of two years, provided that they are redistributed in full during the fiscal year following the year in which they were received. In addition, income generated by operations carried out by partnerships falling within the scope of Article 8 of the French Tax Code are deemed to be carried out directly by SIICs or their subsidiaries in proportion to their rights and are therefore exempt under the SIIC rules. Accordingly, this income must be distributed pursuant to the above-mentioned time limits and proportions, based on whether it results from the lease or sale of buildings or from dividends. In the event that they choose to leave the SIIC tax regime at any time, the SIICs and their subsidiaries must add back to their taxable earnings for the period the portion of their income available for distribution at the end of said period which results from previously tax-exempt amounts. In accordance with paragraph 2 of Article 208 C of the French Tax Code, the SIIC's capital or voting rights must not be directly or indirectly held at 60% or more by one or several persons acting in concert within the meaning of Article L.233-10 of the French Commercial Code ( Code de commerce ). Article 208 C II ter of the French Tax Code also introduces a 20% withholding tax to be paid by SIICs on dividends distributed from tax-exempt income to shareholders, other than natural persons, that hold at least 10% of dividend entitlements in said SIICs and that are not liable for corporate income tax or another equivalent tax on the dividends received. However, the withholding tax is not due when the beneficiary of the dividends is a company required to distribute the full amount of the dividends it receives and whose shareholders that directly or indirectly hold at least 10% of the dividend rights are liable for corporate income tax or another equivalent tax on the dividends received. Employee benefits ‌AS 19 requires entities to recognize as expenses all current or future benefits or compensation granted by an entity to its employees or to third parties over the period during which the rights to such benefits or compensation vest. The Group only has two employees and therefore considers that its employee benefit commitments in respect of defined benefit plans are not material. Consequently, the amount of its employee benefit commitments was not measured at June 30, 2025. Bank borrowings On initial recognition, bank borrowings are measured at the fair value of the consideration received, less directly attributable transaction costs. ‌They are subsequently measured at amortized cost using the effective interest method. The long-term portion (due more than 12 months after the end of the reporting period) is classified in non-current borrowings and debt, while the short-term portion (due in less than 12 months) is classified in current borrowings and debt. Rental income The Group leases out its real estate under operating leases. Assets leased under operating leases are recognized in the consolidated statement of financial position within investment property. Rental income is recognized over the lease term. In accordance with IFRS 16, the financial impact of all of the provisions in the lease is recognized on a straight-line basis over the shorter of the lease term or the period up to the date on which the lessee may terminate the lease without incurring any material financial consequences (usually after six years). Therefore, in order to accurately reflect the economic benefits of the lease, rent-free periods, rent discounts, the portion of fitting-out costs incurred by the lessee and borne by the lessor, and lease premiums paid to lessees are recognized over the firm term of the lease. Termination and restoration indemnities received from outgoing lessees are recognized under "Income from other services" in operating income. ‌Rental expenses and rebilling of expenses to lessees Rental expenses incurred by the lessor on behalf of lessees and expenses chargeable to the lessees under the terms of the lease are recorded in the statement of comprehensive income under "Building-related costs". The rebilling of rental expenses and expenses chargeable to lessees under the terms of the lease are recorded in the statement of comprehensive income under "Income from other services". This approach is consistent with IFRS 15, insofar as the Group acts as principal: its "performance obligation" is to provide the underlying goods and services to its tenants. The Group is: responsible for fulfilling the promise; exposed to the inventory risk; in charge of establishing the price. The portion of rental expenses concerning vacant premises is recorded directly in the statement of comprehensive income. ‌Rental expenses include building-related taxes (property tax, tax on office premises and tax on parking areas). Other operating income and expenses ‌Other operating income and expenses comprise items that, due to their nature, are not included in the assessment of the Group's recurring operating performance. Discounting of deferred payments Long-term payables and receivables are discounted when they are considered to have a material impact. ‌Security deposits received from lessees are not discounted because they are indexed annually based on an index used for annual rent reviews; There are no provisions for material liabilities, as defined in IAS 37. Earnings per share ‌Earnings per share is a key indicator used by the Group, and is calculated by dividing net attributable income by the weighted average number of shares outstanding during the period. Treasury shares are not considered as outstanding and are therefore not included in the calculation of earnings per share. Diluted earnings per share is calculated based on income attributable to holders of ordinary shares and the weighted average number of shares existing during the period, adjusted to reflect the impact of potentially dilutive ordinary shares. Presentation of the financial statements Assets and liabilities maturing within 12 months of the reporting date are classified as current assets and liabilities in the consolidated statement of financial position. All other assets and liabilities are treated as non-current. ‌Expenses in the statement of comprehensive income are shown according to their nature. In the statement of cash flows, net operating cash flows are calculated using the indirect method, whereby the net amount is based on net income adjusted for non-cash transactions, items of income or expense associated with investing or financing cash flows, and changes in working capital requirements. Note 3 Critical accounting estimates and judgments To prepare the interim consolidated financial statements, the Group uses estimates and judgments which are updated on a regular basis and are based on past information and other factors, in particular assumptions of future events deemed reasonable in view of the circumstances. Estimates that could lead to a significant adjustment in the carrying amount of assets and liabilities in the subsequent period mainly concern the determination of the fair value of the Group's real estate assets and financial instruments. The fair value of the Group's real estate assets is measured on the basis of valuations carried out by an external real estate valuer using the methodology described in Note 2.4. As these valuations are only estimates, there may be a significant difference between the amount obtained upon the sale of certain real estate assets and their estimated value, even when they are sold in the months following the end of the reporting period. In this context, valuations of the Group's real estate assets by the external real estate valuers could vary significantly according to changes in the rate of return, based on observations of the rates prevailing in the real estate market. CHANGES IN POTENTIAL YIELD BY PROPERTY BASED ON INFORMATION AT JUNE 30, 2025 Building Change in exit cap rate based on information at June 30, 2025 (DCF) Exit cap rate 0.50% 0.25% 0.00% -0.25% -0.50% Europlaza 6.25% 315 319 323 327 332 Arcs de Seine 5.75% 343 346 350 353 356 Rives de Bercy 6.75% 106 107 108 109 111 Hanami campus 7.50% 88 89 91 93 95 Total 852 862 872 882 893 Impact on portfolio value -2.2% -1.1% - 1.2% 2.5% Sources: BNP Real Estate and Cushman & Wakefield. Building Change in discount cash flow (DCF) rate based on information at June 30, 2025 Discount cash flow rate 0.50% 0.25% 0.00% -0.25% -0.50% Europlaza 6.75% 317 320 323 326 329 Arcs de Seine 6.00% 343 346 350 353 356 Rives de Bercy 6.75% 106 107 108 109 111 Hanami campus 8.75% 88 89 91 93 94 Total 854 863 872 881 890 Impact on portfolio value -2.0% -1.0% 0.0% 1.0% 2.1% Sources: BNP Real Estate and Cushman & Wakefield. Building Change in capitalization rate at June 30, 2025 Capitalization rate 0.50% 0.25% 0.00% -0.25% -0.50% Europlaza 6.00% - 6.20% 310 316 323 330 339 Arcs de Seine 5.50% - 5.75% 336 342 350 357 366 Rives de Bercy 6.50% - 6.65% 105 107 108 110 112 Hanami campus n/a 91 91 91 91 91 Total 842 856 872 889 908 Impact on portfolio value -3.5% -1.8% 0.0% 1.9% 4.1% Sources: BNP Real Estate. Building Market rental value at June 30, 2025 (capitalization & DCF) Office market rental value -€20/sq.m -€10/sq.m - €10/sq.m €20/sq.m Europlaza €470/sq.m 313 318 323 328 333 Arcs de Seine €500/sq.m 339 344 350 355 360 Rives de Bercy €290/sq.m 103 106 108 111 113 Hanami campus €275/sq.m 86 88 91 94 96 Total 841 857 872 887 902 Impact on portfolio value -3.5% -1.7% 0.0% 1.7% 3.5% Sources: BNP Real Estate. As part of the valuation of Vitura's portfolio, Europlaza, Arcs de Seine and Rives de Bercy were valued by BNP Real Estate using the average of two methods: the capitalization method and the discount cash flow method. In contrast, the Hanami building was valued by Cushman & Wakefield using only the DCF method. These data are linked to the market and could therefore change significantly in the current climate. This could have a significant positive or negative impact on the fair value of the Group's real estate assets. Regarding hedging instruments, which are analyzed in Note 4.7, a change in interest rates would result in the following values: HEDGING INSTRUMENT In thousands of euros Hedging instrument Nominal amount Bank Hedged rate Fixed rate Start date Maturity -1% -0.5% Value at June 30, 2025 +0.5% +1% Cap 0.00% - 3-month 0.25% - October 15, July 15, 380,750 Natixis Euribor 1.00% 2024 2026 4,848 6,513 8,313 10,148 11,977 Cap Natixis 3-month Euribor 0.50% April 15, 2025 July 15, 2025 570 570 569 569 569 Cap 123,000 - 3-month October 15, 126,724 (1) Natixis Euribor 0.00% July 15, 2025 2025 302 462 622 782 941 Cap Natixis 3-month Euribor 1.25% October 15, 2025 January 15, 2026 3 56 190 341 492 ‌Total 507,474 5,722 7,601 9,694 11,840 13,979 (1) The amounts are updated in line with maturity dates. ‌Note 4 Management of financial risks Risk related to refinancing The Group constantly monitors the loans taken out to finance the acquisition of real estate assets. Group company Financed assets Partner banks Initial principal amount Repayment terms Date of agreement Maturity Extension option Other information Prothin SAS Europlaza Aareal Bank 525,000,000 Repayment at July 26, 2016 July 15, N/A Arcs de AG, Natixis, Natixis maturity/ Contractual 2026 event of a change in control of Prothin and/or Vitura Mandatory early repayment in the Seine Rives de Bercy Pfandbriefbank AG amortizing payments Mandatory early repayment in the event of a breach of a default financial covenant No early repayment indemnity in the event of voluntary or mandatory early repayment of all or part of the outstanding amount. Hanami Rueil SCI Hanami La Banque Postale, Société Générale, National Bank of Kuwait 94,000,000 Repayment at maturity December 15, 2016 August 14, 2025 Two one-year extension options Mandatory early repayment in the event of a change in control of Hanami Rueil and/or Vitura Mandatory early repayment in the event of a breach of a default financial covenant No early repayment indemnity in the event of voluntary or mandatory early repayment of all or part of the outstanding amount. Prothin ‌The Group has initiated the process to refinance Prothin's debt maturing on July 15, 2026. Given the quality of the assets in the portfolio and their occupancy rate (81% on average), the Group is confident that the banking pool will respond positively to its request. Hanami Consent requests were signed with the banking pool to extend the maturity and postpone the effects of the LTV ratio being breached until July 15, 2025. A new consent request was signed with the pool in July 2025 for an extension to August 14, 2025 (see section 5.29 "Subsequent events"). Negotiations are also underway with the banking pool with a view to securing a further extension. Risk related to the valuation of real estate assets The Group's real estate portfolio is valued by external real estate valuers. The value of the portfolio depends on the ratio of supply to demand in the property market, a large number of substantially varying factors, and changes in the economic environment. All of the Group's real estate assets are office buildings with a surface area of between 34,200 and 52,700 sq.m, located in Paris' inner suburbs. A fall in demand for this type of building could adversely affect the Group's earnings, business activities and financial position. The current economic climate has sparked volatility in real estate prices and values. Consequently, the price obtained if the assets are disposed of in the short term may not be in line with the valuation. ‌Risk related to changes in market rent levels for office premises ‌Market rent levels for office premises and the value of office buildings are strongly influenced by the ratio of supply to demand in the property market. A situation where supply outweighs demand is likely to adversely affect the Group's earnings, business activities, assets and liabilities, and financial position. Risk related to the regulatory framework applicable to leases ‌Certain legal provisions applicable to commercial leases, such as public policy regulations governing lease terms and the indexing of rent, can restrict the capacity of property owners to increase rents. In the event of a change in the regulatory framework or the index used, the Group may be exposed to such risks. Counterparty risk Group procedures ensure that lease agreements are only entered into with lessees of suitable credit standing. ‌At June 30, 2025, the Group was dependent on six lessees which collectively represented 62% of the total rental income collected in first-half 2025. Lessees representing more than 10% of rental income individually are: KPMG Avocats for €3,245 thousand, Huawei for €3,892 thousand and Axens for €3,090 thousand. Although the Group's real estate assets could be - and are - leased to many different lessees, financial difficulties experienced by one of these lessees, a request for more favorable lease terms upon renewal, or a decision to terminate their lease, could adversely impact the Group's financial position, earnings and future performance. Liquidity risk Prudent liquidity risk management involves maintaining sufficient liquidity and short-term investment securities, being able to raise funds based on suitably adapted lines of credit and the ability to unwind market positions. The Group's loans have been taken out with reputable bank pools. A description of the different credit facilities can be found in Note 4.1. At June 30, 2025, as set out in Note 5.12, the Group had €597 million in bank borrowings, of which €90 million due within one year for Hanami. According to their credit agreements, the LTV ratios of Prothin and Hanami Rueil SCI must not exceed 65%. This is the ratio between outstanding bank borrowings and the market value of real estate assets as determined by appraisal reports commissioned by the lenders. Prothin's credit agreement also provides for a repayment of 0.5% of the outstanding amount on each interest payment date, should the intermediate LTV of 60% be exceeded. The July 2023 ratio triggered repayments amounting to €5.2 million in 2023, €10.3 million in 2024 and €2.5 million in first-half 2025. According to their credit agreements, the interest coverage ratios of Prothin and Hanami Rueil SCI must not exceed 150%. This is the ratio between rental income for the reference period and interest expenses. These thresholds are complied with. These covenants are calculated on a quarterly basis on January 15, April 15, July 15 and October 15 of each year. No default events were recognized at June 30, 2025. Of particular note: Prothin In October 2024, the hard LTV ratio exceeded the threshold authorized by the credit agreement. Agreements were reached in December 2024 and January 2025 with the banking pool to suspend the effects of the ratio being breached until testing in October 2025. The LTV ratio threshold should be complied with in October 2025, given the expected overall improvement in the fair value of the Company's assets and repayments made on the loan. Hanami In October 2023, Hanami Rueil SCI's hard LTV ratio exceeded the threshold authorized by the credit agreement. Consent requests were signed with the banking pool to extend the maturity and postpone the effects of the LTV ratio being breached until July 15, 2025. A new consent request was signed with the pool in July 2025 for an extension to August 14, 2025 (see section 2.4 "Subsequent events"). Negotiations are also underway with the banking pool with a view to securing a further extension. Should the negotiations prove unsuccessful, Hanami Rueil SCI may have to enter into insolvency proceedings. As Vitura directly owns 0.54% of Hanami Rueil SCI's capital, the amount it would have to bear would be less than €0.9 million. Vitura On January 4, 2024 and February 14, 2024, Vitura entered into shareholder loan agreements for €30 million with NW CGR 1 S.à.r.l, NW CGR 2 S.à.r.l and NW CGR 3 S.à.r.l with the purpose of meeting the short-term financing needs of the Company and other Group companies. The shareholder loans were extended to April 30, 2026 then to July 31, 2026 (see section 5.3.1 "Subsequent events") to cover the Group's cash requirements. The Board of Directors has approved the Group's interim consolidated financial statements on a going concern basis, taking into account the matters described above. ‌Interest rate risk In 2021, the Vitura Group refinanced the loan in respect of the assets held by SAS Prothin. Since November 2021, the loan - which was initially taken out in 2012 and then extended in 2016 for an amount of €525 million - is subject to a variable interest rate (3-month Euribor with a floor of 0%), plus a margin of 1.65% if the following conditions are met: portfolio occupancy rate: above 70%; LTV: less than 55%; average remaining lease term of more than three years. If the above conditions are not met, the margin is equal to 2.25%. Following the acquisition of Hanami Rueil SCI, the Vitura Group entered into a credit agreement for €100 million on December 15, 2016, for which the due date was extended to June 14, 2022. On the same date, the Company refinanced its debt for a nominal amount of €94,000,000, subject to variable interest (3-month Euribor with a floor of 0%) plus a margin of 1.80% (1.65% if extended). At June 30, 2025, the Group held four hedges: Financial institution Natixis Natixis Natixis Natixis Type of hedge Cap Cap Cap Cap Nominal amount (in thousands of euros) 380,750 123,000 - 126,724 Fixed rate 0.00% - 0.25% - 1.00% 0.50% 0.00% 1.25% Hedged rate 3-month Euribor 3-month Euribor 3-month Euribor 3-month Euribor ‌Start date October 15, 2024 April 15, 2025 July 15, 2025 October 15, 2025 Maturity July 15, 2026 July 15, 2025 October 15, 2025 January 15, 2026 4.8 Climate risk Acting for the climate is one of the four pillars of Vitura's corporate social responsibility (CSR) strategy. The Group's plan to mitigate and adapt to climate change is led by three main objectives: reducing portfolio greenhouse gas emissions by 54% by 2030 compared to 2013; aiming for carbon neutrality by 2050, particularly through low-carbon redevelopment work; making its real estate assets resilient to climate change and getting key stakeholder buy-in on its approach. The main commitments made by the Group are reflected in the financial statements. These items cannot be quantified with perfect accuracy, as it is difficult to separate them out from other factors that have also had an impact over the period. The impact on the financial statements is reflected through: an increase in capital expenditure aimed at improving the energy performance of its properties; the valuation methods used to measure the Group's assets and liabilities; ‌climate issues in measuring the fair value of investment property in accordance with IAS 40. ‌Note 5 Notes to the consolidated statement of financial position at June 30, 2025 and to the consolidated statement of comprehensive income for the period then ended Investment property CARRYING AMOUNT OF INVESTMENT PROPERTY Changes in the carrying amount of investment property can be broken down by building as follows: In thousands of euros Rives de Bercy Europlaza Arcs de Seine Hanami campus Total December 31, 2024 107,000 320,200 353,400 96,150 876,750 Increases 1,100 836 (8) 59 1,987 Indemnity received - - - - - Decreases - - - - - Change in fair value (484) 1,764 (4,159) (5,390) (8,269) Other changes (1) 784 200 267 191 1,442 Disposals - - - - - June 30, 2025 108,400 323,000 349,500 91,010 871,910 (1) Portion of rent-free periods since January 1, 2024. MAIN FAIR VALUE MEASUREMENT ASSUMPTIONS FOR INVESTMENT PROPERTIES AND ASSETS HELD FOR SALE The real estate valuers' estimation of the fair value of the buildings at June 30, 2025 is indicated below, along with the information used in the calculation: Building Estimated value at June 30, 2025 (excluding transfer duties) Gross leasable area (1) at June 30, 2025 (excluding transfer duties) Annual rent (net of taxes) (2) In thousands of euros % sq.m % In thousands of euros % Europlaza 323,000 37% 52,656 31% 27,379 37% Arcs de Seine 349,500 40% 48,041 28% 25,935 35% Rives de Bercy 108,400 12% 34,178 20% 10,664 14% Hanami campus 91,010 11% 34,466 20% 11,023 15% Total 871,910 100% 169,341 100% 75,002 100% The gross leasable area includes the surface area of the offices, storage areas and a share of common areas. Annual rent includes rent billed to lessees for space occupied at June 30, 2025 and market rent, as estimated by valuers, in relation to vacant premises. ‌In light of the nature of the French real estate market and the relative lack of publicly available data, real estate assets have been categorized within Level 3 of the IFRS 13 fair value hierarchy. Non-current loans and receivables This item can be broken down as follows: In thousands of euros June 30, 2025 December 31, 2024 June 30, 2024 Security deposits paid 54 53 27 Lease incentives (non-current portion) 6,774 12,304 11,265 Non-current loans and receivables 6,828 12,357 11,291 ‌Non-current lease incentives correspond to the non-current portion of rent-free periods, rent discounts and lease premiums paid to lessees recognized over the non-cancelable term of the lease in accordance with the accounting policies stated in Note 2.11. Trade accounts receivable This item can be broken down as follows: In thousands of euros June 30, 2025 December 31, 2024 June 30, 2024 Trade accounts receivable 9,087 12,153 13,758 ‌Impairment of trade accounts receivable - - - Trade accounts receivable 9,087 12,153 13,758 Other operating receivables This item can be broken down as follows: In thousands of euros June 30, 2025 December 31, 2024 June 30, 2024 Lease incentives (current portion) 6,778 2,723 7,434 VAT 1,594 1,348 2,299 Supplier accounts in debit and other receivables 2,875 2,578 2,339 ‌Liquidity account/treasury shares 30 25 22 Other operating receivables 11,277 6,674 12,094 Cash and cash equivalents "Cash and cash equivalents" comprises either bank account balances or risk-free bank deposits that may be considered as cash equivalents. Current bank account balances recorded in this caption represent €23,355 thousand. ‌Aging analysis of receivables The aging analysis of receivables at June 30, 2025 is as follows: In thousands of euros Receivables (net of impairment) Receivables not yet due (net of impairment) Receivables past due (net of impairment) o/w receivables less than 6 months past due o/w receivables more than 6 months and less than 1 year past due o/w receivables more than 1 year past due June 30, 2025 Non-current receivables Non-current loans and receivables 6,828 6,828 - - - - Total non-current receivables 6,828 6,828 - - - - Current receivables Trade accounts receivable (1) 9,087 6,705 2,382 1,004 399 978 Other operating receivables 11,277 11,277 - - - - Prepaid expenses 268 268 - - - - Total current receivables 20,632 18,250 2,382 1,004 399 978 Total receivables 27,460 25,078 2,382 1,004 399 978 The amount of trade accounts receivable pledged as collateral for loans and borrowings amounted to €9,087 thousand at June 30, 2025, as described in Note 5.26. The aging analysis of receivables at December 31, 2024 is as follows: In thousands of euros Receivables (net of impairment) Receivables not yet due (net of impairment) Receivables past due (net of impairment) o/w receivables less than 6 months past due o/w receivables more than 6 months and less than 1 year past due o/w receivables more than 1 year past due December 31, 2024 Non-current receivables Non-current loans and receivables 12,357 12,357 - - - - Total non-current receivables 12,357 12,357 - - - - Current receivables Trade accounts receivable (1) 12,153 12,038 115 68 92 (45) Other operating receivables 6,674 6,674 - - - - Prepaid expenses 379 379 - - - - Total current receivables 19,206 19,091 115 68 92 (45) ‌Total receivables 31,563 31,448 115 68 92 (45) The amount of trade accounts receivable pledged as collateral for loans and borrowings amounted to €12,153 thousand at December 31, 2024, as described in Note 5.26. Fair value of financial assets The fair value of financial assets at June 30, 2025 can be analyzed as follows: In thousands of euros June 30, 2025 Carrying amount Fair value June 30, 2024 Carrying amount Fair value Fair value hierarchy (2) Interest rate cap (1) 9,694 9,694 32,106 32,106 Level 2 Kennedy SAS preference shares 3,911 3,911 Total financial assets at fair value 13,605 13,605 32,106 32,106 (1) Derivative financial instruments (2) Classification under IFRS 13 (see Note 2.4.1). The characteristics of financial assets are described in Note 4.7. The fair value of other financial assets, which primarily comprise receivables, corresponds to their carrying amount. ‌Financial assets and liabilities The table below presents a summary of financial assets and liabilities: In thousands of euros June 30, 2025 June 30, 2024 Financial assets at fair value through profit or loss (current and non-current portion) 13,605 27,645 Held-to-maturity investments - - Loans and receivables - - Financial assets held for sale - 4,984 Cash and cash equivalents 23,355 9,856 Total financial assets 36,960 42,485 Financial liabilities at fair value through profit or loss - - Financial liabilities measured at amortized cost - - Financial liabilities held for sale - 208,245 Non-current liabilities 511,227 510,316 ‌Current liabilities 131,969 138,551 Total financial liabilities 643,195 857,113 ‌Changes in impairment of financial assets No impairment charges were recorded during the period. Consolidated equity COMPOSITION OF AND CHANGES IN SHAREHOLDERS' EQUITY In thousands of euros Number of shares Par value of shares (in euros) Share capital Legal reserve and additional paid-in capital Consolidated reserves and retained earnings Total In thousands of euros In thousands of euros In thousands of euros In thousands of euros Shareholders' equity at December 31, 2024 17,087,708 3.8 64,933 60,046 143,927 268,907 Dividends paid - - - - - - Other changes - - - - - - Other comprehensive income - - - - - - Interim dividend - - - - - - Net income (loss) for the period - - - - (10,962) (10,962) Capital increase by increasing par value - - - - - - Capital reduction - - - - - - Change in treasury shares held - - - - 5 5 Shareholders' equity at June 30, 2025 17,087,708 3.8 64,933 60,046 132,970 257,949 TREASURY SHARES In euros Amount at June 30, 2025 Amount at Dec. 31, 2024 Change Acquisition cost 938,768 1,015,739 (76,971) Number of treasury shares at the reporting date 38,040 39,014 (974) ‌Borrowings The maturity schedule of loans taken out by the Group, valued at amortized cost less transaction costs, is as follows: In thousands of euros Bank loan Due in 1 year or less Due in 1 to 2 years Due in 2 to 3 years Due in 3 to 4 years Due in 4 to 5 years Due in more than 5 years Current bank borrowings Fixed rate - - - - - - - Variable rate 596,635 92,868 503,767 - - - - Accrued interest not yet due 5,691 5,691 - - - - - ‌Bank fees deferred at effective interest rate (1,427) (1,370) (57) - - - - Total at June 30, 2025 600,898 97,189 503,710 - - - - Financial instruments The table below presents a summary of financial instruments: In thousands of euros June 30, 2025 December 31, 2024 Interest rate cap (due in more than 1 year) 6,457 9,286 Kennedy SAS preference shares 3,911 3,911 Non-current financial instruments 10,368 13,197 Interest rate cap (due in less than 1 year) 3,237 5,470 ‌Current financial instruments 3,237 5,470 The characteristics of the cap agreements are described in Note 4.7. Fair value of financial liabilities The fair value of financial liabilities at June 30, 2025 can be analyzed as follows: In thousands of euros June 30, 2025 December 31, 2024 June 30, 2024 Fair value hierarchy (2) Carrying amount Fair value Carrying amount Fair value Carrying amount Fair value Borrowings (1) 595,208 619,130 597,402 619,215 807,576 824,237 Level 2 Total financial liabilities 595,208 619,130 597,402 619,215 807,576 824,237 Excluding accrued interest not yet due. Classification under IFRS 13 (see Note 2.4). ‌The characteristics of liabilities are described in Note 4.7 and Note 5.12. There was no difference between the carrying amounts and fair values of financial liabilities other than those mentioned above. Other borrowings and debt Other borrowings and debt break down as follows: In thousands of euros June 30, 2025 December 31, 2024 Security deposit (due within 1 year) - - Shareholder loans and current accounts 34,780 32,560 Other current borrowings and debt 34,780 32,560 Security deposit (due in more than 1 year) 7,517 7,275 Other non-current borrowings and debt 7,517 7,275 Total other borrowings and debt 42,297 39,836 ‌Other operating liabilities These can be broken down as follows: In thousands of euros June 30, 2025 December 31, 2024 June 30, 2024 Personnel 266 331 339 Accrued VAT, other taxes and social security charges 7,209 3,540 7,341 Rebates and other trade payables 5,119 2,061 2,736 Miscellaneous - - 263 Other liabilities 12,594 5,932 10,679 Other amounts due to fixed asset suppliers 854 1,696 1,404 ‌Amounts due to fixed asset suppliers 854 1,696 1,404 OTHER OPERATING LIABILITIES 13,447 7,628 12,083 Maturity schedule for liabilities with undiscounted contractual values The maturity schedule for liabilities with undiscounted contractual values is as follows: In thousands of euros Carrying amount at June 30, 2025 Undiscounted contractual value Undiscounted contractual value Due in 1 year or less Due in more than 1 year but less than 2 years Due in more than 2 years but less than 3 years Due in more than 3 years but less than 4 years Due in more than 4 years but less than 5 years Due in more than 5 years Non-current liabilities Non-current borrowings 503,710 503,710 503,710 - - - - Other non-current borrowings and debt (1) 7,517 7,517 - - - - - 7,517 Non-current corporate income tax liability - - - - - - - - Other financial liabilities - - - - - - - - Total non-current liabilities at June 30, 2025 511,227 511,227 - 503,710 - - - 7,517 Current liabilities Current borrowings 97,189 97,189 97,189 - - - - - Other current borrowings and debt (2) 34,780 34,780 34,780 - - - - - Trade accounts payable 7,939 7,939 7,939 - - - - - Other operating liabilities 13,447 13,447 13,447 - - - - - Total current liabilities at June 30, 2025 153,355 153,355 153,355 - - - - - Other non-current borrowings and debt correspond to security deposits paid by lessees. Their maturity date is defined as more than five years because it is the Group's policy to extend leases when they expire. Other current borrowings and debt include Vitura's debt to Northwood for €32,632 thousand. In thousands of euros Carrying amount at December 31, 2024 Undiscounted contractual value Undiscounted contractual value Due in 1 year or less Due in more than 1 year but less than 2 years Due in more than 2 years but less than 3 years Due in more than 3 years but less than 4 years Due in more than 4 years but less than 5 years Due in more than 5 years Non-current liabilities Non-current borrowings 498,591 498,591 498,591 - - - - Other non-current borrowings and debt (1) 7,275 7,275 - - - - - 7,275 Non-current corporate income tax liability - - - - - - - - Other financial liabilities - - - - - - - - Total non-current liabilities at December 31, 2024 505,866 505,866 - 498,591 - - - 7,275 Current liabilities Current borrowings 105,777 105,777 105,777 - - - - - Other current borrowings and debt (2) 32,560 32,560 32,560 - - - - - Trade accounts payable 5,177 5,177 5,177 - - - - - Other operating liabilities 7,628 7,628 7,628 - - - - - Total current liabilities at December 31, 2024 151,142 151,142 - - - - - - Other non-current borrowings and debt correspond to security deposits paid by lessees. Their maturity date is defined as more than five years because it is the Group's policy to extend leases when they expire. Other current borrowings and debt include Vitura's debt to Northwood for €30,412 thousand. In thousands of euros December 31, 2024 Contractual repayment Reclassification (1) Adjustments for loans at amortized cost Net change in current borrowings June 30, 2025 Non-current liabilities Non-current borrowings 499,333 4,434 503,767 Bank fees deferred at effective interest rate (742) 685 (57) Current liabilities Current borrowings 100,354 (3,052) (4,434) 92,868 Accrued interest not yet due 6,966 (1,275) 5,691 Bank fees deferred at effective interest rate (1,543) 173 (1,370) ‌TOTAL 604,368 (3,052) - 858 (1,275) 600,898 Economic reclassification linked to the new amendment signed, which alters the original repayment schedule. Prepaid revenue Prepaid revenue consists of rents billed in advance for the third quarter of 2025.

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