2025 Interim Financial Report

Business review

1. 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

2. 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

1. 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.

2. 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).

3. 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.

4. 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%.

   1. 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.

   2. 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.

1. 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.

2. 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.

3. 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

Transactions with related parties 31

Personnel 32

Statutory Auditors 33

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

Presentation of the consolidated financial statements

1. 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.

2. 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.

3. 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.

4. 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.

5. 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.

6. 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

1. 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.

2. 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%.

3. 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.

1. 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.

2. Non-derivative financial liabilities

   ‌After initial recognition, non-derivative financial liabilities are measured at amortized cost using the effective interest method.

3. 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

1. 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).

2. 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.

3. 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).

4. 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

Risk related to refinancing

The Group constantly monitors the loans taken out to finance the acquisition of real estate assets.

• 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.

Investment property

CARRYING AMOUNT OF INVESTMENT PROPERTY

Changes in the carrying amount of investment property can be broken down by building as follows:

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:

1. The gross leasable area includes the surface area of the offices, storage areas and a share of common areas.

2. 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:

‌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:

Other operating receivables

This item can be broken down as follows:

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:

1. 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)

   1. 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:

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:

‌Changes in impairment of financial assets

No impairment charges were recorded during the period.

Consolidated equity

COMPOSITION OF AND CHANGES IN SHAREHOLDERS' EQUITY

TREASURY SHARES

‌Borrowings

The maturity schedule of loans taken out by the Group, valued at amortized cost less transaction costs, is as follows:

Financial instruments

The table below presents a summary of financial instruments:

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:

1. Excluding accrued interest not yet due.

2. 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:

‌Other operating liabilities

These can be broken down as follows:

Maturity schedule for liabilities with undiscounted contractual values

The maturity schedule for liabilities with undiscounted contractual values is as follows:

1. 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.

2. Other current borrowings and debt include Vitura's debt to Northwood for €32,632 thousand.

1. 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.

2. Other current borrowings and debt include Vitura's debt to Northwood for €30,412 thousand.

1. Economic reclassification linked to the new amendment signed, which alters the original repayment schedule.

Prepaid revenue