Paris, le 19 février 2025, 18h00



Résultats annuels 2024
Hausse de +10% du résultat récurrent, bilan renforcé, perspectives favorables

« Dans un monde immobilier en mutation, Covivio a tiré profit de son modèle d’opérateur immobilier diversifié en adaptant son
patrimoine et en renforçant sa qualité. Avec plus de 1 Md€ d’investissements sur l’année, le Groupe a saisi de nouvelles opportunités
de croissance, en particulier en hôtellerie, tout en finalisant son plan de cessions de 1,5 Md€. La très bonne activité opérationnelle
permet également d’afficher une croissance du résultat net récurrent de +10% en 2024. Covivio entend poursuivre cette dynamique
de croissance en 2025 et proposera à la prochaine assemblée générale le versement d’un dividende en hausse de +6%. »
Christophe Kullmann, Directeur Général de Covivio

Rotation qualitative du patrimoine

► Près de 1,1 Md€ d’investissements en 2024, dont 67% en hôtels
► 766 M€ de nouveaux accords de cessions en 2024, en prime de +3% sur les valeurs d’expertise
► Hôtels : renforcement dans Covivio Hotels, réalisation de l’échange d’actifs avec AccorInvest et acquisition en Europe du Sud
► Résidentiel : partenariat avec CDC Investissement Immobilier et poursuite de la modernisation du patrimoine
► Bureaux : concentration des investissements sur les actifs de centre-ville, générateurs de croissance de loyers
► Patrimoine de 23,1 Md€ à 100% et 15,6 Md€ Part du Groupe, en croissance de +3%. A périmètre constant, les valeurs se
stabilisent au second semestre (+0,2%)

Performances opérationnelles en forte croissance : +6,7% de hausse des revenus à périmètre constant

► 1 Md€ de revenus consolidés (680 M€ part du Groupe), soit +4,9% à périmètre courant et +6,7% à périmètre constant
► Bureaux : loyers en hausse de +8,1% à périmètre constant, soutenus par 176 200 m² commercialisés et un taux d’occupation
en hausse de +100pb sur un an, à 95,5%
► Résidentiel allemand : accélération de la hausse des loyers à périmètre constant, à +4,3% (vs +3,9% en 2023)
► Hôtels : hausse des revenus de +7,2% à périmètre constant, dont +11,9% sur les revenus variables
► Maintien à des niveaux élevés du taux d’occupation (97,2%) et de la durée ferme des baux (6,2 années)

Croissance du résultat récurrent de +10%, retour à un ratio de levier sous 40%

► Résultat net récurrent (EPRA Earnings ajusté) en hausse de +10%, à 477,4 M€ (4,47€/action, stable)
► Baisse des ratios de levier : LTV de 38,9% (vs 40,8% fin 2023) et Dette Nette / EBITDA de 11,4x (vs 12,3x)
► Actif net réévalué (EPRA NTA) : 79,8€/action, en hausse de +2,7% sur le 2nd semestre (-5% sur un an suite au paiement du
dividende 2023 en actions, à 38,61€)

Nouvelle progression des indicateurs ESG

► 98,5% du patrimoine doté d’une certification, dont 71,2% de bureaux certifiés HQE/BREEAM Very Good ou au-dessus
► Covivio récompensé pour la 7e année consécutive Fairest Landlord en résidentiel allemand
► L’Atelier, siège européen de Covivio, récompensé au SIMI et lauréat du ULI Europe Awards

Priorités 2025 et dividende 2024

► Mise en œuvre des priorités stratégiques annoncées fin 2024 : renforcement en hôtels, déploiement du modèle d’opérateur
intégré et extraction du potentiel de croissance
► Objectif de résultat net récurrent (EPRA Earnings ajusté) 2025 de l’ordre de 495 M€, soit +4% par rapport à 2024
► Proposition de paiement en numéraire d’un dividende de 3,50€/action au titre de 2024, en hausse de +6% sur un an



L’EPRA Earnings ajusté et les EPRA NTA, NDV et NRV constituent des Indicateurs alternatifs de performance tels que définis par l’AMF et sont détaillés dans les sections
3. Eléments financiers, 5. Reporting EPRA et 7. Glossaire du présent document. Les procédures d’audit sur les comptes consolidés ont été effectuées. Le rapport de
certification sera émis après finalisation des vérifications spécifiques.
COVIVIO
RESULTATS ANNUELS 2024



Principaux indicateurs opérationnels et financiers
Compte de résultat, Variation
2023 2024 Variation
En M€, part du Groupe à périmètre constant
Taux d’occupation (%) 96,7% 97,2% +0,5pt
Revenus 648,0 679,8 +5% +6,7%
Résultat opérationnel récurrent 530,0 571,8 +8%
Résultat net récurrent (*) 435,4 477,4 +10%
Résultat net récurrent (*) par action (€) 4,47 4,47 Stable
Résultat net comptable -1 418,8 68,1 n.a.

Bilan, Variation
2023 2024 Variation
part du Groupe à périmètre constant
Patrimoine (Md€) 15,1 15,6 +3% -1,1%
Dette nette (Md€) 6,9 6,8 -1%
Liquidité nette disponible (Md€) 2,4 2,5 +4%
LTV droits inclus (%) 40,8% 38,9% -1,9pt
ICR (x) 6,4x 6,0x -0,4x
Dette nette / EBITDA (x) 12,3x 11,4x -0,9x
EPRA NTA (Md€) 8,5 8,9 +5%
EPRA NTA par action (€) 84,1 79,8 -5%


ESG 2023 2024 Variation

Actifs bénéficiant d’une certification 95,3% 98,5% +3,2pts
dont Bureaux Very Good ou au-dessus 67,2% 71,2% +4,0pts
Dette associée à des critères ESG 57% 64% +7 pts
* EPRA Earnings Ajusté


Covivio : un patrimoine diversifié et en amélioration continue
Covivio détient 23,1 Md€ (15,6 Md€ PdG) d’actifs en Europe, gérés selon trois piliers stratégiques :

1. La localisation au cœur des capitales européennes et des principaux quartiers d’affaires et de loisirs,
en particulier à Paris, Berlin et Milan. 94% des actifs se situent dans des localisations centrales 1 et 99% à moins
de 5 minutes à pied d’un transport en commun.

2. Une logique d’opérateur immobilier intégré, innovante et inspirée de l’hôtellerie. Covivio dispose ainsi
d’une plateforme hôtelière intégrée, WiZiU. Ce savoir-faire se déploie aussi à travers Wellio, nos espaces de
bureaux opérés, ou dans notre capacité à proposer des offres sur-mesure. Cette approche est saluée par les
clients utilisateurs des immeubles Covivio, l’enquête Kingsley 2024 réalisée auprès de 270 utilisateurs bureaux
en France, Italie et Allemagne ayant à nouveau révélé une satisfaction globale de 3,9/5 (vs benchmark à 3,6).

3. Le développement durable : Covivio est un opérateur engagé dans la transition climatique, pour un impact
positif et durable sur la ville. Cet objectif s’illustre notamment par une trajectoire carbone ambitieuse (baisse
des émissions de -40% de 2010 à 2030) et est salué par les principales agences de notation (5-star par GRESB
et AAA par MSCI).

Le patrimoine est composé à 51% de bureaux situés principalement à Paris, Milan et dans les grandes villes
allemandes, dont 70% en centre-ville (vs 59% en 2020) et 24% dans les principaux centres d’affaires ; 29% de
logements principalement à Berlin (57% du portefeuille résidentiel) ; et 20% d’hôtels situés dans les grandes villes
touristiques européennes (Paris, Berlin, Rome, Madrid, Barcelone, Londres, etc.), loués ou gérés par les opérateurs
leaders : Accor, IHG, Marriott, B&B, NH Hotels, etc.




1
Bureaux : centre des grandes métropoles européennes (Paris, Berlin, Milan, etc) et des principaux quartiers d’affaires ; Hôtels : grandes destinations touristiques
européennes ; Logements : Berlin, Dresde, Leipzig, Hambourg et grandes villes de la Rhénanie du Nord Westphalie


2
COVIVIO
RESULTATS ANNUELS 2024



Rotation qualitative du patrimoine

1,1 milliard d’euros investis en 2024, principalement en hôtellerie, à un rendement supérieur à 6,5%

En 2024, Covivio a réalisé 1,1 Md€ d’investissements (dont 507 M€ en apport d’actifs), à un rendement moyen supérieur
à 6,5%, afin de renforcer son leadership en hôtels et la qualité de son patrimoine. 67% des investissements se sont
ainsi concentrés sur l’hôtellerie (733 M€ Part du groupe). L’année 2024 aura ainsi marqué un renforcement majeur sur
cette classe d’actif, qui pèse désormais 20% du patrimoine de Covivio, en hausse de +3 points sur un an.

Renforcement au capital de la filiale Covivio Hotels

Au cours du premier semestre, Covivio a repris 8,7% du capital de sa filiale Covivio Hotels, en échange d’actions
nouvelles Covivio, principalement auprès de Generali, et détient dorénavant 52,5% du capital de Covivio Hotels. Avec
cet apport, qui équivaut à l’acquisition de 507 M€ d’actifs, Covivio se renforce dans l’un des patrimoines les plus
qualitatifs du marché, constitué de 283 hôtels prime situés à 90% dans les principales villes touristiques européennes
comme Paris, Berlin, Rome, Londres, Barcelone ou Madrid.

Echange d’hôtels créateur de valeur avec AccorInvest

En parallèle, Covivio a franchi une étape significative en vue d’extraire le potentiel de création de valeur de son
patrimoine hôtels. Covivio Hotels a ainsi finalisé en novembre 2024 le remembrement de la propriété des murs et fonds
de commerce d’hôtels détenus conjointement avec AccorInvest. La valeur convenue des murs cédés à AccorInvest
représente 130 M€ en part du Groupe Covivio et la valeur convenue des fonds de commerce rachetés par Covivio
Hotels représente 157 M€. Sur la base des chiffres 2023, la différence entre loyers nets (100% variable) des actifs
cédés et EBITDA des fonds de commerce acquis représente plus de 11 M€. Au-delà de la relution immédiate sur les
résultats, ce portefeuille remembré possède un potentiel de création de revenus et valeur significatif, avec l’identification
de 52 M€ de capex part du Groupe avec un rendement marginal supérieur à 20%. Les hôtels détenus en murs et fonds
représentent désormais 38% du patrimoine hôtels, contre 62% d’actifs en bail, principalement fixe.

Acquisition d’un hôtel loisirs en Europe du Sud

Le 19 décembre 2024, Covivio a annoncé l’acquisition de l’hôtel 4* Iberostar Las Dalias à Tenerife, pour un montant de
81 M€ droits inclus (43 M€ en part du Groupe) et un rendement stabilisé de 6,75%. Cet établissement de 429 chambres
est loué via un bail triple net ferme jusqu’en 2041 à Iberostar, 5ᵉ opérateur hôtelier en Espagne. Rénové en 2021 et
conforme aux objectifs CRREM2, il affiche d’excellentes performances environnementales.

Avec cette opération, Covivio poursuit ainsi le renforcement de son exposition à l’hôtellerie, en particulier dans le
segment loisirs en Europe du Sud.

Poursuite des investissements sur le patrimoine afin de renforcer la centralité et la qualité

En 2024, Covivio a livré 3 hôtels en murs et fonds à Lille et Bruges, ainsi qu’un hôtel Melia en bail à Malaga. Ces projets
représentent 458 clés, un total de capex de 15 M€ part du Groupe (28,5 M€ à 100%) et un rendement marginal sur
capex de plus de 15%. Covivio a notamment implanté le nouveau concept Novotel à Bruges, après avoir créé 10
chambres supplémentaires et rénové le lobby et les espaces serviciels. A Lille, deux livraisons ont eu lieu sur l’exercice :
le Hilton Lille (remplaçant Crowne Plaza) après une rénovation complète des chambres, et le Grand Hotel Bellevue
situé en plein cœur de la Grand Place de Lille, après la création de 5 chambres et d’un bar en rooftop.

En bureaux (25% des investissements), le Groupe s’est concentré sur son pipeline de projets, principalement situés
dans les centres-villes des grandes capitales européennes, pour un montant d’investissements de 279 M€ part du
Groupe. Au 4e trimestre, Covivio a notamment livré le nouveau siège de L’Oréal Italia, au sein du projet de régénération
urbaine The Sign, développé par le groupe à Milan et qui accueille déjà de grandes multinationales telles qu’AON et




2
CRREM : Carbon Risk Real Estate Monitor

3
COVIVIO
RESULTATS ANNUELS 2024



NTT Data. Le nouveau bâtiment, totalisant 13 000 m² répartis sur 9 étages, a été conçu en tenant compte des plus
hauts standards en matière de durabilité et d’innovation technologique, et se distingue par sa façade alternant surfaces
vitrées et éléments métalliques opaques. Certifié WiredScore Platinium, l’immeuble vise aujourd’hui les certifications
LEED Platinium, WELL et Biodivercity. Il a représenté un total de 76 M€ d’investissements pour un rendement sur coût
de 6,1%.

Le solde des investissements (8%, soit 88 M€) concerne principalement les capex de modernisation et d’amélioration
de la performance énergétique du parc résidentiel allemand.




766 M€ de nouveaux accords de cessions signés en 2024

Dans un marché de l’investissement encore atone, Covivio a signé pour 766 M€ part du Groupe (1,3 Md€ à 100%)
d’accords de cessions, avec une marge moyenne de +3% sur les valeurs d’expertise de fin 2023 et un taux de
rendement moyen de 5,1%. Avec 1,6 Md€ de ventes et accords signés, Covivio a finalisé son plan de cessions de
1,5 Md€ entre fin 2022 et fin 2024.

En bureaux, le Groupe a sécurisé 361 M€ d’accords de cessions (428 M€ à 100%), proches des valeurs d’expertise
(-0,5%) et avec un taux de rendement de 5,6%. Ces cessions ont porté tant sur des actifs matures que sur des
immeubles à transformer en résidentiel. Fin 2024, Covivio a notamment signé un accord avec Valesco sur le futur siège
social d’un acteur du luxe à Milan, pour près de 200 M€.

En résidentiel allemand, 166 M€ part du Groupe (244 M€ à 100%) ont été cédés, en prime moyenne de +11% sur les
valeurs d’expertise, avec notamment : la création d’une joint-venture à Berlin avec CDC Investissement Immobilier, en
ligne avec les valeurs de fin 2023, contribuant au programme de cessions à hauteur de 93 M€ en part du Groupe ; et
la poursuite des ventes à l’unité, pour 58 M€ en part du Groupe (89 M€ à 100%), en prime moyenne de +40% sur les
valeurs d’expertise de fin 2023.

En hôtellerie, les accords de cessions ont totalisé 239 M€ en part du Groupe (606 M€ à 100%), en prime moyenne de
+4% sur les valeurs d’expertise. Elles ont principalement concerné les murs cédés dans le cadre de l’échange d’actifs
avec AccorInvest, des hôtels non stratégiques en Allemagne et en Espagne, ainsi que des cessions conjointes de murs
et fonds de commerce avec AccorInvest.




4
COVIVIO
RESULTATS ANNUELS 2024



Croissance du patrimoine de +3% à périmètre courant et stabilisation à périmètre constant



Valeurs Valeurs Valeurs Variation Variation Variation Rendement Rendement
2023 2024 2024 12 mois 12 mois 6 mois 2023 2024 % du
(En million d’euros,
portefeui
hors droits)
part du 100% part du à périmètre à périmètre à périmètre (%) (%) lle
Groupe Groupe courant constant constant

Hôtels 2 535 6 439 3 059 +20,7% +1,5% +1,0% 5,9% 6,4% 20%

Bureaux 7 847 9 422 7 884 +0,5% -3,1% -0,5% 5,5% 5,8% 51%

Résidentiel allemand 4 672 7 235 4 587 -1,8% +1,0% +1,1% 4,1% 4,3% 29%
TOTAL
STRATEGIQUE
15 054 23 096 15 530 +3,2% -1,1% +0,2% 5,1% 5,4% 100%

Non stratégique 26 46 26 -1,2% -6,5% +4,9% n.a. n.a. n.a.

TOTAL 15 080 23 142 15 556 +3,2% -1,1% +0,2% 5,1% 5,4% 100%



Le marché de l’investissement en immobilier est resté ralenti au premier trimestre 2024 sur la plupart des classes
d’actifs, à l’exception de l’hôtellerie. Depuis le deuxième trimestre, les signaux positifs sont plus nombreux. Les
transactions se sont multipliées en hôtellerie, tandis que les larges transactions ont fait leur retour en résidentiel
allemand, et les bureaux les plus recherchés se négocient autour de 4% de rendement.
Dans ce contexte, le patrimoine de Covivio ressort en croissance de +3% à périmètre courant, à 15,6 Md€ en
part du Groupe (23,1 Md€ à 100%) via le renforcement en hôtellerie. A périmètre constant, les valeurs d’actifs se
stabilisent au second semestre, à +0,2%, soit -1,1% sur l’ensemble de l’année. Cette deuxième partie d’année
marque notamment le retour à la croissance des valeurs en hôtels et en logements à Berlin.

Le patrimoine hôtels, porté par la croissance des revenus, progresse de +1,5% à périmètre constant, tant sur les actifs
en bail (+1,4%) que sur les actifs détenus en murs et fonds (+1,7%). La croissance concerne en particulier les hôtels
en France (+2%) et dans le sud de l’Europe (+4,8% en Italie, +3,4% en Espagne), portés par la croissance des revenus
et les actions d’asset management. Le patrimoine affiche un rendement moyen de 6,4% (+50pb sur un an).

En bureaux (-0,5% à périmètre constant sur le S2 2024 et -3,1% sur l’année), la France affiche des valeurs en hausse
au second semestre (+0,7%, et -0,6% sur l’année), grâce aux performances de Paris QCA (+3,2%), tandis qu’elles sont
stables à Milan (0%, et -0,8% sur l’année). En Allemagne, les valeurs continuent à s’ajuster, en baisse de -15% sur
l’année, en raison d’un marché de l’investissement toujours atone. Le rendement moyen du patrimoine bureau
augmente de +30pb, à 5,8%.

Enfin, le résidentiel allemand affiche des valeurs en croissance de +1% (dont +1,1% au second semestre). Berlin, qui
représente 57% du patrimoine, surperforme, avec une hausse annuelle de +3,6%. La valeur moyenne du patrimoine
résidentiel s’établit à 2 465 €/m², dont 3 125 €/m² à Berlin et 1 796 €/m² en Rhénanie-du-Nord Westphalie, et le
rendement moyen remonte de +20pb sur un an, à 4,3%. Le patrimoine est valorisé en valeur bloc. Pour autant, 50% du
patrimoine, soit 2,3 Md€, sont d’ores et déjà mis en copropriété, en particulier à Berlin (71% / 1,9 Md€), où l’écart entre
valeur bloc et prix de vente au détail atteint +49%.




5
COVIVIO
RESULTATS ANNUELS 2024



Revenus en hausse de +5% à périmètre courant et +6,7% à périmètre constant


Revenus Revenus Revenus % variation à % variation à Taux Durée ferme
2023 2024 2024 Périmètre Périmètre d’occupation des baux
En million d’€ courant constant
Part du Groupe 100% Part du Groupe Part du Groupe Part du Groupe % en années

Hôtels 139,9 353,6 171,3 +22,5% +7,2% 100,0% 11,0

Bureaux 320,3 385,5 317,0 -1,0% +8,1% 95,5% 4,8

Résidentiel Allemagne 185,1 297,3 190,5 +2,9% +4,3% 99,2% n.a.

Non stratégique 2,8 2,1 1,0 -62,4% n.a n.a n.a.

TOTAL 648,0 1 038,4 679,8 +4,9% +6,7% 97,2% 6,2




En 2024, les revenus ressortent à 1 038,4 M€ et 679,8 M€ en part du Groupe, en hausse annuelle de +5% à
périmètre courant. Le renforcement en hôtellerie et les fortes performances opérationnelles ont ainsi largement
compensé l’impact des cessions. A périmètre constant, les revenus progressent de +6,7%, soutenus par l’indexation (3
pts), la hausse du taux d’occupation et des loyers lors des relocations et renouvellements (2,9 pts), ainsi que les revenus
variables en hôtellerie (0,8 pt).

Hôtels : hausse des revenus de +23% à périmètre courant et +7,2% à périmètre constant

La croissance structurelle du segment hôtelier s’est poursuivie en 2024, avec des RevPAR en hausse de +4% en
moyenne en Europe, portés par la hausse des prix (+3%) mais également par une amélioration du taux d’occupation
(+0,5 pt). Les meilleures performances se retrouvent en Europe du Sud, l’Espagne affichant une forte croissance des
RevPAR de +13%. L’Allemagne, en retard jusque-là, rebondit à +7%. La France finit l’année en hausse de +2%, la
période des Jeux Olympiques ayant plus que compensé l’effet d’attentisme des touristes précédant l’événement. Le
retour de la clientèle loisirs se confirme depuis le 4e trimestre, avec une croissance des RevPAR de +6% en France en
décembre.

Cet environnement favorable permet aux revenus hôtels de Covivio de croître de +7,2% à périmètre constant. Cette
performance est attribuable tant aux loyers fixes, en hausse de +4,3%, qu’aux revenus variables, en hausse de +11,9%.
A périmètre courant, les revenus gagnent +23%, bénéficiant depuis le 2e trimestre du renforcement de la participation
dans Covivio Hotels.

Bureaux : hausse de +8,1% à périmètre constant et taux d’occupation en hausse de +100pb à 95,5%
En bureaux, la polarisation du marché s’est confirmée en 2024, la demande étant toujours concentrée sur les actifs
centraux, serviciels et aux standards énergétiques élevés. Les loyers prime poursuivent ainsi leur progression, de +12%
sur un an à Paris (à 1 200€/m²) et de +4% à Milan (à 775 €/m²).

Dans ce contexte, le positionnement haut de gamme de Covivio (centralité, haute performance environnementale, offre
servicielle premium) porte ses fruits. En 2024, Covivio a commercialisé et renouvelé près de 176 200 m², soit +35% de
plus qu’en 2023. Le patrimoine bureaux est principalement constitué d’actifs de centre-ville (70% du total, occupé à
97,6%), sur lesquels la réversion captée sur les relocations et renouvellements atteint +12% en moyenne (dont +19%
sur 4 500 m² dans l’immeuble Gobelins à Paris 5e et +14% dans l’immeuble Percier à Paris QCA). En parallèle, le
Groupe a poursuivi l’augmentation de l’occupation de son patrimoine. Le patrimoine core dans les principaux quartiers
d’affaires (24% du total) a vu son taux d’occupation progresser de +1,9pt sur l’exercice, à 94,9%, notamment par des
commercialisations dans Urban Garden à Issy-les-Moulineaux (1 800 m²) et So Pop à Paris-Saint-Ouen (6 700 m²,
désormais loué à près de 90%). Le patrimoine non-core (6% du total) s’est également rempli, notamment par la
commercialisation de 7 900 m² sur l’immeuble Xylo à Fontenay, amenant le taux d’occupation à 84,5% (vs 82,3% fin
2023). Au total, le taux d’occupation bureaux s’améliore de 1 point sur un an, à 95,5%.




6
COVIVIO
RESULTATS ANNUELS 2024



Les loyers reculent de -1%, en raison des cessions d’actifs réalisées en 2023 et 2024, mais progressent fortement à
périmètre constant, de +8,1%, principalement portés par l’indexation (4 pts), le rebond du taux d’occupation (+3,6 pts)
et la réversion positive (+0,5 pt).

Résidentiel allemand : accélération de la croissance à périmètre constant, à +4,3%
La pénurie de logements continue de s’accentuer en Allemagne. En 2024, près de 250 000 logements devraient été
livrés d’après IFO Institute, en baisse annuelle de -15% et bien loin des objectifs du gouvernement de 400 000 unités
par an. Des chiffres qui devraient demeurer faibles encore en 2025, au regard des 215 000 permis de construire
autorisés sur un an à fin novembre 2024 (-21% vs 2023). Ce déséquilibre est d’autant plus prononcé à Berlin, ce qui se
traduit par des loyers en hausse, selon Immoscout24, de +3% sur un an sur les logements neufs et +6% sur les
logements existants. Les prix repartent également à la hausse, de +5% pour le neuf et +2% sur l’existant, à 4 643 €/m²,
supérieurs de +49% aux valeurs d’expertise des actifs de Covivio sur la zone.

Dans ce contexte, la croissance des loyers à périmètre constant s’accélère, à +4,3% vs +3,9% en 2023, bénéficiant à
la fois de l’indexation (pour 1,8 pt), des programmes de modernisation des logements (pour 1,3 pt) et des relocations
(pour 1,2 pt) avec réversion élevée (+24%, dont +36% à Berlin). Le taux d’occupation s’établit à un niveau toujours
élevé de 99,2%.

Le taux d’occupation moyen du patrimoine poursuit sa progression, à 97,2% (vs 96,7% fin 2023), tandis que la
durée moyenne ferme des baux s’établit à 6,2 ans.



La qualité du bilan de nouveau renforcée en 2024

1,9 Md€ refinancés en 2024, à des conditions favorables

En 2024, le Groupe a sécurisé près de 1,9 Md€ de financements ou refinancements à 100% (1,2 Md€ part du Groupe),
pour une maturité moyenne de 7 ans.

En mai 2024, Covivio Hotels a notamment émis pour 500 M€ d’emprunts obligataires verts (Green bonds), à maturité
2033, avec une marge de 148 pb. Sur le marché hypothécaire, 1 Md€ de financements ont été sécurisés, principalement
sur des portefeuilles d’hôtels en Espagne et de résidentiel allemand.

La liquidité nette disponible du Groupe a continué à progresser, à 2,5 Md€ (vs 2,4 Md€ fin 2023). Elle couvre
désormais les échéances de dette jusque juin 2027.


Renforcement des fonds propres de 536 M€ sur l’année

Les fonds propres ont été renforcés de 536 M€ sur le premier semestre : 280 M€ provenant de l’opération d’échange
d’actions sur Covivio Hotels, et 256 M€ issus de l’option de paiement du dividende en actions, souscrite par 77,5% du
capital à 38,61€/action, traduisant le soutien des actionnaires.


Des indicateurs de dette nettement améliorés

Noté BBB+, perspective stable par S&P, Covivio a renforcé la qualité de son bilan en 2024. L’atteinte du plan de
cessions, le paiement du dividende 2023 en actions et la stabilisation des valeurs d’actifs permettent au ratio
d’endettement (LTV) de baisser de 190 pb sur un an, à 38,9%, en ligne avec la politique Groupe de ratio LTV inférieur
à 40%. Le ratio dette nette / EBITDA évolue lui aussi favorablement, en baisse de près de 1 point, à 11,4x (vs 12,3x fin
2023).
La dette dispose d’une maturité moyenne de 4,8 ans (stable) et reste fortement protégée contre la hausse des taux
d’intérêt : en moyenne 94% de la dette est couverte contre l’évolution des taux d’intérêts en 2025 et la maturité moyenne
des instruments de couverture s’élève à 5,8 ans. Le taux moyen de la dette de Covivio s’établit à 1,71% (vs 1,50% fin
2023) et est attendu en dessous de 2,5% jusque fin 2028.




7
COVIVIO
RESULTATS ANNUELS 2024



Croissance du résultat net récurrent et proposition de dividende en hausse de +6%

Résultat net récurrent de 477 M€, en hausse annuelle de +10%
Portés par la bonne dynamique locative, les revenus nets progressent de +5,6% sur un an, à 686,4 M€. En parallèle, la
maîtrise des coûts de fonctionnement permet de faire croitre le résultat opérationnel de +7,9%, à 571,8 M€. Le coût de
l’endettement financier net est quant à lui resté quasi stable sur l’année (+0,7%, à -98,1 M€), la baisse de la dette ayant
permis de compenser la hausse du taux moyen.
Le résultat net récurrent (EPRA Earnings ajusté) ressort ainsi en croissance de +10% sur un an, à 477,4 M€, dépassant
ainsi l’objectif de 460 M€. Par action, il s’élève à 4,47€ par action, stable en raison de l’augmentation du nombre moyen
d’actions.
Le résultat net de Covivio s’élève à +68 M€ (vs -1 419 M€ en 2023), la légère baisse des valeurs étant plus que
compensée par le résultat récurrent.


Actif net réévalué EPRA NTA de 79,8€/action
L’actif net réévalué de continuation (ANR EPRA NTA) ressort à 8 896 M€, en hausse de +5% sur un an, la montée au
capital de Covivio Hotels (en échange d’actions nouvelles Covivio) faisant plus que compenser le léger recul des valeurs
d’actifs à périmètre constant. Par action, il s’inscrit à 79,8€, en baisse de -5%, en raison de la hausse du nombre de
titres, notamment suite à la souscription par 77,5% des actionnaires au paiement du dividende en actions. Au second
semestre, l’ANR par action progresse néanmoins de +2,7%.
L’ANR de liquidation (EPRA NDV) s’établit à 8 686 M€ (78,0€/action) et l’ANR de reconstitution (EPRA NRV) ressort à
9 705 M€ (87,1€/action).


Proposition d’un dividende de 3,50€ par action, en hausse de +6%
Covivio proposera au vote de l’Assemblée Générale du 17 avril 2025 le paiement en numéraire d’un dividende de 3,50€
par action, en hausse de +6% par rapport à 2023.
Le détachement du coupon aura lieu le 30 avril 2025, pour un paiement le 5 mai 2025.



ESG : nouvelle progression des indicateurs

Poursuite de la hausse du patrimoine certifié, désormais à 98,5%
Covivio a continué à faire croitre le taux de certification de son patrimoine : la part bénéficiant d’une certification HQE,
BREEAM, LEED ou équivalent, en opération et/ou en construction, atteint désormais 98,5% (+3,2 points vs 2023).
En outre, la part des immeubles de bureaux bénéficiant des meilleurs niveaux de certification (Very Good et au-dessus)
s’établit à 71,2%, en hausse de +4,0 pt par rapport à fin 2023.
Cette politique d’amélioration environnementale du patrimoine contribue activement à l’atteinte des ambitions ESG du
Groupe, notamment celle de réduire de -40% ses émissions de gaz à effet de serre entre 2010 et 2030 (sur l’ensemble
des scopes 1, 2 et 3 et la totalité du cycle de vie des actifs : matériaux, construction, restructuration et exploitation).


Hausse de la part de la dette associée à des critères ESG
Pionnier dans l’émission d’obligations vertes (Green bonds) depuis 2016, Covivio a poursuivi le renforcement du poids
de sa dette verte (associée à des objectifs ESG), porté à 64% fin 2024 (contre 57% fin 2023 et 38% fin 2022), et
l’intégralité de la dette obligataire de Covivio est composée de green bonds.




8
COVIVIO
RESULTATS ANNUELS 2024



Covivio de nouveau récompensé par ses locataires en résidentiel allemand
Sur le résidentiel allemand, Covivio s’est vu attribué pour la 7 e année consécutive le titre de « Fairest landlord » en
2025, bénéficiant d’une note « Very Good », la meilleure note possible. Réalisée par le magazine économique allemand
Focus-Money, cette étude évalue les principaux bailleurs en Allemagne à travers 32 critères répartis sur 6 catégories
(éthique, soutien aux locataires, service aux locataires, coûts de location, conception des logements et de leurs abords,
durabilité).


L’Atelier récompensé au SIMI et lauréat du ULI Europe Awards
L’Atelier, nouveau siège européen de Covivio, situé dans le 8 e arrondissement de Paris, a reçu le 16 octobre le prix
Europe Awards for Excellence, décerné par l’association Urban Land Institute (ULI), parmi 8 projets finalistes. Ce prix,
qui a été remis à l’occasion du C Change Summit, le rendez-vous des acteurs de l’immobilier pour relever les défis de
la transition climatique, récompense les meilleures pratiques et les projets les plus remarquables en matière de
développement urbain.

A l’occasion du SIMI 2024, Covivio a également reçu deux prix pour ses projets emblématiques : L’Atelier, lauréat de la
catégorie « Immeuble de bureau restructuré », et Grands Boulevards, situé dans le 9ème arrondissement de Paris,
distingué par prix spécial « Héritage et Renaissance ». Ces deux récompenses saluent notamment la vision, le savoir-
faire et la capacité du Groupe à concevoir des projets singuliers, serviciels et hautement performants.



Perspectives 2025

Au cours des dernières années, et en particulier en 2024, Covivio a largement transformé son patrimoine en renforçant
sa centralité et sa qualité, mais aussi en y apportant une dimension opérationnelle forte, source de revenus additionnels
et de création de valeur. Dans le même temps, après deux années axées sur la discipline financière, le groupe affiche
un bilan renforcé. Covivio sort ainsi renforcé de la crise immobilière alors que le marché de l’investissement enclenche
un début de reprise et que le marché locatif se montre bien orienté, tant sur les bureaux centraux, que sur l’hôtellerie et
les logements.

Covivio entend poursuivre sa dynamique de croissance en 2025, en se fixant pour priorités :

(i) La poursuite du rééquilibrage de son patrimoine entre ses trois classes d’actifs

(ii) L’extraction du potentiel de croissance du patrimoine existant

(iii) Le déploiement de son offre d’opérateur immobilier intégré sur l’ensemble de ses classes d’actifs.

Fort d’un patrimoine ayant démontré son attractivité auprès des utilisateurs et d’une structure financière solide, le
Groupe entend poursuivre la rotation qualitative de son patrimoine en faveur du renforcement en hôtels. Dans ce cadre,
Covivio Hotels a annoncé proposer3 une option de paiement de son dividende 2024 en actions, à laquelle Covivio,
actionnaire à hauteur de 52,5%, entend souscrire. Cet investissement de l’ordre de 117 M€ pour Covivio, permettra au
groupe de poursuivre le renforcement de son exposition à l’hôtellerie.

L’année 2025 marquera également l’intégration des fonds de commerce acquis auprès d’AccorInvest et le lancement
des initiatives d’asset management associées. Après avoir signé de nouveaux contrats de management (en
management direct via la plateforme de gestion du Groupe WiZiU, ou auprès des opérateurs tiers Accor, Sohoma ou
Atypio), des appels d’offre sont en cours pour sélectionner les marques et concepts les plus adaptés à chaque hôtel.
La rentabilité attendue des travaux dépasse 20%.

En bureaux, le Groupe entend continuer à répondre aux aspirations des utilisateurs via son pipeline de projets engagés,
dont les livraisons accélèreront jusqu’en 2027. Situé à 85% en centres-villes, avec des projets emblématiques comme




3
Proposition soumise au vote de l’Assemblée Générale de Covivio Hotels du 15 avril 2025

9
COVIVIO
RESULTATS ANNUELS 2024



Corso Italia à Milan, Monceau à Paris ou Alexanderplatz (projet mixte) à Berlin, ce pipeline doit permettre de générer
66 M€ de revenus supplémentaires.

En parallèle, Covivio travaille au lancement de deux conversions de bureaux en hôtels dans l’Est de Paris (11e et 13e
arrondissements) : Voltaire (10 400 m²), situé à proximité de la place de la République et Bobillot (3 400 m²), dans le
quartier de la Butte aux Cailles. Le budget de ces projets (foncier compris) totalise près de 150 M€, pour un rendement
de l’ordre de 6%.

Enfin, en résidentiel allemand, Covivio continuera à extraire le potentiel de croissance (i) des loyers, avec une réversion
moyenne de plus de 30% (dont plus de 45% à Berlin), et (ii) des valeurs, par la poursuite des privatisations. A Berlin
notamment, l’écart entre les valeurs d’expertise (3 125€/m²) et les valeurs de marché (4 643€/m²) atteint maintenant
+49%.

Objectif de résultat net récurrent 2025 en croissance

Le repositionnement qualitatif du patrimoine des derniers exercices permet à Covivio d’afficher des perspectives
locatives solides qui, comme en 2024, devraient plus que compenser l’impact en année pleine sur les résultats du
désendettement 2024. Covivio se fixe ainsi pour objectif un résultat net récurrent (EPRA Earnings ajusté) 2025 de
l’ordre de 495 M€, soit une hausse d’environ +4%.




10
COVIVIO
RESULTATS ANNUELS 2024




AGENDA
► Activité du 1er trimestre 2025 : 16 avril 2025
► Assemblée Générale : 17 avril 2025
► Détachement du dividende : 30 avril 2025
► Paiement du dividende : 5 mai 2025
► Résultats du 1er semestre 2025 : 21 juillet 2025




CONTACTS
Relations Presse Relations Investisseurs
Géraldine Lemoine Vladimir Minot
Tél : + 33 (0)1 58 97 51 00 Tél : + 33 (0)1 58 97 51 94
geraldine.lemoine@covivio.fr vladimir.minot@covivio.fr

Louise-Marie Guinet
Tél : + 33 (0)1 43 26 73 56
covivio@wellcom.fr




A PROPOS DE COVIVIO
Fort de son histoire partenariale, de ses expertises immobilières et de sa culture européenne, Covivio invente
l’expérience utilisateur d’aujourd’hui et dessine la ville de demain.
Acteur immobilier de préférence à l’échelle européenne, Covivio se rapproche des utilisateurs finaux, capte leurs
aspirations, conjugue travailler, voyager, habiter, et coinvente des espaces vivants.

Opérateur européen de référence avec 23,1 Md€ de patrimoine Covivio accompagne les entreprises, les marques
hôtelières et les territoires dans leurs enjeux d’attractivité, de transformation et de performance responsable.

Construire du bien-être et des liens durables, telle est ainsi la Raison d’être de Covivio qui exprime son rôle en tant
qu’opérateur immobilier responsable auprès de l’ensemble de ses parties prenantes : clients, actionnaires et partenaires
financiers, équipes internes, collectivités, générations futures. Par ailleurs, son approche vivante de l’immobilier ouvre
à ses équipes des perspectives de projets et de parcours passionnants.

Le titre Covivio est coté sur le compartiment A d’Euronext Paris (FR0000064578 - COV), admis au SRD et rentre dans
la composition des indices MSCI, SBF120, Euronext IEIF « SIIC France », CAC Mid100, dans les indices de référence
des foncières européennes « EPRA » et « GPR 250 », ainsi que dans les indices ESG FTSE4 Good, CAC SBT 1.5°C,
DJSI World et Europe, Euronext Vigeo (World 120, Eurozone 120, Europe 120 et France 20), Euronext® CDP
Environment France EW, Stoxx ESG, Ethibel et Gaïa et bénéficie des reconnaissances et notations EPRA BPRs Gold
Awards (rapport financier et développement durable), CDP (A-), GRESB (88/100, 5-Star, 100% public disclosure), ISS-
ESG (B-) et MSCI (AAA).


Notations sollicitées :
Volet financier : BBB+ / perspective Stable par S&P




11
1. BUSINESS ANALYSIS 13


2. BUSINESS ANALYSIS BY SEGMENT 22
A. OFFICES 22
B. GERMAN RESIDENTIAL 31
C. HOTELS 37


3. FINANCIAL INFORMATION 42


4. FINANCIAL RESOURCES 51


5. EPRA REPORTING 56


6. FINANCIAL INDICATORS 67


7. GLOSSARY 68




L’Atelier – Paris CBD
1. Business analysis - Group share
2024 results



1. BUSINESS ANALYSIS
A. REVENUES: €1.0 BILLION AND €680 MILLION GROUP SHARE IN 2024

100% Group share


Change Change Change % of
(€ million) 2023 2024 2023 2024
(%) (%) (%) LfL 1 revenue

Offices 385.1 385.5 +0.1% 320.3 317.0 -1.0% +8.1% 47%
Paris / Levallois / Neuilly 67.8 77.7 +14.6% 64.3 72.3 +12.4% +17.4% 11%
Greater Paris (excl. Paris) 95.5 92.3 -3.4% 74.5 68.8 -7.6% +9.6% 10%
Milan 68.9 68.9 -0.0% 69.0 68.9 -0.0% +3.2% 10%
Telecom Italia 58.7 58.0 -1.2% 30.0 29.6 -1.2% +3.2% 4%
Top 7 German cities 54.1 56.8 +4.8% 48.4 50.6 +4.7% +4.4% 7%
French Major Regional Cities 29.6 23.0 -22.1% 23.8 17.9 -24.7% +5.3% 3%
Other cities (France & Italy) 10.4 8.8 -15.0% 10.4 8.8 -15.0% +6.1% 1%
Germany Residential 286.0 297.3 +3.9% 185.1 190.5 +2.9% +4.3% 28%
Berlin 147.7 152.9 +3.5% 96.9 98.5 +1.7% +4.9% 14%
Dresden & Leipzig 23.3 24.0 +3.2% 15.1 15.6 +3.2% +3.1% 2%
Hamburg 18.5 19.4 +4.5% 12.1 12.7 +4.5% +4.2% 2%
North Rhine-Westphalia 96.7 101.0 +4.5% 60.9 63.7 +4.5% +3.7% 9%
Hotels 333.4 353.5 +6.0% 139.9 171.3 +22.5% +7.2% 25%
Lease Properties 257.7 268.0 +4.0% 107.6 128.1 +19.1% +8.1% 19%
France 90.9 91.0 +0.1% 34.6 39.6 +14.5% +2.6% 6%
Germany 34.7 35.5 +2.4% 15.0 16.8 +12.2% +3.7% 2%
UK 37.0 38.3 +3.7% 16.2 19.3 +19.3% +3.7% 3%
Spain 38.9 42.5 +9.4% 17.0 21.6 +26.6% +17.5% 3%
Belgium 15.4 15.4 +0.3% 6.7 7.8 +15.7% +3.2% 1%
Others 40.9 45.3 +10.6% 17.9 22.9 +27.5% +15.0% 3%
2
Operating Properties 75.8 85.5 +12.9% 32.3 43.3 +33.8% +4.9% 6%
Total strategic activities 1,004.5 1,036.3 +3.2% 645.2 678.8 +5.2% +6.7% 100%
Non-strategic 6.3 2.1 -66.4% 2.8 1.0 -62.4% n.a. 0%
Total Revenues 1,010.8 1,038.4 +2.7% 648.0 679.8 +4.9% +6.7% 100%
1: Like-for-like change || 2: Operating Properties (EBITDA)



Group share revenues, up +4.9% at current scope, stand at €679.8 million vs. €648.0 million in FY 2023, due to:

 The reinforcement of the stake in Covivio Hotels (+€22.9 million);

 The +6.7% increase on like-for-like basis, split between:
o Offices: +8.1% like-for-like, driven by indexation and letting activity;
o Hotels: a sustained like-for-like revenue increased by +7.2%, due to the continued rebound in variable
revenues (EBITDA + variable leases) of +11.9% and a +4.3% like-for-like growth for fixed lease properties;
o German Residential: a robust and accelerated growth of +4.3% like-for-like.

 Reduction in office exposure through disposals (-€19.5 million);

 Deliveries of new assets (+€2.6million), in Greater Paris and Milan;

 Vacated assets for redevelopment (-€9.4 million), mostly in Paris, Western Crescent and first ring for
conversion into residential or hotel.




13
1. Business analysis - Group share
2024 results


B. LEASE EXPIRIES AND OCCUPANCY RATES


1. Lease expiries: average firm residual duration of 6.2 years


By lease end date
By lease end date
(1st break)

Group share, in Years 2023 2024 2023 2024
Offices 5.4 4.8 5.9 5.4
Hotels 12.2 11.0 13.9 12.6
Non-strategic 7.4 8.0 7.4 8.0
Total 7.0 6.2 7.8 7.0


Lease expiries schedule

By lease
% of By lease % of
(€ million; Group share) end date
total end date total
(1st break)

2025 58 7% 44 6%
2026 40 5% 20 3%
2027 45 6% 23 3%
2028 50 6% 39 5%
2029 23 3% 27 4%
2030 51 7% 48 6%
2031 50 7% 47 6%
2032 29 4% 52 7%
2033 34 4% 49 6%
2034 11 1% 29 4%
Beyond 107 14% 118 15%
Offices and Hotels leases 497 64% 497 64%
German Residential 196 25% 196 25%
Hotel operating properties 81 10% 81 10%
Total 773 100% 773 100%



In 2025, lease expiries with first break options represent €57.7 million:

• €21.8 million are already managed (€1.3 million of hotels, €20.5 million of offices for which tenant has no
intention to vacate the property),
• €5.2 million vacating for redevelopment,
• €20.3 million refer to Suez departure in CB 21 tower, in La Défense, where take-up in 2024 was 14% above 10-
year average. Part of the asset is expected to be relet with limited capex, with already first advanced discussions,
and a capex program is being defined to upgrade upper floors.
Then, €10.4 million (1.3% of Annualized revenue) are still to be managed in offices, mostly on core assets for which
tenant decision is not known yet.




14
1. Business analysis - Group share
2024 results


2. Occupancy rate: 97.2% secured, +0.5pt vs. 2023
Occupancy rate (%)
Group share 2023 2024

Offices 94.5% 95.5%
German Residential 99.1% 99.2%
(1)
Hotels 100.0% 100.0%
Total strategic activities 96.7% 97.2%
Non-strategic 100.0% n.a.
Total 96.7% 97.2%

(1) On leased assets

The occupancy rate continued to increase, by +50bps vs 2023, to 97.2% for the whole portfolio. This is linked with the
good performance in offices with occupancy up by +100bps to 95.5%, mostly thanks to several lettings in Greater Paris.



C. BREAKDOWN OF ANNUALIZED REVENUES



By major tenants By activity

Annualised
(€ million, Group share) revenues %
2024

NH 29 4%
Fibercorp 28 4%
Orange 26 3%
B&B 24 3%
Suez 20 3%
IHG 20 3%
Dassault 18 2%
Tecnimont 16 2%
Thalès 13 2%
Accor Invest 10 1%
LVMH 10 1%
Edvance 9 1%
Fastweb 6 1%
NTT Data Italia 6 1%
Chloé 5 1%
Hotusa 5 1%
Credit Agricole 5 1%
Operating Properties 81 10%
Other tenants <€5M 246 32%
German Residential 196 25%
Total 773 100%




15
1. Business analysis - Group share
2024 results


D. IMPROVED COST TO REVENUE RATIO

Hotels in
German
(€ million, Group share) Offices Europe Total
Residential
(incl. retail)
2024 2023 2024
Rental Income 311.6 195.9 129.1 615.6 636.6
Unrec. property oper. costs -21.2 -0.8 -1.5 -32.0 -23.5
Expenses on properties -11.3 -13.6 -0.5 -22.7 -25.4
Net losses on unrec. receivable 0.2 -2.1 -0.4 -2.1 -2.4
Net rental income 279.2 179.4 126.7 558.7 585.3
Cost to revenue ratio 10.4% 8.5% 1.8% 9.2% 8.1%


Cost to revenue ratio is down by -110bps year-on-year, mostly thanks to the increase of occupancy rate, generating a
better recovery rate on property expenses.




E. DISPOSALS: €766M OF NEW AGREEMENTS



Disposals Agreements New New Margin vs Total
<2024 <2024 disposals agreements Total 2023 Yield Realised
closed to close 2024 2024 value Disposals

(€ million) 1 2 3 =2+3 =1+2
Offices &
100% 115 41 126 301 428 -0.2% 5.8% 241
Conversion
to Resi. GS 1 109 40 87 274 361 -0.5% 5.6% 196

100% 16 - 200 44 244 +11.5% 3.4% 216
Germany
Residential
GS 10 - 137 29 166 +11.1% 3.4% 147

Hotels & 100 % 107 - 538 68 606 +3.7% 6.1% 645
Non
strategic GS 56 - 209 30 239 +3.8% 5.8% 266

100 % 238 41 865 413 1,278 +3.7% 5.5% 1,103
Total
GS 176 40 433 332 766 +3.2% 5.1% 609

1: GS: Group share



New disposals and agreements totalled €766 million Group share (€1,278million at 100%) in 2024.

These disposal agreements were made of offices for the largest part, for a total of €361 million Group share, with an
average margin of -0.5%. It dealt with 12 offices in France and 13 offices in Italy (mostly from the Telecom portfolio, in
regions), as well as several conversions to residential projects.

In German residential, €166 million Group share (€244 million at 100%) of disposal agreements were achieved over the
year, with an average premium of +11.1% vs. 2023 book values. Major achievements were the creation of a joint venture
with CDC Investment on a portfolio in Berlin, in line with the values at the end of 2023, contributing €93m (Group share)
to the disposal program, and, at the same time, the Group continued with its privatisation program, selling €58m Group
share (€89m at 100%), at an average premium of 40%.

In the hotels business, disposal agreements totalled €239m Group share (€606m at 100%), at an average premium of
+3.8% to appraised values. These mainly include the disposals to AccorInvest in the context of the asset swap, as well
as non-strategic hotels in Germany and Poland and joint disposals (OpCo and PropCo) in France alongside AccorInvest.




16
1. Business analysis - Group share
2024 results




F. INVESTMENTS: €1.1BN GROUP SHARE REALIZED
€1.1 billion Group share (€1.5 billion at 100%) of investments were realized in 2024, with an average yield above 6.5%,
to improve the quality of our portfolio and create value:
 €507 million were invested to increase exposure to hotels, through the acquisition of 8.7% stake in Covivio
Hotels in exchange for Covivio shares,

 €187 million Group share (€400 million at 100%) were invested to further optimize our hotel performance,
including €157 million Group Share (€389 million at 100%) of hotel operating companies in the context of the
asset swap with Accorinvest, and the acquisition of an hotel in Tenerife for €43 million Group Share (€81 million
at 100%).

 Capex in the development pipeline totalled €237 million Group share (€267 million at 100%),

 €153 million Group share (€232 million at 100%) relate to works on the operating portfolio (including 2/3 of
valorisation work), of which €79 million in German residential (63% for modernization capex, generating
additional revenue).




G. DEVELOPMENT PROJECTS:

1. Deliveries: 38,900 m² of offices delivered in 2024

Two offices projects were delivered or sold in 2024 in Milan:

 The Sign D (13,200m² and €76 million total cost), 92% let
 Rozzano (25,700m² and €44 million total cost), 58% let (vs 47% in 2023).

2. Committed office pipeline: €66m Group Share of additional revenue, 85% in city-
centers

Covivio has an office pipeline of 7 buildings with €66m of additional revenue potential in France, Germany, and Italy, the
bulk of it (85%) in the city centers of Paris, Milan and Berlin, where demand for prime assets is high. Capex still to be
spent on the committed development pipeline amount to €400 million (€133 million per year by 2027 on average).

This pipeline is 47% pre-let and will participate to the continued improvement of the portfolio quality towards centrality &
grade A buildings (100% of the projects certified “Excellent” or above).

 Expected deliveries before year-end 2025: 2 projects in Germany (Icon and Loft), 1 project in Milan (Corte Italia).
 Deliveries from 2026 refer to 4 projects in Paris CBD (Grands Boulevards, Monceau), Paris 1st ring (turnkey
development for Thalès), Berlin (Alexanderplatz).




17
1. Business analysis - Group share
2024 results



Pre-leased
Total Budget Total Budget
Committed projects Location Project type Surface (m²)1 Delivery year end of 2024 Target Yield3
(€m, 100%) (€m, GS) ²
(%)


Monceau Paris Regeneration 11,200 m² 2026 0% 249 249 4.4%

Thalès 2 Meudon Construction 38,000 m² 2026 100% 205 205 8.2%

Grands Boulevards Paris Regeneration 7,500 m² 2027 0% 157 157 4.5%

Total France committed pipeline 56,700 m² 48% 611 611 5.7%

Corte Italia Milan Regeneration 12,100 m² 2025 100% 125 125 5.9%

Total Italy committed pipeline 12,100 m² 100% 125 125 5.9%

Loft (65% share) Berlin Regeneration 7,600 m² 2025 0% 42 27 5.1%

Icon (94% share) Düsseldorf Regeneration 55,700 m² 2025 60% 249 235 5.6%

Alexanderplatz (55% share) Berlin Construction 60,000 m² 2027 11% 623 343 4.8%

Total Germany committed pipeline 123,300 m² 31% 914 605 5.2%

Total committed pipeline 192,100 m² 46% 1,650 1,341 5.5%


1
Surface at 100%
2
Including land and financial costs
3
Yield on total rents over total budget




18
1. Business analysis - Group share
2024 results




3. Build-to-sell pipeline

 Five projects were delivered in 2024, including 4 projects in France and 1 project in Germany, for a total budget
€114 million Group Share (€151 million at 100%) & 10% margin. These projects are 89% sold.
Total
Total Pre-sold
Committed projects - end Budget 1
Unit Budget 1 FY'24
of 2024 (€m, Group
(€m, 100%) (%)
share)
Berlin - Iceland 98
Berlin - Markelstrasse 92
Bordeaux Lac - Ilot 2 102
Bobigny 158
To be delivered in 2025 450 153 107 58%
Padova - Zabarella 40
Berlin - Iceland Tower 19
Berlin – Simplonstraße 1&2 165
To be delivered in 2026 224 112 67 18%
Total Residential BTS 674 265 174 43%

1
Including land and financial costs



 At the end of December 2024, the German build-to-sell pipeline deals with 4 projects located in Berlin,
where housing shortage is the highest in Germany, totalling 374 residential units and a total cost of €108
million Group share.

 The current French pipeline is composed of 2 projects located in Greater Paris and Bordeaux, representing
260 residential units, a total cost of €45 million Group Share.

 The total margin of the committed pipeline reaches 6%.



4. Managed Pipeline

In the long-term, Covivio also owns more than 303,000 m² of landbanks that could welcome new development projects:

► in Paris, Greater Paris and Major French Cities (180,000 m²) mainly for turnkey developments;
► in Milan with Symbiosis area (33,000 m²) and Porta Romana (76,000 m²);

► and approximately 14,000 m² in Berlin.




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1. Business analysis - Group share
2024 results




H. PORTFOLIO

Portfolio value: +3.2% at current scope, -1.1% like-for-like change over the year

Value Value
Value LfL 1 LfL 1 % of
(€ million, Excluding 2023 2024 Change Yield Yield
2024 change change strategic
Duties) Group Group (%) 2023 2024
100% H2 2024 FY 2024 portfolio
Share share

Offices 7,847 9,422 7,884 +0.5% -0.5% -3.1% 5.5% 5.8% 50.8%
Residential Germany 4,672 7,235 4,587 -1.8% +1.1% +1.0% 4.1% 4.3% 29.5%
Hotels 2,535 6,439 3,059 +20.7% +1.0% +1.5% 5.9% 6.4% 19.7%
Non-strategic 26 46 26 -1.2% +4.9% -6.5% n.a. n.a. n.a.
Total 15,080 23,142 15,556 +3.2% +0.2% -1.1% 5.1% 5.4% 100%
1
LfL: Like-for-Like



The portfolio increased by +3.2% at current scope, to reach €15.6 billion Group share (€23.1 billion at 100%). This is
mostly explained by the reinforcement in hotels, offsetting the impact of disposals in offices.

On a like-for-like basis, the portfolio value changed by -1.1% mostly due to:

 Overall in offices, asset values were down -3.1% on a like-for-like basis but almost stable over the H2: - 0.5%
(+0.3% on core city center portfolio). Substantial disparities were linked to centrality and geography. France
is up by +0.7% over the H2 and Italy is stable while Germany values (14% of office portfolio values) continued
to adjust (-5.9% over 2024).

 Germany Residential values increased on a like-for-like basis in 2024: +1.0% A stronger performance was
achieved in Berlin (57% of German residential portfolio), at +3.6% like-for-like. Average value per m² for
residential part of the portfolio is €2,585m², of which €3,125/m² in Berlin. Assets are valued at their block value.
50% of the portfolio worth €2.3 billion, is already divided into condominiums, particularly in Berlin (71%; €1.9
billion), where the unit sale value is 49% above the block value.

 In Hotels, portfolio values increased slightly (+1.5%), both on fixed leases: +1.4% and operating properties:
+1.7%. Accelerating over the H2 + 1.0% after the +0.5% increase of the H1 2024.


Over the year, the portfolio transformation was achieved with an increase of the certification rates, from 95.3% to 98.5%.




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1. Business analysis - Group share
2024 results




Geographical breakdown of the portfolio at end of 2024

Others
8%

Italy
17% Germany
41%




France
34%




I. LIST OF MAIN OFFICE & HOTEL ASSETS
The value of the ten main assets represents 15% of the portfolio Group share.


Top 10 Assets Location Tenants Surface (m²) Covivio share

Garibaldi Complex Milan Multi let 44,700 100%

CB21 Tower La Defense Multi let 68,100 75%

Jean Goujon Paris LVMH 8,600 100%

Maslö Levallois Multi let 20,800 100%

Hotel Park Inn Alexanderplatz Berlin Radisson Group 95,700 50%

Monceau Paris Development 11,200 100%

Percier Paris Multi let 8,600 100%

Zeughaus Hamburg Multi let 43,700 94%

Art & Co Paris Multi let 13,500 100%

Icon Dusseldorf Development 55,700 94%




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2. Business analysis - Group share
Offices – 2024 results




2. BUSINESS ANALYSIS BY SEGMENT
A. OFFICES: 51% OF COVIVIO’S PORTFOLIO

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

Today, quality has become a much more important driver of future growth for Covivio, which owns offices with high
levels of centrality and accessibility, A-quality buildings, and top-level service offering. These offices buildings are
located in France (27% of Covivio’s portfolio), Italy (16%), and Germany (7%) totaling €9.4 billion (€7.9 billion Group
share) as of end December 2024.

This offices strategy is bearing fruit, as illustrated by the increase in occupancy rate in 2024, by +100bps to 95.5%.

Covivio's portfolio is split as follows:

► Core assets in city centers (70% of Covivio’s office portfolio, +11pts vs. 2020): located in city centers of major
European cities (Paris/Levallois/Neuilly, Milan, Berlin, Düsseldorf, Hamburg, and French major regional cities),
with high occupancy (97.6%) and 4.6 years WALB.

► Core assets in major business hubs (24%): includes assets in well-connected business hubs (Greater Paris,
Periphery of German cities), with high occupancy (94.9%) and long WALB (5.4 years), mostly let to long-term
partners such as Thalès and Dassault Systèmes.

► Non-Core assets (6%): gathers secondary offices assets outside city centers for which the occupancy rate
(84.5%) and the WALB (3.6 years) are lower, with a disposal or conversion into residential strategy.




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

1.1. French offices: confirmed polarization, yield compression for prime in H2

Take-up in Greater Paris office market reached 1,750,400 m² in 2024, down -11% year-on-year. At the same time,
customer demand continues to polarize, as the preference for best places continues to increase, but also for the best
located assets at the right price:


► Paris inner city outperformed, with take-up down -9% year-on-year to 822,700m²,
► Paris inner city counted for 47% of the total take-up in Greater Paris (vs. 42% on average over the last 5
years),
► La Défense also proved to be better oriented in 2024, with take-up up by +60% yoy to 211,200m², and +14%
above last 10-year average.


The immediate offer increased by +19% over the last six months to 5.46million m² and the vacancy rate now stands at
10.2% according to BNP Real Estate, up by +150bps year-on-year, but with strong disparities: below 3% in Paris CBD
and close to 14% in the first ring and La Défense.




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2. Business analysis - Group share
Offices – 2024 results




Scarcity of the best assets in city centers continues to impact positively prime rents, reaching all-time levels in Paris at
€1,200/m²/year (+12% yoy). Incentives in Greater Paris increased slightly to 26.3% in 2024, up +90bps vs. end-2023,
with maintained disparities across sub-markets, from 14.3% in Paris Center West to 39.3% in La Défense.

Office investments in France totaled €4.9 billion in 2024, down –27% YoY (of which -28% in Greater Paris at
€3.3bn). Q4 showed better signs and prime yields even started to decline according to BNP Real Estate, at 4.0% in
Paris CBD, -25bps vs H1 2024.



1.2. Milan offices: still dynamic letting market and better investment market

Milan office market recorded a total take-up of 372,000 m² in 2024, -11% year-on-year, with CBD highly demanded
(+44% at 138,000m²). Demand is still focused on buildings in prime locations, offering good level of services, as
demonstrated by the level of grade A/A+ properties, which count for 71% of the total take-up in Milan.


The average vacancy rate in Milan was down -100bps in 2024, bringing it down to +10.1%, of which -80bps at 5.1% in
CBD (where most of Covivio’s portfolio is located).


The intense demand for high-quality spaces, combined with the scarcity of grade A assets, contributed to a new
increase of prime rents in Milan, at €775/m²/year (+3% year-on-year), according to DILS.


With a total amount of €786 million invested in 2024, the Milan office investment market increased by +8%
compared to last year. Prime yields stabilized, at 4.25% according to Cushman & Wakefield.



1.3. Germany offices: +5% in take-up, prime rents up +5% yoy on average

2024 take-up in top six German office markets increased by +5% year-on-year to 2,342,400 m² (but still 17% below 5-
year average), boosted by Münich (+34%), Cologne (+9%) and Berlin (+5%).


Vacancy rates reached 6.5% on average, up +90 bps over one year. Hamburg (4.4%) and Cologne (4.0%) recorded
among the lowest vacancy rates, followed by Munich at 6.0% and Berlin (6.5%), while in Düsseldorf and Frankfurt,
vacancy levels remained higher, respectively at 7.7% and 11.1%.


Prime rents grew on average by +5% vs. 2023, with varying performances: strong growth in Munich (+9%), +4% in
Frankfurt and Hamburg.


According to Savills, investment volumes in German Offices increased by +10% YoY in 2024 to €5.3 billion. Prime
yields stabilized since end-2023, at 4.4% on average for the top 6 cities in Germany, stable year-on-year.




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2. Business analysis - Group share
Offices – 2024 results




2. Accounted revenues: +8.1% on a Like-for-like basis

100% Group share
Change (%)
(€ million) 2023 2024 Change (%) 2023 2024 Change (%)
LfL 1
Offices 385.1 385.5 + 0.1% 320.2 317.0 - 1.0% +8.1%
France 197.9 196.7 - 0.6% 167.6 162.7 - 2.9% +12.3%
Paris / Neuilly / Levallois 67.8 77.7 + 14.6% 64.3 72.3 + 12.4% +17.4%
Western Crescent and La
41.4 39.5 - 4.4% 34.4 31.8 - 7.6% +15.1%
Defense
First ring 54.2 52.8 - 2.6% 40.1 37.1 - 7.5% +6.5%
Major Regional Cities 29.6 23.0 - 22.1% 23.8 17.9 - 24.7% +5.3%
Others France 5.0 3.6 - 27.7% 5.0 3.6 - 27.7% +9.1%
Italy 133.0 132.1 - 0.7% 104.2 103.7 - 0.5% +3.3%
Milan 68.9 68.9 - 0.0% 69.0 68.9 - 0.0% +3.2%
Telecom portfolio
58.7 58.0 - 1.2% 30.0 29.6 - 1.2% +3.2%
(51% ownership)
Others Italy 5.3 5.2 - 3.1% 5.3 5.2 - 3.1% +4.5%
Germany 54.1 56.8 + 4.8% 48.4 50.6 + 4.7% +4.4%
Berlin 8.0 9.4 + 18.2% 5.7 6.9 + 20.3% +20.2%
Frankfurt 21.3 21.8 + 2.3% 19.6 20.1 + 2.4% +1.9%
Düsseldorf 10.0 9.9 - 0.6% 9.4 9.3 - 0.6% +0.4%
Other (Hamburg & Munich) 14.9 15.6 + 4.9% 13.6 14.3 + 5.1% +4.3%

1 LfL: Like-for-Like


Compared to last year, rental income decreased by -€3.2 million, mainly due to:


 Strong Like-for-like rental growth (+€23 million) of +8.1%, mostly driven by the impact of indexation (+4.0pts
contribution) and increase in occupancy rate,

 Disposals (-€19.5 million) realized in 2023 (-€9.9 million) and in 2024 (-€9.5 million),

 Impact of vacated assets to be converted into hotel or residential (-€9.4 million) partially offset by deliveries of
new assets (+€2.6 million).




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2. Business analysis - Group share
Offices – 2024 results




3. Annualized revenue

% of
Surface Number 2024 2024
(€ million) rental
(m²) of assets (100%) (Group share)
income
Offices 1,916,645 171 475.8 383.0 100%
France 933,936 86 270.3 211.3 55%
Paris / Neuilly / Levallois 250,723 25 103.2 94.8 25%
Western Crescent and La Defense 100,931 6 43.8 34.5 9%
First ring 371,242 19 87.9 56.3 15%
Major Regional Cities 166,690 24 32.7 22.9 6%
Others France 44,350 12 2.8 2.8 1%
Italy 618,065 66 145.9 118.6 31%
Milan 252,671 26 84.6 84.6 22%
Telecom portfolio (51% ownership) 322,255 38 55.7 28.4 7%
Others Italy 43,139 2 5.6 5.6 1%
Germany 364,644 19 59.5 53.0 14%
Berlin 58,119 7 9.5 6.9 2%
Frankfurt 118,649 4 23.3 21.5 6%
Düsseldorf 68,786 2 10.1 9.5 2%
Other (Hamburg & Munich) 119,090 6 16.6 15.1 4%




4. Indexation

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

 For current leases in France, 93% of rental income is indexed to ILAT, 5% to ICC and 2% to ILC.
 In Italy, the indexation of rental income is usually calculated by applying the increase in the Consumer Price
Index (CPI) on each anniversary of the signing of the agreement.
 Rents are indexed on the German consumer price index for 42% of leases, 10% have a fixed uplift and 32%
have an indexation clause (if CPI goes above an annual increase between 5% and 10%). The remainder
(16%) is not indexed and mainly let to public administration.




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2. Business analysis - Group share
Offices – 2024 results




5. Busy rental activity: 176,214 m² let or renewed during 2024

Annualized
Annualised
Surface Top up rents
(€ million - 2024) rents
(m²) Group Share
(100%, €/m²)
(€m)

Vacating 44,894 6.0 150
Letting 59,067 15.8 327
Renewals 117,147 32.3 299




2024 a dynamic year for letting activity, with 176,214 m² let or renewed, up by +35% vs 2023.


 59,067 m² (€15.8 million) have been let or pre-let in 2024. New lettings totaled 45,090m², with an average
uplift of +12%, the majority of which located in France (32,547 m²). All sub-categories benefitted from this
continued appetite. In city-centers, The Line, 4,550m² in Paris 8th was relet with a +22% uplift. In the first ring,
6,719 m² were let on So Pop in Paris Saint-Ouen, now 89% let and 1,766m² were let on Urban Garden in Issy-
les-Moulineaux, now 85% let. Positive news on non-core assets too, with the letting of 7,893m² on Xylo in
Fontenay. Pre-lettings were signed in Germany (3,009 m² on Icon in Düsseldorf and 8,051 m² signed with on
a large part of retail areas in the Alexanderplatz project in Berlin) and Italy (2,817m² on Rozzano in the outskirts
of Milan).


 117,147 m² (€32.3 million) have been renewed, with a +4% uplift on average. A large part of renewals was
achieved in Germany (50,862 m² / 43%), notably 24,990 m² in Hamburg, 9 375m² in Frankfurt and 7,814m²
on Icon in Düsseldorf. 34,584 m² (30%) were renewed in France, the major ones in Paris: 8,000 m² on Percier
in Paris CBD with +14% uplift and 4,600 m² on Gobelins in Paris 5th with 19% uplift. Renewals in Italy (31,753
m² / 27%) mostly dealt with a 30,234 m² non-core asset in the periphery of Milan.


 44,894 m2 (€6.0 million) were vacated, mostly in France (33,873 m²), for redevelopments into office, hotel
or residential, and Germany (9,531 m²), mostly relet.




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2. Business analysis - Group share
Offices – 2024 results




6. Lease expiries and occupancy rate

6.1. Lease expiries: firm residual lease term of 4.8 years

By lease
(€ million % of By lease %
end date
Group share) total end date of total
(1st break)
2025 56.4 14.7% 43.7 11.4%
2026 33.7 8.8% 20.2 5.3%
2027 42.4 11.1% 23.0 6.0%
2028 46.6 12.2% 39.2 10.2%
2029 21.4 5.6% 24.3 6.3%
2030 49.6 13.0% 43.5 11.4%
2031 34.2 8.9% 36.5 9.5%
2032 24.7 6.4% 46.0 12.0%
2033 29.0 7.6% 43.4 11.3%
2034 7.4 1.9% 23.8 6.2%
Beyond 37.5 9.8% 39.4 10.3%
Total 383.0 100.0% 383.0 100.0%


In 2025, €56.4 million of leases will expire, of which €46.0 million already managed:

• €20.5 million for which tenant has no intention to vacate the property,

• €5.2 million vacating for redevelopment,

• €20.3 million refer to Suez departure in CB 21 tower, in La Défense, where take-up in 2024 was 14% above
10-year average. Part of the asset is expected to be relet with limited capex, with already first advanced
discussions, and a capex program is being defined to upgrade upper floors.

Then, €10.4 million are still to be managed in offices, mostly on core assets for which tenant decision is not known yet.




27
2. Business analysis - Group share
Offices – 2024 results




6.2. Occupancy rate: 95.5% at end December 2024, +100bps vs end-2023


(%) 2023 2024


Offices 94.5% 95.5%
France 94.1% 96.3%
Paris / Neuilly / Levallois 95.8% 97.8%
Western Crescent and La Defense 95.8% 97.7%
First ring 89.9% 93.3%
Major Regional Cities 97.9% 97.3%
Others France 84.0% 84.7%
Italy 98.7% 97.4%
Milan 98.3% 96.6%
Telecom portfolio (51% ownership) 100.0% 100.0%
Others Italy 97.3% 97.2%
Germany 86.4% 87.9%
Berlin 85.0% 84.7%
Frankfurt 90.3% 90.4%
Düsseldorf 93.8% 85.8%
Other (Hamburg & Munich) 81.4% 86.3%



 In France, the occupancy rate increased by +220bps to 96.3%, compared to 94.1% at end-2023, mostly due
to the dynamic letting activity, especially on Maslö in Levallois and So Pop in Paris Saint-Ouen.

 In Italy, the occupancy rate level decreased by -130bps to 97.4%, compared to 98.7% at end-2023, mainly
due to the delivery of a partially let asset (Rozzano).

 In Germany, the occupancy rate increased by +140bps to 87.9% vs. end-2023. This is mainly linked to lettings,
especially in Munich, while occupancy in Düsseldorf decreased due to a departure in ABC building.




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2. Business analysis - Group share
Offices – 2024 results




7. Portfolio values

7.1. Change in portfolio values: +0.5% on offices

(€ million - incl. Duties - Group Value Change in Other Value
Invest. Disp.
share) 2023 value effects 2024

Assets in operation 6,624 60 -115 -197 224 6,596
Assets under development 1,224 238 -2 -55 -116 1,288
Total Offices 7,847 298 -118 -251 108 7,884



7.2. Portfolio value change on a like-for-like basis: -3.1% over the year, -0.5% in H2

Value Value
Value Value
(€ million, Excluding 2023 2024 LfL (%) LfL (%) Yield ² Yield ² % of
2023 2024
Duties) Group Group H2'2024 change 1 Dec. 2023 Dec.2024 total
100% 100%
share share
Offices 9,446 7,847 9,422 7,884 -0.5% -3.1% 5.5% 5.8% 100%
France 5,010 4,117 5,126 4,264 +0.7% -0.6% 5.5% 5.7% 54%
Paris / Neuilly / Levallois 2,476 2,293 2,664 2,488 +1.6% +1.7% 4.5% 4.6% 32%
Western Crescent & La
604 496 572 471 -2.4% -7.0% 7.1% 7.7% 6%
Defense
First ring 1,283 864 1,331 904 +0.6% -1.0% 6.3% 6.7% 11%
Major Regional Cities 601 417 520 363 -1.0% -5.0% 6.0% 6.8% 5%
Others France 47 47 38 38 -0.6% -10.5% 9.3% 10.0% 0%
Italy 2,963 2,491 2,950 2,508 -0.1% -1.1% 5.6% 5.7% 32%
Milan 1,932 1,932 1,991 1,991 -0.0% -0.9% 5.3% 5.4% 25%
Telecom portfolio (51%
963 491 903 460 -0.2% -0.9% 6.2% 6.2% 6%
ownership)
Others Italy 68 68 57 57 -3.6% -8.7% 9.2% 9.9% 1%
Germany 1,473 1,239 1,345 1,112 -5.9% -15.0% 5.2% 6.4% 14%
Berlin 467 306 479 309 -2.6% -9.4% 4.6% 5.6% 4%
Frankfurt 411 378 355 327 -5.2% -15.0% 5.7% 6.7% 4%
Düsseldorf 251 237 215 203 -9.6% -20.9% 5.8% 6.1% 3%
Other (Hamburg &
344 319 296 273 -7.3% -16.1% 4.9% 6.3% 3%
Munich)
1
LfL : Like-for-Like || 2 Yield excluding assets under development


The -3.1% change in Like-for-Like (-0.5% in H2) value is driven by several effects:


 Strong resilience of France (-0.6%) and Italy (-1.1%) assets, especially in city centers with values increase in
Paris / Neuilly / Levallois by +1.7%, while some further limited adjustments were needed outside city centers.

 -15% value decline in Germany, in line with a more muted investment market in 2024.

The average yield increased by +30bps to 5.8%.




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2. Business analysis - Group share
Offices – 2024 results




8. Assets partially owned

Partially owned assets are the following:


- CB 21 Tower (75% owned) in La Défense.
- The Silex 1 and 2 assets in Lyon (50.1% owned and fully consolidated).
- So Pop project in Paris Saint-Ouen (50.1% owned and fully consolidated).
- Streambuilding project in Paris 17th (50% owned and fully consolidated).
- The Dassault campuses in Vélizy (50.1% owned and fully consolidated).
- The New Vélizy campus for Thales (50.1% owned and accounted for under the equity method).
- Euromed Centre in Marseille (50% owned and accounted for under the equity method).
- Coeur d’Orly in Greater Paris (50% owned and accounted for under the equity method).




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2. Business analysis - Group share
German residential – 2024 results




B. GERMAN RESIDENTIAL: 29% OF COVIVIO PORTFOLIO

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

Covivio owns around ~41,000 units in Berlin, Hamburg, Dresden, Leipzig, and North Rhine-Westphalia, representing
€7.2 billion (€4.6 billion Group share) of assets.

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

Exposure to Berlin, where housing shortage is the highest in Germany, represents 57% at end-December 2024. Covivio’s
portfolio in Berlin is of high quality, with 68% of buildings built before 1950 and over 71% is already divided into
condominiums.


1. Continued rise in markets rents and rebounding investment market

 In Germany, the demand for housing continued to rise since the start of the year, in a context of increasing
number of inhabitants (population in Germany reached a record high level of 85.4 million inhabitants according
to Destatis), while building permits (215 000 units over one year at end-November 2024) remained far from
the Government target (> 400 000 units / year).

 This shortage continues to support rents in Germany and especially in Berlin. According to Immoscout24, in
2024, average asking rents for existing buildings were by +1.8% to €8.57/m²/month in Germany and by +6.4%
to €14.1/m²/month in Berlin. For new buildings, rents were up up by +7.8% year-on-year in Germany to
€12.6/m²/month and by +3.4% in Berlin to €20.1/m².

 After several low quarters for the German residential investment market (for multi-family buildings above 30
units), volumes rebounded since Q2 2024, bringing total volumes up by +109% to €10.7 billion in 2024
according to BNP Real Estate. The private market also shows signs of stronger appetite since the beginning
of 2024, as shown by private real estate loans recorded by the Bundesbank, up +23% year-on-year to €198
billion in 2024.

 Average asking prices were also trending upwards in 2024. According to Immoscout24, prices for existing
buildings increased by +2% in 2024 in Berlin to €4,643/m², still well above the current valuation of Covivio’s
residential portfolio (€3,125/m² in Berlin). The average price/m² for new buildings also increased to €6,575/m²
in 2024 (+4.7% over one year).

In 2024, Covivio's activities were marked by:

 Continued high rental growth: +4.3% on a like-for-life basis, now well above inflation;
 Creation of a joint-venture on a €274 million Berlin portfolio, through a partnership with CDC Investissement
Immobilier;

 Stability in values: +1.0% on a 12-months like-for-like basis, of which +3.6% in Berlin.




31
2. Business analysis - Group share
German residential – 2024 results




2. Accounted rental income: +4.3% like-for-like

Rental Rental Rental Rental
Change Change % of
income income income income
(In € million) (%) (%) LfL 1 rental
2023 2023 2024 2024
Group share Group share income
100% Group share 100% Group share
Berlin 147.7 96.9 152.9 98.5 + 1.7% +4.9% 52%
Dresden & Leipzig 23.3 15.1 24.0 15.6 + 3.2% +3.1% 8%
Hamburg 18.5 12.1 19.4 12.7 + 4.5% +4.2% 7%
North Rhine-Westphalia 96.7 60.9 101.0 63.7 + 4.5% +3.7% 33%
Essen 35.7 22.2 37.0 23.0 + 3.6% +3.3% 12%
Duisburg 16.6 10.3 17.3 10.8 + 4.8% +4.7% 6%
Mulheim 11.2 7.1 12.0 7.6 + 7.2% +3.9% 4%
Oberhausen 10.1 6.6 10.5 6.9 + 4.0% +3.9% 4%
Other 23.1 14.8 24.2 15.5 + 4.6% +3.6% 8%
Total 286.0 185.1 297.3 190.5 + 2.9% +4.3% 100%

of which Residential 245.1 158.2 254.1 163.2 + 3.2% +4.1% 86%
2
of which Other commercial 41.1 26.9 43.1 27.3 + 1.5% +5.2% 14%
1 LfL: Like-for-Like || 2 Other commercial: Ground-floor retail, car parks, etc


Rental income amounted to €190 million Group share in FY 2024, up +2.9% (+€5.4 million) thanks to:

 In Berlin, like-for-like rental growth is +4.9% (+€ 4.5 million), driven by the indexation (+2.3 pts) and relettings
(+1.9 pts) with high uplift (+36% in FY 2024).

 Outside Berlin, like-for-like rental growth was strong in all areas (+3.7% on average, +€3.3 million) due to the
reletting impact (including modernizations) and the indexation.

 These effects were partly offset by disposals closed in 2024 (-€1.0 million).




32
2. Business analysis - Group share
German residential – 2024 results




3. Annualized rents: €195.5 million Group share

Annual. rents Annual. rents Average % of
Surface Number
(In € million) 2024 2024 rent per rental
(m²) of units
100% Group share month income

Berlin 1,296,476 17,744 157.9 99.9 10.2 €/m² 51%
Dresden & Leipzig 266,002 4,345 24.9 16.1 7.8 €/m² 8%
Hamburg 148,976 2,415 19.9 13.0 11.2 €/m² 7%
NRW 2
1,105,993 16,515 105.4 66.5 7.9 €/m² 34%
Essen 394,649 5,768 39.0 24.2 8.2 €/m² 12%
Duisburg 198,664 3,033 18.2 11.3 7.6 €/m² 6%
Mulheim 131,325 2,194 12.5 7.9 7.9 €/m² 4%
Oberhausen 124,984 1,830 10.8 7.1 7.2 €/m² 4%
Others 256,371 3,690 25.1 16.1 8.2 €/m² 8%
Total 2,817,448 41,019 308.2 195.5 9.1 €/m² 100%

o/w Residential 2,587,472 39,504 263.2 167.6 8.5 €/m² 86%
o/w Other com. 1 229,976 1,515 45.0 27.9 16.3 €/m² 14%
1
Other commercial: Ground-floor retail, car parks, etc || 2 North Rhine-Westphalia


Rental income (€9.1/m²/month on average) offers solid growth potential through reversion vs. our achieved reletting
rents in all our markets including Berlin (45%), Hamburg (15%-20%), Dresden and Leipzig (10%-15%) and in North
Rhine-Westphalia (15%-20%).




4. Indexation

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

4.1. Rents for re-leased properties:

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

As an exception to the unrestricted rent setting principle, cities like Berlin, Hamburg, Cologne, Düsseldorf, Dresden and
Leipzig have introduced rent caps (Mietpreisbremse) for re-leased properties. In these cities, rents for re-leased
properties cannot exceed the public rent reference (Mietspiegel) by more than 10%, except in the following conditions:

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

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

 If the rent received from the previous tenant is higher than the +10% limit, then the previous rent will be the
limit in the case of re-letting.

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




33
2. Business analysis - Group share
German residential – 2024 results




4.2. For current leases:

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

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


4.3. For current leases with work carried out:

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

 The works aim to save energy, increase the utility value, or improve the living conditions in the long run.
 The rent increase takes effect 3 months after the declaration of rent increase.
 The rent may not be increased by more than €3/m² for work to modernise the property within a six-year period
(€2/m² if the initial rent is below €7/m²).




5. Occupancy rate: a high level of 99.2%


(%) 2023 2024

Berlin 98.6% 98.7%
Dresden & Leipzig 99.8% 99.7%
Hamburg 100.0% 100.0%
North Rhine-Westphalia 99.6% 99.7%
Total 99.1% 99.2%


The occupancy rate stands at 99.2% It has remained above 98% since the end of 2015 and reflects the Group's very
high-quality portfolio and low rental risk.




34
2. Business analysis - Group share
German residential – 2024 results




6. Portfolio values: €7.2 billion (€4.6 billion Group share)


6.1. Change in portfolio value: +1.0%

(In € million, Group share, Value Change Value
Invest. Disposals Other
Excluding duties) 2023 in value 2024

Berlin 2,674 42 -118 56 -19 2,635
Dresden & Leipzig 379 7 0 -29 0 356
Hamburg 350 10 0 -14 0 346
North Rhine-Westphalia 1,269 30 0 -47 -1 1,250
Total 4,672 89 -119 -35 -20 4,587


In 2024, the portfolio decreased by -1.8% at current scope, to €4.6 billion Group share, mostly driven by the creation
of a joint-venture, contributing to €93 million of disposals Group share.



6.2. Maintenance and modernization CAPEX

In full-year 2024, CAPEX totalled €124 million (€44 /m²; €79 million in Group share) and OPEX came to €20 million
(€7 /m²; €13 million in Group share).

On average, modernization projects, which totalled €77 million in FY 2024 (€49 million in Group share), have an
immediate yield around 5%, going up to 10% post relettings.

The bulk of investments in Hamburg relate to 3 settlement areas (22 buildings, 242 apartments, 10% of units in the
city) that have undergone energy-efficiency renovations.




North Rhine-Westphalia Berlin - €53m (€ 41 / m²)
€45m (€ 41 / m²) € 23 / m² modernization
€ 28 / m² modernization € 18 / m² maintenance
€ 13 / m² maintenance
€124 m of
CAPEX
(100%)
€ 43.9 / m²




Hamburg - €15 m (€ 101 / m²)
€ 74 / m² modernization
€ 26 / m² maintenance Dresden & Leipzig - €11m (€ 41 / m²)
€ 18 / m² modernization
€ 23 / m² maintenance




35
2. Business analysis - Group share
German residential – 2024 results




6.3. Stable values on a like-for-like basis

Value Value
Surface Value Value LfL 1 % of
(In € million, 2023 2024 LfL 1 Yield Yield
(m²) 2024 2024 change total
Excluding duties) Group Group change 2023 2024
100% 100% in €/m² H2 2024 value
Share share
Berlin 2,674 1,278,336 4,171 3,263 2,635 +1.2% +3.6% 3.7% 3.8% 57%
Dresden &
379 266,002 550 2,067 356 +0.6% -5.8% 4.1% 4.5% 8%
Leipzig
Hamburg 350 148,976 528 3,546 346 +0.9% -1.4% 3.6% 3.8% 8%
3
NRW 1,269 1,105,993 1,986 1,796 1,250 +1.0% -1.5% 4.9% 5.3% 27%
Essen 485 394,649 806 2,043 501 +2.2% +3.0% 4.7% 4.8% 11%
Duisburg 203 198,664 314 1,580 195 +0.8% -4.2% 5.2% 5.8% 4%
Mulheim 140 131,325 224 1,709 141 +1.1% +0.9% 5.2% 5.6% 3%
Oberhausen 119 124,984 175 1,402 115 +0.3% -3.9% 5.7% 6.1% 3%
Others 320 256,371 466 1,818 299 -0.5% -6.7% 4.8% 5.4% 7%
Total 4,672 2,799,308 7,235 2,585 4,587 +1.1% +1.0% 4.1% 4.3% 100%

o/w Residential 4,113 2,570,950 6,337 2,465 4,036 +1.1% +0.5% 4.0% 4.1% 88%
2
o/w Other com. 559 228,358 898 3,934 551 +1.0% +5.0% 5.0% 5.1% 12%
1 LfL: Like-for-Like || 2 Other commercial: Ground-floor retail, car parks, etc || 3 NRW: North Rhine-Westphalia


The average value of residential assets is €2,465/m², with €3,263/m² in Berlin (€3,125/m² on pure residential) and
€1,796/m² in North Rhine-Westphalia. The average yield increased by +18 bps vs. end of 2023 to 4.3%. Assets are
valued at their block value. 50% of the portfolio is already divided into condominiums, particularly in Berlin (71%), where
the unit sale value is 49% above the block value.

In 2024, values increased by +1.0% on a like-for-like basis versus end-2023, reflecting a renewed investors’ appetite.




36
2. Business analysis - Group share
Hotels – 2024 results




C. HOTELS: 20% OF COVIVIO’S PORTFOLIO

Covivio Hotels, a 52.5%-owned subsidiary of Covivio as of 31 December 2024 (vs. 43.9% at end-2023), is a listed
property investment company (SIIC) and leading hotel real-estate player in Europe. It invests both in hotels under lease
(fixed or variable) and in hotel operating companies (owning OpCos and PropCos).
The figures presented are expressed at 100% and in Covivio Group share (GS).
Covivio owns a high-quality hotel portfolio (283 hotels / 39,477 rooms) worth €6.4 billion (€3.1 billion in Group share),
focused on major European cities and let to or operated by major hotel operators such as Accor, B&B, Mariott, IHG,
NH Hotels, etc. This portfolio offers geographic and tenant diversification (across 12 European countries) as well as
several asset management opportunities via different investment methods (hotel lease and hotel operating properties).
The reinforcement of Covivio in Covivio Hotels is effective from end-March 2024 in the P&L.
The asset swap with AccorInvest is effective from 1 December 2024, so the hotels for which Operating companies were
bought (and gathered with property companies already owned) generated rents for 11 months and EBITDA for 1 month.
Assets partially owned by Covivio Hotels include mostly:

• 91 B&B assets in France, including 89 held at 50.2% and 2 held at 31.2%

• 22 AccorInvest assets in France (21 assets) and Belgium (1 asset), between 31.2% and 33.3% owned.


1. Hotels market: continued growth
European hotels performance was robust again in 2024. The average RevPAR (revenue Per Available Room) in Europe
shows an average increase of +4% year-on-year in 2024, as the market continues its positive momentum, supported
by the rise average prices but also in occupancy.




 Southern European countries are showing very strong performances, particularly Spain up by +13%.
 Germany is continuing to catch up with a RevPAR growth of +7% over the year.
 In France, RevPAR growth is more modest at +2%, impacted by travel delays during the pre-Olympic period.
 On the investment side, volumes displayed one of the highest growths for a single asset class in Europe,
reaching €19.5 billion 2024, +34% vs. 2023, according to CBRE. France, Spain, and the United Kingdom
account for the majority of transactions (63%).




37
2. Business analysis - Group share
Hotels – 2024 results




2. Accounted revenues: +7.2% on a like-for-like basis
Revenues Revenues Revenues Revenues Change Change
(In € million) 2023 2023 2024 2024 Group Group share
100% Group share 100% Group share share (%) (%) LfL 1
Lease properties - Variable 71.3 31.5 74.3 37.8 + 20.1% +31.2%
Lease properties - Fixed 186.3 76.1 193.7 90.8 + 19.4% +4.3%
Operating properties - EBITDA 75.8 32.3 83.2 42.1 + 30.2% +4.9%
Total revenues Hotels 333.4 139.9 351.2 170.1 + 21.6% +7.2%
1
LfL: Like-for-Like



Hotel revenues increased by +7.2% like-for-like (+€8.4 million Group share) compared to 2023, due to:

 Lease properties:

• Variable leases (22.2% of hotels revenue), up +31.2% on a like-for-like basis, mostly linked with the
steep increase of variable rents in the south of Europe
• Fixed leases (53.4% of hotels revenue), up +4.3% like-for-like, mostly through positive indexation.

 Operating properties (24.7% of hotels revenue): mainly located in Germany and in the north of France.
The +4.9% like-for-like increase in EBITDA is mostly explained by improved performances in Germany
(+6.7%).

At current scope, revenue increased by +21.6% to €170 million, mostly linked with the reinforcement in Covivio Hotels
(+€18m), on top of like-for-like growth.



3. Annualized revenue
Breakdown by tenant/operator and by country (based on 2024 revenues), totalling €193.9 million in Group share:




Revenues are split using the following breakdown: fixed (50%), variable (8%) and EBITDA on management contracts
(42%).




38
2. Business analysis - Group share
Hotels – 2024 results




4. Indexation
Fixed leases are indexed to benchmark indices (ILC and ICC in France and consumer price index for foreign assets).



5. Lease expiries: 11.0 years hotels residual lease term
By lease
By lease
(In € million, Group share) end date % of total % of total
end date
(1st break)
2025 1.3 1% 0.0 0%
2026 5.9 5% 0.0 0%
2027 2.2 2% 0.0 0%
2028 3.1 3% 0.0 0%
2029 1.4 1% 3.2 3%
2030 1.3 1% 4.8 4%
2031 15.8 14% 10.2 9%
2032 4.3 4% 5.6 5%
2033 5.4 5% 5.7 5%
2034 3.4 3% 5.3 5%
Beyond 68.9 61% 78.2 69%
Total Hotels in lease 112.9 100% 112.9 100%




6. Portfolio values: +21% at current scope

6.1. Change in portfolio values
Change
(In € million, Group share, Value Change Other Value
Invest. Disposals Transfer(1) of
Excluding Duties) 2023 in value (currency) 2024
ownership
Hotels - Lease properties 1,948 51 -229 21 14 -303 388 1,890
Hotels - Operating properties 587 159 -14 14 2 303 119 1,169
Total Hotels 2,535 210 -243 35 16 0 507 3,059

(1) The transfer consists of hotel property companies for which operating companies were bought. Both operating and property
companies of these hotels are now classified under Hotels – Operating properties


The portfolio changed by +€524.6 million (+21%) vs. 2023 and is attributed to the increased stake in Covivio Hotels
(from 43.9% to 52.5%), enhancing Covivio’s exposure to the hotel industry, along with the asset swap finalized with
AccorInvest, the acquisition of an hotel in Tenerife and a positive change in value amounting to €35 million.




39
2. Business analysis - Group share
Hotels – 2024 results




6.2. Change on a like-for-like basis: +1.5%
Value Value Value Value LfL 1 % of
LfL 1 Yield Yield
(In € million, Excl. Duties) 2023 2023 2024 2024 change H2 total
change 2023 2024
100% GS 100% GS 2024 value
France 2,117 701 1,283 444 0.1% 0.7% 5.6% 6.0% 15%
Paris 833 309 364 139 5%
Greater Paris (excl. Paris) 461 127 385 113 4%
Major regional cities 511 164 258 91 3%
Other cities 312 101 276 101 3%
Germany 619 267 584 301 -0.4% -0.6% 5.6% 5.7% 10%
Frankfurt 70 30 69 35 1%
Munich 45 20 46 24 1%
Berlin 70 30 61 32 1%
Other cities 434 188 408 211 7%
Belgium 244 96 121 64 0.8% -0.7% 7.2% 8.5% 2%
Brussels 96 34 18 10 0%
Other cities 148 61 103 54 2%
Spain 636 279 641 337 2.2% 3.4% 6.2% 6.2% 11%
Madrid 282 124 285 149 5%
Barcelona 222 97 151 79 3%
Other cities 132 58 206 108 4%
UK 662 290 712 374 0.0% 1.9% 5.6% 5.3% 12%
Italy 266 117 279 147 2.3% 4.8% 5.5% 6.1% 5%
Other countries 451 198 426 224 -0.4% 0.3% 5.7% 6.3% 7%
Total Lease properties 4,996 1,948 4,047 1,890 0.8% 1.4% 5.8% 6.0% 62%
France 311 136 1,191 567 2.1% 3.7% 6.5% 7.3% 19%
Paris 0 0 553 259 8%
Lille 103 45 155 76 2%
Other cities 208 91 484 232 8%
Germany 842 350 815 406 0.9% -0.1% 5.9% 6.1% 13%
Berlin 592 246 593 296 10%
Dresden & Leipzig 193 80 165 82 3%
Other cities 57 24 58 29 1%
Other countries 228 100 385 195 -0.1% 0.8% 6.8% 8.0% 6%
Total Operating properties 1,380 587 2,392 1,169 1.3% 1.7% 6.2% 7.0% 38%
Total Hotels 6,376 2,535 6,439 3,059 1.0% 1.5% 5.9% 6.4% 100%
1
LfL : Like-for-Like || GS: Group Share




40
2. Business analysis - Group share
Hotels – 2024 results




At the end of December 2024, Covivio owned a unique hotel portfolio (283 hotels / 39,477 rooms) of €3.1 billion Group
share (€6.4 billion at 100%) across Europe. This strategic portfolio is characterised by:

• High-quality locations: average Booking.com location grade of 8.9/10 and 90% of the portfolio located in
major European tourists’ destinations.

• Diversified portfolio: in terms of geography (12 countries), and segment (32% upscale, 42% midscale and
26% economy.

• Major hotel operators with long-term leases: 17 hotel operators with an average lease duration of 11.0 years.


The portfolio value increase by +1.5% like-for-like:

• On a like-for-like basis, the hotel portfolio increased by +1.5% over the year. This variation is mainly explained
by the stabilization of capitalization rates and continued revenue growth, driven by the strong performance of
variable revenue hotels and the indexation of fixed rents.

• Positive changes were thus reflected both for leased assets (+1.4%) and operating properties (+1.7%). Growth
particularly dealt with Southern Europe (+4.8% in Italy and +3.4% in Spain), and France (+2.2%), boosted by
revenue growth and asset management works.

• The hotel portfolio has an average yield excluding duties of 6.4% (+50bps year-on-year).




Portfolio breakdown by value 90% in major European
and geography destinations




Other Edinburgh
13%
Amsterdam
Dublin
Belgium Warsaw
6% France
33% London Berlin
Lille Brussels Prague
Spain
Paris Budapest
11% Munich

Venice
Lyon

Nice
UK Rome
14% Germany Madrid Barcelona
23%




41
3. Financial information
2024 results




3. FINANCIAL INFORMATION AND COMMENTS

Covivio’s activity involves the acquisition or development, ownership, management, and leasing of properties,
particularly Offices in France, Italy and Germany, Residential in Germany, and Hotels in Europe.
Registered in France, Covivio is a public limited company with a Board of Directors.
The German Residential information in the following sections include some Office assets owned by the subsidiary
Covivio Immobilien.



CONSOLIDATED ACCOUNTS

3.1. Scope of consolidation
On 31 December 2024, Covivio’s scope of consolidation includes companies located in France and several
European countries. The main equity interests fully consolidated but not wholly owned companies are as follows:

Subsidiaries 31 Dec. 2023 31 Dec. 2024

Covivio Hotels 43.9% 52.5%
Covivio Immobilien (German Resi.) 61.7% 61.7%
Covivio Berlin Prime (German Resi., JV with CDC) 65.6% 31.5%
Sicaf (Telecom portfolio in Italy) 51.0% 51.0%
OPCI CB 21 (CB 21 Tower) 75.0% 75.0%
Covivio Alexanderplatz (mixed used dev.) 55.0% 55.0%
SCI Latécoère (DS Campus) 50.1% 50.1%
SCI Latécoère 2 (DS Campus extension) 50.1% 50.1%
SCI 15 rue des Cuirassiers (Silex 1) 50.1% 50.1%
SCI 9 rue des Cuirassiers (Silex 2) 50.1% 50.1%
Sas 6 rue Fructidor (So Pop) 50.1% 50.1%
SCCV Fontenay sous bois (France Residential) 50.0% 50.0%
SCCV Bobigny (France Residential) 60.0% 60.0%
SNC N2 Batignolles promo (Streambuilding) 50.0% 50.0%
SCI N2 Batignolles (Streambuilding) 50.0% 50.0%
Hôtel N2 (Streambuilding - Zoku) 50.1% 50.1%
Fédération des Assurances Covivio 0.0% 85.0%



3.2. Accounting principles
The consolidated financial statements have been prepared in accordance with the international accounting
standards issued by the IASB (International Accounting Standards Board) and adopted by the European Union on
the date of preparation. These standards include the IFRS (International Financial Reporting Standards), as well
as their interpretations. The financial statements were approved by the Board of Directors on 19 February 2025.




42
3. Financial information
2024 results




3.3. Simplified income statement - Group share

(In € million, Group share) 2023 2024 var. %
Net rental income 558.7 585.3 +26.6 5%
EBITDA from hotel operating activity 32.3 43.3 +10.9 +34%
Income from other activities 33.4 27.6 -5.8 -17%
Net revenue 624.4 656.2 +31.8 +5%
Net operating costs -84.6 -76.7 +7.9 -9%
Amort. of oper. assets & net change in provisions -33.0 -65.6 -32.6 +99%
Current operating income 506.8 513.9 +7.1 +1%
Change in value of properties -1 751.8 -277.3 +1474.5 -84%
Income from asset disposals -34.3 4.1 +38.4 -112%
Income from disposal of securities -1.0 -1.0 +0.0 -0%
Income from changes in scope & other -2.0 -2.7 -0.7 +37%
Operating income -1 282.4 236.9 +1 519.2 -118%
Cost of net financial debt -97.4 -98.2 -0.8 +1%
Interest charges linked to financial lease liability -7.3 -8.5 -1.2 +16%
Value adjustment on derivatives -132.4 -69.2 +63.2 -48%
Discounting of liabilities-receivables & Result of
-0.3 0.1 +0.4 -137%
chge
Early amortisation of borrowings' cost -1.1 -1.3 -0.3 +23%
Share in earnings of affiliates -33.2 15.6 +48.8 -147%
Income before tax -1 554.1 75.3 +1 629.5 -105%
Tax 135.4 -7.2 -142.6 -105%
Net income for the period -1 418.8 68.1 +1 486.9 -105%




 €656.2 million net revenue (+5%)

Net revenue in Group share increased especially thanks to both dynamic rental activity and strong operating activity
in hotels. This strong organic growth is amplified by the reinforcement of the stake in Covivio Hotels and the
acquisition of operating companies from AccorInvest that offset the impact of disposals, mostly in offices. Also refer
to 1. Business Analysis

(In € million, Group share) 2023 2024 var. %
France Offices 150.1 150.2 +0.1 0%
Italy Offices 89.8 89.0 -0.8 -1%
German Offices 37.5 40.4 +2.9 +8%
Offices 277.4 279.6 +2.2 +1%
German Residential 172.6 179.4 +6.8 +4%
Hotels 108.7 126.3 +17.6 +16%
Total Net rental income 558.7 585.3 +26.6 +5%
EBITDA from hotel operating activity 32.3 43.3 +10.9 +34%
Income from other activities 33.4 27.6 -5.8 -17%
Net revenue 624.4 656.2 +31.8 +5%




43
3. Financial information
2024 results




Offices rents: stable revenues, driven by indexation, letting activity and renewals that offsets the disposals of
assets.

German Residential: continued rental growth driven by mainly indexation, modernisation works and relocations.

Hotels in Europe: strong organic growth driven by variable rents increase and increase in ownership in Covivio
Hotels and acquisition of operating companies.

EBITDA from hotel operating activity: increase due to recovery in Germany, strong performance in Nice and the
full year offect of the Zoku Paris opened in H1 2023. The growth in hotels is reinforced by the increase in ownership
in Covivio Hotels and the acquisition of operating companies.

Income from other activities: Note that this item includes the income of development projects, EBITDA from flex
offices and the income of car parks. The activity flex office increases mainly in Milan. In the property development
projects, there were the delivery of 4 projects in France and a gradual recovery in Germany. The decrease is mostly
due to a lower number of ongoing projects.

 €-65.6 million Amort. & net change in provisions and other:
Note that this item includes the amortisation linked to the right of use according to IFRS 16. This amortization
of right of use is mainly related to owner-occupied buildings. Following the acquisition of additional operating
hotels in November, the impact of amortisation is -€2.9 million.

 €-277.3 million Change in the fair value of assets:

The income statement recognises changes in the fair value (-€277.3 million) of assets based on appraisals
carried out on the portfolio. This line item does not include the change in fair value of assets recognised at
amortised cost under IFRS but is taken into account in the EPRA NAV calculation (hotel operating properties,
flex-office assets and other own occupied buildings). For more details on changes in the portfolio by activity,
see section 1 of this document.


 Income from asset disposals & disposals of securities:
Income from asset and share deals disposals contributed +€3.1 million during the period.

 Cost of net financial debt:
The cost of net financial debt decreases due to the reduction in the average net debt and increase in financial
income (effects of cash investments following the 2023 year-end bond issuance Covivio and Covivio Hotels
in May 2024) minored by the increase 20 bps in the rate. Note that the average rate of the debt increased
from 1.50% on December 31, 2023, to 1.71% on December 31, 2024

 Interest charges linked to finance lease liability:
The Group rents some land under long term leasehold. According to IFRS 16, such rental costs are stated as
interest charges. The slight increase refers to the hotel activity linked to the reinforcement in Covivio Hotels
and the evolution of the GBP exchange rate.

 Value adjustment on derivatives:
The fair value of financial instruments (hedging instruments) is impacted by changes in interest rates. The
P&L impact is a charge of -€69.2 million. The decrease in interest rates compared to the end of 2023 coupled
with the time effect explain the decline in the fair value of hedging instruments.
This year, long-term rates are slightly reduced (10-year swap) by 10 bps after fluctuating between 2.5% and
2.8% during the period. Short-term rates decreased (-120 bps for the 3- month Euribor) following the ECB's
rate cuts since the beginning of June.




44
3. Financial information
2024 results




 Share of income of equity affiliates

Contribution Change in
Group Share % interest to earnings Value equity value
(€million) (%)

OPCI Covivio Hotels 10.5% 4.1 51.2 +22%
Lénovilla (New Vélizy) 50.1% 6.8 64.2 +4%
Euromed Marseille 50.0% -4.0 22.6 -21%
Cœur d'Orly (Orly Paris Airport) 50.0% 4.3 32.8 +15%
Phoenix (Hotels) 17.5% 3.7 62.6 +31%
Zabarella 2023 Srl (Build to sell office to resi.) 64.7% 0.0 13.6 +0%
Fondo Porta di Romana (Milan land bank) 43.8% 0.7 44.5 +17%
Total 15.6 291.5 +12%


The equity affiliates include Hotels in Europe and the France / Italy Offices sectors:
• OPCI Covivio Hotels: three hotel portfolios, B&B (18 hotels), Campanile (19 hotels) and AccorHotels (27
hotels) 80%-owned by Crédit Agricole Assurances.

• Lenovilla: the New Vélizy campus (47,000 m²), let to Thalès and co-owned with Crédit Agricole
Assurances.

• Euromed in Marseille: one office building (Calypso) and a hotel (Golden Tulip) in partnership with Crédit
Agricole Assurances.

• Coeur d’Orly in Greater Paris: two buildings in the Orly airport business district in partnership with ADP.

• Phoenix hotel portfolio: 32% stake held by Covivio Hotels (52.5% subsidiary of Covivio) in a portfolio of
22 AccorInvest hotels in France & Belgium and 2 B&B in France.
• Fondo Porta di Romana in Milan is a joint venture between Covivio (43.80%), Coima and Prada to
participate to the acquisition of a plot of land in South Milan (future Olympic game village).

• Zabarella in Padua is a joint venture between Covivio (64.74%) and Carron Group (35.26%) to participate
to the project in development Pauda Zabarella (transformation office to residential).



 Taxes
Taxes include differed taxes for +€15 million and corporate income tax for -€22.2 million.




45
3. Financial information
2024 results




Adjusted EPRA Earnings at €477.4 million
Net income Adjusted Adjusted
(In € million, Group share) Group Restatement EPRA E. EPRA E.
share 2024 2023
Net rental income 585.3 0.0 585.3 558.7
EBITDA from the hotel operating activity 43.3 -0.5 42.7 32.3
Income from other activities 27.6 0.0 27.6 33.4
Net revenue 656.2 -0.5 655.7 624.4
Management and administration revenues 30.8 0.0 30.8 25.4
Operating costs -107.5 0.0 -107.5 -110.0
Amort. of operating assets & net change in provisions -65.6 58.4 -7.2 0.0
Operating income 513.9 57.9 571.8 530.0
Net income from inventory properties -0.1 0.1 0.0 0.0
Change in value of properties -277.3 277.3 0.0 0.0
Income from asset disposals 4.1 -4.1 0.0 0.0
Income from disposal of securities -1.0 1.0 0.0 0.0
Income from changes in scope & other -2.7 2.7 0.0 0.0
Operating result 236.9 335.0 571.8 530.0
Cost of net financial debt -98.2 0.1 -98.1 -97.4
Interest charges linked to finance lease liability -8.5 5.5 -3.0 -2.7
Value adjustment on derivatives -69.2 69.2 0.0 0.0
Foreign Exchge. result & Early amort. of borrowings'
-1.2 1.3 0.1 -0.2
costs
Share in earnings of affiliates 15.6 5.0 20.6 19.0
Pre-tax net income 75.3 416.2 491.5 448.6
Tax -7.2 -6.9 -14.1 -13.2
Net income for the period 68.1 409.3 477.4 435.4

Average number of shares 106 910 104 97 487 850
Net income per share 4.47 4.47




 The restatement of the amortisation of operating assets (+€62.0 million) offsets mainly the real estate
amortisation of the flex-office and hotel operating activities.

 The restatement of the net change in provisions (-€3.6 million) consists of the ground lease expenses
linked to the UK leasehold.

 Concerning the interest charges linked to finance lease liabilities relating to the UK leasehold, as per IAS
40 §25, €5.5 million was cancelled and replaced by the lease expenses paid (see the amount of -€3.6
million under the line item “Net change in provisions and other”).

 The restatement of the share in earnings of affiliates allows for the EPRA earnings contribution to be
displayed.

 The restatement of tax (+€6.9 million) is linked to the tax on disposals (+€6.9 million) and the differed tax
(-€13.8 million).




46
3. Financial information
2024 results




Adjusted EPRA Earnings by activity

Corporate
Hotel
Germany Hotels in or non-
(In € million, Group share) Offices operating 2024
Residential lease attrib.
properties
sector
Net rental income 279.6 179.4 126.3 0.4 -0.4 585.3
EBITDA from Hotel operating activity 1.2 0.0 0.0 41.6 0.0 42.7
Income from other activities 23.5 3.4 0.0 0.0 0.7 27.6
Net revenue 304.3 182.8 126.4 41.9 0.3 655.7
Net operating costs -43.2 -29.2 -1.0 -1.1 -2.2 -76.7
Amortisation of operating assets -6.4 -2.1 0.0 -3.2 -1.1 -12.9
Net change in provisions and other 5.9 -0.4 -2.2 -0.7 3.1 5.8
Operating result 260.6 151.1 123.2 36.9 0.1 571.8
Cost of net financial debt -36.9 -35.2 -23.0 -3.7 0.7 -98.1
Other financial charges -0.9 0.0 -1.2 -0.8 0.0 -2.9
Share in earnings of affiliates 14.1 0.0 6.7 -0.2 0.0 20.6
Corporate income tax -1.0 -5.6 -4.6 -2.3 -0.6 -14.1
Adjusted EPRA Earnings 236.0 110.3 101.1 30.0 0.0 477.4

Development margin -6.8 -3.5 0.0 0.0 0.0 -10.3
EPRA Earnings 229.2 106.8 101.1 30.0 0.0 467.1




EPRA Earnings of affiliates
(In € million, Group share) Offices Hotels 2024

Net rental income 14.0 8.7 22.7
Net operating costs -0.6 -0.2 -0.8
Amortisation of operating properties 0.0 0.3 0.3
Operating result 13.5 8.8 22.3
Cost of net financial debt 0.6 -2.1 -1.4
Share in earnings of affiliates 0.0 -0.2 -0.2
Share in EPRA Earnings of affiliates 14.1 6.5 20.6




47
3. Financial information
2024 results




3.4. Simplified consolidated income statement (at 100%)
(In € million, 100%) 2023 2024 var. %
Net rental income 863.5 887.2 +23.7 3%
EBITDA from hotel operating activity 75.8 85.5 +9.8 +13%
Income from other activities (incl. Property dev.) 24.1 32.0 +7.9 +33%
Net revenue 963.3 1 004.7 +41.4 +4%
Net operating costs -119.4 -107.2 +12.2 -10%
Amort. of operating assets & net change in provisions -48.6 -96.1 -47.5 +98%
Current operating income 795.3 801.4 +6.1 +1%
Net income from inventory properties -0.1 -0.1 +0.0 -30%
Income from asset disposals -37.9 10.9 +48.7 -129%
Change in value of properties -2 437.3 -330.5 +2 106.8 -86%
Income from disposal of securities -0.9 -1.5 -0.5 +58%
Income from changes in scope -4.2 -5.0 -0.8 +20%
Operating income -1 685.2 475.2 +2 160.3 -128%
Cost of net financial debt -165.6 -163.8 +1.8 -1%
Interest charge related to finance lease liability -15.9 -16.3 -0.4 +3%
Value adjustment on derivatives -207.7 -95.2 +112.5 -54%
Early amort. of borrowings' costs & foreign ex. result -1.4 -1.9 -0.5 +32%
Share in earnings of affiliates -34.4 22.9 +57.3 -167%
Income before tax -2 110.1 220.9 +2 331.1 -110%
Tax 207.3 -23.5 -230.8 -111%
Net income for the period -1 902.9 197.4 +2 100.2 -110%

Non controlling interests -484.1 129.2 +613.3 -127%
Net income for the period - Group share -1 418.8 68.1 +1 486.9 -105%


The year 2024 shows a significant improvement in financial performance compared to 2023 (+€68.1 million net
income compared with a -€1,418.8 million in FY 2023). The change in fair value (-€330.5 million compared with a
-€2,437.3 million in FY 2023) and the income from asset disposals (+€10.9 million compared with a -€37.9 million
in FY 2023) reflecting the beginning of a stabilisation of the real estate market. Changes in interest rates impacts
the fair value of financial instruments (-€95.2 million compared with a -€207.7 in FY 2023) played a key role in this
improvement.


(In € million, 100%) 2023 2024 var. %
France Offices 179.5 182.8 +3.4 +2%
Italy Offices 116.3 115.4 -0.9 -1%
German Offices 40.1 43.3 +3.2 +8%
Offices 335.9 341.6 +5.7 +2%
German Residential 267.4 280.4 +13.0 +5%
Hotels 260.2 265.2 +5.0 +2%
Total Net rental income 863.5 887.2 +23.7 +3%
EBITDA from hotel operating activity 75.8 85.5 +9.8 +13%
Income from other activities 24.1 32.0 +7.9 +33%
Net revenue 963.3 1 004.7 +41.4 +4%




48
3. Financial information
2024 results




3.5. Simplified consolidated balance sheet (Group share)
(In € million, Group share) 31 Dec. 31 Dec. 31 Dec. 31 Dec.
Liabilities
Assets 2023 2024 2023 2024

Goodwill 50 169
Investment properties (at fair value) 12 596 12 426
Investment properties under
1 007 973
development
Other fixed assets 943 1 298
Equity affiliates 260 292
Financial assets 251 333
Deferred tax assets 57 60
Financial instruments 366 308 Shareholders' equity 7 957 8 228
Assets held for sale 227 238 Borrowings 7 703 7 513
Cash 778 668 Financial instruments 142 117
Inventory (Trading & Construction
257 211 Deferred tax liabilities 650 643
activities)
Other 420 428 Other liabilities 760 903
Total 17 211 17 403 Total 17 211 17 403



 Investment properties, Properties under development and Other fixed assets

The portfolio (including assets held for sale) by operating segment is as follows:

(In € million, Group share) 31 Dec. 2023 31 Dec. 2024 var.
France Offices 3 932 3 951 20
Italy Offices 2 403 2 403 1
German Offices 1 145 1 018 -127
Offices 7 479 7 373 -106
German Residential 4 811 4 720 -91
Hotels 2 530 3 010 480
Others 3 2 -1
Total Fixed Assets 14 823 15 105 282



The decrease in Offices (-€106 million) was mainly due to the disposals (-€156 million) and the change in fair value
(-€257 million) partly offset by (+€288 million) of CAPEX.
The decrease in German Residential (-€91 million) was mainly due to CAPEX (+€107 million) offset by disposals
(-€24 million), the change in fair value (-€46 million), and the impact of the partnership with CDC taking a 49%
stake in a Berlin portfolio of Covivio Berlin Prime (-€94 million).


The increase in the Hotels portfolio (+€480 million) was mainly driven by the reinforcement in Covivio Hotels
(+€470 million). In addition, a restructuring operation with AccorInvest involved the acquisition of business assets
in exchange of hotel properties. The Group also completed the acquisition of a 4-star hotel in the Canary Islands
(+€43 million). This increase in portfolio value is also attributed to an increase in fair value (+€25 million), foreign
currency exchange gains (+€19 million) and Capex (+€31 million). These gains were partially offset by disposals (-
€196 million), share deal disposal in Spain (-€33 million), and the amortization of operating properties and other
tangible assets (-€26 million).




49
3. Financial information
2024 results




 Assets held for sale (included in the total fixed assets above), €238.4 million at the end of December
2024
Assets held for sale consist of assets for which a preliminary sales agreement has been signed. It mainly refers to
Italian office assets at year-end 2024.


 Total Group shareholders’ equity
Shareholders’ equity increased from €7,957 million at the end of 2023 to €8,228 million at the end of December
2024, i.e. +€271 million, mainly due to:
o The net Income for the period: +€68 million,
o The dividend distribution: -€330.8 million, partially subscribed at 77.5% in shares (+€256 million),
o The acquisition of 8.7% of Covivio Hotels’ capital in exchange for new Covivio shares (+€280 million),
o The currency translation differences (+€8 million) and the effect of treasury shares (-€3 million).

 Net deferred tax liabilities
Deferred tax liabilities amount €643 million at the end of December compared to €650 million in 2023. Deferred tax
assets represent €60 million at the end of December, compared to €57 million in 2023. The decrease in deferred
taxes on the balance sheet by €9 million is mainly due to the change in appraisal values in Office Germany.



3.6. Simplified consolidated balance sheet (at 100%)

(In € million, 100%)
31 Dec. 31 Dec. 31 Dec. 31 Dec.
Liabilities
2023 2024 2023 2024
Assets
Goodwill 117 325
Investment properties (at fair value) 19 046 18 197
Investment properties under development 1 140 1 112
Other fixed assets 1 613 2 133
Equity affiliates 375 394
Financial assets 118 173 Shareholders' equity 7 957 8 228
Deferred tax assets 72 68 Non-controlling interests 4 006 3 786
Financial instruments 522 422 Shareholders' equity 11 963 12 014
Assets held for sale 327 301 Borrowings 10 707 10 432
Cash 901 1 007 Financial instruments 185 152
Inventory (Trading & Construction activity) 308 261 Deferred tax liabilities 1 054 1 034
Other 488 497 Other liabilities 1 117 1 256
Total 25 026 24 888 Total 25 026 24 888




50
4. Financial Resources
2024 results




4. FINANCIAL RESOURCES
Summary of the financial activity

Covivio is rated BBB+ with a stable outlook by S&P, confirmed on May 7 th, 2024.

Covivio’s Loan-to-Value (LTV) ratio was reduced to 38.9% (LTV policy < 40%), thanks to active portfolio rotation and
despite value adjustments. Average rate of debt is at 1.71%, thanks to a highly hedged debt. Maturity of debt remained
stable at 4.8 years.

The net available liquidity position increased to €2.5 billion on a Group share basis at end-2024, including €1.7 billion
of undrawn credit lines and €0.8 billion of cash and overdraft minor by €0.1 billion of Commercial Paper. This strong
liquidity position enables to cover debt expiries until June 2027.



4.1. Main debt characteristics

Group share 31 Dec. 2023 31 Dec. 2024
Net debt, Group share (€ million) 6,925 6,845
Average annual rate of debt 1.50% 1.71%
Average maturity of debt (in years) 4.9 4.8
Debt active average hedging rate 92.3% 94.3%
Average maturity of hedging (in years) 5.9 5.8
LTV including duties 40.8% 38.9%
ICR 6.4x 6.0x
Net debt / EBITDA 12.3x 11.4x




4.2. Debt by type
Covivio's net debt stands at €6.8 billion in Group share at end-2024 (€9.4 billion on a consolidated basis),
down by -€0.1 billion compared to end-2023. This decrease is despite the increased exposure to Covivio Hotels and
the consolidation, on a Group share basis, of a higher part of Covivio Hotels’ debt.




As regards commitments attributable to the Group, the share of corporate debt (bonds and loans) grows up to 62% on
a Group share basis, at end-2024. Additionally, Covivio had €0.1 billion in commercial paper outstanding on December
31st 2024.




51
4. Financial Resources
2024 results




4.3. Debt maturity
The average maturity of Covivio's debt stands at 4.8 years at end-2024.


Debt maturity by type (in € million, Group Share)
€2.5bn liquidity covers
debt expiries
until June 2027
1 595
1 529

1 249
1 024
822 867 868


495
404
278

6

2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 >2035

Corporate credit facilities Mortgage loans Bonds




52
4. Financial Resources
2024 results




4.4. Hedging profile
In 2024, debt was hedged at 94% on average, and 83% on average by 2029, all of which with maturities equivalent to,
or exceeding the debt maturity.

The average term of the hedges is 5.8 years Group share.




4.5. Debt ratios

Financial structure

Excluding debts raised without recourse to the Group’s property companies, the debts of Covivio and its subsidiaries
generally include bank covenants (ICR and LTV) applying to the borrower’s consolidated financial statements. If these
covenants are breached, early debt repayment may be triggered. These covenants are established on a Group share
basis for Covivio and Covivio Hotels.

 The most restrictive consolidated LTV covenants amounted, on December 31st 2024, to 60% for Covivio
and Covivio Hotels.

 The most restrictive ICR consolidated covenants applicable to the REITs, on December 31st 2024, are of
200% for Covivio and Covivio Hotels.


With respect to Covivio Immobilien (German Residential), for which almost all of the debt raised is "non-recourse" debt,
portfolio financings do not contain LTV or ICR consolidated financial covenants.

Lastly, with respect to Covivio, some corporate credit facilities are subject to the following ratios:

Ratio Covenant 31 Dec. 2024
LTV 60.0% 42.0%
ICR 2.0 6.0
Secured debt ratio 25.0% 4.1%
1
Excluding duties and sales agreements



All covenants were fully complied with at end-December 2024. No loan has an accelerated payment clause contingent
on Covivio’s rating.




53
4. Financial Resources
2024 results




Detail of Loan-to-Value calculation (LTV)

(In € million Group share) 31 Dec. 2023 31 Dec. 2024
Net book debt 6 925 6 845
Receivables linked to associates (full consolidated) -165 -156
Receivables on disposals 15 -61
Accued interest linked to derivatives -22 -20
Dividends to be payd / receivable 0.0 0.1
Preliminary sale agreements -224 -302
Purchase debt 33 56
Net debt 6 562 6 363
Appraised value of real estate assets (Including Duties) 15 948 16 220
Preliminary sale agreements -224 -302
Financial assets 15 43
Receivables linked to associates 68 102
Share of equity affiliates 260 292
Value of assets 16 067 16 355
LTV Excluding Duties 43.0% 40.9%
LTV Including Duties 40.8% 38.9%




4.6. Reconciliation with consolidated accounts

Net debt

Consolidated Minority
(In € million) Group share
accounts interests
Bank debt 10,432 -2,920 7,513
Cash and cash equivalents 1,007 -339 668
Net debt 9,425 -2,581 6,845




54
4. Financial Resources
2024 results




Portfolio
Portfolio of
Fair value Other Right of
companies
Consolidated of assets use of Minority Group
(In € million) under the
accounts operating held for investment interests share
equity
properties sale properties
method
Investment &
19,309 1,041 2,759 -16 -268 -7,509 15,315
development properties
Assets held for sale 301 45 -29 -77 241
Total portfolio 19,610 1,086 2,759 -45 -268 -7,586 15,556

Duties 211
Portfolio group share including duties 15 766

(-) portfolio of companies consolidated under the equity method -416

(+) Fair value of trading activities 5
(+) Other operating properties 864
Portfolio for LTV calculation 16 220



Interest Coverage Ratio

Consolidated Minority
(In € million) Group share
accounts interests
EBITDA (net rents (-) operating expenses (+) results of other activities) 909 319 589.8
Cost of debt 164 66 98
ICR 6.0x



Net Debt / EBITDA
(In € million) Group share
Net debt, Group share (€ million) 6,845
1
Adj. on borrowings from associates (on JVs) -156
Net debt 6,689
2
EBITDA (net rents (-) operating expenses (+) results of other activities) 589.8
3
Other adjustments -2.8
EBITDA 587.0
Net debt / EBITDA 11.4x
1
Borrowings from associates are shareholder loans for which the Covivio Group could not be asked to repay .
2
It includes dividends received from Equity method companies
3
Mainly acquisition costs on share deals




55
5. EPRA Reporting
2024 results




5. EPRA REPORTING

The following reporting was prepared in accordance with EPRA (European Public Real Estate Association) Best
Practices Recommendations, available on EPRA website (www.epra.com).
The German Residential information in the following sections includes some Office assets owned by the German
Residential subsidiary Covivio Immobilien.

5.1. Change in net rental income (Group share)

Indexation,
Development Change in
€ million 2023 Acquis. Disposals (1) AM & Others 2024
ownership
occupancy
France Offices 151 0 -14 -7 16 0 4 150
Italy Offices 90 0 -4 1 3 0 0 89
Germany Offices 38 0 0 0 2 0 1 40
Offices 278 0 -18 -6 21 0 5 280
German Residential 173 0 -2 0 5 0 4 179
(2)
Hotels 109 2 -5 0 9 17 -5 127
Total 559 2 -25 -6 34 17 4 585

(1)
Deliveries & vacating for redevelopment || (2) Including Retail but excluding EBITDA from operating properties




€ million 2024
Total from the table of changes in Net rental Income (GS) 585
Adjustments 0
Total net rental income (Financial data § 3.3) 585
Minority interests 302
Total net rental income (Financial data § 3.4) 887




EPRA Like-for-like net rental growth

€ million 2023 2024 in %
France Offices 140 160 14.3%
Italy Offices 86 88 2.9%
German Offices 42 45 7.0%
German Residential 168 178 5.6%

Hotels - Lease properties 81 87 7.5%

Hotels - Operating Properties 33 34 4.9%

Total net revenue on a LfL perimeter 550 592 7.8%

Compared with gross like-for-like change (§ 1A), published at +6.7%, the main differences come from better recovery
on property charges in Offices and in German residential.




56
5. EPRA Reporting
2024 results




5.2. Investment assets – Information on leases
Annualized rental income corresponds to the gross amount of guaranteed rent for the full year based on existing
assets at the period end, excluding any incentives.

EPRA Vacancy Rate = Estimated Market Rental Value (ERV) of vacant space divided by ERV of the whole portfolio.

ERV
Gross Net Annual- ERV of the
Average of spot EPRA
(€ million, Group rental rental -ised Surface Vacancy whole port-
rent vacant vacancy
share) income income rents (m²) rate (%) folio
(€/m²) space rate (%)
(€m) (€m) (€m) (€m)
(€m)
France Offices 163 150 211 933,936 289 3.7% 13 219 5.9%
Italy Offices 104 89 119 618,065 236 2.6% 3 124 2.5%
German Offices 45 40 53 364,644 163 12.1% 9 62 14.9%
Offices 312 280 383 1,916,645 248 4.5% 25 405 6.2%
German Residential 196 179 196 2,817,448 109 0.8% 2 197 0.8%

Hotels in Europe (1) 129 127 114 n.c n.c - - 114 -

Total (1) 637 585 692 4,734,094 217 2.8% 27 716 3.7%
(1) excl. EBITDA from operating properties

The vacancy rate (2.8%) is including secured areas for which lease will start soon, while the EPRA vacancy rate (3.7%)
is spot, on December 31st 2024. The ERV does not include the reversionary potential in all our markets, especially in
German residential, with +30% reversion on average (45% in Berlin, 20-25% in Hamburg, 10-20% in Dresden & Leipzig,
20% in NRW).

Average metric rents are computed on total surfaces, including land banks and vacancy on development projects.


5.3. Investment assets - Asset values
The EPRA net initial yield is the ratio of

Annualized rental income after deduction of outstanding benefits granted to tenants (rent-free, rent ceilings)
- unrecovered property charges for the year
EPRA NIY =
Value of the portfolio including duties

Change in
Market
(€ million, Group share) fair value Duties EPRA NIY
value
over the year
France Offices 4 264 - 27 192 4.6%
Italy Offices 2 508 - 28 91 4.4%
German Offices 1 112 - 195 16 4.9%
Offices 7 884 - 250 299 4.5%
German Residential 4 587 46 329 3.7%
Hotels 3 082 33 145 6.0%
Other (car parks) 3 -0 - n.a.
Total 2024 15 556 - 171 773 4.6%



The change in fair value over the year presented above includes change in value of operating properties, hotel
operating properties, and assets under the equity method.




57
5. EPRA Reporting
2024 results




Reconciliation with financial data

€ million 2024
Total portfolio value (Group share, market value) 15,556

Fair value of the operating properties - 1,660
Fair value of companies under equity method - 416
Other assets held for sale -
Right of use on investment assets 149

Fair value of car parks facilities -3

Tangible fixed assets 13
Investment assets Group share 1 (Financial data§ 3.5) 13,637
Minority interests 5,972

Investment assets 100% 1 (Financial data§ 3.5) 19,610
1
Fixed assets + Developments assets + asset held for sale


Reconciliation with IFRS

€ million 2024
Change in fair value over the year (Group share) - 277
Others -

Income from fair value adjustments Group share (Financial data § 3.3) - 277

Minority interests - 53

Income from fair value adjustments 100% (Financial data § 3.3) - 331



5.4. Assets under development

% Own. Cap. Total cost1
Own. Fair Delivery Surface at Pre- Yield2
(Group fin. (€m, Group % progress
type value date 100% (m²) letting (%)
share) exp. share)

Meudon Thalès 2 FC 3 100% 60 1 205 30% 2026 38,000 m² 100% 8.2%
Paris Grands
FC 100% 99 1 157 11% 2027 7,500 m² 0% 4.5%
Boulevards
Paris Monceau FC 100% 183 2 249 34% 2026 11,200 m² 0% 4.4%
Total France Offices 341 4 611 27% 56,700 m² 48% 5.7%
Corte Italia FC 100% 144 2 125 95% 2025 12,100 m² 100% 5.9%
Total Italy Offices 144 2 125 95% 12,100 m² 100% 5.9%
Düsseldorf Icon FC 94% 169 2 235 43% 2025 55,700 m² 60% 5.6%
Berlin Alexanderplatz FC 55% 137 3 343 42% 2027 60,000 m² 11% 4.8%
Total German Offices 306 6 577 42% 115,700 m² 32% 5.2%
Total 791 12 1,313 40% 184,500 m² 47% 5.5%
1 Total cost including land and financial cost || 2 Yield on total cost || 3 FC: Full consolidation




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Reconciliation with total committed pipeline

Total cost incl. fin.
Capitalised fin. exp. cost
(€M, Group share)
(Group share)
Projects fully consolidated 12 1 313
Others (Loft) 0 27
Total Offices Committed pipeline 12 1 341


Reconciliation with financial data

2024
Total fair value of assets under development 791
Project under technical review and non-committed projects 182
Assets under development (Financial data § 3.5) 973



5.5 Information on leases
Lease expiration by date of 1st exit option
Annualised rental income of leases expiring
Firm
Residual
residual Total
lease term N+1 N+2 N+3 to 5 Beyond Section
lease term (€m)
(years)
(years)
France Offices 4.5 5.4 20% 7% 29% 44% 211
Italy Offices 5.6 6.0 4% 7% 29% 60% 119
Germany Offices 4.3 4.3 15% 21% 27% 37% 53
Offices 4.8 5.4 16% 8% 29% 48% 383 2A
Hotels 11.2 13.0 1% 5% 6% 88% 114 2C
2
Others n.a n.a n.a n.a n.a n.a 276
1
Total 6.2 7.1 7% 5% 15% 72% 773
1. Percentage of lease expiries on total revenues || 2: (German Residential, Hotels Ebitda, others)

In 2025, 8.0% of total leases are expiring: 2.9% have no intention to vacate the property and 3.7% are going to be
redeveloped. That leads the unsecured part to 1.3%, for which tenant decision is not yet known.




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5.6 EPRA Net Initial Yield
The data below shows detailed yield rates for the Group and the transition from the EPRA topped-up yield rate to
Covivio’s yield rate.

EPRA topped-up net initial yield is the ratio of:
Annualized rental income after expiration of outstanding benefits granted to tenants
(rent-free, rent ceilings) - unrecovered property charges for the year
EPRA Topped-up NIY =
Value of the portfolio including duties


EPRA net initial yield is the ratio of:

Annualized rental income after deduction of outstanding benefits granted to tenants
(rent-free, rent ceilings) - unrecovered property charges for the year
EPRA NIY =
Value of the portfolio including duties




(€ million, Group share) Total France Italy German German Hotels Total
Excluding French Residential and car parks 2023 Offices Offices Offices Resid. (incl. retail) 2024
Investment, disposable and operating
15,076 4,264 2,508 1,112 4,587 3,085 15,556
properties
Restatement of assets under development - 1,007 - 341 - 144 - 306 - - - 791
Restatement of undeveloped land and other
- 295 - 326 - 293 - 71 - - 44 - 733
assets under development
Duties 773 192 91 16 329 145 773
Value of assets including duties (1) 14,547 3,789 2,163 750 4,916 3,186 14,804
Gross annualised IFRS revenues 668 187 110 41 197 194 730
Irrecoverable property charge - 54 -15 -15 -5 -15 -3 -52
Annualised net revenues (2) 614 172 95 37 183 191 678
Rent charges upon expiration of rent free
32 19 9 6 - - 34
periods or other reductions in rental rates
Annualised topped-up net revenues (3) 645 191 103 42 183 191 711
EPRA Net Initial Yield (2)/(1) 4.2% 4.6% 4.4% 4.9% 3.7% 6.0% 4.6%
EPRA "Topped-up" Net Initial Yield (3)/(1) 4.4% 5.1% 4.8% 5.6% 3.7% 6.0% 4.8%


Transition from EPRA topped-up NIY to Covivio yield
Impact of adjustments of EPRA rents 0.4% 0.4% 0.7% 0.6% 0.3% 0.1% 0.4%
Impact of restatement of duties 0.3% 0.3% 0.2% 0.1% 0.3% 0.2% 0.3%
Covivio reported yield rate 5.1% 5.7% 5.7% 6.4% 4.3% 6.4% 5.4%




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5.7. EPRA cost ratio
(€million, Group share) 2023 2024
Unrecovered Rental Cost - 32.0 - 23.5
Expenses on properties - 22.7 - 25.4
Net losses on unrecoverable receivables - 2.1 - 2.4
Other expenses - 5.7 - 2.7
Overhead - 103.9 - 104.1
Amortisation, impairment and net provisions 4.5 8.3
Income covering overheads 25.3 30.6
Cost of other activities and fair value - 5.5 - 5.9
Property expenses - 1.1 - 1.8
EPRA costs (including vacancy costs) (A) - 143.2 - 127.0
Vacancy cost 21.5 15.0
EPRA costs (excluding vacancy costs) (B) - 121.8 - 112.0
Gross rental income less property expenses 616.7 638.4
EBITDA from hotel operating properties & coworking, income
88.9 84.3
from other activities and fair value
Gross rental income (C) 705.6 722.7
EPRA costs ratio (including vacancy costs) (A/C) -20.3% -17.6%
EPRA costs ratio (excluding vacancy costs) (B/C) -17.3% -15.5%



5.8. Adjusted EPRA Earnings: growing to €477.4 million
(€million) 2023 2024
Net income Group share (Financial data §3.3) - 1,418.8 68.1
Change in asset values 1,751.8 277.3
Income from disposal 35.4 - 3.0
Acquisition costs for shares of consolidated companies 2.0 2.7
Changes in the value of financial instruments 132.4 69.2
Interest charges related to finance lease liabilities (leasehold > 100
4.6 5.0
years)
Rental costs (leasehold > 100 years) - 3.3 - 3.6
Deferred tax liabilities - 156.6 - 13.8
Taxes on disposals 8.0 6.9
Adjustment to amortisation & provisions 26.4 62.0
Adjustments from early repayments of financial instruments 1.1 1.5
EPRA Earnings adjustments for associates 52.2 5.0
Adjusted EPRA Earnings (B) 435.4 477.4
Adjusted EPRA Earnings in €/share (B)/(C) 4.47 4.47
Promotion margin - 5.7 - 10.3
EPRA Earnings (A) 429.7 467.1
EPRA Earnings in €/share (A)/(C) 4.41 4.37

Average number of shares (C) 97,487,850 106,910,104




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5.9. EPRA NRV, EPRA NTA and EPRA NDV
2023 2024 Var. Var. (%)
EPRA NRV (€ m) 9,327 9,705 378 4.1%
EPRA NRV / share (€) 92.6 87.1 - 5.5 -5.9%
EPRA NTA (€ m) 8,470 8,896 425 5.0%
EPRA NTA / share (€) 84.1 79.8 - 4.2 -5.0%
EPRA NDV (€ m) 8,401 8,686 285 3.4%
EPRA NDV / share (€) 83.4 78.0 - 5.4 -6.5%
Number of shares 100,758,774 111,407,666 10,648,892 10.6%



Reconciliation between shareholder’s equity and EPRA NAV

2023 (€m) € per share 2024 (€m) € per share
Shareholders’ equity 7,957 79.0 8,228 73.9
Fair value assessment of operating
175 240
properties
Duties 807 810
Financial instruments and ORNANE - 235 - 199
Deferred tax liabilities 623 626
EPRA NRV 9,327 92.6 9,705 87.1
Restatement of value Excluding Duties on
- 773 - 773
some assets
Goodwill and intangible assets - 68 - 18
Deferred tax liabilities - 16 - 19
EPRA NTA 8,470 84.1 8,896 79.8
Optimization of duties - 34 - 37
Intangible assets 18 18
Fixed-rate debts2 318 218
Financial instruments and ORNANE 235 199
Deferred tax liabilities - 607 - 608
EPRA NDV 8,401 83.4 8,686 78.0




Valuations are carried out in accordance with the Code of conduct applicable to SIICs and the Charter of property
valuation expertise, the recommendations of the COB/CNCC working group chaired by Mr Barthès de Ruyter and the
international plan in accordance with the standards of the International Valuation Standards Council (IVSC) and those
of the Red Book of the Royal Institution of Chartered Surveyors (RICS).

The real estate portfolio held directly by the Group was valued on 31 December 2024 by independent real estate
experts such as Cushman, REAG, CBRE, HVS, JLL, BNPP Real Estate, MKG and CFE. This did not include:

 assets on which the sale has been agreed, which are valued at their agreed sale price;

 assets owned for less than 75 days, for which the acquisition value is deemed to be the market value.

Assets were estimated at values excluding and/or including duties, and rents at market value. Estimates were made



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using the comparative method, the rent capitalisation method and the discounted future cash flow method.

Other assets and liabilities were valued using the principles of the IFRS standards on consolidated financial statements.
The application of fair value essentially concerns the valuation of debt coverages.

For companies co-owned with other investors, only the Group share was considered.


Fair value assessment of operating properties:

In accordance with IFRS, operating properties are valued at historical cost. In order to take into account the appraisal
value, a €240 million value adjustment net of deferred taxes was recognised in EPRA NRV, NDV, NTA related to:

- co-working and operating hotel properties for €232 million

- own-occupied buildings for €6 million

- car parks for €2 million


Fair value adjustment for fixed-rate debts
The Group has taken out fixed-rate loans (secured bond and private placement). In accordance with EPRA principles,
EPRA NDV was adjusted for the fair value of fixed-rate debt. The impact is +€218 million at 31 December 2024.


Recalculation of the base cost excluding duties of certain assets

When a company, rather than the asset that it holds, can be sold, transfer duties are re-calculated based on the
company’s net asset values (NAV). The difference between these re-calculated duties and the transfer duties already
deducted from the value had an impact of €37 million on December 31st 2024.



Goodwill and intangible assets

Goodwill, corresponding to operating hotels companies acquired for €169 million group share, has not been deducted.
In fact, the price paid to acquire those operating companies takes part of the asset value as a whole, as determined by
the external appraiser. The Group has not paid additional price to acquire those companies. The goodwill disclosed in
the balance sheet is, so, constituent of the fair value of buildings disclosed in the line operating properties in the balance
sheet.

Deferred tax liabilities

The EPRA NTA assumes that entities buy and sell assets, thereby crystallising certain levels of unavoidable deferred
tax.

For this purpose, the Group uses the following method:
- Offices: takes into account 50% of deferred tax, mainly in Italy, considering the regular asset rotation
policy,
- Hotels: takes into account deferred tax on the non-core part of the portfolio, expected to be sold
within the next few years,
- Residential: includes the deferred tax linked to the building classified as Assets available held for
sale, considering the low level of asset rotation in this activity.




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5.10 CAPEX by type


€ million 2023 2024
Group
100% 100% Group share
share
Acquisitions 1 - - 83 45
Developments 196 156 204 183
Investment Properties 223 153 256 178
Incremental lettable space 7 4 19 11
€ m illion 2021 H1 2022 2022 H1 2023
No incremental lettable space 200 137 212 151
100% Group share 100% Group share 100% Group share 100% Group share

Tenant
Acquisitions 1 incentives 7 4 42 12 25 58 10 35 18 0 0 14

Other
Developments material non-allocated types of
359expenditure
249 120 5 80 239 1 155 8 116 85 2
2 136
Capitalized
Investment Properties expenses on development206portfolio 105 69 241 161 82 58
34 32 37 33
(except
Capitalized under
expenses equity method)
on development portfolio 2
67 59 17 13 38 30 19 17
(except under equity method)

Total
Total CapEx 639 448 284
453 186
341
577 381
581 218 160
439
1
Acquisitions including duties
2
Financial expenses capitalized, commercialization fees and other capitalized expenses


The €183 million Group Share of Development Capex relate to expenses on development projects booked as
investment properties under construction in the accounts (excluding properties under equity method and assets under
operation).
The €178 million Group Share of Capex on Investment Properties are mainly composed of:
- €68 million Group Share on offices including tenant improvement, green capex to enhance the value
on strategic offices and investments on managed development projects;
- €11 million Group Share of modernisation Capex on hotels, with the aim to improve the quality of
assets and benefit from increased revenues and performance,
- €99 million Group Share on Residential portfolio in Germany, including 62% of modernization Capex,
generating revenues.




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5.11. EPRA LTV

Proportionate Consolidation
Group Share of Joint Share of Material Non-controlling Combined
(€ million, Group share) as reported Ventures Associates Interests
Include:
Borrowings from Financial Institutions 5,406 196 - -2,159 3,443
Commercial paper 103 - - -37 66
Hybrids (including Convertibles,
preference shares, debt, options, - - - - -
perpetuals)
Bond Loans 4,644 - - -688 3,956
Foreign Currency Derivatives (futures,
- - - - -
swaps, options and forwards)
Net Payables 96 18 - -99 15
Owner-occupied property (debt) - - - - -
Current accounts (Equity characteristic) - - - - -
Exclude: - - - - -
Cash and cash equivalents 1,007 38 - -358 687
Net Debt (a) 9,241 176 - -2,624 6,794
Include:
Owner-occupied property 2,828 - - -1,150 1,677
Investment properties at fair value 17,929 428 - -5,865 12,492
Properties held for sale 301 29 - -77 253
Properties under development 1,112 - - -138 973
Intangibles - - - - -
Net Receivables - - - - -
Financial assets 97 - - 120 217
Total Property Value (b) 22,267 457 0 -7,111 15,612
Real Estate Transfer Taxes 1,200 14 - -415 799
Total Property Value (incl. RETTs) (c) 23,466 471 0 -7,526 16,411
LTV (a/b) 41.5% 43.5%
LTV (incl. RETTs) (a/c) (optional) 39.4% 41.4%


Including preliminary agreements still to be cashed in, EPRA LTV (excluding transfer taxes) would go down to 42.4%.


EPRA LTV 43.5%
Duties -2.0%
Preliminary Agreements -1.1%
1
Other effects (including conso. restatements) -1.4%
LTV including duties 38.9%
1
Restatement of assets consolidated under equity method and working capital requirement




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5.12. EPRA performance indicator reference table


Amount in Amount in
EPRA information Section in %
€ €/share

EPRA Earnings 5.8 - €467.1 m €4.37 /share
Adjusted EPRA Earnings 5.8 - €477.4 m €4.47 /share
EPRA NRV 5.9 - €9 705 m €87.1 /share
EPRA NTA 5.9 - €8 896 m €79.8 /share
EPRA NDV 5.9 - €8 686 m €78.0 /share
EPRA net initial yield 5.6 4.6% - -
EPRA topped-up net initial yield 5.6 4.8% - -
EPRA vacancy rate at year-end 5.2 3.7% - -
EPRA costs ratio (including vacancy costs) 5.7 -17.6% - -
EPRA costs ratio (excluding vacancy costs) 5.7 -15.5% - -
EPRA LTV 5.11 43.5%
EPRA indicators of main subsidiaries 6 - - -




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6. FINANCIAL INDICATORS OF THE MAIN ACTIVITIES


Covivio Hotels Covivio Immobilien
31 Dec. 23 31 Dec. 24 Change (%) 31 Dec. 23 31 Dec. 24 Change (%)

EPRA Earnings in M€ 238.8 258.1 +8.1% 152.6 152.9 +0.2%
EPRA NRV 3,915 4,124 +5.3% 4,756 4,686 -1.5%
EPRA NTA 3,550 3,815 +7.5% 4,262 4,179 -1.9%
EPRA NDV 3,512 3,690 +5.1% 3,682 3,563 -3.2%
% of capital held by Covivio 43.9% 52.5% +8.7 pts 61.7% 61.7% -
LTV including duties 34.4% 32.5% -1.9 pts 35.2% 35.2% +0.0 pts
ICR 5.4x 6.1x 0.7x 4.5x 4.0x - 0.5x




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7. GLOSSARY
 Net asset value per share: NRV, NTA and NDV
NRV (Net Reinstatement Value) per share, NTA (Net Tangible Assets) per share and NDV (Net Disposal Value)
per share are calculated pursuant to the EPRA recommendations, based on the shares outstanding as at year-
end (excluding treasury shares) and adjusted for the effect of dilution.


 Operating assets
Properties leased or available for rent and actively marketed.


 Rental activity
Rental activity includes mention of the total surface areas and the annualized rental income for renewed leases,
vacated premises and new lettings during the period under review.
For renewed leases and new lettings, the figures provided take into account all contracts signed in the period
so as to reflect the transactions completed, even if the start of the leases is subsequent to the period.
Lettings relating to assets under development (becoming effective at the delivery of the project) are identified
under the heading “Pre-lets".


 Cost of development projects
This indicator is calculated including interest costs. It includes the costs of the property and costs of construction.
It does not include the cost on vacancy & rent free period.


 Definition of the acronyms and abbreviations used:
CBD: Central Business District
CCI: Construction Cost Index
CPI: Consumer Price Index
ED: Excluding Duties
GS: Group share
ID: Including Duties
IDF: Paris region (Île-de-France)
ILAT: French office rental index
LFL: Like-for-Like
MRC: Major regional cities, i.e. Lyon, Bordeaux, Lille, Aix-Marseille, Montpellier, Nantes and Toulouse
MRV: Market Rental Value (ó ERV : Estimated Rental Value)
NRW: North Rhine Westphalia
RevPAR: Revenue per Available Room
RRI: Rental Reference Index
Rdt: Yield


 Firm residual term of leases
Average outstanding period remaining of a lease calculated from the date a tenant first takes up an exit option.




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 Certified assets
Certified buildings are those where the building and/or its operating status are certified as HQE, BREEAM,
LEED, DGNB or appropriate sector-specific labels on operation.


 EU Taxonomy
The Green Taxonomy (or only Taxonomy) refers to the EU Regulation that has been adopted in 2021 and which
aims at classifying economic activities to identify those which are environmentally sustainable. For the real
estate sector, it has defined what building can be considered as green (The European green taxonomy -
Covivio).


 Unpaid rent (%)
Unpaid rent corresponds to the net difference between charges, reversals and irrecoverable loss of income
divided by rent invoiced. These appear directly in the income statement under net cost of irrecoverable income.


 Loan To Value (LTV)
The LTV calculation is detailed in Part 4 “Financial Resources”.
LTV EPRA is available in the dedicated EPRA reporting, Part 5.


 Rental income
Recorded rent corresponds to gross rental income accounted for over the year by considering deferment of any
relief granted to tenants, in accordance with IFRS standards.
The like-for-like rental income posted allows comparisons to be made between rental income from one year to
the next, before taking changes to the portfolio (e.g. acquisitions, disposals, building works and development
deliveries) into account. This indicator is based on assets in operation, i.e. properties leased or available for rent
and actively marketed.
Annualized “topped-up” rental income corresponds to the gross amount of guaranteed rent for the full year
based on existing assets at the period end, excluding any relief.


 Portfolio
The portfolio presented includes investment properties, properties under development, as well as operating
properties and properties in inventory for each of the entities, stated at their fair value. For hotel and offices in
France, it includes the valuation of the portfolio consolidated under the equity method.



 Projects
• Committed projects: these are projects for which promotion or construction contracts have been signed,
work has begun and has not yet been completed at the closing date. The delivery date for the relevant asset
has already been scheduled.

• Managed projects: project that will be launched shortly, but work has not yet started. Also, projects that could
be undertaken but for which a governance agreement has not yet been finalised




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 Yields/return
The portfolio returns are calculated according to the following formula:


Gross annualized rent (at current occupancy rate)

Value excl. duties for the relevant scope (operating or development)


The returns on asset disposals or acquisitions are calculated according to the following formula:


Gross annualized rent (at current occupancy rate)

Acquisition value including duties or disposal value excluding duties


 EPRA Earnings


EPRA Earnings is defined as "the recurring result from operating activities". It is the indicator for measuring the
company's performance, calculated according to EPRA's Best Practices Recommendations. The EPRA
Earnings per share is calculated using the average number of shares (excluding treasury shares) over the period
under review.
Calculation:
(+) Net Rental Income
(+) EBITDA of hotels operating activities and Coworking
(+) Income from other activities
(-) Net Operating Costs (including costs of structure, costs on development projects, revenues from
administration and management)
(-) Depreciation of operating assets
(-) Net change in provisions and other
(-) Cost of the net financial debt
(-) Interest charges linked to finance lease liability
(-) Net change in financial provisions
(+) EPRA Earnings of companies consolidated under the equity method
(-) Corporate taxes
(=) EPRA Earnings


 Surface
SHON: Gross surface // SUB: Gross used surface




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 Occupancy rate
The occupancy rate corresponds to the spot financial occupancy rate at the end of the period and is calculated
using the following formula:
1 - Loss of rental income through vacancies (calculated at MRV)
rental income of occupied assets + loss of rental income
This indicator is calculated solely for properties on which asset management work has been done and therefore
does not include assets available under pre-leasing agreements. Occupancy rate are calculated using
annualized data solely on the strategic activities portfolio. Future leases secured on vacant spaces are
accounted for as occupied.
The “Occupancy rate” indicator includes all portfolio assets except assets under development.


 Like-for-like change in rent
This indicator compares rents recognised from one financial year to another without accounting for changes in
scope: acquisitions, disposals, developments including the vacating and delivery of properties. The change is
calculated using rental income under IFRS for strategic activities.
This change is restated for certain severance pay and income associated with the Italian real estate (IMU) tax.
Given specificities and common practices in German residential, the Lile-for-Like change is computed based on
the rent in €/m² spot N versus N-1 (without vacancy impact) on the basis of accounted rents.
For operating hotels (owned by FDMM), like-for-like change is calculated on an EBITDA basis
Restatement done:
o Deconsolidation of acquisitions and disposals realised on the N and N-1 periods
o Restatements of assets under works, ie:
- Restatement of released assets for work (realised on N and N-1 years)
- Restatement of deliveries of assets under works (realised on N and N-1 years).




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