UNIVERSAL
REGISTRATION
DOCUMENT
EDITION
2024
Contents
1 ACTIVITY IN 2024 9
1.1 2024 annual results: Recurring earnings up +10%, balance sheet strengthened, favorable outlook 10
1.2 Business analysis 18
1.3 Business analysis by segment 25
1.4 Financial information and comments 41
1.5 Financial resources 52
1.6 EPRA reporting 57
1.7 Real estate appraisals 66
1.8 Portfolio list 70
2 RISKS AND UNCERTAINTIES 79
2.1 Risk factors 80
2.2 Internal control, risk management and compliance policies 97
2.3 Trends and outlook for 2025 101
3 SUSTAINABILITY REPORT 103
3.1 Introduction 104
3.2 Environmental information 144
3.3 Social information 240
3.4 Business conduct information 297
3.5 CSR performance 309
3.6 Audit of non‑financial information 326
4 FINANCIAL INFORMATION 335
4.1 Consolidated financial statements at 31 December 2024 337
4.2 Notes to the consolidated financial statements 343
4.3 Statutory Auditors’ report on the consolidated financial statements 407
4.4 Individual financial statements at 31 December 2024 412
4.5 Notes to the individual financial statements 415
4.6 Statutory Auditors’ report on the annual financial statements 449
4.7 Extract from the profit and loss account and balance sheet for the fiscal year ended
31 December 2024 455
5 GENERAL MEETING AND CORPORATE GOVERNANCE 481
5.1 Agenda and text of draft resolutions for the Combined General Meeting of 17 April 2025 482
5.2 Report of the Board of Directors on the text of the draft resolutions presented to the Combined
General Meeting of 17 April 2025 499
5.3 Report from the Board of Directors on corporate governance 509
5.4 Statutory Auditors’ special report on related‑party agreements and regulated commitments 597
5.5 Report of the Statutory Auditors on the share capital reduction 601
5.6 Statutory Auditors’ report on the issue of shares and/or other securities with or without a waiver
602
of preferential subscription rights
604
5.7 Statutory Auditors’ report on the authorisation to grant free shares, existing or to be issued
5.8 Statutory Auditors’ report on the issue of shares and/or other securities reserved for the benefit
605
of subscribers to a corporate savings plan
606
6 5.9 Parties responsible for auditing the financial statements
INFORMATION AND MANAGEMENT 609
610
6.1 Company overview
614
6.2 General information about the issuer and its share capital
620
6.3 Shareholders
6.4 Stock market ‒ dividend 625
627
6.5 Administration and management
6.6 Information about the company and its investments 630

6.7 Significant agreements 632
633
7
6.8 Person responsible for the Universal Registration Document
CONCORDANCE TABLES 635
7.1 Concordance table for the Universal Registration Document 636

7.2 Table of concordance with the annual financial report 638

7.3 Concordance table with the management report 639
covivio.eu




2024
Universal
Registration
Document including the Annual Financial Report




This Universal Registration Document is a translation in English of the official version of the 2024
Universal Registration Document established in ESEF format (European Single Electronic Format) issued
in French and it is available on Covivio’s website www.covivio.eu.
This Universal Registration Document in French was filed on 19 March 2025 with the French Financial
Markets Authority (Autorité des Marchés Financiers – AMF) in its capacity competent authority under
Regulation (EU) 2017/1129, without prior approval in accordance with Article 9 of the said regulation. The
Universal Registration Document may be used for the purposes of a public offering of securities or the
admission of securities to trading on a regulated market if it is supplemented by a note relating to the
securities and, if applicable, a summary and all amendments to the Universal Registration Document.
The whole has been approved by the AMF in accordance with Regulation (EU) 2017/1129.
Covivio
Société Anonyme (French public limited company) with a Board of Directors and share capital of €334,870,404
18 Avenue François Mitterrand 57000 Metz
RCS Metz 364 800 060




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 1
Centrality

Inventing the city of tomorrow
For more than 20 years, Covivio has been helping to shape major
European cities and create the city of tomorrow by designing offices,
hotels and housing for new ways of living, working and travelling.
With a €23.1 billion portfolio ever-more focused on major European cities,
Covivio is where workers, travellers and residents want to be and meet. By
prioritising the reconstruction of the city within the city, the Group offers
high-performance, sustainable, mixed-use and innovative projects that
limit urban sprawl.




Supporting growth of
Europe’s leading capitals
In Paris, Berlin, Milan, as well as Bordeaux and Dusseldorf, Covivio creates, transforms and energises cities while
meeting the climate challenge. Connectivity, flexibility, well-being, diversity, greening: all aspects developed
by Covivio for its projects. These are all assets that define the attractive cities of tomorrow.
Our Purpose – “Build sustainable relationships and well-being” – puts people at the heart of the city, instils
a long-term commitment into our business and constitutes the backbone of our growth. It encourages us
to make concrete and ambitious commitments to all our stakeholders.


2 COVIVIO UNIVERSAL REGISTER DOCUMENT 2024
A DIVERSIFIED EUROPEAN PORTFOLIO
T H AT C O M B I N E S U S E S
A S O U G H T-A F T E R
20% 27% PORTFOLIO

97.2%
H OT E L S I N E U R O P E
OFFICES
IN FRANCE

occupancy rate
A N D AV E R AG E F I R M L E A S E
T E R M O F 6. 2 Y E A R S




29%
RESIDENTIAL 16% 94%
IN GERMANY of our offices,
OFFICES

7%
OFFICES
I N I TA LY residential and hotels
portfolio, is in the heart
IN GERMANY
of the city




A N AWA R D -W I N N I N G O F F I C E P O R T F O L I O

L'Atelier, Covivio’s European headquarters located Find out more:


in Paris, winner of three awards:
• Nuit de l'Immo: Gold medal in the “Office building”
category
• ULI Europe Awards for Excellence 2024
• Grand Prix SIMI 2024 “Restructured office building”


S P E C I A L M E N T I O N O F T H E P L A N AWA R DS 2024 F O R T H E L A ST
SY M B I OS I S B U I L D I N G I N M I L A N

C O R T E I TA L I A , LO C AT E D I N T H E H E A R T O F M I L A N ,
AWA R D E D T H E P L A N R E A L E STAT E AWA R D 2025




COVIVIO UNIVERSAL REGISTER DOCUMENT 2024 3
Hospitality
Hospitality
Supporting changing
uses and experience seeking
As an investor, developer, manager and service creator, Covivio, together with the users,
invents variable-use spaces to support businesses, hotel brands and regions as they
strive to attract customers, transform themselves and perform responsibly.
Offering new forms of workspaces, housing or leisure activities, to meet the new
expectations of our customers users and local authorities: this is how we are helping to
cultivate cities that are more inclusive, attractive and sustainable.
By offering a high level of well-being in each of its buildings, Covivio enriches
relationships between people and thus contributes to the fulfilment of each individual,
the effectiveness of organisations and the sustainability of development methods.




Covivio, major player
in the hotel industry
Covivio is contributing to the renewal of the hotel offer in Europe by identifying the most
innovative concepts and striking partnerships with lifestyle retailers.
With a portfolio of 283 hotels in 12 countries valued at €6.4 billion at the end of 2024,
Covivio, through its subsidiary Covivio Hotels, is the leading real estate partner for hotel
operators in Europe (AccorInvest, IHG, NH Hotel Group, B&B HOTELS, Meininger Hotels,
Radisson Hotel Group, etc.).
Covivio works alongside retailers in the most dynamic cities, in Find out more:

operating properties or development, supporting their lease,
property and development projects.
With 97.5% of its hotel portfolio environmentally certified (target
of 100% by 2025), Covivio is leading its hotel partners in a shared
green approach to cutting their carbon footprint.

WiZiU, bringing together those who drive
the hotel industry forward
In 2024, Covivio launched WiZiU, its hotel management platform. Discover the hotels
operated by WiZiU:
WiZiU’s mission is to manage hotels in France and Belgium,
either directly or through franchise agreements with renowned
operators - Accor, Hilton, IHG, Marriott. WiZiU is involved in all
stages of a facility’s management and operation.




4 COVIVIO UNIVERSAL REGISTER DOCUMENT 2024
Strong customer
satisfaction
Office, residential or hotels: everyone wants an enriching high-quality
experience. This is why Covivio is bringing together its expertise to rethink its
buildings and user journeys. In order to maximise the potential and comfort of
our spaces and ensure the well-being and satisfaction of our customers, we
involve them from the design stage of projects and regularly interview them to
collect their feedback.




3.9/5
Overall office
tenants satisfaction
Kingsley study 2023-2024




8.9/10
Booking.com users location
grade of Covivio-owned hotels
as satisfactory




German Residential:
Covivio rated
“Fairest Landlord“
by economic magazine
FOCUS-MONEY
for the 7th consecutive year




COVIVIO UNIVERSAL REGISTER DOCUMENT 2024 5
Sustainability

Address major CSR
issues for a positive
impact
Mobility, connectivity, sustainable performance, openness to the
neighbourhood, regeneration, biodiversity and cultural initiative are
all components of a Covivio real estate project, which mobilises all
its partners to design high-performance cityscapes tailored to their
environment. Cities can draw on our multi-sector expertise and 98.5%
European scale. We act as a long-term partner to invent a smart and of the portfolio
virtuous city where people want to live. is environmentally
Corporate social responsibility (CSR), an integral part of Covivio’s DNA, certified
has been the subject of a detailed action plan for nearly fifteen years.
This plan covers all of the Group’s activities in Europe and has been
enhanced over the years. Faced with increasingly crucial economic, 99.1%
social, societal and environmental challenges, Covivio has accelerated of the portfolio is less
its transition to further incorporate climate issues into each of its business than 500 m walking
lines. distance of public
The Group has set itself ambitious climate targets and is aiming to cut transport
its greenhouse gas emissions 40% by 2030 compared to 2010.
In 2024, Covivio finalised its Nature strategy, which Access the
Nature Report
raises the Group’s ambitions in this area. This strategy
is the result of more than two years of work, including
an analysis of the impacts, risks and opportunities
related to nature, based in particular on the Global
Biodiversity Score (GBS) methodology. It was
developed in collaboration with French, German and
Italian teams.
Covivio published its first Nature Report, which follows
on from the Climate Report published to date. This
Report combines climate and biodiversity, as these
two issues must be addressed simultaneously.




6 COVIVIO UNIVERSAL REGISTER DOCUMENT 2024
50% 50%
women & men
permanent employees in Europe

€1.7 million
budget for the Covivio Foundation
in 2020-2024
3%
of the payroll was invested in
training in France




Covivio, an attentive
and committed company
As a committed company aware of its challenges, Covivio is engaging in an open Access to the work
of the Stakeholders
and transparent dialogue with all its stakeholders. Committee:


Every two years, Covivio carries out an internal survey to assess the engagement
levels of its teams. The 2023 results reinforce the Company’s strong internal culture
at the European level.
In this spirit of openness, in 2020 Covivio created a Stakeholders Committee (SC) to
carry out forward-looking work by analysing the major trends directly or indirectly
impacting Covivio’s scope of intervention. The summary of the Committee’s work for
the 2023-2024 cycle has been published in order to make these lessons accessible
to as many people as possible.

Covivio Foundation
Covivio created its Corporate Foundation in 2020 with the aim of bringing together Access the Foundation’s
2020-2024 Activity Report:
its various philanthropic actions focused on the fight for equal opportunities.
The group thus takes an active part in the life of the city and contributes to a better
“community life”, by focusing its action on projects that promote greater equality
of opportunities. True to this objective and in line with its desire for a relevant local
presence, the Covivio Foundation covers and structures Covivio’s initiatives in the
areas of financial sponsorship and skills in the countries and cities where the Group
is present.
The Covivio Foundation currently supports some twenty associations in the three
countries where it operates, which share the same community of values and whose
complementary actions make it possible to support vulnerable groups throughout
the integration process, restoring their confidence.


COVIVIO UNIVERSAL REGISTER DOCUMENT 2024 7
The Milner York
© Covivio / DR




8 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
1
Activity
in 2024
1.1 2024 annual results: Recurring 1.5 Financial resources 52
earnings up +10%, balance sheet 1.5.1 Summary of the financial activity 52
strengthened, favorable outlook 10 1.5.2 Main debt characteristics 52
1.1.1 Covivio: a diversified and constantly 1.5.3 Debt by type 53
improving portfolio 11 1.5.4 Debt maturity 54
1.1.2 Qualitative asset rotation 12 1.5.5 Hedging profile 54
1.1.3 Portfolio growth of +3% at current scope 1.5.6 Debt ratios 54
and stabilization like‑for‑like 13 1.5.7 Reconciliation with consolidated accounts 55
1.1.4 Revenues up +5% at current scope
and +6.7% like‑for‑like 14 1.6 EPRA reporting 57
1.1.5 Balance sheet quality further enhanced 1.6.1 Change in net rental income (Group share) 57
in 2024 15 1.6.2 Investment assets – Information on leases 58
1.1.6 Growth in recurring net result and 1.6.3 Investment assets - Assets value 58
proposed dividend up +6% 15 1.6.4 Assets under development 59
1.1.7 ESG: further improvement in indicators 16 1.6.5 Information on leases 60
1.1.8 2025 outlook 17 1.6.6 EPRA Net Initial Yield 60
1.2 Business analysis 18 1.6.7 EPRA cost ratio 61
1.2.1 Revenues: €1.0 billion and €680 million 1.6.8 Adjusted EPRA Earnings: growing
Group share in 2024 18 to €477.4 million 61
1.2.2 Lease expiries and occupancy rates 19 1.6.9 EPRA NRV, EPRA NTA and EPRA NDV 62
1.2.3 Breakdown of annualized revenues 20 1.6.10 Capex by type 63
1.2.4 Improved cost to revenue ratio 21 1.6.11 EPRA LTV 64
1.2.5 Disposals: €766 million of new agreements 21 1.6.12 EPRA performance indicator
reference table 65
1.2.6 Investments: €1.1 billion Group share
realized 22 1.6.13 Financial indicators of the main activities 65
1.2.7 Development projects 22 1.7 Real estate appraisals 66
1.2.8 Portfolio 24 1.7.1 Asset valuation method 66
1.2.9 List of main Office and Hotel assets 24 1.7.2 Appraiser remuneration at Covivio level 67
1.3 Business analysis by segment 25 1.7.3 Abridged experts’ report on the appraisal
at the end of 2024 of the market value of
1.3.1 Offices: 51% of Covivio’s portfolio 25
the France Offices and German Residential
1.3.2 German residential: 29% of Covivio portfolios 67
portfolio 32
1.3.3 Hotels: 20% of Covivio’s portfolio 36 1.8 Portfolio list 70
1.8.1 France Offices 70
1.4 Financial information and comments 41
1.8.2 Italy Offices 73
1.4.1 Consolidated accounts 41
1.8.3 Germany Offices 74
1.8.4 German Residential 75
1.8.5 Hotels 76




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 9
1 Activity in 2024
2024 annual results: Recurring earnings up +10%, balance sheet strengthened, favorable outlook




1.1 2024 annual results: Recurring earnings up +10%, balance
sheet strengthened, favorable outlook
"In a changing real estate world, Covivio has taken advantage of its diversified real estate operator model by adapting its portfolio
and enhancing its quality. With over €1 billion invested over the year, the Group seized new growth opportunities, particularly in the
hotel sector, while finalizing its €1.5 billion disposal plan. The Group's excellent operating performance is also enabling it to post growth
in recurring earnings of +10% in 2024. Covivio intends to pursue this growth momentum in 2025 and will propose a dividend increase of
+6% at the next Annual General Meeting.”
Christophe Kullmann, Covivio Chief Executive Officer


Qualitative asset rotation +10% growth in recurring earnings, back to a leverage
● Nearly €1.1 billion in investments in 2024, of which 67% in hotels ratio below 40%
● Recurring net income (adjusted EPRA Earnings (1)) up +10% to
● €766m of new disposal agreements in 2024, at a +3% premium
€477.4 million (stable per share, at €4.47)
to appraised values
● Lower leverage ratios: LTV of 38.9% (vs. 40.8% at end‑2023)
● Hotels: reinforcement in Covivio Hotels, completion of the
and Net Debt/EBITDA of 11.4x (vs. 12.3x)
asset swap with AccorInvest and acquisition in Southern
Europe ● Net asset value (EPRA NTA): €79.8/share, up +2.7% over the 2nd
half‑year (-5% year‑on‑year following payment of the 2023
● Residential: partnership with CDC Investissement Immobilier
scrip dividend, at €38.61/share)
and ongoing modernization of the portfolio
● Offices: investments focused on city‑centre assets, generating
rental growth Further improvement in ESG indicators
● Portfolio of €23.1 billion at 100% and €15.6 billion Group share, ● 98.5% of assets with an environmental certification, including
up +3%. On a like‑for‑like basis, values stabilized in the second 71.2% of offices certified HQE/BREEAM Very Good or higher
half (+0.2%)
● Covivio awarded Fairest Landlord in German residential
property for 7th year running

Strong growth in operating performance: revenues up ● L'Atelier, Covivio's European headquarters, honored at SIMI
+6.7% on a like‑for‑like basis and winner of the ULI Europe Awards
● €1 billion in consolidated revenues (€680 million Group share),
up +4.9% at current scope and +6.7% on a like‑for‑like basis
2025 priorities and 2024 dividend
● Offices: rents up +8.1% like‑for‑like, supported by 176,200 m² ● Implementing the strategic priorities announced at the end of
lettings and an occupancy rate up +100bps year‑on‑year to 2024: strengthening hotel operations, rolling out the
95.5% integrated operator model and extracting growth potential
● German residential: acceleration in like‑for‑like rental growth ● 2025 recurring net result (adjusted EPRA Earnings) guidance of
to +4.3% (vs. +3.9% in 2023) around €495 million, i.e. +4% compared with 2024
● Hotels: revenues up +7.2% at constant scope, including +11.9% ● Proposed cash dividend of €3.50/share for 2024, up +6%
on variable revenues year‑on‑year.
● Occupancy rate (97.2%) and firm lease terms (6.2 years)
maintained at high levels




(1) Adjusted EPRA Earnings and EPRA NTA, NDV and NRV are Alternative Performance Indicators as defined by the AMF and are detailed in Sections 1.4
Financial information, 1.6 EPRA reporting and 7. Glossary of this document. The audit procedures on the consolidated financial statements have
been completed. The certification report will be issued after the specific verifications.


10 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Activity in 2024
2024 annual results: Recurring earnings up +10%, balance sheet strengthened, favorable outlook




Key operating and financial indicators

Income statement Change 1
In € million, Group share 2023 2024 Variation Like‑for‑like

Occupancy rate (%) 96.7% 97.2% +0.5 pt
Revenue 648.0 679.8 +5% +6.7%
Recurring operating income 530.0 571.8 +8%
Recurring net result (*) 435.4 477.4 +10%
Recurring net result (*) per share (€) 4.47 4.47 stable
Net result - 1,418.8 68.1 n.a.
Balance sheet, Change
Group share 2023 2024 Variation Like‑for‑like

Assets (€ billion) 15.1 15.6 +3% -1.1%
Net debt (€ billion) 6.9 6.8 -1%
Net available liquidity (€ billion) 2.4 2.5 +4%
LTV including transfer taxes (%) 40.8% 38.9% -1.9pt
ICR (x) 6.4x 6.0x -0.4x
Net debt/EBITDA (x) 12.3x 11.4x -0.9x
EPRA NTA (€ billion) 8.5 8.9 +5%
EPRA NTA per share (€) 84.1 79.8 -5%
ESG 2023 2024 Variation

Environmentally certified assets 95.3% 98.5% +3.2 pts
of which ‘Very good’ or above 67.2% 71.2% +4.0 pts
Debt linked to ESG criteria 57.0% 64% +7 pts
* Adjusted EPRA Earnings



1.1.1 Covivio: a diversified and constantly improving portfolio
Covivio holds €23.1 billion (€15.6 billion Group share) of assets in 3. Sustainable development: Covivio is an operator committed
Europe, managed according to three strategic pillars: to the climate transition, for a positive and lasting impact on
the city. This objective is illustrated by an ambitious carbon
1. Location in the heart of European capitals and major trajectory (40% reduction in emissions from 2010 to 2030)
business and leisure hubs, particularly in Paris, Berlin and and is praised by the main rating agencies (5‑star by GRESB
Milan. 94% of our assets are located in central areas (1) and and AAA by MSCI).
99% is less than 5 minutes' walk from public transport.
The portfolio consists of 51% of offices, mainly in Paris, Milan and
2. An innovative, integrated real estate operator inspired by major German cities, of which 70% in city‑centers (vs. 59% in 2020)
the hotel industry. Covivio has an integrated hotel platform, and 24% in major business hubs; 29% of residential, mainly in
WiZiU. This know‑how is also deployed through Wellio, our Berlin (57% of the residential portfolio); and 20% of hotels in major
operated office spaces, or in our ability to propose European destinations (Paris, Berlin, Rome, Madrid, Barcelona,
tailor‑made offers. This approach has been recognized by London, etc.), leased or managed by leading operators: Accor,
customers using Covivio buildings, the Kingsley 2024 survey IHG, Marriott, B&B, NH Hotels, etc.
of 270 office users in France, Italy and Germany once again
revealing an overall satisfaction rating of 3.9/5 (vs.
benchmark of 3.6).




(1) Offices: city centres of large European cities (Paris, Berlin, Milan, etc) and main business districts; Hotels: top European tourist destinations;
Residential: Berlin, Dresden, Leipzig, Hamburg and large cities in North Rhine‑Westphalia


COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 11
1 Activity in 2024
2024 annual results: Recurring earnings up +10%, balance sheet strengthened, favorable outlook




1.1.2 Qualitative asset rotation
1.1.2.1 €1.1 billion invested in 2024, mainly in hotels, at a yield of over 6.5%
In 2024, Covivio invested €1.1 billion (including €507 million in asset transfer taxes (€43 million Group share) and a stabilized yield of
contribution), at an average yield of over 6.5%, to strengthen its 6.75%. This 429‑room property is leased under a firm triple‑net
leadership in hotels and the quality of its portfolio. lease until 2041 to Iberostar, Spain's 5th largest hotel operator.
67% of investments were concentrated on hotels (€733 million Renovated in 2021 and compliant with CRREM (1) objectives, it
Group share). The year 2024 thus marked a major strengthening boasts excellent environmental performance.
of this asset class, which now accounts for 20% of Covivio's With this transaction, Covivio continues to strengthen its
portfolio, up +3 points year‑on‑year. exposure to the hotel business, particularly in the leisure segment
1.1.2.1.1 Increased stake in Covivio Hotels subsidiary in Southern Europe.
During the first half of the year, Covivio acquired 8.7% of the 1.1.2.1.4 Continued investment in assets to enhance
capital of its subsidiary Covivio Hotels, in exchange for new centrality and quality
Covivio shares, mainly from Generali, and now holds 52.5% of the
In 2024, Covivio delivered 3 hotel operating properties in Lille and
capital of Covivio Hotels. With this contribution, equivalent to the
Bruges, as well as a Melia leased hotel in Malaga. These projects
acquisition of €507 million in assets, Covivio has strengthened its
represent 458 keys, total capex of €15 million Group share (€28.5
position in one of the highest‑quality properties on the market,
million at 100%) and a marginal return on capex of over 15%. In
comprising 283 prime hotels, 90% of which are located in major
Bruges, Covivio has introduced the new Novotel concept, after
European destinations, such as Paris, Berlin, Rome, London,
creating 10 additional rooms and renovating the lobby and
Barcelona and Madrid.
service areas. In Lille, two deliveries took place during the year:
1.1.2.1.2 Value‑creating asset swap with AccorInvest the Hilton Lille (replacing Crowne Plaza) after a complete
renovation of the rooms, and the Grand Hotel Bellevue located
At the same time, Covivio has taken a significant step towards
in the heart of Lille's Grand Place, after the creation of 5 rooms
unlocking the value‑creation potential of its hotel assets. In
and a rooftop bar.
November 2024, Covivio Hotels finalized the consolidation of
ownership of operating and property companies held jointly with In offices (25% of investments), the Group focused on its pipeline
AccorInvest. The agreed value of the property companies sold to of projects, mainly located in the city centers of major European
AccorInvest represents €130 million in Covivio Group share, and capitals, for a total investment of €279 million, Group share. In Q4
the agreed value of the operating companies purchased by Covivio delivered L'Oréal Italia's new headquarters, part of The
Covivio Hotels represents €157 million. Based on 2023 figures, the Sign urban regeneration project developed by the Group in
difference between net rental income from assets sold and Milan, which is already home to major multinationals such as
EBITDA from goodwill acquired represents more than €11 million. AON and NTT Data. The new building, totalling 13,000 m² over 9
Beyond the immediate accretion to earnings, this rebalanced floors, has been designed to the highest standards of
portfolio has significant potential for creating income and value, sustainability and technological innovation, and features a
with €52 million Group share of capex identified with a marginal façade alternating glazed surfaces and opaque metal elements.
yield above 20%. Operating properties now account for 38% of Certified WiredScore Platinum, the building is now aiming for
the hotel portfolio, compared with 62% held under mainly fixed LEED Platinum, WELL and Biodivercity certification. It represents
leases. a total investment of €76 million, with a return on investment of
6.1%.
1.1.2.1.3 Acquisition of a leisure hotel in Southern
Europe The balance of investments (8%, or €88 million) mainly concerns
On December 19, 2024, Covivio announced the acquisition of the capex for modernizing and improving the energy performance of
4* Iberostar Las Dalias hotel in Tenerife, for €81 million including the German residential portfolio.



1.1.2.2 €766 million of new disposal agreements signed in 2024
In a still quiet investment market, Covivio has signed disposal In German residential, €166 million Group share (€244 million at
agreements worth €766 million Group share (€1.3 billion at 100%), 100%) was sold, at an average premium of +11% to appraised
with an average margin of +3% on appraised values at the end values, with in particular: the creation of a joint venture in Berlin
of 2023 and an average yield of 5.1%. With €1.6 billion in disposals with CDC Investissement Immobilier, in line with end‑2023 values,
and agreements signed, Covivio has finalized its €1.5 billion contributing €93 million Group share to the disposal program;
disposal plan between the end of 2022 and the end of 2024. and continued unit sales, for €58 million Group share (€89 million
at 100%), at an average premium of +40% to end‑2023 appraised
In offices, the Group secured €361 million in disposal agreements
values.
(€428 million at 100%), close to appraised values (-0.5%) and with
a yield of 5.6%. These disposals involved both mature assets and In hotels, disposal agreements totalled €239 million Group share
buildings to be converted to residential use. At the end of 2024, (€606 million at 100%), at an average premium of +4% on
Covivio signed an agreement with Valesco for the future Moncler appraised values. They mainly concerned properties sold as part
headquarters in Milan, for almost €200 million. of the asset swap with AccorInvest, non‑strategic hotels in
Germany and Spain, and joint disposals of operating and
property companies alongside AccorInvest.




(1) CRREM : Carbon Risk Real Estate Monitor


12 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Activity in 2024
2024 annual results: Recurring earnings up +10%, balance sheet strengthened, favorable outlook




1.1.3 Portfolio growth of +3% at current scope and stabilization like‑for‑like
Values
1
12 months
Values Values 2024 change 12 months Yield Yield In %
6 months
(In € million, 2023 2024 Group at current change change 2023 2024 of
excluding duties) Group share 100% share scope Like‑for‑like Like‑for‑like (%) (%) portfolio
Hotels 2,535 6,439 3,059 +20.7% +1.5% +1.0% 5.9% 6.4% 20%
Offices 7,847 9,422 7,884 +0.5% -3.1% -0.5% 5.5% 5.8% 51%
German residential 4,672 7,235 4,587 -1.8% +1.0% +1.1% 4.1% 4.3% 29%
STRATEGIC TOTAL 15,054 23,096 15,530 +3.2% -1.1% +0.2% 5.1% 5.4% 100%
Non‑strategic 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%


The real estate investment market remained muted in the first In offices (-0.5% on a like‑for‑like basis in H2 2024 and -3.1% over
quarter of 2024 across most asset classes, with the exception of the year), values in France and Italy rose in the second half
hotels. Since the second quarter, there have been more positive (+0.4% and -0.8% over the year), thanks to the performance of
signs. Transactions have increased in the hotel sector, while large Paris/Neuilly/Levallois (+1.7%) and Milan (-0.9%). In Germany,
transactions have made a comeback in German residential values continued to adjust, down -15% over the year, due to a
property, and the most sought‑after offices are trading at yields still sluggish investment market. The average yield on office
of around 4%. assets rose by +30bps to 5.8%.
Against this backdrop, Covivio's portfolio grew by +3% at current Lastly, German residential property values rose by +1% (including
scope, to €15.6 billion Group share (€23.1 bn at 100%), thanks to +1.1% in the second half). Berlin, which accounts for 57% of the
the strengthening of its hotel business. On a like‑for‑like basis, portfolio, outperformed, with an annual increase of +3.6%. The
asset values stabilized in the second half, at +0.2%, or -1.1% for average value of residential properties is €2,465/m², of which
the year as a whole. The second half of the year saw a return to €3,125/m² in Berlin and €1,796/m² in North Rhine‑Westphalia, and
growth in hotel and residential values in Berlin. the average yield is up +20bps year‑on‑year at 4.3%. The
portfolio is valued on a block basis. However, 50% of the portfolio,
Hotel assets, boosted by revenue growth, rose by +1.5% on a i.e. €2.3 billion, is already divided, particularly in Berlin
like‑for‑like basis, both on leased assets (+1.4%) and on hotel (71% / €1.9 billion), where the gap between block value and
operating properties (+1.7%). Growth was particularly strong in market price for condominium is +49%.
hotels in France (+2%) and southern Europe (+4.8% in Italy, +3.4% in
Spain), driven by revenue growth and asset management
initiatives. The average yield on assets was 6.4% (+50bps
year‑on‑year).



City-centers -1.1%
70% of offices portfolio
Offices -3.1% Core outside city-centers -5.0%
51% Like-for-like 24%
€7.9 bn Non core -17.0%
6%


Berlin +3.6% / €3,263 /m²
Residential +1.0% NRW -1.5% / €1,796 /m²
29% Like-for-like Dresden & Leipzig -5.8% / €2,067 /m²
€4.6 bn Hamburg -1.4% / €3,546 /m²




Hotels +1.5% Hotels - Lease properties
62% of Hotels portfolios
+1.4%

20% Like-for-like Operating properties +1.7%
€3.1 bn 38%




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 13
1 Activity in 2024
2024 annual results: Recurring earnings up +10%, balance sheet strengthened, favorable outlook




1.1.4 Revenues up +5% at current scope and +6.7% like‑for‑like
% change
Revenue Revenue Revenue current % change to Occupancy Firm lease
2023 2024 2024 scope Like‑for‑like rate terms
In € million Group share 100% Group share Group share Group share % in years

Hotels 139.9 353.6 171.3 +22.5% +7.2% 100.0% 11.0
Offices 320.3 385.5 317.0 -1.0% +8.1% 95.5% 4.8
Residential Germany 185.1 297.3 190.5 +2.9% +4.3% 99.2% n.a.
Non strategic 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


In 2024, revenues amounted to €1,038.4 million and €679.8 4,500 m² in the Gobelins building in Paris 5e and +14% in the
million Group share, an annual increase of +5% at current scope. Percier building in Paris CBD). At the same time, the Group
The strengthening of the hotel business and strong operating continued to increase the occupancy rate of its portfolio. The
performance more than offset the impact of divestments. On a core portfolio in the major business hubs (24% of the total) saw its
like‑for‑like basis, revenues rose by +6.7%, boosted by indexation occupancy rate rise by +1.9pt over the year, to 94.9%, thanks in
(3 pts), higher occupancy rates and rents on relettings and particular to lettings of Urban Garden in Issy‑les‑Moulineaux
renewals (2.9 pts), as well as variable hotel revenues (0.8 pt). (1,800 m²) and So Pop in Paris‑Saint‑Ouen (6,700 m², now almost
1.1.4.1 Hotels: revenues up +23% at current 90% let). The non‑core portfolio (6% of the total) was also filled,
notably by the letting of 7,900 m² at the Xylo building in
scope and +7.2% like‑for‑like Fontenay, bringing the occupancy rate to 84.5% (vs. 82.3% at end
Structural growth in the hotel segment continued in 2024, with 2023). Overall, the office occupancy rate improved by +100bps
RevPAR (1) up +4% on average in Europe, driven by price increases over one year, to 95.5%.
(+3%) but also by an improvement in occupancy rates (+0.5 pt).
Rents were down -1%, due to asset disposals in 2023 and 2024,
The best performances were achieved in Southern Europe, with
but up strongly on a like‑for‑like basis, by +8.1%, mainly driven by
Spain posting strong RevPAR growth of +12%. Germany, which
indexation (4 pts), the rebound in occupancy rate (+3.6 pts) and
had been lagging behind, rebounded to +7%. France ended the
positive reversion (+0.5 pt).
year up +2%, with the Olympic Games period more than
offsetting the wait‑and‑see effect of tourists preceding the 1.1.4.3 German residential: growth accelerates
event. The return of leisure customers has been confirmed since
the 4th quarter, with RevPAR growth of +6% in France in
to +4.3% on a like‑for‑like basis
December. The housing shortage continues to grow in Germany. According
to the IFO Institute, around 250,000 housing units will be
This favorable environment enabled Covivio's hotel revenues to delivered in 2024, an annual decline of -15% and a far from the
grow by +7.2% on a like‑for‑like basis. This performance is government's target of 400,000 units per year. These figures are
attributable to both fixed rents, up +4.3%, and variable revenues, likely to remain low again in 2025, given the 215,000 building
up +11.9%. At current scope, revenues were up +23%, benefiting permits authorized over the year to the end of November 2024
since the 2nd quarter from the increased stake in Covivio Hotels. (-21% vs. 2023). This imbalance is all the more pronounced in
1.1.4.2 Offices: up +8.1% on a like‑for‑like basis Berlin, which is reflected in rising rents, according to
Immoscout24, of +3% year‑on‑year for new homes and +6% for
and occupancy rate up +100bps to 95.5% existing ones. Prices are also on the rise again, by +5% for new
In offices, the polarization of the market was confirmed in 2024, and +2% for existing, at €4,643/m², which is +49% higher than the
with demand still concentrated on central, serviced assets with appraised values of Covivio's assets in the area.
high energy standards. Prime rents continued to rise, by +12%
Against this backdrop, like‑for‑like rental growth accelerated to
year‑on‑year in Paris (to €1,200/m²) and +4% in Milan (to €775/
+4.3% vs. +3.9% in 2023, benefiting from indexation (for 1.8 pt),
m²).
property modernization programs (for 1.3 pt) and relettings (for 1.2
In this context, Covivio's upmarket positioning (centrality, high pt) with high reversion (+24%, of which +36% in Berlin). Occupancy
environmental performance, premium services) is bearing fruit. In rate remained high at 99.2%.
2024, Covivio let and renewed nearly 176,200 m², up +35% on
The average occupancy rate continues to rise, to 97.2% (vs. 96.7%
2023. The office portfolio is mainly made up of city‑center assets
at end 2023), while the average firm lease term is 6.2 years.
(70% of the total, 97.6% occupied), where the reversion captured
on relettings and renewals is +12% on average (including +19% on




(1) Revenue Per Available Room.


14 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Activity in 2024
2024 annual results: Recurring earnings up +10%, balance sheet strengthened, favorable outlook




1.1.5 Balance sheet quality further enhanced in 2024
1.1.5.1 €1.9 billion refinanced in 2024, 1.1.5.3 Significantly improved debt indicators
1
on favorable terms Rated BBB+, stable outlook by S&P, Covivio strengthened the
In 2024, the Group has secured almost €1.9 billion in financing or quality of its balance sheet in 2024. The completion of the
100% refinancing (€1.2 billion Group share), with an average disposal plan, the payment of the 2023 dividend in shares and
maturity of 7 years. the stabilization of asset values enabled the loan‑to‑value (LTV)
to fall by -190 bps year‑on‑year, to 38.9%, in line with the Group's
In May 2024, Covivio Hotels issued €500 million in green bonds, policy of an LTV ratio below 40%. The net debt/EBITDA ratio is
maturing in 2033, with a margin of 148 bps. On the mortgage also evolving favorably, down nearly 1 point to 11.4x (vs. 12.3x at
market, €1 billion of financing was secured, mainly on hotel end 2023).
portfolios in Spain and German residential properties.
Debt has an average maturity of 4.8 years (stable), and remains
The Group's net available liquidity continued to rise, to €2.5 bn strongly protected against rising interest rates: on average, 94%
(vs. €2.4 bn at end 2023). It now covers debt maturities up to of debt is hedged against changes in interest rates in 2025, and
June 2027. the average maturity of hedging instruments is 5.8 years. The
average interest rate on Covivio's debt is 1.71% (vs. 1.50% at the
1.1.5.2 Equity strengthened by €536 million over end of 2023), and is expected to remain below 2.5% until the end
the year of 2028.
Shareholders' equity was strengthened by €536 million in the first
half: €280 million from the reinforcement in Covivio Hotels
through an exchange in shares, and €256 million from the option
to pay the dividend in shares, subscribed to by 77.5% of the share
capital at €38.61/share, reflecting shareholder support.


1.1.6 Growth in recurring net result and proposed dividend up +6%
1.1.6.1 Recurring net result of €477 million, 1.1.6.2 EPRA NTA net asset value of €79.8/
up +10% year‑on‑year share
Buoyed by strong rental momentum, net revenues rose by +5.6% Continuation net asset value (EPRA NTA) came to €8,896 million,
year‑on‑year to €686.4 million. At the same time, tight control of up +5% year‑on‑year, with the increase in Covivio Hotels' share
operating costs enabled operating income to grow by +7.9% to capital (in exchange for new Covivio shares) more than offsetting
€571.8 million. The net financing expenses remained almost the slight decline in asset values on a like‑for‑like basis. On a per
stable over the year (+0.7% to -€98.1 million), with the reduction in share basis, NAV was €79.8, down -5%, due to the increase in the
debt offsetting the rise in the average interest rate. number of shares, notably following subscription by 77.5% of
shareholders to the payment of the dividend in shares. In the
Recurring net income (adjusted EPRA Earnings) rose by 10%
second half, NAV per share nevertheless rose by +2.7%.
year‑on‑year to €477.4 million, exceeding the €460 million target.
Earnings per share came to €4.47, stable due to the increase in Liquidation net asset value (EPRA NDV) stood at €8,686 million
the average number of shares (€78.0/share) and replacement net asset value (EPRA NRV) at
€9,705 million (€87.1/share).
Covivio's net result came to +€68 million (vs -€1,419 million in
2023), with the slight drop in values more than offset by recurring 1.1.6.3 Proposed dividend of €3.50 per share,
result.
up +6%
At the Annual General Meeting on April 17, 2025, Covivio will
propose a cash dividend of €3.50 per share, up +6% on 2023.
Coupon detachment will take place on April 30, 2025, for a
payment on May 5, 2025.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 15
1 Activity in 2024
2024 annual results: Recurring earnings up +10%, balance sheet strengthened, favorable outlook




1.1.7 ESG: further improvement in indicators
1.1.7.1 Continued increase in certified assets, highest levels of certification (Very Good and above) stands at
71.2%, up +4.0 pts compared with the end of 2023.
now at 98.5%
Covivio has continued to increase the rate of certification of its This policy improving the environmental performance of property
properties: the proportion benefiting from HQE, BREEAM, LEED or assets actively contributes to the Group's ESG ambitions, in
equivalent certification, in operation and/or under construction, particular that of reducing its greenhouse gas emissions by 40%
now stands at 98.5% (+3.2 points vs. 2023). between 2010 and 2030 (across all scopes 1, 2 and 3 and the
entire asset lifecycle: materials, construction, restructuring and
In addition, the proportion of office buildings benefiting from the operation).




95%
98.5% 100%
93%
91%
88%
84%




54%

48%
45%


35%




2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025




1.1.7.2 Increase in the proportion of debt linked 1.1.7.4 L'Atelier wins SIMI and ULI Europe
to ESG criteria Awards
A pioneer in the issuance of green bonds since 2016, Covivio has L'Atelier, Covivio's new European headquarters in Paris' 8th
continued to increase the weight of its green debt (associated district, was awarded the Europe Awards for Excellence by the
with ESG objectives) to 64% at the end of 2024 (compared with Urban Land Institute (ULI) on October 16, from a shortlist of 8
57% at the end of 2023 and 38% at the end of 2022), and 100% of projects. The award, which was presented at the C Change
Covivio's bond debt is composed of green bonds. Summit, the real estate industry's meeting place for tackling the
challenges of climate transition, recognizes the best practices
1.1.7.3 Covivio wins another award from its
and most outstanding projects in urban development.
German residential tenants
At SIMI 2024, Covivio also received two awards for its
On the German residential market, Covivio was awarded the title
emblematic projects: L'Atelier, winner in the "Restructured office
of "Fairest landlord" in 2025 for the 7th consecutive year,
receiving a "Very Good" rating, the highest possible. Conducted building" category, and Grands Boulevards, located in the 9th
by the German business magazine Focus‑Money, the study district of Paris, which won a special "Heritage and Renaissance"
evaluates Germany's leading landlords on the basis of 32 criteria prize. These two awards recognize the Group's vision, expertise
divided into 6 categories (ethics, tenant support, tenant service, and ability to design unique, service‑oriented, high‑performance
rental costs, design of housing and surroundings, sustainability). projects.




16 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Activity in 2024
2024 annual results: Recurring earnings up +10%, balance sheet strengthened, favorable outlook




1.1.8 2025 outlook
Over the last few years, and in particular in 2024, Covivio has In offices, the Group intends to continue meeting users'
1
extensively transformed its portfolio by reinforcing its centrality aspirations through its pipeline of committed projects, deliveries
and quality, but also by adding a strong operated real estate of which will accelerate until 2027. With 85% of projects located in
dimension, a source of additional income and value creation. At city centers, including emblematic projects such as Corso Italia
the same time, after two years focused on financial discipline, in Milan, Monceau in Paris and Alexanderplatz (a mixed‑use
the Group's balance sheet has been strengthened. Covivio has project) in Berlin, this pipeline is expected to generate €66 million
thus emerged stronger from the real estate crisis, as the in additional revenues.
investment market is beginning to recover and the rental market
At the same time, Covivio is working on the launch of two
is well oriented, for central offices as well as hotels and
office‑to‑hotel conversions in eastern Paris (11th and 13th districts):
residential properties.
Voltaire (10,400 m²), located near Place de la République, and
Covivio intends to continue its growth momentum in 2025, with Bobillot (3,400 m²), in the Butte‑aux‑Cailles district. The total
the following priorities: budget for these projects (including land) is close to €150 million,
with a yield of around 6%.
1) Continuing to rebalance its portfolio between its three asset
classes Finally, in German residential, Covivio will continue to extract
growth potential (i) from rents, with an average reversion of over
2) Extracting growth potential from existing assets 30% (including over 45% in Berlin), and (ii) from values, through
3) Deploying its integrated real estate operated offer across all continued privatizations. In Berlin in particular, the gap between
asset classes appraised values (€3,125/m²) and market values (€4,643/m²) has
now reached +49%.
With a portfolio that has proven its attractiveness to users and a
solid financial structure , the Group intends to pursue the 1.1.8.1 Guidance: growth in recurring net result
qualitative rotation of its portfolio towards more hotels. In this
The qualitative repositioning of the portfolio in recent years has
context, Covivio Hotels will propose (1) a scrip option for its 2024
enabled Covivio to post solid rental prospects which, as in 2024,
dividend, to which Covivio, 52.5% shareholder, intends to
should more than offset the full‑year impact on earnings of the
subscribe. This investment, corresponding to €117m for Covivio,
2024 debt reduction. Covivio is therefore targeting 2025 recurring
will enable the Group to pursue the strengthening of its hotel
net result (adjusted EPRA Earnings) of around €495 million, an
exposure.
increase of around +4%.
2025 will also mark the integration of the operating companies
acquired from AccorInvest and the launch of the associated
asset management initiatives. After signing new management
contracts (direct management via the Group's WiZiU
management platform, or with third‑party operators Accor,
Sohoma or Atypio), calls for tender are underway to select the
brands and concepts best suited to each hotel. The expected
return on investment is in excess of 20%.




(1) Proposal to be submitted to Covivio Hotels’ General Meeting on 15th April 2025


COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 17
1 Activity in 2024
Business analysis




1.2 Business analysis
1.2.1 Revenues: €1.0 billion and €680 million Group share in 2024
100% Group share
Change Change Change %
(In € million) 2023 2024 (%) 2023 2024 (%) (%) LfL(1) of 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 leases 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% 14.8 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%
Hotels Operating Properties (EBITDA) 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) LfL: Like‑for‑Like

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 ● Reduction in office exposure through disposals (-€19.5 million);
million);
● Deliveries of new assets (+€2.6million), in Greater Paris and
● The +6.7% increase on like‑for‑like basis, split between: Milan;
● Offices: +8.1% like‑for‑like, driven by indexation and letting ● Vacated assets for redevelopment (-€9.4 million), mostly in
activity; Paris, Western Crescent and first ring for conversion into
residential or hotel.
● 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;
● German Residential: a robust and accelerated growth of
+4.3% like‑for‑like.




18 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Activity in 2024
Business analysis




1.2.2 Lease expiries and occupancy rates
1.2.2.1 Lease expiries: average firm residual duration of 6.2 years
1
1.2.2.1.1 Average lease duration by activity
By lease end date (1st break) By lease end date
Group share (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 7.1



1.2.2.1.2 Lease expiries schedule
Group share By lease end date
(In € million) (1st break) % of total By lease end date % of total

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%
Hotels Operating properties 81 10% 81 10%
TOTAL 773 100% 773 100%


In 2025, lease expiries with first break options represent €57.7 ● €20.3 million refer to Suez departure in CB 21 tower, in La
million: Défense, where take‑up in 2024 was 14% above 10‑year
average. Part of the asset is expected to be relet with limited
● €21.8 million are already managed (€1.3 million of hotels, €20.5
capex, with already first advanced discussions, and a capex
million of offices for which tenant has no intention to vacate
program is being defined to upgrade upper floors.
the property),
Then, €10.4 million (1.3% of Annualized revenue) are still to be
● €5.2 million vacating for redevelopment,
managed in offices, mostly on core assets for which tenant
decision is not known yet.


1.2.2.2 Occupancy rate: 97.2% secured, +0.5pt vs. 2023
Occupancy rate
Group share (In %) 2023 2024
Offices 94.5% 95.5%
German Residential 99.1% 99.2%
Hotels (1) 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.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 19
1 Activity in 2024
Business analysis




1.2.3 Breakdown of annualized revenues
By major tenants
Annualized revenue
Group share (In € million) 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%


By activity
7%
Germany
offices
25%
German
15% Residential
Italy offices




27% 25%
Hotels
France offices




20 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Activity in 2024
Business analysis




1.2.4 Improved cost to revenue ratio
German Hotels in Europe
1
Offices Residential (incl. retail) Total
Group share (In € million) 2024 2024 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.



1.2.5 Disposals: €766 million of new agreements
Disposals New New Total
(<2024 Agreements disposals agreements Total Realised
Margin
closed) <2024 2024 2024 2024 vs 2023 Disposals
(In € million) (I) to close (II) (III) (II) + (III) value Yield (1) = (I)+(II)
100% 115 41 126 301 428 -0.2% 5.8% 241
Offices & Conversion
to Residential Group share 109 40 87 274 361 -0.5% 5.6% 196
100% 16 - 200 44 244 +11.5% 3.4% 216
Germany
Residential Group share 10 - 137 29 166 +11.1% 3.4% 147
100% 107 - 538 68 606 +3.7% 6.1% 645
Hotels & Non
strategic Group share 56 - 209 30 239 +3.8% 5.8% 266
100% 238 41 865 413 1,278 +3.7% 5.5% 1,103
TOTAL GROUP
176 40 433 332 766 +3.2% 5.1% 609
SHARE
(1) Group Share

New disposals and agreements totalled €766 million Group share Investissement Immobilier on a portfolio in Berlin, in line with the
(€1.3 billion at 100%) in 2024. values at the end of 2023, contributing €93m (Group share) to
the disposal program, and, at the same time, the Group
These disposal agreements were made of offices for the largest
continued with its privatisation program, selling €58m Group
part, for a total of €361 million Group share, with an average
share (€89m at 100%), at an average premium of 40%.
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 In Hotels, disposal agreements totalled €239 million Group share
several conversions to residential projects. (€606 million at 100%), at an average premium of +3.8% to
appraised values. These mainly include the disposals to
In German residential, €166 million Group share (€244 million at
AccorInvest in the context of the asset swap, as well as
100%) of disposal agreements were achieved over the year, with
non‑strategic hotels in Germany and Poland and joint disposals
an average premium of +11.1% vs. 2023 book values. Major
(OpCo and PropCo) in France alongside AccorInvest.
achievements were the creation of a joint venture with CDC




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 21
1 Activity in 2024
Business analysis




1.2.6 Investments: €1.1 billion Group share realized
€1.1 billion Group share (€1.5 billion at 100%) of investments were companies in the context of the asset swap with Accorinvest,
realized in 2024, with an average yield above 6.5%, to improve and the acquisition of an hotel in Tenerife for €43 million Group
the quality of our portfolio and create value: Share (€81 million at 100%),
● €507 million were invested to increase exposure to hotels, ● Capex in the development pipeline totalled €237 million Group
through the acquisition of 8.7% stake in Covivio Hotels in share (€267 million at 100%),
exchange for Covivio shares,
● €153 million Group share (€232 million at 100%) relate to works
● €187 million Group share (€400 million at 100%) were invested on the operating portfolio (including 2/3 of valorisation work),
to further optimize our hotel performance, including €157 of which €79 million in German residential (63% for
million Group Share (€389 million at 100%) of hotel operating modernization capex, generating additional revenue).


1.2.7 Development projects
1.2.7.1 Deliveries: 38,900 m² of offices delivered in 2024
Two offices projects were delivered in 2024 in Italy:
● The Sign D (13,200 m² and €76 million total cost), 92% let;
● Rozzano (25,700 m² and €44 million total cost), 58% let (vs 47% in 2023).



1.2.7.2 Committed office pipeline: €66m Group Share of additional revenue, 85% in city‑centers
Covivio has an office pipeline of 7 buildings with €66m of ● Expected deliveries in 2025: 2 projects in Germany (Icon and
additional revenue potential in France, Germany, and Italy, the Loft), 1 project in Milan (Corte Italia).
bulk of it (85%) in the city centers of Paris, Milan and Berlin, where
● Deliveries from 2026 refer to 4 projects in Paris CBD (Grands
demand for prime assets is high.
Boulevards, Monceau), Paris 1st ring (turnkey development for
This pipeline is 46% pre‑let and will participate to the continued Thalès), and Berlin (Alexanderplatz).
improvement of the portfolio quality towards centrality &
grade‑A buildings (100% of the projects certified “Excellent” or
above).


Pipeline at end‑2024

€1,3bn 5.5% +€66m 85%
Cost Group share Yield on Cost additional rents In city-centers
(Group share)


€ 500m




€ 263m
€ 249m
€ 205m
0%
90 %
€ 125m




H1 2025 H2 2025 H1 2026 H2 2026 2027


Next 12 months Beyond 12 months
3 projects 100% in city-centers 1 turnkey project for Thalès in Velizy
in Milan, Berlin and Düsseldorf 3 projects 100% in city-centers in Paris and Berlin


Capex still to be spent on the committed development pipeline amount to €400 million (€133 million per year by 2027 on average).




22 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Activity in 2024
Business analysis




(2) Total Budget(2)
Surface(1) Delivery Pre‑leased Total Budget Target
Committed projects
Monceau
Location
Paris
Project type
Regeneration
(m2)

11,200 m²
year
2026
(%)

0%
(M€, 100%)

249
(M€, GS)

249
Yield (3)
4.4%
1
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 56,700 m² 48% 611 611 5.7%
Corte Italia Milan Regeneration 12,100 m² 2025 100% 125 125 5.9%
Total Italy 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 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.




1.2.7.3 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 Budget(1) Total Budget(1) Pre‑sold (%)
Committed projects - end of 2024 Units (€m, 100%) (€m, Group 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 an financial costs



● At the end of December 2024, the German build‑to‑sell ● The current French pipeline is composed of 2 projects located
pipeline deals with 4 projects located in Berlin, where housing in Greater Paris and Bordeaux, representing 260 residential
shortage is the highest in Germany, totalling 374 residential units, a total cost of €45 million Group Share.
units and a total cost of €108 million Group share.
● The total margin of the committed pipeline reaches 6%.


1.2.7.4 Managed Pipeline
In the long‑term, Covivio also owns more than 303,000m2 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.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 23
1 Activity in 2024
Business analysis




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

Value 2023 Value 2024 Value 2024 Change LfL 1 change LfL 1 change Yield Yield % of
(€ million, Excluding Duties) Group share 100% Group share (in %) H2 2024 FY 2024 2023 2024 portfolio
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)
Like‑for‑like



In 2024, the portfolio increased by +3.2% at current scope, to reach ● Germany Residential values increased by +1.0% in 2024 on a
€15.6 billion Group share (€23.1 billion at 100%). This is mostly like‑for‑like basis. A stronger performance was achieved in Berlin
explained by the reinforcement in hotels, offsetting the impact of (57% of German residential portfolio), at +3.6% like‑for‑like. Average
disposals in offices. 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.
On a like‑for‑like basis, the portfolio value changed by -1.1% mostly
50% of the portfolio worth €2.3 billion, is already divided into
due to:
condominiums, particularly in Berlin (71%; €1.9 billion), where the unit
● In offices, asset values were down -3.1% on a like‑for‑like basis but sale value is 49% above the block value.
almost stable over the H2: -0.5% (+0.3% on city‑center portfolio).
● In Hotels, portfolio values increased slightly (+1.5%), both on fixed
Substantial disparities were linked to centrality and geography.
leases (+1.4%) and operating properties (+1.7%). Growth is
France is up by +0.7% over the H2 and Italy is stable while
accelerating over the H2 at +1.0% after the +0.5% increase of the
Germany values (14% of office portfolio values) continued to
H1 2024.
adjust (-15% over 2024).
Over the year, the portfolio transformation was achieved with an
increase of the certification rate, from 95.3% to 98.5% at the end
of the year.
Geographical portfolio breakdown at end‑2024



34%
41%




8%
17%

1.2.9 List of main Office and 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 Défense 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 Düsseldorf Development 55,700 94%


24 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Activity in 2024
Business analysis by segment




1.3 Business analysis by segment
1
1.3.1 Offices: 51% of Covivio’s portfolio
Covivio has implemented an overall offices strategy based on ● Core assets in city‑centers (70% of Covivio’s office portfolio,
centrality, operated real estate, and sustainability. This strategy +11 pts vs. 2020): located in city‑centers of major European
has been executed by increasing investments on best‑in‑class cities (Paris/Levallois/Neuilly, Milan, Berlin, Düsseldorf,
assets in central locations, improving the quality of the existing Hamburg, and French major regional cities), with high
portfolio and exiting from non‑core areas. occupancy (97.6%) and 4.6 years WALB.
Today, quality has become a much more important driver of ● Core assets in major business hubs (24%): includes assets in
future growth for Covivio, which owns offices with high levels of well‑connected business hubs (Greater Paris, Periphery of
centrality and accessibility, A‑quality buildings, and top‑level German cities), with high occupancy (94.9%) and long WALB
service offering. These offices buildings are located in France (5.4 years), mostly let to long‑term partners such as Thalès and
(27% of Covivio’s portfolio), Italy (16%), and Germany (7%) totaling Dassault Systèmes.
€9.4 billion (€7.9 billion Group share) as of end December 2024.
● Non‑Core assets (6%): gathers secondary offices assets
This offices strategy is bearing fruit, as illustrated by the increase outside city centers for which the occupancy rate (84.5%) and
in occupancy rate in 2024, by +100bps to 95.5%. the WALB (3.6 years) are lower, with a disposal or conversion
into residential strategy.
Covivio’s portfolio is split as follows:

24%
CORE ASSETS
in Major Business Hubs
94.9% occupancy
WALB: 5.4 years
7.1% Yield




€7.9 bn
Offices portfolio
6%
NON-CORE ASSETS
70% 84.5% occupancy
WALB: 3.6 years
CORE ASSETS 8.5% Yield
in City-centers
97.6% Occupancy
WALB: 4.6 years
5.0% Yield




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 25
1 Activity in 2024
Business analysis by segment




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




Maslo – Levallois Percier – Paris Stream Building – Paris

Selected examples Torre Garibaldi – Milano
of our portfolio
34%
of city-centers
office assets Via Amedei – Milano L’Atelier – Paris
21 Goujon – Paris
Via Dell’Unione – Milano




Steel – Paris Corte Italia – Milano Art & Co – Paris Alexanderplatz – Berlin




Core assets in Major Business Hubs (24%; €1.9 billion Group Share)




Dassault campus –
Vélizy-Meudon Corso Ferrucci – Torino
Selected examples Iro – Chatillon
of our portfolio
77%
of office assets
in Major business
32 B –
hubs Boulogne-Billancourt FAC – Francfort Urban Garden – Issy les Moulineaux CB 21 – La Défense




Beagle – Berlin Thalès campus – Vélizy-Meudon So Pop – Paris-Saint-Ouen Flow – Montrouge




26 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Activity in 2024
Business analysis by segment




1.3.1.1 European office market: confirmed polarization, positive signals for investments
1.3.1.1.1 French offices: confirmed polarization, yield 1.3.1.1.2 Milan offices: still dynamic letting market and 1
compression for prime in H2 better investment market
Take‑up in Greater Paris office market reached 1,750,400 m² in Milan office market recorded a total take‑up of 372,000 m² in
2024, down -11% year‑on‑year. At the same time, customer 2024, -11% year‑on‑year, with CBD highly demanded (+44% at
demand continues to polarize, as the preference for best places 138,000m²). Demand is still focused on buildings in prime
continues to increase, but also for the best located assets at the locations, offering good level of services, as demonstrated by
right price: the level of grade A/A+ properties, which count for 71% of the
total take‑up in Milan.
● Paris inner city outperformed, with take‑up down -9%
year‑on‑year to 573,700m², 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
● Paris inner city counted for 47% of the total take‑up in Greater
most of Covivio’s portfolio is located).
Paris (vs. 42% on average over the last 5 years),
The intense demand for high‑quality spaces, combined with the
● La Défense also proved to be better oriented in 2024, with
scarcity of grade A assets, contributed to a new increase of
take‑up up by +60% yoy to 211,200m², and +14% above last
prime rents in Milan, at €775/m²/year (+3% year‑on‑year),
10‑year average.
according to DILS.
The immediate offer increased by +19% over the last six months
With a total amount of €786 million invested in 2024, the Milan
to 5.46 million m² and the vacancy rate now stands at 10.2%
office investment market increased by +8% compared to last
according to BNP Real Estate, up by +150 bps year‑on‑year, but
year. Prime yields stabilized, at 4.25% according to Cushman &
with strong disparities: below 3% in Paris CBD and close to 14% in
Wakefield.
the first ring and La Défense.
1.3.1.1.3 Germany offices: +5% in take‑up, prime rents
Scarcity of the best assets in city‑centers continues to impact
positively prime rents, reaching all‑time levels in Paris at €1,200/
up +5% yoy on average
m²/year (+12% yoy). 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),
Incentives in Greater Paris increased slightly to 26.3% in 2024, up boosted by Münich (+34%), Cologne (+9%) and Berlin (+5%).
+90bps vs. end‑2023, with maintained disparities across
sub‑markets, from 14.3% in Paris Center West to 39.3% in La Vacancy rates reached 6.5% on average, up +90 bps over one
Défense. year. Hamburg (4.4%) and Cologne (4.0%) recorded among the
lowest vacancy rates, followed by Munich at 6.0% and Berlin
Office investments in France totaled €4.9 billion in 2024, down – (6.5%), while in Düsseldorf and Frankfurt, vacancy levels remained
27% year‑on‑year (of which -28% in Greater Paris at €3.3bn). Q4 higher, respectively at 7.7% and 11.1%.
showed better signs and prime yields even started to decline
according to BNP Real Estate, at 4.0% in Paris CBD, -25bps vs H1 Prime rents grew on average by +5% vs. 2023, with varying
2024. 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.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 27
1 Activity in 2024
Business analysis by segment




1.3.1.2 Accounted revenues: +8.1% on a Like‑for‑Like basis
100% Group share
Change Change (%)
(In € million) 2023 2024 (in %) 2023 2024 Change (%) LfL(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 Defense 41.4 39.5 - 4.4% 34.4 31.8 - 7.6% +15.1%
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 Italia portfolio (51% ownership) 58.7 58.0 - 1.2% 30.0 29.6 - 1.2% +3.2%
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%
TOTAL OFFICES 385.1 385.5 + 0.1% 320.2 317.0 - 1.0% +8.1%
(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 ● Disposals (-€19.5 million) realized in 2023 (-€9.9 million) and in
driven by the impact of indexation (+4.0 pts contribution) and 2024 (-€9.5 million),
increase in occupancy rate,
● Impact of vacated assets to be converted into hotel or
residential (-€9.4 million) partially offset by deliveries of new
assets (+€2.6 million).


1.3.1.3 Annualized revenue
Surface Number 2024 revenue 2024 revenue In %
(In € million) (m²) of assets (at 100 %) (Group share) of rental income
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 Italia 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%
TOTAL OFFICES 1,916,645 171 475.8 383.0 100%




28 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Activity in 2024
Business analysis by segment




1.3.1.4 Indexation
Fixed‑indexed leases are indexed to benchmark indices (ILC and
ICC in France and the consumer price index for foreign assets):
● Rents are indexed on the German consumer price index for
42% of leases, 10% have a fixed uplift and 32% have an
1
indexation clause (if CPI goes above an annual increase
● For current leases in France, 93% of rental income is indexed to
between 5% and 10%). The remainder (16%) is not indexed and
ILAT, 5% to ICC and 2% to ILC.
mainly let to public administration.
● 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.


1.3.1.5 Busy rental activity: 176,214 m² let or renewed during 2024
Surface Annualized Top up rents Annualised rents
(In € million - 2024) (m2) (In € million, Group share) (100%, €/m2)

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


2024 was a dynamic year for letting activity, with 176,214 m² let or ● Pre‑lettings were signed in Germany (3,009 m² on Icon in
renewed, up by +35% vs 2023. Düsseldorf and 8,051 m² signed with on a large part of retail
areas in the Alexanderplatz project in Berlin) and Italy
● 59,067 m² (€15.8 million) have been let or pre‑let in 2024. New
(2,817m² on Rozzano in the outskirts of Milan).
lettings totaled 45,090m², with an average uplift of +12%, the
majority of which located in France (32,547 m²). All ● 117,147 m² (€32.3 million) have been renewed, with a +4% uplift
sub‑categories benefitted from this continued appetite: on average. A large part of renewals was achieved in
Germany (50,862 m² / 43%), notably 24,990 m² in Hamburg,
● In city‑centers, The Line, 4,550m² in Paris 8th was relet with a
9 375m² in Frankfurt and 7,814m² on Icon in Düsseldorf. 34,584
+22% rental uplift.
m² (30%) were renewed in France, the major ones in Paris:
● In the first ring, 6,719 m² were let on So Pop in Paris 8,000 m² on Percier in Paris CBD with +14% uplift and 4,600 m²
Saint‑Ouen, now 89% let and 1,766m² were let on Urban on Gobelins in Paris 5th with 19% uplift. Renewals in Italy (31,753
Garden in Issy‑les‑Moulineaux, now 85% let. m² / 27%) mostly dealt with a 30,234 m² non‑core asset in the
periphery of Milan.
● Positive news on non‑core assets too, with the letting of
7,893m² on Xylo in Fontenay. ● 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.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 29
1 Activity in 2024
Business analysis by segment




1.3.1.6 Lease expiries and occupancy rate
1.3.1.6.1 Lease expiries: firm residual lease term of 4.8 years
By lease end date
(In € million Group share) (1st break) % of total By lease end date % of total
2025 56 15% 44 11%
2026 34 9% 20 5%
2027 42 11% 23 6%
2028 47 12% 39 10%
2029 21 6% 24 6%
2030 50 13% 43 11%
2031 34 9% 37 10%
2032 25 6% 46 12%
2033 29 8% 43 11%
2034 7 2% 24 6%
Beyond 38 10% 39 10%
TOTAL 383 100% 383 100%


In 2025, €56.4 million of leases will expire, of which €46.0 million ● €20.3 million refer to Suez departure in CB 21 tower, in La
already managed: Défense, where take‑up in 2024 was 14% above 10‑year
average. Part of the asset is expected to be relet with limited
● €20.5 million for which tenant has no intention to vacate the
capex, with already first advanced discussions, and a capex
property,
program is being defined to upgrade upper floors.
● €5.2 million vacating for redevelopment,
Then, €10.4 million are still to be managed in offices, mostly on
core assets for which tenant decision is not known yet.


1.3.1.6.2 Occupancy rate: 95.5% at end December 2024, +100bps vs end‑2023
(%) 2023 2024
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%
TOTAL OFFICES 94.5% 95.5%


● In France, the occupancy rate increased by +220bps to 96.3%, ● In Germany, the occupancy rate increased by +140bps to
compared to 94.1% at end‑2023, mostly due to the dynamic 87.9% vs. end‑2023. This is mainly linked to lettings, especially in
letting activity, especially on Maslö in Levallois and So Pop in Munich, while occupancy in Düsseldorf decreased due to a
Paris Saint‑Ouen. departure in ABC building.
● 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).




30 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Activity in 2024
Business analysis by segment




1.3.1.7 Portfolio values
1.3.1.7.1 Change in portfolio values: +0.5% on offices 1
Change Other
(In € million - incl. Duties - Group share) Value 2023 Invest. Disp. in value effects Value 2024
Assets in operation 6,623 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


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

Value
Value Value 2024 LfL (1) LfL (1)
Value 2023
2023 (Group 2024 (Group change change Yield (2) Yield (2) In %
(In € million, Excluding Duties) (100%) share) (100%) share) H2 2024 12 months 2023 2024 of total
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 Défense 604 496 572 471 -2.4% -7.0% 7.2 % 7.7% 6%
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 46 46 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%
Autres Italie 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%
Others (Hamburg & Munich) 344 319 296 273 -7.3% -16.1% 4.9 % 6.3% 3%
TOTAL OFFICES 9,446 7,847 9,422 7,884 -0.5% -3.1% 5.5 % 5.8% 100%
(1) LfL : Like‑for‑like
(2) Yield excluding assets under development



The -3.1% Like‑for‑like value change (-0.5% during the second half 1.3.1.8 Assets partially owned
of the year) is driven by several effects:
Partially owned assets are the following:
● Strong resilience of France (-0.6%) and Italy (-1.1%) assets,
especially in city centers with values increase in Paris / ● CB 21 Tower (75% owned) in La Défense.
Neuilly / Levallois by +1.7%, while some further limited ● The Silex 1 and 2 assets in Lyon (50.1% owned and fully
adjustments were needed outside city centers. consolidated).
● -15% value decline in Germany, in line with a more muted ● So Pop asset in Paris Saint‑Ouen (50.1% owned and fully
investment market in 2024. consolidated).
The average yield increased by +30bps to 5.8%. ● Streambuilding asset 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).




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 31
1 Activity in 2024
Business analysis by segment




1.3.2 German residential: 29% of Covivio portfolio
Covivio operates in the German residential segment through its exposure to metropolitan areas above 1 million inhabitants and
61.7% held subsidiary Covivio Immobilien. The figures presented 90% in cities above 500,000 inhabitants. Covivio targets the
are expressed as 100% and as Covivio Group share. high‑end of the housing market.
Covivio owns around ~41,000 units in Berlin, Hamburg, Dresden, Exposure to Berlin, where housing shortage is the highest in
Leipzig, and North Rhine‑Westphalia, representing €7.2 billion Germany, represents 57% at end‑December 2024. Covivio’s
(€4.6 billion Group share) of assets. portfolio in Berlin is of high quality, with 68% of buildings built
before 1950 and over 71% is already divided into condominiums.
Covivio is mostly exposed to A‑cities in Germany, with a 100%


1.3.2.1 Continued rise in markets rents and rebounding investment market
● In Germany, the demand for housing continued to rise since The private market also shows signs of stronger appetite since
the start of the year, in a context of increasing number of the beginning of 2024, as shown by private real estate loans
inhabitants (population in Germany reached a record high recorded by the Bundesbank, up +23% year‑on‑year to €198
level of 85.4 million inhabitants according to Destatis), while billion in 2024.
building permits (215 000 units over one year at end‑November
● Average asking prices were also trending upwards in 2024.
2024) remained far from the Government target (> 400 000
According to Immoscout24, prices for existing buildings
units / year).
increased by +2% in 2024 in Berlin to €4,643/m², still well above
● This shortage continues to support rents in Germany and the current valuation of Covivio’s residential portfolio (€3,125/
especially in Berlin. According to Immoscout24, in 2024, m² in Berlin). The average price/m² for new buildings also
average asking rents for existing buildings were by +1.8% to increased to €6,575/m² in 2024 (+4.7% year‑on‑year).
€8.57/m²/month in Germany and by +6.4% to €14.1/m²/month
In 2024, Covivio's activities were marked by:
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 ● Continued high rental growth: +4.3% on a like‑for‑life basis,
Berlin to €20.1/m². now well above inflation;
● After several low quarters for the German residential ● Creation of a joint‑venture on a €274 million Berlin portfolio,
investment market (for multi‑family buildings above 30 units), through a partnership with CDC Investissement Immobilier;
volumes rebounded since Q2 2024, bringing total volumes up
by +109% to €10.7 billion in 2024 according to BNPP Real ● Stability in values: +1.0% on a 12‑months like‑for‑like basis, of
Estate. which +3.6% in Berlin.



1.3.2.2 Accounted rental income: +4.3% like‑for‑like
Rents 2023 Rents 2023 Rents 2024 Rents 2024 Change (%) Change (%) LfL(1) % of rental
(In € million) 100% (Group share) (100%) (Group share) Group share (Group share) income
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%
Müllheim 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%
Others 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%
of which Other commercial (2) 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), ● Outside Berlin, like‑for‑like rental growth was strong in all areas
driven by the indexation (+2.3 pts) and relettings (+1.9 pts) with (+3.7% on average, +€3.3 million) due to the reletting impact
high uplift (+36% in FY 2024). (including modernizations) and the indexation.
These effects were partly offset by disposals closed in 2024 (-
€1.0 million).




32 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
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Business analysis by segment




1.3.2.3 Annualized rents: € 195.5 million Group share

Surface Nombre
Loyers Loyers
annualisés annualisés 2024 Loyer moyen % des loyers
1
2
(En millions d’euros) (en m ) de lots 2024 100% part du Groupe (en m €/ m2/mois) totaux
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%
North Rhine‑Westphalia 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%
Müllheim 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%
Autres 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 commercial* 229,976 1,515 45.0 27.9 16.3 €/m² 14%
* Other commercial: Ground‑floor retail, car parks, etc.



Rental income (€9.1/m²/month on average) offers solid growth 1.3.2.4.2 For current leases:
potential through reversion vs. our achieved reletting rents in all For residential tenants, the rent can generally be adjusted based
our markets including Berlin (45%), Hamburg (15%-20%), Dresden on the local comparative rent (Mietspiegel), which is usually
and Leipzig (10%-15%) and in North Rhine‑Westphalia (15%-20%). determined based on the rent index. In addition to this
1.3.2.4 Indexation adjustment method, an index‑linked or graduated rent
agreement can also be concluded. A successive combination of
Rental income from residential property in Germany changes adjustment methods can also be contractually agreed (e.g.
depending on multiple mechanisms. graduated rent for the first 5 years of the contract, followed by
adjustment to the local comparative rent).
1.3.2.4.1 Rents for re‑leased properties:
In principle, rents may be increased freely, provided the property Adjustment to the local comparative rent: The current rent can
is not financed through governmental subsidies. be increased by 15% to 20% within three years, depending on the
region, without exceeding the local comparative rent
As an exception to the unrestricted rent setting principle, cities (Mietspiegel). This type of contract represents c. 90% of our rental
like Berlin, Hamburg, Cologne, Düsseldorf, Dresden and Leipzig income.
have introduced rent caps (Mietpreisbremse) for re‑leased
properties. In these cities, rents for re‑leased properties cannot 1.3.2.4.3 For current leases with work carried out:
exceed the public rent reference (Mietspiegel) by more than 10%, If works have been carried out, rents may be increased by up to
except in the following conditions: 8% of the cost of work excl. maintenance, in addition to the
● If the property has been modernised in the past three years, possible increase according to the rent index. This increase is
the rent for the re‑let property may exceed the +10% limit by a subject to three conditions:
maximum of 8% of the costs to modernise it. ● The works aim to save energy, increase the utility value, or
● In the event the property is completely modernised (work improve the living conditions in the long run.
amounting to more than one‑third of new construction costs ● The rent increase takes effect 3 months after the declaration
excl. Maintenance), the rent may be increased freely. of rent increase.
● If the rent received from the previous tenant is higher than the ● The rent may not be increased by more than €3/m² for work to
+10% limit, then the previous rent will be the limit in the case of modernise the property within a six‑year period (€2/m² if the
re‑letting. initial rent is below €7/m²).
Properties built after 1 October 2014 are not included in the rent
cap.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 33
1 Activity in 2024
Business analysis by segment




1.3.2.5 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.



1.3.2.6 Portfolio values: €7.2 billion (€4.6 billion Group share)
1.3.2.6.1 Change in portfolio value: -1,8% at current scope
Change
(In € million, Group share, Excluding Duties) Value 2023 Invest. Disposals in value Other 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.

1.3.2.6.2 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.

Hamburg
€15 m
€101/m²
Dresde & Leipzig
€11 m
€41/m²
North Rhine-Westphalia
€45 m
€41/m²




€124 m
CAPEX

€44/m²
Berlin
€53 m
€41/m²




34 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Activity in 2024
Business analysis by segment




1.3.2.6.3 Stable values on a like‑for‑like basis: +1,0%

Surface
Value LfL(1)
change
LfL (1)
change Yield Yield
% of 1
(In € million, Value 2023 2024 Value 2024 Value 2024 total
2 2
Excluding Duties) (Group share) (100% / m ) (100%) in €/m (Group share) H2 2024 FY 2024 2023 2024 value
Berlin 2,674 1,278,336 4,171 3,263 2,635 +1.2% +3.6% 3.7% 3.8% 57%
Dresden & Leipzig 379 266,002 550 2,067 356 +0.6% -5.8% 4.1% 4.5% 8%
Hamburg 350 148,976 528 3,546 346 +0.9% -1.4% 3.6% 3.8% 8%
North
Rhine‑Westphalia 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%
o/w Other com(2) 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.


The average value of residential assets is €2,465/m², with In 2024, values increased by +1.0% on a like‑for‑like basis versus
€3,263/m² in Berlin (€3,125/m² on pure residential) and €1,796/m² end‑2023, reflecting a renewed investors’ appetite.
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.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 35
1 Activity in 2024
Business analysis by segment




1.3.3 Hotels: 20% of Covivio’s portfolio
Covivio Hotels, a 52.5%-owned subsidiary of Covivio as of 31 The reinforcement of Covivio in Covivio Hotels is effective from
December 2024 (vs. 43.9% at end‑2023), is a listed property end‑March 2024 in the P&L.
investment company (SIIC) and leading hotel real‑estate player
The asset swap with AccorInvest is effective from 1 December
in Europe. It invests both in hotels under lease (fixed or variable)
2024, so the hotels for which Operating companies were bought
and in hotel operating companies (owning OpCos and
(and gathered with property companies already owned)
PropCos).
generated rents for 11 months and EBITDA for 1 month.
The figures presented are expressed at 100% and in Covivio
Assets partially owned by Covivio Hotels include mostly:
Group share (GS).
● 91 B&B assets in France, including 89 held at 50.2% and 2 held
Covivio owns a high‑quality hotel portfolio (283 hotels / 39,477
at 31.2%
rooms) worth €6.4 billion (€3.1 billion in Group share), focused on
major European cities and let to or operated by major hotel ● 22 AccorInvest assets in France (21 assets) and Belgium (1
operators such as Accor, B&B, Mariott, IHG, NH Hotels, etc. This asset), between 31.2% and 33.3% owned.
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).


1.3.3.1 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.



INCREASING REVPAR IN
...DRIVEN BY HIGH ...AND BY IMPROVING
2024 IN EUROPE...
AVERAGE PRICES... OCCUPANCY RATES
Cumulative results at the end of December *
vs 2023 vs 2023 vs 2023

+4% +3% +0.5%


+13% +9% +2.3%


+4% +4% +0.2%


+7% +4% +2.0%


+2% +3% -0.9%


+2% +1% +0.9%




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




36 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Activity in 2024
Business analysis by segment




1.3.3.2 Accounted revenues: +7.2% on a like‑for‑like basis
1
Revenues Revenues Revenues Revenues Change Change
2023 2023 2024 2024 Group share Group share
(In € million) 100% Group share 100% Group 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) Like‑for‑like



Hotel revenues increased by +7.2% like‑for‑like (+€8.4 million Group share) compared to 2023, due to:
Lease properties: ● Operating properties (24.7% of hotels revenue): mainly located
in Germany and in the north of France. The +4.9% like‑for‑like
● Variable leases (22.2% of hotels revenue), up +31.2% on a
increase in EBITDA is mostly explained by improved
like‑for‑like basis, mostly linked with the steep increase of
performances in Germany (+6.7%).
variable rents in the south of Europe
At current scope, revenue increased by +21.6% to €170 million,
● Fixed leases (53.4% of hotels revenue), up +4.3% like‑for‑like,
mostly linked with the reinforcement in Covivio Hotels (+€18
mostly through positive indexation.
million), on top of like‑for‑like growth.



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



5% 10% 17%
Others


13% 35%
France
5%
Hotels Operating Belgium
Properties
2%
42%
11%
Spain
15%

2% 11%
Other 3%
United Kingdom 21%
Germany
9%

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



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




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 37
1 Activity in 2024
Business analysis by segment




1.3.3.5 Lease expiries: 11.0 years hotels residual lease term
By lease end date
(In € million, Group share) (1st break) % of total By lease end date % of total
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%



1.3.3.6 Portfolio values: +21% at current scope
1.3.3.6.1. Change in portfolio values
Change Other Change of
(In € million, Group share, Excluding Duties) Value 2023 Invest. Disposals in value (currency) Transfer (1) ownership Value 2024
Hotels - Lease properties 1,948 51 -229 21 14 -303 388 1,890
Hotels - Operating properties 586 159 -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 (i) the increased stake in Covivio Hotels (from 43.9% to
52.5%), enhancing Covivio’s exposure to the hotel industry, along with (ii) the asset swap finalized with AccorInvest, (iii) the acquisition of
an hotel in Tenerife and (iv) a positive change in value amounting to €35 million.




38 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
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Business analysis by segment




1.3.3.6.2 Change on a like‑for‑like basis: +1.5% in 2024

Value 2023 Value 2023 Value 2024 Value 2024
LfL (1)
change
LfL(1)
change Yield Yield % of total
1
(In € million,
Excluding Duties) (100%) (Group share) 100% Group share H2 2024 FY 2024 2023 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% 6.1% 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




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 39
1 Activity in 2024
Business analysis by segment




At the end of December 2024, Covivio owned a unique hotel 90% assets are located in major European destinations
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.
Edinburgh
● Diversified portfolio: in terms of geography (12 countries), and
segment (32% upscale, 42% midscale and 26% economy. Amsterdam
Dublin
● Major hotel operators with long‑term leases: 17 hotel operators Warsaw
with an average lease duration of 11.0 years.
London Berlin
The portfolio value increase by +1.5% Like‑for‑like: Lille Brussels Prague

● On a like‑for‑like basis, the hotel portfolio increased by +1.5%
Paris Budapest
over the year. This variation is mainly explained by the Munich
stabilization of capitalization rates and continued revenue
growth, driven by the strong performance of variable revenue
Lyon
hotels and the indexation of fixed rents.
● Positive changes were thus reflected both for leased assets Nice
(+1.4%) and operating properties (+1.7%). Growth particularly
dealt with Southern Europe (+4.8% in Italy and +3.4% in Spain), Barcelona
Madrid
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 and geography

13%
Others

6% 33%
Belgium
France



11%
Spain



14%
United Kingdom
23%
Germany




40 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Activity in 2024
Financial information and comments




1.4 Financial information and comments
1
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.



1.4.1 Consolidated accounts
1.4.1.1 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%



1.4.1.2 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.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 41
1 Activity in 2024
Financial information and comments




1.4.1.3 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%
Amortisations of operating 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 change -0.3 0.1 +0.4 -137%
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%



1.4.1.3.1 €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 1.2 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%




42 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Activity in 2024
Financial information and comments




Offices rents: stable revenues, driven by indexation, letting properties, flex‑office assets and other own occupied buildings).
activity and renewals that offsets the disposals of assets.
German Residential: continued rental growth driven by mainly
For more details on changes in the portfolio by activity, see
section 1 of this document. 1
indexation, modernisation works and relocations. ● Income from asset disposals & disposals of securities:
Hotels in Europe: strong organic growth driven by variable rents Income from asset and share deals disposals contributed +€3.1
increase and increase in ownership in Covivio Hotels and million during the period.
acquisition of operating companies.
● Cost of net financial debt:
EBITDA from hotel operating activity: increase due to recovery in
The cost of net financial debt decreases due to the reduction in
Germany, strong performance in Nice and the full year offect of
the average net debt and increase in financial income (effects of
the Zoku Paris opened in H1 2023. The growth in hotels is
cash investments following the 2023 year‑end bond issuance
reinforced by the increase in ownership in Covivio Hotels and the
Covivio and Covivio Hotels in May 2024) minored by the increase
acquisition of operating companies.
20 bps in the rate. Note that the average rate of the debt
Income from other activities: Note that this item includes the increased from 1.50% on December 31, 2023, to 1.71% on
income of development projects, EBITDA from flex offices and December 31, 2024
the income of car parks. The activity flex office increases mainly
● Interest charges linked to finance lease liability:
in Milan. In the property development projects, there were the
delivery of 4 projects in France and a gradual recovery in The Group rents some land under long term leasehold.
Germany. The decrease is mostly due to a lower number of According to IFRS 16, such rental costs are stated as interest
ongoing projects charges. The slight increase refers to the hotel activity linked to
the reinforcement in Covivio Hotels and the evolution of the GBP
● €-65.6 million Amort. & net change in provisions and other:
exchange rate.
Note that this item includes the amortisation linked to the right
● Value adjustment on derivatives:
of use according to IFRS 16. This amortization of right of use is
mainly related to owner‑occupied buildings. Following the The fair value of financial instruments (hedging instruments) is
acquisition of additional operating hotels in November, the impacted by changes in interest rates. The P&L impact is a
impact of amortisation is -€2.9 million. charge of -€69.2 million. The decrease in interest rates compared
to the end of 2023 coupled with the time effect explain the
● €-277.3 million Change in the fair value of assets:
decline in the fair value of hedging instruments.
The income statement recognises changes in the fair value (-
This year, long‑term rates are slightly reduced (10‑year swap) by
€277.3 million) of assets based on appraisals carried out on the
10 bps after fluctuating between 2.5% and 2.8% during the
portfolio. This line item does not include the change in fair value
period. Short‑term rates decreased (-120 bps for the 3- month
of assets recognised at amortised cost under IFRS but is taken
Euribor) following the ECB's rate cuts since the beginning of June
into account in the EPRA NAV calculation (hotel operating
2024.


1.4.1.3.2 Share of income of equity affiliates
Contribution to earnings Change in
Group share % interest (€million) Value equity value (%)
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 (residential conversion) 64.7% 0.0 13.6 +0%
Fondo Porta di Romana (Milan landbank) 43.8% 0.7 44.5 +17%
TOTAL 15.6 291.5 +12%

The equity affiliates include Hotels in Europe and the France / ● Coeur d’Orly in Greater Paris: two buildings in the Orly airport
Italy Offices sectors: business district in partnership with ADP.
● OPCI Covivio Hotels: three hotel portfolios, B&B (18 hotels), ● Phoenix hotel portfolio: 32% stake held by Covivio Hotels
Campanile (19 hotels) and AccorHotels (27 hotels) 80%-owned (52.5% subsidiary of Covivio) in a portfolio of 22 AccorInvest
by Crédit Agricole Assurances. hotels in France & Belgium and 2 B&B in France.
● Lenovilla: the New Vélizy campus (47,000 m²), let to Thalès and ● Fondo Porta di Romana in Milan is a joint venture between
co‑owned with Crédit Agricole Assurances. Covivio (43.80%), Coima and Prada to participate to the
acquisition of a plot of land in South Milan (future Olympic
● Euromed in Marseille: one office building (Calypso) and a hotel
game village)
(Golden Tulip) in partnership with Crédit Agricole Assurances.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 43
1 Activity in 2024
Financial information and comments




● Zabarella in Padua is a joint venture between Covivio (64.74%) 1.4.1.3.3 Taxes
and Carron Group (35.26%) to participate to the project in Taxes include differed taxes for +€15 million and corporate
development Pauda Zabarella (transformation office to income tax for -€22.2 million.
residential




1.4.1.3.4 Adjusted EPRA Earnings at €477.4 million
Net income Adjusted Adjusted
Group share Restatement EPRA E. 2024 EPRA E. 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
Amortisations of operating assets & Net change in provisions -65.6 58.4 -7.2 -9.8
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' costs -1.2 1.3 0.1 -0.2
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 (+ million was cancelled and replaced by the lease expenses
€62.0 million) offsets mainly the real estate amortisation of the paid (see the amount of -€3.6 million under the line item “Net
flex‑office and hotel operating activities. change in provisions and other”).
● The restatement of the net change in provisions (-€3.6 million) ● The restatement of the share in earnings of affiliates allows for
consists of the ground lease expenses linked to the UK the EPRA earnings contribution to be displayed.
leasehold.
● The restatement of tax (+€6.9 million) is linked to the tax on
● Concerning the interest charges linked to finance lease disposals (+€6.9 million) and the differed tax (-€13.8 million).
liabilities relating to the UK leasehold, as per IAS 40 §25, €5.5




44 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Activity in 2024
Financial information and comments




1.4.1.3.5 Adjusted EPRA Earnings by activity

Germany Hotels
Hotel
Operating
Corporate or
non‑attrib.
1
(In € million, Group share) Offices Residential in lease properties sector 2024
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



1.4.1.3.6 EPRA Earnings of affiliates
(In € million, Group share) Offices Hotels (in lease) 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




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 45
1 Activity in 2024
Financial information and comments




1.4.1.4 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%
Amortisation 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%




46 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Activity in 2024
Financial information and comments




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 1
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 (incl. Retail) 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 the 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%



1.4.1.5 Simplified consolidated balance sheet (Group share)
(In € million, Group share)
Assets 2023 2024 Liabilities 2023 2024
Goodwill 50 169
Investment properties (at fair value) 12,596 12,426
Investment properties under dev. 1,007 973
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 &
Constr. activities) 257 211 Deferred tax liabilities 650 643
Other 420 428 Other liabilities 760 903
TOTAL 17,211 17,403 TOTAL 17,211 17,403




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 47
1 Activity in 2024
Financial information and comments




1.4.1.5.1 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) 2023 2024 var.
France Offices 3,932 3,951 + 20
Italy Offices (incl. Retail) 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 (incl. Retail) 2,530 3,010 + 480
Car parks (and other) 3 2 -1
TOTAL FIXED ASSETS 14,823 15,105 + 282


The decrease in Offices (-€106 million) was mainly due to the The increase in the Hotels portfolio (+€480 million) was mainly
disposals (-€156 million) and the change in fair value (-€257 driven by the reinforcement in Covivio Hotels (+€470 million). In
million) partly offset by (+€288 million) of CAPEX. addition, a restructuring operation with AccorInvest involved the
acquisition of business assets in exchange of hotel properties.
The decrease in German Residential (-€91 million) was mainly The Group also completed the acquisition of a 4‑star hotel in the
due to CAPEX (+€107 million) offset by disposals Canary Islands (+€43 million). This increase in portfolio value is
(-€24 million), the change in fair value (-€46 million), and the also attributed to an increase in fair value (+€25 million), foreign
impact of the partnership with CDC taking a 49% stake in a currency exchange gains (+€19 million) and Capex (+€31 million).
Berlin portfolio of Covivio Berlin Prime (-€94 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).




48 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Activity in 2024
Financial information and comments




1.4.1.5.2 Assets held for sale (included in the total ● The dividend distribution: -€330.8 million, partially subscribed
fixed assets above), €238.4 million at
end‑December 2024 ●
at 77.5% in shares (+€256 million),
The acquisition of 8.7% of Covivio Hotels’ capital in exchange
1
● Assets held for sale consist of assets for which a preliminary for new Covivio shares (+€280 million),
sales agreement has been signed. It mainly refers to Italian
office assets at year‑end 2024. ● The currency translation differences (+€8 million) and the
effect of treasury shares (-€3 million)..
1.4.1.5.3 Total Group shareholders’ equity
1.4.1.5.4 Deferred tax liabilities
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 Deferred tax liabilities amount €643 million at the end of
million, mainly due to: December compared to €650 million in 2023. Deferred tax assets
represent €60 million at the end of December, compared to €57
● The net Income for the period: +€68 million, 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).


1.4.1.6 Simplified consolidated balance sheet (at 100%)
(In € million, 100%)
Assets 2023 2024 Liabilities 2023 2024
Goodwill 117 325
Investment properties (at fair value) 19,046 18,197
Investment properties under dev. 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 &
Constr. activities) 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




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 49
1 Activity in 2024
Financial information and comments




1.4.1.7 Payment terms for suppliers and customers (in €)


COVIVIO France
Article D. 441 I.-1°: Invoices received and not paid
at the end of the financial year in which they are due
0 day (indicative) 1 to 30 days 31 to 60 days 61 to 90 days Over 91 days Over 1 day
(A) Late payment tranches
Number of invoices concerned 137 273
Total amount of invoices concerned
including tax 246,945.8 16,238.10 31,123.92 1,131.49 126,639.29 175,132.80
Percentage of the total amount of purchases
including tax during the financial year 0.74% 0.05% 0.09% 0.00% 0.38% 0.52%
Percentage of revenues including tax
during the financial year
(B) Invoices excluded from (A) relating to debts and disputed receivables or not recognised in the books
Number of invoices excluded N/A
Total number of invoices excluded N/A
(C) Reference payment terms used (contractual or legal – Article L. 441‑6 or L. 43‑1 of the French Commercial Code)
Payment terms used to calculate late
payments Contractual terms: Legal terms: 60 days




COVIVIO Italy
Article D. 441 I.- 1° : Factures reçues non réglées
à la date de clôture de l’exercice dont le terme est échu
0 day (indicative) 1 to 30 days 31 to 60 days 61 to 90 days Over 91 days Over 1 day
(A) Tranches de retard de paiement
Number of invoices concerned 287 205
Total amount of invoices concerned
including tax 1,189,716.77 344,526.01 22,189.92 4,567.68 2,781,072.18 3,152,355.79
Percentage of the total amount of purchases
including tax during the financial year 2.44% 0.71% 0.05% 0.01% 5.70% 6.46%
Percentage of revenues including tax
during the financial year
(B) Invoices excluded from (A) relating to debts and disputed receivables or not recognised in the books
Number of invoices excluded N/A
Total number of invoices excluded N/A
Reference payment terms used (contractual or legal – Article L. 441‑6 or L. 43‑1 of the French Commercial Code)
Payment terms used to calculate late
payments Contractual terms: 30‑60‑90 days Legal terms: 60 days




50 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Activity in 2024
Financial information and comments




1
Article D. 441 I.-1°: Invoices received and not paid
at the end of the financial year in which they are due
0 day (indicative) 1 to 30 days 31 to 60 days 61 to 90 days Over 91 days Over 1 day


987 4,363

200,628.44 554,296.39 652,610.61 393,746.74 1,009,922.04 2,610,575.78




0.25% 0.69% 0.81% 0.49% 1.25% 3.23%


N/A
0.00


Contractual terms: Legal terms:
Comments: no invoicing of late payment interest




Article D. 441 I.- 2° : Factures émises non réglées
à la date de clôture de l’exercice dont le terme est échu
0 day (indicative) 1 to 30 days 31 to 60 days 61 to 90 days Over 91 days Over 1 day


- 109

- 4,266,009.56 42,911.35 626,443.04 31,387.78 4,966,751.73




- 5.76% 0.06% 0.85% 0.04% 6.71%




Contractual terms: monthly/quarterly Legal terms: Comments:
no invoicing of late payment interest




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 51
1 Activity in 2024
Financial resources




1.5 Financial resources
1.5.1 Summary of the financial activity
Covivio is rated BBB+ with a stable outlook by S&P, confirmed on The net available liquidity position increased to €2.5 billion on a
May 7th 2024. 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
Covivio’s Loan‑to‑Value (LTV) ratio was reduced to 38.9% (LTV billion of Commercial Paper. This strong liquidity position enables
policy < 40%), thanks to active portfolio rotation and despite to cover debt expiries until June 2027.
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.


1.5.2 Main debt characteristics
Group share 31/12/2023 31/12/2024
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 hedging maturity (in years) 5.9 5.8
LTV including duties 40.8% 38.9%
ICR 6.4x 6.0x
Net debt/EBITDA 12.8x 11.4x




52 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Activity in 2024
Financial resources




1.5.3 Debt by type
Covivio's net debt stands at €6.8 billion Group share at end‑2024 (€9.4 billion on a consolidated basis), down by -€0.1 billion compared
1
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.
Consolidated commitments Group Share commitments
By type By type

16% 19%
Corporate
Corporate
credit
credit 38%
47% Mortgage
Mortgage loans
loans




43%
38% Green Bonds
Green Bonds




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.


Consolidated commitments Group Share commitments
By company By company

25% 17%
Covivio Hotels Covivio Hotels
debt debt 63%
51% Covivio debt
Covivio debt




25% 20%
Covivio Covivio
Immobilien debt Immobilien debt
(German (German
Residential) Residential)




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 53
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Financial resources




1.5.4 Debt maturity 1.5.5 Hedging profile
The average maturity of Covivio's debt stands at 4.8 years at In 2024, debt was hedged at 94% on average, and 83% on
end‑2024. average by 2029, all of which with maturities equivalent to, or
exceeding the debt maturity.
Debt maturity by type
(in € million, The average term of the hedges is 5.8 years Group share.
Group share)
1800 Hedging maturities
1,529 1,595 (in € billion,
1575
Group share)
1350 1,249
8
1125 1,024 7
822 867 868
900 6

675 5
495
404 4
450 278
3
225
6 2
0
1
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035+
0
Bonds Mortgage loans Corporate Credit facilities 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035




1.5.6 Debt ratios
1.5.6.1 Financial structure ● The most restrictive consolidated LTV covenants amounted,
on December 31st 2024, to 60% for Covivio and Covivio Hotels.
Excluding debts raised without recourse to the Group’s property
companies, the debts of Covivio and its subsidiaries generally ● The most restrictive ICR consolidated covenants applicable to
include bank covenants (ICR and LTV) applying to the borrower’s the REITs, on December 31st 2024, are of 200% for Covivio and
consolidated financial statements. If these covenants are Covivio Hotels.
breached, early debt repayment may be triggered. These
With respect to Covivio Immobilien (German Residential), for
covenants are established on a Group share basis for Covivio
which almost all of the debt raised is "non‑recourse" debt,
and Covivio Hotels.
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 threshold 31/12/2024
LTV 60.0% 42.0%(1)
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.




54 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
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Financial resources




1.5.6.2 Detail of Loan‑to‑Value calculation (LTV)
Group share (In € million) 31/12/2023 31/12/2024 1
Net book debt 6,925 6,845
Receivables linked to associates (full consolidated) -165 -156
Receivables on disposals 15 -61
Accrued 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%



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



1.5.7.2 Portfolio
Portfolio of
companies Fair value of Right of use of
Consolidated under the operating Other assets investment Minority
(In € million) accounts equity method properties held for sale properties interests Group share
Investment & dev. properties 19,309 1,041 2,759 -16 -268 -7,509 15,315
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



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




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 55
1 Activity in 2024
Financial resources




1.5.7.4 Net Debt / EBITDA
(In € million) Group share
Net debt, Group share (€ million) 6,845
Adj. on borrowings from associates (on JVs)(1) -156
Net debt 6,689
EBITDA (net rents (-) operating expenses (+) results of other activities)(2) 589.8
Other adjustments(3) -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.




56 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Activity in 2024
EPRA reporting




1.6 EPRA reporting
1
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.



1.6.1 Change in net rental income (Group share)
Indexation, asset
management Change in
(1) 2024
(In € million) 2023 Acquis. Disposals Developments & occupancy ownership Others
France Offices 151 0 -14 -7 16 0 4 150
Italy Offices (incl. retail) 90 0 -4 1 3 0 0 89
German 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
Hotels (2) 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


Reconciliation with financial data 2024
Total from the table of changes in Net rental Income (Group share) 585
Adjustments 0
Total net rental income GROUP SHARE (Financial information § 1.4.1.3) 585
Minority interests 302
TOTAL NET RENTAL INCOME AT 100% (FINANCIAL INFORMATION § 1.4.1.4) 887



1.6.1.1 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 EPRA LIKE‑FOR‑LIKE NET RENTAL GROWTH 550 592 +7.8%


Compared with gross like‑for‑like change (§ 1.2.1), published at +6.7%, the main differences come from better recovery on property
charges in Offices and in German residential.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 57
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EPRA reporting




1.6.2 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.

Estimated Market Rental Value (ERV) of vacant space
● Vacancy rate =
Estimated Market Rental Value of the whole portfolio


Vacancy
rate (excl. ERV of spot ERV of EPRA
Gross rental Net rental Annualised Surface Average rent secured vacant the whole vacancy rate
Group share (In € million) income (€m) income (€m) rents (€m) (m2) (€/m2) area) (%) space (€m) portfolio (€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 (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 average (45% in Berlin, 20‑25% in Hamburg, 10‑20% in Dresden &
lease will start soon, while the EPRA vacancy rate (3.7%) is spot, Leipzig, 20% in NRW).
on December 31st 2024.
Average metric rents are computed on total surfaces, including
The ERV does not include the reversionary potential in all our land banks and vacancy on development projects.
markets, especially in German residential, with +30% reversion on


1.6.3 Investment assets - Assets value
EPRA net initial yield is the ratio of:
Annualised rental income after deduction of outstanding benefits granted to tenants
(rent‑free periods, rent ceilings) – unrecovered property charges for the year
EPRA NIY =
Value of the portfolio including duties


Change
in fair value
Group share (In € million) Market value over the year Duties EPRA NIY
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 hotel operating properties, and assets under the
equity method.




58 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
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EPRA reporting




1.6.3.1 Reconciliation with financial data
(in € million) 2024 1
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
(1)
INVESTMENT ASSETS GROUP SHARE (FINANCIAL INFORMATION § 1.4.1.5) 13,637
Minority interests 5,972
INVESTMENT ASSETS 100% (1) (FINANCIAL INFORMATION § 1.4.1.6) 19,610
(1) Fixed assets + Developments assets + asset held for sale



1.6.3.2 Reconciliation with IFRS
(In € million) 2024
Change in fair value over the year (Group share) - 277
Others -
INCOME FROM FAIR VALUE ADJUSTMENTS GROUP SHARE (FINANCIAL DATA § 1.4.1.3) - 277
Minority interests - 53
INCOME FROM FAIR VALUE ADJUSTMENTS 100% (FINANCIAL DATA § 1.4.1.4) - 331




1.6.4 Assets under development
Capitalised Total cost (1)
% ownership Fair value fin. expenses (€m, Group Surface at Yield (2)
Own. type (Group share) Dec. 2024 over the year share) % progress Delivery date 100% (m2) % Pre‑letting (%)

Meudon Thalès 2 FC (3) 100% 1 205 30% 2026 38,000 m² 100% 8.2%
Paris Grands Boulevards FC 100% 1 157 11% 2027 7,500 m² 0% 4.5%
Paris Monceau FC 100% 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% 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% 2 235 43% 2025 55,700 m² 60% 5.6%
Berlin Alexanderplatz FC 55% 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.



1.6.4.1 Reconciliation with total committed pipeline
Capitalised fin. expenses Total cost incl. fin. cost
Group share (in € million) over the year (Group share)
Projects fully consolidated 12 1,313
Others (Loft) 0 27
TOTAL OFFICES COMMITTED PIPELINE 12 1,341


1.6.4.2 Reconciliation with financial data
Group share (in € million) 2024
Total fair value of assets under development 791
Project under technical review and non‑committed projects 182
ASSETS UNDER DEVELOPMENT (FINANCIAL DATA § 1.4.1.5) 973




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 59
1 Activity in 2024
EPRA reporting




1.6.5 Information on leases
Lease expiration by date of 1st exit option
Annualised rental income of leases expiring
Firm residual Residual lease
lease term (years) term (years) N+1 N+2 N+3 to 5 Beyond Total (€m) Section
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 1.3.1
Hotels (incl. retail) 11.2 13.0 1% 5% 6% 88% 114 1.3.3
Others (2) n.a n.a n.a n.a n.a n.a 276
(1) 6.2 7.1 7% 5% 15% 72% 773
TOTAL
(1) Percentage of lease expiries on total revenues.
(2) German Residential, Hotels EBITDA and 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.



1.6.6 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:

Annualised rental income after expiration of outstanding benefits granted to tenants
(rent‑free periods, 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:

Annualised rental income after deduction of outstanding benefits granted to tenants
(rent‑free periods, rent ceilings) - unrecovered real estate operating expenses for the year
EPRA NIY =
Value of the portfolio including duties



Group share (in € million) Total France Italy Offices German German Hotels
Excluding French Residential and car parks 2023 Offices (incl. Retail) Offices Residential (incl. Retail) Total 2024
Investment, disposable and operating properties 15,076 4,264 2,508 1,112 4,587 3,085 15,556
Restatement of assets under development -1,007 - 341 - 144 - 306 - - - 791
Restatement of undeveloped land
and other assets under development -295 - 326 - 293 - 71 - - 44 - 733
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
Annualised gross 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
Rents upon expiration of rent free periods or other rent
reductions 32 19 9 6 - - 34
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 5.1% 5.7% 5.7% 6.4% 4.3% 6.4% 5.4%




60 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Activity in 2024
EPRA reporting




1.6.7 EPRA cost ratio
Group share (In € million) 2023 2024
1
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 from other activities and fair value 88.9 84.3
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%




1.6.8 Adjusted EPRA Earnings: growing to €477.4 million
(In € million) 2023 2024
NET INCOME GROUP SHARE (FINANCIAL INFORMATION § 1.4.1.3) -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 years) 4.6 5.0
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 and 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




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 61
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EPRA reporting




1.6.9 EPRA NRV, EPRA NTA and EPRA NDV
2023 2024 Var. Var. (%)
EPRA NRV (€m) 9,327 9,705 378 4.1%
EPRA NRV/share (€m) 92.6 87.1 - 5.5 -5.9%
EPRA NTA (€m) 8,470 8,896 425 5.0%
EPRA NTA/share (€m) 84.1 79.8 - 4.2 -5.0%
EPRA NDV (€m) 8,401 8,686 285 3.4%
EPRA NDV/share (€m) 83.4 78.0 - 5.4 -6.5%
Number of shares 100,658,623 111,407,666 10,648,892 10.6%



1.6.9.1 Reconciliation between shareholder’s equity and EPRA NAV
2023 2023 2024 2024
(€m) (€ per share) (€m) (€ per share)

Shareholders’ equity 7,957 79.0 8,228 73.9
Fair value assessment of operating properties 175 240
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 some assets -773 - 773
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 debts 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 ● assets owned for less than 75 days, for which the acquisition
conduct applicable to SIICs and the Charter of property value is deemed to be the market value.
valuation expertise, the recommendations of the COB/CNCC
Assets were estimated at values excluding and/or including
working group chaired by Mr Barthès de Ruyter and the
duties, and rents at market value. Estimates were made using
international plan in accordance with the standards of the
the comparative method, the rent capitalisation method and
International Valuation Standards Council (IVSC) and those of
the discounted future cash flow method.
the Red Book of the Royal Institution of Chartered Surveyors
(RICS). Other assets and liabilities were valued using the principles of
the IFRS standards on consolidated financial statements. The
The real estate portfolio held directly by the Group was valued
application of fair value essentially concerns the valuation of
on 31 December 2024 by independent real estate experts such
debt coverages.
as Cushman, REAG, CBRE, HVS, JLL, BNPP Real Estate, MKG and
CFE. This did not include: For companies co‑owned with other investors, only the Group
share was considered.
● assets on which the sale has been agreed, which are valued
at their agreed sale price;




62 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Activity in 2024
EPRA reporting




1.6.9.1.1 Fair value assessment of operating properties 1.6.9.1.4 Goodwill and intangible assets
In accordance with IFRS, operating properties are valued at
historical cost. In order to take into account the appraisal value,
Goodwill, corresponding to operating hotels companies
acquired for €169 million group share, has not been deducted. In
1
a €240 million value adjustment net of deferred taxes was fact, the price paid to acquire those operating companies takes
recognised in EPRA NRV, NDV, NTA related to: part of the asset value as a whole, as determined by the
external appraiser. The Group has not paid additional price to
● co‑working and operating hotel properties for €232 million,
acquire those companies. The goodwill disclosed in the balance
● own‑occupied buildings for €6 million, sheet is, so, constituent of the fair value of buildings disclosed in
the line operating properties in the balance sheet
● car parks for €2 million.
1.6.9.1.5 Deferred tax liabilities
1.6.9.1.2 Fair value adjustment for fixed‑rate debts
The EPRA NTA assumes that entities buy and sell assets, thereby
The Group has taken out fixed‑rate loans (secured bond and crystallising certain levels of unavoidable deferred tax.
private placement). In accordance with EPRA principles, EPRA
NDV was adjusted for the fair value of fixed‑rate debt. The For this purpose, the Group uses the following method:
impact is +€218 million at 31 December 2024.
● Offices: takes into account 50% of deferred tax, mainly in Italy,
1.6.9.1.3 Recalculation of the base cost excluding considering the regular asset rotation policy
duties of certain assets ● Hotels: takes into account deferred tax on the non‑core part
When a company, rather than the asset that it holds, can be of the portfolio, expected to be sold within the next few years
sold, transfer duties are re‑calculated based on the company’s
● Residential: includes the deferred tax linked to the building
net asset values (NAV). The difference between these
classified as Assets available held for sale, considering the low
re‑calculated duties and the transfer duties already deducted
level of asset rotation in this activity.
from the value had an impact of €37 million on December 31st
2024.


1.6.10 Capex by type
2023 2024
(In € million) 100% Group share 100% Group share
Acquisitions (1) - - 83 45
Developments 196 156 204 183
Investment Properties 223 153 256 178
Incremental lettable space 7 4 19 11
No incremental lettable space 200 137 212 151
Tenant incentives 12 10 18 14
Other material non‑allocated types of expenditure 5 1 8 2
Capitalized expenses on development portfolio (2)
(except under equity method) 34 32 37 33
TOTAL 453 341 581 439
(1) Acquisitions incl. duties
(2) Financial expenses capitalised, commercialization fees and other capitalized expenses


The €183 million Group Share of development Capex relate to ● €11 million Group Share of modernisation Capex on hotels, with
expenses on development projects booked as investment the aim to improve the quality of assets and benefit from
properties under construction in the accounts (excluding increased revenues and performance,
properties under equity method and assets under operation).
● €99 million Group Share on Residential portfolio in Germany,
The €178 million Group Share of Capex on Investment Properties including 62% of modernization Capex, generating revenues..
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;




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 63
1 Activity in 2024
EPRA reporting




1.6.11 EPRA LTV
EPRA LTV Proportionate Consolidation
st Group
At 31 December 2024 Share of Share of Non‑controlling
Group share (In € million) as reported Joint‑ventures Material Associates interests Combined
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%
Other effects (including conso. restatements) -1.4%
LTV INCLUDING DUTIES 38.9%




64 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Activity in 2024
EPRA reporting




1.6.12 EPRA performance indicator reference table
Amount Amount
1
EPRA information Section in % (in €m) (in €m/share)

Recurring net income 1.6.8 - €467.1 m €4.37 /share
Adjusted EPRA Earnings 1.6.8 - €477.4 m €4.47 /share
EPRA NRV 1.6.9 - €9 705 m €87.1 /share
EPRA NTA 1.6.9 - €8 896 m €79.8 /share
EPRA NDV 1.6.9 - €8 686 m €78.0 /share
EPRA net initial yield 1.6.6 4.6% - -
EPRA topped‑up net initial yield 1.6.6 4.8% - -
EPRA vacancy rate at year‑end 1.6.2 3.7% - -
EPRA costs ratio (including vacancy costs) 1.6.7 -17.6% - -
EPRA costs ratio (excluding vacancy costs) 1.6.7 -15.5% - -
EPRA LTV 1.6.11 43.5%
EPRA indicators of main subsidiaries 1.6.13 - - -




1.6.13 Financial indicators of the main activities
Covivio Hotels Covivio Immobilien
2023 2024 Change (%) 2023 2024 Change (%)
EPRA Earnings for the year (€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




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 65
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Real estate appraisals




1.7 Real estate appraisals
1.7.1 Asset valuation method
The overall portfolio is appraised by independent experts on a 1.7.1.1 Income capitalisation method
half‑yearly basis (30 June and 31 December), and according to
the calculation methods determined by an internal set of This approach involves recognising the revenues produced or
specifications based on the guidelines of the oversight bodies: capable of being produced by an asset and capitalising them
at an appropriate rate. This rate is derived from the revenues
● recommendation of the French Financial Markets Authority recognised, the asset’s features, and its foreseeable potential. It
(Autorité des Marchés Financiers - AMF); is based on the analysis of other rental properties and should be
viewed as a whole from a general context of revenues expected
● instructions from the COB report of 3 February 2000 on real
from various investments in a given economic environment.
estate appraisals (“report from the Working Group on expert
appraisals of the real estate portfolios of companies issuing The main criteria for choosing rates of return are as follows:
public calls for savings” chaired by Georges Barthès de
Ruyter). ● geographic location;
● age and condition of the property complex;
Covivio also abides by the Listed Real Estate Investment
company (SIIC) Code of Ethics applicable to FSIF (Fédération ● possibility of converting the property complex;
des Sociétés Immobilières et Foncières) member companies,
particularly in terms of real estate appraisals. ● size and profitability of the establishment.

Moreover, the real estate experts selected, namely BNP Real 1.7.1.2 Discounted cash flow (DCF) method
Estate Valuation, Cushman & Wakefield, JLL Expertises and This method takes into consideration future revenue, including
CBRE Valuation, are all members of the AFREXIM (Association recognised rental income, expected rental income, works that
Française des Experts Immobiliers – French Association of Real are the contractual responsibility of the lessor and residual gains
Estate Appraisers), and, as such, are governed by the real estate from any sale at the end of the holding period. It consists of
appraisal charter approved by AFREXIM. As a result of this, the discounting to present value the cash flows generated by the
experts adhere to the various French standards. Their valuation asset and adding in the present exit value of the assets in the
methods comply with the RICS and IVSC international Codes of last year.
Conduct.
In the case of an asset that is under development meeting the
Each asset is subject to a complete appraisal at the time of its IAS 40 standard and subject to an appraisal, Covivio integrates
acquisition, or when there is a change of appraiser. Values are a disbursement for future works in its cash flow.
then updated through interim appraisals, sometimes involving
asset inspections. Assets are subject to a complete appraisal 1.7.1.3 Unit‑value comparison method
every five years.
This method consists in referring to the sale prices found on the
A complete appraisal consists of: market for equivalent assets. The comparison factors used derive
specifically from internal databases in which each reference is
● preparation of a file including the legal, technical and analysed, classified by situation and by category, and expressed
financial documents required to objectively analyse the in gross surface units or weighted surface units.
factors that enhance or reduce the value of the assets under
consideration; It is more a method of cross‑checking the two methods
described above than a principal method.
● an internal visit to the sites and their environment;
● research and analysis of comparison factors;
● drafting of a report in which the final appraisal must be
consistent with the aforementioned observations, and a
relevant analysis of the category market in question.




66 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
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Real estate appraisals




1.7.2 Appraiser remuneration at Covivio level
Appraisers
1
(in K€ – 100% – excl. tax) TOTAL 2024 (in %)
BNPP Real Estate 551 40%
CBRE 255 18%
Cushman 251 18%
CFE (BPCE) 112 8%
SAVILLS 84 6%
COLLIERS 71 5%
MKG 53 4%
JLL 9 1%
TOTAL 1,385 100%




1.7.3 Abridged experts’ report on the appraisal at the end of 2024 of the
market value of the France Offices and German Residential portfolios
1.7.3.1 General background on the appraisals The appraised assets are located in the national territory. These
are investment properties that are either fully owned or under
1.7.3.1.1 General framework construction lease by Covivio. The assets in the various portfolios
Covivio requested, under the terms of appraisal contracts, that are leased to various tenants under commercial lease
appraisals of the fair value of their portfolio assets be completed arrangements with (or without) firm 3‑year, 6‑year, 9‑year or
as part of the half‑year valuation of the portfolio. These 12‑year leases or exceptional leases.
appraisals were conducted with complete independence.
It should be noted here that, when the company is the tenant
The appraisal companies Cushman & Wakefield, CBRE Valuation, under the terms of a financial lease, the appraiser values only
BNP Paribas Real Estate Valuation and JLL Expertises have no the assets underlying the contract, and not the financial lease
capital ties with Covivio and certify that the appraisals were contract itself. In the same way, when a real estate asset is held
performed by and under the responsibility of qualified by a special purpose entity, its value was estimated on the
appraisers. assumption of the sale of the underlying real estate asset, and
not the sale of the company.
The annual fees billed to Covivio are determined before the
appraisal. They account for less than 10% of the revenues of In German Residential, the appraisers were tasked with
each appraisal company. The rotation of the appraisers is assessing the fair value of 1,201 assets (40,766 units) in Germany.
organised by Covivio. We have not identified any conflict of For this assignment, Covivio Immobilien SE asked the appraisers
interest in this appraisal. to carry out initial appraisals or updates based on
documentation when the assets were first appraised less than
The assignment is in compliance with the AMF recommendation
five years ago. The appraisers’ assignment was to estimate the
concerning the presentation of the real estate asset valuation
fair value with the occupancy rate announced at 31st August
for listed companies published on 8 February 2010.
2024. The assets appraised are located in Germany. They are
Covivio Immobilien SE requested, under the terms of appraisal primarily assets that are wholly owned by Covivio Immobilien SE
contracts or amendments, that CBRE appraise the fair value of or by its subsidiaries. They largely consist of residential assets.
the assets in its Germany portfolio. This request was part of the The assets are rented to many tenants, mainly under residential
half‑year valuation of its portfolio. The annual fees billed to leases.
Covivio Immobilien SE are determined before the appraisal. They
account for less than 10% of the revenues of each appraisal 1.7.3.2 Conditions of performance
company. Covivio Immobilien SE rotates the appraisers. 1.7.3.2.1 Documents examined
1.7.3.1.2 Current mission This assignment was conducted on the basis of the documents
and information provided, all of this information being assumed
In France Offices, the assignment focused on the appraisal of
to be accurate and to represent all of the information and
the fair value of 84 Office assets in France. For this assignment,
documents in the possession of, or known to, the principal, which
Covivio requested initial appraisals or updates based on
could have an impact on the fair value of the portfolio.
documentation when the assets where first appraised less than
Accordingly, title deeds and zoning certificates are not
five years ago.
examined.
The assignment was to estimate the fair value with the
In German Residential, the appraisal work described above was
occupancy rate announced at 31 December 2024.
done based on the documentation and information provided to
the appraisers in September 2024.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 67
1 Activity in 2024
Real estate appraisals




1.7.3.2.2 Reference framework This hierarchy ranks listed prices (unadjusted) on active markets
The appraisals and valuations were completed in accordance for identical assets or liabilities (level 1 input) at the highest level,
with: and unobservable inputs (level 3 inputs) at the lowest level.

● the recommendations of the Barthès de Ruyter report on the The fair value obtained is classified overall at the same
valuation of real estate portfolios of listed/publicly traded hierarchical level as the lowest level of input that is significant for
companies, published in February 2000; determining its overall fair value. Any significant appreciation of
an input determined for the overall fair value requires the
● the Charter for Expert Appraisal in Real Estate Valuation; exercise of judgement and takes into account factors specific to
the asset or the liability.
● the principles enshrined in the Code of Ethics for Listed Real
Estate Investment Companies (SIICs) and by the Royal 1.7.3.2.3 Methodology used
Institution of Chartered Surveyors RED BOOK 2014;
For the investment assets making up the various portfolios, the
● the International Valuation Standards promoted by the appraisers used the discounted cash flow method and the yield
International Valuation Standards Council (IVSC); method (capitalisation of revenues), with cross‑checking by
direct comparison.
● the IAS/IFRS 40 and IFRS 13 standards (1).
In German Residential, for the assets making up the various
In addition, following the foregoing standard, a classification of portfolios, i.e. investment assets, we used the discounted cash
the fair value of the assets held by the company was performed. flow method.
In order to increase the consistency and comparability of fair
value appraisals and the related information to be provided,
IFRS 13 outlines a hierarchy that it ranks according to three levels
of importance of the inputs of the valuation techniques used to
determine the fair value.


1.7.3.3 Overview of the valuation of the France offices portfolio at year‑end 2024
At consolidated level, Covivio holds 86 office assets at end‑2024. 84 assets are recognised at their appraisal value, and 2 assets (under
preliminary disposal agreement) are recognised at the level of their commitment. No assets are recognised under internal valuation.

Offices Paris Greater Paris & Others Regions Total
Fair value 100% Fair value 100% Fair value 100% Fair value 100% % total
BNPP Real Estate 855 1,484 64 2,403 47%
Cushman & Wakefield 831 478 3 1,311 26%
CBRE 690 229 476 1,395 27%
JLL - 4 - 4 0%
TOTAL PORTFOLIO APPRAISED 2,376 2,195 543 5,114 100%
Assets under preliminary disposal
agreement - - 12 12 0%
Assets measured internally - - - - -
TOTAL PORTFOLIO 2,376 2,195 555 5,126 100%



1.7.3.3.1 Summary by appraisers
Fair value 100% Fair value GS
Appraisers Number of assets Excluding Duties Excluding Duties
BNPP Real Estate 27 2,403 1,966
Cushman & Wakefield 21 1,311 1,125
CBRE 32 1,395 1,160
JLL 4 4 4
TOTAL PORTFOLIO 84 5,113 4,255




(1) In accordance with IFRS 13 applicable at the latest to periods starting as of 1 January 2013, the assets held by Covivio in France and in Germany
were appraised at their fair value, which corresponds to the “price which would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date”.


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Real estate appraisals




1.7.3.3.2 General comments
These values are understood as being based on the market remaining stable and no significant changes occurring to the assets
between the appraisal date and the value date.
1
This abridged report cannot be taken separately from all the work performed as part of the appraisals, especially the summarised or
detailed reports associated with them.
Each of the four appraisers confirms the values of the assets where they themselves performed the appraisal or update, without
assuming responsibility for those performed by the other appraisal companies.



1.7.3.4 Summary of valuation of the Covivio Immobilien SE portfolio at year‑end 2024
Appraised value Fair value 100% % total
Berlin 4 167 591 900 4 170 893 845 58%
Dresden & Leipzig 551 369 900 549 762 330 8%
Hamburg 528 254 000 528 254 000 7%
North Rhine‑Westphalia 1 986 517 610 1 986 074 225 27%
TOTAL 7 233 733 410 7 234 984 400 100%


The difference between the value provided by the appraisers and the fair value results from the impact of sales and preliminary sales
agreements as well as development projects valued at cost.



1.7.3.4.1 Summary by appraisers
Appraised value
100% Excluding Fair value 100% Fair value GS
Appraisers Number of units Duties Excluding Duties Excluding Duties
BNP PARIBAS REAL ESTATE 40 766 7 233 733 410 7 234 984 400 4 586 838 985


BNP PARIBAS REAL ESTATE appraised 40,766 units (1) owned by Covivio Immobilien SE including 39,258 residential units.



1.7.3.4.2 General comments
The values presented by the appraisers are understood as being based on the market remaining stable and no significant changes
occurring to the assets between the appraisal date and the value date.




(1) In addition, 934 miscellaneous assets (ATMs, advertising spaces)/ 6,929 internal parking spaces/3,148 external parking spaces


COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 69
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Portfolio list




1.8 Portfolio list
1.8.1 France Offices
Area Surface at 100%
Core assets in operation 742,688
Paris 184,073
Western Crescent and La Defense 117,585
Inner rim 327,672
Outer rim -
Major Regional Cities 113,358
Lyon 45,940
Bordeaux 18,433
Marseille 11,468
Montpellier 22,595
Nantes 14,922
Development portfolio 193,406
Non‑core assets 30,290


List of Core assets and development projects (offices & residential): 99% of the France Offices portfolio, Group Share
Postal Surface
Asset name % Ownership Adress code City / region at 100%
Assets in operation 742 688
PARIS / ART&CO 100% 15/17 RUE TRAVERSIERE 75012 PARIS 13 599
PARIS / ATELIER 100% 11 R EDIMBOURG 75008 PARIS 5 947
189 RUE D'AUBERVILLIERS
PARIS / CAP 18 100% 73 RUE DE L'EVANGILE 75018 PARIS 62 442
PARIS / CHERCHE‑MIDI 100% 37 RUE DU CHERCHE MIDI 75006 PARIS 3 510
PARIS / GOBELINS 100% 40 BD PORT ROYAL 75005 PARIS 4 442
PARIS / JEAN GOUJON 100% 19‑21 RUE JEAN GOUJON 75008 PARIS 8 606
PARIS / LOUVRE 100% 55/57 RUE J.J. ROUSSEAU 75001 PARIS 4 884
PARIS / MAILLOT 100% 18 RUE GUSTAVE CHARPENTIER 75017 PARIS 9 755
PARIS / MENILMONTANT 100% 26 RUE SORBIER 75020 PARIS 3 939
PARIS / MONTMARTRE 100% 114 RUE MARCADET 75018 PARIS 5 926
PARIS / N2 BATIGNOLLES 50% ZAC Clichy Batignolles 75017 PARIS 10 094
PARIS / PERCIER 100% 5/7 AVENUE PERCIER 75008 PARIS 8 564
PARIS / PHILIPPE AUGUSTE 100% 42/46 AVENUE PHILIPPE AUGUSTE 75011 PARIS 14 176
PARIS / QUAI DE JEMMAPES 100% 103/107 BD VILLETTE 75010 PARIS 9 158
PARIS / STEEL 100% 29 RUE DES SABLONS 75016 PARIS 3 681
PARIS / THE LINE 100% 11 AVENUE DELCASSE 75008 PARIS 4 974
PARIS / VOLTAIRE 100% 6/10 PAS ST PIERRE AMELOT 75011 PARIS 10 376
Total Paris 184 073
BOULOGNE / GRENIER 100% 32 AVENUE P.GRENIER 92100 BOULOGNE BILLANCOURT 7 762
ISSY LES MX / URBAN GARDEN 100% 11 RUE CAMILLE DESMOULINS 92130 ISSY LES MOULINEAUX 11 461
LA DEFENSE / CB21 75% 16 PLACE DE L'IRIS 92400 COURBEVOIE 67 788
LEVALLOIS PERRET / MASLO 100% 35, RUE BAUDIN 92300 LEVALLOIS‑PERRET 20 771
LEVALLOIS PERRET / THAIS 100% 25/27/29 RUE ANATOLE FRANCE 92300 LEVALLOIS‑PERRET 5 746
NANTERRE / ROUSSEAU 100% 40 RUE J.J.ROUSSEAU 92000 NANTERRE 4 057
Total Western Crescent & La Défense 117 585




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Postal Surface

1
Asset name % Ownership Adress code City / region at 100%
Assets in operation 742 688
CHATILLON / IRO 100% 82‑90 RUE PIERRE SEMARD 92320 CHATILLON 25 626
58/60 AVENUE DE LA MARNE /
MONTROUGE / FLOW 100% 165/173 AVENUE PIERRE BROSSOLETTE 92120 MONTROUGE 23 430
ORLY / CDO ASKIA BUREAUX 50% BAT 3 "ASKIA" 94310 ORLY 17 892
ORLY / CDO ASKIA COMMERCES 50% 2‑4‑6‑8 Promenade d'Orly 94310 ORLY 1 013
ORLY/ COEUR D'ORLY BELAÏA 50% COEUR D'ORLY 94310 ORLY 23 920
SAINT OUEN / SO POP 50% 65 rue Arago 93400 SAINT OUEN 32 449
SAINT OUEN / VICTOR HUGO BAT 1 100% 69‑73 BOULEVARD VICTOR HUGO 93400 ST OUEN 4 010
SAINT OUEN / VICTOR HUGO BAT 2 5 6 7 100% 69‑73 BOULEVARD VICTOR HUGO 93400 ST OUEN 8 253
SAINT OUEN / VICTOR HUGO BAT 3 100% 69‑73 BOULEVARD VICTOR HUGO 93400 SAINT OUEN 1 400
SAINT OUEN / VICTOR HUGO BAT 4 100% 69‑73 BOULEVARD VICTOR HUGO 93400 ST OUEN 1 137
VELIZY / DASSAULT CAMPUS BAT (ABCD) 50% 10 RUE MARCEL DASSAULT 78140 VELIZY VILLACOUBLAY 57 005
VELIZY / DASSAULT CAMPUS BOIS BAT (G) 50% 10 RUE MARCEL DASSAULT 78140 VELIZY VILLACOUBLAY 27 211
VELIZY / DASSAULT CAMPUS METAL 50% 10 RUE MARCEL DASSAULT 78140 VELIZY VILLACOUBLAY 12 834
VELIZY / THALES HELIOS 1 50% 10/12 RUE LATECOERE 78140 VELIZY VILLACOUBLAY 49 970
VELIZY / THALES TED 100% 2/8 RUE LATECOERE 78140 VELIZY VILLACOUBLAY 41 523
Total Inner Rim 327 672
BORDEAUX / CITE NUMERIQUE 100% 406 BOULEVARD JEAN‑JACQUES BOSC 33130 BEGLES 18 433
LYON / SILEX 1 50% 15 RUE DES CUIRASSIERS 69003 LYON 10 648
LYON / SILEX 2 50% 9 RUE DES CUIRASSIERS 69003 LYON 31 050
LYON / TELEGRAPHE 100% 1 RUE DUPHOT - 36 RUE MAZENOD 69003 LYON 4 242
MARSEILLE / EUROMED CALYPSO 50% 52, QUAI DU LAZARET 13002 MARSEILLE 9 800
MARSEILLE / EUROMED HOTEL 50% 52, QUAI DU LAZARET 13002 MARSEILLE 210
MARSEILLE/ EUROMED PARKING 50% 52, QUAI DU LAZARET 13002 MARSEILLE 1 458
PARC DE LA POMPIGNAGNE
MONTPELLIER / MAJORIA B4 100% RUE DE PINVILLE 34000 MONTPELLIER 2 543
PARC DE LA POMPIGNAGNE
MONTPELLIER / MAJORIA LA LONA 100% RUE DE PINVILLE 34000 MONTPELLIER 1 378
PARC DE LA POMPIGNAGNE
MONTPELLIER / MAJORIA SLB 100% RUE DE PINVILLE 34000 MONTPELLIER 3 379
MONTPELLIER / TRENCAVEL 100% 196 RUE RAYMOND TRENCAVEL 34000 MONTPELLIER 9 462
PARC DE LA POMPIGNAGNE
MONTPELLIER/ MAJORIA LA BASTIDE 100% RUE DE PINVILLE 34000 MONTPELLIER 5 833
NANTES / GLORIETTE 100% 6 8 RUE GASTON VEIL 44000 NANTES 4 489
NANTES / TANNEURS 100% 10 BIS AV DES TANNEURS 44000 NANTES 10 433
Total MRC 113 358




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 71
1 Activity in 2024
Portfolio list




Postal Surface
Asset name % Ownership Adress code City / region at 100%
Assets in operation 742 688
Assets under development 193 406
23‑25 AVENUE MORANE SAULNIER
MEUDON / VIBE THALES 2 100% 22 24 AVENUE MARECHAL JUIN 92360 MEUDON LA FORET 38 000
PARIS / GRANDS BOULEVARDS 100% 15/17 RUE POISSONNIERE 75009 PARIS 7 428
PARIS / MONCEAU 100% 23 RUE MEDERIC 75017 PARIS 11 177
Total committed projects (offices) 56 605
BOULOGNE / MOLITOR 100% 25 BIS AVENUE ANDRE MORIZET 92100 BOULOGNE‑BILLANCOURT 4 434
BORDEAUX / TERRES NEUVES 100% RUE MARC SANGNIER 33130 BEGLES 10 000
LYON / SILEX 3 100% 5‑9 RUE DES CUIRASSIERS 69003 LYON -
MEUDON / CANOPEE 100% 16 A 20 RUE DU MARECHAL JUIN 92360 MEUDON LA FORET -
PARC DE LA POMPIGNAGNE RUE DE
MONTPELLIER / FONCIER POMPIGNANE 100% PINVILLE 34000 MONTPELLIER -
PARIS / BOBILLOT 100% 95/97 RUE BOBILLOT 75013 PARIS 3 652
PARIS / RASPAIL 100% 12BIS À 16 RUE CAMPAGNE PREMIÈRE 75014 PARIS 10 013
RUEIL / LESSEPS B4 100% 1 cours de Ferdinand de Lesseps 92500 RUEIL‑MALMAISON 5 429
VELIZY / RESERVE FONCIER DS 50% N.A 78140 VELIZY VILLACOUBLAY 17 230
Total managed projects 50 758
CHALONS SUR SAONE / VICTOR HUGO 100% 20 AVENUE VICTOR HUGO 71100 CHALON/SAONE 10,222
LEVALLOIS‑PERRET / PEREIRE 100% 37 À 43 RUE PIERRE BROSSOLETTE 92300 LEVALLOIS‑PERRET 7,864
LILLE / CORMONTAIGNE 100% 34 PLACE CORMONTAIGNE 59000 LILLE 3,573
MASSY / PARIS 100% 147 149 RUE DE PARIS 91300 MASSY 5,152
MELUN / CHAUSSY 100% 3 PLACE A.CHAUSSY 77000 MELUN 10,327
SAINT DENIS / PLEYEL 100% 171‑175 boulevard Anatole France 93200 SAINT DENIS 11,745
SAINT‑MAUR‑DES‑FOSSES / GRAVELLE 100% 36 BOULEVARD RABELAIS 94100 ST MAUR DES FOSSES 3,969
TOULOUSE / TROENES 100% 106/110 RUE DES TROENES 31200 TOULOUSE 32,000
VALENCE / HUGO 100% 179 AV VICTOR HUGO 26000 VALENCE -
VILLEBON‑SUR‑YVETTE / CENTRAL 100% 2 RUE VICTOR HUGO 91140 VILLEBON‑SUR‑YVETTE 1,192
Total residential transformation 86 044




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Portfolio list




1.8.2 Italy Offices
Synthesis
1
Area Surface at 100% (in m2)
Core assets in operation 246,667
CBD 106,467
Centre 5,423
Semi‑centre 118,210
Periphery 16,567
Development portfolio 110,234
TOTAL MILAN 356,901
Non Core assets & assets outside Milan 371,398


List of core and development assets in Milan: Group Share of 84% of Italy Offices portfolio
Surface at 100%
Asset name % ownership Location (in m2)
Core assets in operation 246 667
CORSO MONFORTE 17 51% MILAN CBD 3 415
PIAZZA S. FEDELE 2 100% MILAN CBD 5 089
PIAZZA SAN FEDELE 4 100% MILAN CBD 3 426
PIAZZA SIGMUND FREUD (ACCESSORI) 1 100% MILAN CBD 2 339
PIAZZA SIGMUND FREUD (CORPO C) 1 100% MILAN CBD 5 784
PIAZZA SIGMUND FREUD (TORRE A) 1 100% MILAN CBD 16 349
PIAZZA SIGMUND FREUD (TORRE B) 1 100% MILAN CBD 16 567
VIA AMEDEI 8 100% MILAN CBD 6 437
VIA CORNAGGIA 6 100% MILAN CBD 7 065
VIA DANTE 7 - OFFICE WELLIO 100% MILAN CBD 4 542
VIA DANTE 7 - RETAIL 100% MILAN CBD 1 878
VIA DELL'UNIONE 1 - RETAIL 100% MILAN CBD 2 991
VIA DELL'UNIONE 1 - OFFICE 100% MILAN CBD 4 300
VIA PARINI 6 51% MILAN CBD 7 082
VIA TONALE 11 51% MILAN CBD 19 202
Total CBD 106 467
CORSO MAGENTA 59 100% MILAN CENTER 4 772
CORSO MAGENTA 63 100% MILAN CENTER 651
Total Center 5 423
SYMBIOSIS A+B 100% MILAN SEMICENTER 20 832
SYMBIOSIS D 100% MILAN SEMICENTER 18 004
THE SIGN - EDIFICIO A 100% MILAN SEMICENTER 9 588
THE SIGN - EDIFICIO B 100% MILAN SEMICENTER 12 427
THE SIGN - EDIFICIO C 100% MILAN SEMICENTER 4 630
THE SIGN - EDIFICIO D 100% MILAN SEMICENTER 12 437
VIA CESARE BALBO 8 51% MILAN SEMICENTER 6 014
VIA MANTEGNA 11 51% MILAN SEMICENTER 5 978
VIA MAROSTICA 1 100% MILAN SEMICENTER 8 115
VIA MESSINA (TORRE A) 38 100% MILAN SEMICENTER 4 588
VIA MESSINA (TORRE B) 38 100% MILAN SEMICENTER 5 312
VIA MESSINA (TORRE C) 38 100% MILAN SEMICENTER 5 309
VIA MESSINA (TORRE D) 38 100% MILAN SEMICENTER 4 976
Total Semi – Center 118 210
VIA CASCINA BELLARIA 4 51% MILAN PERIPHERY 4 507
VIA FOLLI 17 51% MILAN PERIPHERY 4 807
VIA MARCO AURELIO 24‑26 51% MILAN PERIPHERY -
VIA ROMBON 11 100% MILAN PERIPHERY 7 253
Total Periphery 16 567




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 73
1 Activity in 2024
Portfolio list




Surface at 100%
Asset name % ownership Location (in m2)
Core assets in operation 246 667
Assets under development 110 234
CORSO ITALIA 19 100% MILAN CBD 12 081
Total committed projects 12 081
SCALO DI PORTA ROMANA 100% MILAN SEMICENTER 75 000
SYMBIOSIS C+E 100% MILAN SEMICENTER 23 153
Total managed projects 98 153




1.8.3 Germany Offices
Synthesis
Area Surface at 100%
Core assets in operation 205,707
Berlin 58,119
Frankfurt 71,455
Hamburg 43,696
Munich 19,492
Oberhausen 12,945
Development portfolio 81,200
Non‑core assets 103,220


List of assets in operation and under development in Germany
Postal Surface at 100%
Name % ownership Address Code City/Region (in m2)

Core assets in operation 205,707
EBERSWALDER 66% Eberswalder Str. 6‑9 10437 Berlin 6,257
FISCHERISLAND 66% Gertraudenstr. 18, 20 10178 Berlin 10,599
BERLIN HQ 66% Knesebeckstr. 3 10623 Berlin 2,368
TINO 94% Tino‑Schwierzina‑Str. 32 13089 Berlin 10,010
BEAGLE 100% Groß-Berliner Damm 81 12487 Berlin 5 089
LOTTE 62% Lotte‑Pulewka‑Str. 22 22 14473 Berlin 10,904
PERSIUS 66% Berlin 12,892
Total Berlin 58,119
FAC 90% Hugo‑Eckener‑Ring 1 60549 Frankfurt 48,136
CITY GATE 94% Nibelungenplatz 3 60318 Frankfurt 23,320
Total Frankfurt 71,455
OBERHAUSEN HQ 62% Essener Str. 66 46047 Oberhausen 12,945
Total Oberhausen 12,945
ZEUGHAUS 94% Christoph‑Probst‑Weg 1‑4, 26‑31 20251 Hamburg 43,696
Total Hamburg 43,696
SUNSQUARE 94% Sonnenallee 1, Kirchheim 85551 Munich 19,492
Total Munich 19,492
Total assets under development 81,200
LOFT 66% Alt‑Moabit 105 10559 Berlin 7,550
ALEXANDERPLATZ 55% Alexanderplatz 10117 Berlin 59,500
ICON 94% Herzogstraße 15 40217 Düsseldorf 55,717
Total committed projects 67,050
PLANO 100% Wilhelm‑Kabus‑Straße 11‑19 10829 Berlin 14,150
Total managed projects 14,150




74 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
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Portfolio list




1.8.4 German Residential
Synthesis
1
Region Number of units
Berlin 17,819
Dresden & Leipzig 4,350
Hamburg 2,415
North Rhine‑Westphalia 16,508
Essen 5,757
Duisburg 3,033
Mülheim 2,194
Oberhausen 1,830
Other cities 3,694
TOTAL 41,092


Number of units by postal code in Berlin
Postal Code Number of units Postal Code Number of units
10115 59 10717 21
10117 27 10719 51
10119 27 10777 139
10179 120 10779 40
10243 85 10781 19
10245 89 10783 69
10247 192 10785 172
10249 92 10789 334
10317 262 10823 71
10365 34 10825 39
10405 271 10827 114
10409 49 10829 208
10435 11 10961 92
10437 423 10963 25
10439 93 10965 110
10551 193 10967 278
10553 106 10969 14
10555 38 10997 221
10557 320 10999 218
10559 128 12043 302
10585 68 12045 141
10587 41 12047 212
10589 81 12049 518
10625 82 12051 401
10627 21 12053 321
10629 36 12055 219
10707 33 12057 15
10709 223 12059 425
10711 47 12099 105
10713 119 12103 52
10715 25 12105 90




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 75
1 Activity in 2024
Portfolio list




Postal Code Number of units Postal Code Number of units
12107 117 13189 38
12109 204 13347 392
12157 83 13349 47
12159 62 13351 349
12161 134 13353 463
12163 170 13355 29
12165 25 13357 522
12167 426 13359 220
12169 67 13403 280
12203 70 13407 121
12205 5 13409 208
12207 93 13465 3
12209 13 13467 8
12247 115 13469 32
12249 535 13507 41
12277 139 13509 34
12307 5 13581 43
12347 41 13583 209
12351 360 13585 373
12355 30 13587 25
12435 2 13591 49
12439 25 13595 142
12459 485 13597 72
12487 64 13599 20
12489 40 13629 90
12555 158 14052 28
12557 8 14059 109
12587 16 14109 12
12623 28 14129 4
12683 205 14163 12
13086 821 14165 9
13088 37 14167 18
13156 89 14193 17
13158 11 14195 19
13187 99



1.8.5 Hotels
The list of hotel assets is available in the Covivio Hotels Universal Registration Document.




76 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Activity in 2024




1




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 77
ICON Düsseldorf
© Covivio / DR




78 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
2
Risks and
uncertainties
2.1 Risk factors 80 2.2 Internal control, risk management
2.1.1 Prioritisation and summary of the main risks 80 and compliance policies 97
Preamble: 81 2.2.1 Objectives, scope and guidelines 97
2.1.2 Description of the main risks, impacts 2.2.2 System components 97
and control 83 2.2.3 Internal control of accounting and financial
2.1.3 Financial risks linked to climate change 96 information 100
2.2.4 Insurance system 101
2.3 Trends and outlook for 2025 101




COVIVIO DOCUMENT D'ENREGISTREMENT UNIVERSEL 2024 79
2 Risks and uncertainties
Risk factors




2.1 Risk factors
In accordance with European regulation (EU) No. 2017/1129 of 14 environment in which the Group operates. Its results are
June 2017, the two associated subsidiary regulations which came presented and discussed with the Audit Committee, then with
fully into force on 21 July 2019 (together called “Prospectus 3”) the Board of Directors.
and the ESMA guidelines on risk factors, the risks specific to the
The major risks have been identified, as have the action plans to
Covivio group, the occurrence of which could have a significant
be implemented, strengthened or applied in order to improve
effect on the company’s financial position or results, after the
control.
application of risk management measures, are presented below.
However, investors should be aware that other risks, likely to have
The risk mapping, which is regularly reviewed, was updated in
a significant adverse impact, may exist, even though they have
2024 at a Group level; it includes all its subsidiaries and activities
not yet been identified or their occurrence had not been
and takes into account changes in the business lines and the
considered plausible on the date hereof.


2.1.1 Prioritisation and summary of the main risks
The Risk, Compliance, Audit and Internal Control Department is 2.1.1.1.2 Probability and level of control
responsible for identifying and rating risks on the basis of: The probability of occurrence of the risk is rated from 1 to 4 which
● interviews with each operational department; also takes into account the control system put in place by
Covivio, mainly based on the efficiency of its procedures and,
● the results of the annual audit plans, which make it possible to more generally, its internal control system.
identify their level of control through the analysis of the
effectiveness of the internal control processes deployed by 2.1.1.1.3 Overall risk assessment
the Group. The risk is classified by taking into account the combined effect
The risks are presented in a limited number of categories (I. to of its potential net impact and its net probability:
VII.) in accordance with ESMA guidelines (1). ● low risk: < 1.5;
2.1.1.1 Methodology ● moderate risk: between 1.6 and 2.5;
The risk rating is the result of a combined analysis of their ● high risk: between 2.6 and 3.5;
potential negative impact and their probability of occurrence,
while taking into account the control measures implemented by ● very high risk: > 3.6.
Covivio.
2.1.1.2 Summary of the main risks
2.1.1.1.1 Impact and level of control The main risks are identified in the table below. They are grouped
Should it occur, the risk is likely to have an impact on the into seven categories:
valuation of the company, on its results as well as on its image
I. Risks linked to the environment in which Covivio operates
and/or on the continuity of its business. Thus, the rating of the
impact results from a financial estimate of the effect of such a II. Risks related to climate change
realisation on the NAV or EPRA Earnings consolidated as a
Covivio Group Share, depending on the financial flows III. Financial risks
concerned. IV. Risks related to Covivio’s growth
Certain non‑quantifiable risks are estimated based on their V. Risks related to information systems, data security and
potential impact on business continuity and/or on the image of cybercrime
Covivio, consequences that could hinder the Group’s ability to
implement its strategy and establish business relationships with VI. Risks related to the legal and regulatory framework in which
its stakeholders (buyers, sellers, customers, tenants, employees, Covivio operates
suppliers, etc.).
VII. HR Risks
Once quantified, the gross impact is adjusted for the level of
control and the insurance coverage system.
This results in a rating of the net impact on a scale of 1 to 4 (from
the lowest to the highest).




(1) ESMA31‑62‑1293 FR “Guidance on risk factors in the context of the Prospectus regulation”.


80 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Risks and uncertainties
Risk factors




Preamble:
The changes in risks presented below are mainly due to changes In March 2025, the various announcements by the US
in the economic and financial environment. Although still government are increasing uncertainties at the global level, both
uncertain, it has improved significantly in 2024 thanks to the in terms of international trade (customs duties) and the possible
control of inflation in Europe and the fall in interest rates. At the disruption of the geopolitical balance in place (relationship with
same time, the strengthening of Covivio in its subsidiary Covivio Russia, NATO, etc.).
Hotels (from 49.3% to 52.5%) and the conclusion of the
This new environment could have consequences on Covivio’s
transaction with AccorInvest - which resulted in an increase in
activity: increase in certain costs and decrease in hotel
the portion of its portfolio held in operating properties (see
attendance due to a slowdown in international tourism, without
paragraph 1.1.2.1 of this Document) - contributed to the increase
it being possible at present to accurately measure the potential
in risks mainly affecting the hotel sector.
impacts.
2

RISK RATING
Overall risk
Name Probability qualification Trend
Risk Impact
Risks of the risk qualification (impact and vs Y-1
category qualification
(see graph) probability)

Unfavorable changes in the real estate market Real estate market
(values) High
Reduction in demand and risks of vacancy resulting from new
I. Risks linked to the practices in the Offices sector (remote working) New offices uses
environment in High
which Covivio Decline/halt in activity resulting from an unfavourable Economic
operates geopolitical environment, terrorism, social unrest or pandemics, decline in Moderate
etc. (mainly Hotels) revenue (Hotels)
Default or insolvency of our tenants resulting from a difficult Moderate
global economic context Tenant defaults


Financial consequences of climate change: “transition” risk (cost
II. Risks related to of adaptation to existing and future environmental constraints) Climate change High
climate change and “active” risk


Liquidity risk and risk of non-compliance with banking covenants Covenants
(LTV, ICR) related to decreases in value and/or fall in revenues and liquidity High
III. Financial risks Unfavorable change in borrowing rates: increase in financial
expenses on the share of unhedged debt, hindering the ability Rates Moderate
to refinance existing debt and finance real estate development


Risks related to construction, property development or development
IV. Risks related to operations: supply disruption, delivery delays, non-compliance with High
Covivio’s growth budget forecasts (construction costs, vacancy on blank operation), Construction
risks related to safety on construction sites


V. Risks related
to information
systems, data Failure of information systems, consequences of “cyber” attacks, Cybercrime/
theft and/or alteration of data, particularly personal data Data High
security and
cybercrime


Unfavourable change in tax regulations Tax regulations High
VI. Risks related
to the legal Unfavourable change in real estate regulations Real estate
and regulatory regulations Moderate
framework in Risk of fraud, corruption (and related offences), money
which Covivio Fraud, Corruption,
laundering and related legal and image risks money laundering Moderate
operates
Compliance with health and safety regulations Health/
(mainly hotels) Moderate
safety regulations


VI. HR Risks Organisational risks related to the non-retention of the most Talent retention
sought-after employees in the labour market and development Moderate




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 81
2 Risks and uncertainties
Risk factors




Real estate
Covenants market
and liquidity (values)

Economic
decline
in revenue New offices
(Hotels) uses
Rate

Tenant
defaults Tax
regulations
IMPACT




Real estate Cybercrime/
regulations Data

Construction

Fraud,
corruption,
money laundering Climate
change
Health/
safety regulations
Talent retention
and development




PROBABILITY




82 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Risks and uncertainties
Risk factors




2.1.2 Description of the main risks, impacts and control
I. Risks linked to the environment in which Covivio operates
Evol. >1
Risk See graph Level
year

Real estate 
Unfavourable changes in the real estate market High
market (values)
Description Control mechanism

● Covivio’s total assets at the end of 2024 (€24.9 billion at 100%/€17.4 ● Covivio is committed to maintaining a solid rental base
billion Group share) mainly consisted of the appraisal value of the characterised by long‑term rental partnerships (occupancy rate
buildings, which amounted to €23.1 billion (€15.6 billion Group share).
Thus, any change in the value of real estate assets will have a direct
of 97.2% at the end of 2024, firm residual lease term of 6.2 years
(compared with 7.0 years at the end of 2023).
2
impact on the balance sheet total. ● The Group favours development projects for the benefit of key
● The value of Covivio’s asset portfolio is contingent upon the accounts, pre‑let before launch or delivery (the pre‑letting rate
performance of the real estate markets in which it operates. Both for offices projects undertaken at the end of 2024 was 46%).
rents and market prices (and consequently the yield rates used as ● Covivio is improving the quality of its portfolio through the
comparable by property experts) may be subject to fluctuations due development of assets with very good environmental
to the economic and financial environment. Covivio recognises its performance and the implementation of targeted work plans.
investment properties at fair value in accordance with the option ● At 31 December 2024, 98.5% of the Group’s portfolio had HQE,
offered by IAS 40. BREAM, LEED or equivalent certification. In addition, the
● In 2024, the value of the portfolio, Group share, changed on a proportion of office buildings with the highest levels of
like‑for‑like basis by -1.1% over the year (compared to -10.2% in 2023); certification (Very Good and above) stands at 71.2%, up +4.0 pt
this change is mainly due to an overall improvement in the economic compared to 2023.
and financial environment. Covivio is targeting a 40% reduction in its emissions (between
● The sensitivity of asset values to yield rates (corresponding to the 2010 and 2030). Actions taken so far, which help make Covivio
rent/appraisal value) is presented in Section 4.2.5.4.4 of this buildings more attractive to tenants, have been welcomed by
Document. the main rating agencies.
● Thus, a decrease in appraisal values is likely to affect the value of ● At the same time, Covivio is pursuing an ongoing asset
Covivio’s net asset value and, possibly, the valuation of its share management strategy to protect the value of its existing
price. portfolio, including an arbitrage policy aimed at maintaining its
● Finally, Covivio may not always be able to implement its rental, locations in European capital city‑centres and the main business
disposal and investment strategy at favourable market conditions, and leisure districts.
due to fluctuations in the real estate markets. ● The diversification of Covivio’s activities in terms of products and
geography also significantly helps to reduce the impact of
Summary of potential impacts market risk.
● Lastly, an Innovation Department and a Transformation
Department were created to strengthen the competitive
● Decrease in balance sheet value, NAV and, in certain cases, the share positioning of Covivio’s portfolio through the implementation of
price. an expanded service offering (digitisation, co‑working spaces,
● Impediment to the implementation of Covivio’s strategy: acquisitions, etc.).
disposals, leases.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 83
2 Risks and uncertainties
Risk factors




Evol. >1
Risk See graph Level
year

Reduction in demand and risk in vacancy resulting from new practices in the Offices scope 
New offices uses High
(remote working)
Description Control mechanism

● At 31 December 2024, office assets represented 50.8% of the Group’s ● Covivio has opted for a demanding asset allocation strategy
portfolio and 46.6% of revenues (compared to 49.4% in 2023); their characterised by a long‑term rental base and high real estate
occupancy rate was 95.5%. quality, favouring assets with excellent locations.
● Remote working, which was rare before the Covid‑19 health crisis, ● The maintenance of a high firm residual lease term, the
increased significantly during the lockdown periods beginning in the staggering of tenant vacations and ongoing discussions with
spring of 2020. them enable Covivio to secure its income over the long term.
● The high employee satisfaction rate, combined with the fact that Thus, at the end of 2024, the firm residual duration of office
companies see teleworking as an opportunity to reduce their leases was 6.2 years.
operating costs (in particular by deploying workstation/employee ● With its integrated Property Management teams, Covivio places
ratios of <1), confirmed this trend. customer satisfaction at the heart of its priorities. The Group
● It should be noted, however, that this phenomenon, having already intends to differentiate itself from its competitors by
reached a certain maturity, is tending to stabilise; the use of full strengthening its service offering and by pursuing its
remote, rather marginal, not being a preferred solution for environmental ambitions through the certification of its assets.
companies, some of them having even completely renounced ● The measures aimed at enhancing the attractiveness and
teleworking. competitiveness of its portfolio are also detailed in the “Real
● With a constant asset allocation strategy, Covivio expects an estate market (securities)” risk.
increase of office vacancy rate over the coming years in France, ● Lastly, the strengthening of Covivio in the hotel sector in 2024
Germany and Italy, which will then stabilise over time. For example, a helped to reduce the Group’s exposure in the Offices scope.
one‑point increase in the office vacancy rate is likely to lead to a
decrease in rental income of about €3 million.
● This unfavourable change in demand could thus affect both Covivio’s
revenues and the valuation of its portfolio.
Summary of potential impacts

● Increase in vacancies and decrease in rental income.
● Decrease in portfolio value.




84 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Risks and uncertainties
Risk factors




Evol. >1
Risk See graph Level
year

Economic
Decline/halt in activity resulting from an unfavourable geopolitical environment, terrorism, 
decline in Moderate
social unrest or pandemics, etc. (mainly hotels)...
revenues
Description Control mechanism

● In the event of a deterioration or instability of the political, ● The risk reduction measures put in place by Covivio consist of:
geopolitical, health (pandemics) or social context in Europe, Covivio ● developing a solid, long‑term rental base by maintaining a
could experience a decrease in demand for its business property high residual lease term (6.2 firm years at the end of 2024),
projects and, consequently, a drop in its occupancy rate and rental including 11 years in the hotel scope;

2
income. ● putting in place prudential rules applied to development

Hotel activity projects (monitoring of the pre‑letting ratio on the
development portfolio, limitation of equity exposed to
● This risk is the most significant for Covivio’s hotel business (operated vacancy risk, etc.);
via its subsidiary Covivio Hotels, in which it has a 52.5% stake, ● maintaining the diversification of its activities in terms of
compared to 49.3% at the end of 2023). This activity is in fact partially products and geographical locations.
liable to suffer from a rapid decline or even a total absence of ● In its hotel business, Covivio has chosen to forge partnerships
revenue: with major hotel groups (B&B, AccorInvest, NH hotels, IHG,
● on its variable‑rent assets indexed on hotel revenues; Marriott, B&B, RHG, Hotusa, etc.) benefiting from a solid financial
● on its operating income from the portfolio run as “operating base, enabling them to cope with a significant decline in their
properties“. revenues in the short/medium term.
● The hotel portfolio represents 20% of Covivio’s portfolio in Group ● At the same time, the group has been able to expand its
Share (compared to 17% in 2023) and 25% of its revenue (compared to geographical presence (12 countries in total), as well as the
22% in 2023)). segments in which it operates (32% upscale, 42% midscale and
● Variable revenues (including EBITDA from the portfolio held in 26% economy).
operating properties & funds) amounted to €80 million, up €16 million ● This diversification has enabled it to take full advantage of the
compared to the end of 2023, due to the strengthening of Covivio in “post‑Covid“ recovery in the tourism business on its portfolio in
its subsidiary Covivio Hotels and the transaction concluded by the variable revenues.
latter with AccorInvest in 2024. ● The risk management system is also described in the
● At the height of the Covid‑19 crisis, only 22% (in number of rooms) of developments dedicated to risk “Tenant defaults”.
Covivio’s hotel portfolio was open.
● Similarly, in 2018, the “Gilets jaunes“ movement had an unfavourable
impact on hotel occupancy resulting in a -0.5 point drop in the
average occupancy rate including -3.6 points in Paris.
● The risk of an attack also has a direct impact on hotel occupancy in
major cities. Thus, during the attacks of 2015, the hotel located at
Brussels Airport saw its occupancy decrease by 14.4 points.
● The Russo‑Ukrainian conflict did not have an adverse impact on the
number of visitors to Covivio Hotels' portfolio. Nevertheless, the
resulting uncertainties mean that future consequences for
international tourism cannot be ruled out.
Other activities
● The Group’s other activities were to a much lesser extent affected by
the pandemic and are less sensitive to changes in the geopolitical
context, the health situation, etc.
● As of 31 December 2024, the total amount of expenses net of
irrecoverable receivables corresponds to a controlled level of 0.4% of
revenues compared with 0.3% in 2023.
Summary of potential impacts

● Decrease in variable revenues: variable rental income and hotel
operating revenues.
● Financial fragility of tenants, which can go as far as bankruptcy
(vacancy and unpaid rents).




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 85
2 Risks and uncertainties
Risk factors




Evol. >1
Risk See graph Level
year


Default or insolvency of our tenants resulting from a difficult global economic context Tenant defaults Moderate →
Description Control mechanism

● Covivio is subject to the risk of a deterioration in the financial ● Covivio has made the strategic choice to develop rental
soundness of its tenants, which may go as far as their insolvency. partnerships with key accounts and large companies, while
● As a reminder, in 2019, the Group was faced with the default of one of ensuring the diversification of its rental base.
its tenants, Sequana, who had vacated 5,900 m2 in a building ● As such, for several years now, the weight of some key account
located in Boulogne. The financial loss was minimised to six months’ tenants, such as Orange in France, Telecom Italia in Italy and
rent because the security deposit could be retained. AccorInvest in the hotel segment, has decreased considerably.
● In 2020, faced with WeWork’s financial difficulties, Covivio had to ● The weight of the top three tenants in annualised rents fell from
reach an agreement resulting in the release of 21,600 m2 in 41% in 2014 to 11% by the end of 2024.
Dusseldorf, representing a loss of earnings of €7 million. ● The “Partnership Committees” allow the company to monitor
● In the hotel scope, the risk of insolvency of Covivio Hotels tenants is changes in the business activities of its tenants more closely.
mainly related to exogenous factors that may affect hotel footfall: ● Rental guarantees, rental deposits and the use of an external
adverse geopolitical environment, terrorism, social unrest or service to carry out tenant financial strength studies allow
pandemics, etc. (see “Economic decline in revenues”). Covivio to monitor its tenants’ risk of insolvency.
Summary of potential impacts ● The majority of rent in the German Residential portfolio is paid
by automatic transfer. A national register of payment defaults
● Decrease in revenues resulting from increased rents and/or that can be consulted by lessors and financial institutions also
vacancies. ensures better management of the risk of payment default.




86 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Risks and uncertainties
Risk factors




II. Risks related to climate change
Evol. >1
Risk See graph Level
year

Financial consequences of climate change: “transition” risk (cost of adaptation to existing
and future environmental constraints) and “asset” risk
Climate change High →
Description Control mechanism

● Since 2020, Covivio has commissioned MSCI to conduct an MSCI Real ● In order to bring its portfolio into line with its low‑carbon
Estate Climate‑Value‑at‑Risk® review on its office portfolio in Europe. objectives and control its transition risk, Covivio expects to
In 2022 this analysis was extended to offices, hotel and residential invest €261 million in its operating portfolio (“green” Capex) by
assets in Europe. Details of this risk as well as the results of the
analysis are presented in Section 3.1 of this Document.
the end of 2030. The impact of this work is not included in the
analyses opposite, but will make it possible to reduce the
2
● In a context of climate change, this risk is broken down into two average carbon intensity of Covivio’s portfolio and thus reduce
sub‑categories of risks likely to have financial consequences on the this level of value at risk.
Group’s portfolio or revenues: physical risks and risks of transition. ● Covivio’s sustainable development strategy, in particular its
most significant climate‑related issues and its plan of action
Physical risks
implemented, are described in Chapter 3 of this Universal
● Physical risks consist of the potential direct financial impact of Registration Document (URD) and the Group's Nature Report.
climate change on Covivio’s portfolio. The model proposed by MSCI
makes it possible to select more or less pessimistic scenarios and to
analyse 11 physical risks following the update of the model in 2024:
coastal, river and rain‑fed floods, tropical cyclones, forest fires,
extreme cold and heat, extreme precipitation and snowfall, storms
and water stress.
● The financial impacts can thus be multiple both in terms of asset
value and income: loss of assets, repair or replacement costs,
construction delays, costs of resizing heating/cooling facilities,
increase in operating costs, decrease in occupancy rates, lower rents,
etc.
● Under the 5 °C scenario - RCP 8.5 according to which there
would be no reduction in carbon emissions achieved at global
level, physical risks would represent 0.26% of the value of the
assets analysed by 2100. This risk falls to 0.19% under a scenario
in which public policies limit global warming to 1.5 °C. The main
risks identified for Covivio are flooding caused by rainwater and
rivers bursting their banks, and extreme heat.

Transition risks
● The challenge for the portfolio held by Covivio lies more in the risks
transition inherent in the need to reduce greenhouse gas emissions.
● The impacts of these risks can be modelled according to different
scenarios of alignment with a carbon trajectory, taking into account
expected changes in terms of demographics, energy mix and carbon
cost. For its portfolio, Covivio has selected an alignment with a 1.5 °C
trajectory:
● According to the REMIND Net Zero model (model used by the
NGFS), the risk of transition represents 4.33% of the value of the
portfolio assets, due to the efforts to be made to align with a 1.5 °C
and the assumption of an increase in the price of carbon over time.
This level is lower than the MSCI Europe Annual benchmark level (at
-4.70%).
● According to the CRREM model, the transition risk represents 2.16%
of the value of the portfolio’s assets (reduction of 94% in the
portfolio’s carbon intensity by 2050).
Summary of potential impacts

● Loss of attractiveness of the portfolio that may result in a decrease in
its value and the rental income it generates.
● Weakening of the rental property base.
● Costs of compliance with existing and future regulations.
● Physical destruction of assets (limited).




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 87
2 Risks and uncertainties
Risk factors




III. Financial risks
Evol. >1
Risk See graph Level
year

Liquidity risk and risk of non‑compliance with banking covenants (LTV, ICR)
related to declines in value and /or revenue
Covenants and
liquidity
High ↘
Description Control mechanism

● Covivio’s policy of paying down debt, instituted several years
Liquidity
ago, has minimised this risk. Thus, the ratio of net debt to asset
● The total amount of Covivio’s debt at the end of 2024 was €9.1 billion value including taxes remained under control at 38.9% at the
(Group share including undrawn debt and excluding commercial end of 2024 (compared with 40.8% at the end of 2023).
paper). The debt due in 2025 stands at €0.8 billion and €4.3 billion ● Risks of liquidity shortages are managed by tracking multi‑year
between 2026 and 2029 (inclusive).The repeated increases in the key cash management plans and, in the short term, by using
rates of the European Central Bank (ECB) aimed at curbing inflation confirmed and undrawn lines of credit.
continued until the third quarter of 2023. ● 18‑month liquidity forecasts are analysed every month by the
● Covivio has €2.5 billion in available liquidity enabling it to cover the Finance Department and are submitted to General
maturities of its debts until June 2027. Management.
● The Group is therefore exposed to the risk of insufficient liquidity to ● Covivio’s Investment Grade BBB+ rating with a stable outlook
service its debt or to refinance debts that reach maturity in 2027. from Standard & Poors as well as its ability to secure financing
● Such a shortfall could lead to early repayment and, if the debt were and refinancing on the market (€ 1.2 billion Group share in 2024
secured, the re‑possession by the lending institution of the assets for an average maturity of 7 years) is proof of the Group’s good
concerned. control of this risk.
● The maturity schedule of Covivio’s debts (at 100%) is presented in
Section 4.2.2.1 of this Document.



Covenants
● The risks related to changes in values and rents are detailed in the ● The systems for managing the risk of non‑compliance with
section dedicated to the “Unfavourable changes in the real estate banking covenants (LTV, ICR) are essentially linked to the
market” risk. management of the following other risks:
● In the event of non‑compliance with a covenant, Covivio would ● “Unfavourable changes in the real estate market”;

theoretically have to repay all of its drawn debt. In practice, however, ● “Unfavourable change in borrowing rates“.

this risk appears unlikely, as banks generally prefer to renegotiate the ● At the end of 2024, Covivio’s most restrictive LTV (Loan to Value)
existing financial terms of the borrowers concerned. covenant stands at 60% for an effective ratio of 42.0% (bank
LTV). As a result, the company could suffer a decrease in value
Summary of potential impacts
of its assets of 30% before reaching its LTV covenant.
● Inability to service the debt: immediate repayment, seizure of assets. ● At the end of 2024, Covivio’s most restrictive ICR covenant was
● Increase in financial expenses. based on 2x for an effective ratio of 6x.
● For more information, please refer to Section 4.2.2 of this
Document




88 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Risks and uncertainties
Risk factors




Evol. >1
Risk See graph Level
year

Unfavourable change in borrowing rates: increase in financial expenses for the share of
unhedged debt, hampering the ability to refinance existing debts as well as real estate Rates Moderate 
development
Description Control mechanism

● The repeated increases in the key rates of the European Central Bank ● Covivio uses hedging instruments to manage its interest rate
(ECB) aimed at curbing inflation continued until the third quarter of risk.
2023. ● The average interest rate on Covivio’s debt was 1.71% at the end
● In 2024, the ECB began to cut its key rates, reducing them by 25 basis of 2024 (compared with 1.50% at the end of 2023).
points, respectively in October and December, a trend confirmed by ● Average debt maturity is 4.8 years at 31 December 2024

2
a further 25‑basis point decrease recorded in January 2025. (compared to 4.9 years at end‑2023).
● The latest inflation projections for 2025 for the euro zone are set at ● The Group’s companies use derivatives to hedge against their
2.5% and should stabilise in the medium term at around 2.0%. interest rate risk, primarily via cap and swap contracts. They
● While this favourable outlook is good for the expected direction of carry out market transactions solely for the purpose of hedging
interest rates, Covivio’s needs to raise new finance and refinance their interest rate risk.
maturing debt make results sensitive to both past and future interest ● At the end of 2024, Covivio’s debt is hedged at 94.3% with an
rate increases. average maturity for hedging instruments of 5.8 years.
● With €7.5 billion in long‑term and short‑term borrowings (Group Share)
at the end of 2024 (i.e. a net debt of €6.8 billion compared with €6.9
billion at the end of 2023), Covivio is exposed to the risk of an
increase in its financial expenses in coming years. In 2024, the cost of
financial debt thus stood at €98.2 million compared to €97.4 million in
2023.
● Sensitivity to increases in the interest rate is described in Section
4.2.2.3 of this Document.
Summary of potential impacts

● Increase in financial expenses on the portion of unhedged debt.
● A brake on development capacity.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 89
2 Risks and uncertainties
Risk factors




IV. Risks related to Covivio’s growth
Evol. >1
Risk See graph Level
year

Risks related to construction, property development or development operations: delivery
delays, non‑compliance with budget forecasts (construction costs, vacancy on blank Construction High ↘
operation), risks related to safety on construction sites
Description Control mechanism

● The total Offices development pipeline at the end of 2024 was €1.3 ● Developments, based on thresholds set in the rules of
billion (compared to €1.7 billion in 2023), corresponding to 7 projects in governance, are presented for approval to the Executive
France, Germany and Italy. On the residential side, the “build to sell” Committee after review by the Risk Management, then to the
pipeline amounted to €174 million. The Group also conducts regular Strategy and Investment Committee, and finally to the Board of
work plans to improve its portfolio (€153 million of work carried out on Directors. The risks, obstacles and opportunities are reviewed in
its existing portfolio in 2024). detail during the validation procedure.
● As a result, Covivio is exposed to risks related to the development ● Of the €1.3 billion in the offices pipeline, 46% are pre‑let. In
(and to a lesser extent to the modernisation) of its real estate assets, addition, costs are 71% secured.
in particular: ● A procedure specifies all of the studies to be carried out prior to
● construction cost of an operation higher than the initial estimate for the launch of any project, including a selection process for
the project; service providers, the monitoring of the period ranging from
● construction period longer than the estimated one (technical construction to the delivery of the asset and the market launch
difficulties or delay in execution due to a failure to obtain of “on spec” projects (with no pre‑letting).
administrative authorisations, construction site delays resulting from ● In 2024, a Real Estate Commitment Committee (internal body)
a shortage of materials, etc.) which could lead to a delay in the was also created. Its main function is to validate all the studies
collection of rents and, in certain cases, the payment of penalties prior to the completion of any development project.
to the future buyer in the context of development operations or to ● In recent years, the development team made up of experts in
the future tenant (or even the lapse of the lease if the delay goes their line of business has been strengthened to ensure a better
beyond a predetermined period); management of projects, including worksite safety for which
● risk related to the letting of assets in the event of a market Covivio systematically uses specialist service providers.
downturn before project delivery; ● Lastly, commitments in terms of prices and delivery deadlines
● significant Health/Safety risk on all construction sites. are made with construction companies, including late‑payment
penalties.
Increase in construction costs and shortage of construction
materials.
● The production stoppages by construction materials suppliers during
the pandemic, combined with long steady demand driven by a
stronger than expected economic recovery, particularly in the United
States and Asia, contributed to the gap between the recovery in
demand and the supply capacity.
● The trend observed since 2021 (price increases and delays or even
cancellations of orders from suppliers aggravated by the Ukraine
war) slowed down significantly in 2023 and again in 2024. In France,
the ICC construction cost index thus increased by +1.8% between Q3
2023 and Q3 2024 compared with +3.4% and +8.0% over the same
period one and two years earlier respectively.
● On a more structural basis and in the longer term, mismanagement of
the resources required for construction (particularly natural resources)
could lead to a shortage and, consequently, a significant and
continuous increase in real estate development costs.
Summary of potential impacts

● Additional construction costs.
● Delivery delays.
● Non‑compliance with commitments made to tenants (BEFA) or buyers
(development) and associated penalties if applicable.
● Health and safety impacts and non‑compliance with real estate and
environmental regulations.




90 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Risks and uncertainties
Risk factors




V. Risks related to information systems, data security and cybercrime
Evol. >1
Risk See graph Level
year

Failure of information systems, consequences of “cyber” attacks, theft and/or alteration of Cybercrime/
data, particularly personal data data
High ↗
Description Control mechanism

● The measures put in place to reduce this risk are further
Cyberattacks
described in Section 2.2.2.1.2 of this Document:
● The amount of cash flows that Covivio may be required to disburse ● contingency plan;
exposes it to the risk of cyberattacks and attempted fraud by clever ● business continuity plan;
engineering for the purposes of extortion, theft, and alteration or
deletion of data, which may lead to an interruption of business.
● intrusion tests;
● training and awareness of cyber risks; 2
● Over the last four years, Covivio has seen an increase in attempted ● cyber risk mapping;
fraud, through clever engineering and phishing operations. These ● cyber insurance policy;
attempts could intensify with the Russian‑Ukrainian conflict.
● introduction of an ISSP (Information Systems Security Policy)
Depending on their extent, interruptions, violations or faulty
and a CISO (Chief Information Security Officer).
information systems are likely to cause, in addition to significant
● More generally, Covivio has initiated a project to secure its data
damage to computer hardware, an image risk and significant
and systems by hosting its strategic applications in a network of
financial consequences: expenses incurred to restore systems and
cloud servers, using a reputable supplier with the highest
reconstitute data, expert and legal fees, and, where applicable, fines
security standards.
for non‑compliance with regulations on the protection of personal
● Covivio has deployed an organisation dedicated to the
data.
protection of personal data at the European level, as detailed in
● At the beginning of 2022, Covivio was the target of a ransomware
paragraph 3.3.1 of this Document. This is led by country Data
cyberattack via the encryption of data located on some of its
Protection Officers and a Group Data Protection Officer,
servers. The latter, which hosted only a small part of Covivio’s data
guaranteeing the compliance of data processing with
and applications, were able to be restarted without significant
regulations.
damage or impact on the company’s activity.
● Finally, security and regulatory compliance audits are regularly
● In 2024, despite frequent phishing attempts and attacks on Covivio's
carried out by the Internal Audit Department.
websites, the Group’s information systems were not affected.
Theft and/or alteration of data, particularly personal data
● Given its residential activity in Germany (almost 40,000 tenants) and
as a co‑working service provider, the company is particularly
concerned with the management of personal data.
● It should also be noted that the Group increased its exposure to hotel
sector operating properties in 2024, following the transaction carried
out with AccorInvest. Covivio has thus significantly increased both the
volume of personal data managed (customers, hotel employees) and
interfaces with third‑party operators such as PMS (Property
Management Systems) and OTA (Online Travel Agencies) service
providers.
● In addition, the increasing digitalisation of its activities aimed at
deploying an attractive range of services in its buildings means that
Covivio uses multiple data subcontractors.
● Thus, in addition to financial, operational or image damage that
could result from theft or alteration of its data (processed in its own
systems or those of its subcontractors), Covivio could be liable to
fines from the competent data protection supervisory authorities,
which, in accordance with European regulation No. 2016/679, known
as the General Data Protection Regulation (GDPR), could affect 4% of
its global revenue.
● More generally, Covivio could be subject to penalties for
non‑compliance with the other principles of the regulation: purpose,
proportionality and relevance, limited retention period, security and
confidentiality, respect for data subjects’ rights, including information
about how their data is processed.
Summary of potential impacts

● Unavailability of systems that could seriously hamper Covivio’s
business in the longer or shorter term and associated image risks.
● Consulting and expert fees for data recovery.
● Sanctions related to non‑compliance with the regulations on the
protection of personal data.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 91
2 Risks and uncertainties
Risk factors




VI. Risks related to the legal and regulatory framework in which Covivio
operates
Evol. >1
Risk See graph Level
year


Unfavourable change in tax regulations Tax regulations High ↗
Description Control mechanism
● Covivio benefits, for some of its activities, from the SIIC regime (for ● The Group’s Tax department, which is made up of dedicated
real estate investment companies). As a consequence of this tax professionals, is responsible for managing tax risks. They
relief plan, the company is required to distribute most of its profits, constantly monitor regulations and case law, both local and
and its shareholders are subsequently taxed. European, with the help of specialised external consultants.
● A SIIC must be a public company and must not be 60% or more
owned by a majority shareholder, alone or acting in concert. The
REIT activities (SIIC activities) must represent more than 80% of its
activity.
● Thus, if the SIIC regime were called into question, Covivio would be
subject to corporate income tax on the portion of its income that
had hitherto been exempt.
● Stemming from a project by the OECD and the European
Commission, the “PILLAR 2” international tax reform seeks to impose
a minimum effective tax rate of 15% on all groups of companies with
revenue of at least €750 million, and has been applicable since
2024. The reform provides a specific exclusion for “ultimate parent
entity REITs” and their subsidiaries subject to certain ownership
conditions.
● Regarding PILLAR 2 rules on Covivio’s exempt scopes at 31
December 2024, no tax was booked, given a certain number of
uncertainties surrounding the understanding of these rules, in
particular the scope of application of the reform and the
announcement of clarifications of the representative bodies in 2025.
● Aside from this reform, any other change in tax rules applicable in
the real estate sector or any failure to comply with the resulting
obligations could have an adverse impact on the Group’s financial
results.
Summary of potential impacts

● Tax penalties.
● Tax increase.




92 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Risks and uncertainties
Risk factors




Evol. >1
Risk See graph Level
year

Real estate
Unfavourable change in real estate regulations
regulations
Moderate →
Description Control mechanism

● Legal and regulatory changes in commercial or residential leases, ● Covivio has integrated legal teams that closely monitor
particularly in terms of duration, indexation or recoverable rental changes in property regulations.
charges, are likely to have negative financial consequences for ● Covivio’s Sustainable Development Department is responsible
Covivio. for tracking any changes in environmental regulations. It
● For example, in order to limit the sharp rise in rents in recent years, the manages and disseminates any information required by
city of Berlin passed a law in February 2020 ‒ since overturned by the Covivio’s real estate teams to implement objectives and
German Constitutional Court ‒ which provided for a freeze and a cap
2
associated action plans needed to anticipate future
on rents in the city for five years. The impact of this regulation on regulations.
Covivio’s rental income for 2020 had been estimated at around -1%.
● Urban planning policies in favour of Residential could also, in the
event of mandatory reconversion of offices assets into residential
assets, affect the value of Covivio’s commercial real estate portfolio.
● Finally, the new construction constraints are also likely to lead to a
significant increase in building construction and renovation costs,
which would significantly affect the profitability of Covivio’s portfolio
in the least strained areas.
● The other specific risks related to environmental issues are detailed in
Section 3.1.2.4 et seq. of this Document.
Summary of potential impacts

● Unfavourable change in rents and expenses.
● Asset obsolescence: decline in values and rents.
● Increased construction and renovation costs.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 93
2 Risks and uncertainties
Risk factors




Evol. >1
Risk See graph Level
year

Fraud,
Risk of fraud, corruption (and related offences), money laundering and related legal and
image risks
corruption,
money
Moderate ↗
laundering
Description Control mechanism

● Covivio’s activities, including sales, acquisition, leasing and ● Covivio has a structured Internal Control Management System
development activities, involve significant capital movements as well which is described in Section 2.2.
as regular contact between Covivio employees and service providers, ● Measures to prevent specific risks of fraud, corruption and
intermediaries and/or public officials. money laundering are detailed in Section 3.6.2 of this Document.
● The reinforcement of the Group in hotel operating properties in 2024 This system is coordinated at the European level by the Group
is also likely to increase the occurrence of these risks, at least during Compliance Officer.
the integration phase of the processes and personnel of the newly ● The mandatory training provided regularly to all employees at
managed operating companies. the European level as well as all the tools made available to
them (Ethical Charter, whistleblowing system, procedures, etc.)
Fraud
fully contribute to increasing control of these risks.
● Covivio could be the victim of internal or external fraud: use of
privileged access, identity theft of an employee, manager or service
provider to arrange a transfer to a third‑party account for a real or
fictitious transaction, etc. In 2023, Covivio was the subject of several
identity thefts, in particular through the creation of fake websites
aimed at extorting funds from third parties though none had any
legal or financial consequences for the Group.
Corruption and influence peddling
● Covivio employees (employees, corporate officers), directly or via
intermediaries, could be liable to commit these offences, in their own
interest, that of a third party or that of Covivio.
● For example, employees could grant donations, subsidies, gifts or
other miscellaneous benefits (recruitment of a relative, etc.) with a
view to obtaining a contract, any other favourable decision by a
public official, a company officer or other decision‑maker in
connection with a sale, acquisition or lease.
● Similarly, Covivio employees could be granted these same benefits in
order to encourage the use of a service provider.
● In the event of proven corruption or influence peddling, in addition to
the penalties provided for by law, Covivio could be criticised for the
weakness of its risk prevention system as defined by law No. 2016‑1691
of 9 December 2016 relating to transparency, the fight against
corruption and the modernisation of the economy, and be subject to
sanctions in this respect.
Money laundering
● Covivio could participate in or carry out transactions involving a
violation of French or European laws and regulations relating to the
freezing of assets or restrictive measures (embargoes). Likewise,
Covivio could be penalised for failing to comply with the provisions of
the French Monetary and Financial Code on anti‑money laundering
and terrorist financing obligations, for example by failing to carry out
due diligence appropriate to the type of business operations.
Image
● In addition to the penalties (administrative, civil, criminal, etc.) and
their financial impact, Covivio could, in the event of proven fraud,
corruption or money laundering, see its image damaged, which would
have the effect of limiting its ability to form business relationships,
and consequently, to implement its strategy of disposal of
acquisitions, development or leasing.
Summary of potential impacts

● Financial losses.
● Sanctions imposed by administrative or legal authorities.
● Damage to Covivio’s image, hindering its ability to forge business
relationships.




94 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Risks and uncertainties
Risk factors




Evol. >1
Risk See graph Level
year


Compliance with health and safety regulations (mainly hotels)
Health/safety
regulations
Moderate ↗
Description Control mechanism

● Through its activity, Covivio is exposed to health risks (asbestos, ● Covivio has integrated legal teams that closely monitor
legionella) and environmental risks (particularly soil and subsoil changes in health and safety regulations.
pollution). These risks may incur significant remediation costs and ● Covivio and its partners endeavour to implement appropriate
lengthy additional delays associated with the search for and removal measures to guarantee the health and safety of employees on
of toxic substances or materials when undertaking development or construction sites in an environment that exposes them to risks
asset‑renovation projects and lead to the civil and, potentially, the of all kinds: falls, electric shocks, exposure to chemical products,

●
criminal liability of the company.
Moreover, given its significant construction activity (see above), ●
noise, vibrations, etc.
More generally, in each country, the environmental unit of each 2
Covivio is exposed to risks related to safety on its construction sites. Technical Department applies a rigorous policy, in particular by
● Likewise, in its hotel scope, the diversification of Covivio’s monitoring environmental diagnostics (lead, asbestos, soil
accommodation offering (with alternative solutions between pollution), monitoring safety commissions for hotels and Group
traditional hotels and youth hostels) as well as catering services, high‑rise buildings, monitoring of environmental performance
mainly in its capacity as an operator, imposes on the company certifications for assets (HQE operation, Bream In Use) as well as
various obligations and responsibilities related to the health and new certifications regarding well‑being and connectivity in
safety of its customers, which were reinforced during the Covid‑19 buildings.
pandemic. ● Lastly, Covivio has removed the cooling towers likely to lead to a
● The reinforcement of the Group in hotel operating properties in 2024 risk of legionella or limited and closely monitored them, when
is also likely to increase the occurrence of these risks, at least during necessary.
the integration phase of the processes and personnel of the newly
managed operating companies.
Summary of potential impacts

● Additional compliance costs.
● Sanctions of the competent authorities.
● Damage to Covivio’s image, hindering its ability to forge business
relationships.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 95
2 Risks and uncertainties
Risk factors




VII. HR risks
Evol. >1
Risk See graph Level
year

Talent retention
Organisational risks related to the non‑retention of the most sought‑after employees in the
labour market
and Moderate →
development
Description Control mechanism

● 2022 was characterised by post‑Covid recovery and an upsurge in ● The challenges relating to skills and the attractiveness of
hires at European level. The labour market has now returned to its Covivio as an employer were identified as part of the CSR risk
pre‑Covid situation in most European countries: in October 2024, the mapping as major issues for the company.
euro zone’s seasonally adjusted unemployment rate was 6.1%, slightly ● The measures deployed by the Human Resources Department in
below the 6.6% recorded in October 2023, but with significant each country are detailed in Section 3.3.1 of this Document.
disparities between countries and sectors of activity (1). ● These include, in particular:
● The activities carried out within the Group, both in operational areas ● regular monitoring of HR indicators to analyse trends and
and in so‑called “support” functions, require a high degree of anticipate employee issues (departures, absenteeism, etc.);
employee qualification and/or concern particularly dynamic business ● systems aimed at promoting employer‑employee dialogue,
sectors. preventing psychosocial risks, reconciling personal and
● Covivio is therefore competing in the job market with many other real professional life (workload monitoring interviews, teleworking
estate operators (developers, construction companies, marketers, agreements, etc.);
etc.) and also with financial groups (e.g. asset managers, investment ● training and development plans (coaching, mentoring,
funds, etc.). sponsorship of new arrivals, etc.);
● In addition to the temporary organisational difficulties likely to result ● a performance‑based remuneration system incorporating a
from an excessive number of departures (loss of know‑how, variable portion allocation policy;
reallocation of workload and associated psycho‑social risks, etc.), ● attention paid to employee development, notably through
Covivio could, if such tension were to persist, find it difficult to internal promotion.
implement its strategy optimally due to a lack of qualified personnel ● Identification actions (people review, succession plans) and
and/or be faced with a significant increase in its payroll. initiatives regarding loyalty of key employees (Covivio long‑term
● Nevertheless, while some sectors are suffering from structural incentive plans) are also being rolled out at the European level.
shortages, others, due in particular to the slowdown in construction ● Covivio has also developed its visibility on the job market by
activity, are experiencing a significant easing of labour market launching its employer brand in September 2019. The Group’s 27
tensions. Covivio therefore has little exposure to this risk in its real ambassadors (in France, Germany and Italy) are its cornerstone:
estate functions, but remains exposed in its corporate functions. participation in the Grandes Écoles forums, proposing profiles of
However, a recovery in activity in the medium term could reverse this people to be recruited, involvement in the various networks to
trend. promote Covivio (LinkedIn, JobTeaser, advertising campaigns,
etc.).
Summary of potential impacts

● Temporary organisational risks (loss of know‑how) and associated
psychosocial risks.
● Impediment to the deployment of Covivio’s strategy.
● Increase in payroll.



2.1.3 Financial risks linked to climate change
Covivio’s sustainable development strategy, in particular its most It also includes the obligations related to the entry into force of
significant climate‑related issues, are described in the earlier the Taxonomy regulation (EU) No. 2020/852, its delegated acts
Section 2.1.2 as well as in Chapter 3 of this Universal Registration concerning the six main environmental objectives and Article 8
Document (URD). specifying the methodology for the indicators to be published in
this context.
This is the Covivio Sustainability Report, complying with the
CSRD (Corporate Sustainability Reporting Directive) enacted into This report details Covivio’s transition plan in line with a trajectory
French law by the Order of 6 December 2023 and Decree No. of 1.5 °C for its direct activities and well‑below 2 °C for all of its
2023‑1394 of 30 December 2023. activities in Europe in line with the principles of the 2015 Paris
Agreement and the climate reporting framework launched by
the Task Force on Climate‑related Financial Disclosures (TCFD),
and following the principles of ESRS (European Sustainability
Reporting Standard) E1 on the climate.




(1) Source: Eurostat


96 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Risks and uncertainties
Internal control, risk management and compliance policies




2.2 Internal control, risk management and compliance policies
2.2.1 Objectives, scope and guidelines
2.2.1.1 Objectives and limits Although this internal control system cannot, by definition,
provide an absolute guarantee that all types of risks will be
To respond to the risks, including those outlined in this section, completely eliminated, it provides the company with a
Covivio has implemented an internal control and risk comprehensive tool that effectively protects against the major
management system adapted to its activity in France, Germany risks identified and their potential effects.
and Italy. This system supports the efficiency of its activities and
improves team efficiency and the reliability of reporting. 2.2.1.2 Scope under review
In particular, it seeks to ensure that: The internal control and risk management system applies, 2
without exclusion of scope, to all activities covered by Covivio
● activities comply with laws, regulations and internal
and its subsidiaries, in France and abroad, as well as to all
procedures;
controlled subsidiaries.
● management acts correspond to the guidelines set by the
corporate bodies; 2.2.1.3 Reference framework
Covivio abides by the reference framework recommended by the
● assets, in particular buildings, are adequately protected;
French Financial Markets Authority (Autorité des Marchés
● the risks arising from the business are correctly evaluated and Financiers - AMF). This AMF reference framework is based on that
sufficiently controlled; of COSO (Committee of Sponsoring Organizations of the
Treadway Commission). It includes a set of methods, procedures
● internal systems, which contribute to the establishment of and measures that should enable the company to:
financial information, are reliable.
● contribute to the management and efficiency of its business
activities and the efficient use of its resources;
● appropriately take into account significant operational,
financial and compliance risks.


2.2.2 System components
2.2.2.1 A structured organisation The security of the Information System and its infrastructure is
ensured by:
In accordance with AMF recommendations, Covivio’s internal
control system is based, among other things, on known 1. A contingency plan to mitigate any physical or electronic
objectives, shared responsibility, and appropriate management attack on the information systems. Daily back‑ups are stored
of resources and skills. outside the building in which the main servers operate;

2.2.2.1.1 Delegations of powers and responsibilities 2. A business continuity plan has been drawn up jointly by
Delegations and sub‑delegations of powers have been put in teams from the Covivio Information Systems and Risk,
place. They ensure better organisation of the company and a Compliance, Audit and Internal Control Departments, with
stronger correlation between the responsibilities of operational the help of the global leader in business continuity solutions.
entities and the responsibilities of the executive. They are subject The business continuity plan is described in a special
to regular reviews and audits. procedure. In particular, it covers IT back‑up in the event of
an IT incident causing IT to fail to function for employees.
2.2.2.1.2 Securing information systems Tests are performed annually to ensure the efficiency of the
The features of the software applications used by Covivio system;
employees are tailored to their various activities. 3. Regular intrusion tests are performed by a specialist services
The security of the financial transactions conducted using the provider to ensure that the information system is secure. All
information systems is ensured by: recommendations resulting from these tests are regularly
monitored until their implementation;
● separation of payment authorisation and the execution of
payment transactions; 4. A cyber‑risk mapping exercise performed with the assistance
of a service provider specialised in this domain. This
● limits on the disbursements allowed for each employee and a highlighted that many management strategies were in place
dual‑signature requirement when limits are exceeded. within the Group, and implementation recommendations are
being taken into account;
These measures are updated in keeping with organisational
changes. 5. All Group employees attend training on cyber risks several
times a year, and awareness‑raising sessions on the issue, to
remind them of best practice and the conduct to adopt;




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6. A Computer Charter, disseminated throughout the Group ● procedures specific to each department or business line;
and attached to Covivio’s internal rules:
● the components of the internal control system, including
● This charter is first and foremost a Code of Conduct laying internal charters (in particular, the Ethical Charter, IT Charter);
down the principles for the proper use of IT and digital
● the role of the Ethics Officer.
resources. It also outlines the penalties applicable in the
event of any infringements, In addition, during their induction course all new employees of
the Group meet the Risk, Compliance, Audit and Internal Control
● It defines the scope of responsibility for users and for the
Department, which presents the department’s role and the
company, in accordance with legislation, to ensure the
Group’s procedures.
correct use of the company’s IT resources and Internet
services, In 2024, these training courses focused on the fight against
fraud, cybercrime, corruption and the protection of personal
● It helps to protect the integrity of the IT system, particularly
data, including best practices in the use of Artificial Intelligence
with regard to data security and confidentiality, as well as
tools.
the security of technical equipment;
7. The appointment of an external CISO (Chief Information 2.2.2.1.5 An established ethics and compliance system
Security Officer); Covivio has placed among its values not only compliance with
regulations and internal procedures, but also compliance with
8. The development of an ISSP: Information System Security rules of professional conduct and ethics, the proper
Policy, which has been reviewed and updated, and was implementation of which is ensured by the Group Compliance
approved by the Comex in 2024. Officer and the Ethics Officer. The company uses a complete
9. The implementation of a best practice guide on the use of Europe‑wide procedure that provides guidance on the
Artificial Intelligence (AI) and appropriate training for regulations and proper conduct to be adhered to by the
employees. company, its managers and corporate officers, as well as all
employees and partners.
2.2.2.1.3 Updated, validated and distributed
procedures Covivio thus benefits from a regularly updated Code of Ethics,
acting as a Code of Conduct within the meaning of the Sapin 2
In France, Germany and Italy, the procedures are drawn up by Law.
the Risk, Compliance, Audit and Internal Control Department, in
close collaboration with operational departments. This system is described in more detail in Section 3.4 of this
Document.
The procedures describe the risks and control points of the
sensitive and manageable processes. 2.2.2.2 A structured organisation
The procedures are presented as flowcharts that highlight: 2.2.2.2.1 Risk mapping
● the risks identified and the resources employed to control such For over ten years, Covivio has been mapping risks to better
risks; understand the events which could have an adverse impact on
the company’s results, monitoring changes to these risks and
● the roles and responsibilities of each individual (processing, improving the way they are managed. Significant risks are
monitoring, validating, information, archiving); presented in Sections 2.1 et seq. of this Document. In addition to
the general risk mapping, a corruption risk mapping is also
● the control points exercised.
carried out and updated in accordance with the Sapin 2 law.
Any procedure (creation, update, repeal) is presented to an ad This mapping was updated in 2024 with the help of an external
hoc Committee composed of members representing the Group’s consultant.
various business lines (operational and support staff) chosen on
the basis of their expertise and knowledge of the company’s 2.2.2.2.2 Incidents database
operations. The procedures are then approved by the Incident databases have been set up in France, Germany and
Management Committee. Italy. They make the mechanisms for managing risks more
efficient, by recording past incidents, to prevent their
To strengthen their validity and relevance, procedures are also re‑occurrence and limit their consequences.
approved by the Risk, Compliance, Audit and Internal Control
Department and by the member of the Management This incident database provides Covivio’s employees with the
Committee responsible for the procedure. means to assess risks in a quantitative and qualitative manner,
by setting the following objectives:
The validated procedures can be accessed by employees on
the company’s Intranet in France, Germany and Italy. ● supporting employees in incident management, notably
regarding incidents that have never been reported;
2.2.2.1.4 Employee training
● characterising these incidents by assessing their financial
The Risk, Compliance, Audit and Internal Control Department
impact;
organises training sessions called “Les Matinales du process”.
They are aimed at all employees in order to raise their ● producing analysis and summary reports;
awareness of:
● proposing solutions to contain these risks and any
● the risks inherent in their activity; occurrences or repeated occurrences;
● new applicable regulations; ● allocating the necessary resources to do so.




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2.2.2.3 Control activities proportionate to risks In 2024, a Real Estate Commitment Committee (internal body)
was also created. Its main function is to validate all the studies
The control activities in France and abroad are designed to prior to the completion of any development project.
mitigate the risks that could affect the achievement of the
company’s goals. The frequency of controls is adapted to the 2.2.2.3.2 Control of the Group’s activities
scale and nature of the risks. Control of proprietary companies, management companies and
2.2.2.3.1 Control of risks on investments, disposals and functional departments.
financing Control points relative to operating activities concern actions
In accordance with the rules of governance, decisions relating to needed to:
the highest risks are placed, in excess of certain amounts, under
● deliver the budgeted receipts:
the control of the Board of Directors and its specialised
Committees. This concerns in particular: control operating expenses related to assets;
2
●

● acquisitions and disposals; ● control direct operating expenses (personnel costs,
appraisals, asset management, etc.).
● medium- and long‑term financing;
Group Management Control is responsible for controlling
● business plans and budget objectives;
compliance with the budgets.
● principal strategic decisions.
The functional departments are controlled on a monthly basis
Other risks fall under the control of the Chief Executive Officer. with regard to cost management and budget compliance.
Once a month, the Directors concerned present their projects,
developments and activity reports to the Chief Executive Officer.
2.2.2.3.3 A vigilance body in Italy
Covivio has complied with the provisions of Legislative Decree
In 2020, Covivio appointed a Group Risk Manager, a member of 231 of 2001, “Modello 231”, for its permanent establishment in Italy.
the Covivio Executive Committee, whose mission is to provide It relies on a Compliance Committee composed of a member
General Management, in addition to a detailed risk analysis, an appointed by Covivio’s Board of Directors. It ensures that
independent insight into the risks inherent in the Group’s updates to the Modello 231 are applied and it monitors “sensitive
operations prior to their presentation to Governance bodies. activities” where there are risks of corruption, insider trading,
money laundering, employee health and safety, etc. It is regularly
informed of all these activities as well as any alleged or proven
breach of the provisions of the Modello and/or the Group’s
Ethics Charter. All stakeholders of the company can file cases
with it through a workflow system.


2.2.2.4 Control levels and stakeholders
This system is based on the three lines of control set out in the diagram below:



Board of Directors



Audit Committee




Management Committee
& Management team EXCOM




Risk Management
Operational Management - Internal Control
- Functions - Ethics, Compliance Internal Audit
- Income - Management Control
- Country - Accounting
- HR, Legal



1st line of Control 2nd line of Control 3rd line of Control




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2.2.3 Internal control of accounting and financial information
The internal control of the accounting and financial information ● the justification of the balances and the usual reconciliations
of Covivio and its subsidiaries is one of the major elements of the of validation and controls, in conjunction with the work of
internal control system. It is designed to ensure: Management Control;
● the reliability of the published statements and the information ● analytical reviews to validate changes in the principal
communicated to the market; balance sheet entries and the income statement with
operations staff;
● their compliance with regulations;
● separation of tasks between commitment powers and
● the application of the instructions laid down by General
accounting activities;
Management;
● review of consolidation reporting for each subsidiary;
● the prevention and detection of fraud and accounting
irregularities. ● review of the impact of taxes and disputes.

2.2.3.1 Scope For every decisive event, a specific note is drawn up analysing its
impacts on the financial statements of the entities and on the
For the production of the Group’s consolidated financial consolidated financial statements.
statements, Covivio’s scope of the internal accounting and
financial control includes all the consolidated subsidiaries. The reliability of processes enables Covivio teams to devote
more time to control activities.
2.2.3.2 Actors and governance
As the consolidating company, Covivio defines and supervises
2.2.3.4 Production of consolidated financial
the process of preparing the accounting and financial statements
information published. The Accounting Department is For the preparation of the consolidated financial statements, the
responsible for the management of this process, under the Accounting Department of Covivio has written a detailed
responsibility of the Chief Financial Officer. Responsibility for the consolidation manual that contains specific instructions for
production of the consolidated and parent company’s financial French and foreign subsidiaries.
statements of the subsidiaries is assumed by Covivio’s
Accounting Department, under the control of the relevant The consolidated financial statements are prepared using a
executive corporate officers. software package accessible to all of Covivio’s accountants. This
manual is updated regularly to comply with IFRS requirements
Two persons are particularly involved: and the specific characteristics of the various operational and
● the Chief Executive Officer of Covivio is responsible for the financial activities of Covivio and its subsidiaries. The
organisation and implementation of the accounting and consolidated entities have a single accounting plan. The
financial internal control and the preparation of the financial processed data is uploaded in the programme in data
statements: packages.

● he/she presents the accounts to the Audit Committee and At each half‑yearly and annual closing, the accountants of the
to the Board of Directors for its approval, various consolidation sub‑levels receive detailed instructions
prepared by the Accounting Department.
● he/she ensures that the process of preparing the
accounting and financial information produces reliable data 2.2.3.5 Control of the communication of financial
and gives a fair picture of the company’s results and and accounting information
financial position;
The Chief Executive Officer coordinates the closing of the
● the Audit Committee, as the representative of the Board of financial statements and conveys them to the Board of Directors,
Directors, conducts the verifications and controls it deems which also reads the report from the Chairman of the Audit
appropriate. It presents its findings to the Board of Directors Committee.
before the closing of the financial statements.
The Chief Executive Officer defines the financial communications
2.2.3.3 Production of accounting and financial strategy. The press releases about the financial and accounting
information require approval from the Board of Directors.
information
In France, as abroad, the quality of the process of producing the Covivio applies the EPRA Best Practice Recommendations,
financial statements is the result of, in particular: notably when presenting the financial statements and
performance indicators. This presentation enhances readability
● formalisation of accounting procedures; and enables comparisons with real estate investment trusts
(REITs) which publish in the same format.
● a consolidation manual, adapted to the functionalities of the
consolidation software;
● the validation and updating of accounting schemes;




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Trends and outlook for 2025




2.2.4 Insurance system
2.2.4.1 General policy 2.2.4.2.2 Liability insurance
Covivio has an insurance policy covering the Group’s operating The financial consequences of any legal disputes arising from
risks. The aim of this policy is to obtain complete cover on the personal injury, damage to property and other types of damage
insurance market appropriate to the activities carried out and suffered by third parties and attributable to misconduct in the
the risks incurred by the company. These guarantees are taken performance of the company’s activities, and the activities of its
out with leading insurers, all of which have a good financial subsidiaries including Wellio, or arising from its real estate
strength rating and are part of the Group’s risk management portfolio and all the equipment pertaining thereto, are insured
policy, which is actively and dynamically managed by the under a specific insurance policy which provides a high level of
Covivio’s Insurance Department. The main risks covered are cover in line with the scope of the portfolio and the activities
property damage and acts of terrorism/attacks that could carried out.
affect the Group’s real estate portfolio, as well as civil liability The personal civil liability of corporate officers and de jure or de
2
that the company could incur in the course of its activities as a facto executives of the company is covered in amounts
real estate professional, property owner and manager, as a appropriate to the financial importance of the Group as well as
co‑working services provider, and also in the context of to all of its activities and subsidiaries.
construction and real estate development operations.
2.2.4.2.3 Other risks insurance
Covivio has also taken out an insurance policy against
cyber‑risks that supplements its insurance cover against the risks Covivio has taken the necessary measures to protect its interests
of fraud and cyberattacks. and those of its shareholders with regard to exposure to financial
risks resulting from acts of fraud, malfeasance or computer
In 2024, policies were renewed with cover levels maintained and malpractice, by subscribing to a specific insurance programme
price rises were limited. Covivio’s insurance partners include offering the company a high level of guarantee. In response to
leading insurance companies such as Allianz, Chubb, Zurich, heightened cyber‑risks, Covivio has also taken out an insurance
MMA, Liberty Mutual, XL/Axa, Generali, AIG and ACE Europe. policy with an insurer enabling it to benefit from cover against
cyber‑risks.
2.2.4.2 Description of levels of cover
In addition, in the event of events likely to affect Covivio’s image
2.2.4.2.1 Real estate portfolio insurance
and reputation, insurance coverage for certain incidents has
The real estate portfolios are insured for their reconstruction been taken out, enabling it to finance the intervention of a
value, with extended cover for “indirect losses” and “loss of rental communications firm specialising in crisis management. This
income/operations”. The contractual cover limitations on the financial solution is part of the plan established by Covivio in the
policies taken out are all adapted to the specific features and event of its crisis response unit being activated.
value of the insured portfolio.
2.2.4.2.4 Professional portfolio insurance (offices, IT,
In addition, the company receives advice and support from its vehicles)
insurers’ engineering prevention services each year. Covivio
makes every effort to comply with the recommendations of its Covivio’s business assets, which include the walls of the offices
insurers and thus maintain its assets in a constant state of safety the company operates, as well as their contents (furniture,
with respect to fire hazards and insurability on the market. fittings) and IT equipment, are insured under specific policies
Covivio’s insurance programmes comply with the directive offering Covivio extended coverage for various events. The
concerning the freedom to provide services, thus covering specific insurance contract for damage that could affect
Covivio’s assets located in the European Economic Area and the Covivio’s information systems includes additional coverage that
UK. has been adapted to the conditions and particularities of the
company’s ”Business Continuity Plan”. Company vehicles are
Covivio systematically takes out legal insurance coverage for all covered for all risks by a “car fleet” policy, the insurance
its real estate restructuring or new construction projects. Kinds of characteristics of which are reviewed annually, and the personal
insurance include “works damage” and “property developer”, vehicles used by employees on an occasional basis in the course
“constructors all risk”, “operating losses/rental losses” and “civil of their duties are covered by a “Mission Car” policy.
liability of the project owner/developer”, in order to financially
secure all its development operations at each stage.




2.3 Trends and outlook for 2025
As a follow‑up to the actions rolled out in 2024, the Risk, management of cyber risks, compliance with regulations on the
Compliance, Audit and Internal Control Department will ensure protection of personal data as well as the use of Artificial
the full and in‑depth implementation of the year’s audit plan in Intelligence as part of the Group’s digital transformation and its
2025. It also plans to improve the management, identification, growing exposure to “operating properties” in the hotel sector,
understanding and hedging of risks within the Group. The will also constitute major challenges for the Group in 2025.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 101
Urban Garden
Boulogne, HôtelIssy-Les-Moulineaux
Mercure
© Covivio / DR




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Sustainability
report
3.1 Introduction 104 3.4 Business conduct information 297
Sustainable Development at Covivio 3.4.1 Governance based on ethics
in a few key dates 104 and transparency (GOV‑1) 298
3.1.1 Editorial by the Chief Executive Officer 106 3.4.2 Policies related to business conduct and
3.1.2 General information (ESRS 2) 107 corporate culture (G1‑1) 300
3.1.3 Combating asset obsolescence (Sector 3.4.3 Supply chain and payment practices (G1‑2) 304
issues) 135 3.4.4 Preventing risks of corruption and bribery
(G1‑3) 305
3.2 Environmental information 144
3.4.5 Business conduct indicators (G1‑4) 305
3.2.1 Climate change (ESRS E1) 144
3.4.6 Representation of interests and lobbying
3.2.2 Pollution (ESRS E2) 184 (G1‑5) 307
3.2.3 Water and marine resources (ESRS E3) 190 3.4.7 Supplier payment terms (G1‑6) 308
3.2.4 Biodiversity (ESRS E4) 202
3.5 CSR performance 309
3.2.5 Management of resources and the circular
economy (ESRS E5) 217 3.5.1 Cross‑reference table 309
3.2.6 Contributing to implementing sustainable 3.5.2 Appendix List of assets and compliance
finance 231 with Green Bond criteria 318
3.5.3 Regulatory tables connected to European
3.3 Social information 240 Taxonomy 320
3.3.1 Own workforce (ESRS S1) 240
3.6 Audit of non‑financial information 326
3.3.2 Working conditions and respect for Human
Rights in the value chain (ESRS S2) 267 3.6.1 Certification of sustainability information 326
3.3.3 Affected communities (ESRS S3) 275 3.6.2 Third party verification – Green Bonds
Covivio 332
3.3.4 Consumers and end‑users (ESRS S4) 285




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 103
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3.1 Introduction

Sustainable Development at Covivio in a few key dates


Energy transition law
Paris Agreement
2016
2015 Issue of the 1st Green Bond (€500 M)
Publication of the purchasing White Paper and Cube 2020 Trophy (energy performance) for
signing of the Responsible Supplier Relation Charter a Covivio building
1st BiodiverCity labelled site in operation Covivio
A-Leader at CDP




European Directive on CSR transparency Energy efficiency charter for tertiary buildings

2014 2013
Drafting of two Biodiversity specifications First LCA on a development and renovation
The 2013 SD report receives the EPRA Gold Delivery of the 1st green hotel (HQE)
(and every year since) 7 first BREEAM In-Use certified buildings




Green Annex Decree CSR Transparency Decree

2011 2012
Deployment of the Responsible Purchasing policy Online publication of the 1st COP on the Global
Signing of the Global Compact Compact website
Covivio included in FTSE4Good Deployment of the Responsible Purchasing policy




Grenelle II law Grenelle I law
2010 2009
First environmental annexe
Environmental and energy mapping of assets
First LCA
Signing of the Diversity Charter Launch of the Passerelle programme




2008
Launch of the CSR policy
Delivery of DS Campus, Covivio’s first
HQE-certified building
Caption


Regulations
CSR strategy
Highlights



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Implementation of the NFRD
Decree on CSR transparency
2018
2017 SBTi approved 2°C trajectory
"Open" BMS specifications Update of Responsible Purchasing Policy tools
Drafting of Mobility Plan Group CSR risk mapping



Taxonomy Regulation Pacte law
Tertiary decree method order Tertiary Decree

2020 2019
Mapping of CSR risks related to purchases Expression of the Purpose
Portfolio resilience studies Energy supervision deployment
European Air Quality challenge with EDF HQE Operation applied to 100% of German Residential 3

Alignment with EU taxonomy climate objectives
Implementation of the EU taxonomy OPERAT declaration

2021 2022
Update of the carbon trajectory Global Biodiversity Score
CARE Programme: customer well-being and safety Quantification of green CAPEX related to the carbon
GRESB: Global Sector Leader trajectory
100% green bonds
Best Managed Companies label
1st Climate Report




2023
CSRD Directive
Extension of the Responsible Purchasing policy
to Europe
Green Bond Framework Covivio Hotels
Covivio 4 Climate
EcoWater programme

2024 HIGHLIGHTS

Implementation of the CSRD
CS3D Duty of Care Directive
Full application of European taxonomy

Definition of a Nature strategy and publication of the 1st Nature report
Update of the socio-economic impact study
CSR action plan initiated at Wellio

Covivio joins the CDP Climate A-List
BBCA Operation label for Thaïs and Silex 1, among the first buildings to receive the label
Inclusion of the Operating Properties scope into the CSR reporting following the reinforcement
of this activity


COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 105
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3.1.1 Editorial by the Chief Executive Officer
Droughts, heat waves, forest fires, floods: extreme weather Another of Covivio's major achievements is the development of
conditions reached new heights (1) in 2024, bringing human our Nature strategy, which is the result of more than two years of
tragedy in their wake. In this context, Europe continued to work and a summary of our policies and actions in the areas of
steadily strengthen its regulations, in an attempt to contain climate and biodiversity, water, circular economy. A collaborative
global warming (which reached +1.3°C in 2024), and to reduce project carried out at the European level with the operational
pollution, the use of plastic, etc. Or to standardize CSR reporting, teams and the involvement of governance at each stage of the
with the implementation of the CSRD (2), which requires the project, including the Executive Committee and the Board of
collection of a large amount of data. Directors via its CSR Committee. This Nature strategy, based on
a holistic approach, addresses several of our material challenges
Our CSR report for 2024 is the first to be written in compliance
that emerge from the analysis of the Group’s impacts, risks and
with the provisions of the CSRD. Covivio already had a complete
opportunities. Our Nature report, aligned as closely as possible
and transparent CSR reporting, going beyond the framework of
with the TCFD and TNFD recommendations (4), presents the 21
the DPEF (3) and responding to the various requests of
multi‑year objectives selected.
stakeholders by applying the best international standards. In
2023, we began to prepare for the implementation of the CSRD 21 is also the number of associations which our corporate
with the double materiality analysis and by conducting a gap foundation supports, with the common objective of equal
analysis on all key issues. To do this, we relied on the Group’s CSR opportunities. Covivio is also continuing its commitments in the
governance and conducted numerous workshops and internal social and societal field.
interviews.
2025 started with a number of uncertainties as to the terms of a
Besides the formal response to standards, our ESG strategy simplification of the Green Deal for Europe and associated
continued to be enriched in 2024 and to move the Group regulations. In addition to frequent regulatory changes, Covivio
forward in several areas that we consider essential. and its subsidiaries maintain their CSR objectives, and continue
to transform themselves, with the support and commitment of all
First, the initiatives which are contributing to attaining our
levels of the company.
carbon and energy trajectories with notably the development
and deployment of investment plans to promote the Agility and the ability to adapt, our culture of partnerships and
environmental performance of buildings. In 2024, some €40 innovation, are all assets that enable Covivio to anticipate and
million in energy efficiency CAPEX on the existing portfolio and a adapt to constantly changing situations, while remaining faithful
total of 84% of CAPEX aligned with the taxonomy were invested. to its principles and values.
These efforts made it possible to reduce the Group’s carbon
emissions by 28% this year compared to 2010, in line with the
target of -40% by the end of 2030. In our hotel portfolio, the
acquisition of business assets is part of a broader control of the Christophe Kullmann,
actions carried out to improve environmental performance. Chief Executive Officer




(1) When Risks Become Reality: Extreme Weather In 2024 – World Weather Attribution
(2) CSRD: Corporate Sustainability Reporting Directive/CSR Directive.
(3) Statement of Non‑Financial Performance
(4) TCFD/TNFD: Taskforce on Climate/Nature Financial‑related Disclosures


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3.1.2 General information (ESRS 2)
3.1.2.1 Sustainability reporting scope and of application is also characterised by the estimation of part of
the data on energy consumption (see section 3.2.1.5 / Energy
methodology (ESRS 2 BP‑1/2)
consumption and energy mix (E1‑5)) and waste production and
Every year, the CSR chapter (Chapter 3) of the Covivio Universal treatment (see section 3.2.5.5.1 / Production and treatment of
Registration Document (URD) sets out the company’s sustainable waste in the operating portfolio), as well as by a first social data
development strategy. Covivio has prepared this sustainability reporting exercise on the Covivio Hotels operating properties
statement in compliance with the provisions of the European scope (see section 3.1.2.5 / Action plan (MDR)).
Corporate Sustainability Reporting Directive (CSRD) and its 12
European Sustainability Reporting Standards (ESRS). The Despite the uncertainties highlighted, the sustainability report
provisions of the CSRD directive were transposed into French law was prepared and presented in accordance with ESRS
by the Order of 6 December 2023 and Decree No. 2023‑1394 of requirements, and improvements are already expected to
30 December 2023. A key element of the Green Deal for Europe improve the quality of reporting:
is the strengthening of the sustainability reporting requirements ● a better understanding of future requirements with the
of companies. The main objective of the CSRD is to harmonize publication of guidance and Q&A by the European
companies’ sustainability reporting and improve the availability Commission (in particular guidance relating to the transition
and quality of the ESG (environmental, social and governance) plan);
data which is published.
● the improvement in the quality of the source data for certain
This information has been compiled in the context of the first indicators, which also enables the improvement of the
application of the aforementioned articles, which is marked by estimates which can be made;
uncertainties over the interpretation of the texts and the
absence of reference practices, particularly for the analysis of ● the benchmark information, limited today, which should
double materiality. These uncertainties concern in particular the
treatment of greenhouse gas emissions related to the tenants of
emerge with the increase in the number of companies that
publish/report information relating to the CSRD;
3
the buildings, accounted for in scope 3 of greenhouse gas
● the stabilization of reporting practices, particularly with regard
emissions (see section 3.2.1.6 / Gross GHG emissions of scope 1,
to taxonomy.
2, 3 and total GHG emissions (E1‑6)). The context of the first year


The 12 ESRS standards
Cross‑cutting standards Environment Social Governance
ESRS 1 ESRS E1 ESRS S1
General requirements Climate change Own workforce
ESRS E2 ESRS S2
Pollution Workers in the value chain
ESRS E3 ESRS S3
ESRS G1
Water and marine resources Affected communities
ESRS 2 Business conduct
General information ESRS E4
Biodiversity and ecosystems
ESRS S4
ESRS E5 Consumers and end‑users
Resources and the circular
economy


Other legislation and reference frameworks Since 2017, this reporting has been aligned with the 17
For several years, Covivio has referred to the recommendations Sustainable Development Goals (including SDG 13 “Climate
of the European Public Real Estate Association (EPRA) to prepare action”) defined by the United Nations. It gathers information on
its financial and sustainability reports. The table of compliance the company’s consideration of the social and environmental
with EPRA recommendations is presented in section 3.5.1. Covivio consequences of its activity, as well as the analysis of the
also adheres to the GRI Standards framework, the SASB consequences of this activity on climate change. The financial
framework (1) ( 3.5.1) as well as to the TCFD AND TNFD, which the risks inherent in the effects of climate change seem limited in the
Group became a sponsor of in March 2023 and December 2024 short term for the Group ( 3.2.1.9). Nevertheless, since 2017, Covivio
respectively. has been carrying out various specific, more in‑depth
assessment studies. Actions are often carried out in coordination
Chapter 3 of the Universal Registration Document (URD) sets out with major tenant accounts, associations and leading initiatives
the objectives and actions that come within the scope of (Alliance HQE, BBCA, Orée, Sekoya).
Covivio's low‑carbon strategy and, in particular, presents the
energy consumption and CO2 emissions connected with the use The provisions of the law of 23 October 2018 relating to the fight
of the buildings, corrected according to climatic conditions. against tax evasion are taken into account in Covivio’s risk
Every year, Covivio presents an accurate report on greenhouse review. Chapter 4 section 4.2.6.9.3 describes the policies and
gas emissions by activity, in particular by retracing the actions implemented to comply with the tax regulations of the
climate‑related issues, in accordance with the obligation to countries in which Covivio operates. The list of consolidated
conduct a greenhouse gas audit required by the Grenelle II law. companies is presented in Chapter 4, section 4.2.3.3 of this
Document. Considering the nature of Covivio’s business, which



(1) Sustainability Accounting Standards Board.


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3 Sustainability report
Introduction




are detailed in this document and more particularly in its multi‑tenant buildings, for which the teams of Covivio or its
business model ( 3.1.2.3), it appears that the implications of the subsidiaries have direct management. This scope also
French Sustainable Food law of 30 October 2018 (combating includes Covivio’s head offices in Europe. Environmental
food insecurity, respect for animal welfare and responsible, fair information relating to common areas and equipment is
and sustainable food) are limited for the company. Pursuant to collected internally by the property management services on
Law No. 2023703 of 1 August 2023 amending Article L. 2251021 of behalf of the owner. These are Covivio scopes 1 and 2 (direct
the Commercial Code, which promotes the bond between the emissions linked to energy consumption of the scope
nation and the army and supports recruitment to the reserves, managed directly and paid for by Covivio). Following the
the Group permits leave of absence for reservist employees if an acquisition of new hotel business assets in 2024, the
employee registers with the Human Resources Department. This “operational control” scope now includes hotels whose
has had no impact on the Group’s financial performance to business is managed by Covivio Hotels (which were previously
date, because of the lack of employees registered with Covivio. included in the scope outside operational control).
● Outside operational control: this involves buildings or parts of
buildings over which Covivio or its subsidiaries do not have
Reporting scope direct management, which is provided by the tenant, from
This sustainability statement covers the scope of consolidated whom data on consumption of water and energy, and data
activities which is consistent with Covivio’s financial report. This on volumes of waste (if available) are collected. These are
reporting covers the company's upstream and downstream either tenant areas of multi‑tenant buildings or single‑tenant
value chain ( 3.1.2.3), insofar as possible. It concerns both the buildings (hotels and offices). For Covivio, these asset classes,
dealings with the various upstream (suppliers, regions, as well as German Residential, are scope 3, relating to the
consultants, etc.), and downstream stakeholders, in relation to energy consumption of the buildings it owns.
Covivio’s partnership strategy, which is one of the keys to its
success, in particular with tenants, financing organisations, etc. The scopes and calculation methods are detailed in two
reporting protocols: one dedicated to environmental indicators
The differences, on the margin, between the financial and and the other to social indicators. They are online on the Covivio
non‑financial reporting scopes are specified in the relevant website. Unless otherwise specified, the data presented in this
sections, where they exist. This chapter 3 also takes the report are provided on a current basis. The main calculation
provisions which have already been published as part of the rules, estimates and data sources are mentioned in the ESRS
European regulation on the European “green” taxonomy into concerned, in particular for ESRS E1, E3, E5 including the
account. environmental reporting of the assets held. Covivio depends on
its value chain (tenants and suppliers) for a majority of
In order to reflect the Group’s strategy, the items reported in the
quantitative data points, in order to obtain the information
following pages are presented as follows: France Offices, Italy
required for producing its reporting. Certain social information
Offices, Germany Offices, German Residential, Hotels Europe. In a
not available from hotel operators will be collected in 2025
desire to be consistent with the financial statements, other
following this first reporting fiscal year. In addition, the flow data
categories are identified but are not included in the monitoring
for the German residential portfolio correspond to the data for
indicators published to date (for the water/energy/waste
the most recent year, aligning with the settlement of expenses.
indicators): atypical assets, registered offices, recent deliveries.
To the best of the knowledge of the persons responsible for
Environmental reporting is based on the financial control scope.
preparing this report, the information contained in the CSR
For environmental indicators, a distinction is made in
chapter of this report is accurate and does not include any
accordance with the method of management carried out by
omissions likely to alter the relevance of its content. Furthermore,
Covivio:
the CSR chapter of Covivio's URD is no longer exempt from
● Operational control: this is the scope targeted by the EPRA disclosure this year, as in previous years.
recommendations. These are the common areas of


Time horizons
The time horizons are defined as follows in the pages of this CSR chapter:

Horizon Time Scope covered
Short‑term <1 year The preferred scope for actions that do not require an in‑depth analysis or a high level of
governance validation.
Medium‑term 2‑5 years The CSR action plan is divided into five‑year sequences in order to take stock of longer‑term
objectives.
Long‑term 6‑10 years A horizon which is considered for larger‑scale projects (including developments) requiring the use of
forward‑looking scenarios and a long‑term vision of regulatory and market developments.
Very long‑term >10 years Although distant and not defined by the CSRD, the very long‑term work is necessary to fully
understand risks, particularly those related to climate, in order to apprehend potential IROs and
adapt the strategy.

These definitions are in line with ESRS 1 and the sequencing of Covivio’s CSR action plan. If a different time horizon were to be used in
any of the points developed in this chapter, it would be specifically mentioned.




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Stakeholder transparency commitment
Covivio published a Climate Report in 2022 and 2023. This became the Nature Report in 2024, by coherently coordinating with
Covivio's policies and achievements in response to the Group's material environmental issues (climate, biodiversity, water, circular
economy). These reports are available on its website.

Universal
Responsible
Registration Nature report Covivio Online The Magazine Ethics Charter
Purchasing Charter
Document
Targets/ Investors/Banks/ Investors/Banks/ Investors/SRI/ Investors/SRI/ Employees/Civil Suppliers/Certifiers/
Stakeholders SRI analysts/AMF/ SRI analysts/AMF/ Clients and partners/ Clients and partners/ society/ Clients and partners/
Individual Individual Suppliers/NGOs/ Banks/ Shareholders/ Employees/Civil
shareholders/NGOs shareholders/NGOs Employees/Civil Suppliers/ NGOs/Rating society
society Shareholders/ agencies
Employees/Civil
society/NGOs


Where can I find Publications - Covivio Publications - Covivio covivio.eu/Linkedin Publications - Covivio Publications - Covivio Publications - Covivio
the information?



Covivio has also adopted and published: third party ( Report on the certification of sustainability
information and control of the disclosure requirements for the
● An Environmental policy: in 2022, updated in 2025;
information stipulated in Article 8 of Regulation (EU) 2020/852, for
● A Human Rights policy: in 2024. the fiscal year ended 31 December 2024). The systematic
automation of data collection is one of the paths being
explored to ensure data accuracy and reduce the reporting 3
Reliability and veracity of the information produced burden associated with the current process.

Covivio strives to produce the most reliable data possible, using
several levels of analysis, consistency checks and validation.
Use of estimates
However, zero uncertainty does not exist, particularly with regard
to the environmental data of buildings that are not directly Calculations for estimating missing data are explained in
managed by Covivio. Therefore, Covivio cannot guarantee zero Covivio’s environmental and social reporting protocols. When
uncertainty, both for the results presented as well as future data are derived from an estimate, this estimate is clearly
objectives. The internal control procedures for sustainability indicated in the reporting tables or in the narrative section
information are described below ( 3.1.2.2.5). They follow the where the data is presented.
Group’s risk management practices and aim to ensure the
The estimates mainly concern:
reliability of the information produced. If changes in the
preparation or presentation of the information on sustainability ● water and energy consumption: for the months for which the
were to occur, Covivio would explain the reasons for these data is not available in time (December on energy, last
changes in the future and, if necessary, would provide the quarter on water);
restated figures for the previous year. Similarly, if a significant
● waste production: the data is available for assets with a
error were to be identified for the CSR reporting of one or more
specific waste collection contract. Otherwise, the data is
previous period(s), information on this would be included in the
systematically estimated on the basis of the frequency of
Sustainability Report, together with, if possible, the corrective
collections and volumes collected;
measures and the source of the error.
● extrapolation of data on certain indicators based on
Covivio includes the quantitative metrics and monetary amounts
representative samples (e.g. accessibility to public transport in
measured to date in each ESRS The levels of uncertainty or the
the German residential portfolio).
reasons for the absence of data are given in the relevant
sections. The main source of uncertainty comes from value chain
data, in particular concerning water and energy consumption
and waste production. In accordance with Covivio’s The resources and means implemented
environmental reporting protocol, consumption data is collected This report was prepared with support from the Group’s
by the Group’s Sustainable Development Department from functional and operational departments and presented at
Property Management Departments and operators (invoices for various levels within the company. CSR intermediaries in each of
common areas), tenants, and producers and distributors of the activities (operational and functional levels) intervene to
energy and water). After consolidation, these data are restated periodically communicate the information which is needed for
to make climate adjustments (winter and summer) in order to monthly, quarterly or annual reporting to the Group’s Sustainable
make the results comparable from one year to the next. The Development Department. The various resources implemented
data is analysed internally, resulting in investigations with the are detailed in each ESRS in connection with the action plans.
parties concerned and then to verification by an independent




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3.1.2.2 A governance of sustainability secondly, the Chief Executive Officer, who ensures the executive
management of the company. The Chairman of the Board of
challenges which is anchored in the
Directors ensures that the Governance bodies are transparent
Group’s organisation (GOV) and effective. His ongoing discussions with the Chief Executive
Covivio's governance is based on a Board of Directors structure, Officer, who is also a Director, help strengthen the functioning of
with the separation of the functions of Chairman of the Board of the Board and the efficiency of its meetings. The role and
Directors and Chief Executive Officer, thus guaranteeing an composition of the governance bodies are described in more
effective balance of powers between, firstly, the Chairman, who detail in Chapter 5 - Management bodies. The aim of this
oversees the proper functioning of the Board of Directors, and section is to highlight the involvement of governance bodies in
sustainability issues.


The activity of the Board and of the 4 specialised Committees in 2024

AUDIT COMMITTEE STRATEGIC AND INVESTMENT COMMITTEE

4 members 6 members
3 meetings 3 meetings
Independence rate: 75% Independence rate: 17%
Percentage of women: 50% 92% Percentage of women: 17% 94%
Internationalisation rate: 25% attendance Internationalisation rate: 33% attendance
14 members
Average age: 54 years old Average age: 59 years old
Independence rate: 50%
Percentage of women: 43%
Internationalisation rate: 29%
Average age: 58 years old
APPOINTMENTS AND
CSR COMMITTEE
REMUNERATIONS COMMITTEE

3 members 6 meetings 98%
attendance 5 members
2 meetings
2 meetings
Independence rate: 67% Independence rate: 80%
Percentage of women: 33% 100% Percentage of women: 60%
Internationalisation rate: 0% attendance 100%
Internationalisation rate: 40%
Average age: 63 years old Average age: 58 years old attendance




In November 2008, Covivio adopted the Afep‑Medef Code as a These efforts have been applauded by analysts and rating
reference framework for its corporate governance. The company agencies and widely recognised, in particular through the award
refers to the updated version published in December 2022 of this of AGEFI’s “2020 Grand Prix for Compliance”. In 2024, Covivio was
Code today, and draws on the work of the High Committee on awarded the Best Managed Companies label for the 3rd
corporate governance (HCGE), as well as on the various consecutive time, thus making it one of the 19 French companies
recommendations of the French Financial Markets Authority to win the third edition of the Deloitte France programme.
(Autorité des Marchés Financiers - AMF), the EPRA and the Ethics
For more information, please refer to:
Charter of the French Federation of Real Estate Companies
(Fédération des Sociétés Immobilières et Foncières – FEI, formerly ● on the role of the Chairman of the Board of Directors: 5.3.2.2.1;
FSIF).
● on the main duties of the Board of Directors: 5.3.2.2.2;
Since 2013, Covivio has increased the number of women on the
Board, while ensuring a balance in terms of independent ● on the skills of the Directors: 5.3.2.1.3;
Directors and strengthening and diversifying the Board’s skills, in ● on the Board of Directors’ Diversity Policy: 5.3.2.2.5;
particular in the area of real estate, law, the environment and
finance, as well as in terms of international expertise and ● on the experience of the Directors, reference to the CVs of the
administration of listed companies. At 31 December 2024, the Directors: 5.3.2.1.3.
percentage of independent Directors was 50% and the
The General Management is organised around various
proportion of women Directors was 43%. Given the presence of
committees, including the Executive Committee at European
Christophe Kullmann, Chief Executive Officer, on the Board, the
level. The Executive Committee, which is at the heart of the
percentage of Executive Directors is 7%. The average term of
corporate governance system, is a forum for reflection,
office on the Board of Directors is 7.93 years (EPRA Gov‑Board).
consultation and decision‑making on the Group’s major
Five nationalities are represented on the Board of Directors. In
strategies. The Executive Committee, which met several times a
addition, two employee representatives also attend the
month in one of the major cities where the company operates, or
meetings of the Board of Directors (see 5.3.2.2.6.4). Thus,
remotely, i.e. around 30 times in 2024, has a European dimension,
following the update of the Afep‑Medef Code in 2022, the Board
and approves every decision or significant operation concerning
of Directors inserted a description of the procedure for selecting
the asset rotation policy, the monitoring of subsidiaries and
Independent Directors (EPRA Gov‑Select) in its Internal Rules (1).
investments, the financial policy etc. It also addresses issues of
These developments have enabled Covivio to embrace an open, organisation, CSR, tools, etc.
transparent and ethical governance that is tailored to its share
ownership structure and with the aim of serving the long‑term
interests of the company, its shareholders, tenants, stakeholders
and employees.




(1) Internal rules of the Covivio Board of Directors.


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At the end of the 2024 financial year, the Executive Committee, The Executive Committee is supported by the Management
whose composition is presented in section 5.3.1.4 of the Universal Committees in France, Germany and Italy, which are in charge of:
Registration Document, had 12 members, including
● monitoring operations;
representatives from all Covivio “country” and “product”
activities, and corporate functions. ● budget implementation (finance, asset management,
portfolio);
The diversity of this Committee, in terms of gender, age,
experience, nationality and skills, enables it to provide the best ● corporate issues.
possible support for the Group's strategic challenges. The
Covivio Executive Committee is responsible for approving all
investments and disposals which exceed €5 million in value. Its
members are in charge of implementing the CSR objectives of
the Group within their area of responsibility and in coordination
with the Sustainable Development Department.


Simplified organisation chart of the European Executive Management

EUROPEAN GOVERNANCE


General Management
Finance Department
General Secretariat: CSR, Digital, HR,
IT, Legal, Innovation, etc.
Audit and Internal Control
3

Operational departments

France Italy Germany Hotels in Europe




3.1.2.2.1 Overview of sustainability governance Covivio’s Sustainable Development strategy covers all its
(GOV‑1) activities in Europe and all levels of the company. Built on the
experience from the analysis of material issues and CSR risks, this
CSR has a strategic dimension for Covivio’s business model and
strategy sets out an action plan ( 3.1.2.5) that echoes the
development, and Covivio’s governance bodies strive to
different objectives conveyed by Covivio’s Purpose. The four
promote corporate value creation by taking the various social,
components of this CSR strategy are common to each of the
societal and environmental issues that the company’s activities
activities: Sustainable buildings, Societal, Social and
face into account.
Governance.




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The four pillars of Covivio’s CSR strategy




SUSTAINABLE SUSTAINABLE ATTRACT, EFFICIENT
BUILDINGS AND INCLUSIVE DEVELOP GOVERNANCE
CITY AND RETAIN TALENT AND ETHICS
ENVIRONMENT SOCIETAL SOCIAL GOVERNANCE

• Develop assets that meet • Offer buildings that meet • Develop employee skills • Long-term shareholding
the highest environmental customer needs and 50% free float
• Encourage mobility
standards • Board of Directors with
• Support the local
• Commitment to the diverse skills, mostly
• Improve the portfolio’s economy and culture
diversity and diversity independent
environmental
• Offer more services of teams
performance • Strong internal audit
• Thanks to the and control procedures
• Fight obsolescence
Foundation, support
and ensure the resilience • A Group ethical charter
projects that improve
of assets applicable to all
equal opportunities
• Turning each site into in France, Germany employees in Europe
a biodiversity driver and Italy




By expressing its Purpose at the end of 2019 (Building well‑being and sustainable links), then by including it in its Articles of Association
in 2024, Covivio confirmed the importance of social and environmental issues at the heart of its business and asset strategy. By
developing its economic model, Covivio goes beyond the mere search for profit, considering that this objective must form part of a
broader mission including all those participating in the success of the company.
L’Assemblée Générale du 17 avril 2024 a
Significant changes have been made by the Board of Directors in recent years, enabling Covivio’s
approuvé àCSR approach
99,98% tostatutaire
l’inscription develop de and
la
strengthen. Raison d’Etre de Covivio.

Changes in the Group’s CSR governance

In order to monitor, challenge and review
its commitments, Covivio has created a The Board of Directors has aligned the financial
Stakeholders Committee and set up its policy with Covivio’s ESG ambitions regarding
Corporate Foundation which promotes progress on debt greening and has set up a green The Shareholders’ Meeting of 17 April 2024
equal opportunities and environmental investment plan so that Covivio complies with its approved the statutory registration of Covivio’s
protection. carbon reduction targets. Raison d’Etre by 99.98%.


2019 2021 2023

1 2 3 4 5 6

2020 2022 2024

Covivio’s purpose is: “Build sustainable relationships On 21 July 2021, the Board of Directors Covivio’s climate and carbon policy was
and well-being” and through this, it has committed decided to create a CSR Committee to help supported by 94.19% of shareholders with the
to: it perform its work regarding environmental, adoption of the “Say on Climate” resolution
societal and social responsibility and by the General Meeting on 20 April 2023.
• improving its impact on the environment governance and to ensure that CSR issues
• maximising the well-being of its clients and teams are taken into account in the Group’s
• strengthening its social commitments strategy and its implementation.




Covivio’s long‑term CSR policy was strengthened in 2019 with the The Executive Management, which has a European dimension,
expression of the Group’s Purpose. Its inclusion in the company’s therefore ensures that the Group's various functional and
articles of association was approved by the shareholders at the operational departments take social, societal and environmental
Combined General Meeting of 17 April, 2024 (99.98%). This policy issues into account when implementing the strategy defined by
covers all levels of the company and all of its activities in Europe. the Board of Directors.




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Covivio has made CSR an important component of its business strategy. Drawing on the CSR governance already in place,
model and development strategy for many years, with a central Covivio’s Nature strategy is shared with the main layers of the
role dedicated to the climate issue, and which has now been company and covers all of the Group’s activities.
extended to biodiversity via the definition of a holistic nature


The diagram below shows all the bodies which are involved in monitoring sustainability issues and the associated ROID (assessment of
risks, opportunities, impacts and dependencies), as well as their connections with the main governance bodies, which are the Board of
Directors. Administration and the Executive Committee.



Governance of the Group’s Sustainable Development strategy


BOARD OF DIRECTORS

CSR Committee
Once every 6 months
GROUP SD
EXECUTIVE COMMITTEE STEERING
GROUP LEVEL




Composed of
members of COMMITTEE
Once a
month

epar
tment an
dc
3
ntD ou
e
m
nt
p
NATURE GOVERNANCE




ry
elo




Nature
cor
tainable Dev




SD Strategy
respondents




Meetings Monitoring
Committee
Once every Once every
Sus




2 months 2 months
COUNTRY LEVEL




Local SD Committees
Once a month

Green Meeting/
Raising employee awareness
Once every 3 months



The Innovation and Transformation Committee, which is not Heads of Development, Asset Management, DSI, Wellio,
included in the diagram above, also contributes to certain Innovation, Sustainable Development and the Chief
cross‑functional issues related to the sustainable development Transformation Officer.
strategy. It brings together the Chief Operating Officer, the




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3.1.2.2.2 A Board involved in sustainability issues (GOV‑1/2)
The Board of Directors approves the Group’s strategic Committee was responsible for reviewing the audit methodology
orientations, including the multi‑year strategic orientations in and approach in the context of implementing the CSRD. The
terms of social and environmental responsibility, for which it is the subject was put on the Audit Committee's agenda in November
guarantor. It oversees their implementation and pays particular 2024, when the approach was validated. In addition, a joint CSR
attention to monitoring CSR performance. It approves this and Audit Committee session will be organized annually to
Sustainability Report. In addition, it was decided that the Audit specifically address CSRD reporting at Covivio.


Information concerning the Board's consideration of CSR issues
The percentage of 71%
Directors with CSR skills
Recognized expertise by Environment: Patricia Savin
at least one Director in Social and societal aspects: Alix d'Ocagne, Daniela Schwarzer
this area
Governance: Jean‑Luc Biamonti
Director training Directors are regularly trained on sustainability topics, in particular at CSR Committee meetings, by
presentations made by external experts, for example.
The Board of Directors’ strategic seminars, held every two years since 2015, successively in Berlin, Milan,
London, Bordeaux and then Milan again, have enabled the Directors to get a better grasp of the local
specificities of certain markets and to deal with long‑term topics like the Group’s climate strategy. At the
strategic seminar held in June 2023 in Milan, the Directors discussed Covivio’s societal commitments. The
seminar was also an opportunity to listen to the testimony of a company with a mission and better
understand the impact of such an approach.
The percentage of Board 100%
meetings with at least 2 meetings on nature topics (climate, biodiversity)
one CSR topic on the
agenda
CSR topics on the agenda ● Examination and approval of the Consolidated Statement of Non‑Financial Performance.
in 2024
● Approval of the appointment of Ernst & Young et Autres as Statutory Auditors in charge of certifying
sustainability information.
● Monitoring the progress of the ESG policy.
● Approval of the diversity policy applied to members of the Board and Committees, its implementation
methods and the results obtained.
● Approval of the non discrimination and diversity policy, particularly concerning gender balance on
management bodies.
● Approval of the company’s policy on gender equality and equal pay.
● Review of the Covivio Foundation activity report.
● Review of the list of social and environmental risks inherent to Covivio, as highlighted by an analysis of
the risk mapping, and approval of the action plans to be implemented.
● Monitoring of the work of the Stakeholders Committee.




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Coverage of sustainability issues by Specialised Committees

BOARD
OF DIRECTORS



Audit Committee Strategy and
CSR Committee CRN
Investment Committee

Validation and monitoring Independence of directors Review opportunities Consideration of social
of the implementation of Assessment of the and risks (including CSR and environmental issues
the Group’s CSR strategy functioning of the Board and climate) when reviewing investment
(in line with the Purpose Diversity on the Board, etc. Guarantor of the reliability projects (acquisitions
and the expectations of of the CSRD reporting & (re)development)
stakeholders), and support and reporting processes and disposals
for other committees Review of proposals
on CSR issues for appointment/renewal
Review and follow-up of sustainability auditors
of the double materiality Corruption and influence
analysis peddling
Review of any draft climate
resolution submitted to the
vote of the General Meeting
Gender equality policy
within governing bodies 3
and in terms of professional
and salary equality etc.




Proposal of relevant CSR criteria for CSR risks and climate risks:
executive remuneration, including at least advice to the Audit Committee
Work one criterion related to climate objectives
conclusions + monitoring of governance issues
made public considered by non-financial rating
agencies




STAKEHOLDERS'
FOUNDATION
COMMITTEE Bodies external
to the Board
of Directors
Long-term discussions on major societal, Tool for Covivio’s investment in actions
urban, technological and environmental to promote equal opportunities
changes, etc. and benefit the environment



● For more information on the 4 specialised committees of the Group’s CSR strategy, support the other bodies on these issues,
Board of Directors: 5.3.3 guarantee the policy of diversity and equality within the
management bodies, and review, with the Audit Committee, the
The Board thus relies on the work of four specialised committees
relevance and integrity of the information reported on
set up within it, particularly involved in the social, societal and
sustainability. The Committee meets at least twice a year and
environmental issues facing the company’s activities.
systematically reviews the objectives and progress of the CSR
The information below aims to explain how the administrative strategy. The Chairwoman of the Committee reports to the
and management bodies monitor the determination of Board of Directors on the Committee’s work after each meeting,
objectives related to material impacts, risks and opportunities, i.e. at least twice a year. The CSR Committee, which was already
and how they monitor progress towards their achievement committed to CSR and Climate issues, was involved throughout
during the reference period, in connection with the table of IROs the formalization of the Nature strategy, via the review of the
presented in section 3.1.2.3.3. main results of the ROID studies on biodiversity (CSR Committee
of March 2023), as well as the goals of the new Nature strategy
CSR Committee (CSR Committees of April 2024 and October 2024). Similarly to
One session of the Board of Directors’ seminar in 2021 was the carbon trajectory and the climate strategy, which have been
dedicated to the carbon trajectory. In the same vein, the Board on the agenda of every CSR Committee meeting since its
decided to create a CSR Committee which has since been creation (either directly, or via the taxonomy or more specific
examining all CSR issues in detail. The task of the CSR studies such as the estimation of green Capex), the goals
Committee which comprises the members of the Board of relating to the other environmental dimensions of the Nature
Directors, led by the Executive Committee and independent Strategy have been systematically reviewed by the CSR
experts, is to validate and monitor the implementation of the Committee since the end of 2024.




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The CSR Committee interacts with the Audit Committee on CSR risk factors, and with the Compensation and Appointments
Committee on determining relevant CSR criteria for executive remuneration.


Qualifications and implications of the members of the CSR Committee
Member Qualification on ROID material
Participation of the Board Role for Covivio Involvement in other Group bodies
Permanent Alix d’Ocagne Chairwoman of the CSR Founder and Chairwoman of Bring the Chairwoman of the Covivio Foundation
Committee - Independent way, a consulting firm specializing in
Director the deployment of societal
commitments in companies
Jean‑Luc Biamonti Chairman of the Covivio Experience in corporate governance,
Board of Directors Lead Director of Essilor Luxottica
Christian Delaire Independent Ex‑Senior Advisor - Foncière Atland Former chairman of the CSR Committee
Chairman of the Audit Committee
Patricia Savin Independent Lawyer specializing in environmental Member of the Covivio Stakeholders’
law Committee
Former Chairwoman of the Orée
association
Daniela Schwarzer Independent Former CEO of the NGO Open Society
Foundations in Europe and Asia for
the defence of Human Rights, justice
and democracy and member of the
Management Board of the
Bertelsmann Foundation
As a guest Christophe Chief Executive Officer (CEO) Climate Fresco and targeted Member of the Board of Directors
Kullmann awareness‑raising activities Member of the Executive Committee
Member of the Steering Committee
Sustainable Development Group
Yves Marque Chief Operating Officer Member of the Executive Committee
Member of the Steering Committee
Sustainable Development Group
Secretary of the Board
Olivier Estève Deputy CEO Member of the Executive Committee
In charge of tertiary developments and, as
such, Sustainable Development issues related
to these projects
Jean‑Eric Fournier Sustainable Development Member of the Steering Committee
Director Sustainable Development Group
Leads SD meetings, Nature monitoring
committees and Green Meetings.
Occasional Paul Arkwright Group CFO Climate Fresco and targeted Member of the Executive Committee
awareness‑raising activities In charge of the Finance
Department‑Sustainable Development
Department relations mainly via green
financing and CSRD
Tugdual DG Hotels Member of the Executive Committee
Millet‑Taunay In charge of the Covivio Hotels subsidiary
Elsa Canetti HR Director In charge of social issues and Sustainable
Development training
Marielle Operations Director – France Executive Committee members
Seegmuller Offices In charge of the management of Office and
Alexei Dal Pastro France, Italy and Germany Residential assets and related Sustainable
Offices: Development issues
Daniel Frey German Residential



General Meetings: vectors for sharing CSR policy and and documentation relating to General Meetings electronically
committed actions from the first day that voting is open to shareholders. As a
Since 2013, Covivio has provided its shareholders with an online reminder, at the close of its General Meeting of 17 April 2015,
tool that avoids the need for paper‑intensive postal exchanges, Covivio maintained the principle of “one share = one vote”,
enabling them to obtain information and directly enter their approved by the shareholders, thereby waiving the automatic
voting instructions before the General Meeting. In addition, every assignment of double voting rights provided by the Florange law
year, Covivio organizes an e‑notice campaign before its General of 29 March 2014.
Meetings, which enables shareholders to receive their notices




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The General Meeting of 17 April 2024 was an opportunity to Based in France, the Sustainable Development Department also
report to shareholders on the objectives of Covivio’s CSR policy, relies on multiple relay players who are members of the
praised several times by non‑financial rating agencies, and on operational and corporate teams located in France, Germany
the development of the objectives in the 2023 fiscal year, with a and Italy.
particular focus on:
The Sustainable Development Department meets formally every
● the strategic priorities put in place to achieve reduction two months via “SD meetings” (Sustainable Development) to
ambition for the carbon trajectory of -40% between 2010 and monitor the implementation of CSR commitments at Group and
2030 aiming to: country level. Alternating with SD meetings, the Sustainable
Development Department also meets once every two months for
O promote low‑carbon developments; the Nature Strategy Monitoring Committee. This Committee
O reduce carbon emissions and energy consumption; which was created in 2024 is dedicated to managing the new
Nature strategy and supporting the deployment of its actions
O intensify the use of renewable energies; (proposing solutions to difficulties encountered during
implementation, etc.). In addition to the members of the team it
O limit water consumption.
brings together, in accordance with requirements and progress
● the environmental certification of the real estate portfolio, made, the operational managers of the actions of the Nature
which stood at 95% at the end of 2023; strategy. This Committee is also a platform for sharing
experiences and knowledge on Nature issues at the level of the
● the complete renovation of the existing building at the Atelier,
Group’s various European entities.
the company’s European headquarters, which is the showcase
of Covivio’s ESG strategy and know‑how; Sustainable Development Steering Committee
● 94% approval of the Say on Climate resolution by the General The Sustainable Development Steering Committee is a forum for
Meeting of 20 April 2023 and the proposed listing of Covivio’s regular discussions between the Sustainable Development
Purpose submitted to the shareholders’ vote; Department, represented by Jean-Éric Fournier (Director of
Sustainable Development) and the Executive Committee,
3
● the strong societal commitment, notably with the support of represented by Christophe Kullmann (Chief Executive Officer) and
the Covivio foundation in Europe as part of long‑term Yves Marque (General Secretary). It meets every month to review
partnerships. progress on the implementation of the various CSR action plans
(including the Nature strategy), to take note of certain decisions
Shareholder consultation on “say on climate” relating to its implementation, and to share them with the
Executive Committee and the Board of Directors. The Steering
For many years, Covivio has conducted a carbon and Committee is also a forum for discussion on studies and
climate policy recognised by various organisations (SBTi, diagnostics associated with CSR issues, including Nature topics
CDP, rating agencies, etc.), which contributes to the (ROID studies), as well as the associated strategic implications.
defence of the value of Covivio’s portfolio as well as the
sustainability of its economic model. On 20 April 2023, the The local Sustainable Development Committees
shareholders voted on Covivio’s climate and carbon policy The role of these committees is to manage operational issues in
by voting a “say on climate” resolution, for which they gave conjunction with the business lines, mainly Real Estate
an advisory opinion of 94.19% in favour of the company’s Engineering and Development, in each country. They meet on an
climate strategy and its objectives in this area for 2030. ad hoc basis as required, in connection with the issues identified
by the Nature Strategy Monitoring Committee. They bring
The Board of Directors intends to renew this consultation of together the local CSR coordinators and the members of the
shareholders at least every four years until the end of the local Management Committees, whose managers are members
climate plan in 2030, or if necessary, at shorter intervals of the Group Executive Committee. These local committees thus
depending on the new developments to be shared. During provide an interface between the Group’s strategy and the
these intervals, the General Meeting will report annually on specificities of the various activities and locations.
the progress of the objectives of the climate strategy and
the main actions carried out. Green Meetings
Green Meetings are bimonthly awareness and information
3.1.2.2.3 Involve senior executives and employees in meetings on sustainable development related to Covivio’s
the deployment of the strategy business lines. Open to all Covivio employees, these meetings
allow internal or external experts (design offices, associations,
Sustainable Development Department
etc.) to present key or emerging topics for the Group: new labels,
The Sustainable Development Department initiates, deploys and regulations, feedback on CSR‑related projects, presentation of
coordinates initiatives within the Group's various strata and remarkable buildings, etc. In 2024, the following topics were
activities, in direct liaison with General Management and the discussed in connection with Nature: protection of biodiversity
Board of Directors via the CSR Committee and the Sustainable illustrated with the example of the Atelier (Covivio's new
Development Steering Committee. Transversal across the entire European headquarters in Paris), the circular economy and food,
Group, this dedicated team of seven people (four FTEs in France, presentation of the 2004 Eco challenge, progress of the Covivio
two in Germany and one in Italy) provides technical expertise to for Climate project. There will be a Green Meeting dedicated to
the different departments with a driving role in terms of strategic the Nature strategy in early 2025.
management, innovation, awareness‑raising and CSR reporting.




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3.1.2.2.4 Sustainability incentive mechanisms (GOV‑3) ● to set the target of the commitment criterion for the LTI 2022
In order to align the corporate strategy with the Group’s CSR at +10pts vs the benchmark;
challenges, specific criteria are included in the variable ● to set the target for the certification of the portfolio for the LTI
remuneration of executives which are then rolled out within the 2022 at 100% by 2025.
operational teams. The CSR Committee determines a set of
remuneration criteria for corporate officers, which are then Thus, the remuneration policy for executive corporate officers
allocated according to responsibilities. The Chief Executive approved by the shareholders at the Shareholders’ Meeting on
Officer then applies them to the various departments and 20 April 2023 now states that the weighting of CSR criteria must
managers. represent 30% of long‑term remuneration, with the criteria cited
above.
At the end of 2022, the Board of Directors decided, on the
proposal of the CSR Committee, with regard to the Long‑Term Similarly, the CSR Committee proposed to the Compensation
Incentives for the Chief Executive Officer and the Deputy CEO: Committee, which accepted, an increase in the weighting of the
CSR criteria related to the annual bonus of corporate officers:
● to increase the weighting of CSR criteria from 20% to 30%; thus, 15% of Christophe Kullmann's 2025 bonus will be subject to
● to use the criterion of feminization of teams one year in two, the implementation of the Green Capex plan, the achievement
by alternating with the criterion of employee commitment of a high level of certain non‑financial ratings, the attraction and
(based on the results of the Social Survey), each counting for development of talent and the strengthening of the
15%; management team, and the implementation of CSR objectives
for the top 50 managers. Similarly, 15% of Olivier Estève’s 2025
● to retain an environmental criterion as another criterion, bonus will be subject to obtaining at least Gold or Excellent
weighing 15%: the progress of the environmental certification certification for 100% of developments AND the alignment with
rate of the portfolio (as defined in the section on Sector taxonomy, the BBCA label for 75% of operations in France and
issues), or, for the past two years, the progress of the carbon 50% in Germany/Italy, 100% coverage of calls for tenders by the
trajectory; Responsible Purchasing policy and EcoVadis rating, and a
circular economy approach for 100% of development projects.


The variable remuneration of corporate officers
2024 BONUS (reference to section 5.3.4.2.1.1.2 Variable portion) (criteria proposed by the CSR Committee on 23/11/2023)
Christophe Kullmann 1) Implementation of green CAPEX plan
16% 2) MSCI and GRESB ratings
3) Implementation of CSR objectives for the top 50 managers
Olivier Estève 1) 100% of developments aiming for Excellent Gold certification and taxonomy aligned
20% 2) Biodiversity label on all new projects and promotion of the circular economy
3) Implementation of the Responsible Purchasing policy for all development projects (inclusion of EcoVadis in
calls for tenders in particular)


Long‑Term Incentive
LTI 2024 (see section 5.3.4.1.2.1.4 Long‑Term Incentive (LTI))
Awarded in 2024
Delivered in 2027
15% Carbon intensity at the end of 2027:
100% if 51 kgCO2e/m²/year
50% if 53.2 kgCO2e/m²/an
15% Team commitment (1 of 2 years)
100% if Covivio > + 10pts
ESG
50% if > + 5pts
0% if < benchmark
Women in workforce (1 of 2 years)
100% if equality index > 82/100
0% if index < 70/100




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The CSR targets are now systematically incorporated into the September 2021. This made it possible to take stock of the
criteria for determining the variable portion of the remuneration improvement in the level of control of risks for which specific
of Committee members. Thus the following are taken into action plans had been defined and implemented, and to share
account in the calculation of the variable remuneration of the the levels of control as well as the action plans put in place to
Chief Executive Officer, the Chief Operating Officer and the deal with the company’s major risks. The Sustainable
members of the Executive Committee: the targets connected to Development Department, in coordination with the Risks,
the progress of Covivio’s carbon targets, increasing the Compliance, Audit and Internal Control Department, carried out
feminisation of the teams; attracting and developing talent, a CSR risk mapping in 2018, validated by the Management
implementing green Capex programmes, implementing the Committee, to identify the inherent and residual risks affecting
Responsible Purchasing policy, etc. These objectives are then Covivio’s activities, then a risk mapping attached to purchases in
rolled out operationally to the Group’s managers, according to 2020/2021. To ensure the consistency of these analyses, the ACI
their operational responsibilities, and are communicated during conducts an annual review of the risks in order to report on the
individual appraisals. The goal is eventually to cover all Group evolution of certain risks in the general mapping.
managers with at least one CSR objective adapted to the
CSR Risk mapping
responsibilities exercised.
The CSR risk mapping was carried out as part of the process of
Shareholder consultation on “say on pay” compliance with the previous Directive on non‑financial
reporting and provided input for the work carried out to perform
The shareholders, at a Shareholders’ Meeting on 17 April the double materiality analysis. This study was conducted with a
2024 voted on the individual components of remuneration panel of French, German and Italian Covivio managers in charge
paid during 2022 or awarded in respect of the same year to of operational or functional departments exposed to the
the Chairman of the Board of Directors, the Chief Executive identified risks. The first stage consisted of a series of interviews
Officer, the Deputy CEO Manager and Directors. The conducted internally with the panel to define the universe of CSR
risks on a European scale. The second stage focused on the
average approval rates for the resolutions relating to the ex
ante and ex post “say on pay” were 95.8% and 96.5%, thus rating of the risks identified, according to three parameters: 3
confirming the balance and effectiveness of the reputation, frequency and level of control. The CSR mapping
remuneration policy for corporate officers. therefore distinguishes between:
● inherent risks, considered in absolute terms given Covivio’s
sector and activities;
3.1.2.2.5 Risk management and internal control ● residual risks, assessed after consideration of the actions
procedures regarding sustainability conducted by Covivio to control those risks.
information (GOV‑4/5)
The risk mapping study revealed nine major CSR risks. Issues
In 2021, Covivio updated its risk mapping at the Group level,
such as resilience and well‑being and health are included in
including all its subsidiaries and activities. The results were
several of these nine risks, which is why they do not appear as
presented to, and shared with the Covivio Audit Committee in
such.


Summary of Covivio CSR risks

Asset obsolescence/Green value/Products
anticipating societal changes (sectorial issues)

Data protection/Smart building Control of operating expenses (energy, water,
(ESRS S4, sectoral) waste, certifications) (ESRS E1, E3, E5, sectoral)



Fraud/Corruption/Ethics (ESRS G1) Health/Environmental safety/Regulatory
compliance (ESRS E2)


Skills/Attractiveness/Diversity (ESRS S1)
Integration into the sustainable city (ESRS S3)


Quality of the relations with external Responsible supply chain (ESRS S2)
stakeholders - customers (ESRS S4)
Level of control Risk of occurrence



This mapping was validated by the Executive Committee and discussed by the Board of Directors. The strategies for mitigating these
risks are detailed in this report (see the corresponding ESRS).




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CSRD‑related developments with the departments involved (e.g. HR for procedures related to
Covivio has made changes to its control procedures in line with ESRS S1) and checked by the ACI before being shared with all
the management of the implementation of the CSRD within the stakeholders contributing to the production of Group‑wide
Group. A specific governance has been deployed and indicators. The scope of action of the Audit and Internal Control
integrated into the sustainability information validation scheme Department covers all of the Group’s activities. The general
presented below. This organisation can be summarized as internal control, risk management and compliance policy and
follows: the resulting organisation are detailed in Chapter 2 - Risk
factors (ESRS GOV‑1).
● Operational: a monthly CSRD Steering Committee manages
the implementation of the CSRD by bringing together the Three documents contain all the procedures in the form of
General Secretary, the Risk and Compliance Director, the indicator sheets:
Accounting and Consolidation Director, the Hotels Director ● the environmental reporting protocol;
and the Sustainable Development Department.
● the social and societal reporting protocol;
● Supervision: the CSR Committee, in consultation with the
Board of Directors, establishes Covivio’s CSR strategy and ● the protocol dedicated to the production of taxonomic
monitors the CSRD’s objectives and action plans. indicators.

● Validation: the Audit Committee ensures the reliability of the The social reporting protocol and the protocol dedicated to the
process for preparing the CSRD information and reporting. environment were updated in 2024 to comply with the CSRD
reporting requirements and are available on the Group’s website.
● Verification: the sustainability auditor (Ernst & Young & Autres In addition to regulations, these protocols aim to provide a
in 2025 for 2024) checks the information and issues a limited framework for the management system for sustainability issues
assurance certification report. and to ensure the harmonisation of practices within the Group.
Control procedures The Sustainable Development Department and its country CSR
Since 2012, Covivio has its non‑financial reporting checked by an coordinators supervise the collection of data from the various
independent third party and has therefore set up information contributors for the activities concerned. It consolidates the
reporting and internal control procedures. These procedures are data and then performs the appropriate consistency checks.
reviewed and supplemented each year taking regulatory and The data is validated by the various departments and verified
market changes into account. They are drafted in coordination by the sustainability auditor, before publication.


Procedure for collecting and verifying sustainability information


Preliminary work Collection launch Internal audit External audit Finalisation of data



Preparation of data Sending collection tables Consistency checks Verification by the Integration of any
collection tables (HR, to contributors (including on files and reviewing sustainability auditor comments from the
environment) external for environmental calculations in relation as part of the CSRD audit sustainability auditor
data) to reporting protocols and request for additional
Determining the scope Audit procedures: information if necessary
of assets to be covered Sending requests for analytical review,
additional information consistency tests, Group-wide information
Updating reporting to the relevant contact and even detailed tests consolidation
protocols persons, and correcting
the files based on
the feedback
RESPONSIBILITIES




SD Dept. Consolidator SD Managers SD Dept. Consolidator CAC SD Managers of each
(central) of each activity (central) activity

Validation by SD Dept. SD Dept. Consolidator
and ACI (central)


Inclusion in the Sustainability Report


Data validation by the SD Department, final check of data consistency
by the sustainability auditor

Presentation to governance bodies: CSR Committee for consultation
and Audit Committee for validation



The calculation of certain indicators may require additional steps. This is notably applied to data on the energy consumption of
buildings due to the launch of early data collection on 30 September (vs. a single data collection at 31 December for all other
information).




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Example of consistency checks: the energy consumption of buildings
Once these checks have been performed, the table is sent to the SD
The SD manager concerned must conduct these prior checks on consolidator, which carries out a new check before sending it for
receipt of the consumptions by a contributor. > external verification.
● Variations: differences (+/- 20%) compared to the previous ● Comments are given on the listed cases (variations,
year (N‑1) must be justified by a comment or a new request consistency, completeness, control).
must be sent to this effect. ● Control of abnormal intensity levels (+/- 20%) in relation to the
● Consistency: checking the presence of fluids declared in N‑1 asset class.
vs. N and vice versa, validation to be requested if new or ● Control of parameters and formulas (climate adjustments,
absent fluid. primary energy conversion factors and CO2).
● Completeness: complete data for the period in question or ● The exclusion of assets from the scope that have not received
estimates made in accordance with the protocol and clearly sufficient justification (thus affecting the coverage rate).
notifying it in the table (estimates do not have to be made by
the contributor directly).
● Control: for data in the operational scope, the manager
performs a double check using the supervision systems when
they are operational.


External audit of sustainability information

3.1.2.3 A sustainable value‑creating business
The audit approach is detailed in the sustainability
model (SBM)
auditor’s report presented in section 3.6.1. It is broken down
into three successive levels, according to the materiality of 3.1.2.3.1 Assert a role as a responsible real estate
each data point: operator (SBM‑1) 3
● Level 1: verification of the consistency of the sustainability With a portfolio of €23 billion (€15 billion Group share), Covivio’s
report. strategy is based on the differentiating choice of developing
simultaneously in several countries and on several products. All
● Level 2: Group‑level interviews, analytical review and whilst retaining the agility that has enabled it to seize
consistency tests for quantitative indicators. development opportunities since its creation in the early 2000s.
Level 3: business‑level interviews and detailed data Active across the entire value chain, Covivio has evolved by
●
reliability tests based on samples and consolidation. cultivating its specificities and values, capitalising on both its
financial and real estate expertise. This dual expertise enables it
to anticipate changes in its customers and markets, in order to
constantly adapt its buildings, services and know‑how.
Due diligence A long‑term strategic vision
Covivio is not subject to the due diligence obligation under the Covivio’s activity involves investing to own and operate real
French Duty of Vigilance Act of 2017. Nevertheless, the Group has estate assets, while developing and renovating buildings. Covivio
adopted vigilance measures throughout the building's life cycle: is constantly striving to improve the technical, environmental,
purchase, management, renovation, deconstruction or sale, etc. service and financial performances of its portfolio. Covivio’s
Those responsible for each of these steps must observe the business model is based on a long‑term vision, which is
procedures attached to the operations to be carried out. For organised around 3 main pillars:
example, in the case of an acquisition, the Asset and Property
Management Department (DOP: Operations Department), in ● centrality: a stronger presence in the heart of major European
coordination with the support departments (Environment, Legal, capitals and major business and leisure centres offering good
Sustainable Development, etc.) carries out an analysis of the market depth and attractive economic outlook;
documentation available during the due diligence phase. Its ● hospitality: assets and an offer inspired by hospitality, to
purpose is to obtain the necessary guarantees for acquisitions. accompany the transformation of cities and customers' new
Environmental risks are thus assessed on examining this expectations, expressed through its three business lines: hotel
documentation, and supplemented if necessary by additional business by promoting new concepts, offices by integrating
investigations, (security, connectivity, digital, taxonomy, etc.) and new ones working methods, and residential (a pioneer in
their short or long‑term impacts estimated, to enable an co‑living);
assessment of the costs that may arise from remediation. These
diagnoses and studies are then monitored. A similar process is ● sustainability: a commitment to the climate transition for a
organized in the event of an asset sale, with the aim of making sustainable and resilient city, by placing CSR at the heart of
the necessary data accessible to the buyer. Suppliers also come the business model to accelerate the transformation of the
within the scope of vigilance during the building’s operating company.
period, and are assessed via the system developed with
EcoVadis (ESRS S2, section 3.3.2.5).




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Covivio’s unique profile is particularly relevant at a time when The information presented in this document is organized in
flexibility in real estate is a priority, with offerings such as flexible accordance with these five segments: France Offices, Italy
offices, teleworking and nomadic work, coworking, co‑living and Offices, Germany Offices, German Residential, Hotels Europe.
new “home‑style” hotel concepts. Covivio has been able to
Its areas of expertise in these three sectors complement each
anticipate new trends and maintain its pioneering position. By
other and are driven by changes in lifestyles and work patterns,
placing people, health and safety, the service dimension and
and the convergence of services offered in these three
well‑being at the centre of our projects, Covivio is supporting the
categories of assets. As a major player in each of these three
implementation of all transitions (energy, climate, environmental,
segments, Covivio benefits from a geographic diversification
digital, etc.) (SBM‑1.40).
that allows it to depend upon complementary economic cycles
Assert a role of responsible real estate operator and markets to optimise the balance of investments, reduce risks
Covivio has established itself as the trusted partner of key and support clients to expand internationally. Constantly
accounts that it supports in their real estate strategy. In 2008, evolving, Covivio adapts its model to seize new opportunities by
Covivio, a forerunner at the time, made the choice of developing activities related to these three activities:
environmentally‑friendly and responsible real estate. ● the development of a proworking offer in 2017 under its own
Covivio’s Purpose, “Build sustainable relationships and brand, Wellio;
well‑being”, expressed at the end of 2019, is part of this long‑term ● the launch of a co‑living activity in Germany;
vision. This vision is driven by the Group’s mission, namely to build
on strong know‑how in long‑term partnerships, and on its ability ● the conversion of offices into housing as part of development
to create unique living spaces and to contribute to the projects;
emergence of more sustainable, resilient and inclusive real estate
● the operation of hotels via management contracts or via the
and cities.
Covivio Hotels hotel platform, Wiziu, launched in 2024.
Covivio occupies a unique position among major real estate
The gradual rebalancing of activities is taking shape with the
investment companies, both in terms of its geographical
strengthening of the hotel activity, in a sequence where the
allocation and European coverage and its positioning on three
relative weight of offices is down slightly and residential activity
products: Offices, Hotels and Residential. Its integrated expertise
remains stable. In 2024, the Hotel Operating Properties activity
enables it to control the entire value creation chain and meet
experienced new growth with a significant consolidation of the
the expectations of its stakeholders.
ownership of hotel properties and business assets with
Covivio: 3 activities, 12 European countries AccorInvest (chapter 1, section 1.1.2.1.2).
Covivio’s strategic plan strengthens its European ambitions and The accounting principles and results relating to these five
its diversification in both “countries” as well as “products”, with a activities are detailed in section 4.2.3.1 (SBM‑1.41).
leading position in the development, operation and leasing of
assets in:
● offices (3 sub‑segments: France, Italy and more recently
Germany): deep markets in which Covivio is developing real
estate with the highest international environmental and social
standards (51% of portfolio on 31 December 2024);
● residential, mainly in Germany, via Covivio Immobilien (29% of
the portfolio);
● hotels in Europe, via Covivio Hotels, which supports the
European development of leading players in the sector (20%
of the portfolio).




122 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
A business model
that creates value in a sustainable way
FINANCIAL Financial stability
• €23.1 billion portfolio, with over 94% in city-centre locations at the heart of major
European cities Investment
• 84% of investments contributing to a climate objective of the taxonomy Liquidity
• 100% green bonds
• 38.9% debt ratio under control
HUMAN RESOURCES Talent retention
• ~ 1,000 employees in Europe, including 93% on permanent contracts
• 50% male/female split Skills
• 87% employees trained Flexibility
A DIVERSITY OF CAPITAL




• Maintaining quality of life at work
INDUSTRIAL Asset management
• €1.3 billion office pipeline committed
• Residential pipeline of 674 housing units to be delivered by 2026 Infrastructure
• Development of a comprehensive offer: Work - Travel - Live Equipment

RELATIONSHIPS Responsible purchasing
• Firm weighted average lease break (WALB) of 6.2 years
• Preservation of long-term relationships with shareholders Sustainable relationships
• Development of partnerships with local authorities and organisations Partnerships

NATURAL Climate strategy
• Strategy of improving the environmental performance of the portfolio
(energy, carbon, water) Biodiversity
• Deployment of the group Nature strategy Resilience

INTELLECTUAL Innovation
• Property, financial and technical expertise
• Combating obsolescence Research
• Innovation and smart building (digital strategy) Expertise
• Participation in working groups on low-carbon innovations




COVIVIO’S PURPOSE
Build sustainable relationships and well-being
INVEST/
BUSINESS LINES




DEVELOP NEGOTIATE/
SELL
• Location
• ZAN LONG-TERM Centrality Hospitality Sustainability • Refocus
• Green financing portfolio on
CORPORATE/CSR
• Sustainable city European cities
STRATEGY


STAKEHOLDERS


OPERATE/OPTIMISE
Service, health, safety •
Cost control • Resilience
VALUE CREATION




ECONOMIC VALUE SOCIAL AND SOCIETAL VALUE ENVIRONMENTAL CONTRIBUTION
• €680 million in rent received • 3% dof payroll allocated to skills • 98,5% of buildings certified, 71% of
• €439 million in CAPEX invested development (training-France) offices labelled Very Good or better
• 176,000m2 leases signed in 2024 • €1.7 million over 5 years allocated • 30% decrease in energy consumption
• Ethical relationships (61% of expenses to the foundation between 2019 and 2024
covered by the responsible purchasing • 17,000 jobs supported through • 13% reduction in water consumption
policy in France) the group’s activities over the same period
• Taxonomy: €432 million green revenue • 22 associations backed by the
Foundation to fight for equal opportunities



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3.1.2.3.2 Involving stakeholders (SBM‑2)
A driving force at the heart of the sector
The building and real estate sector brings together extremely Covivio is located at the heart of this relationship network.
diverse business lines and expertise, which benefits the activity Aware of its economic weight and leadership role, the Group
of each of them: architects, technical design offices, wants to be exemplary in the management of its activities and
communities, surveyors, bankers, suppliers, marketeers, legal its relationship with its various stakeholders. Covivio co‑invents
professions, investors, associations, media – and of course real estate solutions in liaison and consultation with these
employees and clients. various players, by taking its stakeholders' expectations into
account.


Covivio's positioning in the building/real estate sector

Ratings Banks
agencies and Shareholders

Reporting Financing


Suppliers
Employees
and Consultants

Human capital Development/
Administration
Local authorities
and non-profit
organisations Clients

Regions Rental income




Covivio relies on the complementarity of its traditional lease and flexible contract offers, and its culture of services to provide ever
more tailored solutions to its customers. Customer surveys, satisfaction surveys and design thinking workshops enable the Group to go
further and involve its stakeholders in the design of the spaces and services of tomorrow that it develops.


Meeting stakeholder expectations
Since 2010, a mapping of the Group’s stakeholders has made it Interviews with internal and external stakeholders have identified
possible to improve how their expectations are taken into their CSR expectations, constraints and priorities. These priorities
account and create a materiality matrix. The main stakeholders were then ranked according to their interest and impact on the
have been selected from: company’s business, resulting in the mapping shown below as
well as the introduction of adapted dialogue tools. They were
● the business community (key account tenants, suppliers);
reviewed when the Group’s Purpose was announced in 2019.
● the financial community (shareholders, banks);
● human capital (managers, employees);
● the public authorities (local authorities);
● civil society (associations, media).




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Directors Covivio’s stakeholders throughout the value chain
Regulators Management
THIRD PARTIES (engineering, PROVIDERS
Legislator marketing,
PARTNERS etc.)
NGOs
Directors
Local Insurance Banks
residents

Local authorities Shareholders
and investors


Salariés
Rating External
agencies Associations Purchasers support
services
(training,
Notaries Hotel managers software, etc.)
Media

Tenants Development
Professional (construction,
associations architects, BET,
Competitors landscaping, project
Networks (telecoms,
water, energy)
management, etc.) 3
Given the diverse range of main stakeholders identified and their expectations, Covivio has gradually introduced communication
tailored to each stakeholder. The Group has used both internal and external communication methods to do this, notably via social
media: tenant extranets, LinkedIn, Yammer, etc.

Tailored communication methods
Main stakeholders Expectations of stakeholders Communication method Chapter
Co‑construction of innovative, tailored
solutions to support each stakeholder’s Partnership Committees and Sustainable Development
Clients ESRS S4
real estate strategy in the best possible Committees
way
Visibility and longevity of the business Letter to shareholders, press releases, financial releases,
Shareholders Chapter 6
model and profitability road shows, investor days, website, etc.
Transparency of financial and Universal Registration Document, report on sustainable Sustainable
Rating agencies
non‑financial communications performance, Nature report finance
Follow‑up support for professional
Employees Intranet site and internal communications tools ESRS S1
development and training
Local authorities Sustainable performance report, Nature Report
Awareness of their socio‑economic
and non‑profit Involvement in various collaborative projects, ESRS S3
challenges
organisations conferences,
Responsible Purchasing Charter
Suppliers Fair business practices ESRS S2
Assessment via EcoVadis system


Stakeholders Committee
On the occasion of the expression of its Purpose, Covivio long‑term trends; to exchange views to ensure that these
decided to create a Stakeholders' Committee to ensure more ruptures are taken into account in the Group's development
regular and structured consideration of the interests of projects and strategy. Its work focused on the erosion of social
stakeholders by the Group’s governance bodies. Its purpose is to cohesion, ways of making room for the most vulnerable people in
engage in a long‑term reflection on Covivio's future challenges a city, concrete ways to create diversity and a collective vibe,
and how they are taken into account in the strategy. Its and allow city dwellers the opportunity to slow down. A report on
objectives are to involve stakeholders in the reflection on this Committee's works was given to Covivio’s Board of Directors
Covivio's products and services; to monitor major disruptions and and a summary of its work was published in 2024.




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3.1.2.3.3 The resilience of the business model (SBM‑3)
Positioning in the value chain: ⇐: upstream/❏: direct transactions/⇒ : downstream
Time horizon: ST: short term/MT: medium term/LT: long term
■ : material

❏ : non‑material


Topics Positioning in the chain IRO Description Time horizons Reference Materiality
vakue

⇐ ❏ ⇒ ST MT LT

Contribution to the amplification of the effects of climate
change with air conditioning equipment and/or the
artificialisation of soils.
Impacts The impact may be maximum for the safety and well‑being
of people in the event of poor adaptation.
E1 - Climate change ■ ■ ■ Positive impact: participation in urban resilience, for example ■ ■ ■ 3.2.1.1.11
■
adaptation by combating the effects of urban heat islands.
Physical risk related to the occurrence of a natural disaster.
Risks Financial risk related to the obsolescence or devaluation of
certain assets and the increase in insurance costs

Opportunities Strengthening portfolio resilience

Strong sectoral impact: the building sector represents 28% of
French emissions.
Impacts
Positive impact: Participation in the energy renovation of the
portfolio.
Risk concerning the attractiveness of buildings, particularly
E1 - Climate change ■ ■ ■ related to the increase in expenses for customers. ■ ■ ■ ■
3.2.1.1.11
mitigation Asset liquidity risk in a regulatory context encouraging the
Risks
energy efficiency of buildings.
Significant financial and reputational risk in the event of a
class action lawsuit for inaction on climate change.
Liquidity of assets
Opportunities
Strengthening competitiveness

The building sector accounts for 43% of national energy
consumption.
For a real estate company, the impact on the environment
Impacts can be major if the building is energy‑intensive and if it uses
fossil fuels.
Positive impact: Participation in the energy renovation of the
E1 - Energy
(consumption, supply,
❏ ■ ■ portfolio. ❏ ■ ■ 3.2.1.1.11
■
renewable energy) Financial risk related to the increase in energy costs and the
cost of aligning and implementing new regulations if they
Risks
have not been anticipated (tertiary decree, ER 2020 and
European equivalents).
Liquidity of assets
Opportunities
Strengthening competitiveness
On the sector, the impact is high for human well‑being.
Potential impact on the environment during construction
Impacts operations.
Positive impact: soil decontamination as part of
development operations.
E2 - Pollution of air, ❏ ■ ■ ■ ■ ❏ 3.2.2.1
❏
water and soil Risk of environmental pollution (particularly water) on
buildings or development projects limited in relation to the
Group’s activities.
Risks
Financial risk (costs of precautionary measures to prevent
infiltration, cost of decontamination and fines in the event of
pollution).




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Topics Positioning in the chain IRO Description Time horizons Reference Materiality
vakue

⇐ ❏ ⇒ ST MT LT

Potential impact related to phytosanitary products and
asbestos.

Impacts Covivio has more than 200,000m2 of planted or
semi‑planted areas at the portfolio level (footprint) that
requires maintenance, although the use of phytosanitary
E2 - Use products is very limited.
❏ ■ ■ ■ ■ ❏ 3.2.2.1
❏
of hazardous Reputational and legal risk coupled with a health risk
substances
Risks concerning the use of phytosanitary products.
Health risk for asbestos
Creation of ecological continuity in respect of nature by
Opportunities applying the principles of Covivio’s green space
management charter.
Pressure on available resources

Impacts The use of water is particularly important for the hotel
business (showers, restaurants, swimming pools) and is
increasing as establishments move upmarket.

E3 - Water Physical risk (flooding, rising water levels)
(consumption, supply,
■ ■ ■ ❏ ❏ ■ 3.2.3.1
■
Risk of the attractiveness of buildings related to the increase
risk) in expenses for customers.
Risks Operational risk, in particular for the hotel industry in areas
with high water stress levels.


3
Financial risk, 10% increase in the price of water on average
in France in 2023.
The impacts are mainly related to catering for the hotel
Impacts business: supply of fish, shellfish.

■ ■ ■ The water table is not relevant for Covivio. ❏ ❏ ■ ❏
E3 - Marine resources 3.2.3.1
Reputational risk and fines (fairly limited).
Risks Financial risk related to the increase in costs (hospitality) with
the implementation of responsible sourcing.
Covivio’s impacts are significant:
- land use is the pressure to which Covivio contributes the
most, mainly through the purchase of construction materials,
but also through its existing portfolio;
- hydrological disturbances and ecotoxicity related to the
supply and use of raw materials for improvements and
Impacts renovations as well as the electricity consumption of
tenants;
E4 - Biodiversity ■ ■ ■ - GHG emissions, for the same reasons. ■ ■ ■ ■
3.2.4.1.3
policy and actions Positive impact: use of the portfolio’s green spaces to
contribute to ecological continuity or to restore biodiversity
in city centres (based on ecological diagnostics), mainly on
large sites.
Financial risks are difficult to characterise and can be
localized at the level of a project: preventive measures,
Risks compensation that can go as far as a risk of refusal of a
building permit.
Significant reputational risk.




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Topics Positioning in the chain IRO Description Time horizons Reference Materiality
vakue

⇐ ❏ ⇒ ST MT LT

Operating component: Waste management is more of a
tenant issue but has a significant impact on the hotel sector
(catering)
Development component: strong impact of the construction
sector on waste production (46 million metric tons of waste
generated by the construction industry (excluding public
Impacts works), i.e. 1.5 times the production of household waste in
France). Only 40 to 60% is recovered.
The challenge is closely linked to the Group’s development
and renovation activity, requiring consideration of the
E5 - Waste circular economy throughout the project.
management
& Circular economy ■ ■ ■ Positive impact: participation in the development of the ■ ■ ❏ ■
circular economy sector. 3.2.5.1
and management
of resources
Operations: the financial risk is limited, although there is an
and materials
increase in the cost of waste management.
The risk to business continuity in the hotel industry is solely
related to external factors (strikes by garbage collectors, for
example).
Risks Development component: financial risk difficult to estimate
but the risk of difficulty in supplying certain resources (timber)
can delay projects and increase costs.
Reputational risk at project level: recovery of waste becomes
a key element, including in the communication of companies
in the sector.
The priority topics for Covivio are Quality of Life at Work and
aspects related to talent development and retention.
Impacts
Conversely, the challenges related to safety at work are
more limited.
Health/safety risk: workplace accidents/occupational
illnesses, psychosocial risks (PSR).
S1 - Working ❏ ■ ❏ ■ ❏ ❏ 3.3.1
■
conditions Potential risk of loss of skills and knowledge in the event of
Risks
high staff turnover or low ability to attract, retain and
develop talent
Financial risk: additional recruitment costs.
Financial risk: additional recruitment costs
Opportunities
Business continuity Employer brand
Impact on the psychological well‑being of affected
Impacts employees. Limited impact at Group level given its direct
activities and commitments to equal opportunities.
S1 - Diversity and ❏ ■ ❏ ■ ❏ ❏ 3.3.1
❏
equal opportunity Financial risk: in France, the maximum penalties for
discrimination are a fine of up to €45,000 and up to three
Risks years in prison.
Reputational risk in the event of discriminatory practices.
Impact limited in frequency but there could be significant
Impacts impact on the well‑being of employees in the event of
S1 - Respect for
labour and Human
❏ ■ ❏ occurrence (in relation to respect for personal data). ❏ ❏ ❏ 3.3.1
❏
Rights Financial and/or reputational risk: growing demand from
Risks
investors and rating agencies.
Maximum impact on the well‑being and health/safety of
people on construction sites.
Impacts
Impact on Human Rights, in particular with certain insecure
S2 - Working jobs (part‑time, fixed‑term contracts, temporary work).
conditions and
respect for Human
■ ■ ■ Limited criminal risk in the works activity as the builder is ■ ❏ ❏ 3.3.2.1.3
■
Rights in the value liable for criminal liability.
chain Risks
Significant reputational risk in the event of an accident on
one of the construction sites or on a site in operation.

Opportunities Trusted relationship with suppliers; brand appeal; reputation.

Impact mainly related to the operation of buildings.
Impacts Positive impact linked to participation in the dynamism of
the local economy and the regeneration of neighbourhoods.

S3 - Societal Business continuity risk: integration into the region and its
involvement - ❏ ❏ ■ ecosystem is necessary, particularly in the context of ❏ ■ ■ 3.3.3.1.3
■
integration in the renovation projects.
sustainable city
Risks Risk of obsolescence of buildings in the event of
non‑accessibility (PRM and public transport).
High reputational risk plus a risk of non‑completion of a
project.




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Topics Positioning in the chain IRO Description Time horizons Reference Materiality
vakue

⇐ ❏ ⇒ ST MT LT

The main impact is the non‑respect by a supplier of the
Impacts rights of indigenous populations, particularly concerning the
S3 - Rights
of indigenous
■ ❏ ❏ extraction and production of raw materials. ❏ ❏ ■ 3.3.3.1.3
❏
populations Reputational risk in the event of an incident occurring on
Risks
Covivio’s value chain.

Direct impact on the assessment of customers who may
Impacts
consider Covivio responsible for failures.

S4 - Information Financial risk related to data protection (GDPR sanctions up
for customers
❏ ■ ■ to 4% of a company’s revenue in case of infringement). ■ ❏ ❏ 3.3.4.1.3
■
Risks
and end‑users Reputational risk: Name and Shame principle in the event of
GDPR infringement.

Opportunities Long‑term financial stability

The impact on the health of occupants has become a major
topic since the Covid pandemic in 2020.
Impacts Direct impact on the assessment of customers who may
consider Covivio responsible for failures.
Positive impact: providing well‑being to occupants.
S4 - Customer and ❏ ■ ■ ■ ❏ ❏ 3.3.4.1.3
■
end‑user safety Lack of security on buildings or resilience of assets leading to
the inability to manage major crises that could cause a
Risks
claim, an accident, a health risk, or even engage the
company’s liability.

Opportunities Long‑term financial stability 3
Impact on the well‑being of employees and/or customers
Impacts with disabilities if hotel buildings and services are not
optimised for inclusivity.
S4 - Social inclusion
of customers
❏ ❏ ■ Financial risk: accessibility topics are well covered in Covivio’s ■ ❏ ❏ 3.3.4.1.3
❏
and end‑users Risks countries of operation. Nevertheless, bringing certain hotels
into compliance is complex.

Opportunities Long‑term financial stability

The impact of late payments from suppliers is strong and
leads to business failures: one in four bankruptcies at VSEs is
Impacts
due to late payments. It also creates tensions on
employment with cascading effects.
Risk on the relationship of trust with stakeholders who could
❏ ■ ❏ consider the company as a risky partner in the event of ■ ❏ ❏ ■
G1 - Business ethics proven corruption. 3.4.2.1
Risks Reputational risk, financial risk or an obstacle to the
development of activities in the event of a breach of the
ethical rules of the profession and the Group’s internal
procedures.

Opportunities Identification of Covivio as a reliable player

The impacts are mainly related to the environmental
Impacts performance of the real estate portfolio, which may have an
effect on the environment and the well‑being of customers.

Sector challenges - Financial risks: holding of assets with low potential for value
Fight against ❏ ■ ❏ creation; loss of attractiveness of the portfolio or additional ❏ ■ ■ ■
Risks cost of work; competitive disadvantage due to lack of 3.1.3.2
building
obsolescence certification or unattractive locations; cost of additional
certifications and labels to meet market expectations.
Liquidity of assets
Opportunities
Reputation




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3.1.2.4 Identify and manage sustainability impacts, risks and opportunities (IRO)
3.1.2.4.1 Identification and assessment of material issues (IRO‑1)
Covivio performed a double materiality analysis using the methodology presented below based on the work carried out to date, in
particular the risk mappings ( 3.1.2.2.5) and the materiality matrix published in previous years. This analysis was developed at Group
level and covers all the activities and the value chain.


Double materiality analysis methodology


IDENTIFICATION OF ASSESSMENT OF SUMMARY OF ANALYSIS AND
IMPACTS, RISKS AND IRO MATERIALITY VALIDATION OF RESULTS
OPPORTUNITIES (IRO)


Definition of the universe Assessment for each
of issues (CSRD + specific identified CSR issue of:
  




Impact materiality
to Covivio) Occurrence



Characterisation of issues All Positive or negative
for the company challenges Major
impacts on the issues
challenges
Identification and analysis Financial risks (scale based 
of IROs on Group risk mapping)
Opportunities 

Financial materiality

 Environment
 Social / Societal
 Governance

Preparatory work and definition of the universe ● externally, Covivio has relied on the work of the European
Before rating scoring the issues, preliminary work was carried out Commission, ADEME, INSEE, the Sustainable Real Estate
to define the universe of issues based on the list of CSRD issues. Observatory (in particular via the Responsible Real Estate
This work was based on both internal and external documentary Barometer) or international organisations such as WRI,
research: ENCORE or CDP.

● internally, the analyses and work performed up to 2024 helped This work resulted in the definition of a universe of a set of 20
to define the issues, including: issues based on the 10 ESRS themes and an additional issue to
cover sectoral themes that were not covered by the regulatory
● the results of the materiality analysis published up to the texts. These issues are detailed in the matrix presented in 3.1.2.2.
previous fiscal year,
IRO rating methodology
● risk mapping: Group, CSR, purchasing/CSR, cyber,
The rating methodology was carried out in accordance with the
corruption. This work was particularly important in the
principles of the CSRD and in connection with the previous risk
development of Covivio’s general risk profile,
mapping carried out with the approval of the Audit and Internal
● previous reports from both a social and environmental Control Department. Rating sub‑criteria were defined to firstly
standpoint, with significant historical data, assess the impact (impact materiality) and secondly the level of
risk and opportunity (financial materiality). Each score (on a
● studies commissioned by Covivio: MSCI Climate Value at scale of 1 to 4) is then weighted by the frequency of occurrence
Risk, WRI Baseline Water stress, mapping of protected according to the probability of occurrence over a given time
areas, costing of investments related to the carbon horizon (generally three years except for certain risks requiring a
trajectory, Global Biodiversity Score, socio‑economic impact, longer analysis horizon, such as climate). Risks are rated as gross,
● the policies implemented: Responsible Purchasing, Diversity before any risk control measures are taken.
Charter, Ex‑Aequo, Nature strategy, etc.;




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Sub‑criteria used
Criteria rated from 1 (low) to 4 (critical)
Physical and/or psychological well‑being
Extent and irremediability Fauna, flora, environment
Impact materiality
Competitors’ markets and operations
Importance Isolated event or impact on society as a whole
Financial risks Impact on revenues or asset value
Reputation/Image Media interest and risk of negative publicity
Financial materiality
Business continuity Risk of interruption of one or more activities
Involvement of top management Level of management involved in risk management

Rating of issues ● consolidation of the scores and sending them to participants
To simplify the rating of the issues, workshops were held with all for review before validation and consolidation at Group level.
the Group's departments, which also provided an opportunity to This consolidation was performed by the Sustainable
increase the teams' awareness of the CSRD. These workshops Development Department taking into account the weighting of
involved around forty Group managers, involving governance each activity in the Group. The average scores obtained for
with six members of the Executive Committee represented during each issue multiplied by the frequency were then reweighted by
the workshops, and the majority of the members of local taking the maximum score for each category (impact materiality
CODIRs. As the previous materiality analysis had involved and financial materiality) into account.
3
external stakeholders and the different departments represented
working on a daily basis with the Group’s external stakeholders 3.1.2.4.2 Results of the double materiality analysis
(investors, customers, suppliers), it was not considered necessary (IRO‑2)
to formally involve them in this new rating exercise. Nature was The matrix presented below is the result of the rating exercise
also taken into account as a silent stakeholder. explained above. It was shared and validated as follows:
These workshops, which were held between the last quarter of ● Q1 2024: Presentation to workshop participants and the CSRD
2023 and the beginning of 2024, were organised as follows: Steering Committee.
● presentation of the context and purpose of the CSRD; ● April 2024: Presentation to the Executive Committee and the
● presentation of the concept of dual materiality and the CSR Committee for consultation.
methodology for rating the issues; ● September 2024: Presentation to the Audit Committee for
● presentation of each issue illustrated by the documentary validation.
research already carried out and an invitation for participants Material issues are those for which a score greater than or equal
to discuss risk levels; to 2 has been obtained for either impact materiality or financial
materiality.

Covivio's double materiality matrix

E1 - Climate change
mitigation 

E4 - Biodiversity
E1 - Climate change 
+1 - Fight against
adaptation building obsolescence
E1 - Energy
E5 - Circular economy, resources   
Impact materiality




and waste management

E3 - Water  S4 - Customer and
end-user safety
S3 - Societal involvement -
sustainable city 
E2 - Air, water and soil
pollution   S1 - Working conditions
E2 - Hazardous  S2 - Working conditions  G1 - Business ethics
substances and respect for human rights 
 in the value chain
S4- Social inclusion
of customers
 
S1 - Diversity and  S4 - Information for customers
and end-users
and end-users equal opportunity

 E3- Marine resources

 S1and- Respect for labour
human rights

 S3 - Rights of indigenous populations
Financial materiality
 Environment
 Social (see Chapter 3.5)
 Governance

The list of reported data points is presented in section 3.5.1


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Update of the dual materiality matrix
Every year, an assessment of the relevance of the subjects which are considered to be material must be carried out in order to:
● incorporate feedback following publications by peers;
● integrate sectoral elements that can be specified;
● check the consistency with the Group’s risk mapping.
A complete update will be made every three years to reassess the relevance of the method and the rating of the IROs, resulting in
a new validation of the governance.



3.1.2.5 Action plan (MDR) Objective linked to the Nature strategy
Covivio adopted a CSR action plan in 2010. This plan, which is
Objective linked to the Purpose
revised every 5 years, has been adapted to integrate the ESRS
and the new objectives related to the Nature strategy unveiled The “historical” scope of this CSR action plan refers to the
in 2024. entities that make up the Covivio Group (UES France, Germany,
The operational breakdown of these objectives and the Italy). The social reporting therefore does not include the
specificities by portfolio are specified in the sections relating to employees of the hotels, including the Operating Properties held
each ESRS in this report. by Covivio Hotels.


DELIVERY
REFERENCE ESRS MAIN OBJECTIVES SCOPE 2024 COMPLETIONS PROGRESS
DATE

Hold 100% of certified assets Group End of 2025 At end‑2024:
Offices: (100% in France and Italy, 86.2%
Sector 100% of Operating Properties in Germany)
Building/ WiZiU End of 2025
labelled Green Key Hotels: 97.5% (43% of Operating
Property –
Properties labelled Green Key)
●●●●❍
Asset
Develop 100% of tertiary buildings Residential: 100%
obsolescence certified at least to an Excellent/ Tertiary Permanent
100% of tertiary developments seek at
Gold level
least Gold/Excellent ratings
Reduce the Group’s GHG emissions At end‑2024, 28% fall
E1 - Climate
by 40% compared to 2010 (in Group End of 2030 ●●●❍❍
(Mitigation) intensity kgCO2 e/m²/year) (Development and Operation)

E1 - Climate Map 100% of assets with regard to 100% of assets (core) included in the ●●●●●
Group Permanent
(Adaptation) climate risks MSCI analysis.

Reduce the portfolio's energy
-30% including the residential panel ●●●●●
consumption by 25% compared to Group End of 2030
(iso‑methodology)
2019
E1 - Climate Double the solar production 1.3 GWh in 2024 of solar energy
(Energy) capacity of the portfolio (1.3 GWh produced in the portfolio
in 2023) and achieve 100% green Group End of 2030 ●●●❍❍
electricity in the Offices portfolio 86% of the green electricity in the
under direct management directly managed Office portfolio

100% of sites are monitored and
checked
Manage health and environmental ●●●●●
E2 - Pollution Group Permanent Carrying out resilience audits to
risks
understand the various impacts of
climate change on our portfolio
Reduce water consumption by 10% Operational ●●●●●
2030 Offices: multitenants: -29%
compared to 2019 control scope
Control water consumption by not
exceeding the threshold
E3 - Water established for each portfolio (0.5
m³/m²/year France and Germany Group Permanent Threshold respected for each portfolio ●●●●●
Offices, 1 m³/m²/year Italy Offices, 1
m³/m²/year German Residential, 2
m³/m²/year Hotels Europe)
Map 100% of the portfolio with
regard to the proximity of the sites Group Permanent Completed in 2024 ●●●●●
to natural areas
E4 -
Biodiversity Achieve zero net artificialisation
across the entire Pipeline and 90% Group - CBS analysis by project: CBS tripled on
of operations with positive Development
End of 2030
the projects analysed at 30/06/2024
●●●❍❍
biodiversity




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DELIVERY
REFERENCE ESRS MAIN OBJECTIVES SCOPE 2024 COMPLETIONS PROGRESS
DATE
Reduce waste production in Target adjusted to include hotels
Operational
directly managed offices by 15%
control
2030 N/A
compared to 2024 Waste intensity 2024: 6.3 kg/m2

Promote a circular economy
E5 - Circular Group - Group circular economy in France
approach to development
Development
Permanent
(details in the ESRS objectives section)
●●●●❍
economy operations
Currently being defined as part of the
Increase the use of bio‑sourced,
recycled and reused materials
Group Permanent Nature strategy, pilot projects on ❍❍❍❍❍
renovations
1,013 employees on the historic scope
(51% women and 49% men) of which
93.9% on permanent contracts
Share know‑how and knowledge at
Group level and increase
cross‑functional projects between the
three European entities.

Attract, develop and retain talent Group Permanent Share know‑how and knowledge at ●●●●❍
Group level and increase
cross‑functional projects between the
three European entities.
First reporting on the Covivio Hotels'
Hotel Operating Properties scope and
launch of the Wiziu brand on the Hotel
Operating Properties scope to structure

3
the Group’s HR policy on this scope.
Ex‑aequo programme: raising employee
S1 - Own awareness about gender equality;
Promote diversity and equality
workforce mentoring programme for 24 French,
Italian and German female employees.
Quality of Life at Work Agreement in
France, Senior Agreement in 2020.
Improve the quality of life at work
and achieve work‑life balance Implementation of teleworking from 2018
- Widespread since the start of the
Covid crisis.
Group
Measure the well‑being of teams (historical Permanent Group‑wide employee satisfaction ●●●●●
every two years scope*) survey conducted in 2023.
Covivio 4 Climate project to increase
employee awareness of sustainable
development
Involve employees in the Group’s Involve employees in different actions:
commitments Palladio, Article.1, Passerelle, etc.
SoCovivio Week organised since 2022,
with a series of charity events in aid of
charitable associations.
Responsible Purchasing Charter
updated in 2024 ●●●●●

Responsible Purchasing Charter New system launched in 2022 based on
S2 - Workers Group 2025
signed by key suppliers the EcoVadis solution. ●●●❍❍
in the value 232 suppliers rated at 31/12/24
chain
Completion of a European procurement ●●●●●
risk map at the end of 2020.

100% of calls for tenders are Calls for works tenders > €200,000
subject to a CSR questionnaire
Group 2026 ●●●❍❍
Call for Corporate tenders > €50,000




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DELIVERY
REFERENCE ESRS MAIN OBJECTIVES SCOPE 2024 COMPLETIONS PROGRESS
DATE
Study on socio‑economic impacts for all
Getting involved in regional ●●●●●
Group Permanent Group activities in Europe. 17,000 jobs
revitalisation initiatives
supported in 2023.

Several projects constituting real parts
of the city: Symbosis and the Sign in
Co‑construct a coherent and Milan, Stream Building in Paris, Nice
collaborative urban space with the Group Permanent Brancolar, Icon in Dusseldorf, etc. ●●●●●
S3 - Affected
stakeholders
communities Stakeholders' Committee - Summary of
works “La fabrique des rythmes sociaux”
published in 2024
Publication of Covivio's Human Rights ●●●●●
Promote Human Rights and equal Policy
Group Permanent
opportunities Around twenty associations supported ●●●●●
by the Covivio Corporate Foundation
Launch of a new programme to
measure the satisfaction of office
tenants at the European level
Optimise tenant satisfaction
Covivio Immobilien again given the
“Fairest Landlord” award by Focus
Money magazine.
All Wellio sites are labeled R2S or
Provide a high level of connectivity WiredScore
S4 - in our buildings Wellio Dante, first WiredScore labelled
Customers Group Permanent building in Italy. ●●●●❍
and end‑users
99.1% of the portfolio within a 5‑minute
walk from public transport, and 99.9%
within a 10‑minute walk from public
100% of assets located within a transport;
10‑minute walk from public 96% of the working population in the
transports Offices in Europe portfolio have at least
one form of rail transport (metro or RER)
within a radius of 1 km and 86.5% within
a radius of 500 m

100% of employees trained in the
Disseminate and share ethics/ process and principles of the Ethics ●●●●●
anti‑corruption best practices with Charter
all employees
45% of the Board of Directors are 50% of independent members have sat ●●●●●
G1 - Business independent members on the Board of Directors since 2017.
Group Permanent
ethics Compliance with the best international
standards: EPRA, Afep‑Medef, GRI, SASB,
Remain the leader in terms of the etc.
transparency of our business ●●●●●
activities reporting Strong recognition by non‑financial
rating organisations (Ratings still rising in
2020).




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3.1.3 Combating asset obsolescence (Sector issues)
The dual materiality analysis conducted by Covivio in 2023/2024 Management and implementation of the obsolescence policy
confirmed the challenges related to the risk of building The policy to combat asset obsolescence is included in the
obsolescence. Indeed, buildings can face a risk of obsolescence, Sustainable Development governance plan presented in ESRS 2,
with an impact on their value, if they are not regularly upgraded section 3.1.2.2.1, as a key element of the Group’s CSR strategy.
to meet the challenges of ecological and digital transformation, Promoted and monitored by the Sustainable Development
or do not take societal developments or the need for flexibility Department, its implementation involves all levels of the
and services sufficiently into account (ESRS S3, company (HR, Finance, Audit and Internal Control (AIC), IS,
section 3.3.4.3.2). This subject interacts strongly with the other Communication, etc.) and not only the operational departments:
material issues presented in this report, in particular concerning Development Departments Real Estate Engineering, Customer
the energy and carbon performance (ESRS E1) of assets and the Relations.
qualities of the building in terms of well‑being and safety for
occupants (ESRS S4). 3.1.3.1.1 Coinventing new commercial and residential
real estate
3.1.3.1 Policy for combating building
Emphasis has been placed on mixed functions, in several
obsolescence programmes developed by Covivio: offices, co‑working areas,
Combating the obsolescence of Covivio’s portfolio involves a hotels, residential, ground‑floor shops, and co‑living. This new
high level of ambition, as much in the design as in the market trend is reflected in Stream Building in Paris, Symbiosis in
management of buildings. To this end, Covivio is developing Milan, and Alexanderplatz in Berlin. These programmes are
buildings with excellent accessibility and meeting high designed for the purpose of cooperation with stakeholders and
standards, particularly in terms of connectivity, comfort and contribute to strengthening the attractiveness and influence of
well‑being. The buildings are designed to offer maximum the districts in which they are built. Proximity and personalised
flexibility to accommodate different types of users and
organisations and assist tenants with their changing needs over
customer relations are at the heart of Covivio’s culture. To
continually meet client expectations and develop the Group’s
3
the long term. Open to the city, their gardens and terraces have offering, services and processes, Covivio regularly conducts
been created to act as real drivers of biodiversity and contribute satisfaction surveys on various topics. Action plans are rolled out
to the occupants’ well‑being. Eco‑designed and then following these surveys, ensuring that customers are listened to
eco‑managed, the buildings developed and operated by and that their needs are rapidly taken into account. The range
Covivio aim to provide bespoke solutions tailored to each of services on offer prioritises a simple and fluid experience, as
stakeholder, while ensuring the best possible integration of the well as flexible and personalised spaces, for a constantly
building into its environment. This strategy applies to the renewed experience.
different assets held, taking the specificities of each activity into
In 2023, Covivio published its vision of the “Operated
account. The policy to combat building obsolescence also
office” (1) aiming to offer its customers an optimised experience in
covers energy consumption and carbon emissions, which are
its buildings, consisting of:
major criteria examined in the ESRS E1.
● unique offices and services that inspire and are vectors for
Identified as a major risk and impact in the dual materiality
transformation, pride and individual and collective efficiency,
matrix ( 3.1.2.4.2), the subject of "Asset obsolescence/Green
and which anticipate uses;
value/Products anticipating societal developments" covers a set
of issues that are at the heart of the company's concerns and its ● hybrid and flexible offers according to needs, while
asset management policy. If these challenges are not met, the maintaining a single point of contact;
company could be exposed to myriad adverse impacts,
including owning certain assets with little potential for value ● a consulting contribution from A to Z, the “All in One”
creation; loss of the portfolio’s attractiveness or the need for approach, offering consulting/programming/design/
additional work due to a lack of maintenance and upkeep; and management of serviced offices, all the way to the design and
competitive disadvantages due to a lack of certification or poor management of the smart building;
locations. In order to address these potential risks and minimise ● a 5‑star Customer relationship focused on the quality of
their consequences, Covivio tries to anticipate regulatory services and management, reliability, attentiveness and
changes and commits to the highest international standards in reactivity, by drawing on customer feedback ( 3.4.3.1);
terms of construction and service, with strong long‑term
partnerships that rely on a good understanding of each ● a pragmatic CSR approach to serve the customer experience,
customer and their needs (ESRS S3, section 3.3.4.2). By the environment and society, combining innovation and
managing the entire value‑creation chain, Covivio ensures that concrete performance, with long‑term monitoring.
the quality of its buildings meets both client and market
expectations. Lastly, Covivio optimises the promotion of its
assets and the company’s reputation whilst participating in the
transition towards a circular, low‑carbon economy and factoring
in resilience issues ( 3.2.5.2) to better adapt its portfolio to climate
change.




(1) https://www.covivio.eu/wp‑content/uploads/sites/6/2023/08/PR‑Operated‑Office.pdf
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3.1.3.1.2 Surpass construction standards
For many key account tenants, energy and environmental renovates, by surpassing construction standards, using
performance has become a prerequisite that impacts on their certifications and labels ( 3.1.3.4), as well as innovative solutions
choice of location. In addition, criteria contributing to the that go beyond legal obligations and anticipate regulatory
well‑being of their employees are becoming increasingly developments.
important to their choice of location (user‑friendliness, services, For Covivio, the building of tomorrow is both sustainable and
connectivity, accessibility, etc.). Covivio incorporates these new intelligent, and must simultaneously fulfil five characteristics, set
expectations into the buildings it develops, manages and out in the box below:

THE BUILDING OF TOMORROW

FLEXIBLE: innovative construction SERVICIEL: menu of à la carte
choices fostering fluidity, services based on the tenant's needs
mixed uses and flexible spaces and accessible through a special app


OPEN TO THE REGION in terms CONNECTED: “ready for” real estate
of architecture as well as dialogue in terms of building management
with local authorities (BMS, BIM, supervision etc.)


ENVIRONMENTALLY EFFICIENT:
comprehensive eco-design approach,
use of new materials,
biophilia, renewable energy, etc.


These characteristics have been defined by a dedicated internal objectives for each project. It draws up a list of
working group composed of representatives of the Technical, recommendations on the following subjects (at a minimum):
Innovation, Sustainable Development, Asset and Property waste, acoustics, consumption of resources, communication with
Management Departments. A grid showing the innovation local residents, materials, social aspects (comfort, safety,
criteria constituting the building of tomorrow was created. Each well‑being). The charter explains each person’s roles and sets
renovation or development project is examined on the basis of specific objectives: for example, aiming for an 85% recovery of
these guidelines by the Investment Committee, in order to ensure construction site waste, limiting the maximum noise level on the
compliance with the standards defined by Covivio. If necessary, construction site to 80 dB (A), using 80% PEFC- or FSC‑certified
additional sustainability features are incorporated, when this is wood, etc.
relevant. CSR specifications were drafted in 2020/2021 in
coordination with the European teams, in order to define the 3.1.3.1.3 Building certification policy
types and levels of labels and certifications selected for Covivio’s Since its first development project, the Dassault Systèmes
developments and renovations. This framework is intended to be headquarters completed in 2008, Covivio has chosen to
shared internally with the technical teams (and management measure the performance of its new buildings through global,
team given its pedagogical nature) and externally with internationally recognised certifications, such as HQE, BREEAM or
architects and BET, in order to indicate the company’s standards. LEED. Likewise, in order to improve the performance of its assets
already in operation, Covivio has the HQE Exploitation, BREEAM
As a developer, Covivio engages its stakeholders in its In‑Use and ISO 50001 certifications to highlight the quality of its
construction projects through a strong partnership‑focused energy management. Furthermore, certain tenants use labels
relationship and detailed procedures. Four key documents detail that are particularly suited to their activities, particularly in the
technical and environmental performance for each certified hotel sector. As a partner in the development of certain labels,
project: environmental notice, management system of the Covivio is also a pioneer in the testing of new standards such as
operation, assessment of the environmental quality of the R2S, BiodiverCity and, more recently, by committing to the
building (HQE or BREEAM), low‑nuisance construction site charter. creation of a pan‑European low carbon label, LCBI, and
The latter commits all those involved in the project and details developing the BBCA Hotel label, with the support of the BBCA
the environmental principles to be followed as well as specific association.


The Low Carbon Building Initiative, to promote low‑carbon buildings in Europe
Launched at MIPIM in 2022, the Low Carbon Building Initiative (LCBI) brings together major European real estate players to
promote low‑carbon buildings and halve the sector’s CO2 emissions, based on the Life Cycle Analysis. After a year of
collaborative work and comparative data analysis between experts and project owners (1), LCBI launched the method as well as
the associated label, on 25 January 2024 in 8 countries - Germany, Belgium, Spain, France, Italy, Luxembourg, the Netherlands
and the United Kingdom. This method is aligned with the main existing tools and standards (Taxonomy, Level(s), CRREM, RICS).
Available publicly on the LCBI website, this European method simplifies the comparison of carbon footprints across Europe. It
primarily targets new buildings in the office, residential and hotel categories. Its broader objective is to eventually encompass all
new, renovated and existing buildings.




(1) https://www.lowcarbonbuilding.com/
the
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Covivio is one of the few players who have experimented with The certification process provides for regular audits and the
Level(s), launched by the European Commission to promote collection of evidence to attest to the reliability of the
sustainable construction and the transition to the circular establishments’ policies. In practice, in order to keep the label,
economy. It is a label covered by the European "green" improvements must be made every year in the various criteria.
taxonomy. This system, based on various indicators (energy, This label has a good reputation, particularly among
water, carbon, etc.), aims to define a common language. Level(s) professional customers.
is cited several times in the first texts organising the European
Taxonomy. 3.1.3.1.4 Continue to innovate to remain a pioneer
While innovation refers to introducing new products, services or
Focus on new developments processes into the market, this is only meaningful for Covivio if it
Covivio has set several commitments in terms of certification and succeeds in sustainably transforming the way people work,
labels for its development projects, as part of its green financing travel and live. Covivio's innovation strategy has been consistent
and CSR objectives. These principles apply to projects which are for several years, and involves encouraging the emergence of
classified as new construction or major renovation. They do not new uses, improving the quality of its portfolio and, finally,
apply to small renovations or building extensions, for example. focusing on open innovation.

● Global environmental certification objective (HQE/BREEAM/ Covivio’s innovation strategy is based on two pillars:
LEED/DGNB) and compliant with the European taxonomy: all ● identify and facilitate the implementation of new processes
developments (new constructions and major restructuring) and materials to make buildings more resilient;
must comply with the European taxonomy and/or aim for a
higher level of certification or equal to Excellent/Gold. ● deploy new offers and systems that improve comfort and
services to occupants.
● Specific labels (EPRA Cert‑Tot):
All of these innovation efforts aim to anticipate real estate
carbon (BBCA/LCBI): 75% of development projects in France
3
●
market trends to meet the evolving needs of our multiple
and 50% of projects in Germany and Italy must aim to customers.
obtain this label;
Innovate to offer virtuous and resilient buildings
● connectivity (Wiredscore/R2S): all projects > 5,000 m² and
buildings housing Wellio; Covivio uses innovative materials and processes such as
low‑carbon concrete and recycled materials in order to respect
● well‑being (WELL/Osmoz/Fitwel): all tertiary development its carbon trajectory and respect the new "RE 2020" regulation.
projects; Covivio conducts pilot projects or POCs (Proof of Concept) to
test new solutions, whether designed by large manufacturers or
● biodiversity (BiodiverCity): all projects in locations where
by smaller players. For example, in 2024 Covivio tested a solution
such a label is available and where the potential for green
for crushing and recycling existing glazing in order to reinstall
spaces is of interest in terms of biodiversity.
new low‑carbon glazing, with the industrial company AGC Glass
This policy reinforces the commitments made by Covivio in terms Europe. This experiment, conducted on the ‘Beige’ building in
of compliance with the taxonomy for its development projects Paris, provided a full‑scale test of new ways of recycling
(ESRS E1). materials.

100% of the hotels managed by WiZiU will be labelled Green Key Constantly monitor for new trends
by the end of 2025 To innovate over the long term, it is essential to constantly
The Green Key label (Clef Verte in France) is used in all monitor to identify emerging trends, and to choose and explore
continents, in 77 countries and on more than 6,700 sites (hotels, new opportunities. To this end, Covivio:
restaurants, campsites, etc.). Green Key is the top international ● works with around fifty start‑ups across Europe. These
eco‑label for tourist accommodation. This label was launched in operational partnerships in various fields such as automated
France in 1998 under the name Clef Verte. France is the second space management, urban mobility and new catering offers
country to have developed the Green Key label, and has been enable new solutions to be tested that are geared towards
the top country for the number of certified establishments since the needs of our customers and our buildings to new
2021. technological developments;
The criteria taken into account by certified institutions are as ● participates on the Sekoya collaborative platform, dedicated
follows: to low‑carbon solutions and which has been developed by
● implementation of an environmental policy and socially Impulse Partners and Eiffage. It brings together large groups,
responsible policies; SMEs and innovative start‑ups to identify, test and deploy
sustainable technologies in the building and real estate
● smart waste management (reduction at source, collection sector. Sekoya acts as an innovation accelerator by
and recycling); facilitating the networking of stakeholders, the sharing of best
practices and the assessment of the environmental impacts of
● control of energy and water consumption;
the proposed solutions;
● Responsible Purchasing (in particular for food and
● benefits from an innovation newsletter distributed monthly
maintenance);
throughout Europe and an Innovation Committee which brings
● actively raising customer awareness. together the company’s main operational departments
(Technical and Asset Management, Innovation, Sustainable
Development, Operations, IS, etc.) every two months.




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3.1.3.2 Description of impacts, risks and opportunities (IRO)
SECTOR ISSUES- COMBATTING BUILDING OBSOLESCENCE
Description and key words Environmental certifications and specific labels
Smart building
Building flexibility and mixed use
Main impacts The impacts are mainly related to the environmental performance of the real estate portfolio, which may
have an effect on the environment and the well‑being of customers
ADEME identifies recent trends in office issues in its 2050 scenarios:
Intensification of uses
Reversibility of spaces and change of use
A new relationship with the workplace since the health crisis
Among the major uncertainties: the number of office jobs in the light of technological developments such as
artificial intelligence
Impact of the major development trends for the future
Pace of energy renovation
Positioning on the value Direct Operations
chain
Main risks Financial risk:
Holding of assets with low potential for value creation
Loss of attractiveness of the portfolio or extra cost of work
Competitive disadvantage due to lack of certification or unattractive locations
Cost of additional certifications and labels to meet market expectations
Risk of mismatch between assets and needs; growing demand from local authorities for flexible and
reversible buildings (conversion of offices to housing, for example in certain areas)
Regulatory risk: potential compliance problems
Main opportunities Liquidity of assets
Reputation
Materiality Equipment


Covivio's global vision of the building's life cycle aims to address all the IROs related to combating the obsolescence of its buildings.
The policies ( 3.1.3.1) and actions ( 3.1.3.3) deployed in this area cover the different stages of this life cycle, as detailed below:




A GLOBAL AND SUSTAINABLE
Incorporate sustainability Analyse the CSR performance
VISION OF THE BUILDING criteria during disposals and of the building prior Buy a potentially
sharing the necessary to the purchase or already certified building
documentation




CONTRIBUTIONS
TO SUSTAINABLE DEVELOPMENT
Showcase CSR performance Optimise the operational
Anticipating regulations, incorporating during sale CSR performance
constraints relating to the market and anticipate regulations
and changes in lifestyles and work practices


Reducing the environmental footprint Make the site more attractive Build an appealing certified
of the building throughout its life cycle and improve its performance building
in order to reach our objectives Aim for specific labels

Maximising social and societal contributions
with regards to its occupants,
local residents, the housing market, etc.

Placing the criteria of comfort, health and
well-being of the end-user and environmental
issues at the heart of the project Optimise maintenance costs Monitor the CSR performance
to achieve the expected operational of buildings during their operation and raise
CSR performance awareness of building users
Using solutions which encourage
diverse uses, players, energies, etc.
Improve the environmental
performance of assets in Key issue
operation. Attain specific
certifications and labels Objectives




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3.1.3.3 Actions implemented
The life of a building is a long time (life cycle analyses cover a Giving a second life to office buildings
period of 50 years, Haussmann buildings are over a century old, As the owner of a diversified portfolio, Covivio has for several
etc.) but our lifestyles and tools (IT, digital, etc.) change much years identified buildings that could be converted into
faster. Buildings must therefore be highly adaptable in order to residential buildings when residential use becomes more relevant
accommodate changes in uses and technologies that are than commercial use, in view of the expectations of the city and
taking place in increasingly shorter time frames. The financial the market. This strategy makes it possible to combat the
effects of this action plan are mainly connected to the Capex additional artificialisation of land and give a second lease of life
plan set out in the mitigation plan. The €1.3 bn office to an urban area, by developing housing in line with new ways of
development pipeline at the end of 2024 also contributes to the living and working.
strategy to combat portfolio obsolescence. The costs of
certification and labels are included in the budgets of In line with its sustainable development strategy, Covivio
operations or buildings in operation. integrates the issue at several levels, for example:

3.1.3.3.1 Improve the flexibility and reversibility of ● from the design stage, with housing benefiting from a double
buildings or even triple exposure, naturally ventilated to offer maximised
summer comfort. Covivio also systematically includes outdoor
Towards ever greater flexibility and services for customised spaces;
projects
By capitalising on the experience of its subsidiary Wellio, a ● during construction, focusing on bio‑sourced materials and
specialist in flexible pro‑working spaces launched in 2017, and on taking into account the most stringent air quality standards.
its skills acquired in the hotel industry, Covivio continues to To go further, Covivio has decided to set targets for 2025 for this
develop its solutions to better meet the needs of its customers. residential development activity, and the transformation of
In 2017, Covivio launched a co‑living offer in Germany. Between a
hotel and traditional shared flat, the co‑living apartments offer a
offices into housing, in particular:
● aim for full alignment with the taxonomy (including the
3
“home‑from‑home” experience, with a well‑equipped kitchen, DNSH (3));
modern decoration, quality furniture, Wi‑Fi, etc. At the end of
2024, Covivio was managing around 250 rooms in Berlin under ● environmentally certify 100% of projects;
the “Covivio to share” brand.
● create green spaces for 100% of projects and install rainwater
The study commissioned by Covivio with Opinion Way in 2020, harvesting systems.
"Flexibility First!" (1) had highlighted the fact that employees and
Covivio is also studying the conversion of office buildings into
managers have common expectations and requirements
hotels in conjunction with the market and local authorities.
concerning the transformation of the office towards greater
flexibility, but also concerning the working atmosphere and the 3.1.3.3.2 Covivio accelerates its digital transformation
provision of varied spaces adapted to changing working As a European real estate player, Covivio has for several years
methods. Convinced that flexibility and services will in the future undertaken a profound digital transformation, based on a
be decisive in the collective performance of organisations, collective reflection process. Conducted at the European level
Covivio is combining its leases and service contracts in order to by the Chief Transformation Officer and the country IT teams, in
offer mixed offerings. The Group is also adapting its processes to collaboration with the members of the Executive Committee and
involve users as early as possible in the design of projects Transformation Committees, this digital transformation is a
developed through design thinking workshops or work sessions continuous improvement process designed to serve customer
with innovative partners, particularly in the field of services. satisfaction, portfolio performance and the operational
Promoting a culture of inclusion in the workplace efficiency of Covivio’s teams in Europe. By adopting a digital
roadmap, the Group’s ambition is to lead a sustainable and
The result of a study carried out with the support of the design
thoughtful digital transformation, in the service of Covivio’s
agency Total Tool and Professor Giulio Ceppi of Politecnico di
strategy, by closely associating all stakeholders at the European
Milano, Covivio has established scenarios and guidelines to
level.
design more inclusive workspaces. This document, available
online (2) also details the principles to be followed in the design Optimising the management of development and operation
and layout, to promote diversity and inclusion. It includes an through BIM (Building Information Modelling)
evaluation questionnaire to identify the main areas for BIM builds a comprehensive and consistent 3D building
improvement. This involves integrating the building into the database and maintains it throughout the lifetime of a real
urban fabric and the region, linking it to the city by ensuring the estate project: design, completion, operation, and
permeability of spaces, the presence of services and access to deconstruction. BIM also improves operational management of
outdoor green spaces. As for design and furniture, it is mainly the building by facilitating interior design and access to fixtures
furniture that is targeted. It must be ergonomic and comfortable (geolocation of equipment). As part of a circular economy
for all, offering the freedom to work in a flexible, collaborative approach, BIM is also a tool that enables traceability of
and autonomous way. Finally, an important element of Covivio’s materials and equipment so they can be reused. Covivio already
strategy, the service component is fundamental and the building owns buildings constructed using BIM and most of its recent
must offer services that simplify the daily lives of employees while development projects now use this technology.
improving their well‑being.




(1) https://www.covivio.eu/wp‑content/uploads/sites/6/2023/08/5.-Tomorrows‑offices‑flexibility‑first.pdf
(2) For inclusive workplaces - Covivio
(3) DNSH: do no significant harm, or no significant harm


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● WiredScore: Flow in Montrouge, Wellio Dante and Wellio
At the end of 2024, 100% (by surface area) of new Duomo in Milan;
commercial development operations in France, Germany
and Italy were implemented with the help of BIM i.e. 2 ● SmartScore: Alexanderplatz in Berlin.
operations for more than 98,000 m² (140,000 m² at the end
of 2023). Operation Plano in Berlin - Schöneberg
This new construction project of 14,150 m² is banking on
reversibility and was designed as an innovative and
In 2020/2021, with the help of an external consultant and in sustainable ecosystem, focusing on warm and bright
conjunction with the various technical, asset and property spaces and offering large green terraces:
management teams, a European BIM/BOS
technical (1) specification was drawn up in this area to improve ● use of geothermal energy for heating and cooling, thanks
the identification of Covivio's needs in this area and the profile of to heat pumps and radiant ceilings which operate at low
the BIM environments that will be created in the context of temperatures and are therefore more energy‑efficient;
projects in France, Germany and Italy. This document also aims ● 1,200 m² of photovoltaic panels with a capacity of 100
to better link BIM in the design phase and BOS in the operational kW (i.e. 125 MWh/year);
phase in order to optimise the services provided. The BOS makes
it possible to collect, enhance and distribute data from various ● a fully planted and permeable terrace with retention and
tools and equipment in order to optimise management drainage trenches, and green spaces designed with an
processes, implement services and enhance the appeal of ecologist/ornithologist;
assets.
● up to 80% recycled concrete with the CSC label (certified
sustainable concrete label);
Innovation for the environment: some examples used in
● direct access to public transport and 50% of spaces are
development projects
for charging electric vehicles.
● Timber frame of the “Stream Building” in Paris: 1,820 linear
The project is also aiming for DGNB Platinum, KFW
metres (mL);
Efficiency Building 40 + Renewable energy and WiredScore
● Smart variable‑tint glazing: renovated building rue Jean Gold certifications and labels.
Goujon in Paris;
● Timber‑concrete slab: solution used for a housing project
in Bobigny (93). The challenge consisted of lightening the 3.1.3.4 Towards 100% of buildings certified
structure of the building due to the site constraints; (goals and metrics)
● Low‑carbon concrete: in Antony (92), construction of The certification rate is the proportion of buildings certified for
low‑carbon concrete foundations. their construction (HQE, BREEAM, LEED) and/or their operation
In addition, there are many other actions based on reuse (BREEAM In‑Use, HQE Exploitation, Green Key, etc.), calculated in
(raised floors, etc.), the use of recycled materials (Circouleur Group Share value on 31 December 2024.
paint, etc.) and the recycling of materials and equipment. Covivio has set itself the goal of holding 100% of Core assets
(with the aim of sustainably remaining in the portfolio) certified
by the end of 2025, including all of its activities (Offices France,
Laying the groundwork for the “Smart City” of the future Germany, Italy, Hotels Europe, Residential Germany). Exclusions
from the scope are specified in the environmental reporting
Gradually, buildings will become part of the energy distribution protocol and account for less than 5% of the total value of the
network: sometimes producers and sometimes consumers, smart portfolio. At the end of 2024, this rate was 98.5% (95.3% at the
buildings will be an integral part of smart grids managed at the end of 2023).
scale of neighbourhoods, cities, themselves elements of larger
entities. Covivio is actively involved in energy flexibility studies, in Performance against this indicator is monitored as part of
particular FlexEner, in partnership with IFPEB (2), RTE and Enedis, monthly internal CSR reporting and plays a decisive role in
in order to lay the groundwork for the smart city of the future. development, upgrade and asset replacement policies. This
Covivio uses dedicated labels to qualify the performance in indicator is also used in calculating the long‑term incentive/
terms of connectivity of a number of sites under development or variable remuneration of the corporate officers and managers
renovation, in particular on 100% of its Wellio sites: concerned.

● R2S: in Paris on Jean Goujon, So Pop, l’Atelier (new European
headquarters of Covivio), etc.;




(1) BOS: Building Operating System.
(2) French Institute for Environmental Performance in Construction.


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The monitoring by the Sustainable Development Department By exceeding regulatory standards, Covivio is helping to create
and the operational teams of each activity is to identify: an offer that meets new market expectations. These global
certifications are recognised by the chain of players in the
● certifications to be launched for non‑certified assets or to be
sector: builders, consultants, real estate companies, tenants,
renewed for certifications in operation;
bankers, shareholders. The framework for defining green
● the potential for improving the level of certification for products is set to evolve under the impetus of the European
renewals and the measures to be taken to achieve this; Green Taxonomy ( 3.2.6).

● the change of standards, particularly for hotels, in order to In addition to these global certifications, new labels have been
choose a label that is relevant to the business and the brand. created that focus on a building’s performance in terms of
specific issues, namely energy with BBC renovation, Effinergie+,
E+C-; carbon footprint with BBCA ( 3.1.3.1.3); biodiversity with
BiodiverCity ( 3.2.4); connectivity with R2S or WiredScore
( 3.1.3.1.3); and well‑being and health with Well, OsmoZ or Fitwell,
etc. Covivio is regularly a pioneer in the experimentation of these
labels, even collaborating in the drafting of some of them.


Change in environmental certification rates for the various portfolios


Offices
Share of certified buildings and distribution by type of certification (Group Share value)
France Italy Germany 3
84.4% 99% 100% 100% 100% 100% 100% 100% 100%
98%
88.7% 86.2%
71.1%
68.6%
67.1%
61.9%
54%
41.6%




2016 2018 2020 2022 2023 2024 2025 2016 2018 2020 2022 2023 2024 2025 2022 2023 2024 2025
objective objective objective

8.7% 9% 2.8%
17.8% 14.4%
23.7% 39%




27.6% 54.7% 32.8%
55.7%

Certified building (HQE Non-certified buildings and Certified building Operations in progress
or BREEAM) and certified operation certified BREEAM (HQE, LEED, or BREEAM) assessed with a building
operations (HQE Exploitation, certification objective
BREEAM In-Use, BRaVE) In-Use, HQE Exploitation, and/or labelled
BRaVE (BBC, Energie+)


The portfolio of offices acquired in Germany in 2020 is subject to operationally certified (BREEAM In Use). At the end of 2024, 86.2%
a certification programme which is aimed at having 100% of the of assets were certified, in line with the target.
buildings certified by the end of 2025. Several of them are




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German Residential RMS audit for the development activity) and other local
In 2019, Covivio's entire German residential portfolio obtained the certifications such as NAWOH (Nachhaltiger Wohnungsbau). The
NF Habitat HQETM certification, which recognises the very high Hochstrasse 12/22 project was HQE certified this year, and
quality of the portfolio and its management. This approach awarded the "Exceptional" level. The projects are also designed
establishes a management system that is regularly assessed in compliance with the EG‑55 criterion (regulatory standard for
and based on four commitments: Responsible management energy efficiency in buildings).
relating to the project owner’s organisation; Quality of life; Covivio also successfully tested the HQE Sustainable Building
Respect for the environment; Economic performance. certification in the Berlin Biesdorf development. With very good
The HQE certification renewal audit for the residential portfolio access to public transport and numerous green spaces nearby,
took place in December 2024, based on the same principles: this project involves the development of 106 housing units over
four new buildings with ground floor and two or three floors in a
● Responsible management system: audit of the EMS, with a residential zone where Covivio already owns eight buildings. The
view to continuous improvement year after year. building delivered in 2022 obtained the “Exceptional” level. On
the strength of this initial experience, Covivio Immobilien has
● Quality of buildings and operating methods: building
undertaken to have all its renovation and extension/
inspections based on random samples.
development projects intended for rent certified (HQE, NaWoh or
For its development projects, Covivio also uses HQE (including an equivalent).
Hotels in Europe
The environmental certification of the hotel portfolio benefits certificate at 31 December 2024, representing 2.4% of the
from the environmental commitment of tenants, major operators Group‑wide portfolio (i.e. 0.5%).
developing their own sustainable development strategies. Some
As of 31 December 2024, 90% of the hotels operated by WiZiU (a
use labels specific to hotels (Green Key, GSTC (1) Green Hotel) and
subsidiary of Covivio Hotels that owns and operates its hotel
leisure (Green Globe), or have established systems which are
operating properties) have obtained the Green Key label or are
equivalent to environmental operation certifications, like Planet
committed to this certification process. Moreover, and without
21 for Accor or Green Engage for IHG. 88% of the portfolio had
this being included in the calculation of the rate of certification
such a label at the end of 2024. In accordance with the
of Covivio’s assets, it should be noted that 26% of the hotels
reporting protocol, the rate includes two assets for which a file
owned have the TripAdvisor Green Leader status.
has been submitted to the BRE but which did not receive a


Share of certified buildings and distribution by type of certification (Group Share value)

100%
91.2%
97.5% 2.1%
87.5%
3.2%
72.5%


51.5%
26,8%
92.3%


Certified building (HQE or BREEAM) and certified operation
(BREEAM In-Use or green hotels labels)
2018 2020 2022 2023 2024 2025
objective Certified building (HQE or BREEAM)

Non-certified building and certified operation BREEAM In-Use
or certified management system (Planet 21, Green Key, etc.)




BBCA launches a low‑carbon label for hotels 40,000 m²) were studied to identify the specific
characteristics of a hotel’s greenhouse gas emissions. The
In March 2024, the BBCA Hotel label was launched. It can
study focused in particular on the best practices to be
be achieved either for a new construction, or a renovation
deployed to reduce these emissions and determine the
or for operation. Work on this standard was carried out in
low‑carbon performance thresholds for obtaining the BBCA
partnership with pioneering players in the hotel industry,
label.
including Covivio.
Around sixty diverse hotel operations (between 1,000 and




(1) Global Sustainable Tourism Council: has developed an internationally recognised standard.


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Profile of environmental certifications obtained and targeted for the tertiary portfolio
The table below presents the various levels of certification In Group Share value, 71.3% of office assets (67.2% in 2023) have a
obtained or targeted for the projects developed by Covivio. The HQE/LEED/BREEAM certification with a level which is higher or
certifications used for the construction or renovation phase are equal to Very Good (the best level is given in the event of dual
HQE (1), LEED (2), BREEAM (3). An Italian asset was also ITACA Operations/Construction certification). In the hotel portfolio, the
certified (4), level Good. These certifications cover various themes strategy is to favour specific labels (Green Key, BioScore, GSTC)
concerning integrating environmental and social issues into that do not have levels.
development projects.


Summary of certifications obtained and targeted for the Group’s office assets or projects

Construction Operation Total*

6% 1.7% 4.3% 1.7%
12.6% 19.8%
19.8%
5.3%
13.5% 12.4%
60.4% 43.2% 98%
13.2%
3
17.9% 33.6%
29.3% 10.5%

Outstanding / Platinum Excellent / Gold Very good / Silver Good / Bronze Pass / Acceptable No level
*Restated for assets certified for operation and construction




Certifications obtained:


OPERATION DEVELOPMENT
Type of certification Number Surface Number Surface
68,076
+2.9 million m2 in the
German residential
HQE 1 portfolio 30 498,921
BREEAM 92 1,099,255 29 487,540
LEED 14 341,912
DGNB 3 55,717




(1) HQE: High Environmental Quality.
(2) LEED: Leadership in Energy and Environmental Design.
(3) BREEAM: Building Research Establishment Environmental Assessment Method.
(4) ITACA: Innovazione e Trasparenza degli Appalti e la Compatibilità ambientale: Innovation and transparency in public procurement and
environmental compatibility.


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3.2 Environmental information
3.2.1 Climate change (ESRS E1)
The ESRS E1 standard addresses climate change. It covers order to monitor the Group’s carbon performance by comparing
climate change mitigation and adaptation It also covers it to a composite square meter, and this by integrating all
energy‑related issues, insofar as they are relevant to this issue. activities (offices, residential, hotels) in Europe, over the entire life
cycle of assets: materials, construction, restructuring and
The aim here is to explain how Covivio affects climate change by
operation. These models are based on various scientific
detailing its material positive and negative impacts, actual and
scenarios taking into account the decarbonisation rates of the
potential as well as its past, present and future mitigation
energy mixes in the countries where Covivio operates, as well as
efforts, in accordance with the Paris Agreement and compatible
the various sectors that impact the business. These scientific
with limiting global warming to 1.5°C.
models were consolidated by CSTB, which also used its
It is reiterated that the information concerning the integration of experience in the construction sector to best adapt them to the
performance in terms of sustainability into the incentive Group’s specificities. The parameters have been defined by
mechanisms, in particular with regard to the Chief Executive taking into account Covivio’s current portfolio in Europe as well
Officer and the Deputy CEO, is explained in ESRS 2, as projections of this portfolio by 2030. The update carried out in
section 3.1.2.2.4. 2021 enabled the Group’s new orientations to be integrated, in
particular following the acquisition of office buildings in Germany
3.2.1.1 Climate Change Mitigation Transition in 2020 and a portfolio of high‑end hotels in the United Kingdom.
Plan (E1‑1) Its involvement in initiatives like the HQE‑GBC Alliance, the BBCA
3.2.1.1.1 Targets to reduce the Group’s carbon association, Sekoya and the Low‑Carbon Specifiers Hub ( 3.2.1.1),
footprint means that Covivio has a great deal of expertise in this area,
enabling it to consolidate its 10‑year vision. The internal carbon
Capitalising on feedback regarding reducing energy
tools, developed with the CSTB, will help to inform and guide
consumption and greenhouse gas emissions, Covivio decided in
decisions from the design to the operation of buildings. For
2021 to accelerate its transition by raising the level of its
example, the “LCA Express”, covering construction and
ambitions across its entire portfolio of assets in the commercial
renovation enables the carbon performance upstream of a
portfolio under direct management, to align with a 1.5°C
project to be estimated and thus to determine the sensitivities to
trajectory (based on the IPCC scenarios).
the impacts of the choice of materials or the shape of the
Less than three years after the publication of its first trajectory building.
for reducing its carbon emissions, whose compatibility with the
The update of Covivio’s carbon trajectory has thus led to the
2°C scenario of the Paris Agreement had been recognised in the
definition of the following objectives:
summer of 2018 by the Science Based Target initiative (SBTi),
Covivio has thus raised the level of its ambitions and is once ● reduce greenhouse gas emissions by 40% between 2010 and
again positioning itself as a major player in the low‑carbon 2030 (scopes 1, 2 and 3) in terms of carbon intensity;
transition. Covering all of Covivio’s activities in Europe, this
trajectory, updated at the end of 2021, takes into account the ● align the targets of its activities under direct management on
Group’s experience in low‑carbon construction and additional a 1.5°C trajectory, i.e. a 63% reduction in absolute emissions
experiments on materials, the circular economy and biodiversity. between 2015 and 2030 on scopes 1 and 2 (operation of
These targets were approved by the SBT initiative in the first common areas of multi‑tenant buildings and head offices);
weeks of 2022. Covivio is currently studying the new SBT ● aim to align with the “Well‑Below 2°C” scenario (between 1.5
framework for the real estate sector by considering an alignment and 2°C) on scope 3 (construction, renovation, operation of
with a 1.5°C trajectory on scopes 1, 2, 3 related to the use of private spaces in multi‑tenant buildings, single‑tenant offices,
buildings as well as a net zero carbon contribution by 2050. residential and hotels).
Two prospective scenarios for 2030 were constructed, in order to In addition, Covivio has committed to making a “Net Zero
take into account the changes likely to impact Covivio’s carbon Carbon” contribution from 2030. Achieving the carbon trajectory
performance, whether they be internal or external. This was done for each activity involves the implementation of various actions,
by modelling in seven large areas: roadways, pipes, conduits and in particular the completion of works (Capex) on the portfolio. In
cabling; infrastructure; superstructure; building shell; finishing 2022, these works were identified and quantified by portfolio
work; equipment; and local energy production. An innovative ( 3.2.1.1.3).
approach to modelling carbon intensity has been adopted in




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2030 trajectory of average carbon weight per m² (construction + restructuring + operation)
(Summary of Covivio’s various activities in Europe, in carbon intensity kgCO2e/m²/year)


80


76.3


70

64.5
66.6


60 63.4 56.4



55.3 at end 2024
54.5 49.4
50 3
Updated ambitious scenario
(-40%)
45.9

40
2010 2015 2020 2025 2030




194,034 tCO2e

Emissions related to the construction
and renovation of assets in Europe



22,194 tCO2e 124,767 tCO2e

Energy consumption in the "operational control" scope Energy consumption of all assets held in Europe
(common areas of multi-tenant offices and head offices) (excluding “operational control” scope)
and emissions related to energy production


Scopes 1 & 2 Scope 3


Objectives

Alignment with 1.5° C and Net Zero carbon contribution in 2030 Alignment with well below 2° C




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Focus on CRREM (Carbon Risk Real Estate Monitoring) trajectory. This enabled the consistency of the GHG emissions
scenarios reduction targets for the commercial portfolios to be
validated, which are below the “tipping point (1) identified by
Covivio selected the 1.5°C CRREM trajectory as its reference
CRREM. The scenarios used are those published by CRREM on
scenario, as part of its work with MSCI on climate risk
11 January 2023 and are at a more ambitious level than the
( 3.2.1.1.12).
previous ones.
For each portfolio, Covivio compared the CRREM scenarios to
The elements proposed by CRREM concerning residential are
the historical GHG emissions data already published each
still too recent to have the same analysis at this stage.
year and to the data calculated by 2030 as part of its carbon


Reconciliation of CRREM scenarios with the Covivio carbon trajectory on its tertiary portfolios (V2 CRREM of 11 January 2023)
80
70
60
50
40
30
20
10
0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

CRREM scenarios (according to the breakdown of Covivio Historical data and Covivio commercial carbon trajectory
commercial portfolio, linearization for the period 2010-2020)



Covivio is currently working on updating its objectives following 3.2.1.1.2 Levers to reduce the Group’s carbon footprint
the publication of a new benchmark for the real estate sector by Covivio has identified several levers relating to both the use
the SBT initiative and the CRREM. The current study aims to phase and new developments, for achieving a 40% reduction in
identify the conditions under which these objectives could its GHG emissions The success of this trajectory also depends on
comply with a 1.5°C trajectory over the three scopes for the the Group’s ability to interact with stakeholders, starting with
operational part. The update of these objectives could also be customers but also by active participation in dedicated working
an opportunity for Covivio to specify the conditions for achieving groups. The reference year corresponds to an overall volume of
its contribution to carbon neutrality by 2050 at the latest on the emissions of 464 ktCO2e.
three scopes.


Main levers of decarbonisation




-19%
-3%

-12%
-6%




Baseline year Energy mix Decarbonisation Energy efficiency Low-carbon 2030 objective
(exogenous leverage) of the portfolio Operating portfolio construction 1.5°C Scopes 1/2
(phasing out, WB2°C Scope 3
renewable energies)


These levers were supplemented, after Covivio’s Nature strategy was defined, with new commitments on the circular economy (ESRS
E5, section 3.2.5.2) which aim to reduce the carbon footprint of development projects.




(1) Tipping point: year in which the asset emits more CO2 than the level required to comply with a 1.5°C trajectory, i.e. the year in which the asset
becomes "failed".


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3.2.1.1.2.a Quantifiable levers
Decarbonisation of the portfolio
Developing renewable energies on site
Renewable energy has great potential to reduce the carbon operators have set more or less long‑term objectives to increase
footprint of a building. In the various development and the share of renewable energies in their mix. These renovations
renovation projects conducted by Covivio, the use of renewable also provide an opportunity to implement new solutions.
energies is systematically studied in order to determine the
In Germany, the energy system at Covivio Immobilien’s
possibilities offered by taking into account the specificities of the
headquarters in Oberhausen will be equipped with geothermal
environment and the regulatory context: geothermal,
heat pumps in combination with a photovoltaic and wind power
photovoltaic, etc.
supply (using small turbines).
Several sites were also equipped with thermal solar panels
Photovoltaic production in Covivio’s portfolio
(domestic hot water) or photovoltaic panels (production of
renewable energy). The Group also uses geothermal energy and 47 residential buildings are equipped with photovoltaic panels in
innovative systems, such as Thassalia© in Marseille. This Germany. An investment made by Covivio since 2012 (with an
temperate water network, managed by Dalkia, supplies the average cost of €436/m² excl. VAT, depreciated over nine years
Euromed Center buildings with heating and cooling using 100% on average) has enabled development of know‑how in the field,
renewable energy: thalassothermy, or thermal energy from the and anticipated the shift in regulations towards passive
sea. buildings. This energy is sold to local networks and is not
self‑consumed. In total, 961,971 kWh were generated in 2024
Covivio has chosen, when possible, to connect its buildings to (909,145 kWh in 2023). Photovoltaic production generated €459
district heating networks. The percentage of renewable energy thousand in revenue in 2024, which is shown on the regulatory
in the networks varies according to the localities, but the tables related to the taxonomy (3.5.2).


Evolution of production and gains related to photovoltaic production for the German residential portfolio
3
(kWh)
1,000,000


900,000


800,000


700,000


600,000


500,000


400,000


300,000


200,000


100,000


0
2017 2018 2019 2020 2021 2022 2023 2024

Duisburg Oberhausen Essen Mülheim Ratingen Berlin TOTAL


In Italy, the Garibaldi Towers were equipped with 804 m² of
photovoltaic panels on the façades and solar water heaters on In total, Covivio produced 1.3 GWh of electricity in 2024
the roof in 2010 (42 MWh produced in 2024. Encouraged by thanks to photovoltaic installations on its sites in Europe.
strong regulations on the subject (60% of the building’s energy The Group aims to double production between 2023
needs must be provided by renewable sources), the (1.3 GWh) and 2030.
developments recently delivered and those under development
in Milan also include photovoltaic equipment, such as the
buildings in the Symbiosis district (51 MWh produced in 2024 on
buildings A and B) and The Sign (59 MWh).




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The majority of projects developed by Covivio consist of Committing to low‑carbon construction in Europe
renovations/refurbishment. The use of green terraces is Life Cycle Analyses
preferred, in order to meet the expectations of local authorities, Covivio has carried out Life Cycle Analyses (LCAs) since 2010 in
urban planning constraints and the Group’s Nature strategy. order to quantify the environmental impact of operations at
Photovoltaic installations concern new projects and, to a limited each stage of their life cycle (construction, operation and
extent, the construction of shade shelters above car parks. ultimately deconstruction). These LCAs are carried out by
Contributing to carbon neutrality at the building level analysing six modules (materials, energy, water, travel, building
sites and waste). In 2013, Covivio commissioned France’s first LCA
Carbon neutrality can only be envisaged when the building is
on a property renovation (Steel building, Paris 16th) and in 2014,
being built or renovated by offsetting. Conversely, the operation
France’s first LCA on a hotel (B&B Porte des Lilas).
of the building can aim for neutrality by using renewable
energies to meet its various needs: lighting, clean hot water,
heating, etc. Some Covivio commercial buildings have these Calculation of greenhouse gas emissions avoided for two
characteristics when they use electricity exclusively (also for renovations (“SIMI 2021 Grand Prix”, each in their category)
heating or geothermal energy, for example) and benefit from
green electricity contracts. 9% of assets (excluding the tenant Covivio commissioned a third party to estimate the
areas) are concerned, in the operational control scope. By avoided emissions thanks to the environmentally ambitious
adding very low‑intensity buildings (-5 kgCO2e/m²/year), this construction choices for the Silex2 and Gobelins projects. By
rate rises to 26%. comparing the emissions generated by these operations
with different scenarios during the construction and then
Many Covivio buildings have a green electricity contract, a operation phases, the study made it possible to qualify
choice made in conjunction with the tenants or by themselves. In their carbon performance.
Italy, Covivio has chosen green electricity for all its assets under
direct management since December 2015. At the end of 2024, Thus, the renovation of the Paris Gobelins building emitted
the share of green electricity in total electricity consumption was 535 tCO2e less in total (2.5 kgCO2e/m² GIA/year) compared
47.9% (29.7% at the end of 2023) out of the total portfolio (data to a renovation scenario based on a project that is less
from environmental reporting) and 86% of the directly managed environmentally‑conscious (in terms of the nature of the
portfolio, up compared to 2023 (to 80%). The Group has set itself materials used or renovation work corresponding to the
a target that 100% of the electricity used in the scope of assets current traditional architectural standards of offices).
under direct management (scope 2) will be green by 2030. The renovation of Silex2 emitted 17,550 tCO2e less in total (17
In 2023, an offsetting project was financed for the Wellio sites in kgCO2e/m²) compared to a scenario where the old building
Italy, following a carbon assessment carried out at the level of would have been demolished and an office building with
the two buildings recently refurbished to the best environmental comparable characteristics would have been rebuilt.
standards and already supplied with green electricity. In the operating phase, these buildings will be able to emit
up to 24 tCO2e/year less compared to an average Paris
Focus on virtuous renovation: the example of the Atelier office building for Gobelins and 30 tCO2e/year less
(6,500 m², delivered in February 2024), Covivio’s new compared to buildings renovated to RT2012 level for Silex2.
European headquarters
The renovation of this building complex, which historically
housed offices and a telephone exchange, was carried out Today, the RE2020 thermal and environmental regulation
to the highest environmental standards (HQE, BREEAM includes the need to use LCA to combine energy and carbon
Excellent, BBCA, Osmoz, R2S, BiodiverCity). It enabled performance. LCA is also at the heart of the Low‑Carbon
energy saving of 44% (regulatory calculations) and the Building (BBCA) initiative, led by the eponymous association, of
creation of 1,000 m² of green spaces. This renovation also which Covivio is one of the founding members.
enabled a decarbonised energy mix to be chosen by Labels and certifications
connecting the building to the urban grid (the building was Covivio is one of the founding members of the BBCA association,
initially heated with gas) and by subscribing to an set up to promote low‑carbon practices and which gave rise to
electricity contract with a guaranteed origin of 100% French the BBCA label. This label quantifies and recognises, thanks to a
renewable energy. certified independent measurement, the reduction of the
The EPC on delivery shows a level C, to be compared with building's carbon footprint throughout its life cycle (construction/
the EPC class G obtained by reconstituting the EPC level on operation/end of life/carbon storage). As part of its 1.5°C
the basis of the building’s known consumption. trajectory, Covivio intends to rely heavily on the BBCA label's
principles to achieve its objectives in Europe. Covivio also
collaborates in the European LBCI (Low Carbon Building
Initiative) coordinated by BBCA and launched in 2022. It resulted
in the creation of a European standard for the construction of
low‑carbon buildings in January 2024, with the launch of the
LCBI methodology (version V1.0) (1) and the associated Label.




(1) “The Low Carbon Building Initiative aims to encourage real estate players to accelerate the decarbonisation of the sector” - Covivio.


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The BBCA label for hotels, which Covivio Hotels was involved in Improve portfolio energy efficiency
developing was launched in 2024, for new construction, Providing transparent and reliable information
renovation or operation. More information in section 3.1.3.4. Covivio has tested various energy performance monitoring and
Choice of materials commissioning solutions on its office buildings, including those
which use smart sensors. In Germany, Covivio signed a
The choice of materials is decisive for the building’s carbon
framework contract with an operator of smart sensors for gas
impact, during the construction phase, of course, but also during
and electricity which will initially concern 90 assets. Since 2019,
the operation phase. Covivio is therefore particularly attentive to
Covivio has had a monitoring platform, PowerBat, enabling it to
these decisions to favour quality, recycled and recyclable,
collect real‑time consumption data. This system now covers 100%
bio‑sourced and health‑friendly materials. As a developer,
of multi‑tenant buildings in France. Their analysis is carried out
Covivio either works with suppliers directly or within the
with the assistance of a single energy manager for the portfolio.
framework of the above‑mentioned working groups. This notably
This makes it possible to optimise the energy management of
involves in particular “low‑nuisance construction site charters” as
the sites, identify any deviations, and ensure the achievement of
part of development projects, which enables the adapted goals
the objectives set.
for each project to be structured. Awareness‑raising actions are
carried out with the teams, in order to integrate the challenges Covivio had 133 new energy audits carried out on its commercial
of the circular economy into the activities and day‑to‑day portfolios, as part of its work to quantify the investments
operations of the company. The use of sustainable and more necessary to achieve the CO2 reduction targets. These audits
easily recyclable materials is now widespread in Covivio’s made it possible to gain knowledge about the assets and to
practices, in line with the environmental certifications targeted identify the most appropriate measures to reduce the
by the Group. All these issues are covered by the certification consumption of buildings.
targets set by Covivio as part of the development projects. This
is the case, for example, for target 3 of the HQE standard, In order to develop a common understanding and consistent
“Construction site with a low environmental impact”, relating to objectives with hotel operators, Covivio Hotels has set up a
the optimisation of waste management, the limitation of
nuisances and pollution on the construction site, and the
reporting platform detailing the CRREM trajectory, the monitoring
of EPCs and regulatory objectives, as well as the planning of 3
limitation of consumption. resources on site. decarbonization investments for each asset.

For more information on the actions carried out by Covivio in Covivio has expanded its reporting scope since 2021, by
terms of the circular economy: ESRS E5 section 3.2.5.3. collecting the consumption data of single‑tenant buildings in
Italy ( 3.2.1.5) and the portfolio of offices in Germany acquired in
2020 ( 3.2.1.5). In 2023 and 2024, the scope of reporting on energy
Bordeaux Noème - Using low‑carbon materials and water consumption increased significantly, from a
representative sample to almost the entire portfolio held by
The project aims to create a 45,000 m² urban district with
Covivio Immobilien ( 3.2.1.5) making most of the historical record
3,500 m² of services (cooperative grocery store, sports hall,
non‑comparable in terms of reporting scope.
crèche, etc.) and 33,000 m² of green space, 40% of which is
open ground and an urban forest of 240 new trees, 700 Committing to energy sobriety
housing units including 85 in a serviced senior residence, In 2022, in response to the energy and climate crisis the French
and 190 beds in a co‑living residence. Noème is aiming for a government required energy consumption to be reduced by 10%
BEE+ label, the BDNA certification (Bâtiment Durable before the end of 2024. Companies were thus called upon to
Nouvelle Aquitaine) and the IntAirieur label for air quality. identify and activate all the levers at their disposal to reduce
The Noème project currently underway is an opportunity to consumption.
test the compressed clay brick. Derived from adobe, it is
one of the very first construction materials used by humans. Covivio is a signatory of the Energy saving charter for
It is made from sieved clay, compressed while still wet in a tertiary buildings
mechanical press. Once unmoulded, it is left to dry naturally
under cover. The national energy saving plan launched in the autumn of
2022 has enabled France’s annual electricity and gas
A 100% natural material available in quantity on five consumption to be reduced by 12%, taking into account the
continents, raw earth has an excellent energy profile. It is effects of weather.
extracted locally and its operating costs and delivery
journeys are kept to a minimum. The raw material, In order to continue this momentum, two charters were
construction clay, is located under the topsoil. proposed: one in favour of professional federations and
associations, which promoted it among their members; the
other for private companies in the real estate sector.
On 18 October 2023, 80 players signed these two charters,
in particular the FEI (Fédération des Entreprises
Immobilières) and Covivio, in the presence of the Minister for
the Energy Transition, Agnès Pannier‑Runacher.




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Covivio had already implemented a number of levers, in gas emissions from assets. The strong partnership dynamic at
particular through customer awareness (environmental the heart of the Group’s strategy is also an important lever for
Committees, technical meetings on the tertiary eco‑energy achieving its objectives. In order to better characterise the risks
system (tertiary decree) and building maintenance, and opportunities related to its carbon trajectory. In 2022,
environmental certification), its work plan and development by Covivio quantified the investments necessary to achieve its GHG
integrating energy performance or the implementation of emissions reduction targets ( 3.2.1.1.3).
supervision and an energy management contract.
Implementation of the tertiary decree in France
In September 2022, Covivio sent a letter to the tenants of the In France, the tertiary eco‑energy system (connected to the
tertiary buildings it manages directly concerning the energy so‑called “tertiary” decree), in line with the ELAN law, requires
efficiency plan. This approach was part of the awareness‑raising that any building, part of a building or real estate complex of at
process carried out on the implementation of the provisions of least 1,000 m² of floor area, reduce its energy consumption 40%
the tertiary decree. This letter recalls the main eco‑friendly by 2030, 50% by 2040 and 60% by 2050. This decree was
actions to be implemented in the office to reduce and optimise supplemented by the “method” and “absolute values” orders
energy consumption in three areas: from 2020, defining energy consumption thresholds (depending
on the type, geographical area, etc.), expressed in absolute
● Adaptation of set points (heating and air conditioning): during
value (kWh/m²/year). These thresholds may be chosen as
working hours, the set point for heating is 19°C and for air
alternative targets to the -40% target, particularly for buildings
conditioning, 26°C, with the possibility of a remote controlled
which are already high performing. Covivio has anticipated
amplitude of +/- 1.5°C. When the building is unoccupied
these measures in the context of discussions with tenants, in
(non‑working hours, weekends, and public holidays), the
particular within the framework of the related environmental
heating setpoint will be at 18°C and the air conditioning is
Committees. At the end of 2020/beginning of 2021, a first
suspended (or modulated). Air conditioning must be turned off
newsletter was distributed to more than 300 tenants to inform
when windows are open;
them of the implementation of this system, which plans for the
● Lighting: switching off lighting in common areas (apart from introduction of an obligation to annually report energy
security lighting) and illuminated signs from 9 p.m. to 7 a.m. consumption on the OPERAT platform (Observatory of Energy
Switching off of lights in meeting rooms when not in use, and Performance, Renovation and Tertiary Actions). This will involve
the installation of presence detectors. Where appropriate, both lessor (common charges) and lessee (tenant areas). More
switching off façade lighting for part of the night; than 130 tenant meetings were conducted in 2021 on this
subject, covering 100% of office and hotel customers in France. In
● Office: switching off office equipment including digital screens 2022, an audit of office buildings was carried out to check the
(rather than putting on standby). conditions under which the objectives of the decree and its
Clients are also invited to share any suggestions that could help instructions could be achieved. For hotels, the thresholds
achieve this energy efficiency objective. expressed in absolute value were only published at the end of
2023, which pushes back an analysis identical to that carried out
A Commitment Committee for the Performance of Tertiary for offices until 2024.
Buildings was created in the fourth quarter of 2024 to monitor
the deployment of the Tertiary Eco‑Energy System (DEET) 3.2.1.1.2.b Non‑quantifiable levers
resulting from the tertiary decree and its orders, and to monitor Engage with industry players on low‑carbon issues
and ensure the continuation of the initiatives carried out within HQE‑GBC Alliance (1): Covivio has been a member of this
the framework of the Tertiary Energy Sobriety Charter, This association for many years, and has actively collaborated in
Committee, which is under the aegis of the Sustainable Building several projects on the reduction of the carbon footprint or the
Plan, will be co‑chaired by Jean-Éric FOURNIER, Chairman of the circular economy. Covivio was a pioneer in the performance of
CSR Commission of the FEI and Director of Sustainable life cycle analyses (LCA), and has naturally been a signatory and
Development of Covivio, and Magali SAINT‑DONAT, Chairwoman partner of the HQE Performance initiative since 2010. Covivio
of the CSR Commission of ADI. The IFPEB (French Institute for also collaborated on the NZC Rénovation project, which aims to
Building Performance) and the OID (Sustainable Real Estate identify the levers specific to the renovation of buildings to
Observatory) will provide expert support. reduce carbon emissions, as well as the HQE “Circular Economy
An ambitious multi‑year work plan Performance” test, which aims to assess the impact of actions
Improving the portfolio’s environmental performance aims to carried out in terms of circular economy, notably by integrating
reduce its footprint in terms of energy ( 3.2.1.5), carbon ( 3.2.1.6), LCA and material flow analysis (MFA).
water ( 3.2.3.4.1), and waste ( 3.2.5.5), as well as to increase its Sekoya (2): Dedicated to the challenges of low‑carbon
occupants’ comfort and well‑being, through the choice of construction and led by Impulse Labs in partnership with Eiffage,
materials, the quality of space and air in the building and the Sekoya is a Carbon & Climate platform whose purpose is to
attention given to issues such as proximity to nature and identify and promote low‑carbon solutions for innovative
services. companies participating in the fight against climate change
For each portfolio, Covivio’s multi‑year work plan includes the and the emergence of the city and sustainable infrastructure.
energy and carbon performance, and more generally, the This initiative has enabled Covivio and its subsidiaries to identify
environmental performance as a priority objective. The solutions to significantly reduce the carbon footprint of its
installation, maintenance or replacement of more efficient development and renovation projects.
equipment contributes directly to the reduction of greenhouse




(1) HQE Performance Économie Circulaire test 2019 - Alliance HQE‑GBC (hqegbc.org). (in French)
(2) https://www.sekoyacarbonclimate.com/


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Low‑carbon specifiers hub (1): The Low‑Carbon Prescribers Hub implemented proactive policies to reduce their expenditure on
aims to pool resources for analysing and selecting low‑carbon water and energy, reduce the amount of waste they generate
solutions in the building sector. Instructed under the aegis of the and their ecological footprint, strengthen their ties with their
IFPEB and Carbone 4, this initiative offers a collaborative stakeholders, and be acknowledged as responsible and
platform giving its participants access to a series of tools, committed players when it comes to the major environmental
targeted services as well as information by family of materials and social challenges. Their own customers, both private and
and provides support for building prescribers in the development professional, are also increasingly demanding in terms of
of low‑carbon solutions. This initiative has enabled Covivio to organic, healthy food and ethical products and services.
improve its measurement of the carbon impact of certain
products and materials, and helps to raise awareness of these
Covivio Immobilien supports its tenants to reduce their
issues among its teams.
energy consumption
Making a success of the environmental transition together
Covivio Immobilien has launched an energy saving
Covivio is aware of the need to involve its partners (customers, awareness campaign for its tenants in cooperation with the
suppliers, etc.) to ensure the success of its actions in terms of city of Oberhausen and the North Rhine‑Westphalia
environmental transition, in particular for its 2030 carbon Consumer Advisory (4). In a free online seminar broadcast on
footprint target. Covivio’s Purpose to "Build sustainable 15 July 2021, tenants were advised on easy ways of
relationships and well‑being" reflects this goal and its expertise reducing their electricity consumption at home. By offering
in this field. them the loan of an electricity meter, tenants were able to
By putting in place different actions, such as environmental assess their own consumption in relation to average values
annexes and Sustainable Development Partnership Committees, and correctly interpret the energy information on the new
Covivio has laid the foundations for a relationship based on devices.
effective and constructive dialogue, in order to optimise the
environmental performance of its buildings. As part of its special
relationship with each tenant, Covivio has been organising
Another key lever of Covivio’s transition plan is the Responsible 3
Purchasing policy aimed at ensuring the commitment of
Sustainable Development Committees in France since 2010. The suppliers, presented in ESRS S2, section 3.3.2.2.1.
Committees have facilitated and anticipated the inclusion of
environmental annexes in 100% of leases for more than 2,000 m² 3.2.1.1.3 Investments made and planned to support
of office or retail space in France. Other leases, not subject to the transition plan
this obligation, also have an annex, which reflects the parties'
In order to better characterise the risks and opportunities related
commitment to CSR: energy, carbon, water, waste, transport,
to its carbon trajectory, Covivio calculated the investments
biodiversity, etc. These exchanges make it easier to obtain the
necessary to achieve its GHG emissions reduction targets in
HQE Exploitation or BREEAM In‑Use certifications, chosen in
2022.
coordination with the tenants. They also facilitated the
implementation of the Eco Energie Tertiaire system (tertiary Methodology used
decree) as well as the actions related to the energy efficiency ● Review of portfolio performance based on historical data and
plan. via interviews with operational staff, and energy audits (Hotels
In 2017, in Italy, Covivio drew up a Memorandum of Understanding in Europe, Italy Offices, Germany Offices):
(MoU) containing environmental clauses for tenants who wished ● in France, simultaneous work was carried out as part of the
to sign up. As such, the parties are invited to cooperate in order implementation of the tertiary decree. This is the study
to identify any solutions and measures that could be deemed conducted on the portfolio by E‑nergy to check that the
useful, appropriate and/or necessary for the purpose of assets comply with the objectives of the tertiary decree;
improving the building’s energy efficiency throughout the term of
the lease. This document is now available to all new tenants, ● In Germany: work with an external service provider to set up
and supplements the “green clause” on the energy efficiency of a platform to monitor consumption and simulate green
buildings included in all leases. Capex per asset.

Covivio has also signed the “Climate City contract” (2) of the city ● Consolidation and extrapolation of the measures to be
of Milan. The company is committed to contributing to the implemented to achieve the carbon targets by portfolio. All
achievement of the city’s objectives as part of the European assets were included in the study’s scope, some benefited
mission “Smart and carbon neutral cities” (3). The signing took from in‑depth energy audits, which were extrapolated to other
place during the Milano Green Week in September 2024, in assets. The measures identified were broken down as follows,
which Covivio took part. in order to best guide the multi‑year work plans:

To assist the residents of Covivio buildings in Germany and raise ● quickwins (ROI < 2 years): optimisation of BMS, tenant
awareness, a welcome booklet is provided to them when they awareness, sub‑metering, equipment maintenance,
move in. It is available on the website. It contains information on occupancy sensors, automatic temperature adjustment
aspects such as the proper use of the heating system and according to the weather;
selective waste collection, as well as tips to reduce the energy
● medium‑term (ROI 2‑9 years): deployment of LEDs, heat
consumption of the housing unit.
pumps, more efficient heating equipment, installation of
The tenants of buildings of the Covivio Hotels portfolio have all solar panels, solar protection systems;




(1) https://www.ifpeb.fr/en/the‑low‑carbon‑expert‑hub/
(2) Mission 100 City - Milan Cambia Aria - Municipality of Milan
(3) Climate‑neutral and smart cities - European Commission
(4) https://www.covivio.immo/press/covivio‑und‑verbraucherzentrale‑nrw‑in‑oberhausen‑strom‑sparen‑leicht‑gemacht/


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● long‑term (ROI > 9 years): thermal insulation, replacement The study resulted in the costing of a works plan of €261 million
and modernisation of windows, installation of building (Group Share) in Capex to achieve the carbon targets that the
management systems, installation or replacement of various Group set for itself, i.e. €32 million per year on average, enabling
kinds of equipment; the carbon intensity on the operation phase to be reduced by
44% between 2020 and 2030 (year of study: 2019 for hotels and
● the study also identifies the purchase of green electricity as
2021 for the France and Italy Offices).
an additional lever for reducing emissions.


GREEN CAPEX % OF PORTFOLIO
(CEO) €M/year VALUE (CEO)



OFFICES €95 M €12 M ~1%
10% e.g. optimisation
short-term
actions of supervision systems


GERMAN
45% e.g. technical improvements
€138 M €17 M ~2.5% medium-term
RESIDENTIAL or installation of solar panels
actions


45% e.g. installation of new
HOTELS €28 M €3 M <1% long-term equipment (geothermal,
actions free cooling, heat recovery)


TOTAL €261 M €32 M ~1.5%



In addition, a circular economy approach has been deployed to
In 2024, Covivio also invested €244 million in development control the consumption of resources and reduce the carbon
Capex, of which 90% aligned with the European taxonomy, impact of renovation.
thereby helping improve the environmental efficiency of its
assets. 3 - Hauptstr. 17‑19 - Wentorf/Hamburg
After investing €5 million in 2023‑2024 in this residential complex
of 96 housing units and 8,600 m², the building’s energy
consumption fell by 69% and greenhouse gas emissions by 66%.
Practical cases The work involved the insulation of the façades, windows, the
1 - Dassault Campus - Vélizy electrical system and elevators. This gain in efficiency enables
Developed by Covivio in 2008, the first assets on the Vélizy the transition from a class D to a class B DPE.
campus are being renovated with the priority of improving the 4 - B&B Frankfurt Offenbach
energy performance of the assets. Initiated in 2024 on a first
building (11,600 m2), this works plan includes € 3.5 million (Group Co‑financing plan of €210,000 of Capex between Covivio Hotels
Share) of green Capex: renovation of joineries, complete and B&B Hotels for this hotel let under a traditional lease,
replacement of the BMS and cooling systems, replacement of including the decarbonisation of hot water production allowing
distribution pumps and fan coil units. This investment will reduce a complete electrification of the asset. This measure will prevent
the building’s energy consumption by 42% and comply with the the emission of 11.4 metric tons of CO2 per year and will provide
obligations of the Tertiary Decree. The programme will then be profitable feedback for the entire B&B Germany portfolio.
repeated for the other three neighbouring buildings. 3.2.1.1.4 Locked‑in GHG emissions
2 - Novotel - Bruges The potentially locked‑in GHG emissions are mainly related to
The hotel owned by Covivio Hotels and operated by WiZiU gas‑powered equipment that is still in working order. Covivio
(Covivio hotel management platform) was completely renovated incorporates this data into its projections and systematically
in 2024. This work programme included €3 million in energy studies the possibility of connecting its buildings to urban
efficiency measures to phase out fossil fuels, a 52% reduction in networks or installing heat pumps during renovations or when
greenhouse gas emissions, positioning us already below the the gas equipment reaches the end of its life.
CRREM 2030 threshold (1.5°C, Hotels - Belgium). This programme
includes:
● complete renovation of the energy system with the installation
of heat pumps;
● low‑consumption ventilation systems with high recovery
efficiency;
● Intelligent extractor hoods above cooking areas, reducing
consumption by four.




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3.2.1.1.5 Alignment of investments supporting the transition plan to European taxonomy
Investments made in the operating portfolio
The investments aimed at supporting Covivio’s transition plan are linked to the following activities as described in the European
taxonomy:

7.3 Energy efficiency equipment
a) addition of insulation to existing elements of the envelope, such as exterior walls (including planted walls), roofs (including planted
roofs), attics, basements and ground floors (including measures to ensure airtightness, measures to reduce the effects of thermal
bridges and scaffolding) and products for applying insulation to the building envelope (including mechanical fasteners and
adhesives);
b) replacement of existing windows with new energy‑efficient windows;
c) replacement of existing exterior doors with new energy‑efficient doors;
d) installation and replacement of low‑energy light sources;
e) installation, replacement, maintenance and repair of heating, ventilation and air conditioning (HVAC) and water heating systems,
including equipment related to district heating services, using high‑efficiency technologies.
7.5 Instruments and devices for measuring, regulating and controlling the energy performance of buildings
7.6 Installation, maintenance and repair of renewable energy technologies (photovoltaic, heat pumps)
9.3 Professional services related to building energy efficiency


Investments made on assets under development
To achieve its goal of developing 100% taxonomy‑aligned buildings, projects must adhere to the following principles. A distinction is
made for new constructions depending on whether they are intended to be kept in the portfolio or sold.
3
DEVELOPMENT FOR FUTURE OWNERSHIP DEVELOPMENT FOR SALE
Activity 7.7: Acquisition and holding of Activity 7.2: Building renovation Activity 7.1: Construction of new buildings
real estate assets (including new (development)
constructions to be held after delivery)
TSC(1) Construction permits before 31/12/2020: 30% reduction in primary energy NZEB - 10% (or equivalent national
top 15% primary energy or DPE A (or B consumption after works thermal regulation)
when A + B <15% in the country
concerned)
Construction permit after 31/12/2020:
NZEB -10%
For buildings > 5,000 m²: Installation of a BMS (power > 290kv)/life cycle analysis/Airtightness and thermal integrity test
DNSH DNSH Adaptation: Study of climate risks on an active scale for all activities and adaptation plan if risks are identified (Covivio
uses MSCI for this study)
Other DNHS for buildings and renovations:
3 - Water: ECAU label A or taps 6 L/min/showers 8 L/min/toilets 3‑6 L/min
4 - Biodiversity: environmental impact study including analysis of areas of interest in
terms of biodiversity and potential mitigation and remedial measures
5 - Pollution: Class A products in terms of air quality, limitation of site pollution and
soil pollution study if necessary and REACH compliance
6 - Circular economy: waste management treatment, reporting and recovery target
> 70% + building flexibility/modularity/recyclability study
MS Managed at Group level (Human Rights Policy)
(1) TSC = Technical Screening Criteria/DNSH = Do Not Significantly Harm/MS = Minimum Safeguards.




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2024 results
In 2024, €41 million were invested to contribute to the environmental improvement of Covivio's portfolio in Europe. In addition, €219
million of investments related to Covivio’s development activity are also aligned with activities 7.2 - Renovation of buildings and 7.7 -
Acquisition and holding of real estate assets (including own developments) (see taxonomy section 3.2.6).

Share of Revenues/Revenues Share of Capex/Capex
Aligned Eligible Aligned Eligible
Climate change mitigation 32.6% 74.6% 67.4% 100%
Climate change adaptation 0% 0% 83.6% 100%


Given the nature of its activities, the determination of green OPEXs within the meaning of the taxonomy is not considered material.
However, Covivio is identifying this topic for the future in connection with its project to standardise its information systems at the
European level.


3.2.1.1.9 Approval of the transition plan by the
The common thread: L'Atelier governance bodies
On 16 October 2024, the Atelier received the prestigious Covivio’s climate transition plan is at the heart of the Group’s
award from the Urban Land Institute (ULI) among eight CSR strategy. It is promoted by governance as described in ESRS
finalist projects. The ULI Europe Awards prize for Excellence 2 in section 3.1.2.2. The climate issue has been on the agenda of
is awarded by a jury of renowned professionals. It rewards all CSR Committee meetings since its creation.
exceptional urban development projects in the private,
public and non‑profit sectors located in the EMEA region. 3.2.1.1.10 Principal progress made by the Group in
This award recognises the entire project development implementing the transition plan
process: planning, construction, economic viability, Covivio’s various CSR objectives are presented in the CSR action
management, community impact, and design. plan ( 3.1.2.5). The state of progress of these objectives is detailed
in the sections concerned, notably the main indicators related to
This award, which was presented in Barcelona at the C Covivio’s strategy for the fight against climate change:
Change Summit, rewards the best practices and the most
remarkable projects in terms of urban development. A ● energy intensity of the portfolio ( 3.2.1.5): iso‑method 2022 at
prestigious distinction for L'Atelier, a creation resulting from the time targets were set: 227 kWhpe/m² at 31 December
an unprecedented collaboration between Covivio, STUDIOS 2024, i.e. -30% compared to 2019 - Objective -25% by 2030 (vs
Architecture and Maison Sarah Lavoine. 2019);
● greenhouse gas emissions generated by the activity ( 3.2.1.6):
55.3 kgCO2/m² at 31 December 2024, i.e. -28% compared to
3.2.1.1.6 Significant investments in coal, oil and gas 2010 - Objective -40% by 2030 (vs 2010);
Covivio has no significant Capex invested in connection with ● certification of the European portfolio ( 3.1.3.4): 98.5% of
economic activities related to coal, oil or gas. The only certified buildings as of 31 December 2024 - Objective 100%
investments made in connection with these activities concern by 2025.
the maintenance of existing equipment.
These structuring objectives for the Group’s business are key to
3.2.1.1.7 “Paris Agreement” benchmarks achieving the transition plan.
Covivio’s business sector is not excluded from the “Paris
Agreement” benchmarks.

3.2.1.1.8 Integration of the transition plan into the
Group’s strategy and financial planning
Covivio is paving the way for both an environmental and social
transition, with the full support of the Board of Directors and its
CSR Committee, and with the strong commitment of its teams.
The aim is to continue the transformation of the company, its
products, services and know‑how, with an agility and a long‑term
vision that are contributing to the Group’s success and resilience
( 3.1.2.3). The transition plan is also included in the Group’s
financing strategy ( 3.2.6) and is included in the due diligence
phase for investment transactions (acquisition/development).




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3.2.1.1.11 Disclosure Requirement related to material impacts, risks and opportunities and their interaction with
strategy and business model (ESRS 2 SBM‑3)
The dual materiality analysis revealed three main issues in this ESRS, the three being considered as material at the end of the analysis:

ESRS E1 - CLIMATE CHANGE ADAPTATION
Description/ Resilience of buildings to climate change
key words Physical climate risk assessment, water management
Main impacts A poor adaptation can have maximum impact on the safety and well‑being of people.
The building can also contribute to amplifying the effects of climate change with air conditioning equipment or the
artificialisation of soils.
Positive impact: at the regional level, participation in urban resilience, for example, by combating the effects of urban
heat islands
Positioning on the value chain Upstream, direct and downstream operations
Main risks Physical risk: the occurrence of a natural disaster: submersion, flooding, extreme temperatures, heat waves, etc. These
risks can lead to the total destruction of an asset.
Financial risk: risk of obsolescence or devaluation of certain assets; Increased costs (renovation, operations and insurance)
Main opportunities Increase portfolio resilience
Materiality Material

ESRS E1 - CLIMATE CHANGE MITIGATION
Description/ TCFD/Climate Governance/Stakeholder relations
key words Awareness of the Climate Strategy/Low‑carbon construction and management
Carbon trajectory and decarbonisation scenarios 3
Net Zero Carbon Contribution
Sustainable mobility and responsible practices of employees and occupants
Main impacts Strong sectoral impact: buildings account for 28% of French emissions.
The impact index is considered maximum here due to the frequency of climate events, which can be observed each year
to varying degrees and in different locations.
Current policies are moving us towards +3.2°C.
Pressure on available resources (energy, water), particularly in certain areas.
Positive impact: participation in the energy renovation of the portfolio
Positioning on the value chain Upstream, direct operations, downstream
Main risks Substantial financial and reputational risk of a class action suit in the event of inaction on climate change
Buildings attractiveness risk related to the increase in expenses for customers
Asset liquidity risk in a regulatory context encouraging the energy efficiency of buildings
Main opportunities Liquidity of assets
Strengthening competitiveness:
Attractiveness of Covivio for its partners
Added value for customers and cost savings
Materiality Material

ESRS E1 - ENERGY
Description/key words Environmental certifications and specific labels
Smart building
Building flexibility and mixed uses
Main impacts For a real estate company, the impact on the environment may be extreme if the building uses fossil and/or
energy‑intensive energy sources.
Energy consumption represents 40% of the carbon weight of a building in France (up to 60% in other countries due to a
more carbon‑intensive national energy mix), so the impact on the environment is significant.
Positive impact: participation in the energy renovation of the portfolio
Positioning on the value chain Direct and downstream operations
Main risks Financial risks:
Rising energy costs may accelerate asset obsolescence by reducing their liquidity
Cost of alignment and implementation of the new RE2020 regulation
Main opportunities Liquidity of assets
Strengthening competitiveness
Attractiveness of Covivio for its partners
Added value for customers and cost savings
Materiality Material



The interactions of the issues with the strategy and business model are presented in ESRS 2, section 3.1.2.3.3. The following section
presents the resilience analyses conducted at Group level to enrich mitigation and adaptation plans.




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3.2.1.1.12 Description of the processes to identify and assess material climate‑related impacts, risks and
opportunities (ESRS 2 - IRO‑1)
Risk management
In 2018, a CSR risk mapping was carried out, validated by the presented to, and shared with the Covivio Audit Committee in
Management Committee, to identify the inherent and residual September 2021. This permitted a review of the improvement in
risks affecting Covivio’s various activities. Of the risks identified by the level of control of the risks for which specific action plans had
Covivio, the “Asset obsolescence/Green value/Products which been defined and implemented, and enabled the control levels
anticipate societal changes”, “Control of operating expenses” and the action plans implemented for the company's major risks
and “Safety/Environmental safety/Regulatory compliance” risks to be shared.
are related to climate risks. The plans to manage these risks are
Climate‑related risks and opportunities are analysed over time
specified in their respective sections. These two maps are
horizons as presented in ESRS 2, section 3.1.2.4. However, the
regularly updated.
preferred horizon for these aspects remains the long and very
In 2020/2021, a mapping of risks related to purchases ( 3.3.2.1.1) long term, in order to have a complete vision of the issues. For
was managed by the Sustainable Development Department, in example, the MSCI Climate Value at Risk analysis provides a
coordination with the Risk, Compliance, Audit and Internal vision for 2030/2050/2100 by considering different scenarios,
Control Department. favouring a 1.5°C scenario (REMIND or CRREM) for transition risks
and a worst case scenario (RCP 8.5) for physical climate risks.
In 2021, Covivio updated its risk mapping at the Group level,
including all its subsidiaries and activities. The results were




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Climate‑related risks
Potential financial
Risks Description of risks impact Covivio’s strategy Indicators monitored
Extreme (medium‑term)
Climatic phenomena: Material destruction, Construction: Gradual adaptation Reporting on
● storms including the ● loss of assets of the portfolio environmental risks
● hail destruction of assets ● costs of repair or Targeted resilience Share of certified
● fires Disruption of replacement studies buildings (HQE,
● flood transport ● construction delays Choice of location BREEAM, LEED, etc.)
● drought Difficulties in the Operation: Energy consumption
Switching assets
supply of water and ● loss of assets CO2 emissions
power ● loss of value
● business
interruption
Temperature Loss of thermal Construction: Analysis of the
changes: comfort ● dimensioning dimensioning of
● heat wave Risk to the health of heating/cooling equipment/
● cold wave tenants installations installations
● additional costs Regulatory
Physical risks
Operation: monitoring and
● increase in
anticipation
operational costs
● drop in occupancy
rates 3
● drop in rents

Chronic (long‑term)
Increase in Drop in air quality Operation: Biodiversity Charters Energy consumption
temperatures Proliferation of insects ● Operating costs BiodiverCity label CO2 emissions
Destruction of green Green spaces
spaces objective
Rise in water levels Submersion of assets Operation: Switching assets Submersion study of
● loss of assets Choice of location the portfolio/
● business statistics
Targeted resilience
interruption studies
Political and legal (medium‑term)
Fossil fuel/carbon Implementation of Construction: Low carbon Percentage of
taxation carbon taxation on ● increase in costs construction policy certified buildings
construction, on ● Operation: Calculation of the
carbon‑emitting ● increase in costs CO2 impact of the
buildings and fossil choice of materials
fuels
Regulatory Risk of Operation: Calculation of the Amount of penalties
developments non‑compliance ●legal risks leading CO2 impact of
to penalties and energy efficiency
excess costs. actions
Transition Risks Development of the market (long‑term)
Obsolescence Loss of attractiveness Operation: Refurbishment policy Percentage of
of the portfolio ● increase in certified buildings
operating costs
● drop in liquidity

Economic slowdown Drop in purchasing Operation: Diversification policy Revenue per activity/
power ●Inability to pay rent per country, etc.

Demand for ‘green’ Reputational risk Operation: Certification of Percentage of
buildings ●loss of buildings certified buildings
attractiveness of
assets




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In addition to compliance with the local regulations (e.g. in described in the following diagram. The Nature report published
France: ERP – Inventory of risks and pollution), Covivio has in 2024, aligned with the TCFD and TNFD recommendations also
identified the main uncertainties which could impact its activities provides an overview of the strategy implemented by Covivio to
and put in place prevention and adaptation measures which are integrate the consequences of climate change.



ADAPTATION AND PREVENTION MEASURES
Ensure the comfort of occupants
during periods of hot weather,
by considering the issue during Improve summer comfort
the design phase (use of requirements in buildings Prior to any
innovative cooling solutions) acquisition, study the
land quality and its
vulnerability to flooding,
and adapting building
foundations to ground
Analyse the permanent or Conduct detailed reporting instability (shrinking and
temporary risks of flooding on the various risks swelling of clay-based
by river or sea water considered as relevant soils)
ou temporaires to its business activities.




Covivio’s responses to the challenges of building resilience are Climate and physical risk studies
twofold: firstly, reduce its impacts and its environmental footprint, Covivio carried out a new version of the climate risk analysis of
and secondly, adapt to climate change via an eco‑design its portfolio at the end of 2023 with MSCI Real Assets.
approach that anticipates its consequences. Resilience can also
be improved by changing the conditions of use of the building, More than 5,300 assets (offices, hotels and residential - with a
by involving users in development decisions, the implementation value of €14.6 billion Group Share, i.e. 100% of the Core portfolio
of a public transport policy, teleworking, the organisation of ("Core" assets are intended to remain in the portfolio) were
employee schedules, videoconferencing, Green IT solutions, etc. analysed to measure the financial impact of physical and
transition risks on the value of each asset and at the portfolio
A series of studies on exposure and vulnerability to risks were level.
carried out to assess the capacity of buildings to withstand the
consequences of climate change. Over the years, these studies An in‑depth version of the analysis
have enabled the exposure and/or potential impact on rental The analysis carried out means that it is possible to go further
value to be assessed. The main conclusions are as follows: than in previous editions in the classification of risks and to
define their time horizon more precisely thanks to new
● According to the annual MSCI study, carried out since 2021,
functionalities in the MSCI Real Assets Climate model.
the main risks that Covivio’s portfolio will have to face are river
and coastal flooding and heat waves (see below). However, Physical and transition risk analyses are now conducted over
an internal study, based on tertiary real estate and a several time horizons: 2030, 2040, 2050 and 2100. The number of
representative sample of German residential, revealed that physical risks analysed was extended in 2024 from 6 to 11 in order
only 2% of assets (in value) were exposed to the risk of a to better align with the various European regulations, including
one‑meter rise in sea levels. the Taxonomy. MSCI is also studying the possibility of adding
new risks related to European taxonomy, in particular concerning
● The WRI study conducted on the portfolio showed that 21.7%
the issue of soils (erosion, landslides, etc.).
and 13.4% of the water reporting scope, respectively, are
located in high and very high risk areas, i.e. 21% and 15% of The financial impact is calculated for all the following physical
water consumption reported in 2023 (ESRS E3 in risks: floods, violent winds from cyclones, extreme hot and
section 3.2.3.1). extreme cold, forest fires.
● According to the mapping of the portfolio's proximity to MSCI Real Assets has also adopted a new third‑party flood
protected areas, 42% of Covivio sites (in number) are located model (Fathom) with a finer resolution and elevations.
less than one kilometre from a protected area, 25% are less
than 500 m away and five sites are located directly within The analysis is based on actual data from Covivio buildings:
these areas ( ESRS E4 in section 3.2.4.3.1). location, surface area, building type, energy consumption, CO2
emissions, EPC.
These studies have resulted in several recommendations to
strengthen the subject of resilience in the study of assets, The EPC is used in the absence of energy consumption data to
particularly in the due diligence phase preceding investments refine the proxy used for the 12% of assets that do not have
(development or acquisition), and to guide climate, water and actual data, with Covivio having an actual energy consumption
biodiversity commitments. coverage of 88%.




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Analysis of physical risks
11 physical risks analysed (1)
Physical risks Physical risks
Risk Category Nature of costs Risk Category Nature of costs
Operating costs
Number of days < 0°C
Coastal flooding Extreme cold related to heating
and < -10°C
the building
Damage to assets
Number of days > Operating costs
River flooding Flood level (meters) Business interruption Extreme heat 30°C and >-35°C (dry related to building
or loss of income from air measurement) cooling
real estate
Number of days with
Rain flooding Extreme snowfall falls > 5 cm and > 20
cm
Number of days with
Wind speed (metres/ Damage to assets
Tropical cyclones Extreme precipitation precipitation > 20 mm
second) Business interruption and > 50 mm Not quantified in the
Number of days with model
Damage to assets Wind gusts gusts > 24 m/s and >
Forest fires Fire probability (% Business interruption 28 m/s
annual) or loss of income from Number of days >
real estate Water stress 60% and > 100%
water stress
3
Financial impact of physical risks for Covivio’s portfolio according to different time horizons
Portfolio
2030 2040 2050 2100
Physical VaR [% value] -0.03% -0.11% -0.16% -0.26%
Source: MSCI Real Assets.



According to a 3°C I REMIND I Current policies scenario, the Asset exposure
Climate Value‑at‑Risk of Covivio’s portfolio is -0.16% by 2050 and ● Coastal flooding, only 5 assets had a financial impact
-0.26% by 2100. qualified as “material” or more.
The main physical risks for the portfolio are rain (-0.08%) and ● River flooding, only 6 assets had a “moderate” financial
coastal (-0.03%) flooding, with a level of financial impact impact.
categorised as “negligible” overall.
● Rain flooding, the level of financial impact is “moderate” for 171
In the previous version of the analysis and according to the assets.
same scenario, the Climate Value‑at‑Risk was -0.41% by 2100.
The decrease is explained by the revision of the flood risk ● For all other assets, the level of financial impact is zero or
analysis model, which enabled the risk exposure for certain negligible, or “risk reduction”.
assets to be revised downwards.
● 88 assets are exposed to water stress for more than 200 days
In terms of comparables, Covivio's level of financial risk by 2050 is per year in excess of 60%.
lower than that of the MSCI Europe Annual Universe (containing
Analysis of Transition Risks
more than 35,000 assets analysed), which is -0.48%.
The transition risk analysis is based on actual energy
According to a 5°C IPCC scenario, the value of the physical risk consumption data for 88% of Covivio’s assets.
increases to reach -0.24% in 2050 and -0.44% in 2100, a level
also qualified as “negligible”. According to a 1.5°C REMIND Net Zero scenario, the portfolio is
aligned with the 2023 reduction target.




(1) Source: MSCI Real Assets: for more details on the methodology, contact: realestate@msci.com


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Financial impact of transition risk over different time horizons, by sector
Portfolio
2030 2040 2050 2100
Transition VaR [% value] -0.44% -2.14% -4.33% -4.33%
Source: MSCI Real Assets.



Overall, the financial impact of the transition risk is -4.33% by The level of risk for the overall portfolio by 2050 is lower than that
2050 and -0.44% by 2030. Most of the risk is expected between of the MSCI Europe Annual Universe (containing more than
2040 and 2050. The most exposed portfolio is the residential 35,000 assets analysed), which is -4.70%.
portfolio whilst the office portfolio is the least impacted. Using a
1.5°C CRREM scenario, the risk is -2.16% by 2050 and -0.24% by
2030.


Scale of the risk level according to the MSCI Real Assets methodology, as a % of the portfolio value

-100% - -25% -25% - -5% -5% - -0.5% -0.5% - 0% 0% 0% - 0.5% 0.5% - 100%
Severe Important Moderate Negligible Not identifiable Negligible Reduction
reduction



3.2.1.2 Policies related to climate change mitigation and adaptation (E1‑2)
Climate governance
Covivio’s governance and organisation are structured to ● The Executive Committee is in charge of the deployment of
strategically address climate issues. The different bodies the Group’s strategy, to implement the Group’s climate
presented below have clearly defined roles in order to ensure the objectives in particular. The members of the Executive
implementation of Covivio’s objectives in this area. Committee have targets connected to this action plan, in
particular in their variable remuneration. Following the
● The Board of Directors controls the risks and opportunities
recommendations of the CSR Committee, the CSR targets
related to climate change by monitoring the CSR
which are included in the remuneration of the Chief Executive
performance of the company, and the strategic policies given
Officer and the Deputy CEO were specified in 2023, and
to the Group. The Chief Executive Officer himself deals with
completed in 2024. The certification rate of the portfolio and
the issues of sustainable development and climate change on
the targets related to the carbon trajectory account for up to
the Board, supported in particular by Directors experienced in
15% of the long‑term incentive scheme for corporate officers
CSR issues. A CSR Committee was created in 2021 to formalise
(ESRS 2, section 3.1.2.2.4).
the Board’s commitment to sustainable development issues.
Its purpose is to assist the Board in conducting its work on ● The Sustainable Development Department proposes and
CSR to enable it to go further analysing environmental, social coordinates, with the support of General Management and
and societal issues. The climate naturally occupies an the CSR Committee, initiatives concerning the fight against
important place in the subjects dealt with by the CSR climate change in the Group’s activities. In particular, the
Committee. Sustainable Development Department works in continuous
liaison with the Executive Committee, on the implementation
of the approved plans.




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MDR‑P table


Policy A description of the main A description of The highest Scenarios used A reference, Where relevant, Where
elements of the policy, including the policy management where a description of appropriate,
its general objectives and the framework, or level in the applicable, to the how the
material impacts, risks and its exclusions, organisation of the standards consideration company
opportunities to which the policy with respect to the company or third‑party given to the makes the
relates and the monitoring the activities, that is initiatives that interests of policy available
procedure; the upstream responsible for the company major to potentially
and/or implementing undertakes to stakeholders affected
downstream the policy; respect during the stakeholders,
value chain, the throughout the policy's and to the
geographical implementation development; stakeholders
scope and, of the policy and who are have to
where participate in
applicable, the its
Stakeholder implementation.
Groups
affected;
(a) Climate All of these topics are covered by Upstream See Scenarios 1.5°C, References:
change the Group’s climate strategy (see Direct governance WB2D, CRREM Stakeholder involvement in the Group’s transition
mitigation E1‑1). The Group‑wide MSCI operations diagram for 1.5°C (as a plan
Climate VAR study covers both (including all sustainable benchmark,
Employees: ESRS S1
adaptation and mitigation. buildings under development particularly in
issues (ESRS 2). the context of Suppliers: ESRS S2
The carbon trajectory aims to direct
Green Bonds) Customers: ESRS S4
3
mitigate Covivio’s impact on management) - At the
climate change, by including the Downstream executive level: Investors/Banks: Taxonomy and sustainable
energy efficiency of buildings and Steering finance
decarbonisation of the energy Committee, In addition, Covivio is a member of various sectoral
mix of buildings by using Sustainable and cross‑sectoral initiatives, such as the Global
renewable energies. Development Compact, the HQE‑GBC Alliance, the OID, the
Targets: -40% carbon intensity composed of BBCA association, Orée, the Low‑carbon
between 2010 and 2030 (scopes the CEO, Prescribers (Hub des Prescripteurs Bas carbon)
1, 2, 3) General (ESRS 2).
Secretary;
-25% primary energy intensity on Covivio is also a signatory of the following charters:
the tertiary portfolio - At Board level:
the CSR - EcoWatt Charter
100% green electricity in directly - Charter “Connected buildings, solidarity and
Committee
managed offices human buildings”
Doubling solar energy production - Charter for the commitment to sufficiency in
between 2023 and 2030 tertiary buildings
(b) Climate Upstream RCP 2.6 to 8.6
change Direct
adaptation Operations
Downstream
(c) Energy Direct CRREM (as a
efficiency Operations benchmark)
Downstream
(d) Deployment Direct
of renewable operations (with
energies reinforced
objectives in
the direct
management
scope)
Downstream
(e) 100% of assets certified by 2025 Direct
Environmental 100% of new developments Operations
certification of aiming for > Excellent/Gold Downstream
buildings certification Excluding
non‑core
buildings
(f) Awareness of 100% of new leases including a Direct
customers and green clause in office leases Operations
end‑users Raising awareness of customers Downstream
and end users via the usual
communication channels
(welcome booklet, building
application)




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3.2.1.3 Actions and resources related to climate change policies (E1‑3)
Governance and Financial instruments and link
Main objective scope Shares Deployed resources with taxonomy
Climate change -40% carbon intensity E1‑2 E1‑1.B. E1‑1.C. See taxonomy and
mitigation between 2010 and 2030 sustainable finance section
(scopes 1‑2‑3) Taxonomy: Mitigation
objective: taxonomy real
estate activities (7.1 to 7.7 +
9.3)
GB framework: eligibility
criteria
Climate change 100% of the portfolio covered E1‑1.L Study costs Taxonomy and sustainable
adaptation by a physical climate risk Adaptation finance section
analysis measures directly Adaptation objective:
included in project taxonomy real estate
costs for activities (7.1 to 7.7 + 9.3)
developments
Energy efficiency -25% primary energy E1‑1 “Improving E1‑1.C. See taxonomy and
intensity in the tertiary sector portfolio energy sustainable finance section
between 2019 and 2030 efficiency” Taxonomy: Mitigation
objective: taxonomy real
estate activities (7.2 to 7.7)
GB framework: eligibility
criteria
Deployment of Double photovoltaic E1‑1.B. See taxonomy and
renewable energies capacity compared to 2030 sustainable finance section
and 100% green electricity in Taxonomy: Mitigation
the directly managed objective: taxonomy real
Offices portfolio estate activities (4.1)
GB framework: eligibility
criteria
Environmental 100% of buildings certified by ESRS Sector Certification fees See taxonomy and
certification of 2025 and 100% of issues sustainable finance section
buildings developments aiming for ≥ GB framework: eligibility
Excellent/Gold certification criteria
Awareness of 100% of new leases including E1‑1.B. Human resources See taxonomy and
customers and a green clause in office and satisfaction sustainable finance section
end‑users leases surveys Taxonomy: Minimum
safeguards
GB framework: minimum
criteria



Nature‑based solutions
Among the solutions envisaged in the transition plan, Covivio identifies the creation of green spaces in cities as a lever of
environmental performance for its buildings but also for the neighbourhood by helping to combat the urban heat island effect
(concrete can reach 60 to 70°C, where a green roof rarely exceeds 20°C). Indeed, green terraces have several advantages: in
terms of biodiversity by recreating ecological continuity, water management by increasing rainwater retention, and air quality
thanks to photosynthesis (according to the CSTB, 1 m² of green roof captures approximately 0.2 kg of airborne particles per day),
but also for the building as a sound and thermal insulation and as a protective barrier for the building, limiting thermal shocks.




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3.2.1.4 Targets related to climate change mitigation and adaptation (E1‑4)
MDR‑T table
Target -40% Group 2010‑2030
a) A description of the relationship between the target Central objective of the Group’s transition plan (E1‑1.A)
and the objectives of the policy
b) The level to be achieved, including, where applicable, -40% carbon intensity per m² held scopes 1‑2‑3 (cumulative emissions) between 2010 and 2030
whether it is an absolute or relative target, as well as (kgCO2e/m²/year)
the unit in which it is measured This intensity target was obtained by meeting into account the revision of the absolute SBTi
targets for 2021 set between 2015 and 2030:
-63% scopes 1‑2 (1.5 ° C)
-37.5% (scope 3) (WB2D)
c) The contours of the target, including the activities of Scope 1 - direct GHG emissions resulting from the combustion of direct energy sources used for
the company and/or its upstream and/or company buildings. For Covivio, this corresponds to the consumption of natural gas, wood and
downstream value chain, where applicable, and fuel in its directly operated buildings (head office and common areas of multi‑tenant office
geographical limits buildings).
Scope 2 - indirect emissions related to the purchase of electricity, heating and cooling. For
Covivio, this corresponds to the consumption of electricity and the heating and cooling networks
in buildings managed directly. Scope 2 GHG emissions are calculated on a market basis.
Scope 3 - other indirect emissions from purchased goods and services and downstream leased
assets. - Purchased goods and services include emissions from the extraction, production and
transportation (i.e. design‑to‑delivery) of goods and services acquired by a company during the
reporting year, which are not included in another upstream category. For Covivio, these are
emissions related to the construction/renovation of buildings (based on actual deliveries and
data modelled with the consultant used by Covivio, CSTB, they include the building’s emissions
amortised over a period of 50 years). This includes all items related to the construction/
renovation of buildings.
3
- Downstream leased assets include the operation of assets owned by the company (lessor) and
leased to other entities during the reporting year, not included in scopes 1 and 2 - reported by
the lessor. For building owners (including operators and managers), emissions from assets leased
to other organisations during the reporting year.
d) The baseline and the baseline year against which Intensity:
progress is measured 2010: 76.3 kgCO2e/m²
2030: 45.9 kgCO2e/m²
Absolute value:
2015=433,298 tCO2e (scope 3)
2015=21,242 tCO2e (scopes 1‑2)
Annual measurement (E1‑6)
e) The period covered by the target and, if applicable, 2010‑2030
any milestones or intermediate objectives
f) The methods and key assumptions used to define See point c) and validation of the objectives in absolute value used as a reference for the
the targets, including, where applicable, the selected intensity objective by the SBT initiative.
scenario, data sources, alignment with national, EU Contribution to the UN SDGs:
or international strategic objectives and how the
targets hold take into account the broader SDG 11: Make cities and human settlements inclusive, safe, resilient and sustainable.
sustainable development context and/or local SDG 13: Take urgent action to combat climate change and its consequences.
context in which impacts occur See R1‑6 for carbon accounting methodology
g) Whether the company’s environmental targets are 1.5°C (scopes 1‑2) and 2°C (scope 3) well‑below trajectories
based on conclusive scientific evidence
h) How stakeholders were involved in setting targets, if E1‑1.B/E1‑1.I
any, for each significant sustainability issue
i) Any change in the targets and corresponding metrics E1‑1.A and E1‑6
or in the underlying measurement methods, key
assumptions, limitations, sources and data collection
process, within the defined time horizon. This includes
the reasons for these changes as well as an
explanation of their effect on comparability (see
disclosure requirement BP‑2 Disclosure of information
relating to special circumstances of this standard);
j) The results against the announced targets, including -28% at the end of 2024
information on how the target is monitored and
reviewed, and the metrics used, whether progress is
in line with what was initially planned as well as an
analysis of trends or major changes in the results
recorded by the company to achieve the target




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The achievement of this target is directly linked to two other objectives, directly related to the material IROs identified:
● the reduction in the portfolio’s energy consumption ( 3.2.1.5)
● The environmental certification of buildings ( 3.1.3.4).
This Group objective is broken down operationally into sub‑objectives as presented in the action plan (ESRS 2, 3.1.2.5), in particular via
objectives relating to operations for each portfolio:

2030 objective Achieved at the
Portfolio Carbon trajectory % 2010/2030 end of 2024 Reference 1.5°C CRREM intensity
France Offices 7.9 kgCO₂e/m²/year -70% 7.0 17.1
Italy Offices 13.4 kgCO₂e/m²/year -69% 24.9 32.5
Germany Offices 15.4 kgCO₂e/m²/year -66% 27.3 39.6
German Residential 25.3 kgCO₂e/m²/year -52% 28.4 23.9
34.5
Hotels in Europe 14.6 kgCO₂e/m²/year -70% 23.2 (weighting by country of presence)


All portfolios are below the CRREM reference intensity (1.5°C trajectory, March 2024 version), with the exception of the German
residential portfolio However, the portfolio’s reference intensity is in line with the carbon trajectory set in 2021.



3.2.1.5 Energy consumption and energy mix (E1‑5)
Change in the energy consumption of the various portfolios
Covivio has expanded its reporting scope since 2021, by the financial scope, data collection was initiated in 2024 on
collecting the consumption data of single‑tenant buildings in atypical assets (i.e. having a different use from the portfolio to
Italy and the portfolio of offices in Germany acquired in 2020. In which they belong) and assets recently delivered, acquired or
2023, the scope of reporting on energy and water consumption sold during the course of the year. To ensure continuity with the
increased significantly, from a representative sample to almost previously published reporting, this data has been added in a
the entire portfolio held by Covivio Immobilien making most of separate category and reported at the bottom of the
the historical record non‑comparable in terms of reporting consumption table presented below. The coverage rate is also
scope. up to 96% and includes 8% of estimated data. These estimates
are mainly of two types: for the residential portfolio, 13% of
The portfolio’s energy consumption decreased in 2024, to 154
consumption comes from data related to the DPE of assets, for
kWhfe/m² in absolute terms. On a like‑for‑like basis, consumption
the tertiary portfolio these are only estimates for the end‑of‑year
decreased by 7% in the tertiary portfolio. This decrease is linked
months (invoices not received at the reporting date) and on the
to the continued efforts made by Covivio and its customers to
private portions of multi‑tenant buildings when the actual data
use energy sparingly in its buildings. It should also be noted that
could not be obtained from the tenants. In order to reconcile the
the climate correction is negative this year due to the mild
data with the financial scope, data collection was initiated in
weather in 2024 in the Group’s main locations (intensity at 139
2024 on atypical assets (i.e. having a different use from the
kWhfe/m² without climate corrections).
portfolio to which they belong) and assets recently delivered,
It should also be noted that the primary energy intensity is falling acquired or sold during the course of the year. To ensure
faster than the final energy intensity this year, mainly thanks to continuity with the previously published reporting, this data has
the increase in the use of green electricity. been added in a separate category and reported at the bottom
of the consumption table presented below.
The coverage rate is also up to 96% and includes 8% of
estimated data. These estimates are mainly of two types: for the By convention, the data on the German residential portfolio are
residential portfolio, 13% of consumption comes from data based on the year in which expenses are reinvoiced, i.e. N‑1 in
related to the DPE of assets, for the tertiary portfolio these are relation to the year concerned in the reporting. However, given
only estimates for the end‑of‑year months (invoices not received the type of use and volume of the flats in question, there is little
at the reporting date) and on the private portions of variation in consumption from one year to the next. On the other
multi‑tenant buildings when the actual data could not be hand, the effects of the efforts made in terms of energy
obtained from the tenants. In order to reconcile the data with performance can only be measured after a period of one year.




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France Offices Italy Offices (Operational control)
2010/2030 objective: -50%, ie 270 kWhpe/m²/year 2015/2030 objective: -30%, ie 137 kWhpe/m²/year
Achieved: -65% at 31/12/2024 Achieved: -44% at 31/12/2024


540
196
186
420
372 354 150
136 2030 OBJECTIVE
332 123 150 116 114 110
303 299 136
2030 OBJECTIVE 261
110 116 114 110
194 237 222
181 190
241 169 173 163 172
138 146 146 142

2010 2012 2014 2016 2018 2019 2020 2021 2022 2023 2024 2015 2017 2019 2021 2022 2023 2024

Primary Energy (kWhpe/m²/year) Final energy (kWhfe/m²/year) Primary Energy (kWhpe/m²/year) Final energy (kWhfe/m²/year)




German Residential (Operational control) Hotels in Europe
2020/2030 objective: -15%, ie 109 kWhpe/m² (Provisional target 2010/2030 objective: -50%, ie 308 kWhpe/m²/year
due to the high vacancy rate of some portfolio assets during Achieved: -57% at 31/12/2024
the reference year) 3
Achieved: +3% at 31/12/2024
616
534
468
128 132 408
122 2030 OBJECTIVE
126 334 326
122 286 286 273 277 265
122
243 227 229
2030 OBJECTIVE 182 162 179 184 179
130

2022 2023 2024 2010 2012 2014 2016 2018 2020 2021 2022 2023 2024

Primary Energy (kWhpe/m²/year) Final energy (kWhfe/m²/year) Primary Energy (kWhpe/m²/year) Final energy (kWhfe/m²/year)




Change in the energy consumption of the portfolio on a like‑for‑like basis (in kWhfe/m2)

France Offices Italy Offices Germany Offices Germany Residential Hotels in Europe
(Absolute)
173.6 176.1 183.2 178.3
151.8 151.5 156.0 155.0 147.6 139.3




2023 2024 2023 2024 2023 2024 2023 2024 2023 2024




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Group consolidated environmental data (Abs)
Operational control



France Offices Italy Offices
Total energy consumption (ABS) GRI EPRA SBPR 2023 2024 2023 2024
Reporting scope coverage by surface area (in m2) 256,986 333,175 135,916 133,996
Reporting scope coverage by surface area (in %) 100% 100% 100% 100%
Coverage of scope (number of properties) 14/14 18/18 11/11 11/11
Proportion of estimated consumption data 0% 1% 0% 0%
Intensity (kWhfe/m2/year) 116.0 112.0 114.3 110.0
Intensity (kWhpe/m²/year) Energy‑Int 141.0 127.0 114.3 110.0
Total direct energy (kWhfe) 302‑1 6,272,168 7,471,258 2,814,761 2,872,939
Natural gas (direct energy) – non‑renewable source 6,272,168 7,471,258 2,814,761 2,872,939
Natural gas (direct energy) – renewable source - - - -
Fuel oil (direct energy) - -
Wood (direct energy) - - - -
Total indirect energy (kWhfe) Fuel‑Abs 23,495,864 29,718,266 12,721,108 11,863,085
Electricity (indirect energy) – non‑renewable source 5,007,075 3,619,653 - -
Electricity (indirect energy) – renewable source - 205,788 - -
Electricity (indirect energy) – renewable source – GO 6,618,873 11,695,282 10,295,408 9,301,840
Solar energy production (resold, not accounted for) Elec‑Abs 68,444 71,320 39,048 20,720
District heating (indirect energy) - non‑renewable
or non‑traced origin 6,225,857 2,950,181 2,425,699 1,080,845
District heating (indirect energy) - renewable origin - 4,112,584 - 1,480,400
Cooling networks (indirect energy) - non‑renewable
or non‑traced origin 5,644,059 4,930,131 - -
Refrigeration networks (indirect energy) - renewable
origin DH&C‑As - 2,204,646 - -
Total energy consumption (in kWhfe) 29,768,032 37,189,524 15,535,869 14,736,024
of which renewable sources 6,618,873 18,218,301 10,295,408 10,782,240
Total energy consumption (GJ) 107,165 133,882 55,929 53,050
Total energy consumption (in kWhpe) 36,277,230 42,162,598 15,535,869 14,736,024
Total energy consumption (kWhfe) extrapolated
over the reporting scope (kWhfe) 29,768,032 37,189,524 15,535,869 14,736,024
Total energy consumption (kWhfe) extrapolated
without climate adjustments 30,725,647 36,460,582 15,859,559 15,601,674




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Total operational
Total Offices Operational control
Germany Offices Headquarters (Historical scope) Properties (new perimeter)
2023 2024 2023 2024 2023 2024 2024 2024
234,136 271,702 21,564 23,853 648,603 762,725 564,151 1,326,877
100% 100% 100% 100% 100% 100% 99% 99%
12/12 18/18 6/6 6/6 43/43 53/53 53/54 106/107
0% 0% 0% 2% 0% 1% 3% 2%
121.8 126.2 147.1 121.8 118.7 116.9 183.6 145.2
122.0 131.9 197.2 148.3 130.5 126.2 276.5 190.1
10,691,719 10,425,641 483,757 100,592 20,262,405 20,870,429 19,259,906 40,130,335
- 10,425,641 483,757 100,592 9,570,687 20,870,429 16,651,621 37,522,050
10,691,719 - - - 10,691,719 - 794,546 794,546
- - - 1,813,739 1,813,739
- - - - - - - -
17,822,279 23,874,754 2,689,321 2,805,648 56,728,572 68,261,753 84,317,172 152,578,925
75,494 277,202 1,098,815 679,373 6,181,384 4,576,228 40,246,076 44,822,304
- 272,802 - 7,631 - 486,222 4,093,466 4,579,688
7,397,808 9,536,086 438,800 701,360 24,750,890 31,234,568 11,740,905 42,975,473
- 1,423 14,922 11,784 122,414 105,247 23,277 128,524

10,348,977 11,099,874 1,007,880 931,474 20,008,413 16,062,375 20,361,170 36,423,545
- 2,688,789 - 359,878 - 8,641,651 6,926,611 15,568,262
3
- - 143,826 87,019 5,787,885 5,017,150 655,721 5,672,870

- - - 38,913 - 2,243,559 293,224 2,536,783
28,513,997 34,300,394 3,173,078 2,906,240 76,990,977 89,132,182 103,577,078 192,709,260
18,089,527 12,497,677 438,800 1,107,782 35,442,608 42,606,000 23,848,752 66,454,751
102,650 123,481 11,423 10,462 277,168 320,876 372,877 693,753
28,567,598 35,843,491 4,253,059 3,537,757 84,633,756 96,279,870 156,003,745 252,283,615

28,513,997 34,300,394 3,173,078 2,906,240 76,990,977 89,132,182 105,097,637 193,902,033

25,956,502 31,019,653 3,092,500 2,791,968 75,634,208 85,873,877 96,335,293 182,209,170




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Total Portfolio
France Offices Italy Offices
Total energy consumption (ABS) GRI EPRA SBPR 2023 2024 2023 2024
Reporting scope coverage by surface area (in m2) 523,475 665,939 369,335 467,495
Reporting scope coverage by surface area (in %) 90% 99% 84% 89%
Coverage of scope (number of properties) 40/42 45/47 32/44 35/44
Proportion of estimated data 0% 2.3% 0% 9.8%
Intensity (kWhfe/m2/year) Energy‑Int 145.9 142.3 158.0 163.5
Intensity (kWhpe/m²/year) 222.3 189.8 246.8 206.7
Total direct energy (kWhfe) 302‑1 Fuel‑Abs 16,188,669 12,900,844 7,753,501 10,856,985
Natural gas (direct energy) – non‑renewable
source 16,088,217 12,900,844 7,753,501 10,856,985
Natural gas (direct energy) – renewable source - - - -
Fuel oil (direct energy) 100,451 - - -
Wood (direct energy) - - - -
Total indirect energy (kWhfe) 60,182,173 81,894,080 50,586,327 65,589,405
Electricity (indirect energy) – non‑renewable source Elec‑Abs 30,764,060 22,717,285 29,844,983 12,181,689
Electricity (indirect energy) – renewable source - 1,594,701 - 6,162,134
Electricity (indirect energy) – renewable source –
GO 15,872,284 41,745,953 18,315,645 44,684,336
Solar energy production (resold, not accounted for) 113,843 142,955 167,417 143,327
District heating (indirect energy) - non‑renewable
or non‑traced origin DH&C‑As 7,794,516 3,831,335 2,425,699 1,080,845
District heating (indirect energy) - renewable origin - 4,688,417 - 1,480,400
Cooling networks (indirect energy) - non‑renewable
or non‑traced origin 5,751,313 5,055,626 - -
Refrigeration networks (indirect energy) -
renewable origin - 2,260,765 - -
Total energy consumption (in kWhfe) 76,370,841 94,794,924 58,339,828 76,446,390
of which renewable sources 15,872,284 50,289,835 18,315,645 52,326,870
Total energy consumption 274,935 341,262 210,023 275,207
Total energy consumption (in kWhpe) 116,364,118 126,400,506 91,169,310 96,624,595
Total energy consumption (kWhfe) extrapolated
over the reporting scope (kWhfe) 84,856,490 95,617,854 69,207,010 85,968,914
Total energy consumption (kWhfe) extrapolated
without climate adjustments 86,831,622 91,834,562 111,269,476 77,267,395
Reconciliation with financial data - - - -
Residual consumption of vacant buildings (kWhfe) - 519,802 - 1,029,819
Consumption of atypical assets (kWhfe) 33,910,799 43,139,660 23,121,879 29,267,106
Prorated consumption of assets delivered,
acquired or sold during the year 2,646,405 3,366,627 - -
Total extrapolated energy consumption +
consumption outside the reporting scope (kWhfe) 121,413,694 142,643,943 92,328,889 116,265,839
Total extrapolated data




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Germany Offices Total Offices German Residential Hotels Total Group
2023 2024 2023 2024 2023 2024 2023 2024 2023 2024
234,136 271,702 1,148,510 1,428,989 2,756,716 2,763,218 1,670,447 1,599,032 5,575,674 5,791,238
100% 100% 90% 96% 95% 96% 91% 96% 93% 96%
12/12 18/18 84/98 98/109 4807/4936 4830/4924 288/308 268/279 5 179/5342 5196/5312
17.3% 12.2% 3.9% 7.0% 19.0% 13.2% 0% 2.8% 9.4% 8.3%
169.8 167.4 154.7 153.7 147.6 139.3 183.6 179.4 159.8 153.9
190.8 192.4 223.3 195.1 120.9 114.2 276.8 265.3 188.7 176.2
10,691,719 10,425,641 35,117,645 34,284,061 220,471,680 204,249,248 94,237,764 82,123,055 349,827,089 320,656,364

- 10,425,641 24,325,475 34,284,061 210,718,570 195,270,547 90,676,759 79,215,810 325,720,804 308,770,419
10,691,719 - 10,691,719 - - - 1,403,277 794,546 12,094,995 794,546
- - 100,451 - 8,871,286 8,094,827 2,157,729 2,112,698 11,129,466 10,207,525
- - - - 881,823 883,874 - - 881,823 883,874
29,057,765 35,052,774 142,515,586 185,341,907 186,426,204 180,567,230 212,373,486 204,701,475 541,315,277 570,610,612
6,934,535 4,948,934 68,642,392 40,527,280 9,532,522 8,491,446 131,151,119 103,904,652 209,326,033 152,923,378
- 2,151,912 - 9,916,378 - 245,508 - 7,216,829 - 17,378,715

11,774,254 14,163,265 46,400,983 101,294,914 - - 42,161,780 55,064,563 88,562,763 156,359,477
- 1,423 296,182 299,489 909,145 961,971 94,571 41,543 1,299,898 1,303,003

10,348,977 11,099,874 21,577,072 16,943,529 176,893,683 138,323,372 35,876,092 27,113,564 234,346,847 182,380,464
- 2,688,789 - 9,217,484 - 33,506,904 - 9,633,093 - 52,357,481

- - 5,895,139 5,142,645 - - 3,184,495 1,222,223 9,079,633 6,364,868 3
- - - 2,299,678 - - - 546,551 - 2,846,229
39,749,484 45,478,415 177,633,231 219,625,968 406,897,884 384,816,478 306,611,251 286,824,529 891,142,365 891,266,975
22,465,972 19,003,966 57,092,702 122,728 453 - 33,752,412 43,565,057 73,255,582 100,657,759 229,736,447
143,098 163,722 639,480 790,653 1,464,832 1,385,339 1,103,801 1,032,568 3,208,113 3,208,561
44,673,003 52,262,184 256,459,490 278,825,043 333,403,617 315,623,169 462,317,656 424,285,927 1,052,180,764 1,018,734,139

39,749,484 45,478,415 196,986,062 229,971,423 427,733,828 402,192,958 337,115,005 297,797,716 961,834,895 929,962,096

36,124,388 41,068,685 237,317,986 212,962,609 336,310,362 321,357,668 325,443,763 270,600,957 899,072,111 804,921,234
- - - - - - - - - -
- 251,941 - 1,801,563 - - - - - 1,801,563
526,293 610,734 57,558,971 73,017,501 - - 35,340,767 33,829,864 92,899,739 106,847,365

- - 2,646,405 3,366,627 - - 35,172,015 33,668,326 37,818,419 37,034,953

40,275,776 46,341,091 257,191,438 308,157,113 427,733,828- 402,192,958 407 627 787 365,295,906 1,092,553,053 1,075,645,977
- -



The CSRD now requires consumption to be distributed according to the source of its production. The share of renewable energy in the
network is thus indicated here based on the energy mix provided by suppliers, or failing this by using the residual mix.
This year, the extrapolated data on the private areas are directly included in the scope, in order to give a complete view of the
buildings.
The data are given in kWh and not in MWh.




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Consolidated Group environmental data (LfL)
France Offices Italy Offices Germany Offices
ENERGY - LFL consumption 2023 2024 2023 2024 2023 2024
Reporting scope coverage by surface area (in m2) 473,951 341,442 234,290
Reporting scope coverage by surface area (in %) 88% 83% 100%
Total Electricity (kWh) (Elec‑LfL) 44,361,121 47,892,945 43,684,425 43,394,056 19,500,726 19,877,462
Total district heating and cooling (in kWh)
(DH&C‑Lfl) 12,795,958 13,252,539 2,444,917 2,561,245 10,472,965 11,779,995
Total gas‑fuel oil‑wood (kWh) (Fuel‑Lfl) 14,800,206 10,667,262 7,145,841 6,970,611 10,700,522 9,608,910
Total consumption (kWhfe) (Energy‑Int) 71,957,285 71,812,747 53,275,183 52,925,912 40,674,213 41,266,367
Total consumption (KWhpe) 112,223,412 101,495,336 81,737,121 65,420,570 49,101,578 46,780,124
Intensity (kWhfe/m2/year) 151.8 151.5 156.0 155.0 173.6 176.1
Intensity (kWhpe/m²/year) 236.8 214.1 239.4 191.6 209.6 199.7
Variation -9.6% -20.0% -4.7%




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Total Offices Hotels Total Portfolio
2023 2024 2023 2024 2023 2024
1,049,682 1.464.064 2,513,747
89% 89% 89%
107,546,272 111,164,464 150,512,641 152,336,139 258,058,913 263,500,603

25,713,841 27,593,779 30,207,440 34,652,354 55,921,281 62,246,133
32,646,569 27,246,783 87,511,718 74,056,819 120,158,287 101,303,602
165,906,681 166,005,026 268,231,799 261,045,313 434,138,480 427,050,338
243,062,111 213,696,030 403,808,320 386,945,639 646,870,431 600,641,669
158.1 158.1 183.2 178.3 172.7 169.9
231.6 203.6 275.8 264.3 257.3 238.9
-12.1% -4.2% -7.1%



Due to a change in the coding of assets in the German residential portfolio, like‑for‑like data is not available.




3




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Energy mix
Operational control
(Offices) Group
YEAR 2024 2024
Green electricity contract in total electricity consumption 86.1% 47.9%
Share of renewable in the total energy consumption 47.8% 25.8%


Group
YEAR 2023 2024
(1) Fuel consumption from coal and coal products (in MWh) 21,389
(2) Fuel consumption from crude oil and petroleum products (in MWh) 11,413
(3) Fuel consumption from natural gas (in MWh) 341,521
(4) Fuel consumption from other fossil sources (in MWh)
(5) Consumption of purchased or acquired electricity, heat, steam, or cooling from fossil
sources (in MWh) 86,795
(6) Total fossil energy consumption (in MWh)
(calculated as the sum of lines 1 to 5) 461,118
Share of fossil sources in total energy consumption (in %) 51.7%
(7) Consumption from nuclear sources (in MWh) 95,596
Not calculated
Share of consumption from nuclear sources in total energy consumption (in %) 10.7%
(8) Fuel consumption for renewable sources, including biomass (also comprising industrial
and municipal waste of biological origin, biogas, renewable hydrogen, etc.) (in MWh) 981
(9) Consumption of purchased or acquired electricity, heat, steam, and cooling from
renewable sources (in MWh) 333,572
(10) Consumption of self‑generated non‑fuel renewable energy (in MWh)
(11) Total renewable energy consumption (in MWh)
(calculated as the sum of lines 8 to 10) 334,553
Share of renewable sources in total energy consumption (in %) 37.5%
TOTAL ENERGY CONSUMPTION (IN MWH) 891,267
Total extrapolated energy consumption (in MWH) 1,075,646


Energy intensity based on net revenue (37)
Covivio realises almost all of its revenues in the real estate sector, which can be considered to be a sector with a strong climate
impact.


Rental income
2024 Reference
Net rental income €952.9 M Chap. 4.1.
Total energy consumption (MWh) 1,075,646 E1‑6
Portfolio intensity (MWh/€) 0.0011288
(1) This figure refers to the sum of the rents received in value for each shareholder as of 31 December 2024 (see Chapter 4). In order to ensure the
comparability of data from one year to the next, revenue related to the operation of hotels and co‑working buildings is not included. The rents received
on these assets are added to the sum of the rents.




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Energy performance diagnostics
In accordance with the European Directive on the energy
performance of buildings and its transposition into national law Rate of diagnostics performed per activity
in the countries where Covivio operates, the Group ensures that
France Offices: 100% by value/100% by surface area.
energy performance diagnostics are carried out on its buildings
(Energieausweis in Germany, Attestato di Prestazione Energetica Italy Offices: 100% by value/100% by surface area.
in Italy). As the methodologies adopted by each country are
different, it is difficult to make comparisons between Germany Offices: 96.1% by value/93.7% by surface area.
performance levels. Particular attention has been paid to the German Residential: 90% by value/90.9% by surface area.
change in the score obtained following a renovation, to assess
the gain in energy performance. Hotels in Europe: 84% by value/80.5% by surface area.



Breakdown of energy performance diagnostics across the portfolio (in value)
Without
A B C D i.e. ≥ A to D Offices 12.4% 20.2% 19.4% 23.9% 75.9% 23.7% 0.4%
Hotels 1.8% 6.3% 26% 14.4% 48.5% 35.5% 16%
Residential 2.4% 10% 15.9% 25.7% 54.1% 35.9% 10%


In accordance with the regulations in force on the date of the
EPCs, some of the blank diagnoses are included in the rates
A new method for calculating EPC has been applicable since 1
January 2024 for certificates calculated on the basis of energy
3
presented above (2.3% for offices and 0.6% for hotels). demand, leading to a deterioration in ratings compared to the
old method (20‑25%).




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3.2.1.6 Gross GHG emissions of scope 1, 2, 3 and total GHG emissions (E1‑6)
Group consolidated environmental data (Abs)
France Offices Italy Offices Germany Offices
GHG - Absolute emissions 2023 2024 2023 2024 2023 2024
Reporting scope coverage by surface area
(in m2) – Scopes 1‑2 256,986 333,175 135,916 133,996 234,136 271,702
Coverage of the reporting scope by surface
area (in m2) – Scopes 1‑2‑3 523,475 665,939 369,335 467,495 234,136 271,702
Reporting scope coverage by surface area
(in %) – Scopes 1‑2 100% 100% 100% 100% 100% 100%
Reporting scope coverage by surface area
(in %) – Scopes 1‑2‑3 90% 99% 84% 89% 100% 100%
Proportion of estimated data 0% 2.3% 0% 9.8 % 17.3% 12.2%
GHG Protocol - - - - - -
Scope 1 (GHG‑Dir‑Abs) 1,160 1,502 521 589 - 2,096
Scope 2 Market based (GHG‑Indir‑Abs) 1,040 1,089 230 243 1,393 2,034
Scope 3 Downstream leased assets MB
(GHG‑Indir‑Abs) 2,999 2,070 9,778 10,819 2,977 3,296
Total emissions reporting (tCO2e) 5,200 4,660 10,529 11,651 4,369 7,426
Carbon intensity (kgCO2e/m2/year)
reporting scopes 1‑2 (GHG‑Int) 8.6 7.8 5.5 6.2 5.9 15.2
Carbon intensity (kgCO2e/m2/year)
reporting scopes 1‑2‑3 (GHG‑Int) 9.9 7.0 28.5 24.9 18.7 27.3
Scope 2 Location based 1,264 1,564 3,450 2,969 6,502 5,670
Scope 3 Downstream leased assets LB 3,163 3,271 - 17,384 2,977 4,340
Unadjusted emissions (Scopes 1‑2‑3) 4,954 4,675 - 11,757 3,886 7,020
Reconciliation with financial statements and carbon trajectory
Total surface area 860,768 867,936 730,910 690,596 308,709 294,542
Scope 1‑2 MB extrapolated 2,201 2,590 751 832 1,393 4,130
Scope 3 Downstream MB extrapolated 4,931 2,112 19,352 12,234 3,925 3,296
Scope 3 - Extrapolation of atypical assets/
disposals, HP, etc. - 1,716 - 1,617 - 123
Scope 3 Upstream energy extrapolated 756 581 234 840 970 1,202
Total emissions operating carbon trajectory
(tCO2e) 7,889 6,999 20,337 15,523 6,288 8,751
Carbon intensity (in kgCO2e/m2/year)
carbon trajectory
Emissions not included in the carbon trajectory
Scope 1 - Refrigerants
Scope 1 - Service vehicles
Scope 3 T&D energy extrapolated - 129.9 - 198.2 - 272.3
Scope 3 - Other emissions not included in
the trajectory: properties sold, residential
retail space (~200,000 m2) leisure parks
(60,000m2) - - - - - -
Scope 3 (See details below) - - - - - -




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Headquarters Totals Offices Residential Germany Hotels Total Portfolio
2023 2024 2023 2024 2023 2024 2023 2024 2023 2024


21,564 23,853 648,603 762,725 - - - 564,151 648,603 1,326,877

21,564 23,853 1,148,510 1,428,989 2,756,716 2,763,218 1,670,447 1,599,032 5,575,674 5,791,238

100% 100% 100% 100% - - 0% 99% 100% 99%

100% 100% 90% 96% 95% 96% 91% 96% 93% 96%
0% 1.8% 3.7% 9.0% 19.0% 13.2% 0% 2.8% 11.3% 9.7%
- - - - - - - - - -
89 21 1,771 4,207 - - - 3,865 1,771 8,072
349 381 3,012 3,747 - - - 10,168 3,012 13,916

- - 15,754 16,185 72,587 70,043 41,525 23,116 129,867 109,344
439 402 20,537 24,139 81,956 78,567 41,525 37,150 144,018 139,856

20.3 16.8 7.4 10.4 - - - 24.9 7.4 16.6

20.3 16.8 17.9 16.9 29.7 28.4 24.9 23.2 25.8 24.1 3
- 472 11,216 10,675 - - - 15,332 11,216 26,007
- - 6,140 24,995 68,362 68,979 52,953 32,194 127,455 126,168
- 391 8,840 23,842 67,738 55,965 39,906 35,394 116,484 115,201


21,564 23,853 1,921,951 1,876,927 2,596,269 2,591,023 1,836,635 1,700,243 6,354,856 6,168,192
439 402 4,783 7,954 - - - 14,240 4,783 22,194
- - 28,208 17,643 68,362 65,678 45,656 24,343 142,227 107,664

- - - 3,456 - - - 548 - 4,004
82 88 2,043 2,710 8,823 7,993 - 2,396 10,866 13,099

521 490 35,034 31,763 77,186 73,671 45,656 41,527 157,876 146,961

24.8 23.8


377 1,488
- 299
- 25.7 - 626 - - - 679 - 1,305




- - - - - - - - 8,967 19,587
- - - - - - - - - -


The green gas contract for the Germany Offices portfolio is no longer considered as zero emissions, resulting in a sharp increase in the
carbon intensity of this portfolio. With a constant methodology, the intensity would have been 19.6 kgCO₂e/m². For this year, there are
no biogenic emissions recorded.
Covivio relies on the GHG Protocol methodology and aligns its reporting with a financial control approach (in which assets under
operational control are included). The leased buildings are under Covivio’s financial control as long as they continue to be recognised
in the balance sheet under IFRS 16 operating leases. In accordance with the GHG Protocol and market reporting practices, the Group
distinguishes between the emissions of leased assets for which the lessee has effective energy management and assets over which
Covivio has operational control (scopes 1‑2). Thus, the GHG emissions related to the tenants of these buildings in scope 3 in category
13 “downstream leased assets”, representing 124,767 tCO2e in 2024. There has been no calculation of biogenic emissions this year but it
is not significant for the Group.




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Group consolidated environmental data (LfL)
France Offices Italy Offices Germany Offices
CARBON - LFL emissions 2023 2024 2023 2024 2023 2024
Reporting scope coverage by surface area
(in m2) – Scopes 1‑2 241,233 133,996 234,290
Coverage of the reporting scope by surface
area (in m2) – Scopes 1‑2‑3 473,951 341,442 234,290
Reporting scope coverage by surface area
(in %) – Scopes 1‑2 100% 100% 100%
Reporting scope coverage by surface area
(in %) – Scopes 1‑2‑3 88% 83% 100%
GHG Protocol
Scope 1 1,161 1,112 503 589 - 1,931
Scope 2 market‑based 928 761 369 243 1,406 1,559
Scope 3 Downstream leased assets MB 2,699 1,928 8,092 4,594 2,785 2,849
Total emissions reporting (tCO2e) 4,788 3,801 8,964 5,426 4,191 6,339
Carbon intensity (kgCO2e/m2/year)
reporting scopes 1‑2 8.7 7.8 6.5 6.2 6.0 14.9
Carbon intensity (kgCO2e/m2/year)
reporting scopes 1‑2‑3 10.1 8.0 26.3 15.9 17.9 27.1
Variation -20.6% -39.5% 51.3%




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Total Offices Hotels Total Portfolio
2023 2024 2023 2024 2023 2024

609,519 510,637 1,120,157

1,049,682 1,464,064 2,513,747

100% 92% 96%

89% 89% 89%


1,663 3,632 3,874 3,799 5,537 7,431
2,703 2,562 10,126 9,173 12,829 11,735
13,576 9,371 22,583 20,215 36,159 29,587
17,942 15,565 36,583 33,187 54,525 48,753

7.2 10.2 27.4 25.4 16.4 17.1

17.1 14.8 25.0 22.7 21.7 19.4
-13.2% -9.3% -7.9%


3




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GHG emissions (E1‑6 - RA‑48)
HISTORICAL BACKGROUND MILESTONES AND TARGET YEARS
Baseline year
Breakdown by country (2015) 2024 variation (%) 2030 2050
SCOPE 1 EMISSIONS

Gross GHG emissions scope 1 [tCO2e] 6,290 9,916 53% -63% on
scopes 1 and 2
emissions (to be
Percentage of scope 1 GHG emissions resulting reassessed
from regulated emission trading schemes (in %) - following the
integration of
SCOPE 2 GHG EMISSIONS
the Hotel
operating
Gross location‑based scope 2 GHG emissions properties
(tCO2e) 14,360 26,232 83% representing
63% of
Gross market‑based scope 2 GHG emissions scopes 1/2
(tCO2e) 14,952 14,065 -6% in 2024
SCOPE 3 GHG EMISSIONS
Total gross indirect (scope 3) GHG emissions
(tCO2e)

1 Purchased goods and services [Optional
sub‑category: Cloud computing and data centre
services] 293,832 228,153
2 Capital goods 120 5,395
3 Activities in the fuel and energy sectors (not
included in scopes 1 and 2) 907 14,405
NOT DEFINED
4 Upstream transport and distribution - -
5 Waste generated during operations 3,098 6,945
-37.5% on
6 Business travel 332 241 emissions
related to
7 Employee commuting 66 2,405
developments
8 Upstream leased assets - - (84% of
category 1) and
9 Downstream transport and distribution - -
the operation
10 Processing of products sold - - of assets
(categories 3
11 Use of products sold - 7,467
and 13)
12 End‑of‑life treatment of products sold - -
13 Market‑based assets leased downstream 248,994 133,782
13 Location‑based assets leased downstream 248,994 160,733
14 Franchises - -
15 Investments 1,118 1,881
SCOPE 3 TOTAL GHG EMISSIONS
(LOCATION‑BASED) 548,467 427,625 -22%
TOTAL SCOPE 3 GHG EMISSIONS (MARKET‑BASED) 548,467 400,674 -27%
Total GHG emissions (location‑based) (tCO2e) 569,117 463,773 -19%
Total emissions of GHG (market‑based) (tCO2e) 569,709 424,655 -25%




Breakdown of emissions by country (Scopes 1‑2‑3 Operation - reporting scope)

Total emissions
Breakdown by country Scopes 1‑2‑3 Operation (including upstream
Germany 93,320
France 17,071
Italy 16,833
Spain 5,110
United Kingdom 5,014
Belgium 3,594




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Total emissions
Breakdown by country Scopes 1‑2‑3 Operation (including upstream
Hungary 2,668
Czech Republic 2,234
Netherlands 487
Poland 289
Portugal 202
Ireland 139
TOTAL (TCO₂E) 146,961




Methodology applied to scope 3
Total
emissions Included
Sub- 2024 in the
Category category Details Methodology Source/Emission factors (tCO2e) trajectory If No, why
Development Total emissions related to our Emissions related to the construction/ Calculations made in 194,034 Yes Yes
activity new construction projects renovation of buildings (based on our actual collaboration with CSTB
deliveries and data modelled with our
consultant, CSTB. The data include the
building’s emissions amortised over a period of
50 years). It includes all items related to the
construction/renovation of buildings.
Supplier‑specific method
3
Maintenance Building maintenance - Emissions related to building maintenance, Based on internal 5,449 No Purely related
Operational control scope calculated as follows: based on a ratio of €/m2 accounting data to the daily
maintenance per year calculated on the basis maintenance
of our directly managed offices (previously we of buildings,
used a generic factor), which can be translated no leverage
into CO2 emissions using the ADEME ratio of on this
170 kgCO2/€ thousand. We have decided to subject.
exclude this item from our carbon targets
because it does not represent a major lever for
reducing carbon in our activities.
1. Goods and Expenditure method
services
purchased Corporate Goods and services Based on the analysis of the total carbon Based on internal 2,844 No Given our
scope purchased for the operation of footprint of the company carried out with the accounting data activity, we
the business. The main help of an external consultant as part of our consider that
categories are as follows: C4C project (Covivio 4 Climate). this category
goods, administrative services, Average data and expenditure method is not
catering and cloud computing material.
services.
Hotels in Hotels in operation, the main Hotel scope: based on actual carbon footprint Based on internal 25,706 No See section
operation categories included are: F&B, analyses performed on hotels in operation, accounting and operational below
supplies and linens, cleaning then extrapolated to the entire portfolio of MF. data
services, furniture, other Catering expenses are calculated on the basis
business‑related services. of total catering expenses during the year, as
shown in the income statement.
Average data and expenditure method
Water Water consumption in our Based on the water consumption that we Based on data from water 120 No Non‑material
operating portfolio (water control in our portfolio, we calculate the suppliers (invoices)
paid by Covivio and corresponding emissions.
re‑invoiced to the tenant) Average data method
2. Operating Fixed All new depreciation for the On the basis of accounting data, we ADEME footprint database: 5,395 No Given our
properties assets year calculated the emissions related to capital monetary ratios used for activity, we
goods for each relevant category: furniture, IT each category (except for consider that
equipment, car fleet, construction equipment. vehicles, with unit ratio). this category
Average spend method Based on internal is not
accounting data material.




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Total
emissions Included
Sub- 2024 in the
Category category Details Methodology Source/Emission factors (tCO2e) trajectory If No, why
3. Fuel and A. Emissions Upstream emissions on Based on the LCA, these data represent the For each construction - Yes
energy upstream of development projects part relating to the LCA work site. project, an LCA is carried out
activities purchased Supplier‑specific method by the project’s
fuels B. environmental consultant.
Emissions Based on supplier data
upstream of
purchased
electricity
A. Emissions Upstream emissions related to Based on the annual energy report, this covers IEA Factors: total upstream 13,099 Yes
upstream of the use of our buildings under the total energy consumption of our portfolio data by country
purchased operational control under direct management (multi‑tenant offices,
fuels B. head office, hotels under management).
Emissions Average data method
upstream of
purchased
electricity
C. Portfolio under operational Based on the annual energy report, this covers Electricity: Factors by 1,305 Yes
Transmission control the total energy consumption of our portfolio country, greenhouse gas
and under direct management (multi‑tenant offices, emissions over the entire life
distribution head office, hotels under management). cycle associated with
losses (T&D) Average data method transmission and distribution
losses per kWh of electricity
(gCO2e/kWh)
DH&C: DEFRA
4. Upstream Taking into account the fact that upstream - No
transportation T&D is already included in the emission factors
and that we used, at least for the material
distribution categories.
5. Waste Portfolio under operational Based on waste reporting and an ADEME footprint database 6,945 No
generated in control extrapolation for buildings for which we do not for non‑recyclable and
operations have the amount of waste. recyclable waste
Supplier‑specific method
6. Business Business All modes of transport Based on the analysis of the company’s carbon Declaration made either by 241 No Non‑material
travel travel footprint based on actual travel data from our travel agency or by according to
travel agencies or accounting. direct calculation based on our number of
Average data method ADEME factors. employees

7. Employee Group employees’ daily travel to work Based on the analysis of the company’s carbon ADEME 2,405 No
travel footprint following a mobility study carried out
on the scope of Covivio. And an average
emission factor for the hotel in operation.
Average data method
8. Upstream Not applicable: No upstream -
leased assets leased assets
9. Downstream Not applicable: No -
transport and downstream transport and
distribution distribution
10. Treatment Not applicable: No -
of sold transformation of products
products sold
11. Use of Asset Emissions from the direct use phase related to The data is based on the 7,467 No
products sold disposal assets developed or renovated by Covivio and actual reports we have of
which are not amortised at the date of our assets, including
disposal (assumption of 50 years for new assumptions about the
buildings and 25 years for renovations). decarbonisation of the
Emissions are calculated according to location, energy mix in the future.
based on the assumption of decarbonisation CRREM: assumption of the
of the electricity mix. decarbonisation of the
electricity mix.
ADEME footprint database
and equivalent: 2023
emission factors, refrigerants




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Total
emissions Included
Sub- 2024 in the
Category category Details Methodology Source/Emission factors (tCO2e) trajectory If No, why
12. End‑of‑life Not applicable: No end‑of‑life, -
treatment of assumption that all our
products sold buildings will be restructured
and accounted for in the
other categories of the scope
as development projects.
13. Total energy consumption in the portfolio Emissions related to the energy consumption of Market‑based approach 111,668 Yes
Downstream (excluding scopes 1‑2) our non‑operational control assets. All
leased assets information relating to the energy report of
each portfolio is available in our sustainability
Total energy consumption of the assets not report. This includes scopes covered by actual 19,537 No
included in the perimeter data. Extrapolations are carried out on the
space for which we have no information.
Refrigerants Extrapolation based on assets for which we 2,578 No
have an actual report
14. Franchises Not applicable: No franchises -
15. Investments Issues related This category represents issues related to Market‑based approach, 1,881 No
to assets held assets held by us through joint ventures without same calculation as for
by us through operational control (20% ownership interest). category 13 - DLA
joint ventures These emissions are based on actual energy
data and calculated in accordance with our
reporting protocol.



Scope 3 data is mainly collected from the value chain. The material categories (1, 3, 13) are based on activity data obtained from
suppliers or tenants. They are then recalculated according to the methodology indicated using emission factors such as those of the
AIB or ADEME. 3
Focus on the hotel operating business
This activity was not previously included in Covivio's carbon scope 1 and 2 emissions (vs scope 3 previously). In order to
footprint. However, Covivio has now calculated its carbon guarantee the continuity of the published information, Covivio is
footprint after the consolidation of the ex‑AccorInvest hotels (link continuing to differentiate between its scope 1 and 2 emissions
to press release). This also resulted in the reclassification of (historical scope) and its scope 1 and 2 emissions according to
emissions related to the energy consumption of these assets as this new categorisation.




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The operating activity impacts the following scope 3 items:

Scope 3 (tCO2e) Calculation
7. Commuting to and from work 1,158
1. Purchased goods and services (F&B, Laundry, Cleaning) 25,706
5. Waste generated in operations 5,527


The item related to catering is the main source of emissions estimated using a monetary ratio).
(excluding energy in scopes 1 and 2). The Green Key labeling
The vast majority of these calculations were made on the basis
process thus enables more data to be collected on operations
of financial data (purchases) and factors from the ADEME
and will permit operational objectives to be set, in particular
Footprint Database.
covering this emission item, beginning with obtaining more
accurate data on food purchases (whose emissions are currently
Covivio is not directly subject to regulated emission trading systems, in the course of its activities.

France Offices Germany Offices
2010-2030 objective: -70% (ie 7.9 kgCO2e/m2) 2020/2030 objective: -66% (ie 15.3 kgCO2e/m2)
Achieved at 31/12/2024: -72% Achieved at 31/12/2024: -39% (vs. 44.8 baseline on total
perimeter)

27.3
25 24
23 21

15.2
2030 OBJECTIVE
11.1 11.1
9.9 9.9 8.9
5.9
2030 OBJECTIVE 7.0
2010 2012 2014 2016 2018 2020 2021 2022 2023 2024
2022 2023 2024
Carbon intensity kgCO2/m2/year (operational control) (operational control) (migration to total scope)

Carbon intensity kgCO2/m2/year

Italy Offices (Operational control)
Hotels in Europe
2015/2030 objective: -69% (ie 13.4 kgCO2e/m2 on operational
scope) 2010/2030 objective: -70% (14.6 kgCO2e/m2)
Achieved at 31/12/2024: -84.9% Achieved at 31/12/2024: -52.7%

41
49
44

33
31
15 14.5 15.5 23.8 25 24.9 23.2
12 2030 OBJECTIVE
20.5
17.8
9.2 9.3
7.3 5.5 6.2 2030 OBJECTIVE

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Carbon intensity kgCO2/m2/year 2010 2012 2014 2016 2018 2020 2021 2022 2023 2024

Carbon intensity kgCO2/m2/year




France Offices Italy Offices Germany Offices Germany Residential Hotels in Europe
(Operational control) (Absolute)
29.7 28.4
25.0
10.1 22.7
8.0 6.5 6.2 Not applicable because of
the green gas contract that
is no longer considered




2023 2024 2023 2024 2023 2024 2023 2024




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GHG intensity on a net revenue basis (39)

2024 Reference
Net rental income €952.9 M Chap. 4.1.
Total emissions (tCO₂e) 424,655 E1‑6
Portfolio intensity (tCO₂e/€) 0.000445645
(1) This figure refers to the sum of rents received in Group Share value at 31 December 2024 (see Chap. 4). In order to ensure the comparability of
year‑on‑year data, revenue related to the operation of hotels and coworking buildings is not included. The rents received on these assets are added to
the sum of the rents.

3.2.1.7 GHG removals and GHG mitigation projects financed through carbon credits (E1‑7)
To date, Covivio has not implemented systematic mitigation or equivalent to the emissions generated by its consumption, which
absorption projects through carbon credits, with the exception in 2024 is equivalent to 2,096 tCO₂e. Covivio is examining this
of a few occasional tree planting projects (not significant) as subject as part of its monitoring and ultimately to set net zero
part of its Corporate activities (communication and finance). In targets beyond 2030 and no later than 2050.
addition, in Germany, Covivio has subscribed to a green gas
Covivio is not directly subject to the EU trading scheme.
contract making it possible to make a carbon contribution


3.2.1.8 Internal carbon pricing (E1‑8)
Covivio has examined the possibility of introducing an internal decision‑making process, particularly in the investment
carbon pricing system but does not consider this to be a priority committees (the governance body for all investment projects
compared to the other levers of its carbon trajectory, and given
that the carbon aspect is already integrated into the
(acquisition or development) over €5 million). 3

3.2.1.9 Anticipated financial effects from material physical and transition risks and potential
climate‑related opportunities (E1‑9)
Covivio details the main financial risks related to climate change, quantified in particular through the MSCI Climate Value at risk study.
The main types of risks and opportunities impacting the financial statements are summarized here:

Financial statements item
affected Brief description Risk estimation/quantification
Physical risks Value of assets Property damage MSCI
Liquidity risk
Transition Risks Value of assets Risk of markdown, particularly in relation MSCI Note that the model does not take
to regulations concerning the energy into account the Capex that will be
efficiency of buildings invested to bring the assets back on track
Transition Risks Capex Risk of “failed” assets for which the Capex Capex budget calculated and controlled,
to be invested would be too high action plan by asset
Transition Risks Rental income Increase in energy‑related expenses and
loss of attractiveness on the market for
the worst‑performing buildings
Physical risks Capex/Revenues Interruption of operations or construction Delivery delays, decrease in hotel
sites caused by extreme weather events revenues
Opportunity - Market Rental income Revenue growth linked to activities 32.5% alignment with mitigation target
classed as sustainable and 43.3% on real estate activities alone
Opportunity - Market Capex Investments in activities classed as 67% alignment with the mitigation target
sustainable and 83% with the adaptation target
Opportunity - Market Value Growth of financing linked to ESG criteria Facilitation of financing (64% green debt))



Covivio Immobilien supports its tenants to reduce their energy consumption
Covivio Immobilien has launched an energy saving awareness campaign for its tenants in cooperation with the city of
Oberhausen and the North Rhine‑Westphalia Consumer Advisory Centre. In a free online seminar broadcast on 15 July 2021,
tenants were advised on easy ways of reducing their electricity consumption at home. By offering them the loan of an electricity
meter, tenants were able to assess their own consumption in relation to average values and correctly interpret the energy
information on the new devices.




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3.2.2 Pollution (ESRS E2)
The ESRS E2 standard covers the presentation of information on 3.2.2.1 Management of impacts, risks and
air, water and soil pollution and substances of concern. This
opportunities related to pollution
involves presenting the impacts (material, positive and
negative, actual or potential) of the company on pollution and (E2.IRO‑1)
its actions to prevent, control, reduce and, if possible, eliminate Identification of current and potential impacts, risks and
them. opportunities related to pollution
Risks related to air, water and soil pollution are risks inherent to The dual materiality analysis did not reveal this ESRS to be
Covivio’s business, i.e. risks identified and characterised before material with regard to the Group's activities, including the issues
any control system is implemented. These pollution risks are related to its value chain. However, Covivio has implemented
present during the construction or renovation phases, and various policies and actions on the subject to avoid issues
during the building’s operating phase. They are strictly governed related to soil, air and water pollution and to prevent the use of
by the regulations of the various European countries where the hazardous substances in its activities. They are described below
Group operates, and by close monitoring by dedicated teams at in response to requests from stakeholders on the subject but are
Covivio. not subject to the CSRD reporting obligation.


ESRS E2 - AIR, WATER AND SOIL POLLUTION
Description and key words Environmental pollution clean‑up obligation
Health and environmental risks
Occupant well‑being
Labeling of volatile organic compounds (VOCs)
Main impact Air pollution causes 48,000 premature deaths per year in France with a health cost estimated at €100 billion per year.
Regarding poor indoor air quality, the main sources of pollution are: human activities (cooking, indoor plants)/construction
and decoration materials (carpets, paints, varnishes, glues), equipment (furniture, poorly maintained ventilation or air
conditioning, combustion appliances)/outdoor environment (outdoor air pollutants, contaminated soil).
On the sector, the impact is high for human well‑being.
Potential impact on the environment during construction operations.
Positive impact: soil remediation as part of development operations.
Positioning on the value chain Direct and downstream operations
Main risks The risk of environmental pollution on buildings or development projects is limited but if it occurred, there would be a critical
effect on the scale of the affected area. Risk of water pollution on construction sites in particular.
Financial risks:
mainly related to precautionary measures to prevent infiltration;
related to any clean‑up;
related to fines in the event of pollution (in this case an additional reputational risk).
IAQ risk: on the marketing of assets, well‑being factor.
Materiality Non‑material

ESRS E2 - USE OF HAZARDOUS SUBSTANCES
Description and key words Chemicals and phytosanitary products
Main Impact Covivio has more than 200,000 m2 of planted areas (footprint) or semi‑planted areas that require maintenance, but the use
of phytosanitary products is very limited.
Positioning on the value chain Direct and downstream operations
Main risks Reputational and legal risk coupled with a health risk concerning the use of phytosanitary products.
Health risk for asbestos.
Main opportunities Creation of ecological continuity in respect of nature.
Materiality Non‑material




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3.2.2.2 Pollution policies (E2‑1) Property acquisition and management require certain
assessments which may be mandatory depending on the date
With regard to risks related to different types of pollution, the of construction of a building. These assessments cover asbestos,
Environment Department, which reports to each country pest status depending on the municipality (termites etc.), an
Technical Department, applies a rigorous policy in compliance inventory of risks and pollution, natural, mining and technological
with local regulations. This involves monitoring: risks status (including flood risks, mudslides and Seveso risks), etc
● environmental diagnostics (EPC, lead, asbestos, Risk to which the asset can be exposed. In France, Covivio’s
Statement, soil pollution); Environment Department oversees compliance with the
regulations on structures classified for environmental protection
● installations classified for the Protection of the Environment (ICPE). Some risks may also be subject to additional testing (soil
(ICPE); pollution, etc.) or periodic monitoring (asbestos, for example).
● safety commissions for the Group’s hotels and high‑rise Comparable regulations are also in place in both Italy and
buildings; Germany. For each one of its locations, Covivio relies on
dedicated environmental safety teams to ensure that the
● environmental performance certifications for assets (HQE required assessments are carried out and monitored. They are
Exploitation, BREEAM In Use); involved in analysing acquisitions, during the management
period and up to the creation of data rooms in anticipation of a
● new labels on carbon, well‑being, biodiversity or connectivity
sale.
of buildings.
Global certifications such as HQE or BREEAM offer the Group a
These approaches go beyond regulations, with a strong focus
framework that surpasses regulations in terms of air pollution
on the safety of property and people and the resilience of
(CO2 and NO2 emissions, refrigerants, etc.) and water pollution
buildings. This involves managing any risk that could make
(type of combined or separate outlet, pre‑treatment/filtration
Covivio unable to deal with a claim, an accident or a health risk,
before discharge, etc.).
3
involving the company’s liability.
The impacts and risks related to pollution are detected and
The common thread: L'Atelier
assessed through audits or diagnostics, often made mandatory
by regulations, and carried out during an acquisition or lease. In addition to the spot measurements taken by a third
party, air quality is monitored on the project using 12 air
3.2.2.2.1 Mitigation of negative impacts related to air, quality sensors located throughout the premises. The air
water and soil pollution quality sensors are evenly dispersed throughout the floors,
As has already been mentioned, the double materiality analysis to take all the uses present on site (offices, meeting rooms,
showed that pollution is not a material issue for Covivio. catering, sports hall, etc.) into account. The specific sample
Nevertheless, the Group strives to reduce and control the risks area was determined using the layout plans. Assisted by
related to pollution: the company Octopus Lab, which monitors air quality, the
following parameters are measured: particles, volatile
● of air, with a greater focus since the health crisis of 2020 on
organic compounds and carbon dioxide.
carbon monoxide and fine particle pollution emitted in
buildings in operation or under construction;
● of water: during the construction or renovation period, then Pollution of water
during the years of operating the site;
Covivio has identified two main sources of risk of water pollution
● and soil gas, over the same period, with regard to the in its activities. Construction sites can be a risk, with runoff water
consequences that materials or waste could have that could that can carry oils and hydrocarbons. If the site's waste water is
be hazardous to the environment or people. not discharged into the municipal system, a sanitation system
which conforms to regulations must be installed and managed
The issue of air quality in buildings is addressed in ESRS S4
by a specialised company. The low‑nuisance construction site
( 3.3.4.5.1), given that it represents a subject of safety and
charters deployed for all contractors reiterate these measures
well‑being for occupants.
and other good practices for preventing water pollution, as well
Pollution of soil as the relevant regulations, and especially the fact that it is
The management initiatives implemented for polluted sites and strictly prohibited to discharge oils, lubricants and detergents
soil are based on the following principles: preventing future into the municipal sewage system. Lastly, it describes the
pollution, securing identified sites, identifying, monitoring and procedures that the site’s environmental manager must set up to
controlling impacts, treating and rehabilitating according the manage accidental spills into water or the ground soil:
use and continuing this use, keeping records, involving all anti‑pollution kits, alert measures and evacuation to an
stakeholders. approved treatment centre for land or water contaminated by
accidental spillages. Containers are also provided, with sufficient
retention capacity, to collect hazardous liquid waste from the
site: paints, solvents, wood treatment products.




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3.2.2.2.2 Substitution, minimisation and gradual Pollution issues are systematically integrated and grouped into
elimination of substances of concern two main themes: air pollution and protection of the natural
environment.
Covivio’s low‑nuisance construction site charter governs the use
of hazardous products on construction sites. On the basis of Covivio’s low‑nuisance construction site charters include the
their properties, as indicated in the safety data sheet, the following provisions:
products must be classified and labelled in accordance with:
● Pollution of air:
● either the EEC classification system (Directive 67/548, 6th
amendment); Air pollution is limited thanks to the use of adapted
equipment. Cutting (saw, etc.) and sanding equipment items
● or to the system in force in France (decrees of 10 October 1983 are fitted with sunction devices to prevent the spread of dust.
and amendments and decree of 21 February 1990 as Materials which emit less particles (such as dust‑free cement)
amended). are also used. In addition, the transport of dust by the
equipment is minimised because the equipment is cleaned
The use of products labelled with one of the following
when it leaves dusty areas. The dustbins are also covered to
classifications is prohibited, except in exceptional cases, duly
prevent the dispersion of powdery waste (powders, dusts, fine
substantiated and approved by the project owner:
particles). Secondly, dust emissions from construction
● R20 to R29, R31 to R33, R40, R45 to 49 of phases R of the EEC; machinery are limited using different techniques: by graveling
the roads laid out on the construction site or by wetting the
● Xn (harmful), T (toxic), and T + (very toxic) in French regulations. ground during dry periods (unless there is a prefectural order
Less harmful products ("Xi, irritants") are tolerated provided that restricting the use of drinking water). Finally, equipment that
every precaution is taken when using them and that they do not may emit toxic substances, such as exhaust fumes, is
cause subsequent emissions that could be a nuisance to processed to expel foul air to the exterior and keep clean air
occupants. inside.

Use of phytosanitary products ● Pollution and protection of natural environments:
The other potential source of pollution concerns the operating In order to protect natural environments and limit pollution as
portfolio, with the potential use of phytosanitary products to much as possible, companies working on Covivio sites are
manage green spaces. The two biodiversity charters (design and subject to various principles set out in the charter. Any
management) reiterate Covivio’s policy to only use products that discharge of polluting products into the natural environment is
comply with regulations. The design of the green space must strictly prohibited. Any discharge of untreated liquid effluents
incorporate this objective of not using phytosanitary products, is strictly prohibited.
whether with regard to the design or the management of the
site. Prophylactic measures can therefore be taken to prevent Covivio enforces strict measures. Hydrocarbons and oils must be
the emergence of diseases and to detect health problems at an collected in a retention tank. They must also be biodegradable
early stage. This will include: in order to reduce the risk of soil and groundwater pollution.
Rainwater must also be collected to limit the runoff of
● diversifying the plants used and promoting plant associations contaminated water on the site. In addition, clean water is
to reduce pest pressure; separated from waste water to limit the amount of water to be
treated. In addition, workers are made aware of how to handle
● thoroughly cleaning the tools used;
polluting products and the actions to be taken in the event of an
● implementing methods to monitor pest populations to assess accidental spill. Spill containment and clean‑up equipment is
potential risks and enable appropriate and effective action. therefore provided on construction sites.

If, in spite of everything, sanitary intervention is necessary, In addition, the land must be planted with vegetation before the
biological control methods must be utilised. Several techniques end of the worksite to limit the impact on biodiversity.
exist:
3.2.2.3 Information on the lack of a policy
● biological control by conservation: use of auxiliary substances (ESRS 2)
to promote their spontaneous colonisation;
The environmental certifications included in Covivio’s policy
● release of auxiliary insects and introduction of insect hotels to include the pollution regulations in each country and, like them,
prey on pests; are gradually becoming stricter. As this subject is not considered
biotechnical control using traps (sex pheromones, food traps, material at the end of the double materiality analysis, it does not
●
etc.). require any additional actions under the policy implemented in
this area.
3.2.2.2.3 Avoiding incidents and emergency situations,
controlling and limiting their impact on
people and the environment
During the construction or renovation of buildings, Covivio has a
low‑nuisance construction site charter, which makes it possible to
engage site workers in subjects such as risk prevention, soil and
air pollution, or waste management.




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3.2.2.4 Actions, action plans, processes (E2‑2) documentation, and if necessary are supplemented by new
investigations. Their short or long‑term impacts are estimated in
3.2.2.4.1 Actions and resources related to pollution order to enable an assessment of the costs corresponding to the
For each one of its locations, Covivio relies on dedicated actions that could be decided to limit the impact of these risks.
environmental safety teams to ensure that the required
assessments are carried out and monitored. They are involved in Tools for the investigations
analysing acquisitions, during the management period and up For the past fifteen years, Covivio has used Provexi’s services
to the creation of data rooms in anticipation of a sale. In France, and platform to monitor risks such as asbestos, lead, natural,
for example, the Environment Department (4 FTEs), which reports mining and technological risks etc. Based on the diagnoses and
to Covivio’s French Technical Department, scrutinises all audits obtained during the acquisitions and regularly updated,
environmental issues likely to affect the value or liquidity of the Provexi's technicians populate a platform accessible to Covivio
asset: asbestos, soil pollution. energy performance, exposure to employees (Environment Department, Technical Department,
natural or technological risks, classified facilities, etc. An analysis Assets and Property Managers, etc.) or to suppliers who need
of the available documentation is carried out during the due information in this area (to guarantee the health of their
diligence phase, in order to obtain the necessary guarantees employees and third parties (tenants, visitors, neighbours, etc.).
during acquisitions or to answer questions from buyers during Green, orange and red pictogrammes indicate whether the
disposals. Environmental risks are assessed upon review of this result of a given audit or diagnostic is fully or partially compliant
or requires a more substantial action.


As an example, the table below shows the risks which are considered relevant to Covivio’s Offices segment in France and Italy. 100% of
sites are subject to analysis.

Number of sites involved France Italy
Risks 2024 2023 2024 2023
3
Subsidence 16 17 0 0
Earthquake 1 1 72 84
Flood 16 18 0 1
Thermal effect 0 0 0 0
Storm surge 0 0 0 0
Toxic effect 0 0 0 0
Drought 2 3 0 0
Avalanche 0 0 0 0
Forest fires 1 1 0 0
Exceptional precipitation(2) 0 NA 72 84
Cyclone 0 0 0 0
Rise in groundwater levels 0 0 10 10
Volcano 0 0 0 0
Mining 0 0 0 0
Other mining risks(1) 0 0 0 0
Other natural risks(1) 15 13 0 0
(1) Definition in line with French regulations, excluding Italian scope.
(2) Definition in line with Italian regulations, outside the scope of the inventory of risks and pollution in France.



Diagnostics implemented
Domain 2024 2023
Inventory of risks and pollution – number of cases examined(1) 93 100% 89 100%
(2)
Cooling towers – number of sites involved 0 0
(1) Inventory of established risks.
(2) Sites where the tower’s operator is the owner.




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3.2.2.4.2 Commitment of the value chain against 3.2.2.4.3 On‑site action plan
pollution
In Germany, only products certified according to DIN or ISO are
The low‑nuisance construction site charter also helps engage used for materials that may cause air pollution. Particularly when
site workers in subjects such as risk prevention, soil and air working inside apartments, environmentally friendly products are
pollution and waste management. used, for example with the “Blue Angel” environmental label (for
paints and varnishes). Regulations concerning pollution have
The common thread: L'Atelier been strengthened with two major texts: DepV and
ErsatzbaustoffV. They aim to improve environmental protection
Each company involved in the renovation of the workshop and safety related to waste treatment and encourage the use
had to comply with the construction site charter specific to of environmentally friendly materials. Carbon monoxide
the operation. The main objectives of the construction site detectors have been installed in all flats fitted with gas heating
charter are set out below: systems. In addition, the due diligence process systematically
● ensure that the wood used on site (pallets and other) includes technical studies and an in‑depth study of the available
and in construction is FSC or PEFC certified; documentation on health and environmental aspects.

● meet waste reduction targets for at least five types of In Italy, environmental risks are monitored by the Property
waste: achieve 75% energy or material recovery from Management Department. All due diligence in the acquisition
non‑hazardous site waste and 50% material recovery; phase now includes a sustainable development chapter to cover
the main environmental risks affecting the asset: biodiversity,
● monitor the site’s energy and water consumption, as well adaptation to climate change, energy efficiency, health and
as the movement of materials and waste; environmental risks, health and well‑being, transport, water and
waste management, biodiversity, adaptation to climate change,
● implement and observe responsible construction
energy efficiency, floods, health and well‑being, transport,
practices.
management of water and waste, etc. The managers of the
office buildings ensure the maintenance of the heating and
ventilation systems. There are systematic microbiological analysis
campaigns (in particular for Legionella) in the portfolio. On
Management of VOC absorption WELL‑certified developments, air quality monitoring systems are
Covivio’s low‑nuisance construction site charter makes it possible installed to measure: the level of VOCs, fine particles, CO2 and
to act upstream in the value chain to limit pollution. It defines, CO2e, thermal comfort and the level of electromagnetic
among other things, guidelines for limiting the absorption of pollution (electrosmog).
Volatile Organic Compounds (VOCs): For buildings owned by Covivio Hotels, health risks and
● Storage of absorbent materials: a suitable area is designated environmental safety are monitored by the Environment
to store and protect absorbent materials, including carpets, Department. Investigations covering topics such as asbestos
acoustic insulation panels, fabric wall coverings, insulation and ground pollution are required when buildings are either
materials, padding and upholstery; purchased or sold.

● Installation chronology: wet materials that emit VOCs, such as In the absence of a regulatory obligation, Covivio conducts a
adhesives, wood preservatives and primers, coatings, glazes, certain number of analyses, described in section 3.2.2.2.2. of this
paints and joint pastes are applied and left to harden for the ESRS.
required time, before applying absorbent materials (false
ceiling tiles, plasterboard partitions, insulation or fibre floor The common thread: L'Atelier
coverings);
The low‑nuisance construction site charter provides for the
● Drying time: hard primers requiring an adhesive installation are definition of an indoor air quality plan. This plan must be
applied and left to dry for at least 24 hours, before absorbent respected by all contractors on the construction site. The
materials are fitted; aim is to facilitate the implementation of the HQE - BREEAM
● Ventilation: there is a waiting period after installing specifications and to minimise indoor air pollution during
VOC‑emitting materials to ventilate the spaces concerned. the design, construction and occupancy phases of the
This prevents the absorbent materials from absorbing these building.
pollutants and subsequently releasing them into the indoor air; The indoor air quality plan takes the following factors into
● The painting phases are combined with ventilation of the account: Removal of sources of contamination; Dilution and
rooms, in order to quickly dissipate pollutants and odours. control of sources of contamination; Bleeding‑off
Manufacturers’ recommendations are followed. procedures prior to occupation; Third‑party testing and
analysis; Preserving indoor air quality during the operational
phase.



What is compliance with the European “green” taxonomy?
In the context of several activities (renovation, new construction),
Covivio is subject to DNSH Pollution ("do no significant harm"). Its
compliance is mainly based on regulatory alignment (REACH (1))
and this is reiterated in its contractual documents with its service
providers. It is also required to use low‑VOC products.




(1) Registration, Evaluation, Authorization and restriction of CHemicals.


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3.2.2.5 Pollution‑related objectives (E2‑3) ● Air quality: Covivio’s contracts for all of its works provide for
the use of low‑emission materials (labeling of emissions of
Effectiveness of policies and actions through targets class A+ volatile pollutants), which, in particular, is beneficial
To date, Covivio has not set any quantitative targets on the for construction site personnel and thereafter for users. The
subject of pollution beyond the regulations. On the other hand, class of filter must correspond to an indoor air quality in
Covivio endeavours to monitor, very closely, the risks of pollution accordance with the new reference standard EN 16798.
via the Provexi tool: 85% of the sites are already covered by
diagnostics and monitoring via this platform. ● Soil pollution: the buildings do not house any polluting
industrial activity but are nevertheless examined to ensure
Conversely, Covivio has participated in several experiments, such that the level of soil pollution is in line with regulations.
as indoor air quality, in order to determine the best levers for
improvement. Covivio was a pioneer by participating in Office'R,
a pan‑European study carried out in conjunction with the CSTB,
one of the first studies to be conducted on the subject, around The common thread: L'Atelier
ten years ago. In addition, Covivio carried out the air quality
challenge call for projects, in cooperation with EDF and the Construction products which come into contact with indoor
Impulse Partners incubator, in 2019, on air quality in tertiary air have environmental labels certifying low VOC emissions
buildings. Since then, Covivio has been using the winner, into the air. This concerns the following materials in contact
Octopus Lab, to monitor air quality in most of its office buildings with indoor air: paints and varnishes; wooden materials,
under direct management in France. resistant, textile or stratified floor coverings; suspended
ceilings; floor adhesives; wall coverings.
Covivio's objective is to monitor and incorporate measures to
control pollution (air and water) in its various activities
(construction, office and hotel operation):
● Water: proof must be produced that the internal water system
is free of lead or that the regulatory threshold of 10 μg/L is
3
respected. If the threshold is exceeded, the company must
implement corrective measures to reduce the lead content in
the water (or renovate the water systems).


3.2.2.6 Requirement for additional CSRD data (E2‑4, E2‑6)

Pollution metrics (E2‑4) To date, Covivio has not implemented metrics on the subject of pollution. Nevertheless, the France office assets
are now monitored for pollution on the Provexi platform and impacted areas are mapped. Also, measurements
are performed on development projects, in line with regulations but also in the context of voluntary
certifications (HQE, BREEAM, etc.). These analyses concern air and water quality and are conducted again in
the operational phase (ESRS S4). At this stage, these measures are not consolidated by the Group.
Financial effects on IROs (E2‑6) To date, Covivio has not provided a quantitative description of the financial consequences that could arise
from the material risks and opportunities resulting from the pollution‑related impacts. This type of analysis has
not been examined to date.
Covivio has taken no provision for any procedure relating to pollution risk.




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3.2.3 Water and marine resources (ESRS E3)
The ESRS E3 standard covers the presentation of information on water and marine resources. The challenge is to explain how the
company uses water (surface or groundwater) and how it is impacted through its products, services, discharges, etc. This involves
presenting Covivio's adaptation strategy for the sustainable use of water. Finally, there will be a presentation on how the company
analyses and manages the risks of flooding, water stress, etc.

3.2.3.1 Impacts, Risks and Opportunities of Aquatic and Marine Resources for Covivio (E3 - IRO - 1)
2023 broke heat records in France and in many other countries. A Covivio’s water consumption is mainly connected to the
historic drought was also recorded, with multiple fires and a operation of buildings. It is therefore an operating expense
significant impact on biodiversity. The government presented its borne by the tenant. Water consumption on construction sites is
action plan on 26 January 2023. Objective: “To reduce by a little included in the topics covered by the low‑nuisance construction
more than 10% the volume of water withdrawn from our sub‑soil site charters. The main uses are detailed below and were key in
by the end of the five‑year period”, declared the Minister for the defining the impacts, risks and opportunities related to this issue.
Ecological Transition. Among the areas studied: wastewater The dual materiality analysis highlighted the fact that the issues
recycling and an increased fight against leaks. related to water and marine resources were not material for
Covivio, in contrast to the aspects related to consumption,
There was heavy rainfall and spectacular flooding in France in
supply and presence in areas at risk of water stress. While the
2024, particularly in the south. Other European countries were
challenges are rather moderate for the Offices and Residential
not spared, with more than 200 deaths in Spain, for example.
activities, they are higher for the hotel sector because of the
The effects of the current climate upheaval are not linear.
higher level of water consumption and specific uses that may be
Nevertheless, year after year, water is becoming a crucial issue
subject to restrictions in the event of drought. Water pollution
even for countries that, until now, had no drinking water supply
issues are addressed in ESRS E2 and do not appear to be
problem.
material in relation to Covivio's activities. Aspects related to
water pollution are dealt with in the ESRS E2 and do not appear
as material with regard to Covivio’s activities.


Main uses of water in Covivio’s activities
1 / Operation 2 / Construction site
All portfolios Specific Offices Specific Hotels
● Domestic hot water/cold ● Consumption by services ● Spa, swimming pools ● Construction site and vehicle
water (catering, coffee, etc.) ● Catering cleaning
● Watering green spaces ● Chilled water for cooling ● Chilled water for cooling ● Water consumed (on site
● Network leaks buildings buildings cement)
● Site living facilities


Summary table of IROs related to water and marine resources
ESRS E3 - WATER (CONSUMPTION, SUPPLY, WATER STRESS)
Description and key words Trends in water supply risks
Water stress
Awareness
Main impacts Pressure on available resources.
The use of water is omnipresent in the hotel business (showers, restaurants, swimming pools) and is increasing with the move
upmarket of establishments.
Positioning on the value chain Upstream, direct and downstream operations
Main risks Physical risk related to water (flooding, rising water levels) that can cause damage and operational disruptions or
construction delays.
Reputational or image risk for certain types of hotels, particularly with swimming pools that may be targeted by the media
and associations during restrictions.
Risk of the attractiveness of buildings related to the increase in expenses for customers.
Financial risk: 10% increase in the price of water on average in France in 2023.
Materiality Material

ESRS E3 - MARINE RESOURCES
Description and key words Marine pollution and hazardous discharges into freshwater
Wastewater treatment
Water withdrawal from the water table
Main impacts The impacts are mainly related to catering for the hotel business: supply of fish, shellfish.
The water table is not relevant for Covivio.
In France, 31% of groundwater bodies are in poor condition due to pollution.




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ESRS E3 - WATER (CONSUMPTION, SUPPLY, WATER STRESS)
Positioning on the value chain Upstream, direct and downstream operations
Main risks Reputational risk and fine (fairly limited).
Financial risk related to the increase in costs (hospitality) with the implementation of responsible sourcing.
Materiality Non‑material


Risk mapping: WRI Aqueduct mapping
To go further in the identification of water‑related risks, Covivio the MSCI Climate Value at Risk analysis also includes the level of
conducts an annual analysis of the risk of water stress on its water stress across our portfolio as well as extreme rainfall.
portfolio. This analysis is based on the Aqueduct Water Risk Atlas However, this risk of water stress is not monetised in the MSCI
tool developed by the World Resource Institute (WRI). Since 2024, study.




Berlin
Amsterdam
Brussels
Lille
Frankfurt
3



Rome
Barcelona
Naples
Madrid




Main areas with high levels of water stress in the Covivio portfolio


The assessment of Covivio’s water use and dependence was According to the Beta Aqueduct map, 21.7% and 13.4% of the
carried out based on a public benchmark, the Aqueduct Water water scope respectively are located in high and very high risk
Risk Atlas tool, which enabled Covivio’s assets in an area of areas, i.e. 21% and 15% of reported water consumption
water stress to be mapped. According to this tool, an area of (breakdown by portfolio in 3.2.3.4). Covivio does not have to
high water stress is one in which the total amount of water draw directly from groundwater, as its assets benefit from public
abstracted reaches a high (i.e., 40‑80%) or extremely high water distribution networks.
percentage (i.e., more than 80%).
In addition, since this year, Covivio has also published the share
of water consumed in areas at risk of water stress using the MSCI
Climate Value at Risk tool.




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3.2.3.2 Water resources management policies 3.2.3.2.1 Limiting water consumption in the Offices
(E3‑1) portfolio
Water is likely to become a major issue in Europe as climate Covivio has been monitoring the water consumption of its
change starts to be felt. Since 2008, Covivio has prepared buildings since the environmental mapping of its portfolio of
reports in this area, enabling it to monitor the targets set for the buildings was carried out in 2010. The history of this consumption
operation of its portfolio. and the significant decrease observed illustrate the
effectiveness of the measures adopted in buildings to reduce
The CSR risk mapping carried out by Covivio underscored the water consumption. Since 2018, the level of water consumption
importance of managing operating expenses, especially owing has reached an all‑time low. This situation is observed for
to the implications in terms of customer satisfaction. As Covivio is residential, office and hotel buildings, of course with differing
both the lessor owner and sometimes the developer of its intensity ratios.
buildings, issues relating to operating expenses are addressed
from the outset of the project. Obtaining environmental The Covivio group is stepping up its efforts to reduce water
certification (HQE, BREEAM, LEED) for 100% of projects under consumption in all its offices in France with its “Ecowater”
development enables high levels of performance to be programme.
achieved, notably in terms of consumption of energy and water. This programme, which is intended to be replicated across the
A building consumes water during its construction (concrete, entire office portfolio in Europe, aims to exceed the objective of
cleaning, etc.) and then during the period of its operation the government Water Plan of reducing water withdrawals by
(cleaning, watering of green areas, company restaurant, etc.). 10% by 2030.
Water is mainly consumed in buildings by tenants for sanitary EcoWater structures and develops actions around four pillars:
purposes, and for cleaning the common areas and watering
green spaces and even, where applicable, by the operators of ● efficient consumption on a daily basis;
company restaurants or hotels. For each of these components, ● leak detection;
measures are adopted to aim for more frugality in the use of
water. ● real‑time management;
Water consumed by the assets in operation and during ● mobilization of the ecosystem.
development comes exclusively from the municipal water
networks. 3.2.3.2.2 Innovate to limit water consumption on
construction sites and buildings developed by
On construction sites, water consumption is also monitored and Covivio
measures are put in place to reduce it in the context of
Covivio integrates hydro‑saving technologies, as part of its
environmental certifications.
developments and to be aligned with the Taxonomy. The
Given its activities, Covivio does not have to carry out any water buildings (constructions, renovations) are equipped with systems
treatment, either to be able to use it or to discharge it. Indeed, that aim to reduce water consumption: foamers on the taps of
the water used by Covivio comes from and is discharged into the washbasins and sinks, low‑flow showers, toilets with 3 L/6 L
the networks. Water treatment is therefore a non‑material issue tanks, rainwater harvesting for watering green spaces, etc.
for Covivio. However, the Group is implementing measures to
In its low‑nuisance construction site charters, Covivio lists the
prevent the pollution of the water used on its construction sites
technical tools that limit water consumption during the
(ESRS E2).
construction phase:
The policies detailed below apply to the various activities and
● programmable automatic shut‑off unit for the construction
stages of the building’s life cycle.
site water supply. Shut off outside construction site hours to
They are deployed and monitored by the Operations limit potential leaks;
Department for operating activities and by the Development
● rainwater harvesting and reuse;
Department for construction and renovation activities. By
deploying these policies, Covivio is in line with the objective ● use of low‑consumption cleaning equipment (cleaning paint
defined in the water sobriety plan launched in France in April rollers);
2023, which aims to reduce water withdrawals by 10% by 2030.
● skip washing area with water regulation, etc.
These policies apply to all businesses, whether or not they are
located in a water stress zone, with a greater focus on the hotel 3.2.3.2.3 Engage with hotel operators
sector where facilities that use more water are present (spa, In 2024, Covivio launched a Green Key certification process for
swimming pool), especially as assets located in a water stress its hotel operating properties. The benchmark for this label takes
zone may be subject to restrictions. water into account, which is material in the hotel industry and
contributes to the control of a hotel's operating costs. Even more
Water consumption is a growing issue for tenants and their
so when the hotel has a restaurant, a swimming pool or spa‑type
employees. It is examined during the Partnership Committees
facilities. In all cases, the cleaning of bed, bathroom and table
with tenants and is a factor in controlling the operating costs of
linens, as well as showers, account for significant consumptions.
buildings.
In this context, the GHR (1), UMIH (2), CNG (3) and the National
Syndicate of Tourism Residences and Apart‑Hotels have signed
a charter of “water sobriety plan” commitments to combat water
stress and droughts caused by climate change.




(1) GHR: Groupement des Hôtelleries et Restauration de France.
(2) UMIH : Union des Métiers de l’Industrie de l’Hôtellerie.
(3) GNC: National Group of Hotel Chains.


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Covivio Hotels' water management policy is in line with this 3.2.3.3 Water action plan and objectives (E3‑2)
because it deploys concrete actions (Covivio Hotels ESRS E2,
3.2.3.3) to reduce the water consumption of its hotels. The action plans are drawn up and reviewed taking into account
the specificities of the activities: offices, hotels and leisure,
3.2.3.2.4 Involve suppliers and raise customer residential. These actions are closely monitored in areas
awareness identified as having a high or very high level of water stress (E3‑1).
Covivio's Responsible Purchasing Charter requires the supplier's The Group has set itself the targets in the table below for the
commitment regarding its environmental impact, which includes whole of its portfolio. Covivio has chosen, for this indicator, not to
reducing water consumption. Covivio's supplier also undertakes set a reduction target, particularly in view of the low level
“to limit the environmental impacts related to its activity achieved for offices in France (around 0.40 m3/m2/year) and
throughout its supply chain, by favouring local, biosourced, hotels in Europe (around 1.5 m3/m2/year). The objectives are
recycled and recyclable materials and also by taking into therefore to remain below already good thresholds.
account, as far as possible, the packaging and transport
method for products by offering environmentally friendly It should be noted that the growing presence of green spaces in
products and services, which in particular are eco‑labelled”. buildings results in an increase in water consumption on sites
These commitments enable Covivio to indirectly reduce water where recovery cannot be implemented or is not sufficient.
pollution in its activities by its suppliers using environmentally In the case of multi‑tenant buildings, Covivio’s Property
friendly products. Management Department manages the implementation of the
In addition, Covivio’s low‑nuisance construction site charters also actions and ensures their effectiveness by monitoring reductions
stipulate the commitment of partner companies to controlling in consumption. Particular attention is paid to buildings located
water consumption. in water‑stressed areas. For single‑tenant buildings, tenants
subscribe to their water subscription contract and monitor their
Lastly, customer awareness is a strong lever for reducing water consumption.
consumption across all portfolios.
The action plan to reduce water consumption does not have a 3
specific budget, insofar as the initiatives it covers are included in
the costs of works (construction, renovations) or operating
expenses.


Multi‑year water targets


Delivery
Scope Objectives date 2024 achievements Progress

0.41 m3/m2 in 2024 0.41
0.37 0.34 0.35
0.35
0.34 m3/m2 in 2023 0.42
France Offices ≤0.5m3/m2/year Permanent 0.29 0.31
0.27 0.26


-17% compared to 2008
2008 2010 2012 2014 2016 2018 2020 2022 2023 2024

1.06
0.72 m3/m2 in 2024 0.81 0.82 0.88
0.93
Italy Offices (0.72 m3/m2 in 2023)
≤1m3/m2GLA/year Permanent 0.71 0.68 0.72 0.72
(operational control)
-23% compared to 2015
2008 2010 2012 2014 2016 2018 2020 2022 2023 2024



0.21 m3/m2 in 2024
(0.21 m3/m2 in 2023) 0.19 0.21 0.21
Germany Offices ≤0.5m3/m2GLA/year Permanent

-8% compared to 2022
2022 2023 2024

1.06 m3/m2 in 2024 1.87

(1.12 m3/m2 in 2023) 1.53

transition from the representative
German Residential ≤1.5m3/m2/year Permanent panel to data on an extended
1.31 1.30
1.24 1.23 1.12 1.06
scope
-18% compared to 2016 2016 2017 2018 2019 2020 2022 2023 2024

2.3
1.42 m3/m2 in 2024 2.1
1.51 1.55
(1.41 m3/m2 in 2023) 1.8
Hotels in Europe ≤2m3/m2/year Permanent 1.7 1.6
1.41 1.42
0.95
-38% compared to 2008
2008 2010 2012 2014 2016 2018 2020 2022 2023 2024




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Water discharges are not a significant issue for Covivio. It should Real‑time monitoring of consumption
be noted that new construction and renovation can have a Since 2020, Covivio has been using the Powerbat platform,
positive impact in this area in two ways: developed by Esmé, to monitor the energy and water
● development of green terraces: the soil retains rainwater, consumption of its multi‑tenant Offices located in France. A test
particularly during thunderstorms, which reduces the risk of is in progress in Italy. This system retrieves data from the
overloading the drainage system; building’s BMS (Building Management System) in real time to
analyse it and improve its performance. An energy manager from
● construction of retention tanks that collect rainwater and then outside Covivio is appointed to study the data and, with the
discharge it into the water system using a “drip” system. support of operational management (property and facility
managers), to identify ways to optimise maintenance.
3.2.3.3.1 Offices action plan
In connection with the EcoWater programme rolled out in the A mobilised ecosystem
France Offices portfolio, Covivio has taken various measures to In addition to concrete actions in terms of equipment and
reduce water consumption by activating technical and human monitoring, Covivio is also focusing on raising awareness and
levers. getting building occupants involved. The Group has therefore
put a charter in place on good water management and the
Efficient consumption on a daily basis
right actions to adopt, specific in situ communication and, from
Covivio focused on the two main areas of consumption: sanitary 2024, awareness‑raising actions directly on its buildings, in
facilities and catering areas, in order to equip them with addition to the CSR committees.
hydro‑economical equipment, such as aerators and flow limiters,
energy‑saving toilets 3 liters/6 liters), and taps with detection In Italy, Covivio has long been committed to reducing water
technology, with the objective of increasing the amount of consumption: a drainage area was installed on the roofs of the
equipment with these devices to 80% by the end of 2024 (results: towers, in 2008, as part of the renovation project of the Garibaldi
75% at the end of 2024, vs 65% at the end of 2023). Covivio also complex in Milan. This area provides an average of 510 m3/year
aims to increase the number of water recovery systems, enabling of rainwater stored in large tanks before being used for toilets,
the recovered water to be used for the irrigation of green which represents 13% of water consumption.
spaces, as well as for the operation of a double sanitary network All renovation projects are managed in a consistent manner, with
in buildings. at least one roof water collection when it is not possible to
In Italy, as part of the BREEAM In‑Use rating upgrade campaign, create large underground tanks. For example, the rainwater
Covivio carried out an inventory of hydro‑efficient equipment. storage in the Wellio‑Via Dante building in Milan covers 30% of
The installation of equipment for buildings that did not have any, the water needs of the toilets. This building dates from the 19th
to start in 2024. century and architectural constraints limited the size of the
In Germany, Covivio Immobilien has adapted its purchasing water collection system.
requirements to include taxonomic thresholds for hydro‑efficient 3.2.3.3.2 Hotels action plan
equipment (both for the development and operations).
In order to obtain the Green Key label, hotels must positively
Leak detection meet 14 criteria relating to water management. Site audits are
Covivio aims to equip 100% of its multi‑tenant buildings with a carried out directly by Green Key teams for certification and
leak detection process and/or equipment to limit leaks, namely: then regularly, to verify that compliance is maintained in the
the implementation of regular monitoring of the risk of leaks, the establishments. Covivio Hotels is rolling out a system to obtain
installation of digital control tools that continuously monitor the the Green Key label for all of its directly operated sites by the
building’s consumption profile and alert in the event of excessive end of 2025.
consumption. 50% had achieved this target at the end of 2024.
Thus, the hotels must implement or reinforce seven actions for
the preservation of the resource, based on a monitoring and a
comparative analysis of consumption as well as six actions on
their equipment and one action on watering.




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Water management criteria
(Green Key Grid)

Resource conservation Taps and fittings, Sprinklers
The facility complies with regulations on water distribution, At least 75% of taps have a flow rate of less than 8 L/minute
collection and treatment
Presence of a grease recovery system in professional kitchens At least 75% of showers have a flow rate of less than 9L/minute
Monthly monitoring of water consumption and an annual At least 50% of toilets are equipped with a flush of less than 6 liter AND when the installations
comparative assessment are carried out are replaced, new toilets are systematically equipped with a 3/6 litre double‑flush or a flush of
less than 6 litres
Presence of a meter per water supply in the establishment If the establishment is equipped with urinals, they have pushbuttons, sensors, a water‑saving
(distribution network, source, wells, boreholes). system or operate without water
Household cleaning products and swimming pool products Existence of a procedure for detecting water leaks in all the hotel's taps, piping, toilets and,
are stored in conditions that do not harm the environment or where applicable, swimming pools
health: retention system and secure room
Newly acquired dishwashers and washing machines are Newly acquired tunnel and hood dishwashers use less than 3.5 liters per load/basket
water and energy efficient
Each WC has a waste bin If the establishment is equipped with urinals, they have pushbuttons, sensors, a water‑saving
system or operate without water



For more information see the Green Key website.

3
3.2.3.4 Covivio Group‑wide indicators (E3‑4) 3.2.3.4.1 Total water consumption across the various
The average intensity presented here was calculated at the
portfolios
scale of the portfolio, to quantify the Group’s overall footprint in Covivio defines water consumption as the consumption being
terms of water consumption. billed and not as the deduction of withdrawals from discharges
from withdrawals (in line with what is defined by the CDP -
Its scope includes office space in France, Germany and Italy, Water). In each of the buildings included in the reporting scope,
residential assets located in Germany as well as hotels owned in the water used comes from a single source: the mains water
Europe (under management and operating properties). supply. Covivio does not take samples directly from groundwater.
Overall consumption is calculated by activity, which is more A non‑significant part of water abstraction is related to the
relevant, and allows more sectoral comparisons. collection of rainwater from the portfolio, while the discharges
can be of several types, while remaining marginal at the Group
level: water included in products (cement on construction sites),
Portfolio‑wide ratio water returning to nature (sprinkling), water leaks.
Reporting scope: 4,401,932 m2 According to the WRI Aqueduct map 1% and 0%, respectively, of
Total water consumption (in m3): 4,407,268 m3 the water scope (in surface area) is located in a region with a
high or very high risk of water stress (SASB IF‑RE140a), i.e. 0.6% of
Water intensity of assets: 1.0 m3/m2 water consumption. 94.2% of multi‑let assets (in surface area) are
equipped with water submeters (SASB IF‑RE 410a.2).
● Multi‑let buildings: the landlord receives the invoices; tenants
do not have individual contracts.
● Single‑let buildings: the tenant has an individual contract with
the water supply company.
The water consumption presented below is taken from invoices,
the majority of which are based on estimates made by water
suppliers resulting in adjustments (which can range from one to
three years for the residential sector), which can lead to big
changes.




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There is an upward trend in water consumption in 2024, mainly linked to the return to pre‑health crisis occupancy levels. Other factors
contributing to an increase in the water consumption ratio: the multiplication of green terraces and showers for employees coming by
bicycle, or sport (fitness rooms, etc.) in a growing number of buildings, etc.

OPERATIONAL CONTROL

WATER - ABSOLUTE CONSUMPTION France Offices Italy Offices Germany Offices
Year 2023 2024 2023 2024 2023 2024
Reporting scope coverage by surface area (in m2) 256,986 314,742 127,792 133,996 170,663 172,765
Reporting scope coverage by surface area (in %) 100% 94% 94% 100% 73% 64%
Reporting scope coverage by number of buildings 14/14 17/18 10/11 11/11 10/12 12/18
Proportion of estimated data 0% 1% 0% 0% 0% 0%
Total water consumption (in m3) 90,216 130,285 92,207 96,145 35,260 37,101
WATER INTENSITY (m3/m2/year) 0.35 0.41 0.72 0.72 0.21 0.21
Total extrapolated water consumption (in m3) 90,216 137,915 98,069 96,145 48,374 58,348
Water consumption in high water stress areas - - - - - 10,124
Water consumption in areas with very high water stress
levels - - - - - -




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OPERATIONAL CONTROL
Total operational control Hotel Operating
Headquarters (historical scope) properties New operational scope
2023 2024 2023 2024 2024 2024
21,564 23,853 577,005 645,356 559,898 1,205,254
100% 100% 91% 88% 98% 92%
6/6 6/6 40/43 46/53 52/54 98/107
0% 12% 0% 1% 2% 2%
5,240 6,890 222,923 270,421 634,908 905,330
0.24 0.29 0.39 0.42 1.13 0.75
5,240 6,890 241,899 299,298 649,123 948,421
- - - 10,124 18,218 28,342

- - - - 121,759 121,759




3




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TOTAL PORTFOLIO
WATER - ABSOLUTE CONSUMPTION France Offices Italy Offices Germany Offices
Year 2023 2024 2023 2024 2023 2024

Reporting scope coverage by surface
area (in m2) 576,497 557,126 291,475 406,888 170,663 172,765
Reporting scope coverage by
surface area (in %) 99% 83% 67% 78% 73% 64%
Reporting scope coverage by
number of buildings 41/42 31/47 22/39 31/44 10/12 12/18

Proportion of estimated data 0% 1.4% 0% 0% 0% 0%

Total water consumption (in m3) 197,920 194,665 156,757 166,368 35,260 37,101

WATER INTENSITY (m3/m2/year) 0.34 0.35 0.54 0.41 0.21 0.21
Total extrapolated water
consumption (in m3) 200,406 234,801 235,161 214,371 48,374 58,348
Water consumption in high water
stress areas - - - 91 - 10,124
Water consumption in areas with
very high water stress levels - - - - - -
Reconciliation with financial
statements - - - - - -
Residual consumption of vacant
buildings (kWhfe) - 203 - - - 3,339
Consumption of atypical assets
(m³) - 30,550 - 45,087 - 7,437
Prorated consumption of assets
delivered, acquired or sold during
the year (m³) - 3,001 - - - -
Total extrapolated water
consumption + consumption outside
the reporting scope (m³) 200,406 268,555 235,161 259,459 48,374 69,124




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Total Offices German Residential Hotels Total Group
2023 2024 2023 2024 2023 2024 2023 2024


1,060,200 1,160,632 130,097 1,687,260 1,625,193 1,554,041 2,815,490 4,401,932


86% 79% 91% of the panel 58% 88% 94% NA 76%


73/93 74/109 188/203 2720/4924 280/308 240/279 541/604 3034/5312

0% 0.9% 0% 0% 0% 2.1% 0% 1.1%

395,178 405,024 145,389 1,791,498 2,292,089 2,210,746 2,832,656 4,407,268

0.37 0.35 1.12 1.06 1.41 1.42 1.01 1.00


489,181 514,410 3,238,629 3,066,410 2,590,295 2,362,474 6,318,105 5,943,293


- 10,215 - 5,590 - 199,491 - 215,296


- - - - - 415,999 - 415,999


- - - - - - - -


- 3,542 - - - - - 3,542
3
- 83,074 - - - 128,117 - 211,192



2,023 5,025 - - - 272,487 2,023 277,513



1,544,140 1,757,769 3,238,629 3,066,410 2,590,295 2,763,078 7,373,064 7,587,258



In relation to revenue, the water intensity is: 0.007962281 m3/€ expected to increase in the coming years due to the widespread
(net rental income). adoption of this type of platform by the various local suppliers. In
comparison, total consumption for the year N‑1 for the same
In 2024, Covivio Immobilien modified the method for reporting
scope was 1.10m3/m².
water consumption. Previously, reporting was done on a
The share of water stored, reused and recycled is not significant
representative panel. It is now based on the billing platforms of
for Covivio and is not measured even if rainwater harvesting
water suppliers, making it possible to report consumption data
systems can be installed on buildings.
on a wider panel. The coverage rate for this year was 58% and is




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WATER - LFL CONSUMPTION France Offices Italy Offices Germany Offices
Year 2023 2024 2023 2024 2023 2024
Reporting scope coverage by surface area (in m²) 402,956 271,049 151,171
Reporting scope coverage by surface area (in %) 75% 66% 65%
Total water consumption (in m³) 141,452 125,881 153,487 144,261 32,138 33,307
WATER INTENSITY (m³/m²/year) 0.35 0.31 0.57 0.53 0.21 0.22
Variation -11.0% -6.0% 3.6%




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Total Offices Hotels Total portfolio
2023 2024 2023 2024 2023 2024
825,175 1,373,784 2,198,959
70% 83% 78%
327,077 303,449 1,949,408 1,954,777 2,276,486 2,258,226
0.40 0.37 1.42 1.42 1.04 1.03
-7.2% 0.3% -0.8%


Covivio does not carry out water recycling operations directly as It should be noted that in the case of certain single‑tenant
part of its activities, and does not use very large‑scale storage buildings, water recovery systems may be installed directly by
equipment. However, the Group deploys rainwater harvesting the tenants. Covivio has included this request in its collection of
systems, used in particular for watering green spaces or, in a information from its tenants in order to be able to report the
more innovative way, to irrigate an alternative system to provide information.
a building’s toilets (e.g. case of The Sign in Milan).


3.2.3.4.2 Change in consumption on a like‑for‑like basis (intensity m3/m2)

France Offices Italy Offices Germany Offices Hotels in Europe
1.42 1.42

0.57 3
0.35 0.31 0.53
0.21 0.22



2023 2024 2023 2024 2023 2024 2023 2024




3.2.3.4.3 Data on assets located in high water stress risk areas
2024
Consumption located in an area at risk of high water stress 215,296
Consumption located in an area at risk of very high water stress 415,999
Revenue generated in an area with a very high risk of water stress €79 million (1)




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3.2.4 Biodiversity (ESRS E4)
The ESRS E4 standard covers the presentation of information ● climate change, e.g. GHG emissions caused by fuel
relating to biodiversity. This involves presenting the impacts combustion, deforestation;
(material, positive and negative, actual or potential) of the
● pollutant emissions e.g. fine particles, nitrogen compounds,
company on biodiversity and its actions to prevent and mitigate
chemical pollutants, dust;
them, and to promote its restoration.
● spread of invasive exotic species, e.g. spread of Japanese
The construction and real estate sectors play a key role in the
knotweed through freight transport.
erosion of biodiversity. They contribute to the phenomena of
change in land use and waterproofing during the construction of Aware that it is operating in a highly dependent business sector
buildings but also upstream of it through their significant that has a significant impact on biodiversity, Covivio is
consumption of raw materials to manufacture materials. Aware convinced that taking Nature issues into account is essential for
of the many links between climate and biodiversity issues, the Group, whether in terms of environmental responsibility or risk
Covivio wanted to define an integrated “Nature” strategy, management. In 2019, Covivio launched a series of diagnostics
supplementing already existing climate objectives with new aimed at better understanding the relationships between its
commitments relating to land use, the use of resources or activity and climate change, water resources and biodiversity.
renaturation, in order to address all of its impacts on living
things. The formalisation of this strategy is the result of two In order to supplement these initial findings, an in‑depth study of
years of work, involving, in particular, an in‑depth analysis of the impacts, dependencies, risks and opportunities of Nature
biodiversity issues (assessment of risks, opportunities, impacts was carried out between 2021 and 2024. This study aims to
and dependencies - ROID). Validated in 2024 by the Executive define the resilience of Covivio’s model with regard to
Committee and then the CSR Committee, this strategy which biodiversity‑related issues within the meaning of ESRS E4‑1.13,
extends to 2030 forms the basis of Covivio's commitment to covering all of the Group’s activities. Covivio’s Nature strategy
carbon and biodiversity and demonstrates the group's renewed was therefore designed on this basis, integrating and
commitment to the transition. supplementing its already existing commitments and renewing
the company’s environmental ambition. This strategy mobilised
Through the studies carried out and the workshops conducted many internal stakeholders and drew on feedback from external
internally, it appeared relevant and consistent to define a Nature stakeholders (customers, investors, suppliers, design offices).
strategy to combine climate and biodiversity strategies. In
reality, these issues are inseparable and call for a global vision A sector at the heart of the ecological transition
that takes their interdependence into account. Thus, the Nature is the basis of all aspects of human life (water cycle,
strategy and action plan described in this ESRS are directly climate regulation, etc.) and is crucial for our economies, with
linked to ESRS E1, E3 and E5. more than 50% of the world's GDP directly dependent on natural
resources. However, in recent decades, it has been increasingly
The monitoring and implementation of Covivio’s Nature strategy
degraded by human activities, with a large number of indicators
is based on the existing CSR governance bodies: the CSR
reflecting the alarming state: in 2019, 75% of the earth’s surface
Committee oversees the Nature strategy, and the Sustainable
was significantly altered by human action, more than 85% of
Development Department is responsible for its operational
wetlands have been lost and wild animal populations decreased
management, in coordination with the various activities and
by 69% between 1970 and 2018. The economic development
countries of the Group. The Group's Sustainable Development
methods that have prevailed until now are now incompatible
Steering Committee, which regularly comprises the Chief
with the maintenance of living ecosystems.
Executive, the Chief Operating Officer and the Sustainable
Development Director, also helps to strengthen the connection While the erosion of biodiversity is not recent, the subject has
between nature‑related issues and the decision‑making bodies. received renewed attention in the wake of the 15th United
In addition, targets related to the implementation of this Nations Convention on Biological Diversity (COP15) of 2022,
strategy have been included in the criteria for awarding bonuses which led to the Kunming‑Montreal Agreement (or Global
to corporate officers (ESRS 2, section 3.1.2.2.4). Biodiversity Framework). The legislative landscape and
methodological frameworks have been becoming more robust
3.2.4.1 Transition plan and consideration of for several years, at the national level (National Biodiversity
biodiversity and ecosystems in strategy Strategy in France and Italy, Sustainable Development Strategy
and business model (E4‑1) in Germany, etc.), the European level (CSRD, Taxonomy, etc.) and
the international level (TNFD (1), SBTN (2), etc.). Companies and
The erosion of biodiversity is linked to five main pressures
investors are now increasingly required to include biodiversity
associated with human activities:
issues into their strategic thinking and to communicate
● change in the use of land, freshwater and seas e.g.: transparently on them. The increased awareness of the
artificialisation due to urban sprawl, fragmentation due to the relationship between economic actors and biodiversity is
construction of linear infrastructures; encouraging a shift in focus away from climate issues alone,
towards a more holistic view of environmental impacts – or
● overexploitation of resources, e.g. overfishing, overexploitation “nature” impacts – thus enabling synergies to be developed and
of timber, looting of rare plants and animals; conflicts between the various environmental issues to be
avoided.




(1) Taskforce on Nature‑related Financial Disclosures: TNFD.
(2) Science Based Targets Network.


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The construction and real estate sectors are major contributors Main impacts
to the erosion of biodiversity. They contribute to the phenomena Covivio’s impacts are obviously attributable to its intrinsic
of land use change and impermeabilisation/artificialisation activity. Nevertheless, reducing them is an urgent necessity and
during the construction of buildings, but also upstream of this measuring them is therefore essential.
through their high consumption of raw materials to produce the
construction materials. The extraction (gravel, sand, etc.) and Static impacts assess the share of the “ecological debt” for
processing (clinker, etc.) of raw materials have a major impact on which Covivio is responsible. The ecological debt corresponds to
biodiversity (due to changes in land use and pollution, etc.) as the cumulative amount of past degradation of biodiversity
well as on the climate, therefore making it essential to consider (preceding the year of study), the impact of which is still visible
the entire life cycle of a building. Beyond reducing their impact, today. Dynamic impacts assess the additional damage to
the construction and property sectors can also play a positive biodiversity caused by a year of activity (the year of study).
role by contributing to the transition of cities and regions,
● Static land impacts: 48 MSA.km² (half of Paris).
influencing lifestyles and ways of living and working.
● Static aquatic impacts: 11 MSA.km² (1/4 of Lac du Bourget).
3.2.4.1.1 Identifying the impacts and dependencies of
Covivio’s activities across the value chain ● Dynamic land impacts: 2 MSA.km² (the size of the 6th
arrondissement of Paris).
In 2023, Covivio conducted an assessment of its main impacts on
biodiversity and its dependencies on ecosystem services Each year, Covivio's activities thus contribute to a loss of
throughout its value chain, based in particular on GBS (Global biodiversity equivalent to the destruction of an area of natural
Biodiversity Score) tools, ENCORE (Exploring Natural Capital habitat covering 2 km².
Opportunities, Risks and Exposure), and the WBCSD
report (1) Roadmap to Nature Positive, Foundations for the built Two‑thirds of Covivio’s impacts on biodiversity are related to the
environment system. This initial assessment enabled the supply of construction materials.
company’s main areas of impact to be identified, and served as
a basis for the definition of the Nature strategy. 3
Covivio's impacts on biodiversity, by scope and pressure (2)
Scope 1 Scope 3
Scope 3 Suppliers Scope 2 Group operations Customers
IPBES pressures GBS pressures upstream Electricity supply downstream
Use and change in Land use and change in land use in river High impact Low impact High impact High impact
use of ecosystems and wetland watersheds and on land
Encroachment and fragmentation
Resource Water disruption caused by water Medium impact Low impact Low impact Medium impact
over‑exploitation consumption (static pressure only)
Climate change GHG emissions (dynamic pressure only) High impact Low impact Low impact High impact
Ecotoxicity (dynamic pressure only) High impact Low impact Low impact Medium impact
Atmospheric nitrogen deposition Low impact Low impact Low impact Low impact
Pollution
Freshwater eutrophication (static pressure High impact Low impact Low impact Low impact
only)
Invasive species Not taken into account Not assessed


The supply of raw materials (in particular aluminum, cement, ecotoxicity and eutrophication (water and soil pollution
steel and wood) for construction and renovation activities associated with mineral processing).
accounts for the majority (around 2/3) of Covivio’s impacts. The
The energy consumption of tenants represents the second
main pressures associated with these activities are change in
largest impact item (around 25%), and, in addition, generates
land use (development of extraction and processing sites), GHG
GHG emissions.
emissions (energy consumption to extract and transform ores),




(1) World Business Council for Sustainable Development.
(2) The definition of direct pressures on biodiversity is detailed on the IPBES website.


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In comparison, the use and conversion of land associated with Principal trends
development and property management activities has a Covivio’s activities depend heavily on the services provided by
relatively low impact (around 10% of the impacts). This is mainly nature throughout its value chain.
due to the footprint of existing buildings, in particular that of the
German residential portfolio, the Group’s largest portfolio in Overall, Covivio’s activities depend heavily on several ecosystem
terms of surface area. The low impact of this item is also due to services:
the fact that Covivio operates mainly in areas that are already
● the availability and quality of water throughout the value
urbanised and that the real estate development activity is not
chain, necessary for the extraction and manufacture of
the majority in the Group (69,000 m² of offices delivered in 2024
materials (cement, etc.) as well as for the smooth running of
of which 60% of renovations).
construction sites (preparation of mortar, etc.) and building
The models available to date do not make it possible to operations;
measure the impact on the affected communities, beyond the
● the production and availability of construction materials
customers. In addition, with regard to the Group’s direct
(sand, gravel, wood, etc.);
activities, this subject is more integrated via the purchasing
policy. ● climate regulation and protection against floods and storms,
necessary for the sustainability of assets and the safety of
sites including extraction and material processing sites.


Covivio's main dependencies on biodiversity, by scope and by nature
Upstream Direct Operations Downstream
Surface water High High High
Groundwater Medium Medium Medium
Mass stabilisation and erosion control High Medium Medium
Water quality Not assessed High High
Fibres and other materials High Not assessed Not assessed
Protection against floods and storms Medium High High
Climate regulation High Medium Medium


Methodology 3.2.4.1.2 Identify the risks of Nature in order to better
The GBS (Global Biodiversity Score) tool, launched in 2020 by prevent them, identify the opportunities in
CDC Biodiversité (1), relies on the company’s economic and order to better seize them
physical data (surface area/m², water and energy consumption, To prevent and manage climate and biodiversity risks, Covivio
etc.) to assess the contribution of its activities to several performed dedicated analyses and detailed the risk factors that
pressures on biodiversity, direct operations and the supply chain. could have a significant effect on the company’s financial and
This contribution is expressed through a single metric, the non‑financial position. In addition to the Group risk mapping,
average abundance of species (MSA (2)) per km², a proxy for the regularly updated under the control of the Risk, Compliance,
degradation of biodiversity (1 MSA.km² represents 1 km² of virgin Audit and Internal Control Department and the CSR risk
biodiversity that has been destroyed). More information on the mapping carried out in 2019 (in connection with the
Global Biodiversity Score (GBS) method is available here. implementation of the DPEF) and 2020 (CSR risks related to
The ENCORE tool identified which ecosystem services an activity purchasing), an initial assessment of climate risks was carried out
depends on according to the global macro‑sector average of its in 2020 on the Offices scope via the MSCI Climate Value‑at‑Risk
sector throughout the value chain. The results of the tool were solution. This study was then extended to the entire Group.
then reviewed and supplemented with the WBCSD report Updated annually, it is supplemented by other thematic
“Roadmap to Nature Positive, Foundations for the built analyses on biodiversity or water stress issues (WRI Aqueduct) as
environment system”. More information on the ENCORE method is well as by the use of the PREDICT tool to analyse the exposure of
available here. the Covivio portfolio to the increase in heat waves and flooding.
An internal mapping also enabled the exposure of assets to sea
This analysis was supplemented by the impacts related to level rise to be assessed. In 2024, a Nature risk study,
greenhouse gas emissions and thus the Group’s carbon footprint incorporating all of this work, was conducted, providing input for
(ESRS E1). the structuring of the strategy of the same name. This study was
supplemented by a mapping of all of the Group’s sites with
regard to areas of interest in terms of biodiversity ( 3.2.4.5).




(1) Created in 2008 by Caisse des Dépôts et Consignations, CDC Biodiversité is a subsidiary of the CDC Group. Its main mission is to reconcile
biodiversity and economic development in the service of the general interest.
(2) The Mean Species Abundance (MSA) - is an indicator that reflects the average abundance of native terrestrial species (mammals, birds,
amphibians, reptiles, invertebrates and vascular plants) in a territory, in relation to their abundance in the original undisturbed ecosystems.
(developpement‑durable.gouv.fr)


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These studies were conducted with the participation of the Sustainable Development Department, contributors and country relay
actors and were approved by the Sustainable Development Steering Committee. The main Nature risks and opportunities identified as
part of these studies are presented below.

Priority risks Main opportunities
Risks of political transition, in connection with changes in regulatory contexts: Business opportunities:
Obligation to install solar panels or green roofs on buildings; frameworks aimed at Emergence of new markets for renovation
limiting urban development and protecting green spaces; the development of a (including energy efficiency renovation),
carbon tax associated with an increase in the price of materials, and traceability deconstruction and sustainable building design
and responsibility obligations in connection with raw materials such as the EU
deforestation regulation (EUDR)
Physical and systemic risks related to climate phenomena or ecosystem collapse: Financing opportunities
Rising water levels, rising temperatures and changes in soil stability (shrinkage/ In connection with the development of these new
expansion of clays, etc.); scarcity of water resources that could lead to shortages or markets, support for ecological catering or the
conflicts of use; disruption of supply chains and increase in the price of raw transformation of the sector
materials (scarcity of wood resources due to fires or pests, shortages of concrete
Opportunities in terms of resource use and
due to water stress, etc.)
ecosystem protection
Particularly regarding the use of green spaces to
contribute to ecological continuity


Methodology used production, which is directly dependent on the health of
The biodiversity risk and opportunity assessment was based on ecosystems and climate stability, is likely to be caught between
the TNFD recommendations and was organised around the a sharp increase in demand and a decline in productivity,
creating strong pressure on its price, and disruptions in supply (1).
3
following stages:
In 2021, the forest fires in British Columbia in Canada had a very
● identification of the main risks and opportunities by category significant impact on the increase in the price of wood in the
(regulatory, market, etc.); United States over the same period. The production of concrete,
closely linked to the availability of water resources, is also likely to
● assessment of the probability of different risks and
be undermined by the scarcity of the resource. It is estimated
opportunities occurring based on two scenarios from the
that in 2050, 75% of the water catchment areas required for the
ADEME publication “Transition(s) 2050” (see appendix), a work
production of concrete will be located in areas of water stress (2),
of documentary research and expert opinions;
or that the demand for sand, the second most consumed
● assessment of the potential impacts of each risk or Covivio’s resource in the world after water, could grow by 45% by 2060,
ability to seize each opportunity, via a workshop which brings creating considerable pressure on this finite resource (3).
together representatives of the operational teams in each
In order to mitigate these risks, Covivio works with construction
country.
companies which have a diversified panel of suppliers, enabling
The table presented in the appendix describes the results as well them to adapt to the fluctuating availability of many critical
as the scenarios used, more precisely. materials for its projects, such as wood or sand. However, the
group continues to be vulnerable to disruptions in supply and
Disruptions of supply in the value chain represent a major risk price increases of key materials for improving the environmental
Extreme physical risks (heat waves or forest fires) or chronic risks quality of buildings, such as wood. In this respect, improving
(continuous increase in temperatures, depletion of water knowledge about the traceability of materials, reducing the use
resources, etc.) as well as changes in regulations and of new materials, and improving knowledge of suppliers are key
geopolitical issues are likely to create disruptions of supply in the aspects of the group's new Nature strategy (Pillar 1, axis 3).
value chains on which Covivio depends. For example, timber




(1) https://www.researchgate.net/figure/Projected‑wood‑supply‑gap‑selected‑tropical‑countries‑Chart‑World‑Bank‑PROFOR‑CIF_fig1_342437408
(2) Impacts of booming concrete production on water resources worldwide, A Miller et al., Nature Sustainability, 2018.
(3) NewScientist - We are running out of sand and global demand could soar 45% by 2060.


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3.2.4.1.3 Summarising table of biodiversity‑related IROs (SBM‑3)
ESRS E4 - Biodiversity policies and actions
Description and key words Biodiversity conservation strategy
Avoid/Reduce/Compensate
Artificialisation and land use/100% Zero Net artificialisation
Dependencies and ecosystem services
Biodiversity charters and policies, management of green spaces, invasive plants
Main impact The impacts of Covivio are not negligible, GBS study carried out in 2022:
land use is the pressure to which Covivio contributes the most, mainly through the purchase of construction materials, but
also through its existing portfolio;
hydrological disturbances and ecotoxicity related to the supply and use of raw materials for improvements and renovations
as well as the electricity consumption of tenants;
GHG emissions, for the same reasons.
Positive impact: use of the portfolio’s green spaces to contribute to ecological continuity or to restore biodiversity in city
centres
Key figures: 9.6% of land is artificial in France (7% in 1992), in IDF this concerns 25% of land. The objective is to halve artificial
areas by 2031 (compared to 2021).
Positive impact: use of the portfolio’s green spaces to contribute to ecological continuity or to restore biodiversity in city
centres (based on ecological diagnostics), mainly on large sites.
Positioning on the value chain Upstream, direct and downstream operations
Main risks Financial risks are difficult to characterise and can be localized at the level of a project: preventive measures, compensation
that can go as far as a risk of refusal of a building permit.
Significant image risk
Materiality Material




3.2.4.2 Biodiversity and ecosystem policies (E4‑2)
Covivio has, based on diagnostics carried out, drawn up a Each of these pillars has been developed around objectives and
Nature strategy structured around three pillars: an operational action plan, which will be finalized by the
beginning of 2025. This strategy renews the Group’s
1) avoiding the degradation of natural habitats; environmental commitment, by integrating and supplementing
2) reducing consumption of resources; already existing objectives (climate, etc.) with new areas of work
(artificialisation, traceability, renaturation, etc.).
3) contributing to improving biodiversity in cities.




PILLAR


Avoid the
1 2
PILLAR


Reduce our Contribute
3
PILLAR



degradation consumption to the
of natural of resources, improvement
habitats, to aim for of biodiversity
to Separate real environmental in cities,
estate development sobriety across to develop nature
from damage our entire value chain in the city and
to natural spaces in line with our spread a culture
carbon trajectory. of nature among
our stakeholders.




This strategy was built on the basis of the “Avoid, Reduce and mitigating the impacts of Covivio’s activity (avoidance and
Transform” framework, inspired by the “Avoid, Reduce, reduction) and secondly, on contributing to restoring biodiversity
Regenerate, Restore and Transform” promoted by the work of the within its scope of activity.
Science‑Based Target Network. This approach is based firstly, on




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The strategy covers all of the Group’s activities, by adapting to 3.2.4.2.1 Preventing the deterioration of natural
the specificities of each one (in particular to differentiate habitats
between development activity and the operation of buildings).
Covivio's impact on biodiversity is linked to the artificialisation of
While this strategy mainly targets environmental issues, it is also
land (the primary source of degradation of living organisms),
aimed at having social impacts, particularly on the well‑being of
caused by its developments, but also and above all in relation to
occupants and affected communities. In order to successfully
the extraction and processing of raw materials, further up its
implement the action plan, a Nature Steering Committee was
value chain. The major areas of work for Covivio are the
created and included in the governance of sustainable
limitation of artificialisation, the reinforcement of traceability and
development issues as presented in ESRS 2.
the drawing up of demanding standards for key materials, which
is working to separate its property development model from any
Covivio’s strengths and weaknesses in coping with risks and additional damage to natural habitats.
seizing opportunities
Pillar 1 commitments
Following the work undertaken ( 3.2.4.1.2), Covivio examined ● The direct impact that assets have on natural spaces is well
its ability to deal with the risks identified in this analysis and known: systematising the monitoring of indicators to assess
also to seize opportunities. the impact our assets have in terms of artificialisation and
Covivio has several key strengths to help it face risks and proximity to sensitive areas, i.e. protected areas or areas
seize identified Nature opportunities. The Group, in considered key for biodiversity (Key Biodiversity Areas or KBAs).
particular, has a good understanding of its exposure to risk These are essential areas for the conservation of biodiversity
as a result of carrying out several dedicated studies; a on a national or global scale, home to rare ecosystems or
development model in dense urban contexts that enables endemic or threatened species that can play a vital role in
it to combat urban sprawl and promote building biodiversity conservation.
renovation; and a set of pilot schemes that it can draw on The Group's property development is dissociated from the
3
●
in key areas such as the use of biosourced materials and degradation of natural spaces: commit to ZAN (Zero Net
the installation of green roofs. Artificialisation) and strengthen the associated property offers.
Covivio has also identified the following areas for ● Covivio is committed to improving the traceability of key
improvement to improve the way in which biodiversity risks materials: developing better knowledge of the environmental
and opportunities are taken into account: impact of the materials used in order to promote the most
● structure the purchasing traceability mechanisms; sustainable of them.

● develop know‑how to work on existing assets (e.g. to 3.2.4.2.2 Reducing the consumption of resources
create natural spaces, or install certain energy and water The objective of this pillar is to reduce the consumption of
saving devices). natural resources involved in Covivio’s activities. This objective is
based on two commitment levers: reducing the use of new raw
All of these elements were included in the formalisation of
materials by developing the circular economy and offering
the Nature strategy.
buildings that are efficient in terms of water and energy use. In
addition to reducing the Group’s environmental impacts, these
commitments strengthen the Group’s resilience in relation to
The commitments presented below meet the IROs identified Nature risks and improve customer satisfaction by reducing their
( 3.2.4.1), are then rolled out operationally ( 3.2.4.3) and are consumption.
associated with quantifiable objectives ( 3.2.4.4).
Pillar 2 commitments
● The Group's buildings are exemplary because they enable
tenants to reduce their water and energy consumption:
achieving a high level of water and energy performance
across all assets.
● Covivio’s dependence on new raw materials is reduced:
favouring the use of recycled materials upstream, and
selective deconstruction and recovery downstream.




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3.2.4.2.3 Contributing to developing nature in the city these key biodiversity areas: 42% of sites are located less than 1
Above and beyond limiting the impact of buildings on the km from a protected area, 25% less than 500 m away, and five
environment, Covivio wants to play a full role in regenerating sites are located directly within protected areas. The results of
nature in the city, by preserving soil, developing solutions to this study are detailed below in section 3.2.4.5.
encourage biodiversity in its operations and fostering a ‘culture This close proximity makes Covivio particularly responsible for
of biodiversity’ among its teams and customers. The main focus preserving biodiversity, especially for the sites closest to or within
of the third and final pillar of Covivio's Nature strategy is to aim protected areas (compliance with regulations, development of
for a positive impact on biodiversity in most projects and to raise action plans to reduce and minimise the potential impacts of
awareness among teams and residents. using the site, training of Covivio teams and raising awareness
Pillar 3 commitments among occupants, etc.). These sites are also an opportunity to
strengthen links with local players committed to nature
● Positive impact on biodiversity in 100% of development conservation and to anchor the Group’s commitment to
operations: monitor and maximise biodiversity gains on biodiversity at the local level. Furthermore, besides mitigating
projects. negative impacts, it is important to consider the levers at
● Promote a culture of nature within teams: raise awareness of Covivio's disposal to contribute to the maintenance or even the
key functions and develop biodiversity expertise in‑house. restoration of natural spaces and green, blue and black
networks.
● Engaging customers and stakeholders in biodiversity issues:
raising awareness of environmental issues and making them a CBS, a tool for measuring the biodiversity impact of projects
key component of Covivio's brand image. Covivio has, in partnership with the ARP Astrance design office,
decided to develop its own indicator, which is able to integrate
3.2.4.3 Actions and resources related to green spaces and their social values onto operational sites.
biodiversity and ecosystems (E4‑3) Covivio’s CBS (Biotope Coefficient per Area) is based on the
scientific literature and on the CBS methodology used by
3.2.4.3.1 Key actions undertaken in relation to the
industry players, in particular the methodology developed by the
Nature strategy
city of Berlin. The indicator describes the ratio between
1. Actions related to pillar 1 - Preventing the deterioration of developable eco‑socio areas (non‑impermeabilised areas
natural habitats favourable to biodiversity and biophilia) and the total area of
The actions taken are aimed at meeting the key objectives of the site. Thus, each type of surface is assigned a weighting
the pillar (detailed in 3.2.4.4), i.e.: according to this interest for biodiversity, with the weighting
scale ranging from 0 to 1.2 (0 representing impervious surfaces
● contribute to Zero Net Artificialisation by 2030; and 1.2 for the most ecologically friendly surfaces). Covivio’s CBS
● 30% of investments in energy renovation and densification includes eight different types of surface as well as 17 bonus
operations between now and 2030; features (awareness panels, nesting boxes, flowery meadows,
etc.). These bonuses are aligned with Covivio’s challenges,
● development of a traceability system for high‑risk materials (at integrating the concepts of biophilic value, ecosystem services,
national or regional level) by 2030. biodiversity and the ecological management of green spaces.
The CBS value makes it possible to compare the sites in their
Limiting artificialisation and environmental impacts
current state with development scenarios, or to compare, for the
Artificialisation, in the context of a project or a territory, is same site, data from one year to another.
defined as “the lasting alteration of all or part of the ecological
functions of a piece of land, in particular its biological, hydric
and climatic functions, as well as its agricultural potential Forest resources
through its occupation or use” (Art. 192 – Climate and Resilience Covivio is committed, in the context of its operations, to
Law). However, its definition may differ according to local, using forest products (wood, paper) from sustainably
national or European regulations, particularly in the precise managed forests, with PEFC or FSC certification. The Group
definition of what is considered to already be artificialised, thus emphasises this commitment to its stakeholders in the
affecting the understanding of “Zero Net Artificialisation”. The context of low‑nuisance construction site charters or in
CBS tool that Covivio uses to, notably, control the artificialisation orders placed with its suppliers within its corporate scope.
and de‑artificialisation associated with its projects, considers a
surface to be artificialised if it is made impermeable. Covivio is
thus committed to combating artificialisation and urban sprawl,
primarily by prioritising restructuring as well as densification. The 2. Actions related to Pillar 2 - Reduce the consumption of
Group is thus committed to building the city on the city in several resources
ways: over 50% of Covivio's tertiary pipeline involves renovation The actions taken are aimed at meeting the key objectives of
projects, the Group is also increasing the density of its German the pillar (detailed in 3.2.4.4), i.e.:
residential portfolio and transforming former offices into housing,
with 800 homes in the pipeline). ● -40% of GHG emissions (ESRS E1);

The proximity of Covivio’s assets to protected areas and the ● 100% of assets with environmental certifications (ESRS Sector
risks associated with the measures to protect these areas issues);
In 2024, Covivio analysed the proximity of its 1,641 sites to ● -25% energy consumption (2019 baseline) (ESRS E1);
protected areas, following on from similar analyses conducted in
2015, 2017 and 2020 on more limited scopes. The study revealed ● doubling the production of solar energy in the Group’s
that a significant portion of the Group’s assets are located near portfolio (ESRS E1);




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● use of recycled materials: [30]% steel, [30]% aluminum and already created more than 20 flower meadows on its sites in
[30]% cement per m² built [to be specified after full diagnosis] North Rhine‑Westphalia and Berlin by promoting the use of bee
(ESRS E5). and insect‑friendly plants, with a particular focus on plants that
are easy to maintain in the long term.
As this pillar is closely interconnected with the other ESRSs, the
associated actions are detailed in the various sections. Covivio Immobilien is also planning a “Tiny Forest” project in the
Knappenviertel district of Oberhausen. This Akira Miyawaki
3. Actions related to Pillar 3 - Contributing to improving
concept is an innovative method aimed at developing
biodiversity in cities
ecosystems on small spaces, lending itself to areas of low
The actions taken are aimed at meeting the key objectives of ecological value in the initial state by emphasising the
the pillar (detailed in 3.2.4.4), i.e.: regeneration of soils and dense planting of vegetation.
● 90% of new constructions having a positive impact on Getting involved in regional revitalisation initiatives
biodiversity (i.e. improved CBS);
Developed by the International Biodiversity and Real Estate
● net gain in biodiversity on the 20 largest sites in the portfolio Council (CIBI), the BiodiverCity label (1) construction assesses and
under direct management. promotes construction projects that take into account and
promote biodiversity in urban areas. In order to obtain the Label,
To ensure that biodiversity‑related issues are taken into account, an ecologist must be involved and a technical reference
two internal charters dating back to 2014 were updated in 2019: standard developed with biodiversity experts must be applied.
● a charter governing the creation of green spaces – for In 2024, 65% of the Offices France pipeline is part of the
projects involving the development or total renovation of BiodiverCity certification process. In Italy, the first
green spaces – and promoting compliance with labels such BiodiverCity‑certified site is The Sign, in Milan, developed by
as BiodiverCity®; Covivio.

● a charter governing the management of green spaces – for
projects in operation – and making it easier to obtain a label A total of 155,000 m² of Covivio office space under 3
such as BiodiverCity Life®, Eve® or EcoJardin. development or already delivered will have a BiodiverCity
or Eco‑jardin label.
Going from zero net artificialisation to positive biodiversity
Since 2022, the CBS has been measured on 5 projects delivered
or in progress, corresponding to ¾ of the projects delivered over In 2021, Covivio joined Act4nature International (2), an initiative
the last two years and a total footprint of 18,569 m². For these launched in 2018 by the French association Entreprises pour
projects, carried out exclusively in dense urban areas, the CBS is l’Environnement, with the aim of involving companies on the issue
multiplied by 3.3 compared to the initial situation (at of their direct and indirect impacts, their dependencies and
30/06/2024). opportunities for action to promote nature. Covivio has thus
The external improvements programme for the So Pop project subscribed to the ten common commitments (3) and set itself
enabled the CBS to be multiplied by 3.8 compared to the individual objectives, integrated into its strategy and recognised
condition before the works. 4,000 m² of gardens, patios and as SMART (specific, measurable, additional, realistic and
terraces have been created. A BiodiverCity Life programme (in time‑bound) by the international Committee of Act4nature
progress) has been launched to exploit the biodiversity potential (company networks, NGOs and scientific organisations). Covivio
of this asset. So Pop is the first Covivio site to obtain this label in thus made public its individual commitments at the launch of the
July 2024. European Business & Nature Summit in November 2021. These
complement the objectives previously included in the Group’s
Raising tenant awareness of biodiversity issues CSR action plan and provide for the use of new indicators:
The Group has a strong partnership approach with its customers measurement of the impacts of developments on biodiversity by
when working towards environmental transition. All the the end of 2022, net gain in biodiversity on 100% of operations by
awareness‑raising actions are described in ESRS S4, section the end of 2025, etc.
3.3.4.3.3, including the introduction of green clauses in leases, the
3.2.4.3.2 The resources allocated to biodiversity and to
organisation of Sustainable Development Committees,
awareness‑raising as part of a low‑energy approach, etc. protecting ecosystems
Covivio now aims to raise awareness of nature issues by It is difficult to determine the resources allocated to biodiversity,
leveraging these existing channels (strategy objective 21). because the subject is so closely linked to other issues. However,
it is possible to identify different types of resources which are
Promoting biodiversity in our existing portfolio: the case of directly connected to preserving biodiversity:
German residential
The insect hotels deployed by Covivio Immobilien make a ● Human resources: in‑house with the Sustainable Development
valuable contribution to environmental protection and help raise Department and the operational staff working on the
awareness of biodiversity. These hotels can be set up in a wide deployment of the action plan. The development of the
variety of locations (e.g. in flower meadows) and are thus home Nature strategy mobilised around thirty internal contact
to wild bees, butterflies and other insects beneficial to the persons at the European level.
development of ecosystems. Insect hotels also support
hibernation during the winter months. Covivio Immobilien has




(1) https://cibi‑biodivercity.com/en/biodivercity/
(2) https://www.act4nature.com/wp‑content/uploads/2021/11/COVIVIO‑VA.pdf
(3) https://www.act4nature.com/wp‑content/uploads/2024/03/A4‑act4nature‑international‑VA‑03‑24.pdf


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● Financial resources connected to the support: study and 3.2.4.3.3 Offsetting mechanisms
consultancy costs are obviously necessary at various levels. Covivio does not directly implement ex‑situ offsetting measures
Firstly, at the level of a development project in the context of in the context of its projects (e.g. financing of reforestation
implementing the principles of the Biodiversity Charter with an projects by a third party to offset the artificialisation generated
ecologist or the BiodiverCity label (which entails labelling on a project). The calculations made in terms of artificialisation
costs) for example, or for a specific mission such as with Arp are done on site level, which means that, in accordance with the
Astrance to develop the CBS indicator for Covivio. Secondly, in regulations, any development that results in the artificialisation
the longer term, for its Nature strategy, for example, where of a surface area must be offset by the creation of green spaces
Covivio commissioned the firm Utopies, for its expertise in of an equivalent or larger surface area. It should be noted that
biodiversity and also change management. the majority of the Group’s development operations are carried
● Financial resources related to the developments: factoring in out in urbanized areas.
on‑site biodiversity (operational or developing property)
requires specific developments to be made to outdoor spaces
3.2.4.4 Targets related to biodiversity and
in accordance with the recommendations of the charter ecosystems (E4‑4)
principles and, where applicable, the project's ecologist. Objectives of the Nature strategy
Covivio has defined objectives to cover the impacts, risks and
opportunities identified, for each pillar of the strategy.
The common thread: L'Atelier Intermediate stages were identified when deploying each
The budget for external work and the environment action, delaying the launch of certain objectives on the grounds
accounted for approximately 3% of the works budget. The that the current state of knowledge was insufficient or that
landscaping plan incorporates Covivio's approach to the another objective of the plan had to be achieved first.
design of green spaces and the BiodiverCity approach This action plan also includes climate objectives (ESRS E1),
implemented on this site, which houses the Group's new related to water (ESRS E3) or waste management and the
European headquarters. This work resulted in the creation circular economy (ESRS E5). To accomplish this, Covivio must
of 1,000 m² of outdoor spaces, almost half of which were mobilise its entire value chain, beginning with its employees
planted with greenery. (ESRS S1), involved in developing this plan, its suppliers (ESRS S2),
the community, especially in relation to the ecosystem services
provided by nature (ESRS S3), and its customers (ESRS S4). This
holistic vision is therefore required to ensure the consistency of
this strategy and address the various related IROs.


Pillar 1 - Preventing damage to natural habitats
Objective Launch Delivery date Position at 31/12/2024 Scope Link with IROs
Know the direct impact of assets on natural spaces
#1 Monitoring artificialisation Launched End‑2025 75% of projects Development Impacts: Change in land use.
indicators (including the CBS*) for delivered in the last (tertiary and Risks: Obligation to comply with regulations related to the
100% of the pipeline (as of 31/12/N) two years residential) limitation of urban planning, the artificialisation of soils and
#2 100% of assets covered by the Launched End‑2024 Completed Operations - Group the protection of natural spaces (e.g. CBD target of 30%
listing of assets located near natural protected areas, green and blue corridors, etc.).
areas
Separate real estate development from damage to natural spaces
#3 0% of net artificialisation (balance 2026‑2028 Annual Not calculated Development Impacts: Land use change, Climate change
on the committed pipeline, assessment (tertiary and Risk: Obligation to comply with legislation relating to
accumulated from 01/01/2024 on the residential) planning restrictions, the artificialisation of land and the
pipeline to be retained) protection of natural areas (e.g. target of 30% protected
#4 Favor renovation rather than 2026‑2028 End‑2028 and 33% renovation Group areas as defined by the Convention on Biological Diversity
demolition/reconstruction: at least permanent (Development Capex, (CBD), green and blue corridors, etc.).
30% of development Capex linked to thereafter excluding residential) Opportunity: New renovation and deconstruction market, in
renovation or adding storeys line with zero net artificialisation policies.
Implement a traceability standard for key materials
#5 Create a traceability process for 2024‑2026 End‑2026 To be launched Development Impacts: Change in land use, Climate change,
the main construction materials (tertiary and overexploitation of water resources and pollution.
(concrete, glass, steel, etc.) used in residential) Risks:
operations
● Obligation to demonstrate that raw material purchases
are compatible with the imported zero deforestation
#6 Strengthen the Responsible 2026‑2028 End‑2028 To be launched Group (with special regulation for goods imported into Europe (wood and
Purchasing policy by integrating and focus on rubber are already covered, the regulation could be
deploying new criteria for key development extended to mining products).
materials (recycled, low‑carbon, activities) ● Disruption of supply chains and material shortages due to
origin, etc.) extreme events (e.g. wood shortages due to forest fires,
pests, concrete shortages due to water stress).




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Pillar 2 - Reducing the consumption of resources
Situation at
Objective Launch Delivery date 30/09/2024 Scope Link with IROs
Owning exemplary buildings enabling customers to reduce their water and energy consumption
#7 -40% carbon intensity per m² held Launched End‑2030 -28% at the end of Group Impact: Climate change.
(Scope 1, 2 and 3, reference year 2024 Risk: Tightening of regulations concerning the GHG
2010) emissions of companies.
Opportunity: Financial grants for the installation of solar
panels or green roofs.
#8 100% of the Core portfolio and Launched End‑2025 and 98.5% in the portfolio Group Opportunity: Increase in financing opportunities related to
100% of new projects permanent 100% on the pipeline the development of sustainable real estate projects (green
environmentally certified bonds, private or public investments, conservation financing,
etc.).
#9 -25% energy consumption in 2030 Launched End‑2030 -30% at the end of Group Impact: Climate change.
(2019 baseline) > tertiary sector only 2024 Risk: Tightening of regulations concerning the GHG
> to be readjusted in 2024 emissions of companies.
Opportunity: Increase in financing opportunities related to
the development of sustainable real estate projects (green
bonds, private or public investments, conservation financing,
etc.).
#10 -10% average water intensity in 2024‑2026 End‑2030 -29% (Offices) / -24% Group Impact: Overexploitation of water resources.
the operational control scope (2019 (Hotels) Risks:
basis)
● Local conflicts related to water use, during the
And compliance with thresholds set construction and the building use phase
per portfolio (in m3/m2/year) ● Local shortages of drinking water.
Opportunity: Increase in financing opportunities related to
the development of sustainable real estate projects (green
bonds, private or public investments, conservation financing,

#11a Use electricity with renewable Launched End‑2025 and 86% Operational control
etc.).
Impact: Climate change.
3
origin guarantees for 100% of the permanent (Offices) Risk: Tightening of regulations concerning the GHG
operational scope emissions of companies.
Opportunity: Financial grants for the installation of solar
panels or green roofs.
#11b Double the production of solar 2024‑2026 End‑2030 1.3 GWh in 2024 Group Impact: Climate change.
energy in the Group’s portfolio Risk: Tightening of regulations concerning the GHG
compared to 2023 emissions of companies.
Opportunity: Financial grants for the installation of solar
panels or green roofs.
Reduce dependency on new raw materials
#12 Monitor the consumption of 2024‑2026 End‑2026 To be launched Development Impacts:
materials with the greatest impact (tertiary and ● Land use change, Climate change
on at least 80% of new development residential) ● Overexploitation of water resources and pollution
operations (e.g. concrete, glass, steel
Risks:
and aluminum).
● Creation and increase of the carbon tax affecting the
import prices of materials (e.g. cement under the new EU
ETS **).
● Disruption of supply chains and material shortages due to
extreme events (e.g. wood shortages due to forest fires,
pests, concrete shortages due to water stress).
ETS **: Emissions Trading System
#13 Development of the use of [30]%* 2026‑2029 End‑2030 and To be launched Development (then Impacts and risks: Similar to the previous one
recycled steel, [30]%* recycled permanent operation) Opportunity: Increase in financing opportunities related to
aluminum and [30]%* low‑carbon the development of sustainable real estate projects (green
concrete and increased volumes of bonds, private or public investments, conservation financing,
recycled materials per m² built (*to etc.)
identify after diagnosis).
#14 Development of partnerships 2024‑2026 Permanent Establishment of a Group Impacts, risks and opportunities :Similar to previous +
with key players in the reuse and dedicated working Opportunity:
sustainable materials sector, by group
● New renovation and deconstruction market, in line with
country
zero net artificialisation policies
#15 Implementation of resource 2026‑2029 End‑2030 and Diagnosis on Bobillot Development Impacts, risks and opportunities: Similar to the previous one
diagnostics for all large‑scale permanent (tertiary and
demolition operations (> 5,000 m2 residential)
leasable area) and commitment to
retain/reuse
(in‑situ or ex‑situ) 30% of materials
(calculation in mass)




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Pillar 3: Contribute to the improvement of biodiversity in cities
Situation at
Objective Launch Delivery date 30/09/2024 Scope Main steps
Have a positive impact on biodiversity in 100% of operations
#16 Improvement of the CBS after 2024‑2026 End‑2025 CBS x3.3 on projects Development Impacts: Change in land use.
the project compared to the analysed (75% of (tertiary and Risk: Obligation to comply with regulations related to the
situation before the project for 90% deliveries 2022‑2023) residential) limitation of urban planning, the artificialisation of soils and
of new builds. the protection of natural spaces (e.g. objective of 30% of
#17 Net gain in biodiversity (based on 2026‑2029 End‑2030 Not yet launched Operations (under protected areas of the CBD, green and blue corridors, etc.).
indicators such as the amount of direct management) Opportunity:
planted areas created, areas - Group Use of the park’s green spaces to contribute to ecological
cleared of vegetation, consideration continuity or to restore biodiversity in city centres (based on
of green and dark corridors, etc.) on ecological diagnostics).
the 20 largest sites in the portfolio
under direct management (scope to
be determined after portfolio
screening).
Promoting a culture of nature inside the teams
#18 100% of management trained in 2024‑2026 End‑2025 and Done in 2024 via the Group
biodiversity issues in the sector permanent preparation of this
plan
#19 Inclusion of ecologists in 100% of 2024‑2026 End‑2026 and Biodiversity contacts Development Opportunity: Use of the portfolio's green spaces to
large‑scale development/renovation permanent in France (tertiary and contribute to ecological continuity or to restore biodiversity
projects (> 5,000 m² of leasable area) residential) in city centres (based on ecological diagnostics).
AND awareness‑raising of
operational teams on biodiversity
issues.
#20 100% of new operations 2025‑2026 End‑2026 and To be launched Group Impacts: Change in land use.
examined by the Investment permanent Opportunities:
Committee are subject to a
● New renovation and deconstruction market, in line with
biodiversity assessment (acquisition
zero net artificialisation policies.
or development).
● Increased financing opportunities related to the
development of sustainable real estate projects (green
bonds, private or public investments, conservation
financing, etc.).
Involve customers and stakeholders in biodiversity issues
#21 Raise customer awareness on 2025‑2029 End‑2026 and Awareness raising Group
climate and nature‑related topics permanent launched on climate
and include these topics in tertiary thereafter and water issues
leases (biodiversity, climate, water,
green space management
requirements as recommended by
the BiodiverCity label, etc.)



3.2.4.5 Impact indicators concerning the Consideration of planetary limits
alteration of biodiversity and ecosystems Planetary limits quantify the risks that human disturbances pose
(E4‑5) to the planet: for nine major processes involved in the
functioning of the “Earth system”, scientists (1) define nine limits.
The impact indicators related to biodiversity are presented in Crossing each limit increases the risk of irreversibly destabilizing
section 3.2.4.1 and are of two types: the global environment, with major impacts on living beings and
● an active grid analysis with the CBS (Biotope Coefficient by human societies. These limits include the erosion of biodiversity
surface area) to measure the impact of operations on as well as other phenomena that also accelerate the loss of
biodiversity on the scale of a site or a development project; biodiversity: climate change, pollution, change in land use, etc.

● a portfolio and Group analysis with the GBS (Global
Biodiversity Score), enables Covivio’s impact on biodiversity to
be determined by taking all of its activities and value chain
into account. Results: Static land impacts: 48 MSA.km²; Static
water impacts: 11 MSA.km²; Dynamic land impacts: 2 MSA.km².




(1) Planetary limits have been defined and are monitored by the Stockholm Resilience Center since 2009
https://www.stockholmresilience.org/research/planetary‑boundaries.html


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Planetary limits in 2023

Increased risk
New entities
Climate introduced into
change the environment




Biosphere Decrease
integrity in the ozone
Genetic layer
diversity
Se
Functional c
diversity




ur
ity
(not quantified)




area
Atmospheric
Land use aerosol load
change (not quantified)
Water
Green
water 3

P N
Phosphorous Nitrogen
Change in Ocean
freshwater acidification
resources2

Disruption of biochemical nitrogen
and phosphorous cycles


2 Use of blue water (lakes, rivers and groundwater)/green water (ground moisture).


Covivio’s GHG emissions reduction target is validated by the SBT Report on the biodiversity mapping of Covivio’s portfolio
initiative (SBTi), making it possible to check alignment with the Covivio has applied the G4 version of the Global Reporting
global limit on climate change. Covivio, which is aware of the Initiative (GRI) for several years. In this context, in 2015, an
many interactions between all the environmental dimensions assessment of the performance of the sites in relation to the GRI
that the planetary limits intersect, Covivio has chosen to extend indicators was carried out on 16 office sites. Extended to 157 sites
the scope and range of the objectives of its strategy. The (a sample of tertiary and residential portfolios in each country),
Group’s Nature strategy now includes objectives on reducing the this study was updated in 2017 and 2020. These works enabled
Group’s impacts on water, soil, climate, resource use and the the GRI 304‑1 (operational sites in or near protected areas and
circular economy as well as biodiversity. The Group’s Nature areas rich in biodiversity) and 304‑4 (list of threatened species in
strategy now includes targets to reduce the Group’s impacts on areas affected by activities) indicators to be met. They are
water, soil, climate, the use of resource uses and the circular summarised in Covivio’s 2020 sustainable performance report,
economy as well as biodiversity. published in 2021 (pages 92 and 93). The main conclusions can
Covivio is currently analysing the compatibility of its climate be summarised as follows:
targets with the new Real Estate framework of the SBT initiative ● operational sites located in or adjacent to protected or
(draft version). In a second phase, the Group will study the biodiversity‑rich areas (Disclosure GRI 304‑1). Conclusion: on
possibility of setting targets validated by the SBTN, in particular criterion 304‑1, Covivio’s activity can be considered
for land use and water. “Performing”;




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● description of the impacts of activities on biodiversity Methodology: This study identifies sites with high biodiversity
(Disclosure GRI 304‑2). Conclusion: on criterion 304‑2, Covivio’s challenges by overlaying the map of Covivio assets with those of
activity can be considered “Performing”; protected/preserved areas in Europe. Conducted by the firm
UTOPIES, this study is broken down into 3 stages.
● protected or restored habitats (Disclosure GRI 304‑3).
Conclusion: on criterion 304‑3, Covivio’s activity can be Step 1: Information collection
considered as “Performing” to “High performing”;
● GPS coordinates of Covivio assets: sorting by activity
● impact of the sites on the species appearing on the IUCN Red (residential, commercial Germany, Italy and France, hotels)
Lists (Disclosure GRI 304‑4). Conclusion: on criterion 304‑4, and location (country, region).
Covivio’s activity can be considered as “High Performing”;
● Coordinates of protected and preserved areas from the
The study carried out in 2024 and presented below goes further World Database on Protected Areas.
by studying the proximity of all Covivio sites in Europe to
protected areas or to sensitive biodiversity areas in Europe in Step 2: Analysis and processing of information
general, in order to identify highly challenging sites for local ● Reconciliation and superposition of information from the site
biodiversity and implement related measures. register provided by Covivio and the WDPA database using
1. Methodological points geospatial calculation techniques (Python, Geopandas,
RTree): calculation of the distance between each Covivio site
Scope: The study covers all the 1,641 Covivio sites held as of 30 and all protected areas located within a radius of 10 km, by
June 2024, classified according to the following typology: taking the point closest to the protected area as a reference.
● 510 “commercial” sites, covering offices with establishments in ● Classification of Covivio sites according to their proximity to
France, Italy and Germany and hotels; the nearest protected/conserved area based on the following
● 1,131 “residential” sites in Germany (groupings carried out at thresholds: In a protected/conserved area/Less than 500 m/
the district level). Between 500 m and 1 km/Between 1 and 5 km/More than 5 km
from a protected area (1).
These sites are spread across 12 European countries, with over
90% of the sites concentrated in three main countries: Germany, ● Analysis of results according to these categories, by country
France and Italy. The sites located outside these three countries and by type of site (Residential, Offices, Hotels).
are all hotels. Step 3: Formalisation of the study report.
Definition of sensitive biodiversity areas: The study was based 2. Results
on a cross‑reference of the GPS coordinates of Covivio sites with
the WDPA database (World Database on Protected Areas), Out of all 1,641 Covivio sites, more than 25% are situated in or less
listing: than 500 m from a protected area, and an additional 17% are
situated between 500 m and 1 km from a protected area. In
● protected areas subject to specific regulations and/or having total, 42% of Covivio sites are located less than 1 km from a
a national, European or international protection status: Natura protected area. These sites are concentrated in the following
2000 areas, RAMSAR sites (wetlands), national and regional seven countries: France, Germany, Italy, Spain, the United
parks, biosphere reserves, etc.; Kingdom, Belgium and Poland. Germany and the United
Kingdom stand out with nearly half of their assets affected.
● other effective area‑based conservation measures (AMCEZ):
Initially, the results are presented in proportion to the number of
geographical areas “regulated and managed in order to
sites and not the surface area, to give an overall vision of
achieve positive and sustainable long‑term conservation
Covivio’s exposure to sites that potentially have a negative
results” although they are not considered protected areas
impact on sensitive areas in terms of biodiversity. This diagnostic
(e.g. areas managed by indigenous peoples, military reserves
will then be rolled out for surface area in 2025 in order to
with access restrictions, etc.).
prioritise the actions to be carried out.
Due to the great diversity of protected areas specific to each
Five sites are specifically located inside a protected area:
country and included in the WDPA database, only the main
types of protected areas that emerged from the study are ● three sites in France;
presented in the following list. The conservation areas (AMCEZ)
did not feature in the study and therefore are not included in the ● one site in Great Britain;
list. ● one site in Germany.
These are notably hotels and residential assets.
At the Europe‑wide level, the majority of Covivio’s assets (more
than 900 sites, i.e. 58%) are located more than 1 km from a
protected area but only 7% are more than 5 km away.




(1) This study identifies assets with biodiversity challenges in terms of their proximity to protected/conserved areas. As such, it does not include the potential
impacts of Covivio assets on biodiversity beyond 5 km (water pollution, emissions of volatile organic compounds, etc.).


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Map of the distribution of Covivio sites according to their distance from protected areas and by country




NLD




3




UK
1
6 12 3
IRL 2 GER POL
1
1
383 1
BEL
1 21 592 1,221 3
4
3
24 CZE
FRA 245
20 1
3
16
79 21
289
170
HUN
SPA
ITA
2
6
PRT 5
7 2
1 17 1
5 31 66
6 22

1




Inside < 500 m 500 m – 1 km 1 km – 5 km > 5 km




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7% 3.2.4.6 The expected financial consequences of
more than 5 km away the material risks and opportunities
related to biodiversity and ecosystems
50% (E4‑6)
from 1 to 5 km

17% Focus on the hotel business as part of the objective of
from 500 m to 1 km protecting and restoring biodiversity and ecosystems

< 500 m
25% The Delegated (1) Act relating to the other four
less than 500 m environmental objectives, including the protection of
from 500 m
to 5 km 1% biodiversity, was published in June 2023. It introduces the
hotel business within the scope of the taxonomy. For
included in the
protected area Covivio, this means that the revenue generated by its hotels
from 1 to 5 km
in operation is eligible for the taxonomy. The alignment
> 5 km calculation, required for the 2024 fiscal year, will require
compliance with five technical conditions, which themselves
include detailed sub‑criteria:
In the light of these results, Covivio analyses the sites in question
● contribution to conservation or restoration activities;
more closely to:
● action plan to contribute to nature conservation;
● identify precisely the regulations that apply within the
protected areas concerned and to ensure that the site ● sustainable supply chain and environmental
complies with them; management system;
● conduct an environmental impact assessment to assess the ● minimum requirements to qualify the performance;
project’s current and potential effects on ecosystems;
● audit of the above information.
● develop and deploy a local action plan to reduce and
minimise the potential impacts of the site’s operation In 2023, Covivio initiated the first works to analyse these
(sustainable mobility, energy and resource management, criteria in order to gather information on its Hotel Operating
compliance with sensitive periods, etc.). properties from 2024 and be in a position to publish the first
information in 2025.
These sites can also be special areas for increasing the
awareness and training of COVIVIO teams and occupants on
the challenges involved in preserving local biodiversity in the
context of the implementation of the Nature strategy.




(1) https://eur‑lex.europa.eu/legal‑content/EN/TXT/?uri=OJ%3AL_202302486


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3.2.5 Management of resources and the circular economy (ESRS E5)
The objectives of the ESRS E5 are to understand which material resources are used by the company throughout its value chain and
how it integrates the principles of the circular economy into its business model.
The circular economy is an economic system in which the value of products, materials and other resources in the economy is
maintained for as long as possible, improving their efficient use in production and consumption and promoting reuse, thus reducing
the environmental impact of their use, minimising waste and the release of hazardous substances at all stages of their life cycle.
According to the EU action plan for the circular economy, the transition of the European economy to a circular model is a prerequisite
for achieving the goal of climate neutrality by 2050 and preventing the collapse of biodiversity.
The ESRS E5 standard builds on the existing European legislative framework, in particular the circular economy action plan, the waste
framework directive and the industrial strategy for Europe.



3.2.5.1 Impacts, Risks and Opportunities of resource management of resources and the circular
economy (IRO‑1)
Covivio addresses the challenges of the circular economy and economic and social challenges. This issue is becoming
resource management as elements of implementing its CSR increasingly important in relation to the assets held by Covivio,
policy. The construction sector is heavily impacted by the especially for office buildings with a company restaurant and for
management of waste. First of all, by the quantity of waste hotels with restaurant facilities. For the assets held by Covivio,
produced by its activities (46 million tons of waste generated by this subject is becoming increasingly important, mainly for office
the construction industry (excluding public works), i.e. 1.5 times
the production of household waste in France) but also due to its
buildings with a company canteen and for hotels with a catering
service.
3
low recovery rate (between 40% and 60%) (1). Resource
The dual materiality analysis carried out at Group level
management is also essential since 50% of the raw materials
highlighted the issues of “Waste management on its operational
used by the construction sector are extracted in Europe.
assets” and “Promotion of the circular economy and resource
There are also significant challenges for Covivio’s management management in the context of its development projects” at
activities. Regulatory pressure (through the AGEC law in France - quite different materiality levels, the former being non‑material
anti‑waste law for a circular economy) is increasing the and the latter material for Covivio. Following the outcome
challenges of developing the circular economy and the fight concerning Covivio Hotels, it was decided to combine these two
against waste. issues because of the importance of waste management in
running a hotel.
The issue of food waste involves a range of environmental,


Summary table of IROs related to ESRS E5
ESRS E5 - CIRCULAR ECONOMY AND RESOURCE/MATERIALS MANAGEMENT
Description and key words Use of resources and identification of critical resources
Sustainable, bio‑sourced, recyclable, recycled and reusable materials
Commitment by the value chain
Main impacts Strong impact of the construction sector on waste production: 46 million tonnes of waste are generated by the construction
industry (excluding public works), i.e. 1.5 times the production of household waste in France, almost all of which comes from
demolition/renovation work. Only 40 to 60% is recovered.
Transition to 7‑stream sorting on construction sites: metal, plastic, glass, wood and paper/cardboard + Mineral waste:
concrete, bricks, tiles, ceramics and stones/Waste plasterboard: plasterboard, honeycombed partitions, plaster slabs and
tiles.
The challenge is closely linked to the Group’s development and renovation activity, requiring consideration of the circular
economy throughout the project.
Positive impact: participation in the development of the circular economy sector
Positioning on the value chain Upstream, direct and downstream operations
Main risks Financial risk: difficult to estimate, but the risk of difficulty in sourcing certain resources (timber) can delay projects and
increase costs.
Reputational risk at project level: recovery becomes a key element, including in the communication of companies in the
sector
A significant insurance issue: the implementation of reuse can be slowed down for this reason.
Materiality Material




(1) https://www.ecologie.gouv.fr/politiques‑publiques/dechets‑du‑batiment (French only)


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ESRS E5 - WASTE MANAGEMENT
Description and key words Ensure selective collection in buildings
Cost of waste management
Main impacts Obligations for companies. However, the impact on the environment remains more limited at Covivio level. Management
depends on the tenants, Covivio can act on awareness.
72% of French people say they sort their packaging at home, but only 29% do so at work or in public places.
Positioning on the value chain Upstream, direct and downstream operations
Main risks Financial risks are more limited: although there is an increase in the cost of waste management, there is no risk to business
continuity except for external factors (such as a refuse collectors' strike in a municipality).
This risk is heightened in the hotel industry, with an even greater reputation risk given the BtoC aspect.
Materiality Material



A collective effort involving the entire sector For Covivio, this is reflected in two important initiatives:
Covivio carries out resource diagnostics as part of building ● Favour renovation over demolition/reconstruction. For several
renovations and restructuring, to identify the project's products, years, over half of Covivio’s tertiary projects have been
materials, equipment and waste and to determine their renovations. These operations involve a thorough cleaning of
potential for reuse and recovery, prioritising the most the building to be renovated, beginning with an evaluation to
environmentally friendly. Partnerships are formed with local identify the equipment or materials that can be potentially
organisations, depending on the type of building, thus enabling reused on site, either as part of the future project or off site, by
associations which work in the area to become involved. Given offering them on platforms (donation or sale).
the amount of dismantling, handling and sorting work involved,
these are mainly associations working in the field of integration ● Consider the future of the building, from the design stage, to
and back‑to‑work programmes. ensure that it is adaptable and flexible enough to incorporate
new uses. This stage is key in extending the lifespan of the
In addition, Covivio implements low‑nuisance construction site asset, making it easier to convert an office asset into a
charters for its construction and renovation programs. These residential one, for example.
govern the conditions for choosing materials and equipment, by
encouraging its partners to use solutions for reusing, recovering Each Development Department (France, Germany, Italy) ensures
and recycling. They establish an ambitious frame of reference, a reasoned and sustainable resource management is
which is then incorporated into the specifications and contracts. implemented in the projects. The Operations Department
continues to optimise the management of resources when the
To continue to progress, Covivio is involved in works on the assets are in operation.
circular economy. These works are conducted with associations
(Alliance HQE‑GBC, BBCA, Orée, IFPEB, etc.), suppliers and the Circular economy: the example of the Bobillot project in Paris
academic world. It was therefore in 2020 that Covivio’s So Pop Significant preparatory work was carried out to clean the
project took part in the HQE Circular Economy Performance test Bobillot site in Paris in order to optimise the reuse and recycling
organised by the HQE‑GBC Alliance, which tested the analysis of of materials and equipment present on site. At the cleaning site,
material flows (Building MFA), which enables the circularity around 40 reusable materials were identified. The teams
indicators over the entire life of a building to be calculated. mobilised an entire ecosystem of circular economy players
located in the Paris region: materials suppliers, centralisation
3.2.5.2 Resource management and circular platform, specialised design offices. Among the recovery
economy policies (E5‑1) solutions identified: raised floors, technical installations (WC, cast
iron radiators, ducts and cable channels) and doors and
3.2.5.2.1 Accelerate the transition to the circular
windows. The radiators at Bobillot were recovered for the Beige
economy as part of development operations
operation (Paris 8th). In total, the Bobillot site has a significant
The purpose of the circular economy is to separate economic reuse rate of 40% (equipment removed/equipment reused).
growth from the depletion of natural resources by creating
innovative products, services, business models and public This operation also enabled the difficulties, in terms of logistical
policies. According to the French Circular Economy Institute, this constraints (schedule, storage, prices) to be identified, in
includes “extending the life of materials (reuse, recycling) and particular. It will be used to enrich the process for future
products (eco‑design without in‑built obsolescence) throughout operations and to refine Covivio's strategy in this area.
the life of a product or service”.




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The use of sustainable, recycled, and more easily recyclable 3.2.5.2.2 Waste transition for the portfolio in operation
materials is now widespread in Covivio’s practices, in line with the Covivio has set up waste reporting for its portfolios that have
environmental certifications targeted by the Group. been in operation for more than ten years. This reporting has
Awareness‑raising actions are carried out with the teams, in enabled the policy connected to this subject to be enriched,
order to integrate the challenges of the circular economy into which is based on two main areas:
the activities and day‑to‑day operations of the company. For
example, as part of Covivio renovation projects in Germany, ● the provision of selective collection equipment for waste
glass wool and other recyclable materials are systematically removal. Achieved: 100% selective collection in buildings in
used to insulate façades and roofs of housing. All these issues 2023 and 2024;
are covered by the certification targets set by Covivio as part of
● raising end‑user awareness: various measures can be
the development projects. This is the case in particular for target
implemented to improve the quality of sorting and the
3 of the HQE standard, “Construction site with a low
reduction of waste production at source, depending on the
environmental impact”, relating to the optimization of waste
level of operational control that Covivio has over the assets it
management, the limitation of nuisances and pollution on the
possesses.
construction site, and the limitation of resource consumption on
construction sites. Covivio employs waste managers in Germany for a number of its
housing buildings, working with tenants to raise awareness of
Also, development and renovation operations are subject to
recycling and improve waste sorting. These measures resulted in
strict control for the treatment of waste. Dedicated procedures
a reduction in the number of collection containers.
are therefore set up on construction sites to enable recycling in
accordance with these “low‑nuisance construction site” charters. A catering offer is offered in 90% of the multi‑tenant office
As part of the implementation of the European taxonomy for the buildings held by Covivio in France. The service providers at
construction activity, Covivio Immobilien initiated an initial test these restaurants, which can serve between 150 and 1,000
on a project to automate the reporting of construction site customers a day, are selected according to criteria which
waste and ensure a recovery target of more than 70%. Other
circular economy initiatives are described in section 3.2.5.3.
include their policy on the prevention of food waste. The
widespread use of teleworking has led to changes in restaurant
3
According to the initial results obtained from Italian construction footfall. They must therefore adapt in order to continue to control
sites, the recycling and recovery rate is more than 90% for the their food waste. Likewise, in hotels with a restaurant, food waste
development portfolio and a minimum target of 75% is set for is collected separately for reasons of hygiene and regulations.
developments in progress. Measures to combat waste have been becoming more
widespread in recent years, driven by regulations such as the
A collaborative approach to promote the circular economy on
AGEC law in France.
projects
As part of its (re) development operations, Covivio has set itself In 2023, Covivio began a process to obtain Green Key
ambitious objectives in terms of the circular economy. These certification for its hotels operating properties, which will result in
include the recycling and/or reuse of materials from cleaning this portfolio being fully certified by the end of 2025. For more
and deconstruction as well as the reuse of materials and/or information on Green Key, section 3.1.3.1.3.
equipment sourced in situ or ex situ as part of its projects. Aware
Covivio is committed to limiting the use of single‑use plastics as
of the impact of the sector and the opportunities offered by the
much as possible. For example, in the case of Covivio Hotels,
projects, a working group has been set up within the
100% of the hotels owned and operated by Covivio Hotels are
Development in France team (tertiary and residential) in order to:
committed to a zero plastic approach, with actions that vary
● review past operations in order to compile a list of lessons depending on the brand: elimination of the use of individual
learnt and partners to mobilise as part of a reuse process; water bottles in the rooms, use of refillable bottles for shampoos
or soap rather than single‑use mini‑bottles, etc.
● guide future operations to ensure that a circularity approach
is taken into account throughout the project.
This Group's initial works resulted in the drafting of specifications
to define the scope of intervention of a Circular Economy AMO
that could be required to work on a Covivio construction site.
These specifications are also accompanied by a reuse
assessment grid at the end of the construction site and a table
showing the provision of equipment/materials to be reused
between Covivio projects.
At Group level, the circular economy is the subject of regular
discussions within the SD Meeting and as part of the Nature
Strategy Monitoring Committee. This subject is a major issue in
the context of the Nature Strategy ( 3.2.4.2).




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3.2.5.2.3 Sustainable sourcing 3.2.5.3 Actions related to the use of resources
Covivio has begun to draw up sustainable sourcing plans for and the circular economy (E5‑2)
certain purchasing families for all the Group’s activities
The actions presented in this section concern the Group's
(development, operation). Covivio's Nature policy, which applies
different activities and are not exhaustive. Numerous actions in
to its different activities, provides (objective no. 5) for a
favour of the better management of resources and a circular
framework to be established by the end of 2026 governing the
economy are carried out with or by suppliers (particularly for
origin of the materials and equipment used in projects.
construction) and with customers. Operational staff (works
Sustainable procurement is the integration of environmental and departments) are responsible for implementation, which is
social criteria into the purchasing processes for goods and monitored by the Nature Strategy Monitoring Committee.
services as a means of reducing the impact on the environment,
3.2.5.3.1 Actions implemented on development
increasing social benefits and strengthening the economic
sustainability of a project throughout the product life cycle
projects
(definition of the Sustainability Purchasing Network, an As a developer, Covivio engages its stakeholders (suppliers,
organisation that works in favour of responsible purchasing). design offices, tenants, operators, etc.) in the context of its
construction projects via four key documents that are required
In order to comply with this principle, the materials selected must for each project certified in France, which assess technical and
have one or more of the following characteristics: environmental performance:
● be reused; ● environmental notice;
● have a certain recycled content; ● management system for the operation;
● have environmental management certification; ● assessment of the environmental quality of the building (HQE
● have a traceability certificate; or BREEAM);

● come from the closest geographically sources when the ● low‑nuisance construction site charter.
performance and costs of equipment and materials are The low‑nuisance construction site charter commits all those
identical. involved in the project and details the environmental principles
The hotels owned by Covivio (Hotel Lease Properties or Hotel to be followed as well as specific objectives for each project. It
Operating Properties) and with a restaurant have Responsible draws up a list of recommendations on the following subjects (at
Purchasing policies for food and beverages. These vary a minimum): waste, acoustics, consumption of resources,
according to the brands, but overall, the focus is on the following communication with local residents, materials, social aspects
commitments: (comfort, safety, well‑being). The charter explains each person’s
roles and sets specific objectives: for example, aiming for an 85%
● purchases of fish from sustainable (MSC) or seasonal fishing; recovery of construction waste, limiting the maximum noise level
on the construction site to 80 dB(A), using 80% PEFC- or
● menu free of products from endangered species (meat, fish
FSC‑certified wood, etc. Equivalent documents exist in Germany
and shellfish products);
and Italy to meet LEED and DGNB requirements.
● meat products with a sustainability label or short supply chain;
When it is no longer possible to reuse a material, its recovery or
● use of products from free‑range or organically reared poultry; recycling in the production of a new material is favoured.
● use of a minimum quota of products from organic farming, fair In Italy, a partnership with Politecnico di Milano has resulted in
trade, locally produced in respect of the environment and/or the creation of a database that contains a wide range of
from short supply chains; sustainable building materials. Available on the University’s
Intranet site, the database is constantly updated with new
● at least one vegetarian dish on the restaurant menu of the
sustainable materials, bringing them to the attention of the
hotels;
technical teams.
● purchases of seasonal fruits and vegetables;
Project BEIGE - Monceau
● communication and engagement with suppliers and service Covivio, in conjunction with its partners on the project, used a
providers; circularity initiative on the project by working on glass. In the
clearing phase, firstly by allowing the collection of cullet from the
● furniture made from FSC or PEFC wood;
dismantled façade at the end of its life (12.5 tons of cullet
● paper items (office and hygiene) from sustainably managed collected) and then in the development phase by using
forests. low‑carbon glazing on the project (containing at least 57%
recycled cullet): 1,965 m² of glazing already delivered out of a
total of 5,465 m², i.e. 82 tonnes of low‑carbon glass, preventing 46
tonnes of CO2.




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As another example, as part of the So Pop project in Saint‑Ouen, Covivio initiated a process several years ago to become a
a precise audit of all equipment likely to be reused or recycled model for its assets under management with the aim of moving
was carried out prior to cleaning. The list of equipment was towards ‘zero plastic’ by the end of 2026. This measure has been
uploaded to a dedicated online platform (Cycle Up) to be sold, defended as part of the Covivio for Climate (C4C) project. In this
in order to give it a second life. This prevented equipment that context, a process for identifying single‑use plastics used on the
was still in working order from being thrown away and promoted sites was therefore set up in order to consider an alternative. All
employment through local structures (associations, start‑ups and of the Group’s headquarters buildings are equipped with water
local authorities). During the construction phase, 3,000 m² of fountains and have reusable crockery available to employees.
raised floor were used, from a neighbouring building undergoing This initiative is combined with raising awareness of the issue
deconstruction. Likewise, the site used recycled acrylic paint, among employees, especially to encourage them to choose
which permitted the carbon impact on this item to be divided by reusable packaging for their meals, as this type of waste is one
12. of the main waste streams identified in office buildings.
Covivio used the services of a company specialising in reuse on
the cleaning site of another Paris asset, to give a second life to The common thread: L'Atelier
certain items of equipment on site. Following a resource audit,
In the context of its C4C approach, Covivio used the
the company was able to identify 740 kg of equipment to be
relocation of its European headquarters as an opportunity
reused (lighting, cast iron radiators, etc.).
to implement new measures related to waste reduction and
Extend the life of equipment management:
A technical examination of the condition of the equipment can ● waste sorting and recycling of all paper and cardboard,
enable its life optimised or the possibility of giving it a second life collection and recycling of coffee capsules, collection of
studied. For example, this is what was initiated in 2024 as part of printer toners, batteries and plastic caps for recycling,
the renovation project of the Dassault Systèmes Campus in phasing in of the sorting of other waste (metal, plastic,
Vélizy. The technical audit of the HVAC equipment (fan coils)
installed on the site revealed that not necessarily concern all of
etc.); 3
its components were affected by technological obsolescence. ● limiting food waste by redistributing uneaten food and
The frame and the batteries on the 555 fan coils were in good dishes to employees after meetings/events;
condition and did not need changing. However, it was necessary elimination of plastic water bottles and installation of
●
to replace the motor with a new, more efficient and water fountains;
low‑consumption unit, as well as the electrical wiring, regulator
and control valves. Besides the financial gain, this “retrofit” of ● distribution of recycled plastic bottles;
equipment significantly reduces the carbon footprint of the
● all paper used in Covivio printers is PEFC certified (paper
works by surpassing the RE2020 requirements, while also
from sustainably managed forests), and has the
improving the building's energy performance.
European Ecolabel label (taking the product’s entire life
3.2.5.3.2 Actions implemented for the portfolio in cycle, its quality and its use into account. This paper
operation policy applies to all printing and external administrative
and commercial publications. Covivio also makes ePresse
Covivio has been monitoring waste production on its sites for
tickets available via QRCode in common areas.
more than ten years ( 3.2.5.5.1) and makes sure that selective
collection facilities are available in all its buildings. One of the
two main thrusts of this action plan is to raise awareness among
end users, particularly in head office buildings, premises
operated by Wellio, and hotel operating properties. 3.2.5.3.3 Actions implemented for hotel operations
The buildings owned by Covivio Hotels are operated according
Single‑use plastics
to the standards laid down by the different brands. Covivio
Given the Group’s activity, the production of plastic waste is Hotels includes an ambitious policy on waste management and
mainly related to the operation of buildings. During the fight against food waste in the (franchise or management)
development, greater priority is given to identifying levers for contracts on the scope of its operating properties. These
action on materials with a high impact in terms of carbon and provisions are in line with the action plans implemented by the
biodiversity, such as concrete, steel or aluminium. chains in this area and the requirements of the Green Key label,
which every hotel in the Wiziu scope must obtain by the end of
2025.
The waste section of the Green Key label (or Green Key in
France) includes 16 criteria, 14 of which are mandatory. The label
has a total of 120 criteria, 69 of which are compulsory.
Thus, according to the Green Key analysis grid, hotels must
implement or strengthen eight actions for waste sorting and
eight actions for waste reduction.




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The 16 criteria of the Green Key label
Waste sorting Waste reduction
Implementation of sorting for all categories of waste No more than five categories of food products are packaged in individual
packaging
Hazardous waste is appropriately and safely managed No more disposable tableware
A sufficient collection frequency and number of containers to manage the Limit on the use of printing and brochure paper
volume
Solutions put in place if the frequency is inadequate or if the local authorities Actions taken to limit food waste
do not collect the sorted waste
Organic waste composting (on site or via a service provider) Carafes of water provided to customers when water quality permits
Measurement/estimation of the weight/volume of waste Elimination of personal hygiene products in individual packaging
Sorting possible in rooms or at least in the hotel Provision of welcome products on request (recommended criterion)
Clear and visible communication about sorting locations and instructions Purchasing policy aims at reducing the volume of waste and the use of
plastic (recommended criterion)



In addition, the label has developed a method for estimating the Although the financial equation continues to be difficult to
volume of waste in cooperation with the WWF (1) to help resolve, the increasing skills in the sector and the experience
operators make the data on the subject more reliable.. gained on the projects will enable the potential gains to be
optimised in the medium to long term.
Combating food waste 3.2.5.4 Resource management and circular
The hotels operated by WiZiU have included the fight economy objectives (E5‑3)
against food waste in their strategy for several years and Covivio strives to comply with European legislation on waste, for
this objective is being applied across all the hotels. At Le all its building renovation programmes Directive 2008/98/EC
Méridien Nice, for example, the hotel is a partner of Too requires that 70% (by weight) of non‑hazardous construction and
Good To Go. This mobile app enables users to collect fresh demolition waste is processed be treated for reuse, recovery or
produce from local restaurants or shops, thus preventing recycling. This 70% figure is used as a criterion by the Taxonomy,
this food from being wasted. and by Covivio as a minimum target on its construction sites.

3.2.5.4.1 Objectives related to the circular economy
approach for development projects
3.2.5.3.4 Main resources deployed
Covivio has carried out Life Cycle Analyses (LCAs) since 2010 in
Waste management represents between 1% and 4% (2) of a order to quantify the environmental impact of operations at
building’s operating budget if an external service provider is each stage of their life cycle (construction, operation and
selected. Additionally, companies are liable to pay the ultimately deconstruction). These LCAs are carried out by
household waste collection charge. This is re‑invoiced to the analysing six modules (materials, energy, water, travel, building
tenant. Although the waste management budget is measured, it sites and waste). They have been key in the implementation of a
is expected to continue to rise in the coming years in order to circular economy approach to Covivio’s operations. Covivio is
include, in addition to collection, costs of sorting equipment and helping to reverse the trend of depleting the world's resources by
increasing awareness among end users. setting targets for the use of recycled materials.
The deployment of a circular economy action in the Covivio’s Nature strategy is based on three pillars and 21
development phase results in the mobilisation of different types objectives. They go above and beyond the regulatory
of resources: requirements to ensure that environmental issues are given
● technical and intellectual resources: mobilisation of the local greater consideration in the Group's activities. After various
ecosystem and key partners to ensure that the action is analyses, the circular economy was identified as a key issue for
successful (associations, specialized companies, BET/project the group in achieving its climate and biodiversity objectives.
management assistant (3) Environment or circular economy); Several of the plan's objectives deal with this subject, as shown
below in the extract from the table of objectives presented in
● human resources: commitment by employees on the subject is ESRS E4, section 3.2.4.4.
necessary to change habits;
● financial resources: additional costs related to the safe
removal of equipment on site, but which can be offset by the
resale of reused equipment.




(1) https://www.greenkey.global/https/sustainablehospitityallianceorg/resource/hwmm
(2) Operating expenses in waste management: the complete guide – Businessplan‑templates.com
(3) BET: technical design office/project management assistant.


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Objectives of Covivio’s Nature Strategy related to resource and waste management
Situation at
Objective Launch Delivery date 31/12/2024 Scope
Implement a traceability standard for key materials
# 5 Create a traceability process for the main construction 2024‑2026 End‑2026 To be Development (tertiary
materials (concrete, glass, steel, etc.) used in operations launched and residential)
# 6 Strengthen the Responsible Purchasing policy by integrating 2026‑2028 End‑2028 To be Group (with special
and deploying new criteria for key materials (recycled, low‑carbon, launched focus on development
origin, etc.) activities)
Reduce dependency on new raw materials
# 12 Monitor the consumption of materials with the greatest impact 2024‑2026 End‑2026 To be Development (tertiary
on at least 80% of new development operations (e.g. concrete, launched and residential)
glass, steel and aluminum).
# 13 Increased use of [30*]% 2026‑2029 End‑2030 To be Development (then
● recycled steel, [30*]% and launched operation)
● recycled aluminum and [30*]% permanent
● low‑carbon concrete and increased volumes of recycled
materials per m² built


# 14 Development of partnerships with key players in the reuse and 2024‑2026 Permanent Working Group
sustainable materials sector, by country group
dedicated to
the DirDev FR
3
# 15 Implementation of resource diagnostics for all large‑scale 2026‑2029 End‑2030 Diagnosis on Development (tertiary
demolition operations(1) (> 5,000 m² of leasable area) and and Bobillot and residential)
commitment to preserve/reuse (in‑situ or ex‑situ) 30% of materials permanent
(mass calculation)
PEMD diagnosis during the cleaning phase in France.
(* to be identified after diagnosis).



AMO circular economy specifications These objectives constitute the minimum prerequisites and
In liaison with the dedicated working group set up in France should be supplemented in accordance with the opportunities
( 3.2.4.2), the following objectives were restated in the offered by the project. These specifications are intended to be
specifications for the circular economy project management included in all new projects in France and to be shared at the
support for redevelopment projects, in addition to those European level.
described above (in particular objective 15). More information in section 3.2.4.3, particularly concerning the
● obtain the BBCA or LCBI label for 75% of projects in France/ connection between these objectives and the nature‑related
50% in Germany and Italy; IROs.

● set up a circular economy approach for each operation and Low‑nuisance construction site charters
systematically carry out a PEMD diagnosis (Products, The low‑nuisance construction site charters drawn up by Covivio
Equipment, Materials, Waste) during the cleaning phase; for each of its certified developments in France also enable
specific objectives to be set to ensure that all parties involved in
● trial a certification or circular economy label (CircoLab,
the construction site maintain a high level of environmental
Ecocycle, 2EC, Cradle to Cradle);
performance.
● achieve an 80% recovery rate of the total mass of waste,
For example, the target for recycling site waste for the IRO
including 50% through material recovery and 100% for inert
project in Châtillon was set at 85%, including 50% material
waste;
recovery. Precise monitoring of waste by stream is also specified
● commit to a process of recycling existing glazing, materials in these charters, recalling the best practices to be adopted.
that are found in Covivio's assets and use resources which are
under pressure (water, sand, etc.); and implement low‑carbon
glazing.




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Corporate scope
An exemplary deconstruction: the B2/B3 buildings of the Covivio has initiated a zero plastic initiative for buildings which
Majoria park in Montpellier host its teams in Germany, France and Italy. This approach
Covivio paid particular attention to the reuse and allows solutions to be identified that can be replicated on the
repurposing of materials on site as part of the assets under management, starting with the Wellio sites. Covivio
deconstruction of these two buildings built in the 1960s and aims to stop using disposable plastic within the scope of its
1970s with a total surface area of 26,000 m²: directly managed activities by the end of 2026. An inventory of
situations where plastic is used was drawn up and concrete
● site waste management: 839 metric tons of recycled actions were taken to identify alternatives to plastic.
materials and 94 tonnes of recovered materials, i.e. 84%
of total waste; 3.2.5.4.3 Covivio's resource inflows (E5‑4)
The dual materiality study showed that the use of inflows of
● 237 metric tons of materials were also reused, mainly
materials and products is not very material for Covivio insofar as
flooring, fittings and insulation;
this subject is already fully regulated by specifications and
● 23,000 metric tons of concrete crushed on site, which regulations. The subject mainly concerns construction materials
avoided 11,660 journeys to the nearest quarry, i.e. 32.5 on construction sites and in the context of renovation work on
tCO2e; offices in operation. As part of its objectives related to the
Nature strategy, Covivio considers the traceability of materials to
● 789 hours of integration work carried out as part of this be a key element and thus plans to report more information on
project and 4 associations benefiting from reused the quantities of incoming resources as part of its development
materials. (Associations of the demolition operation projects (on its value chain).
conducted with Eiffage‑Demcy: Force; Macondo; Le Spot;
La Grande Conserve). Material flows for hotels mainly concern food and drink supplies
and products supplied the rooms (shampoos, shower gel,
toothbrush, bottles of water, etc.).

3.2.5.4.2 Objectives for waste management in the Responsible Purchasing for hotel operating properties
operating portfolio
Wiziu for example has defined the following rules for each
The municipalities or their concessionaires responsible for
procurement category and informs its suppliers and service
collection do not provide information on the volumes or
providers of its commitments:
tonnages of waste. In this context, Covivio is ensuring the
widespread introduction of selective waste collection (100% ● eco‑certified cleaning products;
selective collection in 2023 and 2024).
● minimise individual food and non‑food packaging;
Multi‑tenant offices
● purchases of fish from sustainable (MSC) or seasonal
A private company is responsible for collection in some office fishing;
buildings. In this case, a check‑weighing is carried out, to assess
the progress made in terms of reducing waste production. ● menu free of products from endangered species (meat,
Covivio has also set itself the target of reducing waste fish and shellfish products);
production by 15% between 2019 and 2030 on its direct
● meat products with a sustainability label or short supply
management office portfolio. At the end of 2024, the Group
chain;
recorded a decrease of 72% vs 2019. This target will therefore be
reviewed as new data becomes available. ● use of products from free‑range or organically reared
poultry;
Hotels under direct management
With the introduction of the Green Key label, the weight and/or ● local companies for maintaining green spaces;
volume of their recyclable and non‑recyclable waste must be
● purchases of seasonal fruits and vegetables;
measured or estimated. With 90% of WiZiU hotels certified as of
31 December 2024, the data can be consolidated and Covivio ● purchases of low‑energy equipment;
Hotels plans to set a multi‑year target in terms of weight and
● FSC or PEFC paper and furniture.
volume in 2025.




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3.2.5.5 Resource management and circular economy metrics (E5‑5)
3.2.5.5.1 Production and treatment of waste in the operating portfolio
Analysis of waste flows on the portfolio
The regulations differentiate seven streams for which recycling is For assets which have a contract with a waste removal
obligatory: paper, wood, metals, plastics, glass, mineral fractions company, reporting is done to monitor the performance of the
and plaster. The collection of bio‑waste has also been sorting and the flows generated. However, it is difficult to
compulsory since 2024. Anything that cannot be recycled is compile general statistics for the Group's entire portfolio, due to
categorised as non‑hazardous industrial waste (NHIW) for the the fact that waste production is greatly impacted by the
tertiary sector and non‑recyclable household waste for the services available on site and the type of users. The presence of
residential sector. This includes soiled packaging or, for example, restaurants or commercial spaces has a major influence on the
food waste in places where organic waste collection is not quantity and types of waste generated in the building, notably
organised. This non‑recyclable waste is then often sent to the by increasing the proportion of food or glass waste. Lastly, assets
waste‑to‑energy channels. with green spaces generate green waste, which is handled by
the green space management company in the majority of
cases.


Sector specificities
Offices Hotels Residential
Paper and cardboard remain the most The flow of plastic packaging has been The German statistical office gives the
common materials, followed by reduced in recent years by the policies following breakdown for household waste
non‑hazardous recyclable and introduced by operators. However, food production: 50% non‑recyclable waste, 20%
non‑recyclable industrial and commercial
waste, generated in particular by food
waste is higher than in the other sectors
(breakfast, catering). Textile waste is also
paper and cardboard, 20% organic waste
and 10% packaging. 3
waste and plastic and metal food possible.
packaging (bottles, cans, meal boxes, etc.).


Covivio and its subcontractors may have to produce or collect Analysis of waste flows on the portfolio
hazardous waste within the scope of their activities, including: Waste production data is collected from different stakeholders:
● oils, solvents, aerosols, soiled rags; ● multi‑tenant buildings: facility manager and waste removal
● waste electrical and electronic equipment (WEEE). companies when a private structure or local authorities are
concerned. Waste data concern the entire building (common
This waste is subject to specific procedures and must be and private areas);
channelled to the appropriate channels through specialised
operators. These services are generally included in facility ● single‑tenant buildings: tenant or management structure of
management contracts to ensure that the building's hotel operating properties (direct management).
maintenance company complies with these obligations. The data can be provided:
Regarding electronic waste (computers, smartphones), Covivio
has introduced various initiatives within its corporate scope to ● in the form of more or less detailed reports according to the
maximise the reuse of digital equipment. Specialized companies risks represented by the waste (hazardous or not, etc.),
are therefore tasked with cleaning and securing this equipment recycled, etc.;
before redirecting it to a second life. This arrangement has
● estimated on the basis of diagnostics: in this case, this report
enabled the Covivio Foundation's partner associations to benefit
specifies the portion of estimates. Some estimates are based
from IT equipment on several occasions. However, this type of
on the frequency and volume of collection.
waste is not considered material in relation to its activity and is
not included in the table below. Details of the processing methods are not systematically
available and therefore at this stage it is not possible to
Covivio is not concerned by the production of radioactive waste.
consolidate this information precisely. This is why only the
proportion of waste that is recycled, reused or composted is
indicated.




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Operational control portfolio
Operational control


France Offices Italy Offices
WASTE – Absolute data GRI EPRA SBPR 2023 2024 2023 2024
Reporting scope coverage by surface
area (in m²) 227,555 244,873 71,004 133,996
Scope coverage (in %) 89% 73% 52% 100%
Coverage of scope (number
of properties) 12/14 12/18 9/11 11/11
Proportion of estimated data 43% 8% 100% 100%
Total hazardous waste (in tonnes) 306‑2 Waste‑Abs - - - -
Waste intensity (kg/m²) 2.1 2.5 15.8 9.8
Total non‑hazardous waste (in tonnes) 306‑2 Waste‑Abs 486 609 1,125 1,309
of which recycled, re‑used
or composted waste 306‑2 Waste‑Abs 163 220 472 495
in % 306‑2 Waste‑Abs 34% 36% 42% 38%
Assets equipped with selective sorting
systems 100% 100% 100% 100%
Total extrapolated waste production 548 828 2,154 1,309




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Total operational
Total Offices Hotel Operating control
Germany Offices Headquarters (Historical scope) properties (new scope)
2023 2024 2023 2024 2023 2024 2024 2024

186,000 215,645 20,719 23,007 505,279 617,520 409,430 1,026,950
79% 79% 100% 96% 81% 82% 72% 78%

11/12 15/18 5/6 5/6 37/43 43/53 25/54 68/107
100% 100% 92% 12% 87% 74% 26% 49%
- - - - - - - -
2.3 3.5 9.3 8.2 4.4 4.6 8.0 6.0
423 749 192 189 2,226 2,856 3,271 6,127

NC 271 106 72 741 1,058 1,432 2,490
NC 36% 55% 38% 33% 37% 44% 41%

100% 100% 100% 100% 100% 100% 100% 100%
533 944 - - 3,235 3,081 4,573 7,654 3
The “hotels operational control” scope was added this year following the growth of the Hotel operating properties activity at Group
level. However, these hotels were already included in the total Hotel reporting in previous years. On a like‑for‑like basis, (Waste‑LfL),
waste production changed as follows between 2023 and 2024: France Offices -1% / Italy Offices -1% / Germany Offices 0% / German
Residential + 0.1% / Hotels Europe -21%.




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Total portfolio
France Offices Italy Offices Germany Offices
WASTE – Absolute data 2023 2024 2023 2024 2023 2024
Reporting scope coverage by surface
area (in m²) 364,339 418,501 96,903 159,895 186,000 215,645
Scope coverage (in %) 62% 62% 22% 30% 79 % 79%
Coverage of scope (number of
properties) 22/42 22/47 13/39 15/44 11/12 15/18
Proportion of estimated data 46% 27% 100% 100% 100% 100%
Total hazardous waste (in tonnes) - - - - - -
Waste intensity (kg/m²) 2.5 2.4 21.4 13.6 2.3 3.5
Total non‑hazardous waste (in tonnes) 899 1,010 2,075 2,169 423 749
of which recycled, re‑used or
composted waste 282 399 849 844 NC 271
in % 31% 40% 41% 39% NC 36%
Assets equipped with selective sorting
systems 100% 100% 100% 100% 100% 100%
Total extrapolated waste production 2,372 2,073 13,209 21,857 703 1,024




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Total Offices German Residential Hotels Total Portfolio
2023 2024 2023 2024 2023 2024 2023 2024


667,961 817,048 138,282 2,887,992 562,649 721,534 1,368,893 4,426,573
62% 62% 5% 100% 31% 43% 44% 84%

46/93 52/109 199/203 195/202 34/308 49/279 279/604 296/590
86% 78% 100% 100% 42% 27% 69% 92%
- - - -
5.4 5.0 21.6 21.6 9.8 8.7 8.8 16.4
3,589 4,118 2,994 62,269 5,506 6,284 12,089 72,671

1,236 1,586 624 12,983 2,172 2,477 4,032 17,046
34% 39% 21% 21% 39% 39% 33% 23%

100% 100% 100% 100% 100% 100% 100% 100%
16,284 24,954 62,738 62,269 17,973 17,432 96,995 104,656


Note: the transition to the extrapolated data on the German residential portfolio leads to an increase in the waste intensity for the
Group total due to the increase in the relative weight of the space covered by this portfolio.
3




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3.2.5.5.2 Production and treatment of waste in the portfolio under development
The data collected below is taken from the reports produced by The PEMWs (Products‑Equipment‑Materials‑Waste - PEMD in
the environmental managers of the projects, in particular in French) diagnosis has been compulsory in France since 1 July
charge of monitoring environmental certifications. The main aim 2023. It superseded the waste diagnosis requirement introduced
of this reporting is to verify that each project is meeting its in 2011 for projects involving the renovation or deconstruction of
recovery targets, while also ensuring that the obligations for more than 1,000 m² or any building that has housed hazardous
monitoring and processing construction waste are respected. substances. The aim is to break down the building's PEMWs by
optimising its reuse or recovery.
Different methods of processing PEMWs
less virtuous >>> >>> >>> >>> >>> >>> >>> >>> >>> >>> >>> more virtuous

ELIMINATION RECOVERY REUSE


Storage Energy recovery Material recovery
Incineration without energy recovery
Incineration with energy Backfill Recycling
recovery Conversion of waste into Reuse
fuel Regeneration
Composting




In 2024, Covivio asked Cycle Up to carry out the PEMW weight, i.e. well above the target of 70% (threshold specified in
diagnostic for the Office‑Residential conversion project located section 3.2.5.4). In addition, the potential for reuse on the site
at the former VINCI head office, in Rueil‑Malmaison. This project amounts to 1,180 metric tons (mass of PEMWs), representing a
favoured the reuse, in the context of the demolition, of three potential gain of approximately €65 thousand or 425 tCO2e
quarters of the pre‑existing surfaces and the renovation of the avoided, which corresponds to the construction of 800 m² of
rest of the site. Overall, the achievable recovery rate was collective housing (source ADEME).
estimated by Cycle Up to be between 78% and 94% of SLDBs by


Summary of consolidated environmental reporting for four projects delivered or in progress in 2024
(Scope: two new buildings and two renovations in France and Italy, including the clearing phase for renovation projects)

Office space (in m² floor space) 52,889 m2
Energy consumed 16,686 MWh
Water consumed on site 5,121 m3


Of which % Of which % sent to Of which %
Of which % incinerated for landfill/waste managed by the
Waste reporting at end of construction site recycled/reuse energy recovery disposal facility local authority Total (tonnes)
Non‑hazardous waste - (NHW) 91.4% 0.4% 8.2% 12,955
Green waste - - - - -
Non‑hazardous waste - Steel 100% - - - 226
Inert waste 99.99% 0.01% - 5,083
Wood waste 100% - - 495
Cardboard waste 100% - - - 464
TOTAL NON‑HAZARDOUS WASTE 94.2% 0.3% 5.5% 0% 19,224
Hazardous waste 2




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3.2.6 Contributing to implementing sustainable finance
Finance can be qualified as sustainable when it takes into 3.2.6.1 What is compliance with the European
account ESG (Environment, Social, Governance) criteria; it covers
“green” taxonomy?
socially responsible investment (SRI), solidarity finance and green
finance (1). Investors are increasingly taking ESG criteria into The “green” taxonomy is intended to become the foundation on
account in their analysis and investment choices. Covivio which future European Regulations on sustainable investment
regularly organises “road shows” focusing on financial and ESG will be based. The European Commission has set six major
topics, or exclusively ESG topics. environmental objectives (detailed in the summary table below),
and lists the activities that can make a positive contribution
Sustainable finance is a necessary lever to boost the transition while not detracting from the achievement of the other
to a carbon‑neutral economy likely to limit global warming. In objectives (Do No Significant Harm) and by respecting minimum
Europe, the “Financing sustainable growth” action plan aims to guarantees on social and human rights issues. For each activity
provide a major boost to promote responsible investment. The thus identified, technical criteria must be met to claim that
first of the ten measures identified is the creation of a European revenue, Capex or Opex are aligned in relation to each
Taxonomy (“EU Taxonomy”), whose objective is to provide a objective. To comply with the regulations, Covivio has followed
framework for the market for “green” or “sustainable” financial the following requirements over the last four years (as of 31/12/N
products and to guide investments towards those activities published in N+1):
which are compatible with European objectives for the
ecological transition.


Reporting obligation (Revenue,
Year Targeted objectives Capex, Opex)(1) Activities identified for Covivio
2021 Climate objectives: Eligibility rate Real estate activities: 3
● Climate change mitigation ● Construction of new buildings (development) – 7.1
● Climate change adaptation ● Renovation of existing buildings – 7.2
● Installation, maintenance and repair of:
● Equipment promoting energy efficiency - 7.3
● Instruments and devices for measuring, regulating and
controlling the energy performance of buildings – 7.4
● Charging stations for electric vehicles inside buildings -
7.5
● Renewable energy technologies - 7.6
● Acquisition and ownership of buildings - 7.7
● Specialised services related to the energy performance of
buildings - 9.3
2022 Climate targets Eligibility and alignment rate: Real estate activities
● Verification of substantial
contribution criteria
● Do No Significant Harm
● Minimum guarantees

2023 Climate objectives +: Climate objectives: Real estate activities +:
● Sustainable use and ● Eligibility and alignment ● Hotels, tourist accommodation, campsites and similar
protection of water and rates accommodation - Biodiversity 2.1
marine resources (2
4 other objectives: ● Construction of new buildings ) - Circular economy 3.1
● Transition to a circular
(2)
● Eligibility rate ● Renovation of existing buildings - Circular economy 3.2
economy ● Demolition and dismantling of buildings and other
● Pollution prevention and structures - Circular economy 3.3
control
● Protection and restoration
of biodiversity and
ecosystems
2024 All objectives Eligibility and alignment rates Activities mentioned above and potential integration of new
activities
(1) Given the small share of Opex falling within the scope of the taxonomy compared to the Group’s total Opex (less than 10%), this indicator is considered
non‑material.
(2) Activities already included in climate objectives




(1) https://www.novethic.fr/decryptages‑dexpert/tout‑savoir‑sur‑la‑finance‑durable#:~:text=La%20finance%20durable%20d%C3%A9signe%
20des,vers%20une%20%C3%A9conomie%20plus%20durable (French only)


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Revenue alignment - What is a green building according
Focus on the hotel business as part of the objective of to the taxonomy?
protecting and restoring biodiversity and ecosystems
Almost all of Covivio’s eligible revenue is generated by property
The Delegated (1) Act relating to the other four acquisition and ownership (7.7). The revenues it generates can
environmental objectives, including the protection of only be considered green for the purposes of climate change
biodiversity, was published in June 2023. It introduces the mitigation.
hotel business within the scope of the taxonomy. For
Three criteria can be taken into account for an asset generating
Covivio, this means that the revenue generated by its hotels
revenue that can be considered as green:
in operation is eligible for the taxonomy. The alignment
calculation, required for the 2024 fiscal year, requires 1) it belongs to the regional top 15% in terms of primary energy
compliance with five technical conditions, which themselves consumption: Covivio relies here on the studies available to
include detailed sub‑criteria: date and carried out at the national or European level,
namely (2) OID in France and the ESG Index Deepki (3) for
● contribution to conservation or restoration activities;
other countries;
● action plan to contribute to nature conservation;
2) class A energy performance certificate (or B for Italy and
● sustainable supply chain and environmental France given the breakdown of the diagnostics on these
management system; countries (4) ZEBRA]);

● minimum requirements to qualify the performance; 3) for buildings for which the building permit was issued after 31
December 2020, attainment of the NZEB -10% threshold: in
● audit of the above information. France, this is equivalent to RT2012 -10% or RE2020
In 2023, Covivio initiated the first analysis of these criteria in depending on the dates of the building permit.
order to launch a collection of information on its Hotel In addition, there are other substantial contribution
Operating Properties in 2024 to identify the sites that may requirements: buildings larger than 5,000 m² must also be
be eligible and on which to prioritize the action plan. To equipped with a BMS (Building Management System) and new
date, as the analysis has not been completed, Covivio non‑residential buildings must be the subject of a LCA (Life Cycle
indicates 0% alignment under this objective. Analysis) and a thermal and airtightness study at the time of
construction. Revenue from property development (development
to sell on delivery, i.e. 1% of revenue) was also analysed in respect
The taxonomy requires the use of 100% gross revenue, calculated of activity 7.1 - Construction of real estate assets with NZEB -10%
in accordance with IFRS. However, in order to allow for more criterion of substantial contribution taking into account the
comparable monitoring from year to year and to get closer to DNSH related to this activity. More marginal, revenues from
the operational reality, Covivio has also published indicators photovoltaic production (less than 0.1% of revenue) have been
which are specific to the real estate activities. These indicators integrated and are considered by type as aligned under activity
are based on the same data, using only activities 7.1 to 7.7 and 4.1 - Production of electricity via solar photovoltaic.
9.3. Focusing on the definition of real estate, the following results
were achieved as of 31/12/2024:
Eligibility of revenue and Capex
At the end of 2024, the portion of Covivio’s revenues eligible for
taxonomy was 98.9%, including 24.4% in respect of the
biodiversity objective for the hotel business. Retaining the real
estate scope, 74.6% of revenues are eligible for the taxonomy.
Given Covivio’s activity, 100% of its Capex relate to real estate
activities and are therefore eligible under the climate objectives,
including Capex relating to non‑eligible activities (Flex Office)
given that they are linked to real estate assets held by Covivio.


Residential
Hotels (Covivio Group - Real
Alignment of revenue by activity - Real estate scope Offices (Covivio Hotels) Immobilien) estate activities
Climate change mitigation
Activity 7.1 - Construction of new buildings 66.2% N/A 0% 41.5%
Activity 7.2 - Building renovation 100% N/A N/A 100%
Activity 7.7 - Acquisition and holding 56.9% 31.9% 42.1% 43.7%
Total revenue aligned with real estate activities 58.2% 31.9% 41.3% 43.6%
ie. in euros €220,386,819 €86,284,011 €125,435,706 €432,106,536




(1) https://eur‑lex.europa.eu/legal‑content/EN/TXT/?uri=OJ%3AL_202302486
(2) https://resources.taloen.fr/resources/documents/6716_Taxinomy_OID_01.pdf (French version)
(3) https://index‑esg.com/
(4) https://zebra‑monitoring.enerdata.net/


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The overall rate is up this year, thanks in particular to improved implemented as part of the Group’s carbon trajectory ( 3.3). In
data collection. The impact of changes in the top 15% and top addition, the improvement of the data collection process at the
30% thresholds is offset at Group level but remains uneven from site level (waste recovery rate, energy labels of equipment, water
one country to another. The top 15% threshold for offices in flows of sanitary facilities) is a lever which has been identified to
Germany is set at 119 kWhpe/m², well below the thresholds refine the calculations for the property development business. As
applied in other countries. The asset‑level analysis conducted to the co‑working activity is not covered by the texts, the share of
implement the taxonomy indicators made it possible to identify revenue related to the occupancy of spaces is put in the same
rapid improvement levers for certain assets. Some assets may category as rents in the calculations and subtracted from
also meet the alignment conditions following the investments co‑working revenue, which is not eligible for the taxonomy.


Capex alignment - What is green Capex, according to taxonomy?
Unlike revenue, Capex can be "green" either under the climate to the fact that for the real estate activities, the DNSH
change mitigation or adaptation objectives. It should be noted Adaptation for the mitigation objective is identical to the
that while a Capex is green for mitigation, it is also green for criterion of substantial contribution for the adaptation objective.
adaptation, taking into account the criteria of substantial The following table details the criteria for a definition of green
contribution and DNSH for the activities identified. This is linked Capex according to its type and the activity to which it relates.


Acquisition and construction (all
Capex related to assets, regardless of Renovation of existing buildings
the type of Capex, including (additional DNSH: water, pollution,
developments) circular economy) Green Capex by type
Mitigation Compliance with the definition of a 30% gain in primary energy Installation, maintenance and repair of energy
green building (above) compared to the initial state efficiency equipment (in accordance with the
highest standards), charging stations for
3
Adaptation Belonging to the Top 30% or DPE Compliance with thermal electric vehicles, energy performance
NZEB for new buildings renovation regulations management systems or renewable energy
production equipment


At the end of 2024, 83.6% of Covivio’s Capex was thus aligned roll‑out of the Capex plan for the carbon trajectory, Covivio
within the meaning of the taxonomy with regard to the identified around €40 million in energy efficiency Capex (vs. €28
adaptation objective (1). This rate is up compared to last year. million in 2023 and €17 million in 2022), i.e. 6% of total Capex.
Thanks to significant information reporting work and accelerated


Breakdown of aligned CAPEX by sub‑activity
Residential (Covivio Group - Real estate
Offices Hotels (Covivio Hotels) Immobilien) activities
Mitigation (CCM) / Adaptation (CCA) CCM CCA CCM CCA CCM CCA CCM CCA
Activity 7.2 – Renovation of buildings 18.0% 18.0% N/A N/A N/A N/A 9.5% 9.5%
Activities 7.3 to 7.6 - Efficiency measures on existing
assets 2.6% 2.6% 3,.% 3.7% 17.2% 17.2% 6.5% 6.5%
Activity 7.7 – Acquisitions, Capex on aligned assets
and development of new buildings 69.0% 72.5% 16.7% 81.7% 45.3% 54.7% 51.3% 70.1%
Activity 9.3 - Services related to the energy
performance of buildings 0.3% 0.3% 0.01% 0.01% 0% 0% 0.2% 0.2%
Total (without double counting) 93.2% 84.0% 62.9% 83.6%



Climate analysis
As a substantial contribution criterion for Capex for the adaptation objective or DNSH for the mitigation objective, the completion of a
climate risk analysis is mandatory in all cases in order to qualify a green activity. To meet this requirement, Covivio relied on the MSCI
Climate Value At‑Risk study carried out since 2020 at the asset level ( 3.2.1.1.12). In order to use a worst‑case scenario, as required by the
Taxonomy regulation, Covivio used the RCP8.5 scenario for this analysis of physical risks. If a risk is considered material for the asset
analysed, an adaptation plan must be drawn up. Covivio, in particular, uses the adaptive solutions guide of the OID (Observatoire de
l'Immobilier Durable [Sustainable Real Estate Observatory]) (2).




(1) 67.4% with respect to the mitigation objective.
(2) 1621_240117_Guide_des_actions_adaptatives_au_changement_climatique.pdf (French only)


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Compliance with minimum safeguards
Covivio worked with a third party to study the compliance of its and the commitments made by the Group: Group Ethics Charter
procedures and policies in place in terms of minimum and internal procedures, Universal Registration Document,
safeguards. The minimum safeguards referred to in Article 3 (c) of Communication on Progress of the Global Compact, Diversity
the Taxonomy regulation are procedures that a company Charter, Responsible Procurement Charter, etc. No points for
implements to align with the OECD Guidelines for Multinational attention were identified following this analysis regarding the
Enterprises and the United Nations Guidelines on business and following 10 points of study: Human Rights Policy; Human rights
human rights. These include the principles and rights set by the risk mapping and due diligence risks; Prevention and mitigation
eight fundamental conventions mentioned in the International actions and monitoring their implementation; Whistleblowing
Labour Organization’s Declaration on Fundamental Principles mechanism; Communication; Consumer interests; Combating
and Rights at Work, and by the International Bill of Human corruption; Competition; Taxation; Media analysis (study of
Rights. The analysis conducted by Covivio was based on these controversies).
guiding principles as well as the documents already published

Summary table of taxonomic indicators at 31 December 2024
Share of Revenues/Revenues Share of Capex/Capex
Aligned Eligible Aligned Eligible
Climate change mitigation 32.6% 74.6% 67.4% 100%
Climate change adaptation 0% 0% 83.6% 100%
Water and marine resources 0% 0% 0% 0%
Circular economy 0% 1.0% 0% 0%
Pollution 0% 0% 0% 0%
Biodiversity and ecosystems 0% 24.2% 0% 0%
TOTAL REGULATORY DEFINITION 32.6% 98.9% 83.6% 100%
43.6%
(/REAL ESTATE
TOTAL REAL ESTATE DEFINITION ACTIVITIES) 74.6% (CLIMATE) 83.6% 100%


The results for Covivio’s subsidiaries are as follows:
● Covivio Immobilien: revenue: 41.3% aligned (100% eligible)/ ● Covivio Hotels: revenue: 14.7% aligned (100% eligible)/Capex:
Capex: 62.9% aligned (100% eligible); 84% aligned (100% eligible).


Details of the results are presented in the appendix to the regulatory tables.




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Actions and indicators implemented with regard to the three compliance conditions of the taxonomy
Three conditions to respect Examples of Covivio actions Chapter Indicators monitored
The activity must contribute substantially to one of the six environmental objectives, detailed below
Construction and renovation of certified buildings with high
levels of environmental performance
European LCA specifications to make LCAs more comparable
Installation of high‑performance equipment and materials Certification rate
3.2.1.1
(HVAC, façades, insulation, etc.) Multi‑year works plan
Installation of terminals or spaces for electric vehicles on new
1. Climate change mitigation projects
Reporting on environmental risks
Annual reporting and target to reduce the fleet’s energy Energy intensity
consumption 3.2.1.5 Carbon intensity and SBTi
Carbon trajectory carbon trajectory
Raising tenant awareness and environmental certification of
3.2.1.5 EPC levels
assets in operation
Gradual adaptation of the portfolio through the delivery of Certification rate
buildings to the highest standards and energy renovation of 3.1.3
the portfolio Multi‑year works plan

Monitoring of environmental risks and work on the resilience of
2. Climate change adaptation
assets
Deployment of a supervisory system and generalisation of BMS 3.2.2
Percentage of sites
monitored for environmental 3
on assets risks
Environmental due diligence for acquisitions
3. Sustainable use and Water consumption
protection of water and 3.2.3.3 Water intensity of assets
resources Own site charters for certified projects

Percentage of sites analysed
4. Protection and restoration of Biodiversity Charters for construction and operation,
3.2.4.3 Biodiversity‑certified surface
biodiversity and ecosystems biodiversity mapping, etc.
area
Reporting on environmental risks Percentage of sites
5. Pollution prevention and
Specific procedures on construction sites for the treatment of 3.2.2.4 monitored for health and
control
pollution environmental risks
Works on the circular economy
6. Transition to a circular
HQE Performance programme 3.2.5.3 Certification rate
economy
Reuse of materials
Use of certifications and labels for buildings and/or operations 3.1.3.4 Monitoring of certifications
SBTi approved carbon
Low‑carbon construction - LCA 3.1.3
trajectory

Comply with performance Analysis of the dimensioning of equipment/installations 3.1.3 Technical studies site phase
criteria Compliance with recognised international standards for both EPRA sBPR/TCFD/GRI/SASB
3.5.1
or standards and regulations financial and extra‑financial aspects benchmarks
Choice of location 3.3.4 Site phase studies
Targeted resilience studies 3.2.1.1 Climate Value‑a‑risk
Regulatory watch 3.2.1.5




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Three conditions to respect Examples of Covivio actions Chapter Indicators monitored
The company must respect the minimum social safeguards: compliance with the eight “fundamental conventions” of the International
Labour Organization
The eight fundamental conventions are as follows:
The Freedom of Association
and Protection of the Right to
Organise, Convention no 87,
1948
Right to Organise and
Collective Bargaining,
Convention no 98, 1949
Forced Labour Convention no
As a signatory of the Diversity Charter and the Global
29, 1930 + its protocol of 2014 Publication of an annual
Compact where it attains the GC Advanced level (Global
Abolition of Forced Labour, Compact - advanced level), Communication on Progress
3.3.1.5
Convention, no 105, 1957 (COP) on the website of the
(Global Compact - advanced level) 3.3.1.2.4 Global Compact
Minimum Age, Convention, no Covivio strives to observe the eight fundamental conventions Human Rights Policy
138, 1973 of the ILO, and to ensure that its suppliers comply with them
Worst Forms of Child Labour,
Convention no 182, 1999
Equal Remuneration,
Convention no 100, 1951
Discrimination (Employment
and Occupation), Convention
no 111, 1958


3.2.6.2 Financing indexed to ESG criteria Moody’s ESG, in its Second Party Opinion, recognises the
consistency of the Sustainable Bond Framework with Covivio’s
A pioneer in the issuance of Green Bonds since 2016, Covivio CSR strategy and objectives, and assigns a rating [“Robust”] to
passed a key milestone in aligning its financing policy with its the contribution, expected impacts, and CSR risk management
ESG goals by launching the conversion of a number of bond of the Framework covering Green Bonds. Covivio’s key
tranches issued by Covivio into Green Bonds. This gave a performance indicators and carbon footprint reduction targets
portfolio of 100% Green Bonds for Covivio (€3.2 billion) and received the best rating “Advanced”, as did Covivio’s overall CSR
Covivio Hotels (€1.45 billion). In addition, Covivio signed new ESG performance.
corporate credit lines incorporating criteria, making up a total of
64% of its total debt (vs 57% in 2023). The success of these issues marks the recognition of Covivio’s
sustainable development strategy and has enabled Covivio to
3.2.6.2.1 Covivio, a pioneer in the issuance of green significantly expand the circle of players that finance it, with
bonds great diversity at the international level.
As part of the new Sustainable Bond Framework published in
2022 for its offices activity, gradually integrating the criteria of 3.2.6.2.2 Covivio Hotels, another threshold crossed in
the European Taxonomy and whose alignment with the Green 2023
Bond Principles and the Sustainability Linked Bond Principles In order to align its financial policy with its ESG ambitions and
(published by the International Capital Market Association) has confirm its pioneering role in the hotel industry, Covivio Hotels
been confirmed by Moody’s ESG (1) assets eligible for Sustainable has become the first hotel real estate company in Europe to
Bonds must: adopt a Green Financing Framework, with the commitment that
its future bond issues are carried out in Green Bonds format.
1) have a minimum certification of HQE Excellent, BREEAM Under this Green Financing Framework, eligible assets in
Excellent (Very good for assets already delivered), LEED Gold operation must meet at least one of the following criteria:
or DGNB Gold;
1) the asset's carbon intensity below the consumption
2) be located less than 500 metres from public transport; threshold required to comply with the 1.5°C trajectory of the
3) have an annex or green clauses on leases in France and new Paris Agreement as defined by the CRREM and validated by
leases in Italy and Germany. SBTi (Science Based Targets initiatives);

At the end of 2024, the eligible portfolio was €6 billion (€5.3 billion 2) full alignment with the taxonomy for the acquisition and
external net financial debt already allocated), Covivio also holding of real estate assets;
financed €8.5 million in energy efficiency Capex in 2024 via this
3) HQE certification “Excellent”/BREEAM “Excellent”/LEED or
framework. This portfolio covers the €3.2 billion of bonds issued DGNB “Gold” or higher.
by Covivio.
In accordance with its historical commitments, the premises must
also be located less than 500 metres from public transport and
new leases must include green clauses.




(1) https://www.covivio.eu/wp‑content/uploads/sites/6/2023/08/Covivio‑Second‑Party‑Opinion‑on‑Green‑Bonds.pdf


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In addition, Covivio Hotels has provided for the possibility of Opinion. Furthermore, to audit the correct allocation of funds in
including the financing of new buildings, renovations, the accordance with the principles laid down in the Green Bond
installation of renewable energy production equipment and Framework, as well as the environmental performance indicators,
energy efficiency work. Covivio is committed to using an independent third party
annually. The independent third‑party audit report is published
At end‑2024, €4.1 billion (€3.3 billion external net financial debt
on Covivio’s Internet site, as well as in this document in
already allocated) in hotel assets are already eligible for this
Chapters 3.6.1 and 3.6.2. The indicators selected for the Green
Green Financing Framework. Covivio Hotels plans to increase this
Bond and audited by the independent third‑party are aligned
share, in particular through work to continuously improve the
with the GRI Standards indicators and the recommendations of
quality of its portfolio, and spent €5.1 million of capex on
the Green Bond Principles. They cover the portfolio reporting
energy‑efficiency projects in 2023 as part of the Framework.
indicators ( 3.2.1.5).
Moody's Investors Services, in its Second Party Opinion,
Green Bonds office portfolio impact indicators
recognised the quality of the Green Financing Framework by
giving it a “Very Good” SQS 2 rating, in line with the best ratings The portfolio eligible for Covivio’s Sustainable Financing
in the European real estate sector. The overall contribution of the Framework amounts to €6 billion (€5.3 billion external net
Green Financing Framework to sustainable development is financial debt already allocated). It is distributed geographically
qualified as “Significant” and its alignment with the Green Loan/ as follows: France (52%), Italy (33%), Germany (15%). With €4.7
Bond Principles as “Best Practices”. billion in assets aligned with the climate change mitigation
objective of the European taxonomy (mainly for the 7.7 and 7.2
All information relating to this portfolio is available in the Covivio asset ownership and renovation activities), Covivio can thus
Hotels Universal Registration Document. cover 100% of its issues (i.e. €3.2 billion) with aligned assets. It
should be noted that for the sake of alignment with its reporting,
3.2.6.2.3 Verified performance
Covivio only considers fully aligned assets (contribution criterion,
In addition to the checks carried out internally to ensure DNSH and minimum guarantees) although its Framework only
compliance with the eligibility criteria, Covivio has again called
on Moody’s ESG (formerly Vigeo‑Eiris) to give a Second Party
requires the criterion of substantial contribution. 3

Indicator Performance
Breakdown of funds by category 67% Green Building/33% Energy performance
Breakdown of funds by type of financing 76% refinancing/24% financing
Total energy consumption and intensity (final energy) 107,809 MWhfe - 142 kWhfe/m²/year
73% green electricity
Total energy consumption and intensity (primary energy) 133,665 MWhpe - 176 kWhpe/m²/year
Production of solar energy 243,048 kWhfe produced in 2024
Greenhouse gas emissions and intensity 9,099 tCO2e - 12 kgCO2e/m²/year
o/w direct emissions: 2,075 tCO2e
Change in greenhouse gas emissions compared to period N‑1 -18%, i.e. a gain of 1,500 tCO2e/m²
(like‑for‑like scope)
Greenhouse gas emissions avoided (compared to a benchmark 5,706 tCO2e
intensity - IndexESG Deepki)(1)
Total water consumption and intensity 279,926 m3 - 0.43 m3/m2/year
-8% fall like‑for‑like
Waste generation and recycling rate 3,071 t - 40% recycling
Coverage rate: 72%
Accessibility of public transport 100% less than 500 metres from public transport
Rate of environmental certification 98.4%
Taxonomy alignment rate (climate change mitigation objective) 88%, i.e. €5.3 billion (€4.7 billion net), thus covering 100% of Covivio’s
green issues
Investments directly related to the improvement of the energy €8.5 million
performance of the portfolio (activity 7.3 of the taxonomy)
(1) This calculation of avoided emissions is provided for information purposes and is based on benchmarks established by third parties, for which Covivio is
not responsible.



The list of eligible assets is available in section 3.5.2.




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3.2.6.3 Information on the SFDR regulation for Covivio's financial partners
Information for financial institutions in the context of the SFDR regulation (European Directive on non‑financial reporting for
financial institutions).
Actions taken and
actions planned and
objectives set for the
Negative impacts on sustainability factors Metric Impact [2024] Explanations next baseline year
Fossil fuel 1. Exposure to fossil fuels Share of investment in 0% Covivio invests in real
via real estate assets real estate assets used estate assets. None of
for extraction, storage, these buildings is
transport or fossil fuel dedicated to the
production extraction, storage,
transport or production of
fossil fuels.
Energy 2. Exposure to energy Share of investment in Covivio (Group): Share of assets (in value) Energy: 3.2.1.5
efficiency inefficient real estate energy inefficient real 33.5% that do not have a class C Carbon: 3.2.1.3
assets estate assets Covivio Hotels: EPC or do not belong to
35.7% the regional top 30% (see
methodology used for the
Covivio Immobilien:
taxonomy(1))
59.8%
(1) With a view to harmonising with the taxonomy, Covivio chooses DNSH on climate change mitigation given the limits related to taking into account only
the EPC as an energy efficiency assessment criterion.



All environmental data (energy, carbon, renewable energies, Grand Prix, several awards to recognise the restructuring of the
water, waste) relating to the Group and the companies Covivio Silex2 tower in Lyon (Living Environment Trophy of the FimbACTE
Hotels and Covivio Immobilien are presented respectively in 2021 Festival, Grand Prix SIMI 2021 in the category “Office towers”
sections 3.2.1.5, 3.2.1.6, 3.2.3.4 and 3.2.5.5. 2021, etc.), the construction of the So Pop building in Saint‑Ouen
(93) (Grand Prix SIMI 2022 “New office building + 10,000 m²”), the
Governance, ethics and human resources criteria are also
energy performance of its buildings (CB 21 Tower winner in 2022
included in this Document, in particular in
in the “Building of the La Défense Paris Cube league” category of
sections 5.3 (governance structure and composition of
the CUBE 2020 trophy) or the recognition of the actions carried
governance bodies), 3.1.2.4.2 and 3.1.2.2.5 (double materiality
out by its Foundation at SIMI 2023 (SIMI 2023 “Philanthropy and
analysis and CSR risk mapping), 3.3.1.3 (employee relations and
Solidarity in the city” award, “Societal commitment” category).
employee‑employer dialogue), 3.3.1.5 (remuneration and pay
The Stream Building received The Plan Award in the Mixed‑use
gaps), 4.2.6.9 (taxation) and 3.3.2.2.2 (Human Rights).
category, competing against 33 international projects, and the
Covivio’s Ethics Charter is also available to all its stakeholders on prize awarded by the Urban Land Institute (ULI) for best
its website. practices and the most remarkable projects in the area of urban
development.
3.2.6.4 A CSR strategy recognized by the
Covivio continues to enjoy good ratings with ESG agencies.
financial sector and rating agencies These recognise the relevance and performance of certain key
Covivio ranks well in the DJSI World and Europe, Ethibel areas of its strategy. This is particularly the case for its climate
Sustainability Index, FTSE4Good, Gaïa de Ethifinance, MSCI, policy and its environmental certification programme for assets,
STOXX Europe Sustainability and Global ESG Impact, and the recognised by agencies such as CDP and GRESB. In a spirit of
Vigeo‑Eiris 20 France, 120 Europe, 120 Eurozone and 120 World transparency and dialogue, Covivio also responds to direct
indices. In addition, Covivio regularly receives trophies and requests from its partners and investors wishing to complete their
awards in the various CSR compartments, such as the Grand analysis on ESG issues.
Prix Compliance in 2020 at the AGEFI Corporate Governance




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Change in non‑financial ratings 2023‑2024

2023 2024

Sustainanalytics ESG Risk Rating 5.9 5
(scale reversed from 0 to 100, Sector rank: 6/1,048 Sector rank: 4/1,009
where 0 qualifies as zero risk) World: 24/15,922 World: 13/15,111


ISS-ESG B- B-
Prime rating since 2015


GRESB 90/100 88/100
Green Star since 2013 (5-stars) (5-stars)


CSA S&P (Former DJSI) 70/100 70/100
World Index since 2013, (Percentile 98) (Percentile 99)
Europe Index since 2016


CDP
Participant since 2012
A A-


3
MSCI AAA AAA



Ecovadis 70/100 74/100




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3.3 Social information
3.3.1 Own workforce (ESRS S1)
The purpose of the ESRS S1 standard is to explain the company’s strategy concerning its own workforce, distinguishing between
employees and non‑employees.
This standard covers a range of issues relating to working conditions, social dialogue, collective bargaining, work‑life balance, health
and safety, equal treatment, etc. It also aims to ensure that the company’s practices comply with international Human Rights
conventions.



ESRS S1 - WORKING CONDITIONS
Description and key words Well‑being at work/Quality of life at work/Work‑life balance
Social dialogue
Accidents and health/safety at work
Key figures: the social cost of stress at work in France is €1.9 billion to €3 billion
Main impacts The priority topics for Covivio are QWL and aspects related to talent development and retention.
Conversely, the challenges related to safety at work are more limited.
Positioning on the value Direct Operations
chain
Main risks Health/safety risk: workplace accidents/occupational illnesses, psychosocial risks (PSR)
Potential risks of loss of skills and knowledge in the event of high staff turnover or low ability to attract, retain
and develop talent
Financial risk: additional recruitment costs
Main opportunities Business continuity
Employer brand
Materiality Material.
ESRS S1 - DIVERSITY AND EQUAL OPPORTUNITIES
Description and key words Discrimination, gender equality, inclusion
Main impacts Impact on the psychological well‑being of affected employees. Limited impact at Group level given its direct
activities and commitments to equal opportunities
Positioning on the value Direct Operations
chain
Main risks Financial risk: in France, the maximum penalties for discrimination are a fine of up to €45,000 and up to three
years in prison.
Reputational risk in the event of discriminatory practices.
Materiality Non‑material
ESRS S1 - RESPECT FOR LABOUR AND HUMAN RIGHTS
Description and key words Respect for Human Rights
Minimum guarantees and social commitments: International Labour Organization, Global Compact
Respect for personal data
Main impacts Impact limited in frequency, but could be significant on the well‑being of employees in the event of
occurrence (for the aspect of respect for personal data).
Positioning on the value Direct Operations
chain
Main risks Financial and/or reputational risk: growing demand from investors and rating agencies.
Materiality Non‑material.




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3.3.1.1 Social policy: European human capital that creates value (S1‑1)
Convinced that long‑term success is based on an ambitious and “Skills/Attractiveness/Diversity” issue ( 3.1.2.2.5) covers the various
future‑oriented human resources policy, Covivio strives, on a daily aspects related to the importance, for the sustainability of the
basis, to create an environment where its women and men can Covivio’s model, to retain and develop talent while conveying
develop their full potential. strong values of equality and inclusion ( 3.3.1.2.4). Additional
insights into social dialogue and exemplary practices complete
In the different positions and jobs within Covivio, levels of
this presentation in section 3.3.1.3.
expertise and skill play a decisive role at all levels. Attracting the
best talent is not enough, however, as such talent must also be In this ESRS, the reporting scope relating to human capital
retained and developed, which involves monitoring the career covers all Group employees with a direct employment contract
path of each person. Identified as a major CSR risk following the with Covivio or its subsidiaries, in the activities and countries
CSR risk mapping carried out at Covivio, the where Covivio is present:


Business activity Country Salaried workforce Non‑employee workforce Present in
Offices Germany, France, Italy Direct employment contract Covivio URD
Interns, seconded employees
Residential Germany Direct employment contract (temporary workers, Covivio URD
placement), self‑employed
Head office and support
France Direct employment contract workers Covivio URD
services



In the ESRS S1 of the Universal Registration Document (URD) of Covivio Hotels, the reporting scope relating to human capital covers
head office employees and those working in hotels:

Covivio Hotels Country Salaried workforce Non‑employee workforce Present in 3
Head office and support
France Direct employment contract Covivio URD
services

WiZiU Direct employment contract
France and Belgium with the WiZiU entities Covivio Hotels URD
Hotel Operating Properties concerned Interns, seconded employees
(temporary workers,
Employment contract as an placement), self‑employed
indirect management workers Covivio Hotels URD
Managers of Hotel Operating contract
5 countries
Properties Reverse management
contract: the workforce is the N/A
employees of the manager
The metrics related to this scope are presented in section 3.3.1.5.2.a.
The different types of contracts: trust and the quality of everyone’s working conditions. Covivio
will perform the survey again in its three countries in 2025,
● direct contracts: signed by Covivio drawing on the expertise of Great Place To Work.
● the following are designated as “employees”: the workforce The Human Resources (HR) policy developed by Covivio revolves
on permanent contracts, temporary contracts, work‑study around four action areas that are essential to the momentum of
contracts (apprenticeship and professional training the 2020‑2025 objectives detailed in this chapter, namely:
contracts) for students in initial training;
● professionalisation and the pursuit of excellence at every
● the following are designated as “non‑employees”: level;
self‑employed workers, workers provided through contracts
concluded with temporary employment agencies and ● a fair remuneration policy, directly linked to performance and
placement agencies (in reference to the NACE Code N78), achievements;
trainees under agreements. Personnel required to be
● exemplary management at the local team level;
present on site but subject to a service provided by a
third‑party company employing them for the performance of ● a transparent and constructive social climate.
security services or IT maintenance, for example, do not
come within this scope but under sub‑contracting; Unless otherwise stated, the policies described in the following
pages concern Covivio employees and non‑employees.
● indirect contracts: entered into by a subsidiary of Covivio
within the hotel business (operation of a business) as part of Located exclusively in the European Union, Covivio’s salaried and
holding Operating Properties. non‑salaried workforce benefits from a favourable social model
due to regulations. Health, safety and working conditions,
In a difficult macroeconomic context for the real estate sector, working schedules, rights to paid leave, mandatory training,
2024 was marked by a strong commitment from the teams to protection in the event of job loss or illness, minimum wage,
the Group’s performance. The development of European human gender equality, freedom of association, employee‑employer
capital is even more anchored in the sharing and alignment of dialogue, right to disconnect, etc. All these are areas in which
best practices in Germany, France and Italy. The Engagement the European Union, at the instigation of the founding nations of
Barometer, conducted every two years by the Kantar institute on France, Germany and Italy, defines minimum standards
all European employees, in its 2023 edition (significant guaranteeing the protection of workers on its soil, and to which
participation rate of 83%) testifies to the feeling of belonging, Covivio subscribes, by improving them.




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While some aspects are handled locally (including recruitment and common concerns that underpin Covivio’s HR policy on a
the negotiation of agreements, etc) in view of local practices and pan‑European basis.
regulations, many others reflect shared objectives and values across
Covivio did not have recourse to any form of partial employment or
the Group and are similarly deployed in all three countries. Diversity,
downsizing for financial reasons in 2024 and does not foresee any
dialogue, professional development, quality of life at work, work/life
restructuring plan leading to redundancies for 2025 in France,
balance and prevention of all forms of discrimination are among the
Germany or Italy.

Key social performance indicators at 31 December 2024 (Covivio historical scope - France, Germany, Italy)



1 013
EMPLOYEES IN FRANCE. GERMANY AND ITALY



“SKILLS/ATTRACTIVENESS/DIVERSITY” RISK



92.9%
EMPLOYEES ON PERMANENT
15
INTERNAL MOBILITY
88%
FULL-TIME EMPLOYEES
CONTRACTS




50%/50%
MEN/WOMEN PERMANENT EMPLOYEES
24
PARTICIPANTS
3.9%
STUDENTS ON APPRENTICESHIP
IN EUROPE IN EX-AEQUO PROGRAMME CONTRACTS




100%
OF EMPLOYEES COVERED
78
PEOPLE RECRUITED
BY A SECTORAL AGREEMENT ON PERMANENT CONTRACTS


3.3.1.1.1 Challenges related to Covivio’s skills and attractiveness
Covivio conducts its business in an industry in which human capital is 3.3.1.1.1.a A recruitment policy that supports the strategy
a key factor to the success of the company. The challenges related In 2024, the number of employees on temporary contracts in France
to skills, attractiveness and diversity were identified in the CSR risk represented a very small proportion of the workforce (2.6% at 31
mapping as major issues for the company. The different initiatives in December). In Italy, the share of temporary contracts was more
these domains are described below, with an overall approach set at significant in 2024 (6.7% vs. less than 1% at the end of 2023), both to
the European level, whilst preserving local autonomy, in order to replace absences on maternity leave (30%) and to limit the creation
guarantee better flexibility and responsiveness for these three of permanent contracts in a period of uncertainty over the
entities: Economic and Social Unit (ESU) France (Offices and Hotels), sustainability of the additional increases in activity identified. In
Italy (Offices) and Germany (Residential and Offices). Germany, the use of temporary contracts is traditionally more
The risks associated with human capital are related to potential frequent, but remains limited at Covivio and is down compared to
losses of skills and know‑how in the event of high turnover or low 2023 (3% of the workforce at 31 December 2024 compared to 3.8% at
capacity to attract and retain talent; a lack of development of the end of 2023). The proportion of employees on permanent
existing skills in the event of a lack of investment in training; contracts has thus stabilised at a high level (accounting for 95.2% of
psychosocial disorders (unease at work, occupational illnesses) if not the total workforce at end‑2024) testifying to the emphasis placed
prevented or treated; or discriminatory practices in the absence of on talent retention and supporting the Group’s future growth.
awareness‑raising and whistle‑blowing mechanisms, leading to a Permanent employment is by default the preferred form of
high reputational risk. employment relationship within Covivio (93% of the salaried
workforce), offering its employees stability and a level of protection in
the event of involuntary termination of their contract (end of
contract compensation in the event of redundancy, unemployment
insurance cover) enabling them to plan for the long term, both
professionally and personally, and to access housing and financial
credit easily. The use of temporary contracts (3.3% of the salaried
workforce) and temporary staffing is limited to replacements, as well
as temporary increases in activity, and constitutes a pool for
permanent recruitment in the event of a job opening (in France, two
temporary employees were transformed into permanent contracts in
2024).


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Recruitment needs are studied and determined by General components are used to outline a recruiting plan, which is
Management according to the priorities and multi‑year business reviewed monthly in all three countries. The recruitment process
challenges. Mid‑year and end‑of‑year appraisal interviews as at Group level is closely watched and aims to assess the
well as “People Reviews” are used to measure both employees’ candidates' professional skills and personality. Managers and HR
workloads, the depth of skills required, their long‑term allocation, work hand in hand to recruit the most relevant resource.
and any changes in skills that need to be addressed. These


Change in the number of employees

1,035 1,013
in 2023 in 2024




93.2% Permanent 92.9%

2.6
4.5%% Fixed-term 3.3%
3
4.2% 3.8%
Apprenticeship contracts



Through four interviews, intended to be discussions, candidates The stages of the recruitment process have been harmonised
have the opportunity of obtaining a practical overview of the across Europe:
company and its strategic challenges. An interview with the
General Management is organised at the end of the recruitment
process, designed as the first step of a true working partnership. Manager
interview Executive
In France and in Italy, an English test is held during the process, in N+2 Manager
and HR interview manager
line with the Group’s requirements for European integration. In interview
(together interview
Germany, the level of English is assessed orally during the or separately)
recruitment process for positions exposed to Europe. A
personality questionnaire is also offered to candidates to serve
as a starting point for discussing their behavioural skills during
the HR interview. Summaries of their personalities and In 2024, Covivio hired 78 people on permanent contracts,
motivations are automatically generated after completing the including 11 newly‑created jobs (compared to 24 in 2023)(EPRA
questionnaire. In 2024, the Germany HR Department continued Emp‑Turnover). Recruitment in 2024 mainly involved replacing
its efforts to develop the employer brand, in particular through departures, consolidating existing expertise in the corporate
the publication of a LinkedIn page dedicated to the German business lines and strengthening the management of the Offices
market, and by the dissemination of a video campaign portfolio in Germany. The financial, audit and IT business lines in
show‑casing the quality of life at work offered by the company. particular were among the recruitment priorities, in a highly
This was also illustrated by the fact that it won the Top competitive market for these sought‑after profiles, which
Company award in 2024, awarded by the Kununu social network, contribute to the security of Covivio’s activities and processes. In
after it had already won it in 2023. Italy, the previously outsourced IT team has been integrated into
the teams on permanent contracts (three positions). In Italy,
The “Employer Brand Ambassadors” programme, which brought regarding Office real estate, an asset manager position was
together 53 European employees in 2024, notably during a created to carry out the disposal plan for the Telecom Italia
two‑day seminar in Paris, enables the values and advantages of portfolio. In France, the smaller volume of Office development
Covivio as an employer to be widely communicated externally, projects has resulted in Covivio adjusting its workforce in real
and to work internally on innovative ideas to enhance its appeal. time, pending an operational recovery. Two voluntary departures
Amongst the proposals is a networking and talent development of project managers and directors who were not replaced in
programme, which will be launched in 2025 at the European 2024. Conversely, the teams in charge of coworking/flex office
level. spaces continued to recruit, both to boost marketing and to
increase the on‑site event offering, a source of revenue. In
Germany, 2024 was marked by the continuation of efforts to
recruit and structure a specialised Offices team to support the
design of offices combining flexibility, services and performance,
in an unfavourable economic context.




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In each country of the Group, employees receive regular HR accordance with German legislation, were added over the year
support during the onboarding period. On arrival, a welcome (not counted in the workforce, (not included in the salaried
booklet is distributed to each employee. This booklet contains workforce, in the same way as trainees under contract). Students
key information about life in the company (onboarding process, are also hired in France as part of the Passerelle partnership with
remuneration structure, time and absence management, etc.). In the Lycée Louise Michel de Bobigny, for summer jobs or
France, once recruited, every new employee follows an short‑term contracts (2 temporary contracts in 2024). In France,
onboarding process that involves several components: an two former work‑study students were recruited on permanent
e‑learning module on the fundamentals of real estate, a contracts, and four on temporary contracts. In Germany, two
mentoring programme called “Buddy Program”, an induction day young apprentices completing their training in 2024 were hired
involving representatives from each department who present the on permanent contracts, and 1 on a temporary contract.
essential aspects of their business, and a discovery report to two
These students are systematically assigned a supervisor within
members of the Management Committee. The onboarding
the company, who is a professional recognised in their field, and
process ends with a friendly moment with the Chief Executive
they are monitored throughout the year by the Human
Officer. In Germany, the time between the signing of the contract
Resources Department. An induction day specific to work‑study
and the first day of the employee is the subject of special
students was organised in France in 2024, in the presence of
attention with the sending of a welcome card. Then, during the
representatives of the Management Committee. In addition, the
first week, the employee receives training (GDPR, security rules).
Human Resources Department ensures the smooth running of
A remote event is organised for all new arrivals during the
apprenticeships in terms of tasks assigned, integration into the
quarter. In order to ensure the smooth integration of new hires
company and workload through a mid‑year interview with each
and trainees, tours of new properties or cities with interesting
apprentice. Training of tutors in the management of an
features for the residential sector are regularly arranged. In
apprentice is mandatory. Covivio again received from the
France, new employees are given priority on site visits organised
“Happy trainees” label, issued by the “Choose my company”
every quarter for the Group’s employees.
body in 2024 on the basis of an anonymous survey sent to all
3.3.1.1.1.b A policy of attracting and employing young talent interns and apprentices present in 2023. With a recommendation
Traditionally focused on developing talent, Covivio confirms its rate of 92.9% and an overall score of 86.1/100, Covivio obtained
“incubator” policy with the recruitment of young people (under the certification for the sixth consecutive year.
the age of 30) on permanent contracts (almost 35% of Turnover of permanent contract departures reached 11.08% at
permanent hires at Group level and 50% in France) and Group level at the end of 2024 (vs. 11.2% in 2023). It has stabilised
apprenticeships, and a large level of profile‑raising activity to at levels that appear high compared to Covivio’s historical rates,
schools and students. In France, Covivio attended three forums but which are consistent with the current overall employment
in 2024 (ESTP, HEC, ESSEC), and advertises its internship and market situation.
apprenticeship offers on Jobteaser, a platform dedicated to
students. According to the DARES (Ministry of Labour) in France, nearly
460,000 employees on permanent contracts resigned in the
In Italy, Covivio took part in forums organised in Milan by second quarter of 2024, a volume down compared to the peak
Politecnico and the Università Bocconi, and organises events of 2023 but which remains structurally high. Covivio's staff
such as a round table on the real estate professions, or a case turnover which was down in 2023, must therefore be put into
study aimed at developing Politecnico's students’ soft skills. In perspective (by way of comparison, the average turnover in
Germany, Covivio is deepening its partnerships with EBZ France in 2023, all sectors combined, was 14.95% according to
(Europäisches Berufsschulzentrum), HWR (University in Berlin), INSEE, (the French Office of National Statistics) and 23%
Technische University (Potsdam), and IU (University in Essen and worldwide).
Berlin), and publicises itself via the Uni‑Now platform, an
application deployed in German universities. In 2024, the The turnover of permanent contract departures in France was
Fachhochschule Bochum enabled 20 students to participate in 10.9%. Turnover due to resignations alone (excluding retirements
meetings with Covivio professionals, and financial experts gave and termination of the trial period) was 4.4%. In Italy, turnover
a conference on the impacts of ESG criteria on real estate was 6.9%. In Germany, this indicator fell slightly to 9.8% (EPRA
financing. The Chamber of Commerce and Industry in Germany Emp‑Turnover). The retention risk is less significant in 2024, due to
rewarded the Covivio's apprenticeship programme again this the difficulties faced by real estate players in the face of the
year. crisis and the slowdown in hiring policies. However, the risk is still
identified in the CSR risk mapping; it was addressed by an
The European Graduate Programme, launched in 2020, aggressive HR policy, in terms of career development (see below
continued in 2024 with the recruitment of a young French the introduction of the career development interview since 2019),
graduate whose first rotation will take place in 2025 within the mobility and promotion, and also remuneration ( 3.3.1.1.3.b) and
German financial teams in Oberhausen. Young people on the quality of life at work ( 3.3.1.1.3.a). The objective is to keep the
Graduate programme benefit from an 18‑month course turnover of permanent contract departures below 12% in 2025,
consisting of three rotations, one of which must be in another and to aim for a turnover of 10% by 2027.
Group country. As an integral part of Covivio’s recruitment and
development policy, the programme reflects Covivio’s strategy of 3.3.1.1.2 Ensure skills development
generating an incubator of talent that is entirely European. At Covivio considers the development of individual and collective
the European level, employees under the age of 30 represent skills as key factors in providing the best possible service to its
14.8% of the workforce. customers and partners and in ensuring a suitable and
In addition, Covivio is pursuing its work‑study policy despite the motivating career path for each employee. Each of the three
effects of the crisis, giving 39 students an apprenticeship or countries defines its annual training plan, depending on
professional training contract within the Group. In addition to the multi‑year priority focuses. Since 2017, English has been a priority
39 apprentices present in Europe on 31 December 2024, 14 in the Group‑wide training plan. The development of soft skills as
interns under contract in France, plus 86 students in Germany on a complement to business training is increasingly embedded
temporary contracts of a maximum of 20 hours per week, in each year in the European skills development strategy.




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3.3.1.1.2.a A training policy to support the strategy There were also significant amounts of business line training and
In terms of skills development, Covivio is pursuing a logic of behavioural skills and leadership training this year. In France and
aligning the training plan with the company’s strategy and the Italy, an individual coaching programme is made available to
individual development of salaried employees (among employees in partnership with Coachhub. This tailor‑made offer
non‑employees, only IT security and compliance training are enables employees to be supported by a video‑conference
systematically given to temporary workers). The training plan has coach for 3 or 6 months. An HR meeting is scheduled in advance
two main objectives: to support the company’s strategy by with the employee to define their development priorities. Once
defining collective training courses in line with strategic this step is completed, the employee can choose their coach on
challenges and changes in the context (new market the Coachub platform and start their coaching. Coachub
opportunities, legislation, etc.); support the development of supported 5 French employees and 4 Italian employees in 2024.
individuals through training on business lines, fluency in English,
the mastery of digital tools or related to professional and Leadership Development in Germany
personal development, with a view to developing Covivio’s skills
capital, but also to retain employees who are increasingly In 2024, 24 German managers benefited from the
concerned about their development and employability. continuation of the Leadership development program
launched in 2022 for all German managers. The aim of this
Every year, meetings are organised with each activity Director, to multi‑year programme is to create a set of common skills in
determine the changes that could impact business activities leadership and communication, conflict management and
and require training to allow employees to improve their skills. change management, and thus to generate a managerial
The People Reviews conducted for each business activity also culture that promotes sustainable collective efficiency. All
enable multi‑year priorities for training to be defined. The annual new managers (promoted or recruited) benefited from this
interviews then identify individual needs in the field, based on programme, and were offered support by the HR
the overall list of requirements, and refine them on an individual Department to organise an induction workshop with their
basis through discussions with and observations from the
employees and local managers.
team.
3
Covivio pays particular attention to developing the skills of its
employees by offering group or individual training, carried out In terms of digitisation, a milestone was reached in 2023 with the
within or between companies, or more rarely internally. European deployment of the LMS 365, dubbed Covivio Academy.
This platform, which is supported by the HRD and accessible to
The equivalent of 1.9% of the Group’s payroll was invested in all, offers online training (e‑learning modules and webinars) and
training in Europe in 2024. facilitates the enrolment of employees in training. Covivio
Academy also acts as a hub for user guides for different tools
(Teams, Microsoft 365 and SAP), and aims to bring together
training on procedures and compliance. It was supplemented in
This investment has a direct impact on the employee training France by the introduction of the Edflex portal in March 2024:
rate, which increased from 77% in 2023 to 87% in 2024, far directly accessible from Covivio Academy, this tool permits
exceeding Covivio’s training objectives. In France, 94% of resources to be consulted in various formats (e‑learning,
employees (i.e. 284 employees) received training in 2024, well certification courses, podcasts, videos and articles), freely and
exceeding the target of 70% set in 2020, thanks to the training throughout the year, on project management, real estate, CSR,
courses rolled out very widely this year on IT security and Artificial Intelligence, or management. It complements the
compliance. The average training time at the European level is 16 traditional training actions, and opens a whole new approach
hours (12 hours for France, 25 hours for Italy and 16 hours for via self‑training in short modules mobilised in a specific context,
Germany). an approach very popular among younger generations. 2025 will
be a confirmation year before considering a deployment on a
Covivio aims to train at least three out of four employees in
European scale. Business line training was provided in all three
Europe each year.
countries. They aimed in particular to deepen the expertise of
At Group level, fluency in English remains essential, in a spirit of the teams in real estate (economic and financial fundamentals
collaboration between the various teams. Group or individual of real estate markets, performance of hotel real estate,
training sessions are organised and European projects (SAP, construction and rehabilitation of real estate operations),
Covivio for Climate, Ex Aequo, for example) enable employees to finance (accounting and tax developments, financing of real
develop their language skills. In total, 141 employees received estate assets), and mastery of IT tools (SAP, BFC, advanced
training in English, i.e. close to 15% of the permanent workforce. Excel, or Office 365). In Italy, two key managers and experts
attended high‑level training courses provided by Bocconi and
Luiss universities, notably on asset valuation and financing.




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Actions to raise awareness of climate change issues continued in
2024 as part of the C4C project (Covivio For Climate), with the At the European level, 90.7% of employees had an annual
organisation of workshops (25 employees in 2024) called “2 performance review in 2024.
tonnes”, enabling participants to measure their own emissions
and understand the levers for change, both individually and
collectively.
In France, 95.1% of employees had their annual review with their
With a view to retaining talent and developing employability, manager, and also had a mid‑year review to take stock of the
Covivio offers certificate‑level training courses to its employees. achievement of objectives and potentially update them.
In France, a catalogue listing all available training courses is Discussions are based on two separate components in the
updated each year. annual interview. The first part is devoted to performance,
evaluating attainment of objectives, measuring the employee’s
In compliance with the Hoguet law requiring certain real estate main results, both quantitative and qualitative, and setting the
professionals to undergo training, holders of professional cards objectives for the following year. The second part is devoted to
subject to the training obligation complete 42 hours of training skills development and training. Work‑study students also have a
over three years. In France, 29 people are affected by this mid‑term and end‑of‑work‑study interview with their tutor.
obligation.
In Italy, annual performance meetings, introduced in 2015 based
3.3.1.1.2.b Integrated and dynamic career management on the French model, combine performance evaluation, skills
In line with the risk mapping and with the European seminar development, establishing training needs and requests for
organised in 2021 that resulted in the HR action plan in favour of development. They concern the entire workforce. A mid‑year
attracting and developing talent, the HR policy focused on interview was introduced in 2019 to review the annual goals at
support for personalised career paths for Group employees. Only the mid‑way point. In 2024, 92.9% of employees on permanent
salaried employees on permanent contracts are concerned by contracts discussed their performance and professional
this entire support policy. development with their manager.
From a collective point of view, the key moment in Covivio’s In Germany, annual reviews have been systematised since 2023
talent management cycle in France is the People Reviews, cross (in 2024, 88.4% of employees had a performance review). They
disciplinary meetings that provide an overview of a business enable employees and managers to take stock of the past year,
line’s talent “pool” and the keys to employee retention, to make decisions about variable compensation more objective,
development and recruitment, based on the business line’s and to jointly define progress objectives. These appraisals are
development, the company’s objectives and the relevant job also an opportunity to discuss the development needs and
markets. In 2023, a People Review of young French talents under training wishes of each employee. They are also an opportunity
the age of 30 was carried out to take stock of their skills to discuss team work and its effectiveness.
development and identify opportunities for each of them.
Feedback was given to employees in the presence of the line Every year, Covivio promotes mobility within the Group. In 2024,
manager and the relevant member of the Management there were 26 mobility transfers inside the Group: 10 in France, 3
Committee. A new edition is scheduled for 2025. In Italy, a People in Italy and 13 in Germany.
review of employees under the age of 35 was conducted for the
first time in 2023 by the Management Committee, resulting in the
creation of individual action plans, and was repeated in 2024. In Since 2019, discussions on the French employees career
Germany, a Talent Review of 34 employees, led by the Germany development path have been taking place through a specific
HR department in 2022 and in the presence of department “career development review” conducted at least every two
Directors, had identified areas for development and actions to years. This is an opportunity for a healthy dialogue between
be implemented in order to best support employees in their manager and employee about the employee’s expectations.
career management. This action plan was monitored and, in Managers were trained in conducting this review, which requires
2024, a review of individual cases was carried out by the a different attitude from that of the end‑of‑year interview and
Management Committee on a weekly basis. needs a “coach manager” approach. This career development
review may be followed by a human resource interview to assess
On an individual level, the annual meeting between employees the feasibility of any proposal and to put in place the necessary
and their managers, along with various interviews conducted by support (covering skills assessment, individual training account,
the Human Resources Department, lie at the heart of the career transition, professional development advice, coaching,
professional development programme for every employee. 100% job training, etc.). If a move is requested in the short term (one
of employees on permanent contracts are eligible for this year) or medium term (three years) during this interview, an
interview, and only an absence or end of year arrival can justify a additional exploratory interview will be scheduled with the HR
postponement of the interview. team to search for short‑term growth opportunities through
internal postings.




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KEY MOMENTS IN CAREER MANAGEMENT


Integration programme Performance interview
• Integration day • Past year performance evaluation
Parcours d’intégration
• Discussions with Management • Identification of training needs
•• Journée d’intégration
Social events • Definition of objectives for the following year
•• Échanges
6-month HR avec la Direction
review
•• Moments
E-learningconviviaux
sessions
•• Bilan
Buddy RHProgram
à 6 mois
• Modules e-learning Skills development
• Buddy Program
Framework for year n+1
People reviews • Training
• Coaching
Periodic meeting for each business line • Personalised HR assistance
• Skills assessment
• Anticipation of job changes
• Identification of collective training needs
• Projection of career development Mid-year
Interview Workload and Target Monitoring

HR interviews
Interview offered by HR depending on Professional development
individual situations
interview (every two years)
• Senior employees
• Prior to and after return from long absences • Career review 3
• Support and monitoring of mobility • Desired changes



Mobility
Changing business lines, promotion,
assumption of managerial position
• Support in assuming functions
• Training or coaching as required




3.3.1.1.3 Talent retention
3.3.1.1.3.a Promoting work/life balance
Since 2020 and the health crisis, teleworking has been At the same time, Covivio is continuing its commitment to Quality
integrated into the operating methods. At Covivio, teleworking of of Life at Work (QWL), notably in the context of its Quality of Life
one day a week had been practised in France since 2017, and a at Work agreement. Signed for the first time in 2014, renewed in
new agreement signed in 2021 extended the practice to two 2018, it was redesigned in 2023. Encompassing all measures likely
days per week. This amendment to the teleworking agreement to promote work/life balance, the agreement signed in 2023
allows each eligible employee in France (temporary and introduces the notion of the right to disconnect and covers
permanent contracts after three months) to work remotely two psychosocial risks related to the use of new information and
days a week, freely arranged by the employee, with two working communication technologies (NICTs); it also deals with practices
days’ notice, from the location of his or her choice, provided that that contribute to improving the quality of work and working
it is within the European Union. Work‑study students can also conditions, such as the quality of the managerial relationship
work remotely one day per week from six months. In Italy, remote and manager training, workstation ergonomics, work
working was set up on a permanent basis for one day per week. organisation, internal communication and the clarity of each
In Germany, the management and the staff representative person’s missions.
bodies decided in 2023 to increase the possibility of teleworking
to two days a week (40% of working time within the limit of two
days), this decision applying until the renegotiation of the
collective agreement on teleworking planned for 2025.




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Anxious to support employees in their work/life balance, the
Workload monitoring meetings France HR department set up two new systems in January 2022:
The mid‑year appraisals in France, introduced under the ● A nationwide inter‑company nursery reservation system, by
agreement of 25 November 2014 on the reorganisation and partnering with Les Petits Chaperons Rouges. Three types of
reduction of working time, are an effective way of raising service are available: regular (weekly), occasional (for example
the alarm in the event of work overload, in line with during school holidays) or emergency. In 2024, 8 employees
measures laid down for the prevention of stress and benefited from a full‑time crèche place;
psychosocial risks. The Human Resources Department
shares, with staff representatives on the QWL Commission, ● A personalised assistance to support family caregivers in their
a summary of the alerts identified, their level of severity, and administrative procedures, via a partner from “Prev & Care”, a
action plans put in place. The interviews with the Human group with 15 years’ experience in this sector. The employee is
Resources Department or management also gave some assisted in all their procedures by a Care Manager, for
employees an opportunity to bring up personal obligations example for the organisation of home care or the creation of
that could impact their work lives, particularly issues related a financial aid package. This remote service is available six
to taking care of ageing parents on a regular or ongoing days a week from 9 a.m. to 7 p.m. 23 employees have
basis. Employees can access all the information and social benefited from this service since its implementation in 2022.
institution contacts that are appropriate in this type of In Italy, employees are reimbursed for part of the costs incurred
situation, via a social security‑healthcare costs platform. for childcare and incurred as part of their schooling. In addition,
working hours offer a certain flexibility (arrival between 8:30 a.m.
and 10 a.m. and departure between 5: 30 p.m. and 7 p.m.) in
This agreement is backed up by various mechanisms in France: order to allow employees to organise their personal and family
life. The Italian HR department supports employees in their
● an ad hoc commission composed of elected CSSCT (Health administrative procedures related to taking maternity leave or
and Safety Committee) members, trade union representatives sick leave.
and managers representatives (which met once in 2024);
In France, maternity leave is 16 weeks and may be supplemented
● telephone counselling exclusively by qualified psychologists by a 14‑day sick leave prior to the birth. Covivio maintains full
and available 24/7 via a free‑phone number; pay throughout maternity leave for women. Since July 2021,
paternity leave has been 28 days and Covivio maintains the full
● workload monitoring meetings every half‑year;
salary for the men concerned throughout the leave period. In
● the organisation of meetings between 9 a.m. and 6 p.m.; addition, parental leave allows parents of a child younger than
three years old to work part‑time until the child turns three, or to
● training of managers and employees in the prevention of suspend their full‑time employment contract for as long as they
psychosocial risks. wish (100% of parents who choose this second option return to
their positions at Covivio at the end of their parental leave).
Right to disconnect and proper use of digital When parents wish to continue to work part‑time after their
communication tools children turn three, they may apply to do so. At Covivio, all these
applications have been granted. In Germany, a plan called
A charter of best practices has been distributed to BUK (1) reconciles family life with work life by helping employees
everyone to increase employee awareness on how to use find childcare solutions or support for ageing parents.
professional messaging properly. In particular, it includes a
reminder of the need to consider the appropriate time to In Germany, special attention is paid to family life, under the
send an e‑mail, a chat message or a telephone call, and impetus of a member of the Board of Directors of Covivio,
not to request an immediate response unless essential and Daniela Schwarzer, who has presented the issues specific to the
an emergency. An information message was included in the culture and examples of actions to be taken at CSR Committee
signature of the e‑mails: “Covivio is committed to the right meetings. Simplified access to information on parenthood has
to disconnect. If you receive this email outside your normal been set up, via the appointment of a contact person within the
working hours or during your holidays, you cannot be HR Department and a dedicated page on the intranet.
required to respond immediately”. Irrespective of whether the employee is the mother or the father,
parents can benefit from a working time arrangement during
their parental leave and opt for part‑time work. 100% of
employees return to their positions at the end of their parental
In Germany, training on stress prevention and resilience leave and can adjust their working hours, if they wish. Working
development is organised on a voluntary basis, as are time from home can also be implemented on a case‑by‑case basis,
management workshops. The issue of work‑life balance is depending on the employee’s situation. Work schedules can also
addressed during annual interviews. In Italy, an assessment of be made flexible for parents of children under 16 years of age.
the risks of stress in the activity is carried out every year, During the school holidays, the German offices regularly
according to ten indicators set by law, and discussed by a body welcome the employees’ children in a friendly atmosphere and
composed of the employer, the occupational doctor and offer them games and activities. The implementation of a
employee representatives; in view of this assessment and the childcare service co‑financed by Covivio and available
working conditions in force, no alert was issued, and the risk is throughout the year is currently being studied.
considered low.




(1) Betriebliche unterstützte Kinderbetreuung - Childcare financed by the company.


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3.3.1.1.3.b Performance‑based pay and coping with inflation Covivio has had an agreement on salaries with the union
With a view to fair remuneration and talent retention, the Group’s representatives in France for several years as part of the
remuneration programme aims for the best possible balance Mandatory Annual Negotiations (NAO). These negotiations cover
and takes into account both individual and collective the areas defined by law: mainly remuneration and the sharing
performance, and also the profile and level of experience of of added value, but also working time, professional equality
employees, and the state of the job market, which is becoming between women and men, quality of life at work. In 2024, several
increasingly competitive for certain specialised profiles. measures were put in place or continued in this context, such as
the collective allocation of 30 free shares to reward team
In France and Italy, the bonus pay policy is incorporated into the commitment, or the payment of a value‑sharing bonus of €1,500
concept of individual performance, based on the extent to to all employees in December 2024.
which job objectives determined during the annual interviews
are achieved. The challenge is to make this measurement of an
employee’s contribution to the Group more objective and more An employee shareholding scheme
transparent to employees. In France, 100% of employees on Covivio allows its French employees to take advantage of a
permanent contracts are eligible for variable compensation. In legal system that allows companies to provide employees
Italy, 82% of the workforce were eligible for bonuses in 2024. with an incentive to share in the company’s results,
In Germany, a new employee remuneration model was put in governed by a collective agreement negotiated and
place in 2017, including the option of receiving variable signed with the social partners. Each year, each employee
remuneration, and joining the policy for performance‑based can invest their profit‑sharing bonus (equivalent to 9% of
remuneration already existing in Covivio. This agreement was annual remuneration on average) in a Company savings
negotiated and approved by staff representative bodies. plan, in cash or Covivio shares, with a matching
Employees can choose to join this new model or remain covered contribution from the company. Employee incentives,
by the previous collective bargaining agreement. In 2024, 80% of profit‑sharing schemes and savings agreements have been
employees received variable remuneration. As of 31 December
2024, 99% of the workforce was covered by one of these two
rolled out within the France ESU as part of existing
collective agreements. Average profit‑sharing of 8.01% of 3
collective agreements (only six executive managers are not average annual salary was paid to beneficiaries in 2024 for
covered because of their different contractual status). 2023. 90% of the beneficiaries opted for a partial or total
investment under the Group Savings Plan and 83% opted to
invest in Covivio shares, with this investment resulting in an
additional contribution by the Group to encourage
employee shareholding. In 2024, 52.7% of employees
Europe‑wide (vs. 50.5% in 2023) were also eligible to receive
free company shares.




Breakdown of profit‑sharing
50%
Share proportional to the salary paid to each employee




% CASH
PAYMENT
PROFIT SHARING

% GROUP SAVINGS
PLAN

50% + ADDITIONAL CONTRIBUTION
Share distributed evenly to each employee,
in proportion to the time spent in attendance




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In all three countries, measures to combat inflation have been prepared on site. In terms of safety, Covivio is committed to
put in place. In France, a value‑sharing bonus of €1,500 was paid going beyond the requirements of the French legislator, with a
in January 2025 for 2024. In Italy, a bonus of €2,000 was paid in total of 16% of employees holding a Lifeguard First Aid certificate
the form of purchase vouchers. In Germany a sum of up to €1,500 (SST) in 2025 (45 employees, of whom 26 were again certified in
for full‑time employees was paid in 2024 to help employees cope 2024 to maintain their skills). The prevention of electrical risk is
with inflation (part of this sum is paid monthly), and this inflation also addressed, with the implementation of
support has been made renewed in 2025 by being integrated H0‑B0 (1) accreditations for all employees exposed to this type of
into the basic salary. risk within Real Estate Engineering and Information Systems. The
Single Occupational Risk Assessment Document (DUERP) was
In Italy, since December 2022, employees have benefited from
reviewed in 2024 with the elected members of the SEC, and
reductions on expenses related to childcare, school fees,
includes all potential health and safety risks for Covivio
transport and have vouchers for cultural activities (cinema,
employees and service providers. It is shared with the
concerts, museums, etc.). This measure was renewed in 2024 and
Occupational Health department and is reviewed every year to
2025.
incorporate any new risks. To help employees with their remote
3.3.1.1.4 Protect health and safety and promote the work set‑up, Covivio finances 50% of home equipment
quality of life at work (ergonomic chair, additional screen) up to €100. In Italy, a great
deal of attention has been paid to safety training, provided to
Each of the entities of the Covivio group applies the eight employees in the company who hold specific roles defined by
conventions of the International Labour Organization (ILO) Italian safety legislation: operational managers and certain
concerning: freedom of association, effective recognition of the employees have therefore joined the group of “First aiders”
right to collective bargaining, elimination of all forms of forced or already trained. In 2024, a total of 62 people attended an
compulsory labour, effective abolition of child labour and occupational safety refresher training course.
elimination of discrimination in employment, remuneration and
occupation. The worker health and safety policy applies to More generally, the Health and Safety Committees (CSSCT) (2) in
employees and non‑employees, as well as to workers in the value France, and the equivalent national bodies in Germany and Italy,
chain present in Covivio’s premises, in accordance with ESRS 2. verify the suitability and comfort of the facilities provided for
employees, and are informed of all development projects and
Health and safety are very much part of Covivio’s employee provisional schedules for any works. In Italy, this Committee
policy and numerous initiatives are carried out to support meets at least once per quarter and an “Employee Safety
employee health, such as flu vaccinations (in France and Manager” is, in addition, responsible for making sure that the
Germany), skin cancer prevention measures, specific office organisation complies with security and safety principles. 100%
layouts (such as variable height desks, adjustable stands for of Covivio employees are covered by a staff representative body
additional computer monitors) for employees who have responsible for ensuring compliance with the standards in force,
musculoskeletal problems, and the holding of awareness identifying any health and safety problems, and encouraging
meetings concerning screen work. In France, a half‑day training the necessary preventive actions. Only one workplace accident
course on "Movements and Postures" was offered to employees was recorded in Italy in 2024 (none in 2023). In France, none of
concerned by the move to the workshop at the beginning of the three accidents recorded resulted in lost time, and the rate
2024, as well as to all employees who have to perform tasks remains limited to 1%. In Germany, the rate is very low at 1.2%. At
involving manual handling (eight employees and two service Group level, the workplace accident rate is 1%. The absenteeism
providers). 40 participants were trained in fire safety in the rate also remains low, at 2.8% in France, 4.1% in Germany, and
context of the move to the new Paris headquarters. An 1.6% in Italy, i.e. 3.5% at group level (compared to 3.5% in 2023).
ergonomist doctor is regularly called upon in the French The safety rules and equipment on construction sites are defined
premises. Yoga classes are also offered to the Berlin teams, and in the procedures according to the legal standards in force, are
a partnership with a national gym chain allows employees to broken down into mandatory training and are the subject of
benefit from preferential rates. In France, the Works Council regular reminders. Travel is governed by a travel policy specific
partially finances the sports activities of employees who so wish. to each country. No accident resulted in any disability and no
Two sports halls have been set up in the new premises of the fatalities were reported.
Parisian teams, L'Atelier, in the Saint‑Lazare district. Various group
sports classes (yoga, pilates, weight training) are offered each In France, Covivio ensures that the rest periods for employees on
week to the teams working at the Atelier. Regular basketball set‑day contracts (90% of the population on permanent
tournaments are held. contracts) are respected. The legal rest period is at least 11
consecutive hours and the weekly rest period is at least 24
In Italy, workspaces in Rome and Milan were renovated in 2022 to consecutive hours. For employees who do not have set‑day
improve employee comfort. The meeting rooms were expanded contracts, the weekly working time is 37 hours, and any overrun is
and telephone booths were installed, allowing everyone to recovered within two weeks of this overrun. In Italy, full‑time
isolate themselves during meetings. In France, Covivio moved employees work 40 hours per week. In Germany, a large number
into new premises in 2024, whose layout was extensively of employees also work 40 hours per week and around 140
designed in consultation with employees and staff employees have a specific contract inherited from the former
representative organisations, both of whom approved this move collective agreement and work 37 hours per week. Working time
to the centre of the capital. A restaurant area is now open to all, is measured in Germany via a time recording and monitoring
and the ergonomic and aesthetic workspaces make the Paris tool, and overtime payments are compensated. All employees
site a new Office model. In Germany, the staff restaurant was benefit from 30 days of leave, and can also convert part of their
completely renovated in 2024, and the catering offer was revised variable remuneration into additional days of leave, on a
in 2024 for better quality of taste and nutrition, with meals voluntary basis, within the limit of three days.




(1) The H0 B0 electrical accreditation covers all the activities carried out in an electrical room and all electrical work performed in a working
environment.
(2) CSSCT: Health, Safety and Working Conditions Committee.


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In Germany, the Human Resources Department put in place a
conflict management procedure, in collaboration with employee professionals enable employees to gain awareness of the
representatives. This strictly confidential procedure provides for impact of their own beliefs, behaviours and emotions on
mediation support for the person or people concerned, led by themselves and on others. In 2024, all new arrivals were
the Human Resources Director and supported by an employee trained in specific sessions. In Germany, stress and resilience
representative. The existence of this procedure was widely training has been offered to employees since 2021. Each
communicated to employees and has been a tool for manager is involved in the deployment of training to his or
successfully resolving certain disputes. her team. Time management is also a topic covered during
these training sessions.
Furthermore, in France, employees benefit from an additional
(mutual) health cover, 75% financed by Covivio for non‑managers
and 65% for managers, and their salary is maintained from the
first day of absence for sick leave, for three months. In Italy, 3.3.1.2 Deployment of the Human Rights Policy
employee health insurance covers the medical expenses of to employees (S1‑1 EU Law)
employees and their family members (spouse and children) upon
presentation of invoices and up to predefined caps. In Germany, In addition to the laws and regulations that apply in each
all employees also benefit from a health insurance, 50% covered country where it operates, and aware of the impact that its
by Covivio, and the salary of employees is maintained at 100% activities may have, Covivio strives to respect and promote
during the first six weeks of illness. internationally recognized Human Rights within its business lines
and among its chain of players. Covivio is a signatory of the
Create face‑to‑face and remote social links Global Compact and applies its 10 Principles as well as the Eight
In 2024, three Covivio Talks were held, enabling Management to Fundamental Conventions of the International Labour
share the Group’s results and ambitions with all teams. There was Organization. In addition, the Group operates in countries with
also the bimonthly European newsletter distributed to all Group very protective laws in this area. Human Rights are therefore a
employees. In France, Covivio Meetings invite experts on
business or cross‑functional topics (artificial intelligence,
moderate issue in the exercise of its activities, as shown by the
dual materiality study (ESRS 2, section 3.1.2.4.2). In addition, 3
low‑carbon buildings, circular economy and food, etc.); these Covivio implements an active policy in terms of philanthropy and
awareness‑raising activities involved many employees skills‑based sponsorship via its Corporate Foundation ( 3.3.3.2.1).
throughout the year. In Germany, remote discussions are
Covivio formalised its Human Rights policy in 2024. This policy
organised with executives on cross‑functional topics, and
constitutes an overall commitment of the Group as an employer,
registration is free. In terms of working methods, remote working
customer and service provider.
applications (Office 365 and in particular Teams) are now part of
everyday life in France, Germany and Italy, thus enabling a Smart Internally: it applies to non‑employees and employees with a
Working dynamic to emerge based on technology and to direct or indirect employment contract with the Group
maintain the team spirit between employees. (section 3.3.1.1), in the countries in which it operates (countries
where Human Rights are subject to very restrictive regulations,
which Covivio strives to surpass).
Prevention in favour of quality of life at work
Externally: Aware of its role and responsibility at the heart of its
In France, training sessions to combat PSRs (psychosocial
value creation chain, Covivio places great importance on
risks) were rolled out to participants in 2022 and 2023.
Human Rights in its relations with various stakeholders,
Planned as part of the prevention framework provided for in
particularly with its suppliers.
the QWL agreement signed in 2023, they include a module
focused on the right to disconnect, as well as the While some aspects are handled locally (including recruitment
dissemination of a webinar on stress management, and the negotiation of agreements) in view of national practices
including a cardiac coherence exercise (phasing of heart and regulations, many others reflect shared objectives and
rate and breathing) for rapid relaxation. Covivio is once values across the Group and are similarly deployed in all three
again committed to employee health. These training countries. Diversity, dialogue, professional development, quality
courses make it possible to both individually and of life at work, work/life balance and prevention of all forms of
collectively develop the quality of life at work and enable discrimination are among the common concerns that underpin
everyone to find the resources to better manage situations Covivio’s HR policy on a pan‑European basis. This policy is
at risk for themselves and for others. Discussions with PSR brought to the attention of all employees in France, Germany
and Italy, and is translated into each language.




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3.3.1.2.1 Commitment to employees Measures to provide remedies in the event of an impact on
Covivio’s commitment policy aims to create a working Human Rights
environment where each employee feels supported, valued and A whistleblowing system is available to Group employees and all
motivated, implying in return a high level of motivation and stakeholders. If a member of staff, whether salaried or
long‑term loyalty. It is based on Covivio’s five values, all of which non‑salaried, notices a violation of Human Rights, concerning
are widely published and can be consulted internally and them or another employee, they can report the fact by using the
externally on the Covivio website, and resonates with the whistleblowing procedure. Disseminated and explained internally
Purpose. at the European level, it is also publicised to partners and
Covivio is committed to promoting a culture of respect and suppliers via the Covivio website. In addition, it is mentioned in
inclusion. All employees, regardless of their origin, gender, age, the Responsible Purchasing Charter (ESRS S2, section 3.3.2.2.1). A
religion or any other personal characteristic, must feel valued new Whistleblowing platform was set up in France, Germany and
and respected. No form of discrimination or harassment is Italy at the end of 2023. In particular, it makes it possible to
tolerated. better manage the confidentiality of whistleblowers.

Covivio invests in the professional development of its employees. 3.3.1.2.2 A Human Rights policy aligned with the
This includes continuous learning opportunities, feedback United Nations Guiding Principles on Business
opportunities via interviews, and personalised career plans. and Human Rights
Employees are encouraged to develop their skills and pursue Each of the entities of the Covivio group applies the eight
their professional ambitions. conventions of the International Labour Organization (ILO)
concerning: freedom of association, effective recognition of the
Covivio recognises and rewards the contributions by its
right to collective bargaining, elimination of all forms of forced or
employees. This involves a transparent policy of
compulsory labour, effective abolition of child labour and
performance‑based remuneration and talent promotion.
elimination of discrimination in employment, remuneration and
The well‑being of employees is a priority. Covivio offers well‑being occupation.
programmes, flexible working hours and teleworking options to
In its Human Rights Policy, Covivio specifies that certain
help employees maintain a healthy work/life balance. Initiatives
commitments concern more specifically the hotel business
promoting mental and physical health are developed.
managed directly, such as the fight against human trafficking
Covivio is committed to maintaining open and transparent and sexual exploitation. On this point, Covivio condemns and
communication with its employees. The feedback culture is a prohibits any form of human trafficking, sexual exploitation or
reality and constructive exchanges at all levels of the paedophilia in the hotels under its direct management.
organisation, as well as with employee representative bodies,
are conducted on a regular basis. Significant decisions and 3.3.1.2.3 Prevention of workplace accidents
organisational changes are communicated in a clear and timely Details of the policy implemented by Covivio to prevent
manner. workplace accidents are provided in section 3.3.1.1.4, Protecting
health and safety and promote quality of life at work.
Covivio encourages employees to participate in social and
environmental responsibility initiatives, with the aim of giving 3.3.1.2.4 Commitment to diversity and equality
back to the community and promoting sustainable practices. Covivio is committed to combating all forms of discrimination
Every employee has the opportunity to get involved in projects and has implemented measures covering all the direct
that have a positive impact. employees of its business activities in Europe. The scope of
Covivio is convinced that this mutual commitment, which is discrimination covered by these measures are: age, sex, gender
nurtured at all stages of the employment relationship, from the identity, name, origin, marital status, sexual orientation, mores,
recruitment and onboarding process to the departure of the genetic characteristics, real or supposed affiliation to an ethnic
employee, is the key to long‑term success. It is measured through group, a nation, a race, the language spoken, physical
our Engagement Barometer, and each member of the Executive appearance, disability, health, pregnancy, political opinions,
Committee, Covivio’s highest executive governing body, is philosophical opinions, religious convictions, trade union
responsible for it on a daily basis. activities, bank domiciliation, place of residence, particular
vulnerability linked to the economic situation, and loss of
For more information: autonomy.
● 3.3.1.3.2 Dialogue methods and their uses;
● (S1‑3) Ethics Charter for greater responsibility.




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In terms of recruitment, the review of applications and invitations The aim of the Ex‑Aequo programme is to promote gender
for job interviews are being reviewed to ensure diversity among equality on a pan‑European basis.
the candidates’ profiles considered for each job. In the Group as Covivio has deployed the Ex‑Aequo programme since 2017 with
a whole, all recruitment processes must present at least one the goal of fostering the development of women within the
candidate of each sex, and the recruitment guide for Human Group. It consists of two main components:
Resources and managers sets out the principles of
non‑discrimination in hiring as well as regulations in this area. ● raising awareness among all employees about gender
Recruiters within the HR France department undergo training equality through surveys and internal information meetings;
every three years on combating discrimination in recruitment,
● a mentoring programme designed to support and guide
and an e‑learning module is provided to all recruiting managers.
women who wish to receive guidance on their professional
In Germany, following a decision of the German Constitutional
career and benefit from the support of a mentor who is a
Court, Covivio now adds the term “Other” in its job
member of the European Management team. 24 French,
advertisements. Covivio thus affirms its goals in terms of
Italian and German women benefit from this programme
combating discrimination, here against transgender people.
today. Since the start of the programme, 97 women have
In Germany, Covivio is a member Charta der vielfalt (1), an been mentored by a manager.
initiative that promotes inclusion and diversity in companies
All French, German and Italian mentors were trained in the role of
through recruitment, training and skills development. Two people
mentor. This training was provided by Gloria, a partner
are officially designated as contact points for discrimination and
organisation on gender balance issues.
can be contacted by employees in the event of a complaint. In
France, a 25‑minute e‑learning module “Preventing sexist acts” Mentees are regularly invited to express their additional
was distributed to all employees on the national day against expectations. In Germany, where the number of mentees is high,
sexism in 2024, and remains accessible to all on the Covivio meetings are organised regularly to collect feedback and
Academy portal. improve the programme. The current promotion met in Paris in
Gender balance
June 2024 for an event which in particular included an
experience sharing with Daniela Schwarzer (director of Covivio)
3
As a signatory to the Diversity Charter (2) in 2010 and the Global on the place of women in companies, the impact of national
Compact (3) in 2011, Covivio’s HR policy is consistent with the cultures and the levers for progress, as well as a workshop on the
objectives of these agreements, in particular by systematically main obstacles to the development of female leadership -
analysing pay gaps between people performing the same job, shame, fear and isolation - their origins and the keys to
starting with any wage that is 5% below the median. Eleven overcome them.
members of staff had their salaries adjusted following this review
in 2024. Covivio received a score of 94/100 in 2024 on the In 2024, the French mentees were offered a membership
Gender Equality Index in 2024 (compared to 95/100 in 2023). A (financed by Covivio) of the professional female real estate
similar procedure for reviewing potential inequalities has been in network, CREW. This membership gives them access to a large
place in Italy since 2017: the only differences identified were a number of contacts, mentoring sessions by women managers
difference in average seniority of service between men and and events and round table meetings on the promotion of
women, involving a wage gap as per the rules set out by the women in real estate companies. Covivio hosted one of these
collective agreement. In Germany, there is a process to readjust events in these premises.
any salaries that are out of line, thus contributing to greater On Women’s Rights Day, a European‑wide Covivio meeting was
equality, particularly between men and women. In 2025, specific offered to all employees, dedicated to gender stereotypes and
software will be implemented in Germany to enable each the contribution of the neurosciences.
manager to quickly view any pay gap for the same position and
to propose suitable remediation plans. In Italy, a partnership was signed with Valore D, the main
professional association committed to gender balance in Italy.
In France, the distribution of the workforce remains stable, with Thus, Covivio employees can access information on this topic
58.7% women as at 31 December 2024. The gender balance is and participate in events and initiatives offered by the
almost perfect within the managerial population: 50.7% of association (conferences, mentoring programmes, etc.).
managers are women at 31 December 2024. In Germany, women
represent 47.4% of the workforce and 28.8% of managers are No complaints related to discrimination issues were submitted to
women. In Italy, the workforce is 51% male, and women represent the Ethics Officer in 2024, and Covivio was not found guilty of
50% of managers. The French Management Committee is 46% any offences in the area. The whistleblowing system in place also
female (54% if non‑employee corporate officers are excluded), covers all types of harassment and discrimination, and protects
and the Italian Management Committee is 50% women. In whistleblowers. In France, in response to the 2017 French Labour
Germany, 25% of the Executive Committee is made up of women. law, two sexual harassment officers were also appointed (one on
At Group level, the proportion of women managers remains the Works Council and the other in the Human Resources
stable (39.8% of the Group’s managers are women in 2024 Department), increasing the number of available whistleblowing
compared to 42% in 2023). Covivio's Executive Committee, a and response channels. An e‑learning module on the prevention
European management body, comprises 33% women (EPRA of sexist behaviour is available on the Covivio Academy
Diversity‑Emp). platform. It aims to help employees and managers identify sexist
behaviour (in its various forms) at work and react accordingly if
necessary. In France and Italy, where the national environment is
more favourable to group childcare and where the offering is
more comprehensive, ad hoc systems have been put in place to
promote work‑life balance, such as the scheme launched in 2022
offering childcare places or solutions. The systems implemented




(1) Charta der Vielfalt - Für Diversity in der Arbeitswelt (charta‑der‑vielfalt.de).
(2) Principles of the charter: https://www.charta‑der‑vielfalt.de/en/diversity‑charter‑association/about‑the‑diversity‑charter/terms/
(3) https://unglobalcompact.org/what‑is‑gc/participants/15495


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to improve the work‑life balance, including for young parents, are Senior employees
detailed in section 3.3.1.1.3.a. With regards to support provided to the senior workforce,
Disability Covivio introduced a systematic interview with the Human
Resources Department in the year of their 55th birthday. This
In the case of equally qualified candidates, Covivio promotes
interview, which can be held for employees each year at their
the recruitment of candidates with disabilities. At 31 December
request, examines issues relating to their job, any desired
2024, employees with disabilities comprised 2% of Covivio’s
changes and measures to be taken in terms of ergonomics, for
workforce in France, 3.8% in Italy and 4.6% in Germany. Covivio
example. In 2024, all seniors were invited to this interview and 15%
also indirectly promotes the employment of people with
responded favourably (senior employees in general hope to have
disabilities by using ESATs (establishments and services providing
this interview every two or three years rather than annually). In
assistance through work) and companies that specialise in
addition, Covivio allows employees over 55 to work part‑time
employing people with disabilities for events (charity buffets,
while maintaining their retirement contributions based on
waste audits, etc.).
full‑time employment. Seven employees benefited from this
Covivio signed an agreement with the AGEFIPH in 2023. system in 2024, i.e. 12% of the senior workforce. An agreement on
seniors promoting the retention of older employees in
In 2021, Covivio launched its first disability mission. In 2023, this
employment and the preservation of their working conditions
first initiative led to the signing of a partnership with the National
was signed in 2020. A Senior Time Savings Account (CET) for
Association for the Management of the Fund for the Professional
employees aged 55 and over enables them to anticipate their
Integration of People with Disabilities (1) the support of the Social
retirement. Training is also offered to employees approaching
and Economic Committee. By signing an agreement, Covivio is
retirement age to prepare for this step from an administrative
committed to concrete progress objectives by 2026: continue
and psychological point of view.
training by increasing the involvement of managers; reach 4% of
direct jobs in France; strengthen career support for RQTH 3.3.1.3 Social dialogue (S1‑2)
employees within Covivio teams; doubling our purchases from
the adapted and sheltered sector. 3.3.1.3.1 Organisation of social dialogue with
employee representatives
Very concrete actions were rolled out in 2024 to continue the
awareness‑raising work carried out since 2021: creation of a In France, collective agreements are negotiated by Trade Union
page dedicated to the Disability Mission on the intranet, and Representatives, and two unions were represented within Covivio
provision of various resources; organisation of conferences on in 2024 (CFE CGC and CFDT). In 2024, few new major collective
mental health and the balance between chronic illness and agreements were signed: agreements already signed in previous
professional activity; information on RQTH (recognition of the years (and still in force) on Quality of Life at Work, Profit‑sharing
status of disabled worker), particularly during recruitment and and the savings plan, Equality and Diversity, Senior Employees.
onboarding; organisation of disabled sports activities for the An agreement was added in 2024 on the payment of a
SEEPH (Week for the Employment of People with Disabilities); Value‑sharing Bonus (see below), an agreement to revalue the
organisation of a Christmas market. on‑call indemnity, and the updated agreements on employee
health and personal risk insurance. The employee representative
A disabled worker took part in the “DuoDay” and was integrated bodies (IRP), first and foremost of which is the CSE (see below)
into the IT teams for one day, and the HR team mobilised to are responsible for individual issues. All elected representatives
participate in the 13th Tremplin disability work‑study forum. are “protected” by labour law, including after the end of their
term of office, and may only be subject to sanctions with the
In Germany, as part of the Foundation, Covivio supports the
authorisation of the State and according to a specific
“Mädchen? Natürlich!” (Girl? Naturally!) Project promoting gender
procedure. They enjoy great freedom of speech and time
equality and non‑discrimination towards people with disabilities
devoted to their responsibility as elected officials. This same
by organising summer camps for young girls with disabilities to
protection applies to German and Italian elected
help them develop their self‑confidence.
representatives and trade union officials. The Chief Executive
In France, employees returning to the company after an absence Officer (CEO) of each country is directly responsible to the IRPs
of more than three months (illness, maternity leave) are for commitments made on behalf of Covivio, and the national
supported to facilitate their return to work. In particular, an HR courts have jurisdiction over disputes if the IRPs consider that the
interview is organised to discuss their working conditions and commitments are not met. There has never been any dispute in
pace. Following this interview, the employee’s schedule can be this respect made against Covivio’s senior executives.
adjusted or an appointment can be made with an ergonomist in
order to meet the needs of the employee.




(1) Since 1987, Agefiph has supported people with disabilities in private sector companies, through the development of their employment and helping
them to stay in their jobs. Among its main actions, it advises and supports companies in the definition and implementation of their disability actions,
and grants financial aid to companies and people to compensate for disability in employment.


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The frankness and transparency on which this social dialogue is
The Social and Economic Committee (CSE) in France based enables Covivio to listen to the suggestions of employee
representatives and, with their collaboration, to anticipate the
The CSE is composed of 11 full members elected by the staff.
development in the career paths and expectations of its
They are elected for a four‑year term and have been in
employees.
office since 1 January 2024. The CSE represents employees,
and is consulted and informed about the company’s Covivio was not accused or convicted in 2024 for infringements
decisions on their behalf. It organises social and cultural in the area of labour law or freedom of association.
activities, protects against occupational hazards, promotes
gender equality in the workplace and generally acts as a 3.3.1.3.2 Dialogue methods and their uses (S1‑3)
counterbalance to monitor the company's decisions. The Covivio and its subsidiaries maintain permanent, transparent
CSE autonomously manages and decides on the allocation and constructive dialogue with employee representative bodies
of a budget equivalent to 2% of the total payroll, in order to (IRP). Employee representative bodies play a fundamental role in
finance its own operations, as well as social and cultural the representation and defence of employees’ interests, and
activities for Covivio's employees. serve as a bridge between employees and management,
ensuring that the concerns and needs of workers are heard and
taken into account. IRPs are involved in negotiating working
conditions, workplace safety and remuneration policies. They
In France in 2024, during twelve meetings of the Social and
also ensure that employees’ rights are respected, particularly
Economic Committee, employers and unions were informed and
concerning redundancies, restructuring and working conditions.
consulted at ordinary and extraordinary meetings on the Group’s
By acting as mediators on the request of employees, the IRPs
social and environmental policy, the economic and financial
help maintain a peaceful social climate and promote
situation, as well as on strategic orientations and their impact on
constructive dialogue between the different stakeholders in the
jobs (changes in business lines and skills in particular) and the
company. Covivio is committed to promoting
3
environment. During these three consultations, the Social and
employee‑employer dialogue and freedom of association. All
Economic Committee issued a unanimous favourable opinion,
employees are free to join the trade union of their choice and
based on the report of an expert specially appointed by elected
trade unions are free to organise themselves in accordance with
representatives to guarantee its independence. The CSE was
the provisions of the French Labour Code. Covivio undertakes
also consulted in the context of the public exchange offer
not to discriminate against any employee belonging to a trade
concerning Covivio Hotels, for which it also unanimously issued a
union, in particular concerning recruitment, conduct and
favourable opinion.
distribution of work, professional training, promotion,
In Germany, the social dialogue is organised through different remuneration and the granting of social benefits, discipline and
channels. As in France and Italy, the German Constitution (Article termination of the employment contract.
9) guarantees companies and their employees the freedom to
In Italy, union representatives were involved in the following
join or abstain from joining a professional association or union.
activities: communicating with employees, sharing dates of
Every month, a meeting is held to discuss different topics and is
company closures and sharing regulations on well‑being at work
attended by management, the Human Resources Director and
before any communication to employees. Lastly, as every year,
employee representative bodies. This Works Council, called
the regulatory meeting was held between the RLS (workers
Betriebsrat, is a body elected for four years. It plays a crucial role
safety manager - person appointed within Covivio), the
in employee representation by ensuring that their rights are
management representative, the occupational health doctor
respected and by facilitating dialogue with management, with
and the RSPP (person responsible for prevention and protection).
co‑management functions on important decisions concerning
A new occupational health doctor was appointed in 2024.
working conditions. Department managers are responsible for
relaying information about potential changes to working These bodies enable weak signals to be heard and identified, in
conditions. All information related to collective bargaining order to “remedy the negative effects on its own workers”
agreements, ethical principles, major divestments and according to the ESRS definition.
acquisitions made by the company and the Covivio group’s
strategy and news updates are made available to employees The whistleblowing channels are described in France in the QWL
via the intranet. In 2023, five multi‑year collective agreements agreement and at Group level in the Ethics Charter.
were concluded in Germany and were applied this year: an The Human Resources Department also plays a key role as a
agreement on the continuation of annual interviews, an listening channel within the company. It facilitates
agreement increasing the maximum number of days of communication between employees and management, allowing
teleworking per week to two days until 2025, an agreement on employees to express their concerns, needs and suggestions.
the harmonisation of days of leave and the possible The HR department is attentive to employee feedback and
transformation of part of the variable remuneration into leave, works to solve problems, improve well‑being at work and create
an agreement on the monitoring and management of working a peaceful and productive working environment. Any request for
time, and an agreement on the implementation of SAP. an interview is processed within a reasonable timeframe and any
In Italy, union representatives were involved in the following grievances are dealt with in conjunction with management, the
activities: communicating with employees, sharing dates of member of the Management Committee in charge of the
company closures and sharing regulations on well‑being at work department concerned being systematically informed, as well as
before any communication to employees. the Chief Executive Officer (depending on the type and or the
seriousness of the facts). Where appropriate, an investigation
system may be triggered and safeguard measures can be taken.
If an employee is in distress due to working at Covivio, a system
allows the person concerned, or witnesses within the company,
to report the information so a suitable solution can be found.




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CSRD additional data requirement
Assessment of the employees' The procedure for monitoring and processing alerts received by Covivio via the Whistleblowing
knowledge of whistleblowing platform is explained in ESRS G1, section 3.4.2.4. No alerts were recorded in 2023 or 2024.
processes -S1 Q33.


Prevention of corruption risks 3.3.1.4 Deployment of the social policy (S1.4)
Covivio introduced a whistleblowing system in 2015. Its operation 3.3.1.4.1 HR governance at European level
has been amended in order to take into account the provisions
of the Sapin 2 law. The whistleblowing may be covered by a wide The deployment of Covivio’s Social Policy is steered by a
range of events: crime or misdemeanour, gross and manifest European HR governance.
violation of national or international regulations, serious threats Each local platform has its own Human Resources team, in order
or damage to the general interest, etc. It also enables any to offer a service that meets the needs of the operational teams
employee to report any deviations from the principles laid down as closely as possible, for all their social issues. Common rules
by the Ethics Charter, and more generally, in the following areas: and goals are nevertheless defined at Group level, in particular
financial, accounting, banking, anti‑corruption, combating in terms of employer brand and integration, management
discrimination and harassment at work. The whistleblowing training and development, professional equality between
system is available to Group employees and all stakeholders. women and men, quality of life at work, remuneration and
employer‑employee dialogue. The Group HR Committee,
composed of the Chief Executive Officer, the Deputy CEO, the
Chief Operating Officer and the Human Resources Director (who
sits on the Italian and German HR Committees), is responsible for
the operational deployment of these principles.


HR action plan/Covivio direct employees


Attracting
talent in line
with the
strategy


Promoting Skills
diversity and development
equality




Ensure health Fostering
and safety career
and promote development
QLW



Talent
retention




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3.3.1.4.2 Employee engagement measurement 3.3.1.4.4 Resources put in place to roll out the action
Employee satisfaction survey has been conducted biannually plan
since 2019 at Group level. This is the Engagement Barometer, To safeguard health and safety and promote quality of life at
carried out until now by the Kantar Institute among all European work: the CSSCT (1) in France and the equivalent national bodies
employees. With an attendance rate of 83%, its 2023 edition in Germany and Italy check that the facilities provided for
reflects the sense of belonging, trust and quality of working employees are compliant and comfortable, and are kept
conditions for everyone. informed of all development projects and provisional schedules
for any works. In Italy, this Committee meets at least once a
Figures for team commitment and pride in belonging did not
quarter and an “Employee Safety Manager” is, in addition,
disappoint: 93% of employees say that their work is interesting,
responsible for ensuring that the organisation complies with
and 85% of them are satisfied with their job, i.e. 12 points higher
security and safety principles.
than the Kantar Institute's benchmark for private companies.
Confidence in the Group’s strategy and management remain at A recruitment policy that supports the strategy: recruitment
high levels: 78% of employees say they have confidence in the needs are studied and determined by General Management,
management team (+15 points compared to the benchmark) according to the priorities and multi‑year business challenges.
and 83% in their direct line manager. 94% of employees say they The investment that this represents is validated during the
are optimistic about Covivio’s future. The organisational annual budget process. Mid‑year and end‑of‑year appraisal
efficiency within the Group is particularly commended in this interviews as well as “People Reviews” are used to measure both
edition: 81% of employees state that decisions are made quickly employees’ workloads, the depth of skills required, their
and 80% praise the speed of their implementation. There are long‑term allocation, and any changes in skills that need to be
also very positive figures regarding the quality of life at work: addressed.
90% consider the working atmosphere to be good within their
team and 80% say that they have a good work‑life balance. 91% A policy of attracting and employing young talent in a context
of employees are satisfied with their material working conditions. of increased turnover: the HR teams of the three countries also

The results of each barometer are presented to the Executive
organised meetings with students to develop the employer
brand.
3
Committee and to the CSR Committee. The corrective actions
that can be identified result in an action plan for each country, Integrated and dynamic career management: in 2024, People
which is monitored at Group level by General Management. Reviews of European talents were carried out in Italy and
Germany, in order to review the development of their skills, and
3.3.1.4.3 HR action plan to identify opportunities for each of them. Feedback was
The Europe 2020/2025/2030 CSR action plan, presented in ESRS provided to the employees concerned. In France, the People
2, section 3.1.2.5, details the major actions of the HR component. Review took place in 2023 and will be repeated in 2025.
This action plan details the main multi‑year objectives and their
progress by activity. The various objectives are reported
internally and are monitored at all levels of Governance of the
Group.


HR employees
In FTE (full‑time equivalent) France Germany Italy
Number of employees in charge of payroll 2 3 1
FTEs dedicated to diversity topics 0.2 0.2 0



3.3.1.5 Social policy metrics and targets (S1‑5)
3.3.1.5.1 Health and Safety Indicators
Covivio aims to ensure that no employee is the victim of an occupational illness or workplace accident.

Health and Safety data on Covivio direct employees
2024
Number of calendar days
Death due to occupational illness 0
Days of absence due to sick leave 2,997




(1) CSSCT : Health, Safety and Working Conditions Committee (a sub‑committee of the Social and Economic Committee) CSE.


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3.3.1.5.2.a Table of social indicators (S1‑6) - Covivio (historical scope)
The information presented below relates to Covivio's historical scope (ESU France, Germany, Italy).

Information on non‑employees
GRI France Italy Germany Group
Standards /
EPRA 2024 2024 2024 2024
Non‑salaried workforce 7 9 88 104
Temporary workers - Interns (including internships of less
than 20 hours per week) 2 0 86 88
Men 1 0 50 51
Women 1 0 36 37
Temporary workers - Temporary staff, self‑employed 2 9 2 13
Men 0 5 0 5
Women 2 4 2 8
Corporate officers 3 0 0 3
Men 3 0 0 3
Women 0 0 0 0


Headcount information
GRI France Italy Germany Group
Standards/
EPRA 2023 2024 2023 2024 2023 2024 2023 2024
Number of employees (including
excluding vocational training
Total workforce broken certificate contracts (CAPs) 303 303 101 105 632 605 1,036 1,013
down by gender
Men 128 125 52 53 333 318 513 496
Women 175 178 49 52 299 287 523 517
Permanent 274 267 100 98 592 576 966 941
Men 118 115 52 50 316 303 486 468
Women 156 152 48 48 276 273 480 473
Temporary 2 8 1 7 24 18 27 33
Total workforce by type
of employment contract Men 1 2 0 3 7 6 8 11
broken down by gender
Women 1 6 1 4 17 12 19 22
CAP 27 28 0 0 16 11 43 39
Men 9 8 0 0 10 9 19 17
Women 18 20 0 0 6 2 24 22
Site 1 (Paris/Milan/Oberhausen) 227 227 40 44 344 345 611 616
Men 98 96 14 16 176 176 288 288
Women 129 131 26 28 168 169 323 328
Site 2 (Metz/Rome/Berlin) 58 58 61 61 234 204 353 323
Total workforce reported
102‑8 Men 23 23 38 37 130 115 191 175
by geographical area
Diversity Women 35 35 23 24 104 89 162 148
‑Emp
Other locations 18 18 0 0 54 56 72 74
Men 7 6 0 0 27 27 34 33
Women 11 12 0 0 27 29 38 41
Full time 285 288 97 100 531 505 913 893
Men 124 121 52 53 321 310 497 484
Total workforce by type Women 161 167 45 47 210 195 416 409
of job broken down by
gender Part‑time 18 15 4 5 101 100 123 120
Men 4 4 0 0 12 8 16 12
Women 14 11 4 5 89 92 107 108
Managers 77 71 10 10 87 80 174 161
Men 39 35 5 5 57 57 101 97
Total workforce by type Women 38 36 5 5 30 23 73 64
of professional category
reported by gender Non‑manager 226 232 91 95 545 525 862 852
Men 89 90 47 48 276 261 412 399
Women 137 142 44 47 269 264 450 453
Age < 30 65 73 6 8 101 86 172 167
Total workforce broken
30‑50 years old 149 143 68 59 339 327 556 529
down by age group
over 50 years old 89 87 27 38 192 192 308 317




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GRI France Italy Germany Group
Standards/
EPRA 2023 2024 2023 2024 2023 2024 2023 2024
Total departures (permanent and
fixed‑term contracts) 34 33 8 7 91 67 133 107
of which temporary contracts 8.8% 9.1% 12.5% 14.3% 20.9% 13.4% 17.3% 12.1%
Turnover of permanent contracts
and temporary contracts 11.0% 12.0% 7.7% 6.9% 14.6% 10.9% 11.2% 10.8%
Turnover of personnel
broken down by gender, Turnover of permanent contracts 10.9% 10.9% 7.0% 6.0% 12.1% 9.8% 13.6% 9.7%
work contract and age
Men 6.0% 4.7% 2.0% 5.0% 6.5% 5.1% 5.9% 5.0%
group
Women 4.9% 6.2% 5.0% 1.0% 5.5% 4.7% 5.3% 4.8%
Age < 30 5.3% 0.7% 0% 2.0% 1.3% 1.9% 2.3% 1.6%
30‑50 years old 2.5% 6.9% 5.0% 4.0% 6.4% 4.4% 5.1% 5.1%
401‑1
over 50 years old 3.2% 3.3% 2.0% 0% 4.4% 3.5% 3.8% 3.1%
Emp
‑Turnover Total new arrivals 52 59 5 11 73 58 130 128
of which temporary contracts 61.5% 59.3% 20.0% 63.6% 16.4% 13.8% 34.6% 39.1%
Recruitment rate, permanent
contracts and temporary contracts 18.1% 21.4% 4.8% 10.9% 11.5% 9.2% 13.3% 12.9%
Recruitment rate, permanent
Recruitment rate broken
contracts 7.0% 8.8% 4.0% 4.0% 10.2% 8.4% 8.7% 8.1%
down by gender, work
contract and age group Men 3.2% 3.6% 2.0% 3.0% 5.4% 3.7% 4.4% 3.6%
Women 3.9% 5.1% 2.0% 1.0% 4.9% 4.7% 4.3% 4.5%
Age < 30 2.8% 4.4% 0% 1.0% 2.7% 2.5% 2.4% 2.9%
30‑50 years old 3.9% 4.0% 4.0% 1.0% 5.9% 5.2% 5.1% 4.5%


Breakdown of top
over 50 years old
Total
0.4% 0.4%
13
0% 2.0%
8
1.7% 0.7%
8
1.1% 0.7%
29
3
management (members
of local Executive Men 7 4 6 59%
Committees) Women 6 4 2 41%


Metrics related to training and skills development
GRI France Italy Germany Group
Standards/
EPRA 2023 2024 2023 2024 2023 2024 2023 2024
Total 237 285 101 105 453 487 791 877
Training rate 78% 94% 100% 100% 72% 80% 76% 87%
% of employees who have received Men - 120 - 53 - 256 429
training Women - 165 - 52 - 231 448
Managers - 45 - 10 - 71 126
Non‑managers - 240 - 95 - 416 750
Total training hours
per employee - 11.3 - 24.6 - 13 - 13.8
Men - 11.0 - 25.1 - 13.9 - 14.3
404‑1
Emp Women - 11.5 - 26.3 - 12.0 - 13.3
‑Training Managers - 4.7 - 11.7 - 23.4 - 14.4

Average number of training hours Non‑managers - 13.3 - 27.2 - 11.4 - 13.7
per employee by gender and by Total training hours
professional category per employee
trained 17.9 12.0 25.9 25.0 23.5 16.1 22.1 15.9
Men 20.7 11.5 25.5 23.5 25.2 17.2 23.8 16.6
Women 15.6 12.4 26.3 26.6 21.5 14.9 20.4 15.3
Managers 18.4 7.3 23.9 12.9 60.1 26.4 43.0 18.4

Non‑managers 11.6 12.9 26.1 26.1 15.7 14.3 15.8 15.5
% of payroll devoted to training Total 3.8% 3.0% 1.0% 1.0% 2.1% 1.4% 2.5% 1.9%
Proportion of employees given an Total 98.2% 95.1% 94.0% 92.9% 95.8% 88.4% 96.3% 90.7%
annual performance and 404‑3
development appraisal interview, Men 96.7% 98.3% 94.2% 94.0% 96.8% 89.0% 96.5% 90.7%
Emp‑DEv
by gender Women 99.3% 92.8% 93.8% 91.7% 94.6% 87.6% 96.0% 89.9%




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Accident‑related metrics
GRI France Italy Germany Group
Standards/
EPRA 2023 2024 2023 2024 2023 2024 2023 2024
Total 2.7% 2.8% 1.7% 1.6% 4.2% 4.1% 3.5% 3.5%
Reported absenteeism rate by gender Men 1.1% 1.1% 0.9% 0.9% 4.0% 3.9% 3.0% 2.9%
Women 3.9% 4.1% 2.3% 2.4% 4.4% 4.4% 4.1% 4.1%
Total 0% 0% 0% 0% 0% 0% 0% 0%
Men 0% 0% 0% 0% 0% 0% 0% 0%
Rate of occupational illnesses reported
by gender Women 0% 0% 0% 0% 0% 0% 0% 0%
403‑2 Total 1.0% 1.0% 0% 0% 1.4% 1.1% 1.1% 1.0%
H&S‑Emp
Men 0% 0% 0% 0% 0.9% 0,9% 0.6% 0.6%
Women 0% 1.0% 0% 0% 1.8% 1.4% 1.0% 1.2%
Days lost due to
workplace accidents - 0 - 0 - 65.5 - 65.5
Frequency rate 6.1253 0 0 0 5.8100 5.2400 5.2980 3.2075
Severity rate 0.2675 0 0 0 0.1700 0.0500 0.1800 0.0306
Occupational accident rate reported
by gender Number of deaths 0 0 0 0 0 0 0 0



Information concerning the salaries
GRI France Italy Germany Group
Standards/
EPRA 2023 2024 2023 2024 2023 2024 2023 2024
Female base salary
(average) (excluding
vocational training
certificate contracts
(CAPs) and
suspension) €62,257 €62,731 €56,617 €57,243 €52,559 €54,609
Male base salary
(average) (excluding
vocational training
certificate contracts
(CAPs) and
suspension) €77,760 €78,981 €70,394 €70,288 €60,452 €63,201
F/M ratio (excluding
vocational training
certificate contracts
(CAPs) and
suspension of
contract) -20% - 21% -20% -19% -13% -14% -16% -16%
Female base salary
(median) (excluding
vocational training
certificate contracts
(CAPs) and
Ratio of basic salary and remuneration suspension) €49,000 €51,912 €43,858 €45,175 €51,000 €52,800
of women to men, by professional Male base salary
category (median) (excluding
vocational training
certificate contracts
(CAPs) and
405‑2 suspension) €62,518 €65,345 €60,001 €60,007 €56,040 €58,080
Diversity
F/M ratio (excluding
‑Pay vocational training
certificate contracts
(CAPs) and
suspension of
contract) -22% -21% -27% -25% -9% -9% -14% -14%
Female manager
base salary €97,978 €99,291 €134,671 €140,671 €77,206 €77,622
Male manager base
salary €113,274 €116,428 €198,000 €203,000 €86,204 €92,637
F/M manager ratio -14% -15% -32% -31% -10% -16% -14% -17%
Base salary female
non‑manager €50,753 €51,943 €47, 099 €47, 973 €49,756 €52,699
Base salary male
non‑manager €60,447 €62,998 €56,819 €56,464 €55,184 €56,699
F/M non‑manager
ratio -16% -18% -17% -15% -10% -7% -12% -11%
Highest paid
individual - €797,374 - €400,000 - €261,576 -
Average salary
(excluding the highest
paid individual) - €93,205 - €60,661 - €67,810 -
Equity ratio
Median salary
(excluding the highest
paid individual) - €73,996 - €50,285 - €59,202 -
Equity ratio - Average - 8.56 - 6.59 - 3.86 - 5.48
Equity Ratio - Median - 10.78 - 7.95 - 4.42 - 6.59




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Other metrics
France Italy Germany Group
GRI Standards/
EPRA 2024 2024 2024 2024
Percentage of employees covered
by a collective bargaining
agreement 102‑41 100% 100% 99.5% 99.7%
Percentage of employees covered
by workers’ representatives 100% 41.9% 90.2% 88.0%
Number of employees entitled to parental
leave (with children under the age of 3) 9% NC 10% 9.5%
Men 3% NC 46% 33%
Women 6% NC 54% 39%
Employees who have exercised their right
to parental leave (full‑time or part‑time) 9% NC 100% 71%
Men 0% NC 19% 13%

Return to work and retention rates Women 100% NC 81% 87%
414‑2
after parental leave, by gender Return rate after parental leave (full‑time
only) 100% NC NC NC
Men NA NC NC NC
Women 100% NC NC NC
Retention rate following parental leave (12
months following return) 100% NC NC NC
3
Men NA NC NC NC

Women 100% NC NC NC
Percentage of total workforce
represented in mixed
Management‑Employee Health and
Safety Committees, monitoring and
submitting opinions on the health
and safety programme 403‑1 Total 100% 100% 100% 100%
Percentage of activities in
compliance with recognized health
and safety management system
principles Total 100% 100% 100% 100%
Employees with disabilities Total 2.0% 3.8% 4.6% 3.8%
Complaints on ethics‑related topics
(incl. Harassment, discrimination in Covivio
all forms) indicator 1 - - 1
Amount of fines under ethical
grounds or discrimination - - - -
Internal mobility (within a Covivio
corporate entity) indicator Total 10 3 13 26
Loans to personnel (% of employees
Covivio
who took out new loans compared
indicator
to total staff) Total 0% 0% 3.3% 2.0%
Works Council subsidies (% of Covivio
payroll) indicator Total 2.0% 0% 0.3% 0.8%



Contextual information needed to understand the data
Covivio’s European headcount was slightly down compared to uncertain property context. In Germany, the use of temporary
2023 (-2.2%), with a total of 1,013 employees at 31 December contracts is traditionally more frequent, but remains limited and
2024, compared with 1,036 at the end of 2023. In 2024, the is down compared to 2023 (3% of the workforce at 31 December
number of employees on temporary contracts in France 2023 compared to 3.8% at the end of 2023). The proportion of
continues to represents a very small proportion of the workforce employees on permanent contracts has therefore stabilised at a
(2.6% at 31 December). In Italy, the proportion of temporary high level (92.8% of the total workforce at end‑2024) testifying to
contracts is higher (6% at the end of 2024), as the use of this the emphasis placed on talent retention and supporting the
type of contract is designed to identify long‑term needs in an Group’s future growth.




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3.3.1.5.2.b Table of social indicators (S1‑6) - Hotels under management (Covivio Hotels)
The indicators presented below concern the hotels managed by Covivio Hotels. All quantitative and qualitative information relating to
this scope is included in the Covivio Hotels Universal Registration Document.
Covivio Hotels
2024

Number of non‑employees own workforce 324
Interns 36
Men 16
Women 20
Zero hours contracts 118
Non‑employees
Men 58
own workforce
Women 60
Temporary employees 167
Men 86
Women 81
Executive Directors 3

WiZiU Other Managers Covivio hotels
GRI Standards/ Coverage
Information on workforce EPRA 2023 2024 2024 2024 % rate

Number of employees (including
vocational training certificate
Total workforce broken down [CAPs]) 583 583 986 1,569 100%
by gender
Men 306 297 463 760 48% 100%
Women 277 286 524 810 52% 100%
Permanent 516 525 627 1,152 73% 100%
Men 282 278 297 575 50% 100%
Women 234 247 330 577 50% 100%
Temporary 34 23 117 140 9% 100%
Men 13 8 61 69 49% 100%
Total workforce by type of Women 21 15 56 71 51% 100%
employment contract broken
down by gender Minijobs (Germany) 0 0 84 84 5% 100%
Men 0 0 38 38 45% 100%
Women 0 0 46 46 55% 100%
CAP 33 35 158 193 12% 100%
Men 11 11 66 77 40% 100%
Women 22 24 92 116 60% 100%
France 508 508 0 508 32% 100%
Men 271 262 0 262 52% 100%
Women 237 246 0 246 48% 100%
Belgium 75 75 139 214 14% 100%
Diversity-
Emp Men 35 35 84 119 56% 100%
Total workforce reported Women 40 40 56 96 45% 100%
by geographical area 102‑8 Germany - - 750 750 48% 100%
Men - - 333 333 44% 100%
Women - - 417 417 56% 100%
Ireland - - 97 97 6% 100%
Men - - 46 46 47% 100%
Women - - 51 51 53% 100%
Full time 537 536 758 1,294 82% 100%
Men 296 284 381 665 51% 100%

Total workforce by type of job Women 241 252 377 629 49% 100%
broken down by gender Part‑time 46 47 228 275 18% 100%
Men 10 13 91 104 38% 100%
Women 36 34 137 171 62% 100%
Managers 76 70 124 194 12% 100%
Men 49 48 64 112 58% 100%
Total workforce by type of Women 27 22 60 82 42% 100%
professional category
reported by gender Non‑Managers 507 513 862 1,375 88% 100%
Men 259 249 417 666 48% 100%
Women 248 264 445 709 52% 100%
Age < 30 203 202 408 610 39% 100%
Total workforce broken down
30‑50 years old 261 257 360 617 39% 100%
by age group
over 50 years old 119 124 221 345 22% 100%


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WiZiU Other Managers Covivio hotels
GRI Standards/ Coverage
Information on workforce EPRA 2023 2024 2024 2024 % rate

Total departures - 266 274 540 0% 100%
of which temporary contracts - 33.8% - 160 30% 100%
Turnover of permanent contracts
+ temporary contracts - 34.1% - - 33% 100%
Turnover of personnel broken Turnover of permanent contracts - 45.6% - - 34% 100%
down by gender, work
Men - 150 - 285 28% 100%
contract and age group
Women - 116 - 255 25% 100%
Age < 30 - 149 - 287 28% 100%
30‑50 years old - 92 - 200 19% 100%
Emp-
Turnover over 50 years old - 25 - 53 5% 100%
Total new arrivals - 270 295 565 0% 100%

401‑1 of which temporary contracts - 33.0% - 283 50% 100%
Recruitment rate, permanent
contracts - 35.1% 24% 100%
Recruitment rate, permanent
Recruitment rate broken
and temporary contracts - 53.1% 36% 100%
down by gender, work
contract and age group Men - 152 297 29% 100%
Women - 118 268 26% 100%
Age < 30 - 166 344 33% 100%
30‑50 years old - 79 169 16% 100%
over 50 years old - 25 52 5% 100%


WiZiU Covivio Hotels (including WiZiU)
3
Metrics related to training GRI Standards/
and skills development EPRA 2024 2024 Coverage rate
Total 419 1,456 100%

% of workforce who received Training rate 82% 93% 100%
training Men 222 706 100%
Women 197 748 100%
Emp‑Training
Total training hours per employee 8.9 17.4 83%

Average number of training hours 404‑1 Men 9.5 16.9 83%
per employee by gender and Women 8.2 17.8 83%
by professional category
Managers 10.8 11.8 83%
Non‑Managers 8.9 22.3 83%
% of payroll earmarked for training Total 0.9% 0.6% 71%
Proportion of employees given Emp‑Dev Total 96.5% 77.4% 100%
an annual performance and
Men 96.8% 79% 100%
development appraisal interview,
by gender 404‑3 Women 96.3% 76% 100%


WiZiU Covivio Hotels (including WiZiU)
GRI Standards/
Accident‑related indicators EPRA 2024 2024 Coverage rate
Total 8.3% 6.6% 100%
Reported absenteeism rate by
Men 9.9% 6.7% 100%
gender
Women 6.7% 6.2% 100%
Total 0.4% 0.2% 100%
Rate of occupational illnesses
Men 0% 0% 100%
reported by gender
H&S‑Emp
Women 1% 0.3% 100%
Total 15.9% 11.6% 100%
403‑2
Men 14.3% 10.4% 100%

Occupational accident rate Women 17.7% 12.8% 100%
reported by gender Frequency rate 60.17 - -
Severity rate 2.52 - -

Number of deaths 0 0 100%




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Covivio Hotels (including WiZiU)
GRI Standards/
Information on salaries EPRA 2024 Coverage rate
Average M/F ratio (excluding vocational training
certificate contracts (CAPs) and suspension) -6% 100%
Diversity‑Pay
Ratio of basic salary and remuneration of Median M/F ratio (excluding vocational training
certificate contracts (CAPs) and suspension) -7% 53%
women to men, by professional category
405‑2 -8% 96%
M/F manager ratio
M/F non‑manager ratio -7% 96%

Equity ratio - Average 0.54 53%
Equity ratio
Equity ratio - Median 0.51 53%


WiZiU Covivio Hotels (including WiZiU)
GRI Standards/
Other indicators EPRA 2024 2024 Coverage rate
% of employees covered by a collective agreement 100% 89% 95.2%
102‑41
% of employees covered by employee representatives 100% 82.4% 89.2%
% of total workforce represented in mixed
Management‑Employee Health and Safety Committees,
Total
monitoring and submitting opinions on the health
and safety programme 403‑1 100% 67.1% 100%
% of activities in compliance with recognised health and
Total
safety management system principles 0% 0% 52.2%
% of employees in situations of disability Total 2.2% 1.3% 100%
Complaints on ethics‑related topics Covivio
(including harassment, discrimination in all its forms) indicator 1 1
Amount of fines for ethical reasons or discrimination 0 0 94%



On 31 December 2024, Covivio Hotels had 19 employees (8 Reorganisation with AccorInvest
women, 11 men), all full‑time, including 18 on permanent At the beginning of December 2024, Covivio Hotels and
contracts. All Human Resources indicators relating to Covivio AccorInvest announced the finalisation of the operation to
Hotels are included in chapter 3.3 of Covivio’s Universal reorganise the ownership of their hotel operating properties. Of
Registration Document in ESU France’s reporting. Within this the 43 hotels concerned, 14 establishments will be directly
scope, the training rate was 94% in 2024 with an average managed by the WiZiU operational platform. Of these 43
number of hours of training of 12 hours per employee trained and business assets, 19 are accounted for by the equity method.
3% of the payroll was earmarked for training. In addition, 100% of
employees are covered by collective agreements and a health As the migration of HR data only began in December (at the end
and safety committee. The workplace accident rate for the ESU of the operation), only the main data are available for this
is 1% while the absenteeism rate is 2.8%. Lastly, the turnover of report: 613 employees: 56% women, 44% men // 91% permanent
departures reached 10.9% and the recruitment rate was at 8.8% contracts, 4% temporary contracts, 5% apprenticeships, <1%
at the end of 2024 due to the dynamism of the labour market. interns.
These employees are not included in the social reporting tables
because the entities which are taking over the human resources
management of the hotels in this portfolio were still integrating
these employees at the fiscal year‑end.




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3.3.1.5.3 Adequate wage (S1‑10)
Focus on Unemployment Cover
With an average remuneration of €69,645 in 2024 at the ESU level
of Covivio, the company uses a salary grid that is consistent with The contributions paid into the unemployment insurance
industry practices and strives to ensure an adequate wage for scheme are:
each employee.
● paid equally by employer and employee in Germany;
The adequate wage does not correspond to the legal minimum
wage in each country. The adequate wage can be defined as ● by the employer alone in France and Italy.
the remuneration that allows the employee and his/her family to
cover their basic needs (food, housing, health care, clothing), but
also education, transport, leisure and which offers the possibility
to save.
Accounting principles related to provisions for risks and
All Covivio employees receive an adequate wage. Covivio, charges
through its Social Policy, endeavours to determine a fair wage
according to the economic context and its need for "Retirement commitments are recognised in accordance
attractiveness. with revised IAS 19. Provisions are recorded on the balance
sheet for the liabilities arising from defined benefits pension
3.3.1.5.4 Employee health and unemployment schemes for existing staff at the reporting date. They are
coverage (S1‑11) calculated according to the projected credit units method
All employees of Covivio and its subsidiaries are covered, under based on valuations made at each reporting date. The
mandatory public programmes and services offered and past service cost corresponds to the benefits granted,
co‑financed by the company, by social protection against loss of either when the company adopts a new defined‑benefits
income due to illness, disability or workplace accidents, scheme, or when it changes the level of benefits of an
unemployment, maternity and parental leave as well as
retirement, and by providing access to the financing of
existing scheme. When new rights are obtained after the
adoption of a new plan or when an existing plan is 3
healthcare expenses. changed, the cost of past services is immediately
recognised in the income statement."
In France, Covivio's direct employees receive supplementary
health insurance (a mutual insurance company) financed by the
company up to 75% for non‑executives and 65% for executives,
and their salary is maintained from the first day of absence due 3.3.1.5.5 Work‑life balance (leave) (S1‑15)
to sick leave for three months. Sick leave benefits can be paid In Germany, France and Italy, employees are entitled to days of
for up to three years in the case of long‑term illness. leave for specific family events, such as marriage, the birth of a
child, or the death of a loved one. The length of this leave may
In Germany, all employees also benefit from health insurance,
vary depending on the event and national regulations. It
50% of which is paid for by Covivio, and the employees' salary is
concerns 100% of the salaried and non‑salaried workforce.
paid 100% during the first 6 weeks of illness, financed by the
employer. The benefit period in the event of illness is a maximum This leave allows employees to take the time off necessary to
of 18 months over a period of three years. manage important events in their personal lives without loss of
pay. Its availability is communicated on the intranet and in the
Finally, in Italy, sick pay is paid by the National Social Welfare
documents provided during the onboarding process, and it is
Institute (INPS) for a maximum period of 180 days per year, and
granted upon presentation of the supporting document, without
may be extended in the event of serious illness.
any other form of authorisation request.




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3.3.1.5.6 Incidents/complaints related to work and respect for Human Rights among own staff (S1‑17)
Number in 2023 Number in 2024 Observations
Total number of incidents of discrimination, including harassment, reported 1 ongoing
during the reporting period 0 0 investigation
Number of complaints lodged through the channels enabling the company's
employees to express their concerns (including the grievance mechanisms)
and, if applicable, with the national contact points for multinational
companies of the OECD 0 0
Total amount of fines, penalties and material compensation resulting from the
incidents and complaints mentioned above, as well as a reconciliation of
these monetary amounts with the most relevant amount presented in the
financial statements 0 0


In 2024, no complaints related to discrimination issues were Covivio worked with a third party to study the compliance of its
made to the Ethics Officer or on the external Whistleblowing procedures and policies in place in terms of minimum
platform, and no convictions were handed down against Covivio safeguards. The minimum safeguards referred to in Article 3 (c) of
in this regard. The whistleblowing system in place also covers all the Taxonomy Regulation are procedures that a company
types of harassment and discrimination, and protects implements to align with the OECD Guidelines for Multinational
whistleblowers. In France, in response to the 2017 French Labour Enterprises and the United Nations Guidelines on business and
law, two sexual harassment officers were also appointed (one on Human Rights. These include the principles and rights set by the
the Works Council and the other in the Human Resources eight fundamental conventions mentioned in the International
Department), increasing the number of available whistleblowing Labour Organization’s Declaration on Fundamental Principles
and response channels. and Rights at Work, and by the International Bill of Human
Rights. The analysis conducted by Covivio was based on these
As no complaint was filed in 2024, Covivio did not have to pay
guiding principles as well as the documents already published
any fines, penalties or damages resulting from the incidents and
and the commitments made by the Group: Group Ethics Charter
complaints. In the context of the termination of an employment
and internal procedures, Universal Registration Document,
contract, an application was made to the Paris Employment
Communication on Progress of the Global Compact, Diversity
Tribunal at the end of 2024 (CPH) against Covivio Hotels, for the
Charter, Responsible Purchasing Charter, etc. No points of
employer to be held liable for the termination for violation of its
attention were revealed following this analysis with regard to the
safety obligation. The case is ongoing and the company will
following 10 points of study: Human Rights Policy; Human Rights
respond to the charges, which it disputes, before the
risk mapping and due diligence risks; Prevention and mitigation
Employment tribunal.
actions and monitoring their implementation; Whistleblowing
In 2024, Covivio had no reports of serious Human Rights incidents mechanism; Communication; Consumer interests; Anti‑Corruption
related to its workforce. Nor were there any fines, penalties or Competition; Taxation; Media analysis (study of controversies).
indemnities to be paid for the 2024 fiscal year.

3.3.1.5.7 Additional CSRD data requirement (S6 to S16)
(S1‑6) Methods and assumptions used to compile the The definition of the scope of the indicators and the methodology used to consolidate them is
data indicated in the reporting protocol for social indicators. It can be consulted directly on the
Covivio website.
(S1‑7) Non‑salaried workforce Explanations of the scopes, methods and assumptions used to compile the HR data are
available in Covivio’s social reporting protocol, directly accessible on its website.
(S1‑8) Overall percentage of employees covered at In Germany, France and Italy, 100% of direct employees are represented by elected employees.
establishment level by employee For hotels, representation takes place at several levels:
representatives headquarters/investment and asset management structure
in hotels rented from retailers: Covivio does not manage the staff and its representation is
organised by the operator
(S1‑8) Employee representation agreement by a Covivio does not have a European Works Council (EWC) and does not intend to set up this
European Works Council (EWC) body.
(S1‑9 Breakdown by gender of top management/ Covivio defines top management as the members of the France/Germany/Italy CODIRs
senior executives (including members of the Executive Committee).
Percentage of women: 41%
(S1‑14) Health and safety cover for employees Percentage of its workforce covered by the company’s health and safety management system:
Covivio ESU France (including Covivio Hotels employees): 100%
Wellio scope: 100%
Covivio Hotels Operating Properties scope: 100%




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3.3.2 Working conditions and respect for Human Rights in the value chain (ESRS
S2)
Having a responsible supply chain is key for the Group and is a material challenge. The performance of Covivio and its buildings is in
fact dependent on that of its suppliers, consultants and subcontractors.
The objective of the ESRS S2 standard is to present the way in which Covivio influences and interacts with workers within its value
chain. This concerns all workers who are not included in the scope of the clean workforce, for which the information is provided in the
dedicated section (ESRS S1).



3.3.2.1 Impacts, Risks and Opportunities related companies (lifts, cleaning, etc.) or security companies,
concierges, etc. …this also includes consultants and auditors
to workers in the value chain (S2.SBM‑3)
involved in managing the assets. Workers of buyers and
3.3.2.1.1 Scope of workers in the value chain investors are not included in this scope.
Covivio has identified the main types of work in its value chain, in These two families present higher impacts and risks insofar as:
order to define the scope covered and the materiality of the
issue. This analysis was enriched by the CSR risk mapping related ● the type of employment included in these families presents
to purchases made in 2020 (see focus below). Two main families greater Health - Safety and Human Rights risks, particularly
can be identified: for the construction or hotel sector;
● Upstream: the workers taken into account are in particular the ● the work is performed on a site belonging to Covivio although
employees of suppliers involved in the construction or the liability under the contract remains with the employers (the
renovation of buildings: builders’ staff, suppliers, stakeholders:
engineers, architects, technicians, workers, etc.
companies which Covivio contracts with for the performance
of the works or services concerned).
3
● Downstream: people working in the operation of leased The rating of the IROs on this ESRS was therefore based on these
buildings: facility managers, workers of maintenance elements.


Workers in the value chain

Design/Development Operation Renovation/End of life
Business activity




Designing low-carbon Measure performance Holding high-performance Integrate the energy/carbon Extend the life of buildings
buildings that are resilient and set ambitious goals assets in cooperation question throughout the by renovating and favouring
in the face of climate with users operations the modularity of spaces
change
ESRS S2




• Workers on construction sites via construction • Service providers for managing building under
direct management not employed by Covivio: • Construction companies
companies mandated by Covivio • Reuse platforms/circular
• Technical Design Office and Project Management concierge, FM, security, cleaning, catering
• Occasional workers for building maintenance economy management
Assistance (technical, environment, certification) assistance
• Network managers (telecom, energy)



Banks, Financiers, Insurers, Consultants, Corporate service providers




Other workers in the value chain have been identified with ● electronic component manufacturers;
challenges that appear to be less material for the Group, mainly
● furniture manufacturers and equipment wholesalers.
given that the other families of professions are located more off
the Covivio site. These include: In this case, the Group’s influence is more limited, but these
services are nevertheless covered by the Responsible Purchasing
● suppliers of materials and producers of raw materials;
policy. The same applies to employees of companies working
● energy technology manufacturers; with Covivio in its corporate sphere, for the legal,
communication/events, HR, finance departments, etc. The
Responsible Purchasing policy is presented in section 3.3.2.2.1.




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CSR risk mapping of the value chain The risks analysed are the residual risks remaining after the
In 2020, a study was carried out to determine the main CSR risks implementation of specific actions and measures. The
of the panel of Covivio suppliers in France, Germany and Italy. If interviewees had to quantify these various risks on a scale
they were poorly managed, purchases, or even a supplier chain, ranging from non‑existent to critical, including limited, significant
could have negative impacts in terms of reputation and activity and major, based on their experience as buyers. The results of
for Covivio, as well as for its stakeholders: tenants, investors, local this study were as follows: in France, perceived CSR risks are
communities, the suppliers themselves, etc. generally limited because they are managed internally. The
environmental risk is the most significant overall. Social and
Methodology Client risks are also not to be neglected, respectively for the
Several purchasing categories were determined in each of the major works and Technical Consultants/Consulting families. In
three countries, based on the expenditure for 2019: nine in Germany, it is the risks related to business ethics that are
France, seven in Italy and six in Germany. The categories perceived as the most important, and in Italy those related to
common to each country are: telecommunications, local development. The results therefore differ from one country
maintenance, design/consulting, major works and insurance. The to another.
Small Equipment and Major Equipment purchase families are
The chart below shows the categories of purchases studied
specific to France, and Occupant Services and Operating
according to their respective levels of CSR risks (average of each
Expenses are specific to France and Italy. For each of these
of the risks mentioned above), by cross‑referencing them with the
families, two separate analyses were carried out:
expectations of stakeholders with regard to each of the
● an analysis of the context of the purchasing family: risk of categories. The higher the point on the graph to the right, the
supply chain disruption, possibility of alternatives, possibility of more significant the expectations and risks. The higher the
influence of suppliers, media exposure, expectations of the expectations of stakeholders, the greater significance of the final
main stakeholders, etc.; risk to be managed, because it will not only affect Covivio, but
also its ecosystem. The Major Works and Maintenance
● an analysis of the main families of CSR risks: purchasing families are identified as the most at risk in terms of
● environmental risks: energy consumption, CO2 emissions, CSR and those on which stakeholders have the most
biodiversity, pollution, etc., expectations. The risks are mainly environmental (waste,
pollution) and social (including health and safety of people).
● social: health/safety, quality of life at work, respect for Ethical risks were also raised, as well as risks likely to have an
Human Rights, etc., impact on the activity of tenants (notably related to on‑site
maintenance, for example). These categories can give rise to
● clients: well‑being, data security, etc.,
specific actions. The other families identified as having risks to
● ethics: corruption, money laundering, etc., reduce are Insurance and Technical and consultants/Consulting
firms, requiring specific actions.
● regional: nuisance for local residents, economic
development, etc.



Prioritisation matrix/CSR risks and stakeholder expectations
3.0
Reduce risk Reduce risk
Stakeholder expectations




Telecommunication
Major works
Services to occupants
2.0 Insurance
Maintenance/Finishing


Control
Consulting firms

Small equipment Operation
1.0
Large equipment




0.0
- 0.50 1.00 1.50 2.00

CSR risk




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3.3.2.1.2 Combating forced labour and child labour Covivio is expanding its procurements policy on the subjects of
Covivio’s activities are performed in countries with high levels of material traceability, where the risk of child or forced labour is
social protection and banning forced labour and child labour. greater, to prevent this risk throughout the value chain of its
None of these countries is considered to be at risk within the activity.
meaning of the classification established by Ethifinance in the In addition, Covivio benefits from 360° monitoring for its main
context of its Gaia rating (1). Covivio reiterates these principles suppliers, which is part of the responsible procurements system
and its commitment to comply with the relevant international implemented with EcoVadis (section 3.3.2.2.1). This monitoring
conventions in its various publications, and in particular in its keeps us informed of developments at suppliers, in particular if a
Responsible Purchasing Charter. dispute related to forced labour were to arise at a supplier, for
● For more information on the Human Rights policy: example.
section 3.3.2.2.2.



3.3.2.1.3 Identification of IROs related to workers in the value chain
The dual materiality analysis conducted in 2023/2024 led to the identification of current or potential impacts and risks concerning
these categories of workers.

ESRS S2 - WORKING CONDITIONS AND RESPECT FOR HUMAN RIGHTS IN THE VALUE CHAIN
Works Operation
Description and key Well‑being at work/Quality of life at work
words Respect for social dialogue
Accidents and health/safety at work
Training 3
Main Impact Maximum impact on the well‑being and health/safety of Health and safety aspects in Covivio buildings
people on construction sites Subject Human rights, particularly regarding types
Impact on Human Rights, in particular with certain insecure of insecure employment (part‑time, temporary
jobs (part‑time, fixed‑term contracts, temporary work) contracts, temporary workers)
Positioning on the Upstream, direct and downstream transactions
value chain
Main risks Limited criminal risk, since criminal liability lies with the Reputational risk
construction group. Criminal risk in the event of discrimination or
High reputational risk in the event of an accident on one of Human Rights violations
the construction sites.
Responsibility of the company due to insufficient diligence
with respect to its partners to ensure compliance with ethical,
social and environmental principles.
Difficulty of recruitment in the construction sector.
Significant reporting burden on the construction site.
Main opportunities Trusted relationships with suppliers
Brand appeal
Reputation
Materiality Material


The policies implemented to manage these negative impacts some subcontractors) who are involved simultaneously or
are detailed below. Covivio has also set up an accident successively during the design and construction phases of a
monitoring system on its construction sites to record the structure. During a project's design phase, the CSPS organises
frequency of accidents involving workers on Covivio construction the use of shared resources (infrastructure, logistical resources
sites (section 3.3.2.5.2). and collective protection). They ensure that the necessary safety
measures are taken, during the construction and operation
Some workers work in jobs that can be considered to present
phase of the structure” (2).
more risks: roofing, façade work, adding storeys to buildings,
electrical work, demolition, etc. The contracts that Covivio signs The Covid‑19 health crisis has shown that projects can be
with construction companies cover the safety conditions for stopped overnight in the event of a pandemic. Natural risks can
personnel working on construction sites, irrespective of their size. also interrupt construction sites (exceptional rainfall, frost, heat
In addition, construction sites are supervised to ensure the best waves, etc.), as well as supply difficulties (raw materials,
possible safety for people. For example, in France, the SPS materials, equipment, etc.). In addition, Covivio has not identified
(Safety and Health Protection, or CSPS) coordinator “is tasked any risks and opportunities arising from the impacts and
with preventing the occupational risks associated with the joint dependencies on workers in the value chain that impact specific
activity of several self‑employed workers or companies (including groups.




(1) Ethifinance classification as part of its Gaia rating.
(2) Definition of CSPS: AFNOR Competence - https://competences.afnor.org/metiers/coordonnateur‑sps‑niv‑1‑2‑3 (in French)


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3.3.2.2 Policies put in place to manage the ● commitments such as respecting the principles of social
responsibility defined in the United Nations Global Compact
material challenges of workers in the
and integrating them into the purchasing process;
value chain (S2‑1)
● provisions for certifications such as HQE Exploitation or
3.3.2.2.1 Responsible Purchasing Policy BREEAM‑In‑Use or Green Key.
Having a responsible supply chain is key for the Group and is a
significant challenge, both in terms of the impacts on Covivio’s Covivio’s Responsible Purchasing Charter details suppliers’
business continuity and its reputation. The performance of commitments on Human Rights:
Covivio and its buildings is linked to that of its suppliers, ● principle 1 “The supplier or consultant concerned undertakes
consultants and subcontractors, particularly in terms of the to initiate an appropriate and structured CSR policy, notably
carbon and climate transition. by implementing an environmental and social management
Covivio has adopted a Responsible Purchasing policy since 2011, system in line with the environmental, social and societal
which enables it to: requirements of this Charter."

● raise buyers’ awareness of Responsible Procurement; ● principle 9: “The supplier undertakes to promote diversity by
strongly condemning all forms of discrimination (age, origin,
● apply a principle of reciprocity to its suppliers, pledging to gender, disability, etc.) as defined in Article 225‑1 of the French
respect the principles laid down in this charter; Criminal Code and according to the criteria of the Diversity
Charter which Covivio is a signatory of. The supplier is
● encourage the assessment of consultants and suppliers with
encouraged to use the sheltered and protected sector for its
regard to CSR criteria via the EcoVadis assessment during
subcontracting contracts."
calls for tenders, as well as when signing new contracts;
● principle 10: “The supplier undertakes to comply with the
● cooperate with suppliers in favour of sustainable
labour regulations in force, in particular the eight Fundamental
development, via working groups, in coordination with
Conventions of the ILO relating in particular to issues of fair
associations, or via shared R&D work;
remuneration, non‑discrimination (age, origin, gender,
● conduct integrity and reputation checks, by reserving the right disability, etc.) or forced labour, as well as to comply with the
to terminate any business relationship with suppliers whose provisions of Article 32 of the Charter of Fundamental Rights of
behaviour is found to be unethical. the European Union on the prohibition of child labour and the
protection of young people at work. The supplier also
Scope of the Responsible Purchasing Policy and its governance undertakes to guarantee freedom of association and trade
Covivio’s Responsible Purchasing Policy covers suppliers and unionism for its employees."
consultants involved in operational activities (development,
building management) as well as corporate activities (support) ● principle 11: “The supplier undertakes to respect and promote
in the countries where it operates (France, Germany and Italy). the rights and freedoms enshrined in the Universal Declaration
Strategic suppliers are partners with transactions of more than of Human Rights as well as the Ten Principles of the United
€200,000 for operational activities. Nations Global Compact."

It is driven and supervised by Covivio’s Sustainable Development 3.3.2.2.2 Human Rights Policy
Department. The progress of this deployment is presented each In 2024, Covivio adopted a Human Rights policy, which applies
year to the CSR Committee, which ensures that the objectives to its own employees as well as to workers in the value chain,
are met. and commits the company to recognize and adhere to the
following fundamental principles:
Covivio’s Responsible Purchasing Policy is based in particular on
its eponymous charter, which expressly refers to several ● International Bill of Human Rights;
international initiatives. It requires signatory suppliers to have
reciprocity with regard to their value chain in terms of respect for ● the Organisation for Economic Co‑operation and Development
Human Rights. By signing the charter, Covivio’s suppliers (OECD) Guidelines for Multinational Enterprises on Responsible
undertake to control and monitor their value chain on these Business Conduct;
issues. ● UN Guiding Principles on Business and Human Rights;
In 2024, the Responsible Purchasing system was extended to the ● the Declaration on Fundamental Principles and Rights at Work
scope of corporate expenses with a first step concerning the and the eight Fundamental Conventions of the International
expenses of the HR, Communication and Legal departments. Labour Organization (ILO): freedom of association, effective
The management contracts for Hotel Operating Properties recognition of the right to collective bargaining, elimination of all
outside WiZiU, include the need to deploy a responsible forms of forced or compulsory labour, effective abolition of child
purchasing policy. labour and the elimination of discrimination in respect of
employment, remuneration and profession;
Deployment of the Responsible Purchasing Policy
● the ten principles of the Global Compact, of which Covivio has
Covivio’s Responsible Purchasing Policy is deployed using three
been a signatory since 2011;
tools (the Responsible Purchasing Charter, the EcoVadis
questionnaire and the CSR clause; see 3.3.2.5.1. for details of the ● the UN’s 17 Sustainable Development Goals for 2030;
tools) and enables the satisfaction of a number of:
● the Diversity Charter and its equivalents in Italy and Germany, of
● obligations such as the law of 9 December 2016, known as the which Covivio has been a signatory since 2010.
“Sapin 2” law, on transparency, the fight against corruption
and the modernisation of economic life;




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In particular, Covivio undertakes to apply fair treatment between Covivio plans to intensify dialogue and raise supplier awareness
its stakeholders. of CSR and ethics issues from 2025, as part of its responsible
purchasing policy.
In the course of its activities, Covivio has not received any
reports of non‑compliance with the United Nations Guiding Measures to help or remedy Human Rights impacts
Principles on Business and Human Rights, the ILO Declaration on
the Principles and Rights at work, or the OECD Guidelines for
Multinational Enterprises involving workers in the value chain. Preventive measures are implemented with Covivio’s partners
working on its construction sites to ensure that Human Rights are
In addition, Covivio has an Ethics Charter which defines a set of respected. Covivio has implemented monitoring of accidents
principles and rules applicable to the Group and also serves as across all its development and renovation operations. This is
a Code of Conduct within the meaning of Law no. 2016‑1691 of 9 managed by the OHS (Health and Safety at Work) coordinator
December 2016 on transparency, the fight against corruption and published in their annual report on sustainable performance.
and the modernization of economic life known as the “Sapin 2 In addition, an SPS (safety and health protection) coordinator is
law”. Stakeholders (suppliers, partners, customers, etc.) and, in assigned for each construction site, at the rate of one visit per
general, any person with whom Covivio works, are asked to week, to monitor working conditions. At the end of their visit, the
adhere to the principles laid down by this charter. coordinator presents their observations in a report, which are
binding on the company.
Extract from Covivio’s Ethics Charter: “We also expect our On each construction site, Covivio requires its partners to
stakeholders (suppliers, partners, customers, etc.) and, more provide a declaration of subcontractors, a list of foreign workers
generally, any person with whom Covivio works, to adhere and proof that they are legally entitled to work. To this end, a
to the principles set out in our Ethics Charter." systematic check of BTP cards (professional card for the building
and public works sector) is carried out at each construction site.

3.3.2.2.3 General approach in terms of commitment,
Works contracts as well as day‑to‑day management contracts
include a clause under which the supplier undertakes to sign
3
communication and remedial actions Covivio’s Responsible Purchasing Charter and to respect its
concerning the policies implemented various principles, in terms of ethics, respect of Human and
Covivio strives to provide the most transparent communication labour rights, etc.
possible on Human Rights issues. At the end of 2024, Covivio
In the context of calls for tenders and contract renewals,
expressed its Human Rights Policy in a document available on its
Covivio's buyers have been trained, and have access to
website. Likewise, its Ethics Charter is accessible there.
communication tools (forms, standard emails, etc.) in order to
Deployment of the Human Rights Policy explain the motivations and principles behind its responsible
purchasing policy to suppliers. The Responsible Purchasing
Covivio uses various tools to ensure and assess the commitment
Charter contains a number of explanations and Covivio’s
of its suppliers and consultants to respect for Human Rights. To
expectations. In addition, the responsible purchasing policy is
go further in its approach, from 2025, works contracts will
reiterated via a CSR clause. The Responsible Purchasing Charter
gradually include clauses specific to Human Rights: “The Project
is used by the German, French and Italian teams for the three
Owner is anxious that the company should respect the terms of
activities: Offices, Hotels, Residential.
the European Directive concerned about the Undertaking’s
compliance with the terms of the European Directive of 24 April 3.3.2.3 Dialogue process (S2‑2)
2024 on corporate sustainability due diligence, pending its
transposition into national law. Thus, the company undertakes to Stakeholders commitment
take the necessary steps to remedy negative impacts on Human The standard clause and the Responsible Purchasing Charter
Rights and negative impacts on the environment, whether encourage suppliers (and therefore their employees) to make
actual or potential, with regard to its own activities, the activities any suggestions to Covivio that could have a positive impact on
of its subsidiaries and the transactions carried out by its its carbon trajectory, reductions in energy or water consumption,
commercial partners in its chains of activities. To this end, the or more broadly a reduction in its environmental footprint or an
company recognizes its responsibility in the exercise of its duty increase in its societal actions.
of care in terms of Human Rights by identifying, preventing and
mitigating the harmful effects that its activities could have on The commitment to workers in the value chain is carried out by
Human Rights and by reporting on how it remedies said effects. the legal representatives of the companies which employ
The company must avoid infringing Human Rights and remedy workers in the value chain. The commitment is mainly made
any negative impacts on Human Rights that it may have when the contract is drafted and during the call for tenders
caused, to which it has contributed or to which it is bound by its period to ensure that the Group’s policies are taken into
own activities and those of its subsidiaries and through its direct account. Once the contract has been signed, the frequency of
and indirect commercial relationships." exchanges depends on the nature of the work requested and
does not result in consolidated quantifiable monitoring
Specific clauses are also included in the Responsible Purchasing (statistical or other) given the very large number of suppliers. The
Charter. The assessment carried out by EcoVadis enables the contact person responsible for the management of the project
commitment of suppliers to be ensured, bearing in mind that on the Covivio side is in charge of monitoring supplier
Human Rights carry significant weight in this assessment. commitments and reports directly to their hierarchical chain of
responsibility as part of their mission.




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Covivio does not directly issue orders or instructions to Since 2022, the Group has relied on the expertise of an
employees (workers, technicians, engineers) on its construction independent third party, EcoVadis, to extend the scope of the
sites. Nevertheless, as project manager, its contracts indicate the assessments, notably to German and Italian suppliers. This
level of commitment it expects from its suppliers towards their system assesses suppliers with real‑time information (which is
employees. The measures taken by Covivio on its construction centralised on a platform), sectoral benchmarks and the support
sites are presented in section 3.3.2.2.3. of an international organisation of 180 experts which has already
assessed over 100,000 companies worldwide.
With regard to marginalised or vulnerable workers, requirements
are formulated in particular in low‑nuisance construction site A responsible purchasing policy, three tools
charters. For example: “if foreign minorities work on the site, the ● Covivio’s Responsible Purchasing Charter promotes the
signs, notices and booklets are published in the languages of principles of the Global Compact, the Diversity Charter, the
these minorities”. International Labour Organization as well as those of Covivio's
The delegation of powers entrusts the supplier with the Ethics Charter. The latter aims in particular to fight against
responsibility for ensuring, in an effective and permanent corruption and money laundering, anti‑competitive practices,
manner, strict compliance with all health and safety rules, and as well as bad environmental practices (products used) or
the fight against illegal labour, which is the responsibility of the social practices (non‑compliance with regulations). Covivio’s
Project Owner. Consequently, it is the supplier who is directly Responsible Purchasing Charter sets out its 11 CSR principles,
responsible for the strict respect of these obligations. notably in relation to the UN’s 17 SDGs for 2030.
● The assessment carried out using the EcoVadis platform
3.3.2.4 Whistleblowing system (S2‑3)
covers 21 criteria in four main groups: environment, social and
A whistleblowing system is available to all Covivio employees Human Rights, ethics and responsible procurement. This
and their stakeholders to report proven or potential incidents includes orders of more than €200K thousand excl. of VAT for
concerning: “real estate” expenses (purchases of services, works, studies
contributing to construction, renovation, facilities or property
● any fraud, corruption or influence peddling behaviour;
management, etc.) and €50K thousand excl. of VAT in the
● any case of discrimination or moral or sexual harassment; “non‑real estate” or corporate scopes (purchases made by
support services and by Wellio). The following are excluded
● any act involving a danger to the life or health of an from this process: taxes, duties and fees, property managers
employee; and notaries. The analysis indicates the strengths and
● any act contrary to Covivio’s Ethics Charter. weaknesses of the suppliers rated, proposes areas for
improvement on CSR topics and also offers the possibility of
The alert may relate to information concerning events that have participating in training webinars on CSR topics.
occurred or are likely to occur. Covivio employees may report
facts of which they are directly or indirectly aware. Such an ● a CSR clause enabling the suppliers' CSR commitment to be
approach must be launched in good faith and without direct contractualised in the contracts and specifications for
financial compensation. This system is public: it can be found on maintenance and works contracts. In Italy, the Property
the Covivio website. Link to Covivio whistleblowing procedure Management team has included green clauses in
(ESRS G1 - section 3.4.2.4) maintenance contracts, including waste management, the
use of environmentally friendly materials and cleaning
Covivio has not yet set up a system to assess the needs or products, energy efficiency and respect for temperature rules,
concerns of stakeholders. In particular, Covivio has not carried support in energy and microbiological studies, etc. Similarly, in
out a survey on the level of confidence of the workers of its Germany, most of the products listed (materials, equipment,
suppliers within the value chain in the whistleblowing system. etc.) by Covivio Immobilien benefit from a stringent German
Nevertheless, Covivio’s teams are in constant contact with label, guaranteeing respect for the environment and the
supplier representatives in the context of the works and health of users. Finally, a clause on the fight against corruption
management of buildings, which enables a certain number of has been included in the new contracts and specifications
weak signals and areas for improvement to be identified. This signed in France.
permits a number of weak signals and areas for improvement in
the working conditions of suppliers’ employees to be identified. The results of the assessments show a correlation between the
size of the companies and the scores obtained, due to different
3.3.2.5 Actions and objectives (S2‑4) levels of maturity in terms of CSR, but also due to different
Covivio carries out a 360° watch of the reputational risks of its financial and human resources. The larger the company, the
suppliers, particularly in terms of integrity and honesty. more CSR issues are taken into account. Large companies have
formalised their policies more and obtain more labels/
3.3.2.5.1 Action plan certifications, while small companies act more informally. Social
In 2011, Covivio was one of the first European real estate issues, and in particular QWL, are generally taken into account
companies to set up a system for assessing suppliers and by companies of all sizes, and societal actions a little less. There
consultants. This covered both the entire supply chain for the are also many disparities in environmental issues even if certain
development and management activities of the France Offices unavoidable issues, such as waste management or the
portfolio, and the company’s operating expenses. This internally responsible supply chain, are taken into account.
managed system was based in particular on an internal charter
signed by the supplier, and a clause enabling the CSR
commitment of suppliers to be contractualised in the
maintenance and works contracts and specifications A survey
questionnaire, with a certain number of respondents each year,
as well as a verification of the responses to the questionnaire by
an independent third party.




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At the end of 2024, the third year of progressive implementation, ● The commitment is strengthened with increased formal
232 French/German/Italian suppliers were assessed by Ecovadis, adoption of Responsible Purchasing policies. 60% of Covivio
in addition to 21 international suppliers (multinational). The results suppliers assessed by EcoVadis have a formal Responsible
show an average score of 64.2/100 out of the 253 suppliers Purchasing policy (58% for the construction sector). This
assessed, while the EcoVadis average is 47.6/100 (an represents an increase of 28% in one year.
improvement compared to last year's score of 46/100). The
● The proportion of suppliers who signed the Global Compact
average of Covivio’s suppliers for the construction activity is
stabilised at 46% (35% for construction).
62.7/100, well above the EcoVadis average for this sector (57.3). In
2024, Covivio worked with 187 strategic suppliers, with a turnover The platform developed by EcoVadis is used to characterise
of more than €200,000 (in the initial amount during calls for performance by company, company size, geographical area
tenders, with a rolling amount for other operations). Of the 187 and business sector. EcoVadis also ensures the continuous
strategic suppliers, 88 are rated by EcoVadis. improvement of users (companies) by proposing the
implementation of corrective action plans, directly via the
Overall, at the end of 2024, the expenses covered by the
platform. A large number of reports are editable and suppliers
EcoVadis rating are:
can access e‑learning modules on various subjects
● 50% for the corporate which represents purchases related to (independently on the platform) as well as ad hoc webinars
support functions; organised by EcoVadis.
● 75% for tertiary and residential development expenses.
It should be noted that six of the ten largest suppliers of the Percentage of suppliers responding positively to these items
development activity are rated by EcoVadis. These six on the EcoVadis questionnaire (selection of actions)
companies represent 70% of development spending in 2024.
Corruption policy 83%
Lastly, for operations‑related purchases, 43% are covered by the Reporting on energy and GHG emissions 67%
EcoVadis rating. In short, 61% of spending in France is covered by
CSR audit/assessment of suppliers
Formalised responsible procurements policy
63%
60% 3
the EcoVadis rating. Use of renewable energy 57%
CO2 emissions reporting 54%
In addition to monitoring the indicators based on the number of Health and safety indicators report 49%
ISO 14001 certified 48%
suppliers rated and signatories to its Responsible Purchasing Alert procedure implemented 48%
Charter, Covivio also possesses the CSR performance reports of Actions on energy and GHG emissions 46%
its suppliers, provided by EcoVadis platform. These reports Signing of UN Global Compact 46%
ISO 45001/OHSAS 18001 certified 43%
enable Covivio to measure the commitment of its suppliers and Scope 3 GHG emissions reporting 41%
their progress. Part of the “Science Based Targets" initiative 34%
Participant in the Carbon Disclosure Project (CDP) 29%
In 2024, EcoVadis provided Covivio with varied information on its ISO 50001 certified 15%
suppliers:
● 83% of suppliers have formally drawn up a policy on corruption Focus on construction - EcoVadis answers
(up 1% since 2023), 48% of them have set up a whistleblowing
procedure, and nearly half report on health and safety Actions on energy and GHG emissions
indicators (up 35%). Corruption policy
Energy or carbon reporting
● The number of suppliers using renewable energy increased by Formalised responsible procurements policy
50% (average of all sectors) to reach 57% of suppliers. It should Use of renewable energy
be noted that the number of suppliers taking action on energy CSR audit/assessment of suppliers
consumption and greenhouse gas emissions has fallen by 27%. Health and safety KPI reporting
Nevertheless, momentum remained strong for the construction ISO 45001/OHSAS 18001 certified
sector, which grew by 19% for energy and GHG actions and by CO2 emissions reporting
31% for energy and GHG emissions reporting. The Alert procedure implemented
environmental risk, identified in the risk mapping, is now at the Signing of Global Compact
heart of the CSR actions of suppliers in the construction ISO 50001 certified
sector. 0 10 20 30 40 50 60

2023 2024
● 63% of Covivio’s suppliers carry out audits or assessments on
their suppliers’ CSR issues in order to prevent environmental
and social risk.
3.3.2.5.2 Actions taken by Covivio to remedy the
identified risks
The risk mapping related to Covivio’s suppliers (3.3.2.1.1) mainly
identified CSR risks (waste, pollution, health and safety) and
ethical risks.




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CSR risk related to workers in the value chain In 2024, Covivio did not report any deaths among its suppliers
For workers in the value chain, the risks mainly relate to health and subcontractors. The following table presents the different
and safety. Covivio has taken a number of measures in response. data collected on construction sites under development in
For example, Covivio implements accident monitoring on France and in Italy during 2024.
construction sites, for its development and renovation projects. In
France, this is managed by the OHS (Health and Safety at Work)
coordinator.


Accidents on developments and renovations in France and Italy in 2024
Total number of people working on construction sites 1,782
Total number of hours worked on the sites 960,923
Number of lost‑time occupational accidents 2
Number of lost working days 9
Accident frequency rate 2.08
Severity rate 0.0094

The average figures for the construction industry as calculated in Material opportunities in relation to workers in the value chain
France by the French National Health Insurance Fund, are 31.1 Through its activities, Covivio contributes to the development of
and 2.4 for frequency and severity rates respectively (2021 the economy and supports local employment.
accident statistics). The data published by Covivio was collected
on two French projects and two Italian projects delivered or For more information on the socio‑economic impact study: ESRS
underway in 2024. These figures show that the number of days S3, section 3.3.3.1.3.
off work recorded on Covivio sites are well below the sector
The policies put in place also contribute to the attractiveness of
average.
the brand by helping to improve the relationship of trust
Health and safety on construction sites: developed with partners.
Resources allocated to managing material impacts
The low‑nuisance construction site charters drafted by The implementation of these three tools required an investment
Covivio detail the health and safety requirements: on the part of Covivio, both in financial and human terms. Thus,
● details of the facilities that must be provided for an annual cost for using the EcoVadis platform is shared by
employees (separate toilets, showers and changing Covivio’s various activities, and monitoring and coordinating the
rooms, lockable lockers, etc.); system requires the work of 3 full‑time equivalents spread over
several of the group's employees. The suppliers, for their part,
● health and safety training for all teams with the provision pay a contribution to EcoVadis as part of their subscription,
of attendance sheets; which enables them to be assessed.
● identification of employees on construction sites by using 3.3.2.6 Covivio objectives (S2‑5)
photo badges;
Definition and monitoring of objectives
● site safety (recording of all incidents, sufficient number of
employee first‑aiders, sufficient first‑aid equipment, etc.); Covivio's objective is that at least 66% of its key suppliers
● safe and appropriate access to the site (provision of will be assessed by EcoVadis and 100% of calls for tender
parking or close to public transport or provision of will be covered by the end of 2026.
shuttles, etc.).
Covivio does not involve suppliers or workers in its value chain in
defining its objectives. Each supplier is independent and
Ethics Risk responsible for how they manage the goal of "zero accidents on
The CSR risk mapping showed that the Ethics risk mainly construction sites". Each uses its own in‑house safety plans,
concerns transactions. The Group has implemented mandatory communication and awareness‑raising tools in compliance with
tendering procedures to avoid the risk of corruption. This resulted the regulations of the country and according to its area of
in a dedicated internal training course for 100% of employees expertise.
likely to be exposed to it.
Recognition of these actions
In 2024, Covivio was not convicted of acts of corruption or In 2024, Covivio received from CDP (formerly the Carbon
Human Rights violations. Furthermore, the statistics from the Disclosure Project) its recognition as a leader in terms of supplier
accident monitoring on construction sites carried out for Covivio engagement (CDP Supplier Engagement Leader A‑List). Covivio
are better than for the sector as a whole. There were no fatalities also obtained a score of 74/100 in its sixth EcoVadis assessment,
on its construction sites or operating properties in 2024. placing it among the top 6% of companies rated by this body
and thus attaining the Silver level. Covivio Immobilien GmbH, the
Aiming for zero accidents on construction sites is a major
residential activity in Germany, is being assessed by EcoVadis’
objective, shared with suppliers, who contractually retain legal
network of CSR experts.
liability for them.




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3.3.3 Affected communities (ESRS S3)
The ESRS S3 standard covers communities “affected” by the ● the “Employment” lever: using local organisations who hire
activities of the company and its value chain. The challenge is to disabled people (protected sectors) or long‑term unemployed
explain how the impacts and dependencies created in relation people (insertion companies);
to these communities by the company can create risks and
● the “Procurement” lever: promoting local suppliers and
opportunities for Covivio. To do this, the identification and
subcontractors in the supply chain.
management of material impacts on affected communities are
presented in the following pages. The signing by Christophe Kullmann, Covivio Chief Executive
Officer, of the Plaine Commune company‑regional charter
3.3.3.1 Impacts, risks and opportunities related promoting employment, the local economy and the circular
to affected communities (S3.SBM‑3) economy on 17 December 2019 is part of this active policy. In
Scope particular it relates to the Saint‑Ouen - So Pop project, delivered
on 16 September 2022. The project has delivered many benefits
All affected communities that may be materially impacted by
in terms of employment, the local economy and the circular
the company are included in the scope of ESRS S3. This includes:
economy:
● in the context of its building development and management
● 10% of the total volume of working hours required to complete
operations, it concerns local residents, regions and their
the project were reserved for unemployed people;
inhabitants, local authorities and public authorities, with the
aim of properly integrating the building into its environment, ● local businesses were given preferential treatment for 25% of
also including social and economic dimensions; the total amount of works and services contracts;
● on the other hand, the communities that benefit from actions ● reuse of technical floors, use of recycled paint (from unsold
conducted by Covivio, in particular via its corporate
foundation. It supports associations that work locally and in a
goods), use of crushed concrete to make aggregates (used to
build roads), etc.: these initiatives have substantially reduced 3
meaningful way to promote equal opportunities. the building’s carbon footprint;
3.3.3.1.1 Material impacts on affected communities ● participation in the HQE‑Performances programme and
The dual materiality analysis confirmed that, in the context of its experimentation with the MFA (Material Flows Analysis)
activities (in particular the development and renovation of method to accelerate the implementation of solutions
buildings), the consequences of Covivio’s activities on the promoting the circular economy.
communities have moderate material impacts. Thus, in the The construction and renovation of new buildings and the
context of each operation, special care is taken to reduce any management and renovation of existing buildings support many
inconvenience or nuisance that the site may cause to local jobs (see 2024 socio‑economic study, section 3.3.3.1.3).
residents. The analysis enabled positive impacts on local Furthermore, the attractiveness of these buildings and the
communities to be identified, thanks notably to the actions and activity they accommodate have a concrete impact on the
support of the Covivio Foundation. economic dynamism and business of the areas in which they are
With regard to the rights of indigenous populations, the dual located. In the double materiality analysis, this subject is
materiality analysis revealed that this subject was not very included in “S3 - Societal involvement - sustainable cities”.
material given the group’s activities and its locations. 3.3.3.1.3 Risks and opportunities for affected
3.3.3.1.2 Risk measurement in affected communities communities
Covivio has sought to measure its regional socio‑economic The city of the future will be low‑carbon and interconnected, and
impact for several years. A socio‑economic footprint assessment contribute to the circular economy. To limit travel and offer more
is a tool that helps provide a better understanding of the broad convivial living spaces, buildings must be flexible, able to evolve
impact of a business, and helps Covivio identify potential by integrating new technologies and adapting to mixed uses,
opportunities to optimise the economic benefits created for the allowing city dwellers to use these open city spaces to live, work
regions in which it operates. This optimisation may happen either and relax. By anticipating these changes, Covivio is better
by increasing the quantity of impacts (notably the number of positioned to manage the risks that could adversely affect the
local jobs supported), or by improving the quality of the impacts appeal of its assets if the Group did not make every effort to
(including the nature and types of jobs supported and working work very closely with its stakeholders, especially major cities.
conditions). During the CSR risk mapping process, the “Integration within the
sustainable city” risk was identified as a major risk for Covivio’s
Accordingly, Covivio identified two main drivers for maximising its activities in Europe.
local impact and intends to focus on these increasingly going
forward: For projects located in dense urban areas with many local
residents, additional measures can be put in place, as well as a
map of local players to identify potential partners or the
preferred use of local suppliers.




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ESRS S3 - SOCIETAL INVOLVEMENT - INTEGRATION IN THE SUSTAINABLE CITY
Description and key words Place and role of assets in the city, opening towards the city, the neighbourhood
Building accessibility
Main impacts Impact mainly related to the operation of buildings (concierge, FM, technicians)
Positive impact linked to participation in the dynamism of the local economy and the regeneration of
neighbourhoods
Positioning on the value Downstream
chain
Main risks Business continuity risk: integration into the region and its ecosystem is necessary, particularly in the context
of renovation projects. The commitment of local communities is a prerequisite for the success of a project.
Risk of obsolescence of buildings in the event of non‑accessibility (PRM and public transport).
High reputational risk plus a risk of non‑completion of a project
Materiality Material
ESRS S3 - RIGHT OF INDIGENOUS POPULATIONS
Description and key words Discrimination, gender equality, inclusion
Main impacts Impact on the psychological well‑being of affected employees. Limited impact at Group level given its direct
activities and commitments to equal opportunities
Positioning on the value Direct Operations
chain
Main risks Financial risk: in France, the maximum penalties for discrimination are a fine of up to €45,000 and up to three
years in prison.
Reputational risk in the event of discriminatory practices.
Materiality Non‑material




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Measuring the socio‑economic impact of activities on a European level
Aware of its economic weight and its regional presence in several major European cities, Covivio has endeavoured to characterise and
quantify the socio‑economic impacts of its activities since 2014, over a scope now extended to all the Group’s activities in countries in
Europe where it has a presence. These studies are performed with the company Utopies and use the LOCAL FOOTPRINT®
methodology.

The LOCAL FOOTPRINT® model
The LOCAL FOOTPRINT® model is a statistical assessment tool of the RIMS type (Regional Input‑Output Modelling System) that
reproduces, as closely as possible, how the regional economy works. This model uses different sources (Eurostat, INSEE and BEA for 380
sectors), supplemented by the location coefficients of the University of Bristol. Based on real or modelled purchasing, payroll and tax
data of companies, LOCAL FOOTPRINT® is used to simulate the socio‑economic benefits of a business in a given area.

The analysis presented in summary below after, carried out in 2024 on the 2023 data, covers all of the Group’s activities (corporate,
portfolio in operation, development). It is based on the data collected for Offices activities (France, Germany and Italy) Residential
(Germany) and Hotels (Europe).

Breakdown of the 17,000 jobs supported by type of impact (source: Utopies)



1,000 1,500 Direct impacts reflect the 1,000 Covivio employees in Europe and
IMPACTS
DIRECT




the 1,500 employees of the Hotel operating properties division (full-time
Covivio jobs Hotel operating properties jobs equivalent at end-2023).
(rounded figures)
3
Indirect impacts are generated by Covivio’s purchasing, which generates

6,700 economic activity at suppliers and throughout the supply chain. In this
INDIRECT
IMPACTS




way, Covivio supports 6,700 jobs in Europe (including 2,700 in France,
jobs supported 3,100 in Germany and 600 in Italy), which break down as follows: 4,300
in the supply chain (64%) at direct (tier 1) suppliers and 2,400 (36%) at tier 2 suppliers and
further down the chain.


Induced impacts refer to:

4,100 3,700 • Household spending by Covivio employees and employees in the
INDUCED
IMPACTS




supply chain, which help support or create 4,100 jobs in Europe (of which
jobs supported by jobs supported by 2,300 in France, 1,200 in Germany and 400 in Italy).
household spending public sector spending • Spending by public administrations, generated by tax paid by Covivio
and its suppliers, which supports 3,700 jobs in Europe (2,100 in France,
1,100 in Germany and 300 in Italy).




Total impacts (Group share*): these correspond to the sum of direct, indirect and induced
Total supported jobs impacts. Covivio supports 17,000 jobs in the countries where it operates in Europe, including


17,000
7,900 in France (46%), 6,800 in Germany (40%), 1,500 in Italy (9%) and 800 in the other countries
where it operates (5%). Therefore, for one job at Covivio, 6 additional jobs are supported.
In addition, Covivio generates €2.2 billion in direct, indirect and induced GDP.

* The total number of jobs supported is calculated as Group share (percentage of buildings owned by the portfolio and Covivio's percentage equity stake in its subsidiaries).
At 100%, 23,600 jobs were supported, an increase of 56% compared to the 15,100 jobs supported in 2018. Therefore, again at 100%, for one job at Covivio 9 additional jobs are
supported.




EDUCATION, HEALTH
HOTELS, PUBLIC CORPORATE
CONSTRUCTION AND OTHER PUBLIC
RESTAURANTS ADMINISTRATION SUPPORT SERVICES
SERVICES

2,500 2,300 2,100 1,600 1,600
supported jobs supported jobs supported jobs supported jobs supported jobs
(15% of the 17,000
(14%) (12%) (9%) (9%)
supported jobs)




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Socio‑economic impact mapping of Covivio in Europe (17,000 jobs supported)


FRANCE
20%

Hotel 80%
Offices
Ireland
130
(1%) United
Kingdom Poland
260 Netherlands 18
(2%) 20 Germany GERMANY
Belgium 6,800 Offices
270 (40%)
23% 17%
(2%) Czech Republic
11 Hotel
France
7,900 Hungary
(46%)
25
60%

Italy
1,500 Residential
(9%)
Portugal Spain
29 69 ITALY
(0.5%)
1%
Hotel 99%
Offices



The 17,000 jobs that Covivio supports in the countries where it Belgium, United Kingdom, Ireland and Spain. Finally, five other
operates are mainly concentrated in France, Germany and Italy: countries are concerned to a lesser extent: Portugal, Hungary,
these three countries represent 95% of the jobs supported. Four the Netherlands, Poland and the Czech Republic.
other countries account for the bulk of the remaining 5%:
Focus on catalytic jobs
The companies renting offices and hotels have an economic ● 15,000 catalytic jobs related to companies operating hotels
activity that has socio‑economic impacts on a European scale. leased by Covivio (in 10 European countries).
These impacts, called catalytic impacts, are estimated on a
As this contribution is not directly attributed to Covivio, but to its
Group Share basis, at the scale of the whole of Europe (not only
tenants, it cannot be added to or compared with the economic
in the countries where the Group operates):
impacts (17,000 jobs supported) of Covivio’s management and
● 375,000 catalytic jobs related to companies occupying offices development activities.
leased by Covivio (in France, Germany and Italy);


Country Catalytic jobs, Offices Catalytic jobs, Hotels
France 171,000 9,000
Germany 50,000 2,000
Italy 95,000 1,000
Rest of Europe 59,000 3,000
EUROPE TOTAL 375,000 15,000

These catalytic impacts can be broken down into: The impact in terms of catalytic jobs can be assessed via
appropriate indicators: per m2 of office or hotel room. It was thus
● direct jobs at companies occupying offices leased by Covivio estimated, in Group Share:
and at companies operating hotels leased by Covivio;
● 0.25 catalytic jobs per m2 of office;
● indirect and induced jobs, supported by the activities of these
companies (purchases made, salaries paid, taxes paid, added ● 1 catalytic job per hotel room.
value generated).
These indicators make it possible to measure the positive
Direct jobs were estimated at 91,000 FTE at the companies externalities of real estate leased to third‑party companies, and
occupying the offices leased by Covivio, and at 10,000 FTE at therefore the wider influence of the Covivio ecosystem, in
the companies operating the hotels leased by Covivio. particular at the local level, in the cities where it operates.




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3.3.3.2 Policies towards affected communities Bruno Derville Senior Advisor
(S3‑1) Géraldine Lemoine Chief Communication Officer, Covivio &
3.3.3.2.1 Human Rights commitments Vice‑Chairwoman of the Foundation
The communities that are affected by the activities of Covivio Yves Marque Chief Operating Officer, Covivio
and its subsidiaries are taken into account in its commitments.
Similarly, vulnerable communities that could be impacted are Anne Lhuillier Independent sponsorship & philanthropy advisor
included in the policies and actions described below. Tugdual Millet‑Taunay CEO Hotels, Covivio
Reducing the impact of construction sites on local residents and Giovanna Ruda Chief Corporate Officer, Covivio (Italy)
the region
Covivio has chosen to focus the actions of its Foundation on
As part of its development or renovation activities, Covivio strives
supporting actions related to projects that promote equal
to reduce any nuisance or inconvenience that may be caused to
opportunities: access to education and training, access to work,
local populations. Covivio has set up a certain number of
access to housing, support for integration or reintegration of
systems on its construction sites (section 3.3.3.4), to limit the risks
vulnerable populations, etc. The Foundation’s support is part of
or negative impacts for local residents. This limits the risks of
a dynamic that includes Covivio’s adherence to the Global
legal action (for noise, damage to the environment, the urban
Compact and its commitment to Human Rights relevant to the
landscape or other nuisances) and the risks of delays to the
affected communities.
project. These actions are deployed for all sites where risks
relating to local residents have been identified and are mainly Through its Foundation, Covivio is committed to equal
monitored by the Development Department. opportunities by supporting around 20 charities in the three
countries where it operates, including, in 2024:
Investing in urban life
Since 2008, Covivio has developed a partnership and ● in France: Activ'Action, article 1, la Cravate Solidaire, Refugee
collaborative policy with the charity and community sector, Food, Osons Here et Now, Wake Up Café, Fratries, Résidence
jeunes Sainte Constance, PLAY International, Kabubu, etc.
3
focused on equal opportunities, relying in particular on
skills‑based sponsorship, which helps to promote internal ● in Italy: Fondazione Mission Bambini, Associazione La Strada,
know‑how. Fondazione Francesca Rava, L’impronta Group, L'Accoglienza,
Training future real‑estate industry decision‑makers etc.
The Palladio Foundation was created in 2008, under the aegis of ● in Germany: Al Farabi Music Academy, Fondation Oliver Kahn,
the France Foundation and actors in the real estate industry, Lebenshilfe, Ruhrwerkstatt, TAFEL, etc.
including Covivio, to address the huge challenge of urban
planning. Covivio supports this Foundation, a place for meetings, While financial support remains essential, the Foundation’s desire
dialogue, debates and reflection, via financial sponsorship and is to deploy 360° partnerships that go beyond that and make it
the involvement of its managers and teams in the projects and possible to create strong and tailor‑made links with each of the
events of the Palladio Foundation. The theme of reflection for associations supported. In addition to its European nature, the
2024 was “taking care of the city” and in 2025, the theme will be: originality of the approach adopted is that it offers several
“the European city: a model to defend?”. Covivio has signed the formats of support to partner associations: financial sponsorship,
charter of the University of the City of Tomorrow to lay the skills‑based sponsorship, solidarity mission, provision of spaces
foundations for a new working method based on cooperation within the portfolio, donations in kind (furniture and IT), hosting of
between those who design, build and govern the city, those who solidarity events, etc.
talk about it and those who experience it. Covivio thus offers partner associations occasional free access
In addition, a number of Covivio employees do presentations to several of its event spaces to organise training sessions,
often centred on sustainable development – at various seminars, governance meetings, etc.
institutions such as ESTP and Dauphine University in Paris. In Italy In 2024, for example, Covivio welcomed the Kabubu teams in
every year Covivio shares its practical knowledge and offers one of its buildings during the Paris Olympic Games, as their
advice to students taking courses in real estate. premises were inaccessible for the event. In a much more
Support for equal opportunities via the Foundation sustainable way, Covivio has been hosting the largest wardrobe
and clothing sorting centre of the La Cravate Solidaire
Created in 2020, the Covivio Foundation’s mission is to structure association at its CAP 18 site north of Paris for more than two
and strengthen the sponsorship actions the group has already years now.
been carrying out for almost 15 years now.
Thus, each year, in addition to the €300,000 in financial
The Board of Directors of the Covivio Corporate Foundation donations, Covivio invests around €230,000 in in‑kind
The Board of Directors, which meets two to three times a year, sponsorship and skills.
sets the Foundation’s roadmap, manages the budget, approves
the main projects to be funded, monitors the European This approach allows Covivio to focus its efforts and resources on
coordination of the actions supported and ensures that there is a limited number of projects in order to offer significant support
good communication between the Foundation and the Covivio to each association and strengthen the impact of their actions.
teams. It is composed of three qualified external members and To ensure a close relationship, a local Committee made up of
five internal members: employees from Covivio’s various business lines was created in
Alix d'Ocagne - Independent Director of Covivio & Chairwoman each country to monitor the associations supported. The local
of the Foundation Committees are also responsible for identifying future projects to
be implemented and presenting them to the Foundation’s Board
Nathalie Blum Independent of Directors.




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The Covivio Corporate Foundation has a budget of €1.7 million In Italy, a red bench against violence against women
over five years covering the financing of projects, as well as the On the occasion of the International Day for the Elimination of
operating costs for its actions. Violence against Women, Covivio, Fastweb and Fondazione
For more information: Covivio Foundation Libellula inaugurated, on 22 November 2024, a red bench in the
Piazza Adriano Olivetti, in the heart of the Symbiosis district in
Milan. This red bench, a universal symbol of the fight against
33 associations violence against women, is added to those already present in
supported since the creation of the Foundation Milan and in many other Italian cities, thus forming a symbolic
network that reminds us of the collective commitment to fight
26 associations against all forms of gender‑based abuse and discrimination. This
supported at the end of 2024 gesture is a warning and an invitation to promote a culture
based on respect and equality, both in public and social spaces
Of which 15 supported for at least 3 years and in work contexts, so that change affects all areas of our
daily life.
More than 430 employees 3.3.3.2.2 Interactions with affected communities
have taken part in a mission since 2021
The quality of interactions with local communities is key to the
success of Covivio’s activities.
Covivio has set up agencies in the field and close to its real
In December 2023, Covivio received the “Mécénat & estate assets and its customers ( 3.3.3.3).
Solidarités dans la ville” award in the “Community Real estate is experiencing an unprecedented change due to
commitment” category, at the SIMI (Paris Real Estate Fair). new technologies and new user needs and practices. For
This award, which recognises the various charitable Covivio, innovation is both a source of enhanced
initiatives by real estate companies and is awarded by the competitiveness and a way of opening up new markets. Covivio
FEI (Fédération des entreprises de l’Immobilier), highlights is rolling out its innovation programme across Europe to keep
the positive impact of the work carried out by the Covivio pace with the trends driving its markets. This is based on two
Foundation since its creation. pillars: firstly, identifying and facilitating the implementation of
new processes and materials intended to make buildings more
resilient and virtuous. Secondly, deploying new offers and
Covivio employees get involved: focus on Socovivio Week in systems that improve comfort and services to occupants, often
France and Socovivio Days in Rome and Milan by using local economic actors. (ESRS S4 - 3.3.4.3.1).
Covivio employees carried out 342 missions during the third 3.3.3.2.3 Compliance with international Human Rights
edition of Socovivio Week (France) and Socovivio Days (Italy) guidelines
held in 2024 (141 in Germany i.e. 41%, 121 in France i.e. 36%, 80 in
As a signatory of the Global Compact, Covivio aims to be
Italy, i.e. 23%). 1,523 hours were completed, benefiting 20
exemplary in compliance with the United Nations guiding
associations. On a voluntary basis, employees were given the
principles on business and Human Rights, the ILO Declaration on
opportunity to take part in various ‘helping hand’ initiatives, such
Fundamental Principles and Rights at Work or the OECD
as meal preparation workshops with Refuge Food, food
guidelines. For example, its Human Rights policy (ESRS S2,
distribution with La Chorba, clothing sorting with Cravate
section 3.3.2.2.2) or its Responsible Purchasing Charter (ESRS S2,
Solidaire, HR coaching workshops with Wake Up Café and
section 3.3.2.2.1) make direct reference to international texts.
gardening or cooking workshops at the Sainte Constance youth
residence (Metz). The commitment by Covivio employees is 3.3.3.3 Working with the communities (S3‑2)
growing. In point of fact, with 1,523 hours of volunteering,
commitment increased by 69% compared to 2023 (898 hours). Covivio endeavours to limit pollution and to implement risk
management and prevention mechanisms, for its construction
and renovation projects. Upstream of projects, there is a
Local partnerships forged between hotel industry players mapping operation concerning residents who live near the sites,
and associations to assess risks. For projects that require it, information meetings
for local residents are organised, often in collaboration with local
Hotel operators are seeking to boost the integration of their
authorities. Covivio informs local residents in advance of the
hotels in the city. Thus, they have been promoting
nature of the project, the duration of the construction, site
partnerships with local associations for several years. For
working and delivery hours, the companies involved in the
example, every year the Méridien in Nice partners with the
project, and contact methods, via a letter displayed on the site.
Red Cross (donating food, clothing and toys), participates
It may be supplemented by targeted information letters. In
in the Christmas Party organised by the MIR association in
addition, a complaint handling mechanism has been set up for
their social hotel by providing food and drinks, and
development projects, allowing complaints to be sent via a
organises a sale of clothing and cakes in the hotel with
dedicated email address and/or a letterbox installed directly on
proceeds going to the WeForest association.
the construction site. The contact details in case of need by third
parties and local residents in particular are displayed on the
construction sites.




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Covivio has four regional branches in France (in addition to its commitment to local employment, a mapping of local players to
offices in Paris and Metz) (Lille, Lyon, Bordeaux and Marseille), so identify potential partners or the preferential use of local
it can work closely with its stakeholders and take the suppliers. In the same vein, sites under development can also
expectations of its customers and local residents into account. In host pop‑up cultural events such as fashion shows on the
Germany, Offices and branches have been opened in cities Monceau project (delivery scheduled for 2025) or the
including Berlin, Dresden, Essen, Hamburg and Leipzig to organisation of a contemporary art exhibition in the Grands
supplement the head office teams historically located in Boulevards building (scheduled for delivery in 2026).
Oberhausen. In Italy, the workforce is based in Rome and Milan.
Projects are developed in close collaboration with local
Elsewhere, Covivio is represented in Luxembourg by two
authorities, so as to best integrate the constraints and
employees and in Spain with a Country Manager in order to
opportunities for the regions.
support local development and build a close relationship with
partners. Covivio strives to boost the outreach of the local areas 3.3.3.5 Actions to address risks on affected
in which its assets are located, in particular by supporting
numerous public relations events.
communities and opportunities (S3‑4)
3.3.3.5.1 Action plan to manage impacts, risks and
In the development phase, collaboration with the communities is
mainly carried out by the General Management, the
opportunities related to affected
Development Department and the Institutional Relations communities
Department. In Italy, Covivio has developed strong ties over a number of years
with the Politecnico di Milano. In 2019, the Proptech Joint
The effectiveness of the collaboration can be measured by the Research Centre (JRC) was launched by Politecnico di Milano in
level of acceptance of the project on delivery or the number of partnership with Covivio and other companies operating in Milan
complaints during the project or the number of complaints that (BNP Paribas RE, Bosch, Accenture, Edison and Vodafone). This
could be resolved. However, as each project is specific and the project is dedicated to launching research into new technologies
contexts are different each time, there is no one method for
monitoring the effectiveness of collaborations.
that could change the real estate professions and, most
importantly, the real estate market. In 2021, two partnerships with
3
In the context of Covivio’s activities, it is not considered material Politecnico were signed concerning a study as part of the
to take indigenous peoples and their specific rights into account development of Vitae in Milan and a study of fluid mechanics
(dual materiality matrix: ESRS 2, section 3.1.2.4.2). modelling for the Symbiosis project (Buildings G/H) with an
innovative natural cooling system for the façade based on the
3.3.3.4 Actions to address negative impacts and existing industrial chimney. The partnership with Politecnico’s
channels for communicating with Proptech network was also renewed in 2021.
affected communities (S3‑3) Covivio also works alongside local authorities, like the City of
All communication channels such as the whistleblowing and Paris by committing to the Paris Climate Action network, which
complaints mechanism (ESRS G1, section 3.4.2.4) are deployed launched the Paris Climate Action Charter. This Charter, which
on all development projects. For certain residential projects, local has become the Paris Climate Action Biodiversity Charter invites
residents have direct contact with Covivio. Additional measures companies to commit to the Climate Plan, and the fight against
may be implemented for projects located in dense urban areas climate change. It was updated in 2018 and signed again by
with many local residents. As part of the Monceau project in Covivio, which is committed to adopting an operational action
Paris, newsletters were sent to each local resident at various plan by 2030 and contributing to Paris’s carbon neutrality
stages of the project that might impact local life. An application trajectory.
was set up by the company in charge of the works, that allowed In Germany, Covivio Immobilien is involved in the life of the
locals to receive updates on works (noisy stages, noise districts where its buildings are located, participating in cultural
prevention, general information, etc.) and facilitating contact activities and running projects for the elderly and/or people with
with contractors. Covivio is directly informed if complaints are disabilities, in collaboration with local non‑profit organisations,
made on the platform in order to ensure that the appropriate mainly in Berlin and the Ruhr. Covivio Immobilien also supports
solutions are implemented in cooperation with the companies other social and societal causes, including making temporary
concerned. accommodation available for war refugees; participating in the
Surveillance systems, particularly to measure noise levels, may financing of corporate sponsorship programmes for schools,
also be installed during the work. Various measures put in place crèches and retirement homes; and, supporting the renovation
by construction companies also limit noise and visual pollution. of housing for elderly people and a social project for homeless
The low‑nuisance construction site charter also helps engage people in Berlin. In early 2020, Covivio Immobilien entered into a
site workers in subjects such as risk prevention, soil and air partnership with the Malteser International association to
pollution and waste management. support its senior tenants. The association helps elderly tenants
through a 24‑hour home emergency hotline and other services,
The AR4CUP project (Augmented Reality for Collaborative Urban such as ambulance transport and groceries, with the goal of
Planning) in collaboration with Politecnico di Milano also maintaining their independence. Covivio undertakes to publicise
illustrates this collaborative approach. The AR4CUP project aims the offer to its tenants, via letters and information in building
to promote the marketing of a new SAAS (Software As A Service) entrances, who then benefit from a reduced‑rate home
product that will allow urban projects to be presented using emergency service. Special information events have been
augmented reality, so citizens and decision‑makers can work planned in Covivio service centres to raise awareness of this
with architects and developers in a virtuous creation process. system. In pursuance of these initiatives, Covivio Immobilien has
This new product was tested in Milan on the Vitae project, winner strengthened its links with the Malteser association in Berlin,
of the international Reinventing Cities competition. This Dresden, Hamburg and Leipzig.
involvement in the regions is not limited to the management of
nuisances. The group also aims to integrate into the local fabric In France, for several years, the Atelier (Paris) and Divo (Metz) sites
and strengthen relations with local stakeholders. This can be have regularly hosted ESATs (companies and organisations that
expressed by the signing of a clause on integration on the primarily employ people with disabilities) enabling employees
construction site, which can also be supplemented by a and customers to make responsible and socially aware
purchases.



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The sites under development can also be places which host
pop‑up cultural events, such as the Grands Boulevards building. In Madrid, the Radisson Red RED is opening out to the city
Owned by Covivio, this former independent hotel located in
Covivio offers a meeting place at the Grands Boulevards the heart of Madrid has been completely renovated by the
building Radisson Hotel Group reopening in 2022 under its RedRED
lifestyle brand. The starting point for this renovation was to
A former telephone exchange and a listed building, it is
open up the ground floor as much as possible and give it a
being renovated by Covivio in order to combine modernity
new, more welcoming glass façade. At present, the
and respect for heritage.
reception is at the end of the central hub which houses a
Covivio has decided to open the building to contribute to restaurant and a bar facing the street. This renovation also
the city and art in all its forms. Several events were held included the creation of a rooftop restaurant and terrace,
there in 2024: fashion shows for Fashion Week (Chloé, Dries offering a spectacular view of the city. The goal, which was
Van Noten, Lacoste), art gallery exhibitions (Paris achieved, was to turn this establishment, with its elegant
Internationale), culinary events (We are Ona). A residence design and high‑quality services, into a real space for living.
has been set up there: the Covivio Residence. This is the
new location for a team of four female entrepreneurs who
work together and separately on engaged and progressive Other collaboration and communication actions in the
projects. It is an unprecedented challenge for Covivio, but management of relations with local residents are detailed in
fully aligned with its vision of living real estate: a place that section 3.3.3.3.
offers the opportunity to think differently, to experiment and
to initiate new projects. As an urban designer, Covivio Covivio implements the necessary measures upstream to
transforms city spaces into trendsetting venues where guarantee respect for Human Rights, in the context of the real
events are brought to life via temporary offerings. estate projects. Thus, there is no need for a specific remediation
procedure in the event of a Human Rights incident because the
subject is dealt with upstream.
Open hotels in the city 3.3.3.5.2 Identification of appropriate actions and
With a portfolio of 283 hotels, 90% of which are located in the measurement of their effectiveness
main European capitals, Covivio is one of the main hotel owners Given the wide range of actions implemented in terms of
in Europe, with 39,477 rooms. To open up hotels more to the city, collaboration and communication, and their highly variable
a certain number of brands are changing their offers to give nature, it is not possible to quantify or monitor the effectiveness
greater access to local residents. This concerns bars, restaurants, of the processes implemented to remedy the negative impacts
co‑working spaces, bakeries, rooftop terraces, etc. For example, on the affected communities.
this is the case of the Zoku hotel, which is part of a mixed
programme, Stream Building, the winner of the Réinventer Paris In 2020, Covivio commissioned Opinion Way to conduct a study
competition, developed by Covivio. Developments that to better identify the challenges for the Offices segment for the
contribute to making hotels more lively with hybrid spaces where coming years. Published under the name “Flexibility first!”, this
people can work or relax. study is reported in section 3.3.1.1 of the 2023 Universal
Registration Document and available on the Covivio website. As
Here, design acts as an element of hybridization, enabling a a long‑standing partner of the Association of Real Estate
range of uses, services and experiences to be offered in the Directors (ADI), Covivio supports and participates in various
same space, such as in lobbies, which now offer restaurants/ events (for example, in connection with the Palladio Foundation)
cafés, creativity rooms, libraries and children's play areas. This with the aim of jointly designing buildings, and the uses and
new design of spaces encourages discovery and interaction, mobility which are associated with them. Covivio also works
particularly by allowing both external customers and locals to alongside local authorities, particularly within public
come and enjoy the same experiences. No longer any need to development organisations (EPA) such as Bordeaux
necessarily be a customer, the hotel is reclaiming its place in city Euratlantique and Marseille Euromed, where public and private
life. stakeholders work together to promote the sustainable urban
development of a region.




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3.3.3.5.3 Additional CSRD data requirement (S3‑4)


Description of serious Human Rights issues There were no incidents relating to respect for Human Rights observed within the Group in
and incidents related to affected 2024.
communities
Description of the resources allocated to the Given the low number of reports of negative impacts, the means implemented (staff
management of material impacts resources, budget, etc.) remain marginal and potentially variable, and do not give rise to
quantification.
Handling complaints Communities that could be affected by Covivio’s activities are authorized to use the
aforementioned channels to raise concerns or needs. The use of whistleblowing
procedures cannot give rise to reprisals as long as it is not defamatory. Complaints are
handled confidentially, with due respect for privacy and data protection rights. Anonymous
reports may be taken into consideration provided that the facts reported are sufficiently
serious and detailed.
Indication if and how the company seeks to Covivio is a member of the Fédération des Entreprises Immobilières (FEI) and the European
use its influence with relevant business Public Real Estate Association (EPRA) at the European level. These two organisations
relationships to manage material negative represent real estate companies with a certain number of bodies and help to define and
impacts on affected communities express sectoral positions in this area. (Responses to consultations on draft texts for the
taxonomy, tertiary decree (FEI), etc.).



3.3.3.5.4 The UN's 17 Sustainable Development Goals for 2030
In 2015, 193 governments around the world adopted the 2030 Covivio has explicitly referred to the 17 UN SDGs since 2016, in 3
Agenda for Sustainable Development, comprising 17 Sustainable particular in its various CSR publications that can be found on its
Development Goals (SDGs) and 169 targets. This programme website or on the dedicated UN website as a signatory of the
aims to eradicate extreme poverty, combat inequality and Global Compact. Covivio’s multi‑year CSR objectives presented
climate change by 2030. in this document are consistent with the SDGs to which they
contribute. Covivio also adheres to the OECD Guidelines for
Multinationals and the eight fundamental conventions of the
International Labour Organization.




The study conducted internally in 2017 and added to in 2018 and again in 2020, based on an analysis matrix, made it possible to
characterise the nine major SDGs for Covivio, given its targets:




The challenges represented by each of these objectives occupy an important place in Covivio’s CSR policy and its business model.
Each refers to the actions carried out within the portfolios of buildings developed and held by Covivio as well as internally, within the
corporate scope of the company, as an employer.




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3.3.3.6 Objectives to limit impacts on affected communities (S3‑5)
3.3.3.6.1 Objectives set 3.3.3.6.2 Involvement of affected communities in
The socio‑economic impact study carried out on all of the defining objectives
Group’s activities in Europe makes it possible to quantify Covivio’s In 2020, Covivio set up a Stakeholders Committee, composed of
support in terms of direct and indirect employment. This study is members from inside and outside Covivio. It conducts
presented in section 3.3.3.1.3. The results are based on the forward‑looking work by exploring and analysing major trends
volume of operations developed, managed or leased. They and weak signals directly or indirectly impacting Covivio’s scope
cannot be translated into objectives. of intervention. Its members meet two to three times a year
around a common theme, with the aim of subsequently sharing
their work with the company’s various internal and external
stakeholders.


Bertrand de Feydeau - Chairman of the Committee, Honorary Chair of the Fondation Palladio

Stéphan de Faÿ Jade Francine Alexandre Labasse Sonia Lavadinho
Chief Executive Officer (CEO) Co‑Founder Chief Executive Officer (CEO) Founder & Director of Bfluid
of Greater Paris & Chief of Growth Paris urban planning workshop
Development WeMaintain
Jérôme Ruskin Patricia Savin Jean‑Paul Viguier Jean‑Luc Biamonti
Founder & Chief Executive Officer Lawyer, Chairwoman of the Orée Architect & Urban Planner Chairman of the Board of
of Usbek & Rica Association, Independent Directors, Covivio
Director of Covivio
Christophe Kullmann Olivier Estève Géraldine Lemoine Yves Marque
Chief Executive Officer, Covivio Deputy CEO, Covivio Chief Communication Officer, General Secretary, Covivio
Covivio




● For further information: Summary of the work of the Stakeholders Committee




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3.3.4 Consumers and end‑users (ESRS S4)
The ESRS S4 standard addresses consumers and end‑users The safety of property and people remains a major issue for
related to the business and value chain of the company. The Covivio, even if the regulations (GDPR, fire, etc.) and the multiple
challenge is to explain how the impacts and dependencies of measures taken by Covivio’s teams and their suppliers,
the company on consumers and end‑users can generate risks contribute to a satisfactory control of these risks. Cyber risks are
and opportunities. It will present Covivio’s general approach in constantly increasing. Covivio takes this situation into account in
terms of identifying and managing significant impacts on the management of its buildings and in its corporate scope. In
consumers and end‑users. This concerns in particular the particular, the Group observes strict rules regarding the
impacts related to information, personal safety and social conditions for collecting and storing data, which could be
inclusion. sensitive for tertiary tenant companies or their employees, as
well as for hotel customers.
3.3.4.1 Covivio consumers and end users -
(S4.SBM‑3) 3.3.4.1.2 Covivio's positive impacts on its customers
and end‑users
Covivio places the user at the centre of each of its projects.
Covivio's Purpose, “Build sustainable relationships and Covivio strives to design high‑quality buildings that meet the
well‑being”, echoes this, with the aim of continuing to optimise requirements of its consumers (customers) and end‑users. Covivio
the satisfaction of customers and the buildings' occupants. has developed an “à la carte” service offering, which adds to the
appeal of its buildings to prospects. In addition, this service
Covivio has grown by building and developing strong ties with its offering strengthens the attractiveness of the tenant company to
main stakeholders. Its business requires a multitude of attract and retain its own employees. This offer helps to improve
relationships with different stakeholders, both private and public, the working conditions of customers' employees: reception,
and of varied sizes and sectors. As the Group’s success is at least entertainment, concierge, laundry, etc.
partly based on the quality of relations with external
stakeholders (customers, financers, local authorities etc.), these Flexibility, adaptability to new uses and new technologies, the 3
are now considered to constitute a risk, which has been quality of facilities and equipment (connectivity, green spaces,
analysed and found to be very well managed. Specific etc.) meet the aspirations of the most demanding customers.
strategies have been put in place to better meet expectations in Lastly, the environmental strategy deployed by Covivio to reduce
particular those of customers, suppliers and advisers. Above and energy and water consumption has a direct and tangible
beyond the quality of these relationships and the trust that is impact on the control of operating expenses for tenants. The
built through structural partnerships, Covivio sees cooperation high standards of construction and management incorporate
with its external stakeholders as a driver of innovation and comfort and well‑being considerations in terms of light, acoustics
growth. and even olfactory ambiances, in order to promote a feeling of
calm and concentration. Likewise, rooftops, terraces,
3.3.4.1.1 Types of Covivio consumers and end‑users
greenhouses and patios help to improve the living conditions of
Covivio’s consumers are mainly the tenants of the assets held by users… and neighbours who overlook these facilities.
Covivio, the customers of its subsidiary Wellio, or of its Hotel
Operating Properties. A distinction should be made between: 3.3.4.1.3 Description of the risks and opportunities
arising from the impacts identified by Covivio
● consumers: these are mainly tenants of tertiary buildings
(offices and hotels) held by Covivio and its subsidiaries, as well Covivio closely monitors the material risks and opportunities
as tenants of housing (residential activity); facing the company. Thanks to its mapping of material CSR risks,
Covivio implements actions to mitigate the risks and transform
● end‑users: these are employees of companies that rent office them into opportunities. Consumers and end‑users are an
premises, as well as customers of hotels or shared office sites integral part of these risks, because as they are at the heart of
owned by Covivio. The tenants of the residential sites are also its activity.
end users.
The dual materiality study, carried out as part of the CSRD
For Covivio, consumers and end‑users who are subject to application, has made it possible to update the Group's CSR
material impacts constitute all of its customers. Covivio strives to risks. The two most material impacts on customers and end users
develop “tailor‑made” solutions for each of them, taking into are the security and quality of the information communicated to
account their strategic challenges. Covivio is close to its them.
customers and analyses weak signals as well as market
changes, in order to stay ahead of the needs and expectations
of its consumers and users.




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ESRS S4 - INFORMATION FOR CUSTOMERS AND END‑USERS
Description and key words Quality of service delivered to customers
Information on site pollution (noise, dust, etc.)
Main impacts Direct impact on the assessment of customers who may consider Covivio responsible for failures.
Positive impact: providing well‑being to occupants
Positioning on the value Direct and downstream operations
chain
Occurrence Occasional
Main risks Financial risk: data protection: GDPR sanctions of up to 4% of a company’s revenue in the event of a breach
Reputational risk: Name and Shame principle in the event of GDPR infringement
Main opportunities Long‑term financial stability
Materiality Material
ESRS S4 CUSTOMER AND END‑USER SECURITY
Description and key words Well‑being, comfort
Health/Safety
Main impacts The impact on the health of occupants has become a major topic since the Covid pandemic in 2020.
Direct impact on the assessment of customers who may consider Covivio responsible for failures.
Positioning on the value Direct and downstream operations
chain
Occurrence Frequent
Main risks Lack of security on buildings or resilience of assets leading to the inability to manage major crises that could
cause a claim, an accident, a health risk, or even engage the company’s liability.
Occurrence Long‑term financial stability
Materiality Material
ESRS S4 - SOCIAL INCLUSION OF CUSTOMERS AND END‑USERS
Description and key words Inclusion of customers with disabilities
Social inclusion with a network of assets accessible by public transport
Main impacts Impact on the well‑being of employees and/or customers with disabilities if hotel buildings and services are
not optimised to include all audiences (11% of disability situations are related to a workplace accident and
59% disability situations are linked to or worsened by professional activity)
In the residential sector, the gentrification of city centres increases the exclusion of certain vulnerable
populations
Positioning on the value Downstream
chain
Occurrence Occasional
Main risks Financial risk: accessibility topics are well covered in Covivio’s countries of operation. Nevertheless, bringing
certain buildings into compliance is complex.
Occurrence Long‑term financial stability
Materiality Non‑material

Covivio’s tertiary tenants do not operate in “specific contexts” according to the ESRS S4 terminology, so they do not present any
specific risks.
Covivio is not in a situation of dependency on a customer who represents an excessive share of its revenue. Covivio’s tertiary
customers/consumers are often listed companies. Overall, they have ambitious CSR policies and strong levels of commitment.




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3.3.4.2 Policies towards customers and 3.3.4.2.2 Actions to secure data in buildings
end‑users (S4‑1) When conducting its business Covivio creates and generates a
The attractiveness of Covivio’s buildings is a value issue: large amount of data and is therefore subject to the General
Data Protection Regulation (GDPR). Furthermore, its properties
● firstly, in leasing terms: the attractiveness and satisfaction of use an ever‑increasing number of computerised facilities and
tenants and end‑users results in a high renewal rate at services that use digital systems. By becoming a smart building,
Covivio, and a low vacancy rate; in an increasingly closer relationship with the smart city through
● secondly, in terms of asset valuation: an attractive building data exchanges, the building, like Covivio's activities, is exposed
that is 100% occupied, has good liquidity and a better to the risk of cyberattacks, loss, damage, data theft, etc. Aware
increase in its value. of these risks, Covivio has started a number of initiatives
intended to protect its activity and that of its stakeholders.
The dual materiality study has given the themes “S4- Customer
and end‑user safety” and “S4 - Customer and end‑user To effectively protect data in a smart building, robust security
information” a certain importance, in particular from the point of strategies are put in place, including monitoring and access
view of the potential impact for customers, and subsequently on management, installation of firewalls, as well as the training of
Covivio if its buildings and their management do not satisfy the staff and users in cybersecurity best practices.
expectations of the market and in particular of consumers and The Group launched a comprehensive cybersecurity assessment
end users. of its offices in France, with the support of Forvis‑Mazars. This
The value of Covivio’s buildings benefits from the Group’s fight process involved the mapping of its real estate portfolio to
against obsolescence by combining environmental, social and identify risks and assess existing cybersecurity measures. Based
financial performance. The risk of obsolescence (ESRS Sector on this analysis, Covivio developed recommendations and
issues, section 3.1.3.1) was identified as material both by the specific action plans, which resulted in the creation of a Safety
Insurance Plan. This plan formalises the company’s commitments
double materiality study and by the risk study followed by the
Audit and Internal Control (ACI). and consolidates best practices in terms of cybersecurity, 3
notably by including a security requirements grid for services as
Promote a policy of continuously adapting to customer well as a security control plan for buildings.
expectations to strengthen the attractiveness of its office
buildings Data protection: a real estate issue
Anticipating a change in customer expectations, Covivio has A growing number of cyber‑attacks throughout the world target
changed its offers by integrating an increasingly larger share of properties and their facilities (including BMS, cameras, access
services. The creation of its subsidiary Wellio is an expression of control, etc). In 2016, Covivio commissioned Arp‑Astrance to
this. Covivio employees have been supported and trained to be conduct a study on the risks of cyber‑attacks on its building
able to respond effectively to the new expectations and needs portfolios.
of customers. This transformation resulted in the Office activity in This study, as well as the one conducted by Forvis‑Mazars, has
France moving from a B2B (business to business) model to a enabled the solutions that should be prioritised to reduce the
B2B2C (business to business to consumer) model. This risk to building management networks and equipment to be
development has led to a shift in recruitment towards staff with identified. In addition, note that connectivity services within new
experience in the service industry, particularly in the hospitality buildings are subject to R2S (Ready to Service) labelling for
sector. certain projects. Covivio was a pioneer in the use of this label,
Covivio now provides its customers with bespoke solutions, which qualifies the performance of a building in terms of
offering à la carte services: events, concierge services, catering, connectivity and IT security for the user. Several Covivio
office equipment. Covivio has acquired real agility in this area. It programmes have received the R2S label or the WiredScore
is a differentiating factor in the market. label, its North American counterpart. Each of the spaces
deployed in France and Italy by Wellio benefits from one of these
3.3.4.2.1 Customer safety, at the heart of Covivio’s two labels.
challenges
In Italy, the first building to receive the WiredScore label is the
The safety of consumers and end‑users is a major issue at all Wellio via Dante in Milan. In Germany, the future Covivio tower
stages of the asset’s life: new project development, located on AlexanderPlatz in Berlin is one of the first buildings to
management/operation, or renovation. aim for the SmartScore label. In its buildings, Covivio endeavours
In addition to the stringent regulations in force in Europe, Covivio to offer good access to communication networks, as well as
applies the highest standards, in particular through high levels of connectivity services in the common areas. Covivio also offers
certification that include aspects related to safety and operated office services, in particular for IT aspects, where it is
well‑being. Covivio relies on dedicated monitoring teams and the network operator in private spaces. This makes enables
tools to go further in terms of environmental safety (asbestos, connectivity, audiovisual services, or any other needs to be
etc.). offered, while guaranteeing the security and availability of
services.
For more information, please refer to:
● on certifications: Section Sector issues, section 3.1.3.4;
● on environmental security: ESRS E2, section 3.2.2.2.




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3.3.4.2.3 Building accessibility as a lever for inclusion
Poor accessibility of a site by public transport can constitute a Covivio has defined its soft mobility strategy: it involves the
risk of obsolescence for it. Covivio manages this risk well through installation of ergonomic and secure bicycle parking spaces
the quality of the locations of its sites. To ensure that its portfolio adapted to the size of the building, repair and inflation
has good access in terms of public transport, every year Covivio equipment, secure lockers, changing rooms and showers. From
conducts a mobility study for all its European assets (including a the design stage, Covivio includes a mobility programme, like
representative sample for residential assets in Germany). what was done for the development of the IRO building at
Châtillon. A 170‑space (potential upgrade to 250) bicycle parking
Covivio has set itself the goal of ensuring that, by the end of
lot with a separate flow of vehicles and a motorised
2025, at least 95% of its buildings are less than 1 km from public
badge‑operated gate has been installed for this building, which
transport (train, suburban trains, metro, bus, tram, etc.). At the
can accommodate more than 2,000 occupants and is located
end of 2024, 99.1% of assets held by Covivio were located less
near the green corridor.
than 500 metres from public transport, and 99.9% less than 1 km.
The graphs below show the results for the different portfolios at
31 December 2024.


Accessibility of public transport at 31/12/2024 (in Group Share)

Offices(1) German Residential (2) Hotels in Europe




100% Close
less than 500 m 96.6% 97.1%
Accessible 3.4% 2.4%
between 0.5 and 1 km
0.5%

Far
over 1 km
(1) Core Portfolio + development
(2) Representative panel




The in‑depth study carried out in 2024 further qualified the 3.3.4.2.4 Making buildings accessible for people with
accessibility of the transport networks of the offices held in disabilities
France, Germany and Italy. The excellent quality of the locations
Covivio pays particular attention to the accessibility of its
of the group's assets is thus apparent not only in their proximity
buildings to people with disabilities and removing architectural
to means of transport but also by their diversity.
barriers in public spaces.
● 100% (in Group Share) of assets are less than 500 m from
The legislative framework of the countries in which Covivio
public transport;
operates provides for technical parameters to be guaranteed:
● 96% of assets have at least one means of rail transport minimum width of doors, characteristics of the staircases, in
(regional or urban) within a radius of 1 km and 86.5% within a particular to favour their use for the first floors rather than the
radius of 500 m. lifts, size of the lifts, access ramps, toilet characteristics, etc.
Covivio’s developments and renovations comply with the
● The average distance of assets from public transport is 171 strictest accessibility standards. The graph below shows the
metres (weighted average by value) taking buses into accessibility scores of office buildings for people with reduced
account and 277 metres without taking them into account (for mobility.
assets with a mode of transport other than the bus) (2023
data).
In the Hotels portfolio, more than two‑thirds of the assets have a
location rating on the TripAdvisor website of more than 90/100,
thus demonstrating the quality of the locations in terms of
accessibility, and also in terms of nearby restaurants, cultural
venues, and places of interest.




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Accessibility of buildings at 31/12/2024 (Group Share)

France Italy*




69.5% Full
accessibility 93.9%

Partial 6.1%
14.3% accessibility

16.2%
Non accessibility
* Excluding SICAF



Various solutions have been deployed for new buildings and
those in operation, in order to improve the quality of life of Improving the hotel experience for people with disabilities
people with visual or hearing disabilities, in particular with the
A certain number of hotels already have facilities that go
installation of sound signals or light markings. In Germany, major
work has been carried out to adapt existing housing units for
beyond the constraints imposed by regulations, in order to 3
promote the comfort and inclusion of customers with
persons with disabilities whenever technically possible, including
disabilities. This is the case for the Hilton Lille hotel, which
widening of doors, installing access ramps, additional lifts or
offers:
stairlifts. The Probewohnen project, launched in 2015, aims to
offer people with mental disabilities the opportunity to test their ● lift fitted with a braille system
autonomy in adapted housing. The Wohnen im Pott project
consists of opening an outreach office in Oberhausen for people ● digital alarm clock with sound and vibrating pad and/or
with disabilities to learn about the rights and solutions they can warning light
take advantage of in respect to housing. This multi‑purpose ● telecommunications equipment for the hearing impaired
room is open to all inhabitants and encourages residents of the
neighbourhood to socialise with one another. ● visual alarm for hearing‑impaired people
● visual alarms for hearing‑impaired people in common
Inclusive housing project in the Knappenviertel district of areas
Oberhausen
● subtitles on televisions or decoders with subtitling
Covivio has developed an innovative form of residence in
● lowered emergency evacuation instructions
the Knappenviertel district of Oberhausen, combining
assisted living with autonomy for elderly or disabled ● portable shower chairs
tenants. This project is the result of the conversion of a
former commercial premises into nine compact apartments ● sports facilities accessible to people with reduced
of 40 to 83 m², fully adapted. These are arranged around mobility
the open communal area, with an adjoining communal
kitchen and a spacious dining area. The shared garden
was designed to be inviting for everyone to spend time
together. Here, the focus is on tenants’ independence and
respect for their privacy, while offering day‑to‑day
assistance tailored to their needs. Everyone can decide
whether and to what extent they want to use the various
services offered.




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3.3.4.2.5 Covivio’s Human Rights commitments for its The “operated office” offer developed by Covivio releases the
customers and consumers user from having to manage certain services (concierge,
catering, events, etc.). Covivio’s “All‑in‑One” approach offers an
Covivio signed the Diversity Charter in 2010 and has been a
increased use value and “à la carte” support for prospects when
member of the UN Global Compact since 2011. The company
designing their real estate project.
incorporates the 10 principles of the Global Compact into its
strategy and practices, and promotes them to its stakeholders, Artificial intelligence, a lever for future innovations
particularly its suppliers, via its Responsible Purchasing Charter. Artificial intelligence (AI) should contribute to enriching the
Covivio’s Human Rights policy refers in particular to these texts, relationship between building owners, managers and occupiers,
as well as to those of the ILO. by placing technology at the service of the well‑being and
The dual materiality analysis showed that the topic of Human efficiency of building management. By collecting and analysing
Rights is not material significant for Covivio in its relationship with data from connected sensors in real time, AI will make it possible,
consumers and end users. Nevertheless, the Group’s Human for example, to analyse and optimise energy consumption,
Rights Policy calls requires these rights to be respected in its own anticipate maintenance needs, control operating costs and offer
offices and in its buildings under direct management or under increasingly personalised services (suggestions based on uses or
development. It covers these different scopes, with specific habits: catering, temperature settings, lighting, etc.).
provisions aimed at its hotel operating properties by
condemning all forms of human trafficking. In addition, New uses for new hotel offers
employees of the hotels owned by Covivio Hotels benefit from
awareness‑raising actions to identify signs of prohibited Uses are changing: fewer business trips but for longer
behaviour. periods, leisure trips where people work remotely, a desire
to have memorable experiences, etc. Hotel customers are
For more information on Covivio’s Human Rights Policy: ESRS S2, becoming more hybrid, and operators are adapting.
section 3.3.2.2.2.
New uses that bring new offers. The Stream Building,
3.3.4.3 Deployment of Covivio's customer delivered in 2022, will host the first Zoku hotel in France. Its
policies - (S4‑2) concept: offering lofts, real micro‑apartments that allow
people to live, work and receive friends and business
Covivio’s policy in favour of its consumers and end customers is
relations. In all, 109 lofts, co‑working spaces, a restaurant, a
reflected in multiple actions. However, it has not given rise to any
bar, and a vast rooftop. The workspaces and social spaces
special formalisation other than what is presented in the
are open to all.
following paragraph.

3.3.4.3.1 Inventing new uses for real estate
Innovate to improve the comfort and use of buildings by 3.3.4.3.2 A strategy of long‑term partnership and
leveraging smart systems optimisation of customer satisfaction
The other focus of Covivio’s innovation strategy is to deploy Covivio favours a long‑term partnership strategy with customers,
“smart” systems that optimise building energy management, shareholders, suppliers, local authorities and associations.
improve occupant comfort, facilitate predictive maintenance,
and integrate connected solutions for more efficient and Constantly seeking to improve the satisfaction of its clients, and
sustainable building management. These initiatives rely on the given the rapid changes in working methods and practices,
skills of a dedicated team within the IT Department to combine Covivio continually strives to identify their strategic challenges
several technological innovations: and anticipate their needs and expectations. Full control of the
real estate chain, a service‑based approach and the design of
● the installation of centralised IP networks that connect several increasingly “tailor‑made” real estate enable Covivio to
building technical equipment (BMS, IoT, sensors). These continually enhance the client experience offered and the user
networks offer simplified management and streamlining of experience within its buildings.
digital infrastructures;
Drawing on its experience in the hotel sector and customer
● the deployment of the Powerbat (real‑time energy feedback, Covivio has structured the services it offers its
consumption monitoring), Witco (occupant services) platforms customers around five themes:
( 3.3.4.4), etc;
● Well‑being and health:
● the use of a centralised platform that consolidates building
data into a single dashboard, thus permitting simplified The ergonomics of Covivio buildings are designed in accordance
management of buildings. with the most demanding criteria in terms of space, flow
management and furniture. The comfort in terms of light,
Innovate to improve the customer experience acoustics, or even the olfactory ambiances promote serenity
The customer experience is one of Covivio’s areas of innovation, and concentration, just like the rooftops, terraces, greenhouses
materialised by the deployment of the Witco app, which allows and patios. Health booths for teleconsultations are available on
occupants to digitise many services such as access, real‑time two sites, thus complementing the existing range of wellness and
visualisation of the use of workspaces or payment for services health services.
(catering, etc.).




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● Mobility: services must give meaning and added value to being at the
office.
The soft mobility journey of users is included from the design
phase of the buildings. The vast majority of Covivio’s buildings Covivio also supports its customers to identify areas for
are located in city centres or in very well‑connected hubs. It only improvement, optimise the existing offer, imagine new solutions,
takes a few steps to reach the bus, tram, metro or self‑service and integrate new regulations and challenges such as the
bicycle station. This accessibility promotes public transport and tertiary decree in France and energy efficiency measures.
soft mobility and reduces clients’ and Covivio’s carbon footprint. Covivio supports its customers and service providers by
The certification of the soft mobility route can also be promoted discussing these regulations with them at a very early stage and
via the ActiveScore label; as is the case with the Iro office by proposing support and deployment measures.
building in Chatillon.
Each customer therefore has a single contact person, available
● Catering: and responsive to answer their questions and expectations. This
organisation enables Covivio to achieve high levels of
90% of the multi‑tenant office buildings held by Covivio in France
satisfaction. In order to step up the commitment of its customer
have at least one catering offer. These restaurants can serve
relations teams in its buildings, Covivio has chosen to include a
from 150 to 1,000 meals per day, always with the same level of
target linked to the results of the surveys in the annual targets of
quality. Service providers are selected according to very strict
the customer relations managers.
criteria: the quality and reliability of their CSR policy, in particular
their supply of fresh and local products, the fight against food For several years, Covivio has regularly conducted targeted
waste, and more generally the quality of the satisfaction surveys among its customers. As a reminder, a
consumer‑employee experience. In 2022, 85% of Covivio satisfaction survey was conducted in France in 2019, by Covivio,
customers say they are “very/quite satisfied” with the quality of with 1,300 end users. This survey was repeated at the end of
the service providers selected in this way. 2022 among the employees of more than 265 Covivio and Wellio
customers in France and Italy, and will be repeated in March
● Certifications and labels:
2024. These surveys enable new working habits to be analysed in
detail, to ensure the relevance of the spaces and services
3
Certifications and labels: 100% of office buildings held in France
are certified for construction and/or operations with various provide and to develop the offer in a targeted manner.
certifications such as HQE, BREEAM and BBCA. Covivio
Since 2022, a common approach to measuring customer
encourages renovations and restructurings, which avoids urban
satisfaction has been initiated at the European level:
sprawl and soil artificialisation. The promotion of biodiversity and
users' well‑being are the focus of careful attention for each ● a survey of decision‑makers;
operation. In addition, Covivio is experimenting with new
● a survey with customer employees to understand their level of
certifications such as the BBCA Exploitation. Two operating
satisfaction with spaces, services and their changing
properties were therefore certified in 2024: Thaïs in Levallois and
expectations, in more detail;
Silex1 in Lyon.
● a survey of customer contacts.
● Smart building:
The survey of decision‑makers is interspersed with that of
Covivio uses R2S or WiredScore labels, as appropriate, which
employees, providing feedback from customers each year and
recognise the quality of connectivity. In addition, connected
thus providing continuous updates to the service offering. To
objects (sensors, presence detectors, etc.) and metering are
structure these surveys, Covivio uses the expertise of Opinion
integrated into the Building Management System (BMS) to
Way and Kingsley, recognised experts. The latest comprehensive
ensure the comfort of use for employees or service providers,
survey of the entire Office portfolio in Europe gave a satisfaction
and reduce the carbon footprint through a more rational use of
rating of 3.9/5, well above the Kingsley index.
resources.
The results of customer satisfaction surveys are examined by the
Optimising customer satisfaction:
Management Committee and the Executive Committee, and
Covivio’s partnership culture enables it to establish a relationship closely monitored, both to measure the way in which the
of trust with its stakeholders and with its customers, in particular. buildings are assessed (design, fittings, etc.) as well as the quality
Covivio also draws on the experience of its teams to meet the of the buildings. their management (services, comfort,
expectations of companies, which increasingly want flexibility, responsiveness of operators, etc.).
agility, attentiveness and advice from their lessor.
The Director of Operations (asset and property management
Direct and constant dialogue with its office customers: activities) and her dedicated departments supervise the actions
conducted, as well as the monitoring of the satisfaction of
Each customer therefore has a single contact person, available
Covivio’s customers and end users.
and responsive to answer their questions and expectations. For
example, for the France Offices portfolio, Covivio conducted a In addition to these surveys, the Partnership Committees and
survey of tenant company managers in early 2024 and obtained annual meetings with customers, in the context of budget and
an average score of 4/5 for the quality of building management. CSR measures, remain a key way for the teams to understand
Their employees increasingly want “hybrid” work experiences customer needs and adapt the offering accordingly. A process
and an inspiring experience in their workplaces. This means exists on the frequency and type of meetings to conducted with
attractive, flexible and scalable common spaces, as well as different customers. They take place at least twice a year in
constantly evolving services. To ensure this, the range of services France, for all buildings. These committees aim to ensure that
offered is co‑defined and co‑constructed with customers and services and equipment meet customer expectations and
also strongly anchored in the local ecosystem. The Pro‑Working needs. These meetings involve Covivio building tenants as well
Wellio offer is also an integral part of this approach, offering as clients of Wellio spaces. They represent a customer base of
flexible spaces and "à la carte" services by combining more than 300 customers in France. Meetings are held monthly
contractual and service formats. More generally, spaces and in large buildings (Silex2 in Lyon and CB 21 in La Défense).




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Direct and constant dialogue with its residents in Germany certification, chosen in coordination with the tenants. They have
Covivio Immobilien also focuses on its customers' requirements also helped to implement the Eco Energy Tertiary programme
very closely, with around thirty local agencies and a telephone (tertiary sector decree) and the actions associated with the
line available to tenants, in particular in order to make a request energy efficiency plan, launched at the end of 2022.
or report a problem with their dwelling. The customer advisor/ To assist the residents of Covivio buildings in Germany and raise
sales manager visits the residences to answer questions from awareness, a welcome booklet is provided to them when they
tenants. They pay particular attention to the safety and move in. It is available on the website (www.covivio.immo/
cleanliness of the premises and facilities. An emergency number mieterhandbuch/). It contains information on aspects such as
is also available seven days a week, in order to implement the the proper use of the heating system and selective waste
appropriate solutions as quickly as possible. In 2019, an app was collection, as well as tips on reducing energy consumption in the
rolled out for German tenants, giving them access to information housing unit.
about their residence and a number of online services. A
progress report is sent to them for each request. The tenants of buildings of the Covivio Hotels portfolio have all
implemented proactive policies to reduce their expenditure on
The business magazine FOCUS‑MONEY analysed the practices water and energy, reduce the amount of waste they generate
of the main housing companies in Germany for the seventh and their ecological footprint, strengthen their ties with their
consecutive year. Conducted in 2024, an online survey asked stakeholders, and be acknowledged as responsible and
2,000 tenants from 26 major housing companies about the committed players when it comes to the major environmental
services of their landlord over the last 24 months. Covivio was and social challenges. Their own customers, both private and
among the top seven landlords in the overall assessment professional, are also increasingly demanding in terms of
(including four public companies), obtaining the overall rating of organic, healthy food and ethical products and services.
“Very good”. In the six categories examined, a total of 32
characteristics were assessed: “equitable assistance to tenants”,
“equitable service to tenants”, “equitable rental costs”, “equitable Eco‑friendly Hotels: customer expectations
residential ownership and landscaping”, “sustainability” and “fair More and more travellers are looking to stay in
housing service”. Emphasis was placed on the strengths, namely environments that are more respectful of the planet. This
the condition and facilities of the flats, particularly in terms of trend is part of sustainable and responsible tourism. By
accessibility, ease of contacting Covivio customer service and choosing eco‑friendly hotels, customers can minimise their
the right level of rent. environmental footprint or that of their employer.
3.3.4.3.3 Making a success of the environmental 62% of travellers surveyed in the survey carried out for
transition together Booking in 2024, are sensitive to or even seek eco‑friendly
Covivio is aware of the need to involve its partners (customers, hotel solutions (1). In addition, this type of hotel often offers
suppliers, etc.) to ensure that its environmental transition an authentic and immersive experience in the local culture.
initiatives are successful, particularly with regard to its 2030 These hotels often include elements of regional tradition
carbon trajectory (ESRS E1, section 3.2.1.1). Covivio's Purpose to and skills, enabling visitors to discover and appreciate the
"Build sustainable relationships and well‑being" reflects this goal culture of the area.
and its expertise in this field.
By putting in place different actions, such as environmental 3.3.4.4 Management of Covivio’s negative
annexes and Sustainable Development Partnership Committees, impacts on consumers and end‑users
Covivio has laid the foundations for a relationship based on (S4‑3)
effective and constructive dialogue, in order to optimise the
environmental performance of its buildings. As part of its special Covivio’s activity is based on a “premium” service. This, in
relationship with each tenant, Covivio has been organising particular, is based on a permanent search for customer
Sustainable Development Committees in France since 2010. satisfaction, so that Covivio does not have any negative
These contribute to raising tenants’ awareness of various impacts for its customers. Nevertheless, areas for improvement
environmental issues: energy, carbon, water, waste, etc. Covivio for Covivio, its suppliers and operators can be identified through
now wants to raise awareness of nature issues by integrating frequent meetings and contact with customers and satisfaction
biodiversity. These Committees have facilitated and anticipated surveys. Covivio has chosen to deploy the Witco app for the
the implementation of the environmental annex, for 100% of the users of its sites, to make exchanges more fluid. This allows all
leases covering more than 2,000 m² of offices or shops in France, users of a site to share their comments and any malfunctions.
then on all leases in a voluntarist manner. Covivio has also made The site manager receives notifications in real time and must
a commitment to include green clauses in all new office leases in report the resolution of incidents directly on the app. The
Germany and Italy, as well as in the hotel scope, as part of its Operations Department teams also have direct access to all
Green Bond frameworks. These clauses can be adapted comments and incidents reported on the app. This app now
according to the situation but must at minimum include a makes it possible to monitor incidents and analyse how they
commitment to share building consumption data and to discuss develop (resolution time, occurrence).
improvements in environmental performance. These measures
make it easier to obtain HQE Exploitation or BREEAM In‑Use




(1) https://news.booking.com/fr/
le‑dernier‑rapport‑de‑bookingcom‑sur‑le‑voyage‑durable‑met‑en‑evidence‑les‑defis‑auxquels‑sont‑confrontes‑les‑consommateurs‑et‑souligne‑la‑necessite
(in French)

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A crisis management procedure is followed by the Operations Management is notified of the procedure in the event of a major
Department for any major incident in a Covivio building. This incident. There is a 24/7 on‑call system outside site opening
procedure details the steps to be followed according to the risk hours. Depending on the severity of the incident, the crisis unit
and potential severity of the incident and may, if required, result may be activated. Major incidents (with human, financial or
in a crisis unit being set up. reputation risks) are reported in the Group’s incident database.
This database is managed by Covivio’s Audit Department.
Customer confidence is shown by the measures put in place in
the buildings (offices, residential and hotels), the communication Safety committee meetings are organised for each building.
channels used and the survey results ( 3.3.4.3.2). Verbatim reports Their frequency is monthly for large buildings and at least
of surveys conducted among office building customers are sent annually for multi‑tenant buildings. This frequency is increased in
directly to the site manager. The manager must propose an the event of work (in progress or planned) on the sites. These
action plan to remedy each negative impact raised. The committees are also managed by the Operations Department.
Operations Department monitors improvement proposals For tertiary buildings under direct management, 100% of assets
directly and ensures their implementation. give rise to assessments relating to the health and safety of
occupants in the common areas of multi‑tenant buildings (EPRA
In Germany, Covivio has set up several channels, email,
H&S‑Asset). This system was strengthened during the Covid
telephone, as well as a platform, to report and process requests
period and has been closely monitored since then. Of all the
from residential customers. The platform is presented in the
buildings analysed, none was deemed non‑compliant (EPRA
welcome booklet which can be used in the event of a dispute.
H&S‑Comp).
In all countries where Covivio operates, customers or users can
Commitment to the well‑being of clients
use the Covivio whistleblowing platform if they wish to report a
negative impact without going through their dedicated People living in the northern hemisphere spend around 90% of
contacts ( 3.4.2.4). It is accessible to all internal and external their time indoors. A building has an impact on the health and
stakeholders. No alerts were recorded in 2024. well‑being of its occupants, due to its temperature, indoor air

3.3.4.5 Action plan to manage material impacts,
quality, the quality of its lighting, noise and the amount of
vegetation. By aiming for the best construction standards,
3
risks and opportunities (S4‑4) Covivio seeks to optimise the comfort and well‑being of the users
of its buildings.
Some of the action plans put in place by Covivio to manage the
impacts, risks and opportunities related to its customers are As part of its Purpose, Covivio is committed to having its new
detailed in section 3.3.4.3. development projects labelled for well‑being. These labels make
it possible to measure and improve the consideration of comfort,
3.3.4.5.1 Offering customers a healthy/safe health and well‑being issues in the construction (WELL, OsmoZ)
environment that exceeds standards and management (Fitwel) of a building. In total, at the end of
Covivio adapts its procedures in its office buildings according to 2023, 26% (in Group Share value) of the Group's office assets are
the type of asset (size, single or multi‑tenant, etc.) and the needs covered by this certification, as well as 55% of the development
of its customers. Specific processes are put in place for high‑rise pipeline (in Group Share value).
sites (high‑rise buildings) such as Silex2 and CB 21: presence of
Limiting noise pollution
safety officers, firefighters on site, training of employees to SIAPP
3 level, reinforcement of resources (presence of a building Noise can cause stress and is harmful to concentration and
manager), etc. For the other buildings, Covivio appoints a creativity. It is an obstacle to productivity. User comfort and
maintenance company and an inspection agency to verify that well‑being is a central concern for Covivio as we strive to
the fire safety and smoke extraction equipment and systems are develop buildings that provide optimum acoustic conditions for
compliant. An activity report is drawn up and submitted by the occupants (choice of materials, décor, space layout, etc.) in a
service providers on a monthly or quarterly basis, as appropriate. context of increasing demand for flexible premises. As part of its
In single‑tenant buildings, corporate customers are independent development and renovation projects, Covivio also makes every
in how they manage regulatory checks, with the facility manager effort to reduce the exposure of tenants and local residents to
responsible for security. Their responsibilities (obligation of noise pollution from construction sites.
upkeep, monitoring, maintenance and compliance with the Indoor air quality, a health issue
latest regulations) are stipulated in the lease. Nevertheless,
Covivio (also) supports single‑tenants in the event of new In 2019, Covivio, EDF and the Impulse Partners incubator decided
regulations, as was the case when the tertiary decree was to join forces to conduct the “Air Quality Challenge” call for
implemented. projects. Octopus Lab and Enerbrain were winners of this
initiative, whose objective was to identify innovative solutions to
The welcome booklet and the site’s Internal Regulations are improve indoor air quality while reducing energy consumption. In
given when a new lease is signed. They detail the procedures for France, after a test period in two buildings, Covivio rolled out the
operating the building. The site’s Customer Manager ensures Octopus Lab system in around ten multi‑tenant buildings under
that customers respect the rules. The user must contact their direct management. This solution uses sensors to monitor air
Customer Manager in the event of an incident. The Customer quality in real time and identify any discrepancies in order to
Manager must follow a procedure in the event of correct them, whilst keeping energy consumption costs
non‑compliance by the customer. Covivio's General associated with air renewal under control.




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In the absence of regulatory obligations, Covivio conducts For example, these tools are intended to support the digitisation
annual studies of the quality of the air in most of its multi‑tenant of customer relations and the development of the Group’s
buildings in France. These studies are focused on the activities in Europe, notably via the Salesforce solution, intended
microbiological parameters of the air (germs, flora and mould to equip Covivio with a CRM (Customer Relation Management)
among others), and may include physical parameters (including software package or the deployment of the SAP software for
humidity, volatile organic compounds [VOCs] and CO2). As part France in 2021, for Italy in 2023 and Germany in 2024/2025. With
of its development and renovation operations, Covivio uses a view to managing change, the implementation of these tools
materials and products (paints, carpets, etc.) that are low in gives rise to workshops to reflect on processes and the
volatile organic compound emissions (class A+), in order to harmonisation of working methods (10% of the total workforce
preserve the comfort and health of the persons working on mobilised for SAP).
construction sites as well as occupants of its buildings. The
At the same time, a project to move to cloud for the Group's IT
specifications for Covivio’s various business activities have
infrastructure systems was carried out, once again with the aim
factored in these issues.
of accelerating cooperation and IT integration. It allows more
To go further, Covivio is aiming for the IntAirieur label for its flexibility in the management of business applications and
project to transform Tertiary buildings into residential units in significantly improves the security of IT infrastructures at the
Bordeaux (Noème, block 1). This label is concerned with European level.
improving indoor air quality and helps occupants to maintain a
sustainable approach. The framework is built around four 3.3.4.5.3 Covivio action plan to create positive
themes: impacts for its customers
Along with art, Covivio buildings are to be experienced and
● raise collective awareness of the importance of taking the
visited.
issue of indoor air quality into account in the design and
construction of a real estate project; Convinced that art contributes to the identity of a place and to
the construction of a common space while stimulating
● adapting the construction to the specific constraints of the exchanges and creativity, in 2018 Covivio joined the “1 building, 1
site: road traffic, proximity to agricultural holdings, etc.; work” programme, placed under the auspices of the French
help with construction and equipment choices, to minimise Ministry of Culture. A programme that commits its members to
●
sources of indoor pollution as much as possible; ordering or buying a work of art from a living artist for some of
their buildings, thereby supporting contemporary artistic
● focus on ventilation, which plays a major role in the proper creation in compliance with best practises for the artist
renewal of the building’s air and therefore in the removal of profession. Art has thus become obvious for Covivio, which
indoor pollution. adopts a global and committed approach at the Group level in
order to develop a strong marker on its assets, facilitate the
3.3.4.5.2 Action plan to secure data and information meeting between art and city users and create unifying
systems in buildings common areas. Covivio encourages the emergence of artists
Offering a reinvented user experience who respect the environment in their creative process.
Among its digital transformation levers, Covivio places special An approach that is deployed in its main new or renovated
emphasis on the services offered in its buildings. This is why buildings whether they are offices, hotels or housing units, in
Covivio asked the start‑up Witco to develop a mobile France, Italy and Germany. From Marseille to Milan to Berlin, from
application accessible to all occupants of its office buildings street art to the design of a monumental work, there are already
( 3.3.4.3.1). The coliving activity is also widely publicised thanks to 20 works enriching Covivio’s portfolio and helping to create
the ‘Covivio To Share’ brand and web platform, to enable future connections and a variety of experiences.
customers to easily find Covivio's offers in Germany.
For example, Pablo Valbuena, a Spanish artist who lives and
Adapting buildings to new technological developments works in the south of France, has created a monumental work
From 2022 onwards, Covivio will deploy an IT architecture model called “Modulation” in Paris 17 for the Stream Building developed
that will operate all of the data collected through new means by Covivio. Inspired by the modular structural framework of the
(applications, software, sensors (IoT), customer surveys, etc.). In Stream Building, a mixed‑use and virtuous building, the artist has
line with this objective and the Group’s sustainable development created a light installation that is transformed in real time thanks
strategy, Covivio has already begun to monitor around twenty of to an algorithm. The wooden exoskeleton of the façade thus
its buildings in order to measure energy consumption more becomes a large three‑dimensional screen whose pixels are
accurately, via the creation of a portal that collects data in real luminescent electrodes powered by the building’s solar panels.
time. Assisted by an external Energy Manager, the services Modulation was designed as a public clock, marking the change
offered by this platform have enabled the management and of seasons. Every day, its rhythm adapts to the solar cycle,
energy performance of the equipped buildings to be optimised. according to the rising and setting of the sun.
Building on synergies to strengthen the operational efficiency of Another example is the “Days” work of art, a mural designed for
teams Wellio Duomo in Milan by the up‑and‑coming artist Lorenza
Covivio is deploying an ambitious strategy to adopt the best Longhi, who won the Covivio award in the category reserved for
practices of its market, particularly in terms of tools, in a process emerging artists, at the Miart 2023 fair. The work evokes the
of European integration of its business lines, its organisation and slogan “Incredibly Global, Incredibly Private”, taken from an
its information system, and to maintain greater control of its advert from the 1990s. The text, isolated from its original context,
growth and its IT costs. questions the very nature of the building in which the work is
located, and the way in which the limits of our private space are
transformed and intertwined with the spheres of work.




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Support artistic creation and dissemination in the regions These meetings are also a chance to encourage customers to
Art at Covivio also aims to contribute to the visibility and go further, for example by becoming volunteers for the
attractiveness of the regions. During the summer of 2023, Clichy association concerned or by getting involved on one‑off basis.
and Paris 17 exhibited in their streets the plastic work with the Wellio, the subsidiary of Covivio which manages the provision of
poetic and offbeat influences of Philippe Katerine. Support for flexible and high‑end workspaces for companies, has developed
the ‘Mignonisme’ exhibition and in collaboration with the town several partnerships and actions on its sites:
halls of Paris, Paris 17 and Clichy, this sponsorship initiative,
notably supported by Covivio, fulfilled the following objectives: ● participation of its employees in the actions of the
Ambitieuses association. The aim is to promote mentoring
● enhance the Greater Paris area by bringing together Paris 17 among women from disadvantaged backgrounds and young
and Clichy on an artistic trail between the two cities, with free women under the age of 30, managers, team‑leaders, to help
admission to an institutional exhibition; them with their working lives;
● to transform and revitalise Porte de Clichy after many years of ● customer awareness: recycling centre, vegetarian catering
work and nuisance to users and residents; once a month, vegetarian cooking workshop, clothing
● to give access to an artistic event open to everyone, 24 hours collection, etc.;
a day, in the public space; ● green spaces (vegetable garden).
● introduce people to the work of a popular artist with his Promoting soft mobility
offbeat humour.
In 2024, Wellio signed a partnership with TIM Mobilité in Paris.
Share commitments with customers Through this, all Wellio customers of the Paris sites can get a
With the “We Care” programme, Covivio offers a series of discount on bicycle rentals.
meetings to share its commitments with its Covivio and Wellio 3.3.4.5.4 Measurement and monitoring of actions
customers, in particular by helping them to find out about the
charities supported by the Covivio Foundation. Some examples
implemented 3
of initiatives carried out in 2024: Covivio has set up satisfaction surveys to measure the impact of
its actions on its customers. Details of these surveys and the
● collection of professional clothing in 16 Covivio buildings. A monitoring of their results are detailed in 3.3.4.3.2 in the section
total of 463 kg of clothing was collected and recycled, i.e. 200 “Optimising customer satisfaction”.
kg more than in 2023;
With regard to actions aimed at preventing material negative
● a free welcome for Kabubu for two weeks at the Art & Co impacts on its customers through its commercial relationships,
building (Paris 12th), as this association's premises were Covivio has strict specifications for the construction/renovation
inaccessible because of the Olympic Games; or management of buildings. They ensure a level of quality and
● Solidaire Vertigo race organized by the PLAY International safety for customers and third parties to the operation by using
association, hosted in the CB 21 building in Paris La Défense. virtuous solutions and materials.
An opportunity to mobilise Covivio teams and customers As part of its management contracts for its hotel operating
around this event intended to raise funds to finance the properties, Covivio contractually encourages its managers to
association’s projects. More than 1,000 runners started the apply health and safety regulations, and to meet the
race and €100,000 was collected. expectations and needs of customers. As a reminder, some
contracts state that the failure to achieve qualitative
performance is as a reason for the termination of the contract.


3.3.4.5.5 Requirement for additional CSRD data
Description of the role of consumers As part of the development of tertiary buildings, Covivio includes future tenants in the project’s
and end‑users in the activities reflection and design, upstream of construction. They are involved by participating in
brainstorming workshops.
As part of the renovation and construction of the hotels of Covivio Hotels, the managing
operators and retailers are co‑partners from the start of the project.
The initiatives described above are Covivio actively contributes to several Sustainable Development Goals established by the UN.
also designed to support the Covivio has identified nine major SDGs given its targets. The actions presented in ESRS S3,
achievement of one or more of the section 3.3.3.5.4.
Sustainable Development Goals.
Description of internal functions The actions implemented to meet the expectations of customers and end users are reflected in
involved in impact management and the annual review interviews with the employees concerned. The action plans are the origin of a
types of actions taken certain number of targets set in consultation with each manager, at the various hierarchical
levels, in order to ensure their success.




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3.3.4.6 Objectives (S4‑5)
Covivio has grown by building and developing strong ties with its main stakeholders. Covivio sees cooperation with its external
stakeholders as a real lever for innovation and growth. Thus, the objectives were defined in order to best meet the identified
expectations of the customers and users of the Group’s buildings. Customers and end users are not currently involved in monitoring
Covivio’s performance on these issues.


The table below shows the objectives Covivio has set itself to meet the expectations and needs of its customers and end users.

Objectives Actions Delivery date Progress at the end of 2024
Mobility Accessibility to public ● Choice of qualitative Permanent 99.9%
transport: at least 95% of locations
buildings within a ● Annual mobility study on
10‑minute walk of public all its European assets
transport
Facilitating the use of Electric Vehicle Charging Analysis and ongoing n.c
electric vehicles Infrastructure Facility deployment
(IRVE)
Promoting soft mobility Installation of bicycle Installation of charging n.c
parking spaces, as well as stations for e‑bikes and
electric scooters and electric scooters
bicycles (VAE)
Guarantee customer 100% of the developments WELL, Ozmoz and Fitwel Since 2020 55% of the pipeline
well‑being are labelled for well‑being labels
Customer satisfaction Optimising tenant and Measurement of office 100% of multi‑tenant 100%
end‑user satisfaction tenant satisfaction via assets in France Offices
surveys benefit from the Witco
app
Accessibility for people Have 80% of assets held Compliance in the France, Germany, Italy
with disabilities accessible to people with context of each Offices 100% in Italy (operational
reduced mobility renovation operation scope) and 84% in France




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3.4 Business conduct information
The ESRS G1 standard covers the presentation of processes, The ESRS G1 standard also covers business ethics, the fight
procedures and more generally performance in terms of against corruption, the management of relationships with
business conduct. The latter refers to a set of themes relating to suppliers (payment practices, etc.), the protection of
ethics, transparency and the company’s dealings with its whistleblowers, corporate culture, and the company's activities
suppliers. The challenge is to share and promote understanding and commitments linked to its potential political influence
of the company’s strategy and approach. (lobbying, etc.).


Governance key performance indicators (at 31 December 2024)



14
DIRECTORS
50%
INDEPENDENT
43% WOMEN
DIRECTORS


"EFFECTIVE GOVERNANCE TAILORED TO THE CORPORATE STRATEGY"


0
CONTROVERSIES
1
CSR COMMITTEE
0
SUPPORT FOR
3
POLITICAL PARTIES

"FRAUD/CORRUPTION/ETHICS"


1
EUROPEAN ETHICS
100%
EMPLOYEES TRAINED IN FRAUD
0
CONVICTION FOR ACTS
CHARTER AND CORRUPTION RISKS OF CORRUPTION


"CORPORATE DATA PROTECTION/SMART BUILDING"


1
CYBER INSURANCE
3
DATA PROTECTION
1
EUROPEAN GDPR
SUBSCRIBED FOR THE GROUP OFFICERS IN EUROPE INTERNAL CODE




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3.4.1 Governance based on ethics and transparency (GOV‑1)
Covivio, whose securities are listed on compartment A of 3.4.1.1 Description of the role of the
Euronext Paris, is a leading investor and operator in the office
administrative, management and
markets in France, Germany and Italy, the hotel industry across
Europe, and the residential market in Germany. Covivio’s supervisory bodies related to the
governance has adapted in order to be able to respond conduct of business - (G1‑GOV‑1)
effectively to the challenges of its multi‑product and The balance of powers is based on the separation of the roles of
multi‑country business model. The analysis of the CSR risk Chairman of the Board of Directors and Chief Executive Officer,
mapping performed in 2020 does not place the risks relating to limitations on the powers of General Management, the
governance among the most sensitive risks for the Group. independence of the Board of Directors, the effectiveness of
However, Covivio intends to benefit from ever more effective specialised committees and the system for preventing conflicts
governance with the appropriate skills to meet the company’s of interest. The Group has implemented a dedicated
current and future challenges. Covivio’s governance is detailed in governance structure to ensure good business conduct.
chapter 5.
The organisation of governance to prevent risks
Respect governance best practices
In accordance with AMF recommendations, Covivio’s internal
Covivio's Board of Directors seeks to regularly adapt its Internal control system is based, in particular, on known objectives,
Regulations to developments in governance. Thus, following the shared responsibility, and appropriate management of resources
update by the High Committee for Corporate Governance and skills.
(HCGE) of the Guide for the application of the Afep‑Medef Code
in June 2022, the Board of Directors included the procedure for Delegations and sub‑delegations of powers have been put in
selecting independent Directors in its internal regulations. The full place. They ensure better organisation of the company and a
versions of the Articles of Association and of the Board of stronger correlation between the responsibilities of operational
Directors’ Internal Regulations as updated, to which the guide on entities and the responsibilities of the executive. They are subject
the prevention of insider dealing is appended, are available on to regular reviews and audits.
the company’s website (French version).
For more information on:
In order to ensure that its governance complies with best
● the components of this system: Chapter 2, Risk factors,
practices, Covivio also draws on the work of the High Committee
section 2.2.2;
on Corporate Governance (HCGE), as well as on the
recommendations of the French Financial Markets Authority ● the conflict of interest prevention system - Board of Directors:
(Autorité des Marchés Financiers - AMF), the EPRA and the Code section 5.3.2.2.6.1 (EPRA Gov‑COI);
of Ethics of the French Federation of Real Estate Companies
(Fédération des Sociétés Immobilières et Foncières – FEI). On the ● the ethics of the members of the Board of Directors:
date that this report was approved by the Board of Directors, section 5.3.2.2.6.2.
Covivio is compliant with all principles and recommendations of Article 5 of the Board of Directors’ Internal Regulations details
the Afep‑Medef Code and has never been investigated by the the duties of members in terms of ethics. Clarification is provided
HCGE. On the contrary, the HGCE mentions some of Covivio’s on competence, shareholding, transparency, duty of fair dealing,
best practices in the latest 2024 edition of its annual report. duty of care, duty of confidentiality and the duty to abstain in
relation to securities.
Balanced governance
Since 2013, Covivio has increased the number of women on the The internal control of accounting and financial information is a
Board, while ensuring a balance in terms of independent key element in the conduct of the Group’s business. It is
Directors and strengthening the Board’s skills, in particular in the described in chapter 2, section 2.2.3.2 and in particular specifies
area of real estate, law, the environment and finance, as well as the involvement of the Chief Executive Officer and the Audit
in terms of international expertise and administration of listed Committee, as an organ of the Board of Directors.
companies. The role of the Compliance Officer is key among the
These developments have enabled Covivio to embrace an open, responsibilities identified within the group to ensure compliance
transparent and ethical governance that is tailored to its share with ethical principles in the conduct of business. Three
ownership structure and with the aim of serving the long‑term Compliance Officers have been appointed, one in France, one in
interests of the company, its shareholders, tenants, stakeholders Germany and one in Italy. The Compliance Officers report
and employees. These efforts have been applauded by analysts exclusively to the General Management in order to ensure that
and rating agencies and widely recognised, in particular through their actions are effective and relevant throughout the
the award of AGEFI’s “2020 Grand Prix for Compliance”. In 2023, organisation as a whole. They have a duty of confidentiality with
Covivio was once again awarded the Best Managed regard to information forwarded to them. There are several
Companies label, thus being one of the 14 French companies to aspects to their task:
win the 2023 edition of the Deloitte France programme. Covivio ● advising employees on conflicts of interest, gifts and other
was awarded this label again in 2024. benefits received or offered;
● For more information on: ● reiterating the rules laid down by stock market law;
● changes in the composition of the Board of Directors and ● monitoring how ethical rules are applied;
Committees in 2024: 5.3.2.1.1
● monitoring new ethics‑related regulations.
● the Board of Directors’ diversity policy: 5.3.2.2.5




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Number of requests from Compliance Officers in 2024
3.4.1.2 The expertise of the administrative,
management and supervisory bodies in
8
business conduct matters (G1‑GOV‑1)
The expertise of the administrative, management and
4 supervisory bodies in terms of business conduct is a major issue
25 for Covivio.
17 A summary of the Directors' skills and expertise is presented for
14
each Director and by area of expertise in a table in
section 5.3.2.1.3. of the Universal Registration Document. In
2 0 1 addition, the training and expertise of the Directors are
Risk of Movement on External Private use presented in their CVs (section 5.3.2.1.3.). The diversity of the
potential Covivio shares or invitations of service members of the Board of Directors enables experience of
conflict those of its listed providers corporate governance and business conduct to be shared. 86%
of interest subsidiaries working for the of them have experience of listed companies, beginning with the
company
Chairman of the Board as Chairman of the Audit Committee and
Senior Independent Director of Essilor‑Luxottica.
France Italy Germany
The training given to the administrative, management
and supervisory bodies in business conduct
A Group Compliance Officer function relying on local contact Section 5.3.2.2.5.5 presents the induction process for new
points, was created in 2018, to strengthen the governance Directors. It is geared to the individual skills, experience and
expertise of each participant, to enable them to gain a better
structure for risk prevention.
As part of their Group compliance duties, the Group Compliance
understanding of the Covivio Group and its activities, and to 3
understand its strategic issues and priorities.
Officer:
● For more information on the expertise of Board members on
● contributes to the drawing up of the Ethics Charter and its CSR issues: ESRS 2 section 3.1.2.2.2.
updating;
● ensures that it is disseminated to all employees whenever it is
updated and forwards it to all new employees when they take
up their duties;
● is in charge of its implementation: in this respect, they ensure
that each department set up the necessary means to satisfy
the provisions that apply to it, and draws on the support of
the Audit function to conduct the checks deemed necessary;
● maps and updates the corruption and influence peddling risks
and ensures the proper implementation of the resulting
recommendations;
● conducts due diligence with regard to third parties;
● in the event of failure to comply with these rules, ensures
implementation of appropriate measures.




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3.4.2 Policies related to business conduct and corporate culture (G1‑1)
3.4.2.1 Identification of IROs related to business conduct
All information relating to the process of identifying impacts, risks and opportunities is detailed in ESRS 2 in section 3.1.2.4.1.

The table summarising the IROs related to ESRS G1
ESRS G1 - BUSINESS CONDUCT
Description/key words Governance and corporate culture
Whistleblowing system and the protection of whistleblowers
Political commitment and responsible lobbying
Supplier relationship management and preventive measures
Corruption and conflicts of interest
Main impacts Possible impact on company defaults:
two out of three companies pay their suppliers late, one out of four bankruptcies among VSEs is due to late
payments (the leading cause of bankruptcy). This also creates tensions on jobs with cascading effects.
Corruption mainly involves sales, acquisition, leasing and development activities, with significant capital
movements as well as regular contact between employees and service providers, intermediaries and/or
public officials.
Positioning in the value Direct operations
chain
Main risks Risk on the relationship of trust with stakeholders who could consider the company as a risky partner in the
event of proven corruption.
Mainly a market and transaction risk. This theme also covers the relationship with suppliers (in particular
relationships of dependency and payment terms).
Reputational risk, financial risk or an obstacle to the development of activities in the event of a breach of the
ethical rules of the profession and the Group’s internal procedures.
Main opportunities Identification of Covivio as a reliable player


3.4.2.2 Managing impacts, risks and In addition to the general risk mapping, specific analyses are
carried out each year on certain subjects that may present
opportunities
particular risks (such as cyber risks, fraud and corruption risks
Promoting fair and ethical practices with all of the Group’s and CSR risks). During the 2024 fiscal year, the Audit Committee
stakeholders is a major challenge for Covivio and represents a reviewed the action plans put in place for the main risks
response to the “fraud/corruption/ethics” risk identified in the identified ( 3.2.4.2) and validated the risk management policy
CSR risk mapping. A breach of the ethical rules of the profession and the 2025 audit plan. The Committee shared all of these
and the Group’s internal procedures, or insufficient control of the elements with the Board of Directors.
commercial (negotiation, contractualisation, invoicing, etc.) and
financial processes could lead to significant risks: negative An Ethics Charter for greater responsibility
reputational impact, loss of stakeholder confidence, financial Covivio's Ethics Charter is a key element of its ethical approach
losses, a brake on the development of activities, etc. To remedy and compliance policy. It is based on a common foundation and
this, Covivio has implemented numerous actions to control this adapted to the legal and regulatory specificities of each
risk, in accordance with the regulations of the countries in which country, and covers all of the Group's employees throughout
it operates and the most recognised international standards in Europe. It is available on the Covivio's website and intranet sites.
the sector. Its Ethics Charter, which serves as a Code of Conduct The Ethics Charter defines the ethical principles that all
within the meaning of law no. 2016‑1691, known as “Sapin 2”, was employees must follow as part of their working practices and
updated in 2022; it is enforceable against its employees and behaviour towards all stakeholders. The core principles set out in
covers all ethical issues that Covivio may have to face. this charter are as follows: respecting laws and regulations
(prevention of insider trading, combating money‑laundering,
Covivio updated its mapping of ethics and corruption risks in
bribery and similar crimes); respect for the environment and
2024. This mapping was performed with the assistance of an
individuals (health and safety in the workplace, prevention of
external consultant to ensure that the methodology was
discrimination, respecting third parties); protecting the
appropriate and that best practices were applied. Several
company’s assets (reputation, property, resources) and
workshops were held in each Department to review potential
transparency of information provided; protection of personal
risks and the measures put in place to address them, as well as
data. The charter has been regularly revised: in 2015, 2018, 2022
to remind employees what corruption can consist of and to
and 2024. The new whistleblowing system was incorporated into
review the Sapin 2 legislation.
the Ethics Charter in 2024. Since it is legally enforceable against
The corruption risk mapping was shared and validated with Group employees, the Ethics Charter is interpreted as a Code of
Executive Management. Specific action plans have been Conduct within the meaning of the Sapin 2 law.
identified to improve the control of certain risks and reduce their
potential occurrence or impact.




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3.4.2.3 Develop, promote and assess the Figures for team commitment and pride in belonging did not
disappoint: 93% of employees say that their work is interesting,
corporate culture
and 85% of them are satisfied with their job, i.e. 12 points higher
Covivio’s corporate culture and its Purpose than the Kantar Institute's benchmark for private companies.
Covivio wants to be consistently committed and ambitious, agile Confidence in the Group’s strategy and management are
and collaborative, solid and human, towards all its stakeholders. maintained at high levels: 78% of employees say they have
Respect for these values on a daily basis has formed the basis of confidence in the management team (+15 points compared to
the Group's reputation by focusing on compliance with the benchmark) and 83% in their direct line manager. 94% of
regulations and ethical principles. Covivio expressed its Purpose employees say they are optimistic about Covivio’s future. The
in 2019 in line with these values and its culture of commitment: organisational efficiency within the Group is particularly
"Building well‑being and lasting ties”. A true cornerstone, it commended in this survey: 81% of employees state that decisions
underpins the majority of the Group's strategic and operational are made quickly and 80% praise the speed of their
decisions today. implementation. There are also very positive figures about the
quality of life at work: 90% consider the working atmosphere to
Covivio’s Purpose is part of a long‑term vision. This purpose is be good within their team and 80% say that they have a good
driven by the Group’s mission, namely to build on strong work‑life balance. 91% of employees are satisfied with their
know‑how in long‑term partnerships, and on its ability to create material working conditions.
unique living spaces and to contribute to the emergence of
more sustainable, resilient and inclusive real estate and cities. The results of the Barometer were presented to the CSR
Committee at its meeting on 21 September 2023 as well as to
Several actions are implemented to promote the company’s the Board of Directors.
values. The Ethics Charter is shared with all new employees in
the onboarding process. In Italy, employees sign a letter to 3.4.2.4 Mechanisms for identifying, reporting and
confirm receipt of the charter. German employees must monitoring practices that breach the
complete an e‑learning course on this subject. In France, it is
given to employees with the Internal Regulations. The Risk,
principles of the Ethical Code 3
Compliance, Audit and Internal Control Department organises Ethics and the fight against fraud and corruption,
training sessions called "les matinales du process" to raise foundations of Covivio’s governance
awareness about the subject. They are intended for all Ethics and the fight against fraud and corruption are part of the
employees to raise their awareness of the elements of the foundations of Covivio’s governance. To help achieve this,
internal control system, including the Ethics Charter. Covivio has implemented numerous risk management measures
Employer Brand that comply with the legislation of the different countries in
which it operates and the most recognised international
The Employer Brand policy implemented in 2019 as part of the standards in the sector. Its Ethics Charter, which acts as a Code
change of identity is also continuing, at the European level, via of Conduct within the meaning of the Sapin 2 law, is binding on
the coordination of the three ambassadors already created. its employees and covers all ethical issues that Covivio may
Lending their image and voice to the Covivio Employer Brand, have to face.
these employees represent the Group and its business lines on
social media as well as in forums organised by schools. All The Charter reiterates in particular Covivio’s “zero tolerance” in
classes combined, 53 ambassadors contribute to Covivio’s terms of corruption and influence peddling, as well as the
outreach internally and externally in Europe, through possibility, for any stakeholder (internal or external), to report any
participation in school forums or after‑work events organised act contrary to the principles of the Charter through the
with students. They also play an active role on social media and whistleblowing system, via the Group’s whistleblowing platform.
share Covivio’s posts and job offers within the Group. To do this, In 2024, (as in 2023) no employees were subject to a disciplinary
they receive regular training sessions on the use of social sanction related to non‑compliance with the Ethics Charter.
networks and have a dedicated resource platform (Teams group Moreover, there were no complaints or convictions against
and ambassadors booklet). Covivio on these grounds.

Commitment assessment Covivio has introduced 8 measures to prevent the risks of
corruption and influence peddling governed by the Sapin 2 law.
Covivio carries out an internal survey to gauge the state of mind
of its teams, every two years. The 2023 results confirmed the 1) Corruption risk mapping
company's strong internal culture at European level and the Corruption risk mapping is the cornerstone of Covivio's
employees' strong attachment to the company. corruption risk prevention programme and is regularly updated
to keep abreast of changes in the Group's activities. It was
updated in 2024. The recommendations resulting from the
mapping are implemented at the European level by the Group
Compliance Officer and are regularly monitored by the Audit
Committee and the Management Committees in each country.
2) 3) Procedures for assessing the position of customers and
suppliers and accounting control procedures
With regard to the major risks identified by the mapping, Covivio
pays particular attention to the integrity of its main customers
and suppliers by carrying out appropriate analyses, and
implements specific accounting reporting aimed at detecting
any acts of fraud and corruption in its accounts. Transactions
that are deemed sensitive – such as acquisitions, sales of assets
or companies, construction and renovation work – are guided by
appropriate procedures, especially regarding links with
intermediaries. Covivio uses a dedicated platform (in addition to
Ecovadis, section 3.3.2.5.1) to perform a due diligence on
suppliers identified as being at risk by the corruption risk


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mapping. This platform analyses the probity of the companies 6) The whistleblowing system
concerned, the legal representatives and their subsidiaries. This Covivio introduced a whistleblowing system in 2015. Its operation
analysis identifies potential international sanctions, any negative has been amended in order to take into account the provisions
press and indicates the politically exposed persons. of the Sapin 2 law. The whistleblowing may be covered by a
4) 5) Code of Conduct and disciplinary regime wide range of events: crime or misdemeanour, gross and
manifest violation of national or international regulations, serious
The Covivio Ethics Charter has been updated in accordance
threats or damage to the general interest, etc. It also allows any
with the requirements of the Sapin 2 law to be a Code of
stakeholder to report breaches of the principles laid down in the
Conduct. In France, it is appended to the company’s Internal
Ethics Charter, and in the following areas in general: finance,
Regulations; it has similar binding force in Germany and Italy.
accounting, banking, combating corruption, and tackling
Failure to comply with the provisions contained therein, and
discrimination and harassment at work. The whistleblowing
more particularly any proven act of corruption or influence
system is available to Group employees and all stakeholders. It is
peddling, would give rise to strict penalties, which could go as
the subject of an internal procedure disseminated and explained
far as the termination of the employment contract or the
at European level. Partners and suppliers are also informed of its
mandate of the person implicated.
existence via the Covivio website and the reference to it in the
Responsible Purchasing Charter (ESRS S2, section 3.3.2.2.1)
existing in France. At the end of 2023, a new whistleblowing
platform was set up in France, Germany and Italy.
Covivio undertakes to protect the whistleblower:
● by maintaining confidentiality about their identity;
● against possible victimisation, disciplinary action or legal
proceedings, provided that the system is not used in an
abusive manner and that it is employed in good faith.
The Whistleblowing platform also makes it possible to
anonymously report any reprehensible behaviour. These alerts
are processed if the seriousness of the facts mentioned is
established and sufficient details of the facts are given. The
whistleblowing procedure was updated in 2024 to take into
account changes in regulations intended to strengthen the
protection of whistleblowers. After the internal investigation into
the alert has been closed, and assuming that it has not given
rise to any legal and/or disciplinary action, Covivio will
anonymise all the data collected within a period of two months
and will only keep an Excel file which does not contain any
personal data. The sole purpose of this file is to analyse the
system. No alert was launched under this system in 2024.


Summarised procedure for managing alerts

SUMMARIZED PROCEDURE FOR MANAGING ALTERTS

Generating event
Crime or misdemeanour, threat or serious harm to the general interest,
fraud, corruption, influence peddling,
any act contrary to Covivio's Code of Ethics.




Investigation/
Notification of Notification to the
Information sent to
consideration by the person concerned
the collegiate
collegiate body within (except risk of
whistleblowing body
72 working hours destruction of evidence)



Transmission of
findings to the Depending on
whistleblower/ the findings,
Monitoring implementation of Investigation
disciplinary or even conclusions
Anonymisation legal sanctions
and archiving




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The collegiate body responsible for the alert investigates it. This drafting of opening of bids reports for some tender processes in
is an in‑house body at Covivio and is the first level of notification. order to guarantee the greatest degree of transparency and the
It is independent. This body guarantees that the identity of the fairest competition possible. Audits are performed regularly in
whistleblower and the person implicated remain confidential. order to ensure compliance with internal procedures in this area.
They have a duty of confidentiality with regard to information The risk of anti‑trust behaviour is limited within the framework of
forwarded to them. The alert can be reported by any means by Group activities as there are many owners of real estate assets.
employees and third parties (service providers, business partners,
Combating money laundering
suppliers, customers, etc.), in particular via the platform. Covivio’s
collegial body is composed of the following people: the Chief Covivio, as a real estate operator, is bound by regulations on
Operating Officer and the Audit and Internal Control Director combating money‑laundering in: its real estate leasing activity;
who may enlist the services of any persons they consider registered office service; purchase and sale of buildings;
necessary to carry out their duties. transactions regarding business assets; and shares or holdings in
real estate companies which might conceal one or more
7) Employee training money‑laundering activities subject to criminal sanctions.
The Internal Risks, Compliance, Audit and Control department Undertaking capital transactions, Covivio is also obliged to
has put in place regular and compulsory training courses for all notify the French Public Prosecutor of any suspicious
of its employees. These training sessions, called “les matinales du transactions of which it is aware. Covivio and its subsidiaries
process”, focus in particular on compliance with cybersecurity have introduced a system for combating money laundering and
and data protection rules, awareness of the principles set out in the financing of terrorism (LBC/FT), in keeping with each
the Ethics Charter (fight against corruption and influence country’s legal and regulatory requirement, in the form of a
peddling, Group policy in the area of gifts and invitations, procedure that lists and describes actions to be taken by the
whistleblowing system) and reminders of procedures. Initially employees concerned. The Group Compliance Officer and the
launched in France, they now involve all of the Group’s Risks, Compliance, Audit and Internal Control Officer are LBC/FT
employees across Europe. A copy of the charter is also handed (anti‑money laundering and financing of terrorism) Managers as
to every new employee when they are recruited by the Group. well as TRACFIN (French Ministry of Finance’s anti‑money 3
laundering agency) Contacts and Registrants. This system is
8) Monitoring and assessing the measures implemented
based on vigilance when initiating business relationships and in
The Audit Department carries out regular checks to ensure that relation to the third parties involved. The implementation of the
the measures to prevent risks of corruption risks are implemented LBC/FT system is supported by regular training campaigns
properly as part of the annual audit plans approved by the during “les matinales du process”.
Audit Committee.
3.4.2.5 Business‑related training
The prevention of corruption risks
Covivio organises training courses for the employees involve in
In accordance with the regulations and the provisions of the 10th
accordance with the obligations of the Hoguet law, which
principle of the Global Compact, Covivio ensures that its risk
regulates the conditions for practising the real estate
prevention system is applied regarding fraud, corruption and
professions. This applies to management and/or transaction
related misconduct, such as influence peddling. The separation
cardholders or holders of Hoguet law certificates. The 28 people
between scheduling (ordering) and launching (payment)
concerned by this obligation received training in 2024. These
operations, as well as procedures related to competitive bidding
training courses represent a volume of 42 hours spread over
thresholds, significantly reduce the risk of fraud. During “les
three years and include modules on business ethics.
matinales du process”, the company educates employees in
charge of transactions about the risk of fraud and corruption, Covivio offers all Group employees the opportunity to take part
and reminds them of the group's ‘zero tolerance’ policy. in awareness‑raising initiatives or training courses on cyber risks,
“Anti‑fraud” audits are carried out regularly within the Group. reminding them of best practices and the behaviour to adopt.
These measures are the subject of internal control and Phishing tests are regularly organised internally, to ensure that
assessment procedures under the audit plans validated by the these actions are successful.
Audit Committee.
The intranet sites deployed in France, Germany and Italy provide
Guaranteeing fair competition all employees with easy access to all current charters,
Covivio and its subsidiaries, aim to comply with the competition regulations and procedures. In addition, face‑to‑face training
legislation in force in each country when conducting their sessions (“les matinales du process”) are organised in France and
activities, and more specifically during the sale, purchase and Italy for all employees, during which best practices are reminded
construction processes. The company has therefore as well as links to find documentation and procedures. In
implemented specific procedures: a competitive bidding process Germany, training on ethics and compliance is carried out via
is mandatory above a certain threshold and the bidding four @-learning modules, which are mandatory for all employees
framework includes procedures that have been put in place and when they join the Group. These modules present, in particular,
validated by General Management. Depending on the amounts the Group's anti‑corruption and anti‑terrorist financing measures
and types of transactions, several companies must be consulted. and the whistleblowing module. These @-learning sessions are
In the same manner, the company uses a procedure for opening performed every two years.
bids which involves a minimum of two employees and the




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3.4.2.6 Description of the functions most at risk in terms of corruption
Corruption risk mapping has enabled the main functions During “les matinales du process”, the company educates
considered to be most at risk to be identified. These are the employees in charge of transactions about the risk of fraud and
functions in charge of works and works contracts during the corruption, and reminds them of the Group's ‘zero tolerance’
selection of suppliers and companies, as well as the functions policy.
and employees responsible for public relations and institutional
relations who are involved in administrative dealings with the
authorities.
These functions are subject to strict procedures to ensure that
these risks are properly controlled. Controls and audits are also
regularly conducted to ensure that processes are correctly
applied.


3.4.2.7 Requirement for additional CSRD data (G1‑1)

Processing of incident reports In accordance with the aforementioned procedure, Covivio undertakes to promptly,
independently and objectively investigate incidents related to business conduct.
Animal welfare This issue did not appear in the double materiality analysis given Covivio’s activities. However,
this subject is often included by hotel operators as part of more global initiatives related to
responsible food. This is notably the case with the implementation of the Green Key label that
Covivio Hotels is rolling out to all of its directly managed hotels.
Legal requirements for the protection of Covivio applies the provisions of law no. 2022‑401 of 21 March 2022 aimed at improving the
whistleblowers protection of whistleblowers, and incorporated into the new Covivio whistleblowing procedure
launched in January 2024.



3.4.3 Supply chain and payment practices (G1‑2)
3.4.3.1 Policies to prevent late payments ● improving the environmental performance (energy, carbon,
biodiversity) of assets under construction, renovation,
Covivio’s Responsible Purchasing Charter promotes a responsible management or occupied by Covivio teams, through the
relationship with its business partners. This charter is based on products or services offered;
the principles of the United Nations Global Compact, the
Diversity Charter and the International Labour Organization (ILO) ● promoting social and societal actions;
and promotes Covivio’s ethical values. These value in particular
● displaying a high standard of honesty and integrity;
aim at ensuring that payment deadlines are met with regard to
suppliers and consultants, combating corruption and influence ● helping to control budgetary expenditure by evaluating the
peddling, money laundering and anti‑competitive practices, indirect costs of the products or services offered, in addition
limiting economic dependency and preventing conflicts of to the direct costs.
interest.
In addition to its Responsible Purchasing Charter, Covivio
3.4.3.2 Responsible Purchasing Policies benefits from an evaluation of the CSR performance of suppliers
via the EcoVadis assessment.
It is Covivio's policy to consistently favour, throughout the life
cycle of its assets (design, operation, deconstruction), suppliers Details of Covivio’s commitments in terms of the choices,
and consultants who are committed to: requirements and quality of relations with its suppliers are set out
in the Responsible Purchasing Charter, presented in ESRS S2
( 3.3.2.5).




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3.4.4 Preventing risks of corruption and bribery (G1‑3)
In compliance with the tenth principle of the UN Global identity of the whistleblower, based on their right of access. The
Compact, Covivio has strengthened its risk prevention system in collegiate body archives the anonymised data immediately after
the areas of fraud, corruption and related infringements, such as the investigation for statistical processing.
influence peddling.
If the allegations are substantiated, disciplinary or even legal
The fight against corruption and bribery is an integral part of the sanctions are imposed with the backing of the Human Resources
principles of Covivio's Ethics Charter. The 8 measures to prevent Department and the competent legal authorities, as
the risks of corruption and influence peddling governed by the appropriate.
Sapin 2 law are set out in detail in ESRS G1, section 3.4.2.4.
Training
The management of alerts Regular and compulsory training courses called “les matinales
In the event of an alert, the investigation is carried out by the du process”, are given to 100% of employees, to warn them
collegial body responsible for alerts (see above). After the against corruption and the payment of bribes. They are detailed
investigation, the collegiate body decides whether the in section G1‑1 ( 3.4.2.3). They are reminded that the Group has a
allegations are well‑founded or not, based on the evidence in its “zero tolerance” policy during these sessions. Particular attention
possession. is paid to employees who are in charge of transactions likely to
present a risk of fraud or corruption. The “Risks, Compliance,
If the allegations are unfounded, the collegiate body will delete
Audit and Internal Control” Department, whose Director reports
all documents used for its investigation within a maximum of two
directly to the Group's Chief Executive Officer, organises and runs
months and will only keep an Excel file containing no names,
the training on anti‑corruption and bribery.
except in the event of legal action. The sole purpose of this file is
to analyse the system. The person who is the subject of an alert In addition, Covivio's Code of Ethics is handed to each new
can never, under any circumstances obtain disclosure of the employee when they join the Group. 3
3.4.5 Business conduct indicators (G1‑4)
3.4.5.1 Action plan and resources
Control levels and stakeholders
This system is based on the three lines of control set out in the diagram below:


Board of Directors



Audit Committee




Management Committee
& Management team EXCOM




Risk Management
Operational Management - Internal Control
- Functions - Ethics, Compliance Internal Audit
- Income - Management Control
- Country - Accounting
- HR, Legal



1st line of Control 2nd line of Control 3rd line of Control




In addition to the overall mapping of the risks and the special analyses conducted annually on matters that may represent specific
risks (such as Cyber risks, the risks of Fraud and Corruption and CSR risks), during the 2024 fiscal year, the Board of Directors performed
a review of the action plans put in place to address the main risks identified and approved the 2025 audit plan and risk management
policy.




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Action plan
Actions implemented Time horizon considered Target audience Resources allocated
Ethics Charter Update according to changes in All the employees and Risk Management Department,
regulations and Covivio policies contractual relationships ACI
Ethics officer
Compliance Officer
General Management
Whistleblowing platform
Training Training at least every two years All employees Risk Management Department,
ACI
If necessary, external provider
E‑learning platform
Edflex
Responsible purchasing Permanent: Suppliers> €200K thousand Sustainable Development
Calls for tenders and at the (€50K thousand on corporate Department
signing of contracts expenses) Ecovadis
All purchasing employees Altares
KYC At each signature Tenants, buyers, sellers during Compliance
(verification of the identity and acquisitions and asset sales. Integrity platform
integrity of customers)
Procedures Update according to changes in All the employees and Risk Management Department,
Covivio’s regulations or contractual relationships ACI
organisation


No remedial measures were implemented, as there was no breach of the principles of the Ethics Charter. As a reminder, failure to
respect the rules set out in the charter, and in particular any proven act of corruption, may, in addition to legal penalties, result in strict
sanctions, including the termination of the employment contract or mandate of the person in question.



3.4.5.2 Metrics
Monitoring of infringements
2023 2024
0 0
Number of fines for violation of anti‑corruption and anti‑bribery laws No convictions No convictions
0 0
Amount of fines for violation of anti‑corruption and anti‑bribery laws No fine No fine
0 0
Total number of confirmed incidents of corruption or bribery No incidents of corruption No incidents of corruption
Information on the nature of confirmed incidents of corruption or bribery Not applicable Not applicable

Number of confirmed incidents leading to the dismissal or sanction of 0 0
workers for corruption or bribery No cases No cases
Number of confirmed incidents of contracts with business partners which
were terminated or not renewed due to breaches connected to corruption 0 0
or bribery No cases No cases
Information on the details of public court cases concerning corruption or
bribery brought against the company and its own workers and on the 0 0
outcome of such cases Not applicable Not applicable




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3.4.6 Representation of interests and lobbying (G1‑5)
Covivio benefits from a specific procedure covering the following ● checks that the Firm is correctly registered in the Directory of
activities: Lobbyists provided to the High Authority for Transparency in
Public Life;
● participation of companies in donations (including
sponsorship, philanthropy), memberships of or contributions to ● formalises, in the contract, the Firm’s tasks and establishes a
professional or non‑professional associations or foundations; remuneration structure based on an hourly rate: written
activity reports and formal meeting reports;
● lobbying operations (representation of interests)/Public
Relations in the event of recourse to a specialized firm. ● ensures that the contract includes the obligations required by
Article 18–5 of the law no. 2013‑907 of 11 October 2013 on the
This procedure reiterates the principle that, while respecting the
transparency of public life, and more particularly the ban on:
commitments of its employees who, as citizens, participate or
wish to participate in public life in a private capacity, Covivio ● offering a gift of any kind to a public official, to one of his or
does not finance any public official, political party, public office her relatives or agents, regardless of the amount,
holder or candidate for such office, nor any trade union or
● paying a public official to take part in a conference,
religious organisation that is not recognised as being of public
interest. ● attempting to obtain information by fraudulent means,
Donations, philanthropy, sponsorship and similar operations ● selling the information or documents it obtains from a public
related to equal opportunities are intended to be carried out via official.
the company’s Foundation created in 2020. All other actions are
centralised by the Management, which submits the request to If it deems it necessary, the Compliance Officer may initiate a
the Compliance Officer in order to carry out due diligence prior probity survey of the envisaged Firm, the results of which will be
to definitive approval of the project by General Management. submitted to the General Management, the only body
authorised to sign this type of contract.
3
Membership of professional associations by Covivio employees
(whose contribution is covered by the company) is also subject No member of the Covivio Board of Directors has previously held,
to internal validation processes. The Compliance Officer may be within two years of their appointment, a similar position in public
asked to carry out a prior probity investigation. administration. The CVs of the Directors are shown in
section 5.3.2.1.3 of this Universal Registration Document.
Covivio Développement, a subsidiary of Covivio, is involved in
office and hotel projects in France. As this subsidiary works with Association with, or membership of, domestic or
local authorities, it reports its discussions on the Directory of international organisations
Interest Representatives maintained by the High Authority for
Covivio as a Group and on behalf of its subsidiaries (Hotels,
Transparency in Public Life (HATVP) in accordance with the
Development, etc.) actively contributes to public building policy
regulations.
through its significant involvement in working groups and
Covivio can nevertheless join professional associations which professional associations. Covivio is a member of the Federation
carry out lobbying or occasionally use specialised firms which of Real Estate Companies (Fédération des Entreprises
are subject to particular vigilance and whose use is strictly Immobilières – FEI), whose CSR commission is chaired by
governed by Covivio’s procedures. Covivio's Sustainable Development Director Jean-Éric Fournier.
He is also Vice‑Chairman of the French HQE‑GBC Alliance, a
Therefore, any request for recourse to such a firm is addressed to member of the Board of Directors of the Orée association and of
the Director of Institutional Relations, who, with the support of the Sustainable Building Plan Office, and Coordinator of the
the Compliance Officer, performs the following procedures: RICS France Professional Sustainability Group. Covivio's
● verifies the Firm ’s compliance with the rules and ethical involvement in various working groups in conjunction with
principles laid down by law. no. 2013‑907 of 11 October 2013 on associations (Alliance HQE‑GBC, Orée, SBA‑Smart Building
the transparency of public life; Alliance, etc.) and with scientific organisations (Politecnico di
Milano, etc.), its participation in studies (Palladio, IFPEB, etc.), its
● obtains, from the proposed Firm, any document certifying support for TCFD and TNFD and its commitment to the Global
compliance with these rules, in particular by signing an Ethics Compact and the Diversity Charter, for instance, bear witness to
Charter (e.g.: charter of the Association Française des Conseils the Group's significant contribution to sustainable real estate.
en Lobbying et Affaires Publiques);


2023 2024 Observation
Political, financial or in‑kind contributions 0 0 Covivio does not support
None None any political party

Amount of direct internal and external 0 0 Declaration of elected contacts
lobbying expenses on an annual register

Amount paid for membership €184,000 €184,000 Limited to professional associations:
of lobbying associations Afep, FEI and EPRA
Description of how the monetary value N/A N/A Covivio does not support any political party
of in‑kind contributions is estimated




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3.4.7 Supplier payment terms (G1‑6)
Covivio is aware of the impact of payment practices on the financial health of its suppliers, especially the smallest organisations, and
is committed to observing contractually agreed payment terms. Its payment procedures are organised in accordance with the
provisions of the Law on the Modernisation of the Economy, known as the LME, of 4 August 2008, which regulates payment terms.
These are explained in section 1.4.1.7. The data presented below only cover the French scope of Covivio Hotels and not the entire
scope of Covivio Hotels.



Metrics on payment terms in 2024 Germany Italy France Observations
Average number of days to pay an invoice 21 days 20 days 22 days Section 1.4.1.7
from the date on which the contractual or
legal payment period begins to be calculated
Description of the company’s standard Construction services: Group payment terms: Group payment terms: Section 1.4.1.7
payment terms in number of days by main 21 days 30 day bank transfer. 30 day bank transfer.
supplier category Non‑construction: Exception for fluids Exception for
30 days (consultancy, “fluids” (EDF, Orange,
electricity, etc.): direct etc.): direct debit
debit possible possible

The percentage of payments that comply with 89% within 30 days 54.5% of bills are paid 86% of invoices are Section 1.4.1.7
standard payment terms (reception date) → within 30 days paid within 30 days or
across all types of (reception date) less (date of receipt)
payment terms
Number of ongoing legal proceedings for late 12 3 None Section 1.4.1.7
payments




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3.5 CSR performance
3.5.1 Cross‑reference table
3.5.1.1 Multi‑reference tables
Material ESRSs for Covivio are presented in ESRS 2, section 3.1.2.3.3

ESRS DR CSRD EPRA GRI ISSB STANDARDS TNFD SDGS
GOV‑1 Gov‑Board,
S2.6(a), (b) Governance A,
3.1.2.2.1 Gov‑Select, 2‑9, 2‑10
S1.21(b) Governance B
3.1.2.2.2 Gov‑COI

Governance A,
GOV‑2
2‑16, 2‑24 Governance B,
3.1.2.2.2
Governance C
S2.6(a) (v), S1.21 (b),
GOV‑3 2‑19,
S2.22(b)(i), (ii) Governance A
3.1.2.2.4 2‑20
S2.29(g)(i), (ii)
GOV‑4
2‑23 Governance C
3.1.2.2.5
GOV‑5

3
2‑14 Governance A
3.1.2.2.5
BP‑1 2‑2, 3‑1
BP‑2 2‑4 S2.10(d)
SBM‑1
2‑6, 2‑7, 2‑22, 3‑3 Risk and impact management (ii)
3.1.2.3.1
SBM‑2
ESRS 2 2‑12, 2‑29 Governance C
3.1.2.3.2
Governance C,
SBM‑3 3‑2, 3‑3, S2.10(a), (c), S2.13 a), (b), Strategy A‑D
S2.14(a), S2.15(a), (b), S2.16(a),
3.1.2.3.3 201‑2, 306‑1 (b), (c), (d), S2.25(b) Risk and impact management (ii),
Metrics and targets B
Governance B‑C
IRO‑1 2‑14, Strategy A/D
S2.25(a), (b), (c)
3.1.2.4.1 3‑1 Risk and impact management A (i),
(ii), B, C
MDR‑A Strategy B, C,
S2.14(a), (c), S2.25(a)(v)
3.1.2.5 Metrics and targets B
MDR‑M
Metrics and targets AB
3.1.2.5
Governance B, C,
MDR‑P
Strategy B,
3.1.2.5
Metrics and targets B

S2.29(a) (iii) (1–3),
MDR‑T Strategy B,
S1.50(c), S2.33, S2.B67,
3.1.2.5 Metrics and targets C
S2.33, S2.34, S2.35

Sector issues Cert‑Tot




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ESRS DR CSRD EPRA GRI ISSB STANDARDS TNFD SDGS
S2.10 (b), S2.14 (a), (c), S2.22 (a),
E1‑1 (b) Strategy B,
201‑2
3.2.1.1 S1.23, S1.B42 (c), Metrics and targets C
S2.25 (a), (b), S2.29 (e)
S2.25 (a), (b),
E1‑2 Strategy B,
3‑3 S2.33 (e), (g),
3.2.1.2 Risk and impact management B
S2.36 (a), (b)
E1‑3
3‑3, 305‑5 S2.14 (a), (b) Strategy B, C
3.2.1.3
S2.14 (a) (ii‑iii),
E1‑4 3‑3, 305‑1, 305‑2, 305‑3, S2.33,
Strategy B
3.2.1.4 305‑5 S2.34 (a),
S2.36 (a), (b), (d)
Elec‑Abs
E1
Climate change Elec‑LfL S2.29(a)(i)(3),
302‑1,
E1‑5 DH&C‑Abs S2.B38‑B57,
302‑3, 302‑4,
3.2.1.5 DH&C‑LfL S2.29(a)(ii), (iii)(1–3),
302‑5
Fuels‑Abs, Fuels‑LfL, S2.B19
Energy‑Int
GHG‑Dir‑Abs, S2.29(a), S2.B38–B57, S2.29(a),
E1‑6 305‑1, 305‑2,
GHG‑Indir‑Abs, S2.B30, S2.B31,
3.2.1.6 GHG‑Int 305‑3
S2.B32, S2.B56(a), (b), S2.B34
E1‑7
S2.36(e)
3.2.1.7
E1‑8
S2.29(f), S2.36(e)(iii)
3.2.1.8

E1‑9
201‑2 S2.25(b), S2.29(b‑d)
3.2.1.9

E2‑1 Strategy B,
3‑3
3.2.2.2 Risk and impact management B

E2‑2 Strategy B,
3‑3
3.2.2.4 Strategy C

E2 E2‑3 Strategy B,
3‑3, 303‑2
Pollution 3.2.2.5 Metrics and targets C
E2‑4
Metrics and targets B
3.2.2.6
E2‑6 Strategy B‑C,
3.2.2.6 Metrics and targets A

E3‑1 Strategy B,
3‑3
3.2.3.2 Risk and impact management B
E3‑2 Strategy B‑C,
3‑3, 303‑1, 303‑4
3.2.3.3 Metrics and targets C
E3
Water and marine Water‑Abs
resources E3‑4
Water‑LfL 3‑3, 303‑3, 303‑5 Metrics and targets B
3.2.3.4
Water‑Int

E3‑5 Strategy B,
NA Metrics and targets A

E4‑1
3‑3 Strategy C
3.2.4.1
E4‑2 Governance C,
3‑3
3.2.4.2 Risk and impact management B
E4 E4‑3 Governance C,
Biodiversity and 3‑3, 304‑3
3.2.4.3 Strategy C
ecosystems
E4‑4
3‑3, 304‑3 Metrics and targets C
3.2.4.4
E4‑5
304‑1, 304‑2, 304‑4 Metrics and targets B
3.2.4.5




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ESRS DR CSRD EPRA GRI ISSB STANDARDS TNFD SDGS
E5‑1
3‑3 Risk and impact management B
3.2.5.2
E5‑2 3‑3,
Strategy C
3.2.5.3 306‑2

E5 E5‑3
3‑3 Metrics and targets C
Circular economy 3.2.5.4
E5‑4
301‑1, 301‑2, 306‑1 Metrics and targets B
3.2.5.4.3

E5‑5 Waste‑Abs
306‑2, 306‑3, 306‑4, 306‑5 Metrics and targets B
3.2.5.5 Waste‑LfL

2‑23, 2‑25, 2‑29,
S1‑1 Diversity‑Emp, 3‑3, 403‑3, 403‑4, 403‑5,
3.3.1.1 Emp‑Turnover 403‑6, 404‑2, 405‑1, 407‑1,
408‑1, 409‑1
S1‑2
2‑29, 3‑3, 402‑1, 407‑1
3.3.1.3
S1‑3
2‑25, 2‑26, 403‑2
3.3.1.3.2
S1‑4 2‑24, 3‑3,
3.3.1.4.1 403‑1, 403‑9, 403‑10
S1‑5
3.3.1.5
3‑3 3
Diversity‑Emp,
Diversity‑Pay,
S1‑6 Emp‑Training, 2‑7, 401‑1, 403‑2, 403‑9,
Emp‑Dev, 403‑10, 404‑1, 404‑3, 405‑1,
3.3.1.5.2.a 405‑2
Emp‑Turnover,
S1
H & S‑Emp
Company
personnel S1‑7
2‑8
3.3.1.5.7
S1‑8
2‑30
3.3.1.5.7
S1‑10
202‑1
3.3.1.5.3
S1‑11
403‑3
3.3.1.5.4
S1‑14
403‑3, 403‑8
3.3.1.5.7
S1‑15
401‑3
3.3.1.5.5
S1‑16
2‑21, 405‑2
3.3.1.5.2.a

S1‑17
2‑27, 406‑1
3.3.1.5.6

SBM‑3
408‑1, 409‑1
3.3.2.1
S2‑1 2‑23, 2‑25, 2‑29,
3.3.2.2 3‑3
S2‑2
2‑29, 3‑3
S2 3.3.2.3
Workers in the
value chain S2‑3
2‑25, 2‑26
3.3.2.4
S2‑4 2‑24, 3‑3,
3.3.2.5 308‑1, 403‑7, 414‑1

S2‑5
3‑3
3.3.2.6




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ESRS DR CSRD EPRA GRI ISSB STANDARDS TNFD SDGS
SBM‑3
203‑2, 204‑1, 411‑1, 413‑2 Governance C
3.3.3.1
S3‑1 2‑23, 2‑25, 2‑29,
Governance C
3.3.3.2 3‑3, 203‑1, 413‑1
S3‑2
Comity‑Eng 2‑29, 3‑3
S3 3.3.3.3
Affected
S3‑3
communities 2‑25, 2‑26
3.3.3.4
S3‑4
2‑24, 2‑25, 3‑3 Strategy B
3.3.3.5
S3‑5
3‑3
3.3.3.6

S4‑1 H & S‑Asset,
2‑23, 2‑25, 2‑29, 3‑3
3.3.4.2 H & S‑Comp

S4‑2 2‑29,
3.3.4.3 3‑3
S4 S4‑3
Consumers and 2‑25, 2‑26, 418‑1
end‑users 3.3.4.4
S4‑4 2‑24, 2‑25, 3‑3,
3.3.4.5 416‑1

S4‑5
3‑3
3.3.4.6
GOV‑1 2‑9, 2‑12, 2‑15,
Gov‑COI
3.4.1 405‑1
2‑13, 2‑16, 2‑23,
G1‑1
2‑24, 2‑26, 3‑3,
4.4.2
206‑1
G1‑2
G1 3‑3 Strategy B
3.4.3
Business conduct
G1‑3 2‑26, 3‑3,
3.4.4 205‑2
G1‑4
2‑27, 205‑3
3.4.5

G1‑5
2‑28, 3‑3, 415‑1
3.4.6

Chap 2 2‑17, 2‑18

Chap 6 2‑11




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3.5.1.2 Index SASB - Real Estate Standard
Sustainability Disclosure Topics & Accounting metrics
Unit of Offices/ Offices/ Residential/ Hotels/
Topic Accounting Metric Category Measure Code France Italy Germany Europe Group
Energy consumption data
coverage as a percentage of total % by floor
floor area, by property subsector Quantitative area IF‑RE‑130a.1 3.2.1.5 3.2.1.5 3.2.1.5 3.2.1.5 3.2.1.5
Total energy consumed by portfolio
area with data coverage,
percentage grid electricity, and
percentage renewable, by property
subsector Quantitative kWh, % IF‑RE‑130a.2 3.2.1.5 3.2.1.5 3.2.1.5 3.2.1.5 3.2.1.5
Like‑for‑like percentage change in
Energy energy consumption for the
Management portfolio area with data coverage,
by property subsector Quantitative % IF‑RE‑130a.3 3.2.1.5 3.2.1.5 3.2.1.5 3.2.1.5 3.2.1.5
Percentage of eligible portfolio that
has an energy rating and is
certified to energy performance % by floor
standards, by property subsector Quantitative area IF‑RE‑130a.4 3.2.1.5 3.2.1.5 3.2.1.5 3.2.1.5 3.2.1.5
Description of how building energy
management considerations are
integrated into property investment Discussion and 3.2.1.1.2.a 3. 3.2.1.1.2.a 3. 3.2.1.1.2.a 3. 3.2.1.1.2.a 3. 3.2.1.1.2.a 3.
analysis and operational strategy analysis N/A IF‑RE‑130a.5 2.1.1.3 2.1.1.3 2.1.1.3 2.1.1.3 2.1.1.3
Water withdrawal data coverage
as a percentage of total floor area
and floor area in regions with High
or Extremely High Baseline Water % by floor
Stress, by property subsector
Total water withdrawn by portfolio
Quantitative area IF‑RE‑140a.1 3.2.3.4.1 3.2.3.4.1 3.2.3.4.1 3.2.1.5 3.2.3.4.1
3
area with data coverage and
percentage in regions with High or
Water Extremely High Baseline Water
Management stress, by property subsector Quantitative m3,% IF‑RE‑140a.2 3.2.3.4.1 3.2.3.4.1 3.2.3.4.1 3.2.1.5 3.2.3.4.1
Like‑for‑like percentage change in
water withdrawn for portfolio area
with data coverage, by property
subsector Quantitative % IF‑RE‑140a.3 3.2.3.4.1 3.2.3.4.1 3.2.3.4.1 3.2.1.5 3.2.3.4.1
Description of water management
risks and discussion of strategies
and practices to mitigate those Discussion and
risks analysis N/A IF‑RE‑140a.4 3.2.3.1 3.2.3.1 3.2.3.1 3.2.1.5 3.2.3.1
Percentage of new leases that
contain a cost recovery clause for
resource efficiency‑related capital
improvements and associated
leased floor area, by property by floor area,
subsector Quantitative m² IF‑RE‑410a.1 Depending on local regulation and on the types of leases
Management of
Percentage of tenants that are
tenant
separately metered or submetered
sustainability
for grid electricity consumption and
impacts
water withdrawals, by property % by floor 3.2.1.1.2.a 3.2. 3.2.1.1.2.a 3.2. 3.2.1.1.2.a 3.
subsector Quantitative area IF‑RE‑410a.2 1.1.3 1.1.3 2.1.1.3 NA NA
Discussion of approach to
measuring, incentivising, and
improving sustainability impacts of Discussion and
tenants analysis N/A IF‑RE‑410a.3 3.3.4.5
Area of properties located in
100‑year flood zones, by property
subsector Quantitative m² IF‑RE‑450a.1 3.2.1.1.12
Climate change
adaptation Description of climate change risk
exposure analysis, degree of
systematic portfolio exposure, and Discussion and
strategies for mitigating risks analysis N/A IF‑RE‑450a.2 3.2.1.1.12



Unit of France Germany German Hotels in
Activity Metric Category Measure Code Offices Italy Offices Offices Residential Europe Group
Number of assets, by Quantitative Number IF‑RE‑000.A 86 66 19 41,000 units 283 454 & 41,000
property subsector residential units
Leasable floor area, by Quantitative m² IF‑RE‑000.A 939,936 618,065 364,644 2,591,023 39,500 4,513,668 m2 &
property subsector rooms 39,500 rooms
(including dev and land
plots)
Percentage of indirectly Quantitative % by floor IF‑RE‑000.C 65% 78% 0% 0% 66% N/A
managed assets, by area
property subsector
Average occupancy rate, Quantitative % IF‑RE‑000.C 96.3% 97.4% 87.9% 99.2% 100% 97.2%
by property subsector




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3.5.1.3 Table: Environmental risks, probability of occurrence, level of impact
Covivio’s strengths and weaknesses in coping with them and the associated areas of strategy
Impact level
Probability of taking
occurrence by vulnerability Related priority areas
TNFD category Description scenario (Sc.) into account Strengths and weaknesses of Covivio's strategy
● Disruption of supply chains and Sc. 1: Certain; Sc. Sc. 1: Medium; Covivio has a wide variety of suppliers and can Pillar 1 - Prevent damage to
material shortages due to extreme 2: Very likely Sc. 2: Low therefore adapt to changes in the availability of natural spaces - Priority #3 -
events (e.g. wood shortages due to materials. Shortages can nevertheless lead to Establish a traceability standard
forest fires, pests, concrete increased costs and delivery delays. A for key materials.
shortages due to water stress). Group‑wide sourcing strategy, as well as more And Pillar 2 - Reduce resource
-> Main financial risks: construction local anchoring can be examined. consumption Priority #2 - Reduce
delays, increase in the cost of Covivio has deployed a Responsible Purchasing dependency on new raw
materials. policy since 2010 and strengthened it in 2023 by materials
extending its scope to all of the Group’s activities
and by subscribing to EcoVadis services. 186
suppliers of the Group had been rated at the end
of 2023.
● Loss of worker productivity due Sc. 1: Very likely; Sc. 1: High; Despite the identification of the risk, Covivio This risk is not directly linked to a
to heat waves. Sc. 2: Probable Sc. 2: Low appears to have limited room for manoeuvre, with goal of the action plan but is
-> Main financial risks: construction few levers for action on the organisation of part of the Group's adaptation
delays in the event of prolonged construction sites. Staggered working hours and strategy, beginning with a
heat waves the postponement of certain work to commitment to map the different
non‑heatwave days are amongst the solutions risks to its portfolio using
adopted by construction companies. recognised scientific scenarios.
Physical -
● Damage to real estate assets Sc. 1: Very likely; Sc. 1: Medium; This risk is well identified by Covivio. Nevertheless,
One‑off and
due to climate change (flooding, Sc. 2: Probable Sc. 2: Very low the studies carried out have shown that the
chronic
temperature, soil, etc.) Group’s assets face limited exposure to climatic
-> Main financial risks: loss of value hazards. The MSCI 2023 study concludes that,
and accelerated obsolescence, based on a 5°C - ROE 8.5 scenario, at 2050
repair works. (worst‑case scenario), physical risks represent
0.24% of the value of the assets analysed (-0.45%
by 2100). Over the same period, 14% (by surface
area) of the assets analysed should face an
increase of more than 1°C. In addition, 29% of the
assets analysed could face 20 days of heat wave
(respectively 13% compared to 25 days of heat
wave), and 13% could experience an average of
10 days of intense rain per year.
● Damage to real estate assets Sc. 1: Very likely; Sc. 1: High; This risk is well identified by Covivio: according to
related to sea level rise, Sc. 2: Probable Sc. 2: Medium the studies carried out, very few assets are
temperature rise and reduced exposed but those that are would be strongly
ground maintenance. affected (up to 2% of the value of the assets
-> Main financial risks: loss of value concerned). Construction reinforcement measures
and accelerated obsolescence, have been taken to mitigate the risk of flooding
repair works. on all the new at‑risk projects. Soil characteristics
are also taken into account for new projects.




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Impact level
Probability of taking
occurrence by vulnerability Related priority areas
TNFD category Description scenario (Sc.) into account Strengths and weaknesses of Covivio's strategy
● Obligation to install solar panels Sc. 1: Very likely; Sc. 1: Medium; In general, Covivio uses green roofs and/or the • Pillar 3 - Contribute to the
or green roofs on 30% to 50% of the Sc. 2: Certain Sc. 2: Low installation of solar panels on the buildings it improvement of biodiversity in the
surface for any new commercial, constructs or renovates. However, the city
industrial or artisanal building or development of these systems may be hampered
warehouse (or built after 2019) by technical constraints affecting existing
(Climate and Energy Law) and on buildings or by some local regulations.
existing buildings in a new more
distant horizon.
-> Main financial risks: additional
costs related to equipment and
facilities.
● ntroduction and increase of the Sc. 1: Probable; Sc. 1: Medium; The creation of a carbon tax could call affect the Pillar 2 - Reduce resource
carbon tax on the import prices of Sc. 2: Certain Sc. 2: Low profitability of certain projects, particularly in the consumption - Priority #1
materials (e.g. cement under the residential sector. The teams are monitoring the Buildings are exemplary in
new EU ETS) effective implementation of these taxes. enabling customers to reduce
-> Main financial risks: additional their water and energy
costs related to the increase in the consumption
price of materials.
● Obligation to produce Sc. 1: Very likely; Sc. 1: Medium; Although Covivio's reporting is already well Pillar 1 Preventy damage to
increasingly comprehensive and Sc. 2: Certain Sc. 2: Low structured, difficulties in obtaining certain data in natural habitats - Priority #3 -
detailed CSR reporting in line with relation to recent regulations have been Establish a traceability standard
regulations and investor identified, particularly in the value chain. A series for key materials
requirements (e.g. disclosure of a of MSCI‑type studies have been carried out
complete biodiversity footprint, enabling the Group's transition plan to be
with indicators, information on the calibrated.
value chain and the location of
activities (link with SBTN), transition
plan)
-> Main financial risks: costs
3
related to the additional reporting
expense
Transition -
Politics ● Obligation to demonstrate that Sc. 1: Probable; Sc. 1: Low; Commitments regarding obtaining certain labels Pillar 1 - Prevent damage to
purchases of raw materials are Sc. 2: Certain Sc. 2: Low involve gathering information on the origin of natural spaces - Priority #3 -
compatible with the zero certain materials. These are very one‑off exercises Apply a traceability standard for
deforestation regulations for goods at the present time. key materials.
imported into Europe (timber and
rubber are already covered, the
regulation could be extended to
mining products)
-> Main financial risks: verification
and reporting costs
● The compulsory labelling of Sc. 1: Unlikely; Sc. 1: Medium; Obtaining a certain number of certifications (e.g. Pillar 1 - Prevent damage to
buildings concerning use of Sc. 2: Very likely Sc. 2: Medium HQE, BREEAM, LEED, BBCA) for certain projects natural spaces - Priority #3 -
bio‑sourced materials (e.g. RE2020, guarantees that the necessary skills are present in Apply a traceability standard for
E + C-, etc.) the teams involved. Nevertheless, it is necessary key materials.
-> Main financial risks: additional to structure these initiatives at the level of the
costs of materials insofar as the Group’s strategy. These initiatives are also rarely
sector is not yet structured. mentioned or promoted in the reference
documents, which does not encourage their
implementation. The difficulties associated with
sourcing sustainable materials and increasing
costs are also to be expected.
● Obligation to comply with Sc. 1: Certain; Sc. Sc. 1: Medium; Limiting the artificialisation of land is one of Pillar 1 - Prevent damage to
regulations related to the limitation 2: Certain Sc. 2: Very low Covivio’s strategic goals. Most of the Group’s natural spaces - Priority #2 - Real
of urban planning, the projects are densification projects in urban areas. estate development is not linked
artificialisation of soils and the Recreating natural environments in artificialised to damage to natural spaces.
protection of natural spaces (e.g. areas can, however, present technical difficulties.
CBD target of 30% protected
areas, green and blue corridors,
etc.)
-> Main financial risks: construction
costs (however already included in
the overall projects)




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Impact level
Probability of taking
occurrence by vulnerability Related priority areas
TNFD category Description scenario (Sc.) into account Strengths and weaknesses of Covivio's strategy
The increase in the price of raw Sc. 1: Probable; Sc. 1: High; Covivio has identified the renovation of buildings, Pillar 1 - Prevent damage to
materials in connection with the Sc. 2: Probable Sc. 2: Low particularly in the context of improving energy natural spaces - Priority #2 - Real
growing needs of priority sectors performance, as a promising market. However, the estate development is not linked
(e.g. the wind turbine sector's need cost‑effectiveness of these projects can vary, to damage to natural spaces.
for concrete and steel). depending on the price of the materials used.
-> Main financial risks: increased
costs

Transition - Changing customer/tenant Sc. 1: Probable; Sc. 1: Medium; Covivio is already subject to customer demands Pillar 1 - Prevent damage to
Market preferences in favour of sustainable Sc. 2: Very likely Sc. 2: Low regarding the energy performance of buildings natural spaces - Priority #2 - Real
building design (e.g. sound, and is able to adapt to this demand by offering estate development is not linked
energy‑efficient, ecological, associated services. In addition to equipment, the to damage to natural spaces.
modular building materials, changes required in the architecture of buildings
including the restoration of natural can be a technical difficulty in terms of energy
habitats, etc.) efficiency.
-> Main financial risks: fall in
revenues, increase in construction
costs
Increased number of designs that Sc. 1: Very likely; Sc. 1: Medium; The Group's vision takes the flexible use of Pillar 2 - Reduce resource
take the need for the flexible use of Sc. 2: Very likely Sc. 2: Low buildings into account, with the positive effect of consumption - Priority #1
buildings into account (e.g. extending the building's lifespan by reducing its Buildings are exemplary in
co‑working for offices, easy potential for obsolescence from the design stage. enabling customers to reduce
conversion of offices into However, these desires for flexibility may conflict their water and energy
Transition - residential, co‑use, etc.) which with economic constraints because they consumption
Technology reduces artificialisation generate extra costs.
-> Main financial risks: increased
costs related to materials/
equipment deployed and energy


Local conflicts related to the land Sc. 1: Very likely; Sc. 1: Low; Although most of the Group's projects do not Pillar 1 - Prevent damage to
availability, the reduced space Sc. 2: Probable Sc. 2: Low involve the transformation of natural spaces, the natural spaces - Priority #2 - Real
available for development and soil construction of a new building can still be a estate development is not linked
quality. source of conflict locally. to damage to natural spaces.
-> Main financial risks: potential
litigation costs.
Local conflicts related to water use Sc. 1: Certain; Sc. Sc. 1: Medium; All of Covivio’s new projects and renovated Pillar 1 - Prevent damage to
during the construction and the 2: Probable Sc. 2: Medium buildings are fitted with water‑saving devices. The natural spaces - Priority #2 - Real
building use phases. issue is of particular importance in‑house in the estate development is not linked
-> Main financial risks: stoppage of hotel sector, where water consumption is highest to damage to natural spaces.
operations or of certain specific and where specific restrictions may be imposed in
equipment in assets (particularly in the event of a shortage (e.g. swimming pools).
the hotel industry) Fitting out old buildings is a more complex matter.
Transition -
Reputation and Reputational risk related to Sc. 1: Probable; Sc. 1: Low; Besides obtaining certain labels for which specific Pillar 2 - Reduce our consumption
responsibility scandals concerning procurement Sc. 2: Certain Sc. 2: Low criteria concerning the origin of materials must be of resources - Priority #1 Buildings
in the value chain or to an action satisfied, the traceability of materials is are exemplary in enabling
for breach of environmental comprehensively monitored at the project level. customers to reduce their water
regulations. The small number of initiatives for enhanced and energy consumption
-> Main financial risks: litigation or traceability monitoring must be structured at
reputational risks with a potential Group level.
impact on marketing
Criticism for exaggerating claims Sc. 1: Unlikely; Sc. 1: Low; Covivio positions itself transparently as a player Pillar 1 - Prevent damage to
on sustainable practices Sc. 2: Very likely Sc. 2: Low with rational and substantiated environmental natural spaces - Pillar #3 - Apply
(greenwashing) reporting, which is as close as possible to, or even a traceability standard for key
-> Main financial risks: mainly which anticipates regulatory requirements. materials.
reputational risks which could
cause our partners to lose
confidence of our partners
Local shortages of drinking water. Sc. 1: Very likely; Sc. 1: High; Sc. 2: This risk is well identified by Covivio: according to
-> Main financial risks: rather Sc. 2: Probable Low the Aqueduct WRI study carried out in 203, more
moderate operating risk at Group than 50% of Covivio’s portfolio is located in
level but could impact the hotel regions with high water stress (not only the south,
industry locally but also in highly densified regions with a lower
relative resource available such as northern
Ecosystem France, Belgium or cities such as Frankfurt.
stability Shortages of certain bio‑sourced Sc. 1: Very likely; Sc. 1: Medium; Covivio has a wide variety of suppliers and can
materials (wood, sand). Sc. 2: Probable Sc. 2: Low therefore adapt to changes in the availability of
-> Main financial risks: construction materials. Shortages can nevertheless lead to
delays and potential replacement increased costs and delivery delays. A
costs Group‑wide sourcing strategy, as well as a more
local anchoring of this strategy would be
necessary.

● The main risks identified during the analysis




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Table: Main environmental opportunities, probability of occurrence, level of impact, Covivio’s strengths and weaknesses in
tackling them and associated strategic areas
Impact level
Probability taking
TNFD of occurrence vulnerability Related priority areas
category Description by scenario into account Strengths and weaknesses of Covivio's strategy
● New renovation and Sc. 1: Probable; Sc. 1: Medium; Expertise on some of these offers exists within the Pillar 1 - Prevent damage to
deconstruction market, in line with Sc. 2: Certain Sc. 2: Low Group, particularly the office portfolio, where half natural spaces - Priority #2 - Real
zero net artificialisation policies. of the operations are already renovations and a estate development is not linked to
quarter concern densification or establishment damage to natural spaces.
projects in already artificialised areas.
However, there may be more technical constraints
on renovation projects and they may be more
expensive for old buildings. The Group must also
develop its expertise in the circular economy in
the cleaning/deconstruction phase, which is still
Business - in the pilot stage.
Market
● A new market for the design of Sc. 1: Unlikely; Sc. Sc. 1: Medium; The design of the projects includes different Pillar 1 - Prevent damage to
sustainable buildings (e.g. 2: Certain Sc. 2: Low measures to optimise the buildings' environmental natural spaces - Priority #2 - Real
energy‑efficient, green building performance, in line with the long‑standing estate development is not linked to
materials, modular, including building certification strategy. The use of damage to natural spaces.
restoration of natural habitats, etc.) sustainable materials is a common but not
systematic practice, due to the lack of a
structured Group‑wide policy in this regard. The
price of these materials can also be a barrier to
their use, particularly in a difficult economic
context.
Reduction in the cost of recycled Sc. 1: Probable; Sc. 1: Medium; In‑house resources exist on the use of recycled Pillar 2 - Reducing the
and bio‑sourced materials thanks Sc. 2: Very likely Sc. 2: Low and bio‑sourced materials, pilot projects are in consumption of resources - Priority

3
to a greater maturity of the sector, progress, and training is being provided to refine #2 - Dependence on new raw
economic incentives, etc. this expertise, although the use of these materials materials is reduced.
is not systematic. Nevertheless, the use of some of
these materials remains a challenge in terms of
supply, regulatory framework and/or business
model. Working with partners in the sector
remains key for Covivio.
● Measures to reduce energy and Sc. 1: Probable; Sc. 1: Low; The renovation of buildings (in both the tertiary Pillar 2 - Reduce the consumption
Business - water consumption in residential and residential sectors) has also been identified of resources - Priority #1 Buildings
Efficient use Sc. 2: Certain Sc. 2: Low
and office buildings. Reduction of as a strong lever (implementation of the €261 are exemplary because we enable
of resources costs for tenants associated with million green Capex plan from 2023 to 2030 as our customers to reduce their
the heating of residential buildings part of the carbon trajectory). The teams work water and energy consumption
and the production of renewable continuously to optimise the energy consumption
energy. of the assets. The green annexes and clauses
included in the leases enable tenants and owner
to engage in these issues. However, these
measures are more difficult to implement for
existing properties than for new projects, and the
results also depend on the actions of the tenants,
and the group also aims to make them more
aware of the issues.
● Increased financing Sc. 1: Probable; Sc. 1: Low; Financial market players have already identified Pillar 3 – Contribute to improving
opportunities related to the Sc. 2: Certain Sc. 2: Low the Group's activities as likely to benefit from urban biodiversity – Priority #1
Business - green financing. The eligibility conditions for Have a positive impact on
development of sustainable real
Capital flows assets are specified in two Green Bond biodiversity in 100% of our
estate projects (green bonds,
and financing frameworks (e.g. complete alignment with the operations
private or public investments,
conservation financing, etc.) Taxonomy criteria for the hotel sector).
Reputation opportunities linked to Sc. 1: Probable; Sc. 1: Medium; Covivio is recognised by its tenants as an Pillar 3 – Contribute to improving
the environmental quality and Sc. 2: Very likely Sc. 2: Medium environmentally committed lessor, due to its urban biodiversity – Priority #1
quality of life offered by the commitment to improving the quality of life of its Have a positive impact on
Business -
portfolio. tenants through the introduction of green spaces biodiversity in 100% of our
Reputation
and energy efficiency and water saving measures. operations
This was confirmed by an independent study
carried out on the German scope.
Designing buildings to optimise the Sc. 1: Probable; Sc. 1: Low; The teams work on new designs on an one‑off Pillar 2 - Reducing the
Sustainability use of resources, with a focus on Sc. 2: Certain Sc. 2: Low basis and on reducing the use of resources in consumption of resources - Priority
performance - renovation and end‑of‑life particular, through the use of life cycle analyses #2 - Reducing dependency on new
Sustainable optimisation. and the BIM (Building Information Modelling) raw materials.
use of natural system. However, these actions are still based on
resources commercial opportunities and could be linked to
defined strategic goals.
● Use of the portfolio’s green Sc. 1: Unlikely; Sc. 1: Low; Sometimes, the restoration of ecological Pillar 3 - Contribute to the
spaces to contribute to ecological Sc. 2: Certain Sc. 2: Low continuities is one of the environmental objectives improvement of biodiversity in the
continuity or to restore biodiversity associated with the development of certain city
Sustainability
in city centres (based on projects. This is conducted on the basis of
performance -
ecological diagnostics) ecological studies and is enhanced by the
Ecosystem
calculation of the CBS (biotope coefficient per
protection,
surface) before and after the project – a
restoration and
calculation that is also made for all French
regeneration
projects. However, the use of this type of
diagnostic and practices must be systematised
at Group level.

● Main opportunities identified during the analysis




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Details of forward‑looking scenarios used for risk and opportunity analysis.
The analysis of climate and biodiversity risks and opportunities was based on two scenarios designed around the four prospective
transition scenarios for 2050 proposed by ADEME in its publication "Transition(s) 2050: Four scenarios and their sequels to achieve
carbon neutrality in 2050". The two scenarios used are as follows:


Opportunistic adaptation Planned transformation
In a less restrictive regulatory context, the transition to more Strongly driven by legislation, the company is moving towards a
sustainable models is difficult and slower than environmental more sustainable model based on resource conservation and
change. Certain institutional failures lead to additional costs adaptation. The structure of the economy is undergoing a
and poorly adapted strategies are observed. The ecosystems profound transformation, enabling economic players to rethink
are damaged, and the temperature reaches +3°C by 2050. their models. The ecosystems are protected and the
temperature rise remains at +2°C by 2050.
State of ecosystems Global warming and the harm to biodiversity are not stopped. Nature is being preserved and nature‑based solutions are being
Ecosystem services are damaged, and technological solutions implemented. Ecosystem services maintain a functional level,
are used, generating additional costs. and access to natural resources is highly regulated.
Land availability Development of large cities and land use Drastic reduction in the number of new buildings
Change in eating habits Low, meat consumption decreased slightly. Strong, the consumption of meat decreases significantly.
Energy Slight decrease in consumption, significant use of biomass and Significant reduction in energy consumption, massive renovation
renewable energies. of buildings.
Materials and circular The quantities of steel, aluminium, glass, and paper‑cardboard The recycled quantities of steel, aluminium, glass, paper and
economy and plastics from recycling have increased. cardboard and plastics are in the majority.
Agriculture Intensification of agriculture, particularly in relation to energy Extensification of agriculture
needs
International trade Imports play a very important role in a globalised economy that Contracted industrial production and tightening of the “Made in
favours trading France” offer
Regulatory context Not very restrictive, based on transparency of practices and Restrictive, based on strong sanctions in the event of
incentives non‑compliance




3.5.2 Appendix List of assets and compliance with Green Bond criteria
Portfolio of selected assets - Offices
(At 31 December 2024)
Surface Green clause
areas (100%) (on new leases
Classification at Main eligibility in Germany/ Accessibility
Name City Country 31/12/2024 31/12/2024 Eligible category criteria Italy) < 500 m
FONTENAY SOUS BOIS / LE FLORIA FONTENAY SOUS BOIS France In operation 9,043 Energy efficiency Taxonomy √ √
LA DEFENSE / CB21 COURBEVOIE France In operation 68,076 Green Building Taxonomy √ √
ISSY LES MOULINEAUX / ATLANTIS ISSY LES MOULINEAUX France In operation 11,461 Green Building Certification √ √
PARIS / ART&CO PARIS France In operation 13,599 Green Building Taxonomy √ √
VELIZY / DASSAULT CAMPUS VELIZY VILLACOUBLAY France In operation 57,005 Green Building Taxonomy √ √
MEUDON / HELIOS MEUDON LA FORET France In development 38,000 Green Building Taxonomy N/A √
BOULOGNE / GRENIER BOULOGNE‑BILLANCOURT France In operation 7,762 Green Building Taxonomy √ √
MELUN / CHAUSSY MELUN France In operation 10,327 Green Building Taxonomy √ √
LYON / SILEX 2 LYON France In operation 31,050 Energy efficiency Taxonomy √ √
LYON / SILEX 1 LYON France In operation 10,648 Green Building Taxonomy √ √
LEVALLOIS PERRET / THAIS LEVALLOIS‑PERRET France In operation 5,746 Energy efficiency Taxonomy √ √
PARIS / MONCEAU PARIS France In development 11,177 Energy efficiency Taxonomy N/A √
PARIS / GOBELINS PARIS France In operation 4,442 Energy efficiency Taxonomy √ √
PARIS / CHERCHE‑MIDI PARIS France In operation 3,510 Green Building Taxonomy √ √
PARIS / MADRID - SAINT LAZARE PARIS France In operation 5,947 Energy efficiency Taxonomy √ √
LYON / SEVIGNE 3ÈME LYON France In operation 4,242 Green Building Taxonomy √ √
PARIS / STEEL PARIS France In operation 3,681 Energy efficiency Certification √ √
PARIS / GRANDS BOULEVARDS PARIS France In development 7,428 Energy efficiency Taxonomy N/A √
PARIS / BOBILLOT PARIS France In operation 3,652 Green Building Taxonomy √ √
LEVALLOIS PERRET / THAIS LEVALLOIS‑PERRET France In operation 5,746 Energy efficiency Taxonomy √ √
PARIS / RASPAIL PARIS France In operation 10,013 Green Building Taxonomy √ √
LEVALLOIS‑PERRET / PEREIRE LEVALLOIS‑PERRET France In operation 7,864 Green Building Taxonomy √ √




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Surface Green clause
areas (100%) (on new leases
Classification at Main eligibility in Germany/ Accessibility
Name City Country 31/12/2024 31/12/2024 Eligible category criteria Italy) < 500 m
VELIZY / DASSAULT CAMPUS VELIZY VILLACOUBLAY France In operation 12,834 Green Building Taxonomy √ √
EXTENSION
VELIZY / NEW VELIZY VELIZY VILLACOUBLAY France In operation 49,970 Green Building Taxonomy √ √
MONTPELLIER / MAJORIA SLB MONTPELLIER France In operation 3,379 Green Building Taxonomy √ √
MARSEILLE / EUROMED CALYPSO MARSEILLE France In operation 9,800 Green Building Taxonomy √ √
ORLY / CDO ASKIA BUREAUX ORLY France In operation 17,892 Green Building Taxonomy √ √
MONTROUGE / FLOW MONTROUGE France In operation 23,430 Green Building Taxonomy √ √
PARIS / JEAN GOUJON PARIS France In operation 8,606 Energy efficiency Taxonomy √ √
ORLY/ COEUR D'ORLY BELAÏA ORLY France In operation 23,920 Green Building Taxonomy √ √
BORDEAUX / CITE NUMERIQUE BEGLES France In operation 18,433 Green Building Taxonomy √ √
CHATILLON / IRO CHATILLON France In operation 25,626 Green Building Taxonomy √ √
LEVALLOIS PERRET / MASLO LEVALLOIS‑PERRET France In operation 20,771 Energy efficiency Taxonomy √ √
SAINT OUEN / SO POP SAINT OUEN France In operation 32,449 Green Building Taxonomy √ √
VELIZY / EXTENSION VELIZY VILLACOUBLAY France In operation 27,211 Green Building Taxonomy √ √
PARIS / N2 BATIGNOLLES PARIS France In operation 10,094 Green Building Taxonomy √ √
PIAZZA S. FEDELE 2 MILANO Italy In operation 5,089 Green Building Taxonomy √ √
PIAZZA SAN FEDELE 4 MILANO Italy In operation 3,426 Green Building Taxonomy (1) √
PIAZZA SIGMUND FREUD (ACCESSORI) MILANO Italy In operation 2,339 Green Building Taxonomy (1) √
1
PIAZZA SIGMUND FREUD (CORPO C) 1 MILANO Italy In operation 5,784 Green Building Taxonomy (1) √
PIAZZA SIGMUND FREUD (TORRE A) 1 MILANO Italy In operation 16,349 Green Building Taxonomy (1) √ 3
PIAZZA SIGMUND FREUD (TORRE B) 1 MILANO Italy In operation 16,567 Green Building Taxonomy (1) √
SYMBIOSIS - EDIFICIO AB E AUTO MILANO Italy In operation 20,832 Green Building Taxonomy (1) √
THE SIGN - EDIFICIO A MILANO Italy In operation 9,588 Green Building Taxonomy (1) √
VIA AMEDEI 8 MILANO Italy In operation 6,437 Green Building Taxonomy (1) √
MILANO VIA CORNAGGIA 6 MILANO Italy In operation 7,065 Green Building Certification (1) √
VIA DANTE 7 - OFFICE WELLIO MILANO Italy In operation 4,542 Energy efficiency Taxonomy (1) √
VIA DANTE 7 - RETAIL MILANO Italy In operation 1,878 Green Building Taxonomy (1) √
VIA MESSINA 38 (TORRE A) MILANO Italy In operation 4,588 Green Building Certification (1) √
VIA MESSINA 38 (TORRE B) MILANO Italy In operation 5,312 Green Building Certification (1) √
VIA MESSINA 38 (TORRE C) MILANO Italy In operation 5,309 Green Building Taxonomy (1) √
VIA MESSINA 38 (TORRE D) MILANO Italy In operation 4,976 Green Building Taxonomy (1) √
VIA ROMBON 11 MILANO Italy In operation 7,253 Green Building Taxonomy (1) √
CORSO ITALIA 19 MILANO Italy In development 12,081 Energy efficiency Taxonomy N/A √
SYMBIOSIS - EDIFICIO G+H MILANO Italy In development 37,297 Green Building Taxonomy N/A √
SYMBIOSIS - EDIFICIO D MILANO Italy In operation 18,004 Green Building Taxonomy (1) √
THE SIGN - EDIFICIO B MILANO Italy In operation 12,427 Green Building Taxonomy (1) √
THE SIGN - EDIFICIO C MILANO Italy In operation 4,630 Green Building Taxonomy (1) √
THE SIGN - EDIFICIO D MILANO Italy In operation 12,437 Green Building Taxonomy (1) √
VIA DELL' UNIONE 1 - OFFICE MILANO Italy In operation 4,300 Energy efficiency Taxonomy (1) √
CORSO FERRUCCI 112 TORINO Italy In operation 39,934 Green Building Taxonomy (1) √
MILANOFIORI - VIA STRADA 8 ROZZANO Italy In operation 26,775 Green Building Taxonomy (1) √
VIA SPALATO 7 TORINO Italy In operation 3,205 Green Building Taxonomy (1) √
Herzogenterassen Düsseldorf Germany In development 55,717 Energy efficiency Certification N/A √
Frankfurt Airport Center (FAC) Frankfurt Germany In operation 48,136 Green Building Certification (1) √
Y2 Frankfurt Germany In operation 30,930 Green Building Taxonomy (1) √
Plano Berlin Germany In development - Green Building Taxonomy N/A √
Beagle Berlin Berlin Germany In operation 5,089 Green Building Certification N/A √
Alexanderplatz D3 Berlin Germany In development - Green Building Taxonomy N/A √
LOFT - Alt Moabit Berlin Germany In development 5,152 Energy efficiency Taxonomy N/A √
OBERHAUSEN HQ Oberhausen Germany In operation 12,945 Green Building Certification (1) √
LOTTE Portsdam Germany In operation 10,904 Green Building Taxonomy (1) √
(1) On new leases




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3.5.3 Regulatory tables connected to European Taxonomy
The table below presents the data relating to the taxonomy; the methodology used is detailed in section 3.3.4.1.

3.5.3.1 Revenues
Substantial contribution criterion
Climate Climate Water and Biodiversity
Absolute Share of change change marine Circular and
Economic activities Code revenue revenue mitigation adaptation resources economy ESRS E2 ecosystems
EUR % Y N N / EL Y N N / EL Y N N / EL Y N N / EL Y N N / EL Y N N / EL
A. Activities eligible for taxonomy
A.1. Environmentally sustainable activities (aligned with taxonomy)
Construction of new
buildings CCM - 7.1 €5,739,000 0.43% YES
Renovation of existing
buildings CCM - 7.2 €830,000 0.06% YES
Acquisition and
ownership of buildings CCM - 7.7 €425,537,536 32.1% YES
Electricity production
using solar
photovoltaic
technology CCM - 4.1 €373,000 0.03% YES
Revenue from environmentally
sustainable activities (A.1) €432,479,536 32.6% 32.6% - - - - -
of which enabling €- 0% 0% - - - - -
of which transitional €830,000 0.06%
A.2. Activities eligible for taxonomy but not environmentally sustainable (not aligned with taxonomy)
CCM - 7.1
Construction of new Circular
buildings economy - 3.1* €8,077,000 0.6% EL N N EL N N
Acquisition and
ownership of buildings CCM - 7.7 €547,502,901 41.3% EL N N N N N
Hotels, tourist
accommodation,
campsites and similar Biodiversity -
accommodation 2.1* €322,566,797 24.4% N N N N N EL
Revenue from activities that are
taxonomy eligible but not
environmentally sustainable (not
aligned with taxonomy) (A.2) €878,146,698 66.3% % % % % % %
Revenue from activities eligible for
taxonomy (A) €1,310,626,233 98.9% % % % % % %
B. Activities not eligible for taxonomy
Revenue from
activities not eligible
for taxonomy (B) €14,005,861 1.1%
Total A + B €1,324,632,094 100%
*Only the eligibility calculation is required this year for the other four environmental objectives.




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DNSH criteria (Do No Significant Harm) Share of revenue
Biodiversity aligned (A.1) or Category Category
Climate change Climate change Water and Circular and Minimum eligible (A.2) for (enabling (transitional
mitigation adaptation marine resources economy Pollution ecosystems guarantees taxonomy, year N‑1 activity) activity)
Y/N Y/N Y/N Y/N Y/N Y/N Y/N % H T




YES YES YES YES YES YES 0.12%

YES YES YES YES YES YES 0.07% T

YES YES YES YES YES YES 24.0%




YES YES YES YES YES YES 0.0%

24.2%
0%
3
0%




0.6%

49.6%




22.9%




73.2%

97.4%




CCM = Climate Change Mitigation/CCA = Climate Change Adaptation




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3.5.3.2 Capex
Substantial contribution criterion

Share of Climate Climate Water and Biodiversity
Capital capital change change marine Circular and
Economic activities Code expenditure expenditure mitigation adaptation resources economy Pollution ecosystems
EUR % Y N N / EL Y N N / EL Y N N / EL Y N N / EL Y N N / EL Y N N / EL
A. Activities eligible for taxonomy
A.1. Environmentally sustainable activities (aligned with taxonomy)
CCM/CCA -
Renovation of existing buildings 7.2 58,068,083 9.5% Y Y N N N N
Installation, maintenance and repair CCM/CCA -
of energy efficiency equipment 7.3 38,367,151 6.3% Y Y N N N N
Installation, maintenance and repair
of instruments and devices for
measuring, regulating and
controlling the energy performance CCM / CCA
of buildings - 7.5 790,608 0.1% Y Y N N N N
Installation, maintenance and repair CCM / CCA
of renewable energy technologies - 7.6 707,160 0.1% Y Y N N N N
Acquisition and ownership of CCM/CCA -
buildings 7.7 412,318,016 67.4% Y Y N N N N
Professional services related to CCM/CCA -
building energy efficiency 9.3 971,964 0.2% Y Y N N N N
Capital expenditure for environmentally
sustainable activities (A.1) 511,222,982 83.6% 67.4% 83.6% % % % %
of which enabling 40,836,883 6.7% 6.7% % % % % %
of which transitional 58,068,083 9.5% 9.5%
A.2. Activities eligible for taxonomy but not environmentally sustainable (not aligned with taxonomy)
Acquisition and ownership of CCM/CCA -
buildings 7.7 100,252,469 16.4% EL EL N N N N
Capital expenditure for activities eligible for the
taxonomy but not environmentally sustainable
(A.2) 100,252,469 16.4% % % % % % %
Capital expenditure for activities eligible for the
taxonomy (A) 611,475,451 100% % % % % % %
B. Activities not eligible for
taxonomy
Capital expenditure for activities not eligible for
taxonomy 0%
Total A + B 611,475,451 100%




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DNSH criteria (Do No Significant Harm) Share of capital
expenditure
Biodiversity aligned (A.1) or Category Category
Climate change Climate change Water and Circular and Minimum eligible (A.2) for (enabling (transitional
mitigation adaptation marine resources economy ESRS E2 ecosystems guarantees taxonomy, year N‑1 activity) activity)
Y/N Y/N Y/N Y/N Y/N Y/N Y/N % H/T




Y Y Y Y Y Y Y 13.4% T

Y Y Y Y Y Y Y 5.7% H




Y Y Y Y Y Y Y 0.1% H

Y Y Y Y Y Y Y 0.2% H

Y Y Y Y Y Y Y 53.9%

Y Y Y Y Y Y Y 0% H 3
Y Y Y Y Y Y Y 73.3%
6.0%
13.4%



26.7%



26.7%

100%




N.B. In Covivio's case, the Capex related to real estate activities deducted from the total Capex in the activity 7.7. line.
aligned under the mitigation objective are also automatically
In addition, to avoid double counting, priority has been given to
aligned under the adaptation objective ( 3.3.4.1). Double
activity 7.7, so that an energy efficiency Capex is only included in
counting is cancelled for activity 7.7, in other words, if an energy
the table if it relates to non‑green assets under mitigation or
efficiency Capex (7.3) is made on an asset aligned with
adaptation headings.
taxonomy (7.7), the amount of the energy efficiency Capex is




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3.5.3.3 Opex
Substantial contribution criterion



Share of Climate Climate Water and Biodiversity
operating change change marine Circular and
Economic activities Code Operating expenses expenses mitigation adaptation resources economy Pollution ecosystems
EUR % Y N N / EL Y N N / EL Y N N / EL Y N N / EL Y N N / EL Y N N / EL
A. Activities eligible for taxonomy
A.1. Environmentally sustainable activities (aligned with taxonomy)
Operating expenses for environmentally sustainable
activities (A.1) NC % % % % % % %
of which enabling % % % % % % %
of which transitional %
A.2. Activities eligible for taxonomy but not environmentally sustainable (not aligned with taxonomy)
Operating expenses for activities eligible for taxonomy
but not environmentally sustainable (A.2) NC % % % % % % %
Operating expenses for activities eligible for taxonomy
but not environmentally sustainable (A.2) NC % % % % % % %
B. Activities not eligible for taxonomy
Operating expenses for activities not
eligible for taxonomy NC %
Total A + B 634,327,000 100%




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Share of
DNSH criteria (Do No Significant Harm) operating
expenses aligned
Climate (A.1) or eligible
(A.2) with Category
Climate change change Water and Biodiversity and Minimum taxonomy, year Category (transitional
mitigation adaptation marine resources Circular economy ESRS E2 ecosystems guarantees N‑1 (enabling activity) activity)
Y/N Y/N Y/N Y/N Y/N Y/N Y/N % H/T




%
%
%



%

%




3
A materiality analysis of Opex found that approximately 8% of Taxonomic indicators and green funding
the Group’s total Opex fell within the scope of the taxonomy. This
All the energy efficiency improvement Capex (activity 7.3 to 7.6)
8% was calculated on the basis of income statement items. A
are included in the green financing framework of Covivio and
more detailed analysis would have further reduced the scope of
Covivio Hotels, they represented €14.5 million at the end of 2024,
Opex covered by the taxonomy.
i.e. 2.4% of the total Capex.
NC = Not Calculated.
NA = Not Applicable (objectives 3 to 6 not published and DNSH
not analysed due to exemption).




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3.6 Audit of non‑financial information
3.6.1 Certification of sustainability information
Report on the certification of sustainability information and control of the disclosure requirements for the
information stipulated in Article 8 of Regulation (EU) 2020/852, for the fiscal year ended 31 December 2024
To the General Meeting of Covivio,
This report is issued in our capacity as Covivio’s Statutory Auditor. It covers the information on sustainability and the information
stipulated in Article 8 of regulation (EU) 2020/852, for the fiscal year ended 31 December 2024 and included in the Sustainability
report section of the management report (hereinafter, the Sustainability report).
Pursuant to Article L. 233‑28‑4 of the French Commercial Code, Covivio is required to include the aforementioned information in a
separate section of its management report. This information has been compiled in the context of the first application of the
aforementioned articles, which is marked by uncertainties over the interpretation of the texts, the use of material estimates, the lack of
a framework and established practices, especially for the double materiality analysis, and also an adaptable internal control system.
This information provides an understanding of the impact of the Group’s activity on sustainability issues, as well as how these issues
influence the development of the Group’s business, its results and its situation. The sustainability issues include environmental, social
and corporate governance issues.
Pursuant to II of Article L. 821- 54 of the aforementioned Code, our task is to conduct the work required to issue an opinion, expressing
limited assurance, on:
● the compliance with the sustainability information standards adopted pursuant to Article 29b of Directive (EU) 2013/34 of the
European Parliament and of the Council of 14 December 2022 (hereafter ESRS for European Sustainability reporting Standards) of
the process implemented by Covivio to determine the information published, and compliance with the obligation to consult the
Social and Economic Committee stipulated in the sixth paragraph of Article L. 2312‑17 of the French Labour Code;
● the compliance of the sustainability information included in the Sustainability report with the requirements of Article L. 233‑28‑4 of
the French Commercial Code, including the ESRS; and
● the compliance with the disclosure requirements of Article 8 of regulation (EU) 2020/852.
This assignment is conducted in accordance with the ethical rules, including independence, and the quality rules laid down by the
French Commercial Code.
It is also governed by the guidelines of the High Audit Authority “Certification of information on sustainability and control of the
disclosure requirements for information stipulated in Article 8 of regulation (EU) 2020/852”.
In the three separate sections of the report that follow, we present, for each aspect of our assignment, the nature of the audits we
carried out, the conclusions we drew from them and, in support of these conclusions, the elements that were the subject of special
attention from us and the due diligences we carried out in relation to these elements. We draw your attention to the fact that we do
not express a conclusive opinion on these elements taken in isolation and that it should be considered that the procedures explained
are part of the overall context of the conclusions reached on each of the three aspects of our assignment.
Finally, we include an observation(s) section whenever we feel it is necessary to draw your attention to one or more
sustainability‑related items of information provided by Covivio in its management report.

The limits of our assignment
As the purpose of our assignment is to provide limited assurance, the nature (choice of audit techniques) of the works, their scope and
duration are less than what is required to obtain reasonable assurance.
Furthermore, this assignment does not involve guaranteeing the viability or quality of Covivio’s management, in particular by making
an assessment, which would go beyond compliance with the ESRS information requirements, on the relevance Covivio’s choices in
terms of action plans, targets, policies, scenario analyses and transition plans.
However, it does allow conclusions to be drawn regarding the process used to determine the sustainability information published, the
information itself, and the information published in accordance with Article 8 of regulation (EU) 2020/852, with regard to the
non‑identification or, on the contrary, the identification of errors, omissions or inconsistencies of such material importance that they
could influence the decisions that could be made by the readers of the information which is subject to our verifications.
Our assignment does not cover any comparative data.




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The compliance with the ESRS of the process used by Covivio to select the information published, and the
compliance with the obligation to consult the Social and Economic Committee stipulated in the sixth
paragraph of Article L. 2312‑17 of the French Labour Code.
The nature of the audits performed
Our procedures involved verifying that:
● the process established and implemented by Covivio enabled it, in accordance with the ESRS, to identify and assess its impacts,
risks and opportunities related to sustainability issues, and to identify those material impacts, risks and opportunities that resulted
in the publication of sustainability information in the Sustainability report; and
● the information supplied on this process also complies with the ESRS.
In addition, we verified the compliance with the obligation to consult the Social and Economic Committee.

Conclusion of the audits carried out
We did not identify any significant errors, omissions or inconsistencies concerning the compliance of the process implemented by
Covivio with the ESRS, based on the verifications we carried out
Concerning the consultation of the Social and Economic Committee provided for in the sixth paragraph of Article L. 2312‑17 of the
French Labour Code, we inform you that this has not yet taken place on the date of this report.

Elements that were the subject of special attention
We present below the elements that were the subject of special attention by us concerning the compliance of the process which
Covivio used in order to determine the information published.
3
The information relating to the identification of stakeholders and impacts, risks and opportunities as well as the assessment of impact
materiality and financial materiality are mentioned in section 3.1.2 / General information (ESRS 2) of the Sustainability report.
Concerning the identification of stakeholders
We reviewed the analysis conducted by the entity to identify:
● the stakeholders, who may affect the entities within the scope of the information or may be affected by them, through their
activities and direct or indirect business relationships in the value chain;
● the main users of the sustainability statements (including the main users of the financial statements).
In this context, we held discussions with the Sustainable Development Department and the persons concerned and inspected the
documentation available as part of the stakeholder identification process.
In particular, we:
● assessed the consistency of the main stakeholders identified by the entity with the nature of its activities and its geographical
location, taking into account its business relationships and its value chain;
● applied our critical thinking to assess the representative nature of the stakeholders identified by the organisation;
● assessed the appropriate nature of the description given in section 3.1.2.3.2 / Involving stakeholders (SBM‑2) of the Sustainability
report.
Regarding the identification of impacts, risks and opportunities
We, in particular, reviewed the process applied by the organisation to identify actual or potential impacts (negative or positive), risks
and opportunities (IRO) related to sustainability issues mentioned in paragraph AR 16 of the “Application Requirements” of the
ESRS 1 standard and, where applicable, those specific to the organisation, as presented in section 3.1.2.4 / Identify and manage
sustainability impacts, risks and opportunities (IRO) of the Sustainability report.
We also assessed the scope used to identify IROs, particularly in relation to the scope of the consolidated financial statements.
We reviewed the mapping of the identified IROs by the Group, including the description of their distribution in the core activities and
the value chain, as well as their time horizon (short, medium or long term), and assessed its consistency with our knowledge of the
Group.




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In particular, we assessed:
● the approach used by the entity to collect information on subsidiaries;
● the consistency of the current and potential IROs identified by the entity, particularly those that are specific to it, because they are
not covered or insufficiently covered by ESRS standards, based on our knowledge of the entity;
● the way the organisation has taken different time horizons into account, particularly with regard to climate issues;
● whether the organisation has taken its dependence on natural, human and social resources into account when identifying risks and
opportunities.
Regarding the assessment of impact materiality and financial materiality
We reviewed the entity’s impact materiality and financial materiality assessment process by interviewing management and inspecting
the available documentation, and assessed its compliance with the criteria defined by ESRS 1 standard.
We reviewed the decision‑making process implemented by the organisation in the assessment of impact materiality and financial
materiality, and assessed its presentation in section 3.1.2.4.2 / Results of the double materiality analysis (IRO‑2) of the Sustainability
report.
In particular, we assessed the process put in place by the organisation to determine, with regard to positive and negative impacts:
● their probability of occurrence, their magnitude, their scope;
● where applicable, for negative impacts, their irremediable nature.
In the short, medium or long term and the thresholds used to determine the materiality of these impacts, as presented in
section 3.1.2.4.2 / Results of the double materiality analysis (IRO‑2) of the Sustainability report.
We reviewed the process implemented by the entity to determine the materiality of risks and opportunities with regard to:
● their probability of occurrence; and
● potential scale.
In particular, we assessed the way the entity established and applied the materiality criteria defined by the ESRS 1 standard, including
those relating to the setting of thresholds, in order to determine the material information published:
● for the metrics relating to the material IROs identified in accordance with the relevant topical ESRS standards;
● for entity‑specific information.
Compliance of the sustainability information included in the Sustainability report with the requirements of Article L. 233‑28‑4 of the
French Commercial Code, including with the ESRS.

The nature of the audits performed
Our work consisted in verifying that, in accordance with legal and regulatory requirements, including the ESRS:
● the information provided enables the preparation and governance methods used for the sustainability information included in the
Sustainability report to be understood, including the methods for determining value chain information and the selected disclosure
exemptions;
● the manner in which this information is presented ensures that it is legible and comprehensible;
● the scope used by Covivio in relation to this information is appropriate; and
● based on a selection, in accordance with our analysis of the risks of the non‑compliance of the information provided and the
expectations of its users, this information does not contain any material errors, omissions or inconsistencies, i.e. that could influence
the judgement or decisions of the users of this information.

Conclusion of the audits carried out
Based on the verifications we performed, we did not identify any material errors, omissions or inconsistencies concerning the
compliance of the sustainability information included in the Sustainability report with the requirements of Article L. 233‑28‑4 of the
French Commercial Code, including with the ESRS.




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Observation
Without calling the conclusion expressed above into question, we draw your attention to paragraph 3.1.2.1 / Sustainability reporting
scope and methodology (ESRS 2 BP‑1/2) in the Sustainability report, which describes the context of the first application of the
European CSRD Directive, which in particular is characterised by:
● uncertainties about the interpretation of the texts, in particular concerning the treatment of greenhouse gas emissions related to
the tenants of Covivio buildings;
● the estimation of part of the data on energy consumption, water and waste production and treatment;
● the first year of reporting social data on the Covivio Hotels operating properties scope.

Elements that were the subject of special attention
The information provided in accordance with environmental standards (ESRS E1 to E5)
The information published under climate change (ESRS E1) is mentioned in paragraph 3.2.1 / Climate change (ESRS E1) of
the Sustainability report.
Our work involved:
● based on the interviews conducted with the persons concerned, in particular the Sustainable Development Department, assessing
whether the description of the policies, actions and targets put in place by the entity covers the following areas: climate change
mitigation, climate change adaptation, energy efficiency, renewable energy;
● assessing the appropriate nature of the information presented in the aforementioned paragraph of the Sustainability report and its
overall consistency with our knowledge of the entity.
● regarding the information published on greenhouse gas emissions: 3
● we evaluated the consistency of the scope used to assess greenhouse gas emissions with the scope of the consolidated financial
statements and the upstream and downstream value chain,
● we reviewed the protocol for establishing the greenhouse gas emissions inventory that the entity uses to assess the presentation
of its greenhouse gas emissions,
● we assessed the information collection process concerning scope 3 emissions linked to the energy consumption of tenants,
● we assessed the appropriateness of the emission factors used and the calculation of the related conversions, as well as the
calculation and extrapolation assumptions for the most material items, taking the uncertainty inherent in the state of scientific or
economic knowledge and in the quality of the external data used into account,
● we reconciled, based on tests, the underlying data used to calculate greenhouse gas emissions with the supporting documents,
● we implemented analytical procedures,
● in relation to the estimates we considered to be material, which the entity used to calculate its greenhouse gas emissions, we
examined, through discussions with the Sustainable Development Department, the methodology used to calculate the estimated
data and the sources of information on which these estimates are based,
● we verified the arithmetical accuracy of the calculations used to establish this information.
● with regard to the transition plan for climate change mitigation, our work mainly consisted in assessing:
● whether the information published concerning the transition plan meets the requirements of ESRS E1, and appropriately describes
the underlying assumptions of this plan, bearing in mind that we are not required to express an opinion on the appropriateness or
level of ambition of the objectives of this transition plan,
● the consistency between the main items of information provided in the transition plan, particularly with regard to the financial
information provided on investments (Capex and Opex) and decarbonisation levers.




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Information provided in accordance with social standards (ESRS S1 to S4)
The information published in respect of the company’s personnel (ESRS S1) can be found in section 3.3.1 / Own workforce (ESRS S1) of
the Sustainability report.
Our main audits of this information involved:
● examining the scope of activities on which the information was prepared, in particular the Covivio Hotels operating properties
scope;
● reviewing the sustainability information for the company’s employees included in the aforementioned section of the Sustainability
report.
These verifications focused on the policies described by the entity in respect of the company’s personnel relating to health and safety,
diversity and remuneration;
● comparing the information obtained with our knowledge of the Group, the items in the consolidated financial statements and with
publications on these subjects that we were able to identify;
● examining the methods used by the Group to implement the key concepts of the ESRS S1 standard relating to this information, such
as the notion of employees or non‑employees, additional components to the basic salary or the variable components taken into
account in the remuneration, etc.;
● defining and implementing analytical procedures adapted to the information examined;
● examining the compliance of the supporting documents with the corresponding information for a selection of items of information.

Compliance with the disclosure requirements of Article 8 of regulation (EU) 2020/852
The nature of the audits performed
Our work consisted in verifying the process implemented by Covivio to determine the eligible and aligned nature of the activities of the
entities included in the consolidation.
They also consisted in verifying the information published pursuant to Article 8 of regulation (EU) 2020/852, which involves verifying:
● compliance with the rules governing the presentation of this information to guarantee its legibility and comprehensibility;
● based on a selection, the absence of material errors, omissions or material in the information provided, i.e. likely to influence the
judgement or decisions of users of this information.

Conclusion of the audits carried out
Based on our verifications, we did not identify any material errors, omissions or inconsistencies regarding compliance with the
requirements of Article 8 of regulation (EU) 2020/852.




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Elements that were the subject of special attention
Concerning the eligible nature of the activities
Information concerning the eligibility of activities can be found in paragraph 3.2.6.1 / What is compliance with the European “green”
taxonomy? of the Sustainability report
We assessed, by interviews and by examining the relevant documentation, the conformity of the organisation’s analysis of the eligibility
of its activities with the criteria defined in the annexes of the delegated acts supplementing regulation (EU) 2020/852 of the European
Parliament and of the Council.
Concerning the aligned nature of activities
Information on the alignment of activities is provided in paragraph 3.2.6.1 above.
As part of our audits, we:
● consulted a selection of documentary sources used and conducted interviews with the persons concerned;
● analysed a selection of the items on which management based its judgement when assessing whether the eligible economic
activities met the cumulative conditions, defined in the Taxonomy Standard, required in order to be considered to be aligned;
● assessed the analysis performed of the compliance with minimum guarantees, primarily in relation to the information collected
during the process to learn about entity and its environment;
● assessed the analysis of the integration into the activities eligible for the taxonomy of the portion of the revenues from the
coworking activity linked to the occupation of space, treated as rent.
Concerning the key performance indicators and the information that accompanies them
The key performance indicators and the information accompanying them can be found in paragraph 3.5.3 / Regulatory tables 3
connected to European Taxonomy of the Sustainability report.
We examined the reconciliations made by the entity with the data from the accounting data used as a basis for preparing the
financial statements in relation to the revenues and Capex and Opex totals (the denominators), presented in the regulatory tables. In
relation to the other amounts comprising the various indicators of eligible and aligned activities (the numerators), we:
● implemented analytical procedures;
● assessed these amounts on the basis of a selection of assets that we determined according to the portfolio to which these assets
are attached and their contribution to the indicators.
Finally, we assessed the consistency of the information in paragraph 3.5.3 / Regulatory tables connected to European Taxonomy of
the Sustainability report with the other sustainability information in this report.




Paris, 19 March 2025




The Statutory Auditors
ERNST & YOUNG et Autres
Pierre Lejeune




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3.6.2 Third party verification – Green Bonds Covivio
Independent report by one of the Statutory Auditors on compliance with environmental and social criteria for selection and
monitoring of assets eligible, and on the value of the selected asset portfolio.

To the Chief Executive Officer,
In our capacity as Statutory Auditor of Covivio (hereinafter “the company”) and in response to your request, we are presenting our
report on the compliance of the assets selected for the sustainable bonds (hereinafter the“ Green Bonds”) with the environmental and
social criteria for selection and monitoring defined in the Green Bonds “Use of Proceeds” criteria published in May 2022 (hereinafter the
“Sustainable (1) Framework") and the consistency of the value of these assets with the accounting records and underlying data.
Preparation of information by the company
The lack of a generally accepted and commonly used frame of reference or established practices on which to rely to assess and
measure sustainability‑related information means that different but acceptable measurement techniques may be used, which may
affect comparability between entities over time.
Therefore, the information should be read and understood with due regard to the Sustainable Bond Framework available on the
company’s website or on request.
The company's responsibility
The company's management is responsible for establishing the qualification and monitoring criteria defined in the Sustainable Bond
Framework, and for selecting the assets for Green Bonds in accordance with these criteria and for designing, implementing and
maintaining the internal control it considers is necessary in order to compile information that is free of material misstatement, whether
due to fraud or error.
Independence and quality control
Our independence is defined by the provisions of Article L. 821‑28 of the French Commercial Code, the Code of Ethics of Statutory
Auditors and the IESBA Code of Ethics (International Code of Ethics for Professional Accountants [including Independence Standards]).
In addition, we apply the International Standard on Quality Management 1 which involves defining and implementing a quality control
system including documented policies and procedures to ensure compliance with ethical rules, professional standards and applicable
law and regulations.
Responsibility of the Statutory Auditor
It is our role, based on our work to:
● express a limited assurance conclusion that the assets selected for the Green Bonds have been prepared, in all material respects,
in accordance with the qualification and monitoring criteria defined in the “Sustainable Bond Framework”;
● attest to the consistency of the accounts with the value of the portfolio of selected assets.
It is not our responsibility to assess the alignment of the company’s Sustainable Bond Framework with the Green Bond Principles of the
ICMA (International Capital Market Association).

1. Limited assurance report on compliance with environmental and social criteria for selection and monitoring
Professional standards applied
We conducted our work in accordance with ISAE 3000 (revised) - Assurance engagements other than audits or reviews of historical
financial information published by the IAASB (International Auditing and Assurance Standards Board).
Nature and scope of work
We planned and performed our works in order to take into account the risk of significant anomalies that could raise doubts as to
whether the assets selected for the Green Bonds have been identified, in all material respects, in accordance with the qualification
and monitoring criteria defined in the Sustainable Bond Framework.
To assist us in performing our work we called on our experts in sustainable development, under the responsibility of Mr Philippe Aubain,
Partner.
Based on our professional judgement, we implemented the following procedures:
● we obtained an understanding of the procedures for qualifying and monitoring the assets selected for the Green Bonds in your
company, and
● we assessed the compliance of the most significant assets with selection and monitoring criteria by interviewing the appropriate
people in the company and/or by observing audit evidence.




(1) May 2022 “Sustainable Bond Framework” press release on selection (Use of Proceeds) and monitoring (Reporting) criteria for Green Bonds: https://
www.covivio.eu/wp‑content/uploads/sites/6/2023/08/Covivio‑Sustainable‑Bond‑Framework.pdf


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The procedures performed for a limited assurance engagement are less extensive than those required for a reasonable assurance
engagement. As a result, the level of assurance obtained from a limited assurance engagement is substantially lower than that which
would have been obtained if a reasonable assurance engagement had been performed.
Conclusion
Based on the procedures we implemented, as described in the “Nature and scope of the work” section, and the information we
collected, we identified no material misstatements that would call into question the fact that the assets for the Green Bonds were
selected, by the company in all material respects, in accordance with the selection and monitoring criteria defined in the “Sustainable
Bond Framework”.
Observation
Without prejudice to the conclusion above, we draw your attention to section "2.1 Use of Proceeds" of the Sustainable Bond
Framework, which states that the criterion of eligibility and monitoring of relations with tenants is only considered at the conclusion of
the implementation of the environmental appendices.

2. Statement on the value of the selected portfolio assets
In our capacity as statutory auditor, we jointly conducted with KMPG SA, an audit of the consolidated financial statements of the
company for the fiscal year ended 31 December 2024. Our audit, conducted in accordance with the professional standards applicable
in France, aimed at expressing an opinion on the consolidated financial statements considered globally and not on specific elements
of these statements used to establish this information. Therefore, we did not perform any audit tests or sampling to this purpose and
we do not express any opinion on these isolated elements.
Our intervention, which is neither an audit nor a limited review, was performed in accordance with the relevant professional doctrine of
the Compagnie Nationale des Commissaires aux Comptes. Our work consisted, by sampling or other selection methods, in:
● obtaining an understanding of the procedures put in place by the company to determine the value of the portfolio of selected 3
assets net of the matched external financial debt (Group Share) on the basis of the information at 31 December 2024 (appraisal
values and work budgets for the development portfolio);
● verifying that the value of the assets selected is consistent with the data underlying the consolidated financial statements for the
fiscal year ended 31 December 2024;
● verifying that the external financial debt backing the selected assets is consistent with the data underlying the consolidated
financial statements for the fiscal year ended 31 December 2024 (capital remaining due at 31 December 2024 on the external
financial debt backing the asset portfolios, allocated to the selected assets on the basis of the LTV ratio of the corresponding
portfolio);
● reconciling the Group’s share of ownership, used to calculate the Group’s share of the total value of the portfolio of selected assets
net of the matched external debt with the data underlying the consolidated financial statements for the fiscal year ended 31
December 2024;
● verifying that the total value of the portfolio of selected assets net of the matched external financial debt (Group Share) is €5.3
billion on 31 December 2024.
Based on our work, we have nothing to report with regard to the allocation of funds to the selected assets or to the consistency of the
amount of funds allocated to these eligible assets with the accounting records and underlying data.




Paris‑La Défense, 19 March 2025
One of the Statutory Auditors


ERNST & YOUNG et Autres
Pierre Lejeune
Partner




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[CHAPTER INTRODUCTION TO BE INCLUDED]




Anantara NY Palace
© Covivio / DR




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4
Financial
information
4.1 Consolidated financial statements at 4.5 Notes to the individual financial
31 December 2024 337 statements 415
4.1.1 Statement of financial position 337 4.5.1 Significant events during the fiscal year 415
4.1.2 Statement of net income 339 4.5.2 Accounting policies and methods 417
4.1.3 Statement of comprehensive income 340 4.5.3 Explanation of balance sheet items 420
4.1.4 Statement of changes in shareholders’ 4.5.4 Notes to the income statement 432
equity 341 4.5.5 Off‑balance sheet commitments 438
4.1.5 Statement of cash flows 342 4.5.6 Miscellaneous information 440
4.2 Notes to the consolidated financial 4.6 Statutory Auditors’ report on the
statements 343 annual financial statements 449
4.2.1 General principles 343 4.7 Extract from the profit and loss
4.2.2 Financial risk management 345 account and balance sheet for the
4.2.3 Scope of consolidation 348 fiscal year ended December 31, 2024 455
4.2.4 Significant events during the fiscal year 361 4.7.1 Balance sheet as at December 31, 2024 456
4.2.5 Notes related to the statement of financial 4.7.2 Profit and loss account for the fiscal year
position 363 ended December 31, 2024 460
4.2.6 Notes related to the statement of income 390 4.7.3 Extract from the note to the financial
4.2.7 Other information 397 statements 462
4.2.8 Segment reporting 402 4.7.4 Shareholders’ equity (endowment fund) 468
4.2.9 Post‑closing events 406 4.7.5 Tables and details of some balance sheet
4.3 Statutory Auditors’ report on the and profit and loss account items 470
consolidated financial statements 407
4.4 Individual financial statements as at
December 31, 2024 412
4.4.1 Balance sheet 412
4.4.2 Income statement 414




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4.2.5 Notes related to the statement of financial
position 363
4.2.5.1 Goodwill 363
4.2.5.2 Other intangible fixed assets 364
4.2.5.3 Other tangible fixed assets 365
4.2.5.4 Real estate portfolio 365
4.2.5.5 Investments in equity affiliates 374
4.2.5.6 Other financial assets (current
and non‑current) 377
4.2.5.7 Deferred taxes (assets and
liabilities) 377
4.2.5.8 Inventories and work‑in‑progress 378
4.2.5.9 Trade receivables 379
4.2.5.10 Cash and cash equivalents 380
4.1 Consolidated financial statements at 4.2.5.11 Equity 380
31 December 2024 337 4.2.5.12 Financial liabilities (current
4.1.1 Statement of financial position 337 and non‑current) 381
4.1.2 Statement of net income 339 4.2.5.13 Lease liabilities (current
4.1.3 Statement of comprehensive income 340 and non‑current) 387
4.1.4 Statement of changes in shareholders’ 4.2.5.14 Deposits and guarantees 388
equity 341 4.2.5.15 Provisions (current and non‑current)
4.1.5 Statement of cash flows 342 388
4.2 Notes to the consolidated financial 4.2.5.16 Trade payables 389
statements 343 4.2.5.17 Other receivables and other
payables 389
4.2.1 General principles 343
4.2.6 Notes related to the statement of income 390
4.2.1.1 Accounting standards 343
4.2.6.1 Accounting principles 390
4.2.1.2 Estimates and judgments 344
4.2.6.2 Operating income 390
4.2.1.3 Taking into account the effects
of climate change 344 4.2.6.3 Income from disposals of real
estate assets 392
4.2.1.4 IFRS 7 – Reference table 345
4.2.6.4 Change in the fair value
4.2.1.5 Conversion method 345
of properties 392
4.2.2 Financial risk management 345
4.2.6.5 Net income from disposals
4.2.2.1 Liquidity risk 345
of securities 393
4.2.2.2 Interest rate risk 346
4.2.6.6 Net income from changes in scope 393
4.2.2.3 Financial counterparty risk 346
4.2.6.7 Cost of the net financial debt 393
4.2.2.4 Risk related to changes
4.2.6.8 Net financial income 393
in the value of the portfolio 346
4.2.6.9 Current and deferred taxes 394
4.2.2.5 Currency risk 347
4.2.7 Other information 397
4.2.2.6 Other operational and financial
4.2.7.1 Remuneration and benefits
risks 347
granted to employee 397
4.2.2.7 Tax environment 347
4.2.7.2 Earnings per share and diluted
4.2.3 Scope of consolidation 348
earnings per share 399
4.2.3.1 Accounting principles applicable
4.2.7.3 Off‑balance sheet commitments 399
to the scope of consolidation 348
4.2.7.4 Related‑party transactions 400
4.2.3.2 Change in shareholding rate and/
4.2.7.5 Compensation of Covivio
or change in consolidation method 348
executives 401
4.2.3.3 List of consolidated companies 349
4.2.7.6 Statutory Auditors' fees 401
4.2.3.4 Evaluation of control 360
4.2.7.7 Audit exemptions for Germany
4.2.4 Significant events during the fiscal year 361
Offices subsidiaries 402
4.2.4.1 Macroeconomic environment 361
4.2.8 Segment reporting 402
4.2.4.2 France Offices 361
4.2.8.1 Accounting principles relating
4.2.4.3 Italy Offices 361
to operating segments – IFRS 8 402
4.2.4.4 Hotels 361
4.2.8.2 Intangible assets 403
4.2.4.5 German Residential 362
4.2.8.3 Tangible fixed assets 403
4.2.8.4 Investment properties/Assets held
for sale 403
4.2.8.5 Financial assets 403
4.2.8.6 Contribution to equity 404
4.2.8.7 Financial liabilities 404
4.2.8.8 Derivatives 404
4.2.8.9 Income statement by operating
segment 405
4.2.9 Post‑closing events 406
4.3 Statutory Auditors’ report on the
consolidated financial statements 407




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Financial information
Consolidated financial statements at 31 December 2024




4.1 Consolidated financial statements at 31 December 2024
4.1.1 Statement of Financial position
Assets
(In € million) Note 4.2.5 31/12/2024 31/12/2023
Goodwill 1 325.0 117.4
Other intangible fixed assets 2 19.9 19.2
Operating properties (valued at cost) 4.2 2,054.7 1,538.3
Investment properties at fair value 4.3 18,197.0 19,046.4
Investment properties under development 4.3 1,111.6 1,140.0
Other tangible fixed assets 3 58.2 55.1
Investments in companies accounted for under the equity method 5 394.4 374.9
Other non‑current financial assets 6 172.9 117.8
Deferred tax assets 7 67.6 72.3
Non‑current derivatives 12.6 315.1 360.4
Total non‑current assets 22,716.3 22,842.0
Assets held for sale 4.3 301.0 326.6
Inventories and work‑in‑progress 8 260.8 307.5
Trade receivables 9 324.9 323.0
Other operating receivables 17.1 127.5 117.9
Other current financial assets 6 31.2 40.6
Current derivatives 12.6 106.6 161.7
Cash and cash equivalents 10 1,006.8 900.6
Prepaid expenses 13.1 6.3
Total current assets 2,171.9 2,184.2 4
TOTAL ASSETS 24,888.3 25,026.2




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 337
4 Financial information
Consolidated financial statements at 31 December 2024




Liabilities and shareholders’ equity
(In € million) Note 4.2.5 31/12/2024 31/12/2023
Capital 334.9 303.0
Share premium account 4,492.9 4,311.4
Treasury shares -27.5 -29.8
Consolidated reserves 3,359.9 4,791.2
Consolidated income 68.1 -1,418.8
Shareholders’ equity Group Share 11 8,228.2 7,957.0
Non‑controlling interests 3,786.2 4,006.2
Total shareholders’ equity 12,014.5 11,963.2
Non‑current financial liabilities 12 9,091.1 9,324.3
Non‑current lease liabilities 13 311.4 305.0
Non‑current derivatives 12.6 101.6 116.3
Deferred tax liabilities 7 1,033.5 1,053.5
Deposits and guarantees 14 35.4 34.2
Non‑current provisions 15 48.5 42.1
Other non‑current liabilities 17.3 1.4 1.4
Total non‑current assets 10,622.8 10,876.9
Assets held for sale 0.0 6.6
Current financial liabilities 12 1,341.0 1,382.8
Current rental liabilities 13 8.1 9.0
Current provisions 15 5.6 4.3
Current derivatives 12.6 50.8 68.8
Trade payables 16 239.3 188.5
Trade payables on fixed assets 16 62.6 39.3
Tax and social security payables 17.2 147.3 137.7
Other current liabilities 17.3 347.6 296.0
Pre‑booked income 48.6 52.9
Total current liabilities 2,251.0 2,186.1
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 24,888.3 25,026.2




338 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Consolidated financial statements at 31 December 2024




4.1.2 Statement of net income
(In € million) Note 4.2 31/12/2024 31/12/2023 restated*
Rental income 6.2.1 952.9 935.0
Unrecovered property operating costs 6.2.2 -27.5 -37.4
Expenses on properties 6.2.2 -34.0 -30.8
Net losses on unrecoverable receivables 6.2.2 -4.2 -3.4
Net rental income 6.2.2 887.2 863.5
Revenues from hotel operating activity 6.2.3 322.6 291.5
Operating expenses of hotel operating activity 6.2.3 -237.0 -215.7
Hotel operating EBITDA 6.2.3 85.5 75.8
Income from other activities 6.2.3 32.0 24.1
Management and administration income 6.2.4 25.8 19.1
Overheads 6.2.4 -133.0 -138.5
Depreciation of operating assets 6.2.5 -112.9 -73.6
Change in provisions 6.2.5 -0.1 7.3
Other operating income and expenses 6.2.5 16.9 17.6
OPERATING INCOME 801.4 795.3
Net income from inventory properties -0.1 -0.1
Income from disposals of real estate assets 6.3 10.9 -37.9
Income from disposal of securities 6.5 -1.5 -0.9
Income from value adjustments 6.4 -330.5 -2,437.3
Net income from changes in scope 6.6 -5.0 -4.2
OPERATING RESULT 475.2 -1,685.2
Financial income related to the cost of debt 6.8 239.7 176.1
Financial expenses related to the cost of debt
Cost of the net financial debt
6.8
6.7
-403.4
-163.8
-341.7
-165.6
4
The interest cost for rental liabilities 5.13.1 -16.3 -15.9
Change in fair value of derivatives 6.8 -95.2 -207.7
Exceptional amortization of loan issue costs 6.8 -2.5 -1.8
Other financial income and expenses 6.8 0.6 0.4
Share of income from companies accounted for under the equity
method 5.5.3 22.9 -34.4
NET INCOME BEFORE TAX 220.9 -2,110.1
Taxes 6.9.2 -23.5 207.3
NET INCOME FOR THE PERIOD 197.4 -1,902.9
of which attributable to non‑controlling interests 129.2 -484.1
NET INCOME FOR THE PERIOD - GROUP SHARE 68.1 -1,418.8
Group net earnings per share (in €) 7.2 0.64 -14.55
Group diluted net earnings per share (in €) 7.2 0.63 -14.55
*2023 has been restated – see Note 4.2.1.1 on the change in accounting method related to a change in presentation.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 339
4 Financial information
Consolidated financial statements at 31 December 2024




4.1.3 Statement of comprehensive income
(In € million) 31/12/2024 31/12/2023
NET INCOME FOR THE PERIOD 197.4 -1,902.9
Currency translation differences 15.2 5.8
Of which effective portion of gains or losses on hedging instruments -7.3 -8.5
Deferred tax on recyclable items 0.7 0.9
Other comprehensive income that can be reclassified to profit or loss 8.6 -1.9
Revaluation of net defined benefit liability (asset) -3.3 1.2
Deferred tax on non‑recyclable items 1.1 -0.9
Other comprehensive income that cannot be reclassified to profit or loss -2.2 0.4
Other items of comprehensive income 6.4 -1.5
COMPREHENSIVE INCOME FOR THE PERIOD 203.7 -1,904.4
of which attributable to owners of the parent company 71.7 -1,419.5
of which attributable to non‑controlling interests 132.0 -484.9




340 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Consolidated financial statements at 31 December 2024




4.1.4 Statement of changes in shareholders’ equity
Total
Reserves and shareholders’ Non- Total
Share Treasury consolidated equity, Group controlling shareholders’
(In € million) Capital premium shares net income Share interests equity
Position as at December 31, 2022 284.4 4,053.0 -42.9 5,148.5 9,443.0 4,648.5 14,091.5
Dividends distribution - - - -351.9 -351.9 -184.0 -535.9
Capital increase 18.7 260.3 - - 278.9 26.6 305.5
Allocation to the legal reserve - -1.9 - 1.9 - - -
Elimination of treasury shares - - 13.1 -14.3 -1.2 - -1.2
Others - - - 0.1 0.1 0.1 0.2
Total comprehensive income
for the period - - - -1,419.5 -1,419.5 -484.9 1,904.4
Of which net income (loss) - - - -1,418.8 -1,418.8 -484.1 -1,902.9
Of which gains and losses recognized
in shareholders’ equity: - - - -0.7 -0.7 -0.8 -1.5
Actuarial gains and losses on pension
provision net of deferred tax liabilities - - - 0.2 0.2 0.1 0.4
Of which currency transaction gains
and losses - - - 2.5 2.5 3.2 5.8
Of which effective portion of gains or
losses on hedging instruments net of
deferred tax liabilities - - -3.5 -3.5 -4.2 -7.6
Change in scope - - - 0.0 0.0 -0.2 -0.2
Shared‑based payments - - - 7.6 7.6 - 7.6
Position as at December 31, 2023 303.0 4,311.4 -29.8 3,372.4 7,957.0 4,006.2 11,963.2
Dividends distribution - - - -330.8 -330.8 -160.3 -491.1
Capital increase 19.9 234.5 - 0.5 254.9 0.9 255.8
Allocation to the legal reserve - -2.0 - 2.0 - - -
4
Elimination of treasury shares - - 2.3 -11.9 -9.6 - -9.6
Others - -325.4 - 325.3 0.0 - 0.0
Total comprehensive income
for the period - - - 71.7 71.7 132.0 203.7
Of which net income - - - 68.1 68.1 129.2 197.4
Of which gains and losses recognized
in shareholders’ equity: - - - 3.6 3.6 2.8 6.4
Actuarial gains and losses on pension
provision net of deferred tax liabilities - - - -1.4 -1.4 -0.9 -2.2
Of which currency transaction gains
and losses - - - 8.0 8.0 7.2 15.2
Of which effective portion of gains or
losses on hedging instruments net of
deferred tax liabilities - - - -3.0 -3.0 -3.6 -6.6
Change in scope 11.9 274.3 - -8.2 278.1 -192.6 85.5
Shared‑based payments - - - 6.9 6.9 - 6.9
POSITION AS AT DECEMBER 31, 2024 334.9 4,492.9 -27.5 3,428.0 8,228.2 3,786.2 12,014.5




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 341
4 Financial information
Consolidated financial statements at 31 December 2024




4.1.5 Statement of cash flows
(In € million) Note 31/12/2024 31/12/2023
Net income for the period 4.1.2. 197.4 -1,902.9
Net depreciation and provisions
(excluding those related to current assets) 4.2.6.2.5 114.7 69.6


Unrealised gains and losses relating to changes in fair value 4.2.5.12.6 & 4.2.6.4 425.7 2,645.0
Calculated income and expenses related to share‑based payments 4.1.4 6.9 7.8
Other calculated income and expenses 9.6 -7.4
Gains or losses on disposals -8.7 40.4
Share of income from companies accounted for under the equity method 4.2.5.5.1 -22.9 34.4
Dividends (non‑consolidated securities) -0.0 -0.2
Cash flow after tax and cost of net financial debt 722.7 886.7
Cost of net financial debt and interest charges on rental liabilities 4.2.6.7 & 4.2.6.8 160.8 166.4
Income tax expense 4.2.6.9.2 23.5 -207.3
Cash flow before tax and cost of net financial debt 907.1 845.8
Taxes paid -38.9 -14.1
Change in working capital requirements on continuing operations (including
employee benefits liabilities) 4.2.5.9 112.3 193.6
Net cash flow from operating activities 980.5 1,025.2
Impact of changes in the scope 4.2.6.6 -75.9 0.7
Acquisitions of tangible and intangible fixed assets 4.2.5.4.5 -595.8 -484.5
Disposals of tangible and intangible fixed assets 4.2.5.4.5 518.8 627.2
Acquisitions of financial assets (non‑consolidated securities) -0.1 -0.2
Disposals of financial assets (non‑consolidated shares) 2.3 0.0
Dividends received (companies accounted for under the equity method,
non‑consolidated securities) 12.3 17.3
Change in loans and advances granted 2.9 9.3
Other cash flow from investment activities 4.2.5.17.3 -1.7 1.2
Net cash flow from investing activities -137.1 171.0
Impact of changes in the scope 0.0 -1.6
Amounts received from shareholders in connection with capital increases:
Paid by parent company shareholders 0.1 0.0
Paid by non‑controlling interests 4.1.4 0.0 26.6
Acquisitions and disposals of treasury shares 4.1.4 -9.6 -1.2
Dividends paid out during the fiscal year:
Dividends paid to parent company shareholders 4.2.5.11 -76.4 -73.0
Dividends paid to non‑controlling interests of consolidated companies 4.1.4 -160.3 -184.0
Proceeds related to new borrowings 4.2.5.12.2 1,410.4 1,416.3
Loan repayments (including debts on lease liabilities) 4.2.5.12.2 -1,734.9 -1,691.8
Net financial interest paid (including interest on lease liabilities) -141.7 -169.5
Other cash flow from financing activities -26.4 -44.8
Net cash flow from financing activities -738.8 -722.9
Impact of changes in the exchange rate 0.1 0.9
CHANGE IN NET CASH 104.6 474.2
Opening net cash position 899.5 425.4
Closing net cash position 4.2.5.12.2 1,004.2 899.5
NET CHANGE IN CASH FLOW 104.6 474.2




342 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Notes to the consolidated financial statements




4.2 Notes to the consolidated financial statements
4.2.1 General principles
4.2.1.1 Accounting standards amendments specify how a company must classify, in the
statement of financial position, debts and other liabilities
The consolidated financial statements of the Covivio group as at whose settlement date is uncertain. According to these
December 31, 2024 have been prepared in accordance with the amendments, these debts or other liabilities must be classified
international accounting standards and interpretations issued as either current or non‑current liabilities. The application of
by the International Accounting Standards Board (IASB) and these amendments did not lead to significant changes in the
adopted by the European Union as of the preparation date. presentation of the consolidated financial statements.
These standards include the IFRS (International Financial
Reporting Standards) and IAS (International Accounting ● Amendments to IFRS 16 “Lease Liability in a Sale and
Standards) as well as their interpretations. Leaseback”. The IFRS‑IC has published a decision illustrating
the application of IFRS requirements to the initial recognition
The financial statements were approved by the Board of of a sale‑leaseback with variable rents. This amendment
Directors on February 19, 2025. complements the previous IFRIC decision. The application of
● Change in accounting method related to a change in these amendments did not lead to significant changes in the
presentation presentation of the consolidated financial statements.

Hotel operating EBITDA ● Amendment to IAS 7 & IFRS 7 “Supplier Finance Arrangements”.
These changes introduced requirements for disclosures by a
During the fiscal year, the Group carried out two structuring
company about its supplier financing arrangements. These
transactions strengthening its Hotel management activity. On
new requirements require the company to provide users of
the one hand, in April 2024, the Group increased its stake by 8.7%
financial statements with information znbling them to assess
in its consolidated subsidiary Covivio Hotels. In addition, the
the impact of its supplier financing arrangements on its
Group exchanged assets with AccorInvest, selling hotel
liabilities and cash flows and to understand the effects of
properties in exchange for the acquisition of business properties
arrangements on its exposure to liquidity risk and the manner
previously held by the Group. The consolidation of the operating
in which it could be affected if it were no longer able to use
properties of 24 hotels will lead to a significant increase in the
these agreements. The application of these amendments did
Hotel operating EBITDA aggregate over the coming years. To
not lead to significant changes in the presentation of the
improve the reading of the primary financial statements, this
consolidated financial statements.
aggregate is now broken down into two lines in the income
statement, presenting separately the revenue of hotels under Standards, amendments and interpretations published by the
management and the operating expenses of hotels under
management.
IASB, applicable for fiscal years beginning on or after 1
January 2025, subject to their adoption by the European
4
Union:
Cost of the net financial debt
In a context of sharply rising interest rates, interest income on ● Amendment to IAS 21 "The Effects of Changes in Foreign
cash investments and derivative instruments became material. In Exchange Rates – Lack of Exchangeability". This amendment
this context, and in order to improve its interpretation in the clarifies the treatment of foreign currency transactions when
primary statements, the aggregate Cost of the net financial the spot exchange rate is not available. Given the Group’s
debt is now detailed in two lines in the income statement by location, this amendment should have no impact on the
presenting separately the financial income related to the cost of Group’s financial statements.
debt and the financial expenses related to the cost of debt. ● Amendments to IFRS 7 and IFRS 9 – Classification and
Other minor changes in presentation were made to the financial measurement of financial instruments
statements as at December 31, 2024 compared to the financial
● Derecognition: the amendments specify when a financial
statements as at December 31, 2023.
asset or financial liability is to be derecognized;
● Accounting principles and methods used
● Financial liabilities: allow the derecognition of liabilities
The accounting principles applied for the consolidated financial settled via electronic payment systems before the
statements as at December 31, 2024 are identical to those used settlement date, under certain conditions;
for the consolidated financial statements as at December 31,
● SPPI criterion: they clarify the analysis of the SPPI criterion
2023, except for new standards and amendments whose
(Solely Payments of Principal and Interest) for loans linked to
application was mandatory on or after January 1, 2024 and
environmental, social and governance criteria.
which were not applied early by the Group.
Amendments in force for fiscal years beginning on or after 1
The following amendments, which are mandatory as of January
January 2026, subject to their adoption by the European Union:
1, 2024, did not have any impact on the Group’s consolidated
financial statements: ● IFRS 18 "Presentation and Disclosure in Financial Statements"
● Amendments to IAS 1 “Presentation of Financial Statements - This standard is intended to replace IAS 1 on the presentation of
Classification of Liabilities as Current or Non‑current”. financial statements and to amend, mainly, IAS 7 "Statement of
Non‑current liabilities with early repayment clauses. These Cash Flows" and IAS 8 "Accounting Policies, Changes in
Accounting Estimates and Errors".




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 343
4 Financial information
Notes to the consolidated financial statements




This standard aims to: 4.2.1.3 Taking into account the effects of
● Increase the comparability of the income statement by climate change
defining principles relating to its structure and content, In 2021, Covivio announced the updating of its carbon trajectory,
notably through three new categories of expenses and raising its ambitions to achieve a 40% reduction in greenhouse
income that complement the existing “Tax” and “Discontinued gas emissions from 2010 to 2030. This objective, which concerns
operations” categories: “Operations”, “Investment” and all Scopes 1, 2 and 3, covers all activities in Europe and the entire
“Financing”; life cycle of assets: materials, construction, restructuring and
● Improve transparency in the use of certain Alternative operation. To better report the financial effects of implementing
Performance Measures in relation to the income statement; its climate strategy, Covivio assessed in 2022 the amount
necessary to invest in its assets by 2030, which amounts to €261
● Emphasise the relevance of the information disclosed by million.
strengthening the requirements in terms of aggregation or
detail of the information disclosed in the primary statements Covivio continued its momentum in terms of environmental
and notes to the financial statements. certification: the proportion of the portfolio with HQE, BREAM,
LEED or equivalent certification, operating and/or under
Subject to its adoption by the European Union, the application construction, reached 98.5% (1) as at December 31, 2024, in line
of IFRS 18 will be mandatory for fiscal years beginning on or after with the objective of 100% by the end of 2025.
1 January 2027, on a retrospective basis.
This initiatives are accompanied by a strengthened
● IFRS 19 "Subsidiaries without Public Accountability: Disclosures". commitment to the construction and renovation of buildings for
over ten years. This strategy actively contributes to achieving the
This standard aims to reduce the disclosure requirements for
objectives of its low carbon trajectory at the European level.
subsidiaries whose securities or debt are not listed. It is not
Furthermore, in accordance with European regulations, Covivio
applicable for the Group.
publishes ils eligibility and alignment rates with the European
Subject to its adoption by the European Union, the application Taxonomy each year. This information is published in Chapter 3 -
of IFRS 19 will be mandatory for fiscal years beginning on or after Group Sustainability Report in application of the European
1 January 2027. Corporate Sustainability Reporting Directive (CSRD). This chapter
details the climate change mitigation plan implemented by the
4.2.1.2 Estimates and judgments Group.
The financial statements have been prepared in accordance In order to validate its commitments, Covivio proposed a “Say
with the historic cost convention, with the exception of On Climate” resolution at the 2023 General Meeting and in 2024,
investment properties and certain financial instruments, which a resolution to include its purpose in its bylaws. These two
were recognized in accordance with the fair value convention. In resolutions were approved with a high rate of support,
accordance with the conceptual framework for IFRS, preparation demonstrating the recognition of the relevance of the strategy
of the financial statements requires making estimates and using adopted by the Group.
assumptions that affect the amounts shown in these financial
statements. In addition, for its financing, Covivio has requalified 100% of its
bonds as green bonds following the publication of its new
The significant estimates made by the Covivio group in Sustainable Bond Framework in 2022. This document specifies
preparing the financial statements mainly relate to: the environmental criteria used to select eligible assets, including
● measurement of the fair value of investment properties; the European taxonomy criteria. Continuing along these lines,
Covivio Hotels, a 52.5%-owned listed subsidiary, has adopted a
● assessment of the fair value of derivative financial instruments; Green Financing Framework and in 2023 reclassified all its bond
the valuations used for testing impairment, in particular issues as green bonds. For the first year in 2024, Covivio
●
assessing the recoverable value of goodwill and intangible published two Green Bond Impact Reports to report on the
fixed assets; performance of its Offices and Hotels portfolios meeting the
requirements of these frameworks.
● measurement of provisions.
At the end of 2024, Covivio and Covivio Hotels respectively had
Due to the uncertainties inherent in any valuation process, the an eligible portfolio, in the sense of the taxonomy, of €6 billion
Covivio group reviews its estimates based on regularly updated and €4.1 billion (€5.3 billion and €3.3 billion net of mortgage
information. These estimates take into account, where debt), thus covering the €4.6 billion of bonds of the two entities.
applicable, the financial impacts of commitments made by the
Group on the effects of climate change (note 4.2.1.3 to the Covivio has intensified its commitment to biodiversity and the
consolidated financial statements). The future results of the climate by unveiling its integrated “Nature” strategy, which
transactions in question may differ from these estimates. complements existing climate objectives with new commitments
relating to land use, the use of resources and urban
In addition to the use of estimates, Group management makes regeneration. The formalization of this strategy is the result of
use of judgements to define the appropriate accounting more than two years of work, fuelled by an in‑depth diagnosis of
treatment of certain business activities and transactions when the impacts, risks, opportunities and dependencies related to
the IFRS standards and interpretations in effect do not precisely nature. Following the Climate reports published in 2022 and
address the accounting issues involved. 2023, Covivio published a Nature Report in 2024 (3.2.4
Biodiversity) following the recommendations of the TNFD
(Taskforce on Nature‑related Financial Disclosures) and TCFD
(Task Force on Climate‑related Financial Disclosures).




(1) This rate includes two assets for which applications have been filed but for which the certificate had not been received as at December 31, 2024
(see § 3.1.3.4 “Towards 100% certified buildings (objectives and metrics)”).


344 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Notes to the consolidated financial statements




The inclusion of the effects of climate change had no material 4.2.1.5 Conversion method
impact on the judgements made and the main estimates
required to prepare the financial statements. Covivio’s financial statements are presented in millions of euros,
the euro being the Group’s functional and presentation currency.
4.2.1.4 IFRS 7 – Reference table Each entity of the Group determines its own functional currency.
The functional currency corresponds to the currency of the
● Liquidity risk ● § 4.2.2.1 economic environment in which the Company operates its
● Interest rate risk ● § 4.2.2.2 principal activities. All items included in the financial statements
● Financial counterparty risk ● § 4.2.2.3 of these entities are valued using this functional currency.
● Risk related to changes in the ● § 4.2.2.4 Transactions in foreign currencies are initially recorded at the
value of the portfolio exchange rate prevailing on the transaction date. The assets
● Exchange rate risk ● § 4.2.2.5 and liabilities of subsidiaries are translated into euros at the
● Other operational and ● § 4.2.2.6 exchange rate prevailing at the closing date, while income and
financial risks expenses are translated at the average exchange rate over the
● Sensitivity of the fair value of ● § 4.2.5.4.4 period. Exchange differences are recognized in equity.
investment properties
● Derivatives (current and ● § 4.2.5.12.6
non‑current)
● Banking Covenants ● § 4.2.5.12.8




4.2.2 Financial risk management
The operating and financial activities of the company are exposed to the following risks:

4.2.2.1 Liquidity risk
Liquidity risk is managed in the medium and long term with multi‑year cash management plans and, in the short term, by using
confirmed and undrawn lines of credit. On December 31, 2024, the Covivio group’s available cash amounted to €3,283 million, including
€2,088 million in confirmed unused credit lines (€1,848 million in Group Share), €1,004 million in cash and cash equivalents and €191
million in unused overdraft facilities.


The histogram below summarises the maturities of borrowings (in € million) existing as at December 31, 2024: 4

2,500


83
2,000 141

168
1,500 54
118
103




2034
101 38 (In € and
1,793




1,000 22 million) 2025 2026 2027 2028 2029 2030 2031 2032 2033 beyond
1,634




09
Maturity 1,175 1,634 1,074 785 1,793 1,254 880 760 663 307
1 ,175




1,254
1,074




NEU CP 103 - - - - - - - - -
3
880
785




760




500
663




Interests 168 141 118 101 83 54 38 22 9 3
307




0
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
and
beyond
Delivery date NEU CP Interests



The maturities at less than one year in the graph above include Details of the debt maturities are provided in note 4.2.5.12.5, and
€103 million of NEU Commercial Paper. a description of the banking covenants and accelerated
payment clauses included in the loan agreements is presented
Derivative instruments, whose maturities are determined solely
in note 4.2.5.12.8.
for the clean MtM (Mark‑to‑Market) portion, break down as
follows: an amount of €56.1 million: is expected within one year, During 2024, Covivio secured €1.9 billion in refinancing or new
€164.4 million: is expected between one and five years, and financing.
€60.5 million is estimated for maturities over five years.
Covivio secured €300 million in long‑term RCF lines (including
The amount of interest payable until the maturity of the debt, €100 million new and €200 million renewed). In Italy, Covivio
estimated on the basis of the outstanding amount as at refinanced, at five years, the mortgage debt of its Telecom
December 31, 2024 and the average interest rate on debt, portfolio for €290 million with a pool of French and Italian banks.
totalled €739 million.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 345
4 Financial information
Notes to the consolidated financial statements




In Hotels in Europe, the subsidiary Covivio Hotels issued a €500 4.2.2.4 Risk related to changes in the value of
million bond with a 9‑year maturity, securing the refinancing of its
the portfolio
2025 bond and the partial repayment of medium term debt
maturities. A long‑term corporate loan was also raised for an Changes in the fair value of investment properties are
amount of €150 million as part of the asset swap transaction recognized in the income statement. Changes in property values
with AccorInvest (4.2.5.1 paragraph Accounting of business can therefore have a material impact on the operating
combinations - Acquisition of business assets from AccorInvest) ). performance of the Group.
The refinancing of its Spanish portfolio was also secured for €229 In addition, part of the Group's operating income is generated
million with a maturity of seven years. by the sales plan, the income of which is equally dependent on
In Residential Germany, Covivio, through its subsidiary Covivio property values and on the volume of possible transactions.
Immobilien, secured €430 million in debt, mainly at 10 years. Rentals and property values are cyclical in nature, the duration
During 2024, Covivio group significantly increased the share of its of the cycles being variable but generally long‑term. Different
debt linked to ESG indicators (§3.2.6.2 Financing indexed to ESG domestic markets have differing cycles that vary from each other
criteria) to 64% at December 2024 vs. 57% at the end of 2023. in relation to specific economic and market conditions. Within
each national market, prices also follow the cycle in different
4.2.2.2 Interest rate risk ways and with varying degrees of intensity, depending on the
The Group’s exposure to the risk of changes in market interest location and category of the assets.
rates is linked to its floating rate and long‑term financial debt. The macroeconomic factors that have the greatest influence on
To the extent possible, bank debt is primarily hedged via property values and determine the various cyclical trends
financial instruments (see note 4.2.5.12.6). On December 31, 2024, include the following:
after taking interest rate swaps into account, approximately 95% ● interest rates;
of the Group’s debt was hedged, and the bulk of the remainder
was covered by interest rate caps. The impact in the annual ● the market liquidity and the availability of other profitable
financial statements of the sensitivity of interest rates would be alternative investments;
as follows: ● economic growth;
+50 bps ● the outlook for revenue growth.
(In € millions) +100 bps as at -50 bps
in Group Share as at 31/12/2024 31/12/2024 as at 31/12/2024 Low interest rates, abundant liquidity on the market and a lack
Cost of the net of profitable alternative investments generally lead to an
financial debt increase in the value of real estate properties.
as Economic growth generally increases demand for leased space
at 31/12/2024 -4.7 -2.3 2.3
and paves the way for rent levels to rise, particularly in offices.
These two consequences lead to an increase in the price of real
4.2.2.3 Financial counterparty risk
estate assets. Nevertheless, in the medium term, economic
Given the Covivio group’s contractual relationships with its growth generally leads to a rise in inflation and then a rise in
financial partners, the Group is exposed to counterparty risk. If interest rates.
any of its counterparties is not in a position to honour its
commitments, the Group’s income could suffer an adverse effect. The investment policy of Covivio group is to minimize the impact
of the various stages of the cycle by choosing investments:
This risk primarily involves the hedging instruments subscribed by
the Group and which would have to be replaced by a hedging ● have long‑term leases and high‑quality tenants, which soften
transaction at the current market rate in the event of a default the impact of a reduction in market rental income and the
by the counterparty. resulting decline in real‑estate prices;

The counterparty risk is limited by the fact that Covivio group is ● are located in major city centres;
a borrower from a structural standpoint. The risk is therefore ● have low vacancy rates, in order to avoid the risk of having to
mainly restricted to the investments made by the Group and to re‑let vacant space in an environment where demand may be
Group counterparties in derivative product transactions. The limited.
Group continually monitors its exposure to financial counterparty
risk. The Group's policy is to deal only with top‑tier The holding of real‑estate assets intended for leasing exposes
counterparties, while diversifying its financial partners and its the Covivio group to the risk of fluctuation in the value of
sources of funding. real‑estate assets and rents.

The counterparty risk in terms of hedging is included in the Despite the uncertainty created by the economic downturn, this
valuation of derivatives and amounted to -€14 million as at exposure is limited to the extent that the rentals invoiced are
December 31, 2024. derived from rental agreements, the term and diversification of
which mitigate the effects of fluctuations in the rental market.
The sensitivity of the fair value of investment properties to
changes in yield and discount rates is analysed in Section
4.2.5.4.4.




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Notes to the consolidated financial statements




4.2.2.5 Currency risk
The Group operates both in and outside the euro zone (following the acquisitions through a foreign currency loan and a currency
acquisition of the hotel properties in the United Kingdom, Poland, swap.
Hungary, and the Czech Republic). The Group wanted to hedge
against certain currency fluctuations (GBP) by financing part of
Impact of a decrease in the GBP/EUR exchange rate on the shareholders’ equity

Actual increase of 5% decrease in 10% decrease in
+4.7% in exchange exchange rate exchange rate
31/12/2024 (in £ M) rate GBP/EUR GBP/EUR (€ M) GBP/EUR (€ M)
Asset value 658 29.1 -31.4 -62.6
Banking debt 270 -12.0 12.8 25.6
Cross currency swap 250 -11.2 11.8 23.7
IMPACT ON SHAREHOLDERS’ EQUITY 5.9 -6.8 -13.4


4.2.2.6 Other operational and financial risks
Marketing risk for properties under development On the over hand, the international tax reform i“PILLAR 2”,
stemming from an OECD and European Commission project,
The Group is involved in property development. As such, it is
aimed at ensuring a minimum effective tax rate of 15% on all
exposed to a number of different risks, particularly risks
groups with revenues of at least €750 million, and is applicable
associated with construction costs, delivery delays and the
from the 2024 fiscal year.
marketing of properties. The assessment of these risks can be
made with reference to the table of Investment properties under The details expected from the representative bodies of the
development (see Section 4.2.5.4.3 and 4.2.8.4). reform to take into account the specificities of the national
schemes specific to REITs have been postponed until 2025. In
Leasing counterparty risk
this context, and on the basis of the discussions and information
Covivio group’s rental income is subject to a certain degree of obtained during the 2024 financial year and an OECD note from
concentration, insofar as the top 10 tenants (Fibercorp, Telecom 2025 confirming the work in progress on REITs, no tax was
Italia portfolio, Orange, NH, Suez, IHG, B&B, Dassault, Tecnimont, recognized relating to the PILLAR 2 rules for the SIIC, SOCIMI and
Thalès) generate approximately 26% of annual revenues. UK REIT scopes as of December 31, 2024.

Covivio group is not significantly exposed to the risk of 4.2.2.7.2 Tax risks
insolvency, since its tenants are selected based on their Due to the complexity and bureaucracy characteristic of the 4
creditworthiness and the economic prospects of their business environment in which the Covivio group operates, the Group is
segments. The operating and financial performance of the main exposed to tax risks. If our counsel believes that an adjustment
tenants is regularly reviewed. In addition, tenants grant the presents a risk of reassessment, a provision is made.
Group financial guarantees when leases are signed.
As at December 31, 2024, there no new tax risk recognized
The cumulative amount of impairment of trade receivables was whose effects would have a material impact on the Group’s net
€23.9 million as at December 31, 2024, a decrease of €11.2 million income or financial position.
compared to December 31, 2023.
4.2.2.7.3 Unrealized Taxation
Risk related to changes in the value of shares and bonds
A significant percentage of the Group’s real‑estate companies
The Group is exposed to risks for two categories of shares: have opted for the SIIC regime in France. The impact of deferred
tax liabilities is therefore essentially present in German
● Non‑consolidated shares (note 4.2.5.6);
Residential, Germany Offices and Italy Offices. It is also linked to
● Securities consolidated according to the equity method (note investments in (Germany, Spain, Belgium, Ireland, Netherlands,
4.2.5.5). Portugal, the United Kingdom, Poland, Hungary and Czech
Republic). In the case of Spain, all Spanish companies have
This risk primarily involves listed securities in companies opted for the SOCIMI regime exemption.
consolidated according to the equity method, which are valued
according to their value in use. Value in use is determined based Deferred tax is mainly due to the recognition of the fair value of
on independent assessments of the real‑estate assets and the portfolio. The tax rates are detailed in note 4.2.6.9.2 “Taxes
financial instruments. and theoretical tax rate by geographical area”.

4.2.2.7 Tax environment However, there are deferred tax liabilities related to assets held
by the companies prior to opting for SOCIMI treatment.
4.2.2.7.1 Change by country
For the United Kingdom, 9 of the 12 companies have applied the
The Group has not observed any major changes in the tax
UK REIT exemption from January 1, 2024. There is therefore no
environment in France and in other countries that impact net
longer any deferred tax on this part of the portfolio.
income in 2024.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 347
4 Financial information
Notes to the consolidated financial statements




4.2.3 Scope of consolidation
4.2.3.1 Accounting principles applicable to the Joint operations
scope of consolidation A joint operation is a partnership in which the parties exercising
joint control over the operation have rights to the assets, and
Consolidated Financial Statements – IFRS 10 obligations for the liabilities relating to it. Those parties are
These financial statements include the financial statements of called joint operators.
Covivio and the financial statements of the entities (including
structured entities) that it controls and its subsidiaries. A joint operator must recognize the following items relating to its
interest in the joint operation:
Covivio group has control when it:
● its assets, including its proportionate share of assets held
● has power over the issuing entity; jointly, where applicable;
● is exposed or is entitled to variable returns due to its ties with ● its liabilities, including its proportionate share of liabilities
the issuing entity; undertaken jointly, where applicable;
● has the ability to exercise its power in such a manner as to ● the income that it derived from the sale of its proportionate
affect the amount of returns that it receives. share in the yield generated by the joint operation;
If the Group does not hold the majority of the voting rights in an ● its proportionate share of income from the sale of the yield
issuing entity, in order to determine the power exercised over an generated by the joint operation;
entity, it analyses whether it has sufficient rights to confer on it
the ability to unilaterally direct the relevant activities of the ● the expenses that it has committed, including its
issuing entity. The Group considers all facts and circumstances proportionate share of expenses committed jointly, where
when assessing whether the voting rights it holds in the issuing applicable.
entity are sufficient to confer power, including the following: The joint operator accounts for the assets, liabilities, income and
● the potential voting rights held by the Group, other holders of expenses pertaining to its interests in a joint operation in
voting rights or other parties; accordance with the IFRS that apply to these assets, liabilities,
income and expenses.
● the rights under other contractual agreements (shareholders’
agreements); Covivio’s scope does not include joint activities.

● the other facts and circumstances, where applicable, which 4.2.3.2 Change in shareholding rate and/
indicate that the Group has or does not have the actual or change in consolidation method
ability to manage relevant business activities at the moment
On April 19, 2024, Covivio acquired 8.3% of the share capital of
when decisions must be made, including voting patterns
Covivio Hotels held by the Generali group, in exchange for new
during previous Shareholders’ Meetings.
Covivio shares. The launch of the subsequent public exchange
Subsidiaries and structured entities are consolidated. offer resulted in the additional acquisition of 0.35% of the share
capital of Covivio Hotels. This transaction resulted in a
Investments in Associates – IAS 28 strengthening of Group share of equity of €280 million. As of
An associate is an entity in which the Group has significant December 31, 2024, Covivio held 52.53% of its consolidated
control. Significant control is the power to participate in subsidiary Covivio Hotels.
decisions relating to the financial and operational policy of an
On June 28, 2024, Covivio and CDC Investissement Immobilier
issuing entity without, however, exercising control or joint control
signed a strategic partnership in Germany for a predominantly
on these policies.
residential portfolio located in the centre of Berlin. This
The results and the assets and liabilities of associates are partnership resulted in the acquisition by CDC Investissement
recognized in these consolidated financial statements according Immobilier, on behalf of Caisse des Dépôts, of a 49% stake in a
to the equity method. portfolio representative of Covivio’s residential portfolio in Berlin,
which includes eight assets, located in several of the most
Joint Arrangements – IFRS 11 attractive neighbourhoods in Berlin, owned by Covivio Berlin
Joint control means the contractual agreement to share the Prime. Covivio now holds 51% of the share capital via its German
control exercised over a company, which only exists in the event subsidiary and still controls the company. Covivio Berlin Prime
where the decisions concerning relevant business activities was consolidated at 31,50% as at December 31, 2024.
require the unanimous consent of the parties sharing the control.
Lastly, the Group increased its shareholding in Fondo Porta
Joint ventures Romana from 32.02% to 43.80% following successive capital
A joint venture is a partnership in which the parties which increases. Covivio does not control this entity and it remains
exercise joint control over the entity have rights to its net assets. consolidated under the equity method.

The results and the assets and liabilities of joint ventures are
recognized in these consolidated financial statements according
to the equity method.




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Notes to the consolidated financial statements




4.2.3.3 List of consolidated companies
Entries and exits from the scope are presented in the table below at the beginning (entry) or end (exit) of each business segment.

Consolidation
74 companies in the France Offices segment Country Method % interest in 2024 % interest in 2023
Covivio SA France Parent company
SCCV Rueil Lesseps France EM/JV 50.00 0.00
SNC Anjou Promo France FC 100.00 100.00
Covivio Ravinelle France FC 100.00 100.00
SARL Foncière Margaux France FC 100.00 100.00
Covivio 2 France FC 100.00 100.00
Covivio 4 France FC 75.00 75.00
Euromarseille 1 France EM/JV 50.00 50.00
Euromarseille 2 France EM/JV 50.00 50.00
Euromarseille BI France EM/JV 50.00 50.00
Euromarseille PK France EM/JV 50.00 50.00
Euromarseille Invest France EM/JV 50.00 50.00
Euromarseille H France EM/JV 50.00 50.00
Covivio 7 France FC 100.00 100.00
SCI Bureaux Cœur d’Orly France EM/JV 50.00 50.00
SAS Cœur d’Orly Promotion France EM/JV 50.00 50.00
Technical France FC 100.00 100.00
SCI Atlantis France FC 100.00 100.00
Iméfa 127 France FC 100.00 100.00
SNC Latécoère France FC 50.10 50.10
SCI du 32 avenue P Grenier France FC 100.00 100.00
SCI du 40 rue JJ Rousseau France FC 100.00 100.00
4
SCI du 3 place A Chaussy France FC 100.00 100.00
SARL BGA Transactions France FC 100.00 100.00
SCI du 9 rue des Cuirassiers France FC 50.10 50.10
SCI du 15 rue des Cuirassiers France FC 50.10 50.10
SCI du 10B et 11 A 13 allée des Tanneurs France FC 100.00 100.00
SCI du 125 avenue du Brancolar France FC 100.00 100.00
SARL du 106‑110 rue des Troënes France FC 100.00 100.00
SCI du 20 avenue Victor Hugo France FC 100.00 100.00
Palmer Plage SNC France FC 100.00 100.00
Dual Center France FC 100.00 100.00
SNC Télimob Paris France FC 100.00 100.00
SNC Télimob Nord France FC 100.00 100.00
SNC Télimob Rhone Alpes France FC 100.00 100.00
SNC Télimob Sud Ouest France FC 100.00 100.00
OPCI Office CB21 France FC 75.00 75.00
Lenovilla France EM/JV 50.09 50.09
SCI Latécoère 2 France FC 50.10 50.10
Meudon Saulnier France FC 100.00 100.00
Latepromo France FC 100.00 100.00




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 349
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Notes to the consolidated financial statements




Consolidation
74 companies in the France Offices segment Country Method % interest in 2024 % interest in 2023
FDR Participation France FC 100.00 100.00
SCI Avenue de la Marne France FC 100.00 100.00
Omega B France FC 100.00 100.00
SCI Rueil B2 France FC 100.00 100.00
Wellio France FC 100.00 100.00
Bordeaux Lac France FC 100.00 100.00
Gambetta Le Raincy France FC 100.00 100.00
21 Rue Jean Goujon France FC 100.00 100.00
Villouvette Saint‑Germain France FC 100.00 100.00
Normandie Niemen Bobigny France FC 100.00 100.00
Cité Numérique France FC 100.00 100.00
Danton Malakoff France FC 100.00 100.00
Meudon Bellevue France FC 100.00 100.00
N2 Batignolles France FC 50.00 50.00
Valence Victor Hugo France FC 100.00 100.00
Nantes Talensac France FC 100.00 100.00
Marignane Saint Pierre France FC 100.00 100.00
N2 Batignolles Promo France FC 50.00 50.00
6 rue Fructidor France FC 50.10 50.10
Fructipromo France FC 100.00 100.00
Jean Jacques Bosc France FC 100.00 100.00
Terres neuves France FC 100.00 100.00
André Lavignolle France FC 100.00 100.00
SCCV Chartres avenue de Sully France FC 100.00 100.00
SCI de la Louisiane France FC 100.00 100.00
SCCV Bobigny Le 9ème Art France FC 60.00 60.00
SCCV Fontenay sous Bois Rabelais France FC 50.00 50.00
Saint‑Germain Hennemont France FC 100.00 100.00
Antony Avenue de Gaulle France FC 100.00 100.00
Aix en Provence Cézanne France FC 100.00 100.00
Hotel N2 France FC 50.10 50.10
SCI Meudon Juin France FC 100.00 100.00
SNC Boulogne Jean Bouveri France FC 100.00 100.00
Charenton France Merged 0.00 100.00
SNC Télimob Paca France Merged 0.00 100.00
SARL Télimob Paris France Merged 0.00 100.00
Sucy Parc France Merged 0.00 100.00


The registered office of the parent company Covivio is located at 18, avenue François Mitterrand – 57000 Metz. The other fully
consolidated subsidiaries in the France Offices segment have their registered office located at 10, rue de Madrid – 75008 Paris.




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Notes to the consolidated financial statements




Consolidation
14 companies in the Italy Offices segment Country Method % interest in 2024 % interest in 2023
Covivio Attività Immobiliari 6 S.r.L Italy FC 100.00 0.00
Covivio 7 S.p.A. Italy FC 100.00 100.00
Central Società di Investimento per Azioni a capitalo fisso Central Sicaf
SPA Italy FC 51.00 51.00
Covivio Immobiliare 9 S.p.A. SINQ Italy FC 100.00 100.00
Covivio Projects & Innovation Italy FC 100.00 100.00
Wellio Italy Italy FC 100.00 100.00
Imser Securitisation S.r.L.. Italy FC 100.00 100.00
Imser Securitisation 2 S.r.L.. Italy FC 100.00 100.00
Covivio Development Trading S.r.L. Italy FC 100.00 100.00
Zabarella 2023 S.r.L. Italy EM/JV 64.74 64.74
Covivio Development Italy S.p.A. Italy FC 100.00 100.00
Covivio Attività Immobiliari 4 S.r.L. Italy FC 100.00 100.00
Covivio Attività Immobiliari 5 S.r.L Italy FC 100.00 100.00
Fondo Porta Romana Italy EM/EA 43.80 32.02
RESolution Tech Italy Disposed of 0.00 30.00

The registered office of the companies in the Italy Offices segment is located at 10, Carlo Ottavio Cornaggia, 20123 Milan.

Consolidation
22 Companies in the Germany Offices segment Country Method % interest in 2024 % interest in 2023
Covivio Office Holding Germany FC 100.00 100.00
Covivio Alexanderplatz Luxembourg FC 55.00 55.00
Covivio Alexanderplatz Germany FC 100.00 100.00
Covivio Office Berlin Germany FC 100.00 100.00
Covivio Tino Schwierzina Strasse 32 Grundbezitz
Covivio Gross‑Berliner‑Damm
Germany
Germany
FC
FC
94.22
100.00
94.22
100.00
4
Covivio Office (ex‑Godewind Immobilien) Germany FC 100.00 100.00
Covivio Office 1 Germany FC 94.22 94.22
Covivio Beteilingungs Germany FC 94.22 94.22
Covivio Office 2 Germany FC 94.22 94.22
Covivio Office 3 Germany FC 94.22 94.22
Covivio Office 4 Germany FC 94.22 94.22
Covivio Office 5 Germany FC 94.22 94.22
Covivio Office 7 Germany FC 94.22 94.22
Covivio Office 6 Germany FC 89.90 89.90
Covivio Technical Services 1 Germany FC 100.00 100.00
Covivio Technical Services 2 Germany FC 94.22 94.22
Covivio Technical Services 3 Germany FC 94.22 94.22
Covivio Technical Services 4 Germany FC 94.22 94.22
Covivio Verwaltungs 4 Germany FC 94.22 94.22
Covivio Construction Germany FC 100.00 100.00
Acopio Office Energie GmbH Germany FC 100.00 100.00

The registered office of the parent company Covivio Office Holding is at Knesebeckstrasse 3, 10623 Berlin.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 351
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Notes to the consolidated financial statements




Consolidation
195 companies in the Hotels in Europe segment Country Method % interest in 2024 % interest in 2023
SCA Covivio Hotels (parent company) 100% controlled France FC 52.53 43.86
Holdco Phoenix France EM/EA 16.36 0.00
Holdco IRIS Dahlia France EM/EA 10.51 0.00
Exhotel France FC 52.53 0.00
Porte de Saint Cloud France FC 52.53 0.00
SHPES France FC 52.53 0.00
CTID France EM/EA 10.51 0.00
Paris Clichy France EM/EA 10.51 0.00
Mont du center France EM/EA 16.36 0.00
Montreuilloise France EM/EA 10.51 0.00
Ulysse OpCo Belgium Belgium FC 52.53 0.00
Phoenix OpCo Belgium Belgium EM/EA 17.51 0.00
Iris OpCo Belgium Belgium EM/EA 10.51 0.00
Groen Brugge Hotel BV Belgium EM/EA 10.51 0.00
Covivio Hotels Belgique Belgium FC 52.53 0.00
Las Dalias Propco S. L Spain FC 52.53 0.00
Wiziu Belgique Belgium FC 52.53 0.00
Rocky I France FC 52.53 43.86
Rocky II France FC 52.53 43.86
Rocky III France FC 52.53 43.86
Rocky IV France FC 52.53 43.86
Rocky V France FC 52.53 43.86
Rocky VI France FC 52.53 43.86
Rocky VII France FC 52.53 43.86
Rocky VIII France FC 52.53 43.86
Rocky IX France FC 52.53 43.86
Rocky X France FC 52.53 43.86
Rocky XI France FC 52.53 43.86
Rocky Covivio Limited United Kingdom FC 52.53 43.86
SARL Loire France FC 52.53 43.86
Ruhl Côte d’Azur France FC 52.53 43.86
Foncière Otello France FC 52.53 43.86
Hôtel René Clair France FC 52.53 43.86
Ulysse Belgique Belgium FC 52.53 43.86
Ulysse Trefonds Belgium FC 52.53 43.86
Foncière No Bruxelles Grand Place Belgium FC 52.53 43.86
Foncière No Bruxelles Aéroport Belgium FC 52.53 43.86
Foncière No Bruges Centre Belgium FC 52.53 43.86
Foncière Gand Centre Belgium FC 52.53 43.86
Foncière IB Bruxelles Grand‑Place Belgium FC 52.53 43.86
Foncière IB Bruxelles Aéroport Belgium FC 52.53 43.86
Foncière IB Bruges Centre Belgium FC 52.53 43.86
Foncière Antwerp Centre Belgium FC 52.53 43.86




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Consolidation
195 companies in the Hotels in Europe segment Country Method % interest in 2024 % interest in 2023
Foncière Gand Opéra Belgium FC 52.53 43.86
Foncière Bruxelles Expo Atomium Belgium FC 52.53 43.86
Murdelux Luxembourg FC 52.53 43.86
Portmurs Portugal FC 52.53 43.86
Sunparks Oostduinkerke Belgium FC 52.53 43.86
Foncière Vielsam Belgium FC 52.53 43.86
Sunparks Trefonds Belgium FC 52.53 43.86
Foncière Kempense Meren Belgium FC 52.53 43.86
Iris Holding France France EM/EA 10.45 8.73
Foncière Iris SAS France EM/EA 10.45 8.73
Sables d’Olonne SAS France EM/EA 10.45 8.73
OPCI Iris Invest 2010 France EM/EA 10.45 8.73
Covivio Hotels Gestion Immobilière France FC 52.53 43.86
Tulipe Holding Belgique Belgium EM/EA 10.45 8.73
Narcisse Holding Belgique Belgium EM/EA 10.45 8.73
Foncière Bruxelles Tour Noire Belgium EM/EA 10.45 8.73
Foncière Louvain Belgium EM/EA 10.45 8.73
Foncière Bruxelles Centre Gare Belgium EM/EA 10.45 8.73
Iris Tréfonds Belgium EM/EA 10.45 8.73
Foncière Louvain Centre Belgium EM/EA 10.45 8.73
Foncière Liège Belgium EM/EA 10.45 8.73
Foncière Bruxelles Aéroport Belgium EM/EA 10.45 8.73
Foncière Bruxelles Sud Belgium EM/EA 10.45 8.73

4
Foncière Bruge Station Belgium EM/EA 10.45 8.73
Iris investor Holding Gmbh Germany EM/EA 10.45 8.73
Iris Bochum & Essen Germany EM/EA 10.42 8.70
Iris Frankfurt Gmbh Germany EM/EA 10.42 8.70
Iris Nuremberg Gmbh Germany EM/EA 10.42 8.70
Iris Stuttgart Gmbh Germany EM/EA 10.42 8.70
Iris General partner Gmbh Germany EM/EA 5.23 4.36
Iris Verwaltungs Gmbh & co KG Germany EM/EA 9.92 8.28
B&B Invest Lux 1 Germany FC 52.53 43.86
B&B Invest Lux 2 Germany FC 52.53 43.86
B&B Invest Lux 3 Germany FC 52.53 43.86
Campeli France EM/EA 10.45 8.73
OPCI Camp Invest France EM/EA 10.45 8.73
Dahlia France EM/EA 10.51 8.77
Foncière B2 Hôtel Invest France FC 26.37 22.02
OPCI B2 Hôtel Invest France FC 26.37 22.02
Foncière B3 Hôtel Invest France FC 26.37 22.02
B&B Invest Lux 4 Germany FC 52.53 43.86
NH Amsterdam Center Hotel HLD Netherlands FC 52.53 43.86
Hôtel Amsterdam Centre Propco Netherlands FC 52.53 43.86




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Consolidation
195 companies in the Hotels in Europe segment Country Method % interest in 2024 % interest in 2023
Mo Lux 1 Luxembourg FC 52.53 43.86
LHM Holding Lux SARL Luxembourg FC 52.53 43.86
LHM PropCo Lux SARL Luxembourg(1) FC 53.44 45.65
SCI Rosace France FC 52.53 43.86
Mo Drelinden, Niederrad, Düsseldorf Germany FC 49.37 41.23
Mo Berlin Germany FC 49.37 41.23
Mo First Five Germany FC 50.24 42.91
Ringer Germany FC 52.53 43.86
B&B Invest Lux 5 Germany FC 48.85 40.79
SCI Hôtel Porte Dorée France FC 52.53 43.86
FDM M Lux Luxembourg FC 52.53 43.86
OPCO Rosace France FC 52.53 43.86
Exco Hôtel Belgium FC 52.53 43.86
Invest Hôtel Belgium FC 52.53 43.86
H Invest Lux Luxembourg(1) FC 52.53 43.86
Hermitage Holdco France FC 52.53 43.86
Foncière B4 Hôtel Invest France FC 26.37 22.02
B&B Invest Spain SLU Spain FC 52.53 43.86
Rock‑Lux Luxembourg FC 52.53 43.86
WiZiU Couvent des Minimes France FC 52.53 43.86
Berlin I Germany FC 49.85 41.63
Opco Grand Hôtel Berlin Betriebs Germany FC 49.85 41.63
Berlin II Germany FC 49.85 41.63
Opco Hôtel Stadt Berlin Betriebs Germany FC 49.85 41.63
Berlin III Germany FC 49.85 41.63
Opco Hôtel Potsdam Betriebs Germany FC 49.85 41.63
Dresden II Germany FC 49.85 41.63
Dresden III Germany FC 49.85 41.63
Dresden IV Germany FC 49.85 41.63
Opco BKL Hotelbetriebsgesellschaft (Dresden II à IV) Germany FC 49.85 41.63
Dresden V (propco Pullman Newa Dresden) Germany FC 49.85 41.63
Leipzig I (propco Westin Leipzig) Germany FC 49.85 41.63
Opco HotelgesellschaftGeberst, Betriebs (Westin Leipzig) Germany FC 49.85 41.63
Leipzig II (propco Radisson Blu Leipzig) Germany FC 49.85 41.63
Opco Hôtel Deutschland Leipzig Betriebs (Radisson Blu) Germany FC 49.85 41.63
Erfurt I (propco Radisson Blu Erfurt) Germany FC 49.85 41.63
Opco Hôtel Kosmos Erfurt (Radisson Blu) Germany FC 49.85 41.63
Airport Garden Hotel NV Belgium FC 52.53 43.86
Investment FDM Rocatiera Spain FC 52.53 43.86
Trade Center Hôtel Spain FC 52.53 43.86
H Invest Lux 2 Luxembourg(1) FC 52.53 43.86
Constance France FC 52.53 43.86
Hôtel Amsterdam Noord FDM Netherlands FC 52.53 43.86
Hôtel Amersfoort FDM Netherlands FC 52.53 43.86
Constance Lux 1 Luxembourg FC 52.53 43.86
Constance Lux 2 Luxembourg FC 52.53 43.86




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Notes to the consolidated financial statements




Consolidation
195 companies in the Hotels in Europe segment Country Method % interest in 2024 % interest in 2023
Nice‑M France FC 52.53 43.86
Rock‑Lux OPCO Luxembourg FC 52.53 43.86
Blythswood Square Hotel Holdco United Kingdom FC 52.53 43.86
George Hotel Investments Holdco United Kingdom FC 52.53 43.86
Grand Central Hotel Company Holdco United Kingdom FC 52.53 43.86
Lagonda Leeds Holdco United Kingdom FC 52.53 43.86
Lagonda Palace Holdco United Kingdom FC 52.53 43.86
Lagonda Russell Holdco United Kingdom FC 52.53 43.86
Lagonda York Holdco United Kingdom FC 52.53 43.86
Oxford Spires Hotel Holdco United Kingdom FC 52.53 43.86
Oxford Thames Holdco United Kingdom FC 52.53 43.86
Roxburghe Investments Holdco United Kingdom FC 52.53 43.86
The St David’s Hotel Cardiff Holdco United Kingdom FC 52.53 43.86
Wotton House Properties Holdco United Kingdom FC 52.53 43.86
Blythswood Square Hotel Glasgow United Kingdom FC 52.53 43.86
George Hotel Investments United Kingdom FC 52.53 43.86
Grand Central Hotel Company United Kingdom FC 52.53 43.86
Lagonda Leeds PropCo United Kingdom FC 52.53 43.86
Lagonda Palace PropCo United Kingdom FC 52.53 43.86
Lagonda Russell PropCo United Kingdom FC 52.53 43.86
Lagonda York PropCo United Kingdom FC 52.53 43.86
Oxford Spires Ltd (Propco) United Kingdom FC 52.53 43.86
Oxford Thames Hotel Ltd (Propco) United Kingdom FC 52.53 43.86

4
Roxburghe Investments PropCo United Kingdom FC 52.53 43.86
The St David’s Hotel Cardiff United Kingdom FC 52.53 43.86
Wotton House Properties United Kingdom FC 52.53 43.86
HEM Diesterlkade Amsterdam BV Netherlands FC 52.53 43.86
Dresden Dev Luxembourg(1) FC 49.85 41.63
Delta Hotel Amersfoort Netherlands FC 52.53 43.86
Opci Oteli France EM/EA 16.36 13.66
CBI Orient SAS France EM/EA 16.36 13.66
CBI Express SAS France EM/EA 16.36 13.66
Kombon France EM/EA 17.51 14.62
Jouron Belgium EM/EA 17.51 14.62
Foncière Gand Cathédrale Belgium EM/EA 17.51 14.62
Foncière IGK Belgium EM/EA 17.51 14.62
Forsmint Investments Poland FC 52.53 43.86
Cerstook Investments Poland FC 52.53 43.86
Noxwood Investments Poland FC 52.53 43.86
Redwen Investments Poland FC 52.53 43.86
Sardobal Investments Poland FC 52.53 43.86
Kilmainham Property Holding Ireland FC 52.53 43.86
Thormont Ltd Ireland FC 52.53 43.86
Honeypool Ireland FC 52.53 43.86
SC CZECH AAD Czech Republic FC 52.53 43.86
New‑York Palace Propco Hungary FC 52.53 43.86




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 355
4 Financial information
Notes to the consolidated financial statements




Consolidation
195 companies in the Hotels in Europe segment Country Method % interest in 2024 % interest in 2023
Hotel Plaza SAS France FC 52.53 43.86
Palazzo Naiadi Rome Propco Italie FC 52.53 43.86
Palazzo Gaddi Florence Propco Italie FC 52.53 43.86
Bellini Venice Propco Italie FC 52.53 43.86
Dei Dogi Venice Propco Italie FC 52.53 43.86
WiZiU AD France FC 52.53 43.86
WiZiU CP France FC 52.53 43.86
WiZiU GHB France FC 52.53 43.86
WiZiU HDB France FC 52.53 43.86
WiZiU HG France FC 52.53 43.86
WiZiU HIR France FC 52.53 43.86
WiZiU SAS France FC 52.53 43.86
Roco Italy Hodco S.r.l Italie FC 52.53 43.86
OPCO 2 Bruges NV Belgium FC 52.53 43.86
Wotton House Properties Opco Limited United Kingdom FC 52.53 43.86
Lagonda York Opco Limited United Kingdom FC 52.53 43.86
Lagonda Leeds Opco Limited United Kingdom FC 52.53 43.86
Iris Berlin Gmbh Germany Disposed of 0.00 8.70
Opco Hôtel Newa Dresden Betriebs (Pullman) Germany Disposed of 0.00 41.63
Bardiomar Spain Disposed of 0.00 43.86
Foncière Bruxelles Sainte Catherine Belgium Disposed of 0.00 14.62
(1) Luxembourg companies with assets operated in Germany

The registered office of the parent company Covivio Hotels and its main fully consolidated French subsidiaries is located at 10, rue de
Madrid – 75008 Paris. The registered office of its main Luxembourg subsidiaries is located at 21 avenue de la Gare, L‑1611 Luxembourg.

Consolidation
141 companies in the German Residential segment Country Method % interest in 2024 % interest in 2023
Covivio Immobilien SE (parent company) 100% controlled Germany FC 61.70 61.70
Covivio Management Services GmbH & Co. KG Germany FC 65.53 0.00
Covivio Immobilien Finance AG. Germany FC 61.70 0.00
Covivio Immobilien Germany FC 61.70 61.70
Covivio Lux Residential Germany FC 65.57 65.57
Covivio Valore 4 Germany FC 65.57 65.57
Covivio Wohnen Verwaltungs Germany FC 61.70 61.70
Covivio Grundstücks Germany FC 61.70 61.70
Covivio Grundvermögen Germany FC 61.70 61.70
Covivio Wohnen Service Germany FC 61.70 61.70
Covivio Wohnen Germany FC 61.70 61.70
Covivio Gesellschaft für Wohnen Datteln Germany FC 65.57 65.57
Covivio Stadthaus Germany FC 65.57 65.57
Covivio Wohnbau Germany FC 65.57 65.57
Covivio Wohnungsgesellechaft GmbH Dümpten Germany FC 65.57 65.57
Covivio Berolinum 2 Austria FC 65.57 65.57
Covivio Berolinum 3 Austria FC 65.57 65.57
Covivio Berolinum 1 Austria FC 65.57 65.57
Covivio Remscheid Germany FC 65.57 65.57
Covivio Valore 6 Germany FC 65.57 65.57
Covivio Holding Germany FC 100.00 100.00
Covivio Berlin 67 GmbH Germany FC 65.57 65.57




356 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
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Notes to the consolidated financial statements




Consolidation
141 companies in the German Residential segment Country Method % interest in 2024 % interest in 2023
Covivio Berlin 78 GmbH Germany FC 65.57 65.57
Covivio Berlin 79 GmbH Germany FC 65.57 65.57
Covivio Dresden GmbH Austria FC 65.57 65.57
Covivio Berlin I SARL Germany FC 65.57 65.57
Covivio Berlin V SARL Germany FC 65.57 65.57
Covivio Berlin C GmbH Germany FC 65.57 65.57
Covivio Dansk Holding Aps Denmark FC 61.70 61.70
Covivio Dansk L Aps Denmark FC 65.57 65.57
Covivio Berlin Prime Germany FC 31.51 65.57
Berlin Prime Commercial Germany FC 65.57 65.57
Acopio Germany FC 100.00 100.00
Covivio Hambourg Holding ApS Denmark FC 65.57 65.57
Covivio Hambourg 1 ApS Denmark FC 65.57 65.57
Covivio Hambourg 2 ApS Denmark FC 65.57 65.57
Covivio Hambourg 3 ApS Denmark FC 65.57 65.57
Covivio Hambourg 4 ApS Denmark FC 65.57 65.57
Covivio Arian Germany FC 65.57 65.57
Covivio Bennet Germany FC 65.57 65.57
Covivio Marien‑Carré Germany FC 65.57 65.57
Covivio Berlin IV ApS Denmark FC 61.70 61.70
Covivio Berolina Verwaltungs GmbH Austria FC 65.57 65.57
Residenz Berolina GmbH & Co KG Austria FC 67.33 67.33
Covivio Quadrigua IV GmbH Germany FC 65.57 65.57

4
Real Property Versicherungsmakler Germany FC 61.70 61.70
Covivio Quadrigua 15 Germany FC 69.05 69.05
Covivio Quadrigua 45 Germany FC 69.05 69.05
Covivio Quadrigua 36 Germany FC 69.05 69.05
Covivio Quadrigua 46 Germany FC 69.05 69.05
Covivio Quadrigua 40 Germany FC 69.05 69.05
Covivio Quadrigua 47 Germany FC 69.05 69.05
Covivio Quadrigua 48 Germany FC 69.05 69.05
Covivio Fischerinsel Germany FC 65.57 65.57
Covivio Berlin Home Germany FC 65.57 65.57
Amber Properties Sarl Germany FC 65.57 65.57
Covivio Gettmore Luxembourg FC 65.57 65.57
Saturn Properties Sarl Germany FC 65.57 65.57
Venus Properties Sarl Germany FC 65.57 65.57
Covivio Vinetree Luxembourg FC 65.57 65.57
Acopio Facility Germany FC 65.53 65.53
Covivio Rehbergen Germany FC 65.57 65.57
Covivio Handlesliegenschaften Germany FC 65.57 65.57
Covivio Alexandrinenstrasse Germany FC 65.57 65.57
Covivio Spree Wohnen 1 Germany FC 65.57 65.57
Covivio Spree Wohnen 6 Germany FC 65.57 65.57
Covivio Spree Wohnen 7 Germany FC 65.57 65.57
Covivio Spree Wohnen 8 Germany FC 65.57 65.57
Nordens Immobilien III Germany FC 65.57 65.57
Montana‑Portfolio Germany FC 65.57 65.57
Covivio Cantianstrasse 18 Grundbesitz Germany FC 65.57 65.57




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 357
4 Financial information
Notes to the consolidated financial statements




Consolidation
141 companies in the German Residential segment Country Method % interest in 2024 % interest in 2023
Covivio Konstanzer Str. 54/Zahringerstr. 28, 28a Grundbesitz. Germany FC 61.70 65.57
Covivio Mariend. Damm 28 Germany FC 65.57 65.57
Covivio Markstrasse 3 Grundbesitz Germany FC 65.57 65.57
Covivio Schnellerstrasse 44 Grundbesitz Germany FC 65.57 65.57
Covivio Schnönwalder Str.69 Grundbesitz Germany FC 65.57 65.57
Covivio Schulstrasse 16/17.Grundbesitz Germany FC 65.57 65.57
Covivio Sophie‑Charlotten Strasse31,32 Grundbesitz Germany FC 65.57 65.57
Covivio Zelterstrasse 3 Grundbesitz Germany FC 65.57 65.57
Covivio Zinshäuser Alpha Germany FC 65.57 65.57
Covivio Zinshäuser Gamma Germany FC 65.57 65.57
Second Ragland Germany FC 65.57 65.57
Seed Portfollio 2 Germany FC 65.57 65.57
Erz 1 Germany FC 65.57 65.57
Covivio Berlin 9 Germany FC 65.57 65.57
Erz 2 Germany FC 65.57 65.57
Covivio Berlin 8 Germany FC 65.57 65.57
Covivio Selectimmo.de Germany FC 65.57 65.57
Covivio Prenzlauer Promenade 49 Besitzgesellschaft Germany FC 65.57 65.57
Meco Bau Germany FC 61.70 61.70
Covivio Blankenburger Str. Germany FC 65.57 65.57
Covivio Immobilien Financing Germany FC 65.57 65.57
Covivio Treskowallee 202 Entwicklungsgesel Germany FC 65.57 65.57
Covivio Hathor Berlin Germany FC 65.57 65.57
Covivio Rhenania 1 Germany FC 65.57 65.57
Covivio Prime Financing Germany FC 61.70 61.70
Covivio Grundbesitz NRW Germany FC 65.57 65.57
Covivio Eiger II Germany FC 65.57 65.57
Covivio Southern Living Grundbesitz Germany FC 65.57 65.57
Covivio Grundbesitz NRW 2 Germany FC 65.57 65.57
Covivio Buchstrasse 6 Fehmarner Str. 14 Germany FC 65.57 65.57
Covivio Erkstrasse 20 Germany FC 65.57 65.57
Covivio Martin Opitz Strasse 5 Germany FC 65.57 65.57
Covivio Kurstrasse 23 Germany FC 65.57 65.57
Covivio Pankstrasse 55 Verwaltungs Germany FC 65.57 65.57
Covivio Grospiusstrasse 4 Germany FC 65.57 65.57
Covivio Grundbesitz Schillerstrasse 10 Germany FC 65.57 65.57
Covivio Grundbesitz Firstrasse 22 Germany FC 65.57 65.57
Covivio Lindauer Alee 20 GmbH Germany FC 65.57 65.57
Covivio Berlin 19 Holding GmbH Germany FC 65.57 65.57
Covivio Berlin Alpha GmbH Germany FC 65.57 65.57
Covivio Berlin Beta GmbH Germany FC 65.57 65.57
Covivio Berlin Gamma GmbH Germany FC 65.57 65.57
Covivio Berlin Delta GmbH Germany FC 65.57 65.57
Covivio Berlin Epsilon GmbH Germany FC 65.57 65.57
Covivio Berlin Zeta GmbH Germany FC 65.57 65.57
Covivio Berlin Eta GmbH Germany FC 65.57 65.57
Covivio Berlin Theta GmbH Germany FC 65.57 65.57
Covivio Berlin Iota GmbH Germany FC 65.57 65.57




358 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Notes to the consolidated financial statements




Consolidation
141 companies in the German Residential segment Country Method % interest in 2024 % interest in 2023
Covivio Berlin Kappa GmbH Germany FC 65.57 65.57
Covivio Berlin Lambda GmbH Germany FC 65.57 65.57
Covivio Berlin My GmbH Germany FC 65.57 65.57
Covivio Berlin Xi GmbH Germany FC 65.57 65.57
Covivio Berlin Omicron GmbH Germany FC 65.57 65.57
Covivio Berlin Rho GmbH Germany FC 65.57 65.57
Covivio Berlin Sigma GmbH Germany FC 65.57 65.57
Covivio Berlin Tau GmbH Germany FC 65.57 65.57
Covivio Berlin Ypsilon GmbH Germany FC 65.57 65.57
Covivio Akragas Immobilien GmbH Germany FC 69.05 69.05
Covivio Gustav‑Müller‑Straße 34 GmbH Germany FC 61.70 61.70
Covivio Alemannenstraße 18 GmbH Germany FC 61.70 61.70
Covivio Graefestraße 37 GmbH Germany FC 61.70 61.70
Covivio Detmolder Straße 47 GmbH Germany FC 61.70 61.70
Covivio Brandenburgische Straße 71 GmbH Germany FC 61.70 61.70
Covivio Dominicusstraße 34 GmbH Germany FC 61.70 61.70
Covivio Richard‑Wagner‑Straße 5 GmbH Germany FC 61.70 61.70
Covivio Elbestraße 19 GmbH Germany FC 61.70 61.70
Covivio Kulmer Straße 11 GmbH Germany FC 61.70 61.70
Covivio Klixstraße 31 GmbH Germany FC 61.70 61.70
Covivio Leinestraße 21 GmbH Germany FC 61.70 61.70
Covivio Kiehlufer 39 GmbH Germany FC 61.70 61.70
Covivio Development Germany Merged 0.00 61.70

4
Best Place Living Germany Disposed of 0.00 31.47


The registered office of the parent company Covivio Immobilien SE is at Essener Strasse 66, 46047 Oberhausen.

Consolidation
6 companies in the Other segment (Car Parks, Services) Country Method % interest in 2024 % interest in 2023
1 car parks company:
Trinité France FC 100.00 100.00
5 services companies:
Fédération des Assurances Covivio France FC 85.00 0.00
Covivio Hôtels Gestion France FC 100.00 100.00
Covivio Property SNC France FC 100.00 100.00
Covivio Développement France FC 100.00 100.00
Covivio SGP France FC 100.00 100.00
Covivio Proptech France Merged 0.00 100.00
FC: Full consolidation
EM/EA: Equity Method – Affiliates.
EM/JV: Equity Method – Joint Ventures.
N. NC: Non Consolidated



There are 452 companies in the Group, including 399 fully consolidated companies and 53 equity affiliates.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 359
4 Financial information
Notes to the consolidated financial statements




4.2.3.4 Evaluation of control
Considering the rules of governance that grant Covivio powers Covivio Alexanderplatz SARL (consolidated structured
giving it the ability to affect asset yields, the following entity)
companies are fully consolidated.
Covivio Alexanderplatz SARL was 55% held by Covivio as of
SNC Latécoère and Latécoère 2 (consolidated structured December 31, 2024 and fully consolidated. The partnership with
entities) Covéa (25%) and Generali Vie (20%) was set up in June 2021 as
part of the Alexanderplatz project in Berlin. Delivery of this
SCI Latécoère and Latécoère 2 were 50.1% held by Covivio as at
project is scheduled for April 2027. The construction of the
December 31, 2024 and fully consolidated. The partnership with
building is carried out as part of a CPI between Covivio
the Crédit Agricole Assurances Group (49.9%) was established in
Alexanderplatz and Covivio Construction GmbH, wholly owned
2012 and 2015 as part of the Dassault Systems Campus project
by Covivio.
and its extension, in Vélizy. Covivio signed a draft agreement to
extend the Dassault Systèmes campus through the construction Covivio Berlin Prime SAS (consolidated structured entity)
of a new 27,600 m2 building and the signing of new leases. Covivio Berlin Prime SAS is 51% held by Covivio Immobilien, a
These leases started to run in May 2023 following delivery of the controlled subsidiary of Covivio as at December 31, 2024, and is
extension. fully consolidated. The partnership with CDC (49%) was set up as
of June 2024. Covivio Immobilien is responsible for property
SCIs of 9 and 15 rue des Cuirassiers (consolidated management, asset management, the asset rotation policy and
structured entities) the day‑to‑day management of the company.
As at December 31, 2024, the SCIs of 9 and 15 rue des Cuirassiers The following companies are consolidated by the equity
were 50.1% held by Covivio and fully consolidated. The method:
partnership with Assurances du Crédit Mutuel (49.9%) was
created in early December 2017 as part of the Silex 1 and Silex 2 SCI Lenovilla (joint venture)
office projects in Lyon Part‑Dieu. Delivery of the Silex 2 project As at December 31, 2024, Lenovilla was 50.09% held by Covivio
took place in early July 2021. and consolidated according to the equity method. The
SAS 6 rue Fructidor (consolidated structured entities) partnership with the Crédit Agricole Assurances Group (49.91%)
was established in January 2013 as part of the New Vélizy
As at December 31, 2024, the company 6 rue Fructidor was 50.1% (Thalès Campus) project. The shareholder agreement stipulates
held by Covivio and fully consolidated. that decisions be made unanimously.
The partnership with Crédit Agricole Assurances was set up in
SCI Cœur d’Orly Bureaux (joint venture)
October 2019 as part of the Paris Saint Ouen So Pop project,
located on the border between Paris and Saint‑Ouen. SCI Cœur d’Orly Bureaux was 50% held by Covivio and 50% by
Aéroports de Paris as at December 31, 2024 and consolidated by
Construction work was completed on a building as part of a CPI the equity method. On March 10, 2008, the shareholders signed
signed on October 29, 2019 by Fructidor and Fructipromo. The a memorandum of understanding, subsequently amended by a
project was delivered on September 16, 2022. succession of deeds and by partnership agreements which set
out the partners’ rights and obligations with respect to SCI
SCI N2 Batignolles, Hôtel N2 and SNC Batignolles Promo
Cœur d’Orly Bureaux.
(consolidated structured entities)
SCI N2 Batignolles and SNC Batignolles Promo were 50% held by Fondo Porta Romana
Covivio as at December 31, 2024 and fully consolidated. Fondo Porta Romana is 43.80% owned by Covivio, 51.8% by
COIMA and 4.4% by Prada as at December 31, 2024 and is
As at December 31, 2024, Hôtel N2 was 50.1% held by Covivio and
consolidated using the equity method. Shareholders are bound
fully consolidated.
by a memorandum of understanding specifying the fund’s
The partnership with Assurances du Crédit Mutuel (50%) was set governance rules: no single shareholder can make a key
up in 2018 as part of the Paris N2 StreamBuilding development management decision (implementation of an Advisory
project located in the Clichy Batignolles ZAC (development zone) Committee ruling by a majority of five out of six members) or
in the 17th district of Paris. The delivery took place on September modify the rules of the fund (implementation of a qualified
27, 2022. majority).

SNC Batignolles Promo is 50% owned by Hines.




360 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Notes to the consolidated financial statements




4.2.4 Significant events during the fiscal year
Significant events during the period were as follows:

4.2.4.1 Macroeconomic environment 4.2.4.3 Italy Offices
Slowdown in investment market and development Rental income was up slightly, driven by indexation and
The investment market has been slowed down significantly since deliveries, which offset disposals.
2023 by the rise in interest rates pending their stabilisation. Some Disposals (€101 million – profit on disposal net of fees: +
fund managers are facing withdrawal requests. The property €2 million) and assets held for sale (€217 million)
development business was also strongly impacted, resulting in a
decrease in construction starts and reservations. The Group sold 12 assets, for a total amount of €101 million,
generating profit on disposal of +€2 million. As of December 31,
Inflation 2024, assets under promise amounted to €217 million and
2024 was marked by a deceleration in inflation, which fell below included seven assets including the Symbiosis G + H building, an
2% at the end of the year. The effect of the volatility of energy asset under development pre‑let to Moncler.
costs is limited for Covivio due to rent revision clauses (or Assets under development
indexation) or the re‑invoicing of these costs to tenants. The
increase in the cost of construction materials is included in During the second half of the year, the assets of Rozzano and
Covivio’s investment policy and in the monitoring of the budget The Sign D were delivered. The main developments underway
for real estate development operations. are Corso Italia and the Symbiosis complex, both located in
Milan.
Interest rates
Refinancing of Central Bank debt (Telecom portfolio)
After a historic increase in interest rates over the last two years, a
turnaround in long rates was apparent this year. Short‑term rates The Central debt was refinanced during the first half of the year,
(Euribor 3M) fell more sharply, following the ECB’s rate cuts since accompanied by a reduction in the refinanced nominal amount
the beginning of June. The interest‑rate risk management policy to €250m. This amounted to €210 million at the close, compared
(note 4.2.2.5) enables Covivio to hedge against the risk of an to €300 million as at December 31, 2023. In October the Group
increase in the interest rates of its variable‑rate debt. repaid a maturing bond issue with a nominal value of €300
million.
4.2.4.2 France Offices
4.2.4.4 Hotels
The year was marked by stable rental income thanks to an
improvement in the occupancy rate and the effect of indexation, Major reinforcement in the hotel sector
which offset the effect of disposals. On April 19, 2024, Covivio and Generali finalised the contribution
of 8.3% of the share capital of Covivio Hotels held by Generali in
Disposals of assets (€80 million – profit or loss
on disposals: -€6 million) and assets held for sale (€5
exchange for new Covivio shares. The subsequent public 4
exchange offer brought an additional 0.35% of the share capital
million) of Covivio Hotels. Covivio now holds 52.53% of the share capital
During the year, the Group mainly sold an Offices asset in the and voting rights of Covivio Hotels. This transaction is part of a
Paris region for €49 million, generating a breakeven net income strategic move to rebalance the portfolio, increasing exposure to
from disposal, and twelve other non‑core assets, with values of hotels (to 20% of Covivio's portfolio vs 17% at the end of 2023), a
less than €8 million. As of December 31, 2024, three assets sector that has proved its ability to outperform inflation and
remained classified as assets held for sale for a total amount of GDP growth over a long period, and which offers promising
€5 million. growth prospects.

Assets under development Asset swaps with AccorInvest
The asset development programme is presented in note 4.2.5.1.4. In November 2024, Covivio and AccorInvest finalised the
operation to consolidate the ownership of the premises and
The first half of 2024 was marked by the delivery of L'Atelier, business assets of their hotels for a total exchange value of
Covivio’s new European headquarters operated by Wellio. The nearly €800 million. At the end of this transaction initiated at the
main developments underway are the refurbishment of Parisian end of 2023, Covivio acquires full ownership (Operating
buildings (Grands Boulevards and Monceau) and the Properties) of 43 hotels located in France, Belgium and Germany
construction of Thalès 2 in Meudon. and sells to AccorInvest 16 hotels located in the same countries.
Financing This transaction led to the reclassification of the related hotel
During the year, Covivio and its France Offices subsidiaries did properties, in the amount of €550 million from investment
not carry out any significant refinancing operations. properties valued at fair value to operating properties
recognized at amortized cost. The amortization impact of this
reclassification over the period is €4 million.
These hotels are operated under the Accor brand under
franchise agreements or operated under management
contracts with third‑party companies, and 14 are operated
directly by WiZiu, the hotel management platform, a subsidiary
of Covivio Hotels.
The preliminary allocation of the purchase price is presented in
Note 4.2.5.1 Goodwill in the paragraph Accounting for business
combinations – Acquisition of business goodwill from
AccorInvest.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 361
4 Financial information
Notes to the consolidated financial statements




Disposals of assets (€360 million – profit on disposals + Continued dynamism of activity
€7 million) and assets held for sale (€69 million) The year was marked by:
The Group, under its agreement with AccorInvest, sold 10
● an increase in rental income at variable rent for €6.2 million
consolidated assets. The Group also sold 10 hotels in France, 4
and the effect of indexation on fixed rents for €6.8 million;
assets in Germany, 2 assets in Spain and Poland and 3 stores in
France. ● the €7.9 million increase in the EBITDA of hotels under
management, linked to the acquisition of hotel operating
Refinancing and redemption companies from AccorInvest at the end of November
On May 15, 2024, the Group, via its subsidiary Covivio Hotels, (+€5 million), organic growth in Germany, and the dynamism of
issued a green bond of €500 million with a maturity of 9 years. Le Méridien Nice
Over the period, Covivio Hotels partially repaid its GBP debt for
£130 million (approximately €150 million), reducing the nominal 4.2.4.5 German Residential
value of the group’s GBP debt to £270 million. Refinancing and redemption
The Group, via its subsidiary Covivio Immobilien, secured more
than €290 million in mortgage refinancing.

Disposals of assets (€45 million – profit on disposals:
+€2 million) and assets held for sale (€10 million)




362 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Notes to the consolidated financial statements




4.2.5 Notes related to the statement of financial position


4.2.5 Notes related to the statement of financial position
4.2.5.1 Goodwill
Accounting principles The prospective additional costs are appraised at fair value at
An entity must determine whether a transaction or other event the acquisition date. They are definitely appraised in the 12
constitutes a business combination within the meaning of the months following the acquisition. The subsequent change of
definition of IFRS 3, which states that a company is an integrated these additional costs is recorded in the income statement.
set of activities and assets that can be operated and managed After its initial recognition, the goodwill is subject to an
for the purpose of providing goods or services to clients, impairment test at least once a year. The impairment test
generating investment income (such as dividends or interest) or consists in comparing the net book value of the intangible and
generating other income from ordinary activities. tangible fixed assets and goodwill related to the valuation of the
In this case, the acquisition cost is set at the fair value on the Hotel Operating properties made by the real estate appraisers.
date of the exchange of the assets and liabilities and equity These tests did not lead to the recognition of impairment
instruments issued for the purpose of acquiring the entity. charges on the operating properties for the fiscal year.
Goodwill is recognized as an asset for the surplus of the If the Group concludes that the transaction is not a business
acquisition cost on the portion of the buyer’s interest in the fair combination, then it recognises the transaction as an acquisition
value of the assets and liabilities acquired, net of any deferred of assets and applies the standards appropriate to acquired
taxes. Negative goodwill is recorded in the income statement. assets.
To determine whether a transaction is a business combination, Costs related to the acquisition categorised under business
the Group considers in particular whether an integrated set of combinations are recognized as expenses in accordance with
activities and assets is acquired in addition to real estate and IFRS 3 under “Income from changes in consolidation scope” in
whether this set comprises at least one input and a substantial the income statement. The costs associated with an acquisition
process which, together, contribute significantly to the capacity that does not qualify as a business combination are an integral
to generate outputs. part of the acquired assets.

New Disposals,
(In € million) 31/12/2023 consolidation scrapping Write‑downs Transfers Others 31/12/2024
Gross vakues 230.3 210.1 -6.2 0.0 0.0 0.0 434.1
Depreciation/Impairment -112.9 0.0 3.7 0.0 0.0 0.0 -109.2
GOODWILL 117.4 210.1 -2.5 0.0 0.0 0.0 325.0



4
Goodwill corresponds to business assets acquired from hotels under management.
The acquisition from AccorInvest of 25 fully consolidated business assets led to the recognition of goodwill of €210 million, €185 million
for 19 business assets acquired in France, and €25 million for 6 business assets acquired in Belgium. The disposal of an asset in
Germany led to the outflow of a net amount of €2.5 million of goodwill.

As at December 31, 2023, the change in goodwill was as follows:
New Disposals,
(In € million) 31/12/2022 consolidation scrapping Write‑downs Transfers Others 31/12/2023
Gross values 234.9 0.0 0.0 0.0 -4.6 0.0 230.3
Depreciation/Impairment -114.8 0.0 0.0 -2.7 4.6 0.0 -112.9
GOODWILL 120.1 0.0 0.0 -2.7 0.0 0.0 117.4



Accounting for business combinations - In total, the consolidation operations on Covivio Hotels
Acquisition of business goodwill from AccorInvest (consolidated portfolio) and joint ventures (investments in
equity‑accounted companies) resulted in a value of hotel
On November 29, 2024, Covivio Hotels acquired from AccorInvest
properties sold by Covivio Hotels and its partners of €369 million
and its subsidiaries 100% of the shares of companies that hold
(total value), equivalent to that of the business held and
hotel operating companies previously owned by the Covivio
operated by the companies whose shares were acquired. The
Hotels group.
acquisition price was settled by offsetting seller credits from the
The operation concerns the acquisition by Covivio Hotels (and its sale of properties to AccorInvest. The acquisition price amounts
partners for the 2 joint ventures) of 43 hotel operating to €241.2 million for the 24 consolidated businesses acquired.
companies – allowing the consolidation of these hotels, which
The transaction with AccorInvest enables Covivio to strengthen
will be owned and operated by Covivio Hotels – in exchange for
its hotel presence in areas with a strong tourist appeal and
the transfer to AccorInvest of 16 other hotel property companies,
benefiting from significant value creation potential through
which will then be owned and operated by AccorInvest.
repositioning and management optimisation work.




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Fair value measurement of identifiable assets and liabilities acquired in business combinations (IFRS 3)
The amounts by category of assets and liabilities recognized at the acquisition date of fully consolidated companies are presented
below:

(In € million) 29/11/2024
Intangible fixed assets 0.2
Other tangible fixed assets 38.8
Other non‑current assets 0.2
Non‑current assets 39.1
Trade receivables 3.1
Other receivables 10.1
Cash and cash equivalents 21.1
Current assets 34.3
TOTAL ASSETS 73.4


Shareholders’ equity Group Share 31.1
Non‑current financial liabilities 0.0
Provisions 3.5
Other non‑current liabilities 0.0
Non‑current liabilities 3.5
Current financial liabilities 0.1
Trade payables 14.2
Other payables 24.5
Current liabilities 38.8
TOTAL EQUITY AND LIABILITIES 73.4


Goodwill corresponds to the difference between the total cost of €4.9 million was recognized in acquisition costs on securities in
the business combination (€241.2 million) and the equity acquired the income statement, and are presented in the Net income
(€31.1 million), and amounts to €210.1 million. from changes in scope aggregate.
The revised IFRS 3 provides for a maximum period of 12 months Since their acquisition at end‑November, the acquired entities
from the acquisition date for the final recognition of the contributed €14.7 million to the revenues of hotels under
acquisition: the corrections of the valuations made must be management and -€9.7 million to the operating expenses of
linked to facts and circumstances existing at the acquisition hotels under management. The contribution of hotels under
date. Thus, beyond this 12‑month period, any earn‑out is management to EBITDA was therefore +€5.0 million. These
recognized in profit or loss for the period, unless its counterparty companies also contributed -€0.6 million to depreciation
is an equity instrument. expenses. The contribution to the Group’s net income amounted
to +€1.0 million, net of intragroup billings.
If the transaction had been carried out on January 1, 2024, the
acquired entities would have contributed €173 million of revenue
to Hotels under management, and €60 million of EBITDA.
4.2.5.2 Other intangible fixed assets
Accounting principles
Identifiable intangible fixed assets are amortized on a straight‑line basis over their expected useful lives. Intangible fixed assets
acquired are recorded on the balance sheet at acquisition cost. They mainly include computer software. Software is amortized over a
period of 1 to 10 years.

New
consolidation Disposal, Charges/
(In € million) 31/12/2023 Acquisition scrapping reversals Transfers Others 31/12/2024
Gross values 39.4 0.3 3.4 -7.5 0.0 0.0 -0.1 35.6
Depreciation/Impairment -20.2 -0.2 0.0 7.5 -2.9 0.0 0.1 -15.7
OTHER INTANGIBLE FIXED ASSETS 19.2 0.2 3.4 0.0 -2.9 0.0 0.0 19.9




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4.2.5.3 Other tangible fixed assets
Other tangible fixed assets mainly include corporate equipment, advances paid for projects and technical installations not valued in
real estate appraisals, recognized at amortized cost.

New
consolidation Disposal, Charges /
(In € million) 31/12/23 Acquisition scrapping reversals Transfers Others 31/12/2024
Gross values 90.9 1.0 9.6 -2.3 0.0 51.8 -0.4 150.5
Depreciation/Impairment -35.8 -0.6 0.0 1.6 -7.4 -50.3 0.2 -92.3
OTHER TANGIBLE FIXED ASSETS 55.1 0.4 9.6 -0.8 -7.4 1.5 -0.2 58.2

The amounts transferred are mainly due to a reclassification of the “Technical installations, equipment and tools” account to “Other
tangible assets" account at Covivio Hotels.

4.2.5.4 Real estate portfolio
4.2.5.4.1 Accounting principles 50 to 60
The accounting principles are presented below according to the Buildings years
type of real estate assets (operating properties, investment 10 to 30
properties, investment properties under development and assets General installations and layout of the buildings years
held for sale and right‑of‑use). 3 to 20
4.2.5.4.2 Operating properties (valued at cost) Equipment and furniture years

Accounting principles
These properties, like investment properties, are appraised twice
The buildings occupied or operated by Covivio group employees a year. If the appraisal value of the operating properties is lower
– owner‑occupied buildings – are recognized as operating than the net book value, an impairment loss is recognized. For
properties (office properties occupied by employees, spaces hotels under management, impairment is recognized first on the
used for own Flex Office, hotel real estate managed by the goodwill, then on the value of the tangible fixed assets.
operating properties business).
In accordance with the preferential method proposed by IAS 16,
operating properties are valued at historical cost less
accumulated depreciation and any impairment losses. They are
amortized over their expected useful life according to a
component‑based approach. 4
Acquisition/
Scope Works Disposal, Provisions/
(In € million) 31/12/2023 entry scrapping reversals Transfers Indexation Others 31/12/2024
Operating properties and assets under
management 2,049.0 81.8 41.2 -39.5 0.0 -78.2 0.0 704.1 2,758.4
Right‑of‑use on operating property 77.6 0.0 0.0 0.0 0.0 -12.8 -6.2 0.7 59.4
TOTAL GROSS VALUES 2,126.6 81.8 41.2 - 39.5 0.0 -91.0 -6.2 704.8 2,817.7
Operating properties and assets under
management -561.7 -43.5 0.0 15.3 -89.2 78.0 0.0 -150.9 -752.0
Right‑of‑use assets on operating properties -26.6 0.0 0.0 0.0 -3.0 15.5 3.0 0.0 -11.1
TOTAL DEPRECIATION -588.2 -43.5 0.0 15.3 -92.2 93.5 3.0 -150.9 -763.0
OPERATING PROPERTIES (VALUED AT COST) 1,538.3 38.4 41.2 -24.2 -92.2 2.6 -3.2 553.9 2,054.7



The portfolio valued at the cost of operating properties described in 4.2.4.4. This transaction also led to the
amounted to €2,055 million as at December 31, 2024. This item reclassification of investment properties as operating properties,
includes Flex‑office real estate assets (€342 million), hotels under entered in the “other” column. Worksfor the period corresponds
management (€1,670 million) and corporate assets (€43 million). to the main renovations of the Novotel in Bruges, hotel assets in
Lille, as well as maintenance Works. Disposals correspond to the
Changes in the scope of consolidation correspond mainly to
sale of an asset in Germany.
tangible assets held in hotel operations companies acquired
from AccorInvest as part of the consolidation operation




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On December 31, 2023, the portfolio valued at the cost of the operating properties amounted to €1,538 million:
Acquisition/
Scope Works Disposal, Provisions/
(In € million) 31/12/2022 entry scrapping reversals Transfers Indexation Others 31/12/2023
Operating properties and assets under
management 2,076.8 0.0 44.1 -31.4 0.0 -26.5 0.0 -14.1 2,049.0
Right‑of‑use on operating property 0.0 0.0 0.0 0.0 0.0 61.7 0.0 15.9 77.6
TOTAL GROSS VALUES 2,076.8 0.0 44.1 -31.4 0.0 35.2 0.0 1.8 2,126.6
Operating properties and assets under
management -553.3 0.0 0.0 30.7 -59.6 20.6 0.0 0.0 -561.7
Right‑of‑use assets on operating properties 0.0 0.0 0.0 0.0 -6.4 -20.1 0.0 0.0 -26.6
TOTAL DEPRECIATION -553.3 0.0 0.0 30.7 -66.1 0.5 0.0 0.0 -588.2
OPERATING PROPERTIES (VALUED AT COST) 1,523.6 0.0 44.1 -0.7 -66.1 35.6 0.0 1.8 1,538.3



4.2.5.4.3 Investment properties held for sale (measured ● the discounted cash flow (DCF) method:
at fair value) This method consists of determining the useful value of an
Accounting principles asset by discounting the forecast cash flows that it is likely
Investment properties at fair value to generate over a given time frame. The discount rate is
determined on the basis of the risk‑free rate plus a risk
Investment properties are real‑estate properties held for
premium associated with the asset and defined by
purposes of leasing within the context of operating leases or
comparison with the discount rates applied to cash flows
long‑term capital appreciation (or both). These buildings
generated by similar assets;
represent the majority of the Group’s portfolio.
● For Hotels in Europe, the methodology changes according to
Under the option offered by IAS 40, investment properties are
the type of assets:
assessed at their fair value. Changes in fair value are recorded in
the income statement. Investment property is not amortized. ● the rent capitalisation method is used for restaurants and
Club Med holiday villages,
Valuation missions are carried out in accordance with the Code
of Ethics for SIICs, the Charter for Expert Appraisal in Real Estate ● the DCF method is used for hotels (including the revenue
Valuation and the recommendations of the COB/CNCC working forecasts determined by the appraiser) and Sunparks
group chaired by Mr. Barthès de Ruyther, and internationally in holiday villages;
accordance with the standards promoted by the International
Valuation Standards Council (IVSC) as well as those of the Red ● For Germany Residential, the fair value determined
Book (2014) of the Royal Institution of Chartered Surveyors (RICS). corresponds to:

The real‑estate portfolio directly held by the Group was ● a block value for assets for which no sales strategy has
appraised in full as at December 31, 2024 by independent been developed or which have not been marketed,
real‑estate experts including BNP Real Estate, JLL, CBRE, ● an occupied retail value for assets on which at least one
Cushman, CFE, MKG, REAG, Savills and HVS. Real‑estate experts preliminary sale agreement has been made before the
are also members of the RICS. closing date.
Investment properties were estimated at fair value excluding The valuation method used was the discounted cash flow
and/or including duties, and rents at market value. Estimates method.
were made using the comparative method, the rent
capitalisation method and the discounted future cash flows The resulting values are also compared with the initial yield rate,
method. the monetary values per square metre of comparable
transactions and transactions carried out by the Group.
Investment properties are recorded in the financial statements
at their fair value excluding transfer taxes. The appraisals of real estate assets recognized as investment
properties were carried out taking into account the current
● For France, Italy and Germany Offices, the valuations are macroeconomic environment and its uncertainties, and climate
primarily performed according to two methods: risk based on current practices and Covivio’s carbon trajectory.
● the yield (or income capitalisation) method:
This approach consists of capitalising an annual income,
which, in general, is rental income from occupied assets, with
the possible impact of a reversion potential, and market rent
for vacant assets, taking into account the time needed to
find new tenants, any renovation work and other costs,




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Investment properties under development ● the asset or group of assets is available for immediate sale in
Assets under construction are recognized according to the its current condition, subject only to normal and customary
general fair‑value principle according to the same principles as conditions for the sale of such assets;
those described above for real‑estate investments, except where ● its sale is likely within one year and marketing for the property
it is not possible to determine this fair value on a reliable and has been initiated.
ongoing basis. In such cases, the asset is carried at cost.
For the Covivio group, only assets corresponding to the above
As a result, development programmes and extensions or criteria or for which a sale commitment has been signed are
remodelling of existing assets that are not yet commissioned are classified as assets held for sale.
recognized at their fair value and are treated as investment
properties whenever the administrative and technical fair‑value If a sale commitment exists on the account closing date, the
reliability criteria – i.e. administrative, technical and commercial price of the commitment net of expenses constitutes the fair
criteria – are met. value of the asset held for sale.

In accordance with revised IAS 23, the borrowing cost during a Right‑of‑use (IFRS 16)
period of construction and renovation is included in the cost of In application of IFRS 16, when a movable or immovable asset is
the assets. The capitalized amount is determined on the basis of held under a lease, the lessee is required to recognise a
fees paid for specific borrowings and, where applicable, for right‑of‑use asset and a rental liability, at amortized cost.
financing from general borrowings based on the weighted
average rate of the particular debt. Right‑of‑use assets are included in the items under which the
corresponding underlying assets are presented, if they belonged
Investment properties under development relate to construction there to, namely the items operating properties, other tangible
or refurbishment programmes that fall within the application of fixed assets and investment properties.
IAS 40 (revised).
The lessee depreciates the right‑of‑use on a straight‑line basis
Assets held for sale (IFRS 5) over the term of the lease, except for rights relating to
In accordance with IFRS 5, when Covivio decides to dispose of investment properties, which are measured at fair value.
an asset or group of assets, it classifies them as assets held for
The change in investment properties and assets held for sale is
sale if:
presented in the table below:

Right‑of‑use of Investment
Investment investment properties at fair Investment Assets held for Total Investment
(In € million) properties properties value & dev. properties sale properties
Investment properties as at 31/12/2023 18,786.6 259.9 19,046.4 1,140.0 326.6 20,513.1
Scope entry 0.0 0.0 0.0 0.0 0.0 0.0
Works, acquisitions
Disposals
330.8
-396.6
0.0
0.0
330.8
-396.6
243.2
-7.4 -164.1
6.9 580.9
-568.0
4
Change in fair value -255.8 -1.5 -257.3 -69.6 -3.6 -330.5
Transfers -9.7 -3.5 -13.1 -196.7 216.1 6.2
Indexation, contract modification 0.0 5.5 5.5 0.0 0.0 5.5
Change in exchange rate 23.0 7.7 30.7 0.0 0.1 30.8
Others -549.4 -0.1 -549.5 2.1 -81.0 -628.4
Investment properties as at 31/12/2024 17,929.0 268.0 18,197.0 1,111.6 301.0 19,609.6



The Works line, acquisitions of investment properties mainly includes the acquisition of a hotel in Spain for €81 million, modernisation
and maintenance Works in Germany Residential for €155 million, investments in France Offices for €55 million, €19 million in Hotels and
€17 million in Germany Offices. This line applied to investment properties under development includes €105 million of Works in Italy on
three projects under development, €69 million in France Offices mainly on two projects, and €69 million in Germany Offices also on two
projects.
Right‑of‑use of Total Investment Investment
(In € million) Investment properties investment properties properties at fair value & dev. properties Total
Scope entry 0.0 0.0 0.0 0.0 0.0
Acquisitions 105.5 0.0 105.5 5.2 110.6
Works 224.8 0.0 224.8 216.9 441.7
Capitalized interest 0.5 0.0 0.5 21.2 21.7
TOTAL WORKS, ACQUISITIONS 330.8 0.0 330.8 243.2 574.0




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The Disposals line includes €349 million in Hotel disposals, €100 The Transfers line corresponds to the net balance of assets
million in Italy Offices, €74 million in France Offices and €37 million delivered under new development and under sale agreements.
in Germany Residential. This line also includes exchanges of units
The Foreign exchange variation line is mainly related to the
on assets under development in France Offices for €7 million.
portfolio in the United Kingdom and Hungary.
The Change in fair value line was impacted by the decrease in
The line Other mainly records the reclassification in operating
values in Germany Offices by -€213 million and in Germany
properties of real estate assets for which the business assets was
Residential by -€69 million, France Offices for -€66 million and
acquired from AccorInvest and now constitute operating
Italy Offices for €33 million. The hotel portfolio showed a positive
properties.
change in fair value of +€51 million.


The change in investment properties and assets held for sale as at December 31, 2023 is presented in the table below:
Right‑of‑use of Investment
Investment investment properties at fair Investment Assets held for Investment
(In € million) properties properties value & dev. properties sale properties
Investment properties as at 31/12/2022 21,137.7 253.4 21,391.1 1,573.7 259.4 23,224.2
Scope entry 0.0 0.0 0.0 0.0 0.0 0.0
Works, acquisitions 220.3 0.0 220.3 229.5 2.9 452.7
Disposals -183.7 0.0 -183.7 -187.4 -261.3 -632.4
Change in fair value -2,121.7 -0.8 -2,122.4 -253.5 -61.4 -2,437.3
Transfers -290.9 10.2 -280.8 -222.2 387.0 -115.9
Indexation, contract modification 0.0 0.0 0.0 0.0 0.0 0.0
Change in exchange rate 18.3 18.3 21.0 0.0 0.0 21.0
Others 6.5 -5.6 0.9 0.0 0.0 0.9
Investment properties as at 31/12/2023 18,786.6 259.9 19,046.4 1,140.0 326.6 20,513.1


Details of the “Works, acquisitions” line as at December 31, 2023 are presented in the table below:
Right‑of‑use of Investment properties Investment
(In € million) Investment properties investment properties at fair value & dev. properties Total
Scope entry 0.0 0.0 0.0 0.0 0.0
Acquisitions 81.4 0.0 81.4 0.0 81.4
Works 138.6 0.0 138.6 205.7 344.3
Capitalized interest 0.3 0.0 0.3 23.8 24.1
TOTAL WORKS, ACQUISITIONS 220.3 0.0 220.3 229.5 449.8



4.2.5.4.4 Appraisal parameters
IFRS 13 “fair value measurement” establishes a fair value The fair value measurement of investment properties requires the
hierarchy that categorises the inputs used in valuation use of different valuation methods using unobservable or
techniques into three levels: observable inputs to which some adjustments have been
applied. Accordingly, the Group’s portfolio is mainly categorised
● level 1: the valuation refers to quoted prices (unadjusted) in
as level 3 according to the IFRS 13 fair value hierarchy.
active markets for identical assets or liabilities that the entity
can access at the measurement date; The Group has not identified the best use of an asset as being
different from its current use. Consequently, the application of
● level 2: the valuation refers to valuation methods using inputs
IFRS 13 did not lead to a modification of the assumptions used
that are observable for the asset or liability, either directly or
for the valuation of assets.
indirectly, in an active market;
● level 3: the valuation refers to valuation methods using inputs
that are unobservable in an active market.




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In accordance with IFRS 13, the tables below provide details by operating sector of the ranges of unobservable inputs by business
segment (level 3) used by the real‑estate appraisers:

Offices activity:
Discounted cash
flow rate
Asset value Yield (weighted Discounted cash (weighted
Grouping of similar assets Level (in €M) Yield (min‑max) average) flow rate average)
Paris Centre West Level 3 848.9 3.7% - 4.8% 4.1% 4.8% - 5.8% 5.1%
North Eastern Paris Level 3 600.7 4.7% - 10.2% 6.4% 5.3% - 8.3% 6.8%
Southern Paris Level 3 238.9 4.0% - 4.5% 4.2% 5.0% - 5.5% 5.3%
Western Crescent Level 3 821.2 5.0% - 6.2% 5.6% 5.5% - 7.3% 6.3%
Inner rim Level 3 892.3 5.9% - 7.4% 6.6% 6.5% - 8.8% 7.5%
Outer rim Level 3 25.9 7.5% - 12.5% 7.7% 6.5% - 13.5% 5.7%
Total Paris Regions 3,427.8 3.7% - 12.5% 5.5% 4.8% - 13.5% 6.3%
Major Regional Cities Level 3 421.8 5.5% - 8% 6.0% 6.3% - 8.5% 6.7%
Region Level 3 12.5 6.5% - 9.5% 5.3% 4.5% - 11.5% 5.0%
Total Regions 434.3 5.5% - 9.5% 6.0% 4.5 % - 11.5% 6.7%
Total investment properties 3,862.2
Investment properties under development 434.1
Assets held for sale 4.9
TOTAL FRANCE OFFICES 4,301.2
Milan Level 3 1,706.9 3.4% - 24.8% 5.6% 5.3% - 8.6% 6.7%
Rome Level 3 168.1 3.5% - 6.2% 5.5% 6.6% - 7.5% 7.1%
Others Level 3 649.5 3.1% - 12.3% 7.9% 7.7% - 9.9% 8.3%
Total investment properties 2,524.5 n/a 6.1% 5.3% - 9.9% 7.1%
Investment properties under development Level 3 183.1
TOTAL ITALY OFFICES 2,707.6
Frankfurt Level 3 355.6 5.4% - 7.2% 6.5% 5.3% - 7.0% 5.8%
Hamburg Level 3 214.0 4.2% - 15.7% 5.7% 5.5% - 6.8% 5.3%
Berlin/Düsseldorf/Munich Level 3 64.0 4.2% - 6.1.1% 5.2% 5.0% - 7.0% 5.5% 4
Total investment properties 710.5 4.2% - 15.7% 6.0% 5.0% - 7.0% 5.6%
Investment properties under development Level 3 456.9
Right‑of‑use Level 3 19.8
TOTAL GERMANY OFFICES 1,187.2
TOTAL OFFICES 8,196.0




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Data as at December 31, 2023:


Asset value Yield (min‑max) Yield (weighted Discounted cash Average value
Grouping of similar assets Level (in €M) Total portfolio(1) average) flow rate (in €/m2)
Paris Centre West Level 3 799.0 3.4% - 4.8% 3.9% 4.8% - 5.5% 5.3%
North Eastern Paris Level 3 611.7 4.3% - 8.0% 5.7% 5.8% - 8.3% 6.6%
Southern Paris Level 3 173.3 3.5% - 4.1% 3.9% 5.3% - 5.5% 5.4%
Western Crescent Level 3 848.0 4.7% - 5.8% 5.2% 5.3% - 7.0% 6.2%
Inner rim Level 3 897.8 5.5% - 7.5% 6.1% 6.3% - 9.0% 7.1%
Outer rim Level 3 30.5 7.8% - 11.0% 8.4% 8.5% - 10.3% 9.0%
TOTAL PARIS REGIONS 3,360.2 3.4% - 11.0% 5.2% 4.8% - 10.3% 6.3%
Major Regional Cities Level 3 467.3 5.0% - 8.0% 5.6% 6.3% - 8.5% 6,6%
Region Level 3 16.0 6.0% - 6.0% 6.0% 4.5% - 6.3% 6.5%
Total Regions 483.4 5.0% - 8.0% 5.6% 4.5% - 8.5% 6.6%
Total in investment property 3,843.6
Investment properties under development 331.9
Assets held for sale 115.0
TOTAL FRANCE OFFICES 4,290.4
Milan Level 3 1,705.2 2.1% - 14.0% 5.9% 5.4% - 9.3% 6.9%
Rome Level 3 174.2 3.5% - 12.0% 6,1% 6.8% - 8.3% 7.4%
Others Level 3 544.2 5.5% - 11.4% 7.8% 7.8% - 9.9% 8.3%
Total in investment property 2,423.6 N/A 6,3% 5.4% - 9.9% 7.3%
Investment properties under development Level 3 299.5
TOTAL ITALY OFFICES 2,723.1
Frankfurt Level 3 410.5 4.3% - 5.5% 5.1% 5.6% - 7.2% 6.2%
Hamburg Level 3 251.4 4.7% - 6.1% 5.0% 5.5% - 5.9% 5.6%
Berlin / Düsseldorf / Munich Level 3 166.0 1.9% - 5.3% 3.9% 5.5% - 7.2% 6.0%
Total in investment property 827.9 1.9% - 6.1% 4.8% 5.5% - 7.2% 5.9%
Investment properties under development Level 3 469.7
Right‑of‑use Level 3 16.5
TOTAL GERMANY OFFICES 1,314.1
TOTAL OFFICES 8,327.6




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Residential activity in Germany:
Asset value (in Yield (min‑max) Yield (weighted Discounted cash Average value
Grouping of similar assets Level €M) Total portfolio(1) average) flow rate (in €/m2)
Duisburg Level 3 313.9 4.5% - 6.0% 5.2% 6.5% - 8.0% 1,580
Essen Level 3 806.3 4.6% - 6.6% 5.2% 6.6% - 8.6% 2,043
Mülheim Level 3 224.4 3.6% - 6.0% 5.2% 5.6% - 8.0% 1,709
Oberhausen Level 3 193.0 4.9% - 6.3% 5.5% 6.5% - 8.1% 1,400
Datteln Level 3 145.0 4.2% - 6.2% 5.1% 6.2% - 8.2% 1,251
Berlin Level 3 4,331.2 3% - 6.4% 4.0% 4.5% - 8.4% 3,267
Düsseldorf Level 3 192.8 3.6% - 6.2% 4.3% 5.6% - 8.2% 2,742
Dresden Level 3 411.2 4.1% - 7.2% 4.7% 6.1% - 9.2% 2,090
Leipzig Level 3 138.6 3.7% - 5.4% 4.4% 5.7% - 7.4% 2,001
Hamburg Level 3 528.3 3.3% - 24.6% 4.1% 5.3% - 26.6% 3,546
Others Level 3 128.4 4.5% - 6.3% 5.1% 6.5% - 8.3% 1,829
TOTAL GERMANY RESIDENTIAL 7,413.1 3.0% - 24.6% 4.3% 4.5% - 26.6% 2,592
(1) Including two operating properties in Oberhausen and Berlin at market value.


Data as at 31, December 2023:

Asset value (in Yield (min‑max) Yield (weighted Discounted cash Average value
Grouping of similar assets Level €M) Total portfolio* average) flow rate (in € / m2)
Duisburg Level 3 327.6 3.3% - 5.4% 3,9% 4.8% - 6.9% 1,651
Essen Level 3 781.9 3.2% - 6.3% 3.7% 4.6% - 7.8% 1,985
Mülheim Level 3 223.1 3.4% - 5.7% 4.0% 4.7% - 6.9% 1,710
Oberhausen Level 3 198.1 3.8% - 5.6% 4.1% 4.9% - 6.9% 1,435
Datteln Level 3 157.9 2.3% - 5.0% 3.5% 3.8% - 6.5% 1,376
Berlin Level 3 4,237.1 2.2% - 6.3% 3.2% 4.2% - 8.3% 3,146
Düsseldorf Level 3 199.6 2.8% - 5.5% 3.4% 4.6% - 7.2% 2,844
Dresden Level 3 452.4 2.5% - 4.8% 2.9% 3.8% - 6.3% 2,291
Leipzig Level 3 131.5 2.6% - 4.8% 3.1% 4.1% - 6.3% 1,894
Hamburg Level 3 535.7 2.4% - 4.4% 3.0% 4.2% - 6.2% 3,592 4
Others Level 3 142.0 3.1% - 4.5% 3.8% 4.8% - 5.8% 2,014
TOTAL GERMANY RESIDENTIAL 7,386.9 2.2% - 6.3% 3.3% 3.8% - 8.3% 2,547
(1) Including two operating properties in Oberhausen and Berlin at market value.



Residential activity in Germany - Berlin:
Asset value (in Yield (min‑max) Yield (weighted Discounted cash Average value
Grouping of similar assets Level €M) Total portfolio* average) flow rate (in € / m2)
Mitte Level 3 790.3 3.0% - 5.8% 4.1% 5.0% - 7.8% 3,414
Neukölln Level 3 648.5 3.3% - 5.4% 3.8% 5.3% - 7.4% 3,163
Pankow Level 3 563.5 3.2% - 6.0% 4.0% 5.2% - 7.7% 3,396
Tempelhof‑Schöneberg Level 3 551.0 3.1% - 6.4% 4.0 % 5.1% - 8.4% 3,358
Steglitz‑Zehlendorf Level 3 381.8 3.1% - 5.9% 3.9% 5.1% - 7.9% 3,300
Friedrichshain‑Kreuzberg Level 3 349.3 3.2% - 5.3% 3.8% 5.2% - 7.3% 3,389
Charlottenburg‑Wilmersdorf* Level 3 323.3 3.1% - 5.6% 3.9% 4.5% - 7.6% 3,931
Spandau Level 3 179.0 3.5% - 5.9% 4.4% 5.5% - 7.9% 2,637
Treptow‑Köpenick Level 3 165.2 3.4% - 4.7% 4.0% 5.4% - 6.7% 3,128
Reinickendorf Level 3 136.0 3.1% - 5.3% 4.1% 5.1% - 7.3% 2,624
Berlin outer region Level 3 124.7 4% - 5.7% 4.9% 5.3% - 7.7% 2,771
Lichtenberg Level 3 69.2 3.5% - 6.1% 4.0% 5.5% - 8.1% 3,001
Marzahn‑Hellersdorf Level 3 49.4 3.8% - 4.1% 4.0% 5.8% - 6.1% 2,795
TOTAL BERLIN 4,331.2 3% - 6.4% 4.0% 4.5% - 8.4% 3,267




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Data as at December 31, 2023:


Asset value (in Yield (min‑max) Yield (weighted Discounted cash Average value
Grouping of similar assets Level €M) Total portfolio* average) flow rate (in € / m2)
Mitte Level 3 761.6 2.2% - 5.1% 3.3% 4.2% - 7.1% 3,265
Neukölln Level 3 619.6 2.6% - 4.3% 3.0% 4.6% - 6.2% 3,002
Tempelhof‑Schöneberg Level 3 544.9 2.4% - 6.3% 3.1% 4.4% - 8.3% 3,242
Pankow Level 3 536.1 2.6% - 4.4% 3.3% 4.6% - 6.4% 3,199
Steglitz‑Zehlendorf Level 3 381.1 2.6% - 4.7% 3.0% 4.4% - 6.7% 3,213
Friedrichshain‑Kreuzberg Level 3 359.3 2.4% - 4.2% 3.0% 4.3% - 6.2% 3,293
Charlottenburg‑Wilmersdorf Level 3 304.8 2.5% - 4.4% 3.2% 4.4% - 6.4% 3,662
Spandau Level 3 175.6 3.0% - 4.4% 3.4% 5.0% - 6.0% 2,574
Treptow‑Köpenick Level 3 166.7 2.7% - 4.7% 3.1% 4.7% - 6.7% 3,115
Reinickendorf Level 3 141.8 2,4% - 4,2% 3.1% 4.4% - 6.2% 2,722
Berlin outer region Level 3 124.3 3.0% - 4.9% 3.9% 4.4% - 6.5% 2,720
Lichtenberg Level 3 67.6 2.8% - 4.4% 3.1% 4.7% - 6.4% 2,919
Marzahn‑Hellersdorf Level 3 46.7 2.8% - 3.8% 3.1% 5.0% - 5.8% 2,643
Non‑capitalized development costs Level 3 6.8 n/a n/a n/a n/a
TOTAL BERLIN 4,237.1 2.2% - 6.3% 3.2% 4.2% - 8.3% 3,146


Hotels activity:
Discounted cash
flow rate
Asset value (in Yield (weighted Discounted cash (weighted
Grouping of similar assets Level €M) Yield (min‑max) average) flow rate average)
Germany Level 3 590.9 4.6% - 6.0% 5.4% 5.1% - 7.8% 6.6%
Belgium Level 3 121.5 6.9% - 9.0% 8.6% 9.0% - 11.2% 10.7%
Spain Level 3 641.3 4.3% - 7.5% 5.2% 6.2% - 9.4% 7.1%
France Level 3 957.4 4.5% - 6.5% 5.3% 6.0% - 10% 7.2%
Netherlands Level 3 159.1 5.3% - 8.3% 5.9% 7.3% - 10.3% 7,9%
United Kingdom Level 3 712.1 4.5%- 6.5% 5.1% 6.5% - 8.5% 7.1%
Others Level 3 545.6 5.7% - 7.7% 6.0% 7.9% - 9.5% 8.1%
Hotel lease properties Level 3 3,727.9 4.3% - 9.0% 5.70% 5.1% - 11.2% 7.3%
Retail Level 3 42.5 6.5% - 10% 7.6% 8.5% - 12% 9.6%
Total in investment properties, excluding
development portfolio and right‑of‑use
assets 3,770.5
Investment properties under development Level 3
Right‑of‑use Level 3 248.3
Assets held for sale 0.0
TOTAL HOTELS IN EUROPE 4,018.7




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Data as at December 31, 2023:
Discounted cash
flow rate
Asset value (in Yield (weighted Discounted cash (weighted
Grouping of similar assets Level €M) Yield (min‑max) average) flow rate average)
Germany Level 3 626.9 4.6% -6.0% 5,3% 5.1% - 7.5% 6,5%
Belgium Level 3 205.2 6.1% -8.8% 7.5% 8.4% -10.7% 9.6%
Spain Level 3 636.1 4.2% -7.4% 5,3% 6.1% -9.3% 7.3%
France Level 3 1,668.5 4.4% -8.3% 5,2% 6.0% -8.8% 7.0%
Netherlands Level 3 158.8 5.0% -6.3% 5,6% 7.0% -8.3% 7.6%
United Kingdom Level 3 662.0 4.5% -6.5% 5,1% 6.5% -8.5% 7.1%
Others Level 3 558.9 5.6% -7.5% 6,1% 8.0% -9.4% 8.3%
Hotel lease properties Level 3 4,516.4 4.2% -8.8% 5.5% 5.1% -10.7% 7.3%
Retail Level 3 50.9 7.6% - 8.0% 7.7% 9.5% - 10.4% 9.7%
Total in investment property excluding
development portfolio and right‑of‑use
assets 4,567.3
Investment properties under development Level 3
Right‑of‑use Level 3 243.4
Assets held for sale 6.5
TOTAL HOTELS IN EUROPE 4,817.2


Impact of changes in the yield rate on changes in the fair value of real estate assets, by operating segment
Yield rate
(In € million) Yield(1) -25 bps Yield +25 bps
France Offices 5.6% 187.6 -170.5
Italy Offices 6.1% 101.8 -93.5
Hotels in Europe 5.7% 181.0 -165.0
Germany Residential 4.3% 463.0 -411.6
Germany Offices 6.0% 30.9 -28.5 4
TOTAL 5.2% 964.4 -869.1
(1) Yield on operating portfolio – excl. duties.

● If the yield rate excluding duties drops 25 bps (-0.25 points), the market value excluding duties of the real estate assets will increase
by €964.4million.
● If the yield rate excluding duties increases 25 bps (+0.25 point), the market value excluding duties of the real‑estate assets will
decrease by -€869.1million.




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Impact of changes in the discount rate on changes in the fair value of real estate assets, by operating segment

Discount rate Discount rate
(In € million) -25 bps +25 bps
France Offices 48.8 -44.5
Italy Offices 58.2 -56.8
Hotels in Europe 96.6 -94.0
Germany Residential 209.4 -164.0
Germany Offices 53.9 -49.3
TOTAL 466.9 -408.5


The sensitivity of the value of the assets to changes in the 4.2.5.5 Investments in equity affiliates
discount rate can be assessed as follows:
Accounting principles
● If the discount rate fell by 25 bps (-0.25 points), the market Investments in equity affiliates and joint ventures are recognized
value of the real estate assets excluding duties will increase by the equity method. According to this method, the Group’s
by around +2.4%, or +€467 million; investment in the equity affiliate or the joint venture is initially
● If the discount rate increased by 25 bps (+0.25 points), the recognized at cost, increased or reduced by the changes,
market value of the real estate assets excluding duties will subsequent to the acquisition, in the share of the net assets of
decrease by around -2.1%, or -€409million; the affiliate.
The goodwill related to an equity affiliate or joint venture is
included in the book value of the investment. The share in the
4.2.5.4.5 Reconciliation of portfolio and cash flows earnings for the period is shown in the line item “share in income
The line “acquisitions of tangible and intangible fixed assets” in of equity affiliates”.
the Statement of Cash Flows (-€595.8 million) corresponds mainly
The financial statements of associates and joint ventures are
to investments excluding the impact of depreciation,
prepared for the same accounting period as for the parent
amortization and indexation of leases (-€619.7 million) restated
company, and adjustments are made, where relevant, to adapt
for advances and advanced payments for work on investment
the accounting methods to those of the Covivio Group.
properties under development already paid (-€0.4 million),
corrected for the change in trade payables on fixed assets (+
€25.8 million) and the restatement of step rentals and rent‑free
periods (-€0.4 million).
The “Disposals of tangible and intangible fixed assets” line in the
Statement of cash flows (+€518.8 million) primarily corresponds to
income from disposals as presented in Section 4.2.6.3 “Income
from asset disposals” (+€602.9 million), restated for the change in
receivables on asset disposals (-€66.4 million) and to down
payments on disposals (-€15.8 million).




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4.2.5.5.1 Change investments in companies accounted for under the equity method
Change in
shareholders' Change
(In € million) 31/12/2023 Distribution Net income equity of scope Others 31/12/2024
Shares of jointly controlled companies 132.3 -6.2 7.1 0.0 0.0 0.0 133.2
Securities of companies under significant
influence 242.6 -6.1 15.8 -4.9 13.9 0.0 261.2
INVESTMENTS IN COMPANIES ACCOUNTED FOR
UNDER THE EQUITY METHOD 374.9 -12.3 22.9 -4.9 13.9 0.0 394.4


The investments in equity affiliates as at December 31, 2024 amounted to €394 million, compared with €375 million as at December
31, 2023, i.e. a change of +€20 million.
The change for the period is mainly due to the net income for the period (+€23 million) and the entry of new operating property
companies (+€12 million) and changes in the integration rate of Porta di Romana (+€13.4 million) offset by the distribution of dividends
(-€12.3 million) and the capital reduction in hotels (-€9 million) and Porta di Romana (-€8.1 million).
Of which
Of which distribution
share of net and change
(In € million) % ownership Country 31/12/2023 31/12/2024 Changes income in scope
France Offices
Lenovilla (New Velizy) 50.10% France 61.7 64.2 2.5 6.8 -4.2
Euromarseille (Euromed) 50.00% France 28.6 22.6 -6.0 -4.0 -2.0
Cœur d’Orly (Askia and Belaïa) 50.00% France 28.4 32.8 4.3 4.3 0.0
Italy Offices
Fondo Porta Romana 43.80% Italy 38.0 44.5 6.5 0.7 5.8
Zabarella 2023 Srl 64.74% Italy 13.6 13.6 0.0 0.0 0.0
Hotels in Europe - Leased properties
France,
Belgium,
Iris Holding France 19.90% Germany 21.4 25.6 4.2 2.3 1.9
OPCI IRIS Invest 2010
OPCI Camp Invest
19.90%
19.90%
France
France
32.3
21.0
21.6
21.5
-10.7
0.5
2.8
1.8
-13.4
-1.3
4
Dahlia 20.00% France 21.2 11.5 -9.7 1.6 -11.3
31.15% France,
OPCI Otelli, Jouron, Kombon and 33.33% Belgium 108.7 95.6 -13.0 7.4 -20.4
Hotels in Europe - Operating properties
Jouron (Phoenix) 33.33% Belgium -0.8 -0.8 0.0 -0.8
OPCI Otelli 31.15% France 17.0 17.0 0.0 17.0
SCI Dahlia 20.00% France 11.0 11.0 -0.2 11.3
OPCI IRIS Invest 2010 19.90% France 3.6 3.6 -0.3 3.8
Holdco Phoenix 31.15% France 7.4 7.4 -0.2 7.6
Holdco IRIS Dahlia 20.00% France 4.5 4.5 -0.0 4.6
Iris Belgium 19.90% Belgium -1.9 -1.9 0.0 -1.9
TOTAL 374.9 394.4 19.5 22.9 -3.4




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4.2.5.5.2 Shareholding structure of the main associates and joint ventures
Cœur Group SCI Lenovilla Fondo Porta SCCV Rueil
Direct ownership d'Orly Euromed (New Velizy) Romana Zabarella 2023 Lesseps
Covivio 50.0% 50.0% 50.1% 43.8% 64.7% 50.0%
Non‑Group third parties 50.0% 50.0% 49.9% 56.2% 35.3% 50.0%
Aéroports de Paris 50.0%
Crédit Agricole Assurances 50.0% 49.9%
Carron Cav. Angelo SpA 35.3%
COIMA 51.8%
Prada 4.4%
Emerige Résidentiel 40.0%
France Logis Résidentiel 10.0%
TOTAL 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%


Iris Holding OPCI Iris OPCI OPCI Oteli Kombon Jouron Holdco
Indirect ownership France Invest 2010 Campinvest SCI Dahlia (Phoenix) (Phoenix) (Phoenix) Phoenix
Covivio 10.5% 10.5% 10.5% 10.5% 16.4% 17.5% 17.5% 16.4%
Covivio Hotels 19.9% 19.9% 19.9% 20.0% 31.2% 33.3% 33.3% 31.2%
Non‑Group third parties 80.1% 80.1% 80.1% 80.0% 68.9% 66.7% 66.7% 68.9%
Sogecap 31.2% 33.3% 33.3% 31.2%
Caisse des dépôts
et Consignations 37.7% 33.3% 33.3% 37.7%
Prédica 80.1% 80.1% 68.8% 80.0%
Pacifica 11.3%
TOTAL 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%


4.2.5.5.3 Main financial information of associates
Total
non‑current
liabilities Cost of
Total Cash and excl. Total current the net
Total balance non‑current cash financial liabilities excl. Financial Rental financial Net income
(In € million) sheet assets equivalents debt financial debt liabilities income debt consolidated
Iris Holding France 225.9 185.2 38.6 24.2 2.3 80.2 12.7 -2.9 11.4
OPCI IRIS Invest 2010 185.9 145.2 38.8 - 2.5 56.7 17.1 -2.2 12.7
OPCI Camp Invest 162.0 130.1 27.4 - 0.5 53.2 10.6 -0.0 9.3
SCI Dahlia 185.6 157.8 25.2 -0.0 1.4 71.6 9.8 -1.9 6.7
Iris Dahlia 86.3 40.9 23.5 0.5 28.7 34.6 - -0.0 -0.2
OPCI Otelli, Jouron, Kombon 485.8 426.8 18.1 14.6 3.4 116.7 30.0 -7.9 23.1
Holdco Phoenix 72.8 59.9 5.3 0.5 10.9 37.8 - -0.1 -0.6
Hotels 1,404.4 1,145.9 176.9 39.7 49.7 450.8 80.2 -15.0 62.4
France Offices 606.6 511.9 38.5 6.7 14,2 272.2 30.2 -2.0 14.2
Italy Offices 293.2 245.2 25.2 - 49.0 121.6 — 3.7 1.6




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4.2.5.6 Other financial assets (current and non‑current)
Other financial assets consist of investment‑fund holdings, which Non‑consolidated securities are valued at their fair value, and
cannot be classified as cash or cash equivalents. changes in value are recorded either in other comprehensive
income or in the income statement, depending on the option
These securities are recognized upon acquisition at fair value,
chosen by the Group for each of these securities in accordance
which is generally cost. They are then carried at fair value in the
with IFRS 9. Dividends received are recognized when they have
income statement on the reporting date.
been approved by vote.
The fair value is arrived at on the basis of recognized valuation
At each reporting date, loans are recorded at their amortized
techniques (reference to recent transactions, discounted cash
cost. Moreover, impairment is recognized and recorded on the
flows, etc.). Some securities that cannot be reliably measured at
income statement when there is an objective indication of
fair value are recognized at acquisition cost.
impairment as a result of an event occurring after the initial
recognition of the asset.
(In € million) 31/12/2023 Scope entry Increases Decreases Reclassifications Others 31/12/2024
Loans granted to equity affiliates 93.4 0.0 18.2 -17.7 3.4 0.0 97.3
Non‑consolidated securities 15.5 0.0 -0.2 -3.0 0.0 0.0 12.3
Security deposits 6.1 0.2 0.1 -0.6 -0.9 0.0 4.9
Advanced payments and deposits 2.5 0.0 0.0 0.0 0.0 0.0 2.6
Other financial assets 0.3 0.0 0.0 0.0 46.1 9.5 55.9
TOTAL OTHER NON‑CURRENT FINANCIAL ASSETS 117.8 0.2 18.1 -21.3 48.7 9.5 172.9

Loans granted to equity affiliates amounted to €97 million, up by These are disposals carried out in 2024 for which the balance of
€4 million, due to new loans granted in Hotels. The change in the price is due in more than one year. The balance mainly
non‑consolidated shares is related to the disposal of investments concerns an asset in the Paris region (€39.2 million) and an asset
in Germany Residential. Advances and deposits on acquisitions in the south‑west of France (€6.9 million) and the disposals
of securities correspond to a deposit for the acquisition of shares carried out in Hotels as part of the property consolidation
in a company that will hold a B&B Hotels asset in Portugal. Lastly, operation (€9.5 million).
other financial assets correspond to receivables on disposals.


4.2.5.7 Deferred taxes (assets and liabilities)

4
As at December 31, 2024, the consolidated deferred tax position ● Germany Offices: +€25 million.
showed a deferred tax asset of €68 million (versus €72 million as
These are mainly deferred taxes based on the unrealised capital
at December 31, 2023) and a deferred tax liability of €1,034
gain on the assets held.
million (versus €1,054 million as at December 31, 2023).
The decrease in net deferred tax liabilities (-€15 million) is mainly
The primary contributors to the net balance of deferred tax
due to the decrease in appraisal values in Germany Offices (-€10
liabilities are:
million). The impact on net income is detailed in Section 4.2.6.9.2.
● Germany Residential: -€788 million;
In accordance with IAS 12, deferred tax assets and liabilities are
● Hotels in Europe: -€198 million; offset for each tax entity when they involve taxes paid to the
same tax authority.


Currency Change in
translation shareholders’ Exit from
(In € million) 31/12/2023 P&L change Transfer differences equity the scope 31/12/2024
DTA on temporary differences 19.3 -0.9 -18.1 -0.4 1.1 1.6 2.5
DTA other activities -2.9 4.8 -0.9 0.0 0.0 0.0 1.0
DTA on FV of buildings 10.8 2.9 -7.7 0.0 0.0 0.0 6.1
DTA on FV of derivatives 0.0 1.1 -1.1 0.0 0.0 0.0 -0.0
DTA on tax loss carryforwards 43.0 0.5 14.4 0.0 0.0 0.0 58.0
70.3 8.3 -13.4 -0.4 1.1 1.6 67.6
DTA/DTL Compensation 2.0 -2.0 0.0
TOTAL DTA 72.3 8.3 -15.4 -0.4 1.1 1.6 67.6




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Currency Change in
translation shareholders’ Exit from
(In € million) 31/12/2023 P&L change Transfer differences equity the scope 31/12/2024
DTL on temporary differences 82.3 -1.7 -74.2 -0.4 -0.7 1.6 6.9
DTL other activities 4.0 3.0 2.0 0.0 0.0 0.0 9.0
DTL on FV of buildings 949.2 -3.0 61.1 0.0 0.0 0.0 1,007.2
DTL on FV of derivatives 17.6 -4.5 0.0 0.0 0.0 0.0 13.0
DTL on tax loss carryforwards -1.5 1.2 -2.3 0.0 0.0 0.0 -2.6
1,051.5 -5.1 -13.4 -0.4 -0.7 1.6 1,033.5
DTA/DTL compensation 2.0 -2.0 0.0
TOTAL DTL 1,053.5 -5.1 -15.4 -0.4 -0.7 1.6 1,033.5
NET TOTAL -981.2 13.4 -0.0 0.0 1.8 0.0 -965.9


The non‑recognized tax loss carryforwards, calculated at the In 2023, the non‑recognized tax loss carryforwards, calculated at the
standard rate, amounted to €1,578.5 million as detailed below: standard rate, amounted to €1,744.1 million as detailed below:

Non‑recognized Non‑recognized
Non‑recognized tax loss Non‑recognized tax loss
(In € million) DTA carryforwards (In € million) DTA carryforwards
France Offices 78.4 303.7 France Offices 77.4 299,5
Italy Offices 21.6 107.9 Italy Offices 24.3 121.4
Hotels in Europe 158.9 670.6 Hotels in Europe 183.9 703.0
Germany 12.8 81.9 Germany 33.1 105.2
Belgium 8.4 33.8 Belgium 7.9 31.5
France 46.4 179.6 France 49.9 193.1
Hungary 1.3 14.8 Hungary 0.0 0.0
Luxembourg 89.9 360.3 Luxembourg 93.0 373.1
Others 0.0 0.2 Others 0.0 0.1
Germany Residential 33.6 212.3 Germany Residential 54.2 342.3
Germany Offices 44.9 284.0 Germany Offices 44.0 277.9
TOTAL 337.4 1,578.5 TOTAL 383.7 1,744.1




4.2.5.8 Inventories and work‑in‑progress
Inventories are composed of two classification types: property Inventories are intended to be sold during the normal course of
trading (mainly in Italy, purchase/sale) and real‑estate business. They are recorded at acquisition or production price
development (residential and offices). They are valued at cost. and, as applicable, are depreciated in relation to the sale value
(independent appraisal value).

Scope
(In € million) 31/12/2023 entry Expenses Disposals Write‑downs Transfers Others 31/12/2024
Real‑estate company trading
properties 1.0 0.0 1.1 0.1 -0.1 0.0 -2.1 0.0
Miscellaneous inventories (raw
materials, goods) 2.5 0.5 0.0 0.0 0.0 0.0 -0.1 2.9
Real estate development inventoriies -
France 176.3 0.0 63.5 -75.8 -10.9 -35.8 0.0 117.4
Real estate development inventories -
Germany 127.6 0.0 26.8 -36.5 0.0 22.6 0.0 140.5
TOTAL INVENTORIES
AND WORK‑IN‑PROGRESS 307.5 0.5 91.4 -112.2 -11.0 -13.2 -2.3 260.8




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The balance sheet item “Inventories and work‑in‑progress” Receivables from operating simple lease transactions
groups together assets focused on the real‑estate development For receivables from simple lease transactions, from three
business (€258 million), of which €141 million is from Germany months of unpaid rent, an impairment is recognized. The
Residential and €117 million from France. The balance is impairment rates applied by Covivio group are as follows:
composed of inventories of goods from the Hotels under
management for €3 million. There is no longer anything under ● no impairment provision is recorded for existing or vacated
real‑estate company trading properties as of December 31, 2024. tenants whose receivables are less than three months
overdue;
In France, real‑estate development inventories consist exclusively
of projects to transform office buildings into residential units, or ● 50% of the total amount of receivables for existing tenants
land reserves. The removal of inventories is based on the transfer whose receivables are between three and six months overdue;
of assets to the customer, carried out on a
● 100% of the total amount of receivables for existing tenants
percentage‑of‑completion basis, based on technical and
whose receivables are more than six months overdue;
commercial completion. The decrease in inventory in France is
explained by the change in strategy of an asset (-€36 million) ● 100% of the total amount of receivables for vacated tenants
and net sales of works for the period (-€12 million) and whose receivables are more than three months overdue.
impairment of ongoing projects (-€11 million).
The theoretical impairments arising from the rules above are
The increase in inventories in Germany Residential (+€13 million) is reviewed on a case‑by‑case basis in order to factor in any
linked to the entry into inventory of new projects for €23 million specific situations. Thus, receivables may be impaired even
and net sales of works (-€10 million). before a default is proven.

4.2.5.9 Trade receivables Receivables of hotels under operation are impaired according to
payment deadlines.
Accounting principles
The trade receivables are mainly comprised of receivables from
simple lease transactions and receivables of hotels under
operation. These items are measured at amortized cost. In the
event that the recoverable value is lower than the net book
value, the Group may be required to account for an impairment
charge through profit or loss.

(In € million) 31/12/2024 31/12/2023 Variation
Expenses to be reinvoiced to tenants 207.9 151.8 56.1
Trade receivables and related accounts 81.2 133.0 -51.8
Trade receivables not yet billed 57.7 67.5 -9.7 4
Rent‑free periods 2.0 5.8 -3.8
TOTAL GROSS TRADE RECEIVABLES 348.8 358.0 -9.2
Impairment of trade receivables -23.9 -35.1 11.2
TOTAL NET TRADE RECEIVABLES 324.9 323.0 2.0
The changes in charges to be reinvoiced and trade receivables receivables and related accounts. From 2024, these financial
are mainly related to a change in mapping within the France statements are presented under the heading Customers -
Offices. In 2023, the accounts of invoices to be prepared Expenses to be regularised.
A418000 and A418200 were presented under the heading Trade


Breakdown of trade receivables due:
Past due receivables
Between 90 From 181
Receivables Past due days and days to 1
(In € million) Total not yet due receivables 1 to 90 days 180 days year >1 year
Trade receivables and related accounts 81.2 23.7 57.5 31.8 4.9 3.3 17.5
Impairment of receivables -23.9 -1.3 -22.6 -0.7 -2.3 -3.1 -16.5

The line “Change in working capital requirements on continuing operations” in the Statement of cash flows consists of:

(In € million) 31/12/2024 31/12/2023
Impact of changes in inventories and work in progress 21.9 38.7
Impact of changes in trade & other receivables 1.9 60.9
Impact of changes in trade & other payables 88.5 93.9
CHANGE IN WORKING CAPITAL REQUIREMENTS ON CONTINUING OPERATIONS 112.3 193.5




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 379
4 Financial information
Notes to the consolidated financial statements




4.2.5.10 Cash and cash equivalents
Accounting principles
Cash and cash equivalents include cash, short‑term deposits and money‑market funds. These are short‑term, highly liquid assets that
are easily convertible into a known cash amount, and for which the risk of a change in value is negligible.

(In € million) 31/12/2024 31/12/2023
Cash and cash equivalents 638.9 571.8
Cash at bank 368.0 328.8
TOTAL CASH AND CASH EQUIVALENTS 1,006.8 900.6
Bank loans -0.9 -1.0
NET CASH POSITION 1,005.9 899.6

As at December 31, 2024, the cash equivalents consist mainly of 4.2.5.11 Equity
level 1 standard money‑market collective investment vehicles
(SICAV) and level 2 term deposits in accordance with IFRS 13. Accounting principles
If the Group buys back its own equity instruments (treasury
● Level 1 of the portfolio corresponds to instruments whose price shares), these are deducted from shareholders’ equity. No profit
is listed on an active market for an identical instrument; or loss is recognized in the income statement when Group equity
● Level 2 corresponds to instruments whose fair value is capital instruments are purchased, sold, issued or cancelled.
determined using data other than the prices mentioned for The statement of changes in shareholders’ equity and
Level 1 and observable directly or indirectly (i.e. price‑related movements in the share capital are presented in note 4.1.4.
data).
Covivio’s share capital was composed of 111,623,468 shares
issued and fully paid up with a par value of €3 each, i.e. €335
million as at December 31, 2024. Covivio holds 833,075 treasury
shares.


Changes in the number of shares during the period
Shares
issued Treasury shares Shares outstanding
Number of shares as at December 31, 2023 101,006,389 844,509 100,161,880
Capital increase – dividend in shares 6,638,915
Capital increase – reinforcement in hotels 3,978,164
Treasury shares – liquidity agreement -2,639
Treasury shares – employee award 42,835
Treasury shares – pending allocation -51,630
NUMBER OF SHARES AS AT DECEMBER 31, 2024 111,623,468 833,075 110,790,393


Of the €330.8 million dividend, €254.4 million was paid as a scrip ● offset by the disposal of 49% of Berlin Prime transferring
dividend, taken from premiums, reserves and retained earnings. reserves to non‑controlling interests (+€82 million),
Reserves correspond to the parent company retained earnings
● total comprehensive income for the period (+€132 million),
and reserves, together with reserves from consolidation.
● less payouts for the period (-€160 million).
The change in non‑controlling interests (-€280 million) is mainly
due to:
● the hotel expansion with the acquisition of 8.7% of the share
capital of Covivio Hotels from non‑controlling interests,
reclassifying minority reserves to reserves attributable to
owners of the parent (-€280 million),




380 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Notes to the consolidated financial statements




4.2.5.12 Financial liabilities (current and non‑current)
Financial liabilities include borrowings and other interest‑bearing debt.
At initial recognition, financial liabilities are measured at fair value, minus the transaction costs directly attributable to the issue of the
liability. They are then recognized at amortized cost based on the effective interest rate. The effective rate includes the nominal rate
and actuarial amortization of issue expenses and issue and redemption premiums.
Financial liabilities of less than one year are posted under “Current financial liabilities”.

4.2.5.12.1 Change in financial liabilities and derivatives
31/12/2024

Change in
Change of exchange Other
(In € million) 31/12/2023 Increase Decrease scope rate changes 31/12/2024
Non‑current bank loans 4,973.1 912.8 -578.2 0.0 0.0 -715.4 4,592.4
Other non‑current borrowings 282.9 11.5 -6.3 -9.9 1.1 0.0 279.4
Non‑current commercial paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Securitised loans 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Non‑current bonds (non‑convertible) 4,142.0 500.0 0.0 0.0 0.0 -350.0 4,292.0
Non‑current interest‑bearing loans 9,398.0 1,424.3 -584.4 -9.9 1.1 -1,065.3 9,163.8
Accrued interest 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Non‑current loan issue premiums and costs -73.7 17.3 -18.7 0.0 0.2 2.2 -72.7
Creditor banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Non‑current financial liabilities 9,324.3 1,441.6 -603.1 -9.9 1.3 -1,063.2 9,091.1
Derivative financial instruments - assets -360.4 0.0 0.0 0.0 0.0 45.3 -315.1
Derivative financial instruments - liabilities 116.3 0.0 0.0 0.0 0.0 -14.7 101.6
Non‑current derivative instruments -244.1 0.0 0.0 0.0 0.0 30.7 -213.5
Current bank borrowings 765.7 1.6 -673.5 0.0 0.0 715.4 809.2
Other borrowings
Treasury bills
0.0
260.0
0.0
0.0
0.0
-157.0
0.0
0.0
-0.0
0.0
-0.0
0.0
0.0
103.0
4
Securitised loans 2.1 0.0 0.0 0.0 0.0 0.0 2.1
Current bonds (non‑convertible) 300.0 0.0 -300.0 0.0 0.0 350.0 350.0
Current interest‑bearing loans 1,327.9 1.6 -1,130.5 0.0 -0.0 1,065.4 1,264.3
Accrued interest 71.6 102.6 -81.9 -0.1 0.0 -0.0 92.2
Current loan issue premiums and costs -17.6 3.5 -0.1 0.0 0.0 -2.2 -16.3
Creditor banks 1.0 0.0 0.0 0.1 0.0 -0.2 0.9
Current financial liabilities 1,382.8 107.8 -1,212.5 -0.0 -0.0 1,063.0 1,341.0
Derivative financial instruments - assets -161.7 0.0 0.0 0.0 0.0 55.0 -106.6
Derivative financial instruments - liabilities 68.8 0.0 0.0 0.0 0.0 -18.0 50.8
Current derivatives instruments -92.9 0.0 0.0 0.0 0.0 37.0 -55.9
TOTAL FINANCIAL LIABILITIES AND DERIVATIVES 10,370.2 1,549.4 -1,815.9 -9.9 1.3 67.4 10,162.8




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 381
4 Financial information
Notes to the consolidated financial statements




31/12/2023

Change in
Change of exchange Other
(In € million) 31/12/2022 Increase Decrease scope rate changes 31/12/2023
Non‑current bank loans 5,716.3 533.4 -612.3 0.0 0.0 -664.3 4,973.1
Other non‑current borrowings 280.9 5.8 -3.6 0.0 0.0 -0.1 282.9
Non‑current commercial paper 37.0 0.0 0.0 0.0 0.0 -37.0 0.0
Securitised loans 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Non‑current bonds (non‑convertible) 3,744.0 698.0 0.0 0.0 0.0 -300.0 4,142.0
Non‑current interest‑bearing loans 9,778.2 1,237.2 -615.9 0.0 0.0 -1,001.4 9,398.0
Accrued interest 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Non‑current loan issue premiums and costs -43.0 13.8 -53.6 0.0 0.2 9.1 -73.7
Creditor banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Non‑current financial liabilities 9,735.1 1,251.0 -669.5 0.0 0.0 -992.3 9,324.3
Derivative financial instruments - assets -663.9 0.0 0.0 0.0 0.0 303.5 -360.4
Derivative financial instruments - liabilities 221.6 0.0 0.0 0.0 0.0 -105.3 116.3
Non‑current derivative instruments -442.3 0.0 0.0 0.0 0.0 198.2 -244.1
Current bank borrowings 245.1 16.6 -160.2 0.0 0.0 664.3 765.7
Other current borrowings 0.0 0.0 0.0 0.0 -0.0 0.0 0.0
Current treasury bills 706.0 0.0 -696.0 0.0 0.0 37.0 260.0
Securitised loans 2.1 0.0 0.0 0.0 0.0 0.0 2.1
Current bonds (non‑convertible) 200.0 0.0 -200.0 0.0 0.0 300.0 300.0
Current interest‑bearing loans 1,153.2 229.6 -1,056.2 0.0 0.0 1,001.3 1,327.8
Accrued interest 55.7 83.9 -68.0 0.0 0.0 0.0 71.6
Current loan issue premiums and costs -11.2 2.6 0.0 0.0 0.0 -9.1 -17.6
Creditor banks 34.9 0.0 0.0 0.0 0.0 -33.9 1.0
Current financial liabilities 1,232.6 316.1 -1,124.1 0.0 0.0 958.3 1,382.8
Derivative financial instruments - assets -149.3 0.0 0.0 0.0 0.0 -12.3 -161.7
Derivative financial instruments - liabilities 78.8 0.0 0.0 0.0 0.0 -10.0 68.8
Current derivatives instruments -70.6 0.0 0.0 0.0 0.0 -22.3 -92.9
TOTAL FINANCIAL LIABILITIES AND DERIVATIVES 10,454.8 1,567.1 -1,793.6 0.0 0.0 141.9 10,370.2


4.2.5.12.2 Net financial debt
(In € million) Notes 31/12/2024 31/12/2023 31/12/2022
Gross cash (a) 4.2.5.10 1,006.8 900.6 461.5
Bank overdrafts and current bank borrowings (b) 4.2.5.10 -0.9 -1.0 -34.9
Net cash and cash equivalents (c) = (a) - (b) 1,005.9 899.6 426.6
Of which available net cash and cash equivalents 1,004.2 899.5 425.4
Of which unavailable net cash and cash equivalents 1.7 0.0 1.3
Total short‑term interest‑bearing loans 4.2.5.12.1 10,428.1 10,725.9 10,931.3
Accrued interest 4.2.5.12.1 92.2 71.6 55.7
Gross debt (d) 10,520.2 10,797.5 10,987.0
Amortization of financing costs (e) -89.1 -91.4 -54.2
Net debt (d) - (c) + (e) 9,425.3 9,806.5 10,506.1

The line “Proceeds related to new borrowings” of the statement ● less amortization of new loan issue costs (-€18.7 million).
of cash flows (+€1,410.4 million) mainly corresponds to:
The “Loan repayments” line of the statement of cash flows
● increases in interest‑bearing loans (+€1,426 million) restated for (-€1,734.9 million) mainly corresponds to the decrease in
the impact of net investments abroad and rental liabilities; interest‑bearing loans (-€1,714.9 million) restated for the impact of
net investments abroad and rental liabilities (-€19.9 million).




382 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Notes to the consolidated financial statements




4.2.5.12.3 Breakdown of collateralised bank loans
Outstanding Appraisal Values as Debt as at Date of Initial nominal
(In € million) debt Debt at 31/12/2024(1) 31/12/2024 signature amount Delivery date
France Offices La Défense portfolio 224 29/07/15 280 29/07/25
Telecom portfolio 212 18/02/16 300 30/06/28
Vélizy portfolio 263 2021 295 2029
Lyon portfolio 115 12/07/22 115 12/07/30
> €100 M 814
< €100 M 33
Total France Offices 1,676 847
Italy Offices Telecom portfolio 210 14/05/24 290 14/05/29
Total Italy Offices 903 210
Hotels in Europe
Portfolio B & B 148 20/10/23 150 20/10/30
£400 M - UK Portfolio 326 24/07/18 475 24/07/26
Germany Portfolio 173 30/12/19 178 30/12/29
> €100 M 647
< €100 M 404
Total Hotels Europe 3,123 1,051
Germany Cornerstone acquisition 140 16/06/15 137 30/06/25
Residential
Quadriga acquisition 139 22/03/16 187 31/03/26
Refinancing Indigo, Prime 212 09/07/19 260 30/09/29
Refinancing KG1 134 20/09/19 141 30/09/29
Refinancing KG2 98 26/01/17 140 29/01/27
Refinancing KG4 230 30/03/20 248 29/03/30
Refinancing KG Residential 120 20/11/20 130 15/11/30
Refinancing Arielle/Dresden/
Maria 140 21/05/21 149 15/05/31
Amadeus I financing
Lego acquisition
132
134
27/07/22
20/03/24
146
135
15/07/32
31/03/34
4
Financing Dümpten 129 25/06/24 120 30/06/34
> €100 M 1,607
< €100 M 1,217

Total Germany Residential 7,119 2,825
> €100 M Frankfurt portfolio 130 17/12/19 130 30/12/25
< €100 M 155
Germany Offices Total Germany Offices 497 285
Total collateral 13,319 5,218




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 383
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Notes to the consolidated financial statements




4.2.5.12.4 Breakdown of unrestricted bank loans
Outstanding Appraisal Values as Debt as at Date of Initial nominal
(In € million) debt Debt at 31/12/2024(1) 31/12/2024 signature amount Delivery date
France Offices
Green Bond 500 20/05/16 500 20/05/26
Green Bond 595 21/06/17 500 21/06/27
Green Bond 599 17/09/19 500 17/09/31
Green Bond 599 23/06/20 500 23/06/30
Green PP 100 15/01/21 100 20/01/33
Green Bond 500 05/12/23 500 05/06/32
> €100 M 2,893
< €100 M Commercial paper 25

Total France Offices 2,790 2,918
Italy Offices Green Bond Queen 300 20/02/18 300 20/02/28
> €100 M 300
< €100 M 2
Total Italy Offices 1,935 302
Hotels in Europe Green Bond 350 24/09/18 350 24/09/25
Green Bond 599 27/07/21 599 27/07/29
Green Bond 500 23/05/24 500 23/05/33
Corporate 150 23/12/24 150 23/12/29
> €100 M 1,599
< €100 M 112
Total Hotels Europe 2,850 1,711
Germany
Residential < €100 M Total Germany Residential 294
Germany Offices < €100 M Total Germany Offices 670
< €100 M France Residential 0
Others Total Other 3 0
Total
unencumbered 8,543 4,931
Other payables 279
TOTAL 22,084 10,428
(1) The portfolio includes the fair value of assets operated directly by the company (head office, Flex Office).
It does not include assets consolidated under the equity method or real estate inventories (trading, development).



4.2.5.12.5 Financial debt maturity schedule
At less than At more than
(In €million) As at 31/12/2024 one year From 1 to 5 years 5 years
Non‑current bank loans 4,592.4 0.0 3,026.9 1,565.5
Other non‑current borrowings 279.4 0.0 279.4 0.0
Non‑current commercial paper 0.0 0.0 0.0 0.0
Securitised loans 0.0 0.0 0.0 0.0
Non‑current bonds (non‑convertible) 4,292.0 0.0 1,994.0 2,298.0
Non‑current interest‑bearing loans 9,163.8 0.0 5,300.3 3,863.5
Bank borrowings 809.2 809.2 0.0 0.0
Other current borrowings 0.0 0.0 0.0 0.0
Treasury bills 103.0 103.0 0.0 0.0
Securitised loans 2.1 2.1 0.0 0.0
Current bonds (non‑convertible) 350.0 350.0 0.0 0.0
Current interest‑bearing loans 1,264.3 1,264.3 0.0 0.0
Accrued interest 92.2 92.2 0.0 0.0
Creditor banks 0.9 0.9 0.0 0.0
TOTAL 10,521.1 1,357.4 5,300.3 3,863.5




384 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Notes to the consolidated financial statements




4.2.5.12.6 Derivatives (current and non‑current)
Derivatives and hedging instruments
The Covivio group uses derivatives to hedge its floating‑rate debt against interest‑rate risk (hedging of future cash flows).
Derivative financial instruments are recorded on the balance sheet at fair value. The fair value is calculated using valuation techniques
that use mathematical calculations based on recognized financial theories and parameters that incorporate the prices of
market‑traded instruments. This valuation is carried out by an external service provider.
Derivative instruments are recognized at their fair value, and changes are reflected in the income statement.

Breakdown of fair value of financial instruments by sector as at 31/12/2024:
31/12/2023 Premiums - 31/12/2024
(In € million) Net Restructuring balances P&L impact OCI impact Net
France Offices 122.9 22.0 -37.9 107.0
Italy Offices 7.3 1.1 -1.0 -7.3 0.1
Germany Offices 9.4 -1.9 7.5
Hotels in Europe 105.1 2.0 -21.4 7.3 92.9
Germany Residential 92.3 2.5 -33.0 61.8
TOTAL 337.0 27.6 -95.2 -0.1 269.3
Of which Cash instruments – Liabilities -152.4
Cash instruments – Assets 421.7

The total impact of the value adjustments of derivatives on the impact on equity of -€7.3 million corresponds to the balance of
income statement was -€95.2 million. the cash flow hedge position.
In accordance with IFRS 13, the fair values include the The “Unrealised gains and losses relating to changes in fair
counterparty default risk (-€14 million). value” line item in the Statement of Cash Flows (+€425.7 million),
which makes it possible to calculate cash flows from operating
For Offices in Italy, the refinancing of the SICAF debt led to the
activities, mainly incorporates the impact on net income of
cancellation of existing financial instruments (qualified as cash
changes in the value of cash instruments (+€95.2 million), and
flow hedges) and the implementation of new derivatives. The
changes in the value of the portfolio (+€330.5 million).

Breakdown of the fair value of financial instruments by sector as at December 31, 2023:
31/12/2022
Net
Premiums –
Restructuring balances P&L impact OCI impact
31/12/2032
Net
4
(In € million)
France Offices 147.4 44.5 -69.1 122.9
Italy Offices 15.9 -8.5 7.3
Germany Offices 11.9 1.1 -3.6 9.4
Hotels in Europe 177.4 0.0 -67.0 -5.3 105.1
Germany Residential 160.4 0.0 -68.1 92.3
TOTAL 512.9 45.6 -207.7 -13.8 337.0
Of which Cash instruments – Liabilities -185.1
Cash instruments – Assets 522.1


Breakdown of hedging instruments by maturity of notional values:
(In € million) 31/12/2024 At less than one year From 1 to 5 years At more than 5 years
Fixed hedge
Fixed rate payer swap 5,881.0 -5.9 1,877.7 4,009.3
Fixed rate receiver swap 3,065.7 — 2,015.7 1,050.0
TOTAL SWAP 2,815.3 -5.9 -138.0 2,959.3
Optional hedge
Purchase of fixed rate payer swaption 200.0 200.0 — -
Sale of fixed rate payer swaption 70.0 — 70.0 —
Fixed borrower swaption sale 760.3 200.0 60.3 500.0
Cap purchase 325.2 -85.1 300.6 109.6
Floor purchase 28.0 — 28.0 —
Floor sale 82.3 33.0 -60.3 109.6
TOTAL 10,342.5 342.0 4,222.0 5,778.5




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 385
4 Financial information
Notes to the consolidated financial statements




Net financial liabilities after hedging:
(In € million) Fixed rate Floating rate
Borrowings and financial debt (including creditor banks) 5,881.7 4,547.3
NET FINANCIAL LIABILITIES BEFORE HEDGING 5,881.7 4,547.3
Fixed hedge – Swaps -2,815.3
Optional hedge – Caps -297.2
Total hedges -3,112.5
NET FINANCIAL LIABILITIES AFTER HEDGING 5,881.7 1,434.8


4.2.5.12.7 Recognition of financial assets and liabilities
Amount appearing in the valued
statement of financial position:
At fair value
Item concerned in the At fair value through the
statement of financial position December 31, 2024 At amortized through income
Categories according to IFRS 9 (in €M) Net cost equity statement Fair value
Financial assets Non‑current financial assets 14.9 2.6 9.0 3.3 14.9
Loans and receivables Non‑current financial assets 158.0 158.0 158.0
Total non‑current financial assets 172.9 160.6 9.0 3.3 172.9
Loans and receivables Trade receivables(1) 322.9 322.9 322.9
Assets at fair value Derivatives at fair value(2) 421.7 421.7 421.7
Assets at fair value through P&L Cash and cash equivalents 638.9 638.9 638.9
TOTAL FINANCIAL ASSETS 1,556.4 483.5 9.0 1,063.9 1,556.4
Liabilities at amortized cost Financial liabilities 10,428.1 10,428.1 10,152.2(3)
Liabilities at fair value through P&L Financial instruments 152.4 152.4 152.4
Guarantee Deposits
Liabilities at amortized cost (Long‑term and Short‑term) 36.8 36.8 36.8
Liabilities at amortized cost Trade payables(4) 301.9 301.9 301.9
TOTAL FINANCIAL LIABILITIES 10,919.2 10,766.8 0.0 152.4 10,643.3
(1) Excluding deductible for €2 M.
(2) In Note 4.2.5.12.6 "Derivatives (current and non‑current)", the hedging instruments for Italy Offices set up in 2024 are measured at fair value through profit
or loss.
(3) The difference between the net book value and fair value of fixed‑rate debt (valued at the risk‑free rate, excluding credit spreads) is €276 M.
The impact of the credit spread would be -€16.8 M.
(4) €239 M in trade payables and €62.6 M in fixed asset trade payables.


Presentation of financial assets and liabilities by level (IFRS 13):
The table below presents the financial instruments at fair value broken down by level:
● Level 1: financial instruments listed in an active market;
● Level 2: financial instruments whose fair value is evaluated through comparisons with observable market transactions on similar
instruments or based on an evaluation method whose variables include only observable market data;
● Level 3: financial instruments whose fair value is determined entirely or partly by using an evaluation method using an estimate that
is not based on market transaction prices on similar instruments.

(In € million) Level 1 Level 2 Level 3 Total
Non‑current financial assets at fair value through shareholders’
equity 9.0 9.0
Non‑current financial assets at fair value through the income
statement 3.3 3.3
Derivatives at fair value through the income statement 421.7 421.7
Cash equivalents through the income statement 638.9 638.9
TOTAL FINANCIAL ASSETS 0.0 1,060.6 12.3 1,072.9
Derivatives at fair value through the income statement 152.4 152.4
TOTAL FINANCIAL LIABILITIES 0.0 152.4 0.0 152.4




386 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Notes to the consolidated financial statements




4.2.5.12.8 Banking covenants
Excluding debts raised without recourse to the Group’s real The most restrictive consolidated ICR covenants amounted to
estate companies, the debts of Covivio and its subsidiaries 200% for Covivio and Covivio Hotels as at December 31, 2024.
generally include bank covenants (Interest Coverage Ratio and
Concerning Covivio, corporate credit facilities usually include an
Loan to Value) applying to the borrower’s consolidated financial
asset‑secured debt covenant (100% scope), the cap on which is
statements. If these covenants are breached, early debt
set at 25% and which measures the ratio of secured debt (or
repayment may be triggered. These covenants are established
debt with guarantees of any kind) to asset value.
in Group Share for Covivio and for Covivio Hotels.
Covivio group’s banking covenants were fully complied with as
Regarding Covivio Immobilien (Germany Residential), for which
at December 31, 2024, as they stood at 42.0% for Group Share
almost all of the debt raised is “non‑recourse” debt at
LTV, 6.0x for Group Share ICR, and 4.1% for the asset‑secured
subsidiaries, portfolio financings do not contain any covenants
debt ratio.
related to LTV and ICR.
No financing has an accelerated payment clause contingent on
The most restrictive consolidated LTV covenants amounted to
Covivio or Covivio Hotels’ rating, which is currently BBB+, stable
60% for Covivio and Covivio Hotels as at December 31, 2024.
outlook (Standard & Poor’s rating).


Consolidated LTV Company Scope Covenant threshold Ratio
€300 M (2016) – Orange Covivio France Offices ≤ 60% in compliance
€279 M (2017) – Roca Covivio Hotels Hotels in Europe <60% in compliance
£400 M (2018) – Rocky Covivio Hotels Hotels in Europe ≤ 60% in compliance
€130 M (2019) – REF I Covivio Hotels Hotels in Europe ≤ 60% in compliance
€150 M (2024) - Constance Covivio Hotels Hotels in Europe ≤ 60% in compliance


Consolidated ICR Company Scope Covenant threshold Ratio
€300 M (2016) – Orange Covivio France Offices ≥ 200% in compliance
€279 M (2017) – Roca Covivio Hotels Hotels in Europe > 200% in compliance
£400 M (2018) – Rocky Covivio Hotels Hotels in Europe ≥ 200% in compliance
€130 M (2019) – REF I Covivio Hotels Hotels in Europe > 200% in compliance
€150 M (2024) - Constance Covivio Hotels Hotels in Europe > 200% in compliance
4
Also, most of the covenants on mortgage financing are specific the underlying assets provided as collateral or the level of debt
to the scopes financed. The main purpose of these covenants, service coverage of net rental income.
normally LTV Scope and sometimes ICR or DSCR Scope, is to
frame the use of financing lines by correlating it with the value of
4.2.5.13 Lease liabilities (current and non‑current)
Accounting principles 4.2.5.13.1 Change in lease liabilities
The Group companies hold real estate and equipment assets The balance of rental liabilities as at December 31, 2024 stood at
through leases (construction leases and long‑term leases, €320 million, compared to €314 million as at December 31, 2023,
premises, company vehicles, car parks). At the lease an increase of €6 million. This change is mainly due to the
commencement date, the lessee measures the rental liability as indexation of leases (+€6 million) and the effect of foreign
the present value of rents owing not yet paid, using the implied exchange (-€8 million) which offset the payments for the period.
interest rate for the lease, if this rate can be easily determined, or
As at December 31, 2024, the interest expense relating to these
otherwise using the incremental borrowing rate. This debt is
rental liabilities was €16.3 million.
amortized as the contracts expire and gives rise to the
recognition of a financial expense.
Rental liabilities are shown on the long‑term or short‑term rental
liabilities line in the balance sheet and financial expenses in the
"Interest costs for rental liabilities" line item.
Change in Change in
Increase & accounting exchange
(In € million) 31/12/2023 indexation Decrease method Transfers rate 31/12/2024
Non‑current lease liabilities 305.0 2.4 0.0 -0.3 -4.1 8.4 311.4
Current lease liabilities 9.0 3.1 -7.5 0.0 3.4 0.1 8.1
TOTAL LEASE LIABILITIES 314.1 5.5 -7.5 -0.3 -0.7 8.4 319.5




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 387
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Notes to the consolidated financial statements




4.2.5.13.2 Maturity of lease liabilities
Total due in
Less than From 5 to 25 More than more than one
(In € million) one year From 1 to 5 years years 25 years year
AS AT DECEMBER 31, 2024 8.1 20.8 55.4 235.1 311.4
As at December 31, 2023(1) 9.1 23.3 60.7 226.6 310.5
(1) Including rental liabilities reclassified as liabilities held for sale.



4.2.5.14 Deposits and guarantees Conversely, when the adoption of a new scheme or change in an
existing scheme gives rise to the vesting of benefits after its
Deposits and guarantees correspond to security deposits implementation date, the past service costs are recognized
received from tenants to guarantee the fulfilment of the immediately as an expense. Actuarial gains and losses result
conditions of the lease. As at December 31, 2024, deposits and from the effects of changes in actuarial assumptions and
guarantees mainly concerned France Offices (€22 million), Hotels experience adjustments (differences between actuarial
(€9 million) and Italy Offices (€4 million). Some contracts are assumptions and what has actually occurred). The change in
guaranteed by bank guarantees or first demand guarantees these actuarial gains and losses is recognized in “Other items of
covered by the parent companies of the tenants. These comprehensive income”.
guarantees are presented under off‑balance sheet
commitments. The expense recognized in operating income includes the cost
of the services rendered during the year, amortization of past
4.2.5.15 Provisions (current and non‑current) service costs and the effects of any reduction or liquidation of
Retirement commitments the scheme; the cost of discounting is recognized in net financial
income. The valuations are made taking into account the
The retirement commitments are recognized in accordance with
Collective Agreements applicable in each country and in
revised IAS 19. Provisions are recorded on the balance sheet for
keeping with the various local regulations. For each employee,
the liabilities arising from defined benefits pension schemes for
the retirement age is the social security eligibility age.
existing staff at the reporting date. They are calculated
according to the projected credit units method based on
valuations made at each reporting date. The past service cost
corresponds to the benefits granted, either when the company
adopts a new defined‑benefits scheme, or when it changes the
level of benefits of an existing scheme. When new benefits are
granted upon adoption of a new scheme or change in an
existing scheme, the past service cost is immediately recognized
in the income statement.


4.2.5.15.1 Change in provisions
Change in
actuarial Reversal of provision
Scope gains and
(In € million) 31/12/2023 change Charges losses Used Unused 31/12/2024
Provisions for retirement benefit 34.4 1.3 1.9 3.3 -1.8 — 39.2
Provisions for long‑service awards 1.0 1.0
Other non‑current provisions 6.7 0.4 1.6 -0.3 -0.1 8.2
Non‑current provisions 42.1 1.7 3.5 3.3 -2.1 -0.1 48.5
Other provisions for litigation 3.8 1.5 0.7 -0.2 -0.5 5.2
Other current provisions 0.6 0.2 0.1 -0.6 0.0 0.4
Current provisions 4.3 1.7 0.8 — -0.8 -0.5 5.6
TOTAL PROVISIONS 46.5 3.5 4.3 3.3 -2.9 -0.6 54.1


Provisions mainly include provisions for pensions (€39 million), mainly in Germany (€35 million), France Offices (€2 million) and Hotels (€2
million). Changes in scope are related to hotel operating companies acquired at the end of the year.



4.2.5.15.2 Actuarial assumptions for pension obligations
The main actuarial assumptions used to estimate the commitments in France were as follows:
Pension provision assumptions in France 31/12/2024 31/12/2023
Discount rate 3.36% (TEC 10 n +50 bps) 3.37% (TEC 10 n +50 bps)
managers 2%, managers 2%,
Annual wage growth non‑managers 2% non‑managers 2%
Inflation rate 2% 2%




388 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
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Notes to the consolidated financial statements




Main assumptions in Germany:
Germany Residential Germany Offices
Assumptions used in calculating provisions for retirement benefit obligations in
Germany 31/12/2024 31/12/2023 31/12/2024 31/12/2023
Discount rate 3.50% 4.30% 3.30% 3.85%
Annual wage growth 2.50% 2.50% 2.00% 2.00%
Rate of social security charges 1%/2% 1%/2%


The provision for retirement benefits in Germany changed as follows:

(In € million)

PENSION COMMITMENTS AS AT 31/12/2023 31.4
Cost of services rendered 0.3
Interest expense 1.4
Actuarial gains or losses for the year 3.4
Benefits paid -1.8
PENSION COMMITMENTS AS AT 31/12/2024 34.7



4.2.5.16 Trade payables
Trade payables consist of unpaid invoices (€182 million), current trade payables (€56 million) and trade payables for fixed assets (€63
million).

4.2.5.17 Other receivables and other payables
4.2.5.17.1 Other operating receivables
(In € million) 31/12/2024 31/12/2023
Tax receivables 70.4 77.6
Corporate income tax 19.9 29.5
VAT 40.7 32.9


4
Other fiscal receivables 9.8 15.3
Other receivables 57.1 40.3
Receivables on disposals 23.2 5.3
Trade payables and prepayments 16.6 13.1
Current accounts 1.6 1.4
Other receivables 15.7 20.4
TOTAL OTHER OPERATING RECEIVABLES 127.5 117.9

The €17.9 million change in receivables on disposals is mainly related to Germany Residential real estate development projects.

4.2.5.17.2 Tax and social security liabilities
(In € million) 31/12/2024 31/12/2023
Social security payables 53.4 39.1
Tax payables 93.9 98.6
TOTAL 147.3 137.7

Tax payables consist mainly of corporate income tax payables (€55 million), VAT (€23 million), and other tax payables (€14 million).

4.2.5.17.3 Other liabilities (current and non‑current)
(In € million) 31/12/2024 31/12/2023
Advances and advanced payments received on orders in progress 301.2 246.9
Current accounts – liabilities 8.8 4.4
Dividends to be paid 0.1 0.1
Security deposits 1.4 1.4
Other payables 36.1 43.1
TOTAL 347.6 296.0

The advances and down‑payments line item is mainly related to rental expenses to be regularised for €204 million, mainly in Germany.
The counterparty to this item is presented in trade receivables for €208million. The balance of this line corresponds to rent paid in
advance of €95 million. The line other debts is mainly composed of advances received on asset disposals for €7 million, acquisition
price balances due for €9.9 million and customer advances on the Operating Properties business for €8.7 million.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 389
4 Financial information
Notes to the consolidated financial statements




4.2.6 Notes related to the statement of income
4.2.6.1 Accounting principles
Rental income As a general rule, the invoicing is quarterly except for the
According to the presentation of the income statement, rental Germany Residential activity where the invoicing is monthly. The
income is treated as revenues. Net income from hotels under rental income of investment properties is recognized on a
management and Flex Office, car park receipts, net income from straight‑line basis over the term of the ongoing leases. Any
property development and services are now shown in specific benefits granted to tenants (rent‑free periods, step rental leases)
lines of the statement of net income, after net rental income. are amortized on a straight‑line basis over the duration of the
lease agreement, in compliance with IFRS 16, and offset against
investment properties.


4.2.6.2 Operating income
4.2.6.2.1 Rental income
Change Change
(In € million) 31/12/2024 31/12/2023 (in € M) (in %)

France Offices 196.7 197.9 -1.3 -0.6%
Italy Offices 132.1 133.0 -0.9 -0.7%
Germany Offices 48.3 46.7 1.6 3.4%
Total office rental income 377.1 377.6 -0.6 -0.2%
Hotels in Europe 270.1 264.0 6.1 2.3%
Germany Residential 305.7 293.4 12.3 4.2%
TOTAL RENTAL INCOME 952.9 935.0 17.9 1.9%


The rental income consists of rental and similar income (e.g. ● An increase in rents for Germany Offices (+€1.6 million, +3.4%),
occupancy fees and entry rights) invoiced for investment mainly due to the delivery of the Beagle asset in 2023 and the
properties during the period. Rent exemptions, step rental indexation of rents;
schemes and entry rights are spread out over the fixed term of
● An increase in rents for Hotels in Europe (+€ 6.1 million, i.e.
the lease.
+2.3%), mainly due to the increase in variable rents
The changes in rents by asset‑type break down as follows: (+€6.2 million), the effect of indexation of rental income
(+€6.8 million) and the receipt of compensation (+€1 million);
● A stability in rents for France Offices (-€1.3 million, i.e. -0.6%),
partially offset by the effect of disposals (-€11.7 million of which
mainly due to the effect of vacancies (-€15.5 million) which
-€5.3 million on the sale of stores);
help to feed the development pipeline, and by asset disposals
(-€8.6 million). This decrease was offset by the effect of leases ● An increase in rents in Germany Residential (+€12.3 million, or
(+€6.1 million), the delivery of assets (+€3.4 million), and the +4.2%) is mainly related to rent indexation (+€5 million),
indexation of rents (+€8.0 million); relocations (+€3 million) and modernisation programmes
(+€4 million).
● A slight decrease in rents for Italy Offices (-€0.9 million, i.e.
-0.7%), mainly due to disposals (-€5.9 million), partially offset
by the indexation of rents (+€3.0 million) and new leases on
developments delivered (+€1 million), and the effect of lease
renewals and renegotiations (+€1.1 million);




390 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
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Notes to the consolidated financial statements




4.2.6.2.2 Real estate expenses
Change Change
(In € million) 31/12/2024 31/12/2023 (in € M) (in %)

Rental income 952.9 935.0 17.9 1.9%
Rebillable expenses -165.8 -167.1 1.4 -0.8%
Income from rebilling of expenses 165.8 167.1 -1.4 -0.8%
Unrecovered property operating costs -27.5 -37.4 9.9 -26.5%
Expenses on properties -34.0 -30.8 -3.2 10.5%
Net losses on unrecoverable receivables -4.2 -3.4 -0.8 n.a.
NET RENTAL INCOME 887.2 863.5 23.7 2.7%
Rate for property expenses 6.9% 7.6%


● Unrecovered rental costs: these expenses correspond to ● Expenses on properties: these consist of rental expenses that
charges on vacant premises. Unrecovered rental expenses are borne by the owner, expenses related to works and
are presented net of re‑invoicing to the income statement. In expenses related to property management;
accordance with IFRS 15, income from re‑invoicing of rental
● Net losses on unrecoverable receivables: these consist of
expenses is presented separately above when the company
losses on unrecoverable receivables and net provisions on
acts as principal;
doubtful receivables.
4.2.6.2.3 EBITDA from hotel operating and Flex Office and income from other activities
During the year, the Group carried out two structuring transactions strengthening its Hotel management activity. On the one hand, in
April 2024, the Group increased its stake by 8.7% in its consolidated subsidiary Covivio Hotels. On the other hand, the Group carried out
an asset exchange with AccorInvest, selling hotel properties in consideration for the acquisition of business assets previously held by
the Group. The consolidation of 24 Hotel Operating properties lead to a significant increase in Hotel operating EBITDA over the coming
years.

Change Change
(In € million) 31/12/2024 31/12/2023 (in € M) (in %)

Revenues from hotel operating activity 322.6 291.5 31.1 10.7%
Operating expenses of hotel operating activity
HOTEL OPERATING EBITDA
-237.0
85.5
-215.7
75.8
-21.3
9.8
9.9%
12.9%
4
Flex Office EBITDA 16.7 15.6 1.1 7.4%
Net income from development 14.6 7.1 7.5 105.2%
Income from other activities 4.3 5.4 -1.1 -20.9%
Expenses of other activities -3.6 -4.0 0.4 -9.6%
INCOME FROM OTHER ACTIVITIES 32.0 24.1 7.9 32.9%


● The increase in EBITDA of hotels under management of ● Net income from other activities includes income from
+€9.8 million is linked to the acquisition of business assets from property development in France (€9.0 million), Germany
AccorInvest at the end of the year (+€5.2 million), the full‑year (€6.0 million) and Italy (-€0.4 million) and the car parks
effect following the opening of Zoku Paris (+€2 million) and the business (+€0.7 million). The increase in real estate
good momentum in Germany (+€3.4 million); development activity compared to the previous year is mainly
due to the progress of residential projects in France, as well as
● Flex Office results increased by +€1.1 million, mainly in Italy
the gradual recovery in Germany.
driven by the performance of the Duomo site;




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 391
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Notes to the consolidated financial statements




4.2.6.2.4 Management and administration income and overheads
These consist of head office expenses and operating costs net of revenues from management and administration activities.
Variation Change
(In € million) 31/12/2024 31/12/2023 (in € M) (in %)
Management and administration income 25.8 19.1 6.7 35.2%
Overheads -133.0 -138.5 5.5 -4.0%

Overheads include personnel expenses, which are specifically analysed in note 4.2.7.1.1.

4.2.6.2.5 Depreciation of operating assets
Depreciation of operating assets – booked at amortized cost ● Depreciation of Flex Office assets for -€10.5 million.
(IAS 16) – amounts to -€113 million as at December 31, 2024,
● The balance is mainly composed of depreciation of corporate
compared with -€74 million as at December 31, 2023.
assets.
This item mainly includes:
The line “Net depreciation, amortization and provisions” of the
● Depreciation of operating hotels for -€56 million; cash flow statement of €114.7 million mainly consists of the €99.7
million in depreciation and amortization of operating assets.
● Impairments of ongoing projects in Germany Residential for
-€27 million and in France for -€11 million;
4.2.6.2.6 Change in provisions
The change in the "Net change in provisions and other" item is mainly due to the +€7.7 million reversal of the provision for taxes on the
Hotel Operating properties scope in Germany in 2023.


4.2.6.2.7 Other operating income and expenses
Other operating income and expenses mainly include the ratio and following the cancellation of the rental expense in
income from reinvoicing of long‑term leases conferring ad rem accordance with IFRS 16, the income from rebilling tenants is
rights to tenants (€13.4 million) when the rental expense is presented in other income and other charges.
restated. Indeed, in order not to distort the real‑estate expense
4.2.6.3 Income from disposals of real estate assets
Variation Change
(In € million) 31/12/2024 31/12/2023 (in € M) (in %)
Income from asset disposals(1) 602.9 596.8 6.1 1.0%
Disposal values of assets sold(2) -592.0 -634.7 42.7 -6.7%
Income from disposals of real estate assets 10.9 -37.9 48.7
(1) Sale price net of disposal costs.
(2) Corresponds to the appraisal values published as at December 31, 2024.


Income from asset disposals by business segment is shown in note 4.2.8.9.


4.2.6.4 Change in the fair value of properties
(In € million) 31/12/2024 31/12/2023 Change (in € M)
France Offices -66.1 -854.1 788.0
Italy Offices -33.3 -94.4 61.1
Hotels in Europe 51.3 -197.5 248.8
Germany Residential -69.2 -1,009.5 940.3
Germany Offices -213.3 -281.9 68.6
TOTAL CHANGE IN THE VALUE OF PROPERTIES -330.5 -2,437.3 2,106.8

The -€330.5 million fall in the fair value of properties is mainly due This change can be explained by slightly higher capitalisation
to a decrease in the asset values of the Germany Offices and discount rates this year, which are partially offset by the
segment by -€213 million, Germany Residential segment -€69 increase in prime rents and indexation.
million (mainly Berlin assets), and the France and Italy segments
by -€99 million. Only the Hotels segment showed a positive
change in fair value of +€51 million.




392 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Notes to the consolidated financial statements




4.2.6.5 Net income from disposals of securities The line “Impact of changes in the scope of consolidation
related to investing activities” (§39 of IAS 7) of -€75.9 million in the
The result of the disposal of securities is close to breakeven (-€1.5 cash flow statement mainly corresponds to the sale price of a
million) and reflects sales carried out at values close to appraisal 49% stake in the asset portfolio of a German subsidiary (+€86
values. The result consists of the negative result on disposals in million) and a Spanish subsidiary (+€67.4 million), reduced by the
Germany Residential (-€1 million) and in the Hotel properties acquisition of consolidated shares mainly in Covivio Hotels
business (-€1.8 million) partially offset by a positive result in hotel (-€221.9 million).
properties (+€1.4 million).

4.2.6.6 Net income from changes in scope
They mainly record the acquisition costs of consolidated equity
investments, which, in accordance with IFRS 3 “Business
Combinations”, must be recognized as expenses for the year. As
at December 31, 2024, this item amounted to -€5 million and
mainly includes the costs related to the consolidation of hotel
assets carried out at the end of the year with AccorInvest.
4.2.6.7 Cost of the net financial debt

(In € million) 31/12/2024 31/12/2023 Change (in € M) Change (in %)
Financial income linked to the cost of debt 43.1 12.9 30.2 234.7%
Financial expenses linked to the cost of debt -314.0 -270.6 -43.5 16.1%
Regular amortization of loan issue costs -18.3 -15.0 -3.3 22.2%
Net expenses/income on hedges 125.5 107.1 18.4 17.2%
COST OF THE NET FINANCIAL DEBT -163.8 -165.6 1.8 -1.1%
Average annual rate of debt 1.57% 1.56%

The change in the cost of net financial debt of +€1.8 million is ● the increase in interest expenses on bank loans (-€44 million)
mainly due to: due to the increase in the average interest rate on debt,
partially offset by financial interest on hedges (+€18 million),
● the +€30 million increase in financial income on cash
due to the increase in interest rates.
transactions;

4
4.2.6.8 Net financial income
(In € million) 31/12/2024 31/12/2023 Change (in € M) Change (in %)
Financial income linked to the cost of debt 239.7 176.1 63.6 36.1%
Financial expenses linked to the cost of debt -403.4 -341.7 -61.8 18.1%
Cost of the net financial debt -163.8 -165.6 1.8 -1.1%
Interest cost for rental liabilities -16.3 -15.9 -0.4 2.5%
Variations in fair value of financial instruments -95.2 -207.7 112.5
Exceptional amortization of loan issue costs -2.5 -1.4 -1.1
Other financial income and expenses 0.6 -0.1 0.6
TOTAL FINANCIAL INCOME -277.2 -390.6 113.5

The change in interest rates compared to last year impacted the The line “Cost of net financial debt and interest expenses on
fair value of financial instruments by +€95 million. As a result, net rental liabilities” of the cash flow statement of €160.8 million
financial income was an expense of -€277 million as at corresponds to the cost of net financial debt for -€163.8 million
December 31, 2024, compared with a net expense of -€391 restated for the amortization of loan issue expenses for +€2.5
million as at December 31, 2023. million and foreign exchange gains and losses for +€0.6 million.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 393
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Notes to the consolidated financial statements




4.2.6.9 Current and deferred taxes
4.2.6.9.1 Accounting principles related to current and all temporary differences in the company financial statements, or
deferred taxes resulting from consolidation adjustments. The valuation of the
deferred tax assets and liabilities must reflect the tax
SIIC tax regime (French companies)
consequences that would result from the method by which the
Opting for the SIIC tax regime involves the immediate liability for company seeks to recover or settle the book value of its assets
an exit tax at the reduced rate of 19% on unrealised capital and liabilities at the end of the fiscal year. Deferred taxes are
gains relating to assets and securities of entities not subject to applicable to Covivio group entities that are not eligible for the
corporate income tax. SIIC tax regime.
The exit tax is payable over four years, in four instalments, A deferred tax asset is recognized in the case of deferrable tax
starting with the year the option is taken up. In return, the losses in the likely event that the entity in question, not eligible
company is exempted from income tax on the SIIC business and for the SIIC regime, will have taxable future profits against which
is subject to distribution obligations. the tax losses may be offset.
(1) Exemption of SIIC revenues In the case where a French company intends to opt directly or
The revenues of the SIIC are exempt from taxes concerning: indirectly for SIIC tax treatment in the near future, an exception
under the ordinary law regime is applied by anticipating the
● income from the leasing of buildings; application of the reduced rate (exit tax) in the valuation of
deferred taxes.
● capital gains realised on asset disposals, investments in
companies having opted for the tax treatment or companies Tax regime of the Italian companies
not subject to corporation tax in the same business, as well as Following Beni Stabili’s merger with Covivio, the tax
the rights under a lease contract and real‑estate rights under arrangements for Covivio’s permanent establishment in Italy
certain conditions; changed after it left the SIIQ tax regime. It is now subject to the
● dividends of SIIC subsidiaries. 20% corporate income tax on real‑estate companies.

(2) Distribution obligations In Italy, following the adoption of the law on the revaluation of
properties, the Group opted in 2021 for the tax revaluation of
The distribution obligations associated with exemption profits certain Italian assets.
are the following:
SOCIMI tax regime (Spanish companies)
● 95% of the earnings derived from asset leasing;
The Spanish companies held by Covivio Hotels opted for the
● 70% of the capital gains from disposals of assets and shares in SOCIMI tax regime, effective as of January 1, 2017. Opting for
subsidiaries having opted for the tax treatment or subsidiaries SOCIMI does not trigger an exit tax upon making the option.
not subject to corporation tax with a SIIC corporate purpose However, the capital gains on the period outside of the SOCIMI
for two years; regime during which assets were held are taxable when
disposing of said assets.
● 100% of dividends from subsidiaries that have opted for the
tax treatment. The rental income from the leasing of assets and proceeds from
disposals of assets held under the SOCIMI regime are tax
The exit tax liabilities is discounted on the basis of the initial exempt, provided 80% of rental profits and 50% of asset disposal
payment schedule determined from the first day the relevant profits are distributed. These capital gains are determined by
entities adopted SIIC status. allocating the taxable gains to the period outside the SOCIMI
The liability initially recognized is discounted and an interest regime in a linear basis, over the total holding period.
charge is applied at each closing, allowing the liability to reflect REIT regime (English companies)
the net discounted value as at the closing date. The discount
rate used is based on the yield curve, given the deferred Nine companies in the United Kingdom have opted for the REIT
payment. exemption regime as ofJanuary 1, 2024. Opting for the REIT
regime does not trigger an exit tax upon making the option.
As at December 31, 2024, there are no exit tax liabilities on the
balance sheet. The rental income from the leasing of assets held under the REIT
regime are tax exempt, provided 90% of rental profits are
Ordinary law regime and deferred taxes distributed.
Deferred taxes result from temporary differences in taxation or Capital gains on disposals are also exempt from tax.
deduction and are calculated using the liability method, and on




394 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
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Notes to the consolidated financial statements




4.2.6.9.2 Taxes and rates used by geographical area
(In € million) Payable taxes Deferred taxes Total Deferred tax rate
France -0.5 -1.6 -2.1 25.83%
Italy -2.3 -9.5 -11.7 20.0% - 27.9%(1)
Germany -25.4 25.3 -0.1 15.83% - 30.18%(2)
Belgium -2.7 -2.2 -4.9 25.00%
Luxembourg -1.0 4.6 3.6 24.94%(3)
United Kingdom -1.3 -2.0 -3.3 25.00%
Netherlands -1.6 -0.9 -2.5 25.80%
Portugal -0.8 -0.6 -1.4 22.50%(4)
Spain 0.0 0.0 0.0 25.00%
Ireland -0.1 0.2 0.1 33.00%(5)
Poland -0.6 -0.3 -0.8 19.00%(6)
Hungary -0.2 0.4 0.3 9.00%
Czech Republic -0.6 0.0 -0.6 21.00%(7)
TOTAL -37.0 13.4 -23.5 -
(-) corresponds to a tax expense; (+) corresponds to tax income
(1) Since the merger with Covivio and its exit from the SIIQ regime, Covivio in Italy has been subject to a 20% tax rate. For hotel companies in Italy, a rate of
24% is used, plus a regional tax rate of 3.9% on resident and non‑resident companies.
(2) In Germany, the tax rate on property goodwill is 15.83%; however, for companies in the hotel operations activity, tax rates vary between 30.18% and
32.28%.
(3) In Luxembourg, following the vote on the finance law, the corporate tax rate will decrease by 1% as of January 1, 2025. It will therefore increase from
24.94% to 23.87%.
(4) In Portugal, the tax rate used for the 2024 fiscal year is 21%, plus a regional tax rate of 1.5%.
(5) In Ireland, the tax rate for the 2024 fiscal year is 12.5% for operating activities, 25% for holding companies and 33% for gains on disposals.
(6) In Poland, the tax rate applied for the 2024 fiscal year is 9% for companies with revenues of less than €2 million per year, and 19% above that.
(7) In the Czech Republic, the tax rate is 21% as of January 1, 2024.

4
Impact of deferred taxes on income:
(In € million) 31/12/2024 31/12/2023 Change
France Offices 1.5 -0.4 1.9
Italy Offices -7.5 6.1 -13.6
Germany Offices 28.4 40.1 -11.7
Hotels in Europe -12.3 46.4 -58.8
Germany Residential 3.4 161.6 -158.2
Others 0.0 -0.1 0.1
TOTAL 13.4 253.8 -240.4


● In Italy Offices, the deferred tax expense is mainly due to the ● In Germany Residential, the improvement in the impact of
change in asset values. deferred taxes is mainly due to the stabilisation of appraisal
values.
● Concerning Hotels in Europe, the -€12.3 million change is
mainly due to the increase in the values of assets and the As part of the first application of Pillar 2, an additional tax of
reversal of deferred tax assets following the increase in results €150 thousand was recognized in current tax. In this context, we
in Italy and the United Kingdom. have applied the exemption from recognition of deferred taxes
related to Pillar 2 in accordance with IAS 12.88A.
● The deferred tax income of Germany Offices mainly relates to
a decrease in the value of assets.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 395
4 Financial information
Notes to the consolidated financial statements




4.2.6.9.3 Tax proof
The management companies that opted for the SIIC/SOCIMI tax regime in previous years do not pay corporate income tax, except
for those that also have a taxable business activity.
Net income before taxes and before income of equity affiliates is neutralised, including for their taxable activities and their transparent
taxable subsidiaries.
Accordingly, the tax proof is required solely for taxable French and international companies.

France (SIIC) France Foreign
Breakdown of tax by tax sector (in €M) Spain (SOCIMI) Common law Common law 31/12/24
Net income before tax, before income of equity affiliates 191.8 1.9 4.4 198.0
Effective tax expenses recorded -7.2 -4.1 -12.2 -23.5


Tax proof under common law is broken down into:

(In € million) 31/12/2024
Net Income before tax 220.9
Share of income from equity affiliates -22.9
Goodwill 0.0
Net income before tax, before income of equity affiliates 198.0
of which SIIC/SOCIMI companies 191.8
of which companies subject to tax 6.2
Theoretical tax at 25.83% (a) -1.6
Impact of rate differentials -34.0
Impact of tax credits and fixed tax rates -0.0
Impact of permanent differences 33.8
Changed to prior year losses without DTA -6.1
Tax deficits without DTA -4.4
Total tax impacts for the period (b) -10.7
Taxes on prior years (c) -4.0
Effective tax expense (a) + (b) + (c) -16.3
OVERALL EFFECTIVE TAX RATE N.S




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Notes to the consolidated financial statements




4.2.7 Other information
4.2.7.1 Remuneration and benefits granted to employee
Share‑based payments (IFRS 2) Free shares are valued by Covivio at the date of their award
The application of IFRS 2 has resulted in the recognition of an according to a binomial valuation model. This model takes into
expense for benefits granted to employees as share‑based account the features of the plan (price and exercise period),
payments. This expense is recorded in income for the year under market data upon award (risk‑free rate, share price, volatility and
overheads. expected dividends) and assumptions of beneficiary behaviour.
The benefits thus granted are recognized as expenses over the
vesting period, and offset by an increase in the consolidated
reserves.
4.2.7.1.1 Personnel expenses
As at December 31, 2024, personnel expenses amounted to €159.9 million (compared with €148.9 million as at December 31, 2023),
mainly made up of €86.5 million under structural costs and €73.4 million under EBITDA from Hotel Operating activity and Flex Office.

(In € million) 31/12/2024 31/12/2023
Payroll expenses of hotel operating activity and Flex Office -73.4 -65.9
Overheads -86.5 -83.0
TOTAL PERSONNEL EXPENSES -159.9 -148.9

In the “Overheads” item, staff costs are €86.5 million as at December 31, 2024. They include €6.9 million for free shares and a related
social charge expense of €1.0 million.

Headcount
As at December 31, 2024, the headcount of fully consolidated companies, excluding companies in the operating properties business
line, was 989 compared with 997 as at December 31, 2023.


Headcount by country in number of employees:

10.1% 10.7%
Italy Italy
101 Spain 105 Spain
1 2 4
Luxembourg Luxembourg
3 3


30.6% 31%
France
305 997 France
310 989
58.9% 57.7%
Germany Germany
587 569


Headcount in 2023 Headcount in 2024
Headcount 2023 % 2024 %
Germany 587 58.9% 569 57.7%
France 305 30.6% 310 31%
Italy 101 10.1% 105 10.7%
Luxembourg 3 0.3% 3 0.3%
Spain 1 0.1% 2 0.2%
TOTAL 997 100% 989 100%


The average headcount during 2024 was 969 employees.
The average headcount of operating companies was 1,888 people as at December 31, 2024, compared with 1,346 people as at
December 31, 2023.




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Notes to the consolidated financial statements




4.2.7.1.2 Description of share‑based payments
Covivio awarded free shares in 2024. The following assumptions were made for the free shares:

Corporate
officers and/or
Corporate Corporate Corporate employees –
officers – with officers – with officers – with without
performance performance performance performance
Plan of February 15, 2024 condition plan 1 condition plan 2 condition plan 3 condition plan 4
Date awarded Feb. 15, 2024 Feb. 15, 2024 Feb. 15, 2024 Feb. 15, 2024
Number of shares awarded 21,493 14,329 35,821 9,000
Share price on the date awarded €41.60 €41.60 €41.60 €41.60
Exercise period for rights 3 years 3 years 3 years 3 years
Cost of forfeiture of dividends -€9.94 -€9.94 -€9.94 -€9.94
Actuarial value of the share net of dividends not collected during
the vesting period €31.66 €31.66 €31.66 €31.66
Revenue‑related discount:
In number of shares 3,200 2,134 5,334 1,340
As percentage of share price on the date awarded 15% 15% 15% 15%
Value of the benefit per share €7.56 €6.81 €20.37 €25.47


Corporate
officers and/or
Corporate Corporate Corporate employees –
officers – with officers – with officers – with without
performance performance performance performance
Plan of November 21, 2024 condition plan 1 condition plan 2 condition plan 3 condition plan 4
Date awarded Nov. 21, 2024 Nov. 21, 2024 Nov. 21, 2024 Nov. 21, 2024
Number of shares awarded 5,550 3,700 9,250 97,005
Share price on the date awarded €50.60 €50.60 €50.60 €50.60
Exercise period for rights 4 years 4 years 4 years 3 years
Cost of forfeiture of dividends -€13.38 -€13.38 -€13.38 -€10.15
Actuarial value of the share net of dividends not collected during
the vesting period €37.22 €37.22 €37.22 €40.45
Revenue‑related discount:
In number of shares 1,463 975 2,438 21,952
As percentage of share price on the date awarded 26% 26% 26% 23%
Value of the benefit per share €7.46 €6.58 €19.11 €29.00


In 2024, the total number of free shares allocated was 196,148. As Following the final allocation of the February and
stated elsewhere, the corresponding expense is recognized in December 2020, and February and November 2021 plans, the
income over the entire vesting period. expense calculated for previous years was revised downwards
following the departure of employees for -€0.7 million (income)
The expense on free shares recognized as at December 31, 2024
and the URSSAF charge paid was €0.9 million reclassified as a
was €6.9 million (compared to €7.6 million as at December 31,
charge on free shares.
2023). The associated URSSAF contribution was estimated at
€1 million (expense). These expenses are presented in the income The characteristics of the free share plans granted in previous
statement on the “Overheads” line. years are presented in this section in the year in which they were
granted.
The €6.9 million expense under free shares includes the impact of
the 2020 plan for -€0.5 million, the 2021 plan for €2.9 million, the
2022 plan for €2.3 million, the 2023 plan for €1.7 million and the
2024 plan for €0.5 million.




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Notes to the consolidated financial statements




4.2.7.2 Earnings per share and diluted earnings per share
Earnings per share (IAS 33)
Basic earnings per share are calculated by dividing the income The dilutive effect is calculated using the treasury stock method.
attributable to holders of ordinary Covivio shares (the numerator) The number calculated using this method is added to the
by the average weighted number of ordinary shares outstanding average number of shares outstanding and becomes the
(the denominator) over the period. denominator. To calculate the diluted earnings, the income
attributable to the holders of ordinary Covivio shares is adjusted
To calculate the diluted earnings per share, the average number
by:
of shares outstanding is adjusted to take into account the
conversion of all potentially dilutive ordinary shares, in particular ● all dividends or other items under potentially dilutive ordinary
free shares being vested. shares that were deducted to arrive at the income
attributable to the holders of ordinary shares;
The impact of the dilution is only taken into account if it is
dilutive. ● interest recognized during the fiscal year to the potentially
dilutive ordinary shares;
● any change in the income and expenses resulting from the
conversion of the dilutive potential ordinary shares.
Net income from continuing
Net income operations
GROUP SHARE (in € million) 68.1 68.1
Average number of undiluted shares 106,910,104 106,910,104
Total dilution impact 617,273 617,273
Number of free shares(1) 617,273 617,273
Average number of diluted shares 107,527,377 107,527,377
UNDILUTED GROUP NET EARNINGS PER SHARE (in €) 0.64 0.64
Impact of dilution – free shares (in €) -0.00 -0.00
DILUTED GROUP NET EARNINGS PER SHARE (in €) 0.63 0.63
(1) The number of shares being vested is broken down according to the following plans:

2021 plan 121,000
2022 plan 136,868
2023 plan 163,407
4
2024 plan 195,998
Total 617,273


4.2.7.3 Off‑balance sheet commitments
4.2.7.3.1 Commitments given

(in € million) 31/12/2024 31/12/2023
Commitments related to consolidated companies 29.3 11.8
Commitments related to investments 19.0 0.0
Commitments given for disposal of of equity investments – Guarantees of liabilities 10.3 11.8
Commitments related to financing 5,218.0 5,701.7
Financial guarantees given (outstanding pledged debt) 5,218.0 5,701.7
Commitments related to operating activities 1,567.6 1,712.6
Commitments given related to business development 1,266.3 1,386.9
Work commitments outstanding 743.4 1,021.3
Purchase commitments 64.4 108.2
Bank guaranties and other guaranties given 458.5 257.4
Commitments related to asset disposals 301.4 325.6
Preliminary sale agreements given 301.4 325.6




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 399
4 Financial information
Notes to the consolidated financial statements




Other commitments given related to the Group
Other commitments: ● The Central Facilities of the Sunparks asset were contributed
to Foncière Vielsalm Loisirs, of which Covivio Hotels holds 35.7%
● Under its SIIC status, the Group has specific obligations, as set
of the share capital but only 2.7% of the voting rights with the
out in Section 4.2.6.9.1;
possibility for Covivio Hotels to exercise a put at the end of
● Under the free share plans awarded (see Section 4.2.7.2), the 10th year.
Covivio has undertaken to deliver (through acquisition or
creation) 617,273 shares to the beneficiaries present at the end
of the vesting period;


4.2.7.3.2 Commitments received
Fully consolidated companies

(in € million) 31/12/2024 31/12/2023
Commitments related to consolidated companies 0.0 0.0
Commitments related to financing 2,088.0 2,063.4
Financial guarantees received (authorised lines of credit not used) 2,088.0 2,063.4
Commitments related to operating activities 6,131.7 6,087.0
Other contractual commitments received related to the “Rent to be collected”(1) activity 4,612.2 4,355.1
Guarantees received 474.8 385.0
Preliminary sale agreements received 301.4 325.6
Works remaining to be done (fixed assets) = (1)+(2) commitments given 743.4 1,021.3
(1) Other contractual commitments received related to the “Rent to be collected” activity:

(In € million) Total
Under 1 year 582.1
1 to 5 years 1,925.6
Over 5 years 2,104.5
TOTAL 4 612,2

These are minimum payments to be received for non‑cancellable operating leases.


4.2.7.4 Related‑party transactions
The information mentioned below concerns the main related parties, namely equity affiliates. Transactions between related parties
were carried out in accordance with the same terms and conditions as those applicable to arm’s length transactions.

Details of related‑party transactions (in € million)
Balance
Partner Type of partner Operating income Net financial result sheet Comments
Cœur d’Orly Equity affiliates 0.7 0.0 6.5 Loans, Asset and property fees
Euromed Equity affiliates 0.3 0.0 22.1 Loans, Asset and property fees
Lénovilla Equity affiliates 0.4 0.0 9.9 Loans, Asset and property fees
OPCI IRIS Invest
2010 Equity affiliates 0.3 0.0 0.0 Property fees
OPCI Camp
Invest Equity affiliates 0.2 0.0 0.1 Trade payables and Property fees
SCI Dahlia Equity affiliates 0.2 0.0 0.0 Property fees
SCCV Rueil
Lesseps Equity affiliates 0.0 0.0 0.3 Current accounts – liabilities




400 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Notes to the consolidated financial statements




4.2.7.5 Compensation of Covivio executives
(In € million) 31/12/2024 31/12/2023
Management
Short‑term benefits (fixed/variable) 2.6 2.6
Post‑retirement benefits
Long‑term benefits
Benefits in kind 0.1 0.1
Compensation for termination of contract
TOTAL 2.6 2.6
Directors
REMUNERATION OF BOARD MEMBERS 0.6 0.6


The variable portion does not include the free shares awarded. ● Olivier Estève (Deputy CEO).
Moreover, 80,643 free shares were awarded to the executives of
This amount will be equal to 12 months of total remuneration
all Group subsidiaries in the 2024 fiscal year (including 71,643
(fixed salary and the annual variable portion), plus one month of
shares awarded subject to performance conditions) which will
additional remuneration per year of employment (capped at 24
vest in 2027. All 80,643 shares remained validly awarded as at
months of remuneration). This indemnity will be subject to two
December 31, 2024.
performance conditions (the change in NAV and the
In case of involuntary departure, an indemnity will be awarded achievement of the performance targets for the annual bonus).
to the following executives:
● Christophe Kullmann (Chief Executive Officer);


4.2.7.6 Statutory Auditors' fees
KPMG Ernst & Young Others
Amount % Amount % Amount %
(In € million) 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
Statutory audit, certification,
review of the individual and
4
consolidated financial
statements 1.2 0.2 37% 5% 1.5 1.6 46% 46% 0.5 1.7 17% 49%
Issuer 0.3 46% 0% 0.4 0.5 54% 60% 0.4
Fully consolidated affiliates 0.8 0.2 38% 8% 1.0 1.0 47% 43% 0.3 1.2 14% 49%
Equity affiliates 0% 0% 0.1 0.1 21% 23% 0.2 0.2 79% 77%
(1)
Non‑audit services 0.1 0.0 8% 0% 0.6 0.4 90% 83% 0.0 0.1 2% 17%
Issuer 0.0 11% 0% 0.3 0.1 89% 81% 0.0 0.0
Fully consolidated affiliates 0.0 5% 0% 0.2 0.3 92% 85% 0.0 0.0
TOTAL 1.2 0.2 32% 4% 2.0 2.0 79% 53% 0.5 1.8 14% 45%
(1) Non‑audit services performed in 2024 relate partially to the CSR for €0.3 million.




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4 Financial information
Notes to the consolidated financial statements




4.2.7.7 Audit exemptions for Germany Offices subsidiaries
In accordance with section 264 par. 3, 264b HGB, Covivio granted its guarantee to certain subsidiaries of Covivio Office Holding GmbH
and Covivio Holding GmbH, registered in Germany, so that they may benefit from an audit exemption for the financial year ended on
December 31, 2024. A contractual audit is carried out.


Company name Registration
Covivio Holding GmbH n.a.
Covivio Office Holding GmbH DE330759796
Covivio Office GmbH DE315913571
Covivio Beteiligungsgesellschaft mbH DE319740870
Covivio Office I GmbH DE320537742
Covivio Office II GmbH DE321107772
Covivio Office III GmbH DE331938709
Covivio Office IV GmbH DE331938717
Covivio Office V GmbH DE331938725
Covivio Office VI GmbH & Co. KG DE332138839
Covivio Office VII GmbH DE331938733


Company name Registration
Covivio Office Berlin GmbH DE327072645
Covivio Groß-Berliner‑Damm GmbH DE327818834
Covivio Tino‑Schwierzina 32 Grundbesitz GmbH DE322098720
Covivio Technical Services I GmbH DE330106790
Covivio Technical Services II GmbH DE325641950
Covivio Technical Services III GmbH DE325641976
Covivio Technical Services IV GmbH DE325641984
Covivio Verwaltungs IV GmbH DE325641941
Covivio Alexanderplatz GmbH DE322706978
Covivio Construction GmbH DE343586953
Acopio Office Energy GmbH DE350365820



4.2.8 Segment reporting
4.2.8.1 Accounting principles relating to operating segments – IFRS 8
The Covivio group holds a wide range of real‑estate assets to ● Hotels in Europe: commercial buildings largely in the hotel
collect rental income and benefit from appreciation in the assets segment and Hotel Operating properties held by Covivio
held. Segment reporting is organised by asset type. Hotels;
The operating segments are as follows: ● Germany Residential: real estate housing assets in Germany
held by the Covivio group through its subsidiary Covivio
● France Offices: office real‑estate assets located in France;
Immobilien SE.
● Italy Offices: office real‑estate and retail assets located in
These segments are reported on and analysed regularly by
Italy;
Group management in order to make decisions on what
● Germany Offices: office real‑estate assets located in Germany resources to allocate to the segment and to evaluate their
held by the Covivio group via its subsidiary Covivio Office performance.
Holding;
The Other segment includes non‑significant activities.




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Notes to the consolidated financial statements




4.2.8.2 Intangible assets
France Italy Hotels in Germany Germany
2023 - (In € million) Offices Offices Europe Residential Offices Others Total
Goodwill and Other intangible fixed assets 11.8 5.1 117.6 1.8 0.0 0.2 136.6
TOTAL 11.8 5.1 117.6 1.8 0.0 0.2 136.6


France Italy Hotels in Germany Germany
2024 - (€ million) Offices Offices Europe Residential Offices Others Total
Goodwil and Other intangible fixed assets 10.6 4.9 325.9 3.3 0.0 0.1 344.9
TOTAL 10.6 4.9 325.9 3.3 0.0 0.1 344.9


4.2.8.3 Tangible fixed assets
France Italy Hotels in Germany Germany
2023 - (In € million) Offices Offices Europe Residential Offices Others Total
Operating properties (valued at cost) 277.5 116.1 1,092.2 46.1 3.6 2.8 1,538.3
Other tangible fixed assets 8.7 30.3 3.4 12.4 0.3 0.0 55.1
TOTAL 286.2 146.4 1,095.6 58.5 3.9 2.8 1,593.4


France Italy Hotels in Germany Germany
2024 - (In € million) Offices Offices Europe Residential Offices Others Total
Operating properties (valued at cost) 272.8 111.6 1,638.8 29.5 0.0 2.0 2,054.7
Other tangible fixed assets 9.0 21.3 11.0 13.7 3.1 0.0 58.2
TOTAL 281.8 132.9 1,649.9 43.2 3.1 2.0 2,112.9


4.2.8.4 Investment properties/Assets held for sale
France Hotels in Germany Germany

4
2023 - (In € million) Offices Italy Offices Europe Residential Offices Others Total
Investment properties at fair value 3,843.6 2,381.6 4,655.2 7,321.6 844.3 0.0 19,046.4
Investment properties under development 331.9 299.4 0.0 39.0 469.7 0.0 1,140.0
Assets held for sale 115.0 42.0 161.9 7.6 0.0 0.2 326.6
TOTAL 4,290.4 2,723.1 4,817.2 7,368.2 1,314.0 0.0 20,513.1


France Hotels in Germany Germany
2024 - (In € million) Offices Italy Offices Europe Residential Offices Others Total
Investment properties at fair value 3,862.2 2,307.7 3,950.1 7,346.8 730.3 0.0 18,197.0
Investment properties under development 434.1 183.1 0.0 37.5 456.9 0.0 1,111.6
Assets held for sale 4.9 216.8 68.6 10.4 0.0 0.2 301.0
TOTAL 4,301.2 2,707.6 4,018.7 7,394.7 1,187.2 0.2 19,609.6


4.2.8.5 Financial assets
France Hotels in Germany Germany
2023 - (In € million) Offices Italy Offices Europe Residential Offices Others Total
Loans granted to equity‑accounted companies 41.7 0.0 51.6 0.0 0.0 0.0 93.4
Non‑consolidated securities 0.6 4.1 0.2 10.5 0.0 0.1 15.5
Security deposits 1.0 0.0 5.1 0.0 0.0 0.0 6.1
Advanced payments and deposits 0.0 0.0 2.5 0.0 0.0 0.0 2.5
Other financial assets 0.0 0.0 -0.0 0.2 0.0 0.0 0.3
Total other non‑current financial assets 43.3 4.1 59.5 10.7 0.0 0.1 117.8
Investments in equity affiliates 118.7 51.6 204.6 0.0 0.0 0.0 374.9
TOTAL FINANCIAL ASSETS 162.1 55.7 264.0 10.7 0.0 0.1 492.7




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 403
4 Financial information
Notes to the consolidated financial statements




France Hotels in Germany Germany
2024 - (In € million) Offices Italy Offices Europe Residential Offices Others TOTAL
Loans granted to equity‑accounted companies 38.2 0.0 59 0.0 0.0 0.0 97.3
Non‑consolidated securities 0.0 3.7 0.2 8.3 0.0 0.0 12.3
Security deposits 0.1 0.0 4.7 0.0 0.0 0.0 4.9
Advanced payments and deposits 0.0 0.0 2.6 0.0 0.0 0.0 2.6
Other financial assets 46.1 0.0 9.5 0.3 0.0 0.0 55.9
Total other non‑current financial assets 84.4 3.8 76.0 8.6 0.0 0.0 172.9
Investments in equity affiliates 119.6 58.1 216.7 0.0 0.0 0.0 394.4
TOTAL FINANCIAL ASSETS 204.0 61.9 292.7 8.6 0.0 0.0 567.3


4.2.8.6 Contribution to equity
France & Italy Hotels in Germany Germany
2023 - (In € million) Offices Europe Residential Offices Others Total
Shareholders’ equity Group Share 6,520.4 169.5 1,502.5 -202.6 -32.7 7,957.0
Non‑controlling interests 478.1 2,059.5 1,362.0 106.4 0.0 4,006.2
SHAREHOLDERS’ EQUITY 6,998.5 2,229.0 2,864.5 -96.2 -32.7 11,963.2


France & Italy Hotels in Germany Germany
2024 - (In € million) Offices Europe Residential Offices Others Total
Shareholders’ equity Group Share 6,980.3 197.3 1,427.3 -343.0 -33.7 8,228.2
Non‑controlling interests 482.0 1,794.9 1,420.5 88.9 0.0 3,786.2
TOTAL SHAREHOLDERS’ EQUITY 7,462.2 1,992.2 2,847.8 -254.1 -33.6 12,014.5


4.2.8.7 Financial liabilities
France Italy Hotels in Germany Germany
2023 - (In € million) Offices Offices Europe Residential Offices Others Total
Non‑current financial liabilities 3,999.6 298.3 2,198.3 2,532.9 295.3 0.0 9,324.3
Current financial liabilities 76.4 609.7 255.8 278.8 162.0 0.0 1,382.8
TOTAL NON‑CURRENT AND CURRENT LIABILITIES 4,076.0 908.0 2,454.1 2,811.7 457.3 0.0 10,707.2


France Italy Hotels in Germany Germany
2024 - (In € million) Offices Offices Europe Residential Offices Others Total
Non‑current financial liabilities 3,744.1 505.8 2,243.5 2,442.8 154.9 0.0 9,091.1
Current financial liabilities 284.6 10.3 536.2 378.9 131.0 0.0 1,341.0
TOTAL NON‑CURRENT AND CURRENT LIABILITIES 4,028.7 516.1 2,779.7 2,821.7 285.9 0.0 10,432.1


4.2.8.8 Derivatives
France Italy Hotels in Germany Germany
2023 - (In € million) Offices Offices Europe Residential Offices Others Total
Derivative financial instruments - assets 231.1 7.3 177.6 96.4 9.7 0.0 522.1
Derivative financial instruments - liabilities 108.2 0.0 72.5 4.1 0.3 0.0 185.1
NET DERIVATIVES -122.9 -7.3 -105.1 -92.3 -9.4 0.0 -337.0


France Italy Hotels in Germany Germany
2024 - (In € million) Offices Offices Europe Residential Offices Others Total
Derivative financial instruments - assets 185.2 0.1 156.7 72.1 7.5 0.0 421.7
Derivative financial instruments - liabilities 78.2 0.0 63.8 10.3 0.1 0.0 152.4
NET DERIVATIVES -107.0 -0.1 -92.9 -61.8 -7.5 0.0 -269.3




404 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Notes to the consolidated financial statements




4.2.8.9 Income statement by operating segment
In accordance with IFRS 12, par. B11, inter‑segment transactions, in particular management fees, are indicated separately in this
presentation.

Other Intercos
France Italy Germany Hotels in Germany (France Inter
2023 (In € million) Offices Offices Offices Europe Residential Residential) ‑sector 31/12/2023
Rental income 198.0 133.0 47.0 265.8 293.6 0.0 -2.3 935.0
Unrecovered property operating costs -15.1 -13.1 -4.3 -3.4 -1.7 -0.4 0.8 -37.4
Expenses on properties -9.2 -3.7 -1.4 -3.4 -21.8 -0.6 9.3 -30.8
Net losses on unrecoverable receivables 0.4 0.1 -0.9 -0.5 -2.5 0.0 0.0 -3.4
NET RENTAL INCOME 174.0 116.3 40.3 258.5 267.6 -1.0 7.8 863.5
Revenues from hotel operating activity 4.5 0.0 0.0 287.0 0.0 0.0 0.0 291.5
Operating expenses of hotel operating
activity -4.0 0.0 0.0 -211.7 0.0 0.0 0.0 -215.7
EBITDA from Hotel operating activity 0.5 0.0 0.0 75.3 0.0 0.0 0.0 75.8
Income from other activities 11.6 7.2 0.2 0.0 4.3 0.8 0.0 24.1
Management and administration income 13.6 0.8 3.0 7.2 7.4 13.2 -26.2 19.1
Overheads -38.6 -13.3 -8.5 -28.2 -56.3 -12.0 18.4 -138.5
Depreciation of operating assets -15.5 -4.9 - 0.8 -47.9 -3.3 -1.2 0.0 -73.6
Change in provisions -0.3 0.1 0.0 7.8 0.0 -0.3 0.0 7.3
Other operating income and expenses 4.4 -3.8 0.9 16.0 0.2 0.0 0.0 17.6
OPERATING INCOME 149.7 102.3 35.1 288.7 219.9 -0.4 0.0 795.3
Net income from inventory properties 0.0 -0.1 0.0 0.0 0.0 0.0 0.0 -0.1
Income from asset disposals -29.2 -0.1 0.0 0.3 -8.9 0.0 0.0 - 37.9
Income from value adjustments -854.1 -94.4 -281.9 -197.5 -1,009.5 0.0 0.0 -2,437.3
Income from disposal of securities - 1.0 0.0 0.0 0.0 -0.2 0.3 0.0 -0.9
Net income from changes in scope 0.0 0.0 -0.3 -3.8 -0.1 0.0 0.0 -4.2
4
OPERATING RESULT -734.6 7.8 -247.1 87.7 -798.9 - 0.1 0.0 -1,685.2
Financial income related to the cost of debt 73.2 10.3 0.4 79.7 39.9 0.5 -28.0 176.1
Financial expenses related to the cost of
debt -99.3 -33.7 -4.6 -142.6 -89.4 0.0 28.0 -341.7
Cost of the net financial debt -26.2 -23.4 -4.2 -62.9 -49.5 0.5 0.0 -165.6
Interest cost for rental liabilities 0.0 0.0 -0.5 -15.3 0.0 - 0.1 0.0 - 15.9
Value adjustment on derivatives -69.1 0.0 -3.6 -67.0 -68.1 0.0 0.0 -207.7
Exceptional amortization of loan issue costs -0.9 -0.5 0.0 - 0.4 0.0 0.0 0.0 -1.8
Other financial income and expenses 0.0 0.0 0.0 0.4 0.0 0.0 0.0 0.4
Share of income from companies accounted
for under the equity method -33.5 1.2 0.0 -2.0 0.0 0.0 0.0 -34.4
NET INCOME BEFORE TAX -864.3 -14.9 -255.3 -59.5 -916.4 0.3 0.0 -2,110.1
Taxes -1.2 2.2 38.3 34.6 134.0 -0.5 0.0 207.3
NET INCOME FOR THE PERIOD -865.5 -12.7 -217.1 -25.0 -782.4 - 0.2 0.0 -1,902.9
Net income from non‑controlling interests -158.7 8.8 -36.4 -20.0 -277.9 0.0 0.0 -484.1
NET INCOME FOR THE PERIOD -
GROUP SHARE -706.8 -21.6 -180.6 - 5.0 -504.5 - 0.2 0.0 -1,418.8




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 405
4 Financial information
Notes to the consolidated financial statements




Intercos
France Italy Germany Hotels in Germany Inter
2024 (In € million) Offices Offices Offices Europe Residential Others ‑sector 31/12/2024
Rental income 196.7 132.1 48.5 270.1 305.9 0.0 -0.4 952.9
Unrecovered property operating costs -9.9 -9.9 -4.0 -3.0 -0.7 -0.3 0.2 -27.5
Expenses on properties -10.2 -6.5 -1.3 -3.9 -21.3 -0.4 9.6 -34.0
Net losses on unrecoverable receivables 0.2 -0.3 0.3 -1.0 -3.3 0.0 0.0 -4.2
NET RENTAL INCOME 176.7 115.4 43.5 262.2 280.6 -0.6 9.4 887.2
Revenues from hotel operating activity 7.2 0.0 0.0 315.4 0.0 0.0 0.0 322.6
Operating expenses of hotel operating
activity -4.8 0.0 0.0 -232.2 0.0 0.0 0.0 -237.0
EBITDA from Hotel operating activity 2.4 0.0 0.0 83.2 0.0 0.0 0.0 85.5
Income from other activities 19.6 6.0 -0.1 0.0 6.0 0.7 -0.2 32.0
Management and administration income 16.6 2.4 2.6 9.8 9.6 13.6 -28.8 25.8
Overheads -39.1 -12.5 -7.2 -25.0 -56.1 -12.7 19.6 -133.0
Depreciation of operating assets -23.0 -5.1 -0.4 -56.3 -27.0 -1.1 0.0 -112.9
Change in provisions 0.1 0.4 0.0 -0.8 0.0 0.3 0.0 -0.1
Other operating income and expenses 4.1 - 4.0 1.1 15.5 0.3 0.0 0.0 16.9
OPERATING INCOME 157.2 102.6 39.6 288.5 213.4 0.1 0.0 801.4
Net income from inventory properties 0.0 -0.1 0.0 0.0 0.0 0.0 0.0 -0.1
Income from asset disposals -5.8 2.5 0.0 12.6 1.6 0.0 0.0 10.9
Income from value adjustments -66.1 -33.3 -213.3 51.3 -69.2 0.0 0.0 -330.5
Income from disposal of securities 0.0 -0.1 0.0 -0.4 -1.0 0.0 0.0 -1.5
Net income from changes in scope 0.0 0.0 -0.2 -4.9 0.1 0.0 0.0 -5.0
OPERATING RESULT 85.3 71.6 -173.9 347.2 144.9 0.1 0.0 475.2
Financial income related to the cost of debt 102.3 7.4 3.0 114.6 44.9 0.7 -33.3 239.7
Financial expenses related to the cost of debt -109.0 -40.5 -12.2 -171.9 -103.0 0.0 33.3 -403.4
Cost of the net financial debt -6.7 -33.1 -9.2 -57.3 -58.1 0.7 0.0 -163.8
Interest cost for rental liabilities 0.0 -0.1 -0.5 -15.7 0.0 0.0 0.0 -16.3
Value adjustment on derivatives -37.9 -1.0 -1.9 -21.4 -33.0 0.0 0.0 -95.2
Exceptional amortization of loan issue costs -0.1 -1.1 0.0 -1.2 -0.2 0.0 0.0 -2.5
Other financial income and expenses 0.0 -0.3 0.0 0.9 0.0 0.0 0.0 0.6
Share of income from companies accounted
for under the equity method 7.1 0.7 0.0 15.1 0.0 0.0 0.0 22.9
NET INCOME BEFORE TAX 47.8 36.8 -185.5 267.5 53.6 0.7 0.0 220.9
Taxes 1.9 -9.2 27.8 -30.5 -12.9 -0.7 0.0 -23.5
NET INCOME FOR THE PERIOD 49.7 27.6 -157.7 237.1 40.7 0.1 0.0 197.4
Net income from non‑controlling interests -4.7 13.6 -17.5 123.3 14.6 0.0 0.0 129.2
NET INCOME FOR THE PERIOD - GROUP
SHARE 54.4 14.0 -140.2 113.8 26.1 0.0 0.0 68.1




4.2.9 Post‑closing events
None.




406 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Statutory Auditors’ report on the consolidated financial statements




4.3 Statutory Auditors’ report on the consolidated
financial statements
Fiscal year ended 31 December 2024

To the General Meeting of Covivio,



Opinion
In compliance with the engagement entrusted to us by your General Meetings, we have audited the accompanying consolidated
financial statements of Covivio for the fiscal year ended 31 December 2024.
In our opinion, the consolidated financial statements give a true and fair view, in accordance with International Financial reporting
Standards as adopted by the European Union, of the assets and liabilities and of the financial position of the Group at the end of the
fiscal year, and of the results of its operations for the fiscal year then ended.
The audit opinion thus formulated is consistent with the content of our report to the company’s Audit Committee.



Basis for the audit opinion
Audit framework
We conducted our audit in accordance with professional standards applicable in France. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our audit opinion.
Our responsibilities under those standards are further described in the “Statutory Auditors’ Responsibilities for the Audit of the
Consolidated Financial Statements” section of our report.

Independence
We conducted our audit engagement in compliance with independence requirements required by the French Commercial Code and
the French Code of Ethics (Code de déontologie) for Statutory Auditors for the period from 1 January 2024 to the date of our report,
4
and specifically we did not provide any prohibited non‑audit services referred to in Article 5, paragraph 1 of regulation (EU) 537/2014.



Observations
Without calling into question the opinion expressed above, we draw your attention to note 4.2.1.1 “Accounting standards” which sets
out the change in accounting method related to a change in presentation with regard to the EBITDA of hotels under management
and cost of net financial debt.



Justification of our assessments – Key audit matters
In accordance with the requirements of Articles L. 821‑53 and R. 821‑180 of the French Commercial Code relating to the justification of
our assessments, we inform you of the key audit matters relating to risks of material misstatement that, in our professional judgement,
were of most significance in our audit of the consolidated financial statements for the current period, as well as how we addressed
those risks.
These assessments were made in the context of the audit of the consolidated financial statements taken as a whole and the
formation of our opinion expressed above. We do not express an opinion on the elements of these consolidated financial statements
taken in isolation.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 407
4 Financial information
Statutory Auditors’ report on the consolidated financial statements




Valuation of investment property


Risk identified Our response
The fair value of your Group’s investment properties, excluding Our procedures involved:
properties held for sale, represented 78% of consolidated assets at ● obtaining an understanding of your Group’s process for valuing
31 December 2024, i.e. €19.3 billion. its investment property and the controls implemented;
Under the option offered by IAS 40, investment properties are ● assessing the expertise and independence of the real estate
assessed at their fair value. Changes in fair value are recorded in appraisers, bearing in mind their membership of the Royal
the income statement under “Income from value adjustments”. As of Institution of chartered Surveyors (RICS);
31 December 2024, the net amount of adjustments to the value of ● assessing the independence of the Group’s property valuers on
investment properties amounted to -€330.5 million. the basis of the requirements for rotation and bases of
Note 4.2.5.4.3 to the consolidated financial statements states that remuneration defined by your Group;
the Group’s investment property is subject to valuation by ● obtaining an understanding of the Group’s written instructions to

independent property valuers. its property appraisers describing the nature of the services
required and the scope and limitations of their work with
particular regard to the verification of the information provided
The fair value measurement of investment properties involves the by the Group;
use of various valuation methods using unobservable or observable ● assessing, on a test basis, the information provided by the
parameters that have been adjusted by independent experts on Finance Department to the property valuers for the purpose of
the basis of data provided by your Group. determining the fair value of their investment property, including
rent schedules, accounting data and capital expenditure
The economic environment has created uncertainty about the budgets;
estimates used for appraisal values. These estimates are based on ● assessing the valuation assumptions used by the real estate
assumptions about discount rates, yield rates and rental data that appraisers, in particular discount rates, yield rates and rental
depend on market trends and which could be different in the future. data, by comparing them with external data and published
market studies;
● interviewing certain professional property valuers in the presence
We considered the valuation of investment properties to be a key
of the company’s Finance Department and assessing, with the
audit matter due to the importance of this item in the consolidated
help of our valuation specialists, the consistency and relevance
statement of financial position and in the consolidated statement
of the valuation approach applied and of the main associated
of net income and given the degree of judgement relating to the
instances of the exercise of professional judgement;
determination of the main assumptions used.
● reconciling the resulting property valuations with the amounts
included in the consolidated financial statements;
● assessing the appropriateness of the information provided in the
notes to the financial statements.



Specific verifications
We have also performed, in accordance with professional standards applicable in France, the specific verifications required by French
laws and regulations of the Group’s information given in the management report of the Board of Directors.
We have no matters to report as to its fair presentation and its consistency with the consolidated financial statements.



Report on other legal and regulatory requirements
Format of presentation of the consolidated financial statements intended to be included in the annual
financial report
In accordance with professional standards applicable to Statutory Auditors’ work relating to the annual and consolidated financial
statements presented in the European single electronic format, we have also verified compliance with this format, as defined in
European delegated Regulation no 2019/815 of 17 December 2018, in the presentation of the consolidated financial statements
intended to be included in the annual financial report mentioned in section I of Article
L. 451‑1‑2 of the French Monetary and Financial Code, prepared under the responsibility of the Chief Executive Officer. With regard to
consolidated financial statements, our procedures include verifying that the mark‑up of these financial statements complies with the
format defined by the aforementioned regulation.
Based on our work, we conclude that the presentation of the consolidated financial statements intended to be included in the annual
financial report complies, in all material respects, with the European single electronic format.
It is not our responsibility to verify that the annual financial statements that will be included by your company in the annual financial
report filed with the AMF correspond to those on which we carried out our work.




408 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Statutory Auditors’ report on the consolidated financial statements




Appointments of the Statutory Auditors
We were appointed as Statutory Auditors of Covivio by the General Meeting held on 17 April 2024 in the case of KPMG SA and 24 April
2013 in the case of ERNST & YOUNG et Autres.
As at 31 December 2024, KPMG SA was in the first year of its engagement and ERNST & YOUNG et Autres in the twelfth year.
Previously, Groupe PIA that became Conseil Audit & Synthèse (acquired by ERNST & YOUNG Audit in 2010) was the Statutory Auditor
from 2007 to 2012.



Responsibilities of management and those charged with governance
for the consolidated financial statements
Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with
International Financial reporting Standards as adopted by the European Union and for such internal control as management
determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing the company’s ability to continue as a
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless it
is expected to liquidate the company or to cease operations.
The Audit Committee is responsible for monitoring the financial reporting process and the effectiveness of internal control and risk
management systems and, where applicable, its internal audit, regarding the accounting and financial reporting procedures.
The consolidated financial statements were approved by the Board of Directors.



Statutory Auditors’ responsibilities for the audit of the consolidated financial
statements
Audit purpose and audit approach
Our role is to issue a report on the consolidated financial statements. Our objective is to obtain reasonable assurance about whether
the consolidated financial statements as a whole are free from material misstatement. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with professional standards will always detect a material
4
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users made on the basis of these financial
statements.
As specified in Article L. 821‑55 of the French Commercial Code, our statutory audit does not include assurance on the viability of the
company or the quality of management of the affairs of the company.
As part of an audit conducted in accordance with professional standards in France, the Statutory Auditor exercises professional
judgement throughout the audit. Further, the Statutory Auditor:
● identifies and assesses the risks of material misstatement of the consolidated financial statements, whether due to fraud or error,
designs and performs audit procedures responsive to those risks, and obtains audit evidence considered to be sufficient and
appropriate to provide a basis for his opinion. The risk of not detecting a material misstatement resulting from fraud is higher than
for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control;
● obtains an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control;
● evaluates the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management in the consolidated financial statements;
● assesses the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence
obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s
ability to continue as a going concern. This assessment is based on the audit evidence obtained up to the date of his audit report.
However, future events or conditions may cause the company to cease to continue as a going concern. If it concludes that a
material uncertainty exists, it draws users’ attention in the audit report to the information in the consolidated financial statements
regarding this uncertainty or, if such information is not provided or is inadequate, issues a modified opinion or refuses to certify the
financial statements;
● evaluates the overall presentation of the consolidated financial statements and assesses whether these statements represent the
underlying transactions and events in a manner that achieves fair presentation;
● obtains sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the
Group to express an opinion on the consolidated financial statements. The Statutory Auditor is responsible for the direction,
supervision and performance of the audit of the consolidated financial statements and for the opinion expressed on these
consolidated financial statements.



COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 409
4 Financial information
Statutory Auditors’ report on the consolidated financial statements




Report to the Audit Committee
We submit a report to the Audit Committee which includes in particular a description of the scope of the audit and the audit
programme implemented as well as the results of our audit. We also report, if any, significant deficiencies in internal control regarding
the accounting and financial reporting procedures that we have identified.
Our report to the Audit Committee includes the risks of material misstatement that, in our professional judgement, were of most
significance in the audit of the consolidated financial statements of the current period and which are therefore the key audit matters
that we are required to describe in the present report.
We also provide the Audit Committee with the declaration provided for in Article 6 of regulation (EU) no. 537/2014, confirming our
independence within the meaning of the rules applicable in France, such as they are set in particular by Articles L. 821‑27 to L. 821‑34 of
the French Commercial Code and in the French Code of Ethics (Code de déontologie) for Statutory Auditors. Where appropriate, we
discuss with the Audit Committee the risks that may reasonably be thought to bear on our independence, and the related safeguards.




Paris‑La Défense, 19 March 2025




KPMG SA ERNST & YOUNG et Autres

Sandie TZINMANN Jean Roch VARON Pierre LEJEUNE

Partner Partner Partner




410 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
4.5.4 Notes to the income statement 432
4.4 Individual financial statements
at 31 December 2024 412 4.5.4.1 Operating income 432
4.4.1 Balance sheet 412 4.5.4.2 Net financial income 434
4.4.2 Income statement 414 4.5.4.3 Exceptional income 436
4.5 Notes to the individual financial statements 415 4.5.4.4 Income tax 437
4.5.1 Significant events during the fiscal year 4.5.4.5 Increases and relief of future tax liabilities 437
415
4.5.4.6 Non‑tax deductible expenses 437
4.5.1.1 Acquisitions and construction work on
4.5.5 Off‑balance sheet commitments 438
properties under development 415
4.5.5.1. Commitments given 438
4.5.1.2 Disposals of real estate assets 415
4.5.5.2 Commitments received 439
4.5.1.3 Movements in equity investments 416
4.5.6 Miscellaneous information 440
4.5.1.4 Simplification of structures 416
4.5.1.5 Share capital increase 416 4.5.6.1 Average headcount during the year
and headcount at the end of the period 440
4.5.1.6 Diversification of financing and
repayment of bank debt 416 4.5.6.2 Remuneration of administrative
and management bodies 440
4.5.1.7 Main indicators 416
4.5.6.3 Information regarding related‑party
4.5.2 Accounting policies and methods 417
transactions 440
4.5.2.1 Intangible assets 417
4.5.6.4 Information on items with related
4.5.2.2 Tangible fixed assets 417
companies 2024 441
4.5.2.3 Financial assets 418
4.5.6.5. Free shares 441
4.5.2.4 Trade receivables and related accounts 418
4.5.6.6 Subsidiaries and equity investments 442
4.5.2.5 Derivatives 418
4.5.6.7 Research and development activities 448
4.5.2.6 Provisions for risks and charges 419
4.5.6.8 Post‑closing events 448
4.5.2.7 Retirement benefits 419
4.5.6.9 Company earnings over the last five years 448
4.5.2.8 Provisions for financial risks and charges 419
4.5.2.9 Borrowings, debt and bonds 419 4.6 Statutory Auditors’ report on the annual
4.5.2.10 Deferred charges 419 financial statements 449
4.5.2.11 Bond redemption premium 419 4.7 Extract from the profit and loss account
4.5.2.12 Revenue 419 and balance sheet for the fiscal year ended
4.5.3 Explanation of balance sheet items 420 31 December 2024 455
4.5.3.1 Fixed assets 420
4.5.3.2 Current assets 426
4.5.3.3 Equity 427
4.5.3.4 Provisions 428
4.5.3.5 Debt 429




COVIVIO DOCUMENT D'ENREGISTREMENT UNIVERSEL 2024 411
4 Financial information
Individual financial statements at 31 December 2024




4.4 Individual financial statements at 31 December 2024
4.4.1 Balance sheet
Assets
Amortisa-
31/12/2024 tion, Of which net 31/12/2023 Of which net
deprecia- Italian Italian
tion and Establishment Establishment
(In € thousand) Note 4.5.3 Gross provisions Net 31/12/2024 Net 31/12/2023
Intangible fixed assets: 1.1 22,091 7,015 15,076 4,462 16,462 4,648
Start‑up costs 0 0 0 0 0 0
Software and similar rights 21,293 7,015 14,278 4,462 15,907 4,648
Goodwill 0 0 0 0 0 0
Other intangible fixed assets 798 0 798 0 555 0
Intangible fixed assets in progress 0 0 0 0 0 0
Tangible fixed assets: 1.1 1,743,294 390,786 1,352,509 1,088,040 1,407,826 1,137,946
Land 643,416 32,380 611,036 515,054 624,366 529,235
Buildings 1,053,501 345,826 707,675 568,825 731,464 590,035
Technical facilities, industrial equipment
and tools 0 0 0 0 0 0
Others 37,342 10,991 26,351 1,080 26,991 762
Tangible fixed assets in progress 9,035 1,589 7,446 3,082 24,538 17,448
Advanced payments and deposits 0 0 0 0 467 467
Financial assets: 7,285,008 604,890 6,680,118 1,030,086 6,227,959 988,165
Investments 1.2 5,463,639 541,301 4,922,339 940,729 4,754,297 890,087
Investment‑related receivables 100,000 0 100,000 0 0 0
Other long‑term investments 1.4 147,545 2,685 144,861 88,281 105,049 84,080
Loans 1.3 1,573,761 60,905 1,512,856 1,077 1,367,762 13,998
Others 62 0 62 0 852 0
Total I – Fixed assets 1 9,050,394 1,002,690 8,047,703 2,122,588 7,652,246 2,130,760
Inventories and work‑in‑progress 150 150 0 0 0 0
Advances and advanced payments 600 600 600 3,200 3,200
Operating receivables: 2.1 130,963 18,179 112,784 14,238 74,876 14,569
Trade receivables and related accounts 20,467 6,266 14,201 6,638 11,994 1,579
Current accounts and other receivables 110,496 11,913 98,583 7,600 62,883 12,990
Marketable securities: 2.2 256,581 1,100 255,481 0 549,798 0
Treasury shares 42,462 1,100 41,362 43,722
Term accounts and other securities 214,119 0 214,119 506,076
Cash and near cash 25,155 25,155 7,258 90,949 1,668
Prepaid expenses and accruals 2.3 67,053 67,053 977 101,186 1,151
Treasury instruments 2.4 993 993 2,174 0
Total II – Current assets 2 481,495 19,429 462,065 23,072 822,184 20,587
Deferred expenses (III) 2.3 12,347 12,347 1,295 14,624 2,165
Bond redemption premiums (IV) 39,389 39,389 46,306
Currency translation gains (V)
TOTAL (I + II + III + IV + V) 9,583,625 1,022,120 8,561,505 2,146,955 8,535,360 2,153,512




412 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Individual financial statements at 31 December 2024




Liabilities
Of which Italian Of which Italian
Establishment Establishment
(In € thousand) Note 4.5.3 31/12/2024 31/12/2024 31/12/2023 31/12/2023
Shareholders' equity: 4,827,740 4,614,442
Capital [of which €334,870 thousand paid] 334,870 303,019
Issue premium, merger premium
and additional paid‑in capital 4,492,869 4,311,423
Revaluation reserves 0 0
Reserves and retained earnings: 36,048 46,679
Legal reserve 33,487 30,302
Statutory or contractual reserves
Revaluation reserves available for distribution 0 0
Others 12,826
Retained earnings 2,561 3,552
Profit (loss) for the fiscal year 82,245 4,177 -8,417 -55,835
Investment subsidies
Regulated provisions 34,122 34,100
Total I – Shareholders’ equity 3 4,980,155 4,177 4,686,804 -55,835
Other shareholders’ equity
Proceeds from issue of participating shares
Conditional advances
Total I bis – Shareholders’ equity 0 0 0
Provisions for risks 27,828 845 27,754 1,424
Provisions for losses 2,542 3 2,450 3
Total II – Provisions for contingencies and losses 4 30,370 848 30,204 1,427
Payables 4
Financial liabilities: 5 3,481,294 336,788 3,734,191 650,714
Convertible bonds 5.1 0 0 0 0
Other bonds 3,230,915 306,155 3,520,116 607,157
Borrowings and debts with credit institutions(1) 26,356 0 50,944 0
Current accounts and various financial debts 224,023 30,633 163,130 43,557
Advanced and pre‑payments received 3,963 0 7,658 0
Operating payables: 38,435 19,508 35,094 16,299
Trade payables and related accounts 21,241 14,364 15,334 9,455
Tax and social security payables 17,194 5,144 19,760 6,845
Sundry liabilities: 12,920 9,037 15,990 7,783
Debt on fixed assets and related accounts 4,186 3,831 5,276 4,390
Others 8,734 5,206 10,714 3,393
Treasury instruments 5.2 1,649 0 9,269 0
Pre‑booked income 12,718 247 16,150 370
Total III – Current liabilities 3,550,979 365,581 3,818,352 675,167
Currency translation losses (IV)
Liaison account with Establishments 0 1,776,349 0 1,532,753
TOTAL (I + I BIS + II + III + IV) 8,561,505 2,146,955 8,535,360 2,153,512
(1) Of which current bank borrowings and bank overdraft. 0 254




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 413
4 Financial information
Individual financial statements at 31 December 2024




4.4.2 Income statement
Of which Italian Of which Italian
Establishment Establishment
(In € thousand) Note 4.5.4 31/12/2024 31/12/2024 31/12/2023 31/12/2023
Operating income
Sales of goods 1 1 14,000 14,000
Sales (goods and services) 135,544 68,151 140,382 65,941
Net revenues 1.1 135,545 68,152 154,382 79,941
Lease property 2 2
Production in stock 0 0 32 32
Reversals of provisions (and depreciation) and transferred
charges 1.2 22,079 16,240 59,666 35,430
Other income 119 1 920 85
Total I – Operating income 1 157,744 84,395 215,001 115,488
Operating expenses
Purchases – Real estate traders 0 0 32 32
Change in inventories – Real estate companies 2 2 40,515 40,515
Other purchases and external expenses 37,845 14,255 47,765 16,191
Duties, taxes and related payments 11,548 7,373 12,674 8,021
Salaries and wages 33,798 7,899 31,088 6,751
Social security charges 11,274 1,932 10,116 1,661
Allowance for depreciation and provisions:
On fixed assets: amortisation and depreciation charges 38,756 25,466 43,862 30,354
On fixed assets: impairments 12,410 12,334 73,173 64,427
On current assets: impairments 1,547 1,300 1,738 1,068
For contingencies and expenses: provisions 1,391 50 1,623 215
Other expenses 12,379 11,100 5,291 3,095
Total II – Operating expenses 1.3 160,950 81,710 267,877 172,331
1. Operating income (I‑II) 1 -3,205 2,685 -52,876 -56,842
Financial income
Share of income from joint operations
Profit or loss transferred III 2,833 0 1,249 0
Losses or profit transferred IV 1,036 0 1,988 0
Investment 2.1 276,076 8,553 441,205 50,241
From other marketable securities and fixed asset receivables 17,735 1,336 9,718 193
Other interest and similar income 92,412 147 83,368 410
Statutory interest 2,731 2,731
Merger premiums 2.2 33 0 33,647 0
Reversals of provisions and transferred expenses 2.3 62,052 21,637 16,762 2,134
Net income from disposal of marketable securities 165 0 122 0
Total V – Financial income 2 451,205 31,673 587,552 52,979
Financial expenses
Allowance for depreciation and provisions 186,861 332 397,059 31,972
Interest and similar expenses 169,522 31,528 133,174 22,843
Merger deficits 2.2 1,485 0 13,143 0
Net expenses from disposal of marketable securities 12,716 0 8,928 0
Total VI – Financial expenses 2 370,584 31,860 552,304 54,815
2. Net financial income (V - VI) 2 80,621 -187 35,248 -1,836
3. Current net income before tax (I‑II+III‑IV+V‑VI) 79,212 2,498 -18,368 -58,678




414 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Notes to the individual financial statements




Of which Italian Of which Italian
Establishment Establishment
(In € thousand) Note 4.5.4 31/12/2024 31/12/2024 31/12/2023 31/12/2023
Non‑recurring income
On management transactions 531 50 169 123
On capital transactions 76,210 47,425 117,204 29,586
Reversals of provisions and transferred expenses 391 90 125 0
Total VII – Non‑recurring income 3 77,132 47,565 117,498 29,709
Non‑recurring expenses
On management transactions 535 521 87 5
On capital transactions 73,897 45,556 103,474 23,823
Allowance for depreciation and provisions 324 0 99 0
Total VIII – Non‑recurring expenses 3 74,756 46,078 103,660 23,828
4. Non‑recurring income (VII‑VIII) 3 2,376 1,488 13,838 5,881
Corporate income tax (X) 4 -656 -192 3,888 3,038
Total revenue (I+III+V+VII) 688,914 163,634 921,300 198,176
Total expenses (II+IV+VI+VIII+IX+X) 606,669 159,456 929,717 254,011
PROFIT OR LOSS 82,245 4,178 -8,417 -55,835




4.5 Notes to the individual financial statements
4.5.1 Significant events during the fiscal year
4.5.1.1 Acquisitions and construction work on properties under development
● €37 thousand of works carried out on Silex 3;
4
● €24,290 thousand of works carried out on Milano Corso Italia;
● €19,160 thousand of works carried out on Rozzano Strada 8, delivered in 2024.
As of 31 December 2024, there is one building under development in Covivio France - SILEX 3 and one building under development in
Covivio Italy, namely Milano Corso Italia.

4.5.1.2 Disposals of real estate assets
Disposals concern the following assets:

Capital gains Market value
(In € thousand) Net book value Disposal price or losses at 31/12/2023
Milano, Symbiosis – Edificio School 23,142 25,000 1,858 23,142
Livorno - Palazzo Orlando 5,657 5,700 43 5,657
Milano - Piazza Monte Titano 16,233 16,500 267 16,400
Sale right of asset use (Rozzano) 13 13 0
COVIVIO ITALY 45,032 47,213 2,181 45,199
COVIVIO 45,032 47,213 2,181 45,199




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 415
4 Financial information
Notes to the individual financial statements




4.5.1.3 Movements in equity investments
Change in the ownership interest in subsidiaries Other changes in equity interests
On 19 April 2024, Covivio acquired 12,316,445 shares in Covivio ● On 16 December 2024, Covivio took part in the capital
Hotels held by the Generali Group, in exchange for 3,818,084 new increase of Covivio PROPERTY.
Covivio shares. The launch of the subsequent public exchange
● On 30 August 2024, Covivio took part in the capital increase
offer resulted in the additional acquisition of 516,384 Covivio
by offsetting the receivable of Foncière Margaux.
Hotels shares for 160,080 Covivio shares.
● On 30 August 2024, Covivio took part in the capital increase
As of 31 December 2024, Covivio held 52.53% of its subsidiary
of SARL du 106‑110 rue des Troënes.
Covivio Hotels.
● Covivio has acquired shares in SCCV RUEIL LESSEPS, with a
holding rate of 50%.


4.5.1.4 Simplification of structures
Mergers with the full transfer of assets and liabilities (FTA) were carried out in 2024 to simplify the Group’s corporate structure.

Nature and date
Subsidiary involved of the transaction Corporate purpose
FTA on 11/05/2024 without
SARL Telimob Paris Acquisition, holding and management of stakes in any real estate company.
retroactive tax effect
The purpose of the Company is, directly or indirectly, in France and outside
France, to acquire equity interests in all companies or entities, commercial,
EURL – Covivio FTA on 16/05/2024 without industrial, financial or other, French or foreign, created or to be created, whether
Proptech retroactive tax effect they have a legal personality or not, which may be start‑ups or investment funds,
and by any means, in particular by way of creation, contribution, subscription,
purchase of shares or holdings, mergers, joint ventures or grouping.
The acquisition of any land, real estate rights or buildings, including by way of
FTA on 30/06/2024 without
SCI Charenton construction leases/real estate leases/long‑term leases and all assets and rights
retroactive tax effect
that may constitute the ancillary/annex to said assets.
The purpose of the company is to negotiate and enter into all contracts
FTA on 09/09/2024 without
SNC Sucy Parc necessary for the transformation/development/change of use of old buildings
retroactive tax effect
and/or the construction of new buildings.
FTA on 01/10/2024 without
SNC Télimob Paca Acquisition and ownership of buildings
retroactive tax effect


4.5.1.5 Share capital increase 4.5.1.6 Diversification of financing
During the fiscal year, the share capital changed as follows: and repayment of bank debt
● creation of 6,638,915 shares, as part of the dividend payment In 2024, the net change in credit lines and commercial paper
in shares, for a par value of €19,916,745; amounted to €22 million.

● creation of 3,818,084 shares on 19/04/2024 as part of the The Italian Establishment’s borrowings amount to €306 million.
exchange of shares with Generali and of 160,080 shares as
part of the public exchange offer of 25 June 2024.
The total capital as at 31 December 2024 stood at €334,870,404,
up from €303,019,167 at 31 December 2023, an increase of
€31,851,237. It is made up of 111,623,468 ordinary shares, all of the
same class, with a par value of €3 each, amounting to
€334,870,404.
At 31 December 2024, the company held 833,075 treasury shares.
4.5.1.7 Main indicators
The main financial aggregates are as follows:

(In € thousand) 2024 2023
Balance sheet total 8,561,505 8,535,360
Net revenue 135,545 154,382
Dividends received from subsidiaries 276,076 441,205
Financial expenses 370,584 552,304
Profit (loss) for the fiscal year 82,245 -8,417




416 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Notes to the individual financial statements




4.5.2 Accounting policies and methods
Covivio is the parent company of the Covivio group, and Fixed assets have been recorded under the component method
prepares its consolidated financial statements according to IFRS. since 1 January 2005.
Covivio is consolidated via the equity method by Delfin. The annual financial statements are presented in thousands of
euros, rounded to the nearest thousand euros. Rounding
The balance sheet and income statement are drawn up in
differences may generate minor differences between statements.
accordance with French legislation and generally accepted
accounting principles in France. 4.5.2.1 Intangible assets
The notes are prepared at the closing date in accordance with Intangible fixed assets are valued at cost.
ANC Regulation 2014‑03 published by the Decree of 8
September 2014 et seq. currently in force. Software is amortised on a straight‑line basis over three years.
Software acquired after moving the company headquarters to
General accounting conventions were applied, respecting the Divo is amortised over 10 years.
prudence principle, in accordance with the following basic
assumptions: 4.5.2.2 Tangible fixed assets
● going concern; Tangible fixed assets are valued at cost, which corresponds to
the purchase price and related costs, or their contribution value.
● consistency of accounting policies from one fiscal year to the
next; The company has not opted for borrowing costs to be
capitalised in the acquisition cost of assets.
● independent fiscal years.
Tangible fixed assets are depreciated on a straight‑line basis
And in accordance with the rules for preparing and presenting according to the expected useful life of the various components
annual financial statements pursuant to the French law of 30 of the portfolio.
April 1983 and the Implementation Decree of 29 November 1983.
The breakdown by components is based on the grid
The historical cost method was adopted as the basic method of recommended by the French Real Estate and Real Estate
accounting. Management Federation (FSIF), according to the type of asset.

Depreciation schedules for the various types of fixed assets (residential or office):

Breakdown of the buildings Method Term
Building structures L 60 and 80 years
Facades and external joinery L 30 and 40 years
General and technical facilities L 20 and 25 years 4
Fittings L 10 years

These periods are adjusted with obsolescence factors applied to each asset.

Breakdown of other tangible fixed assets Method Term
Miscellaneous fixtures and fittings L 10 years
IT equipment L 5 years
Office equipment L 10 years

The overall real estate portfolio is appraised by independent The real‑estate portfolio directly held by the Group was
experts on a half‑yearly basis (30 June and 31 December), and appraised in full at 31 December 2024 by independent
according to the calculation methods determined by an internal real‑estate experts and members of RICS including BNP Real
set of specifications based on the guidelines of the oversight Estate, JLL, CBRE, Cushman and Colliers".
bodies:
At each balance sheet date, the company assesses if there are
Covivio also abides by the Listed Real Estate Investment any indications that an asset has been materially impaired. In
company (SIIC) Code of Ethics applicable to FSIF (Fédération such cases, an impairment charge may be recorded in income
des Sociétés Immobilières et Foncières) member companies, or reversed, as appropriate.
particularly in terms of real estate appraisals.
The amount of any significant impairment is determined on an
Valuation missions are carried out in accordance with the Code asset‑by‑asset basis in line with a comparison between the
of Ethics for SIICs, the Real Estate Valuation Charter and the market value (excluding duties), calculated on the basis of
recommendations of the COB/CNCC working group chaired by independent appraisals, and the net book value.
Mr Barthès de Ruyter and the international plan in accordance
with the International Valuation Standards Council (IVSC) and
those of the 2014 Red Book of the Royal Institution of chartered
Surveyors (RICS).




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 417
4 Financial information
Notes to the individual financial statements




An objective indication of the loss of value can be seen when the
appraisal value is at least €150 thousand lower than the net
4.5.2.4 Trade receivables and related accounts
book value. However, even if the difference is less than €150 Receivables are stated at their par value. A provision for
thousand, an impairment charge will be recognised where the impairment is recorded when the recoverable value is lower than
appraised value was less than the net book value for two years the book value.
running.
A provision for impairment is recorded for each tenant with
Where an impairment arises, it will be monitored and recognised unpaid receivables, based on the risk incurred. The general
with no threshold conditions. criteria for establishing impairments, except in particular cases,
are as follows:
Such impairments, which recognise the non‑definitive and
non‑irreversible reduction in the value of certain portfolio assets ● for current tenants:
in relation to their book value, are recognised in assets under
● no provision for tenants whose payables are less than three
“Amortisation, depreciation and impairment”.
months overdue,
The impairment is charged to each component on a pro rata
● 50% of the amount of receivables for tenants whose
basis.
receivables are between three and six months overdue,
The recording of an impairment results in a revision of the
● 100% of the total amount of receivables for tenants whose
depreciable base and, if applicable, the depreciation schedule
receivables are more than six months overdue.
for the assets concerned.
● for departed tenants:
Building works, major renovation works and significant upgrading
works, together with the restoration of apartments or premises ● no provision for tenants whose payables are less than three
upon re‑letting, are capitalised. months overdue,
Conversely, maintenance work which ensures the optimum ● 100% of the total amount of receivables for tenants whose
preservation of the real‑estate portfolio and regular receivables are more than three months overdue.
maintenance work are recognised as expenses for the fiscal
year. For commercial customers, receivables and theoretical provisions
deriving from the above rules are examined case‑by‑case to
4.5.2.3 Financial assets take specific situations into consideration.
Financial assets are valued at cost or at their contribution value 4.5.2.5 Derivatives
after deducting any provisions required to restore them to their
value in use (if necessary). At the end of the fiscal year, the Covivio uses fixed or optional derivative financial instruments or
acquisition cost of the securities is compared to their net asset a combination of fixed or optional financial instruments such as
value. The lower of these values is recorded in the balance sheet. swaps, caps and floors.
The net asset value of the securities corresponds to their value in The instruments used are considered simple, standard and liquid.
use for the company.
Financial instruments are recognised according to the intention
In the case of investments held for the long term, value in use is with which the transactions are carried out.
assessed on the basis of the net assets plus any unrecognised
capital gains on the non‑current assets. For the listed subsidiary, If the instruments qualify as hedging transactions:
their EPRA NDV NAV are used.
● the net effects (income and expenses) of derivatives qualifying
The acquisition costs are incorporated in the cost price of as hedges are recognised in the income statement
financial assets and amortised over five years in the form of symmetrically with the net effects (income and expenses) of
additional amortisation. the hedged items, i.e. symmetrically with the recognition of the
expense interest on borrowings hedged to hedge interest rate
Merger losses were recognised following the mergers of Covivio risk;
with Bail Investissement in 2006, with AKAMA in 2011, and with FR
IMMO in 2013, based on the value of the assets contributed. At ● balances paid or received on entering into a swap contract
each sale of assets, a reversal of these deficits is made. Similarly, are recognised in an accrual account on the asset or liability
a provision is recorded on the merger deficit when an unrealised side of the balance sheet and are spread in profit or loss over
capital loss emerges between the appraised value and the net the effective period during which the instrument is activated;
book value at each year‑end.
● the premiums paid on entering into an option contract (cap,
The change in accounting treatment of merger losses further to floor, tunnel) are recognised as financial instruments on the
ANC Regulation 2015‑06 modified the accounting rules asset side of the balance sheet and spread in profit or loss
applicable to merger losses for fiscal years starting from 1 over the period covered by the option;
January 2016.
● when the forward financial instruments are canceled or
Since 2016, merger deficits are allocated to the assets restructured with the initial counterparty and the hedged
contributed (underlying assets) in specific accounts for asset item(s) still exist, in order to ensure a symmetrical treatment
categories, and they are amortised, depreciated and removed with the hedged item, the gains and losses of the terminated
from the assets in accordance with the same methods as for the derivatives (balances paid or received) are recorded in the
underlying assets: balance sheet in the accrual accounts for cash instruments
provided for by the PCG, pending recognition in profit or loss
● merger loss on intangible fixed assets; symmetrically with the hedged item. Gains and losses realized
● merger loss on tangible fixed assets; on canceled hedging instruments are recognised in profit or
loss over the remaining life of the hedged item, symmetrically
● merger loss on financial assets; with the income and expense method of the hedged item. For
restructured transactions, new derivatives are recognised
● merger loss on current assets.
according to the principles mentioned in the second
paragraph above;



418 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
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Notes to the individual financial statements




● in order to centralise the management of interest rate risks at 4.5.2.7 Retirement benefits
Covivio group level, Covivio contracts derivatives on the
market and re‑invoices its subsidiaries for the effects of the Covivio applies the recommendation of the French Accounting
hedging on the basis of an agreement, making it possible to Standards Authority (Autorité des Normes Comptables) No.
recognise the effects of the external hedging symmetrically. 2013‑02 of November 2013 on the valuation and recognition of
retirement commitments and similar benefits, updated in
When the hedged item no longer qualifies (in part or in full) as a November 2021.
hedged item, for example when it no longer exists, and the
hedging instrument is retained, it is treated (in whole or in part) 4.5.2.8 Provisions for financial risks and charges
as a derivative instrument in an isolated open position. As mentioned in paragraph 4.5.2.5, when an instrument traded
If the instruments do not qualify as hedging transactions and as an isolated open position generates an unrealised loss, a
are in an isolated position: provision is recognised in financial income for the unrealised loss.

● changes in value are recognised in the balance sheet with an 4.5.2.9 Borrowings, debt and bonds
offsetting entry; Bank financing usually consists of six bond issues and medium-
● unrealised losses are provisioned; and and long‑term credit agreements with varying drawdown
periods. Successive drawdowns are recognised in the financial
● when these instruments are renegotiated or broken, any statements at their par value. These agreements include
adjustment is recognised directly in the income statement. covenant clauses, which are reported under off‑balance‑sheet
commitments.
If an isolated open position transaction were to be reclassified
as a hedging transaction: 4.5.2.10 Deferred charges
● if the fair value of the instrument was negative at the Prepaid expenses correspond to the issue costs of borrowings
reclassification date and a provision had been made on the and are amortised over the loan period. An exceptional
basis of a revaluation asset, these two accounts are reversed amortisation is recognised if the borrowing is redeemed early.
against the revaluation differences. On the reclassification
date, the fair value of the derivative is recorded in a Treasury 4.5.2.11 Bond redemption premium
instruments account and is amortised over the remaining life These are amortised over the life of the bond.
of the hedging instrument symmetrically with the hedged item;
4.5.2.12 Revenue
● if the fair value of the instrument was positive at the date of
reclassification, the revaluation portion is fixed in the balance Revenues mainly include income related to the following
sheet and is only recognised on maturity of the instrument. activities:
The fair value of the derivative is fixed in a cash instruments ● rental income;
account and is amortised over the remaining life of the
hedging instrument symmetrically with the hedged item. ● services income.
4
The instruments in the portfolio at the reporting date are Rental income corresponds to rent and expenses charged to
recorded under off‑balance sheet financial commitments at the building tenants, which are recorded as the service advances.
nominal value of the contracts.
As a general rule, invoicing is quarterly for tertiary sector assets
4.5.2.6 Provisions for risks and charges (offices, etc.) and monthly for residential assets.
Provisions are defined as liabilities of uncertain duration or Rent‑free periods may be granted to tenants when the lease is
amount. A liability is a bond issued to a third party, which is likely signed. They are recognised in the parent company financial
or certain to cause an outflow of resources to that third party, statements but not spread over the firm term of the leases.
without at least an equivalent amount expected from that party.
For services, revenues are recognised as the service progresses.
A contingency provision related to investments is established to
cover the negative net equity of subsidiaries and when all of the
subsidiary’s shares and loans have been impaired.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 419
4 Financial information
Notes to the individual financial statements




4.5.3 Explanation of balance sheet items
Beni Stabili merged with Covivio on 31 December 2018.
Since 1 January 2019, the Italian Permanent Establishment has been included in Covivio’s balance sheet.

4.5.3.1 Fixed assets
4.5.3.1.1 Change in gross values
Increases Decreases
Sales and
Gross values FTA and Acquisitions other FTA and Gross values
(In € thousand) Note 4.5.3 at 31/12/2023 Merger and works Transfers disposals Merger at 31/12/2024
Intangible fixed assets 28,617 961 0 7,487 0 22,091
● Concessions, software 28,063 0 718 7,487(1) 0 21,293
● Fixed assets in progress 555 961 -718 798
Tangible fixed assets 1,824,258 33,091 -56,987 57,068 0 1,743,294
● Land 665,443 2 -9,383 12,646 643,416
● Buildings 1,094,271 45,276 -43,179 42,867 1,053,501
● Other tangible fixed assets 38,024 386 488 1,556 37,342
Deficit on real estate assets 33,345 0 33,345
Fixtures and fittings 568 16 246 337
Office and IT equipment 2,429 31 472 630 2,303
Furniture 1,681 356 0 680 1,357
● Fixed assets in progress 26,521 -12,573 -4,912 0 9,035
● Advanced payments and deposits 0
Financial assets 6,712,778 48,770 778,226 1,600 164,575 127,108 7,285,008
● Equity investments 1.2 5,176,737 48,770 346,647 1,600 25,003 85,112 5,463,639
● Investment‑related receivables 0 0 100,000 0 0 100,000
● Loans 1.3 1,427,944 298,519 110,705 41,997 1,573,761
● Other long‑term investments 107,245 0 33,047 28,064 147,545
Securities 1.4 42,871 4,530 0 47,401
Merger deficits 59,713 35,317 0 95,030
Treasury shares 1.4 4,661 28,517 28,064 5,114
● Other non‑current financial assets 852 13 803 62
TOTAL FIXED ASSETS 8,565,653 812,278 -55,387 229,130 127,108 9,050,394
(1) The decrease in the software item corresponds to the scrapping of ALTAIX and X3.



4.5.3.1.2 Change in equity investments
At 31 December 2024, Covivio held investments in 81 companies.
In addition to equity investments detailed under significant The two largest investments are:
events, one equity investment was made in 2024:
● Covivio Hotels: €1,612 million;
● Covivio acquired shares in SCCV RUEIL LESSEPS, its
● Covivio Holding GmbH: €1,021 million.
shareholding is 50%.




420 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
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Notes to the individual financial statements




Amount at 31/12/2023 (in € thousand) 5,176,737
Securities integrated into the company following FTAs and mergers
Companies undergoing FTAs Shares contributed
Sarl TELOMOB PARIS SNC Telimob Paris 10,298
SNC Telimob Nord 11,103
SNC Telimob Rhones Alpes 10,896
SNC Telimob Sud Ouest 5,037
SNC Télimob Paca 11,437
Total increase related to FTAs and mergers 48,770
Acquisition of securities and similar
SCCV Rueil Lesseps 1
Capital increase
SAS Covivio Hotels 287,455
SAS Covivio Property 5,155
Sarl Foncière Margaux 26
Covivio Development Italy SpA SIINQ 54,000
Covivio ATTIVITA’ IMMOBILIARI 6 S.r.l. 10
Total increase related to acquisitions and capital increases 346,647
Increase in securities by incorporation of a loan or current account
SCI 106 110 Troenes 1,600
Total increase in securities by incorporation of a loan or current account 1,600
Decrease (disposal)
Réal Estate Solution & Technology 3
Capital reduction
Covivio Immobiliare 9 25,000
Total decrease related to capital reductions and disposals 25,003 4
Securities released from the company following FTA
or merger
Sarl Télimob Paris 57,670
SNC Télimob PACA 11,437
Snc SUCY PARC 1
SCI Charenton 16,001
Eurl PROPTECH 3
Total decrease due to FTAs or mergers 85,112
Amount at 31/12/2024 (in € K) 5,463,639




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4 Financial information
Notes to the individual financial statements




4.5.3.1.3 Breakdown of loans
The loans consist of:

Type of loan (In € million)

Loans to subsidiaries 1,557,069
Accrued interest on subordinated loans 7,150
Accrued interest on swap 9,508
Loans to personnel 35
Other loans 0
TOTAL AT 31/12/2024 1,573,761

Loans to subsidiaries relate to financing for development operations, which primarily comprise the following loans as at 31 December:

(In € thousand) Outstanding principal due Accrued interest
SCI du 21 rue Jean Goujon 167,520 0
Covivio Holding GmbH 135,000 0
SCI Danton Malakoff 124,588 0
omega B 120,646 1,932
SAS 6 rue Fructidor 104,662 2,375
Covivio Office VII GmbH 80,000 9
SCI Avenue de la Marne 79,400 0
SCI Rueil B2 79,278 0
SCI N2 Batignolles 72,269 0
SCI Latécoère 2 58,196 0
COVIVIO ALEXANDERPLATZ S.à.r.l 48,135 554
SCI Meudon Juin 45,700 0
COVIVIO OFFICE I GmbH 45,000 5
9 rue Cuirassiers 40,726 0
SCI Atlantis 35,850 0
SNC André Lavignolle 31,415 0
SCI Cité Numérique 30,302 0
COVIVIO OFFICE IV GmbH 30,000 3
Covivio 2 26,969 629
Palmer Plage 26,603 0
Acopio GmbH 25,000 0
COVIVIO OFFICE III GmbH 25,000 3
SCI Meudon Saulnier 22,800 0
SCI Euromarseille 2 19,143 0
Covivio Office Holding GmbH 18,200 368
32 av p. grenier 12,100 0
125 Avenue Brancolar 11,000 0
Covivio Development Trading 0 1,077
others 41,565 193
TOTAL 1,557,069 7,150

Loans to subsidiaries are not covered by a repayment schedule. They are repaid based on each borrower’s free cash flow.
Nevertheless, a final repayment date, ranging from January 2025 at the earliest to August 2049 at the latest is stipulated in the deed.




422 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
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Notes to the individual financial statements




4.5.3.1.4 Other long‑term investments
This item amounting to €147,545 thousand essentially includes:

Merger deficit on financial assets
Breakdown of merger deficit on financial assets Amount (In € million)
Latécoère 13,914
Palmer Plage 2,175
Dual Center 136
Palmer Montpellier 95
Central Sicaf 32,517
BS Immobiliare 9 10,875
‘Télimob Paris SNC 34,123
‘Télimob Rhone Alpes 1,194
TOTAL 95,030


Other long‑term investments
Breakdown of other long‑term investments Amount (In € million)
QUOTE FONDO SECURIS REAL ESTATE 6,259
QUOTE FONDO PORTA ROMANA 41,140
TOTAL 47,399


Treasury shares
Breakdown of treasury shares Number of shares Gross value (in € million)
Shares held by the company – liquidity agreement 100,862 5,114

A provision of €173 thousand, on the basis of the average share price in December 2024, was set up for the treasury shares under the
liquidity agreement.

4.5.3.1.5 Change in depreciation and impairment

(In € thousand) Note 4.5.3
Amort.
31/12/2023 Charges
FTA and Reversal and
Merger disposal
FTA and
Merger Transfer
Amort.
31/12/2024 4
Intangible fixed assets 12,156 2,313 0 7,453 0 7,015
Concessions, software 12,156 2,313 0 7,453 0 0 7,015
Merger deficits 0
Tangible fixed assets 416,793 45,848 0 14,869 0 56,987 390,786
Buildings 267,241 31,983 0 4,776 18,911 275,537
Other tangible fixed assets 11,033 1,454 0 1,496 0 0 10,991
Provisions on land and buildings 138,519 12,410 0 8,596 0 38,076 104,258(1)
Financial assets 484,818 166,895 14,408 43,031 18,201 0 604,890
Investments 1.2 422,441 147,907 14,408 27,452 16,002 0 541,301
Loans 1.3 60,182 18,485 0 15,563 2,199 0 60,905
Securities 2,181 330 0 0 0 0 2,511
Treasury shares 15 174 0 15 0 0 174
TOTAL AMORTISATION, DEPRECIATION ANDIMPAIRMENT 913,767 215,056 14,408 65,352 18,201 56,987 1,002,690
(1) Each year, the book value of the assets is compared against their estimated market value. An independent appraisal, carried out every six months,
serves as a reference for all real estate assets: at 31 December 2024, €104,258 thousand of impairment was recognised on the buildings, i.e. €10,070
thousand in France and €94,188 thousand in Italy.


4.5.3.1.6 Breakdown of impairment of equity investments
In the case of investments held for the long term, value in use is assessed on the basis of the net assets plus any unrecognised capital
gains on the non‑current assets. For listed subsidiaries, the company uses the EPRA NDV.
Reversals of
(In € thousand) 31/12/2023 FTA Charges FTA and Merger provisions 31/12/2024
Covivio Office Holding GmbH 180,444 119,265 299,709
OPCI Office CB21 88,902 8,922 97,824
COVIVIO Alexanderplatz 13,877 15,105 28,983
SAS 6 rue Fructidor 24,787 24,787
Covivio Property 21,114 1,829 22,944
SNC Wellio* 20,001 20,001




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Reversals of
(In € thousand) 31/12/2023 FTA Charges FTA and Merger provisions 31/12/2024
SARL Covivio Immobiliare 9 14,007 1,710 12,297
Telimob Nord 0 10,221 460 10,681
Central Sicaf 23,871 16,148 7,722
Covivio 7 SpA 8,594 3,756 4,838
Telimob Sud Ouest 0 4,187 418 4,605
9 rue Cuirassiers 732 1,749 2,481
Covivio Développement* 1,852 1 852
SCI N2 Batignolles 2,581 819 1,762
Covivio 2 5,090 4,492 598
N2 Promotion 0 128 0 128
Foncière Margaux* 34 25 59
SCI Rueil B2* 11 11
Covivio Attività Immobiliari 5 2 2 4
20 avenue Victor Hugo* 3 3
Cœur d’Orly Promotion 1 1 1
SCI Meudon Saulnier* 1 1
SNC Bordeaux Lac* 1 1
SNC Gambetta Le Raincy* 1 1
SNC Normandie Niemen Bobigny* 1 1
SNC Valence Victor Hugo* 1 1
SNC Nantes Talensac* 1 1
SNC Marignane Saint‑Pierre* 1 1
SNC Jean Jacques Bosc* 1 1
SCI Terres Neuves* 1 1
SCI de la Louisiane* 1 1
SNC Aix en Provence Sezanne* 1 1
SCI Danton Malakoff 0 1 1
SCI Charenton* 16,001 16,001 0
Covivio Attività Immobiliari 4 11 11 0
Covivio Attività Immobiliari 3 11 11 0
SCCV Bobigny Le 9e Art* 1 1 0
Sci Latecoere 2* 1 1 0
SNC Sucy Parc* 1 1 0
SNC André Lavignolle 1 1 0
Meudon Juin* 1 1 0
SNC La Marina Fréjus 0 0
EURL Covivio Proptech 0 0
Boulogne Jean Bouveri 0 0
Hotel N2 500 500 0
TOTAL EQUITY INVESTMENTS 422,441 14,408 147,907 16,002 27,452 541,301
Other long‑term investments 2,181 0 330 0 0 2,511
Treasury shares – liquidity agreement 15 0 174 0 15 174
TOTAL OTHER NON‑CURRENT ASSETS 2,196 0 503 0 15 2,685
TOTAL WRITE‑DOWNS 424,637 14,408 148,410 16,002 27,467 543,985
*Since the impairment of shares was not sufficient to cover their net negative position, the loans or advances in the associates’ current accounts that they were granted
were impaired in the amount of their net position, and when necessary, a provision for contingencies and expenses was recognised.


Market prices and NAV of listed subsidiaries:
Average share price EPRA NDV
Name of listed subsidiary December 2024 at 31/12/2024
Covivio Hotels 19.2 24.9

As Covivio Hotels EPRA NDV is higher than the value of the shares recorded in Covivio’s financial statements, no impairment is to be
recognised.




424 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
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4.5.3.1.7 Breakdown of impairments on loans and current accounts
This table lists loans and current accounts subject to an impairment only

Gross values of
receivables at Write‑downs Reversals of Write‑downs
Receivables and impairment (in € thousand) 31/12/2024 31/12/2023 Charges FTA charges provisions 31/12/2024
SCI Rueil B2 79,278 19,131 3,255 22,386
SCI Meudon Saulnier 22,800 20,522 4,131 16,392
SAS 6 rue Fructidor 104,662 2,191 10,503 12,695
SCI Danton Malakoff 124,588 4,075 4,075
SCI de la Louisiane 4,000 3,532 24 3,556
SCI 20 av. Victor Hugo 2,850 988 619 1,607
SCI Terres Neuves 143 143 143
SNC Jean Jacques Bosc 400 42 9 51
Latecoere 2 58,196 6,524 6,524 0
SCI Charenton 0 2,199 2,199 0
SCI Meudon Juin 0 4,680 4,680 0
Loans 396,917 60,182 18,485 2,199 15,563 60,905
SNC Wellio 7,389 2,021 2,833 4,854
SNC Gambetta Le Raincy 797 643 108 751
SCI Terres Neuves 651 448 203 651
SNC Nantes Talensac 2,196 343 122 465
SNC Normandie Niemen Bobigny 2,075 128 51 179
SNC Marignane Saint‑Pierre 163 142 17 159
Covivio Développement 157 148 10 157
SNC Valence Victor Hugo 1,043 91 56 147
SNC Aix en Provence Sezanne 113 27 82 109
SCCV Bobigny Le 9e Art 1,692 1,938 1,938 0 4
SNC Sucy Parc 273 273 0
Foncière Margaux 15 15 0
Current accounts 16,275 6,216 3,480 273 1,953 7,471
Other receivables 4 7,858 0 3,729 4,129
Purchaser unpaid(1) 7,243 312 1 0 314
Debtor accounts 7,247 8,170 1 0 3,729 4,442
TOTAL WRITE‑DOWNS OF CURRENT
ACCOUNTS AND OTHER RECEIVABLES 23,522 14,386 3,482 273 5,682 11,913
(1) These are receivables from the settlement of expenses from disposed assets.




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4.5.3.2 Current assets
4.5.3.2.1 Breakdown of receivables by maturity
Share at less
Gross amount at Amount due in less Of which Gross amount than 1 year Italian Gross amount at
(In € thousand) 31/12/2024 than 1 year Italian Establishment Establishment 31/12/2023
Trade receivables and related accounts(1) 20,467 20,467 11,657 11,657 28,603
Of which expenses that may be recovered from
tenants(2) 3,580 3,580 6,483
Invoice not yet submitted 5,146 5,146 2,727 2,727 4,095
Other receivables(3) 110,496 110,496 11,729 11,729 76,537
Current accounts 49,405 49,405 5,068 5,068 62,644
Other receivables 56,135 56,135 4,466 4,466 10,376
Tax receivable 3,194 3,194 2,075 2,075 432
VAT receivables 1,534 1,534 120 120 2,203
Principal’s current account 229 229 882
TOTAL RECEIVABLES 130,963 130,963 23,387 23,387 105,140
(1) The application of the impairment rules presented in the accounting principles and methods resulted in the flow of impairments detailed below:


Trade
receivables at Write‑downs Reversals of Write‑downs
Trade receivables and impairment (in € thousand) 31/12/2024 31/12/2023 Charges FTA Transfer provisions 31/12/2024
Trade receivables Italian Establishment 133
Trade receivables French Establishment 1,412
Doubtful receivables Italian Establishment 8,797 14,437 1,300 0 0 10,717 5,020
Doubtful receivables Covivio France 1,399 1,443 245 0 441 1,247
TOTAL IMPAIRMENT OF TRADE RECEIVABLES 11,742 15,880 1,545 0 0 11,158 6,266
(2) These expenses result in advance payment requests issued to tenants recorded as liabilities on the balance sheet under “Advanced payments and deposits” in the
amount of €3,963 thousand (see Section 4.5.3.5 “Payables”).
(3) In connection with other receivables, impairment breaks down as follows:


Gross values of
receivables at Write‑downs Reversals of Write‑downs
Receivables and impairment (in € thousand) 31/12/2024 31/12/2023 Charges FTA provisions 31/12/2024
Current accounts(3) 16,275 6,216 3,480 273 1,953 7,471
Purchaser unpaid 7,243 312 1 0 0 314
Miscellaneous receivables Italian Establishment 4,466 7,858 0 0 3,729 4,129
Miscellaneous receivables Covivio France 44,426 0 0
Debtor accounts 56,135 8,170 1 0 3,729 4,442
TOTAL IMPAIRMENT OTHER RECEIVABLES 14,386 3,482 273 5,682 11,913


4.5.3.2.2 Marketable securities
The realisable value of the marketable securities was €4,428 thousand as at 31 December 2024. There was no significant unrealised
gain, as the Group states the unrealised gains in the last week of each financial year. (Sale/buyback)
Gross value at Gross value at
(In € thousand) 31/12/2023 Acquisitions Disposals Transfer 31/12/2024
Shares held by the company for grant to employees –
profit‑sharing(1) 0 0
Shares held by the company pending grant(1) 7,372 -4,377 2,995
Shares held by the company for grant to employees - AGA Plan(1) 39,808 9,854 -10,195 39,467
47,180 9,854 -10,195 -4,377 42,462
Term account 500,000 -300,000 200,000
Marketable securities(2) 4,388 10,849 -10,810 4,428
Accrued interest on investments 1,688 9,690 -1,688 9,690
506,076 20,539 -312,497 0 214,118
TOTAL MARKETABLE SECURITIES 553,256 30,393 -322,692 -4,377 256,580
(1) 617,273 shares allocated to the free share plans for 2021, 2022 and 2024, were the subject of a provision for contingencies and expenses of €18,801 thousand, 74,819
shares pending allocation to free share plans were impaired for €84 thousand based on the average share price in December 2024.
40,121 shares awaiting pending grant to employees, these shares were impaired by €1,016 thousand on the basis of the average share price of December 2024.
(2) As at 31 December 2024, the portfolio of marketable securities comprised traditional money market investment funds (SICAV). The company does not make any
speculative investments involving a capital risk.




426 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
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4.5.3.2.3 Accruals on assets
Of which Italian Of which Italian
Gross value at Establishment as at Gross value at Establishment as at
(In € thousand) 31/12/2024 31/12/2024 31/12/2023 31/12/2023
Prepaid operating expenses(1) 2,538 977 1,681 1,151
Accrued financial expenses 64,515 0 99,505 0
Agent commissions 63 72
Spread of balances(2) 64,452 99,433
Isolated Open Positions(2)
Total prepaid expenses 67,053 977 101,186 1,151
Treasury instruments (Cap/Floor premiums) 993 2,085
Treasury instruments IOP 0 89
Total treasury instruments 993 0 2,174 0
Prepaid expenses (Loan issue costs)(3) 12,347 1,295 14,624 2,165
TOTAL ACCRUALS 12,347 1,295 14,624 2,165
(1) Prepaid operating expenses correspond to external expenses for which the service will be provided after 31 December 2024.
(2) The outstanding premiums to be spread amount to €64,452 million and correspond to a historic accumulation of €236.06 million in premiums paid. Cf. Note 4.5.3.2.4.
(3) Amortisable expenses exclusively comprise the bond issue costs spread over the term of the bond.



4.5.3.2.4 Cash instrument Assets
This item presents both: Premiums relating to instruments designated as hedges are
amortised through the income statement over the life of the
● premiums paid on the contraction of optional hedging
instrument (see section 4.5.2.5).
instruments;
Changes in the fair value of the instruments are recognised in
● the fair values of instruments in isolated open positions that
the adjustment account and are subject to a provision for risk
correspond to an unrealised loss.
and financial expense (see section 4.5.3.4.2).
4.5.3.3 Equity
Increases Decreases
Other changes Allocation of net
(In € thousand)
Share capital(1)
31/12/2023
303,019
Capital increase
31,851
during the year income/dividend 31/12/2024
334,870
4
(1)
Share premium 3,497,006 234,242 3,731,248
Additional paid‑in capital 296,342 272,565 568,907
Merger premiums 518,075 -325,361 192,715
Revaluation reserves 0 0
Legal reserve 30,302 3,185 33,487
Other reserves 12,826 -12,826 0
Retained earnings 3,552 -991 2,561
Allocation of 2023 net income(2) -8,417 8,417 0
Net income for the 2024 fiscal year 0 82,245 82,245
Regulated provisions 34,100 23 34,122
SHAREHOLDERS’ EQUITY 4,686,804 541,843 82,245 -330,737 4,980,155
(1) Capital increase of 6,638,918 shares as part of the payment of the dividend in shares and of 3,818,084 shares as part of the exchange of Covivio Hotels shares with the
Générali group.
(2) The Combined Ordinary and Extraordinary General Meeting on 17 April 2024 allocated net income as described below and paid a dividend of €3.30 per share.


(In € thousand)
Net income for the financial year ended 31 December 2023 -8,417
Merger premium 325,361
Retained earnings 991
Distributable revaluation reserve 12,826
TOTAL TO BE ALLOCATED 330,760
Legal reserve
Dividends paid out 330,760
TOTAL ALLOCATED 330,760




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4 Financial information
Notes to the individual financial statements




4.5.3.4 Provisions
Increases Decreases
Of which Reversals of Reversals of Reversals of Reversals of Of which
Italian operating operating financial financial Italian
Establishment FTA provisions provisions provisions provisions Establishment
as at and Operating Financial (amount (amount not (amount (amount as at
(In € thousand) Note 31/12/2023 31/12/2023 Merger charges charges used) used) used) not used) 31/12/2024 31/12/2024
Provisions for
risks 27,754 1,424 0 1,208 9,485 88 1,413 8,981 137 27,828 845
Portfolio‑related
disputes(1) 3,240 1,195 283 88 505 2,931 710
Provisions for
litigation 229 229 50 144 135 135
Provisions
relating to
investments 4,063 280 137 4,207
Provisions for
URSSAF AGA 1,645 875 764 1,755
Provision Plan
AGA 18,577 9,205 8,981 18,800
Provisions for
losses 2,450 0 0 184 0 91 0 0 0 2,542 3
End‑of‑career
benefits 4.5.3.4.1 1,657 80 1,736
Provisions for
tax – tax audit 3 3 3
Long service
award 674 16 658
Provision for
departure and
salary disputes 116 104 75 145
TOTAL 30,204 1,424 0 1,391 9,485 179 1,413 8,981 137 30,370 848
(1) Provisions for real estate contingencies and expenses were taken in France and Italy in 2024. The provision of €283 thousand and the reversal of €593
thousand correspond to the rental guarantees given following the disposals of buildings, and repair costs to comply with environmental standards after
anomalies were discovered after the disposals in Italy.



4.5.3.4.1 Retirement benefits
Covivio applies the recommendation of the French Accounting Standards Authority (Autorité des Normes Comptables) No. 2013‑02 of
November 2013 on the valuation and recognition of retirement commitments and similar benefits, updated in November 2021.


Main assumptions used for end‑of‑career benefits and long‑service awards (concerns France)
Parameters 31/12/2024 31/12/2023
Discount rate 3.360% 3.37%
Annual inflation
Annual wage growth
Executives 2% 2%
Non‑managers 2% 2%
Payroll tax rate (IFC only) 50.07% 49.44%
Mortality rate TGF05/TGH05 TGF05/TGH05
Turnover
Up to 49 9.90% 11.00%
50 and over 0% 0%
Reason for retirement 100% voluntary 100% voluntary


4.5.3.4.2 Provisions for financial risks and charges
As mentioned in paragraph 4.5.2.5, when an instrument traded as an isolated open position generates an unrealised loss, a provision is
recognised in financial income for the unrealised loss.




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Notes to the individual financial statements




4.5.3.5 Debt
Of which Italian Establishment
Amount Amount Amount Amount Amount Amount
due in less due in 1 to due in over due in less due in 1 to due in over
(In € thousand) Note 31/12/2024 than 1 year 5 years 5 years 31/12/2024 than 1 year 5 years 5 years 31/12/2023
Convertible bonds 4.5.3.5.1
Bonds 4.5.3.5.1 3,230,915 33,937 1,398,978 1,798,000 306,155 2,177 303,978 3,520,116
Borrowings and debts with credit
institutions(1) 26,356 26,356 50,944
Current accounts and various financial
debts 224,023 217,009 7,014 30,633 26,940 3,693 163,130
Total financial debt 3,481,294 277,303 1,405,992 1,798,000 336,788 29,117 307,671 0 3,734,191
Advanced payments and deposits(2) 3,963 3,963 0 7,658
Trade payables and related accounts(3) 21,241 21,241 14,364 14,364 15,334
Debt on property assets and related
accounts(3) 4,186 4,186 3,831 3,831 5,276
Tax and social security payables(4) 17,194 17,194 5,144 5,144 19,760
Other liabilities(5) 8,734 8,734 5,206 5,206 10,714
TOTAL REALISED 3,536,613 332,621 1,405,992 1,798,000 365,333 57,662 307,671 0 3,792,933
(1) Breakdown of loans and debts with credit institutions:
– the outstanding principal on credit lines and commercial paper amounts to €25,000 thousand;
– accrued interest not yet due on swap for €1,356 thousand;
The amount of borrowings taken out and credit lines drawn totalled €22,000 thousand and only concerned treasury bills.
(2) This line refers to calls for funds from tenants.
(3) Breakdown of trade payables and fixed asset suppliers.


Of which Italian
(In € thousand) 31/12/2024 Establishment
Operating payables 21,241 14,364
Trade payables and related accounts 794 511
Trade payables – invoices not received 19,592 13,853 4
Not used commission payable 855
Debt on property assets and related accounts 4,186 3,831
Trade payables on fixed assets and related accounts 3,971 3,831
Trade payables – hold‑backs
Trade payables on fixed assets – invoices not received 216
TOTAL TRADE PAYABLES ON FIXED ASSETS 25,427 18,195
(4) Breakdown of tax and social security payables:
– VAT: €497 thousand;
– Income tax: €1,300 thousand;
– Payroll and social security charges: €4,892 thousand;
– Personnel expenses of €9,255 thousand, including provisions for paid leave of €2,126 thousand;
– Organic: €70 thousand;
– Tax liabilities: €1,179 thousand.
(5) The other payables item corresponds to the balance of accounts:
– Trade receivables in the amount of €7,393 thousand;
– Other liabilities: €1,340 thousand.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 429
4 Financial information
Notes to the individual financial statements




4.5.3.5.1 Bonds
The bond principal outstanding is €3,193 million, of which €38 million accrued interest.
The table below summarises the major features of these borrowings:

Issue date 20/05/2016
amount of the issue (in millions of euros) €500 M
Nominal rate 1.875%
Maturity 20/05/2026


Issue date 21/06/2017
amount of the issue (in millions of euros) €500 M
Accrued interest – Charges 1.500%
Accrued interest not yet due on borrowings* 21/06/2027


Issue date 23/02/2018
amount of the issue (in millions of euros) €95 million
Nominal rate 1.500%
Maturity 21/06/2027


Issue date 17/09/2019
amount of the issue (in millions of euros) €500 M
Nominal rate 1.125%
Maturity 17/09/2031


Issue date 23/06/2020
amount of the issue (in millions of euros) €500 M
Nominal rate 1.625%
Maturity 23/06/2030


Issue date 20/01/2021
amount of the issue (in millions of euros) €100 M
Nominal rate 0.875%
Maturity 20/01/2033


Issue date 13/06/2023
amount of the issue (in millions of euros) €99 million
Nominal rate 1.125%
Maturity 17/09/2031


Issue date 28/07/2023
amount of the issue (in millions of euros) €99 million
Nominal rate 1.625%
Maturity 23/06/2030


Issue date 5/12/2023
amount of the issue (in millions of euros) €500 M
Nominal rate 4.625%
Maturity 5/06/2032




430 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
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Notes to the individual financial statements




BOND Italy
Issue date 20/02/2018
amount of the issue (in millions of euros) €300 M
Nominal rate 2.375%
Maturity 20/02/2028


4.5.3.5.2 Treasury instruments Liabilities
This item shows the fair value of isolated open position instruments that correspond to an unrealised gain. See section 4.5.3.5.4

4.5.3.5.3 Banking covenants
As of 31 December 2024, the ICR, LTV, secured corporate credit and secured financial debt covenants are all respected:
● LTV < 60%;
● ICR > 200%;
● Secured Financial Debt < 25%.

4.5.3.5.4 Accrued expense accounts and accrued liabilities
Of which Italian Of which Italian
(In € thousand) 31/12/2024 Establishment 31/12/2023 Establishment
Trade payables – invoices not received 19,592 2,550 12,848 8,717
Trade payables on fixed assets – invoices not received 216 662
Paid leave 2,126 613 2,122 562
Other tax and social security liabilities 9,990 2,483 6,296 1,777
Accrued interest – Charges 0 0
Accrued interest not yet due on borrowings(1) 39,271 6,155 30,806 7,157
Unused commission to be paid 855 717
TOTAL 72,050 11,802 53,451 18,213
Treasury instruments IOP
TOTAL TREASURY INSTRUMENTS
(2)
1,649
1,649 0
9,269
9,269 0
4
Pre‑booked income
Spread of balances(3) 12,471 15,136
Isolated Open Positions 644
Commercial paper
Rental activity 247 247 370 347
TOTAL PRE‑BOOKED INCOME 12,718 247 16,150 347
(1) The accrued interest is from treasury bills, bank loans and bonds (€39,271 thousand).
(2) The outstanding premiums to be spread amount to €0.383 million and correspond to a historic accumulation of €1.1 million in premiums paid.
(3) As of 31 December 2024, the amount remaining to be spread over swaps and appearing in pre‑booked income was €12.4 million. Note: the cash
payments received amounted to €26.7 million.




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Notes to the individual financial statements




4.5.4 Notes to the income statement
At 31 December 2024, net income amounted to €82,245 thousand, compared with a loss of €8,417 thousand in 2023.
Beni Stabili merged with Covivio on 31 December 2018.
From 1 January 2019, the Italian Permanent Establishment has been included in Covivio’s income statement.

4.5.4.1 Operating income
4.5.4.1.1 Revenue
Of which Italian Of which Italian
Establishments Establishments
(In € thousand) 31/12/2024 31/12/2023 2024 2023
Rental income 99,256 105,613 59,517 63,382
Offices 99,256 105,613 59,517 63,382
Real estate business 1 14,000 1 14,000
Service revenues 36,287 34,769 8,634 2,559
TOTAL 135,545 154,382 68,152 79,941
The change in revenue is explained by the decrease in rental income following the disposal of buildings in 2023, offset by indexation of
rents over the financial year, in accordance with leases and by the increase in services (re‑invoicing of services to subsidiaries).

4.5.4.1.2 Reversals of provisions and transfers of operating expenses
The reversals of provisions and transfers of operating expenses mainly consist of:

Of which Italian
(In € thousand) 31/12/2024 Establishment
Reversals of provisions for operating contingencies and charges 1,592 629
Provisions for litigation related to the portfolio 736 629
Provisions for social security contribution (URSSAF) for free share allocation 764
Provision for departure 75
Provision for pension and long‑service
Provisions for long‑service awards 16
Reversal of impairment of tangible fixed assets 3,205 1,150
Reversal of impairment on inventories 2 2
Reversals of provisions for doubtful receivables and purchasers 14,797 14,356
Transferred charges 2,380 103
Loan issue costs 1,030
Benefits in kind awarded to staff 124
Incentive plan invested in shares 1,083
Professional contract 65
Rebilled personnel expenses
Repayment of insurance and other operating expenses 79 103
TOTAL REVERSALS OF PROVISIONS, IMPAIRMENTS AND TRANSFERRED EXPENSES 21,976 16,240




432 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
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Notes to the individual financial statements




4.5.4.1.3 Operating expenses
Of which Italian Of which Italian
Establishment Establishment
(In € thousand) 31/12/2024 31/12/2023 2024 2023
Purchases – Real estate traders 32 32
Change in inventory – Real estate traders 2 40,515 2 40,515
Other purchases and external expenses(1) 37,845 47,765 14,255 16,191
Taxes and related payments 11,548 12,674 7,373 8,021
Staff costs 45,072 41,204 9,831 8,412
Depreciation, amortisation and provisions(2) 54,104 120,395 39,150 96,064
Other operating expenses(3) 12,379 5,291 11,100 3,095
TOTAL OPERATING EXPENSES 160,950 267,877 81,710 172,331
(1) The increase in the item Other purchases and external expenses is mainly due to the loan issue costs.
(2) Breakdown of depreciation, amortisation and provisions given in the note.


Of which Stable Of which Italian
Establishment Establishment
(In € thousand) 31/12/2024 31/12/2023 2024 2023
Amortisation of intangible assets 2,312 1,519 534 251
Depreciation of rental assets 31,682 37,383 23,993 29,076
Depreciation of furniture and equipment 383 433 69 85
Depreciation of merger deficit 1,072 1,085
Prepaid expenses 3,307 3,442 870 942
Sub‑total for depreciation and amortisation 38,756 43,862 25,466 30,354
Depreciation of MDB stock
Provisions for trade receivables 1,547 1,738 1,300 1,068
Provisions for fixed assets 12,410 73,173 12,334 64,427
Provisions for contingencies and expenses(4) 1,391 1,623 50 215 4
Subtotal allowances for impairments and provisions 15,348 76,533 13,684 65,710
TOTAL 54,104 120,395 39,150 96,064
(3) The item "Other operating expenses" mainly corresponds to losses on irrecoverable receivables of €11,360 thousand, Directors’ remuneration of €615
thousand, and €208 thousand in compensation for termination of an agreement.
(4) Details of provisions for contingencies and expenses are given in Section 4.5.3.4. These allocations concern the URSSAF AGA provisions of €875 thousand,
provisions related to the portfolio of €283 thousand, provisions for end‑of‑career benefits of €80 thousand, and provisions for litigation of €154 thousand.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 433
4 Financial information
Notes to the individual financial statements




4.5.4.2 Net financial income
Of which Italian Of which Italian
(In € thousand) Note 4.5.4 31/12/2024 31/12/2023 Establishment 2024 Establishment 2023
Financial income from investments 276,076 441,205 8,553 50,241
Dividends received from subsidiaries and equity investments 2.1 276,076 441,205 8,553 50,241
Financial income on guarantees given
Loans and similar income 17,735 9,718 1,336 193
Income from loans to employees 1 2
Income from loans to subsidiaries 17,734 9,716 1,336 193
Other interest and similar income 95,176 119,745 147 410
Interest on Group current accounts 6,534 5,911 146 373
Income from financial instruments 53,909 49,244
Income from treasury bills 59
Revenue from term accounts 19,284 1,688
Premiums and cash adjustments received 10,930 24,490
Other income 1,755 1,976 1 37
Statutory interest 2,731 2,731
Merger premiums 2.2 33 33,647
Reversals of provisions and transferred expenses 2.3 62,052 16,762 21,637 2,134
Reversals of provisions on financial contingencies and charges
Reversals of provisions for financial contingencies related to securities –
current accounts 2,090 838
Reversals of provisions for treasury share contingencies 9,583 6,904
Reversals of provisions on financial assets 4.5.3.1.6 - 7 43,015 2,174 21,637 2,134
Reversals of provisions for merger deficit on financial assets
Transferred financial expenses 7,364 6,846
Net income from disposal of marketable securities 165 122
Total financial income 451,205 587,552 31,673 52,979
Provisions for financial contingencies and charges 186,861 397,059 332 31,972
Provisions for financial contingencies
Provisions for financial contingencies related to securities – current
accounts 3,761 5,569
Provision for financial contingencies – treasury shares 9,205 9,885
Provisions on financial assets(1) 4.5.3.1.6 - 7 166,979 377,501 332 31,972
Provisions for merger deficit on financial assets
Other financial provisions 6,917 4,104
Interest and similar expenses 171,006 146,317 31,528 22,843
Interests on loans and swaps 95,799 78,975 10,998 12,023
Interest on Group current accounts 10,495 9,367 1,809 884
Bank interest and financing operations 5,081 4,588
Merger deficits 2.2 1,485 13,143
Premiums and cash adjustments paid
Spreading of premiums and cash adjustments 4.5.3.2.3 58,058 40,126
Fair value adjustments to financial instruments 89 111
Reversal of valuation of derivative financial instruments 4.5.3.4
Other financial expenses 0 6 18,721 9,936
Net expenses from disposal of marketable securities 0 0
Net expenses on disposals of treasury shares 12,716 8,928
Total financial expenses 370,584 552,304 31,860 54,815
NET FINANCIAL RESULT 80,621 35,248 -187 -1,836
(1) Corresponds to write‑downs on equity investments for €166,721 thousand (see 4.5.3.1.6 and 4.5.3.1.7) on treasury shares for €174 thousand (liquidity
agreement) and €84 thousand on treasury shares pending grants to employees.




434 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Notes to the individual financial statements




4.5.4.2.1 Breakdown of dividends
Dividends received from subsidiaries are shown in the table of subsidiaries and associates 4.5.6.6.

4.5.4.2.2 Breakdown of merger surpluses and losses for the year
Allocation to
Allocation to the shareholders’
Financial income Financial expense account of the equity (merger
Company (merger premium) (merger deficit) underlying premium)
SARL Telimob Paris 35,317
EURL Covivio Proptech 33
SCI Charenton 1,060
SNC Sucy Parc 363
Snc TELIMOB PACA 61
TOTAL 33 1,485 35,317 0


4.5.4.2.3 Breakdown of reversals of provisions and transfers of financial expenses
Of which Italian
(In € thousand) 31/12/2024 Establishment 2024
Reversals of provisions for financial contingencies and charges 54,688 21,637
Reversals of provisions relating to investments: 45,105 21,637
Reversals of provisions on investments 43,015 21,637
Reversal of provisions for contingencies – current accounts 2,090
Other reversals of provisions of a financial nature 9,583 0
Reversals of provisions for contingencies - treasury shares 8,981
Reversals of provisions on treasury shares 602
Reversals of provisions on investment securities
Reversal of provisions for swap risks
Reversals of provisions for merger deficits on financial assets
Transferred financial expenses 7,364 0
4
Expenses on allocation of shares to employees 7,364
TOTAL 62,052 21,637




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 435
4 Financial information
Notes to the individual financial statements




4.5.4.3 Exceptional income
Exceptional income of €2,376 million was mainly impacted by capital gains on the disposal of buildings of €1.660 million, less €0.665
million for capital losses on securities and scrapping and selling costs of €0.218 million.
Of which Of which Of which Of which
Italian Italian Italian Italian
Establish- Establish- Establish- Establish-
ment ment Expenses ment ment
Income (In € thousand) 31/12/2024 31/12/2023 31/12/2024 31/12/2023 (in € thousand) 31/12/2024 2024 Net 31/12/2023 2023 Net 31/12/2024 31/12/2023

Exceptional
Exceptional income expenses on
on management management
transactions 531 169 50 123 transactions 535 -4 87 82 521 5
Miscellaneous
Miscellaneous income 50 50 expenses 4 46 6 -6 4 5
Non‑recurring income Expenses on
on finance leases finance leases 0
Abandoned
transaction 0 0
Non‑recurring
Non‑recurring income expenses on
on leasing 481 169 123 operating leases 531 -50 81 88 517
Expenses on
Income on capital capital
transactions 76,210 117,204 47,425 29,586 transactions 73,897 2,313 103,474 13,731 45,556 23,823
Income on disposal Book value of
of buildings 47,213 88,613 47,213 29,430 buildings sold off 45,553 1,660 68,755 19,858 45,553 22,578
Income on disposals
of other fixed assets NBV of other fixed
sold 59 assets sold 277 -218 4,999 -4,999 1,179
Income from disposals
of intangible fixed NBV of intangible
assets 756 fixed assets 0 759 -3
Income on disposals NBV of treasury
of treasury shares 28,726 27,967 shares sold 28,064 662 28,894 -927
Book value of
Income from disposals securities
of securities(1) 6 -247 6 41 disposed(1) 3 3 30 -277 3 30
Miscellaneous Miscellaneous
non‑recurring income 207 115 207 115 expenses 207 36 79 36
Depreciation and
Reversals of provisions 391 125 90 0 provisions 324 68 99 25 0 0
Provisions for capital Capital cost
cost allowances 59 allowances 23 -23 99 -41
Finance leases –
Reversals of Art. 64 Finance leases –
provisions Art. 64 provisions 0 0
Depreciation and
amortisation
Reversals of provisions 391 66 90 charges 301 90 66
Non‑recurring
Non‑recurring income 77,132 117,498 47,565 29,709 expenses 74,756 2,376 103,660 13,838 46,078 23,828
EXCEPTIONAL INCOME 2,376 13,838 1,488 5,881
(1) Income from disposals and book value of securities disposed of.


(In € thousand) Disposal price Net book value Income from disposal
Real Estate Solution & Technology S R 6 3 3
TOTAL 6 3 3




436 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Notes to the individual financial statements




4.5.4.4 Income tax 4.5.4.5 Increases and relief of future tax
Covivio’s French establishment is subject to the SIIC regime; for liabilities
2024, taxable net income is a loss of -€7,699,880.32. As at 31 December 2023, Covivio had a tax loss carryforward of
As a result, there is no corporate tax due for 2024. €279,179,830.

A sponsorship tax credit for 2024 was recognised in the financial For the 2024 fiscal year, the amount of the losses is €7,699,880.
statements for an amount of €144,705. The tax loss carryforwards now amount to €286,879,710.
A family tax credit for 2024 was recognised in the financial
4.5.4.6 Non‑tax deductible expenses
statements for an amount of €27,194.
In accordance with the provisions of Article 223 quater of the
The SIIC regime allows the exemption of: French General Tax Code, it should be noted that the financial
● income from the leasing of assets; statements for the past year include a total of €31,327
corresponding to non‑tax‑deductible expenses (depreciation,
● capital gains from the disposal of assets to non‑related amortisation and excess rent on leased vehicles).
companies;
During the past fiscal year, Covivio incurred no expenses subject
● dividends from subsidiaries are either subject to corporate to Articles 223 quinquies and 39‑4 of the French General Tax
income tax and opting for the SIIC regime or not subject to Code. It is recalled that the expenses covered by these articles
corporate income tax. are sumptuary expenses, such as for hunting, yachting and
pleasure craft such as sail boats or motor boats.
In return, the company is subject to the following obligations
concerning dividends: Article 223 quater states that companies liable for corporate
income tax must show these expenses in their financial
● 95% of the taxable income from the leasing of assets must be
statements and submit them every year for the approval by the
distributed before the end of the year after the one in which
Ordinary General Meeting.
said income was generated;
● 70% of the capital gains from disposals of assets and shares in
subsidiaries having opted in must be distributed before the
end of the second fiscal year following the one in which they
were realised;
● 100% of the dividends from subsidiaries that have opted in
must be distributed during the fiscal year after the year they
are received.
The total distribution obligation is calculated by applying the
appropriate distribution coefficient to each income category,
4
limited to the taxable income from the entire exempt sector.
Following Beni Stabili’s merger with Covivio, the tax
arrangements for Covivio’s permanent establishment in Italy
changed after it left the SIIQ tax regime. Since 2019 it has been
subject to the 20% tax on real estate companies.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 437
4 Financial information
Notes to the individual financial statements




4.5.5 Off‑balance sheet commitments
4.5.5.1. Commitments given
Off‑balance sheet commitments given (in € million) Delivery date 31/12/2024 31/12/23
Commitments related to operating activities (A+B+C) 46.8 78.5
A- Commitments given related to business development 22.7 45.2
Work commitments outstanding on assets under development 17.2 43.2
Bank guaranties and other guaranties given 5.5 2.0
B- Commitments related to the implementation of operating contracts 0.1 1.3
Other contractual commitments given in “rental income owed” 0.1 1.3
C- Commitments related to asset disposals 24.0 32.0
Rental guarantees on sold assets 0.8 1.9
(1)
Preliminary sale agreements given 23.2 30.1
(1) Preliminary sale agreement.

● Under its SIIC status, the Group has specific obligations, as set out in Section 4.2.1.6.7.1.
● Under the free‑share plans awarded (see Section 4.2.7.2), Covivio has undertaken to deliver (through acquisition) 617,273 shares to
the beneficiaries present at the end of the vesting period.

4.5.5.1.1 Financial Instruments
Covivio is exposed to the risk related to changes in interest rates on its variable‑rate loans, which are used to finance the investment
policy and maintain financial liquidity. The aim of the Company’s interest rate risk management policy is to limit the impact of a
change in interest rates on income and cash flows and to keep the overall cost of the loan as low as possible. To achieve these
objectives, Covivio uses derivatives (mainly swaps and collars) to hedge interest rate risk.
Variable‑rate borrowings or loans hedged by swaps contracted by Covivio are hedged by interest rate swap contracts. Income and
expenses relating to these transactions are recognised on a pro rata basis in the income statement.
The net fair value of these financial instruments is detailed below and is not provisioned in the financial statements because they are
qualified as hedges.
Commitments on interest rate forward financial instruments are presented as follows:
● for outright transactions, the amounts are recorded at the nominal value of the contracts;
● for conditional transactions, the amounts are recorded at the nominal value of the underlying instrument.
The table below summarises the major features of these contracts:
Start date End date Ref. Bank Rate type Notional (in €k) Net fair value (in €k)
31/12/2018 30/06/2028 Swaps ING 0.83% 50,000 2,166
15/01/2020 15/01/2027 Swaps SG Euribor 3M+1.10% 550,000 -8,529
15/01/2020 15/01/2030 Swaps SG 0.45% 400,000 37,014
15/01/2020 15/01/2031 Swaps CACIB 0.84% 75,000 5,781
15/04/2020 15/01/2032 Swaps LCL 1.04% 70,000 5,405
15/01/2020 15/01/2031 Swaps SG 1.18% 150,000 8,603
23/06/2020 23/06/2027 Swaps SG Euribor 3M+0.0660% 100,000 -5,547
23/06/2020 24/06/2030 Swaps CACIB Euribor 3M+0.0685% 250,000 -30,694
15/01/2021 15/01/2032 Swaps CACIB Euribor 3M+0.88% 200,000 17,539
17/01/2022 17/01/2033 Swaps NATIXIS Euribor 3M+0.875% 130,000 17,365
17/01/2022 17/01/2032 Swaps ING Euribor 3M+0.885% 100,000 11,965
17/01/2022 15/01/2032 Swaps CACIB Euribor 3M+0.83% 100,000 12,164
17/01/2022 17/01/2033 Swaps LCL Euribor 3M+0.838% 100,000 13,523
17/01/2022 17/01/2028 Swaps SG 0.41% 550,000 -27,042
31/03/2022 15/01/2032 Swaps NATIXIS 1.11% 75 ,000 5,446
31/03/2022 15/01/2032 Swaps CIC 1.16% 100,000 6,925
18/04/2028 15/04/2032 Swaps CACIB 2.14% 150,000 1,008
15/10/2024 05/06/2032 Swaps NATIXIS 2.84% 100,000 3,812
15/10/2024 05/06/2032 Swaps CACIB 2.83% 200,000 7,549
15/10/2024 15/10/2029 Swaps SG 2.74% 200,000 4,898
15/01/2030 15/07/2034 Swaps CIC 2.28% 150,000 942
15/10/2025 15/10/2035 Swaps CIC 2.22% 100,000 863




438 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Notes to the individual financial statements




4.5.5.1.2 Caps and floors
As part of its interest rate management policy, COVIVIO is required to contract instruments such as caps and floors.
The table below summarises the major features of these contracts:

Start date End date Ref. Bank Rate type Notional (in €k) Fair value (In €k)
17/01/2028 15/01/2032 C. SWAPTION LCL Euribor 3M 70,000 -3,527
15/01/2032 16/01/2034 V – P SWAPTION CACIB Euribor 3M 200,000 -770
15/04/2032 17/04/2034 V – P SWAPTION CACIB Euribor 3M 150,000 -1,649
17/07/2034 15/07/2036 V – P SWAPTION CIC Euribor 3M 150,000 -1,830
15/10/2025 15/10/2035 A - P SWAPTION NATIXIS Euribor 3M 100,000 2,344
15/10/2025 15/10/2035 V – P SWAPTION NATIXIS Euribor 3M 100,000 -778
Italian Establishment
None.


4.5.5.2 Commitments received
Off‑balance sheet commitments received (in € million) Delivery date 31/12/2024 31/12/23
Commitments related to financing 1,565.0 1,465.0
Financial guarantees received (authorised lines of credit not used) 2025 to 2035 1,565,0 1,465,0
Commitments related to operating activities 434.6 430.9
Other contractual commitments received related to the “Rent to be
collected” activity 380.1 377.0
Assets received in pledge, mortgage or collateral, as well as guarantees
received 31.3 23.8
Preliminary sale agreements received = Preliminary sale agreements given 23.2 30.1




4




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 439
4 Financial information
Notes to the individual financial statements




4.5.6 Miscellaneous information
4.5.6.1 Average headcount during the year and headcount at the end of the period
Total
Covivio France 2024 Covivio Italy 2024 2024 2023
Executives 152 Executives 7 159 153
Supervisors 13 Supervisors 24 37 36
Employees Employees 51 51 49
TOTAL EXCLUDING APPRENTICES 165 TOTAL EXCLUDING APPRENTICES 82 247 238
Apprentices – Professional contracts 23 Apprentices – Professional contracts 0 23 21
TOTAL FRANCE 188 TOTAL ITALY 82 270 259

The average headcount for 2024 was 184.57 in France and 80.90 in Italy.


4.5.6.2 Remuneration of administrative and management bodies
4.5.6.2.1 Remuneration of Board members
The members of the Covivio Board received remuneration in the amount of €614,926 in 2024 compared to €581,403 in 2023.

4.5.6.2.2 Remuneration of General Management
The members of the General Management and the Chairman of ● Olivier Estève: his amount will be equal to 12 months of total
the Covivio Board of Directors received overall remuneration of remuneration (fixed salary and the annual variable portion),
€2,637 thousand for their roles, excluding the value of free shares. increased by one month of additional remuneration per year
of service capped at 24 months of remuneration, subject to
The members of the General Management do not receive any
two conditions:
post‑retirement benefits, other than payment of the following
compensation. 1. the first is linked to the NAV,
In the event of forced departure as a result of a change in 2. the second is linked to meeting the performance targets for
control or strategy, the following Directors will receive the annual bonus.
compensation, provided that the performance conditions are
Moreover, 80,643 free shares were awarded to the executives of
met:
all Group subsidiaries in the 2024 fiscal year (including 71,643
● Christophe Kullmann (Chief Executive Officer): the shares awarded subject to performance conditions) which will
compensation will be equal to 12 months of total vest in 2027. All 80,643 shares remained validly awarded at 31
compensation including the fixed salary and the annual December 2024.
variable portion, increased by one month of additional
remuneration per year of service capped at 24 months of
remuneration, subject to two conditions:
1. the first is linked to the NAV,
2. the second is linked to meeting the performance targets for
the annual bonus.



4.5.6.3 Information regarding related‑party transactions
All related‑party transactions are concluded under normal ● persons or close family members of persons exercising joint
market conditions or are immaterial. control, significant influence, or who are key executives of
Covivio;
The term “related‑party transactions” as presented here is
defined under Article R. 123‑199‑1 of the French Commercial Code. ● controlled entities, jointly controlled entities, over which
It includes, in particular, all entities consolidated by Covivio, significant influence is exercised, or managed by the persons
irrespective of the chosen method of consolidation. It also defined in the previous point.
includes:




440 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Notes to the individual financial statements




4.5.6.4 Information on items with related companies 2024
The table below includes all related‑party transactions for the financial year ended 31 December 2024, including transactions with
wholly owned subsidiaries.

(In € thousand) Amount
Advances and advanced payments on fixed assets
Investments 5,609,492
Investment‑related receivables 100,000
Loans 1,564,216
Trade receivables and related accounts 60,315
Other receivables
Other sundry long‑term loans and borrowings 3,978
Other sundry short‑term loans and borrowings
Advances and advanced payments received on orders in progress 563
Trade payables and related accounts 217,703
Debt on fixed assets and related accounts 39
Other payables 110
Income from investments 300,744
Other financial products 45,267
Financial expenses -29,157


4.5.6.5. Free shares
In 2024, a total of 196,148 free shares were awarded by Covivio.
The following fair‑value assumptions were made for the free shares:

2024
Corporate Corporate

Corporate Corporate Corporate
officers and/or
employees Corporate Corporate Corporate
officers and/or
employees
4
officers – with officers – with officers – with without officers – with officers – with officers – with without
performance performance performance performance performance performance performance performance
condition plan (1) condition plan (2) condition plan (3) condition condition plan (1) condition plan (2) condition plan (3) condition

Date awarded 15 Feb. 24 15 Feb. 24 15 Feb. 24 15 Feb. 24 21 Nov. 24 21 Nov. 24 21 Nov. 24 21 Nov. 24
Number of shares
awarded 21,493 14,329 35,821 9,000 5,550 3,700 9,250 97,005
Share price on the date
awarded €41.60 €41.60 €41.60 €41.60 €50.60 €50.60 €50.60 €50.60
Acquisition period 3 years 3 years 3 years 3 years 4 years 4 years 4 years 3 years
Lock‑up period
2024 dividend per share 3.30 3.30 3.30 3.30 3.50 3.50 3.50 3.50
2025 dividend per share 3.54 3.54 3.54 3.54 3.50 3.50 3.50 3.50
2026 dividend per share 3.48 3.48 3.48 3.48 3.52 3.52 3.52 3.52
2027 dividend per share 3.52 3.52 3.52
Value of free share €31.66 €31.66 €31.66 €31.66 €37.22 €37.22 €37.22 €40.45
Value of the benefit €7.56 €6.81 €20.37 €25.47 €7.46 €6.58 €19.11 €29.00
(1) Scope 1
(2) Scope 2
(3) Scope 3


At 31 December 2024, 617,273 free shares had been granted but were not yet vested.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 441
4 Financial information
Notes to the individual financial statements




4.5.6.6 Subsidiaries and equity investments
Subsidiaries and equity interests at 31 December 2024 (Article L 233‑15 of the French Commercial Code)


Reserves and Book value of securities held
retained earnings
before allocation Share of equity
Companies or groups of companies Capital of net income held (in %) gross net
I. Detailed information
A. Subsidiaries (at least 50% of the capital held by the company)
1) Real estate activities
a) Rental
FDR7 3 822 100.00 825 825
Technical SAS 102,026 104,898 100.00 358,640 358,640
SCI Atlantis 2 7,147 100.00 28,429 28,429
SCI Iméfa 127 81,788 0 100.00 103,476 103,476
Latécoëre 4,714 -24,338 50.10 30,851 30,851
SCI du 32 avenue P Grenier 157 6,717 100.00 20,610 20,610
SCI du 40 rue JJ Rousseau 24 -1 100.00 12 12
SCI du 3 place A Chaussy 15 0 100.00 234 234
SARL BGA Transactions 50 -3,695 100.00 3,210 3,210
SCI du 9 rue des Cuirassiers 85 -21,815 50.10 5,693 3,212
SCI du 15 rue des Cuirassiers 159 - 5,641 50.10 1,072 1,072
SCI du 10B et 11A 13 allée des Tanneurs 32 1,346 100.00 1,441 1,441
SCI du 125 avenue du Brancolar 25 -824 100.00 7 7
SARL du 106‑110 rue des Troënes 9 180 100.00 1,609 1,609
SCI du 20 avenue Victor Hugo 12 -1,054 100.00 3 0
SNC Palmer Plage 4,811 12,859 100.00 1,917 1,917
SCI Dual Center 1,352 1,157 100.00 1,500 1,500
SNC Telimob Paris 1,178 18,188 100.00 10,298 10,298
SNC Telimob Nord 525 -75 100.00 11,103 422
SNC Telimob Rhones Alpes 612 541 100.00 10,896 10,896
SNC Telimob Sud Ouest 54 -277 100.00 5,037 432
SNC Telimob PACA FTA on 01/10/2024
Office CB 21 330,447 8,349 75.00 247,695 149,871
SCI Lenovilla 8 9,994 50.10 34,287 34,287
SCI Latécoère 2 2 -13,965 50.10 1 1
SCI Meudon Saulnier 1 -20,544 99.90 1 0
SCI Charenton FTA on 30/06/2024 0
SCI Avenue de la Marne 50 942 100.00 50 50
Omega B 26,928 -13,375 100.00 38,983 38,983
SCI Rueil B2 1 -19,676 99.90 11 0
SNC Wellio 2 -2,024 99.90 20,001 0
SCI Cité Numérique 1 -733 99.90 1 1
SCI Danton Numérique 1 -13,752 99.90 1 0
SCI N2 Batignolles 6 4,312 50.00 10,314 8,552
SAS 6 rue Fructidor 4,795 -9,397 50.10 24,787 0
SCI Terres neuves 1 -682 99.90 1 0
SCI de la Louisiane 1 -3,537 99.90 1 0
SCI Meudon Juin 1 -13,592 99.90 1 1




442 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Notes to the individual financial statements




Outstanding loans and
advances granted by Revenues net of tax for Dividends received by
the company and not Guarantees and sureties the most recent Profit (loss) for the most the company over
reimbursed given by the company year ended recent year ended the year Observations




1,276 387 218 242
43,792 24,031 24,000
35,890 318 -3,373
9,210 6,017 4,640
2,278 21,008 7,591
12,100 2,822 1,157
5,900 1,378 1,050 895
4,194 843 15 824
4,610 2,729 5,873 8,296
40,726 10,174 -2,661
3,895 -185
7,500 1,920 879
11,430 -12 -630
1,209 0 -155
2,951 31 -565
28,046 3,057 -3,977
2,200 585 412 500
3,070 2,267 2,000
0 -28
881 1,339 551
1,590 113 -109 4
0 2,055
10,172 0 -352 5,155
9,937 17,931 9,828 4,229
58,196 6,147 -4,900
23,146 151 4,135
18 0
79,400 10,345 5,581
121,049 3,408 -5,557
79,278 3,538 -2,712
7,389 28,307 -2,834
30,302 3,405 661
124,916 5,039 -1,032
72,269 5,224 -1,116
105,110 5,863 -21,010
794 0 -201
4,328 0 -24
45,700 5,427 7,919




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 443
4 Financial information
Notes to the individual financial statements




Reserves and Book value of securities held
retained earnings
before allocation Share of equity
Companies or groups of companies Capital of net income held (in %) gross net
b) Foreign companies 0
Covivio 7 Spa 520 8,541 100.00 17,654 12,816
Central Sicaf 50,007 621,437 51.00 334,730 327,008
Covivio Immobiliare 9 SpA 120 62,303 100.00 65,554 53,257
SAS Covivio Alexanderplatz 20,418 218,393 55.00 141,214 112,231
Covivio Dev Strading ex Ativita Immobiliri 2 10 10,816 100.00 10,226 10,226
Zabarella 2023 Srl ex Covivio Ativita Immobiliri 3 14 20,971 64.74 13,876 13,876
Covivio Development Italy SpA SIINQ 50 425,681 100.00 391,444 391,444
Covivio Attivita Immobiliari 4 10 129,839 100.00 132,067 132,067
Covivio Attivita Immobiliari 5 10 18 100.00 30 26
Covivio Attivita Immobiliari 6 10 0 100.00 10 10
c) Real estate trader
SARL GFR Ravinelle 952 1,016 99.98 1,734 1,734
d) Property development 0
Latepromo 1 111 99.90 1 1
SNC Bordeaux lac 1 -1,254 99.90 1 0
SNC Sucy parc FTA 09/09/2024 0
SNC Gambetta le Raincy 1 -645 99.90 1 0
SCI du 21 rue Jean Goujon 1 -4,186 99.90 1 1
SNC Villouvette Saint Germain 1 476 99.90 1 1
SNC Normandie Niemen Bobigny 1 -129 99.90 1 0
SNC Meudon Bellevue 1 328 99.90 1 1
SNC Valence Victor Hugo 1 -92 99.90 1 1
SNC Nantes Talensac 1 -344 99.90 1 1
SNC Marignane Saint‑Pierre 1 -143 99.90 1 1
SNC N2 Batrignolles Promo 10 386 50.00 164 36
SNC Fructipromo 1 48 99.90 1 1
SNC Jean Jacques Bosc 1 -43 99.90 1 0
SNC André Lavignolle 1 -230 99.90 1 1
SCCV Chartres avenue de Sully 2 -200 99.90 2 2
SCCV Bobigny Le 9e Art 2 0 60.00 1 1
SCCV Fontenay sous Bois Rabelais 1 0 50.00 1 1
SNC Saint Germain Hennemont 1 193 99.90 1 1
SNC Antony avenue de Gaulle 1 -584 99.90 1 1
SNC Aix en Provence Cézanne 1 -28 99.90 1 0
SAS HOTEL N2 369 2,327 100.00 1,851 1,851
SNC Boulogne Jean Bouveri 1 0 99.90 1 1
SNC Anjou Promo 1 43 99.90 1 1
SCCV Rueil Lesseps 1 0 50.00 1 1
2) Car parks activity 0
Trinité 1,428 7,254 100.00 10,898 10,898




444 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Notes to the individual financial statements




Outstanding loans and
advances granted by Revenues net of tax for Dividends received by
the company and not Guarantees and sureties the most recent Profit (loss) for the most the company over
reimbursed given by the company year ended recent year ended the year Observations


0 3,756
111,355 30,951 940
4,815 1,710
48,135 26 -3,683
0 -643
0 11
5,041 15,968 12,122 7,281
28 0 -19
0 -2
0 0


0 68


0 458 17,782
0 136
650 0
797 0 -108
168,155 9,991 6,162
97 -215
2,075 1,107 -51
0 7
1,043 0 -56
2,196 0 -122
163 0 -17
101 -324 240


483
0
0
117
-9
4,695
4
32,238 34,877 3,271
164 285
1,692 5,463 -1,726
1,150 32,395 5,495
3,102 394 1,099
6,958 2,330 2,597
113 361 -82
1,072 7,193 500
5 0 0
19,917 2,336 1,199
328 0 1


1,461 -86




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 445
4 Financial information
Notes to the individual financial statements




Reserves and Book value of securities held
retained earnings
before allocation Share of equity
Companies or groups of companies Capital of net income held (in %) gross net
3) Services activities 0
SNC Covivio Property 12,373 -5,073 100.00 28,415 5,471
Covivio Développement 200 -3,070 100.00 1,852 0
Covivio Hotels Gestion 37 4 100.00 37 37
Foncière Margaux 0 11 100.00 60 1
Covivio2 12,927 -10,627 100.00 12927 12,329
Euromarseille 1 8,501 6,790 50.00 8,587 8 587
Euromarseille 2 3,501 -1,485 50.00 3,564 3,564
Covivio SGP 592 2,396 100.00 1,395 1,395
Covivio Hotel SCA 592,566 1,546,646 52.52 1,612,504 1,612,504
Télimob Paris SARL FTA 11/05/2024 0
Covivio Participations 1 11 100.00 1 1
FDR PROPTECH FTA 16/05/2024 0
Covivio Holding Gmbh 25 1,156,501 100.00 1,021,043 1,021,043
Covivio Office Gmbh 25 674,890 100.00 678,759 379,050
B. Investment (10% to 50% of equity held by the company) 0
1) Real estate activities 0
a) Rental 0
Cœur d’Orly Promotion 37 -1 50,00 19 18
II. General information on holdings
A. Investments not included in paragraph 1
a) French subsidiaries (together)
b) Foreign subsidiaries (together)
B. Investments not included in paragraph 1
a) In French companies
(Oséo/Finantex/MRDIC/FNAIM) 7 7
b) In foreign companies
III. General information on holdings
A. Subsidiaries I + II
a) French subsidiaries (together) 1,193,359 1,548,362 2,657,007 2,469,263
b) Foreign subsidiaries (together) 71,219 3,329,390 2,806,606 2,453,053
B. Investments I + II
a) In French companies 37 -1 19 18
b) In foreign companies 0 0 0 0




446 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Notes to the individual financial statements




Outstanding loans and
advances granted by Revenues net of tax for Dividends received by
the company and not Guarantees and sureties the most recent Profit (loss) for the most the company over
reimbursed given by the company year ended recent year ended the year Observations


9,245 -1,829
157 10,372 -290
2,070 1,626 1,111
3 0 -10
26,969 0 -578
2,953 0 583 2,000
19,143 0 289
1,137 231
67,672 233,215 84,468
0 0 1,000
0 3
0 0
135,000 3 96,212 100,000
5,600 -1,328




281 0 -1




332
4
1,194,623 0 415,337 281,611 167,523
188,203 0 137,767 139,087 108,221


281 0 0 -1 0
0 0 0 -1,908 332




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 447
4 Financial information
Notes to the individual financial statements




4.5.6.7 Research and development activities
Covivio did not conduct any research and development during the past financial year.

4.5.6.8 Post‑closing events
No post‑closing events.

4.5.6.9 Company earnings over the last five years
in euros 31/12/2020 31/12/2021 31/12/2022 31/12/2023 31/12/2024
I – Capital at year‑end
a. Share capital 283,632,696 283,946,073 284,358,288 303,019,167 334,870,404
b. Number of ordinary shares outstanding 94,544,232 94,648,691 94,786,096 101,006,389 111,623,468
c. Number of priority dividend shares
(without voting rights) -
d. Maximum number of future shares to be created 0
d1. By conversion of bonds 0
d2. By exercising subscription rights 493,337 593,884 560,932 596,894 617,273
II –Operations and results for the year
a. Revenue excluding taxes 162,448,070 148,056,160 138,141,441 154,382,455 135,544,716
b. Income before tax, employee profit sharing,
depreciation, amortisation and provisions 432,491,376 430,333,009 394,331,981 415,178,197 258,049,344
c. Income taxes -43,444 10,769,841 245,042 3,887,580 -656,145
d. Employee profit‑sharing due for the financial year 0 0 0 0 0
e. Income after tax, employee profit‑sharing,
depreciation, amortisation and provisions 318,811,426 287,595,138 282,953,806 -8,417,362 82,244,821
f. Distributed earnings 340,359,235 354,932,591 355,447,860 333,321,084 390,682,138
III – Earnings per share
a. Income after tax and employee profit sharing, but
before depreciation, amortisation and provisions 4.57 4.43 4.16 4.07 2.32
b. Income after tax, employee profit‑sharing,
depreciation, amortisation and provisions 3.37 3.04 2.99 -0.08 0.74
c. Dividend allocated to each share 3.60 3.75 3.75 3.30 3.50
IV - Personnel
a. Average headcount over the financial year 252 253 264 262 265
b. Total payroll for the financial year 23,513,951 26,386,666 32,455,632 31,087,501 33,798,310
c. Amount paid in employee benefits for the financial
year (social security, benefits, etc.) 10,053,554 9,669,575 10,573,640 10,116,003 11,273,786




448 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Statutory Auditors’ report on the annual financial statements




4.6 Statutory Auditors’ report on the annual financial
statements
Fiscal year ended 31 December 2024

To the General Meeting of Covivio,



Opinion
In compliance with the engagement conferred on us by your General Meetings, we have performed an audit of the accompanying
annual financial statements of Covivio for the fiscal year ended 31 December 2024.
In our opinion, the accompanying annual financial statements give a true and fair view of the assets and liabilities and of the financial
position of the company, and of the results of its operations for the year then ended, in accordance with French accounting standards.
The audit opinion thus formulated is consistent with the content of our report to the company’s Audit Committee.



Basis for the audit opinion
Audit framework
We conducted our audit in accordance with professional standards applicable in France. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our audit opinion.
Our responsibilities by virtue of those professional standards are further described in the “Statutory Auditors’ Responsibilities for the
Audit of the Financial Statements” section of our report.

Independence
We conducted our audit engagement in compliance with independence rules required by the French Commercial Code and the
French Code of Ethics (Code de déontologie) for Statutory Auditors for the period from 1 January 2024 to the date of our report, and
specifically we did not provide any prohibited non‑audit services referred to in Article 5, paragraph 1 of regulation (EU) 537/2014.
4

Justification of our assessments – Key audit matters
In accordance with the requirements of Articles L. 821‑53 and R. 821‑180 of the French Commercial Code relating to the justification of
our assessments, we inform you of the key audit matters relating to risks of material misstatement that, in our professional judgement,
were of most significance in our audit of the annual financial statements of the current period, as well as how we addressed those
risks.
These assessments were made in the context of the audit of the annual financial statements taken as a whole and the formation of
our opinion expressed above. We do not express an opinion on the elements of these annual financial statements taken in isolation.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 449
4 Financial information
Statutory Auditors’ report on the annual financial statements




Valuation of equity investments, related receivables and provisions for any associated risks
Risk identified Our response
At 31 December 2024, the company’s equity investments were We obtained an understanding of the process of determination of
included in its balance sheet at a carrying amount of €5,022 million the value in use of equity investments. Our procedures involved:
or 59% of the company’s total assets. As stated in note 4.5.2.3, ● obtaining an understanding of the applicable valuation methods
“Financial assets” of the notes to the annual financial statements at used by your company and of the underlying assumptions for the
31 December 2024, they are measured at cost or, if applicable, at determination of value in use;
the contribution value less any impairment allowance required to ● assessing, on a test basis, the information used to estimate the
reduce them to their value in use. value in use, in particular:
● that the amount of shareholders’ equity used is consistent with

In the case of investments held for the long term, value in use is the financial statements of the entities valued and audited, or
assessed on the basis of the net assets plus any unrecognised with analytical procedures, if applicable,
capital gains on the non‑current assets. For the listed subsidiary, the ● any adjustments made to shareholders’ equity to calculate net
company uses the published EPRA NDV NAV. asset value, mainly relating to unrealised capital gains on
property assets, in relation to appraisal values. Our audit
approach to appraisal values of real estate assets is described
At the end of the fiscal year, the acquisition cost of the securities is in the key audit point which follows “Valuation of real estate
compared to their net asset value. The lower of these values is assets”;
recorded in the balance sheet. The net asset value of the securities ● checking that, for the listed subsidiary, your company used the
corresponds to their value in use for the company. published EPRA NDV NAV to assess the value in use;
● analysing the loss in value used for impairment of equity
As stated in note 4.5.2.6 to the financial statements, “Provisions for investments and related receivables by reconciling the
risks and charges”, provisions may also be recognised in the remeasured net assets with the net book value;
amount of any negative revalued equity associated with ● assessing the need to recognise a provision for risks to cover the
subsidiaries for which any associated assets have already been remeasured net financial position of subsidiaries if negative and
treated as impaired. where all assets reported for the subsidiary have been impaired;
● assessing the appropriateness of the information provided in the
notes to the financial statements.
Given the weight of the company’s equity investments and related
receivables, and the sensitivity of their valuation to the applicable
assumptions, in particular as regards the estimation of the
applicable unrecognised capital gains, we considered their
valuation and that of any applicable provisions as a key audit
matter.




450 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Statutory Auditors’ report on the annual financial statements




Valuation of real estate assets
Risk identified Our response
As of 31 December 2024, real estate assets accounted for a net Our procedures involved:
€1,353 million, out of a total balance sheet of €8,562 million. They ● obtaining an understanding of the company’s process of
mainly consist of buildings owned by the company. valuation of your company’s real estate assets and controls
implemented;
They are recognised at acquisition cost or contribution value and ● assessing the expertise and independence of the real estate

are amortised on a straight‑line basis. As indicated in note 4.5.2.2 appraisers, bearing in mind their membership of the Royal
“Property, plant and equipment” to the annual financial statements, Institution of chartered Surveyors (RICS);
at each closing date, the company tests assets for indications that ● assessing the independence of the company’s property valuers
they have suffered a significant loss in value, in which case, an on the basis of the requirements for rotation and bases of
impairment for loss of value may be recognised in the income remuneration defined by your company;
statement. These impairment losses are determined by comparing ● obtaining an understanding of the company’s written instructions
the market value (excluding duties), calculated on the basis of to its property appraisers describing the nature of the services
independent appraisals, and the net book value of the properties. required and the scope and limitations of their work with
particular regard to the verification of the information provided
by your company;
Property valuation is a complex matter requiring the exercise of ● analysing, on a test basis, the information provided by the
significant judgement by property valuers based on the data Finance Department to the real estate appraisers, such as rental
communicated by the company. statements, accounting data and the capital expenditure
budget, which serve as a basis for determining the market value
We deemed the valuation of real estate assets to be a key audit of real estate assets;
matter due to the amounts involved and the degree of judgement ● assessing the valuation assumptions used by the real estate
in determining the main assumptions used. appraisers, in particular discount rates, yield rates and rental
data, by comparing them with external data and published
market studies;
● interviewing certain professional property valuers in the presence
of the company’s Finance Department and assessing, with the
help of our valuation specialists, the consistency and relevance
of the valuation approach applied and of the main associated
instances of the exercise of professional judgement;
● examining, on a test basis, the recognition of an impairment loss
when the appraisal value excluding transfer taxes is less than at
least €150 thousand of the net book value or when this difference
is less than €150 thousand for more than two consecutive years,
and the application of the criteria presented in note 4.5.2.2 to the
annual financial statements;
● recalculating, on a sample basis, the impairment allowances
4
recognised in your company’s annual financial statements;
● assessing the appropriateness of the information provided in the
notes to the financial statements.



Specific verifications
We have also performed, in accordance with professional standards applicable in France, the specific verifications required by French
laws and regulations.

Information given in the management report and in the other documents with respect to the financial
position and the financial statements provided to shareholders
We have no matters to report as to the fair presentation and consistency with the annual financial statements of the information given
in the management report of the Board of Directors and in the other documents relating to financial position and the annual financial
statements for shareholders.
We report to you that the information relating to payment times referred to in Article D. 441‑6 of the French Commercial Code is fairly
presented and consistent with the annual financial statements.

Information on corporate governance
We attest that the section in the Board of Directors’ management report which deals with corporate governance sets out the
information required by Articles L. 225‑37‑4, L. 22‑10‑10 and L. 22‑10‑9 of the French Commercial Code.
Concerning the information given in accordance with the requirements of Article L. 22‑10‑9 of the French Commercial Code relating to
remunerations and benefits received or allocated by the corporate officers and any other commitments made in their favour, we have
verified its consistency with the financial statements or with the underlying information used to prepare these financial statements and,
where applicable, with the information obtained by your company from controlled companies that are included in the scope of
consolidation. Based on this work, we attest the accuracy and fair presentation of this information.
With respect to the information relating to items that your company considered likely to have an impact in the event of a takeover or
exchange offer, provided pursuant to Article L. 22‑10‑11 of the French Commercial Code, we have verified their compliance with the
source documents communicated to us. Based on our work, we have no observation to make on this information.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 451
4 Financial information
Statutory Auditors’ report on the annual financial statements




Other information
In accordance with French law, we have verified that the required information concerning the purchase of investments and controlling
interests and the identity of the shareholders and holders of the voting rights has been properly disclosed in the management report.



Report on other legal and regulatory requirements
Format of presentation of the financial statements intended to be included in the annual financial report
In accordance with professional standards on the Statutory Auditors’ work relating to the annual and consolidated financial
statements presented in the European single electronic reporting format, we have also verified compliance with this format as defined
by European delegated Regulation no 2019/815 of 17 December 2018 in the presentation of the annual financial statements included in
the annual financial report mentioned in section I of Article L. 451‑1‑2 of the French Monetary and Financial Code, prepared under the
responsibility of the Chief Executive Officer.
On the basis of our work, we conclude that the presentation of the annual financial statements intended to be included in the annual
financial report complies, in all material respects, with the European single electronic format.
It is not our responsibility to verify that the annual financial statements that will be included by your company in the annual financial
report filed with the AMF correspond to those on which we carried out our work.

Appointments of the Statutory Auditors
We were appointed as Statutory Auditors of Covivio by the General Meeting held on 17 April 2024 in the case of KPMG SA and 24 April
2013 in the case of ERNST & YOUNG et Autres.
As at 31 December 2024, KPMG SA was in the first year of its engagement and ERNST & YOUNG et Autres in the twelfth year.
Previously, Groupe PIA that became Conseil Audit & Synthèse (acquired by ERNST & YOUNG Audit in 2010) was the Statutory Auditor
from 2007 to 2012.



Responsibilities of management and those charged with governance for the
annual financial statements
Management is responsible for the preparation and fair presentation of the annual financial statements in accordance with French
accounting principles and for such internal control as management determines is necessary to enable the preparation of annual
financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless it is expected to
liquidate the company or to cease operations.
The Audit Committee is responsible for monitoring the financial reporting process and the effectiveness of internal control and risk
management systems and, where applicable, its internal audit, regarding the accounting and financial reporting procedures.
The annual financial statements were approved by the Board of Directors.



Statutory Auditors’ responsibilities for the audit of the consolidated financial
statements
Audit purpose and audit approach
Our role is to issue a report on the financial statements. Our objective is to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with professional standards will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users made on the basis of these financial statements.
As specified in Article L. 821‑55 of the French Commercial Code, our statutory audit does not include assurance on the viability of the
company or the quality of management of the affairs of the company.




452 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Statutory Auditors’ report on the annual financial statements




As part of an audit conducted in accordance with professional standards in France, the Statutory Auditor exercises professional
judgement throughout the audit. Further, the Statutory Auditor:
● identifies and assesses the risks of material misstatement of the annual financial statements, whether due to fraud or error, designs
and performs audit procedures responsive to those risks, and obtains audit evidence considered to be sufficient and appropriate
to provide a basis for his opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control;
● obtains an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control;
● evaluates the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management in the financial statements;
● assesses the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence
obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s
ability to continue as a going concern. This assessment is based on the audit evidence obtained up to the date of his audit report.
However, future events or conditions may cause the company to cease to continue as a going concern. If the Statutory Auditor
concludes that a material uncertainty exists, they must draw attention in the audit report to the related disclosures in the financial
statements or, if such disclosures are not provided or inadequate, to modify the opinion expressed therein or refuse to certify the
financial statements;
● evaluates the overall presentation of the financial statements and assesses whether these statements represent the underlying
transactions and events in a manner that achieves fair presentation.

Report to the Audit Committee
We submit a report to the Audit Committee which includes in particular a description of the scope of the audit and the audit
programme implemented as well as the results of our audit. We also report, if any, significant deficiencies in internal control regarding
the accounting and financial reporting procedures that we have identified.
Our report to the Audit Committee includes the risks of material misstatement that, in our professional judgement, were of most
significance in the audit of the annual financial statements of the current period and which are therefore the key audit matters that we
are required to describe in this report.
We also provide the Audit Committee with the declaration provided for in Article 6 of regulation (EU) no. 537/2014, confirming our
independence within the meaning of the rules applicable in France, such as they are set in particular by Articles L. 821‑27 to L. 821‑34 of
the French Commercial Code and in the French Code of Ethics (Code de déontologie) for Statutory Auditors. Where appropriate, we
discuss with the Audit Committee the risks that may reasonably be thought to bear on our independence, and the related safeguards.
4

Paris‑La Défense, 19 March 2025



KPMG SA ERNST & YOUNG et Autres

Sandie TZINMANN Jean Roch VARON Pierre LEJEUNE

Partner Partner Partner




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 453
4 Financial information
Statutory Auditors’ report on the annual financial statements




454 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
COVIVIO S.A.
PERMANENT
ESTABLISHMENT ITALY




4.7 Extract from the profit and loss account and balance
sheet for the fiscal year ended 31 December 2024




4.7.1 Balance sheet as of 31 December 2024 456 4.7.4 Shareholders’ equity (endowment fund) 468
4.7.1.1 Assets 456 4.7.5 Tables and details of some balance sheet
4.7.1.2 Liabilities 458 and profit and loss account items 470
4.7.2 Profit and loss account for the fiscal year 4.7.5.1 Financial information 470
ended 31 December 2024 460 4.7.5.2 Current assets 474
4.7.3 Extract from the note to the financial 4.7.5.3 Accruals 476
statements 462 4.7.5.4 Economic data 477
4.7.3.1 Significant events for 4.7.5.5 Adjustments to financial assets:
the fiscal year 462 write‑backs 479
4.7.3.2 Information on the special regime 4.7.5.6 Taxes 479
pursuant to article 1, paragraph
141‑bis, of Italian law 296 of 2006 463




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 455
4 Financial information
Extract from the profit and loss account and balance sheet for the fiscal year ended 31 December 2024




4.7.1 Balance sheet as of 31 December 2024
4.7.1.1 Assets
(In €) 31/12/2024 31/12/2023
A) Receivables from shareholders for payments still due - -
Receivables from shareholders for payments still due a) - -
B) Fixed assets
I Intangible fixed assets
4) concessions, licences, trademarks and similar rights
4,462,259 4,648,323
Total I 4,462,259 4,648,323
II Tangible fixed assets
1) land and buildings
● investment properties 1,014,466,431 1,070,126,651
● properties under development 106,051,635 81,761,104
● operating properties 9,729,636 9,888,222
4) other assets 1,079,527 761,970
5) fixed assets in progress and advance payments
● work in progress on investment properties and properties under development 3,081,530 17,555,201
● advance payments 600,000 3,560,000
Total II 1,135,008,759 1,183,653,148
III Financial assets
1) equity investments in:
a) subsidiaries 838,178,918 919,611,405
b) affiliated companies 55,015,378 50,477,419
d-bis) other companies 3,748,286 4,078,252
Total 1) 896,942,582 974,167,076
2) receivables:
a) due from subsidiaries 1,076,905 13,997,703
Total 2) 1,076,905 13,997,703
4) derivative financial instruments - assets - -
Total 4) - -
Total III 898,019,487 988,164,779
TOTAL FIXED ASSETS B) 2,037,490,505 2,176,466,250




456 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Extract from the profit and loss account and balance sheet for the fiscal year ended 31 December 2024




(In €) 31/12/2024 31/12/2023
C) Current assets
I Inventories:
6) land and buildings
● properties purchased for resale - -
● properties for leasing under disposal 23,000,000 29,935,510
Total I 23,000,000 29,935,510
II Receivables:
1) from customers:
● due within 12 months 6,775,238 1,372,669
● due beyond 12 months 13,744,093 14,598,721
Total 1) 20,519,331 15,971,390
2) from subsidiaries:
● due within 12 months 2,916,116 2,337,454
● due beyond 12 months - -
Total 2) 2,916,116 2,337,454
3) from associated companies:
● due within 12 months - -
● due beyond 12 months - -
Total 3) - -
5-bis) tax receivables:
● due within 12 months 255,658 1,361,609
● due beyond 12 months 116,659 116,659
Total 5-bis) 372,317 1,478,268
5-ter) prepaid taxes:
● due within 12 months - - 4
● due beyond 12 months 40,524,032 42,844,227
Total 5-ter) 40,524,032 42,844,227
5-quater) from others:
● due within 12 months 318,720 402,172
● due beyond 12 months 18,000 18,000
Total 5‑quater) 336,720 420,172
Total II 64,668,516 63,051,511
III Financial assets other than fixed assets:
1) investments in subsidiaries 132,066,677 -
7) financial assets from subsidiaries for centralised treasury management 5,068,176 10,436,933
Total III 137,134,853 10,436,933
IV Cash:
1) bank and postal deposits 7,257,683 1,458,621
Total IV 7,257,683 1,458,621
TOTAL CURRENT ASSETS C) 232,061,052 104,882,575
D) Accruals 1,124,589 1,298,541
TOTAL ACCRUALS AND DEFERRALS D) 1,124,589 1,298,541
TOTAL ASSETS (A+B+C+D) 2,270,676,146 2,282,647,366




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 457
4 Financial information
Extract from the profit and loss account and balance sheet for the fiscal year ended 31 December 2024




4.7.1.2 Liabilities
(In €) 31/12/2024 31/12/2023
A) Endowment fund (shareholders’ equity)
III Revaluation reserves 1,118,719,081 1,118,719,081
VI Other reserves 774,729,726 534,646,908
VII Cash flow hedge reserve - -
IX Profit (loss) for the fiscal year -2,023,562 -59,348,111
TOTAL ENDOWMENT FUND A) 1,891,425,245 1,594,017,878
B) Provisions for contingencies and expenses
2) for taxes, including deferred taxes
a) taxes 2,900 2,900
b) deferred taxes 14,150,056 14,220,573
Total 2) 14,152,956 14,223,473
3) derivative financial instruments - liabilities - -
Total 3) - -
4) others 844,918 1,423,721
Total 4) 844,918 1,423,721
TOTAL PROVISIONS FOR RISKS AND CHARGES B) 14,997,874 15,647,194
C) Employee severance indemnity 131,388 129,036
D) Payables
1) bonds:
● due within 12 months - 299,538,715
● due beyond 12 months 298,705,435 298,296,583
Total 1) 298,705,435 597,835,298
2) convertible bonds:
● due within 12 months - -
● due beyond 12 months - -
Total 2) - -
4) bank payables:
● due within 12 months - -
● due beyond 12 months - -
Total 4) - -




458 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Extract from the profit and loss account and balance sheet for the fiscal year ended 31 December 2024




(In €) 31/12/2024 31/12/2023
6) advance payments:
● due within 12 months - 565,000
● due beyond 12 months - -
Total 6) - 565,000
7) trade payables:
● due within 12 months 15,645,115 13,360,881
● due beyond 12 months - -
Total 7) 15,645,115 13,360,881
9) payables to subsidiaries:
● due within 12 months 29,282,949 40,582,887
● due beyond 12 months - -
Total 9) 29,282,949 40,582,887
12) tax payables:
● due within 12 months 1,946,744 4,232,678
● due beyond 12 months - -
Total 12) 1,946,744 4,232,678
13) payables to pension and social security institutions:
● due within 12 months 239,866 245,841
● due beyond 12 months - -
Total 13) 239,866 245,841
14) other payables:
● due within 12 months 8,188,567 5,059,375
● due beyond 12 months 3,710,566 3,444,090
Total 14) 11,899,133 8,503,465
TOTAL PAYABLES D) 357,719,242 665,326,050 4
E) Accruals and deferrals 6,402,397 7,527,208
TOTAL ACCRUALS AND DEFERRALS E) 6,402,397 7,527,208
TOTAL EQUITY & LIABILITIES (A+B+C+D+E) 2,270,676,146 2,282,647,366




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 459
4 Financial information
Extract from the profit and loss account and balance sheet for the fiscal year ended 31 December 2024




4.7.2 Profit and loss account for the fiscal year ended 31 December 2024
(In €) 31/12/2024 31/12/2023
A) Production value
1) revenue from sales and services:
a) revenue from rentals 59,307,893 59,480,988
b) revenue from services 3,406,905 2,707,566
c) revenue from sale of properties purchased for resale 1,000 14,000,000
Total 1) 62,715,798 76,188,554
5) other revenue and income:
a) capital gains on sale of other fixed assets 1,045,006 2,888,646
b) write‑backs of property values 1,348,788 2,863,905
c) contingent and non‑existent assets 5,056,649 2,833,069
d) non‑financial income and revenues from non‑core business 5,212,389 5,875,782
Total 5) 12,662,832 14,461,402
Total value of production a) 75,378,630 90,649,956
B) Costs of production
6) for raw and auxiliary materials, consumables and goods for sale - -32,438
7) for services -15,332,938 -18,817,848
8) for use of third‑party assets -646,277 -630,908
9) personnel expense:
a) salaries and wages -6,305,318 -5,146,901
b) social security contributions -1,719,041 -1,454,339
c) employee severance indemnity -403,748 -384,121
e) other costs -87,252 -55,425
Total 9) -8,515,359 -7,040,786
10) amortisation, depreciation and impairment:
a) amortisation of intangible fixed assets -533,955 -251,417
b) depreciation of tangible fixed assets -24,655,226 -29,828,226
c) other impairment of fixed assets -13,876,118 -69,006,336
d) impairment of receivables included in current assets and cash and cash equivalents -2,329,427 -1,625,667
Total 10) -41,394,726 -100,711,646
11) changes in inventories of raw and auxiliary materials, consumables and goods for sale:
a) change in inventories due to sales - -13,832,438
b) change in inventories due to incremental capitalised expenses - 32,438
Total 11) - -13,800,000
12) provisions for risks -50,000 -215,000
14) other operating expenses -8,557,236 -9,454,802
TOTAL COSTS OF PRODUCTION B) -74,496,536 -150,703,428
DIFFERENCE BETWEEN VALUE AND COSTS OF PRODUCTION (A+B) 882,094 -60,053,472




460 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Extract from the profit and loss account and balance sheet for the fiscal year ended 31 December 2024




(In €) 31/12/2024 31/12/2023
C) Financial income and expenses
15) income from equity investments:
a) in subsidiaries and associated companies 33,223,022 50,095,310
b) in subsidiaries of other parent companies - 899
c) in other companies 332,244 156,420
Total 15) 33,555,266 50,252,629
16) other financial income:
d) income other than the above:
● from subsidiaries 1,030,141 566,583
● from other sources 453,202 36,848
Total 16) 1,483,343 603,431
17) Interest and other financial expenses:
● due to parent companies -18,721,000 -9,935,000
● due to subsidiaries -1,749,795 -884,180
● due to banks for mortgage loans - -
● other -11,927,502 -12,965,827
Total 17) -32,398,297 -23,785,007
17-bis) gains (losses) on exchange rates -76 206
TOTAL FINANCIAL INCOME AND EXPENSES (15+16+17+17 BIS) C) 2,640,236 27,071,259
D) Adjustments to financial assets
18) revaluations:
a) of equity investments 19,926,528 2,134,012
b) of financial fixed assets other than equity investments - -
d) of derivative financial instruments - -
Total 18) 19,926,528 2,134,012 4
19) write‑downs:
a) of shareholdings -23,621,495 -32,227,392
b) of financial fixed assets other than equity investments - -
c) of securities classified as current assets other than equity investments - -
d) of derivative financial instruments - -
Total 19) -23,621,495 -32,227,392
TOTAL VALUE ADJUSTMENTS ON FINANCIAL ASSETS (18+19) D) -3,694,967 -30,093,380
Profit (loss) before tax (a+b+/-c+/-d) -172,637 -63,075,593
20) income tax for the fiscal year:
a) current taxes -1,259,334 -3,823,899
b) deferred taxes 70,517 -3,183,748
c) prepaid taxes -2,320,195 9,834,003
d) income from tax consolidation 1,658,087 901,126
Total 20) -1,850,925 3,727,482
21) PROFIT (LOSS) FOR THE FISCAL YEAR -2,023,562 -59,348,111




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 461
4 Financial information
Extract from the profit and loss account and balance sheet for the fiscal year ended 31 December 2024




4.7.3 Extract from the note to the financial statements
4.7.3.1 Significant events for the fiscal year
4.7.3.1.1 Real estate leasing activities 4.7.3.1.3 Equity investments
The portfolio at the end of December 2024 included assets held As of 31 December 2023, Covivio Permanent Establishment in
for leasing with a market value of €1,283,924 thousand (book Italy held equity investments of €1,029,009 thousand
value €1,146,600 thousand) for approximately 230,000 m2 of (€974,167 thousand as of 31 December 2023), of which
surface area. Excluding assets currently undergoing significant €455,576 thousand in non‑traded REITs (Real Estate Investment
redevelopment, the occupancy rate is 95.8% and the standard Trusts) and €359,525 thousand in a real‑estate investment
annual lease payments amount to €62,226 thousand. company with fixed capital (SICAF).
With reference to the marketing activity carried out in 2024 on No equity investments were purchased in 2024, while a minority
the properties in the portfolio at the end of the fiscal year, seven shareholding in an associated company was sold for a carrying
new leases were signed for 4,374 m2 of surface area and value of €3 thousand and a sale price of €6 thousand.
corresponding to €1,008 thousand in new standard annual lease Preliminary agreements were also signed for the sale under
revenue. Of these agreements, two were to come into effect retention of title of the majority shareholding (with the option for
after 31 December 2024, representing approximately 610 m2 of the purchaser to also subsequently purchase the remaining
surface area and €90 thousand in annual lease payments. shareholding) of a subsidiary, with a book value of
€132,067 thousand.
In addition to the new leases, four leases covering an area of
31,753 m2 and generating €528 thousand in standard lease During the 2024 fiscal year, contributions were also made to
income were renewed. previously‑held shareholdings in companies for an overall
amount of €58,540 thousand, of which:
In addition, in 2024, three new leases signed in previous years
were activated, covering an area of 2,529 m2, which will i) €54,000 thousand to a non‑traded REIT of which a
generate €537 thousand in standard annual lease payments. shareholding is held, to support financial needs for the
implementation of major real estate development projects in
4.7.3.1.2 Real estate purchases, sales and Milan, intended for the construction of office buildings,
redevelopment of real estate properties mainly intended for leasing activities;
No real estate assets were purchased in 2024, and sales are
ii) €4,530 thousand to the company, in which a shareholding is
summarised below:
held, for the completion of acquisition, via a subsidiary, of a
● No. 1 real estate property classified under “Tangible fixed significant portion of the land of the former Scalo di Porta
assets – Land and buildings – Investment properties”. the Romana in Milan, which will be used to develop office
property was sold for an overall price of €16,500 thousand, building;
while the book value of the property (as of the date of sale)
iii) €10 thousand for the establishment of a new subsidiary.
was €16,233 thousand and brokerage fees totalled
€165 thousand; Lastly, in 2024, €33,555 thousand was received in the form of
distributions from companies in which shareholdings are held, all
● No. 2 real estate properties classified under current assets
of which are real‑estate REITs/SICAFs for a value of
“Inventories – Land and buildings – Properties for leasing under
€33,221 thousand. These distributions, drawn partly from retained
disposal”. The property was sold for an overall price of
earnings and partly from capital reserves regardless of the
€30,700 thousand, while the book value of the property (as of
nature of the distributed reserve (in accordance with the
the date of sale) was €29,936 thousand and brokerage fees
provisions of OIC 21, 58) were recognised in the income
totalled €652 thousand.
statement as “dividend income”.
As of 31 December 2024, a preliminary sales agreement had
Due to these capital reserve distributions, at the end of the year,
been signed for a property with a book value of
it was deemed appropriate to record certain write‑downs of the
€23,000 thousand. The sale will take place at a price
equity investments concerned. In particular, write‑downs of
corresponding to the book value, with no brokerage fees or other
equity investments in the 2024 income statement totalled
sales fees.
€23,621 thousand. Write‑backs for the adjustment of write‑downs
Covivio Permanent Establishment in Italy has a project under of equity investments recorded in previous fiscal years amounted
way for the full‑scale redevelopment of a real estate asset in to €19,926 thousand.
Milan for office use, therefore classified in the balance sheet
under the heading “Land and buildings – Properties under 4.7.3.1.4 Financial assets
development”, with a book value of €106,052 thousand as of In October, the senior unsecured bonds, traded on the regulated
31 December 2024. Investment in this redevelopment in 2024 market of the Luxembourg Stock Exchange, with an overall
alone amounted to €24,291 thousand. nominal value of €300,000 thousand and a unit value of
€100 thousand, issued in 2017 (seven‑year loan) and which
Lastly, it should be noted that development and minor provided for the payment of a deferred annual coupon of 1.625%,
redevelopment expenses incurred in 2024 on the other were refunded.
properties in the portfolio, classified under “Land and buildings –
Investment properties”, amounted to €20,986 thousand. The refund came in the form of liquidity provided to the
Permanent Establishment in Italy by the “parent company”.




462 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Extract from the profit and loss account and balance sheet for the fiscal year ended 31 December 2024




4.7.3.1.5 General economic environment and impact The Permanent Establishment opted for the special tax regime
for Covivio SA – Permanent Establishment in provided for in Article 1 (141-bis) of law no. 296/2006 (special
Italy regime envisaged by the SIIQ regulation for branches), with
effect from the 2019 tax period, continuing without interruption
In accordance with what has already been noted in the financial
the SIIQ tax regime already applied to Beni Stabili.
statements of previous years, in 2024 the macroeconomic effects
resulting from the ongoing wars in the international context, in This means that the Permanent Establishment continues to
terms of returns on rental properties, had limited effects for determine two separate fiscal year results for tax purposes,
Covivio and did not require the need to support tenants by continuing with the SIIQ Regime applied by Beni Stabili (up until
granting them significant discounts. the 2018 tax period).
However, changes in the general macroeconomic context, in More specifically, the SIIQ Regime for Permanent Establishments
particular the variation in the interest rate curve, have provides for the application of a substitute tax of 20% (instead of
significantly affected the market value of the real‑estate IRES and IRAP) on income derived from real estate activities
portfolio, although it remains generally higher than its total book (known as “tax‑exempt transactions”). Conversely, income from
value (net write‑downs recorded on certain properties in 2024 activities other than real estate or which do not fall within the
amounted to €12,527 thousand). scope of SIIQ (known as “taxable transactions”) are subject to
ordinary taxation.
In particular, based on estimates at the end of the 2024 fiscal
year, the market value of the properties in the portfolio saw a LFL 4.7.3.2.1 Compliance with the requirements for the
(like‑for‑like) decrease of 1.44% on an annual basis. This negative prevalence of real estate leasing for the
change is mainly attributable to the significant increase in the purposes of remaining in the special regime
exit cap rate used in the valuation models, resulting from the
As provided for in art. 1, paragraph 121 of Italian law
general increase in interest rates, the effect of which was only
no. 296/2006, the main activity carried out by SIIQs must be the
partially offset by the expected increase in rental income due to
leasing of real estate properties. The same applies for branches
inflation indexing.
that apply the special regime pursuant to article 1,
4.7.3.2 Information on the special regime paragraph 141-bis) of said Italian law no. 296/2006.
pursuant to article 1, paragraph 141-bis, Real estate leasing is considered to be the main activity carried
of Italian law 296 of 2006 out if the properties held by title or another real right and
intended for leasing, the investments in REITs/non‑traded REITs
Covivio SA (hereinafter referred to as “Covivio”) is a French real
and in eligible real estate funds (or SICAFs) represent at least
estate company listed on the Paris stock exchange (Euronext)
80% of the assets (asset parameter) and if, in each fiscal year,
and qualifies, in France, for the special regime applicable to
revenue therefrom represents at least 80% of the positive items
Sociétés d’investissement immobilier cotées (the “SIIC Regime”),
on the profit and loss account (economic parameter).
which, in terms of statutory and tax requirements, is similar to
Italy’s special regime for listed real estate investment trusts
known as “SIIQ” in Italy (the “SIIQ Regime”), governed by
Failure to comply with one of the two parameters indicated
above for three consecutive fiscal years will lead to the 4
paragraph 119 et seq. of article 1 of Italian law no. 296 of termination of the special regime as of the second of the three
27 December 2006, as supplemented by Italian Ministerial fiscal years. Failure to comply with both parameters in the same
Decree no. 174 of 7 September 2007. fiscal year, on the other hand, will lead to the termination of the
special regime as of the fiscal year in relation to which the
By a cross‑border merger deed of 22 November 2018 (notarial
condition of forfeiture is fulfilled.
deed drawn up by Mr. Mario Notari of Milan, reference no. 24161,
file no. 14398), Covivio absorbed – with legal effect at 11:59 p.m. Below are the results of the calculation of the aforesaid
on 31 December 2018 – its own subsidiary Beni Stabili S.p.A. SIIQ parameters, which were both complied with in 2024, based on
(“Beni Stabili”), a listed property management company taxed in the data from the profit and loss account and balance sheet
Italy and subject to the aforementioned SIIQ regime (hereinafter, (hereinafter also the “Financial Statements”) as of 31 December
the “Merger”). 2024 of the Permanent Establishment of Covivio SA in Italy
(pursuant to article 152, paragraph 1 of the Italian Tax Code).
As a result of the Merger, Beni Stabili ceased to exist as a
separate legal entity and Covivio established a secondary
establishment in Italy which, from a tax point of view, qualifies as
a permanent establishment of Covivio in Italy (hereinafter also
referred to as the “Permanent Establishment”), to which all the
assets previously owned by Beni Stabili were transferred.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 463
4 Financial information
Extract from the profit and loss account and balance sheet for the fiscal year ended 31 December 2024




Asset parameter
(In € million) 31/12/2024
Properties held for leasing (A) 1,146,600
Investments in REITs/non‑listed REITs, SICAF and eligible real estate funds (B) 815,101
TOTAL NUMERATOR (C) = (A)+(B) 1,961,701
TOTAL ASSETS (D) 2,270,676
Items excluded from the ratio denominator:
Book value of headquarters -9,730
Cash and cash equivalents -7,258
Loans to Group companies (including tax consolidation asset) -7,968
Trade receivables (receivables from customers, Group companies and other receivables of a commercial nature) -22,360
Assets for hedging derivatives -
Deferred tax assets -40,524
Tax receivables (including VAT) -372
Prepaid expenses -1,125
Total adjustments (E) -89,337
TOTAL DENOMINATOR: “ADJUSTED” ASSETS (F) = (D)+(E) 2,181,339
ASSET PARAMETER (C)/(F) 89.93%



The asset parameter, as shown in the table above, is given by ● the denominator, for an overall total of €2,181,339 thousand,
the ratio between: which includes the total assets as of 31 December 2024
(€2,270,676 thousand), adjusted to exclude, in application of
● the numerator, amounting to a total of €1,961,701 thousand,
the criteria set forth in art. 6 of Italian Ministerial Decree
which includes the book value:
174/2007: i) the value of the real estate properties intended for
1) of properties held for leasing, which amount to the head office of the Permanent establishment (classified as
€1,146,600 thousand. This amount corresponds to the value “Tangible fixed assets – capital goods”, amounting to
of the real estate assets classified in the financial €9,730 thousand); ii) the value of cash and cash equivalents
statements: (i) as tangible fixed assets under “Land and (€7,258 thousand); iii) the value of loans to Group companies
buildings” (sub‑items “Investment assets” for (€7,968 thousand); iv) the value of trade receivables arising
€1,014,466 thousand and “Assets under development” for both from tax‑exempt operations and, as specified in the
€106,052 thousand, which, like the former are held for Revenue Agency Circular no. 8/E of 2008, from taxable
leasing) and “Fixed assets under construction” (relating to operations (€22,360 thousand), including receivables from
properties held for leasing for €3,082 thousand). (ii) in current clients, receivables for commercial relationships with
assets, under “Inventories” (sub‑item “Properties for leasing subsidiaries, receivables from suppliers for advance payments
under disposal” for €23,000 thousand), (for tangible fixed assets and other) and for chargebacks.
Furthermore, to ensure that the ratio is not affected by other
2) investments in real estate SICAFs qualified for the purposes items not directly related to either tax‑exempt or taxable
of the Special Regime (51% stake in Central Sicaf SPA for a operations whose inclusion in the denominator could distort
total of €359,525 thousand), and in non‑listed REITs (100% the result of the asset prevalence criterion, the following are
stake in Covivio Immobiliare 9 S.p.A. SIINQ for excluded: v) the value of deferred tax assets
€64,132 thousand and 100% in Covivio Development (€40,524 thousand); vi) the value of tax receivables
Italy S.p.A. SIINQ for €391,444 thousand). (€372 thousand); and vii) prepaid expenses relating to
tax‑exempt leasing activities (€1,125 thousand).




464 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Extract from the profit and loss account and balance sheet for the fiscal year ended 31 December 2024




Revenue parameter
(In € million) 31/12/2024
Rental income and similar revenue (A) 59,302
Capital gains realised on the sale of properties held for leasing and the sale of real estate rights on such
properties (B) 1,045
Dividends and capital gains from REITs/non‑listed REITs, SICAF and eligible real estate funds (C) 33,220
TOTAL NUMERATOR (D) = (A)+(B)+(C) 93,567
TOTAL INCOME ITEMS 130,099
Adjustments to capital gains recorded in the Profit and Loss statement in 2022 0
Capital gains earned during the fiscal year from sale of properties held for leasing but recorded in previous
fiscal years 0
Capital gains on sales of real estate purchased for resale, recorded in the fiscal year, but which are
adjustments of write‑downs from previous fiscal years
TOTAL INCOME ITEMS* (E) 132,279
Items excluded from the ratio denominator:
Revaluation of the real estate portfolio at 31 December 2024 (release of previous devaluations) (F1) -1,349
Dividends corresponding to distribution of Capital Reserves -
Income from chargebacks (F2) -5,206
Releases of provisions for impairment and provisions for risks and charges (F3) -4,962
Write‑backs adjusting write‑downs of equity investments (F4) -19,926
Income on cost adjustments (F5) (7)
Contingent assets for taxes (F6) -206
Interest on tax credits and cash (current accounts and cash pooling) (F7) -599
Deferred tax assets and liabilities, income from tax consolidation (F8) -1,729
Total adjustments (F) -33,984
TOTAL DENOMINATOR (G) = (E)+(F) 98,295
REVENUE PARAMETER (D)/(G) 95.19% 4
* Income statement items: A) + B) 11) a) + C) 15) + C) 16 + C) 17bis) + D) 18) a) + 20) c) + 20) d).



The revenue parameter, as shown in the table above, is given by the ratio between:
● the numerator, amounting to a total of €93,295 thousand, ● the denominator, for a total amount of €98,894 thousand. This
which includes revenue from: (i) rental income on real estate amount corresponds to the total amount of the positive
properties held for leasing (investment properties, properties components on the profit and loss account
under development and properties for leasing under disposal) (€132,279 thousand), adjusted to ensure that the ratio is not
amounting to a total of €59,302 thousand. It should be noted affected by other items not directly related to either
that the amount shown above includes any income similar to tax‑exempt or taxable operations whose inclusion in the ratio
rent, such as compensation from tenants (but not income from denominator could distort the result of the economic
the re‑invoicing of costs to tenants). (ii) capital gains “realised” prevalence criterion. Accordingly, the following were excluded:
on the sale of properties held for leasing and the sale of (i) write‑backs of property values recognised during the fiscal
relative real estate rights, for €1,045 thousand. (iii) dividends year (€1,349 thousand). (ii) income representing the re‑invoicing
and capital gains from equity investments in REITs/non‑listed of costs such as, mainly, those related to re‑invoicing of costs
REITs, SICAF and eligible real estate funds for the purposes of to tenants of buildings held for leasing and re‑invoicing to
the Special Regime, amounting to €33,220 thousand; and subsidiaries (€5,206 thousand). (iii) release of funds and other
reversals of impairment losses (€4,962 thousand). iv)
write‑backs of equity investments, to correct previous
impairments (€19,926 thousand) (v) income on cost
adjustments (€7 thousand). (vi) contingent assets for taxes
from previous fiscal years (€206 thousand). (vii) Interest on tax
credits and cash (€599 thousand); (viii) deferred tax income,
income from tax consolidation (€1,729 thousand).




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 465
4 Financial information
Extract from the profit and loss account and balance sheet for the fiscal year ended 31 December 2024




4.7.3.2.2 Breakdown of economic items between tax‑exempt and taxable operations and related allocation criteria
The income statement for the year ended 31 December 2024 is shown below, divided into tax‑exempt and taxable operations (figures
in euros).

31/12/2024
Tax‑exempt Taxable operations
Total (A) operations (B) (A)-(B)
A) Value of production
1) revenue from sales and services: 62,715 59,302 3,413
2)
3)
4)
5) other revenue and income 12,663 9,449 3,214
TOTAL VALUE OF PRODUCTION A) 75,378 68,751 6,627
B) Costs of production
6) for raw and auxiliary materials, consumables and goods for sale - - -
7) for services -15,333 -14,879 -454
8) for use of third‑party assets -646 -611 -35
9) personnel expense -8,515 -7,676 -839
10) amortisation, depreciation and impairment -41,395 -41,305 -90
11) changes in inventories of raw and auxiliary materials, consumables
and goods for sale - - -
12) provisions for risks -50 -50 -
13) other provisions - -
14) other operating expenses -8,557 -8,514 -43
TOTAL COSTS OF PRODUCTION B) -74,496 -73,035 -1,461
DIFFERENCE BETWEEN VALUE AND COSTS OF PRODUCTION (A+B) 882 -4,284 5,166
C) Financial income and expenses
15) income from equity investments 33,555 33,220 335
16) other financial income 1,483 - 1,483
17) interest and other financial expenses -32,398 -30,652 -1,746
17-bis) gains (losses) on exchange rates - - -
TOTAL FINANCIAL INCOME AND EXPENSES (15+16+17+17 BIS) C) 2,640 2,568 72
D) Adjustments to financial assets
18) write‑backs 19,926 16,148 3,778
19) write‑downs -23,621 -23,289 -332
TOTAL VALUE ADJUSTMENTS ON FINANCIAL ASSETS (18+19) D) -3,695 -7,141 3,446
PROFIT (LOSS) BEFORE TAX (A + B + /-C +/ -D) -173 -8,857 8,684
20) Income tax for the fiscal year -1,851 -3,470 1,619
21) Profit (loss) for the fiscal year -2,024 -12,327 10,303


The results shown in the table above relating to the two types of In particular, it should be noted that the division of “common”
operation come from the separation of the economic items for items into tax‑exempt and taxable transactions was made using
the 2024 fiscal year resulting from the separate accounting the revenue parameter described above as reference, since it
adopted by the Permanent Establishment (for such items). The was deemed the most suitable percentage parameter for said
purpose of separate accounting is, in fact, to identify the division; once it has been cleared of the economic items that are
operating results of tax‑exempt and taxable transactions not attributable to any activity carried out, it effectively
through i) the allocation of specifically attributable economic expresses the percentage incidence ratio of the leasing activity,
items to each of the two types of transactions; ii) the pro‑rata compared to the total activities carried out.
allocation of the “common” economic items to each of the two
The main criteria followed to decide to which type of transaction
types of transactions (since they are not specifically attributable
the various economic items resulting from the table above
to either of the two types of transactions).
should be allocated are set out below.




466 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Extract from the profit and loss account and balance sheet for the fiscal year ended 31 December 2024




4.7.3.2.2.1 Production value The following are exceptions: (i) costs for the use of third‑party
1) Revenue from sales and services assets, consisting of rental income on properties sub‑leased by
the Permanent Establishment, which are allocated to taxable
(1.1) Rental income: this is divided into tax‑exempt and transactions; and (ii) under miscellaneous operating expenses,
taxable operations based on the type of property capital losses from the sale of properties held for leasing, which
concerned. Specifically, rental income is allocated (a) to are allocated to tax‑exempt transactions. Another exception is
tax‑exempt operations if they relate to properties held for the costs for purchases or improvements to properties
leasing (Investment properties, Properties under purchased for resale, classified under “Costs for raw and auxiliary
development and Properties held for leasing under disposal); materials, consumables and goods for sale”, and the
b) to the taxable operations if they relate to the leasing of corresponding revenue (or changes in the value of properties
properties purchased for resale or agreements to sublet purchased for resale) classified under “Change in inventories of
properties (which the Permanent Establishment holds under raw and auxiliary materials, consumables and goods for sale”,
lease and not directly); which are allocated to taxable transactions.
(1.2) Service revenue: this includes revenue specifically
derived from real estate, administrative, accounting and tax Depreciation and write‑downs of fixed assets are allocated to
services provided by the Permanent Establishment to tax‑exempt transactions if they relate to properties held for
subsidiaries and/or third parties. Since this is an activity leasing. Other amortisation, depreciation and impairment of
other than the leasing activity falling within the scope of tangible and intangible fixed assets are considered “common”
tax‑exempt operations, the service revenue is fully allocated expenses for the two types of transactions and are divided
to taxable operations. between them on the basis of the revenue parameter.
(1.3) Revenue from the sale of properties purchased for Write‑downs (subsequent adjustments) and losses on
resale: this is allocated to taxable operations. receivables from leases and property disposals are allocated to
2) Other revenues and income tax‑exempt transactions if they relate to properties held for
leasing and to taxable transactions if they relate to properties
The rule established for rental income also applies to revenue purchased for resale or property sub‑leasing agreements.
from chargebacks of costs to tenants, insurance indemnities and Write‑downs (subsequent adjustments) and losses on other
revenue “equivalent” to rental income or in any way connected receivables are considered “common” expenses for the two
to the leasing activity, which is therefore allocated to tax‑exempt types of transactions and are divided between them on the
transactions if it derives from properties held for leasing and to basis of the revenue parameter.
taxable transactions if it derives from the leasing of properties
purchased for resale. 4.7.3.2.2.3 Financial income and expenses
Income from investments and other financial income is allocated
Capital gains on the sale of properties held for leasing are in full to taxable operations, with the exception of: (i) what is
allocated to tax‑exempt transactions, whereas capital gains on indicated below for financial income arising from interest rate
the sale of other fixed assets are allocated to taxable hedging operations on financing (which is used to correct
transactions. financial expenses); (ii) income relating to investments in REITs/ 4
Any other revenue classified under this item is allocated to non‑listed REITs, SICAFs and other qualified real estate funds,
taxable transactions, with the exception of adjustments to which by virtue of an express regulatory provision count as
write‑downs of receivables, which will be explained below, and exempt operations.
revenue from contingent assets and adjustments to costs The following should be noted with reference to the main types
recognised in previous fiscal years, which are allocated to the of financial expenses:
two types of transactions on the basis of the original allocation
of the adjusted cost. ● financial expenses relating to mortgage loans structured in
such a way as to assign, in various ways, the income from
4.7.3.2.2.2 Costs of production managing the properties as collateral for loans repayments
Building management and maintenance costs, indirect taxes on are considered as “specifically” referring to tax‑exempt and/
lease agreements, the single municipal property tax and all or taxable transactions according to the type of transaction
costs or provisions for risks and charges in any way directly to which the property covered by the mortgage guarantee is
connected to the real estate business, regardless of the profit allocated. Consequently, for loans that (i) have properties held
and loss account item under which they are classified and in line for leasing as collateral and that (ii) simultaneously have
with the revenue allocation criterion, are allocated to structures that assign the related management income as
(a) tax‑exempt transactions if they relate to properties held for collateral for loan repayments, the related financial expenses
leasing and (b) taxable transactions if they relate to the leasing have been allocated to tax‑exempt transactions, while if the
of properties purchased for resale or property sub‑leasing. loan collateral comprises properties purchased for resale, the
related financial expenses have been allocated to taxable
The other costs for services, costs for raw and auxiliary materials,
transactions.
consumables and goods for sale, costs for the use of third‑party
assets, personnel costs, other provisions for risks and
miscellaneous operating expenses are mainly costs that are
“common” to the two types of operation and, as such, are
divided between them on the basis of the revenue parameter as
previously calculated (this also applies to any adjustments to
these costs made in fiscal years subsequent to their entry in the
financial statements).




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 467
4 Financial information
Extract from the profit and loss account and balance sheet for the fiscal year ended 31 December 2024




In cases where the loans from which the aforesaid financial Income and expenses recognised as a result of changes in the
expenses originate are the subject of interest rate hedging fair value of derivative financial instruments that are not used to
transactions, the related hedging income and charges are hedge financial flows (cash flow hedges) are allocated to the
allocated to tax‑exempt or taxable transactions depending on taxable operations.
the allocation of the hedged cash flows;
4.7.3.2.2.5 Taxes for the fiscal year
● financial expenses relating to short‑term payables and Current and deferred tax income and expenses are allocated to
medium/long‑term non‑mortgage loans that are not assisted tax‑exempt or taxable transactions according to the type of
by the aforesaid cash flow hedging (such as convertible bond transaction to which the taxable income from which they arise
loans and short‑term loan facilities), including those from loans (will arise) is allocated.
by subsidiaries, are considered costs that are “common” to
the two types of transactions and have consequently been With regard to the income and expenses that constitute
divided between them on the basis of the revenue parameter adjustments to economic items accounted for in the financial
as previously calculated. statements of fiscal years prior to the entry into the special
regime, or contingencies representing costs and charges that
4.7.3.2.2.4 Value adjustments on financial assets would have been allocated to fiscal years prior to the entry into
Write-downs of equity investments and other securities (e.g. the special regime (continuing with the regime applied by Beni
UCITS units) and any subsequent write-backs are allocated to Stabili SPA SIIQ), these items – regardless of their classification
tax‑exempt transactions if they relate to investments in SIIQ/ within the margins or other items identified above – are fully
SIINQs, SICAFs and other eligible real estate funds. Otherwise, allocated to taxable transactions, as they are closely related to
they are allocated to taxable transactions. (and adjust) components accrued in fiscal years in which the
entire income was taxable.
Write‑downs (and any subsequent adjustments) and losses on
receivables of a financial nature are allocated to taxable
transactions.


4.7.4 Shareholders’ equity (endowment fund)
Shareholders’ equity comprises:
(In € million) 31/12/2024 31/12/2023 Changes
III Revaluation reserves
● Reserve pursuant to Italian law 266/05 911,943 911,943 -
● Revaluation reserve Italian law 72/83 191 191 -
● Revaluation reserve Italian law 413/91 53 53 -
● Revaluation reserve Italian law 2/2009 24,130 24,130 -
● Revaluation reserve Italian law 126/2020 182,390 182,390 -
● Reserve art 89 of Italian Presidential Decree 917/86 and Italian law
342/2000 12 12 -
● Other revaluation reserves suspended since the 1999 San Paolo IMU
demerger 92,885 92,885 -
VI Other reserves 681,845 441,762 240,083
VII Cash flow hedge reserve - - -
IX Profit/(Loss) for the fiscal year -2,024 -59,348 57,324
TOTAL ENDOWMENT FUND 1,891,425 1,594,018 297,407



The change in the endowment fund was positive overall and amounted to €297,407 thousand.
This change is due to:
i) the net liquidity transferred to the “parent company” by the iii) Net of the €2,024 thousand in losses for the 2024 fiscal year.
Permanent Establishment in Italy for €277,750 thousand;
ii) certain other contributions to the Permanent Establishment
in Italy from the “parent company” for €21,681 thousand,
corresponding to the financial coverage of chargebacks of
financial expenses, services and costs for personnel for the
Permanent Establishment;




468 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Extract from the profit and loss account and balance sheet for the fiscal year ended 31 December 2024




The €59,348 thousand in losses for the 2023 fiscal year was reclassified under “other reserves”.
The table below summarises the movements in shareholders’ equity (endowment fund) from 1 January 2023 to 31 December 2024.
Revaluation Net income for
(In € million) reserves Other reserves the fiscal year Total
BALANCE AS AT 01/01/2023 1,211,604 479,631 114 1,691,349
Transfer of 2022 profit/loss to other reserves - 114 -114 -
Contributions (repayments) from (to) the “parent company” - -37,983 - -37,983
Net income for the 2023 fiscal year - - -59,348 -59,348
BALANCE AS AT 31/12/2023 1,211,604 441,762 -59,348 1,594,018
Transfer of 2023 profit/loss to other reserves - -59,348 59,348 -
Contributions (repayments) from (to) the “parent company” - 299,431 - 299,431
Net income for the 2024 fiscal year - - -2,024 -2,024
BALANCE AS AT 31/12/2024 1,211,604 681,845 -2,024 1,891,425



It should be noted that as of 31 December 2024, the following revaluation reserve pursuant to Italian law no. 126/2020, for
reserves were untaxed, for a total of €1,221,604 thousand: i) the €182,390 thousand; vi) the contribution reserve pursuant to
revaluation reserve pursuant to Italian law no. 266/05, for art. 55 (now 89) of Italian Presidential Decree no. 917/86 and in
€911,943 thousand; ii) the revaluation reserve pursuant to Italian accordance with Italian law no. 342/2000 (€12 thousand); and
law no. 78/83, for €191 thousand; iii) the revaluation reserve under vii) the untaxed reserve transferred by San Paolo IMI following the
Italian law no. 413/91, for €53 thousand; iv) the revaluation partial demerger that took place in 1999 for €92,885 thousand.
reserve under Italian law no. 2/2009 (€24,130 thousand); v) the




4




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 469
4 Financial information
Extract from the profit and loss account and balance sheet for the fiscal year ended 31 December 2024




4.7.5 Tables and details of some balance sheet and profit and loss account
items
Below are some detailed tables of balance sheet and profit and loss account items.
These only include the tables considered useful for a better understanding of the data used to calculate the main asset and economic
parameters of the real estate leasing activity, as previously reported. Where applicable, to facilitate reading of the 2024 figures,
cross‑references with the systems used to calculate these parameters are provided.
These detailed tables are taken from the notes to the profit and loss account and balance sheet as at 31 December 2024.
All the data presented below are in thousands of euros.

4.7.5.1 Financial information
4.7.5.1.1 Tangible fixed assets
4.7.5.1.1.1 Land and buildings
Balance as at 31/12/2023 Acquisitions

Acquisitions/
Accumulated Accumulated Additional Devaluation/
(In € million) Historical cost depreciation write‑downs Total expenses Amortisations write‑backs
Land 543,892 - -35,894 507,998 - - ( 392)
Property structure 369,076 -20,849 -53,999 294,228 365 ( 3,836) ( 2,393)
Interior finishes 87,405 -42,321 -5,889 39,195 7,357 ( 7,259) ( 207)
Exterior finishes and roofing 173,873 -27,910 -21,635 124,328 1,479 ( 4,776) ( 557)
Facilities 175,978 -53,601 -17,999 104,378 11,785 ( 8,557) ( 561)
Quid plus for commercial licenses 0 0 0 0
Investment properties 1,350,224 -144,681 -135,416 1,070,127 20,986 ( 24,428) ( 4,110)
Land 31,100 - - 31,100 - - -
Buildings under development 50,661 - - 50,661 24,291 - -
Properties under development 81,761 - - 81,761 24,291 - -
Land 6,165 - -1,253 4,912 - - -
Property structure 3,772 -161 - 3,611 - ( 50) -
Interior finishes 395 -164 - 231 - ( 41) -
Exterior finishes and roofing 741 -127 - 614 - ( 26) -
Facilities 720 -200 - 520 - ( 42) -
Operating properties 11,793 -652 -1,253 9,888 - ( 159) -
TOTAL LAND AND BUILDINGS 1,443,778 -145,333 -136,669 1,161,776 45,277 ( 24,587) ( 4,110)




470 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Extract from the profit and loss account and balance sheet for the fiscal year ended 31 December 2024




Sales Substitution elimination Reclassifications Balance as at 31/12/2024

Accumulated Accumulated Accumulated Accumulated
Historical Accumulated write Historical Accumulated write Historical Accumulated write Historical Accumulated write
cost depreciation ‑downs cost depreciation ‑downs cost depreciation ‑downs cost depreciation ‑downs Total
-6,384 - 1,091 - - - -16,500 - 8,203 521,008 - -26,992 494,016
-6,730 467 1,074 -52 4 34 -32,523 2,332 16,759 330,136 -21,882 -38,525 269,729
-2,134 988 205 -455 278 143 -7,779 7,423 356 84,394 -40,891 -5,392 38,111
-3,776 685 534 -170 39 97 -16,265 4,009 6,126 155,141 -27,953 -15,435 111,753
-3,776 1,048 475 -1,455 698 380 -17,680 10,458 3,664 164,852 -49,954 -14,041 100,857
0 0 0 0
-22,800 3,188 3,379 -2,132 1,019 654 -90,747 24,222 35,108 1,255,531 -140,680 -100,385 1,014,466
- - - - - - - - - 31,100 - - 31,100
- - - - - - - - - 74,952 - - 74,952
- - - - - - - - - 106,052 - - 106,052
- - - - - - - - - 6,165 - -1,253 4,912 4
- - - - - - - - - 3,772 -211 - 3,561
- - - - - - - - - 395 -205 - 190
- - - - - - - - - 741 -153 - 588
- - - - - - - - - 720 -242 - 478
- - - - - - - - - 11,793 -811 -1,253 9,729
-22,800 3,188 3,379 -2,132 1,019 654 -90,747 24,222 35,108 1,373,376 -141,491 -101,638 1,130,247




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 471
4 Financial information
Extract from the profit and loss account and balance sheet for the fiscal year ended 31 December 2024




The “Investment assets” item includes assets held for leasing that disposal of certain “replaced” real estate assets that have not
are not subject to a major restructuring operation in progress yet been fully depreciated with a net book value of
requiring them to be wholly vacated. These assets, intended for €459 thousand (acquisition value, net of depreciation and
rent and therefore only for optimal display purposes, are impairment);
temporarily classified under “Assets under development” for the
● depreciation for the fiscal year amounted to
duration of the redevelopment project itself. The costs of small
€24,587 thousand, in addition to which write‑downs were
redevelopment operations in progress on buildings held for
necessary due to impairment losses (assessed on individual
leasing are classified in the balance sheet item “Assets under
properties) considered as lasting (and supported by
construction and advance payments”.
valuations by an independent appraiser) for €5,459 thousand,
The item “Operating properties” refers to the portion of a while write‑backs of previous impairments amounted to
building located at Via Cornaggia in Milan, used by the €1,349 thousand (for a net amount of €4,110 thousand);
Permanent Establishment as offices.
● the sales concerned just one property, which was sold at an
With respect to the movements during the fiscal year 2024, it overall price of €16,500 thousand, against a carrying value of
should be noted that: the asset sold of €16,233 thousand (acquisition value net of
accumulated depreciation);
● during the fiscal year, expenses were incurred that qualified as
contributing to the increase in the value of the real estate ● it was necessary to reclassify a property with an overall net
properties (in accordance with the reference principles) for a value of €31,417 thousand from fixed assets (sub‑category
total of €45,277 thousand, of which €20,986 thousand relating “Investment properties”) to current assets (sub‑category
to “Investment assets” (for completed initiatives), and “Properties held for leasing under disposal”), in light of
€24,291 thousand for “assets under development”. the preliminary sales agreements.
additional expenses incurred on “Investment assets” led to the


4.7.5.1.1.2 Other assets
Balance as at 31/12/2023 Sales Elimination Balance as at 31/12/2024
Accumu- Accumu- Accumu- Accumu-
lated lated lated lated
Historical depre- Depre- Historical depre- Historical depre- Historical depre-
(In € million) cost ciation Total Increases ciation cost ciation cost ciation cost ciation Total

Furniture and furnishings 861 -208 653 355 -34 - - - - 1,216 -242 974
Electronic machines and miscellaneous
equipment 421 -312 109 31 -35 - - - - 452 -347 105
Other assets 1,282 -520 762 386 -69 - - - - 1,668 -589 1,079


4.7.5.1.1.3 Fixed assets under construction and advance payments
This item includes the cost of property redevelopment initiatives under way on “Investment properties” for €3,082 thousand and down
payments to suppliers for projects for €600 thousand.



4.7.5.1.2 Financial assets
Investments
b) Affiliated d-bis) Other
(In € million) a) Subsidiaries companies companies Total
Balance as at 31/12/2023 919,612 50,477 4,078 974,167
Incorporation of companies, capital increases and other
contributions 54,010 4,530 - 58,540
Acquisitions - - - -
Sales and liquidations - (3) - (3)
Write‑downs -23,291 - -330 -23,621
Write‑backs 19,915 11 - 19,926
Reclassification of financial assets excluding fixed assets -132,067 - - -132,067
Balance as at 31/12/2024 838,179 55,015 3,748 896,942
of which:
● REITs/non‑listed REITs, Real‑Estate SICAF Eligible real estate
funds 815,101 - - 815,101
● Companies other than the above 23,078 55,015 3,748 81,841




472 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Extract from the profit and loss account and balance sheet for the fiscal year ended 31 December 2024




a) Subsidiaries

Difference between the
Equity (net carrying value of equity
assets) of the Carrying value % of equity investments and
% of equity related of equity attributable corresponding %
(In € million) investment company investments (A) to Covivio (B) of net assets (A)-(B)
Covivio Immobiliare 9 S.p.A. SIINQ 100% 64,132 64,132 64,132 -
Covivio Development Italy S.p.A. SIINQ 100% 437,853 391,444 437,853 -46,409
Covivio 7 SPA 100% 12,816 12,816 12,816 -
Covivio Development Trading SRL 100% 10,180 10,226 10,180 46
Covivio Attività Immobiliari 5 SRL 100% 26 26 26 -
Covivio Attività Immobiliari 6 SRL 100% 10 10 10 -
Central Sicaf SPA 51% 702,395 359,525 359,525 -
TOTAL 1,227,412 838,179 884,542 -46,363

b) Affiliated companies
% of Acquisitions/
investment/ Balance as at subscriptions/ Write- Write- Reclassifi- Balance as at
(In € million) shares 31/12/2023 contributions backs downs Sales cations 31/12/2024

A - Associated companies: Joint‑stock companies
Zabarella 2023 SRL 65% 13,865 - 11 - - - 13,876
Real Estate Solution & Technology
SRL 30% 3 - - - (3) - -
TOTAL A 13,868 - 11 - (3) - 13,876
B - Associated companies: Securities in real estate investment funds
no. 822.777 -
Porta Romana fund 43.80% 36,609 4,530 - - - - 41,139
TOTAL B 36,609 4,530 - - - - 41,139
TOTAL A + B 50,477 4,530 11 - (3) - 55,015
4
Zabarella 2023 S.r.l. is the company set up for the management companies, as it is a joint venture. It should be noted that the
of a joint venture between Covivio and one of Italy’s biggest book value of the equity investment in Zabarella 2023 S.r.l. has
construction and restoration companies for the redevelopment not been adjusted to the corresponding lower share of net
of a prestigious property in the centre of Padua and the equity (Covivio’s share is €13,587 thousand), as the loss is
conversion of the same into a residential property for resale. qualified as temporary and non‑lasting. The company’s sole
Although holding 65% of the company in the balance sheet, in activity is the redevelopment and sale of the aforementioned
accordance with the accounting principles in force, the asset and is expected to make a more than sufficient profit to
investment is classified as equity investments in affiliated offset the losses incurred in the medium term.
d-bis) Other companies
% of Balance
investment/ Balance as Acquisitions/ Write- Write- Reclassifi- as at
(In € million) shares at 31/12/2023 subscriptions backs downs Sales cations 31/12/2024

Other companies
Nomisma SPA - - - - - - -
TOTAL OTHER COMPANIES 0 - - - 0 - -
Securities in real estate investment
funds
Securis Real Estate fund 99 4,078 - - -330 - - 3,748
TOTAL SECURITIES IN FUNDS 4,078 - - -330 - - 3,748
TOTAL 4,078 - - -330 - - 3,748


Fixed receivables “a) From subsidiaries”
The item, amounting to €1,077 thousand, exclusively represents the residual balance related to a loan granted to the subsidiary Covivio
Development Trading S.r.l. This receivable was paid in January 2025.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 473
4 Financial information
Extract from the profit and loss account and balance sheet for the fiscal year ended 31 December 2024




4.7.5.2 Current assets
4.7.5.2.1 Inventories
Land and buildings

Balance as Balance as
at 31/12/2023 Sales Reclassifications at 31/12/2024

Accumu- Accumu- Accumu- Accumu-
lated Incremental lated lated lated
Historical write- Acqui- expenses Write- Historical write- Historical write- Historical write-
(In € million) cost downs Total sitions downs cost downs cost downs cost downs Total

Land 152 -152 - - - - - - - - 152 -152 -
Construction - - - - - - - - - - - - -
Properties purchased for
resale 152 -152 - - - - - - - - 152 -152 -
Land 6,262 - 6,262 - - -2,223 -6,262 - 8,297 - 8,297 -2,223 6,074
Construction 25,140 -1,467 23,673 - - -6,194 -25,140 1,467 23,120 - 23,120 -6,194 16,926
Properties held for leasing
under disposal (1) 31,402 -1,467 29,935 - - -8,417 -31,402 1,467 31,417 - 31,417 -8,417 23,000
TOTAL LAND
AND BUILDINGS 31,554 -1,619 29,935 - - -8,417 -31,402 1,467 31,417 - 31,569 -8,569 23,000
(1) In the income statement, depreciation of let buildings for sale have been classified under heading B) 10) c) in line with the depreciation of all
the buildings held for letting



4.7.5.2.2 Receivables
4.7.5.2.2.1 Clients
(In € million) 31/12/2024 31/12/2023
Trade receivables (commercial) due within 12 months
Receivables from customers for sales of properties and investments - -
Tenants 13,109 17,100
Deposits for real estate purchase
Clients for services - -
Provision for impairment of trade receivables due within 12 months -6,334 -15,728
Total trade receivables (commercial) due within 12 months 6,775 1,372
Trade receivables (commercial) due beyond 12 months
Receivables from customers for sales of properties and investments 0 0
Tenants 13,744 14,599
Receivables from customers for sales of properties and investments - -
Deposits for real estate purchase - -
Clients for services 0 0
Provision for impairment of commercial receivables 0 0
Total trade receivables (commercial) due beyond 12 months 13,744 14,599
TOTAL TRADE RECEIVABLES 20,519 15,971




474 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Extract from the profit and loss account and balance sheet for the fiscal year ended 31 December 2024




4.7.5.2.2.2 From subsidiaries
(In € million) 31/12/2024 31/12/2023
Receivables from subsidiaries due within 12 months
Loans - -
Correspondent accounts 0 0
Total receivables for loans and correspondent accounts 0 0
Trade receivables for the provision of services and leases 1,093 1,498
Trade receivables for intra‑group rentals
Receivables for sale of equity investments
Other receivables from subsidiaries - -
Receivable arising from the consolidation of IRES taxable income 1,823 839
Outstanding receivables for dividends - -
Total receivables from subsidiaries due within 12 months 2,916 2,337
Receivables from subsidiaries due beyond 12 months
Trade receivables for the provision of services and leases - -
Total receivables from subsidiaries due beyond 12 months - -
TOTAL RECEIVABLES FROM SUBSIDIARIES 2,916 2,337


4.7.5.2.2.3 Tax receivables ii) VAT credit at the end of the fiscal year for €120 thousand
Tax receivables total €372 thousand and are classified within a (€1,089 thousand as of 31 December 2023).
period of 12 months or beyond depending on the expected “Tax receivables” due beyond 12 months, totalling €116 thousand
collection times, as indicated below. (unchanged since 31 December 2023), includes:
The balance of the item “Tax receivables” due within 12 months, i) IRES credit (€92 thousand) resulting from the partial
totalling €256 thousand (€1,362 thousand as of 31 December deductibility, for the purposes of IRES, of the IRAP paid in
2023), mainly includes: previous fiscal years, as required by Italian law no. 2/2009
i) IRES and IRAP direct tax receivables totalling €132 thousand, and Italian law no. 214/2011;
respectively €56 thousand (€174 thousand as of 31 December
2023) and €76 thousand (€84 thousand as of 31 December
ii) IRAP credit (€24 thousand), requested in repayment by a
subsidiary during liquidation and transferred to Covivio. This
4
2023); receivable will be repaid directly to Covivio.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 475
4 Financial information
Extract from the profit and loss account and balance sheet for the fiscal year ended 31 December 2024




4.7.5.2.2.4 Deferred tax assets
Difference in Temporary non-
book value/ deductible costs
tax value (including impairment
(In € million) of properties Tax payables of equity securities) Total
Balance as at 31/12/2023 40,789 - 2,055 42,844
Net increases/(decreases) in P/L account -1,085 - -1,235 -2,320
Net increases/(decreases) in shareholders’ equity - - - -
Balance as at 31/12/2024 39,704 - 820 40,524


Third‑party receivables
(In € million) 31/12/2024 31/12/2023
Other receivables due within 12 months
Receivables from the Municipality of Rome for expropriations - -
Guarantee deposits - -
Advances and trade receivables 152 345
Other receivables 429 1,156
Provision for impairment of other receivables due within 12 months -262 -1,099
Total other receivables due within 12 months 319 402
Other receivables due beyond 12 months
Receivables from the Municipality of Rome 3,867 6,758
Guarantee deposits 18 18
Other receivables
Provision for impairment of other receivables due beyond 12 months -3,867 -6,758
Total other receivables due beyond 12 months 18 18
TOTAL THIRD‑PARTY RECEIVABLES 337 420


4.7.5.2.3 Financial assets excluding fixed assets 4.7.5.2.4 Cash and cash equivalents
i) Investments in subsidiaries These total €7,258 thousand (€1,459 thousand as of 31 December
2023) and are entirely represented by bank deposits.
The balance of the item as of 31 December 2024 only includes
the value of the equity investment in a subsidiary that, as 4.7.5.3 Accruals
already shown in the section "Significant events for the fiscal
year" above, is the subject of preliminary agreements for the sale Accruals and deferrals of €1,124 thousand (€1,299 thousand as of
of the majority equity investment, with the acquiring party 31 December 2023), include the deferrals relating to the
having the option of subsequently acquiring the remaining registration tax paid in advance on current lease payments and
equity investment. the deferrals of brokerage fees incurred for the conclusion of
existing leases (which, in compliance with the requirements of
ii) Financial assets from subsidiaries for centralised treasury the reference standards, are recognised in the profit and loss
management account over the duration of the underlying lease).
For the two years compared, the balance of this item
(€5,068 thousand as of 31 December 2024 and €10,437 thousand
as of 31 December 2023) refers entirely to receivables
represented by the balances, assets held for Covivio and
interest‑bearing assets, cash pooling relationships with
subsidiaries, set up for financial efficiency purposes and under
Covivio group central cash management in Italy.




476 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Extract from the profit and loss account and balance sheet for the fiscal year ended 31 December 2024




4.7.5.4 Economic data
4.7.5.4.1 Production value
Revenue from sales and services
Cross‑reference with revenue
A1 - Revenue from sales and services FY 2024 FY 2023 parameter – par. 2.1
a) revenue from rentals 59,307 59,481
● from properties held for rentals 59,302 59,459 59,302 (A)
● from properties purchased for resale and sub‑lets 5 22
● from sub‑let properties
b) revenue from services 3,407 2,708
c) revenue from sale of properties purchased for resale 1 14,000
TOTAL A1 62,715 76,189


Other revenues and income
Cross‑reference with revenue
A5 - Other revenues and income FY 2024 FY 2023 parameter – par. 2.1
a) capital gains on sale of fixed assets and revenue from sale
of other property rights 1,045 2,889
of which:
● capital gains on sale of properties held for leasing recognised
during the fiscal year 1,045 2,889 1,045 (B)
● capital gains on sale of other fixed assets - -
1,045 2,889
b) write‑backs
● revaluations of investment properties 1,349 2,864 1,349 (F1)
1,349 2,864
c) contingent and non‑existent assets
● release of provisions for risks and charges 629 1,206 629 (F3) 4
● release of provisions for impairment of receivables 4,333 1,410 4,333 (F3)
● contingencies for adjusted expenses (including insurance
reimbursements) 7 217
● of which for recovery of other costs 7 146 7 (F5)
● of which for other contingent and non‑existent assets - 71
● discounts receivable - - -
4,969 2,833
d) non‑financial income and revenues from non‑core business
● recovery of ancillary costs from tenants 4,867 5,654 4,867 (F2)
● recovery of intercompany ancillary costs and charges 339 198 339 (F2)
● insurance reimbursements and other income 94 23
5,300 5,875
TOTAL A5 12,663 14,461




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 477
4 Financial information
Extract from the profit and loss account and balance sheet for the fiscal year ended 31 December 2024




4.7.5.4.2 Financial income
4.7.5.4.2.1 Income from equity investments
Cross‑reference
with revenue
parameter
C15 - income from equity investments FY 2024 FY 2023 – par. 2.1
a) in subsidiaries and associated companies 33,223 50,097
of which dividends
● from REITs/non‑listed REITs, SICAF and eligible real estate funds
(distributions of profits) 33,220 50,085 33,220(C)
● from other subsidiaries and associated companies 3 12
of which positive margins on disposal - -
b) in parent companies - -
c) in companies controlled by other parent companies - -
d) in other companies 332 156
TOTAL C15 33,555 50,253

4.7.5.4.2.2. Other financial products
Cross‑reference
with revenue
parameter
C16 - Other financial income: FY 2024 FY 2023 – par. 2.1
a) from receivables recorded in fixed assets - -
b) from securities included in fixed assets that do not constitute equity
investments - -
c) from securities classified as current assets other than equity investments - -
d) income other than the above: - -
● from subsidiaries 1,030 567 146 (F7)
● from companies controlled by other parent companies - -
● from other sources 453 36
interest income from banks 453 - 453 (F7)
of which other prepaid interest and exchange rate differences - -
of which interest on tax credits - -
of which for discounting of receivables and other - 37
TOTAL C16 1,483 603




478 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Financial information
Extract from the profit and loss account and balance sheet for the fiscal year ended 31 December 2024




4.7.5.5 Adjustments to financial assets: write‑backs
Cross‑reference with revenue
D18 - Revaluations FY 2024 FY 2023 parameter – par. 2.1
a) of equity investments
of which investments in SIIQ/SIINQs and real estate SICAFs 16,148 - 16,148 (F4)
of which investments in other companies 3,778 2,134 3,778 (F4)
Total a) - of equity investments 19,926 2,134
b) of financial fixed assets other than equity investments - - - (F4)
Total b) - of financial fixed assets other than equity investments - -
d) of derivative financial instruments
● positive ineffective quota of derivative instruments - -
● positive ineffective quota of conversion of debenture loans
(ORNANE) and IRS - -
Total d) - of derivative financial instruments - -
TOTAL D18 - WRITE‑BACKS 19,926 2,134


4.7.5.6 Taxes
Cross‑reference with revenue
20 - Income tax for the fiscal year: FY 2024 FY 2023 parameter – par. 2.1
a) current taxes -1,260 -3,824
● current taxes -1,466 -3,876 -
● Income from restatement of current taxes for the prior year 206 52 206 (F6)
● Expenses from restatement of current taxes for the prior fiscal
year - -
● Income from restatement of substitute tax following revaluation
pursuant to Italian law no. 126/2020 - - -
b) deferred tax 71 -3,184
● accruals and releases for deferred tax assets 71 -3,246 71 (F8) 4
● restatement of deferred tax assets from previous years - 62 -
c) prepaid taxes -2,320 9,834
● accruals and releases for deferred tax assets 0 0
● accruals and releases for deferred tax assets -2,320 9,834
● restatement of deferred tax assets from previous years - - -
d) income from tax consolidation 1,658 901 1,658 (F8)
TOTAL 20 -1,851 3,727 1,729 (F8)




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 479
Suedstern Berlin
© Covivio / DR




480 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
5
General Meeting
and corporate
governance
5.1 Agenda and text of draft resolutions 5.4 Statutory Auditors’ special report
for the Combined General Meeting on related‑party agreements
of 17 April 2025 482 and regulated commitments 597
5.1.1 Agenda 482 Agreements submitted for the approval of
5.1.2 Text of the draft resolutions 483 the General Meeting 597
5.2 Report of the Board of Directors Agreements and commitments previously
on the text of the draft resolutions approved by the General Meeting 598
presented to the Combined General 5.5 Report of the Statutory Auditors
Meeting of 17 April 2025 499 on the share capital reduction 601
5.2.1 Ordinary resolutions 499 5.6 Statutory Auditors’ report on the issue
5.2.2 Extraordinary resolutions 502 of shares and/or other securities with
5.3 Report from the Board of Directors or without a waiver of preferential
on corporate governance 509 subscription rights 602
Governance principles 509 5.7 Statutory Auditors’ report on the
5.3.1 Management bodies 510 authorisation to grant free shares,
5.3.2 Board of Directors 517 existing or to be issued 604
5.3.3 Specialist Committees of the Board 5.8 Statutory Auditors’ report on the issue
of Directors 558 of shares and/or other securities
5.3.4 Remuneration of corporate officers 569 reserved for the benefit of subscribers
5.3.5 Specific procedures relating to shareholder to a corporate savings plan 605
participation in General Meetings and 5.9 Parties responsible for auditing
summary of current financial delegations the financial statements 606
and authorisations in the area of capital
increases 593
5.3.6 Elements that could be relevant
in the event of a public offer 595
5.3.7 Main features of the internal control
and risk management systems used
in the preparation of financial information. 596




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 481
5 General Meeting and corporate governance
Agenda and text of draft resolutions for the Combined General Meeting of 17 April 2025




5.1 Agenda and text of draft resolutions for the Combined
General Meeting of 17 April 2025
5.1.1 Agenda
5.1.1.1 Ordinary resolutions 5.1.1.2 Extraordinary resolutions
● Approval of the parent company’s financial statements for the ● Delegation of authority to the Board of Directors to increase
year ended 31 December 2024. the company’s share capital through the incorporation of
reserves, profits or premiums.
● Approval of the consolidated financial statements for the year
ended 31 December 2024. ● Authorisation to be granted to the Board of Directors to
reduce the company’s share capital through the cancellation
● Appropriation of income – Distribution of dividend.
of shares;
● Approval of the Statutory Auditors’ special report prepared in
● Delegation to the Board of Directors of the authority to issue
accordance with Article L. 225‑40 of the French Commercial
shares and/or securities convertible into equity of the
Code and the regulated agreements referred to in Articles L.
company (or of companies more than 50% owned directly or
225‑38 et seq. of the French Commercial Code referred to
indirectly, by the company), maintaining shareholders’
therein.
preferential subscription right.
● Approval of the information mentioned in Article L. 22‑10‑9, I of
● Delegation of authority to the Board of Directors to issue
the French Commercial Code related to remuneration of all
shares in the company and/or securities convertible into the
corporate executive officers for the fiscal year ended 31
equity of the company (or of companies more than 50%
December 2024.
owned directly or indirectly by the company), with waiver of
● Approval of the fixed, variable and exceptional components shareholders' preferential subscription rights and with an
of the total remuneration and all benefits in kind paid during optional priority period, by way of a public offering not under
the fiscal year ended 31 December 2024 or allocated in Article L. 411‑2 1 of the French Monetary and Financial Code.
respect of the said fiscal year to Jean‑Luc Biamonti as
● Delegation of authority to the Board of Directors to issue
Chairman of the Board of Directors.
Company shares and/or securities giving access to the
● Approval of the fixed, variable and exceptional components company’s share capital (or of companies more than 50%
of the total remuneration and all benefits in kind paid during owned directly or indirectly by the company), with waiver of
the fiscal year ended 31 December 2024 or allocated in shareholders' preferential subscription rights, for the benefit of
respect of the said fiscal year to Christophe Kullmann as Chief qualified investors or a restricted circle of investors in the
Executive Officer. context of an offer under Article L. 411‑2 1 of the French
Monetary and Financial Code.
● Approval of the fixed, variable and exceptional components
of the total remuneration and all benefits in kind paid during ● Authorisation to be given to the Board of Directors to increase
the fiscal year ended 31 December 2024 or allocated in the number of shares to be issued in the event of a capital
respect of the said fiscal year to Olivier Estève as Deputy CEO. increase with or without shareholders' preferential subscription
rights.
● Approval of the remuneration policy applicable to the
Chairman of the Board of Directors. ● Delegation of authority to the Board of Directors to issue
shares and/or securities convertible into equity of the
● Approval of the remuneration policy applicable to the Chief company in consideration for securities contributed to any
Executive Officer. public exchange offer initiated by the company.
● Approval of the remuneration policy applicable to the Deputy ● Delegation of authority to the Board of Directors to issue
CEO. shares and/or transferable securities convertible into equity,
● Approval of the remuneration policy applicable to Directors. to pay for the contributions in kind granted to the company
consisting of capital shares or transferable securities
● Renewal of the term of office of Predica as Director. convertible into equity.
● Appointment of Micaela Le Divelec as Director. ● Delegation of authority to the Board of Directors to make
capital increases reserved for employees of the company and
● Renewal of the term of office of Ernst & Young et Autres as
companies in the Covivio group that are members of a
Principal Statutory Auditor.
company savings plan, with waiver of shareholders’
● Renewal of the appointment of Ernst & Young et Autres as preferential subscription right.
Statutory Auditor in charge of certifying sustainability
● Authorisation to be granted to the Board of Directors to
information.
allocate new or existing free shares to employees and/or
● Appointment of KPMG SA as Statutory Auditor in charge of corporate officers of the company and its affiliates, with
certifying sustainability information. waiver by the shareholders’ preferential subscription right in
respect of the shares to be issued.
● Authorisation to be given to the Board of Directors for the
company to purchase treasury shares. ● Amendment of Article 15 (Notices of meetings and
deliberations of the Board of Directors), Article 16 (Powers of
the Board of Directors) and Article 22 (General Meetings) of
the company’s Articles of Association.
● Powers for formal recording requirements.




482 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
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Agenda and text of draft resolutions for the Combined General Meeting of 17 April 2025




5.1.2 Text of the draft resolutions
5.1.2.1 Ordinary resolutions
FIRST RESOLUTION Thus, each share will receive a dividend of €3.50.
(Approval of the parent company’s financial statements for the The dividend will be paid on 5May 2025.
year ended 31 December 2024).
On the basis of the total number of shares comprising the share
The General Meeting, ruling under the quorum and majority
capital as of 19 February 2025, i.e. 111,623,468 shares, and subject
conditions required for Ordinary General Meetings, having
to the possible application of the provisions of Article 25.3 of the
reviewed the parent company’s financial statements for the
company’s Articles of Association to shareholders regarding
fiscal year ended 31 December 2024 and the reports of the
Withholding Tax, a total dividend of €390,682,138 will thus be
Board of Directors and Statutory Auditors on these annual
allocated.
financial statements, approves in full the report of the Board of
Directors and the parent company’s financial statements for the This portion of this dividend levied on profits subject to
year ended 31 December 2024, which include the balance sheet, corporate tax and allocated to individuals liable for income tax
income statement and notes, as presented, showing a profit of in France only gives entitlement to the 40% rebate in the event of
€82,244,821.20. an annual, express, overall and irrevocable option for the
progressive income tax scale pursuant to Article 200 A 2 of the
The General Meeting consequently approves the transactions
French General Tax Code. In compliance with Article 158–3‑3° b
reflected in these financial statements and summarised in these
bis of the French General Tax Code, this rebate does not apply
reports.
to earnings exempt from corporate income tax under the SIIC
The General Meeting notes that there were no expenditure and plan in application of Article 208 C of the French General Tax
charges covered by Article 39.4 of the French General Tax Code, Code.
and observes that there is no corporate income tax payable in
The corporate income tax‑exempt dividend in application of
this respect.
Article 208 C of the French General Tax Code not eligible for the
SECOND RESOLUTION 40% rebate totals €78,525,031.17.
(Approval of the consolidated financial statements for the year The dividend withheld on the profits subject to corporate income
ended 31 December 2024). tax totals €198,995,696.78.
The General Meeting, ruling under the quorum and majority
conditions required for Ordinary General Meetings, having The balance of the dividend deducted in the amount of
reviewed the reports of the Board of Directors and Statutory €113,161,410.05 from the “Contribution premium” account is
Auditors on the consolidated financial statements, approves the considered as a repayment of the contribution within the
consolidated financial statements for the year ended 31 meaning of the provisions of Article 112‑1 of the French General
December 2024, which include the balance sheet, income Tax Code.
statement and notes, as presented, as well as the transactions The General Meeting resolves that, pursuant to the provisions of
reflected by these financial statements and summarised in these Article L. 225‑210 of the French Commercial Code, the amount
reports. the shareholders may have waived, as well as the amount
The General Meeting notes that the consolidated net income of corresponding to treasury shares on the dividend payment date,
the Group as at 31 December 2024 was -€68,118k. which do not grant a right to dividends, will be allocated to the
“Retained earnings” account. Accordingly, the General Meeting
THIRD RESOLUTION grants all powers to the Board of Directors, with a right of
(Appropriation of income – Distribution of dividend). sub‑delegation, under the conditions stipulated by the legal and
regulatory provisions, for the purposes of determining,
The General Meeting, ruling under the quorum and majority
considering the number of shares held by the company at the
conditions required for Ordinary General Meetings, having noted
that the profit for the financial year, which amounted to
record date, the overall amount of the dividend and, 5
consequently, the amount that will be allocated to the “Retained
€82,244,821.20, plus the retained earnings of an amount of
earnings” account.
€2,561,351.10, brings the distributable profit to an amount of
€84,806,172.30, resolves, on the proposal of the Board of
Directors:
● to allocate the distributable profit of €84,806,172.30 to the
distribution of a dividend;
● to also proceed with the distribution of a sum of
€305,875,965.70 deducted from:
(i) the account “Merger premium” in the amount of
€192,714,555.65, which will be reduced from €192,714,555.65
to €0;
(ii) the “Contribution premium” account in the amount of
€113,161,410.05, which will be reduced from €568,906,779.20
to €455,745,369,15.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 483
5 General Meeting and corporate governance
Agenda and text of draft resolutions for the Combined General Meeting of 17 April 2025




In accordance with the law, the General Meeting confirms that the dividends distributed for the previous three fiscal years were as
follows:

Amount of dividend eligible Amount of dividend not eligible
Fiscal year Type of dividend Dividend paid per share for the 40% rebate(1) for the 40% rebate
2021 Current €3.75 €0.9761 €2.7739
2022 Current €3.75 €1.2939 €2.4561
2023 Current €3.30 €1.0121 €2.2879
(1) In case of option for a progressive rate of the revenue tax.



FOURTH RESOLUTION SEVENTH RESOLUTION
(Approval of the Statutory Auditors’ special report prepared in (Approval of the fixed, variable and exceptional components of
accordance with Article L. 225‑40 of the French Commercial the total remuneration and all benefits in kind paid during the
Code and the regulated agreements referred to in Articles L. fiscal year ended 31 December 2024 or allocated in respect of
225‑38 et seq. of the French Commercial Code referred to the said fiscal year to Christophe Kullmann as Chief Executive
therein). Officer.)
The General Meeting, ruling under the quorum and majority The General Meeting, ruling under the quorum and majority
conditions required for Ordinary General Meetings, having conditions required for Ordinary General Meetings, having
reviewed the Statutory Auditors’ special report on the regulated reviewed the Board of Directors' report on corporate governance
agreements and undertakings referred to in Articles L. 225‑38 et prepared in accordance with Article L. 225‑37 of the French
seq. of the French Commercial Code, approves this report and Commercial Code, approves, pursuant to Article L. 22‑10‑34, II. of
such regulated agreements entered into or executed during the the French Commercial Code, the fixed, variable and
fiscal year ended 31 December 2024. exceptional components making up the total remuneration and
benefits in kind paid during the fiscal year ended 31 December
FIFTH RESOLUTION 2024 or granted in respect of that fiscal year to Christophe
(Approval of the information mentioned in Article L. 22‑10‑9, I of Kullmann in his capacity as Chief Executive Officer, as described
the French Commercial Code related to remuneration of all in said report, and appearing in paragraph 5.3.4.3.2 of the
corporate executive officers for the fiscal year ended 31 company’s Universal Registration Document for the 2024 fiscal
December 2024) year.
The General Meeting, ruling under the quorum and majority
EIGHTH RESOLUTION
conditions required for Ordinary General Meetings, having
reviewed the report of the Board of Directors on corporate (Approval of the fixed, variable and exceptional components of
governance prepared in accordance with Article L. 225‑37 of the the total remuneration and all benefits in kind paid during the
French Commercial Code, approves pursuant to Article L. fiscal year ended 31 December 2024 or allocated in respect of
22‑10‑34, I of the French Commercial Code the information the said fiscal year to Olivier Estève as Deputy CEO.)
referred to in Article L. 22‑10‑9, I of the French Commercial Code The General Meeting, ruling under the quorum and majority
related to remuneration of all corporate officers in respect of conditions required for Ordinary General Meetings, having
fiscal year ended 31 December 2024 and detailed in Section reviewed the Board of Directors' report on corporate governance
5.3.4.2 of the company’s Universal Registration Document for prepared in accordance with Article L. 225‑37 of the French
fiscal year 2024. Commercial Code, approves, pursuant to Article L. 22‑10‑34, II. of
the French Commercial Code, the fixed, variable and
SIXTH RESOLUTION exceptional components making up the total remuneration and
(Approval of the fixed, variable and exceptional components of benefits in kind paid during the fiscal year ended 31 December
the total remuneration and all benefits in kind paid during the 2024 or granted in respect of that fiscal year to Olivier Estève in
fiscal year ended 31 December 2024 or allocated in respect of his capacity as Chief Operating Officer, as described in said
the said fiscal year to Jean‑Luc Biamonti as Chairman of the report, and appearing in paragraph 5.3.4.3.3 of the company’s
Board of Directors.) Universal Registration Document for the 2024 fiscal year.
The General Meeting, ruling under the quorum and majority
NINTH RESOLUTION
conditions required for Ordinary General Meetings, having
reviewed the Board of Directors' report on corporate governance (Approval of the remuneration policy applicable to the
prepared in accordance with Article L. 225‑37 of the French Chairman of the Board of Directors).
Commercial Code, approves, pursuant to Article L. 22‑10‑34, II. of The General Meeting, ruling under the quorum and majority
the French Commercial Code, the fixed, variable and conditions required for Ordinary General Meetings, having
exceptional components making up the total remuneration and reviewed the Board of Directors’ report on corporate governance
benefits in kind paid during the fiscal year ended 31 December pursuant to Article L. 225‑37 of the French Commercial Code
2024 or granted in respect of that fiscal year to Jean‑Luc describing in particular the items of the remuneration policy of
Biamonti in his capacity as Chairman of the Board of Directors, the corporate officers, approves, pursuant to Article L. 22‑10‑8 of
as described in said report, and appearing in paragraph 5.3.4.3.1 the French Commercial Code the remuneration policy
of the company’s Universal Registration Document for the 2024 applicable to the Chairman of the Board of Directors presented
fiscal year. and detailed in Section 5.3.4.1.1 of the company’s Universal
Registration Document for fiscal year 2024.




484 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
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Agenda and text of draft resolutions for the Combined General Meeting of 17 April 2025




TENTH RESOLUTION FOURTEENTH RESOLUTION
(Approval of the remuneration policy applicable to the Chief (Appointment of Ms Micaela Le Divelec as Director.)
Executive Officer.) The General Meeting, ruling under the quorum and majority
The General Meeting, ruling under the quorum and majority conditions required for Ordinary General Meetings, having
conditions required for Ordinary General Meetings, having reviewed the Board of Directors’ report, resolves to appoint, with
reviewed the Board of Directors’ report on corporate governance effect from this date, Ms Micaela Le Divelec as Director for a
pursuant to Article L. 225‑37 of the French Commercial Code period of four (4) years expiring at the end of the General
describing in particular the items of the remuneration policy for Meeting of Shareholders called in 2029 to approve the financial
the corporate officers, approves, pursuant to Article L. 22‑10‑8 of statements for the year ended 31 December 2028.
the French Commercial Code, the remuneration policy
applicable to the Chief Executive Officer presented and detailed FIFTEENTH RESOLUTION
in Section 5.3.4.1.2 of the company’s Universal Registration (Renewal of the term of office of Ernst & Young et Autres as
Document for fiscal year 2024. Principal Statutory Auditor).
The General Meeting, ruling under the quorum and majority
ELEVENTH RESOLUTION
conditions required for Ordinary General Meetings, having
(Approval of the remuneration policy applicable to the Deputy reviewed the report of the Board of Directors, and having noted
CEO). that the term of office of Ernst & Young et Autres, the Principal
The General Meeting, ruling under the quorum and majority Statutory Auditor, is due to expire at this General Meeting,
conditions required for Ordinary General Meetings, having resolves to reappoint, as of this day, Ernst & Young et Autres as
reviewed the Board of Directors’ report on corporate governance the Principal Statutory Auditor, for a period of six (6) years
prepared in accordance with Article L. 225‑37 of the French expiring at the end of the General Meeting of Shareholders
Commercial Code detailing in particular the items of the called in 2031 to approve the financial statements for the fiscal
remuneration policy for the corporate officers, approves, year ending 31 December 2030.
pursuant to Article L. 22‑10‑8 of the French Commercial Code, the
remuneration policy applicable to the Deputy CEO presented SIXTEENTH RESOLUTION
and detailed in Section 5.3.4.1.2 of the company’s Universal (Renewal of Ernst & Young et Autres as Statutory Auditors in
Registration Document for fiscal year 2024. charge of certifying sustainability information.)
The General Meeting, ruling under the quorum and majority
TWELFTH RESOLUTION
conditions required for Ordinary General Meetings, having
(Renewal of the term of office of Predica as Director). reviewed the report of the Board of Directors, and having noted
The General Meeting, ruling under the quorum and majority that the appointment of Ernst & Young et Autres as Statutory
conditions required for Ordinary General Meetings, having Auditor in charge of certifying the relevant sustainability
reviewed the Board of Directors’ report on corporate governance information comes to an end at this General Meeting, resolves to
prepared in accordance with Article L. 225‑37 of the French renew, as of today, the term of office of Ernst & Young et Autres
Commercial Code, detailing in particular the components of the as Statutory Auditors in charge of certification of sustainability
remuneration policy for the corporate officers, approves, information, for a period of six (6) fiscal years expiring at the end
pursuant to Article L. 22‑10‑8 of the French Commercial Code, the of the General Meeting of Shareholders called in 2031 to approve
remuneration policy applicable to the Directors presented and the financial statements for the fiscal year ended 31 December
detailed in Section 5.3.4.1.3. of the company’s Universal 2030.
Registration Document for fiscal year 2024.
SEVENTEENTH RESOLUTION
THIRTEENTH RESOLUTION (Appointment of KPMG SA as Statutory Auditor in charge of
(Approval of the remuneration policy applicable to the Directors certifying sustainability information).
of Predica). The General Meeting, ruling under the quorum and majority
The General Meeting, ruling under the quorum and majority conditions required for Ordinary General Meetings, having
conditions required for Ordinary General Meetings, having reviewed the Board of Directors’ report, resolves to appoint, from
this date, KPMG S.A, a limited company whose registered office is
5
reviewed the report of the Board of Directors and noted that the
Directorship of the company Predica expires at this General located at Tour Eqho, 2 avenue Gambetta, 92066 Paris,
Meeting, resolves to renew, the Directorship of the company registered in the Trade and Companies Register of Nanterre
Predica for a period of four (4) years expiring at the end of the under number 775 726 417, as Statutory Auditor responsible for
General Meeting of Shareholders called in 2029 to approve the certifying sustainability information, for a period of six (6) fiscal
year corresponding to the remaining term of their appointment
financial statements for the year ending 31 December 2028.
as auditors to the Company and expiring at the end of the
General Meeting of Shareholders called in 2031 to approve the
financial statements for the fiscal year ending 31 December
2030.




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 485
5 General Meeting and corporate governance
Agenda and text of draft resolutions for the Combined General Meeting of 17 April 2025




EIGHTEENTH RESOLUTION facility, systematic or over‑the‑counter internalisers, in particular
(Authorisation to be given to the Board of Directors for the through the acquisition or disposal of blocks (on the market or
company to purchase treasury shares). off‑market), by way of takeover or exchange offer or through the
use of financial instruments, in particular derivative financial
The General Meeting, ruling under the quorum and majority
instruments traded on a regulated market or over the counter,
conditions required for Ordinary General Meetings, having
such as call or put options or any combination thereof, or
reviewed the report of the Board of Directors and in accordance
through the use of warrants, either directly or indirectly through
with the provisions of Articles L. 225‑210 et seq. and L. 22‑10‑62 et
the intermediary of an investment services provider, under the
seq. of the French Commercial Code, Regulation (EU) 596/2014 of
conditions authorised by the competent market authorities, and
the European Parliament and Council of 16 April 2014, of Articles
at such times as the company’s Board of Directors deems
241‑1 to 241‑7 of the General Regulations of the AMF and of the
appropriate. The maximum portion of the share capital acquired
market practices allowed by the French Financial Markets
or transferred in the form of blocks of shares may comprise up to
Authority (Autorité des Marchés Financiers - AMF):
the entire programme.
● terminates, effective immediately, for the unused portion, the
These transactions may take place at any time, subject to
authorisation given by the Combined General Meeting of 17
compliance with regulations in effect, unless a third party files a
April 2024;
public offering for the shares of the company, until the end of the
● authorises the Board of Directors, which may further delegate offer period.
such authority under the conditions stipulated by applicable
This authorisation is intended to allow the company to pursue
legal and regulatory provisions, to purchase treasury shares or
the following objectives, in compliance with the applicable legal
cause them to be purchased all at once or in several
and regulatory provisions:
instances at the time of its choosing; and
● to allocate shares to executive corporate officers or
● decides that purchases of company shares as described in
employees of the company and/or of companies belonging to
the paragraph above may be for a number of shares such
its group, in accordance with the terms and conditions set out
that the number of shares that the company would purchase
in the laws and regulations applicable to (i) the sharing in the
during the buyback programme does not exceed 10% of the
benefits due to the company’s growth, (ii) the stock‑option
shares making up the share capital of the company (at any
scheme stipulated by Articles L. 225‑177 et seq. of the French
time whatsoever, and this percentage applies to adjusted
Commercial Code and its Article L. 22‑10‑56, (iii) the scheme for
capital based on the impact of transactions subsequent to
allocation of free shares as stipulated in Articles L. 225‑197‑1 et
this General Meeting). It is stipulated that (i) a maximum of 5%
seq. of the French Commercial Code and L. 22‑10‑59 and L.
of the shares comprising the company’s share capital may be
22‑10‑60 of the Commercial Code, and (iv) any employee
allocated for holding purposes and subsequent payment or
savings plan, as well as to undertake any hedging transaction
exchange within the framework of a merger, split or
relating to these transactions, under the conditions stipulated
contribution, and (ii) in the event of an acquisition within the
by the market authorities and at such times as the Board of
context of a liquidity agreement, the number of shares taken
Directors or the individual acting on behalf of the Board of
into account for calculating the 10% limit on the total share
Directors deems suitable;
capital mentioned above corresponds to the number of
shares purchased less the number of shares resold during the ● to deliver shares during the exercise of rights attached to
term of this authorisation, and (iii) purchases made by the transferable securities giving the right, immediately and/or in
company may not under any circumstances lead to it owning the future, through redemption, conversion, exchange,
more than 10% of the share capital of the company. presentation of a warrant or any other manner, to the
allocation of company shares, as well as to undertake any
The maximum purchase price paid by the company for treasury
hedging transaction in relation to the issue of such securities,
shares must not exceed eighty‑five euros (€85) per share
under the conditions stipulated by the market authorities and
(excluding acquisition costs). In case of capital transactions,
at such times as the Board of Directors or the individual acting
specifically through the incorporation of reserves and the
on behalf of the Board of Directors deems suitable;
allocation of free shares and/or the splitting or consolidation of
shares, this price will be adjusted by a multiplier coefficient equal ● to hold the shares and deliver them later as payment or in
to the ratio between the number of shares comprising the share exchange in the context of potential transactions for external
capital prior to the transaction and the same number after the growth, merger, split or contribution;
transaction. Therefore, in the event of a change in the share par
● to cancel all or part of the shares through a reduction in the
value, a capital increase through the incorporation of reserves,
share capital (specifically in order to optimise cash
the allocation of free shares, the splitting or consolidation of
management, return on equity or earnings per share), subject
shares, the distribution of reserves or any other assets, the
to this General Meeting adopting the twentieth resolution
amortisation of capital or any other transaction affecting
below;
shareholders’ equity, the General Meeting resolves to delegate
to the Board of Directors the authority to adjust the ● to facilitate the liquidity of transactions and consistency in the
aforementioned maximum purchase price in order to take these trading of the company’s shares or to prevent price swings
transactions into consideration in the share value. not justified by market trends within the framework of a
liquidity agreement entered into with an investment services
The maximum amount of funds reserved for the share buyback
provider operating in complete independence, under the
programme will be five hundred million euros (€500,000,000).
conditions and in accordance with the methods set by
In compliance with the applicable legal and regulatory regulation and recognised market practice and consistent
provisions, transactions relating to purchases, disposals, with a Code of Ethics recognised by the French Financial
exchanges or transfers may be executed by any means, Markets Authority (Autorité des Marchés Financiers - AMF);
including by trading on a regulated market, a multilateral trading




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● and also with a view to any other practice that could be ● notwithstanding the above, resolves that the Board of
recognised by the law or the French Financial Markets Directors may not, unless with the prior authorisation of the
Authority (Autorité des Marchés Financiers - AMF) or any other General Meeting, use this delegation of authority as of the
purpose to be authorised by the law or regulations in effect in date of the filing by a third party of a proposed public
future. In such a case, the company would inform its takeover offer for the company’s shares, and until the end of
shareholders by sending out a notice. the offer period;
This authorisation is given for eighteen (18) months as at the ● resolves that the maximum nominal amount of the capital
date of this General Meeting. increases performed under this delegation, immediately or in
the future, may not exceed a total of thirty‑three million, four
The General Meeting grants complete authority to the Board of
hundred and eighty thousand euros (€33,480,000), plus, if
Directors, which may further delegate such authority under the
applicable, the par value of the additional shares to be issued
conditions stipulated by the applicable legal and regulatory
in order to protect the rights of the holders of transferable
provisions, for the purposes of implementing this authorisation,
securities convertible into equity as required by legal,
and specifically:
regulatory and contractual provisions. This amount is set
● to place all orders on the securities exchange or over the independently and separately from the caps on share capital
counter; increases as a result of share and/or transferable securities
issues authorised by the twenty‑first to the twenty‑seventh
● to enter into any agreements specifically with a view to resolutions:
maintaining records on the purchase and sale of shares;
● resolves that this delegation is valid for a period of twenty‑six
● to prepare all documents, including those for information; (26) months from the date of this General Meeting;
● to allocate or reallocate the shares acquired to the various ● resolves that the rights forming fractional shares will be neither
objectives pursued, under the applicable legal and regulatory tradable nor transferable and that the corresponding shares
conditions; and will be sold; the sums resulting from the sale will be allocated
● to prepare any statements and execute any recording to the holders of the rights as stipulated under the legislative
requirements of the French Financial Markets Authority and regulatory provisions applicable; and
(Autorité des Marchés Financiers - AMF) or any other public ● resolves that the Board of Directors, which may further
authority and, in general, to take all necessary measures. delegate such authority under the conditions stipulated by
The General Meeting acknowledges that, in the event that the the legal and regulatory provisions, will have all powers to
Board of Directors uses this authorisation, the Board of Directors implement this delegation, specifically for the purposes of:
must report on it pursuant to Article L. 225‑100 of the French (i) determining the terms and conditions of the transactions
Commercial Code, in accordance with Article L. 225‑211 of the authorised above, and more specifically, determining in
French Commercial Code. this respect the amount of sums to be capitalised and the
shareholders’ equity account or accounts against which
5.1.2.2 Extraordinary resolutions they will be drawn;
NINETEENTH RESOLUTION
(ii) setting the amounts to be issued and the dividend
(Delegation of authority to the Board of Directors to increase entitlement date, applied retroactively or not, for the
the company’s share capital through the incorporation of securities to be issued;
reserves, profits or premiums).
The General Meeting, ruling under the quorum and majority (iii) making any adjustments in order to take into account the
conditions required for Ordinary General Meetings, and having impact of transactions on the company’s share capital;
reviewed the report of the Board of Directors: (iv) setting the terms and conditions under which the rights of
terminates, effective immediately, for the unused portion, the holders of transferable securities providing access to the
5
●
delegation given by the Combined General Meeting of 17 April share capital will be maintained, as relevant, in
2024; accordance with the legal and regulatory provisions in
force and the conditions stipulated in any contracts in
● hereby fully authorises the Board of Directors, in accordance force;
with the provisions of Articles L. 225‑129, L. 225‑129‑2, L. 225‑130
and L. 22‑10‑50 of the French Commercial Code, which may (v) performing, either on its own or through an agent, all acts
further delegate such authority, to decide to increase the and formalities to finalise any capital increases that may
company’s share capital, on one or more occasions, in the be carried out as authorised under this resolution; and
proportions and at the times that it deems suitable, by (vi) amending the Articles of Association accordingly and, in
incorporating all or part of the reserves, profits, premiums or general, doing whatever is necessary.
any other sums that may be capitalised, to be executed
through the issue of new free shares or an increase in the par
value of the company shares or a combination of these two
procedures;




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TWENTIETH RESOLUTION the company’s share capital, whether issued free of charge or
(Authorisation to be granted to the Board of Directors to reduce in return for payment. In accordance with Article L. 228‑93 of
the company’s share capital through the cancellation of the French Commercial Code, the securities to be issued may
shares). give access to equity securities to be issued by any company
in which the company directly or indirectly owns more than
The General Meeting, ruling under the quorum and majority
half of the share capital;
conditions required for Extraordinary General Meetings, having
reviewed the Board of Directors’ report and the Statutory ● notwithstanding the above, resolves that the Board of
Auditors’ special report, and in accordance with the provisions of Directors may not, unless with the prior authorisation of the
Article L. 22‑10‑62 of the French Commercial Code: General Meeting, use this delegation of authority as of the
date of the filing by a third party of a proposed public
● terminates, effective immediately, for the unused portion, the
takeover offer for the company’s shares, and until the end of
authorisation given by the Combined General Meeting of 17
the offer period;
April 2024;
● resolves that the maximum nominal amount of the share
● authorises the Board of Directors, which may further delegate
capital increases performed under this delegation,
such authority, for a period of eighteen (18) months from the
immediately or in the future, may not exceed a total of one
date of this General Meeting, to cancel, on one or more
hundred million, four hundred and sixty thousand euros
occasions and at times it deems fit, shares acquired by the
(€100,460,000) plus, where applicable, the par value of any
company under the authority of the eighteenth resolution or
additional shares to be issued to protect the rights of the
any other resolution with the same purpose and same legal
holders of transferable securities convertible into equity as
basis, within the limit of 10% of the company’s share capital
required by applicable legal, regulatory and contractual
per period of twenty‑four (24) months, and to reduce the share
provisions. This amount is set independently and separately
capital accordingly, on the understanding that this
from the caps on share capital increases as a result of share
percentage applies to the capital following any adjustments
and/or transferable securities issues authorised by the
to take into account the impact of transactions subsequent
twentieth resolution and by the nineteenth and
to this General Meeting; and
twenty‑second to the twenty‑seventh resolutions; and
● authorises the Board of Directors to allocate the difference
● also resolves that the par value of debt securities convertible
between the purchase value of the cancelled shares and their
into equity immediately and/or in the future that may be
par value to the “share premium” account or to any available
issued under this delegation may not exceed a total of one
reserves and premium account, including legal reserves, to a
billion euros (€1,000,000,000) or the equivalent of this on the
maximum of 10% of the realised capital reduction.
date of this issue decision in the case of an issue in foreign
The General Meeting grants all authority to the Board of currency or in a unit of account set by reference to several
Directors, which may further delegate such authority under the currencies. Please note that the nominal amount of the debt
conditions stipulated by applicable legal and regulatory securities convertible into equity immediately and/or in the
provisions, to undertake this (these) transaction(s) involving share future issued under this delegation and the twenty‑second to
cancellations and capital reductions, specifically to set the final the twenty‑sixth resolutions, may not exceed a total of one
value of the capital reduction, setting the conditions and billion euros (€1,000,000,000), the overall cap for all debt
confirming its fulfilment and undertaking the corresponding securities. This amount is independent of the amount of the
amendment of the company’s Articles of Association, to take any debt securities for which issue was decided or authorised by
formal recording measures, to make any efforts and statements the Board of Directors in accordance with Article L. 228‑40 of
to any public entities and, in general, to do anything necessary. the French Commercial Code.

TWENTY‑FIRST RESOLUTION Shares or transferable securities convertible into equity may be
subscribed for either in cash or by offsetting receivables against
(Delegation to the Board of Directors of the authority to issue
the company.
shares in the company and/or securities convertible into equity
(or into the equity of companies in which the company directly Shareholders have a preferential right, in proportion to the value
or indirectly owns more than half of the equity), maintaining the of their shares, to subscribe the shares and securities issued
shareholders’ preferential subscription right). under this resolution. The Board of Directors may establish, for
The General Meeting, ruling under the quorum and majority shareholders, a subscription right on a reducible basis for the
conditions required for Extraordinary General Meetings, having shares or transferable securities issued, which will be issued in
reviewed the Board of Directors’ report and the Statutory proportion to their subscription rights and up to the maximum of
Auditors’ special report, and in accordance with the provisions of their orders.
Articles L. 225‑129 et seq., particularly Articles L. 225‑129‑2, L.
Consequently, if subscriptions on an irreducible basis and, where
225‑132 to L. 225‑134 and the provisions of Articles L. 228‑91 et
applicable, on a reducible basis, have not absorbed the entire
seq. of the French Commercial Code:
issue of shares or transferable securities as defined above, the
● terminates, effective immediately, for the unused portion, the Board of Directors may use all or some of the options below in
delegation given by the Combined General Meeting of 17 April the order it deems appropriate:
2024;
● to restrict the issue to the amount of subscriptions, it being
● delegates authority to the Board of Directors, which may specified that in the event of a share issue, this limit may only
further delegate said authority, for a period of twenty‑six (26) be applied by the Board of Directors on condition that the
months as from the date of this General Meeting, to decide, subscriptions amount to at least three quarters (3/4) of the
on one or more occasions, in the proportions and at the times issue decided;
it deems fit, both in France and abroad, on the issue, in euros
● to freely distribute all or part of any securities not subscribed
or in foreign currency, maintaining the shareholders’
on an irreducible basis and, where relevant, on a reducible
preferential subscription rights, of company shares and/or
basis; and
transferable securities (including warrants to subscribe for new
or existing shares), providing immediate or future access by
any means to



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● to offer to the public all or part of the non‑subscribed shares
TWENTY‑SECOND RESOLUTION
on the French and/or international markets and/or abroad.
(Delegation of authority to the Board of Directors to issue
The General Meeting acknowledges that the authorisation company shares and/or securities giving access to the
implies, as applicable, in favour of the holders of such Company’s share capital (or to the share capital of companies
transferable securities convertible into equity as may be issued in which the Company directly or indirectly owns more than half
under this delegation, ipso jure waiver by the shareholders of of the share capital), with waiver of shareholders’ preferential
their preferential subscription right to shares in connection with right of subscription and with an optional priority period, by way
such transferable securities. of a public offering other than that mentioned in paragraph 1 of
Article L. 411‑2 of the French Monetary and Financial Code).
The General Meeting resolves that the company’s stock warrants
may be issued by subscription offer, as well as by free allocations The General Meeting, ruling under the quorum and majority
to owners of old shares, and that, in the event of a free conditions required for Extraordinary General Meetings, having
allocation of stock warrants, the Board of Directors will be reviewed the Board of Directors’ report and the Statutory
entitled to resolve that fractional allocation rights will not be Auditors’ special report, and in accordance with the provisions of
negotiable and that the corresponding securities must be sold. Articles L. 225‑129 et seq., particularly Articles L. 225‑129‑2, L.
225‑135, L. 225‑136 and the provisions of Articles L. 22‑10‑51, L.
The General Meeting grants all powers to the Board of Directors 22‑10‑52 and L. 228‑91 et seq. of the French Commercial Code:
to implement this delegation, with a right of sub‑delegation,
under the conditions stipulated by applicable legal and ● terminates, effective immediately, for the unused portion, the
regulatory provisions, specifically for the purposes of: delegation given by the Combined General Meeting of 17April
2024;
● determining the dates, prices and other conditions of the
issues as well as the form and features of the transferable ● delegates to the Board of Directors, which may further
securities to be created; delegate such authority, for a period of twenty‑six (26) months
as from the date of this General Meeting, the power to decide,
● setting the amounts to be issued and the dividend entitlement on one or more occasions, in the proportions and at the times
date, applied retroactively or not, for the securities to be it deems fit, on the issue of company shares and/or
issued; transferable securities convertible into equity immediately or in
● determining the method of release for the shares or other the future, through public offering, other than those covered
securities issued and, if applicable, the conditions for their by paragraph 1, Article L. 411‑2 of the Monetary and Financial
purchase or exchange; Code), in France or abroad, in euros or in foreign currency, with
waiver of shareholders’ preferential subscription rights. In
● suspending, if applicable, the exercise of the share allocation accordance with Article L. 228‑93 of the French Commercial
rights attached to the transferable securities to be issued, for Code, the securities to be issued may give access to equity
a period no longer than three (3) months; securities to be issued by any company in which the company
directly or indirectly owns more than half of the share capital;
● setting the terms and conditions under which the rights of
holders of transferable securities convertible into equity will be ● notwithstanding the above, resolves that the Board of
maintained, as relevant, in accordance with the legal and Directors may not, unless with the prior authorisation of the
regulatory provisions in force and the conditions of any General Meeting, use this delegation of authority as of the
applicable contracts providing for other adjustments; date of the filing by a third party of a proposed public
takeover offer for the company’s shares, and until the end of
● charging any amounts against the share premium as required,
the offer period;
in particular the fees triggered by the issue, to deduct from
this amount the necessary amounts corresponding to 10% of ● resolves that the maximum nominal value of increases in the
the nominal value of each issue to allocate to the legal company’s share capital that might be made immediately
reserve after each increase; and/or in the future, by virtue of the present delegation, may

5
not exceed:
● undertaking any formalities required for the listing for trading
on a regulated market in France or abroad, of the rights, (i) sixty‑six million nine hundred and seventy thousand euros
shares or transferable securities issued, and providing financial (€66,970,000) if a priority period is granted by the Board of
services for the securities in question and exercise of the Directors for the benefit of the shareholders, it being
corresponding rights; specified that, from this amount, the nominal amount will
be deducted of any increase in the Company’s share
● deciding, in the event of an issue of transferable securities
capital resulting from the issues of shares and/or securities
representing debt securities convertible into equity, subject to
authorised under this delegation under paragraph (ii)
the conditions defined by law, whether or not they are
below and by resolutions 23 to 26; or
subordinated, setting the interest rate and the currency, the
maturity, which may be perpetual if applicable, the fixed or (ii) thirty‑three million four hundred and eighty thousand euros
variable redemption price with or without premium, the (€33,480,000) if no priority period has been granted to the
conditions for amortisation based on market conditions, and shareholders, it being specified that this cap is global with
the conditions under which these securities will be convertible the capital increases resulting from the share issues and/
into shares of the company and the other conditions for issue or securities authorised by resolutions 23 to 26.
(including the act of granting guarantees or securities) and
amortisation; and
● in general, taking any measure that may be required, entering
into any agreements, requesting any authorisations,
performing any formalities and doing whatever is necessary to
ensure the successful outcome of the issues planned, or to
postpone them, and specifically recording the capital
increases resulting from any issue performed through the use
of this delegation, and amending the company’s Articles of
Association accordingly.


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Added to these caps, as necessary, will be the additional par (ii) the issue price of transferable securities convertible into
value of the shares or other equity instruments to be issued, in equity (whether immediately and/or in the future), issued
accordance with the applicable legal and regulatory under this delegation will be such that the sum
provisions and any applicable contractual stipulations immediately received by the company, plus any amount it
providing for other cases of adjustment, to preserve the rights might receive subsequently, for each share or other equity
of holders of transferable securities representing receivables security issued as a consequence of the issue of these
convertible into equity; and transferable securities, will be at least equal to the price
fixed by the General Meeting in accordance with (i) of the
● resolves that the par value of debt securities giving immediate
previous paragraph, after adjustment, if any, of that
and/or future access to the company’s capital, issued under
amount to cover any difference in dividend eligibility dates.
this delegation, may not exceed a total of one billion million
euros (€1,000,000,000), the overall cap for debt securities If subscriptions have not absorbed the entire issue of shares or
stipulated herein and in the twenty‑first and twenty‑third to other transferable securities as defined above, the Board of
the twenty‑sixth resolutions, or the equivalent of this amount Directors may use all or some of the options below, as it deems
on the date of the issue decision in the event of issue in fit, and in the order it deems appropriate:
foreign currency or in a unit of account set by reference to
● limit the issue to the amount subscribed, provided that this is
several currencies. This amount is independent of the amount
equal to at least three quarters (3/4) of the agreed value of
of the debt securities for which issue was decided or
the issue;
authorised by the Board of Directors in accordance with
Article L. 228‑40 of the French Commercial Code. ● freely distribute all or part of the unsubscribed securities; and
Issuances decided under this delegation will be completed ● offer all or part of the unsubscribed securities to the public.
through public offering.
The General Meeting acknowledges that the authorisation
This delegation of authority expressly excludes the issue of implies ipso jure waiver by the holders of any transferable
preference shares or marketable securities providing access by securities convertible into equity issued under this delegation of
any means to preference shares either immediately and/or in their preferential subscription right to shares in connection with
the future. such transferable securities.
Shares or transferable securities convertible into equity may be The General Meeting grants all powers to the Board of Directors
subscribed for either in cash or by offsetting receivables against to implement this delegation, with a right of sub‑delegation,
the company. under the conditions stipulated by applicable legal and
regulatory provisions, specifically for the purposes of:
The General Meeting resolves:
● determining the dates and conditions of the issues as well as
● to cancel the shareholders’ preferential subscription right to
the features of the transferable securities and shares to be
the shares and/or transferable securities issued under this
created or associated with them;
delegation;
● setting the number of shares and/or other transferable
● to delegate to the Board of Directors, in accordance with
securities to be issued, as well as their terms and conditions, in
Article L. 22‑10‑51 of the French Commercial Code, the option
particular their issue price and, as applicable, the amount of
to grant shareholders a priority subscription period for the
the premium;
entire issue for a period of three (3) trading days minimum, and
under the conditions that it will set in accordance with the ● determining the payment method for the shares and/or
regulations in force on the date of the operations in question. securities issued;
The priority subscription period that does not lead to the
creation of negotiable rights must be exercised in proportion ● determining the dividend entitlement date, with or without
to the portion of equity owned by each shareholder and could retroactive effect, of the securities to be issued and, as
potentially be topped up by a subscription on a reducible applicable, the conditions for their buyback or exchange:
basis, on the understanding that unsubscribed shares will be ● suspending, as applicable, exercise of the rights attached to
sold to public investors in France or, where applicable, offered the securities for a period no longer than three (3) months
for investment abroad; and under the limits stipulated by the applicable legal and
● to delegate to the Board of Directors, in accordance with regulatory provisions;
Article L. 22‑10‑52 of the French Commercial Code, the power ● setting the conditions to ensure preservation of the rights of
to freely set the issue price of the equity securities that may holders of transferable securities or other instruments
be issued under this delegation of authority, within the providing access to the share capital, in accordance with
following limits: applicable legal and regulatory provisions and, as necessary,
(i) the issue price of the shares will be set in accordance with the applicable contractual stipulations providing for other
the provisions of the laws and regulations in force at the adjustments;
time of use of this delegation, less a discount freely ● charging any amounts against the share premium as required,
determined by the Board of Directors within the maximum in particular the fees triggered by the issue, to deduct from
limit of 10%, and must be at least equal to the lowest price this amount the necessary amounts corresponding to 10% of
(at the choice of the Board of Directors) among (x) the the nominal value of each issue to allocate to the legal
weighted average of the prices of the last twenty trading reserve after each increase;
sessions preceding the beginning of the public offering, (y)
the weighted average price of the last three trading days ● undertaking any formalities required for the listing for trading
preceding the start of the public offering or (z) the closing on a regulated market in France or abroad, of the rights,
price preceding the beginning of the public offering; shares or transferable securities issued, and providing financial
services for the securities in question and exercising the
corresponding rights;




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● deciding, in the event of the issue of transferable debt nominal amount of capital increases that may be carried out
securities convertible into equity as stipulated under French pursuant to paragraph (i) of resolution 22 (issue with priority
law, whether these securities should be subordinated or not period).
(and setting their subordination rank where applicable),
Added to this cap, as necessary, will be the additional par
setting their interest rate, currency, maturity (which may be
value of the shares or other equity instruments to be issued, in
perpetual), their fixed or variable redemption price (with or
accordance with the applicable legal and regulatory
without premium), amortisation conditions based on market
provisions and any applicable contractual stipulations
conditions, conditions under which these securities will entitle
providing for other cases of adjustment, to preserve the rights
holders to company shares, and other conditions concerning
of holders of transferable securities representing receivables
their issue (including the act of granting guarantees or
convertible into equity.
securities) and amortisation; and
● resolves that the par value of debt securities giving immediate
● in general, taking any measure that may be required, entering
and/or future access to the company’s capital, issued under
into any agreements, requesting any authorisations,
this delegation, may not exceed a total of one billion euros
performing any formalities and doing whatever is necessary to
(€1,000,000,000), the overall cap for debt securities stipulated
ensure the successful outcome of the issues planned, or to
herein and in the twenty‑first, twenty‑second and the
postpone them, and specifically recording the capital
twenty‑fourth to twenty‑sixth resolutions, or the equivalent of
increases resulting from any issue performed through the use
this amount on the date of the issue decision in the event of
of this delegation, and amending the company’s Articles of
issue in foreign currency or in a unit of account set by
Association accordingly.
reference to several currencies. This amount is independent of
TWENTY‑THIRD RESOLUTION the amount of the debt securities for which issue was decided
(Delegation of authority to the Board of Directors to issue or authorised by the Board of Directors in accordance with
company shares and/or securities giving access to the Article L. 228‑40 of the French Commercial Code.
Company’s share capital (or to the share capital of companies This delegation of authority expressly excludes the issue of
in which the Company directly or indirectly owns more than half preference shares or marketable securities providing access by
of the share capital), with waiver of shareholders’ preferential any means to preference shares, immediately and/or in the
right of subscription, for the benefit of qualified investors or a future.
limited circle of investors in the context of an offer referred to in
Article L. 411‑2, 1 of the French Monetary and Financial Code). Shares or transferable securities convertible into equity may be
The General Meeting, ruling under the quorum and majority subscribed for either in cash or by offsetting receivables against
conditions required for Extraordinary General Meetings, having the company.
reviewed the Board of Directors’ report and the Statutory The General Meeting decides to cancel the shareholders’
Auditors’ special report, and in accordance with the provisions of preferential subscription right to the shares and/or transferable
Articles L. 225‑129, L. 225‑129‑2 to L. 225‑129‑6, L. 225‑135, L. 225‑136, securities issued under this delegation. The issues that may be
L. 228‑91 to L. 228‑93, L. 22‑10‑49, L. 22‑10‑51 and L. 22‑10‑52 of the carried out pursuant to this delegation will be exclusively
French Commercial Code and of the provisions of Article L. 411‑2 1 addressed to (i) persons providing the portfolio management
of the Monetary and Financial Code: investment service on behalf of third parties, (ii) to qualified
delegates to the Board of Directors, which may further investors and/or (iii) to restricted circle of investors within the
●
delegate such authority, for a period of twenty‑six (26) months meaning of Article D. 411‑4 of the French Monetary and Financial
as from the date of this General Meeting, the power to decide, Code provided that these investors are acting on their own
on one or more occasions, in the proportions and at the times behalf.
it deems fit, on the issue through an offer covered by In accordance with Article L. 22‑10‑52 of the French Commercial
paragraph 1, Article L. 411‑2 of the Monetary and Financial Code, the General Meeting resolves to delegate to the Board of
Code of company shares and/or transferable securities Directors the power to freely set the issue price of the equity
convertible into equity immediately or in the future, through
public offering, in France or abroad, in euros or in foreign
securities that may be issued under this delegation of authority,
within the following limits: 5
currency, with waiver of shareholders’ preferential subscription
rights. In accordance with Article L. 228‑93 of the French ● the issue price of the shares will be set in accordance with the
Commercial Code, the securities to be issued may give access provisions of the laws and regulations in force at the time of
to equity securities to be issued by any company in which the use of this delegation, less a discount freely determined by the
company directly or indirectly owns more than half of the Board of Directors within the maximum limit of 10%, and must
share capital; be at least equal to the lowest price (at the choice of the
Board of Directors) among (x) the weighted average of the
● notwithstanding the above, resolves that the Board of prices of the last twenty trading sessions preceding the
Directors may not, unless with the prior authorisation of the beginning of the public offering, (y) the weighted average
General Meeting, use this delegation of authority as of the price of the last three trading days preceding the start of the
date of the filing by a third party of a proposed public public offering or (z) the closing price preceding the beginning
takeover offer for the company’s shares, and until the end of of the public offering;
the offer period;
● the issue price of transferable securities convertible into equity
● resolves that the maximum nominal amount of the Company’s (whether immediately or in the future), issued under this
capital increases that may be carried out immediately and/or delegation will be such that the sum immediately received by
in the future, by virtue of this delegation, may not exceed the company, plus any amount it might receive subsequently,
thirty‑three million four hundred and eighty thousand euros for each share or other equity security issued as a
(€33,480,000), overall ceiling with all capital increases resulting consequence of the issue of these transferable securities, will
from the issue of shares and/or securities authorised by be at least equal to the price set by the Board of Directors in
resolutions 24 to 26 and, in the case of issues carried out accordance with the previous paragraph, after adjustment, if
without a priority period having been granted to the any, of that amount to cover any difference in dividend
shareholders, by resolution 22, and will be deducted from the eligibility dates.




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If subscriptions have not absorbed the entire issue of shares or ● undertaking any formalities required for the listing for trading
other transferable securities as defined above, the Board of on a regulated market in France or abroad, of the rights,
Directors may use all or some of the options below, as it shares or transferable securities issued, and providing financial
deems fit, and in the order it deems appropriate: services for the securities in question and exercising the
corresponding rights;
● limit the issue to the amount subscribed, provided that this is
equal to at least three quarters (3/4) of the agreed value of ● deciding, in the event of the issue of transferable debt
the issue; securities convertible into equity as stipulated under French
law, whether these securities should be subordinated or not
● freely distribute all or part of the unsubscribed securities;
(and setting their subordination rank where applicable),
● offer all or part of the unsubscribed securities to the public. setting their interest rate, currency, maturity (which may be
perpetual), their fixed or variable redemption price (with or
The General Meeting acknowledges that the authorisation without premium), amortisation conditions based on market
implies waiver ipso jure by the holders of any transferable conditions, conditions under which these securities will entitle
securities convertible into equity issued under this delegation holders to company shares, and other conditions concerning
of their preferential subscription right to shares in connection their issue (including the act of granting guarantees or
with such transferable securities. securities) and amortisation; and
The General Meeting grants all powers to the Board of ● in general, taking any measure that may be required, entering
Directors to implement this delegation, with a right of into any agreements, requesting any authorisations,
sub‑delegation, under the conditions stipulated by applicable performing any formalities and doing whatever is necessary to
legal and regulatory provisions, specifically for the purposes ensure the successful outcome of the issues planned, or to
of: postpone them, and specifically recording the capital
● determine the list of beneficiaries of the private placements increases resulting from any issue performed through the use
carried out pursuant to this delegation and the number of of this delegation, and amending the company’s Articles of
securities to be allocated to each of them as well as their Association accordingly.
terms and conditions, and in particular their issue price and, if TWENTY‑FOURTH RESOLUTION
applicable, the amount of the premium;
(Authorisation to be given to the Board of Directors to increase
● determining the dates and conditions of the issues as well as the number of shares to be issued in the event of a capital
the features of the transferable securities and shares to be increase with or without shareholders’ preferential subscription
created or associated with them; rights.)
● setting the number of shares and/or other transferable The General Meeting, ruling under the quorum and majority
securities to be issued, as well as their terms and conditions, in conditions required for Extraordinary General Meetings, having
particular their issue price and, as applicable, the amount of reviewed the Board of Directors’ report and the Statutory
the premium; Auditors’ special report, and in accordance with the provisions of
Articles L. 225‑135‑1 and R. 225‑118 of the French Commercial
● determining the payment method for the shares and/or Code:
securities issued;
● authorises the Board of Directors, with the option of
● determining the terms of payment for the shares and/or other subdelegation under the conditions set by the legal and
securities issued setting the dividend entitlement date, with or regulatory provisions, to decide to increase the number of
without retroactive effect, of the securities to be issued and, shares of the Company and/or securities giving access,
as applicable, the conditions for their buyback or exchange; immediately and/or in the future to the Company’s share
capital to be issued for each issue with or without preferential
● suspending, as applicable, exercise of the rights attached to
subscription rights decided pursuant to Resolutions 21, 22 and
the securities for a period no longer than three (3) months
23, at the same price as that used for the initial issue, within
under the limits stipulated by the applicable legal and
the deadlines and limits provided for by the regulations
regulatory provisions;
applicable on the date of the issue (i.e. for information
● setting the conditions to ensure preservation of the rights of purposes as of this date, within thirty days of the closing of the
holders of transferable securities or other instruments subscription and within the limit of 15% of the initial issue);
providing access to the share capital, in accordance with
● resolves that the nominal amount of the Company’s capital
applicable legal and regulatory provisions and, as necessary,
increases that may be carried out, immediately and/or in the
the applicable contractual stipulations providing for other
future, under this resolution will be deducted from the nominal
adjustments;
amount of the ceiling stipulated in the resolution under which
● if applicable, decide to grant a guarantee or sureties on the the resolution is decided the initial issue;
securities to be issued, as well as on the debt securities to
● notwithstanding the above, resolves that the Board of
which these securities would give entitlement, and determine
Directors may not, unless with the prior authorisation of the
the nature and characteristics thereof;
General Meeting, use this authorisation as of the date of the
● charging any amounts against the share premium as required, filing by a third party of a proposed public takeover offer for
in particular the fees triggered by the issue, to deduct from the company’s shares, and until the end of the offer period.
this amount the amounts corresponding to 10% of the nominal
The General Meeting sets the period of validity of this
value of each issue to allocate to the reserve after each
authorisation at twenty‑six (26) months from the date of this
increase;
General Meeting.




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TWENTY‑FIFTH RESOLUTION ● notes, in accordance with the provisions of Article L. 225‑132 of
(Delegation of authority to the Board of Directors to issue shares the French Commercial Code, the absence of preferential
and/or securities giving access to the Company’s share capital subscription rights for shareholders to the shares and/or
in consideration for shares contributed to any public exchange securities issued under this delegation, which have exclusively
offer initiated by the Company.) intended to remunerate securities contributed to a public
exchange offer initiated by the Company; and
The General Meeting, ruling under the quorum and majority
conditions required for Extraordinary General Meetings, having ● acknowledges that the authorisation implies ipso jure waiver
reviewed the Board of Directors’ report and the Statutory by the holders of any transferable securities convertible into
Auditors’ special report, and in accordance with the provisions of equity issued under this delegation of their preferential
Articles L. 225‑129 et seq., L. 22‑10‑54 and L. 228‑91 et seq. of the subscription right to shares in connection with such
French Commercial Code: transferable securities.
● terminates, effective immediately, for the unused portion, the The General Meeting grants all powers to the Board of Directors
delegation given by the Combined General Meeting of 17 April to implement this delegation, with a right of sub‑delegation,
2024; under the conditions stipulated by applicable legal and
regulatory provisions, specifically for the purposes of:
● delegates to the Board of Directors, which may further
delegate such authority, for a period of twenty‑six (26) months ● defining the terms, conditions and details of the transaction,
as from the date of this General Meeting, the power to decide, within the limits set by this resolution and applicable legal and
on one or more occasions, in the proportions and at the times regulatory provisions;
it deems fit, on the issue of company shares and/or
transferable securities convertible into equity, immediately ● determining the exchange ratio as well as any amount
and/or in the future, and by any means, through a public payable in cash;
exchange offering launched by the company, in France or ● recording the number of shares tendered to the exchange;
(depending on local criteria and regulations) abroad, for
shares of another company whose securities are admitted to ● determining the dates and issue conditions, in particular the
trading on a regulated market pursuant to Article L. 22‑10‑54 price of the shares to be issued and their dividend entitlement
of the French Commercial Code; date (possibly retroactive), or where applicable, the dates and
issue conditions of transferable securities convertible, now or
● notwithstanding the above, resolves that the Board of in future, into company shares to be issued;
Directors may not, unless with the prior authorisation of the
General Meeting, use this delegation of authority as of the ● taking all required measures to protect the rights of holders of
date of the filing by a third party of a proposed public transferable securities or other instruments providing access
takeover offer for the company’s shares, and until the end of to the share capital, in accordance with applicable legal and
the offer period; regulatory provisions and any contractual stipulations
providing for other adjustments;
● resolves that the maximum nominal amount of the Company’s
capital increases that may be carried out, immediately and/or ● recording the difference between the issue price of the new
in the future, by virtue of this delegation, may not exceed 10% shares and their par value in the “Liabilities” section of the
of the Company’s share capital (as existing at the time of balance sheet under an “Additional paid‑in capital” account
date of use by the Board of Directors of this delegation), which will cover the rights of all shareholders;
overall ceiling with all capital increases resulting from the ● at its sole initiative, charging the fees for any issue to the
issuance of shares and/or securities authorised by resolutions amount of the “Additional paid‑in capital” and deducting from
23, 24 and 26 and, in the case of issues carried out without a this amount the necessary amounts corresponding to 10% of
priority period having been granted to the shareholders, by the nominal value of each issue to allocate to the legal
resolution 22, and will be deducted from the nominal amount reserve after each increase;
of capital increases that may be carried out pursuant to
paragraph (i) of resolution 22 (issue with priority period); ● performing all required formalities for the rights and shares
issued to be listed on a regulated market in France or abroad,
5
● resolves that the par value of debt securities giving immediate providing financial services of the transferable securities in
and/or future access to the company’s capital, issued under question and ensuring the exercise of their attached rights;
this delegation, may not exceed a total of one billion euros and
(€1,000,000,000), the overall cap for debt securities stipulated
herein and in resolutions 22 to 24 and 26, or the equivalent of ● in general, taking any measure that may be required, entering
this amount on the date of the issue decision in the event of into any agreements, requesting any authorisations,
issue in foreign currency or in a unit of account set by performing any formalities and doing whatever is necessary to
reference to several currencies. This amount is independent of ensure the successful outcome of the issues planned, or to
the amount of the debt securities for which issue was decided postpone them, and specifically recording the capital
or authorised by the Board of Directors in accordance with increases resulting from any issue performed through the use
Article L. 228‑40 of the French Commercial Code; of this delegation, and amending the company’s Articles of
Association accordingly.




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TWENTY‑SIXTH RESOLUTION ● notes, in accordance with the provisions of Article L. 225‑132 of
(Delegation of authority to the Board of Directors to issue shares the French commercial code, the absence of shareholders’
and/or transferable securities convertible into equity, to pay for preferential subscription right to the shares and/or
the contributions in kind granted to the company consisting of transferable securities issued under this delegation, as their
capital shares or transferable securities convertible into equity.) purpose is solely to compensate contributions in kind; and
The General Meeting, ruling under the quorum and majority ● acknowledges that the authorisation implies waiver ipso jure
conditions required for Extraordinary General Meetings, having by the holders of any transferable securities convertible into
reviewed the Board of Directors’ report and the Statutory equity issued under this delegation of their preferential
Auditors’ special report, and in accordance with the provisions of subscription right to shares in connection with such
Articles L. 225‑129 et seq. of the French Commercial Code, in transferable securities.
particular Article L. 225‑147, as well as Article L. 22‑10‑53 of said
Code: The General Meeting grants all powers to the Board of Directors
to implement this delegation, with a right of sub‑delegation,
● terminates, effective immediately, for the unused portion, the under the conditions stipulated by applicable legal and
delegation given by the Combined General Meeting of 17 April regulatory provisions, specifically for the purposes of:
2024;
● ruling on the report of the contribution auditor(s);
● delegates to the Board of Directors, which may further
delegate such authority, for a period of twenty‑six (26) months ● defining the terms, conditions and details of the transaction,
as from the date of this General Meeting, the power to decide, within the limits set by this resolution and applicable legal and
based on the report of the contribution auditor(s) regulatory provisions;
(commissaire aux apports) mentioned in paragraphs 1 and 2 of
● determining the exchange ratio as well as any amount
Article L. 225‑147 of the French Commercial Code, on the issue
payable in cash;
of existing or new company shares and/or transferable
securities convertible into equity, immediately and/or in the ● recording the number of securities issued in remuneration for
future and by any means, pursuant to Articles L. 228‑91 et seq. the contributions in kind;
of the French Commercial Code, to pay for contributions in
kind granted to the company consisting of capital shares or ● determining the dates and issue conditions, in particular the
transferable securities convertible into equity, when the price and the entitlement date (even retroactive) of the new
provisions of Article L. 22‑10‑54 of the French Commercial Code shares or other equity securities and, if relevant, the
do not apply; transferable securities providing immediate and/or future
access to the company’s share capital, evaluating the
● notwithstanding the above, resolves that the Board of contributions and any special benefits that may be granted,
Directors may not, unless with the prior authorisation of the and reducing the valuation of the contributions and any
General Meeting, use this delegation of authority as of the special benefits if agreed by the tenderers;
date of the filing by a third party of a proposed public
takeover offer for the company’s shares, and until the end of ● recording the difference between the issue price of the new
the offer period; shares and their par value in the “Liabilities” section of the
balance sheet under an “Additional paid‑in capital” account
● resolves that the maximum nominal amount of the Company’s which will cover the rights of all shareholders;
capital increases that may be carried out, immediately and/or
in the future, by virtue of this delegation, is set at 10% of the ● at its sole initiative, charging the fees for any issue to the
Company’s share capital (as existing at the date of use by the amount of the “Additional paid‑in capital” and deducting from
Board of Directors of this delegation), overall ceiling with all this amount the necessary amounts corresponding to 10% of
capital increases resulting from the issuance of shares and/or the nominal value of each issue to allocate to the legal
securities authorised by resolutions 23 to 25 and, in the case of reserve after each increase; and
issues carried out without a priority period having been ● generally taking all necessary steps, entering into all
granted to the shareholders, by resolution 22, and will be agreements (in particular to ensure the successful completion
deducted from the nominal amount of capital increases that of the issue), requesting all authorisations, carrying out all
may be carried out pursuant to paragraph (i) of resolution 22 formalities and doing whatever is necessary to successfully
(issue with priority period); complete the planned issues or postpone them, and in
● resolves that the par value of debt securities giving immediate particular recording the capital increase(s) resulting from any
and/or future access to the company’s capital, issued under issue carried out by the use of this delegation, amending the
this delegation, may not exceed a total of one billion euros company’s Articles of Association accordingly, requesting
(€1,000,000,000), the overall cap for debt securities stipulated listing on a regulated market in France or abroad of the rights,
herein and in resolutions 22 to 24, or the equivalent of this shares or other transferable securities issued pursuant to this
amount on the date of the issue decision in the event of issue delegation and ensuring the financial service for the securities
in foreign currency or in a unit of account set by reference to concerned and the exercise of the rights attached thereto.
several currencies. This amount is independent of the amount
of the debt securities for which issue was decided or
authorised by the Board of Directors in accordance with
Article L. 228‑40 of the French Commercial Code;




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TWENTY‑SEVENTH RESOLUTION convertible into the company's equity (other than preferred
(Delegation of authority to the Board of Directors to undertake stock), on the understanding that the total benefit resulting
capital increases reserved for employees of the company and from this allocation for the contribution or, where applicable,
companies in the Covivio group that are members of a company discount from the subscription price may not exceed the legal
savings plan, with waiver of shareholders’ preferential and regulatory limits, and the company’s shareholders waive
subscription right). all rights to any securities that may be issued free of charge
pursuant to this resolution.
The General Meeting, ruling under the quorum and majority
conditions required for Extraordinary General Meetings, having The General Meeting grants all powers to the Board of Directors
reviewed the Board of Directors’ report and the Statutory to implement this delegation, with a right of sub‑delegation,
Auditors’ special report, to enable a capital increase to take under the conditions stipulated by applicable legal and
place, reserved for employees belonging to a company savings regulatory provisions, specifically for the purposes of:
plan at a level that remains consistent with the amount of the
share capital, and in accordance with the provisions of Articles L. ● determining, within the above‑mentioned limits, the features,
225‑129‑2, L. 225‑129‑6, L. 225‑138 et seq. of the French amount and conditions for any issue;
Commercial Code, and L. 3332‑18 et seq. of the French Labour ● determining that the issues or allocations may be made
Code: directly to the beneficiaries or through an intermediate
terminates, effective immediately, for the unused portion, the collective body;
●
delegation given by the Combined General Meeting of 17 April ● conducting the capital increases resulting from this
2024; delegation, up to the cap set above;
● delegates to the Board of Directors, which may further ● setting the subscription price of the shares in cash pursuant to
delegate such authority, the authority to decide, on one or legal provisions;
more occasions, in the proportions and at the times it deems
appropriate, for twenty‑six (26) months as from this General ● stipulating, as needed, the establishment of a Group savings
Meeting, the issue of shares and/or transferable securities plan or the modification of existing plans;
convertible into equity, up to a maximum par value of five ● determining the list of the companies whose employees will be
hundred thousand euros (€500,000) reserved for participants the beneficiaries of the issues conducted under this
in a company or Group savings scheme provided by the delegation, setting the period for payment of the shares and,
company and by the companies and economic interest as applicable, the seniority required for employees to
groups associated with the company, under the conditions set participate in the operations, within the legal limits;
out in Article L. 225‑180 of the French Commercial Code and
Article L. 3344‑1 of the French Labour Code. This amount is set ● making all adjustments in order to take into account the
independently and separately from the caps on share capital impact of transactions on the company’s share capital,
increases as a result of share and/or transferable securities particularly in the case of a change in the par value of the
issues authorised by the nineteenth and twenty‑first to share, a capital increase through capitalisation of reserves, a
twenty‑sixth resolutions; free allocation of shares, a stock split or reverse split, a
distribution of reserves or any other assets, the amortisation of
● resolves to cancel, in favour of said participants, the capital or any other transaction involving shareholders’ equity;
preferential right of shareholders to subscribe for shares and/
or transferable securities convertible into equity issued ● as required, charging the fees incurred by the share capital
pursuant to this delegation; increases to the amount of the related premiums and
deducting from these amounts the necessary amounts
● resolves, in accordance with Articles L. 3332‑18 to L. 3332‑24 of corresponding to 10% of the nominal value of each issue for
the French Labour Code, that the discount offered may not the legal reserve after each increase;
exceed 30% of the average most recent prices listed for the
company’s shares over the twenty trading days prior to the ● undertaking any formalities necessary for the listing for trading
subscription opening date, and 40% of the same average
when the expected holding period under the plan is ten years
on a regulated market in France or abroad of the rights,
shares or transferable securities issued, and ensuring the
5
or more; however, the General Meeting explicitly authorises financial servicing of the securities issued under this
the Board of Directors to cancel or reduce the delegation and the exercise of the corresponding rights;
aforementioned discount, if it deems this appropriate, in
● performing, either on its own or through an agent, all acts and
response, inter alia, to local legal, accounting, financial and
formalities to finalise any capital increases that may be
social security regimes. The Board of Directors may also
carried out as authorised under this resolution; and
replace all or part of the discount through the allocation of
shares or other securities pursuant to the aforementioned ● amending the Articles of Association accordingly and, in
provisions; and general, doing whatever is necessary.
● resolves that the Board of Directors may stipulate the
allocation of free shares or marketable transferable securities




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TWENTY‑EIGHTH RESOLUTION ● resolves that any definitive allocation of shares to the
(Authorisation to be granted to the Board of Directors to Company’s corporate officers will be subject to a presence
allocate new or existing free shares to employees and/or condition and the achievement of performance conditions.
corporate officers of the company and its affiliates, with waiver These conditions will be set by the Board of Directors on the
of the shareholders’ preferential subscription right in respect of date of the decision to grant them according to several
the shares to be issued.) performance indicators including at least stock market
performance criteria, as well as CSR criteria; and
The General Meeting, ruling under the quorum and majority
conditions required for Extraordinary General Meetings, having ● authorises, as necessary, the Board of Directors to carry out
reviewed the Board of Directors’ report and the Statutory one or more capital increases by incorporation of reserves,
Auditors’ special report, and in accordance with the provisions of profits or premiums, in order to issue shares under the
Articles L. 225‑129‑1, L. 225‑197‑1 et seq., L. 22‑10‑59 and L. 22‑10‑60 conditions provided for in this resolution, the corresponding
of the French Commercial Code: capital increase being definitively carried out solely by virtue
of the definitive allocation of the shares to the beneficiaries.
● terminates, effective immediately, for the unused portion, the
authorisation given by the Combined General Meeting of 21 The General Meeting acknowledges that in the event of the
April 2022; allocation of shares to be issued, this decision entails, under the
conditions provided for by the legal provisions in force, the
● resolves to authorise the Board of Directors to allocate, on
waiver by the shareholders, in favour of the beneficiaries of the
one or more occasions, free ordinary shares of the Company,
free shares pursuant to this resolution, (i) of their preferential
existing or to be issued, to beneficiaries that it shall determine
subscription rights to the free shares that may be issued and
from among the salaried employees (or certain categories of
allocated pursuant to this resolution, and (ii) of the portion of
them) and/or eligible corporate officers (or some of them)
profits, reserves and share premiums that, where applicable,
both of the company and of companies and economic
would be incorporated into the share capital for the issuance of
interest groups related to it within the meaning of the
new shares.
provisions of Article L. 225‑197‑2 of the French Commercial
Code; The existing shares that may be allocated under this resolution
must be acquired by the Company, either in accordance with
● resolves that the total number of free shares allocated under
the provisions of Article L. 225‑208 of the French Commercial
this authorisation may not represent more than 1% of the
Code, or, where applicable, under the share repurchase
Company’s share capital as recorded on the date of the
agreements authorised by resolution 18 of this General Meeting
decision of their allocation by the Board of Directors, it being
under Article L. 22‑10‑62 of the French Commercial Code or any
specified that this number does not take into account any
share buyback programme applicable previously or
adjustments that may be made in accordance with the
subsequently.
applicable laws and regulations, and, where applicable, with
the contractual stipulations providing for other cases of The General Meeting sets the period of validity of this
adjustment, in order to preserve the rights of the beneficiaries authorisation at thirty‑eight (38) months from the date of this
in the event of financial transactions on the Company’s share General Meeting.
capital or equity;
The General Meeting grants all powers to the Board of Directors
● resolves that the number of free shares allocated to the to implement this delegation, with a right of sub‑delegation,
Company’s corporate officers under this authorisation may under the conditions stipulated by applicable legal and
not represent more than 40% of the overall cap defined regulatory provisions, specifically for the purposes of:
above;
● setting the conditions and, where applicable, the criteria for
● resolves that the free allocation of said shares to their the allocation of shares and the performance conditions to be
beneficiaries will be definitive at the end of a vesting period, achieved;
the duration of which will be set by the Board of Directors, it
being understood that this duration may not be less than ● setting, under the legal conditions and limits, the dates on
three (3) years. In the event of death (provided that the which free allocations will be made;
request by the heirs has been made within six months of the ● determining the identity of the beneficiaries, the number of
death) and in the event of disability of the beneficiary ordinary shares allocated to each of them, the terms and
corresponding to the classification provided for by the conditions for allocating ordinary shares, and in particular the
applicable legal provisions, the definitive allocation of the vesting periods and, where applicable, the holding periods for
shares may take place before the end of the vesting period. In ordinary shares thus allocated free of charge, it being
such a case, the shares will also be immediately transferable specified that in the case of free shares granted to the
from their delivery; Company’s corporate officers, the Board of Directors must
resolves that the shares may, where applicable, be either (a) decide that the free shares granted may not be sold
●
accompanied by a holding obligation by the beneficiaries for by the interested parties before the end of their term of office,
a period set by the Board of Directors, from the end of the or (b) set the number of free shares that they are required to
vesting period; hold in registered form until the end of their duties;
● determine whether the free shares granted are shares to be
● resolves that the definitive allocation of shares under this
issued or existing shares;
authorisation will be subject to compliance by all beneficiaries
with a presence condition and, where applicable, ● decide the (including retroactive) dividend entitlement date,
performance criteria that will be set by the Board of Directors of newly issued ordinary shares;
on the date of the decision to allocate them;




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● carry out or cause to be carried out all acts and formalities to “Article 15. - Notice of meetings and deliberations of the Board
proceed with the buyback of existing shares. In the event of of Directors
the issue of new shares, carry out the capital increases by
The Board of Directors meets as often as required by the
incorporation of reserves, profits or issue premiums resulting
interests of the Company and whenever the Chairman deems
from this authorisation, determine the nature and amounts of
appropriate, upon notice from the Chairman.
sums necessary to pay up said shares, and allocate, where
applicable, subject to what is permitted by law, the costs of Directors representing at least one third (1/3) of the members of
the share capital increases from the amount of reserves, the Board of Directors may ask the Chairman to call a Board
profits or issue premiums and deduct from the related meeting at any time for a specific purpose.
amounts the necessary sums corresponding to 10% of the
amount nominal value of each issue in order to allocate the If the roles of the Chief Executive Officer and the Chairman are
legal reserve after each increase, to record the completion of separate, the Chief Executive Officer may ask the Chairman to
the Company’s capital increases resulting from the allocation call a Board of Directors meeting at any time for a specific
of free ordinary shares to be issued by the Company, to make purpose.
the corresponding amendments to the bylaws, to carry out all The Chairman is bound by the requests made to him or her in
formalities required for the admission to trading on a line with the aforementioned provisions, and must defer to them
regulated market in France or abroad of the shares issued, without delay.
and provide the financial service relating to the shares and
the exercise of the rights attached thereto; Notices of meetings are conveyed by any written method at
least five (5) days in advance. This five‑day period may be
● decide, if it deems it necessary, the conditions under which the reduced if one third (1/3) of the Directors agree to a shorter
number of ordinary shares granted will be adjusted in order to notification period. Meetings are held at the company’s
preserve the rights of the beneficiaries, depending on any registered office or any other location indicated in the notice of
transactions affecting the Company’s share capital, it being meeting.
specified that shares granted pursuant to these adjustments
will be deemed to be granted on the same day as the shares The Board of Directors validly deliberates only if at least half (1/2)
initially granted; and of its members are present.

● more generally, enter into all agreements, prepare all A Director may give a written proxy to another Director to
documents, carry out all formalities and declarations to all represent him or her at a meeting of the Board of Directors in
bodies and do whatever is otherwise necessary. accordance with legal and regulatory provisions.

Each year, the Board of Directors will inform the General Meeting A director may also vote by post at a meeting of the Board of
of the allocations made under this resolution, in accordance with Directors by means of a voting form, under the conditions
and under the conditions provided for in Article L. 225‑197‑4 of provided for by the applicable regulatory provisions and by the
the French Commercial Code. internal rules of the Board of Directors.

TWENTY‑NINTH RESOLUTION Decisions are adopted by a majority of the members present or
(Amendment of Article 15 (Notices of meetings and deliberations represented. In the event of a tied vote, the meeting’s Chairman
of the Board of Directors), Article 16 (Powers of the Board of does not have the casting vote.
Directors) and Article 22 (General Meetings) of the Company’s The meetings and deliberations of the Board of Directors may
Articles of Association). take place by means of telecommunication. Directors who
The General Meeting, ruling under the quorum and majority participate in the meeting by a means of telecommunication
conditions required for Ordinary General Meetings, and having allowing their identification, under the conditions of Article R.
reviewed the report of the Board of Directors: 22‑10‑17‑1 of the French Commercial Code, are deemed present
for the calculation of the quorum and the majority. The internal
● decides to amend Article 15 (Notices of meetings and rules of the Board of Directors may provide that certain
deliberations of the Board of Directors) of the Articles of
Association in order to:
decisions cannot be taken at a meeting held under these
conditions.
5
(i) adapt the provisions relating to the participation of At the initiative of the Chairman of the Board of Directors, the
directors in Board meetings by means of Board of Directors may take decisions by consulting the
telecommunication to the provisions of the new Article L. directors in writing. In this case, the Chairman of the Board of
22‑10‑3‑1 of the French Commercial Code created by Law Directors, or at his request, the Secretary of the Board,
No. 2024‑537 of 13 June 2024 aimed at increasing the communicates by any means, including by electronic means, to
financing of companies and the attractiveness of France the directors, the items of the agenda submitted for
(the “Attractiveness Law”); consultation, the text of the proposed deliberations, as well as
(ii) define, in accordance with the provisions of Article L. any other document or information necessary for their
225‑37 of the French Commercial Code in its new version decision‑making, indicating the methods of participation in the
resulting from the Attractiveness Act, the conditions and written consultation and the deadline for responding to it. This
procedures for the written consultation of the Board of period is determined and assessed by the Chairman according
Directors currently authorised by the provisions of Article 16, to the purpose of the consultation, the urgency or the time
1 of the Articles of Association; and required for consideration by the directors, and may, if
necessary, be extended by the Chairman. Any director may,
(iii) provide for the possibility for Directors to vote by post in within three days of the consultation notice being sent, object to
accordance with the provisions of Article L. 225‑37 of the the written consultation. In the event of opposition, the
French Commercial Code in its new version resulting from Chairman shall immediately inform the other directors and call a
the Attractiveness Act. meeting of the Board of Directors. Directors shall communicate
their vote to the Secretary of the Board by any written means,
Therefore, Article 15 of the Articles of Association now reads as
including by electronic means. Each director may ask any
follows:
question or send any comments to the Chairman of the Board of
Directors or to the Secretary of the Board, within a timeframe



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compatible with that of the written consultation. The (i) harmonise the terms used for the use of
representatives of the Social and Economic Committee on the telecommunications as part of the participation of
Board are informed in the same way as the directors. If they do shareholders in the General Meeting, in accordance with
not respond to the written consultation within the time limit set, the provisions of Article L. 225‑103‑1 of the French
the directors are deemed to be absent and not to have taken Commercial Code in its new wording resulting from the
part in the decision, unless the time limit granted by the Attractiveness Act; and
Chairman is extended. The Board of Directors may validly
deliberate only if at least half of its members cast their vote in (ii) update the reference to Article 1316‑4 of the French Civil
Code, which has been repealed.
the written consultation. Decisions are taken by a majority of the
members who took part in the written consultation. In the event As a result, the last three paragraphs of Article 22 of the
of a tied vote, the Chairman of the Board of Directors does not Company’s Articles of Association now read as follows:
have the casting vote. The Secretary of the Board consolidates
the votes of the directors and informs the members of the Board “Article 22. - General Meetings
of Directors, as well as the representatives of the Social and […]
Economic Committee on the Board, of the result of the vote.
Decisions taken by written consultation are the subject of Shareholders may vote by post, appoint a proxy or send their
minutes drawn up and kept under the same conditions as the proxy form by any means permitted under the laws and
decisions adopted at the Board of Directors’ meeting. regulations in force. In particular, shareholders may send the
Company proxy or postal voting forms by fax or e‑mail before
The deliberations of the Board of Directors are recorded in the General Meeting, under the conditions set by law. The proxy
meeting minutes prepared in accordance with the law. and postal vote forms may be signed electronically if the
● resolves to amend the first paragraph of Article 16 (Powers of electronic signature satisfies the requirements defined in the first
the Board of Directors) of the Articles of Association in order to sentence of paragraph 2 of Article 1367 of the French Civil Code.
delete the last sentence of the first paragraph relating to the By decision of the Board of Directors, shareholders may attend
written consultation of the Board of Directors, now governed the Shareholders’ Meeting or vote by means of
by the new provisions of Article 15 of the Company’s Articles of telecommunication, under the conditions provided for by the
Association. regulations applicable at the time of the use of this means. This
Therefore, Article 16 paragraph 1 of the Articles of Association decision is communicated in the Notice of meeting published in
now reads as follows: the Bulletin des Annonces Légales Obligatoires (BALO).

“Article 16. - Powers of the Board of Directors Shareholders will be considered as being present for quorum
and majority calculations if they participate in the General
The Board of Directors determines the Company’s business Meeting by means of communication which enables
strategies and ensures their implementation, in accordance with shareholders to be identified under the conditions provided for
its corporate interest, by considering the social and by laws and regulations."
environmental issues of its activity. It also takes into
consideration, where applicable, the purpose of the Company The rest of Article 22 of the Articles of Association remains
as defined in accordance with Article 1835 of the French Civil unchanged.
Code. In compliance with the powers expressly reserved for
THIRTIETH RESOLUTION
General Meetings and within the limits of the corporate purpose,
the Board of Directors handles all matters affecting the (Powers for formalities).
operation of the Company and governs its business through its The General Meeting, ruling under the quorum and majority
deliberations.” conditions required by law, grants complete authority to the
bearer of an original, a copy or an extract of these minutes
The rest of Article 16 of the Articles of Association remains recording its resolutions, in order to fulfil all legal or administrative
unchanged. requirements and to undertake any filings or notifications
● decides to amend the last three paragraphs of Article 22 required by current law.
(General Meetings) of the Articles of Association in order to:




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5.2 Report of the Board of Directors on the text of the draft
resolutions presented to the Combined General Meeting
of 17 April 2025
Ladies and Gentlemen,
We have convened a Combined General Meeting for the purpose of submitting 30 draft resolutions to you. The purpose of this report
is to provide comments on these drafts, the complete text of which will later be sent to you in the company’s Universal Registration
Document that will be submitted to the French Financial Markets Authority (Autorité des Marchés Financiers - AMF) and made
available to you in accordance with the legal and regulatory requirements.



5.2.1 Ordinary resolutions
Resolutions 1 to 18 fall within the scope of the Ordinary General Meeting.

5.2.1.1 Approval of corporate and consolidated These regulated agreements are part of the development
project, on Alexanderplatz in Berlin (Germany), of a real estate
financial statements, allocation of net
complex of approximately 60,000 m² for mixed use of offices,
income, distribution of a dividend shops and housing, led by Covivio Alexanderplatz S.à.r.l. (the
(Resolutions 1, 2 and 3) “Project”).
Draft Resolutions 1 and 2 concern approval of consolidated and ● Amendment no. 3 to the shareholders' agreement of 8 June
parent company’s financial statements for the fiscal year ended 2021, and amended by amendment no. 1 on 29 July 2022 and
31 December 2024, approved by the Board of Directors on 19 amendment no. 2 on 14 October 2022, entered into on 29
February 2025, in accordance with the provisions of Article L. November 2024 between Covivio, MMA IARD and Generali
232‑1 of the French Commercial Code. The consolidated and Retraite, in the presence of Covivio Alexanderplatz S.à.r.l.;
parent company’s financial statements, which appear in the
Universal Registration Document, show respectively a profit of ● Amendment no. 1 to the subordination agreement of 8 June
€82,244,821.20 and net income, Group share of -€68,118 2021, entered into on 29 November 2024 between Covivio
thousand. Alexanderplatz S.à.r.l, Covivio, MMA IARD and Generali
Retraite.
Under Resolution 3, you are asked to approve the allocation of
income for the 2024 fiscal year and to make a dividend Amendment no. 3 to the shareholders' agreement and
distribution of €3.50 per share. On the basis of the total number amendment no. 1 to the subordination agreement are intended
of shares comprising the share capital on 19 February 2025, i.e. to reflect the changes agreed between the parties to the terms
111,623,468 shares, a total dividend of €390,682,138 will be and conditions of the Project, particularly as regards the
allocated. refinancing of the Project and the service agreements entered
into by Covivio Alexanderplatz S.à.r.l. with the Covivio group.
The dividend for fiscal year 2024 would be detached from the
share on Wednesday, 30 April 2025 and would be paid on The conclusion of amendment No. 3 to the shareholders'
Monday, 5 May 2025. agreement and amendment no. 1 to the subordination
agreement was authorised by the Board of Directors on 19 July
5.2.1.2 Approval of the agreements referred to 2024, which considered that they would enable Covivio to
in Articles L. 225‑38 et seq. of the French continue the implementation of the Project, which is a strategic
real estate investment in terms of geographical positioning and
5
Commercial Code (Resolution 4)
value creation potential.
The purpose of Resolution 4 is to approve (i) the Statutory
Auditors’ special report on the agreements described in Article L. As these are amendments to regulated agreements and in view
225‑38 et seq. of the French Commercial Code, as well as (ii) the of Covéa Coopérations' term of office as Director on Covivio’s
related‑party agreements entered into or executed by the Board of Directors, they must be approved in accordance with
company during the fiscal year ended 31 December 2024. For Article L. 225‑38 of the French Commercial Code.
more information, please refer to the Statutory Auditors’ special
report on related‑party agreements, set out in Section 5.4 of the
Universal Registration Document.
The only regulated agreement entered into during the fiscal year
ended 31 December 2024 is detailed below. Their main terms
and conditions are published, in accordance with Articles L.
22‑10‑13 and R. 22‑10‑17 of the French Commercial Code, on the
Covivio website in the section dedicated to the General
Meeting.




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5.2.1.3 Approval of the information referred to The remuneration policy for Covivio’s legal representatives,
approved by the Board of Directors upon recommendation of
in Article L. 22‑10‑9, I of the French
the Appointments and Remunerations Committee is detailed in
Commercial Code relating to the the Board of Directors’ report on corporate governance in
remuneration paid during the year ended Section 5.3.4.1 of the Universal Registration Document. This
31 December 2024 or awarded to remuneration policy will be submitted to the vote of the General
corporate officers for the same fiscal Meeting each year and in the event of any major change in the
remuneration policy.
year (Resolution 5)
Pursuant to Article L. 22‑10‑34, I of the French Commercial Code, 5.2.1.6 Renewal of a Director’s term of office
the Board of Directors proposes that by voting on Resolution 5, (Resolution 13)
you are asked to approve the information referred to in Article L.
As the term of office of Predica, represented on the Board of
22‑10‑9, I of the French Commercial Code related to
Directors by Jérôme Grivet, expires at the end of the Combined
remuneration of all corporate officers, including that of the
General Meeting of Shareholders of 17 April 2025, you will be
corporate officers whose mandates ended and those newly
asked under Resolution 13 to renew its term of office for a period
appointed during the fiscal year ended ("global" ex‑post Say on
of four years, expiring at the end of the General Shareholders'
Pay), detailed in the Board of Directors’ report on corporate
Meeting called in 2029 to approve the financial statements for
governance in Section 5.3.4.2 of the Universal Registration
the year ended 31 December 2028.
Document.
Subject to the approval of Resolution 13, Predica (a subsidiary of
5.2.1.4 Approval of the individual remuneration the Crédit Agricole Assurances Group holding 8.11% of the share
paid during the year for the fiscal year capital and voting rights of Covivio) will continue to be
ended 31 December 2024 or awarded to represented on the Board of Directors by Jérôme Grivet. He will
continue to make an active contribution to the work of the
executive corporate officers for the same
Board, in particular through his expertise in strategy and finance,
fiscal year (Resolutions 6, 7, and 8) and his experience in listed companies. Over the four years of his
Pursuant to Article L. 22‑10‑34, II of the French Commercial Code, term of office as Director of Predica, Jérôme Grivet’s attendance
you are asked to vote on Resolutions 6, 7, and 8, to approve the was 91%.
fixed, variable and exceptional components making up the total
Subject to the approval of the renewal of the term of office of
remuneration and benefits in kind paid during the fiscal year
Predica, Jérôme Grivet will thus continue his commitment by
ended on 31 December 2024 or allocated in relation to the said
continuing to contribute actively to the quality of the discussions
fiscal year to the executive corporate officers (ex‑post Say on
and the relevant administration of the company.
Pay, known as "individual") resulting from implementation of the
remuneration policy approved by the Combined General A biographical note on Jérôme Grivet, his attendance record, a
Meeting of Shareholders of 17 April 2024, it being specified that list of all his terms of office and functions exercised over the last
the components composing the variable and exceptional five fiscal years by Predica and by himself, and the number of
remuneration may only be paid out after approval by the shares they hold as of 31 December 2024 are provided in Section
shareholders of the individual remuneration of executive 5.3.2.1.3 of the Universal Registration Document.
corporate officers.
5.2.1.7 Appointment of a new independent
The individual remuneration components presented in the Board
of Directors’ report on corporate governance in Section 5.3.4.3 of
Director (Resolution 14)
the Universal Registration Document concern: As Sylvie Ouziel will reach the limit of 12 years of service at the
end of the Combined General Meeting of 17 April 2025, entailing
● Jean‑Luc Biamonti, Chairman of the Board of Directors the loss of independence with regard to the criteria adopted by
(Resolution 6); the Afep‑Medef Code, the Board of Directors initiated a process
● Christophe Kullmann, Chief Executive Officer (Resolution 7); of recruiting a new independent Director in 2024.
and Under Resolution 14, you are asked to approve the appointment
● Olivier Estève, Deputy CEO (Resolution 8). of Micaela Le Divelec as Director, for a term of four years,
expiring at the end of the General Meeting of Shareholders
5.2.1.5 Approval of the remuneration policy for called to approve the financial statements for the year ended 31
corporate officers (Resolutions 9, 10, 11 December 2028 in 2029.
and 12)
Pursuant to the provisions of Article L. 22‑10‑8 of the French
Commercial Code, the Board of Directors proposes that by
voting on Resolutions 9, 10, 11 and 12, you are asked to approve
the remuneration policy for the corporate officers applicable to
the Chairman of the Board of Directors (Resolution 9), the Chief
Executive Officer (Resolution 10), the Deputy CEO (Resolution 11)
and the Directors (Resolution 12) in consideration of the exercise
of their mandate for the 2025 fiscal year.




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Micaela Le Divelec, 56
A graduate in economics and business management, Micaela Le Divelec began her career as an auditor at
Ernst & Young before joining the Gucci group, where she held various positions for 20 years, including those of
Chief Financial Officer, Chief Corporate Operations Officer, Chief Consumer Officer and Executive
Vice‑President. After joining the Salvatore Ferragamo Group in 2018 as Chief Executive Officer and then
Chairwoman and Chief Executive Officer, she devoted herself to the support of innovative start‑ups as an
investor and advisor in 2023, then founded Ethicarei, a platform dedicated to ethically‑aware sourcing in
luxury goods. She is also a member of the Supervisory Board of Porsche AG and a director of De'Longhi S.p.A.

Micaela Le Divelec will provide the Board of Directors with her solid expertise in finance and her in‑depth
knowledge of the Italian market.


The Board of Directors, based on the recommendations of the 5.2.1.9 Renewal of the term of office of Ernst &
Appointments and Remunerations Committee, examined the
Young et Autres and appointment of
situation of Micaela Le Divelec with regard to the independence
criteria set out in the Afep‑Medef Code in its updated version KPMG SA as Statutory Auditors in charge
and published on 20 December 2022, and to which the of certifying the sustainability information
company refers. As she meets all the independence criteria, the (resolutions 16 and 17)
Board of Directors therefore considers Micaela Le Divelec to be
The Combined General Meeting of 17 April 2024 appointed Ernst
an independent Director, subject to her appointment.
& Young et Autres as Statutory Auditors in charge of certifying
The Board of Directors noted that if Resolutions 13 and 14 are sustainability information, for a period of one fiscal year
approved by the Combined General Meeting of 17 April 2025, the corresponding to the duration of their remaining term of office in
proportion of independent Directors and the percentage of respect of its assignment to certify the Company’s financial
women would be maintained at 50% and 43% respectively. statements and expiring at the end of the General Meeting of
Shareholders called in 2025 to approve the financial statements
5.2.1.8 Renewal of the term of office of Ernst & for the year ended 31 December 2024.
Young et Autres as Principal Statutory
Given (i) the experience acquired by Ernst & Young et Autres in its
Auditor (15th resolution) mandate for the 2024 financial year, (ii) the synergies between
The Combined General Meeting of 17 April 2019 renewed the financial and non‑financial reports and (iii) their reputation, the
term of office of Ernst & Young et Autres as Principal Statutory Audit Committee, at its meeting of 17 February 2025,
Auditor for a period of six fiscal years, until the General recommended to the Board of Directors the implementation of a
Shareholders’ Meeting called in 2025 to approve the financial sustainability co‑audit with the companies KPMG SA and Ernst &
statements for the year ended 31 December 2024. Young et Autres.

Under Resolution 15, you will be asked to renew this term of office On 19 February 2025, the Board of Directors therefore decided to
for a period of six fiscal years, expiring at the end of the General submit for shareholder approval the renewal of Ernst & Young et
Shareholders' Meeting called in 2031 to approve the financial Autres and the appointment of KPMG SA as Statutory Auditors
statements for the fiscal year ended 31 December 2030. responsible for certifying information on sustainability for a
period of six fiscal years expiring at the end of the General
Ernst & Young et Autres is a member of the Ernst & Young Meeting of Shareholders called in 2031 to approve the financial
network, known worldwide for its expertise in auditing statements for the fiscal year ended 31 December 2030.
international groups. It will continue to be represented by
Jean‑Roch Varon until the limit set by Article L. 821‑34 of the As a result, you are asked to:
French Commercial Code is reached. A rotation will be carried
under resolution 16, to renew the term of office of Ernst &
5
●
out in favour of another partner of the firm at the end of this
Young et Autres as Statutory Auditors in charge of certifying
period.
sustainability information, for a period of six fiscal years;
The Audit Committee, which met on 26 September 2024,
● under resolution 17, to appoint KPMG SA, a limited company
recommended to the Board of Directors the reappointment of
whose registered office is located at Tour Eqho, 2 avenue
Ernst & Young et Autres as Principal Statutory Auditor. The Board
Gambetta, 92066 Paris La Défense Cedex, registered in the
of Directors has therefore decided to submit for the approval of
Trade and Companies Register of Nanterre under number 775
the shareholders its renewal by deliberations on 22 October 2024
726 417, Statutory Auditor in charge of certifying sustainability
and 19 February 2025, in the context of the approval of the
information, for a period of six fiscal years.
agenda and the draft resolutions of the Combined General
Meeting of 17 April 2025.




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5.2.1.10 Authorisation granted to the Board of Directors for the company to purchase treasury shares
(Resolution 18)
Resolution 18 proposes that you authorise a share buyback ● cancelling shares in whole or in part, subject to adoption of
programme. The principal characteristics of this programme will Resolution 20;
be the following:
● setting up a liquidity agreement, noting that by law, in the
● the number of shares bought back may not exceed 10% of the event of acquisition under a liquidity agreement, the number
company’s share capital; of shares considered for calculation of the 10% limit of the
share capital amount would match the number of shares
● the purchase price may not exceed €85 per share (excluding
purchased, deducting the number of shares resold during the
acquisition costs);
authorisation granted by the General Meeting; and
● the maximum amount of funds allocated to the buyback
● any other practice that may be recognised by the law or the
programme would be €500 million;
French Financial Markets Authority (Autorité des Marchés
● this programme may not be implemented during a public Financiers - AMF) or any other purpose that could be
takeover bid. authorised by the law or regulations in effect, given that, in
such a case, the company would inform its shareholders by
The buyback by the company of its treasury shares would result sending out a notice.
in:
This authorisation would be given to the Board of Directors for a
● allocating shares to corporate officers or employees of the period of eighteen months with effect from the date of the
company and/or of companies belonging to its group; General Meeting of 17 April 2025 and would immediately
● delivering shares upon the exercise of rights attached to terminate, for the unused portion, the authorisation given by the
securities entitled to the allocation of company shares; Combined General Meeting of 17 April 2024.

● delivering as payment or exchange (up to a limit of 5% of the Prior to its completion, the company will publish a description of
capital), specifically within the context of potential external the programme in the form stipulated in Article 241–2 of the
growth, merger, spin‑off or contribution operations; General Regulations of the AMF.



5.2.2 Extraordinary resolutions
5.2.2.1 Financial authorisations to be given to ● Resolution 23: issue of Company shares and/or securities
giving access to the company’s share capital (or the share
the Board of Directors (Resolutions 19
capital of companies in which the company directly or
to 28) indirectly owns more than half of the share capital), with
You will be asked to delegate, at an Extraordinary Shareholders' waiver of shareholders' preferential subscription rights, for the
Meeting, certain financial powers to your Board of Directors and benefit of qualified investors or a restricted circle of investors
to authorise the Board, within the limits and conditions that you as part of a private placement (useable outside public
will set, to decide on the issue of company shares and/or offering periods);
securities convertible, directly or indirectly, into equity of the
● Resolution 24: increase in the number of shares to be issued in
company (or a subsidiary more than 50% owned, directly or
the event of a capital increase with or without shareholders'
indirectly, by the company).
preferential subscription rights (usable outside public offer
The Board of Directors wishes to continue having the means that periods);
enable it, if necessary, by calling upon the markets, to gather the
● Resolution 25: issue of shares and/or transferable securities
financial resources needed for the development of your
convertible to equity in the company as consideration for
company.
contributions in kind as part of a public exchange offering
It is proposed that you delegate to the Board of Directors the initiated by the company (useable outside public offering
following financial authorisations in the area of capital increases: periods);
● Resolution 19: capital increase through the incorporation of ● Resolution 26: issue of shares and/or transferable securities
reserves, profits or premiums (useable outside public offering convertible to equity, as consideration for contributions in kind
periods); given to the company, made up of equity or transferable
securities convertible to equity (useable outside public offering
● Resolution 21: issue of shares and/or transferable securities periods);
convertible to equity in the company (or companies more than
50% owned, directly or indirectly, by the company), ● Resolution 27: capital increase reserved for employees of the
maintaining shareholders’ preferential subscription rights company and the Covivio group companies, covered by a
(useable outside public offering periods); company or group savings plan, with waiver of shareholders’
preferential subscription right.
● Resolution 22: issue of Company shares and/or securities
giving access to the company’s equity (or companies more You will also be asked, in Resolution 20, to authorise the Board of
than 50% owned, directly or indirectly, by the company), with Directors to reduce the company’s share capital by cancelling
waiver of shareholders' preferential subscription rights and shares purchased within share buyback programmes adopted
with an optional priority period, by way of a public offering by the company.
other than a private placement (useable outside public
Lastly, under Resolution 28, you are asked to authorise the Board
offering periods);
of Directors to allocate existing or future free shares in the
company to employees and/or corporate officers of the
company and related companies, with waiver by shareholders of
their preferential subscription rights to the shares to be issued.



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In proposing to you that you grant these delegations and This authorisation, given for a period of 18 months as from the
authorisations, the Board of Directors seeks to clearly explain to Combined General Meeting of 17 April 2025, would immediately
you the impact of the corresponding resolutions submitted to terminate, for the unused portion, the authorisation granted by
your approval. the Combined General Meeting of 17 April 2024.
In accordance with the relevant applicable regulations, the 5.2.2.1.3 Delegation of authority to the Board
Board of Directors will prepare a supplementary report relating of Directors to issue Company shares and/or
to the use of this delegation mentioning, in particular, the securities convertible to equity in the
following: company (or companies more than 50%
● the impact of the issuance on the situation of holders of owned, directly or indirectly, by the
equity securities and securities convertible to equity company), maintaining shareholders'
(especially as regards their portion of shareholders’ equity); preferential subscription rights (Resolution 21)
and Resolution 21 proposes that you delegate to the Board of
● the theoretical impact of the aforementioned issuance on the Directors, which may further delegate such authority, powers to
stock market value of the company’s shares. issue shares in the company and/or other transferable securities
(including warrants for new or existing shares), convertible by any
The Statutory Auditors will prepare their own reports on the means, immediately or in the future, into equity in the company
financial delegations and authorisations, which will be made or a subsidiary more than 50% owned, directly or indirectly, by
available to you in accordance with the legal and regulatory the company, issued free or against payment, maintaining
conditions. shareholders’ preferential subscription rights.
5.2.2.1.1 Delegation of authority to be granted The Board of Directors may use this authority, in order to have
to the Board of Directors to increase the the necessary funds available at the appropriate time to
share capital of the company through develop the company’s business.
the capitalisation of reserves, earnings In proportion to the value of their shares, shareholders would
or premiums (Resolution 19) have preferential subscription rights to the shares and securities
Under Resolution 19, you will be asked to delegate authority to issued under this delegation. In case of deferred access to
the Board of Directors, which may further delegate its authority, shares of the company – i.e. by transferable securities granting
to carry out a capital increase, through capitalisation of all or access to company shares by any means – your approval of this
part of the reserves, earnings, premiums or other sums for which resolution would imply a waiver by the shareholders of their
capitalisation would be permitted. This transaction would not preferential right to subscribe for the shares to which these
necessarily translate into the issue of new shares. securities would be entitled.
The maximum nominal amount of the capital increases that may The maximum nominal amount of the capital increases that may
be made immediately and/or in future under this delegation be made immediately and/or in future would be set at
would be set at €33,480,000, representing approximately 10% of €100,460,000, representing approximately 30% of the share
the share capital. This amount would be set independently and capital. This amount would be set independently and separately
separately from the capital increase ceilings resulting from share from the capital increase caps resulting from share and/or
and/or security issues approved under Resolutions 21 to 27. security issues approved under Resolutions 19 and 22 to 27.
This delegation could not be used without your formal The nominal amount of the debt instruments convertible into
agreement during periods of public purchase or exchange offers equity (immediately and/or at a later date) that may be issued
on the company’s shares. under this delegation may not exceed a total amount of
€1,000,000,000. This amount would also constitute an overall
It would be given to the Board of Directors for a period of 26
nominal cap for transferable debt securities issues made under
months with effect from the Combined General Meeting of 17
Resolutions 22 to 26, an overall cap for all of the issues of debt
April 2025 and would immediately terminate, for the unused
portion, the delegation granted by the Combined General
securities. 5
Meeting of 17 April 2024. The issue price of shares and/or securities convertible to equity
would be determined by the Board of Directors if and when it
5.2.2.1.2 Authorisation to the Board of Directors to implements this delegation, complying with legal and regulatory
reduce share capital through the cancellation provisions.
of shares (Resolution 20)
This delegation could not be used without your formal
Concurrently with the authorisation given to the company to
agreement during periods of public purchase or exchange offers
conduct transactions on treasury shares under Resolution 18,
on the company’s shares.
Resolution 20 proposes that you should authorise the Board of
Directors, which may sub‑delegate this authority, to cancel
shares acquired by the company under the buyback
programme authorisation submitted in Resolution 18, or in any
resolution having the same purpose and the same legal basis.
As provided for under French law, shares may only be cancelled
up to a limit of no more than 10% of the share capital per
24‑month period.
Consequently, you will be asked to authorise the Board of
Directors to reduce the share capital under the applicable legal
conditions.




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It would be given to the Board of Directors for a period of 26 The nominal amount of the debt securities convertible into
months with effect from the Combined General Meeting of 17 equity, immediately and/or in the future, that may be issued
April 2025 and would immediately terminate, for the unused under this delegation may not exceed €1,000,000,000 the
portion, the delegation granted by the Combined General overall ceiling for all debt instruments issuable under this
Meeting of 17 April 2024. delegation and Resolutions 21 and 23 to 26.

5.2.2.1.4 Delegation of authority to the Board of You would be asked to delegate to the Board of Directors, in
Directors to issue shares in the Company accordance with Article L. 22‑10‑52 of the French Commercial
and/or securities convertible into the equity Code, the power to freely set the issue price of the equity
of the company (or of companies more than securities that may be issued under this delegation, within the
50% owned, directly or indirectly, by the following limits:
company), with waiver of shareholders' ● the issue price of the shares would be set in accordance with
preferential subscription rights and with an the provisions of the laws and regulations in force at the time
optional priority period, through public of use of this delegation, less a discount determined freely by
offering other than the one mentioned at 1° of the Board of Directors within the maximum limit of 10%; it
Article L. 411‑2 of French Monetary and should be at least equal to the lowest price (at the choice of
Financial Code (Resolution 22) the Board of Directors) among (x) the weighted average of the
prices of the last twenty trading sessions preceding the
The Board of Directors may, in the interest of the company and
beginning of the public offering and (y) the weighted average
its shareholders, in order to seize the opportunities offered by the
price of the last three trading days preceding the start of the
financial markets, be led to issue such securities without
public offering or (z) the closing price preceding the beginning
preferential subscription rights.
of the public offering.
You are also asked, in Resolution 22, to grant authority to the
● Law 2024‑537 of 13 June 2024 aimed at increasing the
Board of Directors, which may further delegate such authority, to
financing of companies and the attractiveness of France (the
issue by means of a public offering (not including the public
"Attractiveness law") gives the General Meeting the option of
offerings mentioned in Article L. 411‑2 1 of the French Monetary
granting full powers to the Board of Directors to freely set the
and Financial Code), company shares and/or securities
price, without any limit, in particular the minimum price.
convertible into existing or new shares in the company in a
However, in line with the practice observed in the vast majority
subsidiary more than 50% owned, directly or indirectly, by the
of comparable companies and following the
company.
recommendations of most proxy advisors based on the
Your decision would imply a waiver of your preferential principles of good governance, you are asked to set limits on
subscription right to the shares and/or securities that could be the freedom given to the Board of Directors when setting the
issued under this delegation. It should be understood that this price and using this delegation. The proposed stipulation of a
authorisation would imply ipso jure waiver by the shareholders, in floor issue price would make it possible to preserve the
favour of the holders of any convertible securities issued under interests of shareholders in the event of their preferential
this delegation, of their preferential subscription right to shares subscription rights being waived. The combination of the
issued in connection with such securities. various indicators contributing to the determination of the
floor price would nevertheless give the Board of Directors
The Board of Directors would have the option to grant more leeway than that enjoyed before the Attractiveness law,
shareholders a priority subscription period for a period of at allowing it to more freely determine an issue price that meets
least three (3) trading days, for the entire issue and under the market conditions on the day of the use of this delegation.
conditions it shall determine in accordance with regulations in Lastly, it is recalled that the Board of Directors must prepare
force on the date of the transaction. an additional report justifying the methods used to determine
The maximum nominal amount of the company’s capital the issue price when implementing this delegation;
increases that may be carried out immediately and/or in the ● the issue price of transferable securities convertible into equity
future, under this delegation, may not exceed: (whether immediately or in the future), issued under this
(i) €66,970,000, representing approximately 20% of the share delegation will be such that the sum immediately received by
capital, if a priority period were granted to you by the Board the company, plus any amount it might receive subsequently,
of Directors, it being specified that this amount would be for each share or other equity security issued as a
deducted from the nominal amount of any resulting increase consequence of the issue of these transferable securities, will
in the company’s capital and/or securities authorised under be at least equal to the minimum subscription price set by the
this delegation provided for under paragraph (ii) below and Board of Directors and defined in the previous paragraph,
in Resolutions 23 to 26; or after adjustment, if any, of that amount to cover any
difference in dividend eligibility dates.
(ii) €33,480,000, representing approximately 10% of the share
capital, if no priority period were granted to you, it being This delegation could not be used without your formal
specified that this would count toward the same ceiling with agreement during periods of public purchase or exchange offers
the capital increases resulting from the issues of shares and/ on the company’s shares.
or securities authorised by Resolutions 23 to 26. It would be given to the Board of Directors for a period of 26
months with effect from the Combined General Meeting of 17
April 2025 and would immediately terminate, for the unused
portion, the delegation granted by the Combined General
Meeting of 17 April 2024.




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5.2.2.1.5 Delegation of authority to the Board of ● the issue price of the shares would be set in accordance with
Directors to issue Company shares and/or the provisions of the laws and regulations in force at the time
securities convertible into equity of the of use of this delegation, less a discount determined freely by
company (or of companies more than 50% the Board of Directors within the maximum limit of 10%; it
owned directly or indirectly by the company), should be at least equal to the lowest price (at the choice of
the Board of Directors) among (x) the weighted average of the
with waiver of shareholders' preferential
prices of the last twenty trading sessions preceding the
subscription rights, for the benefit of qualified beginning of the public offering and (y) the weighted average
investors or a restricted circle of investors in price of the last three trading days preceding the start of the
the context of an offer under Article L. 411‑2 1 public offering or (z) the closing price preceding the beginning
of the French Monetary and Financial Code of the public offering.
(Resolution 23)
The elements relating to the methods for determining the
Resolution 23 proposes that you delegate to the Board of
issue price provided for in the twenty‑second resolution above
Directors, with the option of subdelegation, the authority to issue
can be applied to this resolution.
Company shares and/or securities convertible into equity of the
company or of a subsidiary more than 50% owned, directly or ● the issue price of transferable securities convertible into equity
indirectly, by the company, for the benefit of qualified investors or (whether immediately or in the future), issued under this
a restricted circle of investors as part of an offer referred to in the delegation will be such that the sum immediately received by
Article L. 411‑2, 1 of the French Monetary and Financial Code. the company, plus any amount it might receive subsequently,
for each share or other equity security issued as a
The implementation of this delegation would facilitate the
consequence of the issue of these transferable securities, will
company’s market access by offering it the flexibility granted by
be at least equal to the minimum subscription price set by the
this resolution to quickly access qualified investors.
Board of Directors and defined in the previous paragraph,
Your decision would imply a waiver of your preferential after adjustment, if any, of that amount to cover any
subscription right to the shares and/or securities that could be difference in dividend eligibility dates.
issued under this delegation. It should be understood that this
This delegation could not be used without your formal
authorisation would imply ipso jure waiver by the shareholders, in
agreement during periods of public purchase or exchange offers
favour of the holders of any convertible securities issued under
on the company’s shares.
this delegation, of their preferential subscription right to shares
issued in connection with such securities. It would be granted for a period of 26 months from the
Combined General Meeting of 17 April 2025.
The maximum nominal amount of the company’s capital
increases that may be carried out immediately and/or in the 5.2.2.1.6 Authorization to be granted to the Board of
future, under this delegation, may not exceed €33,480,000, Directors to increase the number of shares to
representing approximately 10% of the share capital, the overall be issued in the event of a capital increase
ceiling for all capital increases resulting from the issue of shares with or without shareholders' preferential
and/or securities authorised by Resolutions 24 to 26 and, in the subscription rights (Resolution 24)
case of issues carried out without a priority period being
granted to you, by Resolution 22, and would be deducted from Resolution 24 proposes that you authorise the Board of Directors,
the nominal amount of capital increases that may be carried out with the option to further delegate this authority, to increase, for
with a priority period by virtue of paragraph (i) of Resolution 22. each of the issues with or without preferential subscription rights
decided under Resolutions 21, 22 and 23, the number of
The nominal amount of the debt securities convertible into Company shares and/or securities convertible into equity to be
equity, immediately and/or in future, that may be issued under issued at the same price as that used for the initial issue, within
this delegation, may not exceed €1,000 million, the overall the time limits and limits provided for by the applicable
nominal ceiling for all debt instruments under this Resolution and regulations on the day of the issue (i.e. for information purposes
Resolutions 21, 22 and 24 to 26. at this date, within thirty days of the closing of the subscription
and up to a limit of 15% of the initial issue).
5
You would be asked to delegate to the Board of Directors, in
accordance with Article L. 22‑10‑52 of the French Commercial The nominal amount of the company’s capital increases that
Code, the power to freely set the issue price of the equity may be carried out immediately and/or in the future, under this
securities that may be issued under this delegation, within the resolution, would be deducted from the nominal amount of the
following limits: cap applicable to the initial issue.
This authorisation could not be used without your formal
agreement during periods of public purchase or exchange offers
on the company’s shares.
It would be granted for a period of 26 months from the
Combined General Meeting of 17 April 2025.




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5.2.2.1.7 Delegation of authority to the Board of 5.2.2.1.8 Delegation of authority to the Board of
Directors to issue shares and/or securities Directors to issue shares and/or transferable
convertible into equity in the company, in securities convertible into equity, to pay for
consideration for shares contributed to any the contributions in kind granted to the
public exchange offer initiated by the company consisting of capital shares or
company (Resolution 25) transferable securities convertible into equity
In Resolution 25, you are asked to approve the delegation of (Resolution 26)
authority granted to the Board of Directors, which may further In accordance with the option offered by Article L. 22‑10‑53 of
delegate such authority, to issue shares and/or transferable the French Commercial Code, you are asked, under Resolution
securities convertible, immediately or from a future date into 26, to authorise the Board of Directors, which may further
equity, on one or more occasions, in the event of a public delegate such authority, to issue shares and/or transferable
exchange offer initiated by the company, in France or abroad. securities convertible into equity, in consideration for the
contributions in kind made to the company consisting of shares
The maximum nominal amount of capital increases that may be
or transferable securities convertible into equity, when Article L.
carried out immediately and/or in the future, under this
22‑10‑54 of the French Commercial Code is not applicable.
delegation, may not exceed 10% of the company’s share capital
(existing at the date the Board of Directors makes use of this The maximum nominal amount of the company’s capital
delegation), the overall ceiling for all the capital increases increases that may be carried out immediately and/or in the
resulting from the issues of shares and/or securities authorised future, under this delegation, would be set at 10% of the
by Resolutions 23, 24 and 26, and, in the case of the issues company’s share capital (existing at the date the Board of
carried out without a priority period being granted to you, the Directors makes use of this delegation), the overall ceiling for all
ceiling set by Resolution 22, and would be deducted from the the capital increases resulting from the issues of shares and/or
nominal amount of the capital increases that may be carried out securities authorised by Resolutions 23 and 25, and, in the case
with a priority period by virtue of paragraph (i) of Resolution 22. of the issues carried out without a priority period being granted
to you, the ceiling set by Resolution 22, and would be deducted
The nominal amount of the debt securities allowing immediate
from the nominal amount of the capital increases that may be
and/or future conversion into equity that may be issued may not
carried out with a priority period by virtue of paragraph (i) of
exceed €1,000,000,000, the overall nominal ceiling for all debt
Resolution 22.
instruments set by this delegation and under Resolutions 21 to 24
and 26. The nominal amount of the debt securities convertible into
equity that may be issued under this delegation, may not
You will be asked to acknowledge the absence of your
exceed €1,000,000,000, the overall nominal cap for all debt
preferential subscription right to the shares and/or securities
instruments set by Resolutions 21 and 25.
issued by virtue of this delegation, as these are intended
exclusively to remunerate contributions in kind of securities You will be asked to acknowledge the absence of your
contributed to a public exchange offer initiated by the company, preferential subscription right to the shares and/or securities
it being understood that this authorisation would imply ipso jure issued, by virtue of this delegation, as these are intended
waiver by the shareholders, in favour of the holders of any exclusively to remunerate contributions in kind, it being
convertible securities issued under this delegation and giving understood that this authorisation implies ipso jure waiver by the
access to the company's capital, of their preferential shareholders, in favour of the holders of any convertible
subscription right to shares issued in connection with such securities issued under this delegation and giving access to the
securities. company's capital, of their preferential subscription right to
shares issued in connection with such securities.
For each individual offer, the Board of Directors would have to
determine the nature and characteristics of the shares to be This delegation could not be used without your formal
issued. The amount of the increase in share capital would agreement during periods of public purchase or exchange offers
depend on the result of the offer and the number of securities on the company’s shares.
tendered under the exchange offer, taking into account the
exchange ratio and the shares issued. The Board of Directors would specifically be required to approve
the report of the contribution auditor(s) to be appointed, set the
This delegation could not be used without your formal exchange ratio and, if applicable, the amount of the balance to
agreement during periods of public purchase or exchange offers be paid in cash, record the number of transferable securities to
on the company’s shares. be issued in remuneration for contributions, determine the dates
and conditions of issues of shares and/or transferable securities
It would be given to the Board of Directors for a period of 26
giving immediate or future access to the company’s capital, and
months with effect from the Combined General Meeting of 17
value the contributions.
April 2025 and would immediately terminate, for the unused
portion, the delegation granted by the Combined General This delegation would be given to the Board of Directors for a
Meeting of 17 April 2024. period of 26 months with effect from the Combined General
Meeting of 17 April 2025 and would immediately terminate, for
the unused portion, the delegation granted by the Combined
General Meeting of 17 April 2024.




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5.2.2.1.9 Delegation of authority to the Board of 5.2.2.1.10 Authorisation to be given to the Board of
Directors to make capital increases reserved Directors to allocate existing or future free
for employees of the company and shares in the company to employees and/or
companies in the Covivio group that are corporate officers of the company and
members of a company savings plan, with related companies, with waiver by
waiver of shareholders’ preferential shareholders of their preferential subscription
subscription right (Resolution 27) rights to the shares to be issued (Resolution
You will be asked, under Resolution 27, to authorise the Board of 28)
Directors, which may further delegate such authority, to decide Under Resolution 28, you will be asked to authorise the Board of
to increase the share capital under the provisions of the French Directors, with the option of subdelegation, to set up a system
Commercial Code and French Labour Code relating to the issue for the allocation of free ordinary shares, existing or to be issued,
of shares or transferable securities convertible to existing for the benefit of the members of the Board of Directors. salaried
company shares or shares to be issued, for the benefit of staff (or certain categories of them) and/or eligible corporate
employees covered by a company savings plan offered by the officers (or some of them) of the company and of companies
company and/or its affiliates under the conditions of Article L. and economic interest groups linked to it.
225‑180 of the French Commercial Code and Article L. 3344‑1 of
the French Labour Code. The maximum total number of free shares that could be
allocated would be 1% of the company’s share capital on the
This delegation of authority would be granted for a maximum date the Board of Directors decides to use the allocation, it
nominal amount of the capital increase, resulting from the issues being specified that the portion of the shares that may be
made pursuant to this delegation (including the capitalisation of allocated to corporate officers under the authorisation
reserves, earnings or premiums), of €500,000, representing 0.15% requested may not represent more than 40% of the overall
of the share capital, set irrespective of the par value of the ceiling defined above.
shares that may be issued as a result of adjustments made to
protect the holders of transferable securities giving future access The free shares that may be allocated to executive corporate
to shares. This cap would be independent of any other officers correspond either to their target bonus upside - that
authorisation granted by the General Meeting. part of their variable portion payable in free shares, as
described in more detail in 5.3.4.1.2.1.2 of the Universal
Your decision would entail the cancellation, in favour of said Registration Document - or to the Long‑Term Incentive
employees, of your preferential subscription rights to the shares component of their compensation.
and/or securities that would be issued on the basis of this
delegation. For this long‑term incentive component, in addition to a
condition of presence at the end of the vesting period, the
The subscription price of the shares and the discount offered will allocation of free shares to the company’s executive corporate
be set by the Board of Directors under the conditions of Article L. officers would be subject in full to the achievement of several
3332‑19 of the French Labour Code on the understanding that performance conditions set by the Board of Directors, including
the discount offered may not exceed 30% of the average share as a minimum stock market performance criteria, and CSR
price for the twenty trading days preceding the date of the criteria, and assessed over a period of three years. These
decision to open the subscription period, and 40% of this same conditions are presented in 5.3.4.1.2.1.4 of the Universal
average when the retention period stipulated in the plan is Registration Document.
greater than or equal to ten years, provided that the Board of
Directors may also replace all or part of said discount by the As the discretionary allocation of free shares to certain
allocation of shares or other transferable securities. employees of the company who are not corporate officers is
already subject to performance and potential growth criteria,
The Board of Directors may likewise provide for the allocation of the delivery of shares at the end of the vesting period may be
free shares or other securities convertible to equity, it being not be subject to further performance criteria. The same applies
understood that the total benefit resulting from this allocation as
5
to collective allocations.
a company contribution or, where applicable, the discount on
the subscription price, may not exceed the legal and regulatory In accordance with legal provisions, the resolution submitted for
limits and that the shareholders would waive all rights to shares your approval provides that the duration of the vesting period
or other securities convertible to equity that may be issued by for the shares, which would be determined by the Board of
virtue of this resolution. Directors, may not be less than three years, it being specified
that the transfer of shares would only take place at the end of
This delegation would be given to the Board of Directors for a the vesting period. In the event of death (provided that the
period of 26 months with effect from the Combined General request of the heirs has been made within six months from the
Meeting of 17 April 2025 and would immediately terminate, for death) or disability of the beneficiary, corresponding to the
the unused portion, the delegation granted by the Combined classification provided for by law, the definitive allocation of the
General Meeting of 17 April 2024. shares may take place before the end of the vesting period.
The shares may be accompanied, where applicable, by a
holding obligation by the beneficiaries, for a period set by the
Board of Directors from the end of the vesting period, it being
specified that in the event of death and disability of the
beneficiary, the shares would also be immediately transferable
as from their delivery.




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At the end of the vesting period, the allocation of new free The special report of the Board of Directors on the free share
shares issued by the company may give rise to one or more allocations, issued in accordance with the provisions of Article L.
capital increases. 225‑197‑4 paragraph 1 of the French Commercial Code, reports
on the allocation of free ordinary shares. of the company during
This authorisation, given for a period of 38 months as from the
the fiscal year ended 31 December 2024.
Combined General Meeting of 17 April 2025, would immediately
terminate, for the unused portion, the authorisation granted by
the Combined General Meeting of 21 April 2022.


The table below summarises, as of 31 December 2024, the free shares granted by the Board of Directors with the authorisation of the
Combined General Meeting of 21 April 2022 over the last three years.


2022 2023 2024
Grant to Covivio executive corporate officers / / 55,372 33.34% 71,643 36.53%
Allocation to Group employees 92,095 100% 110,715 66.66% 124,505 63.47%
Total 92,095 100% 166,087 100% 196,148 100%
Number of shares comprising the share capital at the
end of the fiscal year 94,786,096 101,006,389 111,623,468
Authorisation ceiling 1% 1% 1%
Percentage of share capital
(“Burn rate”) 0.10% 0.16% 0.18%
Number of shares at 31 December 2024 445,520(1)
(1) Given the departure of some beneficiaries before the end of the vesting period. The definitive allocation of shares will be made with existing company shares, taken
from the stock of treasury shares allocated for this purpose.




5.2.2.2 Amendments to the Articles of ● delete the last sentence of the first paragraph relating to
the written consultation of the Board of Directors, now
Association (Resolution 29)
governed by the new provisions of Article 15 of the
Resolution 29 proposes that you amend: company’s Articles of Association.
● Article 15 (Notice of meetings and deliberations of the Board ● amend the last three paragraphs of Article 22 (General
of Directors) of the Articles of Association to: Meetings) of the Articles of Association in order to:
● adapt the provisions relating to the participation of harmonise the terms used for the use of telecommunications
Directors in meetings of the Board of Directors by means of as part of the participation of shareholders in the General
telecommunication to the provisions of the new Article L. Meeting, in accordance with the provisions of Article L.
22‑10‑3‑1 of the French Commercial Code created by the 225‑103‑1 of the French Commercial Code in its new wording
Attractiveness Law; resulting from the Attractiveness Act; and
● define, in accordance with the provisions of Article L. 225‑37 update the reference in the tenth paragraph of Article 1316‑4
of the French Commercial Code in its new version resulting of the French Civil Code, which was repealed.
from the Attractiveness Act, the conditions and procedures 5.2.2.3 Powers for formal recording requirements
for written consultation of the Board of Directors currently
authorised by Article 16, 1 of the Articles of Association (Resolution 30)
Resolution 30 is a standard resolution concerning the granting of
● provide for the possibility for Directors to vote by post in
the powers required to make announcements and perform legal
accordance with the provisions of Article L. 225‑37 of the
formalities related to holding the General Meeting.
French Commercial Code in its new version resulting from
the Attractiveness Act. We believe that these transactions, under these conditions, are
a timely measure and we ask you to approve the resolutions to
● amend the first paragraph of Article 16 (Powers of the Board of
be presented to you.
Directors) of the Articles of Association in order, in particular,
to: The Board of Directors
● specify, in accordance with the provisions of Article 1833 of
the French Civil Code, that the Board of Director must act in
accordance with the corporate interest of the company,
and take into consideration the social and environmental
issues of the company's activity; and




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Report from the Board of Directors on corporate governance




5.3 Report from the Board of Directors on corporate
governance
This report, drawn up by the Board of Directors pursuant to the French Commercial Code, the procedure for assessment of the
provisions of Article L. 225‑37, paragraph 6, of the French agreements relating to transactions entered in the ordinary
Commercial Code, provides an account to the shareholders in course of business and on arm’s‑length terms, as well as the
accordance with the provisions of Articles L. 22‑10‑8 to L. 22‑10‑11 ongoing and effective financial delegations and authorisations
and L. 225‑37‑4 of the French Commercial Code, on the for a capital increase. Finally, it presents a description of the
composition of the Board, the conditions for preparing and main features of the internal control and risk management
organising its work as well as the limitations imposed by the systems used in the preparation of financial information.
Board on the powers of the Chief Executive Officer and the
This report has been prepared on the basis of the deliberations
Deputy CEO. This report, which also provides information
of the Board of Directors, taken upon advice/recommendations
regarding the terms of office and functions of the corporate
from its Committees, and assistance has been provided by the
officers, sets out the remuneration policy applicable to them for
Legal (Corporate and M&A) Department and the General
the 2025 fiscal year, as well as the total and individual
Secretariat, who relied in particular on the work carried out and
remuneration paid to each of the corporate officers for the 2024
reports produced by the High Committee on Corporate
fiscal year. It describes the diversity policy applicable to the
members of the Board of Directors (its goals, its conditions of Governance (HCCG) and on the basis of the various
implementation and the results obtained) and describes the recommendations made and reports produced by the French
information on the manner the company implements a balanced Financial Markets Authority (Autorité des Marchés Financiers -
gender representation within the management bodies of the AMF).
company. It provides for the special terms and conditions of It was approved by the Board of Directors on 19 February 2025
shareholder attendance at the General Meeting, the and was subject to a certification by the Statutory Auditors
components likely to have an impact in the event of a public included in their report on the annual financial statements.
offer, the related‑party agreements entered into between a
corporate officer or a shareholder holding more than 10% of The report on corporate governance and the Statutory Auditors’
Covivio’s voting rights and another company over which Covivio report on the annual financial statements were made public
exercises its control within the meaning of Article L. 233‑3 of the when they were published on the company’s website following
the filing of the Universal Registration Document with the AMF.


Governance principles
1. Adherence to the Afep‑Medef Code Thus, in 2024 the Board of Directors continued to adapt its
Internal Regulations, in particular to:
Covivio uses the Afep‑Medef Code as reference framework for
corporate governance. This decision was the subject of a press ● extend the option to Directors to participate by
release published on 29 December 2008. Today, the company telecommunication means in all meetings of the Board of
refers to the Afep‑Medef Code in the version that was updated Directors, regardless of the purpose of the meeting;
and published on 20 December 2022 (the “Afep‑Medef Code”),
● adapt the missions of the Audit Committee and the CSR
which can be consulted on the HCCG website at: https://
Committee to the new obligations relating to the publication
hcge.fr/le‑code‑afep‑medef.
of sustainability information;
Covivio continuously analyses the best practices in corporate
to eliminate from the missions of the CSR Committee the
5
●
governance as consolidated in the Afep‑Medef Code, and is
follow‑up of the commitments made when the company has
committed to applying them, part of a relentless drive to
adopted a purpose; and to
consolidate an open, transparent, efficient and pragmatic
governance, in order to serve the long‑term interests of the ● eliminate from the missions of the Strategic and Investments
company, its shareholders, clients, employees and all of its Committee the annual strategy review, strategy being
stakeholders. reviewed directly by the Board of Directors, notably during the
strategic seminars held every two years. As a result, the Board
On the date of approval of the present report by the Board of
of Directors renamed this Committee the Investments and
Directors, Covivio complies with all principles and
Disposals Committee.
recommendations of the Afep‑Medef Code and has never been
investigated by the HCCG. The full versions of the Articles of Association and of the Board of
Directors’ Internal Regulations as updated, plus the guide on the
Covivio’s corporate governance is also reflected by the
prevention of insider dealing, are available via the company’s
company’s Articles of Association, supplemented by the
website at the following address: https://www.covivio.eu/en/
provisions of the Internal Regulations of the Board of Directors
group/about‑covivio/governance/.
adopted on 31 January 2011 (which also includes the provisions
applicable to its Committees) and which the Board of Directors
will have reviewed on a regular basis to ensure they are adapted
to ongoing legal and regulatory developments in governance
rules and practices.




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2. Balance of powers Independence of the Board of Directors
and effectiveness of the specialised Committees
Separation of the duties of Chairman of the Board
of Directors and Chief Executive Officer The balance of powers within the Board of Directors is based
mainly on its composition, which includes a high proportion of
Since 31 January 2011, Covivio has been organised according to independent Directors in accordance with the Afep‑Medef Code,
a one‑tier Board system, with a Board of Directors which, at its a diversity of backgrounds, skills and experience among its
meeting on the same date, decided to separate the functions of members, and a staggering of the renewal of their terms of
Chairman and Chief Executive Officer. office, thus guaranteeing shareholders and the market that the
This structure, which appears to be the mode of governance Board’s missions are performed with the necessary
best suited to the company’s activity, ensures a clear distinction independence and objectivity.
between the Chairman’s mission, consisting of ensuring the The balance of powers is also ensured by the four specialised
proper functioning of the Board of Directors, and the operational Committees deemed efficient by the Directors for taking the
and executive functions which are the responsibility of General decisions of the Board of Directors. They are mainly composed of
Management. This separation of functions makes it possible to independent members of the Audit Committee, the
strengthen governance and offers a better balance of powers Appointments and Remunerations Committee and the CSR
between, on the one hand, the Board and, on the other hand, Committee.
General Management. The appointment, in 2012, of the Chief
Executive Officer as a Director has allowed him to be involved, in In order to guarantee the balance of powers between the
the same way as the other Directors, in defining and making company’s governing bodies, the Internal Regulations of the
decisions relating to company strategy, which he is responsible Board of Directors organise a meeting without the executive
for implementing. corporate officers being present at least once per year, in
accordance with the recommendations of the Afep‑Medef Code.
Limitation of the powers of General Management
To ensure a balance of powers and harmonious governance, the Procedure to prevent conflicts of interest
company has endeavoured to put in place limits on the powers The Chief Operating Officer closely monitors the application of
of the Chief Executive Officer and the Deputy CEO as decided the system for the prevention of conflicts of interest under the
by the Board of Directors and the Investments and Disposals terms of which each Director has a formal obligation to declare,
Committee, as defined in Article 4.2 of the Internal Regulations of even potential conflicts of interest that may concern him or her
the Board of Directors. and, in any event, refrain from participating in the corresponding
discussions and deliberations.
In addition, General Management is structured around three
Management Committees set up in France, Germany and Italy,
and an Executive Committee at European level, a body for
reflection, consultation and decision‑making on the Group’s
major policies.


5.3.1 Management bodies
5.3.1.1 Composition of General Management
Since 31 January 2011, the company has been under the management of Christophe Kullmann, Chief Executive Officer, with the
assistance, since the same date, of Olivier Estève, Deputy CEO.

Members of the Date of first
General Management Title Nationality appointment Term of office Date of renewal Date term expires
01/01/2015
Chief Executive
Christophe Kullmann French 31/01/2011 4 years 01/01/2019 31/12/2026
Officer (CEO)
01/01/2023
01/01/2015
Olivier Estève Deputy CEO French 31/01/2011 4 years 01/01/2019 31/12/2026
01/01/2023


Upon the recommendation of the Appointments and Note that the role of Christophe Kullmann as a Director allows
Remunerations Committee, the Board of Directors chose not to him to be more directly aligned with the company’s strategy, for
have the terms of office of the Chief Executive Officer and which he is responsible at the same level as the other Directors.
Deputy CEO end on the date of the General Meeting, so that
The provisions relating to the appointment and dismissal of
the Appointments and Remunerations Committee and the Board
members of the Executive Board, as well as the powers granted
of Directors can fully devote itself to the calm discussion of the
to them, are defined in Article 19 of the company’s Articles of
renewal of their terms of office and the remuneration conditions
Association, as set out in Section 6.5.2 below, and are
of the executive corporate officers outside the time of the
supplemented by the provisions of the Rules of Procedure.
General Meeting.




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List of offices held and roles exercised by the company’s executive corporate officers
The information is presented individually for each executive corporate officer in office at 31 December 2024 and includes in particular
the information referred to in point 12.1 of Appendix 1 of delegated Regulation (EU) 2019/980 of 14 March 2019:
● experience and expertise in business management;
● offices and positions held during the 2024 fiscal year
● terms of office expired within the last five years (not including Covivio’s group subsidiaries).



Christophe Kullmann
Age: 59
Nationality: French
Address: 10, rue de Madrid - 75008 Paris
Main functions exercised: Covivio’s Chief Executive Officer
Skills and expertise:

Biography
(1) (2) (3) (4) (5) (6)
Christophe Kullmann has spent his
whole career in the real estate
industry. He was in charge of
financial management at Offices held within Covivio: Other offices held within the Covivio group:
Immobilière Batibail, a publicly
Chief Executive Officer (CEO) Chairman of the Supervisory Board: Covivio Hotels SCA
traded REIT, from 1992 until its merger
in 1999 with Gecina, where he (public company), Covivio Immobilien SE (European
Date of appointment: 31 January 2011 company incorporated under German law)
oversaw its financial management.
At the helm of Covivio since its Date of renewal: 1 January 2015 – 1 January 2019 Legal representative of Covivio, Chairman: Technical SAS, 6
creation in 2001, Christophe – 1 January 2023 Rue Fructidor SAS, Fédération des Assurances Covivio SAS
Kullmann serves as Chief Executive Expiry year of term of office: 31 December 2026 (since 05/02/2024)
Officer and is a member of the
Legal representative of Covivio, Manager: SCI Latécoère,
Board of Directors. Director
SCI Latécoère 2, SCI Lenovilla, SCI Meudon Saulnier, SCI du
Founding member of the Fondation Date of appointment: 25 April 2012 15 rue des Cuirassiers, SCI du 9 rue des Cuirassiers, SCI N2
Palladio with Covivio, he is also Batignolles, SCCV Bobigny le 9e Art, Chartres Avenue de
Date of renewal: 27 April 2016 – 22 April 2020 – 17
Honorary Chairman of the Sully SCCV , SCI Meudon Juin, Telimob Paris SNC (since
April 2024
Fédération des Entreprises 11/05/2024), Telimob Nord SNC (since 11/05/2024), Telimob
Immobilières, (the Federation of Real Expiry of term of office: General Meeting of 2028 Rhone Alpes SNC (since 11/05/2024), Telimob Sud Ouest
Estate Companies, formerly the FSIF). approving the annual financial statements for the SNC (since 11/05/2024)
fiscal year ending 31 December 2027
Legal representative of Covivio, Co‑Manager:
Number of shares held as at 31 December 2024: Fontenay‑Sous‑Bois Rabelais SCCV, SNC Cœur d’Orly
230,478 (plus beneficial ownership rights to 12,000 Promotion, SCCV Rueil Lesseps (since 12/07/2024)
additional shares whose bare ownership was
transferred) Offices held outside the Covivio group:
Honorary Chairman: FEI (Fédération des Entreprises
Immobilières - Trade association)
Director: IEIF (Institut de l’Épargne Immobilière et Foncière -
Association)
Representing Covivio, member of the Executive Committee:
Palladio Foundation 5
Terms of offices expired in the last 5 years:
Chairman of the Bursary Awards Committee: Palladio
Foundation (ended 2023)




(1) Real estate/Hotel
(2) Bank/Finance
(3) Environment/CSR
(4) Strategy and M&A
(5) International experience
(6) International experience


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Olivier Estève
Age: 60
Nationality: French
Address: 10, rue de Madrid - 75008 Paris
Main function: Deputy CEO of Covivio


Offices held within Covivio: Other offices held within the Covivio group:
Biography Chairman: Covivio 2 SAS, Société du Parc Trinité
Deputy CEO
Olivier Estève is a graduate of d’Estienne d’Orves SAS, Hotels N2 SAS
École Spéciale des Travaux Publics Date of appointment: 31 January 2011
Chairman of the Board of Directors: Central Società Di
(ESTP). After a 12‑year career in the Date of renewal: 1 January 2015 – 1 January 2019 – 1 Investimento Per Azioni A Capitale Fisso (Central Sicaf
Bouygues Group (1990‑2001), January 2023 S.p.A - company under Italian law)
where in particular he served as
Director of Development in the Expiry year of term of office: 31 December 2026 Member of the Supervisory Board: Covivio Hotels SCA
SCREG Bâtiment subsidiary, he Number of shares held on 31 December 2024: 130,781 (public company)
joined Covivio in September 2002. Vice‑Chairman of the Supervisory Board: Covivio
After having been Real Estate Immobilien SE (European company incorporated under
Manager, he now oversees all of German law)
Covivio’s Development activities, Manager: SCI Terres Neuves, SCI Rue de la Louisiane,
Marketing, UX Design, and Wellio Covivio Ravinelle SARL, Covivio 4 EURL, Covivio 7 EURL,
development. BGA Transaction SARL, Foncière Margaux SARL, SARL du
Olivier Estève has been Deputy 106‑110 rue des Troènes, Imefa 127 SCI, SCI Atlantis, SNC
CEO of Covivio since 2011. Palmer Plage, SCI Dual Center, Latepromo SNC, Covivio
Participations EURL, SCI Avenue de la Marne, Omega B
SARL, SCI Rueil B2, Wellio SNC, SNC Bordeaux Lac, SNC
Gambetta Le Raincy, SCI du 21 rue Jean Goujon, SNC
Villouvette Saint Germain, SNC Normandie Niemen
Bobigny, SCI Cité Numérique, SCI Danton Malakoff, SNC
Meudon Bellevue, SNC Valence Victor Hugo, SNC
Nantes Talensac, SNC Marignane St Pierre, Fructipromo
SNC, SNC André Lavignolle, Covivio Alexanderplatz
S.à.r.l. (company under Luxembourg law), SNC Saint
Germain Hennemont, SNC Antony Avenue de Gaulle,
SNC Aix en Provence Cezanne, SNC Boulogne Jean
Bouveri
Co‑Manager: SCI Euromarseille 1, SCI Euromarseille 2,
Euromarseille Invest EURL
Legal representative of Foncière Margaux, General
Manager: SCI du 3 Place A. Chaussy, SCI du 10 bis and
11 à 13 Allée des Tanneurs, SCI du 20 Avenue Victor
Hugo, SCI du 32 Avenue P. Grenier, SCI du 40 rue
Jean‑Jacques Rousseau, SCI du 125 Avenue du
Brancolar
Legal representative of SCI Euromarseille 1, General
Manager: SCI Euromarseille BI
Legal representative of SCI Euromarseille 2, General
Manager: SCI Euromarseille PK, SCI Euromarseille H
Legal representative of Covivio, Manager: SCI
Latécoère, SCI Latécoère 2, SCI Lenovilla, SCI Meudon
Saulnier, SCI du 15 rue des Cuirassiers, SCI du 9 rue des
Cuirassiers, SCI N2 Batignolles, SCCV Bobigny le 9e Art,
Chartres Avenue de Sully SCCV , SCI Meudon Juin,
Telimob Paris SNC (since 11/05/2024), Telimob Nord SNC
(since 11/05/2024), Telimob Rhone Alpes SNC (since
11/05/2024), Telimob Sud Ouest SNC (since 11/05/2024)
Legal representative of Covivio, Co‑Manager:
Fontenay‑Sous‑Bois Rabelais SCCV, SNC Cœur d’Orly
Promotion, SCCV Rueil Lesseps (since 12/07/2024)
Legal representative of Covivio 2, General Manager:
SCI Cœur d’Orly Bureaux
Legal representative of Covivio, Chairman: Technical
SAS, 6 rue Fructidor SAS, Fédération des Assurances
Covivio SAS (since 05/02/2024)
Member of the Partnership Committee: Hotel N2, SCI
Latécoère, SCI Lenovilla, SCI Latécoère 2, SCI du 9 rue
des Cuirassiers, SCI du 15 rue des Cuirassiers, SCI N2
Batignolles, SNC N2 Promotion, SCI Euromarseille 1, SCI
Euromarseille 2

Offices held outside the Covivio group:
Chairman: Le Club de l’Immobilier (since 17/12/2024 -
Association)

Terms of offices expired in the last 5 years:
None.



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5.3.1.2 Powers of the Chief Executive Officer and the Deputy CEO and their limitations
The Chief Executive Officer is fully empowered to act in any between €30 million and €100 million (Group Share) inclusive,
situation on behalf of the company. He or she exercises these with the exception of intra‑group transactions.
powers within the limits of the company object and subject to
The prior authorisation of the Board of Directors is required after
the powers granted expressly by law and the Articles of
consulting the Investments and Disposals Committee concerning
Association to General Meetings of Shareholders and the Board
adoption of the following decisions:
of Directors. The Chief Executive Officer represents the company
in its relationships with third parties. ● any investment made directly by the company or through a
fully consolidated subsidiary, when the total amount of the
In agreement with the Chief Executive Officer, the Board of
investment, plus any liabilities attached to the assets in
Directors will determine the scope and duration of the powers
question, is greater than €100 million (Group Share);
granted to the Deputy CEO. With respect to third parties, the
Deputy CEO has the same powers to represent and commit the ● any sale by the company or through a fully consolidated
company as the Chief Executive Officer. subsidiary, with the exception of companies whose shares are
listed for trading on a regulated market, of any business
The powers of the Chief Executive Officer and the Deputy CEO
division, any investment in any company or any assets,
are limited by the provisions of Article 4.2 of the Internal
whenever the total amount of the corresponding
Regulations of the Board of Directors.
disinvestment, plus any liabilities attached and transferred, is
Each year, the Board of Directors sets an overall amount within greater than €100 million (with the exception of intra‑group
which the Chief Executive Officer may guarantee commitments transactions).
on behalf of the company made by a third party other than a
In addition, the prior authorisation of the Board of Directors is
controlled company in the form of sureties, endorsements or
required for adoption of the following decisions:
guarantees, and/or an amount beyond which each of the
above commitments cannot be made. Any exceeding of the ● approval of the annual budget and the strategic business
overall ceiling or the maximum amount set for a commitment plan and any subsequent significant amendments to them;
must be subject to a special authorisation by the Board. In
addition, the authorisations of guarantees of commitments in ● incurrence of debt or the assumption of liabilities whenever, in
the name of the company taken on behalf of controlled each case, the total amount (Group Share) exceeds €100
companies within the meaning of Article L. 233‑16, II of the French million (except for intra‑group transactions), in the
Commercial Code or granted to the tax and customs authorities understanding that the Chief Executive Officer is authorised to
are delegated by the Board of Directors to the Chief Executive conclude financing transactions for less than that amount and
Officer without limit of amount. may also sign the related sureties;

The following decisions cannot be made without approval from ● the issue of bonds, regardless of the amount, in accordance
the Investments and Disposals Committee: with Article L. 228‑40 of the French Commercial Code;

● any investment made directly by the company or through a ● signature of contracts for any merger, divestment or
fully consolidated subsidiary, when the total amount of the contribution of assets, except for intra‑group transactions, or if
investment, plus any liabilities attached to the assets in the transactions have been approved by the said Committee
question, is between €30 million and €100 million (Group and/or the Board;
Share); ● acceptance by an executive corporate officer of the
● any sale by the company or through a fully consolidated company of a new Directorship in a non‑group company,
subsidiary, with the exception of companies whose shares are listed on a French or foreign regulated market.
listed for trading on a regulated market, of any business The decisions described in this section are made by a simple
division, any investment in any company or any assets, majority vote of the Board.
whenever the total amount of the corresponding
disinvestment, plus any liabilities attached and transferred, is In accordance with the relevant legal provisions, these 5
limitations are not binding on third parties.




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5.3.1.3 Investment in the equity by General Management
Transactions carried out by members of General Management in Covivio shares during the 2024 fiscal year
Acquisitions of financial Sale of financial Number of shares at 31/12/2024
General Management members instruments Price (in €) instruments Price (in €) (to the company’s knowledge)
28,909 shares(1) -
Christophe Kullmann 13,103 shares(2) 38.61 - - 230,478(3)
People associated with Christophe
Kullmann 462 shares 38.61 - - 5,879
12,433 shares(1) -
Olivier Estève 10,245 shares(2) 38.61 - - 130,781
TOTAL 367,138
(1) Final allocation of performance shares.
(2) Subscription to the payment of the dividend in new shares.
(3) Fully owned shares to which 12,000 beneficially owned shares are added from a bare ownership transfer.



To the company’s knowledge, the executive corporate officers held 0.33% of the share capital on 31 December 2024.
Subsequent to the end of the fiscal year:
● Christophe Kullmann wholly owns 259,959 shares after the final allocation of 25,465 performance shares and 4,016 free shares
delivered on 24 February 2025;
● Olivier Estève owns 144,553 shares after the final allocation of 10,953 performance shares and 2,819 free shares delivered on 24
February 2025.




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5.3.1.4 Role of the Executive Committee and Management Committees in General Management
The Committees, and especially the Executive Committee, are transaction or an important decision affecting the general
central to General Management, especially in Europe. approach of the company or group must be considered or
taken. In particular, it is consulted for each major decision or
The Executive Committee, which is at the heart of the corporate
transaction concerning asset rotation policy, monitoring of
governance system, is a forum for reflection, consultation and
subsidiaries and holdings, and financial policies. It also deals
decision‑making on the Group’s major strategies. Composed of
with matters relating to organisation, tools, etc. It validates all
representatives of all of the Group’s “country” and “product”
investment and disposal files whose value exceeds €5 million. In
activities, as well as various corporate functions, it is in charge of
addition, its members are in charge of implementing the CSR
implementing the strategy defined by the Board of Directors,
objectives of the Group determined by the Board of Directors
monitoring transnational and cross‑functional projects, and
within their particular area of responsibility in coordination with
coordinating European activities. It aims at ensuring
the Sustainable Development Department.
coordination and consultation between its members whenever a


Composition of the Executive Committee at 31 December 2024

Executive Committee: 12 members
Marjolaine Alquier
Christophe Kullmann de l’Epine
Olivier Estève Risk, Compliance,
Chief Executive Deputy CEO Internal Audit and Average age: 48
Officer (CEO) Control Department
Director < 40: 25%
40 to 50: 17%
Paul Arkwright
Alexei Dal Pastro
Daniel Frey
> 50: 58%
Chief Executive Officer
Chief Financial Officer Italy and Germany Germany CEO
Offices


Laurie Goudallier
Erwan Garrec Head of Information Yves Marque
Strategy and Systems and Chief Operating
M&A Director Transformation Officer



Barbara Pivetta
33% 67%
Tugdual Millet Marielle Seegmuller
Chief Financial Chief Operating women men
Hotels CEO Officer Italy & Group France Officer
Chief Risk Officer




The Executive Committee is supported by Management The diversity of these bodies, in terms of gender, nationality, age,
Committees set up in France, Germany and Italy, in charge of (i) experience and skills, equips it to support the Group’s strategic
monitoring operations, (ii) implementing the budget (finance, challenges in the different markets in which the Group operates.
asset management, portfolio) and (iii) corporate matters.



5




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5.3.1.5 Policy on diversity in management bodies In November 2023, the Board of Directors approved a proposal
by the Appointments and Remunerations Committee that some
We are resolutely committed to countering discrimination and performance objectives resulting in the allocation of free
fostering diversity. We have a non‑discrimination and diversity performance shares to executive corporate officers should be
policy to promote balanced representation of women and men linked to the number of women in management positions every
in the company’s governing bodies. other year, alternating with the criterion of employee
Covivio was a signatory to the Diversity Charter in 2010 and the engagement. As such, the Board set a target based on an index
Global Compact in 2011. Its General Management is convinced incorporating:
that diversity, i.e. the variety of human profiles, is a factor for the proportion of women on the Executive Committee;
●
innovation, performance and quality of life within the company.
The Human Resources Department is determined to diversify the ● the proportion of women on country Management
talent profiles that support the Group’s growth. Covivio also Committees;
encourages more women in management and guarantees
● the proportion of women who are managers;
women employment conditions equivalent to those of men, in
particular by establishing pay gap analyses within the same ● the equality index published annually.
business line, in conjunction with employee representative
bodies, and correcting, if necessary, any discrepancy not In addition, on the proposal of General Management, and after
justified by objective evidence. review by the Appointments and Remunerations Committee, the
Board of Directors of Covivio set, at its meeting of 16 December
The breakdown of the female headcount in France is slightly up: 2020, the objective of gradually increasing the proportion of
58.7% at the end of 2024 compared with 57.8% at the end of women on the Executive Committee, to 40% or more by 2023. To
2023. In managerial roles, there was equal representation: 50% of date, this target has not been achieved: the proportion of
managers were women at 31 December 2024, compared to women on the Executive Committee is 33%. However, the target
49.4% at the end of 2023. of 40% is maintained. Similarly, the Board has set the objective of
increasing the average proportion of women in the three
At the end of 2024, the proportion of women on Covivio’s
national Management Committees (France, Germany and Italy)
Executive Committee was 33%. The share in the Italy
to 40% by 2023. This objective has been achieved, with an
Management Committee was stable at 50%, fell slightly in
average of 40% at the end of 2024.
France to 46%, and in Germany was 25% at the end of 2024. The
percentage of women in the top 10% most senior positions was Lastly, in order to promote the balanced representation of
44%. women and men within the General Management and pursuant
to the provisions of Article L. 225‑53 of the French Commercial
Covivio’s General Management promotes an environment
Code, the Internal Regulations of the Board of Directors ensure
conducive to gender parity at all levels of the Group, notably
that at least one person of each gender is among the
through the following methods:
candidates throughout the selection process for the Deputy
● strengthen gender balance in recruitment; CEOs.
● ensure equal opportunities in career paths, in particular 5.3.1.6 Succession plans
through mentoring programmes for women;
The Appointments and Remunerations Committee is responsible
● guarantee equal pay for men and women in the same job, for for overseeing the establishment of succession plans for
the same level of skills, responsibilities and results; executive corporate officers and current or future members of
the Executive Committee. As such, it conducts regular reviews of
● guarantee equality in terms of professional development and
the management team and a talent review to build the
salary in the event of a career break in the context of
succession plan for key positions at Group level. For several
parental, maternity or adoption leave.
years, it has also ensured, through specific free performance
In 2017, Covivio launched the ex aequo programme with the share plans, the retention of potential candidates identified for
objective of fostering the promotion of women within the Group. access to management positions.
It consists of two main components:
Succession plans pertaining to short- or medium‑term end dates
● raising employee awareness about gender equality through (unexpected succession in the event of resignation, inability,
surveys and information meetings; death) and long‑term end dates (planned succession in the
event of retirement, expiry of term of office). They were reviewed
● a mentoring programme designed to support and guide twice in 2022, in June and October.
women who wish to receive guidance on their professional
career and benefit from the support of a mentor who is a Following Jean Laurent’s resignation from his term of office as
member of the European Management team. Chairman of the Board, the Board of Directors proceeded to
appoint his replacement, Jean‑Luc Biamonti, in accordance with
the provisions of succession plans for non‑executive corporate
officers, the relevance of which could be measured during the
latest formal evaluation of the operations of the Board and its
Committees, performed at the end of 2022.
During the 2023 fiscal year, the Appointments and
Remunerations Committee, in conjunction with the Chief
Executive Officer, once again reviewed the succession plan for
the Chief Executive Officer and the Deputy CEO, with a short-
and medium‑term perspective.




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5.3.2 Board of Directors
5.3.2.1 Composition of the Board of Directors in 2024
A diverse Board of Directors comprising complementary areas of skill and expertise and deemed efficient for the relevant
administration of the company



Board of Director
14 members




50%
Independant
Directors 57% 43%


5 nationalities 29%
internationalisation
rate


6 98%
meetings attendance




4 specialised committees
Appointments
Audit and Strategic CSR
Committee remunerations and Investments Committee
committee Committee

i i i i




3 meetings 2 meetings 3 meetings 2 meetings 5


92% 100% 94% 100%
attendance attendance attendance attendance




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The table below summarises the composition of the Board of Directors and of the Committees as of 31 December 2024.


Personal information (at 31 December 2024) Experience




Number of
Directorships in
public companies
Number of shares held outside the Covivio
Title Age Gender Nationality at 31 December 2024 Main position held group


Chairman of the Board
of Directors and Chairman of the Strategy
Jean‑Luc Biamonti Director 71 2,506 Committee of Calcium Capital 1
Chief Executive Officer of Delfin
Romolo Bardin Director 46 31,642 S.à.r.l. 1
ACM Vie Legal entity Physical person
represented by Director of Investments and Risk
Catherine Jean‑Louis Director 49 8,165,592 0 Management at ACM 0
Covéa Coopérations Legal entity Physical person
represented by Olivier Chief Investment Officer at
Le Borgne Director 58 682(3) 0 Covéa 0
Senior Advisor and Independent
Christian Delaire Director 57 829 Director 2
Delfin S.à.r.l.
represented by Legal entity Physical person
Giovanni Chairman and member of the
Giallombardo Director 69 0(4) 28,863 Board of Directors of Luxair SA 0

Chief Executive Officer
Christophe Kullmann and Director 59 230,478(5) Covivio Chief Executive Officer 0
Alix d’Ocagne Director 55 200 Chairwoman of DOCK75 0
CEO of shared Platforms at
Sylvie Ouziel Director 54 8,085 Publicis Group 0
Olivier Piani Director 70 701 Chairman of OP Conseils 1
Legal entity Physical person Deputy CEO of Crédit Agricole
Predica represented SA in charge of Steering and
by Jérôme Grivet Director 62 8,647,844(6) 0 Control 1

Patricia Savin Director 58 205 Partner at DS Avocats 0
Member of the Executive
Committee of the Bertelsmann
Daniela Schwarzer Director 51 800 Foundation 1

Catherine Soubie Director 59 743 Chief Executive Officer of Arfilia 2




(1) The data is expressed in number of years and months from the date of 1st appointment of physical persons.
(2) This duration takes into account seniority within the company.
(3) It being specified that the Covéa group holds 8,394,824 shares.
(4) It being specified that the Delfin group holds 31,283,062 shares.
(5) To which 12,000 beneficially‑owned shares are added following a bare ownership transfer.
(6) It being specified that Groupe Crédit Agricole Assurances holds 9,055,247 shares.




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Position on the Board Participation in Board Committees Remuneration
Number of Number of
meetings of the meetings of the
Number of Appointments Investments and Number of
Number of Board Audit and Disposals meetings of
of Directors Committee Remunerations Committee the CSR
meetings meetings Committee et Cessions Committee
6 3 2 3 2
Attendance at
Seniority on Appointments Attendance at
the Board at Attendance at Attendance at and Investments and Gross amount
Date of first the end of meetings of the Audit Remunerations Disposals Attendance of Directors'
appointment to the Year term of the fiscal Board of Committee Committee Committee at the CSR remuneration
Independence Board of Directors Date of renewal office ends year(1) Directors meetings meetings meetings Committee (in €)
17/04/2015
26/04/2017
20/04/2021
X 31/01/2011 20/04/2023 2027 13.11 100% / / 100% 100% /
19/04/2018
(2)
X 17/04/2015 21/04/2022 2026 16.7 100% 100% / 100% / 61,000
17/04/2015
19/04/2018
X 31/01/2011 21/04/2022 2026 0.8 100% / / 100% / 44,926

17/04/2019
X 17/02/2016 20/04/2023 2027 4.1 100% / / 100% / 44,000

√ 17/04/2019 20/04/2023 2027 5.8 100% 100% / / 100% 75,000




X 21/07/2022 20/04/2023 2027 2.5 83% / / / / 28,000
27/04/2016
22/04/2020
X 25/04/2012 17/04/2024 2028 12.8 100% / / / / /
√ 13/02/2020 21/04/2022 2026 4.10 100% / / / 100% 55,000
26/04/2017
√ 24/04/2013 20/04/2021 2025 11.8 100% 100% / / / 47,000
√ 17/04/2019 20/04/2023 2027 5.8 100% / 100% 100% / 64,000
17/04/2015
26/04/2017
X 31/01/2011 20/04/2021 2025 13.11 100% / 100% 67% / 50,000
22/04/2020
√ 27/04/2016 17/04/2024 2028 8.8 100% / / / 100% 42,000


√ 21/04/2022 / 2026 2.8 83% / / / 100% 39,000
22/04/2020
√ 27/04/2016 17/04/2024 2028 8.8 100% 67% 100% / / 65,000

Attendance Attendance Average Average Average
rate: rate: attendance attendance rate: attendance Total amount:

5
98% 92% rate: 100% 94% rate: 100% €614,926




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5.3.2.1.1 Changes in the composition of the Board of Directors and Committees in 2024
During 2024, the composition of the Board of Directors was On 23 April 2024, Catherine Jean‑Louis was appointed as the
maintained at 14 members. new permanent representative of ACM Vie on the Board of
Directors, replacing Stéphanie de Kerdrel.
The term of office as Director of Christophe Kullmann as well as
the terms of office of Catherine Soubie and Patricia Savin as
independent Directors were renewed for a period of four years
by the Combined General Meeting of 17 April 2024. Their terms of
office on the various committees was also renewed as of this
date by the Board of Directors.


The changes to the composition of all governance bodies are summarised below.

Governance body Date Departure Appointment/Coopting Renewal
Christophe Kullmann
Patricia Savin
)
17 April 2024 Catherine Soubie
Board of Directors 23 April 2024 Stéphanie de Kerdrel(1) Catherine Jean‑Louis(1) /
Audit Committee 17 April 2024 / / Catherine Soubie
Appointments and
Remunerations
Committee 17 April 2024 / / Catherine Soubie
Investments and
Disposals Committee 23 April 2024 Stéphanie de Kerdrel Catherine Jean‑Louis /
CSR Committee 17 April 2024 / Patricia Savin
23 April 2024 Stéphanie de Kerdrel / /
(1) Permanent representative of ACM Vie.




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Summary of the composition of governance bodies in 2024
Percentage of
Number of members Independence rate Percentage of women internationalisation Average age
2023 2024 2023 2024 2023 2024 2023 2024 2023 2024
Board of Directors 14 14 50% 50% 43% 43% 29% 29% 57 years 58 years
Audit Committee 4 4 75% 75% 50% 50% 25% 25% 53 years 54 years
Appointments and
Remunerations
Committee 3 3 67% 67% 33% 33% 0% 0% 62 years 63 years
Investments and
Disposals Committee 6 6 17% 17% 17% 17% 33% 33% 58 years 59 years
CSR Committee 6 5 67% 80% 67% 60% 33% 40% 56 years 58 years



5.3.2.1.2 Changes in the proposed composition of the Board of Directors for the 2025 fiscal year
The expiry of the Directorship of Predica in April 2025, as well as ● the renewal of the term of office as Director of Predica for a
the term of office of Independent Director Sylvie Ouziel led the period of four years expiring at the end of the General
Appointments and Remunerations Committee to examine Shareholders' Meeting called in 2029 to approve the financial
changes in the composition of the Board of Directors. statements for the fiscal year ended 31 December 2028.
Subject to the approval of Resolution 13, Predica will continue
As Sylvie Ouziel will reach the limit of 12 years of service in April
to be represented on the Board of Directors by Jérôme Grivet.
2025, entailing the loss of independence with regard to the
He will continue to make an active contribution to the work of
criteria adopted by the Afep‑Medef Code, the Board of Directors
the Board, in particular through his expertise in strategy and
initiated a process of recruiting a new independent Director in
finance, and his experience in listed companies. Over the four
2024. This was overseen by the Appointments and
years of his term of office as Director of Predica, Jérôme
Remunerations Committee under the aegis of its Chairwoman, in
Grivet’s attendance was 91%.
accordance with the procedure for selecting new independent
Directors defined by the Board of Directors’ Internal Rules and ● the appointment of Micaela Le Divelec as independent
presented in Section 5.3.2.2.4.3 below. Director, for a period of four years expiring at the end of the
General Shareholders' Meeting called in 2029 to approve the
In accordance with the recommendations of Article 7.2 of the
financial statements for the year ended 31 December 2028.
Afep‑Medef Code, after considering the desirable balance of its
Micaela Le Divelec will provide the Board of Directors with her
composition and that of its Committees, the Board of Directors,
solid expertise in finance and her in‑depth knowledge of the
at its meeting of 19 February 2025 and recommendation of the
Italian market.
Appointments and Remunerations Committee, decided to
submit for the approval of the Combined General Meeting called
for 17 April 2025:




5




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Identity profile of Micaela Le Divelec, whose appointment is subject to the approval of the Combined General Meeting of 17
April 2025

Micaela Le Divelec
Age: 56
Nationality: Italian
Business address: Via Ubaldino Peruzzi 160, 50012 Bagno a Ripoli, Italy
Main function exercised: Independent strategic advisor
Skills and expertise:

Biography:
A graduate in economics and
business management, Micaela Le Offices held within Covivio: N/A Other offices held within the Covivio group:
Divelec began her career as an
Number of shares held: 90 None
auditor at Ernst & Young before
joining the Gucci group, where she Offices held outside the Covivio group:
held various positions for 20 years,
including those of Chief Financial Member of the Supervisory Board, member of the Audit
Officer, Chief Corporate Operations Committee and member of the Related Parties Committee:
Officer, Chief Consumer Officer and Porsche AG
Executive Vice‑President. After joining Director, member of the Audit Committee: De’Longhi S.p.A.
the Salvatore Ferragamo Group
Director: Fondazione CRF, Fondazione Ecole 42 Firenze
in 2018 as Chief Executive Officer
and then Chairwoman and Chief Terms of offices expired in the last 5 years:
Executive Officer, from 2021 she
devoted herself to supporting Chairwoman and Chief Executive Officer: Ferragamo Spa
innovative start‑ups as an investor (ending in 2021)
and advisor, then in 2023 founded Director: Benetton (ending in 2024), Aeroporti di Roma
Ethicarei, a platform dedicated to (ending in 2023), Pitti Immagine Srl (ending in 2022)
social sourcing in luxury goods. She
is also a member of the Supervisory
Board of Porsche AG and a director
of De’Longhi S.p.A.




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Impacts of changes in the composition of the Board of Directors subject to approval by the Combined General Meeting of 17
April 2025 of the reappointment of Predica as Director and their nomination of Micaela Le Divelec.



14 43% 50% 58 ans 36%
independence
members women of members Average age Internationalisation rate




Jean-Luc Biamonti Christophe Kullmann Romolo Bardin Christian Delaire Giovanni Giallombardo
Président du Conseil Chief Executive Director Independent Director Permanent representative
d’Administration Officer and Director of Delfin SARL
Director




Jérôme Grivet Catherine Jean-Louis Olivier Le Borgne Micaela Le Divelec Alix d’Ocagne
Permanent representative Permanent representative Permanent representative Independent Director Independent Director
of Predica of ACM Vie of Covéa Coopérations
Director Director Director




5
Olivier Piani Patricia Savin Daniela Schwarzer Catherine Soubie
Independent Director Independent Director Independent Director Independent Director




5.3.2.1.3 Backgrounds, experience and expertise of non‑executive corporate officers
The Appointments and Remunerations Committee regularly members, the desired balance in the skills and expertise that it
considers the needs of the Board of Directors in terms of skills deems necessary for the proper management of the Board. The
and expertise. Directors are complementary due to their different professional
experiences. Their individual skills and expertise cover the
The renewal of the terms of office of Directors which expired in
following areas related to Covivio’s strategy:
2024 has enabled the Board of Directors to maintain, with its 14




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14 100%


12 86%
79% 79%
10 71%
64%
8

6

4

2

0

Real estate/ Bank/Finance Environment/ Strategy Experience in International
Hotel CSR and M&A public companies experience




Presentation of the individual skills and expertise of the Directors
Banking/ Environment/ Strategy/ International International
Real Estate/Hotels Finance CSR M&A experience experience
Jean‑Luc Biamonti √ √ √ √ √ √
Romolo Bardin √ √ √ √ √
Christian Delaire √ √ √ √ √ √
Giovanni
Giallombardo √ √ √ √ √ √
Stéphanie de Kerdrel √ √ √ √ √
Catherine Jean‑Louis √ √ √ √
Christophe Kullmann √ √ √ √ √ √
Olivier Le Borgne √ √ √ √
Alix d’Ocagne √ √ √ √
Sylvie Ouziel √ √ √ √
Olivier Piani √ √ √ √ √
Patricia Savin √ √ √
Daniela Schwarzer √ √ √ √ √
Catherine Soubie √ √ √ √

√ Highly developed skills and expertise


In response to the Directors' desire to further internationalise the Board of Directors, particularly in view of the geographical exposure
of the company’s activities, the skills and expertise deemed necessary for the relevant administration of the company will be
strengthened in 2025 with the appointment. Micaela Le Divelec as independent Director. By bringing her solid expertise in finance and
her in‑depth knowledge of the Italian market, she will contribute to maintaining the highest standards of commitment, independence
and competence of the Board of Directors.

Real estate/ Banking/ Environment/ Strategy/ International International
Hotel real estate Finance CSR M&A experience experience
Micaela Le Divelec √ √ √ √ √ √


List of offices and positions held by non‑executive Directors
The information is presented individually for each Director in office at 31 December 2024 (1) and includes in particular that referred to in
point 12.1 of Annex 1 to delegated Regulation (EU) 2019/980 of 14 March 2019:
● experience and expertise in business management;
● offices and positions held during the 2024 fiscal year
● terms of office expired within the last five years.




(1) Those relating to Christophe Kullmann, Chief Executive Officer and Director of Covivio, are set out in Section 5.3.1.1 above.
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Jean‑Luc Biamonti
Age: 71
Nationality: Monegasque
Professional address: 18, avenue de Grande Bretagne, MC 98000 Monaco, Principality of Monaco
Main function exercised: Chairman of the Strategy Committee of Calcium Capital
Skills and expertise:

Biography
(1) (2) (3) (4) (5) (6)
Holder of an MBA from Columbia
University and a graduate of ESSEC,
Jean‑Luc Biamonti joined Goldman
Sachs as an investment banker and Offices held within Covivio: Other offices held within the Covivio group:
held various offices there for 16 years.
Chairman of the Board of Directors None.
As a partner in the firm, he was
responsible for banking business in
(since 21 July 2022) Offices held outside the Covivio group:
France and for coverage of the Director Chairman of the Strategy Committee: Calcium Capital SAS
distribution and mass‑market
consumer goods industry in Europe. Member of the Investments and Disposals Lead Director and Chairman of the Audit and Risk
Committee: EssilorLuxottica SA (public company)
After having left the bank in 2008, he Committee
founded Calcium Capital and Terms of offices expired in the last 5 years:
developed an SME investment Member of the CSR Committee
Director, Chairman of the Board of Directors and Deputy
business via this group. Date of appointment: 31 January 2011
Chairman: Société des Bains de Mer Monaco SA (S.B.M. -
Until January 2023, he was Deputy Date of renewal: 17 April 2015 – 26 April 2017 – 20 foreign public company - ended 2023)
Chairman of Société des Bains de April 2021 - 20 April 2023
Director: MC Financial Company (ended 2023)
Mer Monaco, where he was a
Expiry of term of office: General Meeting of 2027
Director since 1985 and Chairman of Chairman: S. B. M. USA Inc. (ended 2023)
approving the annual financial statements for the
the Board of Directors since 1995. Permanent representative of S. B. M., Director and Deputy
fiscal year ending 31 December 2026
Jean‑Luc Biamonti is Chairman of Chairman: S. H. L (ended 2023)
Number of shares held on 31 December 2024:
the Audit and Risk Committee of Manager: MC SBM International S.à.r.l (ended 2023)
2,506
EssilorLuxottica and Lead Director
since 22 February 2023. Chairman of the Appointments and Remunerations
Committee: Covivio (public company - term ended in 2022)
Chairman of the Board Committee: Betclic Everest Group
(term ended in 2022)




ACM Vie
Strasbourg Trade and Companies Register 332 377 597
4, rue Frédéric‑Guillaume Raiffeisen, 67000 Strasbourg


Offices held within Covivio: Other offices held within the Covivio group:
Director Member of the Supervisory Board: Covivio Hotels SCA (public
company)
Date of appointment: 31 January 2011
Offices held outside the Covivio group:
Date of renewal: 17 April 2015 – 19 April 2018 – 21 April 2022
Expiry of term of office: General Meeting of 2026 approving the
Director: Sérénis Assurances SA, ACM GIE, ACM Services SA, Foncière 5
Massena SA, Agrupacio AMCI de Seguros y Reaseguros SA, GACM
annual financial statements for the fiscal year ended 31 December
Seguros Generales, Compañía de Seguros y Reaseguros SAU
2025
(formerly AMGEN Seguros Generales SAU), GACM España SA,
Number of shares held on 31 December 2024: 8,165,592 Valinvest Gestion
Member of the Supervisory Board: SCPI CMCIC Pierre Investissement,
SCPI Crédit Mutuel Pierre 1, SCPI Selectpierre 1, SCPI Logipierre 1, SCPI
Logipierre 3

Terms of offices expired in the last 5 years:
None.




(1) Real estate/Hotel
(2) Bank/Finance
(3) Environment/CSR
(4) Strategy and M&A
(5) International experience
(6) International experience
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Catherine Jean‑Louis
Age: 49
Nationality: French
Professional address: 42 rue des Mathurins, 75008 Paris
Main function exercised: Head of Investments and Risk Management at ACM
Skills and expertise:

Biography
Catherine Jean‑Louis is a graduate
of the National School of Statistics Offices held within Covivio: Other offices held within the Covivio group:
and Economic Administration and a
Permanent representative of ACM Vie, Director None.
member of the Institut des Actuaries.
She began her career at Assurances Member of the Investments and Disposals Offices held outside the Covivio group:
du Crédit Mutuel as an actuary and Committee Chief Executive Officer: Assurances du Crédit Mutuel
was then appointed Head of ALM Vie
and then Chief Risk Officer in 2016. Date of appointment: 23 April 2024
Manager: SCI ACM, Société Civile ACM Capital
She became Chief Investment and Expiry of term of office: General Meeting of 2026
Risk Officer in 2024. approving the annual financial statements for the fiscal Terms of offices expired in the last 5 years:
year ended 31 December 2025
None.
Number of shares held on 31 December 2024: None




Romolo Bardin
Age: 46
Nationality: Italian
Professional address: 7, rue de la Chapelle, L‑1325 Luxembourg
Main function exercised: Chief Executive Officer of Delfin S.à.r.l.
Skills and expertise:

Biography
Romolo Bardin is a graduate of
Business Management at Ca’Foscari Offices held within Covivio: Other offices held within the Covivio group:
University in Venice.
Director None.
He is Chief Executive Officer of Delfin
S.à.r.l. Member of the Investments and Disposals Offices held outside the Covivio group:
Prior to that he held positions at Committee Chief Executive Officer: Delfin S.à.r.l. (foreign company)
Sunglass Hut Europe in London and Member of the Board of Directors, member of the Risk and
Luxottica Group in Italy. Member of the Audit Committee
Oversight Committee and Member of the Appointments
Date of appointment: 17 April 2015 (it being and Remunerations Committee: EssilorLuxottica SA (public
specified that Romolo Bardin had been the company)
permanent representative of Aterno, Director
since 31 January 2011) Member of the Board of Directors and Chairman and Chief
Executive Officer of foreign companies: Aterno SARL, DFR
Date of renewal: 19 April 2018 – 21 April 2022 Investment SARL, Immochapelle SA, Vast Gain Group Ltd
Expiry of term of office: General Meeting of 2026 SARL, Blue Sky SARL
approving the annual financial statements for the Member of the Board of Directors of foreign companies:
fiscal year ended 31 December 2025 Fondazione Leonardo Del Vecchio (foundation), Luxair SA
Number of shares held on 31 December 2024:
Terms of offices expired in the last 5 years:
31,642
Member of the Board of Directors, member of the Strategy
and Investment Committee, member of the Appointments
Committee and member of the Regulated Agreements
Committee: Assicurazioni Generali SPA (foreign public
company - term ended in 2022)




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Covéa Coopérations
Le Mans Trade and Companies Register 439 881 137
160, rue Henri Champion, 72100 Le Mans


Offices held within Covivio: Other offices held within the Covivio group:
Director None.

Date of appointment: 17 February 2016 Offices held outside the Covivio group:
Date of renewal: 17 April 2019 – 20 April 2023 Director: Assurland.com SA, AZ Plus SA, Carma SA, Covéa Lux, Covéa
Protection Juridique SA, Fidélia Assistance SA, GMF Assurances SA, Le
Expiry of term of office: General Meeting of 2027 approving the
Finistère Assurance SAM, MAAF Assurances SA, MAAF Vie SA, MMA
annual financial statements for the fiscal year ending 31 December
IARD SA, MMA Vie SA
2026
Managing Director: Covéa Agora, GIE, Logistic GIE
Number of shares held on 31 December 2024: 682 (it being specified
that the Covéa Group holds 8,394,824 shares) Member of the Audit and Compliance Risk Committee and the
Remuneration Committee: Carma SA
Member of the Supervisory Committee: Covéa Finance SAS
Chairman of the Strategy Committee: CAT.SA SAS
Chairman: CAT.SA SAS, Cesvi France SAS, Coparex SAS

Terms of offices expired in the last 5 years:
Director: Gespré Europe SA (ended in 2022), Caja de Seguros
Reunidos – Compañía de Seguros y Reaseguros SA (CASER – foreign
company – ended in 2020)




5




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Olivier Le Borgne
Age: 58
Nationality: French
Business address: 86, rue Saint‑Lazare, 75009 Paris
Main function exercised: Chief Investment Officer at Covéa
Skills and expertise:

Biography
Olivier Le Borgne, a
graduate of the Institut
Supérieur de Gestion de Offices held within Covivio: Other offices held within the Covivio group:
Paris, began his career as a None.
Management Controller. Permanent representative of Covéa Coopérations,
Director Offices held outside the Covivio group:
In 1992, he joined the
administrative and Technical Member of the Investments and Disposals Deputy CEO: GMF Assurances SA, GMF Vie SA, MAAF
Department of GMF Vie. In Committee Assurances SA, MAAF Vie SA, MMA Iard SA, MMA Vie SA
1998, he joined the Finance
Date of appointment: 1 December 2020 Member of the Supervisory Board: Covéa Finance SAS, Covéa
Department of Azur‑GMF
Immobilier SAS
until 2006, where he held Date of renewal: 20 April 2023
various positions. Firstly, as a Member of the Remuneration and Appointments Committee:
Expiry of term of office: General Meeting of 2027 Covéa Finance SAS
management controller in
approving the annual financial statements for the fiscal
charge of monitoring the Chairman of the Supervisory Committee: Covéa Finance SAS,
year ending 31 December 2026
companies, then as head of Covéa Immobilier SAS
earnings forecasts and Number of shares held on 31 December 2024: None
finally as head of financial Representative of Covéa Coopérations, Chairman: Coparex
control. SAS
From 2006 to 2015, he was Representative of Covéa, member of the Investment
Director of Financial Committee: France Assureurs
Strategy of GMF and then Logistic Representative, Director: GIE Cibail
from 2015 to 2020 he was
Head of Investments and Terms of offices expired in the last 5 years:
Assets‑Liabilities at Covéa.
Manager: SCI Covéa Real Estate Développement (term ended
Since December 2020, in 2021)
Olivier Le Borgne is Chief
Representative of MAAF Assurance SA, Chairman: CORED II
Investment Officer of Covéa.
SASU (term ended in 2021)
Member of the Supervisory Board: Covéa Salariés FCPE (term
ended in 2021)
Representative of Covéa Protection Juridique, member of the
Supervisory Committee: Covéa Finance SAS (term ended in
2020)
Member of the Strategic Committee: Lagune SAS (ended in
2020), ALMA LMB LUX SAS (ended in 2020), Lagune
International SAS (ended in 2020), Orestate SPPICAV SAS
(ended in 2020), Oricore SPPICAV SAS (ended in 2020)
Representative of Orestate OPCI, member of the Strategic
Committee: Batipart Régions 1 SAS (ended in 2020)
Member of the Reinsurance Investment Committee: Coparex
SAS (ended in 2023)
Member of the Funds Investment Committee: Coparex SAS
(ended in 2023)




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Christian Delaire
Age: 57
Nationality: French
Business address: 33, avenue Paul Doumer, 75116 Paris
Main function exercised: Senior Advisor and Independent Director
Skills and expertise:

Biography
Christian Delaire is a graduate of
ESSEC. He built his career around Offices held within Covivio: Other offices held within the Covivio group:
finance and real estate.
Independent Director None.
After having occupied several
positions at AXA Real Estate, he was Chairman of the Audit Committee Offices held outside the Covivio group:
appointed Chief Investment Officer Managing Director: CDE Advisors SARL
of AXA Real Estate in 2006. He then Member of the CSR Committee
undertook the following positions: Director: SERT SA (formerly CEREIT SA - foreign public
Date of appointment: 17 April 2019 company), Atenor SA (foreign public company), NODI SA,
Chief Executive Officer at AEW
Europe from 2009 to 2014 and Chief Date of renewal: 20 April 2023 New Immo Holding
Executive Officer at Generali Real Expiry of term of office: General Meeting of 2027 Terms of offices expired in the last 5 years:
Estate from 2014 to 2016. approving the annual financial statements for the
fiscal year ending 31 December 2026 Senior Advisor: Foncière Atland (ended 2023)
His ambition to move towards the
non‑executive part of the profession Number of shares held on 31 December 2024: 829 Chairman of the CSR Committee: Covivio (public company
led him to leave Generali to become - ended in 2022)
a senior advisor.
He is also an independent Director
of SERT, Ateno, Nodi, and New Immo
Holding.




Delfin S.à.r.l.
Luxembourg Trade and Companies Register B 117 420
7, rue de la Chapelle, L‑1325 Luxembourg


Offices held within Covivio: Other offices held within the Covivio group:
Director None. 5
Date of appointment: 21 July 2022 Offices held outside the Covivio group:
Date of renewal: 20 April 2023 None.
Expiry of term of office: General Meeting of 2027 approving the Terms of offices expired in the last 5 years:
annual financial statements for the fiscal year ending 31 December
2026 None.

Number of shares held on 31 December 2024: None (it being specified
that the Delfin group holds 31,283,062 shares)




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Giovanni Giallombardo
Age: 69
Nationality: Italian and Luxembourg
Professional address: 7, rue de la Chapelle, L‑1325 Luxembourg
Main function exercised: Chairman and member of the Board of Directors of Luxair SA
Skills and expertise:

Biography
After studying Economics at the
European School of Luxembourg and Offices held within Covivio: Other offices held within the Covivio group:
obtaining a degree in Economics
Permanent representative of Delfin S.à.r.l., None.
and Business from the University of
Florence, Giovanni Giallombardo has Director Offices held outside the Covivio group:
spent most of his career in the
Date of appointment: 21 July 2022 Chairman and member of the Board of Directors: Luxair SA
finance sector.
Date of renewal: 20 April 2023 (foreign company)
In particular, he joined the
Luxembourg branch of UniCredit in Expiry of term of office: General Meeting of 2027 Member of the Board of Directors of foreign companies:
2001, where he most recently held approving the annual financial statements for the Delfin S.à.r.l., CargoLux Airlines International SA,
the positions of General Manager fiscal year ending 31 December 2026 EssilorLuxottica RE, Immochapelle SA, Special Packaging
and Senior Vice‑President. Solutions Investments S.à.r.l., Lux‑Pension SICAV, Lux‑Portfolio
Number of shares held on 31 December 2024:
SICAV, Aterno S.à.r.l., DFR Investment S.à.r.l..
Today, Giovanni Giallombardo is a 26,863
Director of the holding company Terms of offices expired in the last 5 years:
Delfin S.à.r.l. and Chairman of the
Vice Chairman and Chief Executive Officer: UniCredit
Board of Directors of LuxairGroup.
Luxembourg SA (foreign company)
Member of the Board of Directors and the CSR Committee:
EssilorLuxottica SA (public company - term ended in 2021)
Member of the Board of Directors: UniCredit Luxembourg SA
(foreign company), Mudam Foundation (foreign company)




Alix d’Ocagne
Age: 55
Nationality: French
Business address: 4, rue Saint‑Florentin, 75001 Paris
Main function exercised: Chairwoman of DOCK75
Skills and expertise:

Biography
Alix d’Ocagne has a law degree
from the University of Paris 1 Offices held within Covivio: Other offices held within the Covivio group:
Panthéon‑Sorbonne and an
Independent Director Chairwoman: Covivio Foundation
Executive MBA from HEC. She has
spent her entire career in the notary Offices held outside the Covivio group:
profession, specialising in real estate Chairwoman of the CSR Committee
transactions for major accounts. Date of appointment: 13 February 2020 Chairwoman: DOCK75 SAS, SEGC SAS, Bring The Way
Corporate and Association
She worked for 25 years at the Date of renewal: 21 April 2022
Cheuvreux law firm as an associate, Member of the Supervisory Board: Eukratos SAS
partner, managing partner and Expiry of term of office: General Meeting of 2026
approving the annual financial statements for the Terms of offices expired in the last 5 years:
president. She actively participated
in the development of this law firm. fiscal year ended 31 December 2025 Director: Association B2X (term ended 2022), Association
Number of shares held on 31 December 2024: 200 Habitat et Humanisme Ile de France
She left Cheuvreux at the end of
2019 to embark on a social
entrepreneurship project.
In 2021, she founded Bring The Way,
which supports companies in their
societal commitments and creates
links with associations.




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Sylvie Ouziel
Age: 54
Nationality: French
Business address: 133, avenue des Champs Elysées, 75008 Paris
Main function exercised: CEO of shared Platforms at Publicis Group
Skills and expertise:

Biography
A graduate of École Centrale Paris
and holder of an Executive MBA Offices held within Covivio: Other offices held within the Covivio group:
from Northwestern University, Sylvie
Independent Director None.
Ouziel held the position of Global
Deputy CEO of Accenture Offices held outside the Covivio group:
Management Consulting (previously Member of the Audit Committee
Andersen Consulting), a company Date of appointment: 24 April 2013 Director: Lion Re: Sources, Inc. Lion Re: Sources UK Limited
where she held several positions, Director and Chief Executive Officer: Publicis Ré
bringing it strong international Date of renewal: 26 April 2017 – 20 April 2021
exposure. Expiry of term of office: General Meeting of 2025 Terms of offices expired in the last 5 years:
She then spent eight years at approving the annual financial statements for the Director: Envision Digital International Pte. Ltd. -
Allianz where she held the position fiscal year ended 31 December 2024 Singapore, Bazefield AS - Norway, Envision Digital
of Global CEO Allianz Assistance Number of shares held at 31 December 2024: (Netherlands) BV - Netherland, Envision Digital (Germany)
and CEO Asia Pacific Allianz Gmbh - Germany, Envision Digital UK Limited - UK
8,085
Partners. Global CEO Assistance and CEO Asia Pacific: Allianz
After spending a year at Envision Worldwide Partners
Digital as International President, Member of the Board of Directors: AWP Health & Life, AWP
she is now Managing Director of P&C
shared Platforms at Publicis.
Member of the Supervisory Board: M6 Métropole TV
(public company)




Olivier Piani
Age: 70
Nationality: French
Business address: 91 bis, rue du Cherche‑Midi, 75006 Paris
Main functions exercised: Chairman of OP Conseils
Skills and expertise:

Biography

5
Olivier Piani is a graduate of the
European business school, ESCP and Offices held within Covivio: Other offices held within the Covivio group:
holds an MBA from Stanford
Independent Director None.
University. He has more than 30
years of experience in real estate. Offices held outside the Covivio group:
After 13 years at Groupe Paribas, he Chairman of the Investments and Disposals
joined UIC‑Sofal as Chief Executive Committee Director: Atland (listed company - since 23/07/2024),
Officer to restructure and sell the Prologis (foreign public company), Grosvenor Europe
company. Member of the Appointments and (foreign company), Yam Invest (foreign company)
Remunerations Committee
He joined GE Capital Real Estate in Terms of offices expired in the last 5 years:
1998, where he held the position of Date of appointment: 17 April 2019
Main Advisor and Chairman of the Investment Committee:
Chairman and Chief Executive Date of renewal: 20 April 2023 Ardian Real Estate (term ended in 2021)
Officer of GE Real Estate Europe from
Expiry of term of office: General Meeting of 2027
2002 to 2008 and successfully grew
approving the annual financial statements for the
the company and its pan‑European
fiscal year ending 31 December 2026
real estate portfolio. He was also
Chairman and Chief Executive Number of shares held on 31 December 2024: 701
Officer of Allianz Real Estate from
2008 to 2015.
In 2016, he decided to found OP
Conseils, a real estate and finance
consulting firm.




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Predica, whose reappointment as Director is subject to the approval of the Combined General Meeting of 17 April 2025
Paris Trade and Companies Register 334 028 123
16/18 boulevard de Vaugirard, 75015 Paris


Offices held within Covivio: Other offices held within the Covivio group:
Director Member of the Supervisory Board: Covivio Hotels SCA (public
company)
Date of appointment: 31 January 2011
Director: B2 Hotel Invest OPPCI
Date of renewal: 17 April 2015 – 26 April 2017 – 20 April 2021
Offices held outside the Covivio group:
Expiry of term of office: General Meeting of 2025 approving the
annual financial statements for the fiscal year ended 31 December Director: AEW Immocommercial OPCI, Fonds Nouvel Investissement 1
2024 SICAV, Fonds Nouvel Investissement 2 SICAV, Aéroport de Paris SA
(public company), Gecina SA (public company), Messidor OPCI, Frey
Number of shares held on 31 December 2024: 8,647,844
SA (public company), Clariane SE (public company), CAA Commerces
2 OPCI, Carmila (public company), OPCI Logistis SPPICAV, Previseo
Obsèques SA, Lesica, Semmaris, Fonds Stratégique de Participations
SICAV, Française des Jeux (public company), Fonds immobilier Ardian
Luxembourg, Défense CB3 SAS, Predi Rungis, Fondis, Icade Health
Care Europe
Member of the Supervisory Board: Altarea SCA (public company),
Argan SA (public company), Patrimoine et Commerce SCA (public
company), Effi‑Invest II SCA, Effi‑Invest III SCA, Ofelia SAS, Willow,
Unipierre Assurances SCPI, CA Grands Crus SAS, Sopresa SA, Interfimo
SA, Preim Healthcare
Non‑voting member: Siparex Associés SA
Co‑General Manager: Predicare SARL
Chairman: Predica Bureaux OPCI

Terms of offices expired in the last 5 years:
Director: La Médicale de France SA (ended 2022), CAAM Mone Cash
SICAV (ended 2022), River Ouest OPCI (ended 2022)
Non‑voting member of the Board of Directors: Tivana France Holding
SAS (term ended in 2022)




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Jérôme Grivet
Age: 62
Nationality: French
Professional address: 12, place des États‑Unis, 92127 Montrouge
Main position held: Deputy CEO of Crédit Agricole SA in charge of Steering and Control
Skills and expertise:

Biography
Jérôme Grivet is a graduate of
ESSEC, the Paris Institute of Political Offices held within Covivio: Other offices held within the Covivio group:
Sciences (Sciences Po), and of ENA.
Permanent representative of Predica, Director None.
He spent his early career in
administration (general inspection of Offices held outside the Covivio group:
finances, advisor to the Prime Member of the Investments and Disposals
Minister for European Affairs) and Committee Deputy CEO responsible for Steering and Control and
went on to join Crédit Lyonnais in member of the Executive Committee and of the
1998, first as Chief Financial Officer of Member of the Appointments and Management Committee: Crédit Agricole SA (public
the retail banking business in France, Remunerations Committee company)
and then as Director of Strategy. Date of appointment: 31 January 2011 Chairman of the Board of Directors and Director: Crédit
He was Deputy CEO of Calyon from Date of renewal: 17 April 2015 – 26 April 2017 – 20 Agricole Capital Investissement & Finance SA (CACIF)
2007 to 2010. April 2021 Director: Crédit Agricole Assurances SA, CACEIS SA, CACEIS
From 2010 to 2015, he served as Chief Expiry of term of office: General Meeting of 2025 Bank France SA
Executive Officer of Crédit Agricole approving the annual financial statements for the Permanent representative of Crédit Agricole Assurances
Assurances and Chief Executive fiscal year ended 31 December 2024 SA, Director: CA Immobilier
Officer of Predica. A member of the
Number of shares held on 31 December 2024: Chairman of the Supervisory Board: Fonds de Garantie des
Executive Committee of Crédit
None Dépôts et Resolution (FGDR - since 05/10/2023)
Agricole SA, he became Assistant
General Manager in charge of the Director, member of the Audit and Accounts Committee
Group Finance Division in 2015, then and member of the Investment Committee: Nexity SA
in 2021, in charge of the Steering (public company)
Division.
Permanent representative of Casa, Chairman: Evergreen
He was appointed Deputy Chief Montrouge SAS
Executive Officer in charge of
Permanent representative of Crédit Agricole SA, Manager:
Steering and Control in September
Quentyvel SCI
2022.
Treasurer: Crédit Agricole Solidarity and Development
Foundation

Terms of offices expired in the last 5 years:
Vice‑Chairman of the Supervisory Board and member of
the Audit and Accounts Committee: Fonds de Garantie des
Dépôts et Résolution (FGDR - ended in 2023)
Deputy Chief Executive Officer responsible for the Steering
Division: Crédit Agricole SA (public company – term ended
in 2022)
Director: Clariane SE (public company – term ended in
2020)


5




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Patricia Savin
Age: 58
Nationality: French
Professional address: 6, rue Duret, 75116 Paris
Main function exercised: Partner at DS Avocats
Skills and expertise:

Biography
A graduate of Institut de Droit
Public des Affaires (IDPA), and a Offices held within Covivio: Other offices held within the Covivio group:
lawyer registered with the Paris Bar,
Independent Director Member of the Stakeholders’ Committee: Covivio
Patricia Savin holds a PhD in private
law from IHEDN (Economic Offices held outside the Covivio group:
Intelligence Session). A Partner at Member of the CSR Committee
DS Avocats, she heads the Date of appointment: 27 April 2016 None.
Environment and Sustainable
Date of renewal: 22 April 2020 - 17 April 2024 Terms of offices expired in the last 5 years:
Development Department where
she is specifically tasked with cases Expiry of term of office: General Meeting of 2028 Chairwoman: OREE (association - until 10/01/2024)
linked to the Sustainable City approving the annual financial statements for the Member of the Audit Committee: Covivio (public company
(waste, polluted soils, biodiversity, fiscal year ending 31 December 2027 – term ended in 2021)
the circular economy etc.). Patricia
Number of shares held on 31 December 2024: 205
Savin is a member of the Council on
Biodiversity and COPIL on circular
economy in the French Ministry on
the Environment.
Former Chairwoman of the Orée
association and Head of the
Environment and Sustainable
Development Commission of the
French Bar Association (Ordre des
Avocats de Paris), she is regularly
consulted by the Ministries of
Ecology and Justice on the draft
texts under discussion.
Before joining DS Avocats, Patricia
practised law with the firms Moquet
Borde (which has since become
Paul Hastings) and then Pardieu
Brocas, before acting as co‑head of
the law firm Savin Martinet Associés
between 2001 and 2015.
She was elected member of the
French National Bar Council, of
which she was Secretary General for
the 2010–2013 period.




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Daniela Schwarzer
Age: 51
Nationality: German
Professional address: Werderscher Markt 6, 10117 Berlin, Germany
Main function exercised: Member of the Executive Committee of the Bertelsmann Foundation
Skills and expertise:

Biography
Daniela Schwarzer holds a PhD in
Political Economy from the Free Offices held within Covivio: Other offices held within the Covivio group:
University of Berlin and a Master’s
Independent Director None.
degree in Political Science and
Linguistics from the University of Offices held outside the Covivio group:
Tübingen. She has devoted a large Member of the CSR Committee
part of her professional life to Date of appointment: 21 April 2022 Member of the Executive Committee
European economic, financial and ee: Fondation Bertelsmann
political issues. She is an Expiry of term of office: General Meeting of 2026
acknowledged expert and advisor approving the annual financial statements for the Director, member of the Governance and Ethics Committee,
on European issues and fiscal year ended 31 December 2025 the Appointments Committee, and the CSR Committee:
Franco‑German relations. Daniela Number of shares held on 31 December 2024: 800 BNP Paribas (public company)
Schwarzer is a member of the Director: Association Notre Europe - Institut Jacques Delors,
Executive Committee of the Deutsche Gesellschaft für Auswärtige Politik, Fondation
Bertelsmann Foundation. Jean Monnet
She was previously Executive Terms of offices expired in the last 5 years:
Director of the Open Society
Foundations in Europe and Asia, the None.
largest private donor in the world for
NGOs and charities, working to
defend human rights, justice and
democracy. From 2016 to 2021, she
led the German Council on Foreign
Relations, where she is now a
non‑executive member of the Board.
She is also a non‑executive member
of the Board of Directors of BNP
Paribas. She is an honorary professor
at the Freie Universität Berlin, where
she teaches European integration
and international affairs.




5




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Catherine Soubie
Age: 59
Nationality: French
Professional address: 137 rue de l’Université, 75007 Paris
Main function exercised: Chief Executive Officer of Arfilia
Skills and expertise:

Biography
A graduate of ESCP Europe,
Catherine Soubie started her career Offices held within Covivio: Other offices held within the Covivio group:
in 1989 at Lazard in London, then in
Independent Director None.
Paris. She subsequently held various
posts at Morgan Stanley in Paris Offices held outside the Covivio group:
before becoming Assistant General Chairman of the Appointments and
Manager of Rallye, from 2005 to Remunerations Committee Chief Executive Officer: Arfilia
2010. Member of the Supervisory Board and Audit Committee:
Member of the Audit Committee
In 2010, Catherine Soubie joined Michelin SA (since 17 May 2024)
Barclays where she was, until 2016, Date of appointment: 27 April 2016
Director, Chair of the Remuneration Committee and of the
Managing Director in charge of Date of renewal: 22 April 2020 - 17 April 2024 Appointments Committee: Sofina SA (public company)
Investment Banking
Expiry of term of office: General Meeting of 2028
France‑Belgium‑Luxembourg. Terms of offices expired in the last 5 years:
approving the annual financial statements for the
She is today the Chief Executive fiscal year ending 31 December 2027 Chair: Financière Verbateam (ended 2023)
Officer of Arfilia and also Chief Executive Officer: Alixio (listed company - ended
Number of shares held on 31 December 2024: 743
independent Director on the Board 2021), Taddeo (ended 2021)
of Directors of Sofina and
independent member of the Director, Chairwoman of the Audit Committee and
Michelin Supervisory Board. member of the Appointments and Remunerations
Committee: Clariane SE (public company - until 10 June
2024)




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5.3.2.1.4 Investment in the capital by members of the Board of Directors
Trading in Covivio shares by members of the Board of Directors and related persons in the 2024 fiscal year
Number of shares
Average Average vested at 31/12/2024
Acquisitions of value Sale of financial value (to the company’s
Members of the Board of Directors(1) financial instruments (in €) instruments (in €) knowledge)
Jean‑Luc Biamonti 2,000 shares 44.66725 - - 2,506
ACM Vie 697,912 shares 38.61 697,912 shares 48.66 8,165,592
Catherine Jean‑Louis - - - - 0
Romolo Bardin 9,554 shares 45.6076 - - 31,642
Covéa Coopérations 53 shares 38.61 - - 682
(persons related to Covéa Coopérations) 1,029,457 shares 42.96 - - 8,394,142
Olivier Le Borgne - - - - 0
Christian Delaire 46 shares 38.61 - - 829
Delfin S.à.r.l. 135,000 shares 47.6624 135,000 shares 48.88 0
(persons related to Delfin S.à.r.l.) 3,364,446 shares 41.8588 - - 31,283,062
Giovanni Giallombardo 1,863 shares 38.61 - - 26,863
Alix d’Ocagne - - - - 200
Sylvie Ouziel 636 shares 38.61 - - 8,085
Olivier Piani - - - - 701
Predica 680,932 shares 38.61 - - 8,647,844
(persons related to Predica) 30,505 shares 38.61 - - 407,403
Stéphanie de Kerdrel - - - - 0
Patricia Savin - - - - 205
Daniela Schwarzer 800 shares 49.20 - - 800
Catherine Soubie 57 shares 38.61 - - 743
TOTAL 56,971,299
(1) It being specified that the information relating to Christophe Kullmann, Chief Executive Officer and Director of Covivio, is set out in Section 5.3.1.3 above.


To the company’s knowledge, the non‑executive corporate officers (and persons related to them) held 51.04% of the share capital at 31
December 2024.


5.3.2.2 Terms and conditions of the organisation and operation of the Board of Directors
5.3.2.2.1 Role of the Chairman of the Board of and helps to summarise its views. In close coordination with the
Directors actions taken in these matters by General Management, the
At the General Meeting of 31 January 2011, Covivio adopted the
Chairman ensures that the quality of the Board’s relationships
with the company’s shareholders, major partners and customers
5
form of a société anonyme (public limited company) with a
of the Group as well as with public authorities, institutional and
Board of Directors, separating the duties of Chairman and Chief
regulatory authorities, the media and all stakeholders in the
Executive Officer. The Board of Directors regularly deliberates on
company are maintained. The Chairman may, further to a
the mode of governance of the company, particularly near the
delegation from the Board of Directors, be responsible for
expiry of the terms of office of the executive corporate officers or
shareholders’ relations with the Board, notably on subjects of
the appointment of a new Chairman of the Board of Directors.
corporate governance, and, if applicable, give an account
Following the appointment on 21 July 2022 of Jean‑Luc Biamonti
thereto of his assignment. He also presides over the company’s
as the new Chairman of the Board of Directors for the duration
General Meetings and participates in the oversight of the
of his Directorship, the Board of Directors confirmed the choice of
governance of the company’s subsidiaries. Moreover, he
a separation of the duties of Chairman and Chief Executive
oversees the proper functioning of the audit and risk
Officer, which is part of a permanent objective of sustainable
management bodies.
and balanced governance.
The Chairman provides the Chief Executive Officer and the
He represents the Board of Directors, working in close
Deputy CEO with help and advice on designing and
coordination with the Chief Executive Officer. He acts and
implementing the strategy, whilst not infringing on the latter's
speaks on its behalf and oversees the organisation of the Board
executive responsibilities. At the request of the Chief Executive
of Directors and its Committees, as well as ensures that they are
Officer and/or of the Deputy CEO, he can attend internal
working smoothly. The development of quality dialogue with the
meetings with the company’s primary executives and teams to
Chief Executive Officer and Deputy CEO prior to Board meetings
provide clarifications on strategic issues. He also helps to
help to improve the operations of the Board and the efficiency of
promote the image and values of Covivio, both within and
its meetings. He ensures that all Directors are always kept fully
outside the Group.
notified of any information complete and relevant to the
implementation of the strategy. He leads the Board’s discussions




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As non‑executive Chairman, he attends meetings of the In connection with the strategy it has designed, it regularly
Appointments and Remunerations Committee as a guest and examines the financial, legal, operational, social and
participates in the process of recruiting new Directors. He also environmental risks and opportunities as well as the measures
provides his vision and knowledge of the in‑house teams when adopted accordingly. If necessary, it guarantees the
succession plans are being established. implementation of a range of measures for preventing and
detecting corruption and trafficking in influence. It is also
The scope of these missions is the subject of regular dialogue
responsible for ensuring that all executive corporate officers are
between the Chairman and the Chief Executive Officer, in order
implementing a non‑discrimination and diversity policy, notably
to ensure a permanent complementarity of the two roles,
with regard to the gender balance within governing bodies. To
avoiding any potential overlap and ensuring respect for the
this end, it determines, on the proposal of the General
executive prerogatives of the Chief Executive Officer.
Management, the gender equality objectives within these
During his term of office in 2024, Jean‑Luc Biamonti chaired all governing bodies, and is informed of the methods of
meetings of the Board of Directors, for which he has an implementation of the objectives, with an action plan and the
attendance rate of 100%, and participated in all meetings of the time horizon within which one these actions will be carried out,
Strategic and Investments Committee and those of the CSR as well as the results obtained annually.
Committee, as well as those of the Audit Committee and the
The Board is also kept informed of changes in the market and
Appointments and Remunerations Committee, of which he is a
competitive environment and of any significant events in the
guest. In the 2024 fiscal year, Jean‑Luc Biamonti’s attendance
domain of corporate, social and environmental responsibility for
was 100% for all corporate governance meetings.
the company. Furthermore, it receives regular updates on the
Jean‑Luc Biamonti also met with individual Directors on an ad financial situation, cash flow situation and commitments of the
hoc basis during the year and met numerous times with the company. It is the Board’s responsibility to approve the
members of the company’s Executive Committee. company’s financial communication policy and to oversee its
relevance and quality.
5.3.2.2.2 Main duties of the Board of Directors
The Board also defines whether the General Management of the
The Board of Directors gives its opinion on all decisions relating
company is assumed by the Chairman or by another physical
to major strategic, economic, social and financial issues for the
person who may or may not be a Director, appointed by the
company and oversees their implementation by General
Board and with the title of Chief Executive Officer, and provides
Management. The Board focuses on the creation of value over
the reasons for its decision. As such, it appoints the executive
the long term, in consideration of the social and environmental
corporate officers responsible for managing the company for this
impacts in accordance with its corporate purpose adopted by
purpose, and determines a selection process that guarantees
the Board of Directors on 21 November 2019 and the statement
the presence of at least one person of each gender among the
published at the same time. To this end, it serves as guarantor of
candidates as Deputy CEO. The Board sets the limits on the
the CSR of the company and determines, upon the
powers of the Chief Executive Officer and the Deputy CEO. The
recommendations of the CSR Committee, the multi‑year
Board of Directors may also appoint one or more Non‑voting
strategic directions in these areas, particularly with regard to the
members and a Vice‑Chairman.
climate. The Board of Directors thus defined a carbon trajectory
for the company in line with objectives to reduce greenhouse The Board implements the authorisations and delegations of
gas emissions by 2030. powers and/or authority granted to it by the General Meeting
and may, if necessary, sub‑delegate them, under the conditions
Subject to the powers expressly reserved for the General
provided for by legal and regulatory provisions.
Meetings of Shareholders and within the limits of the corporate
purpose defined by the Articles of Association, the Board of It rules on the authorisation of signature in relation to regulated
Directors may seize any question affecting the operation of the agreements submitted to it and implements a procedure to
company and govern its business through its deliberations. It regularly assess whether the agreements relating to current
carries out the checks and verifications that it considers transactions completed under normal conditions continue to
necessary. meet these conditions.
If a material investment or disposal is being considered, the The Board of Directors defines the remuneration policy of the
Board and General Management assess the strategic interest of corporate officers upon recommendation of the Appointments
the transaction, including its social, societal and environmental and Remunerations Committee: in this respect, the Board sets
dimensions, and ensure that the process is conducted in the terms of allocation of the remuneration granted to the
accordance with the best interests of the company. The Directors, and it sets the amount and the methods used for the
company may, on this basis, set up an ad hoc Committee. calculation and payment of the Chairman’s remuneration, if
Moreover, in addition to the operations listed in the Internal applicable, and determines and sets out the reasons underlying
Regulations that specifically require the Board’s prior its decisions in relation to the remuneration paid to the Chief
authorisation, any material operation requires prior authorisation Executive Officer and the Deputy CEO, which are set out in
by the Board of Directors. Further details are given in Section Section 5.3.4.2 below.
5.3.1.2 below on the limitations to the powers of the Chief
Executive Officer and Deputy CEO. The Board approves the annual and half‑year financial
statements and the forward‑looking management documents
The Board thus studies the investment plans and all and convenes General Meetings.
transactions, notably relating to a sale or disposal, whose value
exceeds €100 million. Each year, prior to publication of the Universal Registration
Document, the Board examines on a case‑by‑case basis the
situation of each of the Directors and then discloses to the
shareholders the results of this examination in order for the
independent Directors to be identified.
Finally, it ensures that shareholders and investors receive
relevant, balanced and instructive information on the company’s
strategy, development model, consideration of significant
non‑financial concerns as well as its long‑term outlook.



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5.3.2.2.3 Agreements submitted to the Board of ● if the Evaluation Committee is uncertain of the
Directors characterisation of an agreement, it shall submit it for the
evaluation of the Board of Directors. Anyone with a direct or
5.3.2.2.3.1 (Article L. 225‑37‑4 2 of the French Commercial
indirect interest in the agreement does not take part in its
Code).
evaluation.
In accordance with the provisions of Article L. 225‑37‑4, 2° of the
French Commercial Code, we draw your attention to the Following the implementation of this procedure, the Board of
following agreements occurring in the 2024 fiscal year, either Directors updated the Covivio group’s internal charter on
directly or through intermediaries, between one of the corporate regulated agreements published on the company’s website to
officers or shareholders with more than 10% of voting rights, on incorporate these provisions, it being specified that Proposal no
the one hand, and, on the other, a company controlled by the 4.6 of AMF Recommendation no 2012‑05 of 2 July 2012, amended
company under the definition of Article L. 233‑3 of the French on 29 April 2021, to appoint an independent expert when the
Commercial Code, with the exception of standard transactions signing of a regulated agreement is likely to have a significant
and transactions carried out under normal conditions: impact on the balance sheet or the company and/or group
results. The Covivio group’s internal charter on related‑party
● Amendment no. 3 to the shareholders' agreement of 8 June agreements and on the procedure for the valuation of
2021, and amended by amendment no. 1 on 29 July 2022 and agreements relating to day‑to‑day transactions concluded
amendment no. 2 on 14 October 2022, entered into on 29 under normal conditions was reviewed by the Board of Directors
November 2024 between Covivio, MMA IARD and Generali on 19 October 2023, which re‑organised its structure to allow
Retraite, in the presence of Covivio Alexanderplatz S.à.r.l. greater readability and updated the list of agreements
● Amendment no. 1 to the subordination agreement of 8 June considered commonplace within the group.
2021, entered into on 29 November 2024 between Covivio In accordance with the procedure, at a meeting on 19 February
Alexanderplatz S.à.r.l, Covivio, MMA IARD and Generali Retraite 2025, the Board of Directors was provided with a list of all
● Shareholders’ agreement signed on 26 November 2024 standard agreements entered into under normal conditions
between Constance and Predica within the Group having been reviewed by the Committee, as
well as the results of its evaluation on the characterisation of all
● Amendment no. 1 to the shareholders’ agreement of 6 of these agreements as standard and entered into under normal
December 2010, signed on 26 November 2024 between conditions.
Covivio Hotels, Predica, Iris Invest 2010 and Iris Holding France
5.3.2.2.4 Rules on the composition of the Board
● Amendment no. 1 to the shareholders’ agreement of 29 of Directors
November 2011, signed on 26 November 2024 between Covivio
5.3.2.2.4.1 General rules on the composition of the Board
Hotels, Predica and SCI Dahlia.
of Directors and the appointment of Directors
5.3.2.2.3.2 Procedure for evaluating standard agreements The rules governing the appointment and dismissal of members
entered into under normal conditions of the Board of Directors are the legal and statutory rules set out
Pursuant to Article L. 22‑10‑12 of the French Commercial Code, at in Articles 12 et seq. of the company’s Articles of Association and
its meeting on 21 November 2019, the Board of Directors included in Section 6.5.1, complemented by certain provisions of
introduced a procedure for an annual review of standard the Rules of Procedure. They are described below, it being
agreements entered into under normal (1) conditions by a stipulated that:
Committee established within the company.
● the Board of Directors is comprised of between three and
The procedure involves setting up an internal Committee which eighteen Directors, subject to statutory exemptions, and
meets annually and the remit of which is: appointed by the Ordinary General Meeting of Shareholders;
● to review criteria for determining standard agreements ● Directors may be dismissed at any time by the General
entered into under normal conditions defined in the internal Meeting, without indemnity or prior notice.
charter of the Covivio group on related‑party agreements in
order to ensure they are appropriate and in line with market
Chairman and Vice‑Chairman 5
practices; The Board elects as Chairman one of its members, who must be
a physical person. In addition to the Chairman, the Board of
● to analyse in more detail the extent to which financial Directors may elect one or more Vice‑Chairmen from among its
conditions are normal; and members. The Vice‑Chairman acts on the Chairman’s behalf in
● to submit the agreements that meet these criteria to the the event of incapacity or absence. In a case of temporary
Board for approval. incapacity, this delegation is given for a limited period and may
be renewed. If the Chairman dies, this delegation is valid until
The list of all agreements reviewed by the Committee as well as the appointment of a new Chairman of the Board.
the results of the evaluation and any proposed amendments to
the criteria of these agreements are presented to the Board of The Board sets the term of office for the Chairman and the
Directors each year when it meets to discuss the annual financial Vice‑Chairman which may not exceed the term of their
statements. appointment as Director. In case of absence from the Board of
Directors, the Chairman and the Vice‑Chairman are replaced by
Thus: one of the Directors present, appointed during the meeting. The
Chairman and the Vice‑Chairman may be re‑elected and may
● should the Evaluation Committee consider that an agreement
be dismissed by the Board at any time.
signed by two companies within the Covivio group constitutes
a related‑party agreement, it is then subject to the procedure
for auditing related‑party agreements referred to under Article
L. 225‑38 of the French Commercial Code;




(1) Excluding agreements entered into with companies directly or indirectly wholly owned by Covivio.


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Following the resignation of Jean Laurent from all his Secretary of the Board
governance mandates, chairmanship of the Board of Directors The Board of Directors also appoints a Secretary, who may be a
was entrusted to Jean‑Luc Biamonti on 21 July 2022. In Board member or an external appointee. It defines the
particular, the Board of Directors determined that his extensive Secretary’s duties, which it may terminate at any time. The
knowledge of the company and its sectors of activity, as well as Secretary ensures that procedures relating to the operation of
his solid professional experience, would be an asset to the the Board and its Committees are followed and pays particular
company and would allow for a balanced transition in the attention to the application of the mechanism to prevent
appointment of a new Chairman. conflicts of interest, even if they are only potential. He records
The position of Vice‑Chairman has not yet been awarded. the minutes at the meetings of the Board and the Committees
where he acts as Secretary.
Honorary Chair
These functions are currently held by Yves Marque, the Chief
The Board of Directors may appoint as Honorary Chair a natural
Operating Officer of Covivio, who was appointed by the Board
person who is the former Chairman of the Board of Directors on
of Directors on 31 January 2011, and reappointed on 17 April 2015
an honorary basis. This appointment lasts for an indefinite
and 17 April 2019 and 20 April 2023 for a term of four years
duration, taking into account their importance as well as their
expiring at the end of the General Meeting of Shareholders
contribution to the company’s development.
convened in 2027 to approve the financial statements for the
The Honorary Chair is invited to participate in sessions of the fiscal year ending 31 December 2026.
Board of Directors dedicated to the major strategic directions of
Employee representatives
the company, without having a casting vote. In this manner, they
can be seen to communicate the same information as the The Board of Directors does not include any Director
Directors and are subject to the same duties of loyalty, diligence, representing employees. This lack of representation on the Board
confidentiality and abstention obligation as the Directors. is due to the fact that Covivio’s number of employees and that
of its subsidiaries are below the thresholds set by legal
The Honorary Chair does not receive remuneration in respect of provisions.
the fiscal year that they hold this office and does not benefit
from specific means in this respect. Employee shareholder representatives
Since employee shareholder investment in Covivio is below the
The position of Honorary Chair has not yet been awarded.
threshold of 3% of the capital set by the provisions of Article L.
Non‑voting members 225‑23, paragraph 1, of the French Commercial Code, the Board
of Directors does not include any Director representing employee
The Board of Directors may appoint one or more Non‑voting
shareholders.
members (physical persons or legal entities). It defines their term
of office and any remuneration if they are assigned a particular However, two employees sitting on the Social and Economic
mission. The Non‑voting members of the Board of Directors Committee are invited to each meeting, and attend with access
attend meetings of the Board as non‑voting observers and may to the same information as the Directors.
be consulted by the Board. They must be called to every
meeting of the Board of Directors. They receive a portion of the 5.3.2.2.4.2 Duration and staggering of terms of office
remuneration allocated by the General Meeting to the Board of The term of office of Directors is, with some exceptions, four
Directors, according to the same conditions for distribution as years, allowing shareholders to vote more frequently on their
those defined for the Directors. appointment and renewal. Given the company’s desire to have a
high proportion of independent Directors sitting on its Board,
The Non‑voting members may also be invited to attend
and pursuant to the rule set forth in Article 10.5.6 of the
meetings of the Committees created within the Board of
Afep‑Medef Code, as revised, on the loss of an independent
Directors. The Non‑voting members are bound by the same
Director’s capacity after holding office for more than twelve
general confidentiality obligation the Directors are bound to, as
years, the term of office of Directors may exceptionally be
well as the same duties of loyalty and diligence and abstention
reduced so that their renewal is proposed within the limit of their
obligation on the shares.
independence.
The position of non‑voting member has not yet been allocated.
The term of a Director expires at the end of the Ordinary General
Lead Director Meeting called to approve the financial statements for the
previous year, held in the year in which the term of the said
Given the separation of the functions of the Chairman and Chief
Director expires.
Executive Officer, the Board of Directors decided that there is no
need to appoint a lead Director. To promote the Board’s harmonious renewal, the Directors’ terms
of office have been staggered over time since 2015.
The shareholders’ regular renewal of Directors has thus been
facilitated, both due to the limitation of their terms of office to
four years, and to the staggering of expiration dates for the
various tenures, allowing the General Meeting to vote on several
Directorships every year.




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Status of the staggered expiration of terms of office
5


4 Jean-Luc Biamonti
Covéa Coopérations
Christian Delaire
ACM Vie Delfin SARL 3
Romolo Bardin Olivier Piani
Alix d’Ocagne
2 Daniela Schwarzer Christophe Kullmann
Patricia Savin
Catherine Soubie
Sylvie Ouziel
Predica




2025 2026 2027 2028



5.3.2.2.4.3 Selection procedure for independent Directors In the event of a favourable recommendation from the
The Board of Directors, on the recommendation and/or opinion Appointments and Remunerations Committee, the Board
of the Appointments and Remunerations Committee, reviews its submits to the approval of the next General Meeting of
composition and that of its Committees regularly, and at least Shareholders the renewals of the independent Directors’ terms of
once a year when terms of office expire. office that are about to expire.

The selection process for independent Directors, conducted by Procedure for the appointment of new independent Directors
the Appointments and Remunerations Committee, is based on When new independent Directors are recruited, the Board orders
the following principles: the Appointments and Remunerations Committee to put forward
candidates.
● the search for a balance in the composition of the Board and
that of its Committees, particularly in terms of diversity The Appointments and Remunerations Committee draws up an
(representation of women and men, independence of inventory of the skills in place and defines the additional skills
members, skills and expertise, international experience, sought in the future Director, taking account of the Board of
nationalities, age, seniority, staggering of terms of office, Directors’ diversity policy. In addition to the technical expertise
specific needs identified within a Committee); sought, candidates should have solid experience as active
Management or Executive Committee members, be willing and
● the search for complementary profiles adapted to the
able both to contribute critical and constructive opinions to
company’s challenges and strategy as well as to the structure
discussions and contribute to decision‑making.
and evolution of its capital;
The Appointments and Remunerations Committee conducts its
● the strictest confidentiality of the selection work and in the
own studies on potential candidates, if appropriate with the help
approach of any potential candidate.
of a specialised firm, before the candidate is approached.
The selection procedure described in Article 7 of the Internal
The candidates preselected by the Appointments and
Rules of the Board of Directors, is implemented on the occasion
Remunerations Committee are met by the Chairman of the
of the renewal of the terms of office of independent Directors or
Board of Directors, the Chairman of the Appointments and
the appointment of new independent Directors when one or
Remunerations Committee, the Chief Executive Officer and, to
several seats become vacant or when the Board decides to
the extent possible, by other Directors. On this occasion, after
modify or expand its composition.
having presented the expectations of the company as well as
Procedure for renewing the terms of office of independent the rights and duties of any Director, they also check the
Directors
The Appointments and Remunerations Committee assesses the
candidate is available, has no convictions, family ties with a
corporate officer of the company and conflicts of interest, as well 5
as compliance with the rules governing multiple directorships.
advisability of renewing the terms of office of independent
Directors, taking into account the balance sought in the Under the terms of its work, the Appointments and
composition of the Board and its Committees, as well as with Remunerations Committee selects the candidate(s) for
regard in particular to their attendance at governance meetings presentation to the Board, giving reasons for its choices.
and their effective contribution to governance work.
Following a presentation of the profiles by the Chairman of the
Following this analysis, the Chairman of the Appointments and Appointments and Remunerations Committee and on the latter’s
Remunerations Committee asks the independent Directors, if opinion and/or recommendation, the Board selects the final
applicable, whether they wish to have their term of office candidate.
renewed within a reasonable period of time before expiry.
The appointment of the Director selected by the Board or the
The Appointments and Remunerations Committee informs the ratification of his/her co‑option in the event of a provisional
Board of Directors of its recommendation. appointment by the Board, is subject to the approval of the
General Meeting of Shareholders.




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Overview of the procedure for selecting future independent Directors


Recruitment
Framing Appointment
Preselection Selection


Definition by the Preselection of Selection of the Appointment put to
Appointments and candidates by the Director by the Board shareholders at the
Remunerations of Directors on the General Meeting
Appointments and
Committee of the
Remunerations recommendation of
required profile
Committee the Appointments and
Remunerations Approval of the
Committee appointment
Establishment Use of a specialised
Board diversity policy




of a mapping firm when necessary
If applicable, provisional
of existing skills Conduite des Verification
appointment coopted
and expertise of availability,of no
by the Board
Establishment of a convictions,
of Directors
candidates’ shortlist family ties, conflicts
Conduite des of interest or
Definition of
multiple positions Ratification if the
additional skills
sought Conduct of meetings appointment was
by the Chairman of the provisional
Presentation by the
Board and the Chair
Chair of the
of the Appointments
Appointments and
and Remunerations
Remunerations
Committee
Committee of the
candidate profiles
Meetings with the and reasons for
Chief Executive recommending the
Officer selected candidate


Meetings with other
Directors whenever
possible


The selection process for Micaela Le Divelec, whose appointment is subject to the approval of the Combined General Meeting of 17
April 2025, was conducted in compliance with these provisions.
5.3.2.2.4.4 Absence of convictions, family ties and conflicts of ● that they have no close family ties with a corporate officer of
interest the company;
As part of the review of the annual returns filed by the corporate ● not be aware of potential conflicts of interest between his or
officers in response to a request made by the company while her duties towards the company, and his or her private
preparing this Universal Registration Document, the company’s interests and/or other duties.
corporate officers have declared to the company, pursuant to
Articles 12.1 and 12.2 of the EC delegated Regulation 2019/980 of 5.3.2.2.5 Diversity policy of the Board of Directors
14 March 2019: 5.3.2.2.5.1 Principles
● that they have not been convicted of fraud during at least the Each year, in the context of the review of its composition and of
last five years; the renewal and/or appointment proposals submitted for
approval to the Annual General Meeting, the Board of Directors
● that they have not been involved in bankruptcy, receivership questions the desired balance of its composition and of the
or liquidation proceedings during at least the last five years; governance Committees set up, notably in terms of diversity. Its
● that they have not been subject to any official public aim at all times is to improve gender balance, the independence
incrimination or sanction by a statutory or regulatory authority of its members, the range of skills, expertise, international
(including appointed professional bodies) at least the last five experience, ages and geographical origins among members in
years; order to provide shareholders with a guarantee that all
assignments are being performed with the necessary
● that they have not been forbidden by a court to serve as a independence and objectiveness.
member of an administrative, management or supervisory
body, or from being involved in managing or leading a This diversity, a source of dynamism and performance,
company’s business during at least the last five years; guarantees a rapid and in‑depth understanding of the
company’s activities and challenges, ensures the quality of the
Board’s discussions and decisions and contributes to the
effectiveness of the Committees’ work.




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To achieve this, the Board of Directors has put in place a policy regarding diversity in the composition of the governance bodies. The
table below describes the diversity policy applied within the Board of Directors, indicating the criteria taken into account, the
objectives set by the Board of Directors, the methods of implementation as well as the results obtained during fiscal year 2024.



Criteria Targeted objectives Implementation and results achieved during the 2024 fiscal year

The Board of Directors considers that the percentage of female Directors
corresponds to a balanced representation of men and women:
- 43% of the Board are women
Seeking a balanced representation of women and men on the Board and
Representation - 50% of the Audit Committee are women
Committees:
of women - 60% of the CSR Committee are women
the proposal of women changed appreciably since the end of 2013
and men - 33% of the Appointments and Remunerations Committee are women, and of
to gradually reach 40% at the end of the Combined General Meeting of
course, this may improve with future changes.
27 April 2016.
The Appointments and Remunerations Committee and the CSR Committee
are both chaired by women.


The term of office of Directors is set to four years by the Articles of Association,
Duration Securing continuity within the Board via the regular renewal of appointments allowing shareholders to vote on their appointment and reappointment with
and staggering limited to 4 years on an overlapping basis. sufficient frequency.
of terms of office The terms of office have been staggered since 2015, allowing shareholders to
vote on several terms of office each year.


After Jean-Luc Biamonti's loss of independence on 31 January 2023, the
independence rate was reduced from 57% to 50%.
However, the Board of Directors considers that the proportion of independent
Directors of 50%, in line with the threshold recommended by the Afep-Medef
Independence Having a high proportion of independent members, guaranteeing an Code, is balanced with regard to the composition of the company’s
of members independence of judgement. shareholder structure.
The shareholders will be asked to approve the appointment of Micaela
Le Divelec as independent Director to replace Sylvie Ouziel, who will reach the
limit of 12 years of service in April 2025, synonymous with loss of independence
with regard to the Afep-Medef Code.


In particular, the Board of Directors, supported by the Appointments and
Remunerations Committee, ensures that its members have a wide range of
varied, complementary and balanced skills, thereby enabling an in-depth
Promote a diversity of complementary skills, expertise and experience, both understanding of the development challenges facing the company and
in terms of the various positions held and the different business sectors. a decision-making process which is informed, independent, and high-quality.
Combine the skills required to implement the company’s strategy and its These skills are described in detail in Section 5.3.2.1.3 together with the Directors’
Skills growth objectives. biographies.
and experience Promote training in the company’s specialities, business lines, sector The Board of Directors, on the recommendation of the Appointments and
of activity and corporate social responsibility issues, particularly climate Remunerations Committee, decided to introduce a new financial post: subject
issues. to her appointment as Director, Micaela Le Divelec will bring to the Board her
solid expertise in finance.
Considering the growing challenges in terms of CSR, especially the climate,
the CSR Committee organises regular workshops dedicated to specific subjects
in order to further explore them.


The Directors are aged between 46 and 71.
The average age is 58.
Age Seeking a balance between ages. The Board believes that its composition is balanced with, on the one hand,
and seniority Seeking a balanced distribution in terms of seniority on the Board. Directors who have already served for several years and have an in-depth
knowledge of the Group and, on the other hand, Directors who bring new
experience that can serve the interests of the Group and in particular its growth.


The Board of Directors boosted its international credentials in 2022 with the
appointment of Daniela Schwarzer and the co-optation of Delfin S.à.r.l,
Favour the recruitment of candidates with a diversity of geographical represented by Giovanni Giallombardo, following the death of Leonardo Del

Nationality
origins and knowledge of the main markets of the company (Directors
of foreign nationality or international culture and/or with international
Vecchio.
Subject to the appointment as Director of Micaela Le Divelec, who has in-depth 5
experience in the company’s strategic markets). knowledge of the Italian market, the rate of international representation will be
increased from 29% to 36%.
The majority of Directors have international experience.
4 Directors are based abroad.




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The Board of Directors oversees all changes in its composition and, to the extent possible, in the composition of its Committees to
ensure compliance with this policy.


5 nationalities
represented*
43% 1 Over
10 French 50% 70 years old
women
2 Italians Independent
Directors
1 Monegasque
1 German 3 Over
60 years old
1 Luxembourgish 57 % 50%
men Non-independent
* One member has multiple
nationalities Directors




5 Over
60 years old
9
International 11
experience Real estate
over 10 years’ Hotels
seniority 5

between 5 and
4
12 Over
10 years’ seniority Experience 3 50 years old
in public
between 2 and companies 11
5 years' seniority 4 Bank
Finance
2 Over
between 0 and 45 years old
2 years' seniority 1

0 1 2 3 4 5 6
14 10
Strategy Environement
and M&A CSR


Given the aspects mentioned above, and in view of the diversity 5.3.2.2.5.2 Independence
policy implemented by the company, the Board of Directors The Internal Regulations of the company stipulate that the
believes that its composition in the 2024 fiscal year is Board of Directors must include a significant proportion of
appropriate in view of the backgrounds and skills of the independent Directors and specify in Article 6 that an
Directors, which it deems balanced and suitable for the aims of independent Director is one who has no relationships of any kind
the company and the structure of its equity. with the company, its group or its Management that might
As part of the review of the profile of the new independent compromise his or her independent judgement.
Director to replace Sylvie Ouziel, who will reach 12 years of In accordance with the recommendations of the Afep‑Medef
service at the end of her term on 17 April 2025, the Appointments Code, each year, based on the recommendations of the
and Remunerations Committee validated the principle of Appointments and Remunerations Committee, the Board of
introducing a new financial profile to create a succession plan Directors devotes one item on its agenda to assessing the
for the chairmanship of the Audit Committee, and to further independence of its members in terms of the independence
internationalise its composition given the company’s criteria implemented by the company.
geographical exposure.
Thus, the appointment of Micaela Le Divelec in addition to the
renewal of the term of office of Predica, which will be proposed
to the Combined General Meeting of 17 April 2025, will strengthen
the balance sought in the diversity of the Board’s composition
and the complementary nature of the skills required.




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In assessing the independence of each Director, the Board of Directors initially draws on the criteria set out in the Afep‑Medef Code as
a reference, which states that an independent Director must meet all of the following independence criteria:


Criterion 1 Employee or corporate officer within the previous five years
He or she is not and has not been within the previous five years:
● an employee or executive corporate officer of the company;
● an employee, executive corporate officer or Director of a company consolidated by the company;
● an employee, executive corporate officer or Director of the parent company of the company or of a company
consolidated by that parent company.
Criterion 2 Cross appointments
He or she is not an executive corporate officer of a company in which the company directly or indirectly holds the office
of Director, or in which an employee designated as such or an executive corporate officer of the company (currently or
within the last five years) holds a position as Director.
Criterion 3 Significant business relationships
He or she is not a significant client, supplier, commercial banker, financier, consultant:
● of the company or its Group;
● or for which the company or its Group represents a significant share of its business.
Determining whether the relationship with the company or its Group is significant or not is a debated by the Board and
the quantitative and qualitative criteria having led to this assessment (continuity, commercial dependence, exclusivity,
etc.) are set out in the annual report.
Criterion 4 Family ties
He or she has no close family ties to a corporate officer.
Criterion 5 Statutory Auditors
He or she has not served as a Statutory Auditor for the company during the past five years.
Criterion 6 Term of office of more than 12 years
He or she has not been a Director of the company for more than 12 years. A Director ceases to be an independent
Director on the twelfth anniversary of his or her appointment.
Criterion 7 Status of non‑executive corporate officer
A non‑executive corporate officer cannot be considered to be independent if he or she receives variable remuneration in
cash or shares or any remuneration connected to the performance of the company or the Group.
Criterion 8 Significant shareholder status
Directors representing significant shareholders of the company or of its parent company may be considered as
independent if not involved in the oversight of the company.
However, above a threshold of 10% of the share capital or voting rights, the Board, further to a report by the
Appointments Committee, must systematically question the independent status of a Director by taking into account the
composition of the company’s share capital and the existence of potential conflicts of interest.


As a second step, and in accordance with Article 10.4 of the according to one of the criteria set out in the Code, is not
Afep‑Medef Code, beyond the mere observation of compliance considered as free of constraints, if the criterion in itself does not
or non‑compliance with these criteria, the Board seeks, in lead to any loss of independence with respect to the company’s
particular, to establish whether a Director, who could be particular situation.
presumed independent in terms of the Afep‑Medef Code, has no
Taking into account the recommendations of the AMF and the
5
other important ties (frequent or materially significant
HCCG, the Board also assesses, where appropriate, the material
professional or personal ties in relation to Covivio’s operating
or non‑material nature of the business relationships between the
costs) which may restrict his or her freedom of analysis and of
Directors and the company or its group, particularly with regard
decision‑making. Conversely, the Board also seeks to establish
to the type of relationship and amounts involved therein.
whether a Director, who may be presumed non‑independent




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The Board has adopted a multi‑criteria approach to the material nature of a business relationship, with a focus on qualitative analysis.
To this end, it took into account all of the following criteria:


Qualitative ● Significance of the business relationship for the Director and the company (potential economic dependence,
criterion exclusivity or influence of the business relationship within the sector, etc.).
● Structure of the relationship, including the position of the Director concerned in the contracting company (seniority of
the mandate as Director, existence of an operational function within the entity concerned, direct decision‑making
power over the contracts constituting the business relationship, direct interest for the Director or contract‑related
remuneration paid to the Director, etc.).
● Term and continuity of the business relationship.
Quantitative ● Share of the company’s turnover in the business relationship with the entities to which the Director is related.
criterion


Following the assessment of the independence of the Directors on 15 February 2024, the Board of Directors decided, upon the
proposal of the Appointments and Remunerations Committee and in view of the following observations, to maintain the independent
status in 2024 of Christian Delaire, Alix d’Ocagne, Sylvie Ouziel, Olivier Piani, Patricia Savin, Daniela Schwarzer and Catherine Soubie, in
light of the following facts:


Christian Delaire Christian Delaire has been a member of the Board of Directors in a personal capacity since 17 April 2019.
He meets all of the aforementioned Afep‑Medef criteria and, in particular, is not in a direct or indirect business
relationship and has never held any executive position within Covivio or a company of its group or under its
management. He has no dealings with members of the Board of Directors, Executive Managers or majority
shareholders that may call into question the criteria‑based analysis. The Board of Directors therefore considers
Christian Delaire as an independent Director.
Alix d’Ocagne Alix d’Ocagne has been a member of the Board of Directors in a personal capacity since 13 February 2020.
She meets all of the aforementioned Afep‑Medef criteria and, in particular, is not in a significant direct or indirect
business relationship and has never held any executive function within Covivio or a company in its group or under
its management. She has no dealings with members of the Board of Directors, Executive Managers or majority
shareholders that may call into question the criteria‑based analysis. The Board of Directors therefore considers Alix
d’Ocagne to be an independent Director.
Sylvie Ouziel Sylvie Ouziel has been a member of the Board of Directors in a personal capacity since 24 April 2013.
She meets all of the aforementioned Afep‑Medef criteria and, in particular, is not in a direct or indirect business
relationship and has never held any executive function within Covivio or a company in its group or under its
management. She has no dealings with members of the Board of Directors, Executive Managers or majority
shareholders that may call into question the criteria‑based analysis. The Board of Directors therefore considers
Sylvie Ouziel to be an independent Director.
Olivier Piani Olivier Piani has been a member of the Board of Directors in a personal capacity since 17 April 2019.
He meets all of the aforementioned Afep‑Medef criteria and, in particular, is not in a direct or indirect business
relationship and has never held any executive position within Covivio or a company of its group or under its
management. He has no dealings with members of the Board of Directors, Executive Managers or majority
shareholders that may call into question the criteria‑based analysis. The Board of Directors therefore considers
Olivier Piani as an independent Director.
Patricia Savin Patricia Savin has been a member of the Board of Directors in a personal capacity since 27 April 2016.
She meets all of the aforementioned Afep‑Medef criteria and, in particular, is not in a direct or indirect business
relationship and has never held any executive function within Covivio or a company in its group or under its
management. She has no dealings with members of the Board of Directors, Executive Managers or majority
shareholders that may call into question the criteria‑based analysis. The Board of Directors therefore considers
Patricia Savin to be an independent Director.
Daniela Schwarzer Daniela Schwarzer has been a member of the Board of Directors in a personal capacity since 21 April 2022.
She meets all of the aforementioned Afep‑Medef criteria and, in particular, is not in a direct or indirect business
relationship and has never held any executive function within Covivio or a company in its group or under its
management. She has no dealings with members of the Board of Directors, Executive Managers or majority
shareholders that may call into question the criteria‑based analysis. The Board of Directors therefore considers
Daniela Schwarzer to be an independent Director.
Catherine Soubie Catherine Soubie has been a member of the Board of Directors in a personal capacity since 27 April 2016.
She meets all of the aforementioned Afep‑Medef criteria and, in particular, is not in a direct or indirect business
relationship and has never held any executive function within Covivio or a company in its group or under its
management. She has no dealings with members of the Board of Directors, Executive Managers or majority
shareholders that may call into question the criteria‑based analysis. The Board of Directors therefore considers
Catherine Soubie to be an independent Director.


With 50% of the Board being independent Directors, the company has met the recommended threshold of the Afep‑Medef Code in
terms of independent Directors.




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In line with AMF Recommendation no 2012‑02 of 9 February 2012, revised on 14 December 2023, the table below shows the situation of
the independent members of the Board of Directors in light of the independence criteria defined by the Afep‑Medef Code, it being
stipulated that √ represents an independence criterion that has been met and X represents an independence criterion that has not
been met.
Criterion 1:
Employee or Criterion 7:
corporate Criterion 6: Status of the
officer during Criterion 3: Mandate non- Criterion 8:
the 5 Criterion 2: Significant Criterion 5: length executive Significant Qualification
Criteria used by previous Cross business Criterion 4: Statutory exceeding 12 corporate shareholder adopted by the
Afep‑Medef Code years mandates relationships Family link Auditors years officer status Board of Directors
Jean‑Luc Biamonti √ √ √ √ √ X √ √ Non‑independent
Romolo Bardin √ √ √ √ √ √ N/A X Non‑independent
Christian Delaire √ √ √ √ √ √ N/A √ Independent
Delfin S.à.r.l., represented
by Giovanni Giallombardo √ √ √ √ √ √ N/A X Non‑independent
Predica, represented by
Jérôme Grivet X √ X √ √ √ N/A √ Non‑independent
ACM Vie, represented by
Catherine Jean‑Louis X √ X √ √ √ N/A √ Non‑independent
Christophe Kullmann X X √ √ √ √ N/A √ Non‑independent
Covéa Coopérations,
represented by Olivier Le
Borgne √ √ X √ √ √ N/A √ Non‑independent
Alix d’Ocagne √ √ √ √ √ √ N/A √ Independent
Sylvie Ouziel √ √ √ √ √ √ N/A √ Independent
Olivier Piani √ √ √ √ √ √ N/A √ Independent
Patricia Savin √ √ √ √ √ √ N/A √ Independent
Daniela Schwarzer √ √ √ √ √ √ N/A √ Independent
Catherine Soubie √ √ √ √ √ √ N/A √ Independent

Sylvie Ouziel having been appointed Director of Covivio by the The Board of Directors also reviewed the independence criteria
Combined General Meeting of 24 April 2013, will reach the time for Micaela Le Divelec, whose appointment is subject to the
limit of 12 years' service for independence at the end of the approval of the Combined General Meeting of 17 April 2025. It
Combined General Meeting of 17 April 2025, and will thus cease considered that she met all the Afep‑Medef criteria. In particular,
to be an independent Director on the Board, under Article 10.5.6 she does not have a direct or indirect business relationship with
of the Afep‑Medef Code. the company, and has not held any executive position within
Covivio or any company in its group or within its management.
Following the review on 19 February 2025 of the independence of
She has no dealings with members of the Board of Directors,
the Directors, the Board of Directors decided, on the proposal of
Executive Managers or majority shareholders that may call into
the Appointments and Remunerations Committee, to maintain
question the criteria‑based analysis. The Board of Directors
the independence of Christian Delaire, Alix d'Ocagne, Sylvie
therefore considers Micaela Le Divelec to be an independent
Ouziel (until the end of her term of office as Director at the end
Director.
5
of the Combined General Meeting of 17 April 2025), Olivier Piani,
Patricia Savin, Daniela Schwarzer and Catherine Soubie.
Criterion 1:
Employee or Criterion 7:
corporate Criterion 6: Status of the
officer during Criterion 3: Mandate non- Criterion 8:
the 5 Criterion 2: Significant Criterion 5: length executive Significant Qualification
Criteria used by previous Cross business Criterion 4: Statutory exceeding 12 corporate shareholder adopted by the
Afep‑Medef Code years mandates relationships Family link Auditors years officer status Board of Directors
Micaela Le Divelec √ √ √ √ √ √ N/A √ Independent



Subject to the approval by the Combined General Meeting of 17 April 2025 of the resolutions relating to the reappointment of Predica
as Director and the appointment of Micaela Le Divelec as an independent Director, the proportion of independent Directors would be
maintained at 50%.




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5.3.2.2.5.3 Feminisation Given the rise in CSR and particularly climate issues, the CSR
Occupational gender equality and diversity are key to Committee organises work sessions dedicated to certain
effectiveness and economic and social performance and have subjects, which are examined in detail: for example, in 2024, the
been among Covivio’s core concerns over recent years. With 43% progress of the Group’s carbon trajectory as well as the levers for
of the Board of Directors being women, the company has fulfilled reducing carbon emissions, and in particular the progress of the
its legal obligations. The appointment of Micaela Le Divelec as a Green Capex programme, the greening of the debt, the
new independent Director to replace Sylvie Ouziel will, through biodiversity strategy, the European taxonomy, the progress of the
her experience and expertise, complement the skills and development of the CSRD reporting, the implementation of the
diversity of the Board while maintaining the level of women's responsible purchasing policy and also the development of the
representation. next commitment barometer, the professional equality and
diversity policy, and the work of the Covivio Foundation. The
5.3.2.2.5.4 Nationalities Chairwoman of the CSR Committee provides a detailed report
Of the Directors on the Board, 29% are non‑French: two Italians on this work to the Board, and regularly distributes records of the
(including one holding dual citizenship with Luxembourg), one Committee’s work to all Directors. Furthermore, each edition of
person from Monaco and one German. This diversity, which takes the Board’s strategic seminar, which takes place every two years
into account the geographical exposure of the company’s for two days, also helps further the economic and financial
activities, gives the Board great openness in its discussions, and environment in which the company evolves, as well as its various
allows a broadening of the analysis angle of the subjects real estate markets. At the last edition of the Board’s strategic
examined during the meetings. It will be enhanced with the seminar, held in Milan in June 2023, there were visits to some of
appointment of Micaela Le Divelec, an Italian national. Subject the Group’s real estate assets, and their environmental
to her appointment by the Combined General Meeting of 17 April performance was assessed. This was also an opportunity to
2025, the internationalisation rate will rise to 36%. bring in a financial analyst whose recommendation was not
favourable to Covivio, in order to understand his angle of
5.3.2.2.5.5 Training analysis and his external view of the Group’s portfolio and
The company ensures that new Directors complete an induction performance, including in terms of governance. The seminar was
programme, adapted to their individual skillsets, experience and also an opportunity to listen to a company with a B‑Corp label
expertise to enable them to gain a better understanding of and better understand the impact of such an approach.
Covivio and its business sector, and to grasp its strategic
Dedicated sessions on CSR topics and in particular on Nature
priorities and challenges. As part of this programme, the
issues are also planned for 2025, during which various external
Directors who were unfamiliar with the markets and business
and internal experts will speak to the Directors.
sectors have several meetings with the Chief Executive Officer
(CEO), Deputy CEO, Chief Operating Officer, Risk, Compliance, 5.3.2.2.5.6 Presence of the Chief Executive Officer (CEO) on the
Internal Audit and Control Department Director and the Chief Board
Financial Officer, and can also benefit, if they deem it necessary,
The appointment in 2012 of Christophe Kullmann (who is also the
from additional training on the specificities of the company, its
company’s Chief Executive Officer) as a Director has enabled
business lines and its sector, and the range of social, societal
him to be even more directly involved in the company’s strategy,
and environmental challenges that the company faces, in
for which he is responsible at the same level as the other
particular with regard to the climate and CSR. New Directors are
Directors.
also informed, notably via the communication of the company’s
Articles of Association and the Internal Rules of the Board and its
Committees, of the functioning of its governance as well as the
rules of stock market ethics and prevention of conflicts of
interest.




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5.3.2.2.6 Rules of operation and organisation notify it to the Chief Operating Officer as soon as possible prior
of the Board of Directors to the governance meeting. As such, they will not be able to
attend the Board or Investments and Disposals Committee
5.3.2.2.6.1 Procedure to prevent conflicts of interest
meeting during the discussion of the agenda items subject to
Article 10 of the Internal Regulations of the Board of Directors the conflict of interest. This fact will also be reported to the
establishes a procedure to prevent conflicts of interests, even Chairman of the Board and/or to the Chairman of the
potential ones, in the presentation of investment projects Investments and Disposals Committee.
submitted to the Board and/or to the Investments and Disposals
Committee. If a conflict of interest situation arises during the review of the
investment project, the member concerned must, as soon as he
Prior to sending the investment files, and if there are serious or she is aware of the conflict, notify the Chairman and the
reasons to believe that a member of the Board or the Chairman of the Investments and Disposals Committee. He or
Investments and Disposals Committee is in a situation presenting she will no longer attend the Board or Investments and Disposals
a conflict of interest, the company’s Chief Operating Officer Committee meetings devoted to a discussion of the agenda
ensures the prevention of any conflict of interest for the latter, by items relating to this investment project, and more generally,
providing the member with information on each of the shall be under strict duty of confidentiality.
investment files submitted, thus allowing the member to
determine in good faith the existence or absence of a conflict of If a conflict of interest situation ceases to exist, the Board or
interest. It is further hereby stated that each member of the Investments and Disposals Committee member may once again
Board or the Investments and Disposals Committee is under an participate in the deliberations of the Board or the Investments
obligation to notify the company’s Chief Operating Officer, at all and Disposals Committee as of receipt, by the Chairman of the
times, of any intention to take a position, directly or indirectly, on Investments and Disposals Committee and the Chairman of the
any investment file that he or she believes, in good faith, is likely Board, of notification of the conflict of interest’s disappearance
to interest and be considered by the company. from the member concerned.

Any member of the Board or Investments and Disposals Any decision by the Board regarding conflicts of interest will be
Committee who fails to confirm the absence of a conflict of recorded in the Board minutes of the Board of Directors and of
interest will not receive the presentation of the investment the Investments and Disposals Committee.
projects in question and will not be able to participate in the This system for the prevention of conflicts of interest may also be
Board or Investments and Disposals Committee meeting during implemented when files are submitted to the Audit Committee.
the discussion of the corresponding agenda items.
In 2024, as part of the presentation and review of a real estate
In the event that, despite these precautions, the members of the asset swap submitted to the Investments and Disposals
Board or the Investments and Disposals Committee would be Committee and the Board, the company was made aware of
privy to the investment files and would believe, on reading the the existence of a potential conflict of interest.
latter, that they are in a situation of conflict of interest, they must




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5.3.2.2.6.2 Ethical guidelines for the members of the Board of Directors
The rules of ethics and duties of the members of the Board of Directors are defined in Article 5 of the company’s Internal Regulations.

Skills Before taking up their duties, Board members must be familiar with the legal or regulatory texts governing
their duties, the company’s Articles of Association and the Board’s Internal Regulations. All Board members
must ensure that they fully comply with legal requirements related to the holding of multiple terms of office
(no more than four other terms of office in public companies outside of the Group, including foreign
companies), and must inform the Board of terms of office as Director held in other companies, including their
participation in the Board Committees of any French or foreign companies. Whenever a Board member also
holds an executive position, he or she must, in addition to seeking authorisation from the Board prior to
accepting any other new term of office in a public company outside the Group, refrain from accepting more
than two other terms of office in public companies, including foreign companies, outside the Group.
Shareholding The company shares held by each member of the Board at the time he or she takes office must be recorded
in registered form (pure or administered). The same will be true of any shares acquired subsequently. As an
internal guideline and as a way to reflect their involvement in the company’s management, the members of
the Board must hold a number of companies shares equivalent to around a year’s worth of remuneration.
Transparency In accordance with the provisions of Article L. 621‑18‑2 of the French Monetary and Financial Code and the
applicable provisions of the General Regulations of the AMF, each member of the Board is required to
declare to the company and to the AMF any transaction, in particular any purchase, sale, subscription,
conversion, borrowing, lending or exchange transactions, that he or she has completed involving company
shares or debt securities, as well as any derivatives or other related financial instruments. This declaration
must be made within three trading days after the execution of such transactions, when the total amount of
transactions executed during the calendar year is greater than €20 thousand.
Furthermore, any agreement referred to in the provisions of Articles L. 225‑38 et seq. of the French
Commercial Code is subject to the formalities regarding communication, authorisation and control stipulated
by Articles L. 225‑38 to L. 225‑42 of the same Code.
Duty of loyalty Each person participating in the work of the Board, whether Board members or permanent representatives of
a legal‑entity Board member, must make their best efforts to determine in good faith whether a conflict of
interest, even potential ones, exists. Such person is bound to inform the Chairman of the Board thereof as
soon as he or she learns of any situation that could constitute a conflict of interest between (i) him or herself
or the company for which he or she is the permanent representative, or any company of which he or she is an
employee or executive corporate officer, or any company of the same group and (ii) the company or any
company in its Group.
In the event of a permanent conflict of interest, the Board member concerned (or the permanent
representative of the legal entity concerned that is a member of the Board) must tender their resignation.
Moreover, each member of the Board is required to make a sworn statement on the existence of any conflict
of interest, even potential, at the time of his or her appointment, and each year in response to a request in
this regard by the company during preparation of the Universal Registration Document.
Duty of diligence Each member of the Board is required to devote the time and attention necessary to the performance of his
or her duties. He or she must be diligent and, to the extent possible, attend all of the meetings of the Board
and, as the case may be, the Committees of which he or she is a member as well as the General Meetings of
Shareholders.
Duty of confidentiality In the case of non‑public information acquired in connection with his or her duties and deemed to be
confidential, each Director (it being noted for all intents and purposes that there is no distinction between a
Director who is a natural person and the permanent representative acting as an agent of the legal entity
Director), as well as any person attending the Board and Committee meetings will be bound to professional
secrecy, beyond the simple obligation of discretion provided for by Article L. 225‑37 of the French Commercial
Code, and must strictly preserve its confidentiality, even after the completion of their office.
Each permanent representative is nevertheless authorised to communicate to the legal entity that has
named them, through their executive corporate officer, information that they have gathered and that is
strictly necessary to the completion of their duties as a Director. The latter is then authorised to communicate
this information, in a limited capacity, to other people within the Director that is a legal entity, on the
condition that they take all suitable measures to ensure these persons strictly preserve its confidentiality and
comply with the rules governing the communication and use of privileged information, as specified
hereinafter in the guide on the prevention of insider dealing, in the Annexe of the Internal Regulations.
This strict obligation of confidentiality, which applies in principle, whether or not the Chairman has explicitly
stated the confidentiality of the information, covers the content of debates and deliberations of the Board
and the Committees as well as all information and documents presented therein, or that are sent to them in
preparation for their work, or of which they may have gained knowledge within the scope of their duties.
Duty of abstention Each member of the Board must refrain from trading company securities pursuant to the rules on insider
on securities dealing and from trading securities of companies on which he or she has privileged information due to his or
her duties, pursuant to the principles stipulated by the Guide on the Prevention of Insider Trading attached to
the Board’s Internal Regulations.




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5.3.2.2.6.3 Evaluation of the work of the Board of Directors
The Board assesses its ability to meet the expectations of guarantee impartiality, the Chairman of the Board of Directors
shareholders who have entrusted it with the mandate of and the Chief Executive Officer (CEO) decided to abstain, and
managing the company, periodically reviewing its composition, the results given to the members during the session of 21
organisation and working methods, as well as those of its February 2023 excludes them from the calculations.
Committees.
The overall analysis of this fourth evaluation underscores the
In accordance with the provisions of the Afep‑Medef Code and quality of the debates and relationships within the Board of
its Internal Regulations, the Board holds an annual discussion on Directors, particularly with regard to freedom of expression, the
its working methods and that of its Committees and carries out atmosphere of trust (given the quality of the relationships within
a formal evaluation at least every three years, with the help of the Board and with the Chief Executive Officer, and the
an external consultant. successful management of potential conflicts of interest), and
the smooth transition between in 2022 departing and entering
The assessment of the Board’s work aims to review the Board of
Chairmen of the Board.
Directors’ working methods (and where appropriate, the
relevance of the governance procedures implemented by the This confirmed that the Board of Directors is deemed
company), verify that important matters are correctly prepared well‑balanced, efficient, with a positive momentum, and with all
and discussed, and may also allow for an opinion on the the required tools to perform its duties.
measure of each Director’s actual contribution to the Board’s
Measures were identified in 2023 and 2024 in order to respond to
work. At this time, non‑executive Directors may also evaluate the
the suggestions and areas for improvement identified at the end
performance of the Chairman, the Chief Executive Officer and
of 2022 by the Directors. Thus, CSR topics, particularly on carbon
the Deputy CEO.
emissions and biodiversity, were explored during working
In accordance with the recommendations of the Afep‑Medef sessions of the CSR Committee and then the Board of Directors.
Code, at the end of the 2013 fiscal year, the company carried At their request, Directors now systematically have access to the
out a first independent assessment carried out by the Egon CSR Committee’s working files and CSR criteria are
Zehnder consultancy, and then three other internal assessments systematically examined during and CSR criteria are
carried out in 2016, 2019 and end 2022. The latest internal systematically examined when reviewing acquisition or
evaluation consisted of an anonymous and exhaustive development project. During the seminar, which brings together
questionnaire prepared on the basis of the template created by the members of the Board every two years over two days, in
Afep and adapted to the specificities of Covivio, sent by the addition to the organised tours of the assets, presentations
Legal Officer to all Directors and Non‑voting members (in place clarified Covivio’s societal positioning, and also provided the
until 20 April 2023), reviewing its composition and organisation, external vision of a financial analyst on the company. Lastly, in
the operating procedures of the Board and the Committees response to a request made during the assessment of the
during the 2022 year and offering Directors the option to express Board’s work, a meeting of the Board of Directors was held at
their opinion on the actual individual contribution of each of the the end of 2023 on a Covivio asset in the Paris region (the CB 21
Directors. During this assessment, no Director requested an Tower in La Défense), with a presentation and a tour of the asset.
individual interview with the Chief Operating Officer. To




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MAIN AREAS FOR IMPROVEMENT/
RECOMMENDATIONS IDENTIFIED BY DIRECTORS PROGRESS
AND NON-VOTING MEMBERS IN 2022

1 Create posts on the Board for directors with
knowledge of other Group locations
PROFILES AND Suggest new profiles when directorships are Integration of a financial and Italian profile in 2025
REMUNERATION close to expiry: digital, hotel/tourism, user, etc.

Improve the amount and methods for distributing
remuneration (including the variable portion)
Increase in the variable portion related to physical presence

2 Improve the Board’s knowledge of Covivio’s
ORGANISATION competitors, their strategy and market Implemented post-results
developments
OF THE BOARD
AND THE Board meeting outsourced to CB 21, seminar in Milan in 2023 and
Outsourced board meetings
STRATEGIC Berlin in 2025
SEMINAR
CSR criteria examined during investment procedures
Use a CSR grid to assess investments
Grids to be proposed to the CSR Committee in April 2025

Give all Directors access to the CSR Committee’s
3 files
Systematically accessible case file

Occasionally gain access to external Greenstreet talk at the 2023 seminar in Milan
BOARD
perspectives (analysts, sectors, clients) Utopies spoke to the CSR Committee twice
INFORMATION

Organise building visits to improve knowledge
Visits to coincide with seminars
of internal know-how

Risk of duplication between the Strategy and Strategy and Investment Committee evolves and becomes the
Investment Committee and the Board Investments and Disposals Committee


The next formalised assessment of the Board will take place at the end of 2025.


5.3.2.2.6.4 Organisation of the Board of Directors Deliberation of the Board of Directors excluding the presence of
Governance calendar executive corporate officers
The provisional governance timetable for the year N+1 is sent to The Internal Regulations of the Board provide for the possibility
members, to any Non‑voting members, to representatives of the for the Directors to meet at least once per year, during a
Social and Economic Committee, as well as to the Statutory dedicated meeting or before, or after a meeting, without the
Auditors during the meeting of the Board of Directors called to executive corporate officers being present.
review and approve the half‑year financial statements. The final In 2024, these sessions took place at the end of the meetings of
governance timetable is sent to them in September. 15 February and 21 November, after the report on the work of the
Meetings Appointments and Remunerations Committee and the review –
deliberations and votes – of the decisions concerning the
The Board of Directors meets as often as required by the
components of executive remuneration, allowing them to
interests of the company and whenever the Chairman deems
continue their discussions on other matters.
necessary, upon notice from the Chairman.
Form of notice of the meeting
A simultaneous French/Italian interpretation system may be used
during meetings, upon request by certain members. Notices of meeting, to Directors and the other attendees, are
made by any written method at least five days in advance. This
In addition, since 2015, the Board meets every two years for two five‑day period may be reduced if one third of the Directors
full days for a strategic seminar, which is also an opportunity to agree to a shorter notification period. Meetings are held at the
visit some of the Group’s real estate holdings and assess their company’s registered office or any other location indicated in
environmental performance. the notice of meeting.




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Other attendees At each Board meeting, the Chairman informs the members of
The Deputy CEO, as well as certain members of the Group’s the main facts and significant events affecting the Group’s
Executive Committee and its Legal Director and the CEO’s business since the previous Board meeting. In addition, the files
management representative attend as guests at Board to be sent to the Directors, and to any Non‑voting members of
meetings. the Board of Directors and employee representatives attending
Board meetings, and, if relevant, to the Statutory Auditors, which
Any Non‑voting members, appointed by the Board of Directors, contain the information and documents required to perform their
attend, if applicable, Board of Directors meetings on an advisory mission (including all documents relating to transactions that the
basis. Board is required to review in order to enable the Board to
assess the impact), are prepared before each Board meeting
In accordance with the provisions of Article L. 2312‑72 of the
and made available to attendees in a timely manner, with a
French Labour Code, two representatives of the Social and
reasonable notification period before the date of the meeting.
Economic Council, designated by said Council, attend Board
meetings on an advisory basis. These representatives have the Since 2015, the company has been using a digital platform
same documents at their disposal as those provided to Board wherein all governance files are made available in a secure
members. digital format along with a historical electronic management of
the documentation of the Board and Committees (files, minutes,
The Statutory Auditors are called to attend meetings during
Internal Regulations, etc.) with complete confidentiality.
which the annual and half‑yearly corporate or consolidated
financial statements are examined or prepared. Board deliberations
The Secretary of the Board also attends the meetings but has The Board of Directors validly deliberates only if at least one half
no vote. of its members are present. In compliance with the applicable
laws and regulations, meetings of the Board of Directors may be
Depending on the items on the agenda, the Chairman may held by telecommunications in accordance with law and
decide to invite any person he/she deems useful, an external regulations in force, under the conditions provided for by the
employee or consultant, to obtain a technical opinion on the Internal Rules adopted by the Board of Directors.
subjects presented by the company to the Board of Directors.
Decisions are adopted by a majority of the members present or
Information for the members of the Board represented. In the event of a tied vote, the meeting’s Chairman
The company provides the Directors and any Non‑voting does not have the casting vote.
members with the information they need to effectively
The deliberations of the Board of Directors are recorded in
participate in the Board’s work in order to enable them to
minutes prepared by the Secretary of the Board at the end of
perform their role in appropriate conditions. This ongoing
each meeting. After approval, they are transcribed in the register
information includes all relevant items concerning the company,
of minutes of Board meetings.
including press articles and financial analysis reports.

5.3.2.3 Composition of the Board of Directors in 2024
During the 2024 fiscal year, the Board of Directors met six times, convened by its Chairman. The average duration of the meetings of
the Board of Directors was two hours.

5.3.2.3.1 Attendance of members of the Board of Directors
In 2024, the average attendance of Directors at Board meetings was 98%. It was 97% for all governance meetings.
The details by meeting are shown below:

Date Attendance rate
15 February 2024 100% 5
17 April 2024 93%
23 April 2024 100%
19 July 2024 93%
22 October 2024 100%
21 November 2024 100%




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Number of meetings 1 2 3 4 5 6 Attendance rate

Jean-Luc Biamonti
100%
(Chairman)


Romolo Bardin 100%


Christian Delaire 100%


Giovanni Giallombardo
(Permanent representative of Delfin SARL) 83%


Jérôme Grivet
100%
(Permanent representative of Predica)

Stéphanie de Kerdrel
100%
(Permanent representative of ACM Vie until 23 April 2024)

Catherine Jean-Louis
100%
(Permanent representative of ACM Vie since 23 April 2024)


Christophe Kullmann 100%


Olivier Le Borgne
(Permanent representative of Covea Cooperations) 100%


Alix d’Ocagne 100%


Sylvie Ouziel 100%


Olivier Piani 100%


Patricia Savin 100%


Daniela Schwarzer 100%


Catherine Soubie 83%




Total number of meetings
Present in meetings


5.3.2.3.2 Main work of the Board of Directors
In addition to matters falling within its legal or regulatory powers, Members of the Board have been systematically informed about
the Board of Directors, in its main areas of activity, discussed and the work, advice/recommendations and decisions of the
decided on the following points, with a focus on taking its Investments and Disposals Committee, the Appointments and
decisions in consideration of social issues and the environmental Remunerations Committee, the Audit Committee and the CSR
impact of the company’s activities. Thus, during a real estate Committee, as well as the work and opinions of the Statutory
investment, the environmental performance of the asset is Auditors. The Chief Executive Officer, and where applicable the
always presented to the members of the Board of Directors. In Deputy CEO, regularly reported to the Board on the exercise of
addition, following the adoption of the company’s purpose, the powers delegated to them.
which was included in the company’s Articles of Association on 17
In accordance with the recommendations of the Afep‑Medef
April 2024, the Board regularly analyses its decisions in the light
Code, the Board of Directors deliberated on matters concerning
of this.
the remuneration paid to executive corporate officers in their
Following the strategic seminar held over two days in Milan in absence during the presentation of the proposals made by the
June 2023, the Directors initiated in 2024 some of the measures Appointments and Remunerations Committee.
that were part of the medium‑term action plans linked to the
major strategic directions. The next session of the Board of
Directors’ strategic seminar will be held in Berlin in June 2025.




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During the 2024 fiscal year, the Board of Director’s work notably focused on the following areas:

Monitoring of the ● Review of the strategic directions of the Group, particularly in light of the economic and financial environment
Group’s strategies and the evolution of the real estate markets.
and activities ● Regular updates on the economic, financial and real estate environment.
● Presentation of redevelopment and investment transactions authorised by the Investments and Disposals
Committee.
● Approval of the transaction to strengthen Covivio's stake in the share capital of Covivio Hotels and of a
proposed sale.
● Regular progress reports on the various projects previously authorised.
● Regular briefings on the progress of business.
● Quarterly business review.
● Regular information on the change in the Group’s activity, its portfolio, its financial position, its financial
indicators, its environment, its stock market performance and valuation and its cash and cash equivalents.
● Review of the main messages of the Capital Markets Day.
Corporate ● Review and approval of the Board of Directors' reports, including the management report and the corporate
governance governance report.
● Review of the composition of the Board of Directors and Committees with regard to the terms of office expiring
in April 2024 and in April 2025.
● Approval of proposals to renew the terms of office of Directors expiring in April 2024 (Christophe Kullmann,
Catherine Soubie and Patricia Savin) and in April 2025 (Predica).
● Decision to renew the terms of office of Committee members expiring in April 2024.
● Decision to appoint Catherine Jean‑Louis as a member of the Investments and Disposals Committee following
the change of ACM Vie’s permanent representative on the Board of Directors.
● Approval of the proposed appointment of Micaela Le Divelec as Director (to replace Sylvie Ouziel in view of her
loss of independence at the end of her third term of office in April 2025).
● Annual review of the independence of the Directors with regard to the criteria defined by the Afep‑Medef Code.
● Reports of the delegations granted by the Board of Directors to the Chief Executive Officer and/or the Deputy
CEO.
● Evaluation of whether Catherine Jean‑Louis meets requirements in areas of honourability, integrity,
professionalism and anti‑money laundering.
● Approval of updates to the Board’s Internal Regulations.
● Communication of the governance agenda for 2024 and 2025, including financial communication and related
abstention periods.
General Meeting ● Agenda and text of draft resolutions for the Combined General Meeting of 17 April 2024.
● Designation of Christophe Kullmann as Deputy Director in order to chair the General Meeting in the potential
absence of the Chairman and Vice‑Chairman of the Board.
● Delegation granted to the Chief Executive Officer to answer written questions from shareholders at the Annual
General Meeting.
● Implementation of delegations granted by the Combined General Meetings of 20 April 2023 and 17 April 2024.
Remuneration ● Approval of the remuneration elements and criteria for executive corporate officers submitted for approval of
the Combined General Meeting of 17 April 2024.
● Approval of the remuneration policy for corporate officers submitted for approval to the Combined General
Meeting of 17 April 2024.
● Approval of the CSR criteria and objectives for long‑term incentive schemes for executive corporate officers.
● Approval of the free share plans allocated to corporate officers and Group employees, and approval of the
attribution terms and conditions.

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Financial ● Examination and approval of the Covivio group’s consolidated financial statements and the parent company’s
management financial statements for the fiscal year ended 31 December 2023.
● Review of the company’s financial position and cash position.
● Determination of the allocation of the 2023 income proposed to the Combined General Meeting of 17 April 2024
and the dividend amount and payment date.
● Approval of the proposed dividend payment option in shares and information on the results thereof.
● Approval of the 2024 guidance and its revision.
● Update on liquidity and financing.
● Examination and approval of the financial statements and management planning documents and related
reports.
● Review of the update to the EMTN (Euro medium‑term notes) programme.
● Examination and approval of the consolidated financial statements for the first half of 2024.
● Regular updates on the progress of the 2024 budget.
● Monitoring the landing of the 2024 budget and approval of the budget for 2025.
● Approval of financial press releases.
● Implementation of the share buyback programme.
● Report on the use of the authorisation of sureties, endorsements and guarantees granted during the year and
renewal of the annual authorisations granted to the Chief Executive Officer to issue sureties, endorsements and
guarantees.
● Review and approval, where applicable, of (re)financing transactions.
● Reports on the final allocations of free shares delivered in 2023 and 2024.
● Report of the results of the investment by ESU Covivio employees of the profit‑sharing scheme for fiscal year
2023 (plus the matching contribution) in company shares.
Risk management ● Monitoring of the measures for preventing and detecting corruption and insider trading.
● Validation of the risk management policy through the review of the risk mapping associated with the company’s
activity.
● Review of the action plans implemented for the major risks identified.
● Approval of the 2025 audit plan.
● Approval of the proposed appointment of KPMG SA as Principal Statutory Auditor, to replace Mazars, whose
term of office expires in April 2024.
● Approval of the proposal to renew Ernst & Young et Autres as Principal Statutory Auditor.
● Examination of the results of the internal assessment of the review of agreements relating to current
transactions concluded under normal conditions.
● Monitoring of permanent establishment control activities in Italy and analysis of the vigilance body’s annual
report.
● Reminder to Directors of the obligations incumbent on anyone holding an executive office (and any persons
closely associated with them) under the regulations on market abuse, especially including rules on refraining
from (i) disclosing inside information and (ii) trading in securities when in possession of inside information.
Corporate, social ● Examination and approval of the Consolidated Statement of Non‑Financial Performance.
and environmental ● Approval of the appointment of Ernst & Young et Autres as Statutory Auditors in charge of certifying
responsibility sustainability information.
● Monitoring the progress of the ESG policy.
● Approval of the diversity policy applied to members of the Board and Committees, its implementation methods
and the results obtained.
● Approval of the non‑discrimination and diversity policy, particularly concerning gender balance on management
bodies.
● Approval of the company’s policy on gender equality and equal pay.
● Review of the Covivio Foundation activity report.
● Examination of the list of social and environmental risks inherent to Covivio, as highlighted by an analysis of the
risk mapping, and approved the action plans to be implemented.
● Monitoring of the work of the Stakeholders Committee.
Related‑party ● Review of all related‑party agreements signed and/or authorised in 2023.
agreements ● Authorisation of continuing application of the related‑party agreements signed and authorised during previous
fiscal years, the performance of which continued into 2024.
● Examination and authorisation to enter into new related‑party agreements with regard to their interest for the
company.




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5.3.2.3.3 Support of the Stakeholders’ Committee in the work of the Board of Directors
In order to monitor, challenge and renew the commitments The Stakeholders Committee’s forward‑looking thinking,
associated with expressing its corporate purpose in 2019 and to particularly on nature in the city and biodiversity, the reversibility
lead a long‑term reflection on the company’s future challenges, of buildings, mixed uses, urban mobility and the relationship with
Covivio created a Stakeholders’ Committee in 2020. Chaired by oneself and others, make it possible to inspire or reinforce the
Bertrand de Feydeau, former independent Director of Covivio, real estate bias on Covivio’s development projects, and
former Chairman of the Fondation Palladio and the Fondation incorporate the changes underway into strategic choices.
des Bernardins, it currently brings together the following persons:
An initial report on the work of the Stakeholders' Committee was
● Stephan de Faÿ, former Chief Executive Officer of EPA provided to Covivio’s Board of Directors on 20 October 2022.
Bordeaux Euratlantique, now Chief Executive Officer of Grand
At the end of the meeting, the Board of Directors approved the
Paris Aménagement;
Stakeholders Committee’s proposals for changes, aimed at:
● Jade Francine, co‑founder of Growth, Wemaintain;
● refocusing the Committee’s mission on the exploration and
● Alexande Labasse, Chief Executive Officer of Atelier Parisien analysis of major trends and weak signals directly or indirectly
d’Urbanisme; impacting Covivio’s scope of intervention;
● Sonia Lavadinho, Founding Director of Bfluid, Institute for ● reviewing the distribution of roles between Stakeholders
forward‑looking research and expertise in mobility and Committee and CSR Committee;
territorial development;
● continuing to move back and forth between forward‑looking
● Jérôme Ruskin, Founder and Chief Executive Officer of Usbek thinking and its application to real estate projects, by
and Rica; exploring the issue of reversibility and by extending the review
horizon of projects to other buildings than those of Covivio;
● Patricia Savin, Partner at DS Avocats, former Chairwoman of
Orée, independent Director of Covivio ● reviewing its composition in order to integrate new profiles.
● Jean Paul Viguier, Architect, Chairman of Viguier architecture In 2024, the Stakeholders Committee's work focused on the
urbanisme paysage. erosion of social cohesion, ways of making room for the most
vulnerable people in a city, concrete ways to create diversity
These well‑known personalities in the fields of environment,
and a collective vibe, and allow city dwellers the opportunity to
sociology and anthropology, digital technology, urban
slow down.
construction and regional planning are responsible, alongside
Jean‑Luc Biamonti, Chairman of the Board of Directors, The Committee met twice in 2024, whose working sessions were
Christophe Kullmann, Chief Executive Officer, Olivier Estève, followed by dinners to continue discussions.
Deputy CEO and Yves Marque, Chief Operating Officer, for
A summary of the Stakeholder Committee’s work was presented
helping Covivio anticipate the ongoing social, societal and
to the Board of Directors at its meeting of 21 November 2024,
environmental changes in order to integrate them into its
during which the Chairman, Bertrand de Feydeau, explained in
strategy, its products and its services.
detail the approach behind the concept of “Making social
In the post‑Covid environment, the Stakeholders Committee has rhythms”. A document presenting the summary of the
chosen to conduct a forward‑looking reflection on ongoing Stakeholder Committee’s work cycle for 2023 and 2024 has been
disruptions that may affect Covivio’s strategy and products. This published on the Covivio website.
work was carried out through a constant back and forth
between long‑term forward‑looking thinking and practical cases
on Covivio’s past, current and future projects.



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5.3.3 Specialist Committees of the Board of Directors


5.3.3 Specialist Committees of the Board of Directors
To improve the quality of its work, and in line with corporate The Board of Directors now relies on the work of four specialised
governance principles, the Board of Directors relies on committees set up within it: the Audit Committee, the
specialised Committees tasked with researching and preparing Appointments and Remunerations Committee, the Investments
for certain Board decisions by submitting their opinions, and Disposals Committee (formerly known as the Strategic and
proposals or recommendations. Investments Committee) and the CSR Committee.
Following in particular the redefining of the role of the Board of The Board of Directors’ Internal Regulations, available in full on
Directors, which, under the impetus of the Pacte law, acts not the company’s website, determine the powers and operating
only in the pursuit of the company’s corporate interest but also procedures of each of these Committees. The work of these
by taking into consideration social and environmental issues Committees is outlined below.
related to its activity, the Board of Directors decided on 21 July
The composition of the specialised Committees shows the
2021 to create a new Committee to assist it in the conduct of its
company’s desire to promote the presence of independent
work in terms of environmental, societal and social responsibility
Directors on these Committees.
and to ensure that CSR issues are taken into account in the
Group’s strategy and its implementation. The secretariat of all the Committees is provided by Yves Marque
in his capacity as Secretary of the Board.
In 2024, the average attendance of Directors at meetings of all
the Committees was 96%.


Summary of the composition of Committees



Audit Committee Appointments and Investments and Disposals CSR Committee
Remunerations Committee Committee

4 members 3 meetings 3 members 2 meetings 6 members 3 meetings 5 members 2 meetings
i i i i




75% independent members 67% independent members 17% independent members 80% independent members
92% attendance 100% attendance 94% attendance 100% attendance

Christian Delaire*, Chairman Catherine Soubie*, Chairwoman Olivier Piani*, Chairman Alix d'Ocagne*, Chairwoman
Romolo Bardin Jérôme Grivet Romolo Bardin Jean-Luc Biamonti
Sylvie Ouziel* Olivier Piani* Jean-Luc Biamonti Christian Delaire*
Catherine Soubie* Jérôme Grivet Patricia Savin*
Jean-Luc Biamonti (guest) Catherine Jean-Louis Daniela Schwarzer*
Jean-Luc Biamonti (guest) Olivier Le Borgne




* Independent members at the closing date of the Board of Directors' report on corporate governance



Subject to the approval by the Combined General Meeting of 17 Committee, intends to reappoint Jérôme Grivet as a member of
April 2025 of the renewal of the term of office as Director of the Appointments and Remunerations Committee and the
Predica, represented by Jérôme Grivet, and the appointment of Investment and Disposals Committee, and to change the
Micaela Le Divelec as independent Director, the Board Directors, composition of the Audit Committee with the replacement of
on the proposal of the Appointments and Remunerations Sylvie Ouziel by Micaela Le Divelec.




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Structuring between the missions of the Committees
The cross‑functionality of CSR, through the plurality of areas it covers, requires interactions between the CSR Committee and the other
committees, which are essential for the Board of Directors to make decisions, which in its capacity as guarantor of the CSR strategy,
determines, on the recommendations of the CSR Committee, the multi‑year strategic guidelines in terms of social and environmental
responsibility, particularly with regard to the climate.
Thus, the Specialised Committees are involved in determining and monitoring the CSR strategy, each on the subjects falling within their
area of expertise, while ensuring the coordination of their respective activities in order to guarantee a cross‑functional approach to
CSR issues. It was thus decided to hold a joint working session between the CSR Committee and the Audit Committee, to ensure the
quality of the company’s non‑financial reporting. The first session will take place in September 2025.
These Committees coordinate on the subjects studied during the fiscal year and report to the Board of Directors to propose their
recommendations in this area.




BOARD OF DIRECTORS




CSR Committee CRN Audit Committee CIC


Validation and Proposals relating to Review opportunities Consideration of social
monitoring of the the compensation and risks (including CSR and environmental
implementation of the of executive corporate and climate risks) by issues when reviewing
Group’s CSR strategy officers ensuring that CSR issues investment projects
(in line with the purpose Qualification of the are integrated and (acquisitions &
and expectations of independence of addressed in the risk (re)developments)
stakeholders), and Directors mapping and the and disposals
support for other Assessment of the corresponding risk
committees on CSR functioning of the Board management system
issues Board diversity policy, Guarantor of the
Review and follow-up etc. reliability of the CSRD
of the double materiality report creation and
analysis reporting processes
Review of any draft Review of proposals for
climate resolution appointment/renewal of
submitted to the vote sustainability auditors
of the General Meeting Corruption and influence
Gender equality policy peddling
within governing bodies
and in terms of
professional and salary
equality etc.


5
Proposals for relevant CSR criteria for the CSR and climate risks and
variable component of executive corporate management system: advice
officer remuneration, with at least one from the Audit Committee
criterion related to climate objectives +
monitoring of governance issues targeted
by non-financial rating agencies




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5.3.3.1 The Audit Committee
Its missions, composition and organisation are governed by 5.3.3.1.2 Operation
Articles L. 821‑67 et seq. of the French Commercial Code. The The Audit Committee meets at the initiative of its Chairman or at
company’s Internal Regulations comply with the provisions on the request of the Chairman of the Board of Directors. It meets
the Audit Committee stipulated by the aforementioned articles. at least twice a year to review the half‑yearly and annual
financial statements and, in principle, before Board meetings
when the agenda includes a decision that the Board deems
Audit Committee within the jurisdiction of the Audit Committee as determined by
the Board.
4 members 3 meetings The Chairman of the Audit Committee sets the agenda for the
i Committee’s meetings, directs the discussions and organises the
vote on motions submitted to the Committee.
The Committee members are notified of meetings by any written
method at least five days in advance (unless the matter is
urgent) and the Committee’s documentation is forwarded at
75% independent members least two days prior to the Committee meeting.
92% attendance
The Audit Committee has an average of three to four days to
Christian Delaire*, Chairman review the financial statements before they are reviewed by the
Romolo Bardin Board.
Sylvie Ouziel*
Catherine Soubie* The presence of at least half of the members of the Audit
Committee is required for meetings to be valid. The meetings are
Jean-Luc Biamonti (guest) also attended by the Chief Financial Officer, the Accounts
Director and the Risk, Compliance, Audit and Internal Control
Director. Members who are represented are included in the
calculation of the quorum.
The opinions of the Audit Committee are adopted by simple
* Independent members
majority vote of the members present or represented, and the
Committee reports on its work at the next Board meeting.
5.3.3.1.1 Composition 5.3.3.1.3 Duties
Following the renewal of his Directorship by the Combined On 21 November 2024, the Board of Directors carried out a
General Meeting of 17 April 2024, the Board of Directors renewed review of the Audit Committee’s missions to include missions
Catherine Soubie as Chairman of the Audit Committee. relating to the obligation to publish sustainability information.
The composition of the Audit Committee was maintained at four Under the terms of Article 24 of the Internal Regulations, the
members for the 2024 fiscal year, including one member of Audit Committee must monitor matters related to the
Italian nationality. preparation and control of accounting and financial information
The independent Directors represent 75% of the members: and information on sustainability. In particular, it is responsible
Christian Delaire, Sylvie Ouziel and Catherine Soubie. for:

The Audit Committee is chaired by an independent Director. ● monitoring the process of preparing financial and
sustainability information, as well as the process implemented
The Audit Committee members are chosen for their financial or to determine the information to be published in accordance
accounting expertise, appraised in light of their educational with the standards for sustainability disclosures, and, where
backgrounds and professional experience mentioned in their appropriate, to make recommendations to ensure its integrity;
professional careers. Christian Delaire, Chairman of the Audit
Committee, has built his career around finance and real estate. ● reviewing the accounting methods and conditions for valuing
Romolo Bardin has a high level of expertise in terms of the assets of the Covivio group;
management and finance. Sylvie Ouziel has acquired financial ● reviewing the preliminary consolidated and parent company
skills through her different leadership roles, which have provided financial statements prepared by the company before they
her with knowledge of the operations of large global groups. The are presented to the Board;
diverse and multidisciplinary background of Catherine Soubie
provides her with a wealth of financial and banking experience. ● preparing Board decisions on the monitoring of internal audits;

Furthermore, Jean‑Luc Biamonti, in his capacity as Chairman of ● monitoring the effectiveness of internal control and risk
the Board of Directors since 21 July 2022, takes part in all Audit management systems, as well as internal audits involving
Committee meetings, but has no vote. procedures relating to the creation and processing of
accounting, financial and sustainability information; to do this,
No member of the Audit Committee is also an executive it reviews the information in the Board of Directors’
corporate officer. management report on the internal control and risk
management mechanisms and, where applicable, makes
comments, giving its opinion on the organisation of the
Internal Audit and Risk Management Department;




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● ensuring the follow‑up of the statutory audit of the annual and ● approving, prior to their conclusion, the services referred to in
consolidated financial statements by the Statutory Auditors Article L. 821‑30 of the French Commercial Code provided by
as well as the follow‑up of the statutory audit of the the Statutory Auditors and sustainability auditors to the
certification of sustainability information by the sustainability Company; and
auditors, and to take into account the findings and
● examining the additional report of the Statutory Auditors
conclusions of the High Audit Authority following the controls
drawn up pursuant to the provisions of Article 11 of Regulation
carried out in application of the regulations;
(EU) 537/2014.
● ensuring the independence of the Statutory Auditors and
The Audit Committee reports regularly to the Board of Directors
sustainability auditors for the performance of their duties;
on:
● reviewing the agreements executed between the company
● the performance of its duties;
and those who hold a direct or indirect investment in the
company; ● the results of its audit, sustainability reporting and the way
these missions contributed to the integrity of the financial and
● examining the proposals for the appointment and
sustainability reporting; and
reappointment of the Company’s Statutory Auditors and
sustainability auditors and issuing a recommendation on the ● the role it played in this process.
Statutory Auditors and on the sustainability auditors (1) whose
appointment and reappointment are proposed to General It immediately informs it of any difficulties encountered.
Meeting; The Audit Committee reports to the Board of Directors on its
● ensuring oversight of the management of the information to work, expresses any opinions or suggestions it deems advisable,
be provided to the shareholders and the markets and and informs the Board of any points that require a Board
verification of its clarity; decision. In performing its tasks, the Audit Committee may
examine the scope of the consolidated companies and, where
● reviewing press releases on financial results; applicable, the reasons for which companies are not included. It
may use the services of external experts as required, ensuring
● reviewing significant risks and off‑balance sheet commitments;
the objective nature of the advice given. However, the Audit
● in general, ensuring that all information required by current Committee did not consider it necessary to use these in 2024.
CSR legislation is prepared and communicated;


5.3.3.1.4 Work of the Audit Committee in 2024
The Audit Committee met three times, with a 92% attendance rate by its members.

Date Attendance rate
13 February 2024 75%
16 July 2024 100%
26 September 2024 100%


Number of meetings 1 2 3 Attendance rate

Total number of meetings
Christian Delaire 100%
(Chairman) Present in meetings

Romolo Bardin 100%
5
Sylvie Ouziel 100%


Catherine Soubie 67%


Jean-Luc Biamonti
(Guest) 100%




During these meetings, the members of the Audit Committee Several specific meetings were also held between the Statutory
were addressed by the Statutory Auditors, as well as the Chief Auditors and these Directors which were not attended by
Financial Officer and the Director of Risk, Compliance, Audit and General Management.
Internal Control, who attend all meetings.




(1) Pursuant to the provisions of Articles L. 232‑6‑3 III and L. 233‑28‑4 III of the French Commercial Code, sustainability information is certified by a
statutory auditor or by an independent third party (ITP).
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The review of the financial statements by the Audit Committee included a presentation by the Statutory Auditors who stressed the
essential points, not only concerning the results but also the accounting options used, and a presentation from the Risk, Compliance,
Audit and Internal Control Director describing the company’s risk exposure, including social and environmental risk, and significant
off‑balance sheet commitments. The Audit Committee works in consultation with the Risk, Compliance, Audit and Internal Control
Director, with regular ongoing dialogue on how risks and risk developments are perceived operationally.
During these meetings, the Audit Committee examined the following issues in particular. The Chairman of the Audit Committee
reported to the Board of Directors on the Committee’s work and its recommendations.

Meeting of ● Review of the highlights of the 2023 fiscal year and financial indicators at 31 December 2023.
13 February 2024 ● Property valuation report.
● Summary of portfolio rotation in 2023.
● Overseeing pipeline developments and the amount of committed funds at risk.
● Update on debt and covenants.
● Examination of the parent company and consolidated financial statements for the fiscal year ended 31 December
2023.
● Presentation by the Statutory Auditors of their work on the valuation of the portfolio and the annual financial
statements.
● Review of the planned press release on the financial income.
● Update on the “Pillar 2” tax reform.
● Update on the entry into force of the CSRD and proposal for the appointment of Ernst & Young et Autres as
Statutory Auditors in charge of certifying sustainability information.
● Presentation of fees relating to services other than the certification of financial statements (SACC).
Meeting of ● Review of key events of the first half‑year 2024 and financial indicators as at 30 June 2024.
16 July 2024 ● Property valuation report.
● Summary of portfolio turnover for the first half‑year 2024.
● Overseeing pipeline developments and the amount of committed funds at risk.
● Update on debt and covenants.
● Review of the consolidated financial statements as at 30 June 2024.
● Presentation by the Statutory Auditors of their work on the valuation of the portfolio and on the half‑year financial
statements.
● Review of the planned press release on the financial income.
● Update on tax audits.
● Update on the “Pillar 2” tax reform.
● Review of off‑balance sheet commitments.
Meeting of ● Update on the organisation and activity of Risk, Compliance, Audit and Internal Control Management and the
26 September main audit and internal control issues.
2024 ● Review of internal control tools and systems in place within the Group.
● Focus on the incident database and major incidents.
● Update on insurance management.
● Review of the risk management system including the new risk mapping, risk prioritisation (including CSR) and
associated action plans.
● Monitoring of the 2024 audit plan.
● Approval of the 2025 audit plan.
● Tax update.
● Approval of the proposed distribution of duties between the governance bodies under the CSRD, the dual
materiality matrix and the system for preparing and controlling non‑financial information.
● Review of the proposed re‑appointment of Ernst & Young et Autres as Statutory Auditors.

During the meeting of 26 September 2024, a meeting was held between the Statutory Auditors and the members of the Audit
Committee, at which the company’s management was not present. On this occasion, the Statutory Auditors welcomed the good level
of control of activities and confirmed that communication with Covivio teams is fluid. Their focus is on strengthening the hotel real
estate business and finalising the SAP implementation.




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5.3.3.2 The appointments and Remunerations Committee
The role of the Appointments and Remunerations Committee is 5.3.3.2.2 Operation
to ensure that the Board of Directors is in the best possible The Appointments and Remunerations Committee meets at the
position to determine remuneration policy and all remuneration initiative of its Chairwoman or at the request of the Chairman of
and benefits for the executive officers. Its scope also includes the Board of Directors. It meets at least twice a year and, in
making recommendations to the Board on the composition of principle, before Board meetings when the agenda involves
the executive bodies, the appointment of new Directors, the making a decision within the scope of the duties assigned to the
renewal of the terms of office due to expire and succession plans Appointments and Remunerations Committee by the Board.
for the executive corporate officers.
The Chairwoman of the Appointments and Remunerations
Committee or, in her absence, the Chairman of the Board of
Appointments and Directors sets the agenda for the Committee’s meetings. She
Remunerations Committee presides over the discussions and organises the vote on the
matters submitted to the Appointments and Remunerations
3 members 2 meetings Committee.
i
The Appointments and Remunerations Committee members are
notified of meetings by any written method at least five days in
advance (unless the matter is urgent), and the Committee’s
documentation is forwarded at least two days prior to the
Committee meeting.
67% independent members
100% attendance The presence of at least half of the members of the
Appointments and Remunerations Committee is required for
Catherine Soubie *, Chairwoman meetings to be valid, in the understanding that members who
Jérôme Grivet are represented are included in the calculation of the quorum.
Olivier Piani *
The opinions of the Appointments and Remunerations
Jean-Luc Biamonti (guest) Committee are adopted by simple majority vote of the members
present or represented, and the Committee reports on its work
at the next Board meeting.
* Independent members
5.3.3.2.3 Duties
5.3.3.2.1 Composition Under Article 20 of the Internal Regulations, the Appointments
and Remunerations Committee is responsible for:
Following the renewal of his Directorship by the Combined
General Meeting of 17 April 2024, the Board of Directors renewed ● evaluating any candidate for appointment to the Board or to
Catherine Soubie as a member of the Appointments and the position of Chief Executive Officer or Deputy CEO,
Remunerations Committee. searching for or assessing possible candidates and expressing
an opinion and/or recommendation to the Board, taking into
The composition of the Appointments and Remunerations
consideration the desirable balance among Board members
Committee was maintained at three members for the 2024 fiscal
based on the composition of and changes in the company’s
year. Independent Directors account for 67% of members:
shareholders;
Catherine Soubie and Olivier Piani.
● assessing the advisability of reappointments, in particular, in
The Appointments and Remunerations Committee invites the
the case of Directors, based on their regular attendance at
Chairman of the Board of Directors to its meetings.
governance meetings and their actual contribution to the
It does not include any executive corporate officers. However,
the Chief Executive Officer is consulted by the Appointments
work of the Board and Committees;
5
● supervising the establishment of succession plans for the
and Remunerations Committee on the subjects of appointments
executive corporate officers;
and succession.
● proposing the appointment or renewal of the term of the
The composition of this Committee, chaired by an independent
Chairman of the Audit Committee;
Director, and the discussions that take place between this
independent Director and the other independent members of ● proposing the total budget and terms for the remuneration
the Board of Directors, ensure the adequate representation of awarded to each Board member, which will be submitted for
the interests of the various shareholders of the company. In the approval of the General Meeting;
addition, pursuant to the provisions of the Afep‑Medef Code, the
Chairman of the Board of Directors is involved in the work of the ● formulating proposals for the remuneration of all corporate
Committee on succession planning for executive corporate officers (including Board members) the Chairman, Chief
officers. Executive Officer and Deputy CEOs (the amount of fixed
remuneration and definition of the rules for variable
Considering the absence of Directors representing both remuneration, ensuring that these rules are consistent with the
employees and employee shareholders (as specified in Section annual assessment of the performance of the corporate
5.3.2.2.4.1 herein above), no member of the Appointments and officers and with the company’s medium‑term strategy, as well
Remunerations Committee is an employee Director. as monitoring the annual application of these rules);




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● issuing a preliminary opinion on any proposal for exceptional The Committee also looks into retirement schemes for the
remuneration proposed by the Board to remunerate one of its company’s management and employees, the tax arrangements
members to whom it has assigned a mission or task pursuant for different remuneration methods, as well as changes to such
to Article L. 225‑46 of the French Commercial Code; arrangements, and the potential succession of various executive
corporate officers. It may call on external consultants, while
● making proposals to the Board, as necessary, on stock‑option
ensuring the objectivity of the Board concerned. However, the
programmes and the allotment and award of free shares;
Appointments and Remunerations Committee did not consider it
● giving the Board an opinion on the qualifications of Board necessary to use it in 2024.
members based on the company’s independence criteria;
The Appointments and Remunerations Committee works closely
● making recommendations on the financial conditions for with the Chief Operating Officer, who is the head of the
termination of corporate offices. company’s Human Resources Department. He attends
Committee meetings as a guest and Secretary.


5.3.3.2.4 Work of the Appointments and Remunerations Committee in 2024
The Appointments and Remunerations Committee met twice, with 100% attendance rate by its members.

Date Attendance rate
14 February 2024 100%
13 November 2024 100%



Number of meetings 1 2 Attendance rate


Catherine Soubie Total number of meetings
100%
(Chairwoman)
Present in meetings

Jérôme Grivet 100%


Olivier Piani 100%


Jean-Luc Biamonti 100%
(Guest)



During these meetings, the Appointments and Remunerations Committee examined the following subjects in particular. The
Chairwoman of the Appointments and Remunerations Committee reported to the Board of Directors on the Committee’s work and its
recommendations.

Meeting of ● Review of the composition of the Board of Directors: proposal to renew the terms of office of Christophe
14 February 2024 Kullmann, Catherine Soubie and Patricia Savin expiring in 2024.
● Review of the independence of Directors: proposal to reiterate the independence of the seven independent
Directors in office.
● Remuneration of executive corporate officers: review of the amount of the 2023 bonus, the 2023 long‑term
incentive, the criteria for the allocation of the 2024 bonus, the amount paid in respect of the 2020 long‑term
incentive plan performance conditions.
● Proposal of free share plans for Group employees.
Meeting of ● Review of the composition of the Board of Directors: proposals to renew the term of office of Predica, which
13 November 2024 expires in 2025 and to appoint Micaela Le Divelec (to replace Sylvie Ouziel in view of her loss of independence at
the end of her third term of office in April 2025).
● Setting of the CSR criteria and objectives for long‑term incentive schemes for executive corporate officers.
● Proposal of free share plans for Group employees.




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5.3.3.3 Investments and Disposals Committee
As strategy is directly reviewed by the Board of Directors, in discussions and organises the vote on the issues submitted to
particular during the strategic seminars held every two years, the the Investments and Disposals Committee.
Board of Directors decided on 21 November 2024 to rename the
The Investments and Disposals Committee members are notified
Strategy and Investment Committee as the Investments and
of meetings by any written method at least five days in advance
Disposals Committee.
(unless the matter is urgent), and the Committee’s
The Investments and Disposals Committee is in charge of documentation is forwarded at least two days prior to the
studying and preparing for the Board of Directors’ deliberations Committee meeting.
on investments and disposals. All Directors are informed of its
Any Director who is not a member of the Investments and
meetings and agenda and receive the documents sent to
Disposals Committee may attend Committee meetings without
members.
voting rights.

Investments and Disposals The presence of at least half of the members of the Investments
Committee and Disposals Committee is required for meetings to be valid, in
the understanding that members who are represented are
included in the calculation of the quorum.
6 members 3 meetings
i
The opinions of the Investments and Disposals Committee are
adopted by simple majority vote of the members present or
represented, and the Committee reports on its work at the next
Board meeting. On this occasion, a wide‑ranging report on its
work is presented to the Board, so that the Directors can make
17% independent members an informed decision on the company’s strategy, based on the
94% attendance preparatory work of the Committee.

Olivier Piani *, Chairman
5.3.3.3.3 Duties
Romolo Bardin Under the terms of Article 16 of the Internal Regulations, the
Jean-Luc Biamonti Investments and Disposals Committee is in charge of reviewing
Jérôme Grivet and issuing an opinion on the following transactions prior to any
Catherine Jean-Louis decision by the Board:
Olivier Le Borgne
● investment made directly by the company or through a fully
consolidated subsidiary, when the total amount of the
investment, plus any liabilities attached to the assets in
* Independent members
question, is greater than €100 million (Group Share);
5.3.3.3.1 Composition ● the disposal by the company or through a fully consolidated
Following the appointment on 23 April 2024 of Catherine subsidiary, with the exception of companies whose shares are
Jean‑Louis as permanent representative of ACM Vie on the listed for trading on a regulated market, of any business
Board of Directors to replace Stéphanie de Kerdrel, the Board of division, any investment in any company or any assets,
Directors has appointed Catherine Jean‑Louis as member of the whenever the total amount of the corresponding
Investments and Disposals Committee. disinvestment, plus any liabilities attached and transferred, is
greater than €100 million (with the exception of intra‑group
The composition of the Investments and Committee was transactions).
maintained at six members for the 2024 fiscal year. The
Committee is chaired by the only Independent member, Olivier In addition, the Investments and Disposals Committee is in
Piani, and includes a member of Italian nationality and a
member of Monegasque nationality.
charge of reviewing and authorising the following transactions
prior to any decision by the Chief Executive Officer:
5
The Investments and Disposals Committee invites all Directors to ● investment made directly by the company or through a fully
its meetings, which they are free to attend if they desire and are consolidated subsidiary, when the total amount of the
available to do so. investment, plus any liabilities attached to the assets in
question, is greater than €30 million (Group Share);
5.3.3.3.2 Operation
● the sale by the company or through a fully consolidated
The Investments and Disposals Committee meets at the initiative
subsidiary, with the exception of companies whose shares are
of its Chairman or at the request of the Chairman of the Board
listed for trading on a regulated market, of any business
of Directors and, in principle, before Board meetings when the
division, any investment in any company or any assets,
agenda includes a decision that falls within the scope of the
whenever the total amount of the corresponding
duties assigned to the Committee by the Board.
disinvestment, plus any liabilities attached and transferred, is
The Chairman of the Investments and Disposals Committee or, in greater than €30 million (with the exception of intra‑group
his absence, the Chairman of the Board of Directors sets the transactions).
agenda for the Committee’s meetings. He presides over the




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More generally, the Investments and Disposals Committee is in ● meeting with experts to review the opportunities presented by
charge of: the strategic options considered, as necessary; and
● reviewing major strategic projects for expansion through ● considering the Board’s reflection on strategy.
mergers and acquisitions or partnerships;
It may use the services of external experts as required. The
● analysing the medium‑term plans and projections of the Investments and Disposals Committee did not consider it
Covivio group, as applicable; necessary to use it in 2024.


5.3.3.3.4 Work of the Investments and Disposals Committee in 2024
The Investments and Disposals Committee met three times, with an attendance of 94% by its members. These meetings were also
attended by a significant number of guest Directors.
The details by meeting are shown below:

Date Attendance rate
15 February 2024 100%
19 July 2024 100%
22 October 2024 83%


Number of meetings 1 2 3 Attendance rate


Olivier Piani Total number of meetings
100%
(Chariman)
Present in meetings

Romolo Bardin 100%


Jean-Luc Biamonti 100%


Jérôme Grivet 67%


Stéphanie de Kerdrel 100%
(until 23 April 2024)

Catherine Jean-Louis 100%
(since 23 April 2024)

Olivier Le Borgne 100%




During these meetings, the Investments and Disposals Committee examined the following subjects in particular: The Chairman of the
Investments and Disposals Committee reported to the Board of Directors on the Committee’s work and its recommendations and
decisions.

Meeting of ● Monitoring of governance decisions.
15 February 2024 ● Presentation and issuance of a favourable recommendation to the Board of Directors on the operation to
increase Covivio’s stake in Covivio Hotels.
Meeting of ● Presentation and approval of a re‑development project.
19 July 2024 ● Presentation of investment operation post‑mortem.
Meeting of ● Monitoring of governance decisions.
22 October 2024 ● Presentation and approval of an investment project.
● Presentation and issuance of a favourable recommendation to the Board of Directors on a proposed
disposal.




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5.3.3.4 CSR Committee
Created on 21 July 2021, the CSR Committee is tasked with Committee meetings. She presides over the discussions and
validating the Group’s CSR strategy and monitoring its organises the vote on the issues submitted to the CSR
implementation by ensuring its consistency with Covivio’s Committee.
Purpose and the expectations of stakeholders. It works with the
The CSR Committee members are notified of meetings by any
Audit Committee on CSR risk factors, and with the Appointments
written method at least five days in advance (unless the matter
and Remunerations Committee on the determination of relevant
is urgent) and the Committee’s documentation is forwarded at
CSR criteria (including at least one criterion connected with the
least two days prior to the Committee meeting.
group's climate objectives) in the context of executive
remuneration as well as any governance issues identified by The presence of at least half of the members of the CSR
non‑financial rating agencies. Committee is required for meetings to be valid, in the
understanding that members who are represented are included
in the calculation of the quorum.
CSR Committee
The opinions of the CSR Committee are adopted by simple
majority vote of the members present or represented, and the
5 members 2 meetings Committee reports on its work at the next Board meeting.
i As part of the performance of its duties, the CSR Committee may
request any document that it deems useful for the performance
of its duties. It may also, when it deems it necessary, hear the
Group’s employees on CSR aspects and any person it deems
useful to hear in the context of its mission, if necessary, without
80% independent members the presence of the members of the General Management.
100% attendance 5.3.3.4.3 Duties
Alix d’Ocagne *, Chairwoman On 21 November 2024, the Board of Directors conducted a
Jean-Luc Biamonti review of the CSR Committee’s duties to include those relating to
Christian Delaire * sustainability reporting obligations and to remove the
Patricia Savin * monitoring of commitments made when the company adopted
Daniela Schwarzer * its Purpose.
Pursuant to Article 28 of the Internal Rules, the CSR Committee is
responsible for the following tasks:

* Independent members ● examining and validating the Group’s commitments and
policy guidelines in terms of environmental, societal and social
responsibility and governance (hereinafter “CSR”);
5.3.3.4.1 Composition
● ensuring their consistency with Covivio’s Purpose and
Following the renewal of his Directorship by the Combined stakeholder expectations;
General Meeting of 17 April 2024, the Board of Directors renewed
Patricia Savin as Chairman of the CSR Committee. As a result of ● monitoring its deployment;
the change of permanent representative of ACM Vie on the more generally, ensuring that CSR issues are taken into
●
Board of Directors, Stéphanie de Kerdrel resigned from her account in the Group’s strategy and its implementation;
position as member of the CSR Committee on 23 April 2024.
● reviewing and monitoring the double materiality analysis;
The composition of the CSR Committee was therefore reduced
to five members for the 2024 fiscal year. ● where applicable, issue recommendations, in conjunction with
the Appointments and Remunerations Committee, on the
5
The independent Directors represent 80% of the members: Alix determination of the CSR criteria (at least one of which is
d'Ocagne, Christian Delaire, Patricia Savin and Daniela connected to the Group's climate objectives) to be taken into
Schwarzer. account when setting the components of the variable portion
Chaired by an independent Director, the CSR Committee of the compensation of executive corporate officers, and on
includes one member of Monegasque nationality and one the monitoring of their achievement;
member of German nationality. where applicable, issuing recommendations, in conjunction
●

5.3.3.4.2 Operation with the Audit Committee, on CSR risks and the systems for
managing these risks;
The CSR Committee meets at the initiative of its Chairwoman or
at the request of the Chairman of the Board of Directors. It ● examining any draft climate resolution submitted to the vote
meets at least twice a year and, in principle, before Board of the Shareholders' Meeting;
meetings when the agenda involves making a decision within
the scope of the duties assigned to the CSR Committee by the ● examining the Group’s policies, guidelines and charters on
Board. CSR topics and ensuring their effectiveness;

The Chairwoman of the CSR Committee or, in his or her absence, ● assessing and reporting on the performance and impact of
the Chairman of the Board, sets the agenda of the CSR the Group’s CSR activity;




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● reviewing and monitoring non‑financial ratings (including those Group is prepared in the best way possible with regard to the
related to sustainability information) obtained by the Group challenges specific to its activity and its objectives by
from non‑financial rating agencies; proposing, in continuity, the necessary or desirable changes.
● identifying and discussing emerging trends, new challenges It may use the services of external experts as required. In 2024,
and best practices in terms of CSR, and ensuring that the the CSR Committee called on an independent consulting firm to
carry out a study on biodiversity.


5.3.3.4.4 Work of the CSR Committee in 2024
The CSR Committee met twice, with 100% attendance rate by its members.

Date Attendance rate
23 April 2024 100%
22 October 2024 100%


Number of meetings 1 2 Attendance rate


Alix d'Ocagne Total number of meetings
100%
(Chairwoman)
Present in meetings
Jean-Luc Biamonti 100%


Christian Delaire 100%


Patricia Savin 100%


Daniela Schwarzer 100%




During these meetings, the CSR Committee examined the following topics in particular. The Chairwoman of the CSR Committee
reported to the Board of Directors on the Committee’s work and its recommendations.

Meeting of ● Progress update on the Committee’s multi‑year work programme.
23 April 2024 ● Review of the main environmental indicators.
● Monitoring of green capex.
● Analysis of 2023 taxonomy results.
● Presentation of the results of the analysis conducted by an independent external consultant on the theme of
biodiversity.
● Monitoring the progress of work on the implementation of the CSRD directive.
Meeting of ● Progress update on the Committee’s multi‑year work programme.
22 October 2024 ● Review and validation of the biodiversity strategy and setting of its action plan.
● Monitoring of green capex.
● Approval of the choice of service provider for the future achievements of the commitment barometer.
● Review of policy on professional and pay equality.
● Monitoring of the work of the Covivio Foundation.
● Monitoring the progress of the roll‑out of the responsible procurements policy.
● Approval of the ESG criteria for the variable remuneration of executive corporate officers, which will be
proposed to the Appointments and Remunerations Committee.
● Monitoring of non‑financial ratings.
● Monitoring the progress of the CSRD action plan and associated governance.
● Debate on the identification of agenda items for the Committee’s next meetings and the next strategic
seminar to be held in Berlin in June 2025.




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5.3.4 Remuneration of corporate officers
5.3.4.1 The remuneration policy for executive The remuneration policy applicable to the Chairman of the
Board of Directors does not include any exemptions in the event
corporate officers submitted for approval
of exceptional circumstances.
by the General Meeting of Shareholders
on 17 April 2025 (ex‑ante Say on Pay) In accordance with Article R. 22‑10‑14 of the French Commercial
Code, the Chairman of the Board of Directors is appointed by
In an ex‑ante vote as required under Article L. 22‑10‑8 of the the Board from among its members, for a term that may not
French Commercial Code, the remuneration policy applicable to exceed his Directorship, set at four years, and ending following
the Chairman of the Board of Directors, the Chief Executive the meeting of the Ordinary General Meeting having approved
Officer, Deputy CEO and Directors was set out in draft the financial statements for the most recent year ended and
resolutions (9, 10, 11 and 12) submitted for the approval of the held in the year in which his term expires. The Chairman may be
Combined General Meeting of 17 April 2025. Every year and with reappointed based on the same terms but his Directorship may
each major change, this remuneration policy will be put to vote be revoked by the General Meeting at any time without
at the General Meeting, under the conditions set out in Article L. remuneration or notice.
225‑98 of the French Commercial Code.
5.3.4.1.1.2 Decision‑making process for determining, reviewing
5.3.4.1.1 Remuneration policy applicable to the and implementing the remuneration of the
Chairman of the Board of Directors Chairman of the Board of Directors
(Resolution 9) In accordance with the provisions of Article 18 of the Articles of
5.3.4.1.1.1 Elements of remuneration of the Chairman of the Association, the Board of Directors sets the amount, calculation
Board of Directors methods and payment of any remuneration of the Chairman.
The remuneration of Covivio’s Chairman of the Board of Directors Pursuant to Article 20 of the Board of Directors’ Internal
comprises a fixed component only (for illustrative purposes, Regulations, the Appointments and Remunerations Committee
currently €200 thousand), and, where applicable, a benefit in submits proposals to the Board on the Chairman’s remuneration.
kind, in this case a company car. There is no variable Remuneration of the Chairman of Covivio’s Board of Directors is
remuneration, performance bonus or remuneration paid in set by the Board for the duration of his four‑year term.
treasury shares. This remuneration is not usually reviewed during
the course of the mandate. For information, his remuneration was set at €200 thousand by
the Board of Directors on 21 July 2022, when Jean‑Luc Biamonti
The Board ensures that it is in line with the remuneration of the was appointed Chairman of the Board of Directors, based on a
non‑executive Chairmen of the SBF 120 and that it respects the benchmark of SBF 120 companies and companies in the same
company’s corporate interest. It reserves the right to change it business sector.
during a new term of office, justifying the reasons for its choice.
In accordance with Article L. 22‑10‑8 of the French Commercial
The Chairman of the Board of Directors may also have the same Code, the components of this remuneration policy applicable to
health and pension plan as employees of the Group in France. the Chairman of the Board of Directors, which will be put to the
He receives no other remuneration allocated by the company or vote of the General Meeting on 17 April 2025, were approved by
its subsidiaries for exercising his duties. the Board of Directors’ meeting held on 19 February 2025, it
being specified that the policy remains unchanged since 21 July
The Chairman of the Board of Directors has no employment 2022.
contract and is not entitled to:
In addition, it is specified, pursuant to Article R. 22‑10‑14 of the
● any remuneration or benefits payable or likely to be payable French Commercial Code, that:
as a result of termination/change of function, or subsequent
thereto, or any conditional entitlements awarded in respect of ● the company’s decision‑making process involves two‑tier
pension commitments; approval, following the opinion of the Appointments and
Remunerations Committee, by the Board of Directors and
5
● any commitment or conditional entitlement; General Meeting, which helps to prevent conflicts of interest;
● any commitment in respect of a non‑complete remuneration. ● given the structure of the remuneration of the Chairman of the
Board of Directors, the remuneration and employment
conditions of company employees need not be factored in.




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5.3.4.1.2 Remuneration policy applicable to the Chief Finally, a “circuit breaker” system provides for bonuses to be
Executive Officer (CEO) and any Deputy CEO withheld in the event of a significant deterioration in one or
(Resolutions 10 and 11) several of the company’s performance indicators over the year.
5.3.4.1.2.1 Composition of the remuneration of the Chief 5.3.4.1.2.1.3 Exceptional bonus
Executive Officer and any Deputy CEO The variable remuneration scheme explained above is designed
The remuneration of the Chief Executive Officer (CEO) and any not to have any exceptional bonus paid out. The Board of
Deputy CEO comprises and will comprise only the following Directors has not paid any exceptional bonus to executive
components which are in the company’s interests and support corporate officers since the start of their terms of office.
the company’s commercial strategy.
The only way that the Board would decide to pay any
5.3.4.1.2.1.1 Fixed portion exceptional bonus is under exceptional circumstances:
The Appointments and Remunerations Committee and the ● situations that do not fall within the framework of the annual
Board of Directors ensure, on a regular basis, that the amount of strategic and operational goals determined at the beginning
fixed remuneration paid to executive corporate officers is of the year;
positioned correctly in relation to the market by using
benchmarks relating to the remuneration of Directors of SBF 80 ● situations that were not foreseeable at the time that the
companies and those companies with stock market criteria were set for determining the annual variable portion;
capitalisation equivalent to that of Covivio, complemented by
● situations that affect the company in terms of its size, scope
French and European sector‑based research. For illustrative
or strategy.
purposes, over the period 2023‑2026, the fixed remuneration of
the Chief Executive Officer was €800 thousand, and that of the In all cases, this exceptional bonus would be determined so as
Deputy CEO was €460 thousand. not to exceed 50% of the target bonus of the Chief Executive
Officer and the Deputy CEO(s).
In principle, the Board endeavours to review this remuneration
only at regular and spaced intervals, in connection with possible 5.3.4.1.2.1.4 Long‑Term Incentive (LTI)
changes in responsibilities, or events affecting the company, The principles used to allocate performance shares to the Chief
and, more generally, at the time of the renewal of the term of Executive Officer and Deputy CEO(s) are as follows:
office, if applicable.
● the allocation of shares, which is the third component of
5.3.4.1.2.1.2 Variable portion remuneration, is a long‑term incentive plan, and is a top‑up for
For the variable portion of remuneration (annual bonus), the the fixed and variable portion of salary;
Appointments and Remunerations Committee evaluates
executive corporate officers based on clear, specific, ● LTI for year N is allocated after the financial statements are
measurable and operational targets. These targets are approved, at the beginning of year N+1;
determined every February, by the Board of Directors based on ● this lag, suggested by the Appointments and Remunerations
proposals put forward by the Appointments and Remunerations Committee, makes it possible to allocate shares contingent
Committee. They are determined according to the strategic plan on the achievement of operational results and the
and budget approved by the Board for the current year and the achievement of individual targets, and to record the
company’s current priorities and, as such, support the company’s performances in consideration of the closing of the financial
strategy and long‑term prospects. statements for the fiscal year N;
By way of illustration, for 2024, the criteria are composed as ● the Appointments and Remunerations Committee, in setting
follows: this annual share allocation period, has made it possible to
● 30%: objective of achieving the level of operating income avoid any windfall effect through any share price volatility.
(EPRA Earnings) communicated to the market; This long‑term incentive plan has the following aims for the
● 20%: objective linked to the level of NAV NTA; beneficiaries of the shares:

● 30%: operational objectives related to budget execution: for ● foster loyalty: employee retention shares are not definitively
example, disposals, investments, development projects, allocated until the end of the vesting period (usually 3 years)
financing, letting; on the condition that beneficiaries are still employed by the
company;
● 20%: CSR and strategic objectives.
● motivation and involvement: long‑term share values ultimately
The target bonus for the Chief Executive Officer and Deputy depend on the company’s performance in its sector, which is
CEO equals 100% of their fixed annual remuneration. reflected in the share price;
In an effort to provide differentiation, motivation and an ● aligning the interest of executive corporate officers with those
incentive to outperform, provision is made for an upside of as of shareholders: shares are only definitively allocated when
much as 50% of the target bonus to reward performance that performance targets are achieved;
goes beyond the targets set at the beginning of the year. In
order to align with the interests of shareholders and retain ● lastly, enabling executive corporate officers to create a
executives, any upside portion of the bonus is not paid in cash pension scheme, given the lack of a supplementary pension
but is the subject of a free share allocation. The delivery of these scheme in the company.
shares is subject to a condition of presence within the company
three years after the grant.




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In 2024, the LTI target accounts for 40% of the Chief Executive 30%: CSR criteria: these criteria are decided by the
Officer’s total remuneration and one‑third of the total Appointments and Remunerations Committee, on the proposal
remuneration of the Deputy CEO. As a matter of principle, the of the CSR Committee. One of these criteria, accounting for at
Board only reviews these proportions at regular set intervals, in least 15%, is linked to Covivio’s environmental objectives,
line with any potential changes to responsibilities, or events contributing to the fight against global warming.
affecting the company, and, more generally, when the term of
For example, the CSR criteria used in recent years are:
office is renewed, where applicable. These target amounts also
constitute caps. 15% = Carbon emissions reduction target.
100% of share allocations will be subject to presence and For the LTI 2022, 100% of the target number of shares will be
performance conditions, each analysed over the three‑year delivered if 100% of Covivio's portfolio has environmental
vesting period, given that the number of shares allocated, certification in 2025. Only 50% of the target number of shares will
subject to performance requirements, may not exceed the be delivered if Covivio’s portfolio is only 95% green certified and
target number listed at the time of allocation. no shares will be delivered if Covivio’s portfolio is only 90% green
The Board endeavours not only to maintain the same certified. Between the limits indicated, a linear calculation is
performance conditions over several fiscal years, but also to intended. As a reminder, at the end of 2022, the greening rate
change them according to the feedback from shareholders was 90.7%.
expressed during their vote at the General Meeting, and For the LTI 2023, 100% of the number of shares will be delivered if
according to changes in the company’s strategic and CSR Covivio reaches, in 2026, its target of reducing carbon emissions,
priorities. at 52.8 kgCO2e/m²/year. Only 50% of the target number of
As an illustration, the Board of Directors has set the following shares will be delivered if the carbon intensity reaches 55
conditions for the LTI 2022 awarded in February 2023, the LTI kgCO2e/m²/year.
2023 awarded in February 2024 and the LTI 2024 awarded in For the LTI 2024, 100% of the number of shares will be delivered if
February 2025: Covivio reaches, in 2027, its target of reducing carbon emissions,
30%: Relative stock market performance condition: at 51 kgCO2e/m²/year. Only 50% of the target number of shares
will be delivered if the carbon intensity reaches 53.2 kgCO2e/m²/
The relative total shareholder return (TSR) of Covivio compared year and no shares will be delivered if the carbon intensity
with the “Eurozone” EPRA index, defined by the change in the exceeds 55.4 kgCO2e/m²/year.
share price over the three‑year reference period, taking into
account any gross dividends or interim dividends. As a reminder, at the end of 2022, emissions amounted to 57.4
kCO2e/m²/year.
The target number of shares will be paid in the event of an
outperformance of 8 points compared to the index (no 15% = Other CSR objective(s): in recent years, an objective linked
additional payment for outperformance beyond +8 pts). An to team commitment alternates, every other year, with an
outperformance of +6 points will result in the payment of 90% of objective related to the increase in the number of female
the target number of shares, an outperformance of +4 points will employees. The Board of Directors reserves the right to change
result in the payment of 80% of the target number of shares, an these criteria depending on the challenges of the moment.
outperformance of +2 points will result in the payment 70% of the For the LTI 2022 and LTI 2024, 100% of the target number of
target number of shares. Performance equal to the index will shares will be delivered if the commitment of Covivio’s teams is 10
lead to payment of 60% of the target number of shares. Finally, points higher than the benchmark. Only 50% of the target
an underperformance of -10 points will cancel out any payment number of shares will be delivered if the commitment of the
of shares. Between the limits indicated, a linear calculation is teams is only 5 points higher than the benchmark. No shares will
intended. be delivered if Covivio’s commitment is lower than the
20% Absolute stock market performance condition: benchmark. Between the limits indicated, a linear calculation is
intended.
The absolute total shof Covivio, defined as the change in share
price over the three‑year reference period, taking into account For the LTI 2023, 100% of the target number of shares will be 5
all gross dividends or interimareholder return (TSR) dividends. delivered if Covivio scores 82/100 in the area of the gender
balance of teams. No shares will be delivered if the Covivio score
The target number of shares will be paid in the event of a TSR is less than 70/100. Between the limits indicated, a linear
greater than or equal to 20% (no additional payment in the calculation is intended.
event of outperformance beyond 20%). A TSR of 18% will result in
the payment of 83.3% of the target number of shares, a TSR of The internal score of 100 points, established by the Board, is 30%
16% will result in the payment of 66.7% of the target number of on the basis of the gender balance of the Executive Committee
shares, a TSR of 14% will result in the payment of 50% of the (0 pts if rate = 0%, 30 pts if rate = 50%), 30% on the basis of the
target number of shares, a TSR of 12% will result in the payment gender balance of the country CODIR (same calculation), 20%
of 33.3% of the target number of shares. Lastly, a TSR < 10% will on the basis of the gender balance of management (same
cancel out any payment of shares. Between the limits indicated, calculation), and 20% on the Equality Index score (score of 0 if
a linear calculation is intended. index < 75, 5 if index between 76 and 80, 10 if index between 81
and 90, 15 if index between 91 and 95, 20 if index > 95). As a
20% Compliance with adjusted EPRA Earnings guidelines reminder, at the end of 2022, the score was 79/100.
condition:
These LTI performance conditions were reviewed in depth by the
If Covivio’s adjusted EPRA Earnings are 3% higher than the Appointments and Remunerations Committee, then by the
guidance communicated to the market at the start of the year Board of Directors, to take into account an increased opposition
(average over the three‑year vesting period), the target number rate expressed at the General Meeting in 2022, on the
of shares will be delivered. If Covivio’s adjusted EPRA Earnings resolutions related to the remuneration of executive corporate
reach the market guidance, 80% of the target number of shares officers, and to respond to requests from investors and proxy
will be delivered. Finally, if Covivio’s adjusted EPRA Earnings are advisors. They have applied since the allocation in February
lower than the guidance, no shares will be delivered. Between 2023 of the LTI 2022. In particular, they make it possible to:
the limits indicated, a linear calculation is intended.
● reserve a significant portion for CSR criteria (30%);


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● introduce an absolute stock market performance criterion The remuneration would only be paid out in the event of
alongside a relative stock market performance criterion; involuntary termination, which excludes cases where they would
leave the company of their own volition, change jobs within the
● eliminate the possibility of offsetting underperformance of one
Group or exercise their right to early retirement.
criterion by outperformance of another criterion;
a) Theoretical remuneration amount
● set ambitious targets for each criterion; The theoretical remuneration amount would be equal to 12
● cancel the allocation of shares in the event of months’ total remuneration including the fixed salary and the
underperformance, with the exception of the relative stock annual variable part, plus one month’s additional remuneration
market criterion (30% of the LTI). In response to the reluctance per year of service at the company regardless of the positions
of certain investors and proxies to remunerate held, it being understood that the current remuneration system
underperformance, it is specified that the nature of this does not include payment of an exceptional bonus. This amount
criterion makes it volatile and highly dependent on is capped at 24 months’ total remuneration (fixed +bonus).
macroeconomic factors (the price of real estate companies is b) Performance criteria
strongly correlated with long interest rates). Under these In accordance with the recommendations of the Afep‑Medef
conditions, security (much lower than before) makes it possible Code, entitlement to this remuneration would be subject to
to maintain the LTI retention objective, where applicable. stringent internal and external performance criteria:
These conditions combine external and internal performance, ● 50% of the theoretical amount of the indemnity is linked to the
thus assuring shareholders that: change in NAV over the last three fiscal years preceding the
● the long‑term remuneration of executive corporate officers is termination of office: if the change in Covivio’s NAV NTA is 25%
directly linked to Covivio’s stock market performance; lower than the average property companies making up the
EPRA index, the portion of the employee severance indemnity
● it is also tied to the company’s operating and CSR linked to this criterion will not be paid. If the contrary applies,
performance. the theoretical amount of this portion of the remuneration will
The Chief Executive Officer and the Deputy CEO make a formal be adjusted to reflect the change in the company’s revalued
commitment not to use any hedging transactions for their risk net assets during the applicable period. In addition, the Board
related to the holding of Covivio shares. of Directors introduced a criterion of non‑payment of
remuneration in the event of a 50% reduction in Covivio’s NAV
In the event of involuntary termination of office (excluding in absolute terms or for the three‑year period preceding the
voluntary resignation), the Board may, under certain cessation of functions;
circumstances, be required to maintain all or part of the
performance shares under the vesting period. This possibility will ● 50% of the theoretical amount of the remuneration would be
only be exercised in the event of “good leaver” departure, conditioned by achievement of the targeted levels of
excluding in particular any departure related to misconduct. performance for the three fiscal years preceding the cessation
Furthermore, in such a situation, the Board would evaluate of functions. The criteria for allocation of performance bonus
whether performance criteria had been achieved by the are reviewed annually by the Remuneration and
deadline, to determine the percentage of shares that would still Appointments Committee and based on ambitious operating
be allocated. and strategic goals. Their achievement is assessed on the
basis of a range of precise criteria. Should the average
For information purposes, the number of performance shares achievement of the targeted levels of performance for the last
allocated to the Chief Executive Officer and Deputy CEO for three fiscal years be less than 80%, the portion of
2024 represented 36.5% of all shares allocated within the Group. remuneration associated with this criterion would not be paid.
If the contrary applied, the theoretical amount of this portion
Since 2008, the Board of Directors, on the recommendation of
of the remuneration would be adjusted to reflect the average
the Appointments and Remunerations Committee, has put an
achievement of the last three fiscal years.
end to schemes for allocation of stock options that were
previously activated in parallel with the schemes for allocation of In any event, albeit any excess performance for one of the two
free shares. aforementioned criteria may offset any eventual shortfall for the
other criterion, the total amount of the aforementioned
5.3.4.1.2.1.5 Other benefits
termination remuneration is limited to two years’ total
The Chief Executive Officer and the Deputy CEO also receive the remuneration. This cap rule applies to all forms of severance pay
following benefits: and includes any other remuneration paid for any other reason
● a company car; at the end of a term of office, it being specified that the Chief
Executive Officer and Deputy CEO will not receive any
● the same health and pension plan as Group employees in remuneration from Covivio other than that paid for their term of
France, with the same employer contribution, as well as the office.
opportunity to have a physical;
As a result of the performance criteria listed above being set, the
● job loss insurance with GSC. Board will be able, where appropriate, to reflect the target and
actual performance of the Chief Executive Officer and Deputy
5.3.4.1.2.1.6 Remuneration to be paid out upon termination of
CEO on the severance pay. As the goals conditioning the
office
payment of the variable portion of remuneration are aligned on
In exchange for waiving the right to receive severance benefits, the company’s operating performance and on the deployment
the Board of Directors has implemented a termination benefit for of its strategy, any remuneration paid would necessarily be
the Chief Executive Officer (CEO) and the Deputy CEO. proportional to the results achieved, thus fully meeting the
requirements of the recommendations included in the
The benefits for Christophe Kullmann and Olivier Estève were
Afep‑Medef Code.
approved by the Board of Directors on 24 November 2022, and
by the shareholders during the Combined General Meeting on 17 These commitments do not envisage any termination conditions.
April 2024 voting on Resolutions 11 and 12.




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5.3.4.1.2.1.7 Remuneration allocated in respect of the fiscal year 5.3.4.1.2.1.13 Clawback clause
of Directorships or memberships on the Supervisory Board The Board of Directors reserves the right to request the return of
The Chief Executive Officer and Deputy CEO receive no all or part of the annual variable compensation paid to
remuneration linked to their attendance at meetings of the executive corporate officers, within five years following the
company’s Board of Directors or Board of Directors or payment of an annual variable portion, in the event that the
Supervisory Boards of Group subsidiaries. executive has committed serious and wilful misconduct, such as
the intentional and manifest falsification of the financial,
5.3.4.1.2.1.8 Supplementary pension schemes
accounting or quantitative data used to measure the
Neither the Chief Executive Officer (CEO) nor the Deputy CEO performance.
benefits from a specific defined benefits or defined contributions
pension scheme. The compensation policy applicable to the Chief Executive
Officer and the Deputy CEO does not allow for any derogation
5.3.4.1.2.1.9 Employment contract in the event of exceptional circumstances.
Neither the Chief Executive Officer nor the Deputy CEO have an
Pursuant to the provisions of Article R. 22‑10‑14 of the French
employment contract.
Commercial Code, the Chief Executive Officer is appointed by
Pursuant to the recommendation in the Afep‑Medef Code that the Board of Directors, which sets their term of office, and they
“when an employee is appointed as executive corporate officer may be reappointed or dismissed at any time. Moreover, the
of the company, it is recommended to terminate the Deputy CEO is appointed by the Board of Directors on the
employment contract with the company, whether through proposal of the Chief Executive Officer. The Deputy CEO may be
contractual termination or resignation”; Christophe Kullmann’s dismissed at any time by the Board of Directors, on the proposal
employment contract was terminated by common accord of the Chief Executive Officer.
between him and Covivio on 26 November 2008, without
Christophe Kullmann and Olivier Estève were appointed on 31
payment of remuneration.
January 2011 for a four‑year term and were reappointed three
Christophe Kullmann has since that date received GSC times for the same term. Their current term of office covers the
unemployment insurance. fiscal years 2023 to 2026.

He also has supplementary group mutual insurance covering 5.3.4.1.2.2 Decision‑making process for determining, reviewing
healthcare expenses. He does not benefit from the Group and implementing the remuneration of the Chief
Incentive Plan. Executive Officer and any Deputy CEO
The remuneration policy for the Chief Executive Officer and that
Similarly, the employment contract of Olivier Estève, Deputy CEO,
of the Deputy CEO is determined by the Board of Directors
was terminated on 1 November 2012, without payment of
based on work carried out and proposals made by the
remuneration. Since that date, he also receives GSC
Appointments and Remunerations Committee. This Committee
unemployment insurance, as well as supplementary group
met twice in 2024, to ensure that this policy is in line with the
mutual insurance covering healthcare expenses. He does not
principles listed by the latest changes to the Afep‑Medef Code.
benefit from the Group Incentive Plan.
The Appointments and Remunerations Committee makes
5.3.4.1.2.1.10 Remuneration for non‑compete clause
proposals to the Board of Directors as to the remuneration of the
Neither the Chief Executive Officer nor the Deputy CEO receive Chief Executive Officer and Deputy CEO (amount of fixed
any remuneration related to a non‑compete clause. remuneration and rules for calculating variable remuneration),
5.3.4.1.2.1.11 Welcome bonus (Golden hello) ensuring that these rules are consistent with the annual
performance review of corporate officers and the company’s
Covivio has never paid any signing bonus to a Chief Executive medium‑term strategy and enforcing these rules over the year.
Officer or Deputy CEO. If such a situation arose, the Board would
ensure that the premium was calculated in such a way as to The Committee and the Board are particularly keen to follow
cover the losses caused by the recruitment of the officer due to these guidelines:
having left his previous employment.
● remuneration is exhaustively determined through three main
5
5.3.4.1.2.1.12 Obligation to retain shares components: a fixed portion, a variable portion and the
The Afep‑Medef Code recommends that the Board set a share allocation of performance shares; in‑kind benefits mainly
retention requirement, sufficiently restrictive, for executive consist of a company vehicle and covering the cost of job loss
corporate officers and their free shares. This makes it possible to insurance.
adequately take into account the company’s long‑term The basic principles sought are:
performance. Covivio’s Board of Directors has set a retention
requirement of 50% for performance shares throughout the term ● a balance between the various components, short term and
of office, until they hold shares equivalent to two years’ worth of long‑term, fixed and variable;
fixed remuneration. Above this threshold, they are free to dispose
● remuneration correctly situated in the market and designed to
of shares.
foster loyalty;




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● simple, easy‑to‑read tools for the market and shareholders; On the Board of Directors
● a strong link between remuneration and operational ● Fixed portion per Director per annum: €6,000.
performance; ● Additional allowance for the Chairman per annum: €4,000.
● a variable portion based on objective quantifiable ● Variable portion for attendance per Director: €4,000/meeting.
performance criteria that combine the interests of the
company, its staff and its shareholders, at the same time ● Additional variable portion of attendance/non‑French
providing an incentive for outperformance and a “circuit resident Director physically present: €2,000/meeting.
breaker” system to sanction any deterioration of key company
● Additional variable attendance fee/French‑resident Director
indicators;
physically present: €1,000/meeting.
● a financial alignment with the long‑term interests of
On specialised Committees
shareholders;
● Fixed portion per member per annum: €3,000.
● development that is generally consistent with the
remuneration and employment terms of the company’s ● Additional allowance for the Chairman of the Audit Committee
employees. per annum: €17,000.

The Committee and the Board use industry‑based benchmarks ● Additional allowance for the Chairmen of the Appointments
and general research studies simply to check that overall and Remunerations Committee, the Investments and
remuneration packages are in line with market rates. Disposals Committee and the CSR Committee per annum:
€12,000.
All conditions and components of remuneration allocated to
Christophe Kullmann and Olivier Estève, proposed by the ● Variable portion for attendance per member:
Appointments and Remunerations Committee were approved on ● members of the Investment and Disposals Committee, the
24 November 2022 by the Board of Directors upon their Appointments and Remunerations Committee and the CSR
reappointment as Chief Executive Officer and Deputy CEO, Committee: €2,000 per meeting.
respectively, for a four‑year term from 1 January 2023.
● Members of the Audit Committee: €3,000 per meeting.
The components of the remuneration were published on the
company’s website on 24 November 2022 in the case of ● Additional variable attendance fee/non‑French resident
Christophe Kullmann and Olivier Estève. member physically present: €2,000/meeting.

Pursuant to Article L. 22‑10‑8 of the French Commercial Code, the ● Additional variable attendance fee/French‑resident member
components of this compensation policy applying to the Chief physically present: €1,000/meeting.
Executive Officer and the Chief Operating Officer, which will be
The allocation rules set out above would also apply in the event
submitted for the approval of the Combined General Meeting of
of the creation of a new Committee during the fiscal year to
17 April 2025, were approved by the Board of Directors' meeting
assist the Board in the continuation of its work. The members of
held on 19 February 2025.
this newly created Committee would then receive remuneration
Moreover, pursuant to Article R. 22‑10‑14 of the French similar to that of the members of one of the pre‑existing
Commercial Code, the company’s decision‑making process Committees.
involves two‑tier approval, following the aforementioned opinion
The variable portion of Directors’ remuneration is preponderant
of the Appointments and Remunerations Committee, by the
as it represents 72% of the total remuneration allocated in 2024.
Board of Directors and the General Meeting, which helps to
prevent conflicts of interest. The following items are specified:
5.3.4.1.3 Remuneration policy applicable to Directors ● the variable portion is paid even if attendance at a meeting is
(Resolution 12) by a means of telecommunication;
5.3.4.1.3.1 Composition of the remuneration of Directors ● following his appointment and/or resignation, the Director
The remuneration of Directors, as non‑executive corporate receives the fixed portion of his remuneration prorata temporis
officers according to the Afep‑Medef Code, is made up of a fixed over the fiscal year;
and variable portion. The annual amount agreed by the General
● additional remuneration for Directors who are physically
Meeting as the total allocation for the remuneration of members
present cannot be combined for Board and Committee
of the Board of Directors is €800 thousand.
meetings held on the same day.
The criteria for allocation and financial conditions of
● no remuneration is deducted for non‑attendance at Board
remuneration are as follows:
and Committee meetings;
● the fixed portion is allocated annually to each Director
● in the event that the Board meets several times on a given
according to his or her position on the Board of Directors and
day, particularly on the day of the General Meeting, only one
on any Committees; and
meeting is taken into account for the purposes of attendance;
● the variable portion is based on a per‑meeting amount, which
● any amount paid to each Director is reduced by the same
allows the actual contribution of each Director to the work of
percentage so that the total amount paid remains within the
the Board and its Committees to be factored in, while also
maximum budget set by the General Meeting;
encouraging personal attendance at governance meetings.
● tax and employment deductions are paid by the company
directly to the tax administration;




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● in order to convey their involvement in the management of the The maximum annual budget is authorised by the General
company, from their second year in office, members of the Meeting.
Board of Directors are invited to hold a number of Covivio
The Board of Directors allocates any Non‑voting members a
shares of a value equivalent to around one year of
share of the remuneration allocated to it by the General
remuneration.
Meeting, based on the same allocation methods.
The Director in the position of Chairman of the Board of Directors
The Combined General Meeting of 19 April 2018 awarded the
or Chief Executive Officer and for which he is remunerated does
Board of Directors a gross annual sum of €800 thousand for the
not receive additional remuneration for his Directorship.
current year and subsequent years, until a new decision is made
In accordance with the Articles of Association and Internal by a General Meeting.
Regulations, the Directors and any Non‑voting members of the
The terms for distributing this remuneration to the Directors were
Board are entitled to reimbursement for travel expenses and
last revised by the Board of Directors on 20 October 2022, which
costs incurred from attending Board and Committee meetings,
decided, on the recommendations of the Appointments and
upon producing supporting documents.
Remuneration Committee:
The remuneration policy applicable to the Directors does not
● to increase the annual fixed portion for the Chairmen of the
contain provisions for any exemptions in the event of exceptional
CSR Committee and the Investment and Disposals Committee
circumstances nor for the company to request the repayment of
from €6,000 to €15,000;
the variable remuneration. Nor does it contain provision for any
deferral periods nor performance criteria. ● to increase the annual fixed portion for the Chairwoman of the
Remuneration Committee from €10,000 to €15,000;
In addition, it is specified, in accordance with Article R. 22‑10‑14
of the French Commercial Code, that Directors do not benefit ● to retain that of the Chairman of the Audit Committee at
from: €20,000;
● any remuneration in shares; ● to allocate an additional variable portion of €1,000 for
French‑resident Directors who physically participate in
● any remuneration or benefit payable or likely to be payable as
governance meetings.
a result of termination/change of function, or subsequent
thereto, or any conditional entitlement awarded in respect of These changes took effect at the end of the Combined General
pension commitments; Meeting of 20 April 2023.
● any commitment or conditional entitlement; The total annual budget authorised by the General Meeting and
the methods of allocation approved by the Board of Directors
● any commitment in respect of a non‑complete remuneration.
are reviewed with the support of the Appointments and
The remuneration allocated to Directors rewards their Remunerations Committee in the event of any changes within
contribution to the work of the Board of Directors and its the company and/or the market by producing benchmarks.
Committees, as well as their level of responsibility within the
Pursuant to Article L. 22‑10‑8 of the French Commercial Code, the
company. Its aim is to attract and retain high‑quality
components of this remuneration policy applicable to Directors,
professionals, able to maintain the required balance in skills and
which will be put to the vote of the Combined General Meeting
expertise deemed necessary for the proper administration of the
of 17 April 2025, were approved by the meeting of the Board of
company. This remuneration may be suspended where the
Directors held on 19 February 2025, it being specified that this
composition of the Board of Directors does not meet the
remuneration policy remains unchanged since 20 October 2022.
requirements of the first paragraph of Article L. 225‑18‑1 of the
French Commercial Code (proportion of women under 40%), In addition, it is specified, pursuant to Article R. 22‑10‑14 of the
pursuant to the provisions of Article L. 22‑10‑3 of said Code. French Commercial Code, that:
The term of office of Directors is, without exception, four years the company’s decision‑making process involves two‑tier
5
●
ending at the end of the Ordinary General Meeting having approval, following the aforementioned opinion of the
approved the financial statements for the recent year ended Appointments and Remunerations Committee, by the Board
and held in the year in which their term expires. Directors may be of Directors and General Meeting, which helps to prevent
reappointed indefinitely, subject to the provisions of the Articles conflicts of interest;
of Association governing age limit. Directors may be dismissed at
any time by the General Meeting, without indemnity or prior ● given the structure of the remuneration of Directors, the
notice. remuneration and employment conditions of company
employees need not be factored in.
5.3.4.1.3.2 Decision‑making process for determining, reviewing
and implementing the remuneration of Directors 5.3.4.2 Implementation of the corporate officer
The remuneration policy for Directors, including remuneration remuneration policy for the fiscal year
distribution methods defined under Article 11 of the Board’s ended 31 December 2024 (ex‑post Say on
Internal Rules, is approved, subject to the prior opinion of Pay referred to as “global”)
Appointments and Remunerations Committee, by the Board of
Directors which sets the maximum budget for remuneration to In a “global” ex‑post Say on Pay vote pursuant to Article L.
be submitted to the General Meeting of Shareholders. 22‑10‑34, I of the French Commercial Code, the information
referred to in Article L. 22‑10‑9, I of the French Commercial Code is
included in a draft resolution (Resolution 5) submitted for the
approval of the Combined General Meeting on 17 April 2025.




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5.3.4.1 Remuneration paid and/or allocated to The relative proportion of fixed remuneration in 2024 represents:
executive corporate officers within a ● 29% of Christophe Kullmann’s total remuneration;
consolidated scope for the fiscal year ended
31 December 2024 ● 34% of Olivier Estève’s total remuneration.
5.3.4.2.1 Information mentioned in Article L. 22‑10‑9 I of the 5.3.4.2.1.1.2 Variable portion
French Commercial Code relating to the It is recalled that the target bonus for the Chief Executive Officer
remuneration paid and/or awarded to executive and the Deputy CEO is equal to 100% of their fixed annual
corporate officers for the fiscal year ended 31 remuneration, with a potential upside of 50% of the target in the
December 2024 event of overperformance..
No executive corporate officer was paid or allocated
remuneration from a company within Covivio’s scope of For 2024, the “circuit breaker” was based on a loan‑to‑value (LTV)
consolidation for the fiscal year ended 31 December 2024, threshold, the crossing of which would have entailed
pursuant to Article L. 233‑16 of the French Commercial Code. non‑payment of the bonus. It was not activated.

5.3.4.2.1.1.1 Fixed portion For 2024, the criteria for allocating the variable portion of the
remuneration of Christophe Kullmann, Chief Executive Officer,
On 24 November 2022, on the proposal of the Appointments and
were set as follows:
Remunerations Committee, the Board of Directors reappointed
Christophe Kullmann for four years, and increased his fixed ● 80% based on quantitative targets;
annual remuneration to €800 thousand from 1 January 2023.
Barring exceptional events, this compensation will remain ● 20% based on qualitative targets.
unchanged for the four‑year term of office, and therefore until On 17 February 2025, the Appointments and Remunerations
2026. Committee reviewed the achievement of these targets using
Similarly, at its meeting on 24 November 2022, based on a precise analytical frameworks. Regarding the qualitative
proposal of the Appointments and Remunerations Committee, objectives, the Appointments and Remunerations Committee
the Board of Directors renewed the appointment of Olivier had established an evaluation grid assigning a score to each
Estève for a term of four years and increased his fixed annual criterion, focusing on assessing the concrete achievements for
remuneration to €460 thousand. Barring exceptional events, this each of them during the year. This method has made it possible
compensation will remain unchanged for the four‑year term of not to discount objectives of strategic importance that the Lead
office, and therefore until 2026. Director of the company is expected to meet and whose
measurement cannot be obtained using a standardised
numerical indicator.

The Committee thus recorded the following levels of achievement for each target:
Degree of Bonus
Criteria Target Upside achievement (in € thousand)
EPRA Earnings/share: target = €4.25, maximum upside if > €4.60
30% 2024 income = €4.47 €240 K €360 K 131% €314 K
NAV NTA/share: target = €77.4; maximum upside if > €82.4
20% 2024 result: €79.80 €160 K €240 K 124% €198 K
Operational objectives
Rebalancing of the portfolio: strengthening in the hotel sector, decrease in the
relative share of offices, improvement in the quality of offices
30% Results: Offices = -1.4 pts, Hotels = +2.9 pts/city centre offices = +1.6 pts €72 K €108 K 130% €94 K
Debt reduction:
- completion of the disposal guidance of €1.5 BN for the end of 2022‑2023‑2024
=> approximately €600 M in 2024
- CAPEX limitation
Results: Plan > €1.5 BN disposals achieved, €766 M in 2024/€237 M Dev CAPEX +
30% €153 M of works = €390 M €72 K €108 K 120% €86 K
Letting of offices: 62,000 m² let or pre‑let
20% Results: 59,000 m² let or pre‑let (117,100 m² renewed) €48 K €72 K 95% €46 K
LFL rental income momentum of +5.8%
30% 20% Results: LF rents = +6.7% €48 K €72 K 125% €60K
Strategy, organisation and CSR
1/ Implementation of a biodiversity and circular economy policy
Results: Biodiversity Plan and Nature Report communicated at the Capital
Markets Day of 28/11/2024
2/Implementation of the responsible purchasing policy with Ecovadis
Results: 234 suppliers rated (39%)
3/ AAA MSCI and 5 stars GRESB ratings maintained
Results: OK
4/ Continued implementation of the IT and digital strategy = ONE project
Results: consolidation in France and Italy, preparation of Go Live in Germany in
2025
5/ Talent retention
Results: OK
20% €160 K €240 K 110% €176 K
CIRCUIT BREAKER IF LTV > 48% €800 K €1,200 K 122% €974 K




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Consequently, the Committee made a proposal to the Board, which it approved on 19 February 2025, that the 2024 bonus should be
paid at 122% of the target, i.e. a total of €974 thousand. Subject to its approval by the Combined General Meeting of 17 April 2025, it will
be paid in cash up to the target, i.e. €800 thousand, and the upside portion of the 2024 bonus (€ 174 thousand) will be paid in free
shares, the delivery of which in February 2028 is subject to a presence condition. As a reminder, the 2023 bonus (€701 thousand) was
allocated at 88% of the target.

The Committee also proposed to the Board, which approved them, the criteria for the 2025 bonus for Christophe Kullmann, which will
be as follows:
Criteria
30% EPRA Earnings/share: target = guidance communicated to the market = €4.47/share
20% NAV NTA/share
Operational objectives related in particular to:
Continued rebalancing of the portfolio: strengthening in the hotel sector, reduction in the share of non‑core offices. Debt
reduction: reduction in the net debt/EBITDA ratio
Letting of offices
30% LFL rent dynamics
Strategy, organisation and CSR
Implementation of green CAPEX plans
MSCI and GRESB ratings
Implementation of CSR objectives for the top 50 managers
20% Strategic review proposed during the Board seminar


Apart from the EPRA Earnings objective, the objectives On 17 February 2025, the Appointments and Remunerations
associated with these criteria are confidential. Committee reviewed the achievement of these targets using
precise analytical frameworks. Regarding the qualitative
The 2024 bonus of Olivier Estève, Deputy CEO, was calculated: objectives, the Appointments and Remunerations Committee
● 80% based on quantitative targets; has established an evaluation grid assigning a score to each
criterion, focusing on assessing the concrete achievements for
● 20% based on qualitative targets. each of them during the year. This method has made it possible
not to discount objectives of strategic importance that the
Deputy CEO of the company is expected to meet and whose
measurement cannot be obtained using a standardised
numerical indicator.

The Committee thus recorded the following levels of achievement for each target:
Degree of
achievement Bonus
Criteria Target Upside (in € thousand)
EPRA Earnings/share: target = €4.25, maximum upside if > €4.60
30% 2024 income = €4.47 €138 K €207 K 131% €181K
NAV NTA/share: target = €77.4; maximum upside if > €82.4
20% 2024 result: €79.80 €92 K €138 K 124% €114
Operational objectives
Monitoring of development projects:
- France: cost control on the Monceau and Gds Boulevards projects, study of
the redevelopment project for the Voltaire and Raspail assets, obtaining of
administrative authorisations for projects to transform offices into housing in
5
Rueil and Nice, €109 M worth of projects delivered, progress of pre‑sales in
Bordeaux, Fontenay and Bobigny
- Germany: negotiate lease on the commercial part of the Alexanderplatz
project,
40% - Italy: Scalo Porta Romana program €55 K €83 K 95% €52K
Disposal plan France
20% Net income: €120 M €28 K €42 K 90% €25K
Letting France Offices: target 32,000 m²
30% 20% Result: 32,500 m² €28 K €42 K 105% €29K
Wellio revenues: €35.5 M France and Italy + l’Atelier letting
20% Result: 35.4 + l’Atelier at 100% €28 K €42 K 95% €27 K
CSR
- 100% of developments aiming for Excellent Gold certification and taxonomy
aligned
Results: OK
- Biodiversity label on all new projects and promotion of the circular economy
Results: OK
- Implementation of the responsible purchasing policy on all development
projects
Results: OK
20% €92 K €138 K 100% €92 K
Circuit breaker if LTV > 48% €460 K €690 K 113% €520K




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Consequently, the Committee made a proposal to the Board (approved on 19 February 2025) that the bonus should be paid at 113% of
the target, i.e. a total of €520 thousand. Subject to its approval by the Combined General Meeting of 17 April 2025, it will be paid in
cash up to the target, i.e. €460 thousand, and the upside portion of the 2024 bonus (€60 thousand) will be paid in free shares, delivery
of which in February 2028 is subject to a presence condition. As a reminder, the 2023 bonus (€391 thousand) was allocated at 85% of
the target.
The Committee also proposed criteria to the Board (which approved them) for the 2025 bonus for Olivier Estève, which will be as
follows:
Criteria
30% EPRA Earnings/share: target = guidance communicated to the market = €4.47/share
20% NAV NTA/share
Operational objectives related in particular to:
Development projects in France, Italy and Germany
Disposal of offices and implementation of partnerships
Letting of offices
30% Wellio net revenue
Strategy, organisation and CSR
100% of developments = Gold or Excellent certification and taxonomy aligned
BBCA label on 75% of transactions in France
100% of tenders covered by the Ecovadis responsible purchasing policy
20% Circular economy approach on 100% of development projects


Apart from the EPRA Earnings objective, the objectives The relative portion of 2024 annual variable remuneration
associated with these criteria are confidential. accounts for:
● 34% of Christophe Kullmann’s total remuneration;


● 35% of Olivier Estève’s total remuneration.

5.3.4.2.1.1.3 Long‑Term Incentive These allocations were made in compliance with the
The 2024 LTI was allocated by the Board of Directors on 19 remuneration policy approved by shareholders. The consistency
February 2025. of the allocation method and schedule over the years makes it
possible to prevent any windfall effect for executive corporate
The number of shares allocated is the following: officers over time.
● Christophe Kullmann: 42,966 performance shares, i.e. In addition, on 17 February 2025, the Appointments and
potentially up to 0.04% of the share capital; Remunerations Committee reviewed the achievement of the
performance criteria set for the shares granted in February 2022
● Olivier Estève: 18,541 performance shares, i.e. potentially up to
under the 2021 LTI (former criteria, applied for the previous year,
0.02% of the share capital.
prior to the restructuring of the LTI plan described in 5.3.4.1.2.1.4
Long Term Incentive plan).

The achievement of the criteria is as follows:
Weight Three‑year vesting criteria (2021/2022/2023) Earnings Net income
50% Covivio total return vs EPRA ex UK* +8.63 pts 117%
15% Relative change NAV/Covivio share vs EPRA ex UK * -5.4 pt 88%
Relative change EPRA Earnings/Covivio share
15% vs EPRA ex UK * -1.8pt 98%
Improving the portfolio’s environmental performance
if 92% => 50%
if 96% => 100%
10% if 100% => 130% 98.5% 119%
Executive Committee = 33% => 20 pts
CODIR = 40% => 24 pts
Gender balance of teams Women managers = 40% => 16 pts
Covivio index <60 => 0% Equality index: 2022 = 91, 2023 = 95, 2024 = 94, i.e.
Index = 82 => 100% average of 93.3 => 15 pts
10% Index >90 => 130% Total = 75 pts 68%
TOTAL (CAPPED AT 100% IF > 100%) 105%
* allocation scale:
performance > 20 pts vs index => 130% performance shares
performance > 5 pts vs index => 110% of performance shares
performance > 2 pts vs index => 100% of performance shares
performance = index => 95% of performance shares
performance < 20 pts vs index => 70% of performance shares
performance < 30 pts vs index => 0% of performance shares




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As a result, the performance shares awarded in February 2022 were 100% delivered to the beneficiaries:
● 25,465shares for Christophe Kullmann; In addition, the free shares allocated under the upside of the
2021 bonus were delivered, i.e. 4,016 shares for Christophe
● 10,953 shares for Olivier Estève.
Kullmann and 2,819 shares for Olivier Estève.
Lastly, it should be noted that there is no stock option plan.


The graph below reflects the change in the cash/non‑cash mix of Christophe Kullmann's compensation from 2023 to 2024:

❚ 2023 ❚ 2024



42%
Non-cash 45%
Non-cash

58% 55%
Cash Cash




The change in the Fixed/Variable/LTI mix between 2023 and 2024 below shows that 71% of the Chief Executive Officer’s remuneration
is subject to performance requirements.

❚ 2023 ❚ 2024



41% 32% 37% 29%
LTI Fixed LTI Fixed




27% 34%
Variable Variable



The graph below reflects the change in the cash/non‑cash mix of Olivier Estève's remuneration from 2023 to 2024: 5
❚ 2023 ❚ 2024



37% 38%
Non-cash Non-cash


63% 62%
Cash Cash




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The change in the Fixed/Variable/LTI mix between 2023 and 2024 below shows that 66% of Olivier Estève’s remuneration is subject to
performance requirements.

❚ 2023 ❚ 2024

34% 37%
LTI Fixed 31% 34%
LTI Fixed




29% 35%
Variable Variable


5.3.4.2.1.1.4 Remuneration to be paid out upon termination of 5.3.4.2.1.2 Summary tables of the remuneration of executive
office corporate officers, prepared in accordance with
After terminating without remuneration their employment Appendix 4 of the Afep‑Medef Code
contracts, which provided for the payment of a termination The information and tables below:
benefit in the event of forced departure, the Board of Directors
● provide a summary of the total remuneration and benefits in
proposed implementing end‑of‑service severance pay for
kind paid or allocated to Christophe Kullmann (Chief Executive
Christophe Kullmann, Chief Executive Officer, and Olivier Estève,
Officer) and Olivier Estève (Deputy CEO) for the fiscal year
Deputy CEO.
ended 31 December 2024;
Such benefit would be paid only in the event of forced departure
● were drawn up in accordance with the Afep‑Medef Code in its
due to a change of control or a change of strategy. This would
latest revised version and published on 20 December 2022;
exclude cases in which they were to leave the company at their
own initiative, change roles within the Group or be able to ● comply with AMF recommendations no 2012‑02 of 9 February 2012
collect retirement benefits within a short period of time. updated 14 December 2023 (“Corporate governance and
executive remuneration in companies referring to the Afep‑Medef
The calculation methods and theoretical amount of the
Code – Consolidated presentation of the recommendations
remuneration are set out in Section 5.3.4.1.2.1.6 on the
contained in the AMF annual reports”) and no 2021‑02 of 8
composition of the remuneration of the Chief Executive Officer
January 2021 updated 28 July 2023 (guide to preparing Universal
and the Deputy CEO in respect of their remuneration policy.
Registration Documents) (“AMF Recommendations”).
The total amount of severance pay that may be paid is capped
at two years of total remuneration (fixed + variable portion), i.e.
an estimate to date, based on the year 2024 alone:
● €3,548 thousand for Christophe Kullmann;
● €1,960 thousand for Olivier Estève.
On the occasion of the renewal of their terms of office as Chief
Executive Officer and Deputy CEO from 1 January 2023, the
severance pay of Christophe Kullmann and Olivier Estève they
were approved by the Board of Directors on 24 November 2022,
then submitted to the approval of the shareholders at the
Combined General Meeting of 17 April 2024 as part of the vote
on the compensation policy applicable to the Chief Executive
Officer and the Deputy CEO under Resolutions 11 and 12.
The amount and conditions for awarding this remuneration were
the subject of a press release published on the company’s
website on 24 November 2022, following the renewal of their
terms of office as from 1 January 2023.




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Table 1* - Summary of remuneration and options and shares allocated to each executive corporate officer
2023 2024
Amounts
allocated in Amounts paid Amounts allocated Amounts paid
Christophe Kullmann: Chief Executive Officer respect of 2023 in 2023 in respect of 2024 in 2024
Remuneration
(see table 2 for details) 1,541,310 1,561,310 1,816,813 1,543,813
Valuation of multiannual variable remuneration 0 0 0 0
Valuation of options granted 0 0 0 0
Valuation of shares granted
(see table 6 for details)** 1,066,000 930,000 1,066,000 1,066,000
Valuation of other long‑term remuneration plans 0 0 0 0
TOTAL 2,607,310 2,491,310 2,882,813 2,609,813
* Since the allocation of performance shares awarded in fiscal year N is delayed until N+1, for the purposes of the accuracy and completeness of the
information provided, Table 1 distinguishes between amounts paid and those awarded for each fiscal year.
** The valuation of the shares does not include the portion of the bonus paid in free shares, already included, in Table 2.
Note: the share valuations are calculated by the Appointments and Remuneration Committee.


Table 2 - Summary of remuneration for each executive corporate officer
2023 2024
Amounts
allocated in Amounts paid Amounts allocated Amounts paid
Christophe Kullmann: Chief Executive Officer respect of 2023 in 2023 in respect of 2024 in 2024
Fixed remuneration 800,000 800,000 800,000 800,000
Annual variable remuneration (1) 701,000 721,000 974,000 701,000
Multiannual variable remuneration 0 0 0 0
Extraordinary remuneration 0 0 0 0
Remuneration allocated in respect of Directorship 0 0 0 0
Benefits in kind (company car, GSC insurance, check up) 40,310 40,310 42,813 42,813
TOTAL 1,541,310 1,561,310 1,816,813 1,543,813
(1) The variable amount due for 2023, of €701 thousand, was paid in cash after the approval of the General Meeting of 17 April 2024.
The variable amount due for 2024 of €974 thousand is comprised of €800 thousand paid in cash in 2025 + 5,490 free shares granted in February 2025,
subject to the approval of the General Meeting of 17 April 2025.



Table 1* - Summary of remuneration and options and shares allocated to each executive corporate officer
2023 2024
Amounts
allocated in Amounts paid Amounts allocated Amounts paid 5
Olivier Estève: Deputy CEO respect of 2023 in 2023 in respect of 2024 in 2024
Remuneration (see table 2 for details) 892,251 910,251 1,023,143 894,143
Valuation of multiannual variable remuneration 0 0 0 0
Option values 0 0 0 0
Valuation of performance shares
(see table 6 for details)** 460,000 400,000 460,000 460,000
Valuation of other long‑term remuneration plans 0 0 0 0
TOTAL 1,352,251 1,310,251 1,483,143 1,354,143
* Since the allocation of performance shares awarded in fiscal year N is delayed until N+1, for the purposes of the accuracy and completeness of the
information provided, Table 1 distinguishes between amounts paid and those awarded for each fiscal year.
** The valuation of the shares does not include the portion of the bonus paid in free shares, already included, where applicable, in Table 2.
Note: the share valuations are calculated by the Appointments and Remuneration Committee.




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Table 2 - Summary of remuneration for each executive corporate officer
2023 2024
Amounts
allocated in Amounts paid Amounts allocated Amounts paid
Olivier Estève: Deputy CEO respect of 2023 in 2023 in respect of 2024 in 2024
Fixed remuneration 460,000 460,000 460,000 460,000
Annual variable remuneration (1) 391,000 409,000 520,000 391,000
Multiannual variable remuneration 0 0 0 0
Extraordinary remuneration 0 0 0
Remuneration allocated in respect of Directorship 0 0 0 0
Benefits in kind (company car, GSC insurance, check up) 41,251 41,251 43,143 43,143
TOTAL 892,251 910,251 1,023,143 894,143
(1) The variable amount due for 2023, of €391 thousand, was paid in cash after the approval of the General Meeting of 17 April 2024.
The variable amount due for 2024 of €520 thousand is comprised of €460 thousand paid in cash + 1,893 free shares granted in February 2025, subject to

the approval of the General Meeting of 17 April 2025.


Table 4 - Subscription or stock options awarded during the fiscal year to each executive corporate officer by the issuer and
by any company in the Group
Valuation of the options
Type of options based on the method Number of options
Name of the executive corporate Number and (purchase or used for the consolidated awarded during Exercise Exercise
officer date of plan subscription) financial statements the fiscal year price period
Christophe KULLMANN None None None None
Olivier ESTÈVE None None None None


Table 5 - Subscription or stock options exercised during the fiscal year by each executive corporate officer
Number of options exercised
Name of the executive corporate officer Number and date of plan during the fiscal year Exercise price
Christophe KULLMANN None None None
Olivier ESTÈVE None None None




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Table 6 - Performance shares awarded during the fiscal year to each executive corporate officer by the issuer and by any
company in the Group
Valuation of the
shares based on
Number of the method used
shares for the
awarded consolidated
Name of executive during the financial Date of
corporate officer Plan date year* statements(1) Vesting date availability Performance conditions
30% = relative stock
market performance
compared to EPRA
+20% linked to absolute
Christophe KULLMANN 15/02/2024 50,047 €13.82 15/02/2027 15/02/2027 stock market
performance,
+20% compliance with
EPRA guidelines
+30% related to
non‑financial
Olivier ESTÈVE 15/02/2024 21,596 €13.82 15/02/2027 15/02/2027 performance
* For the year N‑1.
(1) Value of the share taken into account by the Appointments and Remunerations Committee = €21.30.



Table 7 - Free performance shares becoming available during the fiscal year for each executive corporate officer
Number of shares
Name of the executive corporate available during the
officer Plan date fiscal year Vesting conditions Vesting date
50% = relative stock market
performance compared to
EPRA
Christophe KULLMANN 17/02/2021 28,909 +30% linked to relative 17/02/2024
economic criteria (change in
EPRA Earnings and NAV) vs
EPRA
+30% related to non‑financial
Olivier ESTÈVE 17/02/2021 12,433 performance 17/02/2024




5




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Table 9 - Record of performance share allocations
Information about performance shares


Plan of 13 Plan of 13 Plan of 13 Plan of 16 Plan of 16 Plan of 16
February 2020 February 2020 February 2020 December 2020 December 2020 December 2020


General Meeting date 17/04/2019 17/04/2019 17/04/2019 17/04/2019 17/04/2019 17/04/2019

Board of Directors date 13/02/2020 13/02/2020 13/02/2020 16/12/2020 16/12/2020 16/12/2020
Total number of free shares awarded, the
number of which awarded to: 41,511 43,500 4,340 19,500 6,020 71,805
Christophe KULLMANN 18,710 0 0 0 0 0
Olivier ESTÈVE 8,390 0 0 0 0 0

Vesting date of shares 13/02/2023 13/02/2024 13/02/2023 16/12/2024 16/12/2023 16/12/2023

End of retention period 13/02/2023 13/02/2024 13/02/2023 16/12/2024 16/12/2023 16/12/2023




For corporate
officers,
presence +50%
linked to the
relative stock
market Retention plan,
performance presence +50%
compared to linked to the
the EPRA, 30% relative stock
linked to the market
relative performance
performance compared to
compared to the EPRA, and
the NAV and 50% linked to
EPRA Earnings the annual
vs EPRA and individual target
20% linked to achievement Retention plan
Performance conditions CSR criteria rates Presence Presence Presence Presence
Number of shares vested at 31/12/2024 31,850 22,538 4,340 11,500 4,540 61,440
Number of cancelled or lapsed shares 9,661 20,962 8,000 1,480 10,365
Free shares still being vested at the end of the
fiscal year 0 0 0 0 0 0




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Plan of Plan of Plan of Plan of
Plan of 17 Plan of 25 Plan of 25 Plan of 25 Plan of 22 Plan of 24 Plan of 24 Plan of 21 Plan of 23 Plan of 23 15 21 21 21
February November November November February November November February November November February November November November
2021 2021 2021 2021 2022 2022 2022 2023 2023 2023 2024 2024 2024 2024


17/04/2019 17/04/2019 17/04/2019 17/04/2019 17/04/2019 21/04/202221/04/202221/04/202221/04/202221/04/202221/04/202221/04/202221/04/202221/04/2022

17/02/2021 25/11/2021 25/11/2021 25/11/2021 22/02/202224/11/2022 24/11/2022 21/02/202323/11/2023 23/11/2023 15/02/202421/11/2024 21/11/2024 21/11/2024

61,675 126,000 9,090 80,000 50,753 9,390 82,705 62,372 9,090 94,625 80,643 9,120 87,885 18,500
30,333 0 0 0 29,481 0 0 38,719 0 0 50,047 0 0 0
13,046 0 0 0 13,772 0 0 16,653 0 0 21,596 0 0 0

17/02/202425/11/2025 25/11/2024 25/11/2024 22/02/202524/11/2025 24/11/2025 21/02/202623/11/2026 23/11/2026 15/02/202721/11/2027 21/11/2027 21/11/2028

17/02/202425/11/2025 25/11/2024 25/11/2024 22/02/202524/11/2025 24/11/2025 21/02/202623/11/2026 23/11/2026 15/02/202721/11/2027 21/11/2027 21/11/2028

For
corporate
For officers,
corporate For presence
officers, corporate +30%
presence officers, linked to
+50% presence the
linked to +50% relative
the linked to stock
relative Retention the market
stock plan, relative performance
market presence stock compared
performance +50% market For to the
compared linked to performance corporate EPRA, Presence
to the the compared officers, and 20% +30%
EPRA, relative to the attendance linked to linked to
30% stock EPRA, +50% the relative
linked to market 30% linked to absolute stock
the perfor- linked to stock stock market
relative mance the market market performance
perfor- compared relative performance performance, compared
mance to the performance (relative +20 linked to EPRA
compared EPRA, compared and to and 20%
to the and 50% to the absolute), respect linked to
NAV and linked to NAV and 20% to for EPRA absolute
EPRA the EPRA compliance guidelines stock
Earnings annual Earnings with +30% market
vs EPRA individual vs EPRA earnings linked to performance,
and 20% target and 20% guidance non +50%
linked to achieve- linked to and 30% ‑financial linked to
CSR ment CSR to CSR perfor- individual
criteria rates Presence Presence criteria Presence Presence criteria Presence Presence mance Presence Presence performance 5
0 0 6,750 69,795 0 0 0 0 0 0 0 0 0 0
45,592 5,000 2,340 10,205 1,980 4,000 1,080 1,600 150

15.083 121,000 0 0 50,753 7,410 78,705 62,372 8,010 93,025 80,643 8,970 87,885 18,500




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Table 11
Compensation or benefits
due or likely to be due by
Supplementary pension reason of termination of Compensation for
Executive corporate officers Employment contract scheme or change of role non‑competition clause
Yes No Yes No Yes No Yes No
Christophe KULLMANN
Chief Executive Officer (CEO)
Start of term of office: 01/01/2023
End of term of office: 31/12/2026 x x x x
Olivier ESTÈVE
Deputy CEO
Start of term of office: 01/01/2023
End of term of office: 31/12/2026 x x x x


5.3.4.2.1.3 Equity ratio
The data relating to sub‑paragraphs 6 and 7 of paragraph I of In order to present the largest possible panel, the workforce
Article L. 22‑10‑9 of the French Commercial Code presented taken into account for calculating the ratio is, on the one hand,
below were calculated in accordance with the updated AFEP 100% of the company’s workforce (Covivio lines), and, on the
guidelines in February 2021. other hand, 100% of the French workforce in the Group (on the
Covivio ESU line). All employees present during the full year, with
The remuneration retained for executive corporate officers is
the exception of work‑study students and interns, were used for
calculated based on elements paid or awarded during the year the calculation of a year. Part‑time employees were considered
N, on a gross basis. It corresponds to the remuneration displayed on a full‑time basis. The remuneration components used are:
each year in the remuneration summary tables presented in the fixed, bonus, free shares or performance shares (valued
Universal Registration Document and submitted to the vote of according to the same method as for executive corporate
the shareholders: fixed, annual bonus, LTI, benefits in kind. officers), benefits in kind, profit‑sharing and incentive scheme.


Table of ratios for Articles I. 6 and 7 of L. 22‑10‑9 of the French Commercial Code
Information on the remuneration of corporate officers 2020 fiscal year 2021 fiscal year 2022 fiscal year 2023 fiscal year 2024 fiscal year
Remuneration of the Chairman of the Board of Directors* 400,000 400,000 313,679 200,000 200,000
Change (in %) of the remuneration of the Chairman of the Board of
Directors 0.0% 0.0% -21.6% -36.24% 0.0%
Remuneration of the Chief Executive Officer: Christophe Kullmann 2,540,376 2,165,467 2,568,407 2,491,296 2,609,813
Change (in %) of the remuneration of the Chief Executive Officer 17.7% -14.8% 18.6% -3.00% 4.76%
Remuneration of the Deputy CEO: Olivier Estève 1,339,926 1,080,966 1,380,926 1,310,262 1,354,143
Change (in %) in the remuneration of the Deputy Chief Executive
Officer 13.8% -19.3% 27.7% -5.12% 3.35%
Remuneration of the Deputy CEO: Dominique Ozanne 1,235,326 1,041,055 N/A N/A N/A
Change (in %) of the remuneration of the Deputy Chief Executive
Officer 5.4% -15.7% N/A N/A N/A
Information on the scope of the public company: Covivio
Average employee remuneration 107,832 115,446 114,011 113,072 111,138
Change (in %) of the average employee remuneration 10.2% 7.1% -1.2% -0.82% -1.71%
Ratio of Chairman of the Board to average employee remuneration 3.7 3.5 2.8 1.8 1.8
Change of the ratio (in %) compared with the prior fiscal year -9.2% -6.6% -20.6% -35.71% 1.74%
Ratio of Chairman of the Board to median employee remuneration 5.0 4.9 3.6 2.3 2.4
Change of the ratio (in %) compared with the prior fiscal year -9.2% -1.3% -27.2% -36.1% 4.2%
Ratio of Christophe Kullmann to average employee remuneration 23.6 18.8 22.5 22.0 23.5
Change of the ratio (in %) compared with the prior fiscal year 6.8% -20.4% 20.1% -2.2% 6.6%
Ratio of Christophe Kullmann to median employee remuneration 31.7 26.7 29.4 28.6 31.2
Change of the ratio (in %) compared with the prior fiscal year 6.8% -15.9% 10.2% -2.8% 9.2%
Ratio of Olivier Estève to average employee remuneration 12.4 9.4 12.1 11.6 12.2




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Information on the remuneration of corporate officers 2020 fiscal year 2021 fiscal year 2022 fiscal year 2023 fiscal year 2024 fiscal year
Change of the ratio (in %) compared with the prior fiscal year 3.3% -24.6% 29.4% -4.3% 5.1%
Ratio of Olivier Estève to median employee remuneration 16.7 13.3 15.8 15.0 16.2
Change of the ratio (in %) compared with the prior fiscal year 3.3% -20.4% 18.7% -4.9% 7.7%
Ratio of Dominique Ozanne to average employee remuneration 11.5 9.0 N/A N/A N/A
Change of the ratio (in %) compared with the prior fiscal year -4.3% -21.3% N/A N/A N/A
Ratio of Dominique Ozanne to median employee remuneration 15.4 12.8 N/A N/A N/A
Change of the ratio (in %) compared with the prior fiscal year -4.3% -16.8% N/A N/A N/A
Additional information on the extended scope: ESU Covivio
Average employee remuneration 106,310 108,980 107,791 107,828 110,256
Change (in %) of the average employee remuneration 10.5% 2.5% -1.1% 0.0% 2.3%
Ratio of Chairman of the Board to average employee remuneration 3.8 3.7 2.9 1.9 1.8
Change of the ratio (in %) compared with the prior fiscal year -9.5% -2.4% -20.7% -36.3% -2.2%
Ratio of Chairman of the Board to median employee remuneration 5.0 4.9 3.6 2.3 2.4
Change of the ratio (in %) compared with the prior fiscal year -6.9% -1.3% -26.4% -36.8% 4.0%
Ratio of Christophe Kullmann to average employee remuneration 23.9 19.9 23.8 23.1 23.7
Change of the ratio (in %) compared with the prior fiscal year 6.5% -16.8% 19.9% -3.0% 2.5%
Ratio of Christophe Kullmann to median employee remuneration 31.7 26.6 29.7 28.5 31.1
Change of the ratio (in %) compared with the prior fiscal year 9.5% -15.9% 11.4% -3.9% 8.9%
Ratio of Olivier Estève to average employee remuneration 12.6 9.9 12.8 12.2 12.3
Change of the ratio (in %) compared with the prior fiscal year 3.0% -21.3% 29.2% -5.1% 1.1%
Ratio of Olivier Estève to median employee remuneration 16.7 13.3 16.0 15.0 16.1
Change of the ratio (in %) compared with the prior fiscal year 5.9% -20.4% 19.9% -6.0% 7.5%
Ratio of Dominique Ozanne to average employee remuneration 11.6 9.6 N/A N/A N/A
Change of the ratio (in %) compared with the prior fiscal year -4.6% -17.8% N/A N/A N/A
Ratio of Dominique Ozanne to median employee remuneration 15.4 12.8 N/A N/A N/A
Change of the ratio (in %) compared with the prior fiscal year -1.9% -16.8% N/A N/A N/A
Company performance
NAV EPRA NTA
(€ per share) 100.1 106.4 106.4 84.1 79.8
Change (in %) compared with the prior fiscal year -5.4% 6.3% 0.0% -21.0% -5.1%
EPRA Earnings
(€ per share) 4.21 4.35 4.58 4.47 4.47
Change (in %) compared with the prior fiscal year -20.7% 3.3% 5.3% -2.4% 0.0%
Dividend
(€ per share) 3.60 3.75 3.75 3.30 3.50
Change (in %) compared with the prior fiscal year -25.0% 4.2% 0.0% -12.0% 6.1%
Asset value
(€bn 100%) 25.7 26.7 26.1 23.1 23.1
5
Change (in %) compared with the prior fiscal year 7.1% 3.9% -2.2% -11.5% 0.0%
Net revenue
(€bn 100%) 816.1 838.2 937.5 963.3 1,004.7
Change (in %) compared with the prior fiscal year -16.8% 2.7% 11.8% 2.8% 4.3%

A review of the equity ratios carried out at the level of all Covivio European teams showed the following ratios for the Chief Executive
Officer in 2023: CEO ratio to European average = 28.5 and CEO ratio to European median = 36.4.




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5.3.4.2.2 Remuneration paid and/or allocated to A single lump sum of 12.8% and employment deductions of 17.2%,
non‑executive corporate officers within a i.e. a total of 30%, were deducted from remuneration paid to
consolidated scope in respect of the fiscal members of the Board of Directors, natural persons who are tax
year ended 31 December 2024 resident in France, representing a total sum of €104,400 in 2024.
5.3.4.2.2.1 Information mentioned in Section I. of Article L. A single lump sum of 12.8% was deducted from remuneration
22‑10‑9 of the French Commercial Code paid to members of the Board of Directors, natural persons who
Information on the Chairman of the Board of Directors are not tax resident in France, representing a total sum of
€16,384 in 2024.
In accordance with the remuneration policy applicable to the
Chairman of the Board of Directors, approved by the Combined These deductions, totalling €120,784were paid directly by the
General Meeting of Shareholders held on 17 April 2024 under company to the French tax authorities.
Resolution 10, the remuneration of Covivio’s Chairman of the
It is specified that:
Board of Directors, whose role is presented under 5.3.2.2.1 above,
was reviewed on 21 July 2022 by the Board for the term of the ● Jean‑Luc Biamonti and Christophe Kullmann have received no
new Chairman, at a total annual fixed amount of €200 remuneration in respect of their Directorship;
thousand, based on an updated benchmark.
● Predica, a Covivio Director, is also a member of the
Alongside this fixed remuneration there is no variable portion, Supervisory Board of Covivio Hotels, and received a gross sum
performance bonus or remuneration allocated in respect of his of €4,200 from Covivio Hotels in respect of this position in
Directorship, or remuneration paid in treasury share. 2024;
In 2024, the compensation of Jean‑Luc Biamonti was as follows: ● ACM Vie, a Covivio Director, is also a member of the
Supervisory Board of Covivio Hotels, and received a gross sum
● €200 thousand in fixed remuneration (no benefits in kind).
of €4,300 from Covivio Hotels in respect of this position in
In respect of the fiscal year ended 31 December 2024, the 2024.
Chairman of the Board of Directors did not receive:
In respect of the fiscal year ended 31 December 2024, Directors
● any variable or exceptional remuneration, or any benefits in did not receive:
kind;
● any exceptional remuneration or benefits in kind;
● any remuneration, remuneration or benefit by reason of taking
● any remuneration, remuneration or benefit by reason of taking
up an office, end‑of service, or changes to duties, or
up an office, end‑of service, or changes to duties, or
subsequent to exercising these, particularly in the form of
subsequent to exercising these, particularly in the form of
pension commitments or other life annuities;
pension commitments or other life annuities.
● any remuneration paid or allocated by a company within
As such, the relative proportion of fixed remuneration represents
Covivio’s scope of consolidation as defined in Article L. 233‑16
28% of total remuneration.
of the French Commercial Code.
With 43% women, the company’s Board of Directors is compliant
As such, the relative proportion of fixed remuneration represents
with the provisions of Articles L. 225‑69‑1 and L. 22‑10‑21 of the
100% of total remuneration.
French Commercial Code.
The data relating to sub‑paragraphs 6 and 7 of paragraph I of
5.3.4.2.2.2 Summary tables of the remuneration of
Article L. 22‑10‑9 of the French Commercial Code are presented
non‑executive corporate officers, prepared in
in Section 5.3.4.2.1.3 above.
accordance with Appendix 4 of the Afep‑Medef
Information on the Directors Code
In accordance with the remuneration policy applicable to The information and tables below:
Directors presented above, the company paid for the fiscal year
● present a summary of the total remuneration and benefits in
ended on 31 December 2024 to the members of the Board of
kind paid or allocated during the fiscal year ended 31
Directors for their participation in the meetings of the Board of
December 2024 to Jean‑Luc Biamonti (Chairman of the Board
Directors, the work of the latter and the specialist Committees
of Directors) as well as to each Director in their capacity of
set up within it, a total gross remuneration of €614,926 the
non‑executive corporate officers;
individual breakdown of which is indicated in Section 5.3.4.2.2.2
below. ● were prepared in accordance with the revised version of the
Afep‑Medef Code published on 20 December 2022 and the
The gross mean remuneration allocated per Board member,
AMF Recommendations.
calculated on the basis of all executive corporate officers having
received remuneration in respect of the 2024 fiscal year, was
€51,244.




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Table 3 - Table on the remuneration of non‑executive corporate officers paid and/or allocated by the company and
companies within its scope of consolidation under the definition of Article L. 233‑16 of the French Commercial Code –
Afep‑Medef Code standards
Fiscal year ended 31 December 2023 Fiscal year ended 31 December 2024
Non‑executive corporate officers (in office in 2024) Amounts allocated Amount paid Amounts allocated Amount paid
Jean‑Luc Biamonti
Remuneration (fixed, variable) in respect of his Covivio
Directorship €0 €0 €0 €0
Other remuneration (from 21 July 2022) €200,000 €200,000 €200,000 €200,000
Total €200,000 €200,000 €200,000 €200,000
ACM Vie represented by Stéphanie de Kerdrel then by Catherine Jean‑Louis
from 23 April 20241)
Remuneration (fixed, variable) in respect of his Covivio
Directorship €49,000 €49,000 €44,926 €44,926
Other remuneration in respect of his position on the
Supervisory Board of Covivio Hotels €3,100 €3,100 €4,300 €4,300
Total €52,100 €52,100 €49,226 €49,226
Romolo Bardin
Remuneration (fixed, variable) in respect of his Covivio
Directorship €59,000 €59,000 €61,000 €61,000
Other remuneration €0 €0 €0 €0
Total €59,000 €59,000 €61,000 €61,000
Covéa Coopérations represented by Olivier Le Borgne(1)
Remuneration (fixed, variable) in respect of his Covivio
Directorship €39,000 €39,000 €44,000 €44,000
Other remuneration €0 €0 €0 €0
Total €39,000 €39,000 €44,000 €44,000
Christian Delaire
Remuneration (fixed, variable) in respect of his Covivio
Directorship €69,000 €69,000 €75,000 €75,000
Other remuneration €0 €0 0€ 0€
Total €69,000 €69,000 €75,000 €75,000
Delfin SARL, represented by Giovanni Giallombardo(2)
Remuneration (fixed, variable) in respect of his Covivio
Directorship (from 21 July 2022) €22,000 €22,000 €28,000 €28,000
Other remuneration €0 €0 €0 €0
Total €22,000 €22,000 €28,000 €28,000
5
Alix d’Ocagne
Remuneration (fixed, variable) in respect of his Covivio
Directorship €43,312 €43,312 €55,000 €55,000
Other remuneration €0 €0 €0 €0
Total €43,312 €43,312 €55,000 €55,000
Sylvie Ouziel
Remuneration (fixed, variable) in respect of her office
as Director of Covivio €43,000 €43,000 €47,000 €47,000
Other remuneration €0 €0 €0 €0
Total €43,000 €43,000 €47,000 €47,000
Olivier Piani
Remuneration (fixed, variable) in respect of his Covivio
Directorship €49,312 €49,312 €64,000 €64,000
Other remuneration €0 €0 €0 €0
Total €49,312 €49,312 €64,000 €64,000
Predica, represented by Jérôme Grivet(1)
Remuneration (fixed, variable) in respect of his Covivio
Directorship €42,000 €42,000 €50,000 €50,000




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Fiscal year ended 31 December 2023 Fiscal year ended 31 December 2024
Non‑executive corporate officers (in office in 2024) Amounts allocated Amount paid Amounts allocated Amount paid
Other remuneration in respect of his position
on the Supervisory Board of Covivio Hotels €3,300 €3,300 €4,200 €4,200
Total €45,300 €45,300 €54,200 €54,200
Patricia Savin
Remuneration (fixed, variable) in respect of her office
as Director of Covivio €38,000 €38,000 €42,000 €42,000
Other remuneration €0 €0 €0 €0
Total €38,000 €38,000 €42,000 €42,000
Daniela Schwarzer
Remuneration (fixed, variable) in respect of her Covivio
Directorship (from 21 April 2022) €41,000 €41,000 €39,000 €39,000
Other remuneration €0 €0 €0 €0
Total €41,000 €41,000 €39,000 €39,000
Catherine Soubie
Remuneration (fixed, variable) in respect of her office
as Director of Covivio €60,507 €60,507 €65,000 €65,000
Other remuneration €0 €0 €0 €0
Total €60,507 €60,507 €65,000 €65,000
TOTAL €761,531 €761,531 €823,426€ €823,426€
(1) Compensation was paid to the company and not to its permanent representative.
(2) Compensation was paid to the company’s permanent representative.

5.3.4.3 Remuneration paid and/or allocated to the Chairman of the Board of Directors and members of
the General Management in respect of the fiscal year ended 31 December 2024 (“individual”
ex‑post Say on Pay)
In an “individual” ex‑post Say on Pay vote pursuant to Article L. 22‑10‑34, II of the French Commercial Code, the fixed, variable and
exceptional remuneration that make up total remuneration and benefits in kind paid in respect of the fiscal year ended 31 December
2024 or allocated in respect of the same year, to the Chairman of the Board of Directors, Chief Executive Officer and Deputy CEO of
the company, are the subject of separate draft resolutions (Resolutions 6, 7 and 8) submitted for the approval of the Combined
General Meeting on 17 April 2025.

5.3.4.3.1 Remuneration paid and/or allocated by the company to Jean‑Luc Biamonti in his capacity as Chairman of
the Board of Directors in respect of the fiscal year ended 31 December 2024 (Resolution 6)
Amounts, or valuation for
Elements of remuneration accounting purposes,
due for the fiscal year ending subject to vote Presentation
This fixed remuneration was determined by the Board when Jean‑Luc
Fixed remuneration €200 K paid in 2024 Biamonti was appointed as Chairman on 21 July 2022.
Annual variable remuneration €0 N/A
Deferred variable remuneration €0 N/A
Multiannual variable remuneration €0 N/A
Extraordinary remuneration €0 N/A
Share options N/A N/A
Performance shares €0 N/A
Remuneration allocated in respect
of Directorship €0 N/A
Valuation of benefits of any kind €0 N/A
Severance pay €0 N/A
Remuneration for non‑compete
clause N/A There is no non‑compete clause.
Supplementary pension scheme €0 There is no supplementary pension scheme in place.
Employment contract €0 There is no employment contract.




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5.3.4.3.2 Remuneration paid and/or allocated by the company to Christophe Kullmann in his capacity as Chief
Executive Officer in respect of the fiscal year ended 31 December 2024 (Resolution 7)
Amounts, or valuation
Elements of remuneration due for the for accounting purposes,
fiscal year ended subject to vote Presentation
Fixed remuneration €800 K paid in 2024 This fixed remuneration was approved upon his reappointment for a
four‑year term, from 1 January 2023. It remains unchanged in 2025.
Annual variable remuneration €974K The target variable remuneration equals 100% of the fixed annual
salary.
An upside of as much as 50% of the target is provided for in the event
of objectives being exceeded. It is, as the case may be, paid in free
shares, themselves subject to a condition of remaining in the company
for three years after the allocation.
After examining performance in 2024 described in Section 5.3.4.2.1.1.2 of
the 2024 Universal Registration Document, the Board approved a 2024
bonus that represents 122% of the target. It will be paid in cash up to
the target (€800 thousand) and in free shares for the upside portion.
The payment of this annual variable remuneration is subject to
approval by the Combined General Meeting of 17 April 2025 of the
remuneration components for Christophe Kullmann.
Deferred variable remuneration €0 N/A
Multiannual variable remuneration €0 N/A
Extraordinary remuneration €0 N/A
Share options N/A N/A
Performance shares €1,066 K The principles for the allocation of performance shares as well as the
performance conditions are described in Section 5.3.4.2.1.1.3 of the 2024
Universal Registration Document.
Remuneration allocated in respect €0 K
of Directorship N/A
Valuation of benefits of any kind €43 K This amount comprises a company car and GSC unemployment
insurance.
Severance pay €0 The theoretical remuneration amount is equal to 12 months of total
remuneration (fixed salary and the variable portion), plus one month of
additional remuneration per year of employment with the company.
Receiving this remuneration is subject to achieving strict internal and
external performance criteria:
● 50% of the theoretical remuneration amount is linked to changes in
the NAV during the three fiscal years prior to the termination of
office;
● 50% of the theoretical amount of the remuneration would be
conditioned by achievement of the targeted levels of performance
for the three fiscal years preceding the cessation of functions.
The potential remuneration such as described above (and detailed in
Sections 5.3.4.1.2.1.6. and 5.3.4.2.1.1.4. of the 2024 Universal Registration 5
Document) would be paid only in the event of forced departure due to
a change of control or strategy. This would exclude cases in which the
Chief Executive Officer leaves the company at his own initiative,
changes roles within the Group or exercises rights to retirement benefits
on short notice.
On the renewal of his term of office as Chief Executive Officer from 1
January 2023, it was approved by the Board of Directors on 24
November 2022 and approved by shareholders at the Combined
General Meeting of 17 April 2024 in Resolution 11.
Remuneration for non‑compete N/A
clause There is no non‑compete clause.
Supplementary pension scheme €0 There is no supplementary pension scheme in place.
Employment contract €0 There is no employment contract.




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5.3.4.3.3 Remuneration paid and/or allocated by the company to Olivier Estève in his capacity as Deputy CEO in
respect of the fiscal year ended 31 December 2024 (Resolution 8)
Amounts, or valuation
for accounting
Elements of remuneration due for the purposes, subject
fiscal year ended to vote Presentation
Fixed remuneration €460 K paid in 2024 This fixed remuneration was approved upon his reappointment for a four‑year
term, from 1 January 2023. It remains unchanged in 2025.
Annual variable remuneration €520K The target variable remuneration equals 100% of the fixed annual salary.
An upside of as much as 50% of the target is provided for in the event of
objectives being exceeded. With a view to aligning with the interests of
shareholders, where applicable, it is paid in free shares, which themselves are
conditional on the recipient remaining in the company’s employ for three years
after the allocation.
After examining performance in 2024 described in Section 5.3.4.2.1.1.2 of the
2024 Universal Registration Document, the Board approved a 2024 bonus that
represents 113% of the target. It will be paid in cash up to the target (€460
thousand) and in free shares for the upside portion.
The payment of this annual variable remuneration is subject to approval by
the Combined General Meeting of 17 April 2025 of the remuneration
components for Olivier Estève.
Deferred variable remuneration €0 N/A
Multiannual variable remuneration €0 N/A
Extraordinary remuneration €0 N/A
Share options N/A N/A
Performance shares €460 K The principles for the allocation of performance shares as well as the
performance conditions are described in Section 5.3.4.2.1.1.3 of the 2024
Universal Registration Document.
Remuneration allocated in respect €0
of Directorship N/A
Valuation of benefits of any kind €43 K This amount comprises a company car and GSC unemployment insurance.
Severance pay €0 This potential compensation is granted under exactly the same conditions as
those pertaining to the Chief Executive Officer, described above and in
Sections 5.3.4.1.2.1.6 and 5.3.4.2.1.1.4 of the 2024 Universal Registration
Document.
On the renewal of his term of office as Deputy CEO from 1 January 2023, it was
approved once again by the Board of Directors on 24 November 2022 and by
shareholders at the Combined General Meeting of 17 April 2024 in Resolution
12.
Remuneration for non‑compete N/A
clause There is no non‑compete clause.
Supplementary pension scheme €0 There is no supplementary pension scheme in place.
Employment contract €0 There is no employment contract.




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5.3.5 Specific procedures relating to shareholder participation in General
Meetings and summary of current financial delegations and
authorisations in the area of capital increases
5.3.5.1 Special procedures for shareholder 5.3.5.2 Summary of financial delegations and
participation in General Meetings authorisations currently in force in the
Shareholder participation at General Meetings is governed by area of capital increases
the legal and regulatory provisions in force and applicable to The General Meeting regularly grants the Board of Directors
companies whose shares are listed for trading on a regulated financial delegations and authorisations to increase the
market. company’s share capital by issuing shares and or securities
These procedures are described in Article 22 of the company’s convertible to equity.
Articles of Association, the content of which is presented in full in In accordance with the provisions of Article L. 225‑37‑4 3° of the
Section 6.2.1.16 of the Universal Registration Document. It should French Commercial Code, we hereby present to you a summary
be noted that Covivio has maintained, at the end of its General of these delegations and authorisations still in effect and
Meeting of 17 April 2015, the “One share = one vote” principle, granted by the Combined General Meetings on 21 April 2022 and
approved by the shareholders by waiving the automatic 17 April 2024 concerning capital increases and the use made of
allocation of the double voting right provided by the Florange them in 2024 and after the year end.
law of 29 March 2014.
The terms and conditions for participation in General Meetings
are also detailed in the meeting notices and convening notices
available on the Covivio website in the section dedicated to
General Meetings.


Description of the delegation and/or authorisation granted by the
Resolution Combined General Meeting of 21 April 2022 Validity Use in 2024 and 2025
Twenty‑sixth Authorisation to be granted to the Board of Directors to allocation 2025
resolution new or existing free shares to employees and/or corporate officers 2024
38 months Allocation of
of the company and its affiliates, with waiver of the shareholders’
preferential subscription right in respect of the shares to be issued. Expiration on Free allocation 77,890 free
21/06/2025 196,148 shares shares
Cap set at 1% of the share capital on the day of the decision to
allocate them by the Board of Directors.


Description of the delegation and/or authorisation granted by the Combined General Use in 2024 and
Resolution Meeting of 17 April 2024 Validity 2025
Twentieth Delegation of authority granted to the Board of Directors to increase the
resolution company’s share capital through the capitalisation of reserves, profits or 26 months
premiums. Expiration on Unused
Maximum nominal amount of the capital increase set at €30,300,000. 17/06/2026
Suspension in the event of a public tender offer or exchange offer.
Twenty‑second Delegation of authority to the Board of Directors to issue shares and/or securities
resolution convertible to equity, maintaining the shareholders’ preferential subscription right.
Maximum nominal amount of the capital increase set at €75,750,000.
5
26 months
The nominal amount of the total debt instruments convertible to equity likely to be Expiration on Unused
issued may not exceed €750 million (the total cap for all debt securities that may 17/06/2026
be issued pursuant to said delegation and pursuant to delegations of authority
granted under Resolutions 23, 24 and 25).
Suspension in the event of a public tender offer or exchange offer.
Twenty‑third Delegation of authority to the Board of Directors to issue, through public offering,
resolution company shares and/or securities convertible into equity, with waiver of
shareholders’ preferential subscription rights and a mandatory priority period for
share issues.
Maximum nominal amount of the capital increase set at €30,300,000. 26 months
In the absence of a priority period granted to shareholders, overall ceiling of 10% Expiration on Unused
of the share capital with Resolutions 24 and 25. 17/06/2026
The nominal amount of the issue of debt securities convertible into equity set at
€750 million (counting against the overall cap for all debt securities set by
Resolution 22).
Suspension in the event of a public tender offer or exchange offer.




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Description of the delegation and/or authorisation granted by the Combined General Use in 2024 and
Resolution Meeting of 17 April 2024 Validity 2025
Twenty‑fourth Delegation of authority to the Board of Directors to issue shares and/or
resolution transferable securities convertible into equity, with waiver of shareholders’
preferential subscription rights, in the event of a public exchange offer initiated by
the company.
Maximum nominal amount of capital increases set at 10% of the company’s share 26 months
capital, overall cap common to Resolution 25 and, in the case of issues carried out Expiration on Unused
without a priority period having been granted to shareholders, with Resolution 23. 17/06/2026
The nominal amount of the issue of debt securities convertible into equity set at
€750 million (counting against the overall cap for all debt securities set by
Resolution 22).
Suspension in the event of a public tender offer or exchange offer.
Twenty‑fifth Delegation of authority to the Board of Directors to issue shares and/or
resolution transferable securities convertible into equity, to pay for the contributions in kind
granted to the company consisting of capital shares or transferable securities
convertible into equity. 26 months
Maximum nominal amount of capital increases set at 10% of the company’s share (from
capital, overall cap common to Resolution 24 and, in the case of issues carried out 05/01/2024) Unused
without a priority period having been granted to shareholders, with Resolution 23. Expiration
The nominal amount of the issue of debt securities convertible into equity set at 07/01/2026
€750 million (counting against the overall cap for all debt securities set by
Resolution 22).
Suspension in the event of a public tender offer or exchange offer.
Twenty‑seventh Delegation of authority granted to the Board of Directors to carry out capital
resolution increases reserved for employees of the company and the companies of the 26 months
Covivio group covered by a company savings plan, with waiver of shareholders’ Expiration on Unused
preferential subscription right. 17/06/2026
Maximum nominal amount of the capital increase set at €500 thousand.

In addition, during the 2024 fiscal year, the Board of Directors made use of the following delegations granted to it by the Combined
General Meeting of 20 April 2023 and 17 April 2024.


Description of the delegation and/or authorisation granted by the Combined General
Resolution Meeting of 20 April 2023 Validity Use in 2024
Twenty‑eighth Delegation of authority to the Board of Directors to issue shares and/or
resolution transferable securities convertible into equity, to pay for the contributions in kind Capital
granted to the company consisting of capital shares or transferable securities increase on
convertible into equity. 19/04/2024
Maximum nominal amount of capital increases set at 10% of the company’s share with a nominal
capital, overall cap common to Resolution 27 and, in the case of issues carried out Expired amount of
without a priority period having been granted to shareholders, with Resolution 26. €11,454,252
The nominal amount of the issue of debt securities convertible into equity set at (i.e. 3.8% of the
€750 million (counting against the overall cap for all debt securities set by share capital)
Resolution 25).
Suspension in the event of a public tender offer or exchange offer.


Description of the delegation and/or authorisation
Resolution granted by the Combined General Meeting of 17 April 2024 Validity Use in 2024
Twenty‑sixth Delegation of authority to the Board of Directors to issue company shares as part Share capital
resolution of the public exchange offer initiated by the company for the shares issued by increase on
Covivio Hotels. 25/06/2024
Maximum nominal amount of capital increases set at €70,000,000 Expired with a nominal
amount of
€480,240




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5.3.6 Elements that could be relevant in the event of a public offer
In accordance with the provisions of Article L. 22‑10‑11 of the Article 8‑3 of the Articles of Association states that in order to
French Commercial Code, the elements likely to have an impact determine the thresholds for capital and voting rights whose
in the event of a takeover bid or exchange offer are set out crossing is to be declared under Article 8, to apply the
below. assimilation cases and calculation methods stipulated in Articles
L. 233‑7 and L. 233‑9 of the French Commercial Code and the
5.3.6.1 Structure of the company’s share capital provisions of Articles 223‑11 et seq. of the General Regulations of
The structure of the share capital is presented in Sections 6.3.2 the AMF.
and 6.3.3 of the Universal Registration Document. At the date of the Universal Registration Document, the
5.3.6.2 Statutory restrictions on the exercise of company is not aware of clauses of agreements providing for
preferential disposal or acquisition terms for shares involving at
voting rights and share transfers or least 0.5% of the capital or voting rights in the company.
clauses of agreements brought to the
attention of the company pursuant to 5.3.6.3 Direct or indirect investments in the
Article L. 233‑11 of the French Commercial company’s equity that are known to the
Code company pursuant to Articles L. 233‑7
Article 8.1 of the Articles of Association establishes an obligation
and L. 233‑12 of the French Commercial
on every natural person or legal entity, acting alone or in Code
concert, to declare to the company every instance in which a These elements are described in Section 6.3.4 of the Universal
shareholder’s stake exceeds the threshold of 1% (or any multiple Registration Document.
of this percentage) of the capital or the voting rights relating
thereto, including the legal and regulatory thresholds. Such 5.3.6.4 Holders of securities providing special
notification must be made by registered letter with return receipt control rights and a description thereof
addressed to the registered office within the time limit stipulated
None.
in Article R. 233‑1 of the French Commercial Code. Mutual fund
management firms must carry out such reporting for the entirety 5.3.6.5 Control mechanisms provided for in any
of the shares of the company held by the funds that they
manage.
employee shareholding scheme where
rights of control are not exercised by the
Unless a declaration has been made under the conditions
latter
outlined above, shares above the fraction which should have
been declared will have no voting rights attached for any None.
General Meeting held within two years after the date of
regularisation of the declaration, at the request, recorded in the 5.3.5.6 Agreements between shareholders that
minutes of the General Meeting, of one or several shareholders are known to the company and that
holding together or separately at least 1% of the share capital or could restrict the transfer of shares and
voting rights of the company. the exercise of voting rights
Article 8‑2 of the company’s Articles of Association provides (i) for There are no agreements between shareholders that are known
legal entities directly or indirectly holding more than 10% of the to the company and that could restrict the transfer of shares
share capital and (ii) for shareholders indirectly holding, through and the exercise of company voting rights.
the company, a percentage of the share capital or dividend
rights of listed companies for real estate investment in Spain 5.3.6.7 Rules applicable to the appointment and
(“SOCIMIs”) at least equal to that referred to in Article 9‑3 of the replacement of members of the Board of
law of the Kingdom of Spain 11/2009 of 26 October 2009, and Directors and changes in the company’s 5
whose shares are not registered on or before the second
business day preceding the date of any General Meeting of Articles of Association
Shareholders of the company, a cap on voting rights based on The company’s Articles of Association on these matters do not
the number of shares registered in registered form on this date, it differ from the generally accepted guidelines for French public
being specified that they must ensure that the entities they limited companies.
control within the meaning of Article L. 233‑3 of the French
Commercial Code have all the shares of the company they own 5.3.6.8 Powers of the Board of Directors, in
in registered form. This situation may be resolved by ensuring particular as regards the issue or
that all the shares held directly or indirectly are registered no redemption of shares
later than the second working day prior to the next General
Meeting. This information is provided in Section 5.3.2.2.2 above and
Sections 6.3.8 and 6.5.1.4 of the Universal Registration Document.
The delegations of authority granted by the General Meeting to
the Board of Directors in the area of capital increases are
mentioned in Section 5.3.5.2 above. Unless authorised by the
General Meeting of the shareholders, these are suspended from
the date on which a third party submits a proposed public offer
for the company’s securities until the end of the offer period (with
the exception of delegations of authority relating to employee
shareholding).




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5.3.6.9 Agreements entered into by the 5.3.6.10 Agreements setting out any
company that are amended or compensation payable to members of
terminated in the event of a change of the Board of Directors or employees in
control of the company, unless such the event that they resign or are
disclosure, except in the case of a legal dismissed without cause or if their
obligation to disclose, would seriously employment ceases due to a public
affect its interests offering
The majority of Covivio’s financing agreements contain clauses Unlike the remuneration awarded under certain circumstances to
concerning a change of control, which, if triggered, could result the company’s executive corporate officers detailed in Sections
in the cancellation or early repayment of the debts concerned, 5.3.4.1.2.1.6 and 5.3.4.2.1.1.4 above, there are no specific
provided the lenders so require. agreements stipulating remuneration on termination of a
Directorship or applicable to employees.




5.3.7 Main features of the internal control and risk management systems used
in the preparation of financial information.
The main features of the internal control and risk management Article L. 22‑10‑10 of the French Commercial Code, in Chapter 2
systems used in the process of preparing Covivio’s financial of the Company’s Universal Registration Document.
information are described, in accordance with the provisions of




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5.4 Statutory Auditors’ special report on related‑party
agreements and regulated commitments
General Meeting called to approve the financial statements for the fiscal year ended 31 December 2024
To the General Meeting of Covivio,
In our capacity as Statutory Auditors of your company, we hereby report on related‑party agreements and commitments.
We are required to inform you, based on the information we have been given, of the terms and conditions and interest for the
company of those agreements and commitments indicated to us, or that we may have discovered during our assignment. We are not
required to comment on whether they are beneficial or appropriate or to ascertain if any other agreements and commitments exist. It
is your responsibility, under Article R. 225‑31 of the French Commercial Code, to assess the interest of entering into these agreements
with a view to their approval.
In addition, it is our responsibility to provide you with the information provided for in Article R. 225‑31 of the French Commercial Code
relating to the performance, during the past fiscal year, of previously approved agreements by the General Meeting.
We have performed the procedures that we deemed necessary to comply with the professional standards applicable in France to
such engagements. These consisted of ascertaining that the information provided to us was consistent with that in the source
documents from which it was drawn.



Agreements submitted for the approval of the General Meeting
Agreements authorised and concluded during the past fiscal year
In accordance with Article L. 225‑40 of the French Commercial Code, we were advised of the following agreements signed during the
fiscal year, which were previously approved by your Board of Directors.

With MMA IARD and Generali Vie, in the presence of Covivio Alexanderplatz SÀRL, a subsidiary of your
company
Person concerned
Covéa Coopérations, a Director of Covivio represented by Mr Olivier Le Borgne, and an affiliate of MMA IARD.

Nature, purpose, terms and conditions
● Amendment no. 3 to the shareholders’ agreement of 8 June 2021, and amended by amendment no. 1 on 29 July 2022 and
amendment no. 2 on 14 October 2022, entered into on 29 November 2024 between Covivio, MMA IARD and Generali Retraite
(having benefited from a contribution of Covivio Alexanderplatz SÀRL shares by Generali Vie), in the presence of Covivio
Alexanderplatz SÀRL.
● Amendment no. 1 to the subordination agreement of 8 June 2021, entered into on 29 November 2024 between Covivio
Alexanderplatz SÀRL, Covivio, MMA IARD and Generali Retraite.
Amendment no. 3 to the shareholders' agreement and amendment no. 1 to the subordination agreement are intended to reflect the
changes agreed between the parties to the terms and conditions of the Project, particularly as regards the refinancing of the Project 5
and the service agreements entered into by Covivio Alexanderplatz SÀRL with the Covivio group.

Interest of the agreement for the company
Your Board of Directors justified this agreement as follows: the signatures of Amendment no. 3 to the Agreement and Amendment no. 1
to the Subordination Agreement enable Covivio to continue the implementation of the Project, which is a strategic real estate
investment in terms of geographical positioning and value creation potential.
This agreement was authorised by the Board of Directors on 19 July 2024.




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Agreements and commitments previously approved by the General Meeting
Agreements approved in previous fiscal years whose performance continued during the past fiscal year
In accordance with Article R. 225‑30 of the French Commercial following agreements, already approved by the General Meeting
Code, we have been informed that the execution of the in previous fiscal years, continued during the past fiscal year.
With the company Assurances du Crédit Mutuel Vie SA, a Director of your company, in the presence of
Hotel N2, a subsidiary of your company
Person concerned
The company Assurances du Crédit Mutuel Vie SA, a Director of your company represented by Stéphanie de Kerdrel, and a shareholder
of Hotel N2.

Nature, purpose, terms and conditions
Shareholders’ agreement authorised by your Board of Directors on 21 February 2023 and concluded on 21 March 2023.
The purpose of the shareholders’ agreement is to govern the relations of the shareholders of Hotel N2, owner of the hotel business
managed by Zoku, as part of the Stream Building mixed operation for the development of a real estate complex for use as shops,
offices, hotel residences, events space and a rooftop, located in the ZAC Clichy‑Batignolles in Paris’ 17th arrondissement.

With MMA IARD and Generali Vie, in the presence of Covivio Alexanderplatz S.à.r.l., a subsidiary of your
company
Person concerned
Covéa Coopérations, a Director of your company, represented by Olivier Le Borgne and affiliated with MMA IARD.

a) Nature, purpose, terms and conditions
Shareholders’ agreement relating to Covivio Alexanderplatz S.à.r.l. authorised by your Board of Directors on 25 November 2020 and
concluded on 8 June 2021, as modified by amendments no 1 of 29 July 2022 and no 2 of 14 October 2022, authorised by your Board of
Directors on 21 July 2022.
The purpose of the shareholders’ agreement is to organise the relationships between the shareholders of Covivio Alexanderplatz
S.à.r.l., within the framework of the development project at Alexanderplatz in Berlin of a real estate complex comprising approximately
60,000 m² of offices, shops and housing held by Covivio Alexanderplatz S.à.r.l. (the “Project”).
Amendment no 1 is intended to reflect the change to the terms and conditions for financing the project, resulting in an increase in
equity contributions by the shareholders of Covivio Alexanderplatz S.à.r.l.
Amendment no 2 is intended to reflect the changes agreed between the parties to the terms and conditions of the Project and
relating in particular to (i) the real estate development contract, (ii) the refinancing of the Project. and (iii) the service agreements
entered into by Covivio Alexanderplatz S.à.r.l. with the Covivio group.

b) Nature, purpose, terms and conditions
Subordination agreement authorised by your Board of Directors on 20 April 2021 and concluded on 8 June 2021.
The purpose of the subordination contract, which forms part of the Project, is to subordinate payments, as is customary, to
shareholders in Covivio Alexanderplatz S.à.r.l., (including any intra‑group loans and/or advances in shareholders’ current accounts that
may be granted to Covivio Alexanderplatz S.à.r.l.) to the settlement of sums owed to the company under the terms of the transitional
financing of the Project.

With Covivio Alexanderplatz S.à.r.l., a subsidiary of your Company, and BRE/GH II Berlin II Investor GmbH,
an indirect subsidiary of Covivio Hotels
Persons concerned
Christophe Kullmann, Chief Executive Officer and Director of your company and Chairman of the Supervisory Board of Covivio Hotels,
and Olivier Estève, Deputy CEO of your company, member of the Supervisory Board of Covivio Hotels and Manager of Covivio
Alexanderplatz S.à.r.l., Predica, Director of your company represented by Jérôme Grivet and member of the Supervisory Board of
Covivio Hotels, represented by Emmanuel Chabas, and Assurances du Crédit Mutuel Vie SA, Director of your company, represented by
Catherine Jean‑Louis, and member of the Supervisory Board of Covivio Hotels, represented by François Morrisson.

a) Nature, purpose, terms and conditions
Framework Deed authorised by your Board of Directors on 20 February 2019 and signed on 26 April 2019.
The purpose of the framework deed, which is part of the Project, is to define the terms and conditions for the disposal of the land
reserve and existing businesses.




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b) Nature, purpose, terms and conditions
Neighbour Agreement of 26 April 2019, and amendment no 1 concluded on 8 and 9 April 2020, by the legal representatives of Covivio
Alexanderplatz S.à.r.l. and on 21 April 2020 by the legal representative of BRE/GH II Berlin II Investor GmbH, authorised, respectively by
your Board of Directors on 20 February 2019 and 13 February 2020.
The Neighbour Agreement aims to regulate neighbourhood relations in connection with the execution of the Project and also provides
for the payment by Covivio Alexanderplatz S.à.r.l. to BRE/GH II Berlin II Investor GmbH of €26.5 million in compensation for the complete
demolition of certain businesses and the partial demolition of Primark.
Addendum 1 to the Neighbour Agreement confirms the effective application of the Neighbour Agreement and sets out the agreements
signed between the parties as part of the Project, mainly that:
1) Covivio Alexanderplatz S.à.r.l. agrees to cover part of the costs to build an extension to one of the restaurants at the Park Inn
Hotel, in order to accommodate another restaurant for the hotel to replace the one that will be demolished as part of the Project;
and
2) Covivio Alexanderplatz S.à.r.l. agrees to offset any operating losses incurred by the hotel operator due to the relocation of this
restaurant.

With Indigo Infra
Person concerned
Predica, a Director of your company represented by Jérôme Grivet, indirectly holding more than 10% of the share capital and voting
rights of Indigo Infra.

a) Nature, purpose, terms and conditions
Disposal agreement authorised by your Board of Directors on 20 April 2021 and concluded on 11 June 2021.
The disposal agreement sets out the terms and conditions for the sale by your company to Indigo Infra of 100% of the shares and
voting rights of the company République, 100% of the shares and voting rights of SCI Esplanade Belvédère II and 50% of the shares
and voting rights of the company Gespar. The transaction took place on 25 January 2022.

b) Nature, purpose, terms and conditions
Memorandum of understanding authorised by your Board of Directors on 20 April 2021 and concluded on 25 January 2022.
The purpose of the memorandum of understanding between your company and Indigo Infra is to set out the terms and conditions
under which your company undertakes to examine the solutions for operating car parks and gentle mobility at some of its sites.

With the companies Predica and Fédération (transferred under a universal asset transfer to your company
on 30 June 2022) in the presence of SCI Federimmo and SCI 11 Place de l’Europe
Person concerned
Predica, a Director of your company represented by Jérôme Grivet.

Nature, purpose, terms and conditions
Share transfer agreements authorised by your Board of Directors on 25 November 2021 and concluded on 20 December 2021.
Contracts for the sale of shares comprising 60% of the share capital and voting rights of the SCI Federimmo, owner of an office
building in the 15th arrondissement of Paris and 50.09% of the share capital and voting rights of the SCI 11 place de l’Europe, owner of a 5
real estate complex in Vélizy‑Villacoublay. The shares were transferred on 17 May 2022.

With OPCI Predica Bureaux, in the presence of Predica and/or the company 6 rue Fructidor
Person concerned
Predica, a Director of your company represented by Jérôme Grivet, and partner of OPCI Predica Bureaux.

Nature, purpose, terms and conditions
Investment memorandum of understanding and partners’ agreement for 6 rue Fructidor authorised by your Management Board
Meeting of 23 July 2019 and concluded on 29 October 2019.
The investment memorandum of understanding and the shareholders’ agreement have the purpose of governing the relationships
between the shareholders in 6 rue Fructidor in the framework of the redevelopment and apportionment of an office building
(Seine‑Saint‑Denis, France). The investment memorandum of understanding expired on 31 January 2023.




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With Assurances du Crédit Mutuel Vie SA, in the presence of SCI N2 Batignolles
Person concerned
The company Assurances du Crédit Mutuel Vie SA, a Director of your company represented by Ms Catherine Jean‑Louis, and a
shareholder of SCI N2 Batignolles.

Nature, purpose, terms and conditions
Shareholders' agreement relating to the SCI N2 Batignolles authorised by your Board of Directors on 14 February 2018 and concluded
on 25 March 2018.
The purpose of the shareholders' agreement is to govern the relations of the SCI N2 Batignolles as part of the “N2” transaction to share
a real estate asset under construction in the ZAC Clichy Batignolles in Paris (17th arrondissement).

With Assurances du Crédit Mutuel Vie SA, in the presence of SCI 15 rue des Cuirassiers and SCI 9 rue des
Cuirassiers
Person concerned
The company Assurances du Crédit Mutuel Vie SA, a Director of your company represented by Ms Catherine Jean‑Louis, and a
shareholder of SCI 15 rue des Cuirassiers and SCI 9 rue des Cuirassiers.

Nature, purpose, terms and conditions
Shareholders’ agreements relating to SCI 15 rue des Cuirassiers and SCI 9 rue des Cuirassiers, authorised by the Management Board
meeting of 19 October 2017 and concluded on 7 December 2017.
The shareholders’ agreements were intended to organise the shareholder relationships within SCI 15 rue des Cuirassiers and SCI 9 rue
des Cuirassiers with regard to the Silex 1 and Silex 2 developments involving apportionment of property assets located in Lyon
Part‑Dieu.

With SCI WS Campus, in the presence of Predica, of the SCI Latécoère and SCI Latécoère 2
Person concerned
Predica, a Director of your company represented by Jérôme Grivet, and partner of SCI DS Campus.

a) Nature, purpose, terms and conditions
Amendment no. 3 to the shareholders' agreement of 18 June 2015 relating to the SCI Latécoère 2, authorised by your Board of Directors
on 17 October 2019 and concluded on 12 December 2019.
Amendment No. 3 to the shareholders' agreement of 18 June 2015 is intended to govern the relations of the SCI Latécoère 2 as part of
the project to extend the Dassault Systèmes’ campus through the construction of a new building complex, accompanied by a
ten‑year extension of the leases on the existing assets of the campus.

b) Nature, purpose, terms and conditions
Amendment no. 1 to the shareholders' agreement of 19 October 2012 relating to the SCI Latécoère, authorised by your Board of
Directors on 19 February 2015 and concluded on 20 April 2015.
Amendment No. 1 to the shareholders' agreement of 19 October 2012 is intended to govern the relations of the SCI Latécoère as part of
the “DS Campus” operation consisting of the sharing of a real estate complex located in Vélizy‑Villacoublay.

With SCI New Vélizy, in the presence of Predica
Person concerned
Predica, a Director of your company represented by Jérôme Grivet, and partner of SCI New Vélizy.

Nature, purpose, terms and conditions
Shareholders' agreement relating to the SCI Lenovilla authorised by your Board of Directors on 25 April 2012 and concluded on 1
February 2013.
The purpose of the shareholders' agreement is to govern the relations of the SCI Lenovilla as part of the “New Vélizy” operation
consisting of the sharing of a real estate complex located in Vélizy‑Villacoublay.


Paris‑La Défense, 19 March 2025



KPMG SA ERNST & YOUNG et Autres

Sandie Tzinmann Jean Roch Varon Pierre Lejeune

Partner Partner Partner




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Report of the Statutory Auditors on the share capital reduction




5.5 Report of the Statutory Auditors on the share capital
reduction
General Meeting of 17 April 2025

Twentieth resolution
To the General Meeting of Covivio,
In our capacity as Statutory Auditors of your company and in compliance with Article L. 22‑10‑62 of the French Commercial Code
(Code de commerce) in respect of the reduction in capital by the cancellation of repurchased shares, we hereby report on our
assessment of the terms and conditions for the proposed reduction in capital.
Your Board of Directors requests that it be authorised, for a period of eighteen months starting on the date of this General Meeting, to
cancel the shares purchased by the company pursuant to the authorisation to purchase its own shares under the aforementioned
article, representing a maximum amount of 10% of its total share capital per period of twenty‑four months.
We have performed the procedures that we deemed necessary to comply with the professional standards applicable in France to
such engagements. The procedures consisted in verifying that the terms and conditions for the proposed reduction in capital, which
should not compromise equality among the shareholders, are fair.
We have no matters to report on the terms and conditions of the proposed reduction in capital.




Paris‑La Défense, 19 March 2025
The Statutory Auditors




KPMG SA ERNST & YOUNG et Autres

Sandie Tzinmann Jean Roch Varon Pierre Lejeune

Partner Partner Partner




5




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5.6 Statutory Auditors’ report on the issue of shares and/or
other securities with or without a waiver of preferential
subscription rights
General Meeting of 17 April 2025

Twenty‑first, twenty‑second, twenty‑third, twenty‑fourth, twenty‑fifth and twenty‑sixth resolutions
To the General Meeting of Covivio,
In our capacity as your company’s Statutory Auditors and in accordance with Articles L. 228‑92 and L. 225‑135 et seq. of the French
Commercial Code, we hereby report to you on the proposals, submitted for your authorisation, for delegation of authority to the Board
of Directors to decide on various issues of shares and/or other securities.
On the basis of its report, the Board of Directors proposes:
● that you authorise it, with power to sub‑delegate and for a period of twenty‑six months, to decide on the following issues of
securities, if necessary waiving your preferential subscription right, and to decide on the final terms and conditions applicable to
any such issues of securities:
● issue, with preferential subscription rights (twenty‑first resolution), of company shares and/or securities (including new or existing
share subscription warrants), giving access by any means, immediately and/or in the future, to the share capital of your company,
it being specified that the securities to be issued may give access to equity securities to be issued by any company in which the
company directly or indirectly owns more than half of the share capital pursuant to Article L. 228‑93 of the French Commercial
Code;
● issue, with waiver of shareholders’ preferential right of subscription by way of a public offering other than that referred to in 1° of
Article L. 411‑2 of the French Monetary and Financial Code (twenty‑second resolution), of shares in your company and/or any
securities giving access by any means, immediately and/or in the future, to the share capital of the company, being specified
that the securities to be issued may give access to equity securities to be issued by any company of which the company directly
or indirectly owns more than half of the share capital, pursuant to Article L. 228‑93 of the French Commercial Code;
● issue, with waiver of shareholders’ preferential right of subscription by way of public offering referred to in 1° of Article L. 411‑2 of
the French Monetary and Financial Code and within the limit of 30% of the share capital per year (twenty‑third resolution), of
shares in your company and/or securities giving access by any means, immediately and/or in the future, to the company’s share
capital, it being specified that the securities to be issued may give access to equity securities to be issued by any company of
which the company directly or indirectly owns more than half of the share capital pursuant to Article L. 228‑93 of the French
Commercial Code;
● the issue, in the event of any public exchange offer initiated by the company (twenty‑fifth resolution), of shares and/or other
securities conferring immediate or deferred access to the company’s equity;
● that you authorise it, with power to sub‑delegate and for a period of twenty‑six months, to issue shares and/or other securities
conferring immediate or deferred access by any means to your company’s equity, or to other existing or future equity securities of
the company, in consideration for contributions in‑kind to the company in the form of shares or other securities conferring access to
share capital (twenty‑sixth resolution) up to 10% of the share capital at the date the Board makes use of this resolution.
The maximum nominal amount of capital increases that may be carried out immediately or in the future may not exceed:
● €100,460,000 in respect of the twenty‑first resolution;
● €66,970,000 in respect of the twenty‑second resolution, it being specified that (i) the nominal amount of any increase in the share
capital of your company that may be carried out pursuant to this delegation, without a priority period having been granted for the
benefit of the shareholders, will be deducted from the amount of the cap applicable to capital increases resulting from the issues
of shares and/or securities authorised by resolutions twenty‑three to twenty‑six, and (ii) the nominal amount may not exceed
€33,480,000 if no priority period was granted to shareholders, it being specified that this is an overall cap which includes capital
increases resulting from the issues of shares and/or securities authorised by resolutions twenty‑three to twenty‑six; and
● €33,480,000 in respect of the twenty‑third resolution, it being specified that (i) this is an overall cap which includes all the capital
increases resulting from the issues of shares and/or securities authorised by the twenty‑fourth to twenty‑sixth resolutions, and (ii)
with regard to issues carried out without a priority period having been granted to shareholders, by the twenty‑second resolution,
and will be deducted from the nominal amount of the capital increases that may be carried out pursuant to paragraph (i) of the
twenty‑second resolution (issue with priority period); and




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● 10% of the share capital of your company (as exists on the date that your Board of Directors uses this delegation), it being specified
that (i) this is an overall cap which includes all the capital increases resulting from issues of shares and/or securities authorised by
the twenty‑third, twenty‑fourth and twenty‑sixth resolutions, and (ii) this cap will be deducted from the nominal amount of the
capital increases that may be carried out pursuant to paragraph (i) of the twenty‑second resolution (issue with priority period); and
● 10% of the share capital of your company (existing on the date this delegation is used by your Board of Directors), under the
twenty‑fifth and twenty‑sixth resolutions.
The total nominal amount of the debt securities giving access to the equity of your company immediately and/or in the future that
may be issued under the twenty‑first, twenty‑second, twenty‑third, twenty‑fifth and twenty‑sixth resolutions may not exceed
€1,000,000,000, which is the overall cap for all debt securities.
These caps take into account the additional number of shares to be created as part of the implementation of the delegations
referred to in the twenty‑first, twenty‑second and twenty‑third resolutions, under the conditions provided for in Article L. 225 135 1 of the
French Commercial Code, if you adopt the twenty fourth resolution.
It is the Board of Directors’ responsibility to prepare and submit a report in accordance with Articles R. 225‑113 et seq. of the French
Commercial Code. Our role is to report on the fairness of any financial data extracted from the parent company’s financial statements,
on the proposal to waive preferential subscription rights and on certain other information related to the issue of securities provided in
this report.
We have performed the procedures that we deemed necessary to comply with the professional standards applicable in France to
such engagements. Our procedures consisted in verifying the content of the report of the Board of Directors and the bases of
determination of the issue prices.
Subject to ulterior examination of the terms and conditions applicable to any issue of securities actually decided on, we have no
matters to report with regard to the bases of determination of the issue prices for the equity securities to be issued as described in the
report of the Board of Directors with regard to the twenty‑second and twenty‑third resolution.
As the bases of determination of the issue prices for the equity securities to be issued in the framework of the twenty‑first, twenty‑fifth
and twenty‑sixth resolutions have not been established in the report of the Board of Directors, we do not at present express any
opinion in their respect.
As the final terms and conditions applicable to any actual issues of securities have not been established, we do not at present express
any opinion in their respect nor, therefore, in respect of the proposal of the twenty‑second and twenty‑third resolution to waive
shareholders’ preferential subscription rights.
In accordance with Article R. 225‑116 of the French Commercial Code, we will prepare an additional report on those matters in the
event of any actual use by the Board of Directors of the proposed delegations of authority to issue shares or other equity securities
conferring access to the company’s share capital or providing rights of allocation of debt securities, to issue other securities providing
access to equity securities to be issued subsequently, or to issue of shares without existing shareholders’ preferential subscription
rights.




Paris‑La Défense, 19 March 2025
The Statutory Auditors


5
KPMG SA ERNST & YOUNG et Autres

Sandie Tzinmann Jean Roch Varon Pierre Lejeune

Partner Partner Partner




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5.7 Statutory Auditors’ report on the authorisation to grant free
shares, existing or to be issued
General Meeting of 17 April 2025

Twenty‑eighth resolution
To the General Meeting of Covivio,
In our capacity as Statutory Auditors of your company and in execution of the mission provided for by Article L. 225‑197‑1 of the French
Commercial Code, we hereby present to you our report on the plan to authorise the allocation of free shares, existing or to be issued,
to beneficiaries that the Board of Directors will determine from among the employees (or certain categories of them) and/or eligible
corporate officers (or some of them), both of the company and of the companies and economic interest groups linked to it within the
meaning of the provisions of Article L. 225‑197‑2 of the French Commercial Code, on which you are asked to vote. The total number of
shares that may be allocated under this authorisation may not represent more than 1% of the company’s share capital on the date of
the decision on their allocation by the Board of Directors.
The number of shares allocated to the company’s corporate officers under this authorisation may not represent more than 40% of the
overall cap defined above.
On the basis of its report, your Board of Directors proposes that you authorise it for a period of thirty‑eight months to allocate free
shares, existing or to be issued.
It is the responsibility of the Board of Directors to prepare a report on this operation, which it wishes to carry out. It is our responsibility
to report to you, where applicable, our observations on the information provided to you on the proposed operation.
We have performed the procedures that we deemed necessary to comply with the professional standards applicable in France to
such engagements. These procedures consisted mainly of verifying that the methods envisaged and given in the Board of Directors’
report comply with the provisions provided for by law.
We have no matters to report on the information given in the Board of Directors’ report on the proposed free share allocation.


Paris‑La Défense, 19 March 2025
The Statutory Auditors




KPMG SA ERNST & YOUNG et Autres

Sandie Tzinmann Jean Roch Varon Pierre Lejeune

Partner Partner Partner




604 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
General Meeting and corporate governance
Statutory Auditors’ report on the issue of shares and/or other securities reserved for the benefit of subscribers to a corporate savings plan




5.8 Statutory Auditors’ report on the issue of shares and/
or other securities reserved for the benefit of subscribers
to a corporate savings plan
General Meeting of 17 April 2025

Twenty‑seventh resolution
To the General Meeting of Covivio,
In our capacity as your company’s Statutory Auditors and in accordance with Articles L. 228‑92 and L. 225‑135 et seq. of the French
Commercial Code, we hereby report to you on the proposal, submitted for your authorisation, for delegation of authority to the Board
of Directors to decide on the issue of shares or other securities, without preferential subscription rights for existing shareholders,
reserved for employees subscribing to a corporate savings plan of your Group or company and/or other related companies and
economic interest groups as defined in Articles L. 225‑180 of the French Commercial Code and L. 3344‑1 of the French Labour Code.
The maximum nominal amount of the capital increase that may result from this issue is €500,000.
The aforementioned proposal is submitted for your authorisation in accordance with Articles L. 225‑129‑6 of the French Commercial
Code and L. 3332‑18 et seq. of the French Labour Code.
On the basis of its report, the Board of Directors proposes that you authorise it, for a period of twenty‑six months, to decide on any
such issue of securities and waive your preferential subscription rights to the shares and/or securities to be issued. If necessary, the
Board of Directors will determine the final conditions of this operation.
It is the Board of Directors’ responsibility to prepare and submit a report in accordance with Articles R. 225‑113 et seq. of the French
Commercial Code. Our role is to report on the fairness of any financial data extracted from the parent company’s financial statements,
on the proposal to waive preferential subscription rights and on certain other information related to the issue of securities provided in
this report.
We have performed the procedures that we deemed necessary to comply with the professional standards applicable in France to
such engagements. Our procedures consisted in verifying the content of the report of the Board of Directors and the bases of
determination of the issue prices.
Subject to ulterior examination of the terms and conditions applicable to any issue of securities actually decided on, we have no
matters to report with regard to the bases of determination of the issue prices for the equity securities to be issued as described in the
report of the Board of Directors.
As the final terms and conditions applicable to any actual issue of securities have not been established, we do not at present express
any opinion in their respect nor, therefore, in respect of the proposal to waive preferential subscription rights.
In accordance with Article R. 225‑116 of the French Commercial Code, we will prepare an additional report on those matters in the
event of any actual use by the Board of Directors of the proposed delegation of authority to issue shares or other equity securities
providing access to the company’s share capital or to issue other securities providing access to equity securities to be issued
subsequently.




Paris‑La Défense, 19 March 2025
5
The Statutory Auditors




KPMG SA ERNST & YOUNG et Autres

Sandie Tzinmann Jean Roch Varon Pierre Lejeune

Partner Partner Partner




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 605
5 General Meeting and corporate governance
Parties responsible for auditing the financial statements




5.9 Parties responsible for auditing the financial statements
Statutory Auditors Date of appointment Date of renewal Expiry of term of office
Holders ERNST & YOUNG et Autres 24/04/2013 17/04/2019 OGM in 2025 approving the annual
1‑2, place des Saisons financial statements for the year
ended 31/12/2024
Paris‑La Défense 1
92400 Courbevoie
KPMG S.A. 17/04/2024 OGM in 2030 approving the annual
Tour Eqho financial statements for the year
ended 31/12/2029
2 avenue Gambetta
92066 Paris La Défense Cedex


The remuneration of the Statutory Auditors is presented in Section 4.2.7.6 of the annex to the consolidated financial statements.




606 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
General Meeting and corporate governance




5




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 607
Kimpton Fitzroy London
© Covivio / DR




608 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
6
Information and
management
6.1 Company overview 610 6.5 Administration and management 627
6.1.1 History of the company (Group Share data) 610 6.5.1 Board of Directors 627
6.1.2 Group organisation chart 613 6.5.2 General Management 629
6.2 General information about the issuer 6.6 Information about the company and
and its share capital 614 its investments 630
6.2.1 General information concerning the issuer 614 6.6.1 Group organisation 630
6.2.2 General information concerning the share 6.6.2 Equity investments 631
capital 619 6.6.3 Results of subsidiaries and investments 631
6.3 Shareholders 620 6.6.4 Company earnings over the past five fiscal
6.3.1 Information on the share capital 620 years 631
6.3.2 Securities giving access to the share 6.6.5 Information on cross‑shareholding 631
capital 620 6.6.6 Extraordinary events and litigation 631
6.3.3 Share capital structure and voting rights 620 6.6.7 Ratings 631
6.3.4 Threshold crossing disclosures 621 6.7 Significant agreements 632
6.3.5 Declarations of intent 622 6.8 Person responsible for the Universal
6.3.6 Change in the capital over the last five Registration Document 633
fiscal years 622 6.8.1 Person responsible for the Universal
6.3.7 Employee shareholding 622 Registration Document 633
6.3.8 Information about the share buyback 6.8.2 Certification of the person responsible for
programme 623 the Universal Registration Document
6.3.9 Share subscription and share purchase including the annual financial report 633
options and allocation of free shares 624 6.8.3 Person responsible for the information 633
6.4 Stock market ‒ dividend 625
6.4.1 Data Sheet 625
6.4.2 Market price at 31 December 2024 625
6.4.3 Dividends distributed within the last five
fiscal years 625
6.4.4 Dividend distribution policy 626
6.4.5 Appropriation of earnings for the fiscal
year 626




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 609
6 Information and management
Company overview




6.1 Company overview
6.1.1 History of the company (Group Share data)
1963 The company is formed under the name “Société des Garages Souterrains et du centre commercial Esplanade – Belvédère”.
Its original purpose was to operate the first underground car park built in Metz.
1983 Listing on the secondary market at the Nancy stock exchange on 16 June.
1998 Acquisition of Immobilière Batibail and a set of mainly residential assets. Adoption of "Garages Souterrains et Foncière des
Régions, GSFR" as the new corporate name.
1999 Merger between Immobilière Batibail and Gecina. GSFR is brought under the control of the Batipart family holding company
chaired by Charles Ruggieri.
2002 Corporate name change: GSFR becomes “Foncière des Régions”.
Subsidiarisation of the Car Parks business: creation of the company Parcs GFR.
2003 Adoption of the tax status of a Société Immobilière d’Investissement Cotée (SIIC, a public real estate investment company).
Acquisition of full ownership of the assets in partnership with Morgan Stanley and leased to EDF or France Télécom (these
assets represent 1.15 million m2 valued at €850 million) and acquisition of 133 buildings from the insurer Azur‑GMF.
2004 Foncière des Régions launches a friendly takeover bid for Bail Investissement Foncière.
2005 Creation of Foncière Développement Logements and transfer of housing assets to this entity.
2006 Merger through absorption of Bail Investissement Foncière into Foncière des Régions.
2007 Acquisition of 68% of Beni Stabili, the second‑largest public real estate company in Italy.
Creation of Foncière Europe Logistique, a public entity (SIIC tax status) dedicated to the logistics business, and transfer of
assets to this entity.
2008 Included in the SBF 120.
2009 Start of renovation work on the CB 21 Tower.
2010 Changes in shareholder structure and governance: Batipart sells a substantial proportion of its investment in Covivio to
Delfin, Predica and Assurances du Crédit Mutuel Vie (ACM Vie).
Charles Ruggieri, Chairman of Batipart, resigns as Chairman of the Supervisory Board of Foncière des Régions. Jean Laurent
is appointed Director and named Chairman of the Supervisory Board.
2011 Adoption on 31 January 2011 by the General Meeting of Foncière des Régions and the subsequent Board of Directors of a
new Governance:
● adoption of the legal form of a company with a Board of Directors;
● separation of the functions of Chairman of the Board of Directors and Chief Executive Officer, assigned respectively to
Jean Laurent and Christophe Kullmann;
● strengthening of the representation of independent Directors raised to 40% of the members.

2012 Squeeze‑out followed by a mandatory delisting by Covivio of FEL.
Award of a BBB- rating with a stable outlook by the Standard & Poor’s rating agency.
2013 Separation of France and Germany portfolios in the residential business.
Expansion of Covivio in Germany:
● successful public exchange offer on Foncière Développement Logements after which Covivio holds a 59.7% stake in
Foncière Développement Logements;
● €351 million acquisition of housing assets in Germany, in Berlin and Dresden.

2014 Creation of FDM Management, a subsidiary specialising in the acquisition of hotel assets.
2015 Successful capital increase of €255 million.
S&P upgrades Covivio's rating to BBB with a stable outlook.
2016 Covivio increases its equity stake in subsidiary Covivio Hotels to 49.9% and its stake in subsidiary Beni Stabili to 52.2%.
First Green Bond in the amount of €500 million with a ten‑year maturity and interest rate of 1.875%.
Acquisition of 18 Hotel Operating properties in Germany, France and Belgium for €936 million, via FDM Management.
2017 Launch of Covivio's new flex‑office and co‑working offer in three buildings in Paris and Marseille.
Pursuit of the strategy in Italy with the splitting of 40% of the Telecom Italia portfolio with Crédit Agricole Assurances and EDF
Invest at the end of the first half of 2017.
Launch of the German Residential development pipeline, representing €488 million in construction or extension projects,
largely in Berlin.
Covivio increases its investment in subsidiary Foncière Développement Logements, wholly owned as of 31 December. The
company was delisted from the exchange.




610 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
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Company overview




2018 Foncière des Régions changes identity and becomes Covivio, thus combining all of its European teams under a common
banner.
Completion of the cross‑border merger of Beni Stabili by Covivio, a key step in simplifying the Group.
Appointment of Dominique Ozanne as Deputy CEO of Covivio and Laurie Goudallier as Chief Digital Officer.
Pursuit of the strategy in Italy with the sharing of 9% of the Telecom Italia portfolio with Crédit Agricole Assurances and EDF
Invest in early 2018, after sharing 40% of the Telecom Italia portfolio in 2017.
Improved exposure to the hotel business with the merger absorption of FDM Management by Covivio Hotels.
Covivio obtained a BBB positive outlook rating from S&P.
2019 Covivio expresses its Purpose (Raison d’être): Build sustainable relationships and well‑being.
Appointment of Daniel Frey and Marcus Bartenstein in the management of Covivio in Germany.
Delivery by Covivio of 45,700 m2 of offices and 680 hotel rooms in France and Germany.
Launch of around 170,000 m2 of new projects essentially in Paris, Milan and Berlin.
Financial notation: obtention by Covivio of the BBB+ rating, stable perspective, before S&P, due to the improvement of the
operational and financial profile.
Non‑financial rating: Covivio received the maximum score (A1+) for its Corporate Rating from Vigeo‑Eiris and is ranked 1st in its
sector.
Covivio successfully places a second Green Bond for €500 million with a twelve‑year maturity and interest rate of 1.125%.
2020 Impact of the Coronavirus on the Group’s activities: good performance in Offices and Residential, hotel activity affected by
the crisis.
Contribution to the national solidarity effort: mobilisation of Covivio to provide assistance to medical authorities, healthcare
workers and small and medium‑sized businesses weakened by the crisis.
Acquisition of a portfolio of ten office assets in major German cities, through the acquisition of Godewind AG.
Acquisition of 8 hotels leased to NH Hotels in the city centres of major European tourist destinations.
Success of the disposal plan with €0.9 billion of new agreements signed in 2020.
Opening of the 1st Wellio flexible office site in Milan.
Non‑financial ratings: Covivio ranks among the world leaders with Vigeo Eiris, Sustainalytics, GRESB, MSCI, ISS‑ESG.
Covivio has successfully placed €500 million in ten‑year bonds with a coupon of 1.625%.
2021 Record marketing of 180,700 m² of offices, mainly in France and Italy.
Signing of €901 million in disposal agreements with an average margin of 4% on appraisal values.
Delivery of 7 office assets pre‑let at 96%.
Significant recovery in the Hotels activity.
Germany becomes Covivio’s leading exposure in terms of portfolio values.
Reduction of Loan to Value at 39%, two points less than in 2020.
New carbon trajectory aimed at carbon neutrality for scopes 1 and 2 and alignment with the well below 2 °C trajectory for
scope 3 including construction, i.e. a 40% reduction in emissions by 2030 (vs 2010), validated by the SBT initiative.
For its first year of operation, the Covivio Foundation supported 12 associations and projects helping the populations most
exposed to the impacts of the health crisis.
Appointment of Tugdual Millet as Chief Executive Officer of Covivio Hotels and appointment of Paul Arkwright as Group Chief
Financial Officer.
2022 Good resilience of asset values, stable over the year in a real estate environment heavily impacted by the sharp rise in
interest rates.
Good operational performance, with the marketing of 134,400 m² of offices in France, Italy and Germany.
Renewal of 138,000 m² of leases with an average maturity extension of 5 years for an average rent increase of +2%.
Delivery of five office assets in France and Italy, 79% pre‑let.
Strengthening of the quality of the balance sheet with the signature of €485 million in disposal agreements (+2.3% average
margin on appraised values) allowing net debt to be reduced by €220 million, thus maintaining the leverage ratio (LTV) at
39.5%. New progress on the ESG strategy with 93% of the portfolio benefiting from environmental certification, i.e. 2 points
more than in 2021.
Appointment of Jean‑Luc Biamonti as Chairman of the Board of Directors following the resignation of Jean Laurent on 21
July 2022 for health reasons.
2023 Strengthening of balance sheet quality, including €720 million in disposals over the year, a reduction in net debt of around
€700 million and a doubling of the Group’s liquidity, which now stands at €2.4 billion. This made it possible to control the
debt‑to‑equity ratio (LTV) at 40.8% despite a real estate environment impacted by the rise in interest rates, which had the 6
effect of depressing like‑for‑like values by -10.2%.
Strong operational performances, with the marketing of 80,000 m² of offices in France, Italy and Germany and renewal of
51,000 m² of leases. Delivery of five office assets in France and Germany, 86% pre‑let. Exclusive negotiations with AccorInvest
to consolidate the ownership of the operating properties and goodwill.
Further progress on the ESG strategy with 95.3% of the portfolio benefiting from environmental certification, a 2 point
increase on 2022. Increase in the proportion of debt linked to ESG objectives to 57% from 38% at end‑2022




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 611
6 Information and management
Company overview




2024 Slight adjustment in values in the first half (-1.3%), followed by a stabilisation in the second half (+0.2%), allowing a good
resilience of asset values in 2024 (-1.1% overall) and proof of a new real estate cycle after two years of crisis.
Implementation of the Group’s new strategy to rebalance its portfolio between its three asset classes (Offices, Residential
and Hotels) in the medium term. In this context, €1.1 billion (Group Share) was invested in 2024 with a yield of over 6.5%, mainly
in hotels (67%) and city‑center offices (25%). At the same time, €766 million in new disposal agreements were signed during the
year, with an average margin of +3% above the appraisal values at the end of 2023.
Increased exposure to the hotel sector with (i) the increase in the share capital of Covivio Hotels (52.5% stake at the end of
2024), (ii) the value‑creating hotel swap with AccorInvest and (iii) the acquisition of the Iberostar Las Dalias hotel in Southern
Europe for €43 million (group share).
Strengthening of the quality of the balance sheet with a favourable change in leverage indicators: Net debt/EBITDA of 11.4x
(vs. 12.3x) and return to LTV <40% (38.9%) in line with the Group’s policy.
Very good operational performance, with the letting of 176,214 m² of offices in France, Italy and Germany (including 117,147 m²
of leases renewed) for an average rent increase of 6%. Delivery of two office assets in Italy, for a total of 38,900 m². Significant
progress on the Group ESG strategy with 98.5% (1) of the portfolio now benefiting from environmental certification, a 3‑point
increase on 2023. Increase in the proportion of debt linked to ESG objectives to 64% from 57% at end‑2023.




(1) This rate includes two hotel assets for which the application has been submitted but the certificate has not been received as of 31 December 2024.


612 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Information and management
Company overview




6.1.2 Group organisation chart
6.1.2.1 Simplified legal organisation chart of the Group at 31 December 2024

COVIVIO



Majorily
owned
100% 100% 50% 100% 100% 100% 100% 100% 99.99%
Technical SAS Imefa 127 Portefeuille Covivio Chartres Covivio Covivio Covivio
Italian Italian
Euromed (6) Ravinelle avenue Holding Hôtels Développement
50.10% 100% companies companies
de Sully GmbH Gestion
SCI 9 rue des SCI 99.90% 99.92% (5) (9) 99.99%
Cuirassiers 50% 61.7%
Atlantis Latepromo SCI Rueil B2
Fontenay- Managing Covivio
50.10% Covivio
99.90% 50% sous-Bois General Property
50.10% Immobilien SE
SCI 15 rue des SCI Meudon Rabelais (141) Partner
Cuirassiers SCI Lenovilla SNC 100%
Saulnier Cœur d’Orly 60%
100% 52.52% Covivio SGP
99.99% 50.10% Promotion
SCCV Bobigny Covivio
Portefeuille SCI Avenue 50% Le 9e Art 85%
SCI Hôtels
EDF (9) de la Marne Fédération des
Latécoère 50% (196)
SCI N2
100% Assurances
100% 50.10% Batignolles
SCCV Rueil Covivio
Portefeuille
FT (4) Omega B Lesseps 55% Covivio
SCI 50%
99.95% Latécoère 2 Alexanderplatz
100% SNC N2 100%
S.à.r.l
Portefeuille Wellio 75% Promotion Covivio 2
IBM (2)
99.90% 50.10% 50%
50.10% 100%
SCI du 21 rue SCI Holding GmbH
100% Hotel N2
6 rue Fructidor Jean Goujon Cœur d’Orly (21)
99.90% 99.90% Covivio 4 Bureaux
Fructipromo 99.90% 100%
SCI Cité 100%
100% Numérique Société du Parc
Covivio SCI
99.90% Trinité d’Estienne
Covivio 7 Participations Meudon Juin
d’Orves
99.90% SNC Jean
Jacques Bosc 99.90%
Portefeuille
SNC Promotion 99.90% Anjou Promo
Logements SCI
(13) Terres Neuves
99.90%
SCI Danton

r
99.90%
SCI rue de
Louisiane




la Louisiane




105 companies Offices
French companies

France offices Italian offices Germany officies Hotels Residential Services Car Park Luxembourg companies

74 companies 9 companies 22 companies 196 companies 142 companies 10 companies 1 company German companies
(o.w one unlisted) (o.w one non conolidated)
Italian companies
TOTAL
454 companies
(o.w 2 non conolidated)



6.1.2.2 Simplified portfolio of the Group at 31 December 2024




France, Italy
and Germany offices
€9.4 bn 6

52.5% 61.7%
Global Global
Integration integration

Covivio Hotels Covivio Immobilien
Hotels in Europe German Residential
€6.4 bn €7.5 bn




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 613
6 Information and management
General information about the issuer and its share capital




6.2 General information about the issuer and its share capital
6.2.1 General information concerning the issuer
6.2.1.1 Company name (Article 2 of the Articles The Covivio bonds issued on 17 September 2019 (Green Bonds),
for a nominal amount of €500 million, maturing on 17 September
of Association)
2031, carry a fixed coupon of 1.125% and are listed on the
Covivio Euronext regulated market in Paris under ISIN code
FR0013447232. The nominal amount was increased to €599
6.2.1.2 Legal form (Article 1 of the Articles of million at the end of the issue (TAP) on 13 June 2023 of new
Association) bonds equivalent to, and forming a single line with the bonds
Covivio was transformed into a limited company on 31 January issued in 2019.
2011. The Covivio bonds issued on 23 June 2020, for an amount of
6.2.1.3 Registered office (Article 4 of the Articles €500 million, maturing on 23 June 2030, carry a fixed coupon of
1.625% and are listed on the Euronext regulated market in Paris
of Association) and the company’s under ISIN code FR0013519279. These obligations have been
administrative offices reclassified as Green Bonds in 2022. The nominal amount was
Covivio’s registered office is located 18, avenue François increased to €599 million at the end of the issue (TAP) on 28 July
Mitterand - 57000 Metz (telephone: +33 (0)3 87 39 55 00). 2023 of new bonds equivalent to, and forming a single line with
the bonds issued in 2020.
Its administrative offices are located at 10, rue de Madrid –
75008 Paris (telephone: +33 (0)1 58 97 50 00). Covivio bonds issued on 20 January 2021 (Green private
placement as part of the EMTN [Euro medium term note]
6.2.1.4 Trade and Companies Register programme) for a nominal amount of €100 million, maturing on
20 January 2033, offer a fixed coupon of 0.875% and listed on the
Covivio is registered in the Trade and Companies Register of the
regulated market of Euronext in Paris under ISIN code
Metz Judicial Court under number 364 800 060.
FR0014001LV5.
Its APE Code is 6820 B.
The Covivio bonds issued on 5 December 2023 (Green Bonds),
The SIRET number of the company is 364 800 060 00287. for a nominal amount of €500 million, maturing on 5 June 2032,
carry a fixed coupon of 4.625% and are listed on the Euronext
6.2.1.5 Branch office regulated market in Paris under ISIN code FR001400MDV4.
Covivio has a branch in Italy with its registered office in Milan By effect of the law following the merger‑absorption of its
(20123), via Carlo Ottavio Cornaggia 10. subsidiary Beni Stabili and pursuant in particular to the
6.2.1.6 Market on which the shares and bonds provisions of Article L. 228‑101 of the French Commercial Code,
Covivio also assumes all obligations relating to the bonds issued
are listed on the 20 February 2018 by Beni Stabili for a nominal amount of
The Covivio share is listed in Compartment A of Euronext Paris €300 million. These bonds maturing on 20 February 2028, carry a
(FR0000064578 – COV), admitted to the SRD and is included in fixed coupon of 2.375% and are listed on the Luxembourg stock
the composition of the MSCI, SBF120, Euronext IEIF “SIIC France”, exchange under ISIN code XS1772457633. They were reclassified
and CAC Mid100 indexes, in “EPRA” and “GPR 250″, the reference as Green Bonds in 2022.
indexes of the European real estate companies, as well as in ESG
FTSE4 Good, CAC SBT 1.5°C, DJSI World and Europe, Euronext 6.2.1.7 LEI (Legal Entity Identifier)
Vigeo (World 120, Eurozone 120, Europe 120 and France 20), The LEI of Covivio is 969500P8M3W2XX376054.
Euronext® CDP Environment France EW, Stoxx ESG, Ethibel and
Gaïa. 6.2.1.8 Nationality
The Covivio bonds issued on 20 May 2016 (Green Bonds), for an The company is governed by French law.
amount of €500 million, maturing on 20 May 2026, carry a fixed
coupon of 1.875% and are listed on the Euronext regulated
6.2.1.9 Term of the company (Article 5 of the
market in Paris under ISIN code FR0013170834. Articles of Association)
The company was created on 2 December 1963 for a period of
The Covivio bonds issued on 21 June 2017, for an amount of €500
99 years.
million, maturing on 21 June 2027, carry a fixed coupon of 1.5%
and are listed on the Euronext regulated market in Paris under
ISIN code FR0013262698. These obligations have been
reclassified as Green Bonds in 2022. The nominal amount was
increased to €595 million at the end of the issue (TAP) on 23
February 2018 of new bonds equivalent to, and forming a single
line with the bonds issued in 2017.




614 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Information and management
General information about the issuer and its share capital




6.2.1.10 Object and purpose (Article 3 of the ● And more generally:
Articles of Association) ● the participation as borrower and lender in any intra‑group
The company's purpose, both in France and abroad, for itself or loan or cash transactions and the possibility of granting for
in partnership with third parties, involves: this purpose any personal guarantees or security interests in
real or personal property, whether mortgages or other
● Primarily: borrowings,
● the acquisition of any land, real estate rights or assets, ● and all civil, financial, commercial, industrial, personal and
through purchase, exchange, contribution in kind or else real property transactions deemed useful for the
including through construction leases, emphyteutic leases, development of any one of the aforementioned purposes of
authorisations for temporary occupancy of public property the company.
and finance leases, as well as all assets and rights that may
be accessory or attached to the said real estate properties, The purpose of the company is to “build well‑being and lasting
relationships”. The company also intends to generate a
● the construction of assets, and any transactions directly or significant positive social, societal and environmental impact in
indirectly related to the construction of such assets, the conduct of its activities.
● the operation and creation of value of such real estate As part of this approach, the Board of Directors and Executive
properties through rental, Management undertake to take into consideration (i) the social,
● directly or indirectly, the holding of equity investments in societal and environmental consequences of their decisions on
entities stipulated in Article 8 and paragraphs 1, 2 and 3 of all of the company’s stakeholders, and (ii) the consequences of
Article 206 of the French General Tax Code and, in general, their decisions on the environment."
the acquisition of shareholdings through contribution, 6.2.1.11 Tax regime
subscription, purchase or exchange of shares or voting
rights or else in companies whose primary purpose is the The company opted with effect from 1 January 2003 for the tax
operation of rental real estate portfolio, and the promotion, regime of listed real estate investment companies (SIIC) provided
management and assistance of such entities and for in Article 208 C of the French General Tax Code. As such, it
companies; benefits from an exemption from rental income, real estate
capital gains and dividends from SIIC subsidiaries, provided that
● Secondarily and directly or indirectly: it distributes to shareholders at least 95% of the rental income,
● the leasing of all real estate properties, 70% of the capital gains and 100% of dividends.

● the acquisition, including through concession, of temporary 6.2.1.12 Website
authorisation to occupy public property and the operation Information about the company is available on its website:
of parking facilities, www.covivio.eu. The information on the website is not part of the
● the management, administration, negotiation and sale of Universal Registration Document unless some of the information
real estate rights and assets for the account of third parties is expressly incorporated by reference.
and of direct and indirect subsidiaries, allocated to the 6.2.1.13 Documents accessible to the public
exploitation of industrial and commercial companies in the
rental subsector of commercial properties (offices, shops The shareholders have several media and tools to keep informed
and logistics properties) and secondarily in the housing about the company and the shares: the website www.covivio.eu,
sector, the financial publications in the press, the letter to the
shareholders, a dedicated e‑mail address
● the provision and marketing of new collaborative and (actionnaires@covivio.fr), a dedicated toll‑free line (+33 (0) 805
intelligent workspaces, or more generally workspaces, open 400 865) and the annual report.
and/or closed office spaces, lounges, meeting rooms or
conference rooms, furnished or equipped business centres, This Universal Registration Document, published in French and
archiving premises and car parks, English, is available free of charge upon request at the
company’s Administrative Offices, through the Investor Relations
● the acquisition, holding, disposal and business management department and on the website of the French Financial Markets
in the tourism, leisure and accommodation sector in the Authority (Autorité des Marchés Financiers - AMF)
broad sense, (www.amf‑france.org).
● on behalf of all direct and indirect subsidiaries, for all During the period of validity of this Universal Registration
insurance and reinsurance intermediation activities relating Document, the company’s Articles of Association, corporate
to the placement and management of insurance contracts documents and all reports, evaluations or declarations drawn up
of all kinds, recourse and litigation, in particular as an by an expert at the request of the company, part of which is
insurance agent and insurance and reinsurance broker, and included or referred to in the Universal Registration Document
all services in the areas of advice, prevention, risk studies
and assistance in the field of insurance and reinsurance,
are available if applicable on its website and at the company’s
registered office.
6
● the promotion, management and assistance of all direct 6.2.1.14 Fiscal year (Article 24 of the Articles of
and indirect subsidiaries;
Association)
● In exceptional circumstances, the transfer, through sale,
Each fiscal year lasts for 12 months, beginning on 1 January and
contribution, exchange or merger, of the assets of the
ending on 31 December of each calendar year.
company;




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6.2.1.15 Statutory distribution of profits (Article 25 A “Shareholder subject to Withholding” will be required to
of the Articles of Association) compensate the company for the Withholding Tax and/or the
Spanish Withholding Tax due following a distribution, by the
● At least five per cent (5%) of the profits for the year less any company or the SOCIMIs, whose capital is directly or indirectly
prior losses, must be withdrawn and allocated to the legal held by the company, of dividends, reserves, premiums or
reserve fund. This deduction ceases to be required when the “income deemed distributed” pursuant to the French General
reserve amounts to one tenth (1/10) of the share capital. Tax Code or the Spanish law 27/2014 of 27 November 2014 on
Distributable earnings consist of the profit for the year, minus corporate income tax, respectively, under the conditions of
prior year losses and sums to be allocated in the reserve as Article 9.3 below.
required by law and the Articles of Association, plus any Any Concerned Shareholder is assumed to be a Shareholder
retained earnings. subject to Withholding. If they declare that they are not a
The General Meeting may take from this profit any sums it Shareholder subject to Withholding, they must provide to the
deems appropriate to be allocated to optional, ordinary or company at its request:
extraordinary reserves, or to be carried forward. (i) for the needs of the Withholding Tax, no later than five (5)
Any balance left over is distributed by the General Meeting business days prior to the payment of the distributions, a
among the shareholders in proportion with the number of satisfactory legal opinion without reservations, issued by
shares they hold. an international law firm with recognised expertise in
French tax law or of the country of residence of the
In addition, the General Meeting may decide to distribute Concerned Shareholder, certifying that they are not a
sums taken from the reserves at its disposal, expressly Shareholder subject to Withholding, that they are the
indicating the reserve items from which the sums are to be effective beneficiary of the dividends and that the
withdrawn. However, dividends are taken primarily from the distributions paid to them do not make the company liable
profit for the year. for the Withholding Tax;
Except in case of a reduction in capital, no distribution may be (ii) for the needs of the Spanish Withholding Tax, no later than
made to shareholders when the shareholders’ equity is, or five (5) business days prior to the payment of the
would become following such a distribution, less than the distributions by the SOCIMIs whose capital is held directly
amount of the capital plus the reserves that may not be or indirectly by the company, a certificate of tax residency
distributed by law or the Articles of Association. The issued by the competent authority of the country where
revaluation reserve may not be distributed. It may be the Concerned Shareholder declares themselves to be tax
capitalised in whole or in part. resident and, no later than five (5) business days prior to
the payment of the distributions, a satisfactory legal
After approval of the financial statements by the Ordinary
opinion without reservations certifying that they are not a
General Meeting, any losses are carried forward and are
Shareholder subject to Withholding in Spain and that the
offset against earnings of subsequent years until extinction.
distributions paid to them by the SOCIMIs, whose capital is
The Board of Directors may decide to distribute advanced directly or indirectly held by the company, are not subject
dividend payments prior to the approval of the financial to the Spanish Withholding Tax, due to their investment in
statements for the fiscal year, under the conditions provided the company.
for by law.
In the event in which (a) the company holds, directly or
● The terms for payment of dividends approved by the General indirectly, a percentage of the rights to dividends at least
Meeting are decided by the General Meeting or by the Board equal to that mentioned in Article 208 C II ter of the French
of Directors. However, the payment of dividends must take General Tax Code or greater in one or more listed real estate
place within a maximum period of nine (9) months after the investment companies mentioned in Article 208 C of the
end of the fiscal year. An extension of this time period may be French General Tax Code (a “Daughter SIIC”); or (b) the
granted by court decision. company holds, directly or indirectly, a percentage of the
share capital or rights to dividends at least equal to that
The General Meeting may offer shareholders an option mentioned in Article 9.3 of the Spanish law 11/2009 in one or
between payment in cash or payment in new shares of more SOCIMI companies and, in which the Daughter SIIC or
company shares for all or a portion of the dividend or the said SOCIMI, due to the situation of the Shareholder
advanced dividend payments distributed, under the subject to Withholding, would have paid the Withholding Tax
conditions established by law. or the Spanish Withholding Tax, the Shareholder subject to
The Ordinary General Meeting may approve the distribution of Withholding must, as the case may be, compensate the
profits or reserves through the distribution of negotiable company, either for the amount paid as compensation by the
securities owned by the company; shareholders will be company to the Daughter SIIC or to the concerned SOCIMI for
responsible for grouping themselves, if necessary, to obtain a payment of the Withholding Tax by the Daughter SIIC or the
whole number of securities thus distributed. Spanish Withholding Tax by the SOCIMI, or when the company
does not compensate the Daughter SIIC or the SOCIMI in an
● Any Concerned Shareholder whose own situation or that of its amount equal to the Withholding Tax paid by the Daughter
partners renders: SIIC or equal to the Spanish Withholding Tax paid by the
SOCIMI concerned, such that the other shareholders of the
(i) the company liable for the withholding (the “Withholding
company do not economically support any portion of the
Tax”) mentioned in Article 208 C II ter of the French General
Withholding Tax or of the Spanish Withholding Tax paid
Tax Code; or
respectively by any one of the SIIC or SOCIMI in the chain of
(ii) the SOCIMI companies, whose capital is directly or investments owing to the Shareholder subject to Withholding
indirectly held by the company, liable for Spanish (the “Additional Compensation”). The amount of the Additional
withholding (the “Spanish Withholding Tax”) mentioned in Compensation will be paid by each of the Shareholders
Article 9.3 of law 11/2009. subject to Withholding proportionately to their respective
dividend rights divided by the total dividend rights of the
Shareholders subject to Withholding.



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The company will be entitled to offset its claim against any
Shareholder subject to Withholding, on the one hand, and the
6.2.1.16 General Meetings (Article 22 of the
sums to be paid by the company for its benefit, on the other Articles of Association)
hand. Thus, the sums distributed by the company that must, General Meetings are called under the conditions set by the
for each share held by said Shareholder subject to laws and regulations in force.
Withholding, be paid in its favour pursuant to the
aforementioned distribution decision or a share buyback, will Meetings are to be held at the registered office or at any other
be reduced by the amount of the Levy or Spanish Levy owed location indicated in the notice of meeting.
by the company or SOCIMIs in respect of the distribution of Every shareholder has the right to attend General Meetings and
these sums and/or the Additional Compensation. to participate in the deliberations, in person or by proxy, upon
The amount of any compensation owed by a Shareholder presentation, under the applicable legal and regulatory
subject to Withholding will be calculated in such a manner conditions, of his or her identity and of the registration of the
that, after payment thereof and taking into account any shares in the books in the name of the shareholder or of an
specific tax regime that may be applicable to it, the company intermediary registered on his or her behalf.
will be placed in the same situation as if the Withholding Tax The General Meetings are chaired by the Chairman of the Board
or the Spanish Withholding Tax had not become due. In of Directors or, failing this, by a Vice‑Chairman or, in the absence
particular, the compensation must include any tax due by the of the latter, by a Director specially appointed for this purpose
company for the compensation. by the Board. Failing this, the General Meeting elects the
The company and the Concerned Shareholders will cooperate Chairman of the meeting.
in good faith to ensure that all reasonable measures are The two (2) shareholders attending the General Meeting with the
taken to limit the amount of the Withholding Tax or Spanish highest number of votes are elected scrutineers if they so
Withholding Tax due or to become due and the accept.
compensation arising or that could arise from it.
The Executive Board (bureau) will appoint the Secretary, who
● In the event that (i) following a distribution of dividends, may be chosen from outside the shareholders.
reserves or premiums, or of “products deemed distributed” in
the meaning of the French General Tax Code by the company At each General Meeting, an attendance sheet must be
or by a Daughter SIIC exempt from corporate tax in compiled under the conditions provided by law.
application of Article 208 C II of the French General Tax Code
Copies or excerpts of the minutes of the General Meetings will
or following a distribution by a SOCIMI, whose capital is held
be validly certified by the Chairman of the Board of Directors, a
directly or indirectly by the company, within the meaning of
member of the Board or the Secretary of the General Meeting.
the Spanish law 27/2014 of 27 November 2014 on corporate
taxation, it is discovered that a shareholder was a Ordinary and Extraordinary General Meetings, deliberating
Shareholder subject to Withholding on the date of the under the quorum and majority conditions set forth in the
payment of the said sums; and that (ii) the company, the respective provisions governing them, will exercise the powers
Daughter SIIC and/or the said SOCIMI ought to have paid the attributed to them by law.
Withholding Tax or the Spanish Withholding Tax of the
amounts thus paid, and the sums had already been subject to Shareholders may vote by post, appoint a proxy or send their
the compensation specified in Article 25.3 above, the proxy form by any means permitted under the laws and
Shareholder subject to Withholding must pay to the company, regulations in force. In particular, shareholders may send the
as compensation for the damages suffered by this latter, an company proxy or postal voting forms by fax or e‑mail before the
amount: (a) equal to the Withholding Tax that would have General Meeting, under the conditions set by law. The proxy and
been paid by the company for each share of the company postal vote forms may be signed electronically if the electronic
that it held on the day of payment of the concerned signature satisfies the requirements defined in the first sentence
distribution of dividends, reserves or premiums, (b) equal to of paragraph 2 of Article 1316‑4 of the French Civil Code.
any damages suffered by the company resulting from the On the decision of the Board of Directors, the shareholders may
payment of the Spanish Withholding Tax by the SOCIMIs, take part in the General Meeting by videoconference or vote by
whose capital is directly or indirectly held by the company as any remote means of communication and teletransmission,
this payment is attributable to the Concerned Shareholder, including the internet, under the conditions set forth in the
and (c) as the case may be, the amount of the Additional regulations applicable at the time the communication method is
Compensation (the “Compensation”). used. This decision must be included in the meeting notice
Where relevant, the company will be entitled to make an published in the Bulletin des Annonces Légales Obligatoires
offset, in the appropriate amount, between its receivables (BALO).
under the indemnity and any sums that may subsequently Shareholders will be considered as being present for quorum
become due to this Shareholder subject to Withholding, and majority calculations if they participate in the General

6
without prejudice, as appropriate, to the prior allocation to Meeting by videoconference or by any remote means of
the said sums of the offset as provided for in paragraph 4 of communication and teletransmission, including the internet,
Article 25.3 above. In the event that, after such an offset is which enables shareholders to be identified under the conditions
made, the company has still not been paid the amounts owed provided for by laws and regulations.
by Shareholder subject to Withholding under the indemnity,
the company will be entitled to make a new offset, in the
appropriate amount, against any sums that may
subsequently be payable to this Shareholder subject to
Withholding until the final extinguishment of the said debt.




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6.2.1.17 Statutory threshold crossing (Article 8 of (ii) Any shareholder who indirectly holds, by intermediary of
the company, a percentage of the share capital or rights
the Articles of Association)
to dividends of real estate investment sociétés anonymes
● In addition to the legal obligation to notify the company of (public limited companies) listed on the stock exchange in
the holding of certain fractions of the equity and to make any Spain (“SOCIMIs”) at least equal to that mentioned in
resultant declarations of intent, any physical person or legal Article 9.3 of Spanish law 11/2009 of 26 October 2009 (“law
entity, acting alone or in concert, who has come to hold or 11/2009”)
stops holding, directly or indirectly, at least one per cent (1%)
of the company’s capital or voting rights, or any multiple of (collectively, a “Concerned Shareholder”)
this percentage, must notify the company, by registered post
shall be required to register the entirety of registered shares in
with proof of receipt request to the registered office within the
the company which they own and ensure that the entities that
period provided for in Article R. 233‑1 of the French Commercial
they control within the meaning of Article L. 233‑3 of the French
Code, also indicating the number of securities ultimately
Commercial Code register all registered shares in the
giving access to the share capital it holds, the number of
company of which they hold ownership. Any Concerned
related voting rights as well as all the information referred to in
Shareholder that has not met these obligations by the second
Article L. 233‑7 I of the French Commercial Code. Mutual fund
working day prior to a General Meeting will have the voting
management firms must carry out such reporting for the
rights it holds, either directly or via entities it controls pursuant
entirety of the shares of the company held by the funds that
to Article L. 233‑3 of the French Commercial Code, capped at
they manage.
the number of shares that it holds, at the relevant General
This reporting obligation applies to all cases of exceeded Meeting, in registered form at this date. The Concerned
thresholds mentioned above, including beyond the statutory Shareholder referred to above will regain all of the voting
and regulatory thresholds. Unless a declaration has been rights attached to the shares they hold, directly or by
made under the conditions outlined above, shares above the intermediary of entities it controls pursuant to Article L. 233‑3
fraction which should have been declared will have no voting of the French Commercial Code, at the next following General
rights attached for any General Meeting held within two (2) Meeting, provided that they make their situation compliant by
years after the date of regularisation of the declaration, at registering all the shares they hold, directly or via entities they
the request, recorded in the minutes of the General Meeting, control pursuant to Article L. 233‑3 of the French Commercial
of one or several shareholders together holding at least one Code, in registered form, by the second working day prior to
per cent (1%) of the share capital. that General Meeting.

(i) Any shareholder other than a physical person that holds, ● In order to determine the thresholds for capital and voting
directly or by intermediary of entities that they control in rights whose crossing is to be declared under the present
the meaning of Article L. 233‑3 of the French Commercial Article 8, the assimilation cases and calculation methods
Code, a percentage of rights to dividends of the company stipulated in Articles L. 233‑7 and L. 233‑9 of the French
at least equal to that mentioned in Article 208 C II ter of Commercial Code and the provisions of Articles 223–11 et seq.
the French General Tax Code; and of the General Regulations of the French Financial Markets
Authority are applied.




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6.2.2 General information concerning the share capital
6.2.2.1 Form of shares – Identification of holders Ownership of one share legally implies compliance with the
Articles of Association and decisions of the General Meetings.
(Article 7 of the Articles of Association)
● Shares will be registered or bearer shares, at the shareholder’s Whenever it is necessary to hold several shares to exercise any
choice. right, in the event of exchange, reverse split or share allotments,
or in the event of a capital increase or reduction, merger or other
● Shares will be registered in the account of their owner under corporate transactions, the owners of only one share or a
the conditions and the terms provided for by the legal number of shares less than the number required may exercise
provisions in force. these rights only if they personally ensure the grouping or
● The company, or a third party designated by it, may use the purchase or sale of the necessary number of shares or allotment
provisions outlined in Articles L. 228‑2 et seq. of the French rights.
Commercial Code at any time to identify (i) holders of Shares are indivisible with respect to the company, which
securities conferring immediately or in the future voting rights recognises only one owner for each share. Joint owners are
in its own General Meetings (of shareholders) and (ii) holders of required to be represented in relation to the company by one
bonds or commercial paper issued by the company. person only. The voting right attached to a share belongs to the
beneficial owner for Ordinary General Meetings and to the bare
6.2.2.2 Transfer of shares (Article 9 of the Articles owner for Extraordinary General Meetings.
of Association)
The shares are freely negotiable.
6.2.2.4 Conditions for modification of the share
capital
6.2.2.3 Duties and obligations attached to The company’s Articles of Association do not provide any rules in
shares (Article 10 of the Articles of order to change the share capital. These decisions are subject
Association) to the legal and regulatory provisions that allow the
Extraordinary General Meeting to delegate to the Board of
Each share gives the right to ownership of the corporate assets
Directors, which may sub‑delegate, the powers or authority
and a share of the profits and the proceeds of liquidation in
necessary to modify the company’s share capital and the
proportion to the number of existing shares.
number of shares, particularly in the event of a capital increase
Shareholders are only responsible for company debts up to the or reduction.
limit of their contribution, i.e. the par value of their shares.
You will be asked in an Extraordinary General Meeting to
Each shareholder will have the same number of votes as the delegate certain financial authority to the Board of Directors in
number of shares owned or represented. No double voting rights terms of capital increases and decreases by the cancellation of
are granted pursuant to Article L. 22‑10‑46 of the French shares acquired in share buyback programmes. The financial
Commercial Code. delegations are presented in the report of the Board of Directors
in the text of the draft resolutions in Section 5.2.2.1.




6




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6.3 Shareholders
Covivio includes among its important shareholders the Delfin, Crédit Agricole Assurances, Covéa and Assurances du Crédit Mutuel
groups.



6.3.1 Information on the share capital
As at 1 January 2024, Covivio’s fully subscribed share capital was At the end of the fiscal year, and taking into account the capital
€303,019,167 divided into 101,006,389 fully paid‑up shares, each increase completed in 2024, Covivio’s share capital was
with a par value of €3 and all of the same class. €334,870,404 divided into 111,623,468 fully paid‑up shares, each
with a par value of €3 and all of the same class.


6.3.2 Securities giving access to the share capital
With the exception of the free shares presented below, there are no other securities giving access to the company’s share capital.
The number of shares that may be issued under free share In accordance with the decisions of the Chief Executive Officer
grants implemented by the company stood at 617,273 at the end taken by delegation of the Board of Directors, and subject to the
of the fiscal year. meeting of the presence condition and any performance
conditions to which certain beneficiaries are subject, the
definitive allocation of these shares will be made from treasury
shares held by the company.


Information on the allocation of free shares is provided in Section 6.3.9.2 below of this chapter.



6.3.3 Share capital structure and voting rights
In accordance with the provisions of Article 10 of the Articles of To the best of the company’s knowledge, the distribution of the
Association amended by the General Meeting of 17 April 2015, share capital and voting rights over the last three fiscal years
each shareholder will continue to have the same number of among the shareholders or groups of shareholders who own or
votes as he or she has shares. No double voting rights are are likely to own, taking into account the shares and voting
granted pursuant to Article L. 22‑10‑46 of the French Commercial rights subject to the same treatment under Article L. 233‑9 of the
Code. Nevertheless, the number of voting rights exercisable in a French Commercial Code, 5% or more of the share capital or
General Meeting is adjusted to take account of treasury shares, voting rights, is as follows:
which do not bear voting rights.
31 Dec. 2024 31 Dec. 2023 31/12/2022
% of % of voting % of % of voting % of % of voting
% of the theoretical rights % of the theoretical rights % of the theoretical rights
Number of share voting exercisable Number of share voting exercisable Number of share voting exercisable
shares capital rights(1) in GM(2) shares capital rights(1) in GM(2) shares capital rights(1) in GM(2)
Public 48,257,472 43.23 43.23 43.56 41,325,372 40.92 40.92 41.27 38,897,127 41.04 41.04 41.46
Delfin Group(3) 31,283,062 28.03 28.03 28.24 27,918,616 27.64 27.64 27.87 25,765,290 27.18 27.18 27.46
Groupe Crédit Agricole
Assurances 9,055,247 8.11 8.11 8.17 8,343,810 8.26 8.26 8.33 7,750,975 8.18 8.18 8.26
Covéa Group 8,394,824 7.52 7.52 7.58 7,365,314 7.29 7.29 7.35 6,797,240 7.17 7.17 7.24
Assurances du Crédit
Mutuel 8,165,592 7.31 7.31 7.37 8,165,592 8.08 8.08 8.15 8,114,538 8.56 8.56 8.65
Blackrock Inc. 5,634,196 5.05 5.05 5.08 7,043,176 6.97 6.97 7.03 6,499,857 6.86 6.86 6.93
Treasury share 833,075 0.75 0.75 / 844,509 0.84 0.84 / 961,069 1.01 1.01 /
Total 111,623,468 100% 100% 100% 101,006,389 100% 100% 100% 94,786,096 100% 100% 100%
(1) These percentages are calculated on the basis of all shares with voting rights attached, including shares temporarily without voting rights.
(2) These percentages are calculated by excluding shares held by the company that do not have voting rights.
(3) Delfin S.à.r.l. is a holding company that belongs to the Del Vecchio family. Delfin S.à.r.l. is primarily involved in financial business and equity investments and controls Aterno and DFR
Investment, Covivio shareholders.




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5.05% 0.75% ● there are no shareholder agreements involving at least 0.5% of
Blackrock Inc. the capital or voting rights in the company, nor any concerted
7.31% Treasury share
actions.
Assurances
du Crédit Mutuel The company is neither directly nor indirectly controlled pursuant
7.52% to Article L. 233‑3 of the French Commercial Code.
Groupe Covéa
43.23% At 31 December 2024, Covivio directly held, outside the terms of
the liquidity agreement (100,862), 732,213 treasury shares. A
Free float
8.11% description of the share buyback programmes implemented
Groupe Crédit
Agricole Assurances during the fiscal year is provided in Section 6.3.8.
There is no cross‑shareholding. Covivio has no direct or indirect
capital interest in any company which, in turn, has a controlling
28.03% interest in Covivio.
Groupe Delfin
Using the services of Euroclear, the company has identified the
holders of shares that entitles to voting rights, either immediately
To the company’s knowledge: or in the future, in its own General Meetings. The findings
● there has been no significant change in the share capital identified some 18,000 individuals and 1,486 financial institutions
structure and voting rights since the end of the fiscal year; as shareholders of the company.

● there are no other shareholders owning, directly or indirectly,
alone or in concert, more than 5% of the capital or voting
rights;




6.3.4 Threshold crossing disclosures
During the 2024 fiscal year, the company was informed of the following legal and/or statutory threshold crossings:
Upward threshold Downward threshold
% of the % of the
crossing crossing
Date Voting share voting
Shareholder of crossing Legal Statutory Legal Statutory Shares rights capital rights
Amundi 30 January 2024 / 1% / / 1,024,611 1,024,611 1.01 1.01
Amundi 5 February 2024 / / / 1% 975,946 975,946 0.96 0.96
BlackRock Inc. 29 February 2024 / 7% / / 7,116,411 7,116,411 7.05 7.05
BlackRock Inc. 12 March 2024 / / / 7% 6,990,113 6,990,113 6.92 6.92
BlackRock Inc. 15 March 2024 / / / 6% 5,634,196 5,634,196 5.58 5.58
Amundi 19 March 2024 / 1% / / 1,115,730 1,115,730 1.10 1.10
Ameriprise Financial Group 15 April 2024 / 1% / / 1,090,168 1,090,168 1.079 1.079
Ameriprise Financial Group 18 April 2024 / / / 1% 795,212 795,212 0.787 0.787
ACM Vie 19 April 2024 / / / 8% 8,165,592 8,165,592 7.80 7.80
Generali Vie 19 April 2024 / 2% / / 3,132,819 3,132,819 2.99 2.99
Generali Group 19 April 2024 / 3% / / 4,082,319 4,082,319 3.89 3.89
DFR Investment S.à.r.l 19 April 2024 / / / 12% 12,183,224 12,183,224 11.62 11.62
Delfin S.à.r.l 19 April 2024 / / / 27% 27,918,616 27,918,616 26.63 26.63
Groupe Crédit Agricole
Assurances 19 April 2024 / / / 8% 8,343,810 8,343,810 7.96 7.96
Delfin S.à.r.l 27 May 2024 / 27% / / 30,304,820 30,304,820 27.19 27.19
Groupe Crédit Agricole
Assurances 27 May 2024 / 8% / / 9,055,247 9,055,247 8.12 8.12
BNP Paribas Asset
Management Holding(1) 13 June 2024 / / / 1% 1,112,147 1,112,975 0.9978 0.9976
DFR Investment S.à.r.l 13 September 2024 / 12% / / 13,441,547 13,441,547 12.04 12.04 6
Generali Group 22 October 2024 / / / 3% 3,337,231 3,337,231 2.99 2.99
Delfin S.à.r.l 24 October 2024 / 28% / / 31,262,697 31,262,697 28.01 28.01
Ameriprise Financial Group 28 October 2024 / 1% / / 1,151,208 1,151,208 1.031 1.031
Axa Investment Managers SA(2) 29 November 2024 / 1% / / 1,116,898 1,116,898 1.00 1.00
MAAF Vie 11 December 2024 / 1% / / 1,230,238 1,230,238 1.10 1.10
(1) Single declaration on behalf of the entities it controls within the meaning of Article 233‑3 of the French Commercial Code and whose UCITS or mandates
delegate to them the exercise of voting rights, with the exception of BNPP AM Argentina, TEB Asset Management and BNPP AM India
(2) As part of the portfolio management activities of its subsidiaries AXA Investment Managers Paris SA AXA Investment Managers UK Limited and AXA Real
Estate Investment Managers SGP SA.




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After the end of the fiscal year, the company was informed of the following legal and/or statutory threshold crossings:

Upward threshold Downward threshold
% of the
crossing crossing
Date of threshold Voting share % of the
Shareholder crossing Legal Statutory Legal Statutory Shares rights capital voting rights
Generali Group 31 January 2025 / / / 2% 2,182,051 2,182,051 1.95 1.95




6.3.5 Declarations of intent
No declaration of intent was made during the 2024 fiscal year.



6.3.6 Change in the capital over the last five fiscal years
The company’s share capital has evolved as follows over the last five fiscal years:

31 December 2020 31 December 2021 31 December 2022 31 Dec. 2023 31 Dec. 2024
Share capital €283,632,696 €283,946,073 €284,358,288 €303,019,167 334,870,404
Number of shares 94,544,232 94,648,691 94,786,096 101,006,389 111,623,468

The changes in the company’s share capital arise from the transactions described below:

Number of Share premium Number Capital
Date By type shares issued amount (in €) of shares amount (in €)
Capital increase following the definitive allocation of free
17 February 2020 shares 37,923 / 87,257,829 261,773,487
Capital increase following the definitive allocation of free
24 April 2020 shares 45,000 / 87,302,829 261,908,487
Capital increase following the payment of the dividend
20 May 2020 in shares 7,185,223 321,897,990.40 94,488,052 283,464,156
20 November Capital increase following the definitive allocation of free
2020 shares 56,180 / 94,544,232 283,632,696
Capital increase following the definitive allocation of free
12 February 2021 shares 10,523 / 94,554,755 283,664,265
Capital increase following the definitive allocation of free
17 February 2021 shares 24,726 / 94,579,481 283,738,443
Capital increase following the definitive allocation of free
19 November 2021 shares 69,210 / 94,648,691 283,946,073
Capital increase following the definitive allocation of free
11 February 2022 shares 51,052 / 94,699,743 284,099,229
Capital increase following the definitive allocation of free
18 February 2022 shares 25,123 / 94,724,866 284,174,598
Capital increase following the definitive allocation of free
18 November 2022 shares 60,830 / 94,785,696 284,357,088
Capital increase following the definitive allocation of free
9 December 2022 shares 400 / 94,786,096 284,358,288
Capital increase following the payment of the dividend
1 June 2023 in shares 6,220,293 260,443,667.91 101,006,389 303,019,167
Capital increase in consideration for contributions in kind
19 April 2024 granted by Generali Group entities to the company 3,818,084 264,434,116.00 104,824,473 314,473,419
Capital increase following the payment of the dividend
27 May 2024 in shares 6,638,915 236,411,763.15 111,463,388 334,390,164
Capital increase in consideration for the shares
contributed to the public exchange offer initiated by the
25 June 2024 company for the shares of Covivio Hotels 160,080 11,086,761.60 111,623,468 334,870,404



6.3.7 Employee shareholding
In accordance with the provisions of Article L. 225‑102 of the French Commercial Code, you will find hereafter a report on employee
shareholding in the company’s share capital as at the last day of the 2024 fiscal year, representing 834,727 Covivio shares, i.e. 0.75% of
the capital.



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6.3.8 Information about the share buyback programme
In 2024, Covivio acquired and sold its own shares as part of its ● the holding and delivery of shares as payment or in
share buyback programmes under the authorisation granted by exchange under potential external growth transactions,
the General Meeting of 20 April 2023, then that granted by the mergers, spin‑offs or contributions,
General Meeting of 17 April 2024.
● the cancellation of shares,
The current share buyback programme, which cannot be
● the use of shares in any other practice that may come to be
implemented during a public offer period, has the following
recognised by law or by the French Financial Markets
characteristics and terms:
Authority (Autorité des Marchés Financiers) or any other
● the maximum purchase price is €85 per share (excluding purpose that would provide a basis for the presumption of
acquisition expenses); legitimacy.
● the maximum amount of funds allocated to the buyback The last authorisation brought an end to the previous share
programme would be €500 million; buyback programme, which amounted to 775,667 treasury shares
held by the company at 17 April 2024, of which:
● the purchase, sale, exchange or transfer transactions may be
executed by any means, whether on the market or over the ● 103,779 shares from the liquidity contract transferred from 23
counter, including block purchases or sales, or by using October 2023 to BNP Paribas Financial Markets (formerly BNP
financial instruments, with the following primary aims: Paribas Arbitrage).
● the implementation of a liquidity agreement with an ● 671,888 shares allocated to the employee shareholding plan
investment service provider under the conditions and coverage within (i) the allocation of free shares to the
according to the methods set by the regulations in place company for the benefit of employees and/or corporate
and recognised market practices, officers of Covivio and/or companies in its group (ii) the
investment of the profit sharing and incentive (increased by
● grants to employees and corporate officers of the company
the subsequent contribution of the company) in shares of the
and/or companies in its group,
company by the employees of the Covivio ESU.
● the delivery of shares upon the exercise of rights attached
The new share buyback programme was implemented by a
to securities giving entitlement to the allocation of shares,
decision of the Board of Directors on 17 April 2024.
The conditions for implementing this share buyback programme
were set out in a document describing the share buyback
programme posted on the company’s website on 17 April 2024.

Changes in treasury shares presented by type of objectives pursued by the company were as follows during the 2024 fiscal year:

Fraction of
Movements over the period the share Par value at
Position at capital at 12/31/2024
(In number of shares) Acquisition Sale Transfer Reallocation Cancellation 31/12/2024 31/12/2024 (in €)

Liquidity agreement 593,196 595,835 - - - 100,862 0.09% 302,586
Employee shareholding
plan coverage 200,000 - 208,795 * - - 732,213 0.66% 2,196,639
SHARES HELD
BY THE COMPANY 833,075 0.75% 2,499,225
* Transfer following:
- the vesting of free and performance shares to employees and corporate officers of Covivio and/or of companies belonging to its group;
- the allocation of shares to employees of the Covivio ESU as part of the 2023 incentive investment, plus the matching contribution, in shares.


Transactions carried out during the 2024 fiscal year are as follows:

Acquisition Sale
Average price Average price
Share buyback programme Number of shares per share (in €) Number of shares per share (in €)
General Meeting of 20 April 2023 180,520 44.60 178,992 45.38
General Meeting of 17 April 2024 612,676 49.48 416,843 47.84 6
TOTAL 793,196 48.37 595 835 47.10

As at 31 December 2024, Covivio held 833,075 treasury shares As the authorisation that was granted by the General Meeting
representing 0.75% of the capital, valued at €47,575,647.22, or on 17 April 2024 was for a period of 18 months, a new share
€57.11 per share, representing a par value of €2,499,225. buyback programme will be submitted to the General Meeting
on 17 April 2025.
The company did not use derivatives in its share buyback
programmes in the 2024 fiscal year.
The transaction costs during the 2024 fiscal year amounted to
€38,853 excl. tax.




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6.3.9 Share subscription and share purchase options and allocation of free
shares
6.3.9.1 Share subscription and share purchase 6.3.9.2 Allocation of free shares
options The allocation of free shares within the Covivio group is to
Since 2008, the company has not implemented a share motivate and foster loyalty with employees who contribute to
subscription or share purchase options plan. the company’s growth by sharing the company earnings with
them.
Since the last plan in force (plan No. 1403008 of 4 May 2007)
expired on 11 October 2014, there is no longer any share
subscription option exercisable within the Covivio group.


During the 2024 fiscal year, the Board of Directors, at the proposal of the Appointments and Remunerations Committee and pursuant
to the delegations of powers granted by the General Meeting of 21 April 2022, awarded 196,148 free shares as detailed below,
representing 0.18% of the capital as at 31 December 2024:
Unit value, as estimated
Unit value, as estimated
by an independent actuary Vesting period Retention period
Date of the free Number of free by an independent
share plans shares allocated actuary France Italy Germany France Italy Germany France Italy Germany
Corporate officers and
21 February 2023 80,643 managers of the €13.82(1) €25.47(2) 3 years /
Covivio group
Employees of the
9,120 Covivio group (group €29.00(2) N/A 3 years N/A / N/A
plan)
Employees of the
23 November 2023 87,885 Covivio group €29.00(2) 3 years /
(discretionary plan)
Covivio group
18,500 employees (retention €13.11(1) 4 years /
plan)
(1) Allocations subject to performance requirements.
(2) Allocations not subject to performance requirements..


The beneficiaries are not subject to any holding obligation, The criteria for allocating free shares to staff members of the
except for Covivio’s executive corporate officers, who are Covivio group are linked to conditions of continued presence
required to hold 50% of the performance shares throughout their and, particularly for discretionary plans, performance and
term of office, until they hold the equivalent in shares equal to potential for growth, to build loyalty and allow them to share in
two years of fixed remuneration. Above this threshold, they are the company’s stock market performance.
free to dispose of shares.
After the end of the fiscal year, on 19 February 2025, the Board of
The 2024 free share allocations granted to the company’s Directors allocated 77,890 free shares.
executive corporate officers are presented in Section 5.3.4.2.1 of
the Board of Directors’ report on corporate governance.

During the 2023 fiscal year, 101,145 free shares were granted to the beneficiaries indicated below:
Number of allocated free shares delivered in 2024
Delivery date of the free shares Date of the free share plan French beneficiaries Italian beneficiaries German beneficiaries
13 February 2024 13 February 2020 7,426 4,665 10,447
19 February 2024 17 February 2021 41,342 2,750 2,500
25 November 2024 25 November 2021 47,880 9,000 19,665
16 December 2024 16 December 2020 7,000 / 4,500

After the end of the fiscal year, 69,130 free shares were delivered to the beneficiaries indicated below:
Number of allocated free shares delivered in 2025
German Number of
Delivery date of the free shares Date of the free share plan French beneficiaries Italian beneficiaries beneficiaries beneficiaries
24 February 2025 22 February 2022 43,253 4,500 3,000 24 February 2025

The free shares allocated over the last five years are presented in Section 5.3.4.2.1.2. of the Board of Directors’ report on corporate
governance.


6.3.9.3 Details of adjustments made to share subscription options and free shares
No adjustments were made in 2024.




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6.4 Stock market ‒ dividend
6.4.1 Data Sheet
CAPITALISATION Share sheet - Euronext Paris
at 31/12/2024 ● ISIN code: FR0000064578

€5,443 M ● Ticker Code: COV
● Stock market: Euronext Paris
● Market: Local securities - Compartment A (Large Cap) - SRD
NUMBER OF SHARES ● Business sector: Real Estate Investment Trusts
LISTED
● SRD: eligible
at 31/12/2024 ● Index: S.I.I.C FRANCE, SBF 120, CAC MID100, EPRA Europe, MSCI, Euronext IEIF, GPR 250, FTSE4 Good, CAC
111,623,468 SBT 1.5°C, DJSI World, Euronext Vigeo, Euronext® CDP Environment France EW
● Standard & Poor’s rating: BBB+, stable outlook




6.4.2 Market price at 31 December 2024
The closing Covivio share price for the 2024 fiscal year was €48.76, bringing market capitalisation to €5.4 billion. In 2024, the Covivio
share fell by +02%, and by +7.8% with the dividend reinvested.



Change in Covivio’s share price and average trading volume over the year


€60 800,000

700,000
€50
600,000

€40
500,000

€30 400,000

300,000
€20
200,000

€10
100,000

0 0
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2 22 22 22 22 22
20 20 20 ril 2 y2 20 ly 2 20 20 20 20 20
ary ary rch Ap Ma ne Ju ust ber ber ber ber
u ru a Ju g m o
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Feb
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Se No De

Average number of shares traded Share price




6.4.3 Dividends distributed within the last five fiscal years
In the last five fiscal years, the dividends distributed and the corresponding tax rebate were as follows:


Fiscal year Type of dividend Dividend paid per share
Amount of dividend eligible for Amount of dividend not eligible
the 40% rebate(1) for the 40% rebate 6
2020 Current €3.60 €0.6681 €2.9319
2021 Current €3.75 €0.9761 €2.7739
2022 Current €3.75 €1.2939 €2.4561
2023 Current €3.30 €1.0121 €2.2879
2024(2) Current €3.50 €1.7827 €1,7173
(1) In case of an overall option for a progressive rate of income tax (taxation specific to French tax residents).
(2) Dividend proposed to the Combined General Meeting of 17 April 2025.




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6.4.4 Dividend distribution policy
Covivio will propose to the General Meeting of 17 April 2025 the The company’s distribution policy has, of course, taken into
payment of a dividend of €3.50 per share for the 2024 financial account the provisions of the tax regulations for listed real
year, up 6% compared with the 2023 fiscal year, equivalent to a estate investment companies mentioned in Section 6.2.1.11.
payout ratio of 78% (dividend/EPRA Earnings).


6.4.5 Appropriation of earnings for the fiscal year
The Board of Directors will propose to the General Meeting of 3‑3° b bis of the French General Tax Code, this rebate does not
Shareholders of 17 April 2025, after noting that the profit for the however apply to earnings exempt from corporate income tax
financial year was €82,244,821.20, increased by retained earnings under the SIIC plan in application of Article 208 C of the French
of €2,561,351.10, bringing the distributable profit to €84,806,172.30: General Tax Code.
● to allocate distributable profit of €84,806,172.30 to the The corporate income tax‑exempt dividend in application of
distribution of a dividend Article 208 C of the French General Tax Code not eligible for the
40% rebate totals €78,525,031.17.
● to also proceed with the distribution of a sum of
€305,875,965.70 deducted from: The dividend withheld on the profits subject to corporate income
tax totals €198,995,696.78..
(i) the account “Merger premium” in the amount of
€192,714,555.65, which will thus be reduced to zero. The balance of the dividend deducted in the amount of
€113,161,410.05 from the “Contribution premium” account is
(ii) the “Contribution premium” account in the amount of considered as a repayment of the contribution within the
€113,161,410.05, which will be reduced from €568,906,779.20
meaning of the provisions of Article 112‑1 of the French General
to €455,745,369.15
Tax Code.
Thus, each share will receive a dividend of €3.50.
The Board will also propose to the General Meeting:
The dividend will be paid on 25 May 2025.
● to resolve that, pursuant to the provisions of Article L. 225‑210
On the basis of the total number of shares comprising the share of the French Commercial Code, the amount the shareholders
capital as of 19 February 2025, i.e. 111,623,468 shares, and subject may have waived, as well as the amount corresponding to
to the possible application of the provisions of Article 25.3 of the treasury shares on the dividend payment date, which are not
company’s Articles of Association to shareholders regarding entitled to dividends, will be allocated to the “Retained
Withholding Tax, it is proposed to a total dividend of earnings” account;
€390,682,138.00 will thus be allocated.
● to grant all powers to the Board of Directors, with a right of
The part of this dividend deducted from earnings subject to subdelegation under the conditions stipulated by the legal
corporation tax and awarded to natural persons subject to and regulatory provisions, for the purposes of determining,
income tax in France only gives entitlement to the 40% rebate in considering the number of shares held by the company at the
the event of an annual, express, overall and irrevocable option record date (included), the overall amount of the dividend
for the progressive income tax scale pursuant to Article 200 A 2 and, consequently, the amount that will be allocated to the
of the French General Tax Code. In compliance with Article 158– “Retained earnings” account.




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6.5 Administration and management
6.5.1 Board of Directors
At the General Meeting of 31 January 2011, Covivio adopted the If the number of Directors falls to less than three, the
form of a société anonyme (public limited company) with a remaining Directors (or the Statutory Auditors, or an officer
Board of Directors, separating the duties of Chairman and Chief designated, at the request of any interested party, by the
Executive Officer. This structure establishes a clear distinction President of the Commercial Court) must immediately call an
between the strategy, decision‑making and control functions, Ordinary General Meeting to appoint one or more new
which are the responsibility of the Board of Directors, and the Directors in order to bring the Board up to the minimum legal
operational and executive functions, which are the responsibility number.
of General Management.
6.5.1.2 Office of the Board of Directors (Article 14
6.5.1.1 Appointments – Composition – Term of of the Articles of Association)
office – Dismissal (Articles 12 and 13 of The Board of Directors appoints a Chairman, who must be a
the Articles of Association) natural person, from among its members and one or more
● The company is administered by a Board of Directors Vice‑Chairmen if needed. It defines the terms of office, which
comprising at least three members and no more than may not exceed the appointee’s term as a Board member, and
eighteen members, subject to statutory exemptions. The which the Board may terminate at any time. The Chairman and
Board members are appointed by the Ordinary General Vice‑Chairmen may be reappointed.
Meeting. The age limit for the Chairman of the Board of Directors is 80.
A legal entity may be appointed as a Director, but it must, When the Chairman of the Board reaches this age limit during
pursuant to applicable legal provisions, appoint a natural his or her term of office, he or she will be automatically deemed
person to serve as its permanent representative to the Board to have resigned.
of Directors. The permanent representatives are subject to the If the Chairman is temporarily incapacitated or dies, the oldest
same conditions and obligations and have the same Vice‑Chairman is delegated to serve as Chairman. In a case of
responsibilities as if they were Directors. temporary incapacity, this delegation is given for a limited
● The term of office of Directors is four years. However, as an period and may be renewed. If the Chairman dies, this
exception, the General Meeting may, upon suggestion of the delegation is valid until the appointment of a new Chairman.
Board of Directors, appoint or reappoint some Directors for a Meetings of the Board of Directors are chaired by the Chairman.
term of office of two or three years to allow for a staggered If the Chairman is absent, the meeting is chaired by one of the
renewal of the Board of Directors. The term of a Director Vice‑Chairmen present, appointed for each meeting by the
expires at the end of the Ordinary General Meeting called to Board of Directors. In the absence of the Chairman and
approve the financial statements for the previous year, held in Vice‑Chairmen, the Board of Directors must designate, for each
the year in which the term of the said Director expires. meeting, one of the Directors present to chair the meeting.
The number of members of the Board of Directors over the The Board of Directors also appoints a Secretary, who does not
age of 75 may not be greater than one third of the members have to be a member. It defines the term and scope of the
in office. When this number is exceeded, and if a member of Secretary’s duties, which it may terminate at any time.
the Board of Directors aged 75 or over does not resign
voluntarily within three months from the date the statutory 6.5.1.3 Notice of meetings and deliberations of
limit was exceeded, the oldest member will be automatically the Board of Directors (Article 15 of the
considered to have resigned.
Articles of Association)
Directors may be reappointed indefinitely, subject to the The Board of Directors meets as often as required by the
aforementioned provisions governing the age limit. interests of the company and whenever the Chairman deems
Directors may be dismissed at any time by the General appropriate, upon notice from the Chairman.
Meeting, without indemnity or prior notice. Directors representing at least one third (1/3) of the members of
In the event of vacancy resulting from the death or resignation the Board of Directors may ask the Chairman to call a Board
from one or several Directors, the Board of Directors may meeting at any time for a specific purpose.
make provisional appointments subject to ratification by the If the roles of the Chief Executive Officer and the Chairman are
next Ordinary General Meeting, in accordance with the time separate, the Chief Executive Officer may ask the Chairman to
frames and conditions provided for by law. Decisions taken
6
call a Board of Directors meeting at any time for a specific
and actions carried out remain valid even if the appointment purpose.
is not ratified.
The Chairman is bound by the requests made to him or her in
In the event of vacancy resulting from the death, resignation line with the aforementioned provisions, and must defer to them
or dismissal of a Director, the Director appointed by the without delay.
General Meeting or the Board of Directors as a replacement
to that Director will hold that position only up to the remaining
office of his or her predecessor.




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Notices of meetings are conveyed by any written method at The Board of Directors may also create one or more permanent
least five (5) days in advance. This five‑day period may be or temporary specialised Committees charged with studying
reduced if one third (1/3) of the Directors agree to a shorter matters which the Board or the Chairman submit for their
notification period. Meetings are held at the company’s opinion, and in particular an Audit Committee, an Appointments
registered office or any other location indicated in the notice of and Remunerations Committee and a Strategy and Investment
meeting. Committee. These Committees, the members and duties of
which are defined by the Board, will conduct their activities
The Board of Directors validly deliberates only if at least half (1/2)
under the responsibility of the Board.
of its members are present.
A Director may give a written proxy to another Director to 6.5.1.5 Remuneration of the Directors (Article 17
represent him or her at a meeting of the Board of Directors in of the Articles of Association)
accordance with legal and regulatory provisions. The members of the Board of Directors may receive
Decisions are adopted by a majority of the members present or remuneration for their activities, the total amount of which is
represented. In the event of a tied vote, the meeting’s Chairman determined by the General Meeting and distributed freely by the
does not have the casting vote. Board of Directors.

In compliance with the applicable laws and regulations, the The Board of Directors may allocate exceptional remuneration to
meetings of the Board of Directors may be held via Directors performing special assignments or mandates.
videoconference or telecommunication or any other method
6.5.1.6 Powers of the Chairman of the Board of
allowed under the law and the regulations under the conditions
defined by the Internal regulations adopted by the Board of Directors (Article 18 of the Articles of
Directors. Association)
The deliberations of the Board of Directors are recorded in The Chairman of the Board of Directors organises and directs
meeting minutes prepared in accordance with the law. the work of the Board and reports to the General Meeting.
He or she oversees the various corporate bodies of the company
6.5.1.4 Powers of the Board of Directors (Article
to ensure they are working smoothly and, in particular, that the
16 of the Articles of Association) Directors are in a position to fulfil their required duties.
The Board of Directors determines the strategy for the
The Board of Directors determines the amount, methods of
company’s business and oversees its implementation. In
calculation and payment of the Chairman’s compensation, if
compliance with the powers expressly reserved for General
any.
Meetings and within the limits of the corporate purpose, the
Board of Directors handles all matters affecting the operation of The Chairman of the Board of Directors may also assume the
the company and governs its business through its deliberations. General Management of the company, in accordance with
The Board of Directors may take decisions by consulting the Article 19 of the Articles of Association.
Directors in writing under the conditions provided for in Article L.
225‑37 of the French Commercial Code. 6.5.1.7 Non‑voting members (Article 20 of the
Articles of Association)
In its relations with third parties, the company is also bound by
the acts of the Board of Directors that are not within the The Board of Directors may appoint one or more non‑voting
company's purpose, unless it proves that the third party was members (natural persons or legal entities). It defines their term
aware that the act exceeded such purpose or that the third of office and any compensation if they are assigned a particular
party should have been aware of this in view of the mission.
circumstances.
The non‑voting members of the Board of Directors attend
The Board of Directors carries out the checks and verification meetings of the Board as observers and may be consulted by
that it considers necessary. the Board. They must be called to every meeting of the Board of
Directors, which may task them with specific missions.
Each Director will receive all the information necessary to
perform his or her duties and may obtain from the Chairman or The Board of Directors may decide to pay the non‑voting
Chief Executive Officer all documents necessary to perform his or members a share of the remuneration allocated by the General
her mission. Meeting to the Directors in respect of their activity and authorise
the reimbursement of expenses incurred by the non‑voting
The Board of Directors may confer special assignments for one members in the interests of the company.
or more specific purposes to one or more of its members, or to
third parties who do not need to be shareholders. The non‑voting members of the Board of Directors are subject to
obligations, in particular to the confidentiality obligations
stipulated by the Board of Directors in its Internal regulations.




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6.5.2 General Management
6.5.2.1 General Management of the company 6.5.2.3 Deputy CEO (Article 19.2 of the Articles of
(Article 19.1 of the Articles of Association) Association)
The company’s General Management is led, at the choice of the At the suggestion of the Chief Executive Officer, the Board of
Board of Directors, either by the Chairman of the Board of Directors may appoint, within its membership or not, one or
Directors, or by another physical person appointed by the Board several natural persons to assist the Chief Executive Officer,
of Directors with the title of Chief Executive Officer. bearing the title of Deputy CEO.
The choice between these two methods of General The maximum number of Deputy CEOs is set at five.
Management is made by the Board of Directors, which must
In agreement with the Chief Executive Officer, the Board of
inform the shareholders and third parties under the conditions
Directors will determine the scope and duration of the powers
provided by law.
granted to the Deputy CEOs.
The Board of Directors’ decision on the choice of General
With respect to third parties, the Deputy CEOs have the same
Management method is made by a majority of the Directors
powers as the Chief Executive Officer.
present or represented.
The age limit for holding the position of Deputy CEO is 67.
6.5.2.2 Chief Executive Officer (Article 19.1 of the
Articles of Association) Irrespective of the term for which they have been granted, the
functions of Deputy CEO expire at the very latest at the end of
When the General Management of the company is led by the the Ordinary General Meeting called upon to approve the
Chairman of the Board of Directors, the provisions below on the financial statements for the previous year and held in the year
Chief Executive Officer are then applicable to him or her in during which the Deputy Executive Officer turns 67.
addition to the provisions specific to his or her role as Chairman
of the Board of Directors. The Board of Directors determines the compensation of the
Deputy CEOs.
When the Board of Directors chooses to separate the roles of
Chairman and Chief Executive Officer, it will appoint the Chief If the Chief Executive Officer relinquishes his or her duties or is
Executive Officer, define his or her term of office and determine prevented from carrying them out, the Deputy CEOs will retain
his or her compensation and any limits on his or her powers. their functions and powers unless otherwise decided by the
Board of Directors, until such time as a new Chief Executive
The Chief Executive Officer may be reappointed. Officer is appointed.
The age limit for holding the position of Chief Executive Officer, Deputy CEOs may be dismissed at any time by the Board of
separate from the position of Chairman, is 67. Irrespective of the Directors, at the suggestion of the Chief Executive Officer. If the
term for which it is granted, the Chief Executive Officer’s office dismissal is decided upon without just cause, it may result in
expires at the very latest at the end of the Ordinary General damages being paid.
Meeting called upon to approve the financial statements for the
previous year and held the year during which the Chief Executive
Officer turns 67.
The Chief Executive Officer may be dismissed at any time by the
Board of Directors. If the dismissal is decided upon without just
cause, it may result in damages being paid, except when the
Chief Executive Officer is also the Chairman of the Board of
Directors.
The Chief Executive Officer is fully empowered to act in any
situation on behalf of the company. He or she exercises these
powers within the limits of the corporate purpose and subject to
the powers granted expressly by law and these Articles of
Association to General Meetings and the Board of Directors.
The Chief Executive Officer represents the company in its
relationships with third parties. The company is also bound by
the acts of the Chief Executive Officer that are not within the
limits of its corporate purpose, unless it proves that the third
party was aware that the act exceeded such purpose or that
the third party should have been aware of this in view of the
circumstances. The publication of the Articles of Association is 6
not on its own sufficient basis for such proof.




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6 Information and management
Information about the company and its investments




6.6 Information about the company and its investments
As regards the main subsidiaries and equity investments, their main activity is presented in Section 1.3 of the Universal Registration
Document.



6.6.1 Group organisation
Covivio is an investor in the office real estate sector in France, ● Asset Development services: this function consists of assisting
Italy and Germany, with investments in commercial and Group companies in activities to enhance the value of assets
residential real estate companies: in the portfolio through real estate development. This function
requires extensive expertise in real estate development;
● equity investments in commercial real estate through the
company Covivio Hotels (SIIC), owner of Hotel Operating ● Property Management services: management of all aspects of
properties in France, Germany, Italy, Luxembourg, the United the life cycle of real estate assets (payments, ongoing and
Kingdom, the Netherlands, Belgium, Portugal, Spain, Ireland, preventive maintenance, service management, etc.). Property
Poland, the Czech Republic and Hungary; Management requires extensive expertise in lease
management, expense management, technical management,
● a holding in residential real estate in Germany through Covivio
client relations management, etc.
Immobilien SE (an unlisted European company).
For development operations involving large projects, Covivio has
The Group consolidated by Covivio was thus constituted on 31
a dedicated team in its subsidiary Covivio Développement.
December 2024 of 454 separate companies, of which 105 were in
the Offices sector, 196 companies in Hotels in Europe, 142 Property Management of Covivio and Covivio Hotels is provided
companies in the Residential sector, 10 services companies and by Covivio Property, a subsidiary of Covivio, which is a shared
one in car parking facilities. platform bringing together central services and personnel from
the regional offices. Rental property management of the residual
Covivio has teams in charge of managing its development and
accommodation of Foncière Développement Logements was
its assets throughout the territory. Each main group company
outsourced to Quadral Property until Foncière Développement
relies upon a dedicated asset management team.
Logements was merged with Covivio on 30 September 2022.
This services provider activity developed within the Covivio
The service agreements are straightforward and non‑exclusive
group concentrates on enhancing portfolio value through:
contracts.
● Asset Management services: this function is focused on the
The specialisation by type of assets of the different companies
real estate strategy to adopt regarding the assets held
of the Covivio group as well as the procedures put in place
(disposal, renovations, financial management, etc.). Asset by
prevent the exposure of the companies concerned to potential
asset, it consists of value creation to meet the expectations of
conflicts of interest, in terms of investments and/or divestments
the Group’s companies by optimising the “profitability/risk”
or asset management.
ratio;


Chief Executive Officer (CEO)
Christophe KULLMANN



Deputy CEO
Olivier ESTÈVE




France Offices Risks, Compliance,
General Hotels General Finance Operations Audit and Internal Covivio Italy
Secretariat Management Strategy and M&A Control Department German Residential
Department Department Germany Offices
Yves MARQUE Tugdual MILLET Erwan GARREC Marjolaine Daniel FREY
Paul ARKWRIGHT Marielle Alexeï DAL PASTRO
SEEGMULLER ALGUIER DE L'EPINE



Italy Finance
Transformation / IT
Department & Risk
Europe
Department
Laurie GOUDALLIER
Barbara PIVETTA




630 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Information and management
Information about the company and its investments




6.6.2 Equity investments
In compliance with Article L. 233‑6 of the French Commercial Code, the equity investments that took place in the fiscal year are
presented in the notes to the separate financial statements, Section 4.5.1.3 of the Universal Registration Document.



6.6.3 Results of subsidiaries and investments
The table of earnings of the subsidiaries and investments is shown in the notes to the separate financial statements in Section 4.5.6.6
of the Universal Registration Document.



6.6.4 Company earnings over the past five fiscal years
The table of earnings of the company over the past five fiscal years is shown in the notes to the separate financial statements in
Section 4.5.6.9 of the Universal Registration Document.



6.6.5 Information on cross‑shareholding
None.



6.6.6 Extraordinary events and litigation
The Group may be involved in court or administrative proceedings and is liable to be subject to a notice of deficiency from the French
Tax administration.
To the company’s knowledge, to date, except for the main proceedings in progress presented in Sections 4.2.2.7.2 and 4.2.5.15, in Part 4
of the Universal Registration Document, there are no other extraordinary events or litigation likely to materially affect the portfolio,
financial position, business or results of Covivio or its subsidiaries.



6.6.7 Ratings
In May 2024, S&P confirmed Covivio’s financial rating of BBB+ with a stable outlook.




6




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 631
6 Information and management
Significant agreements




6.7 Significant agreements
During the last two fiscal years:
● no material contract was entered into by the issuer or any other member of the Group;
● no contract has been entered into by any member of the Group containing provisions conferring on any member of the Group a
significant obligation or right for the entire group;
other than those entered into in the normal course of business, and with the exception of financial contracts outstanding at 31
December 2024 and presented below.

Initial
nominal Outstanding
ISIN code Issue date amount Maturity Rates at end‑2024
Covivio Green bonds FR0013170834 20 May 2016 €500 M 20 May 2026 1.875% €500 M
FR0013262698 21 June 2017 €500 M 21 June 2027 1.500% €595M
XS1772457633 20 February 2018 €300 M 20 February 2028 2.375% €300 M
FR0013447232 17 September 2019 €500 M 17 September 2031 1.125% €599 M
FR0013519279 23 June 2020 €500 M 23 June 2030 1.625% €599 M
FR001400MDV4 5 December 2023 €500 M 5 June 2032 4.625% €500 M
FR0014001LV5 20 January 2021 €100 M 20 January 2033 0.875% €100 M
Green private
placement* FR0013170834 20 May 2016 €500 M 20 May 2026 1.875% €500 M
EMTN (Euro
Medium Term EMTN bond issue programme covering the company and Covivio Hotels, as a second issuer, for a
notes) total amount of €6 billion, of which €4 billion allocated to Covivio
programme
Covivio Hotels Bond issues FR0013367422 24 September 2018 €350 M 24 September 2025 1.875% €350 M
FR0014004QI5 27 July 2021 €500 M 27 July 2029 1.000% €599 M
FR001400Q7X2 23 May 2024 €500 M 23 May 2033 4.125% €500 M
* Private placement under the EMTN programme.



The main financial agreements are detailed in the notes to the consolidated financial statements in Sections 4.2.5.12 and 4.5.3.5.1 of
this Universal Registration Document.




632 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
Information and management
Person responsible for the Universal Registration Document




6.8 Person responsible for the Universal Registration Document
6.8.1 Person responsible for the Universal Registration Document
Christophe Kullmann
Chief Executive Officer (CEO)



6.8.2 Certification of the person responsible for the Universal Registration
Document including the annual financial report
I hereby certify that the information contained in this Universal Registration Document is, to the best of my knowledge, consistent with
the facts and does not contain any omission likely to alter its scope.
I certify, to the best of my knowledge, that the annual financial statements and consolidated financial statements have been
prepared in accordance with the applicable accounting standards and give a true and fair view of the assets, liabilities, financial
position and profit or loss of the company and all of its consolidated companies, and that the information in the Group management
report (including a cross‑reference table in Section 7.3 - pages 639 to 641) fairly reflects the development, profit or loss and financial
position of the company and all of its consolidated companies, as well as a description of the main risks and uncertainties they face
and that it has been prepared in accordance with the applicable reporting standards in the area of sustainability.


Paris, 19 March 2025
Christophe Kullmann, Covivio Chief Executive Officer



6.8.3 Person responsible for the information
Vladimir Minot
Director of Financial Communication and Investor Relations
Address: 10, rue de Madrid - 75008 Paris
Telephone: +33 1 58 97 51 94
e‑mail: vladimir.minot@covivio.fr
Website: www.covivio.eu



6.8.3.1 Provisional timetable for financial reporting
Date Negative window period*
Publication of revenue of the first quarter of 2025 16 April 2025 1 April 2025 to 16 April 2025 inclusive
Publication of half‑year results for 2025 21 July 2025 21 June 2025 to 21 July 2025 inclusive
Publication of revenue of the third quarter of 2025 22 October 2025 7 October 2025 to 22 October 2025 inclusive
* Corresponds to the period during which persons exercising managerial responsibilities and insiders of Covivio must refrain from any transaction involving
the company’s shares.



6.8.3.2 Historical financial information
Pursuant to Article 19 of European Commission Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017
and in accordance with Annexes 1 and 2 of the delegated Regulation (EU) 2019/980 of the Commission of 14 March 2019, the following
information is incorporated by reference in this Universal Registration Document:
● the consolidated financial statement and the annual financial statements for the period ended 31 December 2023 and the reports 6
by the Statutory Auditors relating to them appear on pages 287 to 401 of the 2023 Universal Registration Document filed with the
AMF on 19 March 2024 under No. D.24‑0137.
● the consolidated financial statement and the annual statements for the period ended 31 December 2022 and the report by the
Statutory Auditors concerning same appear on pages 275 to 387 of the 2022 Universal Registration Document filed with the AMF on
16 March 2023 under No. D.23‑0101;




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 633
Iberostar Las Dalias
© Covivio / DR




634 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
7
Concordance
tables
7.1 Concordance table for the Universal 7.3 Concordance table with the
Registration Document 636 management report 639
7.2 Table of concordance with the annual
financial report 638




COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024 635
7 Concordance tables
Concordance table for the Universal Registration Document




7.1 Concordance table for the Universal Registration Document
(Corresponding to the items in Annexes 1 and 2 of Regulation (EU) 2019/980 of 14 March 2019).


1. Responsible parties, third‑party information, appraiser statements and approval of the competent
authority
1.1. Parties responsible for information 6.8.1 , 6.8.3 633
1.2. Statements made by the responsible parties 6.8.2 633
1.3. Appraiser declarations and/or reports 1.7.3 67
1.4. Third‑party information N/A
2. Statutory Auditors
2.1. Names and addresses 5.9 606
2.2. Resignations/non‑renewals N/A
2.3. Remuneration 4.2.7.5 401
3. Risk factors
3.1. Risks relating to Covivio’s activity and strategy 2.1.1 - 2.1.2 80 ; 83
3.2. Financial risks 2.1.2 , 4.2.2 83 , 345
3.3. Legal, fiscal and regulatory risks 2.1.2 83
3.4. Risks related to specific regulations 2.1.2 83
3.5. Environmental risks 2.1.3 96
3.6. Risks related to the costs and availability of appropriate insurance cover 2.1.2 83
4. Information about the issuer
4.1. History and development of the company 6.1.1 610
4.1.1. Name and purpose of the company 6.2.1 614
4.1.2. Place of registration and registration number of the company 6.2.1.4 614
4.1.3. Date of incorporation and term of the company 6.2.1.9 614
4.1.4. Registered office and legal form of the company 6.2.1.2 , 6.2.1.3 614
4.1.5. Development of the company’s activity 1.1 , 4.2.5 10 , 363
4.2. Investments 1.2 , 1.2.6 , 1.2.7 18 , 22 , 22
4.2.1. Main investments made during the financial year 1.2.6 , 1.2.7 22 , 22
4.2.2. Main investments in progress 1.2.6 , 1.2.7 22 , 22
5. Overview of activities
5.1. Primary activities 1.2 18
5.2. Primary markets 1.3 25
5.3. Key events underpinning the development of activity 2
5.4. Strategy and objectives 2
5.5. Possible dependence (Patents/Licences/Industrial and Commercial Contracts) N/A
5.6. Competitive position N/A
5.7. Investments 1.2.6 , 1.2.7 22 , 22
6. Organisation chart
6.1. Description of the Group 6.1.2 613
6.2. List of major subsidiaries 4.2.3.3 , 4.5.6.6 , 6.1.2 349 , 442 , 613
7. Review of the financial position and income
7.1. Financial position 1.4 , 4.1.1 41 , 337
7.2. Operating income 1.4.1.3 , 4.1.2 42 , 339
8. Cash and share capital
8.1. Issuer capital 4.1.4 , 4.5.3.3 341 , 427
8.2. Cash flow sources and amounts 4.1.5 342
8.3. Borrowing conditions and financing structure 1.5 , 4.2.5.12 52 , 381
8.4. Restriction on the use of funding N/A
8.5. Financing sources needed to fulfil commitments relating to investment decisions 1.5 , 4.2.5.12 52 , 381
9. Regulatory framework 2.1.2 83
10. Information on trends




636 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
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Concordance table for the Universal Registration Document




10.1. Principal trends 1.1 , 1.3 10 , 25
10.2. Events that could influence trends 4.2.4 361
11. Earnings projections or estimates N/A
12. Administrative, management and supervisory bodies and General Management
12.1. Information on members of the administrative, management and supervisory bodies 5.3.1 , 5.3.2 , 5.3.3 , 6.5 510 , 517 , 558 , 627
12.2. Conflicts of interest of administrative, management and supervisory bodies and General 5.3.2.2.4.3 541
Management
13. Remuneration and benefits
13.1. Amounts of remuneration paid and benefits in kind 5.3.4.2 , 5.3.4.3 575 , 590
13.2. Total amount provisioned or recognised for pension payments, retirement schemes and other 4.2.5.15 388
benefits
14. Operation of the administrative and management bodies
14.1. Date of expiration of current term of office 5.2.1.1 , 5.3.2.1 499 , 517
14.2. Information on service contracts linking members of the Group’s administrative, management or 4.2.7.4 400
supervisory bodies to the issuer or any of its subsidiaries
14.3. Information about the Audit and the Remuneration Committees of the issuer 5.3.3.1 , 5.3.3.2 560 , 563
14.4. Issuer’s compliance with the applicable corporate governance system in force 5.3 509
14.5. Trends that could impact the corporate governance of the Group 5.3.2.1.2 521
15. Employees
15.1. Number of employees at period‑end covered by the historical financial information 3.3.1.5.2.a 258 - 261
15.2. Profit‑sharing and stock options 6.3.7 , 6.3.9 622 , 624
15.3. Agreement providing for employee participation in the capital of the issuer 3.3.1.1.3.b 249
16. Principal shareholders
16.1. Shareholders owning more than 5% of the share capital or voting rights 6.3.3 620
16.2. Different shareholder voting rights N/A
16.3. Control of the issuer 6.3.3 620
16.4. Agreement known to the issuer whose implementation could, at a later date, result in a change of N/A
control
17. Transactions with related parties 4.2.7.4 400
18. Financial information concerning the portfolio and financial position
and the issuer’s results
18.1. Historical financial information 4.1 337
18.2. Interim and other financial information N/A
18.3. Audit of annual historical information 4.1 337
18.4. Pro forma financial information N/A
18.5. Dividend distribution policy 6.4.4 626
18.6. Arbitration and judicial proceedings 4.2.2.7 347
18.7. Significant change in the financial or commercial position N/A
19. Additional information
19.1. Share capital 6.3 620
19.2. Corporate charter and Articles of Association 6.2 614
20. Significant agreements 6.7 632
21. Documents accessible to the public 6.2.1.13 615




7

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7 Concordance tables
Table of concordance with the annual financial report




7.2 Table of concordance with the annual financial report
(Used to identify the information comprising the annual financial report as provided under Articles L. 451‑1‑2 of the French Monetary
and Financial Code and 222‑3 of the AMF’s General Regulations).

Type of information Relevant parts Pages
1 – Annual financial statements 4.4, 4.5 412 , 415

2 – Consolidated financial statements 4.1, 4.2 337 , 343

3 – Management report Information and management, 609 , 639
7.3 / Cross‑reference table with
management report
4 – Statement of individuals assuming responsibility for the document 6.8.2 633

5 - Statutory Auditors’ report on the annual financial statements (including observations 4.3, 4.6 407 , 449
on corporate governance) and the consolidated financial statements
6 – Report from the Board of Directors on corporate governance 5.3 509




638 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
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Concordance table with the management report




7.3 Concordance table with the management report
The table of concordance below cross‑references information in this Registration Document with information in the company’s and the
Group’s management report, as required by legal and regulatory provisions.


No. Type of information Relevant parts Pages
1. Group position and activity
1.1 Position of the company and the Group during the past fiscal year (L. 232‑1 II 1 and L. 233‑26 of the French
Commercial Code); Analysis of changes in the business, results and financial position of the company and the 1.1 -1.8 10 - 77
Group
1.2 Key financial and non‑financial performance indicators (L. 232‑1 II 1 and L. 233‑6 of the French Commercial
1.1 10
Code)
1.3 Sustainability information (Articles L. 232‑6‑3 and L. 233‑28‑4 of the French Commercial Code) Sustainability report 103 - 333
1.4 Significant events occurring between the closing date of the fiscal year and the date of the management
4.2.9, 4.5.6.8 406 , 448
report (L. 232‑1 II 1 and L. 233‑26 of the French Commercial Code)
1.5 Information relating to the company’s shareholding structure (L. 233‑13 and L. 247‑2 III of the French
Commercial Code), statement of employee shareholding at the year‑end (L. 225‑102 of the French Commercial
6.3 620
Code); possible adjustments for securities providing access to the share capital (L. 228‑99 and R. 228‑90 of the
French Commercial Code)
1.6 Existing subsidiaries (L. 232‑1 II 3 of the French Commercial Code) 6.2.1.5 614
1.7 Significant equity investments or takeovers of companies based in France and activity of the company’s
4.2.5.5, 4.5.6.6 374 , 442
subsidiaries (L. 233‑6 of the French Commercial Code).
1.8 Disposals of cross‑shareholdings (L. 233‑29, L. 233‑30 and R. 233‑19 of the French Commercial Code) N/A N/A
1.9 Foreseeable outlook for the company and Group (L. 232‑1 II 1 and L. 233‑26 of the French Commercial Code) 1.1.8 17
1.10 R&D activities (L. 232‑1 II 2 and L. 233‑26 of the French Commercial Code) 4.5.6.7 448
1.11 Company earnings over the past five fiscal years (R. 225‑102 of the French Commercial Code) 4.5.6.9 448
1.12 Information on terms of payment (L. 441‑14 of the French Commercial Code) 1.4.1.7 50 - 51
1.13 Amount of inter‑company loans granted and Statutory Auditor’s statement (L. 511‑6 and R. 511‑2‑1‑3 of the
4.5.6.6 442 - 447
French Monetary and Financial Code)
1.14 Amount of sumptuary expenses (French General Tax Code, Article 223 quater) 4.5.4.6 437
1.15 Non‑deductible overhead expenses to be added back to taxable income (French General Tax Code,
4.5.4.6 437
Article 223 quinquies)
2. Internal control and risk management
2.1 Description of the main risks and uncertainties (L. 232‑1 II 5 of the French Commercial Code) 2.1 80 - 96
2.2 Impact of the company’s activities on the fight against tax evasion (L. 22‑10‑35 1 of the French Commercial
2.1.2 83 - 96
Code)
2.3 Description of the main characteristics of the internal control and risk management systems as part of the
2.2 97 - 101
process of preparing financial information (L. 22‑10‑10 7 of the French Commercial Code)
2.4 Objectives and policy in the areas of hedging and exposure to price risks, credit risks, liquidity risks and cash
1.5.5, 2.1.2 54 , 83 - 96
flow risks (L. 232‑1 II 6 of the French Commercial Code)
2.5 Anti‑corruption system (law 2016‑1691 of 9 December 2016 known as “Sapin 2”) 2.2.2.1.5 98
2.6 Vigilance plan and effective implementation (Article L. 225‑102‑1 of the French Commercial Code) 2.2.2.3, 3.1.2.2.5 99 , 119 - 121
3. Report from the Board of Directors on corporate governance (L. 225‑37 of the French
5.3 509
Commercial Code)
Remuneration information
3.1 Remuneration policy for corporate officers (L. 22‑10‑8 of the French Commercial Code) 5.3.4.1 569
3.2 Information relating to all remuneration of corporate officers for the past fiscal year (L. 22‑10‑9 I of the French
5.3.4.2, 5.3.4.3 575 , 590
Commercial Code)
3.3 Relative proportion of fixed and variable remuneration (Article L. 22‑10‑9, I, 2 of the French Commercial Code) 5.3.4.1 569
3.4 Use of the option to request the return of variable remuneration (L. 22‑10‑9, I, 3 of the French Commercial Code) 5.3.4.1.2.1.13 573
3.5 Commitments of any kind made by the company for the benefit of its corporate officers, corresponding to
elements of remuneration, indemnities or benefits due or likely to be due as a result of the assumption,
5.3.4.2.1.3 586
termination or change of their duties, or subsequent to their exercise (L. 22‑10‑9, I, 4 of the French Commercial
Code)
3.6 Remuneration paid or allocated by a company within the scope of consolidation as defined in Article L. 233‑16
5.3.4.2.1.1 576
of the French Commercial Code
3.7 Ratios between the level of remuneration of each executive corporate officer and the average and median
3.3.1.5.2.a; 5.3.4.2.1.3 258 ; 586
remuneration of the company’s employees (L. 22‑10‑9, I, 6 of the French Commercial Code)

7

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7 Concordance tables
Concordance table with the management report




No. Type of information Relevant parts Pages
3.8 Annual change in remuneration, the company’s performance, the average remuneration of the company’s
employees and the aforementioned ratios over the five most recent fiscal years (L. 22‑10‑9, I, 7 of the French 5.3.4.2.1.3 586
Commercial Code)
3.9 Explanation of how the total remuneration complies with the adopted remuneration policy, including how it
contributes to the long‑term performance of the company and how the performance criteria were applied 5.3.4.2.1.3 586
(L. 22‑10‑9, I, 8 of the French Commercial Code)
3.10 The manner in which the vote of the last Ordinary General Meeting provided for in I of Article L. 22‑10‑34 of the
5.3.4.3 590
French Commercial Code was taken into account
3.11 Deviation from the procedure for implementing the remuneration policy and any exceptions (L. 22‑10‑9, I, 10 of
N/A N/A
the French Commercial Code)
3.12 Application of the provisions of the second paragraph of Article L. 225‑45 of the French Commercial Code
(suspension of payment of Directors’ remuneration in the event of non‑compliance with the gender balance of N/A N/A
the Board of Directors)
3.13 Allocation and retention of options by executive corporate officers (L. 225‑185 and L. 22‑10‑57 of the French
N/A N/A
Commercial Code)
3.14 Allocation and retention of free shares by executive corporate officers (Article L. 225‑197‑1 II of the French
5.3.4.1.2.1.12 573
Commercial Code).
Governance information
3.15 List of offices and functions held in all organisations by each of the executive officers during the fiscal year
5.3.1.1, 5.3.2.1.3 510 , 523
(L. 225‑37‑4 1 of the French Commercial Code)
3.16 Agreements entered into between a corporate officer or a significant shareholder and a controlled company
5.3.2.2.3.1 539
within the meaning of Article L. 233‑3 (L. 225‑37‑4 2 of the French Commercial Code)
3.17 Summary of capital increase authorisations still in effect (L. 225‑37‑4 3 of the French Commercial Code) 5.3.5.2 593
3.18 Methods by which General Management exercises powers and limitations to the powers of the Chief Executive
5.3, 5.3.1.2 509 , 513
Officer and the Deputy CEOs (L. 225‑37‑4 4 and L. 22‑10‑10 3 of the French Commercial Code)
3.19 Membership and conditions for preparing and organising the work of the Board of Directors (L. 22‑10‑10 1 of the
5.3.2.1, 5.3.2.2 517 , 537
French Commercial Code)
3.20 Diversity policy applied to the members of the Board of Directors and balanced representation of women and
5.3.2.2.5, 5.3.1.5 542 , 516
men within the executive bodies (L. 22‑10‑10 2 of the French Commercial Code)
3.21 Any limitations that the Board places on the powers of the Chief Executive Officer (L. 22‑10‑10, 3 of the French
5.3; 5.3.1.2 509 ; 513
Commercial Code)
3.22 Reference to a corporate governance Code and application of the “comply or explain” principle (L. 22‑10‑10, 4 General Meeting
of the French Commercial Code) and corporate 481
governance
3.23 Special procedures for shareholder participation in General Meetings (L. 22‑10‑10 5 of the French Commercial
5.3.5 593
Code)
3.24 Description of the evaluation procedure for current agreements and its implementation
5.3.2.2.3.2 539
(L. 22‑10‑10 6 of the French Commercial Code)
3.25 Elements that could be relevant in the event of a public offer (L. 22‑10‑11 of the French Commercial Code) 5.3.6 595
3.26 For public limited companies with a Supervisory Board: Observations of the Supervisory Board on the
Management Board’s report and the financial statements for the fiscal year (L. 225‑68, last paragraph, of the N/A N/A
French Commercial Code)
3.27 Membership and conditions for preparing and organising the work of the Board of Directors (L. 22‑10‑10 1 of the
5.3.2.1, 5.3.2.2 517 , 537
French Commercial Code)
3.28 Application of the corporate governance Code for listed companies (L. 22‑10‑10 4 of the French Commercial
5.3 509
Code)
3.29 Description of the main characteristics of the internal control and risk management systems as part of the
2.2 97 - 101
process of preparing financial information (L. 22‑10‑10 7 of the French Commercial Code)
4. Shareholding and capital
4.1 Structure, changes in the company’s share capital and crossing of thresholds (Article L. 233‑13 of the French 6.3.1; 6.3.3; 620 ; 621
Commercial Code) 6.3.4; 6.3.6 ; 622
4.2 Information on the number of shares purchased and sold during the fiscal year under a share buyback
6.3.8 623
programme, and characteristics of these transactions (L. 225‑211 of the French Commercial Code)
4.3 Statement of employee shareholding on the last day of the fiscal year (proportion of capital represented)
6.3.7 622
(L. 225‑102, paragraph 1 of the French Commercial Code)
4.4 Statement of any adjustments for securities giving access to the share capital in the event of share buybacks
6.3.8 623
or financial transactions (R. 228‑90 and R. 228‑91 of the French Commercial Code)
4.5 Summary of the operations realised by the social mandates and related parties in relation to company
5.3.1.3, 5.3.2.1.4 514 , 537
securities (L. 621‑18‑2 of the Monetary and Financial Code and L. 223‑26 of the General Regulations of the AMF)
4.6 Amount of dividends paid in respect of the past three fiscal years (French General Tax Code, Article 243 bis) 6.4.3 625
5. Sustainability report
5.1 Business model (L. 225‑102‑1 and R. 225‑105, I of the French Commercial Code) 3.1.2.3 121 - 129




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No. Type of information Relevant parts Pages
5.2 Description of the main risks related to the company’s or Group’s business, including, where relevant and
proportionate, risks created by business relationships, products or services (L. 225‑102‑1 and R. 225‑105, I, 1 of 2.1.2 83 - 96
the French Commercial Code)
5.3 Information on the effects of the activity on respect for human rights and the fight against corruption and tax
evasion, and the way in which the company or the Group takes into account the social and environmental
consequences of its activity (description of the policies applied and due diligence procedures implemented to 2.1.2 83 - 96
prevent, identify and mitigate the main risks related to the activity of the company or the Group) (L. 225‑102‑1,
III, L. 22‑10‑36 and R. 22‑10‑29, R. 225‑104 and R. 225‑105, I, 2 of the French Commercial Code)
5.4 Results of the policies applied by the company or the Group, including key performance indicators (L. 225‑102‑1
3.1.2.5 132
and R. 225‑105, I, 3 of the French Commercial Code)
5.5 Social information (employment, work organisation, health and safety, labour relations, training, equal
3.3 240 - 296
treatment) (L. 225‑102‑1 and R. 225‑105, II, A. 1 of the French Commercial Code)
5.6 Environmental information (general environmental policy, pollution, circular economy, climate change)
3.2 144 - 239
(L. 225‑102‑1 and R. 225‑105, II, A. 2 of the French Commercial Code)
5.7 Societal information (societal commitments in favour of sustainable development, sub‑contracting and
3.3.3 275
suppliers, fair practices) (L. 225‑102‑1 and R. 225‑105, II, A. 3 of the French Commercial Code)
5.8 Information on the fight against corruption and tax evasion (L. 225‑102‑1, L. 22‑10‑36 and R. 22‑10‑29 and
2.1.2 83 - 96
R. 225‑105, II, B. 1 of the French Commercial Code)
5.9 Information relating to actions in favour of human rights (L. 225‑102‑1, L. 22‑10‑36 and R. 22‑10‑29 and R. 225‑105,
3.3.3 275
II, B. 2 of the French Commercial Code)
5.10 Specific information (L. 225‑102‑2 of the French Commercial Code):
- technological accident risk prevention policy implemented by the company;
- the company’s ability to cover its civil liability in respect of property and persons as a result of the operation 3.2.2.4; 3.3.4.5 187 , 293
of such facilities;
- resources provided by the company to manage the compensation of victims in the event of a technological
accident involving its liability.
5.11 Collective agreements entered into within the company and their impact on the company’s economic
performance as well as on the working conditions of employees (L. 225‑102‑1, III and R. 225‑105 of the French 3.3.1.3 254
Commercial Code)
5.12 Statement by the independent third party on the information contained in the SNFP (L. 225‑102‑1, III and
3.6.1 326
R. 225‑105‑2 of the French Commercial Code)
5.13 Actions to promote the link between the nation and its armed forces and to support involvement in the
3.1.2.1 107 - 109
reserves of the National Guard (Article L. 22‑10‑35 2 of the French Commercial Code)
6. Other information
6.1 Injunctions or financial penalties for anti‑competitive practices (Article L. 464‑4 I of the French Commercial
N/A N/A
Code)
6.2 Information on essential intangible resources, how the business model fundamentally depends on these
resources and how they constitute a source of value creation (Article L. 232‑1 II 7 of the French Commercial N/A N/A
Code)
6.3 Amount of sumptuary expenses (French General Tax Code, Article 223 quater) 4.5.4.6 437
6.4 Non‑deductible overhead expenses to be added back to taxable income (French General Tax Code,
4.5.4.6 437
Article 223 quinquies)




7

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Glossary




Definitions, acronyms and abbreviations used
EPRA NTA, NRV and NDV per share Green Assets
EPRA NTA, NRV and NDV per share are calculated pursuant to “Green” buildings, according to IPD, are those where the building
the EPRA recommendations, based on the shares outstanding and/or its operating status are certified as HQE, BREEAM, LEED,
as at year‑end (excluding treasury shares) and adjusted for the etc. and/or which have a recognised level of energy
effect of dilution. performance such as the BBC‑Effinergie®, HPE, THPE or RT
Global certifications.
Operating assets
Unpaid rent (%)
Properties leased or available for rent and actively marketed.
Unpaid rent corresponds to the net difference between charges,
Rental activity
reversals and irrecoverable loss of income divided by rent
Rental activity includes mention of the total surface areas and invoiced. These appear directly in the income statement under
the annualised rental income for renewed leases, vacated net cost of unrecoverable income (except in Italy where unpaid
premises and new lettings during the period under review. amounts not relating to rents were restated).

For renewed leases and new lettings, the figures provided take Loan To Value (LTV)
into account all contracts signed in the period so as to reflect
The LTV calculation is detailed in Part 4 “Financial Resources”
the transactions completed, even if the start of the leases is
subsequent to the period. The calculation of the EPRA LTV is available in the dedicated
EPRA report.
Lettings relating to assets under development (becoming
effective at the delivery of the project) are identified under the Rental income
heading “Pre‑lets”.
● Recorded rent corresponds to gross rental income accounted
Cost of development projects for over the year by taking into account deferment of any
relief granted to tenants, in accordance with IFRS standards.
This indicator is calculated including financial costs. It includes
the costs of the property and costs of construction. ● The like‑for‑like rental income posted allows comparisons to
be made between rental income from one year to the next,
Definition of the acronyms and abbreviations used:
before taking changes to the portfolio (e.g. acquisitions,
MRC: Major Regional Cities, i.e. Bordeaux, Grenoble, Lille, Lyon, disposals, building works and development deliveries) into
Metz, Aix‑Marseille, Montpellier, Nantes, Nice, Rennes, Strasbourg account. This indicator is based on assets in operation, i.e.
and Toulouse assets leased or available for rent and actively marketed.

● ED: Excluding Duties ● Annualised “topped‑up” rental income corresponds to the
gross amount of guaranteed rent for the full year based on
● ID: Including Duties existing assets at the period end, excluding any relief.
● IDF: Paris region (Île‑de‑France) Asset value
● ILAT: French office rental index The portfolio presented includes investment properties,
● CCI: Construction Cost Index properties under development, as well as operating properties
and properties in inventory for each of the entities, stated at
● CPI: Consumer Price Index their fair value. For the Hotel Operating properties it includes the
valuation of the portfolio consolidated under the equity method.
● RRI: Rental Reference Index
For offices in France, the portfolio includes asset valuations of
● PACA: Provence‑Alpes‑Côte‑d’Azur Euromed and New Vélizy, which are consolidated under the
equity method.
● LFL: Like‑for‑Like
Projects
● GS: Group Share
● Committed projects: these are projects for which promotion or
● CBD: Central Business District construction contracts have been signed and/or work has
● Rtn: Yield begun and has not yet been completed at the closing date.
The delivery date for the relevant asset has already been
● Change : Variation scheduled. They might pertain to VEFA (pre‑construction)
● MRV: Market Rental Value projects or to the repositioning of existing assets.

Firm residual term of leases ● Managed projects: These are projects that might be
undertaken and that have no scheduled delivery date. In
Average outstanding period remaining of a lease calculated other words, projects for which the decision to launch
from the date a tenant first takes up an exit option. operations has not been finalised.




642 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
642
Glossary




Yields / return Occupancy rate
● The portfolio returns are calculated according to the following ● The occupancy rate corresponds to the spot financial
formula: occupancy rate at the end of the period and is calculated
using the following formula:
Gross annualised rent (not corrected for vacancy)
1 – Loss of rental income through vacancies (calculated at MRV)
Value excl. duties for the relevant scope (operating or
development) Rental income of occupied assets + loss of rental income

● The returns on asset disposals or acquisitions are calculated This indicator is calculated solely for properties on which asset
according to the following formula: management work has been done and therefore does not
include assets available under pre‑leasing agreements.
Gross annualised rent (not corrected for vacancy) Occupancy rate are calculated using annualised data solely on
the strategic activities portfolio.
Acquisition value including duties or disposal value excluding The “Occupancy rate” indicator includes all portfolio assets
duties except assets under development.
Like‑for‑like change in rent
EPRA Earnings
This indicator compares rents recognised from one fiscal year to
EPRA Earnings is defined as “the recurring result from operating
another without accounting for changes in scope: acquisitions,
activities”. It is the indicator for measuring the company’s
disposals, developments including the vacating and delivery of
performance, calculated according to EPRA’s Best Practices
properties. The change is calculated on the basis of rental
Recommendations. The EPRA Earnings per share is calculated on
income under IFRS for strategic activities.
the basis of the average number of shares (excluding treasury
shares) over the period under review. This change is restated for certain severance pay and income
associated with the Italian real estate (IMU) tax.
● Calculation:
Given specificities and market practices in Germany, the
(+) Net Rental Income
like‑for‑like change is computed based on the rent in €/m2 spot
(+) EBITDA of Hotel Operating properties activities and coworking N versus N‑1 (without vacancy impact) on the basis of accounted
rents.
(+) Income from other activities
For Hotel Operating properties (owned by FDMM), like‑for‑like
(-) Net Operating Costs (including costs of structure, costs on change is calculated on an EBITDA basis.
development projects, revenues from administration and
management) Restatement

(-) Depreciation of operating assets ● deconsolidation of acquisitions and disposals realised on the
N and N‑1 periods;
(-) Net change in provisions and other
● restatements of assets under works, i.e.:
(-) Cost of the net financial debt
● restatement of released assets for work (realised on N and N‑1
(-) Interest charge related to finance lease liability years);
(-) Net change in financial provisions ● restatement of deliveries of assets under works (realised on N
(+) EPRA Earnings of companies consolidated under the equity and N‑1 years).
method Like‑for‑like change in value
(-) Corporate taxes This indicator is used to compare asset values from one fiscal
(=) EPRA Earnings year to the next without accounting for changes in scope:
acquisitions, disposals, developments including the vacating
Surface area and delivery of properties.
● SHON: Gross surface The change shown in the portfolio tables allows for work carried
● SUB: Gross used surface out on the existing portfolio. The restated like‑for‑like change in
value of this work is cited in the comments section. The current
Debt interest rate scope includes all portfolio assets.
● Average cost: Restatement done:
● Deconsolidation of acquisitions and disposals realised over
Financial cost of bank debt for the period + financial cost of
the period
hedges for the period
● restatement of works carried out on assets under
Average cost of debt outstanding in the year development during the N period.

● Spot rate: Definition equivalent to average interest rate over a
period of time restricted to the last day of the period.




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644 COVIVIO UNIVERSAL REGISTRATION DOCUMENT 2024
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