Paris, le 21 juillet 2025, 7h00

Résultats semestriels 2025
Forte croissance des résultats et perspectives relevées

« Le travail continu d’amélioration de la qualité du patrimoine a porté ses fruits au premier semestre. Le dynamisme opérationnel
s’illustre par la croissance de +9% des revenus, dont +5% à périmètre constant. Les hôtels remembrés en 2024 affichent des revenus
et valeurs en hausse de plus de +10%, tandis que l’acquisition de la participation minoritaire dans CB21 est immédiatement créatrice
de valeur. Le résultat récurrent augmente ainsi de +14%. Ces performances permettent à Covivio d’aborder le second semestre avec
des ambitions de croissance renforcées et de relever son objectif de résultat récurrent 2025. »
Christophe Kullmann, Directeur Général de Covivio

Marchés immobiliers : les signes d’un nouveau cycle se confirment

► Investissements : croissance des volumes de +11% en Europe au premier semestre
► Bureaux : stabilisation de la demande placée en Europe et perspective d’équilibre offre / demande plus favorable
► Résidentiel allemand : accentuation de la pénurie de logements, loyers en progression constante (+5% sur un an à Berlin)
► Hôtels : croissance annuelle des revenus par chambre (RevPAR) de +2,5% en moyenne en Europe à fin mai 2025

Poursuite de la dynamique d’asset management et valeurs d’actifs en hausse

► Bureaux : reprise de la pleine propriété de la tour CB21 et livraison de l’actif Corte Italia à Milan QCA, 100% loué
► Hôtels : succès de l’asset swap de fin 2024, matérialisé par une hausse de plus de +10% des EBITDA et valeurs des hôtels
remembrés
► Résidentiel : poursuite des programmes de modernisation du patrimoine et des privatisations (avec marge de +35%)
► Patrimoine en hausse de +3,1% à périmètre courant et +1,5% à périmètre constant, à 23,6 Md€ (16,0 Md€ part du Groupe)

Nouvelle progression des indicateurs ESG

► 98,6% des actifs dotés d’une certification environnementale (HQE/BREEAM/LEED, etc), dont 72% de bureaux à un niveau
supérieur ou égal à Very Good
► Emission d’un EU Green Bond de 500 M€ à 9 ans en juin 2025, le premier au sein du secteur immobilier
► Nouvelle hausse de la part de la dette liée à des critères ESG, à 69% (vs 64% fin 2024)

Croissance des revenus de +9% à périmètre courant et +5% à périmètre constant

► 527 M€ de revenus consolidés (356 M€ part du Groupe), soit +8,9% à périmètre courant et +4,9% à périmètre constant
► Bureaux : loyers en hausse de +8,9% à périmètre courant et +4,7% à périmètre constant, taux d’occupation stable à 95,5%
► Résidentiel allemand : accélération de la hausse des loyers à périmètre constant, à +4,8% (vs +4,3% en 2024)
► Hôtels : hausse des revenus de +14,6% à périmètre courant et +5,3% à périmètre constant
► Maintien à des niveaux élevés du taux d’occupation (97,3%) et de la durée ferme des baux (6,3 années)

Résultat net récurrent et ANR en hausse de +14% et de +3,5% sur un an

► Résultat net récurrent (EPRA Earnings ajusté) en hausse de +14% sur un an, à 263,2 M€ (2,38€/action, +6%)
► Ratios de levier sains : LTV de 39,8% malgré le paiement de l’intégralité du dividende sur le semestre (vs 38,9% fin 2024) et
Dette Nette / EBITDA de 10,7x (vs 11,4x)
► Actif net réévalué (EPRA NTA) : 80,4€/action, +3,5% sur un an (+0,7% sur six mois, lié au paiement du dividende au S1)

Perspectives 2025 relevées

► L’objectif de résultat net récurrent 2025 est relevé de +4%, à environ 515 M€, représentant une croissance de +8% par rapport
à 2024 (+4% par action).


L’EPRA Earnings ajusté et les EPRA NTA, NDV et NRV constituent des Indicateurs alternatifs de performance tels que définis par l’AMF et sont détaillés dans les sections
3. Eléments financiers, 5. Reporting EPRA et 7. Glossaire du présent document. Les procédures d’examen limité sur les comptes semestriels ont été effectuées. Le rapport
d’examen limité est en cours d’émission.
COVIVIO
RESULTATS SEMESTRIELS 2025



Principaux indicateurs opérationnels et financiers
Compte de résultat, Variation
S1 2024 S1 2025 Variation
En M€, part du Groupe à périmètre constant
Taux d’occupation (%) 97,1% 97,3% +0,2pt
Revenus 326,8 355,7 +8,9% +4,9%
Résultat opérationnel récurrent 276,2 309,1 +11,9%
Résultat net récurrent (*) 230,8 263,2 +14,0%
Résultat net récurrent (*) par action (€) 2,24 2,38 +6,0%
Résultat net comptable -8,4 341,4 n.a.

Bilan, Variation
2024 S1 2025 Variation
part du Groupe à périmètre constant
Patrimoine (Md€) 15,6 16,0 +3,1% +1,5%
Dette nette (Md€) 6,8 7,2 +4,5%
LTV droits inclus (%) 38,9% 39,8% +0,9pt
ICR (x) 6,0x 7,3x +1,3pt
Dette nette / EBITDA (x) 11,4x 10,7x -0,7x
EPRA NTA (Md€) 8,9 9,0 +0,8%
EPRA NTA par action (€) 79,8 80,4 +0,7%


ESG 2024 S1 2025 Variation

Actifs bénéficiant d’une certification 98,5% 98,6% +0,1pt
dont Bureaux Very Good ou au-dessus 71,2% 72,0% +0,8pt
Dette associée à des critères ESG 64% 69% +5pts
* EPRA Earnings Ajusté


Covivio : un patrimoine diversifié et en amélioration continue
Covivio détient 23,6 Md€ (16,0 Md€ PdG) d’actifs en Europe, gérés selon trois piliers stratégiques :

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

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

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

Le patrimoine est composé à 50% de bureaux situés principalement à Paris, Milan et dans les grandes villes
allemandes, dont 70% en centre-ville et 25% dans les principaux centres d’affaires ; 30% de logements principalement
à Berlin (58% du portefeuille résidentiel) ; et 20% d’hôtels situés dans les grandes villes touristiques européennes (Paris,
Berlin, Rome, Madrid, Barcelone, Londres, etc.), loués ou gérés par les opérateurs leaders : Accor, IHG, Marriott, B&B,
NH Hotels, etc.
Le patrimoine est situé à 41% en Allemagne, 34% en France, 17% en Italie et 8% dans les autres pays européens.




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


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COVIVIO
RESULTATS SEMESTRIELS 2025



Un environnement de marché plus porteur

Investissement : hausse des volumes de +11% en Europe au premier semestre

Le marché de l’investissement en immobilier poursuit son rebond en 2025. Au premier semestre, les volumes, toutes
classes d’actifs confondues, s’inscrivaient en progression de +11% en Europe, à près de 95 Md€2. Ils sont attendus,
pour l’ensemble de l’année, en hausse de l’ordre de +12% à près de 222 Md€.

En bureaux, le rebond se confirme au 1er semestre, en France (+33% à 2,4 Md€), en Allemagne (+20% à 2,7 Md€), et
à Milan (+56% à 515 M€). On observe également un début de compression des taux de rendement prime à Paris (-10
pb à 3,9%). Ils restent stables à Milan et Berlin, à 4,25%.

En résidentiel allemand, le rebond (transactions > 30 unités) est particulièrement prononcé : +36%, à 4,5 Md€ investis
au 1er semestre 2025. Les ventes à l’unité sont également mieux orientées, soutenues par la hausse de +30% sur 12
mois glissant des emprunts hypothécaires aux particuliers (à 220 Md€ fin avril 20253). Cet environnement plus porteur
se reflète également dans les valeurs métriques, en hausse de +2% sur un an à 4 737 €/m² à Berlin.

Enfin, en hôtellerie, les volumes sont en forte croissance dans la plupart des destinations, +50% en Allemagne à
830 M€, +86% en Italie à 1,5 Md€, +8% au UK à 1,6 Md£.


Bureaux : perspective d’équilibre offre / demande plus favorable

La demande placée en Europe est en voie de stabilisation depuis plusieurs trimestres. Dans les 18 principales
métropoles européennes, elle enregistrait une hausse annuelle de +8% au 1er trimestre4, atteignant 2 millions de m².
Le phénomène de polarisation du marché se poursuit : le taux de vacance moyen s’établit à 5,3 % dans les 13 centres-
villes majeurs (+80 points de base sur un an), contre 10,6 % en périphérie (+115 pb). En dépit de fortes disparités selon
les géographies au premier semestre (demande placée en hausse de +18% en Allemagne, +10% en Italie, -12% en
Ile-de-France), des signaux positifs sont observés sur la demande de bureaux, avec de nombreuses grandes
entreprises instaurant des politiques de retour progressif sur site (Société Générale, Amazon, Free, JP Morgan, etc.).

Les loyers prime poursuivent leur ascension : +17% sur un an à Paris (1 250 €/m²), +10% à Milan (770 €/m²) et +6%
dans les 6 principales villes allemandes (528 €/m²). Cette divergence entre centre et périphérie profite à certains
quartiers d’affaires historiques, où l’équation localisation / coût / qualité est plus favorable. En Île-de-France, l’écart entre
les loyers du QCA et ceux de La Défense (615 €/m²) atteint un niveau inédit, supérieur à 2 fois, ce qui se traduit au 1er
semestre par une demande placée à la Défense de 48 000 m² sur les surfaces inférieures à 5 000 m², en hausse de
+62%.

A cela s’ajoute la baisse de l’offre future neuve de bureaux, généralisée en Europe avec un impact plus significatif en
Île-de-France. En effet, les chantiers de nouveaux bureaux ont été réduits de près de 40% sur les 18 derniers mois
alors que l’offre future (neuve ou restructurée) est attendue en baisse de -45% entre 2024 et 2026.


Résidentiel allemand : des loyers toujours en hausse face à une pénurie qui perdure
La pénurie de logements se poursuit en Allemagne. En 2024, près de 252 000 logements ont été livrés5, en baisse
annuelle de -14% et bien loin des objectifs du gouvernement de 400 000 unités par an. Des chiffres qui devraient
demeurer faibles encore en 2025, au regard des 215 000 permis de construire autorisés en 2024 (-17% vs 2023). Ce
déséquilibre est d’autant plus prononcé à Berlin, ce qui se traduit par des loyers en hausse 6, de +4% sur un an sur les
logements neufs et +5% sur les logements existants.




2
Source : données préliminaires Savills du 1er semestre 2025
3
Source : Bundesbank
4
Source : BNP Paribas Real Estate
5
Source : Destatis
6
Source : Immoscout24

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COVIVIO
RESULTATS SEMESTRIELS 2025


En outre, le contexte politique s’est amélioré ces derniers mois outre-Rhin. La formation du nouveau gouvernement
autour d’une coalition CDU/CSU offre à la fois une meilleure visibilité sur la réglementation du secteur résidentiel et une
volonté politique forte d’alléger les contraintes sur la construction de nouveaux logements (accélération des obtentions
administratives, baisse des coûts de construction).


Hôtellerie : croissance des revenus par chambre de +2,5%, l’Europe du Sud en tête

La croissance du segment hôtelier se poursuit en 2025, avec des RevPAR7 en hausse de +2,5% en moyenne en Europe
à fin mai, portés par la hausse des prix (+1,4%) ainsi qu’une amélioration du taux d’occupation (+0,7 pt). L’Europe du
Sud continue à surperformer, l’Espagne et l’Italie affichant une forte croissance des RevPAR de respectivement +5%
et +4%. L’Allemagne poursuit son rattrapage et affiche une hausse de +4%, tandis que la France progresse de +2%.

Sur les prochains exercices, le déséquilibre offre / demande devrait se poursuivre. Les nuitées hôtelières sont attendues
en hausse de +4% par an d’ici 20308, tandis que le stock d’hôtels devrait croître de seulement +0,5% par an d’ici 20309.



Poursuite de la dynamique d’asset management

De nouvelles opportunités saisies en hôtellerie

Solides résultats des hôtels remembrés en 2024 et avancées sur les programmes de capex

En 2024, dans le cadre de l’échange d’actifs avec Essendi (ex-AccorInvest), Covivio a remembré 43 hôtels, pour une
valeur actuellement de l’ordre de 1,4 Md€ à 100% (0,5 Md€ part du Groupe). Au 1er semestre 2025, ces hôtels affichent
déjà une croissance des EBITDA de +11% et de leurs valeurs à périmètre constant de +10%.

En outre, Covivio prévoit un programme de capex de 100 M€ (53 M€ part du Groupe) avec un rendement sur capex
supérieur à 20%. Au 1er semestre, deux premiers projets ont été engagés, pour un total de 32 M€ de capex. L’Ibis
Montmartre 3*, hôtel de 326 chambres idéalement situé dans Paris, subira une rénovation complète et sera opéré sous
une nouvelle franchise de marque internationale, afin de permettre une évolution du mix clients et une hausse des
RevPAR. Le Mercure Nice, de 124 chambres, situé sur la Promenade des Anglais, bénéficiera également d’une
rénovation. La reprise du Mercure Nice offre aussi un potentiel de synergies opérationnelles avec l’hôtel Le Méridien,
adjacent, tous deux étant gérés par la plateforme de gestion hôtelière de Covivio, WiZiU.

Renforcement en hôtels : près de 300 M€10 d’opérations au 1er semestre
La croissance de l’exposition du groupe aux hôtels se poursuit, à travers la conversion de bureaux en hôtels, en France
comme en Italie. A fin juin 2025, le groupe dispose d’un pipeline identifié de 4 actifs et 600 chambres, pour un coût total
y compris terrain estimé à 240 M€ (220 M€ part du Groupe, dont 105 M€ de capex à décaisser). Ces projets hôteliers
sont situés dans l’est de Paris, proches de la Butte aux Caille et du Marais, à Boulogne-Billancourt, ainsi qu’en Italie, à
Bologne. Ils affichent un rendement sur coût supérieur à 6% et devraient être livrés en 2027/2028.

Covivio a également augmenté sa participation dans sa filiale Covivio Hotels, à 53,2% vs 52,5% fin 2024, suite à la
souscription du paiement du dividende de l’exercice 2024 de Covivio Hotels en actions. Cette opération représente
l’équivalent de 42 M€ de valeurs d’actifs supplémentaires.

Enfin, Covivio a signé l’acquisition de l’hôtel 3* de 176 chambres B&B Porto Centro Massaleros, au Portugal, pour un
montant de l’ordre de 15 M€ et un rendement de 6%. Le Portugal a connu en 10 ans une croissance du nombre de
visiteurs de +70%, qui en fait la destination la plus dynamique d’Europe. En 2024, on compte plus de 6,4 millions de
nuitées enregistrées, en croissance de +7% vs 2023.




7
RevPAR : Revenu par Chambre Disponible
8
Source : Oxford Economics
9
Source : STR
10
270 M€ part du Groupe

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COVIVIO
RESULTATS SEMESTRIELS 2025


Signature d’un nouveau bail avec Radisson Hotel Group
Covivio a conclu un nouveau bail avec Radisson Hotel Group pour un actif situé au sein de l’aéroport Roissy Charles
de Gaulle, précédemment exploité par Accor sous contrat de management. Ce bail, d’une durée de 12 ans, repose sur
un loyer variable assorti d’un minimum garanti. L’hôtel 4* de 305 chambres sera opéré sous l’enseigne Radisson Blu.
Le passage d’une détention murs et fonds à un bail devrait entraîner une amélioration significative des revenus, de plus
de +50% par rapport à 2024.

Cette opération marque une nouvelle étape dans le partenariat avec Radisson Hotel Group et illustre la capacité de
Covivio à optimiser en permanence ses revenus, en tirant parti de la flexibilité des différents types de contrats (bail,
franchise, management) et de sa connaissance approfondie des opérateurs.

Bureaux : tirer parti d’un momentum plus favorable

Rachat de la participation minoritaire dans CB21

Le groupe a racheté la participation minoritaire de 25% dans la tour CB21, située à Paris - La Défense. Cet
investissement permet à Covivio de reconstituer la pleine propriété de cet actif emblématique, à un moment clé de la
vie de l’immeuble consécutif au départ de Suez, locataire historique de la tour. Le groupe pourra ainsi y déployer sa
stratégie immobilière et bénéficier du travail d’asset management, dans un contexte de rebond du marché locatif à La
Défense sur les 18 derniers mois.

Cette transaction, immédiatement créatrice de valeur, affiche un rendement sur coût cible de 10%, une fois la tour
intégralement relouée.

Fidèle à sa stratégie de déploiement de solutions sur mesure pour ses clients, Covivio met en place une approche de
commercialisation différenciée selon les étages : de la commercialisation « en l’état », à des solutions « premium » en
batterie haute. Ainsi, 10 000 m² seront reloués en l’état, tandis que 34 000 m² seront redéveloppés. Cette stratégie se
révèle payante puisque Covivio a d’ores et déjà signé pour 6 000 m² d’accords locatifs pour relouer en l’état, et que des
discussions avancées sont engagées sur 4 000 m² supplémentaires.

Poursuite des redéveloppements d’actifs prime à Milan

Le groupe a livré, au premier semestre, l’actif Corte Italia à Milan QCA. Cet actif, propriété de Covivio depuis 2015 et
situé dans le QCA, a fait l‘objet d’un projet de réaménagement majeur visant à créer des espaces flexibles et efficaces,
correspondant aux nouvelles attentes des utilisateurs. Les 12 100 m² de l’immeuble ont été livrés intégralement pré-
loués à un opérateur italien leader dans le domaine des logiciels, des données et de l’analytique. L’opération a
représenté un coût total de 125 M€, pour un rendement sur coût de l’ordre de 6% et une création de valeur captée à fin
juin de +24%.

En parallèle, Covivio entend lancer une nouvelle opportunité de redéveloppement, un actif11 situé via Parini dans la
zone de Porta Nuova à Milan QCA. Cet immeuble de 6 000 m² était loué de longue date à Telecom Italia puis Fibercop.
En 2025, Fibercop et Covivio ont signé un accord pour la libération de 4 700 m² en vue de leur redéveloppement. Le
coût total de l’opération, de 53 M€ foncier compris (dont 15 M€ de capex), permettra de générer un rendement locatif
supérieur à 6%, pour un objectif de création de valeur supérieur à +20%.

Résidentiel allemand : poursuite de l’amélioration de la qualité du patrimoine

En résidentiel allemand, Covivio a poursuivi le travail d’extraction de la valeur de son patrimoine, autour de quatre
principaux leviers que sont la réversion, les modernisations, les privatisations et les développements build-to-sell.

Covivio a ainsi extrait une réversion locative de +24% en moyenne sur ses relocations, dont +36% à Berlin, sur 1 384
logements.




11
Détenu à 51% par Covivio

5
COVIVIO
RESULTATS SEMESTRIELS 2025


En parallèle, 37 M€ à 100% (24 M€ part du Groupe) ont été investis dans des programmes de modernisation,
majoritairement à Berlin, permettant un rendement sur capex de l’ordre de 7%.

Se concentrant sur les actifs vacants afin d’optimiser le prix, Covivio a aussi réalisé pour 30 M€ à 100% (20 M€ part du
Groupe) de ventes à l’unité, reflétant un prix de vente moyen de 5 656€/m² et une marge de +35%.

Enfin, Covivio a livré sur le semestre un projet build-to-sell de 28 M€ à Berlin, pour une marge moyenne de 20%. En
parallèle, le groupe a lancé deux nouveaux projets à Berlin pour environ 22 M€. Leur livraison est prévue en 2027, pour
une marge attendue autour de 15%.


132 M€ de nouveaux accords de cessions signés en 2025

Après avoir finalisé son plan de cessions de 1,5 Md€ fin 2024, et dans un marché de l’investissement qui retrouve des
couleurs, Covivio poursuit sa rotation de patrimoine de manière sélective. Sur le semestre, 132 M€ part du Groupe (188
M€ à 100%) d’accords de cessions ont été signés, avec une marge moyenne de +1,3% sur les valeurs d’expertise de
fin 2024.

En bureaux, le Groupe a sécurisé 69 M€ d’accords de cessions (77 M€ à 100%) principalement portés sur des actifs
non stratégiques, notamment en périphérie de Milan ou Berlin. En résidentiel allemand, 31 M€ part du Groupe (46 M€
à 100%) ont été cédés, bénéficiant notamment de la poursuite des ventes à l’unité. En hôtellerie, les accords de cessions
ont totalisé 32 M€ en part du Groupe (65 M€ à 100%), proche des valeurs d’expertise. Ils ont concerné tant les murs
cédés dans le cadre de ventes conjointes de murs et fonds de commerce avec Essendi (ex AccorInvest), que des hôtels
non stratégiques, notamment en Allemagne.




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COVIVIO
RESULTATS SEMESTRIELS 2025



Croissance du patrimoine de +3,1% à périmètre courant et +1,5% à périmètre constant

Valeurs Valeurs Valeurs Variation Variation Rendement Rendement
2024 S1 2025 S1 2025 6 mois 6 mois 2024 S1 2025
(En million d’euros, % du
hors droits) portefeuille
part du 100% part du à périmètre à périmètre (%) (%)
Groupe Groupe courant constant

Bureaux 7 884 9 403 7 998 +1,4% +0,4% 5,8% 5,9% 50%

Résidentiel allemand 4 587 7 565 4 795 +4,5% +3,1% 4,3% 4,2% 30%

Hôtels 3 059 6 591 3 222 +5,3% +2,1% 6,4% 6,4% 20%

TOTAL STRATEGIQUE 15 530 23 559 16 015 +3,1% +1,5% 5,4% 5,4% 100%

Non stratégique 26 41 24 -5,7% +4,7% n.a. n.a. n.a.

TOTAL 15 556 23 600 16 039 +3,1% +1,5% 5,4% 5,4% 100%



Le patrimoine de Covivio affiche une croissance de +3,1% à périmètre courant, à 16,0 Md€ en part du Groupe
(23,6 Md€ à 100%) grâce notamment aux investissements en hôtels et à l’acquisition de la quote-part minoritaire
dans CB21. A périmètre constant, les valeurs d’actifs s’inscrivent en croissance de +1,5% sur six mois.

En bureaux (+0,4% à périmètre constant), les valeurs des actifs core en centre-ville, qui représentent 70% du
patrimoine, progressent de +1,0%, bénéficiant de la dynamique de marché favorable. La valeur des immeubles core
situés dans les principaux quartiers d’affaires (25% du patrimoine) commence à se stabiliser (-0,8% à périmètre
constant), malgré l’effet du départ de Suez sur l’immeuble CB21 (valeurs stables en excluant cet effet). Enfin, les
immeubles non core, qui représentent 5% du patrimoine bureaux, voient leur valeur baisser de -2,2% à périmètre
constant. Le rendement moyen du patrimoine bureau ressort à 5,9%.

Le patrimoine résidentiel allemand affiche une croissance de +3,1% à périmètre constant. Les valeurs à Berlin (58% du
patrimoine) sont notamment bien orientées avec une hausse de +3,2%. La valeur métrique moyenne du patrimoine
résidentiel s’établit à 2 543 €/m², dont 3 228 €/m² à Berlin et 1 845 €/m² en Rhénanie-du-Nord Westphalie, sur la base
d’une valorisation en valeur bloc. Pour autant, 47% du patrimoine, soit 2,3 Md€, sont d’ores et déjà mis en copropriété,
en particulier à Berlin (67% / 1,9 Md€), où l’écart entre valeur bloc et prix de vente au détail atteint +47%.

Le patrimoine hôtels, porté par l’opération de remembrement des hôtels fin 2024, progresse de +2,1% à périmètre
constant. Le patrimoine détenu en murs et fonds progresse de +3,1% à périmètre constant, dont +10% sur les actifs
remembrés, et le patrimoine en bail gagne +1,4%. La croissance concerne en particulier les hôtels en France (+4,0%)
et dans le sud de l’Europe (+3,3% en Espagne, +2,6% en Italie).

Covivio a continué à faire croitre le taux de certification de son patrimoine : la part bénéficiant d’une certification HQE,
BREEAM, LEED ou équivalent, en opération et/ou en construction, atteint désormais 98,6% (+3,3 points vs 2023). En
outre, la part des immeubles de bureaux bénéficiant des meilleurs niveaux de certification (Very Good et au-dessus)
s’établit à 72,0%, en hausse de +4,8 pts par rapport à fin 2023.




7
COVIVIO
RESULTATS SEMESTRIELS 2025



Revenus en hausse de +9% à périmètre courant et +5% à périmètre constant


Revenus Revenus Revenus % variation à % variation à Taux Durée ferme
S1 2024 S1 2025 S1 2025 Périmètre Périmètre d’occupation des baux
En million d’€ courant constant
Part du Groupe 100% Part du Groupe Part du Groupe Part du Groupe % en années

Bureaux 155,2 198,1 169,1 +8,9% +4,7% 95,5% 4,9

Résidentiel Allemagne 94,8 156,7 99,4 +4,8% +4,8% 99,0% n.a.

Hôtels 75,9 171,9 87,0 +14,6% +5,3% 100,0% 10,7

Non stratégique 0,8 0,5 0,3 -65,7% +1,8% n.a. 7,9

TOTAL 326,8 527,2 355,7 +8,9% +4,9% 97,3% 6,3


Sur les six premiers mois de 2025, les revenus ressortent à 527 M€ à 100% et 356 M€ en part du Groupe, en hausse
annuelle de +8,9%. Le renforcement en hôtellerie au 1er semestre 2024 et les fortes performances opérationnelles ont
ainsi largement compensé l’impact des cessions. A périmètre constant, les revenus progressent de +4,9%, soutenus
par l’indexation (2,3 pts), la hausse du taux d’occupation et des loyers lors des relocations et renouvellements (2,0 pts),
ainsi que les revenus variables en hôtellerie (0,6 pt).

En bureaux, les loyers gagnent +4,7% à périmètre constant, principalement portés par l’indexation (2,6 pts), la
progression du taux d’occupation en 2024 (+1,8 pt) et la réversion locative (+0,3 pt). A périmètre courant, les revenus
gagnent +8,9%, principalement en raison des performances à périmètre constant et du rachat de la participation
minoritaire dans CB21. Dans ce contexte, Covivio a loué ou renouvelé 32 600 m² de bureaux sur le semestre et le taux
d’occupation se maintient à un niveau élevé de 95,5%.
En résidentiel allemand, la croissance des loyers à périmètre constant s’accélère, à +4,8% vs +4,3% en 2024,
bénéficiant à la fois de l’indexation (pour 2,4 pts), des programmes de modernisation des logements (pour 1,5 pt) et des
relocations (pour 1,1 pt). L’impact de la vacance stratégique en vue des privatisations est de -0,2 point. Le taux
d’occupation s’établit à un niveau toujours élevé de 99%.

Les revenus hôtels poursuivent leur croissance, de +5,3% à périmètre constant. Cette performance est attribuable tant
aux loyers fixes, en hausse de +3,6%, qu’aux revenus variables, en hausse de +8,5%. A périmètre courant, les revenus
gagnent +15%, bénéficiant également du renforcement de la participation dans Covivio Hotels. A noter également les
très bonnes performances des hôtels remembrés en 2024, dont l’EBITDA est en croissance de +11% sur un an (la
croissance à périmètre constant en hôtels s’établirait ainsi à +6,2% en intégrant ces performances).

Le taux d’occupation moyen du patrimoine se maintient à un niveau élevé de 97,3% (+0,1pt vs fin 2024), tout
comme la durée moyenne ferme des baux (6,3 ans).



Des refinancements réalisés dans des conditions attractives et maintien d’un bilan de qualité

719 M€ refinancés depuis le début d’année, à des conditions favorables

Sur les six premiers mois, le Groupe a sécurisé près de 719 M€ de financements ou refinancements à 100% (630 M€
part du Groupe), pour une maturité moyenne de 9 ans.

En juin 2025, Covivio a notamment émis pour 500 M€ d’emprunts obligataires verts (EU Green bond), à maturité 2034,
avec une marge de 135 pb. Cette opération a été sursouscrite plus de 4 fois, témoignant de l’appétit des investisseurs
obligataires pour cette émission, la première sous ce format au sein du secteur immobilier.

Sur le marché bancaire, 219 M€ de financements hypothécaires ou lignes de crédit corporate ont été sécurisés, à une
marge moyenne de 102 pb, pour une maturité moyenne de 9 ans.




8
COVIVIO
RESULTATS SEMESTRIELS 2025


Ces financements, majoritairement associés à des critères de performance ESG, permettent à Covivio de poursuivre le
renforcement du poids de sa dette verte (associée à des objectifs ESG), porté à 69% à fin juin 2025 (contre 64% fin
2024 et 38% fin 2022).


Des indicateurs de dette solides

Le ratio d’endettement (LTV) ressort à 39,8% (vs 38,9% fin 2024), en ligne avec la politique Groupe de ratio LTV inférieur
à 40% et ce malgré le versement de l’intégralité du dividende au 1er semestre (il serait de 38,7% en lissant l’impact du
dividende sur l’année). Le ratio dette nette / EBITDA s’améliore à nouveau, à 10,7x (vs 11,4x fin 2024).
La dette dispose d’une maturité moyenne de 4,8 ans (stable) et d’une protection élevée contre la hausse des taux
d’intérêt : le taux de couverture s’élève à 92%, pour une maturité moyenne des instruments de couverture de 5,6 ans.
Le taux moyen de la dette de Covivio s’établit à 1,7% et reste attendu en dessous de 2,5% jusque fin 2028.
L’agence de notation Standard & Poor’s a confirmé, le 15 mai 2025, sa notation BBB+, perspective stable sur Covivio.



Croissance du résultat net récurrent de +14% (+6% par action)

Résultat net récurrent de 263,2 M€, en hausse annuelle de +14%
Portés par la bonne dynamique opérationnelle et la rotation de patrimoine, les revenus nets progressent de +9,6% sur
un an, à 362,5 M€. En parallèle, la maîtrise des coûts de fonctionnement permet de faire croître le résultat opérationnel
de +11,9%, à 309,1 M€. La marge opérationnelle est en hausse de +180pb à 85,3% vs 83,5% au 1er semestre 2024.
Le résultat net récurrent (EPRA Earnings ajusté) ressort ainsi en forte croissance de +14% sur un an, à 263,2 M€. Par
action, il s’élève à 2,38€ par action, en hausse de +6,0%, compte tenu de l’augmentation du nombre d’actions en 2024,
lié au paiement du dividende 2023 en actions et au renforcement en hôtels.
Le résultat net de Covivio s’élève à +341,4 M€ (vs -8,4 M€ au 1er semestre 2024), les variations de valeurs positives
venant s’ajouter au résultat récurrent.


Actif net réévalué EPRA NTA de 80,4€/action, en hausse de +3,5% sur un an
L’actif net réévalué de continuation (ANR EPRA NTA) ressort à 8 962 M€ et 80,4€/action, en hausse de +3,5% sur un
an et de +0,7% sur six mois malgré le paiement de l’intégralité du dividende au 1er semestre. Le résultat récurrent, la
hausse des valeurs d’actifs et la création de valeur sur les acquisitions ont ainsi plus que compensé le versement du
dividende. L’ANR de liquidation (EPRA NDV) s’établit à 8 695 M€ (78,0€/action) et l’ANR de reconstitution (EPRA NRV)
ressort à 9 829 M€ (88,2€/action).



Perspectives de résultat net récurrent 2025 revues en hausse de +4%

Les bonnes performances opérationnelles du semestre, les conditions de financement meilleures qu’attendu et le travail
d’asset management, permettent à Covivio de relever son objectif de résultat net récurrent (EPRA Earnings ajusté)
2025, désormais attendu autour de 515 M€ (contre 495 M€ précédemment), soit une hausse d’environ +8% vs
2024 (et de +4% par action).




9
COVIVIO
RESULTATS SEMESTRIELS 2025




AGENDA
► Activité du 3ème trimestre 2025 : 22 octobre 2025




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

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




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

Opérateur européen de référence avec 23,6 Md€ de patrimoine Covivio accompagne les entreprises, les marques
hôtelières et les territoires dans leurs enjeux d’attractivité, de transformation et de performance responsable.

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

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


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




10
1. BUSINESS ANALYSIS 12


2. BUSINESS ANALYSIS BY SEGMENT 21
A. OFFICES 21
B. GERMAN RESIDENTIAL 30
C. HOTELS 36


3. FINANCIAL INFORMATION 41


4. FINANCIAL RESOURCES 50


5. EPRA REPORTING 55


6. FINANCIAL INDICATORS 66


7. GLOSSARY 67




L’Atelier – Paris CBD
1. Business analysis - Group share
2025 half-year results



1. BUSINESS ANALYSIS
A. REVENUES: €527 MILLION AND €356 MILLION GROUP SHARE IN H1 2025
100% Group share

Change Change Change % of
(€ million) H1 2024 H1 2025 H1 2024 H1 2025
(%) (%) (%) LfL 1 revenue
Offices 189.2 198.1 +4.7% 155.2 169.1 +8.9% +4.7% 48%
Paris / Levallois / Neuilly 37.4 39.7 +6.2% 35.1 36.5 +4.1% +10.1% 10%
Greater Paris (excl. Paris) 43.7 54.4 +24.3% 32.1 46.4 +44.5% +7.2% 13%
Milan 34.2 36.4 +6.4% 34.2 36.4 +6.4% +1.2% 10%
Telecom Italia 29.6 27.0 -9.0% 15.1 13.7 -9.0% +0.8% 4%
Top 7 German cities 28.5 25.0 -12.2% 25.4 23.1 -9.3% +0.0% 6%
French Major Regional Cities 11.3 11.6 +2.9% 8.8 8.9 +1.5% +3.7% 2%
Other cities (France & Italy) 4.5 4.1 -10.7% 4.5 4.1 -10.7% +2.3% 1%
Germany Residential 146.6 156.7 +6.9% 94.8 99.4 +4.8% +4.8% 28%
Berlin 75.4 81.5 +8.1% 49.5 51.5 +4.1% +4.9% 14%
Dresden & Leipzig 11.9 12.3 +3.7% 7.7 8.0 +3.8% +5.1% 2%
Hamburg 9.6 9.8 +2.0% 6.3 6.4 +2.0% +2.7% 2%
North Rhine-Westphalia 49.8 53.1 +6.7% 31.4 33.5 +6.6% +5.3% 9%
Hotels 162.3 171.9 +5.9% 75.9 87.0 +14.6% +5.3% 24%
Lease Properties 131.8 115.0 -12.8% 60.9 57.3 -5.9% +8.1% 16%
France 45.4 28.4 -37.4% 19.0 11.6 -39.3% +3.8% 3%
Germany 17.6 17.0 -3.5% 8.3 8.8 +5.1% +1.5% 2%
UK 18.4 20.6 +12.1% 8.8 10.9 +23.3% +9.6% 3%
Spain 21.1 21.1 -0.1% 10.4 11.2 +6.9% +11.6% 3%
Belgium 7.7 5.2 -33.0% 3.8 2.7 -27.1% +4.0% 1%
Italy 7.7 9.3 +20.2% 3.7 5.0 +34.0% +20.2% 1%
Others 13.9 13.5 -3.4% 6.7 7.2 +6.9% +0.3% 2%
2
Operating Properties 30.5 56.9 +86.5% 15.1 29.7 +97.3% -3.4% 8%
France 7.0 30.5 +338.5% 3.7 16.4 +349.1% +8.4% 5%
Germany 19.0 17.5 -8.1% 9.1 8.6 -5.9% -7.6% 2%
Others 4.5 8.9 +97.3% 2.3 4.7 +106.0% -6.8% 1%
Total strategic activities 498.1 526.6 +5.7% 326.0 355.5 +9.0% +4.9% 100%
Non-strategic 1.7 0.5 -68.7% 0.8 0.3 -65.7% +1.8% 0%
Total Revenues 499.8 527.2 +5.5% 326.8 355.7 +8.9% +4.9% 100%
1: Like-for-like change || 2: Operating Properties (EBITDA)

Group share revenues, up +8.9% at current scope, stand at €355.7 million vs. €326.8 million in H1 2024, due to:

 The +4.9% increase on like-for-like basis, split between:
o Offices: +4.7% like-for-like, driven by indexation and letting activity;
o Hotels: a sustained like-for-like revenue increased by +5.3%, due to the continued growth in variable
revenues (EBITDA + variable leases) of +8.5% and a +3.6% like-for-like growth for fixed lease properties;
o German Residential: a robust and accelerated growth of +4.8% like-for-like.

 Impact of asset swap with Essendi (ex AccorInvest) in H1 2024 (consolidation of hotels): +€5.2 million;

 The reinforcement of the stake in Covivio Hotels in H1 2024 and H1 2025: +€5.8 million;

 Reinforcement of ownership on CB21 tower and departure fees: +€12.1 million;

 Other net asset rotation of the portfolio: -€8.5 million.



12
1. Business analysis - Group share
2025 half-year results




B. LEASE EXPIRIES AND OCCUPANCY RATES

1. Lease expiries: average firm residual duration of 6.3 years


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

Group share, in Years 2024 H1 2025 2024 H1 2025
Offices 4.8 4.9 5.4 5.5
Hotels 11.0 10.7 12.6 10.7
Non-strategic 8.0 7.9 8.0 7.9
Total 6.2 6.3 7.0 6.8


Lease expiries schedule

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

2025 11 1% 9 1%
2026 45 6% 19 2%
2027 47 6% 29 4%
2028 61 8% 48 6%
2029 23 3% 28 4%
2030 52 7% 55 7%
2031 55 7% 39 5%
2032 30 4% 52 7%
2033 36 5% 49 6%
2034 10 1% 44 6%
Beyond 115 15% 113 15%
Offices and Hotels leases 485 63% 485 63%
German Residential 204 27% 204 27%
Hotel operating properties 79 10% 79 10%
Total 768 100% 768 100%



In 2025, lease expiries with first break options represent €11.4 million:

► €2.6 million are already managed (€2.4 million in offices for which tenant has no intention to vacate the property
and €0.2 million in assets to be disposed),
► €2.9 million vacating for redevelopment,
► €5.8 million still to be managed in offices, mostly on core assets.




13
1. Business analysis - Group share
2025 half-year results


2. Occupancy rate: 97.3% secured, stable vs. 2024
Occupancy rate (%)

Group share 2024 H1 2025

Offices 95.5% 95.5%
German Residential 99.2% 99.0%
(1)
Hotels 100.0% 100.0%
Total strategic activities 97.2% 97.3%
Non-strategic n.a. n.a.
Total 97.2% 97.3%

(1)
On leased assets

The occupancy rate remains stable vs. 2024, to 97.3% for the whole portfolio.



C. BREAKDOWN OF ANNUALIZED REVENUES

By major tenants By activity
Annualised
(€ million, Group share) revenues %
H1 2025
NH 32 4%
Fibercorp 27 4%
B&B 25 3%
Orange 23 3%
IHG 21 3%
Dassault 18 2%
Technimont 16 2%
Thalès 14 2%
Edvance 10 1%
LVMH 10 1%
Essendi 9 1%
Cerved 8 1%
Chloé 7 1%
Fastweb 7 1%
NTT Data Italia 6 1%
Hotusa 5 1%
Operating Properties 79 10%
Other tenant < 5 M€ 249 32%
Germany Residential 204 27%
Total Revenues 768 100%




14
1. Business analysis - Group share
2025 half-year results


D. IMPROVED COST TO REVENUE RATIO

Hotels in
German
(€ million, Group share) Offices Europe Total
Residential
(incl. retail)
H1 2025 H1 2024 H1 2025
Rental Income 168.4 100.1 57.6 311.8 326.0
Unrec. property oper. costs -11.7 -1.7 -0.9 -19.6 -14.3
Expenses on properties -4.5 -7.1 -0.2 -10.0 -11.8
Net losses on unrec. receivable -0.1 -0.9 0.3 -0.3 -0.7
Net rental income 152.1 90.4 56.8 281.9 299.3
(1)
Cost to revenue ratio 9.7% 9.7% 1.3% 9.6% 8.2%
(1) Ratio restated of IFRIC 21 impact (property tax) spread over the year

Cost to revenue ratio is down by -140bps year-on-year, mostly thanks to increase of rents on a like-for-like perimeter on
all asset classes and departure fees in Offices.




E. DISPOSALS: €132M OF NEW AGREEMENTS



Disposals Agreements New New Margin vs Total
<2025 <2025 disposals agreements Total 2024 Yield Realised
closed to close 2025 2025 value Disposals

(€ million) 1 2 3 =2+3 =1+2
Offices & 100% 48 295 1 76 77 -5.7% 7.3% 49
Conversion
to Resi. GS 1 24 289 1 68 69 -5.8% 7.3% 26

100% 30 13 18 28 46 25.3% 2.4% 48
Germany
Residential
GS 20 8 12 19 31 25.2% 2.4% 32

Hotels & 100 % 58 10 61 4 65 -1.2% 8.6% 120
Non
strategic GS 24 5 30 2 32 -0.9% 8.6% 54

100 % 136 318 81 107 188 +2.1% 6.7% 217
Total
GS 68 302 43 88 132 +1.3% 6.8% 112

1: GS: Group share



New disposals and agreements totalled €132 million Group share (€188 million at 100%) over the first semester 2025.

These disposal agreements were made of mature offices for the largest part, for a total of €69 million Group share
(77 M€ at 100%), with an average margin of -6%, as it mostly dealt with non-strategic offices in the periphery of Milan
and Berlin.

In German residential, €31 million Group share (€46 million at 100%) of disposal agreements were achieved over the
semester, with an average premium of +25% vs. 2024 book values. The major part is related to privatisations, totalling
€20m Group share (€30m at 100%), at an average premium of +35%.

In the hotels business, disposal agreements totalled €32 million Group share (€65 million at 100%), close to last appraisal
values. These were made of joint disposals (OpCo and PropCo) in France alongside Essendi (ex-AccorInvest) and non-
strategic hotels, mostly in Germany.




15
1. Business analysis - Group share
2025 half-year results


F. INVESTMENTS: €215M GROUP SHARE REALIZED
€215 million Group share (€262 million at 100%) of investments were realized during the first semester to improve the
quality of our portfolio and create value:

 €50 million were invested in acquisitions, linked to the 25% minority stake in CB21 tower,

 Capex in the development pipeline totalled €105 million Group share (€121 million at 100%),

 €60 million Group share (€91 million at 100%) relate to works on the operating portfolio (including 2/3 of
valorisation work), of which €39 million in German residential (60% for modernization capex, generating
additional revenue).




G. DEVELOPMENT PROJECTS:

1. Delivery: 12,100 m² of offices delivered during the first semester

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



2. Committed pipeline: €86m Group Share of additional revenue

Covivio has a pipeline of 8 office / mixed-use buildings with €82m of additional revenue potential in France, Germany,
and Italy, the bulk of it (71%) in the city centers of Paris, Milan and Berlin, where demand for prime assets is high. This
pipeline will participate to the continued improvement of the portfolio quality towards centrality & grade A buildings (100%
of the projects certified “Excellent” or above).

The office / mixed-use pipeline is made of 4 kinds of projects:

1. Redevelopments in Paris CBD (The Line, Grands Boulevards & Monceau), with an average marginal yield on
capex of around 8%;

2. A turnkey project in Paris 1st ring for Thalès, with 8.2% yield on cost;

3. Developments in the city center of Berlin (Loft, Alexanderplatz) and Dusseldorf (Icon), with an average yield
on cost of 5.2%;

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

Covivio also has a hotel pipeline of 5 buildings, located in France, Belgium & in the United Kingdom. The regeneration
of these hotels will allow to open 43 additional rooms.

Capex still to be spent on the total committed (office, mixed-use, hotels) development pipeline amount to €400
million Group share (€160 million per year by 2027 on average).




16
1. Business analysis - Group share
2025 half-year results


Pre-leased Total Total
Committed projects Delivery Target
Location Project type Surface (m²)1 June 2025 Budget Budget
Office / Mixed-Use year Yield3
(%) (€m, 100%) (€m, GS)²


The Line Paris Regeneration 5,000 m² 2025 100% 101 101 4.6%

Monceau Paris Regeneration 11,200 m² 2026 0% 249 249 4.8%

Grands Boulevards Paris Regeneration 7,500 m² 2027 0% 157 157 4.6%

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

CB21 La Défense Regeneration 34,000 m² 2026 0% 256 256 6.7%

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

Icon (94% share) Düsseldorf Regeneration 55,700 m² 2025 61% 249 235 5.6%

Alexanderplatz (55% share) Berlin Construction 60,000 m² 2027 11% 623 343 5.0%

Total committed office / mixed-use pipeline 219,000 m² 35% 1,882 1,573 5.7%



Total Target
Committed projects Delivery Total Budget
Location Project type Number of rooms Budget Yield3
Hotels year (M€, 100%)
(M€, GS)2
France, 8.7%
5 projects Regeneration 829 231 82
Belgium & UK 2025-2027




Delivery Total Budget Total Budget Target
Total committed pipeline
year (M€, 100%) (M€, GS)2 Yield3

Offices / mixed-use & Hotels 2,113 1,655 5.8%



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




17
1. Business analysis - Group share
2025 half-year results




3. Build-to-sell pipeline

 One residential project was delivered in Berlin during the first semester, for a total budget €20 million Group
Share (€31 million at 100%) & 20% margin.


Total Total Pre-sold
Committed projects - June 2025 Units Budget 1 Budget 1 June 25
(M€, 100%) (M€, Group share) (%)

Berlin - Iceland 98 62 41 35%
Bordeaux Lac – Ilôt 2 102
To be delivered in 2025 200 79 58 53%
Bobigny 158 41 28 100%
Padova - Zabarella 40 44 23 61%
Berlin - Iceland Tower 19 20 13 0%
Berlin - Simplonstraße 165 50 33 0%
To be delivered in 2026 382 156 96 43%

Berlin - Sprengelstraße 56 11 7 0%

Berlin - Chausseetraße 32 13 9 0%
To be delivered in 2027 88 25 16 0%
Total Residential BTS 670 260 170 43%
1
Including land and financial costs

 At the end of June 2025, the German build-to-sell pipeline deals with 5 projects located in Berlin, where
housing shortage is the highest in Germany, totalling 370 residential units and a total cost of €103 million
Group share.

 The current French pipeline is composed of 2 office to residential conversion in Greater Paris & Bordeaux,
representing 260 residential units, and a total cost of €45 million Group Share.
 The current Italian pipeline is composed of 1 office to residential conversion in Padova, representing 40 units,
and a total cost of €23m Group Share.

 The total margin of the committed pipeline reaches 5%.



4. Managed Pipeline

In the long-term, Covivio also owns more than 263,000 m² of landbanks that could welcome new development projects:

► in Paris, Greater Paris and Major French Cities (125,000 m²) mainly for turnkey developments;

► in Milan mainly with Symbiosis area (37,000 m²), and Porta Romana (76,000 m²);

► and approximately 14,000 m² in Berlin.




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1. Business analysis - Group share
2025 half-year results




H. PORTFOLIO

Portfolio value: +3.1% at current scope, +1.5% like-for-like change over the year

Value Value
Value LfL 1 Yield % of
(€ million, Excluding 2024 H1 2025 Change Yield
H1 2025 change H1 strategic
Duties) Group Group (%) 2024
100% H1 2025 2025 portfolio
Share share

Offices 7,884 9,403 7,998 +1.4% +0.4% 5.8% 5.9% 50%
Residential Germany 4,587 7,565 4,795 +4.5% +3.1% 4.3% 4.2% 30%
Hotels 3,059 6,591 3,222 +5.3% +2.1% 6.4% 6.4% 20%
Non-strategic 26 41 24 -5.7% +4.7% n.a. n.a. n.a.
Total 15,556 23,600 16,039 +3.1% +1.5% 5.4% 5.4% 100%
1
LfL: Like-for-Like


The portfolio increased by +3.1% at current scope, to reach €16.0 billion Group share (€23.6 billion at 100%). This is
mostly explained by (i) the fair value change, (ii) the acquisition of the minority stake in CB21 and (iii) the reinforcement
by 0.7pt of the stake in Covivio Hotels, offsetting (iv) the impact of disposals.

On a like-for-like basis, the portfolio value changed by +1.5% mostly due to:

 Overall in offices, asset values were up +0.4% on a like-for-like basis: +1% on core city center (70% of the
portfolio), -0.8% in core assets outside city center (25%) and -2.2% on non-core assets (5%).

 Germany Residential values increased on a like-for-like basis in H1 2025: +3.1%. A stronger performance
was achieved in Berlin (58% of German residential portfolio), at +3.2% like-for-like. Average value per m² for
residential part of the portfolio is €2,543m², of which €3,228/m² in Berlin. Assets are valued at their block value.
47% of the portfolio worth €2.3 billion, is already divided into condominiums, particularly in Berlin (67%; €1.9
billion), where the unit sale value is 47% above the block value.

 In Hotels, portfolio values increased by +2.1%, both on fixed leases at +1.4% and operating properties at
+3.1%. Growth was particularly strong in France (+4.0%) and Southern Europe (Spain +3.3%, Italy +2.6%).
Hotels consolidated in 2024 (from swap with Essendi) are up by +10.4% in H1.

Over the semester, the portfolio quality improvement continued, with a certification rate at 98.6% (up 0.1pt vs end-
2024).




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1. Business analysis - Group share
2025 half-year results




Geographical breakdown of the portfolio at end of June 2025




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


Top 10 Assets Location Tenants Surface (m²) Covivio share

GARIBALDI COMPLEX Milan Multi-let 44,700 100%

CB21 La Defense Multi-let 68,100 100%

JEAN GOUJON Paris LVMH 8,600 100%

MONCEAU Paris Development 11,200 100%

MASLO Levallois Multi-let 20,800 100%

PARK INN ALEXANDER PLATZ Berlin Radisson Group 95,700 51%

PERCIER Paris Multi-let 8,600 100%

ART&CO Paris Multi-let 13,500 100%

ZEUGHAUS Hamburg Multi-let 43,700 94%

ICON Düsseldorf Development 55,700 94%




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2. Business analysis - Group share
Offices – 2025 half-year results




2. BUSINESS ANALYSIS BY SEGMENT
A. OFFICES: 50% OF COVIVIO’S PORTFOLIO

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

Today, quality has become a much more important driver of future growth for Covivio, which owns offices with high
levels of centrality and accessibility, A-quality buildings, and top-level service offering. These offices buildings are
located in France (28% of Covivio’s portfolio), Italy (16%), and Germany (7%) totaling €9.4 billion (€8.0 billion Group
share) as of end June 2025.

This office strategy is bearing fruit, as illustrated by the stability in occupancy rate in 2025, at 95.5%.

Covivio's portfolio is split as follows:

► Core assets in city centers (70% of Covivio’s office portfolio, +11pts vs. 2020): located in city centers of major
European cities (Paris/Levallois/Neuilly, Milan, Berlin, Düsseldorf, Hamburg, and French major regional cities),
with high occupancy (97.9%) and 4.7 years WALB.

► Core assets in major business hubs (25%): includes assets in well-connected business hubs (Greater Paris,
Periphery of German cities), with high occupancy (94.2%) and long WALB (5.8 years), mostly let to long-term
partners such as Thalès and Dassault Systèmes.

► Non-Core assets (5%): gathers secondary offices assets outside city centers for which the occupancy rate
(84.8%) and the WALB (3.5 years) are lower, with a disposal or conversion into residential strategy.



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

1.1. French offices: polarization confirmed, positive signals in periphery for good
assets, and improving investment market

Take-up in Greater Paris office market reached 768,400 m² in H1 2025, down -12% year-on-year. At the same time,
customer demand continues to be focused on prime assets in city centers, but also on the best located assets at the right
price:

► Paris CBD outperformed, with take-up down -4% year-on-year to 213,300 m²,

► Paris inner city counted for 41% of the total take-up in Greater Paris, in line with the last 5 years average,

► After a rebound in 2024, La Défense also proved to be better oriented than the average in H1, with take-
up down -11% to 65,300 m². Moreover, the trend on smaller/medium areas keeps on improving, with
48 000 m² let in H1, up +62% yoy (the number of transactions was 23, comparable to Paris CBD).

For the full year 2025, CBRE and BNP Real Estate are expecting take-up in Greater Paris around 1.8 million m², stable.

The immediate offer increased by +10% over the last six months to 5.99 million m² and the vacancy rate now stands
at 10.8% according to BNP Real Estate, up by +60bps year-to-date, with 4.7% in Paris CBD and slightly above 15% in
the first ring and La Défense. The first half is marked by positive signals regarding office take-up, looking at numerous
large corporates introducing policies for a gradual return to the office (Société Générale, Amazon, Free, JP Morgan,




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2. Business analysis - Group share
Offices – 2025 half-year results




etc.). Added to this is the decline in future new office supply, which is widespread across Europe and has a more
significant impact in the Greater Paris region. New office construction projects have been reduced by nearly 40% over
the last 18 months, while future supply (new or restructured) is expected to fall by -45% between 2024 and 2026.

Scarcity of the best assets in city centers continues to impact positively prime rents, reaching all-time levels
in Paris at €1,250/m²/year (+17% yoy). Incentives in Greater Paris increased slightly to 28.2% in H1 2025, up +180bps
vs. end-2024, but decreased both in Paris (excluding Center West) to 13.7% (vs. 14.3%) and La Défense (to 36.0% vs
39.3%).

Office investments in France totaled €2.4 billion in H1 2025, +33% YoY. Appetite is stronger for French offices
YTD, especially for prime assets, with prime yields down further by -10bps vs end-2024 according to BNP Real Estate,
at 3.9% in Paris CBD. Next quarters should enable to observe further improvement, as transactions under preliminary
agreement, exclusivity or marketing sharply increased over the last months, to €4.5Bn end-May compared to €1.6Bn
end-2024.


1.2. Milan offices: dynamic letting market and investment market

Milan office market recorded a total take-up of 190,000 m² in H1 2025, +10% year-on-year, according to Cushman &
Wakefield, with CBD still highly demanded (+29% at 90 000m²). Demand continued to be focused on buidings in prime
locations, offering good level of services, as illustrated by demand for grade A/A+ properties, counting for 75% of total
take-up.


The average vacancy rate in Milan, was down -70bps to 9.4% in H1, of which -180bps to 3.3% in CBD (where most
of Covivio’s portfolio is located).


The intense demand for high-quality spaces, combined with the scarcity of grade A assets, contributed to a new
increase of prime rents in Milan, at €770/m²/year (+10% year-on-year).


With a total amount of €515 million invested in H1 2025, the Milan office investment market is up +56% compared
to last year. Prime yields stabilized, at 4.25%.


1.3. Germany offices: start of a rebound, with disparities

Take-up in top six German office markets increased by +18% year-on-year in the first semester 2025, to 1,295,900 m²
(6% above last 5-year average), boosted by Münich (+10%), Frankfurt (+94%), Cologne (+74%), while Berlin (-
17%) and Düsseldorf (-11%) are lagging.


Vacancy rates reached 7.7% on average, up +120 bps year-to-date. Hamburg (4.8%) and Cologne (4.3%) recorded
among the lowest vacancy rates, followed by Berlin (7.1%) and Dusseldorf (7.8%).


Prime rents grew on average by +2% year-to-date (and +6% year-on-year), with Berlin at +2% and Düsseldorf stable.
According to BNP, investment volumes in German Offices increased by +20% YoY in H1 2025 to €2.7 billion.
Prime yields stabilized since end-2023, at 4.4% on average for the top 6 cities in Germany.




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2. Business analysis - Group share
Offices – 2025 half-year results




2. Accounted revenues: +4.7% on a Like-for-like basis

100% Group share
Change Change (%)
(€ million) H1 2024 H1 2025 Change (%) H1 2024 H1 2025
(%) LfL 1
Offices 189.2 198.1 +4.7% 155.2 169.1 +8.9% +4.7%
France 94.2 107.2 +13.8% 77.8 93.4 +20.0% +8.0%
Paris / Neuilly / Levallois 37.4 39.7 +6.2% 35.1 36.5 +4.1% +10.1%
Western Crescent and La
17.7 27.4 +55.1% 13.9 27.4 +97.4% +12.0%
Defense
First ring 26.0 26.9 +3.4% 18.2 19.0 +4.2% +5.1%
Major Regional Cities 11.3 11.6 +2.9% 8.8 8.9 +1.5% +3.7%
Others France 1.8 1.6 -15.1% 1.8 1.6 -15.1% +2.1%
Italy 66.5 65.8 -1.0% 52.0 52.6 +1.2% +1.2%
Milan 34.2 36.4 +6.4% 34.2 36.4 +6.4% +1.2%
Telecom portfolio
29.6 27.0 -9.0% 15.1 13.7 -9.0% +0.8%
(51% ownership)
Others Italy 2.7 2.5 -7.7% 2.7 2.5 -7.7% +2.4%
Germany 28.5 25.0 -12.2% 25.4 23.1 -9.3% +0.0%
Berlin 4.6 2.2 -52.2% 3.3 1.8 -46.2% +2.1%
Frankfurt 11.0 10.9 -1.2% 10.1 10.0 -1.1% -1.1%
Düsseldorf 5.1 4.5 -12.1% 4.8 4.2 -12.1% -21.5%
Other (Hamburg & Munich) 7.8 7.5 -4.5% 7.2 7.1 -1.4% +4.8%
1 LfL: Like-for-Like

Compared to last year, rental income increased by €13.9 million, mainly due to:

 Strong Like-for-like rental growth (+€6.5 million) of +4.7%, mostly driven by the impact of indexation
(+2.6pts contribution), increase in occupancy rate (+1.9 pts), and +0.3pts reversion.

 Disposals (-€2.6 million) mainly in Italy,

 Impact of vacated assets to be converted into hotel or residential (-€2.5 million) offset by deliveries of new
assets in Milan (+€2 million),

 Changes in scope (assets reclassified under the German residential disclosure) and indemnities, for a total of
+€4.5 million.




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Offices – 2025 half-year results




3. Annualized revenue

% of
Surface Number H1 2025 H1 2025
(€ million) rental
(m²) of assets (100%) (Group share)
income
Offices 1,917,028 163 445.0 365.7 100%
France 939,508 86 240.9 191.6 52%
Paris / Neuilly / Levallois 269,144 25 100.2 91.8 25%
Western Crescent and La Defense 96,839 6 18.4 18.4 5%
First ring 356,782 19 89.0 57.0 16%
Major Regional Cities 171,304 24 30.2 21.3 6%
Others France 45,438 12 3.1 3.1 1%
Italy 660,215 63 151.7 125.8 34%
Milan 263,590 27 93.3 93.3 26%
Telecom portfolio (51% ownership) 353,486 34 52.8 26.9 7%
Others Italy 43,139 2 5.6 5.6 2%
Germany 317,305 14 52.4 48.3 13%
Berlin 23,724 4 4.3 3.6 1%
Frankfurt 118,650 4 23.3 21.4 6%
Düsseldorf 68,786 2 10.0 9.4 3%
Other (Hamburg & Munich) 106,145 4 14.8 13.9 4%




4. Indexation

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

 For current leases in France, 92.8% of rental income is indexed to ILAT, 5.5% to ICC and 1.6% to ILC.

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


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




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2. Business analysis - Group share
Offices – 2025 half-year results




5. Rental activity: 32 580 m² let or renewed during H1 2025

Annualized
Annualised
Surface Top up rents
(€ million – H1 2025) rents
(m²) Group Share
(100%, €/m²)
(€m)

Vacating 68,994 26.4 422
Letting 22,524 6.0 260
Renewals 10,056 2.4 272




In the first semester 2025, 32,580 m² were let or renewed.

 22,524 m² (€6.0 million) have been let or pre-let in H1 2025, in France (9,396 m², mostly CB21 La Défense with
6,002m² and Paris Cap 18 with 1,287 m²), in Italy (7,154 m²) and Germany (5,974 m²).

 10,056 m² (€2.4 million) have been renewed, with a +8.6% uplift on average. A large part of renewals was
achieved in Germany (6,693 m² / 67%), notably 2,125 m² in Frankfurt, 2,478 m² in Berlin and 1,586 m² in Hamburg.
2,682 m² (28%) were renewed in France, the major ones in Marseille: 1,441 m² and in La Défense (772m²).

 68 994 m2 (€26.4 million) were vacated, mostly in France (53,717 m²), for redevelopments into office, hotel or
residential, and Germany (14,553 m²).




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2. Business analysis - Group share
Offices – 2025 half-year results




6. Lease expiries and occupancy rate

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

By lease
(€ million % of By lease %
end date
Group share) total end date of total
(1st break)
2025 11 3% 9 2%
2026 37 10% 19 5%
2027 45 12% 29 8%
2028 58 16% 44 12%
2029 21 6% 23 6%
2030 51 14% 44 12%
2031 38 11% 33 9%
2032 25 7% 46 13%
2033 30 8% 45 12%
2034 7 2% 26 7%
Beyond 42 12% 47 13%
Total 366 100% 366 100%


In 2025, €11.4 million leases will expire, of which

► €2.6 million are already managed (€2.4million in offices for which tenant has no intention to vacate the property
and €0.2 million in assets to be disposed),

► €2.9 million vacating for redevelopment in Paris CBD,

Then, €5.8 million (0.8% of Annualized revenue) are still to be managed in offices, mostly on core assets).




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2. Business analysis - Group share
Offices – 2025 half-year results




6.2. Occupancy rate: 95.5% at end-June 2025, stable vs end-2024


(%) 2024 H1 2025


Offices 95.5% 95.5%
France 96.3% 95.8%
Paris / Neuilly / Levallois 97.8% 97.8%
Western Crescent and La Defense 97.7% 94.4%
First ring 93.3% 93.6%
Major Regional Cities 97.3% 96.5%
Others France 84.7% 85.0%
Italy 97.4% 98.1%
Milan 96.6% 97.5%
Telecom portfolio (51% ownership) 100.0% 100.0%
Others Italy 97.2% 98.1%
Germany 87.9% 87.8%
Berlin 84.7% 91.8%
Frankfurt 90.4% 89.8%
Düsseldorf 85.8% 77.7%
Other (Hamburg & Munich) 86.3% 85.7%



 In France, the occupancy rate decreased by -50bps to 95.8%, compared to 96.3% at end-2024, mostly due to
the release in CB21 La Défense.

 In Italy, the occupancy rate level increased by +70bps to 98.1%, compared to 97.4% at end-2024, mainly due
to new lettings in Milan.

 In Germany, the occupancy rate is overall stable at 87.8% vs. end-2024.




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Offices – 2025 half-year results




7. Portfolio values

7.1. Change in portfolio values: +0.4% on offices

(€ million - incl. Duties - Value Change in Other Value
Invest. Disp.
Group share) 2024 value effects 2025

Assets in operation 6 632 120 -24 17 82 6 827
Assets under development 1 252 149 0 15 -245 1 171
Total Offices 7 884 269 -24 31 -162 7 998



7.2. Portfolio value change on a like-for-like basis: +0.4% over the semester

Value Value
Value Value
(€ million, Excluding 2024 H1 2025 LfL (%) Yield ² Yield ² % of
2024 H1 2025
Duties) Group Group change 1 Dec. 2024 Jun. 2025 total
100% 100%
share share
Offices 9 422 7 884 9 403 7 998 +0.4% 5.8% 5.9% 100%
France 5 126 4 264 5 128 4 362 +0.1% 5.7% 5.8% 55%
Paris / Neuilly / Levallois 2 664 2 488 2 635 2 458 +0.7% 4.6% 4.8% 31%
Western Crescent and
572 471 541 541 -2.7% 7.7% 7.3% 7%
La Defense
First ring 1 331 904 1 392 962 +0.3% 6.7% 7.0% 12%
Major Regional Cities 520 363 521 362 -0.5% 6.8% 6.4% 5%
Others France 38 38 38 38 -0.7% 10.0% 10.3% 0%
Italy 2 950 2 508 2 995 2 573 +1.5% 5.7% 5.7% 32%
Milan 1 991 1 991 2 079 2 079 +1.8% 5.4% 5.4% 26%
Telecom Italia portfolio
903 460 861 439 +0.6% 6.2% 6.1% 5%
(51% ownership)
Others Italy 57 57 55 55 -2.8% 9.9% 10.3% 1%
Germany 1 345 1 112 1 281 1 063 -0.9% 6.4% 6.5% 13%
Berlin 479 309 442 280 +3.1% 5.6% 6.0% 4%
Frankfurt 355 327 354 326 -0.6% 6.7% 6.7% 4%
Düsseldorf 215 203 216 203 -2.5% 6.1% 5.5% 3%
Others
296 273 269 253 -4.2% 6.3% 6.5% 3%
(Hamburg & Munich)
1
LfL : Like-for-Like || 2 Yield excluding assets under development


The +0.4% change in Like-for-Like value is driven by several effects:

 Increase of Italy (+1.5%), especially in Milan with value increase by +1.8%.

 Increase in France (+0.1%), with Paris CBD at +1.2%.

 -0.9% value decline in Germany.

The average yield increased by +10bps to 5.9%.




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Offices – 2025 half-year results




8. Assets partially owned

Partially owned assets are the following:

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

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

- Streambuilding project in Paris 17th (50% owned and fully consolidated).

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

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

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

- Coeur d’Orly in Greater Paris (50% owned and accounted for under the equity method).




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2. Business analysis - Group share
German residential – 2025 half-year results




B. GERMAN RESIDENTIAL: 30% OF COVIVIO PORTFOLIO

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

Covivio owns around ~41,000 units in Berlin, Hamburg, Dresden, Leipzig, and North Rhine-Westphalia, representing
€7.6 billion (€4.8 billion Group share) of assets.

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

Exposure to Berlin, where housing shortage is the highest in Germany, represents 58% at end-June 2025. Covivio’s
portfolio in Berlin is of high quality, with 68% of buildings built before 1950 and 67% of assets already divided into
condominiums.


1. A positive momentum confirmed, on rental and investment markets

 In Germany, the demand for housing continued to rise since the start of the year, in a context of increasing number
of inhabitants (population in Germany reached a record high level of 85.4 million inhabitants according to Destatis),
while completed buildings reached 251 900 units in 2024, -14% year-on-year and far from the Government target
(> 400 000 units / year). A situation that should worsen over the short term, given the 215 293 building permits
granted in 2024, down -17% year-on-year.

 This shortage continues to support rents in Germany and especially in Berlin. According to Immoscout24, in H1
2025, average asking rents for existing buildings were by +2% year-on-year to €8.7/m²/month in Germany and by
+5% to €14.4/m²/month in Berlin. For new buildings, rents were up up by +7% year-on-year in Germany to
€13/m²/month and by +4% in Berlin to €20.4/m².

 German residential investment volumes (for multi-family buildings above 30 units) started to rebound since Q2
2024. Over the first semester 2025, volumes were up by +36% to €4.5 billion according to BNP Real Estate.
The private market also proved a continued appetite, as illustrated by private real estate loans recorded by the
Bundesbank, up +30% year-on-year to €220 billion over the last 12 months at end-April 2025.

 Average asking prices were also trending continuously upwards. According to Immoscout24, prices for existing
buildings increased by +2% in H1 2025 in Berlin to €4,737/m², still well above the current valuation of Covivio’s
residential portfolio (€3,228/m² in Berlin). The average price/m² for new buildings also increased to €6,696/m² in
H1 2025 (+2% over six months).

In H1 2025, Covivio's activities were marked by:

 Continued high rental growth: +4.8% on a like-for-life basis, now well above inflation;

 Renewed growth in values: +3.1% on a 6-months like-for-like basis, of which +3.2% in Berlin.




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German residential – 2025 half-year results




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

Rental Rental Rental Rental
Change Change % of
income income income income
(In € million) (%) (%) LfL 1 rental
H1 2024 H1 2024 H1 2025 H1 2025
Group share Group share income
100% Group share 100% Group share
Berlin 75.4 49.5 81.5 51.5 + 4.1% +4.9% 52%
Dresden & Leipzig 11.9 7.7 12.3 8.0 +3.8% +5.1% 8%
Hamburg 9.6 6.3 9.8 6.4 +2.0% +2.7% 6%
North Rhine-Westphalia 49.8 31.4 53.1 33.5 +6.6% +5.3% 34%
Essen 18.3 11.3 19.4 12.0 +6.2% +5.8% 12%
Duisburg 8.5 5.3 9.0 5.6 +6.1% +6.2% 6%
Mulheim 5.9 3.7 6.2 3.9 +5.0% +4.7% 4%
Oberhausen 5.2 3.4 6.1 3.9 +15.5% +2.8% 4%
Other 11.9 7.6 12.5 8.0 +4.6% +5.1% 8%
Total 146.6 94.8 156.7 99.4 + 4.8% +4.8% 100%

of which Residential 125.5 81.0 130.7 83.3 + 2.8% +4.6% 84%
of which Other commercial 2 21.1 13.8 26.0 16.1 + 16.5% +6.0% 16%
1 LfL: Like-for-Like || 2 Other commercial: Ground-floor retail, car parks, etc


Rental income amounted to €99.4 million Group share in H1 2025, up +4.8% (+€4.6 million) thanks to:

 In Berlin, like-for-like rental growth is +4.9% (+€ 2.4 million), driven by the indexation and relettings with high
uplift (+36% in H1 2025).

 Outside Berlin, like-for-like rental growth was strong in all areas (+4.7% on average, +€2.1 million) due to the
reletting impact (including modernizations) and the indexation.




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German residential – 2025 half-year results




3. Annualized rents: €203.6 million Group share

Annual. rents Annual. rents H1 Average % of
Surface Number
(In € million) H1 2025 2025 rent per rental
(m²) of units
100% Group share month income
Berlin 1,327,838 17,749 167.3 105.9 10.5 €/m² 52%
Dresden & Leipzig 264,145 4,333 25.2 16.3 8.0 €/m² 8%
Hamburg 148,962 2,414 19.9 13.0 11.1 €/m² 6%
2
NRW 1,118,590 16,511 108.4 68.3 8.1 €/m² 34%
Essen 394,799 5,768 39.6 24.6 8.4 €/m² 12%
Duisburg 198,664 3,033 18.3 11.4 7.7 €/m² 6%
Mulheim 131,420 2,194 12.7 8.0 8.0 €/m² 4%
Oberhausen 137,929 1,836 12.4 8.1 7.5 €/m² 4%
Others 255,779 3,680 25.5 16.3 8.3 €/m² 8%
Total 2,859,535 41,007 320.8 203.6 9.4 €/m² 100%

o/w Residential 2,583,093 39,450 267.5 170.3 8.6 €/m² 84%
1
o/w Other com. 276,442 1,557 53.3 33.3 16.1 €/m² 16%
1
Other commercial: Ground-floor retail, car parks, etc || 2 North Rhine-Westphalia


Rental income (€9.4/m²/month on average) offers solid growth potential through reversion vs. our achieved reletting
rents in all our markets including Berlin (45%), Hamburg (15-20%), Dresden and Leipzig (10-15%) and in North Rhine-
Westphalia (15-20%).




4. Indexation

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

4.1. Rents for re-leased properties:

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

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

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

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

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

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




32
2. Business analysis - Group share
German residential – 2025 half-year results




4.2. For current leases:

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

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


4.3. For current leases with work carried out:

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

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

 The rent increase takes effect 3 months after the declaration of rent increase.

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




5. Occupancy rate: a high level of 99.0%


(%) 2024 H1 2025

Berlin 98.7% 98.5%
Dresden & Leipzig 99.7% 99.6%
Hamburg 100.0% 99.9%
North Rhine-Westphalia 99.7% 99.6%

Total 99.2% 99.0%


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




33
2. Business analysis - Group share
German residential – 2025 half-year results




6. Portfolio values: €7.6 billion (€4.8 billion Group share)


6.1. Change in portfolio value

(In € million, Group share, Value Change in Value
Invest. Disposals Other
Excluding duties) 2024 value H1 2025

Berlin 2,635 19 -5 68 59 2,776
Dresden & Leipzig 356 4 -2 5 0 363
Hamburg 346 4 0 7 0 357
North Rhine-Westphalia 1,250 15 -1 24 11 1,299
Total 4,587 42 -9 105 70 4,795

In H1 2025, the portfolio increased by €208m Group Share at current scope, to €4.8 billion Group share, mostly
driven by the increase in market values due to ongoing strong rental growth.




6.2. Maintenance and modernization CAPEX

In H1 2025, CAPEX totalled €61 million (€22/ m²; €39 million in Group share) and OPEX came to €11 million
(€4 / m²; €7 million in Group share).

On average, modernization projects, which totalled €37 million in H1 2025 (€24 million in Group share), have an
average yield of 7%.



North Rhine-Westphalia Berlin - €26m (€ 20 / m²)
€23m (€ 21 / m²) € 11 / m² modernization
€ 16 / m² modernization € 9 / m² maintenance
€ 5 / m² maintenance
€61 m of
CAPEX
(100%)
€ 21.6 / m²




Hamburg - €6m (€ 38 / m²)
€ 20 / m² modernization
€ 18 / m² maintenance Dresden & Leipzig - €6m (€ 23 / m²)
€ 8 / m² modernization
€ 15 / m² maintenance




34
2. Business analysis - Group share
German residential – 2025 half-year results




6.3. Growing values: +3.1% on a like-for-like basis

Value Value
Surface Value Value % of
(In € million, 2024 H1 2025 LfL 1 Yield Yield
(m²) H1 2025 H1 2025 total
Excluding duties) Group Group change 2024 H1 2025
100% 100% in €/m² value
Share share
Berlin 2,635 1,311,043 4,396 3,353 2,776 +3.2% 3.8% 3.8% 58%
Dresden & Leipzig 356 264,145 560 2,120 363 +2.4% 4.5% 4.5% 8%
Hamburg 346 148,962 545 3,660 357 +3.2% 3.8% 3.7% 7%
3
NRW 1,250 1,118,590 2,064 1,845 1,299 +3.1% 5.3% 5.3% 27%
Essen 501 394,799 837 2,119 519 +3.8% 4.8% 4.7% 11%
Duisburg 195 198,664 321 1,615 199 +2.2% 5.8% 5.7% 4%
Mulheim 141 131,420 232 1,764 146 +3.3% 5.6% 5.5% 3%
Oberhausen 115 137,929 197 1,432 129 +2.3% 6.1% 6.3% 3%
Others 299 255,779 477 1,866 306 +2.9% 5.4% 5.3% 6%
Total 4,587 2,842,740 7,565 2,661 4,795 +3.1% 4.3% 4.2% 100%

o/w Residential 4,036 2,567,916 6,531 2,543 4,158 +3.2% 4.1% 4.1% 87%
o/w Other com. 2 551 274,824 1,034 3,762 637 +2.5% 5.1% 5.2% 13%
1 LfL: Like-for-Like || 2 Other commercial: Ground-floor retail, car parks, etc || 3 NRW: North Rhine-Westphalia


The average value of residential assets is €2,661/m², with €3,353/m² in Berlin (€3,228/m² on pure residential) and
€1,845/m² in North Rhine-Westphalia. The average yield is almost stable vs. end of 2024 at 4.2%. Assets are valued
at their block value. 47% of the portfolio is already divided into condominiums, particularly in Berlin (67%), where the
unit sale value is 47% above the block value.

In H1 2025, values increased by +3.1% on a like-for-like basis versus end-2024, following rent increase.




35
2. Business analysis - Group share
Hotels – 2025 half-year results




C. HOTELS: 20% OF COVIVIO’S PORTFOLIO

Covivio Hotels, a 53.2%-owned subsidiary of Covivio as of 30 June 2025 (vs. 52.5% at end-2024), is a listed property
investment company (SIIC) and leading hotel real-estate player in Europe. It invests both in hotels under lease (fixed
or variable) and in hotel operating companies (owning OpCos and PropCos).

The figures presented are expressed at 100% and in Covivio Group share (GS).

Covivio owns a high-quality hotel portfolio (277 hotels / 38,354 rooms) worth €6.6 billion (€3.2 billion in Group share),
focused on major European cities and let to or operated by major hotel operators such as Accor, B&B, Mariott, IHG,
NH Hotels, etc. This portfolio offers geographic and tenant diversification (across 11 European countries) as well as
multiple asset management opportunities via different investment methods (hotel lease and hotel operating properties).

Assets partially owned by Covivio Hotels include mostly:
• 91 B&B assets in France, including 89 held at 50.2% and 2 held at 31.2%
• 22 Essendi1 assets in France (21 assets) and Belgium (1 asset), between 31.2% and 33.3% owned.


1. Hotels market: continued growth in RevPAR

Following a good momentum in 2024, European hotels growth continues in 2025, with RevPAR (revenue Per Available
Room) in Europe showing an average increase of +2.5% year-on-year at end-May 2025, supported by the rise average
prices but also a slight growth in occupancy.




Source : MKG

 Southern European countries continue to outperform, with Spain up by +5% and Italy by +4%.
 Germany is continuing to catch up with a RevPAR growth of +4% over the year.
 In France, RevPAR growth is +2%.
 The UK, more impacted by economic uncertainty in H1 and Americans’ demand, is slightly down at –1%.
 On the investment side, appetite remains unchanged, with volumes in Q1, reaching €4.5 billion in Q1 2025,
stable vs. Q1 2024, according to CBRE.


1
Ex AccorInvest


36


*
2. Business analysis - Group share
Hotels – 2025 half-year results




2. Accounted revenues: +5.3% on a like-for-like basis

Change Change
Revenues Revenues Revenues Revenues
Group Group
(In € million) H1 2024 H1 2024 H1 2025 H1 2025
share share
100% Group share 100% Group share
(%) (%) LfL 1

Lease properties - Variable 35.6 17.5 16.6 8.8 -49.8% +41.0%
Lease properties - Fixed 96.2 43.3 98.4 48.5 +12.1% +3.6%
Operating properties - EBITDA 30.5 15.1 56.9 29.7 +97.3% -3.4%
Total revenues Hotels 162.3 75.9 171.9 87.0 + 14.6% +5.3%
1
LfL: Like-for-Like

Hotel revenues increased by +5.3% like-for-like (+€11.0 million Group share at current scope) over 1 year, due to:
 Lease properties:
• Variable leases (10% of hotels revenue), up +41.0% on a like-for-like basis, mostly linked with the steep
increase of variable rents in the south of Europe
• Fixed leases (56% of hotels revenue), up +3.6% like-for-like, mostly through positive indexation.

 Operating properties (34% of hotels revenue): mainly located in Germany and in the north of France. The -3.4%
like-for-like decrease in EBITDA is mostly explained by performances in Germany (-7.6%), impacted in June by
the negative base effect due to the Euro Football Championship in 2024. In France, performance was solid at
+9.5% like-for-like.

 Note that hotels that were consolidated last year (AccorInvest deal) also recorded strong performances, with
EBITDA up +11% year-on-year (not included in like-for-like figures). EBITDA growth would be +3.1% like-for-like
including these assets.
At current scope, revenue increased by +15% to €87.0 million, mostly linked with the reinforcement in Covivio Hotels,
on top of like-for-like growth.


3. Annualized revenue

Breakdown by tenant/operator and by country (based on 2025 revenues), totalling €198 million in Group share:



Other
7%
Belgium
13% France
34%


Spain
12%



United
Kingdom Germany
14% 20%



Revenues are split using the following breakdown: fixed leases (49%), variable leases (10%) and EBITDA on
management contracts (40%).




37

*
2. Business analysis - Group share
Hotels – 2025 half-year results




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



5. Lease expiries: 10.7 years hotels residual lease term
By leaseend
By lease
(In € million, Group share) date (1st % of total % of total
end date
break)
2025 0.0 0% 0.0 0%
2026 7.9 7% 0.0 0%
2027 1.7 1% 0.0 0%
2028 2.7 2% 4.1 3%
2029 1.4 1% 4.5 4%
2030 1.1 1% 10.7 9%
2031 16.5 14% 6.3 5%
2032 5.2 4% 6.0 5%
2033 5.6 5% 3.6 3%
2034 3.6 3% 17.9 15%
Beyond 72.7 61% 65.4 55%
Total Hotels in lease 118.5 100% 118.5 100%



6. Portfolio values: +2.1% at current scope

6.1. Change in portfolio values
Change Value
(In € million, Group share, Value Change Other
Invest. Disposals Transfer of H1
Excluding Duties) 2024 in value (currency)
ownership 2025
Hotels - Lease properties 1,890 -1 -32 26 -10 - 26 1,899
Hotels - Operating properties 1,169 7 - 39 -1 93 16 1,323
Total Hotels 3,059 5 -32 65 -11 93 42 3,222


As of June 30, 2025, the hotel portfolio amounted to €3.2 billion (Group share), up €163 million compared to year-end
2024. This increase is mainly due to office to hotels conversions (+€93 million) and value changes on a like-for-like
basis (+€65 million), partially offset by disposals (-€32 million).




38

*
2. Business analysis - Group share
Hotels – 2025 half-year results




6.2. Change on a like-for-like basis: +2.1%

Value Value
Value Value LfL 1 % of
(In € million, Excluding 2024 H1 2025 Yield Yield
2024 H1 2025 change 6 total
Duties) Group Group 2024 H1 2025
100% 100% months value
share share

France 1,283 444 1,233 428 +0.7% 6.0% 6.2% 13%
Paris 364 139 364 141 4%
Greater Paris (excl. Paris) 385 113 372 111 3%
Major regional cities 258 91 218 73 2%
Other cities 276 101 279 104 3%
Germany 584 301 583 305 -0.1% 5.7% 5.9% 9%
Frankfurt 69 35 68 35 1%
Munich 46 24 46 24 1%
Berlin 61 32 62 32 1%
Other cities 408 211 407 213 7%
Belgium 121 64 120 64 -1.2% 8.5% 9.0% 2%
Brussels 18 10 18 10 0%
Other cities 103 54 102 54 2%
Spain 641 337 663 353 +3.3% 6.2% 6.5% 11%
Madrid 285 149 296 157 5%
Barcelona 151 79 151 80 2%
Other cities 206 108 216 115 4%
UK 712 374 705 375 +2.1% 5.3% 5.5% 12%
Italy 279 147 286 152 +2.6% 6.1% 6.7% 5%
Other countries 426 224 415 221 +0.6% 6.3% 6.5% 7%
Total Lease properties 4,047 1,890 4,006 1,899 +1.4% 6.0% 6.2% 59%
France 1,191 567 1,380 711 +6.1% 7.3% 6.6% 22%
Paris 553 259 682 361 11%
Other cities (Nice,Lille,…) 639 308 699 350 11%
Germany 815 406 804 406 -1.6% 6.1% 5.9% 13%
Berlin 593 296 585 295 9%
Dresden & Leipzig 165 82 161 81 3%
Other cities 58 29 58 29 1%
Other countries 385 195 401 206 +2.9% 8.0% 7.6% 6%
Total Operating properties 2,392 1,169 2,585 1,323 +3.1% 7.0% 6.5% 41%
Total Hotels 6,439 3,059 6,591 3,222 +2.1% 6.4% 6.4% 100%
1
LfL : Like-for-Like || GS: Group Share




39

*
2. Business analysis - Group share
Hotels – 2025 half-year results




At the end of June 2025, Covivio Hotels owned a unique hotel portfolio (277 hotels / 38,354 rooms) of €3.2 billion Group
share (€6.6 billion at 100%) across Europe. This strategic portfolio is characterised by:

► High-quality locations: average Booking.com location grade of 8.9/10 and 91% of the portfolio located in major
European tourists’ destinations.

► Diversified portfolio: in terms of geography (11 countries), and segment (33% upscale, 40% midscale and 27%
economy.

► Major hotel operators with long-term leases: 17 hotel operators with an average lease duration of 10.7 years.



The portfolio value increase by +2.1% like-for-like:

► Growth was driven by both leased assets (+1.4%) and operating properties (+3.1%), with particularly strong
performance in France (+4.0%) and Southern Europe (+3.3% in Spain and +2.6% in Italy). Assets consolidated in
2024 (from the asset swap with AccorInvest) increased by +10% like-for-like and contributed to 3/4 of value
increase.

► The hotel portfolio has an average yield excluding duties of 6.4%, stable over six months.




Portfolio breakdown by value 91% in major European
and geography destinations




Edinburgh

Amsterdam
Dublin
Warsaw

London Berlin
Lille Brussels Prague

Paris Budapest
Munich

Venice
Lyon

Nice
Rome

Madrid Barcelona




40

*
3. Financial information
2025 half-year results




3. FINANCIAL INFORMATION AND COMMENTS

Covivio is a leading European real estate company. Covivio operates as an investor, developer, operator and
service provider, aiming to create hight-performing, service-oriented and sustainable real estate assets. The
company has a diversified portfolio worth €23.6 billion consisting of offices, hotels and residential properties mostly
in France, Italy and Germany.

The German Residential information in the following sections include some Office assets owned by the subsidiary
Covivio Immobilien.

Registered in France, Covivio is a public limited company with a Board of Directors.

CONSOLIDATED ACCOUNTS

3.1. Scope of consolidation

As of June 30, 2025, Covivio has expanded its scope of activity by acquiring the remaining 25% minority stake in
the CB21 tower, located in Paris-La Défense. This acquisition allows Covivio to take full ownership of this iconic
asset, providing the opportunity to fully implement its real estate strategy and benefit from asset management
efforts reflecting an overall target yield of 10% and value creation.

The change in covivio Hotels’ ownership has been influenced by the option for shareholders to receive dividends
in shares. 82.31% of the shareholders opted for the payment of the dividend in shares. Covivio's ownership stake
in Covivio Hotels is now 53.2%, compared to 52.5% as of December 31, 2024.

As of June 30, 2025, 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. 2024 30 Jun. 2025

Covivio Hotels 52.5% 53.2%
Covivio Immobilien (German Resi.) 61.7% 61.7%
Covivio Berlin Prime (German Resi., JV with CDC) 31.5% 31.5%
Sicaf (Telecom portfolio in Italy) 51.0% 51.0%
OPCI CB 21 (CB 21 Tower) 75.0% 100.0%
Covivio Alexanderplatz (mixed used dev.) 55.0% 55.0%
SCI Latécoëre (DS Campus) 50.1% 50.1%
SCI Latécoëre 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 85.0% 85.0%




41
3. Financial information
2025 half-year results




3.2. Accounting principles
The condensed consolidated financial statements of the Covivio group as of June 30, 2025, have been prepared
in accordance with the international Financial Reporting Standard IAS34 “Interim Financial Reporting”. They don’t
include all the information required by the IFRS framework and should be read in conjunction with the annual
financial statements of the Covivio group for the year ended December 31, 2024. The financial statements were
approved by the Board of Directors on July 18, 2025.



3.3. Simplified income statement - Group share

(In € million, Group share) H1 2024 H1 2025 var. %
Net rental income 281.9 299.3 +17.5 +6%
EBITDA from hotel operating activity 15.1 29.7 +14.6 +97%
Income from other activities 17.2 17.5 +0.3 +2%
Management and administration revenue 12.9 13.3 +0.4 +3%
Net revenue 327.1 359.8 +32.7 +10%
Operating costs -51.5 -53.3 -1.8 -3%
Amort. of oper. assets & net change in provisions -18.4 -35.7 -17.3 -94%
Current operating income 257.1 270.9 +13.7 +5%
Change in value of properties -246.7 169.2 +415.8 +169%
Income from asset disposals 1.8 0.3 -1.5 -86%
Income from disposal of securities -0.4 0.0 +0.4 n.a.
Income from changes in scope & other -0.3 -0.7 -0.4 n.a.
Operating income 11.5 439.6 +428.1 n.a.
Cost of net financial debt -47.3 -44.9 +2.4 +5%
Interest charges linked to financial lease liability -4.1 -4.4 -0.3 -8%
Value adjustment on derivatives 15.5 -10.5 -26.0 n.a.
Other financial income 0.2 0.1 -0.1 -61%
Early amortisation of borrowings' cost -0.8 -1.0 -0.2 -21%
Share in earnings of affiliates 12.5 8.7 -3.8 -31%
Income before tax -12.6 387.5 +400.1 n.a.
Tax 4.2 -46.1 -50.3 n.a.
Net income for the period -8.4 341.4 +349.7 n.a.




42
3. Financial information
2025 half-year results




 € 360 million net revenue (+10%)

Net revenue in Group share increased especially thanks to dynamic rental activity growing the net rental income.
It is reinforced by the reinforcement of the stake in Covivio Hotels and the acquisition in 2024 of operating
companies from AccorInvest that offset the impact of disposals growing the EBITDA from hotel operating activity.
Also refer to 1. Business Analysis

(In € million, Group share) H1 2024 H1 2025 var. %
Offices 133.3 152.1 +18.8 +14%
German Residential 87.6 90.4 +2.8 +3%
Hotels 60.9 56.9 -4.0 -6%
Total Net rental income 281.9 299.3 +17.5 +6%
EBITDA from hotel operating activity 15.1 29.7 +14.6 +97%
Income from other activities 17.2 17.5 +0.3 +2%
Management and administration revenues 12.9 13.3 +0.4 +3%
Net revenue 327.1 359.8 +32.7 +10%

Offices rents: increase mainly driven by growth on a like-for-like basis and the acquisition of CNP's 25% stake in
CB21, reaching full ownership.

German Residential: continued rental growth driven by mainly indexation, modernization works and reversion.

Hotels in Europe: the decrease is mainly due to the impact of the disposals of Accor hotels in the second half of
2024 and the restructuring swap of assets converting hotels in lease to operating hotels.

 EBITDA from hotel operating activity:

Increase due to the restructuring operation in 2024 with AccorInvest involved the acquisition of OpCos of hotel
properties. The growth in hotels is reinforced by the increase of 8.7% of Covivio’s stake in Covivio Hotels in Q2
2024, amplified by the increase of 0.7% Covivio’s stake in Covivio Hotels in H1 2025.

 Income from other activities:

Note that this item includes the income of development projects and EBITDA from flex office activity.

 Amort. & net change in provisions and other:

This figure mainly includes the depreciation of operating hotels and Flex office assets; the increase of depreciation
is mainly explained by the restructuring operation made in 2024 swapping hotels in lease to operating hotels, which
are accounted at cost and so amortized.

 Change in the fair value of assets:

The income statement recognises changes in the fair value (+€169.2 million) of assets based on appraisals carried
out on the portfolio. This line item does not include the change in fair value of assets recognised at amortised cost
under IFRS but is considered in the EPRA NAV calculation (hotel operating properties, flex-office assets and other
own occupied buildings). For more details on changes in the portfolio by activity, see section 1 of this document.




43
3. Financial information
2025 half-year results




 Cost of net financial debt:

The average rate of the debt is stable at 1.7% on June 30, 2025.

The decrease in cost of net financial debt is mainly due to the decrease of the average net debt.

 Interest charges linked to finance lease liability:

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

 Value adjustment on derivatives:

The change in fair value of hedging financial instruments resulted in a -€10.5 million expense in the income
statement for the first half of 2025. This rise in long term interest rates since the end of 2024 in compensated by
the timing effect, consuming economic advantages of derivatives over the H1 2025.

 Share of income of equity affiliates


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

OPCI Covivio Hotels 10.6% -0.6 42.6 -17%
Lénovilla (Office – New Vélizy) 50.1% 3.6 65.3 +2%
Euromed Marseille (Office) 50.0% 2.8 25.4 +12%
Cœur d'Orly (Office – Orly Paris Airport) 50.0% 1.1 32.4 -1%
Phoenix (Hotels) 17.7% 1.1 57.5 -8%
Zabarella 2023 Srl (Build to sell office to resi.) 51.0% 0.0 13.6 +0%
Fondo Porta di Romana (Milan land bank) 43.5% 0.7 48.5 +9%
Others 35.0% 0.0 0.4 n.a.
Total 8.7 285.6 -2%


The equity affiliates include Hotels in Europe and the Office sectors:
• OPCI Covivio Hotels: three hotel portfolios, B&B (18 hotels), Campanile (19 hotels) and AccorHotels (24
hotels) 20%-owned by Covivio Hotels, both in lease and operating hotels.

• Lenovilla: the New Vélizy campus (47,000 m²), let to Thalès and co-owned at 50%.

• Euromed in Marseille: one office building (Calypso) and a hotel (Golden Tulip) co-owned at 50%.

• Coeur d’Orly in Greater Paris: two buildings in the Orly airport business district co-owned at 50%.

• Phoenix hotel portfolio: 32% stake held by Covivio Hotels (53.2% subsidiary of Covivio) in a portfolio of
19 AccorInvest hotels in France & 2 in Belgium and 2 B&B in France.

• Zabarella in Padua is a joint venture between Covivio (51.0%) and a developer (49.00%) to participate to
the project in development Pauda Zabarella (transformation office to residential).

• Fondo Porta di Romana in Milan is a joint venture between Covivio (43.5%), Coima and Prada to
participate to the acquisition of a plot of land in South Milan (future Olympic game village).

 Taxes

Taxes include differed taxes for -€36.3 million and corporate income tax for -€9.8 million.




44
3. Financial information
2025 half-year results




Adjusted EPRA Earnings at €263.2 million
Net
Adjusted Adjusted
income
(In € million, Group share) Restatement EPRA E. EPRA E.
Group
H1 2025 H1 2024
share
Net rental income 299.3 1.8 301.1 284.9
EBITDA from the hotel operating activity 29.7 0.9 30.6 15.7
Income from other activities 17.5 0.0 17.5 17.2
Management and administration revenues 13.3 0.0 13.3 12.9
Net revenue 359.8 2.7 362.5 330.7
Operating costs -53.3 0.0 -53.3 -51.5
Amort. of operating assets & net change in provisions -35.7 35.5 -0.2 -3.0
Operating income 270.9 38.2 309.1 276.2
Change in value of properties 169.2 -169.2 0.0 0.0
Income from asset disposals 0.3 -0.3 0.0 0.0
Income from disposal of securities 0.0 0.0 0.0 0.0
Income from changes in scope & other -0.7 0.7 0.0 0.0
Operating result 439.6 -130.5 309.1 276.2
Cost of net financial debt -44.9 0.0 -44.9 -47.3
Interest charges linked to finance lease liability -4.4 3.0 -1.4 -1.4
Value adjustment on derivatives -10.5 10.5 0.0 0.0
Foreign Exchange. result & early amort. of borrowings'
-0.9 1.0 0.1 0.2
costs
Share in earnings of affiliates 8.7 1.3 10.0 9.6
Income before tax 387.5 -114.7 272.8 237.2
Tax -46.1 36.5 -9.6 -6.3
Net income for the period 341.4 -78.2 263.2 230.8

Average number of shares 110,783,202 102 962 700
Net income per share 2.38 2.24



 The restatement of the line amortization of operating assets & net change in provisions offsets mainly the
real estate amortisation of the flex-office and hotel operating activities (+€37.4 million) and the ground
lease expenses linked to the UK leasehold (-€1.8 million).

 Concerning the interest charges linked to finance lease liabilities relating to the UK leasehold, as per IAS
40 §25, €3.0 million was cancelled and replaced by the lease expenses paid (see the amount of -€1.8
million under the line “ […] Net change in provisions”, described above).

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

 The restatement of tax (+€36.5 million) is linked to the tax on disposals and others (-€0.3 million) and the
differed tax (+€36.8 million).




45
3. Financial information
2025 half-year results




Adjusted EPRA Earnings by activity

Corporate
Hotel
Germany Hotels in or non-
(In € million, Group share) Offices operating H1 2025
Residential lease attrib.
properties
sector
Net rental income 153.7 90.4 57.2 0.0 -0.2 301.1
EBITDA from Hotel operating activity 0.4 0.0 0.0 30.2 0.0 30.6
Income from other activities 14.4 2.8 0.0 0.0 0.3 17.5
Management and administration revenue 8.1 1.4 1.5 0.0 2.3 13.3
Net revenue 176.6 94.6 58.7 30.2 2.4 362.5
Operating costs -29.2 -17.4 -2.3 -0.9 -3.6 -53.3
Amort. of operating assets & change in prov. 2.1 -0.6 -1.0 -1.3 0.7 -0.2
Operating result 149.5 76.6 55.4 28.0 -0.4 309.1
Cost of net financial debt -14.5 -18.6 -5.9 -6.1 0.3 -44.9
Other financial charges -0.4 0.0 -0.5 -0.4 0.0 -1.4
Share in earnings of affiliates 6.9 0.0 1.7 1.4 0.0 10.0
Corporate income tax -3.4 -2.8 -2.8 -0.7 0.0 -9.6
Adjusted EPRA Earnings 138.1 55.2 48.0 22.1 -0.2 263.2

Development margin -6.1 -2.8 0.0 0.0 0.0 -8.9
EPRA Earnings 132.0 52.3 48.0 22.1 -0.2 254.3




EPRA Earnings of affiliates
Hotels
(In € million, Group share) Offices H1 2025
(in lease)
Net rental income 6.9 1.7 8.6
EBITDA from Hotel operating activity 0.0 6.4 6.4
Net operating costs -0.3 -3.8 -4.1
Operating result 6.6 4.3 10.9
Cost of net financial debt 0.3 -1.0 -0.7
Share in earnings of affiliates 0.0 -0.2 -0.2
Share in EPRA Earnings of affiliates 7.0 3.1 10.0




46
3. Financial information
2025 half-year results




3.4. Simplified consolidated income statement (at 100%)
(In € million, 100%) H1 2024 H1 2025 var. %
Net rental income 431.3 436.0 +4.7 1%
EBITDA from hotel operating activity 30.5 56.9 +26.4 +87%
Income from other activities (incl. Property dev.) 19.6 19.5 -0.1 n.a.
Management and administration revenues 9.4 8.7 -0.7 -7%
Net revenue 490.8 521.1 +30.3 +6%
Operating costs -64.3 -66.3 -2.0 -3%
Amort. of operating assets & net change in provisions -25.8 -57.4 -31.5 n.a.
Current operating income 400.6 397.5 -3.2 -1%
Income from asset disposals 3.0 -1.6 -4.7 n.a.
Change in value of properties -302.5 267.4 +569.9 n.a.
Income from disposal of securities -0.6 0.0 +0.6 n.a.
Income from changes in scope -0.6 -0.9 -0.2 n.a.
Operating income 100.0 662.4 +562.4 n.a.
Cost of net financial debt -81.9 -75.1 +6.8 +8%
Interest charge related to finance lease liability -8.1 -8.1 +0.1 +1%
Value adjustment on derivatives 36.5 -16.8 -53.3 n.a.
Early amort. of borrowings' costs & foreign ex. result -1.1 -1.0 +0.1 +11%
Share in earnings of affiliates 16.6 9.1 -7.5 -45%
Income before tax 62.0 570.6 +508.6 n.a.
Tax -1.2 -67.2 -66.0 n.a.
Net income for the period 60.8 503.4 +442.6 n.a.

- Non controlling interests 69.1 162.0 +92.9 n.a.
Net income for the period - Group share -8.4 341.4 +349.7 n.a.



The first half 2025 shows a significant improvement in financial performance compared to June 30, 2024 (+€341.4
million net income compared with a -€8.4 million in HY 2024). The change in fair value (+€267.4 million compared
with a -€302.5 million in HY 2024), reflecting the beginning of a stabilisation of the real estate market, and operating
performance reflected in net revenues (+€31.0 million) are partially offset by the change in fair value of derivatives
(€-53.3 million), the increase of amortization of operating assets and net of provisions (-€31.5 million) and the
change in taxes (-€66.0 million).


(In € million, 100%) H1 2024 H1 2025 var. %
Offices 163.7 179.0 +15.3 +9%
German Residential 135.7 142.8 +7.1 +5%
Hotels 131.9 114.2 -17.7 -13%
Total Net rental income 431.3 436.0 +4.7 +1%
EBITDA from hotel operating activity 30.5 56.9 +26.4 +87%
Income from other activities 19.6 19.5 -0.1 n.a.
Management and administration revenues 9.4 8.7 -0.7 -7%
Net revenue 490.8 521.1 +30.3 +6%




47
3. Financial information
2025 half-year results




3.5. Simplified consolidated balance sheet (Group share)
(In € million, Group share) 31 Dec. 30 Jun. 31 Dec. 30 Jun.
Liabilities
Assets 2024 2025 2024 2025

Goodwill 169 171
Investment properties (at fair value) 12,426 12,480
Investment properties under development 973 1,377
Other fixed assets 1,298 1,225
Equity affiliates 292 286
Financial assets 333 277
Deferred tax assets 60 62
Financial instruments 308 293 Shareholders' equity 8,228 8,222
Assets held for sale 238 269 Borrowings 7,513 8,161
Cash 668 1,010 Financial instruments 117 82
Inventory (Trading & Construction activities) 211 205 Deferred tax liabilities 643 682
Other 427 587 Other liabilities 902 1,095
Total 17,403 18,242 Total 17,403 18,242



 Investment properties, Properties under development and Other fixed assets

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

(In € million, Group share) 31 Dec. 2024 30 Jun. 2025 var.
Offices 7,373 7,655 +282
German Residential 4,720 4,857 +137
Hotels 3,010 3,008 -2
Others 2 2 n.a.
Total Fixed Assets 15,105 15,522 +417



The increase in Offices (+€282 million) was primary driven by the addition of the asset value of 25% in the CB21
tower (+€101.7 million asset value), the capex and related cost on development (+€172.1 million), the change in
fair value (+€38 million). These gains were partly offset by disposals (-€24 million).

The increase in German Residential (+€137 million) was mainly due the change in fair value (+€104 million), the
capex (+€46 million) which were partially offset by disposals (-€13 million).

The decrease in the Hotels portfolio (-€2 million) was mainly driven by the foreign currency exchange losses (-
€15 million), disposals (-€32 million) and the amortization of operating properties and other tangible assets (-€27
million). These losses were partially offset by the reinforcement in Covivio Hotels (+€38 million), the change in fair
value (+€27 million) and Capex (+€7 million).




48
3. Financial information
2025 half-year results




 Assets held for sale (included in the total fixed assets above), €268.8 million at the end of June 2025

Assets held for sale consist of assets for which a preliminary sales agreement has been signed. It mainly refers to
Italian office assets at half year-end 2025.

 Total Group shareholders’ equity

Shareholders’ equity is stable, going from €8,228 million at the end of 2024 to €8,222 million at the end of June
2025, i.e. -€6 million, mainly due to:

o The net Income for the period: +€341 million,
o The dividend distribution: -€387 million,
o The acquisition of the remaining 25% minority stake in the CB21 tower (+€44 million)
o The currency translation differences (-€6 million) and the effect of treasury shares (-€1 million)

 Net deferred tax liabilities

Deferred tax liabilities amount €682 million at the end of June 2025 compared to €643 million in 2024. Deferred tax
assets represent €62 million at the end of June, compared to €60 million in 2024. The increase in net deferred
taxes position in liabilities on the balance sheet by +€37 million is mainly due to the change in appraisal values in
Residential Germany.




3.6. Simplified consolidated balance sheet (at 100%)

(In € million, 100%)
31 Dec. 30 Jun. 31 Dec. 30 Jun.
Liabilities
2024 2025 2024 2025
Assets
Goodwill 325 325
Investment properties (at fair value) 18,197 18,208
Investment properties under development 1,112 1,539
Other fixed assets 2,133 2,014
Equity affiliates 394 373
Financial assets 173 128 Shareholders' equity 8,228 8,222
Deferred tax assets 68 68 Non-controlling interests 3,786 3,801
Financial instruments 422 389 Shareholders' equity 12,014 12,023
Assets held for sale 301 309 Borrowings 10,432 10,931
Cash 1,007 1,363 Financial instruments 152 106
Inventory (Trading & Construction activity) 261 254 Deferred tax liabilities 1,034 1,083
Other 495 663 Other liabilities 1,256 1,490
Total 24,888 25,633 Total 24,888 25,633




49
4. Financial Resources
2025 half-year results




4. FINANCIAL RESOURCES
Summary of the financial activity

Covivio is rated BBB+ with a stable outlook by S&P, confirmed on May 15th, 2025.

Covivio’s Loan-to-Value (LTV) ratio is 39.8% at end-June 2025, in line with the Group’s LTV policy < 40% despite full
payment of dividend in H1. Average rate of debt is at 1.67%, thanks to a highly hedged debt. Maturity of debt remained
stable at 4.8 years.

The net available liquidity position decreased to €2.3 billion on a Group share basis at end-June 2025, including €1.7
billion of undrawn credit lines and €1.1 billion of cash and overdraft minored by €0.5 billion of commercial papers.


4.1. Main debt characteristics
Group share 31 Dec. 2024 30 June 2025
Net debt, Group share (€ million) 6,845 7,151
Average annual rate of debt 1.71% 1.67%
Average maturity of debt (in years) 4.8 4.8
Debt active average hedging rate 94.3% 92.1%
Average maturity of hedging (in years) 5.8 5.6
LTV including duties 38.9% 39.8%
ICR 6.0x 7.3x
Net debt / EBITDA 11.4x 10.7x




4.2. Debt by type
Covivio's net debt stands at €7.2 billion in Group share at end-June 2025 (€9.6 billion on a consolidated basis),
up by +€0.3 billion compared to end-2024. This increase is related to new financings contracted during H1 2025.


Consolidated commitments Group share commitments
by type by type
Corporate Corporate
credit; credit;
16% 18%




Mortgage
loans; Green Bonds; Mortgage
Green 43% 48% loans;
Bonds;
34%
42%




As regards commitments attributable to the Group, the share of corporate debt (bonds and loans) grows up to 66% on
a Group share basis, at june-2025. Additionally, Covivio had €0.5 billion in commercial papers outstanding on June
30th, 2025.




50
4. Financial Resources
2025 half-year results




Consolidated commitments Group share commitments
by company by company
Covivio Immobilien debt
Covivio
(German Residential);
Immobilien debt
20%
(German
Residential);
Covivio 23% Covivio
debt; 52% debt; 64%
Covivio Hotel
debt;
16%
Covivio Hotel
debt;
25%




4.3. Debt maturity
The average maturity of Covivio's debt stands at 4.8 years in June 2025.




Debt maturity by type (in € million, Group Share)




1 723

1 422

1 118
1 018
867 868
779
595
495
404

51

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

Corporate credit facilities Mortgage loans Bonds




51
4. Financial Resources
2025 half-year results




4.4. Hedging profile
Until June 2025, debt was hedged at 92% on average, and 79% on average by 2029, all of which with maturities
equivalent to, or exceeding the debt maturity.

The average term of the hedges is 5.6 years Group share.




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

 The most restrictive consolidated LTV covenants amounted, on June 30st 2025, to 60% for Covivio and
Covivio Hotels.

 The most restrictive ICR consolidated covenants applicable to the REITs, on June 30st 2025, are of 200%
for Covivio and Covivio Hotels.

With respect to Covivio Immobilien (German residential subsidiary), for which almost all of the debt raised is "non-
recourse" debt, portfolio financings do not contain LTV or ICR consolidated financial covenants.
Lastly, with respect to Covivio, some corporate credit facilities are subject to the following ratios:

Ratio Covenant 30 June 2025
LTV 60.0% 43.2%1
ICR 2.0 7.3
Secured debt ratio 25.0% 3.8%
1
Excluding duties and sales agreements



All covenants were fully complied with at end-June 2025. No loan has an accelerated payment clause contingent on
Covivio’s rating.




52
4. Financial Resources
2025 half-year results




Detail of Loan-to-Value calculation (LTV)

30 June
(In € million Group share) 31 Dec. 2024
2025
Net book debt 6,845 7,151
Receivables linked to associates (full consolidated) -156 -145
Receivables on disposals -61 -22
Accrued interest linked to derivatives -20 -25
Preliminary sale agreements -302 -338
Purchase debt 56 99
Net debt 6,363 6,721
Appraised value of real estate assets (Including Duties) 16,220 16,757
Preliminary sale agreements -302 -338
Financial assets 43 46
Receivables linked to associates 102 134
Share of equity affiliates 292 286
Value of assets 16,355 16,886
LTV Excluding Duties 40.9% 42.0%
LTV Including Duties 38.9% 39.8%




4.6. Reconciliation with consolidated accounts

Net debt

Consolidated Minority
(In € million) Group share
accounts interests
Bank debt 10,924 -2,766 8,157
Cash and cash equivalents 1,356 -349 1,006
Net debt 9,568 -2,417 7,151




53
4. Financial Resources
2025 half-year results




Portfolio
Portfolio of
Fair value Other Right of
companies
Consolidated of assets use of Minority Group
(In € million) under the
accounts operating held for investment interests share
equity
properties sale properties
method
Investment &
19,747 1,065 2,784 -34 -259 -7,529 15,774
development properties
Assets held for sale 309 - - -48 - -17 244
Total portfolio 20,056 1,065 2,784 -82 -259 -7,546 16,018

Duties 867
Portfolio group share including duties 16,886

(-) portfolio of companies consolidated under the equity method -422

(+) Fair value of trading activities 205
(+) Other operating properties 88
Portfolio for LTV calculation 16,757



Interest Coverage Ratio

Consolidated Minority
(In € million) Group share
accounts interests
EBITDA (net rents (-) operating expenses (+) results of other activities) 489 162 327

Cost of debt 75 30 45

ICR 7.3x



Net Debt / EBITDA
(In € million) Group share
Net debt, Group share (€ million) 7,151
1
Adj. on borrowings from associates (on JVs) -145
Net debt 7,006
2
EBITDA (net rents (-) operating expenses (+) results of other activities) 327
Other adjustments3 -1
Prorata on a 12-month basis (half year only) 326
EBITDA 652
Net debt / EBITDA 10.7x
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




54
5. EPRA Reporting
2025 half-year results




5. EPRA REPORTING

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

5.1. Change in net rental income (Group share)

Indexation,
Development Change in
€ million H1 2024 Acquis. Disposals (1) AM & Others H1 2025
ownership
occupancy
Offices 134 6 -2 -1 12 0 4 152
German Residential 88 0 -2 0 4 0 1 90
(2)
Hotels 61 1 -14 0 4 6 0 57
Total 282 7 -19 -1 20 6 4 299

(1)
Deliveries & vacating for redevelopment || (2) Excluding EBITDA from operating properties




€ million H1 2025
Total from the table of changes in Net rental Income (GS) 299
Adjustments 0
Total net rental income (Financial data § 3.3) 299
Minority interests 137
Total net rental income (Financial data § 3.4) 436




EPRA Like-for-like net rental growth

€ million H1 2024 H1 2025 in %

Offices 135 143 +6.1%
German Residential 89 93 +5.4%
Hotels (incl. Operating properties) 65 69 +5.5%
EPRA Like-for-like net rental growth 289 306 +5.7%

Compared with gross like-for-like change (§ 1A), published at +4.9%, the main differences come from better recovery
on property charges across asset classes.




55
5. EPRA Reporting
2025 half-year results




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

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


ERV
Gross Net Annual- ERV of the
Average of spot EPRA
(€ million, Group rental rental -ised Surface Vacancy whole
rent vacant vacancy
share) income income rents (m²) rate (%) portfolio
(€/m²) space rate (%)
(€m) (€m) (€m) (€m)
(€m)
Offices 168 152 366 1,917,028 232 4.5% 22 388 5.7%
German Residential 100 90 204 2,859,535 112 1.0% 2 206 1.0%
Hotels in Europe (1) 58 57 119 n.c n.c - - 119 -
(1)
Total 326 299 688 4,776,563 160 2.7% 24 713 3.4%
(1) excl. EBITDA from operating properties

The vacancy rate (2.7%) is including secured areas for which lease will start soon, while the EPRA vacancy rate (3.4%)
is spot, on June 30th 2025. The ERV does not include the reversionary potential in all our markets, especially in German
residential (45% in Berlin, 15-20% in Hamburg, 10-15% in Dresden & Leipzig, 15-20% in NRW).

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


5.3. Investment assets - Asset values

Change in fair
(€ million, Group share) Market value value Duties EPRA NIY
over the year

Offices 7,998 31 312 4.6%

German Residential 4,795 105 364 3.6%

Hotels 3,222 65 152 6.0%

Other (France Resi. and car parks) 24 - - n.a

Total 16,039 201 829 4.6%




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




56
5. EPRA Reporting
2025 half-year results




Reconciliation with financial data

€ million H1 2025
Total portfolio value (Group share, market value) 16,039
Fair value of the operating properties -1,656
Fair value of companies under equity method -422
Other assets held for sale 17
Right of use on investment assets 145
Fair value of car parks facilities -5
Tangible fixed assets 8
1
Investment assets Group share (Financial data § 3.5) 14,126
Minority interests 5,931
1
Investment assets 100% (Financial data § 3.5) 20,056
1
Fixed assets + Developments assets + asset held for sale


Reconciliation with IFRS

€ million H1 2025
Change in fair value over the year (Group share) 201
Others -32

Income from fair value adjustments Group share (Financial data § 3.3) 169

Minority interests 98

Income from fair value adjustments 100% (Financial data § 3.3) 267



5.4. Assets under development

% Fair
ownership value Total % Delivery Surface at Pre- Yield2
Owner.
(Group H1 cost 1 progress date 100% letting (%)
share) 2025
Paris The Line FC3 100% 103 101 12% 2025 5,000 m² 100% 4.6%
La Défense CB21 FC 100% 195 256 0% 2026 34,000 m² 0% 6.7%
Meudon Thalès 2 FC 100% 117 205 76% 2026 38,000 m² 100% 8.2%
Paris Gds. Boulevards FC 100% 101 157 11% 2027 7,500 m² 0% 4.6%
Paris Monceau FC 100% 205 249 77% 2026 11,200 m² 0% 4.8%
Düsseldorf Icon FC 94% 170 235 47% 2025 55,700 m² 61% 5.6%
Berlin Alexanderplatz FC 55% 167 343 49% 2027 60,000 m² 11% 5.0%
Total 1,057 1,546 42% 211,400 m² 35% 5.7%
1 Total cost including land and financial cost (in €m, Group share) || 2 Yield on total cost || 3 FC: Full consolidation




57
5. EPRA Reporting
2025 half-year results




Reconciliation with total committed pipeline


Total cost
incl. fin. cost
(€M, Group share)
(Group share)

Projects fully consolidated 1,546
Others (Loft) 27
Total Offices Committed pipeline 1,573



Reconciliation with financial data

H1 2025
Total fair value of assets under development 1,057
Project under technical review and non-committed projects 320
Assets under development (Financial data § 3.5) 1,377



5.5 Information on leases
Lease expiration by date of 1st exit option
Annualised rental income of leases expiring
Firm
Residual
residual Total
lease term N+1 N+2 N+3 to 5 Beyond Section
lease term (€m)
(years)
(years)
Offices 4.9 5.5 3% 10% 34% 53% 366 2A
Hotels 10.7 10.7 0% 7% 5% 88% 119 2C
Others 2 n.a n.a n.a n.a n.a n.a 283
1
Total 6.3 6.8 1% 6% 17% 76% 768
1. Percentage of lease expiries on total revenues || 2: (German Residential, Hotels Ebitda, others)

In 2025, leases that are expiring represent 1.5% of total annualised revenues: ¼ are going to be redeveloped, ¼ are
already managed (with reletting or disposal) and the rest deals with leases for which tenant decision is not yet known.




58
5. EPRA Reporting
2025 half-year results




5.6 EPRA Net Initial Yield


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


EPRA topped-up net initial yield is the ratio of:

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



EPRA net initial yield is the ratio of:

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




(€ million, Group share) Total German Total
Offices Hotels
Excluding French Residential and car parks 2024 Residential H1 2025
Investment, disposable and operating
15,556 7,998 4,795 3,222 16,015
properties
Restatement of assets under development -791 -1,263 - -6 -1,268
Restatement of undeveloped land and other
-733 -649 - -105 -754
assets under development
Duties 773 312 364 152 829
Value of assets including duties (1) 14,804 6,398 5,159 3,263 14,820
Gross annualised IFRS revenues 730 322 203 198 723
Irrecoverable property charge -52 -28 -18 -2 -49
Annualised net revenues (2) 678 294 185 195 674
Rent charges upon expiration of rent free
34 34 - - 34
periods or other reductions in rental rates
Annualised topped-up net revenues (3) 711 328 185 195 708
EPRA Net Initial Yield (2)/(1) 4.6% 4.6% 3.6% 6.0% 4.6%
EPRA "Topped-up" Net Initial Yield (3)/(1) 4.8% 5.1% 3.6% 6.0% 4.8%


Transition from EPRA topped-up NIY to Covivio yield
Impact of adjustments of EPRA rents 0.4% 0.5% 0.4% 0.1% 0.3%
Impact of restatement of duties 0.3% 0.3% 0.3% 0.3% 0.3%
Covivio reported yield rate 5.4% 5.9% 4.2% 6.4% 5.4%




59
5. EPRA Reporting
2025 half-year results




5.7. EPRA cost ratio
(€million, Group share) H1 2024 H1 2025
Unrecovered Rental Cost -16.6 -12.5
Expenses on properties -10.0 -11.8
Net losses on unrecoverable receivables -0.3 -0.7
Other expenses -1.3 -1.5
Overhead -50.0 -51.8
Amortisation, impairment and net provisions 3.2 7.1
Income covering overheads 12.9 13.3
Cost on JV -2.7 -4.3
Property expenses -0.5 -0.4
EPRA costs (including vacancy costs) (A) -65.2 -62.5
Vacancy cost 9.7 6.6
EPRA costs (excluding vacancy costs) (B) -55.5 -56.0
Gross rental income less property expenses 312.2 326.5
EBITDA from hotel operating properties & flex-office, income on JV 35.2 52.7
Gross rental income (C) 347.5 379.2
EPRA costs ratio (including vacancy costs) (A/C) -18.8% -16.5%
EPRA costs ratio (excluding vacancy costs) (B/C) -16.0% -14.8%



5.8. Adjusted EPRA Earnings: growing to €263.2 million
(€million) H1 2024 H1 2025
Net income Group share (Financial data §3.3) -8.4 341.4
Change in asset values 246.7 -169.2
Income from disposal -1.4 -0.3
Acquisition costs for shares of consolidated companies 0.3 0.7
Changes in the value of financial instruments -15.5 10.5
Interest charges related to finance lease liabilities (leasehold > 100 years) 2.4 3.0
Rental costs (leasehold > 100 years) -1.5 -2.3
Deferred tax liabilities -10.3 36.8
Taxes on disposals & others -0.2 -0.3
Adjustment to amortisation & provisions 17.1 37.4
Adjustments from early repayments of financial instruments 0.8 1.0
Adjustment IFRIC 21 3.7 3.2
EPRA Earnings adjustments for associates -2.9 1.3
Adjusted EPRA Earnings (B) 230.8 263.2
Adjusted EPRA Earnings in €/share (B)/(C) 2.24 2.38
Promotion margin - 8.6 - 8.9
EPRA Earnings (A) 222.3 254.3
EPRA Earnings in €/share (A)/(C) 2.16 2.30

Average number of shares (C) 102,962,700 110,783,202




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5.9. EPRA NRV, EPRA NTA and EPRA NDV
2024 H1 2025 Var. Var. (%)
EPRA NRV (€ m) 9,705 9,829 +123 +1.3%
EPRA NRV / share (€) 87.1 88.2 +1.1 +1.2%
EPRA NTA (€ m) 8,896 8,962 +67 +0.8%
EPRA NTA / share (€) 79.8 80.4 +0.6 +0.7%
EPRA NDV (€ m) 8,686 8,695 +10 +0.1%
EPRA NDV / share (€) 78.0 78.0 +0.1 +0.1%
Number of shares 111,407,666 111,443,009 +35,343 +0.0%



Reconciliation between shareholder’s equity and EPRA NAV

2024 (€m) € per share H1 2025 (€m) € per share
Shareholders’ equity 8,228 73.9 8,222 73.8
Fair value assessment of operating properties 240 279
Duties 810 867
Financial instruments and ORNANE -199 -219
Deferred tax liabilities 626 678
EPRA NRV 9,705 87.1 9,829 88.2
Restatement of value Excluding Duties on some assets -773 -829
Goodwill and intangible assets -18 -19
Deferred tax liabilities -19 -19
EPRA NTA 8,896 79.8 8,962 80.4
Optimization of duties -37 -39
Intangible assets 18 19
2
Fixed-rate debts 218 194
Financial instruments and ORNANE 199 219
Deferred tax liabilities -608 -660
EPRA NDV 8,686 78.0 8,695 78.0



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

The real estate portfolio held directly by the Group was valued on 30 June 2025 by independent real estate experts
such as Cushman, REAG, CBRE, HVS, JLL, BNPP Real Estate, MKG and CFE. This did not include:

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

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

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




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

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

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

Fair value assessment of operating properties:

In accordance with IFRS, operating properties are valued at historical cost. In order to take into account the appraisal
value, a €279 million value adjustment net of deferred taxes was recognised in EPRA NRV, NDV, NTA related to:

- co-working and operating hotel properties for €268 million

- own-occupied buildings for €7 million

- car parks for €4 million

Fair value adjustment for fixed-rate debts

The Group has taken out fixed-rate loans (secured bond and private placement). In accordance with EPRA principles,
EPRA NDV was adjusted for the fair value of fixed-rate debt. The impact is +€194 million at 30 June 2025.

Recalculation of the base cost excluding duties of certain assets

When a company, rather than the asset that it holds, can be sold, transfer duties are re-calculated based on the
company’s net asset values (NAV). The difference between these re-calculated duties and the transfer duties already
deducted from the value had an impact of €39 million on June 30th 2025.

Goodwill and intangible assets

Goodwill, corresponding to operating hotels companies acquired for €169 million group share, has not been deducted.
In fact, the price paid to acquire those operating companies in 2024 takes part of the asset value as a whole, as
determined by the external appraiser. The Group has not paid additional price to acquire those companies. The goodwill
disclosed in the balance sheet is, so, constituent of the fair value of buildings disclosed in the line operating properties
in the balance sheet.

Deferred tax liabilities

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

For this purpose, the Group uses the following method:

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




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5.10 CAPEX by type


€ million H1 2024 H1 2025
100% Group share 100% Group share
1
Acquisitions 50 50
Developments 101 89 121 105
Investment
€ m illion Properties 2021 101
H1 2022 71 2022 91 H1 2023 60
Incremental lettable space 100% Group share 100% 5 Group share 3
100% Group share 5 100% Group share3

No incremental
Acquisitions 1
lettable space 7 4 42 91 25 63
58 35 79 0 0 51
Tenant
Developments incentives 359 249 120 6 80 5
239 155 8 116 85 6
2 136
Capitalized
Investment Properties expenses on development206portfolio 105 69 241 161 82 58
16 14 26 24
(except
Capitalized under
expenses equity method)
on development portfolio 2
67 59 17 13 38 30 19 17
(except under equity method)

Total
Total CapEx 639 448 284
219 186
174
577 381
289 218 160
239
1
Acquisitions including duties
2
Financial expenses capitalized, commercialization fees and other capitalized expenses


The €105 million Group Share of Development Capex relate to expenses on development projects booked as
investment properties under construction in the accounts (excluding properties under equity method, properties held
for sales, and assets under operation).

The €60 million Group Share of Capex on Investment Properties are mainly composed of:

• €16 million Group Share on offices including tenant improvement, green capex to enhance the value on
strategic offices and investments on managed development projects;


• €5 million Group Share of modernisation Capex on hotels, with the aim to improve the quality of assets and
benefit from increased revenues and performance,


• €39 million Group Share on Residential portfolio in Germany, including 60% of modernization Capex,
generating revenues.




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5.11. EPRA LTV

Proportionate Consolidation
Group Share of Joint Share of Material Non-controlling Combined
(€ million, Group share) as reported Ventures Associates Interests
Include:
Borrowings from Financial Institutions 5,063 196 -98 -1961 3,200
Commercial paper 442 - 0 442
Hybrids (including Convertibles,
preference shares, debt, options, - - - -
perpetuals)
Bond Loans 5,144 - -678 4,466
Foreign Currency Derivatives (futures,
- - - -
swaps, options and forwards)
Net Payables 218 19 -10 -130 98
Owner-occupied property (debt) - - - -
Current accounts (Equity characteristic) - - - -
Exclude: - - - -
Cash and cash equivalents 1,363 49 -25 -353 1,035
Net Debt (a) 9,505 166 -83 -2416 7,172
Include:
Owner-occupied property 2,587 - -929 1,658
Investment properties at fair value 17,950 428 -214 -5,615 12,549
Properties held for sale 309 0 -40 269
Properties under development 1,539 - -162 1,377
Intangibles - - - -
Net Receivables - - - -
Financial assets 91 - -28 147 210
Total Property Value (b) 22,476 428 -242 -6,599 16,062
Real Estate Transfer Taxes 1,282 15 -441 856
Total Property Value (incl. RETTs) (c) 23,758 443 -242 -7,041 16,918
LTV (a/b) 42.3% 44.6%
LTV (incl. RETTs) (a/c) (optional) 40.0% 42.4%



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

EPRA LTV 44.6%
Duties -2.2%
Preliminary Agreements -1.2%
1
Other effects (including conso. restatements) -1.5%
LTV including duties 39.8%
1
Restatement of assets consolidated under equity method and working capital requirement




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5. EPRA Reporting
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5.12. EPRA performance indicator reference table


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

EPRA Earnings 5.8 - €254.3 m €2.30 /share
Adjusted EPRA Earnings 5.8 - €263.2 m €2.38 /share
EPRA NRV 5.9 - €9,829 m €88.2 /share
EPRA NTA 5.9 - €8,962 m €80.4 /share
EPRA NDV 5.9 - €8,695 m €78.0 /share
EPRA net initial yield 5.6 4.6% - -
EPRA topped-up net initial yield 5.6 4.8% - -
EPRA vacancy rate at year-end 5.2 3.4% - -
EPRA costs ratio (including vacancy costs) 5.7 -16.5% - -
EPRA costs ratio (excluding vacancy costs) 5.7 -14.8% - -
EPRA LTV 5.11 44.6%
EPRA indicators of main subsidiaries 6 - - -




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6. Financial indicators
2025 half-year results




6. FINANCIAL INDICATORS OF THE MAIN ACTIVITIES


Covivio Hotels Covivio Immobilien
31 Dec. 30 June
31 Dec. 24 30 June 25 Change (%) Change (%)
24 25
EPRA Earnings in M€
119.5 132.3 +10.7% 76.0 78.4 +3.2%
(half year)
EPRA NRV 4,124 4,326 +4.9% 4,686 4,814 +2.7%
EPRA NTA 3,815 4,006 +5.0% 4,179 4,291 +2.7%
EPRA NDV 3,690 3,843 +4.2% 3,563 3,636 +2.0%
% of capital held by Covivio 52.5% 53.2% +0.7pt 61.7% 61.7% -
LTV including duties 32.5% 29.8% -2.7pts 35.2% 34.7% -0.5pts
ICR 6.1x 8.1x +2.0pts 4.0x 4.0x +0.0pt




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7. Glossary
2025 half-year results




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


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


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


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


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


 Certified assets




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7. Glossary
2025 half-year results




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


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


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


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


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


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



 Projects
• Committed projects: these are projects for which promotion or construction contracts have been signed,
work has begun and has not yet been completed at the closing date. The delivery date for the relevant asset
has already been scheduled.
• Managed projects: project that will be launched shortly, but work has not yet started. Also, projects that could
be undertaken but for which a governance agreement has not yet been finalised




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7. Glossary
2025 half-year results




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


Gross annualized rent (at current occupancy rate)

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


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


Gross annualized rent (at current occupancy rate)

Acquisition value including duties or disposal value excluding duties


 EPRA Earnings


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


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




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7. Glossary
2025 half-year results




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


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




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