Paris, February 19, 2025, 6:00 PM

2024 Annual results

Recurring earnings up +10%, balance sheet strengthened, favorable outlook

"In a changing real estate world, Covivio has taken advantage of its diversified real estate operator model by adapting its portfolio and enhancing its quality. With over €1 billion invested over the year, the Group seized new growth opportunities, particularly in the hotel sector, while finalizing its €1.5 billion disposal plan. The Group's excellent operating performance implied a +10% growth in recurring earnings in 2024. Covivio intends to pursue this growth momentum in 2025 and will propose a dividend increase of +6% at the next General Meeting."

Christophe Kullmann, CEO of Covivio

Qualitative asset rotation

► Nearly €1.1 billion in investments in 2024, of which 67% in hotels
► €766m of new disposal agreements in 2024, at a +3% premium to appraisal values
► Hotels: reinforcement in Covivio Hotels, completion of the asset swap with AccorInvest and acquisition in Southern Europe
► Residential: partnership with CDC Investissement Immobilier and ongoing modernization of the portfolio
► Offices: investments focused on city-center assets, generating rental growth
► Portfolio of €23.1 billion at 100% and €15.6 billion Group share, up +3%. On a like-for-like basis, values stabilized in the second half (+0.2%)

Strong growth in operating performance: revenues up +6.7% on a like-for-like basis

► €1 billion in consolidated revenues (€680 million Group share), up +4.9% at current scope and +6.7% on a like-for-like basis
► Offices: rents up +8.1% like-for-like, supported by 176,200 m² lettings and an occupancy rate up +100bps year-on-year to 95.5%
► German residential: acceleration in like-for-like rental growth to +4.3% (vs. +3.9% in 2023)
► Hotels: revenues up +7.2% at constant scope, including +11.9% on variable revenues
► Occupancy rate (97.2%) and firm lease terms (6.2 years) maintained at high levels

+10% growth in recurring earnings, back to a leverage ratio below 40%

► Recurring net income (adjusted EPRA Earnings) up +10% to €477.4 million (stable per share, at €4.47)
► Lower leverage ratios: LTV of 38.9% (vs. 40.8% at end-2023) and Net Debt/EBITDA of 11.4x (vs. 12.3x)
► Net asset value (EPRA NTA): €79.8/share, up +2.7% over the 2 nd half-year (-5% year-on-year following payment of the 2023 scrip dividend, at €38.61/share)

Further improvement in ESG indicators

► 98.5% of assets with green certification, including 71.2% of offices certified HQE/BREEAM Very Good or higher
► Covivio awarded Fairest Landlord in German residential property for 7th year in a row
► L'Atelier, Covivio's European headquarters, honored at SIMI and winner of the ULI Europe Awards

2025 priorities and 2024 dividend

► Implementing the strategic priorities announced at the end of 2024: strengthening hotel operations, rolling out the integrated operator model and extracting growth potential
► 2025 recurring net result (adjusted EPRA Earnings) guidance of around €495 million, i.e. +4% compared to 2024
► Proposed cash dividend of €3.50/share for 2024, up +6% year-on-year

Key operating and financial indicators

Income statement, In € million, Group share	2023	2024	Variation	Change on a like-for-like basis
Occupancy rate (%)	96.7%	97.2%	+0.5pt
Revenue	648.0	679.8	+5%	+6.7%
Recurring operating income	530.0	571.8	+8%
Recurring net result (*)	435.4	477.4	+10%
Recurring net result (*) per share (€)	4.47	4.47	Stable
Net result	-1,418.8	68.1	n.a.
Balance sheet, Group share	2023	2024	Variation	Change on a like-for-like basis
Assets (€ billion)	15.1	15.6	+3%	-1.1%
Net debt (€billion)	6.9	6.8	-1%
Net available liquidity (€ billion)	2.4	2.5	+4%
LTV including transfer taxes (%)	40.8%	38.9%	-1.9pt
ICR (x)	6.4x	6.0x	-0.4x
Net debt / EBITDA (x)	12.3x	11.4x	-0.9x
EPRA NTA (€ billion)	8.5	8.9	+5%
EPRA NTA per share (€)	84.1	79.8	-5%
ESG	2023	2024	Variation
Green certified assets	95.3%	98.5%	+3.2pts
of which Very Good or above	67.2%	71.2%	+4.0pts
Debt linked to ESG criteria	57%	64 %	+7 pts

* Adjusted EPRA Earnings

Covivio: a diversified and constantly improving portfolio

Covivio holds €23.1 billion (€15.6 billion Group share) of assets in Europe, managed according to three strategic pillars:

1. Location in the heart of European capitals and major business and leisure hubs, particularly in Paris, Berlin and Milan. 94% of our assets are located in central areas¹ and 99% is less than 5 minutes' walk from public transport.
1. An innovative and integrated real estate operator approach, inspired by the hotel industry. Covivio has an integrated hotel platform, WiZiU. This know-how is also deployed through Wellio, our operated office spaces, or in our ability to propose tailor-made offers. This approach has been recognized by customers using Covivio buildings: the Kingsley 2024 survey of 270 office users in France, Italy and Germany once again revealing an overall satisfaction rating of 3.9/5 (vs. benchmark of 3.6).
1. Sustainable development: Covivio is committed to the climate transition, for a positive and lasting impact on the city. This objective is illustrated by an ambitious carbon trajectory (40% reduction in emissions from 2010 to 2030) and is praised by the main rating agencies (5-star by GRESB and AAA by MSCI).

The portfolio consists of 51% of offices, mainly in Paris, Milan and major German cities, of which 70% in city centers (vs. 59% in 2020) and 24% in major business hubs; 29% of residential, mainly in Berlin (57% of the residential portfolio); and 20% of hotels in major European destinations (Paris, Berlin, Rome, Madrid, Barcelona, London, etc.), leased or managed by leading operators: Accor, IHG, Marriott, B&B, NH Hotels, etc.

¹ Offices: centers of major European metropolises (Paris, Berlin, Milan, etc.) and main business hubs; Hotels: major European tourist destinations; Housing: Berlin, Dresden, Leipzig, Hamburg and major cities in North Rhine-Westphalia

Qualitative asset rotation

€1.1 billion invested in 2024, mainly in hotels, at a yield above 6.5%

In 2024, Covivio invested €1.1 billion (including €507 million by way of asset contributions), at an average yield above 6.5%, to strengthen its leadership in hotels and the quality of its portfolio. 67% of investments were concentrated on hotels (€733 million Group share). The year 2024 thus marked a major strengthening of this asset class, which now accounts for 20% of Covivio's portfolio, up by +3 points year-on-year.

Increased stake in Covivio Hotels subsidiary

During the first half of the year, Covivio acquired 8.7% of the capital of its subsidiary Covivio Hotels, in exchange for new Covivio shares, mainly from Generali, and now holds 52.5% of the capital of Covivio Hotels. With this contribution, equivalent to the acquisition of €507 million in assets, Covivio has strengthened its position in one of the highest-quality portfolios on the market, comprising 283 prime hotels, 90% of which are located in major European destinations, such as Paris, Berlin, Rome, London, Barcelona and Madrid.

Value-creating asset swap with AccorInvest

At the same time, Covivio has taken a significant step towards unlocking the value-creation potential of its hotel assets. In November 2024, Covivio Hotels finalized the ownership consolidation of operating and property companies held jointly with AccorInvest. The agreed value of the property companies sold to AccorInvest represents €130 million in Covivio Group share, and the agreed value of the operating companies purchased by Covivio Hotels represents €157 million. Based on 2023 figures, the difference between net rental income (100% variable) from assets sold and EBITDA from goodwill acquired represents more than €11 million. Beyond the immediate accretion to earnings, this rebalanced portfolio has significant potential for creating income and value, with €52 million Group share of capex identified with a marginal yield above 20%. Operating properties now account for 38% of the hotel portfolio, compared to 62% held with mainly fixed leases.

Acquisition of a leisure hotel in Southern Europe

On December 19, 2024, Covivio announced the acquisition of the 4* Iberostar Las Dalias hotel in Tenerife, for €81 million including transfer taxes (€43 million Group share) and a stabilized yield of 6.75%. This 429-room property is leased under a firm triple-net lease until 2041 to Iberostar, Spain's 5th largest hotel operator. Renovated in 2021 and compliant with CRREM objectives² , it shows excellent environmental performance.

With this transaction, Covivio continues to strengthen its exposure to the hotel business, particularly in the leisure segment in Southern Europe.

Continued investment in the portfolio to enhance centrality and quality

In 2024, Covivio delivered 3 hotel operating properties in Lille and Bruges, as well as a Melia leased hotel in Malaga. These projects represent 458 keys, for capex of €15 million Group share (€28.5 million at 100%) and a marginal return on capex of over 15%. In Bruges, Covivio has introduced the new Novotel concept, after building 10 additional rooms and renovating the lobby and service areas. In Lille, two deliveries took place during the year: the Hilton Lille (replacing Crowne Plaza) after a complete renovation of the rooms, and the Grand Hotel Bellevue located in the heart of Lille's Grand Place, after the creation of 5 rooms and a rooftop bar.

In offices (25% of investments), the Group focused on its pipeline of projects, mainly located in the city centers of major European capitals, for a total investment of €279 million, Group share. In Q4 Covivio delivered L'Oréal Italia's new headquarters, part of The Sign urban regeneration project developed by the Group in Milan, which is already home to major multinationals such as AON and NTT Data. The new building, totalling 13,000 m² over 9 floors, has been designed

² CRREM: Carbon Risk Real Estate Monitor

to the highest standards of sustainability and technological innovation, and features a facade alternating glazed surfaces and opaque metal elements. Certified WiredScore Platinum, the building is now aiming for LEED Platinum, WELL and Biodivercity certification. It represents a total investment of €76 million, with a return on investment of 6.1%.

The remaining part of investments (8%, or €88 million) mainly concerns capex for modernizing and improving the energy performance of the German residential portfolio.

€766 million of new disposal agreements signed in 2024

In a still quiet investment market, Covivio has signed disposal agreements worth €766 million Group share (€1.3 billion at 100%), with an average margin of +3% on appraised values at the end of 2023 and an average yield of 5.1%. With €1.6 billion in disposals and agreements signed, Covivio has finalized its €1.5 billion disposal plan between the end of 2022 and the end of 2024.

In offices, the Group secured €361 million in disposal agreements (€428 million at 100%), close to appraised values (-0.5%) at a yield of 5.6%. These disposals involved both mature assets and buildings to be converted to residential use. At the end of 2024, Covivio signed an agreement with Valesco for the future headquarters of a luxury brand in Milan, for almost €200 million.

In German residential, €166 million Group share (€244 million at 100%) was sold, at an average premium of +11% on appraised values, with in particular: the creation of a joint venture in Berlin with CDC Investissement Immobilier, in line with end-2023 values, contributing €93 million Group share to the disposal program; and continued unit sales, for €58 million Group share (€89 million at 100%), at an average premium of +40% to end-2023 appraised values.

In hotels, disposal agreements totalled €239 million Group share (€606 million at 100%), at an average premium of +4% on appraised values. They mainly concerned properties sold as part of the asset swap with AccorInvest, non-strategic hotels in Germany and Spain, and joint disposals of operating and property companies alongside AccorInvest.

(In € million, excluding duties)	Values 2023 Group share	Values 2024 100%	Values 2024 Group share	Variation 12 months at current scope	Variation 12 months like-for-like	Variation 6 months like-for-like	Yield 2023 (%)	Yield 2024 (%)	In % of Portfolio
Hotels	2,535	6,439	3,059	+20.7%	+1.5%	+1.0%	5.9%	6.4%	20%
Offices	7,847	9,422	7,884	+0.5%	-3.1%	-0.5%	5.5%	5.8%	51%
German residential	4,672	7,235	4,587	-1.8%	+1.0%	+1.1%	4.1%	4.3%	29%
STRATEGIC TOTAL	15,054	23,096	15,530	+3.2%	-1.1%	+0.2%	5.1%	5.4%	100%
Non-strategic	26	46	26	-1.2%	-6.5%	+4.9%	n.a.	n.a.	n.a.
TOTAL	15,080	23,142	15,556	+3.2%	-1.1%	+0.2%	5.1%	5.4%	100%

Portfolio growth of +3% at current scope and stabilization like-for-like

The real estate investment market remained muted in the first quarter of 2024 across most asset classes, with the exception of hotels. Since the second quarter, there have been more positive signs. Transactions have increased in the hotel sector, while large transactions have made a comeback in German residential property, and the most sought-after offices are trading at yields of around 4%.

Against this backdrop, Covivio's portfolio grew by +3% at current scope, to €15.6 billion Group share (€23.1 bn at 100%), thanks to the strengthening of its hotel business. On a like-for-like basis, asset values stabilized in the second half, at +0.2%, thus -1.1% for the year as a whole. The second half of the year saw a return to growth in hotel and in residential values in Berlin.

Hotel assets, boosted by revenue growth, rose by +1.5% on a like-for-like basis, both on leased assets (+1.4%) and on hotel operating properties (+1.7%). Growth was particularly strong in hotels in France (+2%) and southern Europe (+4.8% in Italy, +3.4% in Spain), driven by revenue growth and asset management initiatives. The average yield on assets was 6.4% (+50bps year-on-year).

In offices (-0.5% on a like-for-like basis in H2 2024 and -3.1% over the year), values in France rose in the second half (+0.7%, and -0.6% over the year), thanks to the performance of Paris CBD (+3.2%), while Milan was stable (0%, -0.9% over the year). In Germany, values continued to adjust, down -15% over the year, due to a still sluggish investment market. The average yield on office assets rose by +30bps to 5.8%.

Lastly, German residential property values rose by +1% (including +1.1% in the second half). Berlin, which accounts for 57% of the portfolio, outperformed, with an annual increase of +3.6%. The average value of residential properties is €2,465/m², of which €3,125/m² in Berlin and €1,796/m² in North Rhine-Westphalia, and the average yield is up +20bps year-on-year to 4.3%. The portfolio is valued on a block basis. However, 50% of the portfolio, i.e. €2.3 billion, is already divided, particularly in Berlin (71% / €1.9 billion), where the gap between block value and market price for condominium is +49%.

In € million	Revenue 2023 Group share	Revenue 2024 100%	Revenue 2024 Group share	% change at Current scope Group share	% change to Like-for-like Group share	Occupancy rate %	Firm lease terms in years
Hotels	139.9	353.6	171.3	+22.5%	+7.2%	100.0%	11.0
Offices	320.3	385.5	317.0	-1.0%	+8.1%	95.5%	4.8
Residential Germany	185.1	297.3	190.5	+2.9%	+4.3%	99.2%	n.a.
Non-strategic	2.8	2.1	1.0	-62.4%	n.a	n.a	n.a.
TOTAL	648.0	1,038.4	679.8	+4.9%	+6.7%	97.2%	6.2

Revenues up +5% at current scope and +6.7% like-for-like

In 2024, revenues amounted to €1,038.4 million and €679.8 million Group share, an annual increase of +5% at current scope. The strengthening of the hotel business and strong operating performance more than offset the impact of divestments. On a like-for-like basis, revenues rose by +6.7%, boosted by indexation (3 pts), higher occupancy rates and rents on relettings and renewals (2.9 pts), as well as variable hotel revenues (0.8 pt).

Hotels: revenues up +23% at current scope and +7.2% like-for-like

Structural growth in the hotel segment continued in 2024, with RevPAR up +4% on average in Europe, driven by price increases (+3%) but also by an improvement in occupancy rates (+0.5 pt). The best performances were achieved in Southern Europe, with Spain posting strong RevPAR growth of +13%. Germany, which had been lagging behind, rebounded to +7%. France ended the year up +2%, with the Olympic Games period more than offsetting the wait-andsee effect of tourists preceding the event. The return of leisure customers has been confirmed since the 4th quarter, with RevPAR growth of +6% in France in December.

This favorable environment enabled Covivio's hotel revenues to grow by +7.2% on a like-for-like basis. This performance is attributable to both fixed rents, up +4.3%, and variable revenues, up +11.9%. At current scope, revenues were up +23%, benefiting since the 2 nd quarter from the increased stake in Covivio Hotels.

Offices: up +8.1% on a like-for-like basis and occupancy rate up +100bps to 95.5%.

In offices, the polarization of the market was confirmed in 2024, with demand still concentrated on central, serviced assets with high energy standards. Prime rents continued to rise, by +12% year-on-year in Paris (to €1,200/m²) and +4% in Milan (to €775/m²).

In this context, Covivio's upmarket positioning (centrality, high environmental performance, premium services) is bearing fruit. In 2024, Covivio let and renewed nearly 176,200 m², up +35% on 2023. The office portfolio is mainly made up of city-center assets (70% of the total, 97.6% occupied), where the reversion captured on relettings and renewals is +12% on average (including +19% on 4,500 m² in the Gobelins building in Paris 5^eand +14% in the Percier building in Paris CBD). At the same time, the Group continued to increase the occupancy rate of its portfolio. The core portfolio in the major business hubs (24% of the total) saw its occupancy rate rise by +1.9pt over the year, to 94.9%, thanks in particular to lettings of Urban Garden in Issy-les-Moulineaux (1,800 m²) and So Pop in Paris-Saint-Ouen (6,700 m², now almost 90% let). The non-core portfolio (6% of the total) was also filled, notably by the letting of 7,900 m² at the Xylo building in Fontenay, bringing the occupancy rate to 84.5% (vs. 82.3% at end 2023). Overall, the office occupancy rate improved by +100bps over one year, to 95.5%.

Rents were down -1%, due to asset disposals in 2023 and 2024, but up strongly on a like-for-like basis, by +8.1%, mainly driven by indexation (4 pts), the rebound in occupancy rate (+3.6 pts) and positive reversion (+0.5 pt).

German residential: growth accelerates to +4.3% on a like-for-like basis

The housing shortage continues to grow in Germany. According to the IFO Institute, around 250,000 housing units will be delivered in 2024, an annual decline of -15% and far from the government's target of 400,000 units per year. These figures are likely to remain low again in 2025, given the 215,000 building permits authorized over the year to the end of November 2024 (-21% vs. 2023). This imbalance is all the more pronounced in Berlin, which is reflected in rising rents, according to Immoscout24, of +3% year-on-year for new homes and +6% for existing ones. Prices are also on the rise again, by +5% for new and +2% for existing, at €4,643/m², which is +49% higher than the appraised values of Covivio's assets in the area.

Against this backdrop, like-for-like rental growth accelerated to +4.3% vs. +3.9% in 2023, benefiting from indexation (for 1.8 pt), property modernization programs (for 1.3 pt) and relettings (for 1.2 pt) with high reversion (+24%, of which +36% in Berlin). Occupancy rate remained high at 99.2%.

Overall, the Group's average occupancy rate continues to rise, to 97.2% (vs. 96.7% at end 2023), while the average firm lease term is 6.2 years.

Balance sheet quality further enhanced in 2024

€1.9 billion refinanced in 2024, on favorable terms

In 2024, the Group has secured almost €1.9 billion (at 100%) in financing or refinancing (€1.2 billion Group share), with an average maturity of 7 years.

In May 2024, Covivio Hotels issued €500 million in green bonds, maturing in 2033, with a margin of 148 bps. On the mortgage market, €1 billion of financing was secured, mainly on hotel portfolios in Spain and German residential properties.

The Group's net available liquidity continued to rise to €2.5 bn (vs. €2.4 bn at end 2023). It now covers debt maturities up to June 2027.

Equity strengthened by €536 million over the year

Shareholders' equity was strengthened by €536 million in the first half: €280 million from the reinforcement in Covivio Hotels through an exchange in shares, and €256 million from the option to pay the dividend in shares, subscribed to by 77.5% of the share capital at €38.61/share, reflecting shareholder support

Significantly improved debt indicators

Rated BBB+, stable outlook by S&P, Covivio strengthened the quality of its balance sheet in 2024. The completion of the disposal plan, the payment of the 2023 dividend in shares and the stabilization of asset values enabled the loan-tovalue (LTV) to fall by -190 bps year-on-year, to 38.9%, in line with the Group's policy of an LTV ratio below 40%. The net debt/EBITDA ratio is also evolving favorably, down nearly 1 point to 11.4x (vs. 12.3x at end 2023).

Debt has an average maturity of 4.8 years (stable) and remains strongly protected against rising interest rates: on average, 94% of debt is hedged against changes in interest rates in 2025, and the average maturity of hedging instruments is 5.8 years. The average interest rate on Covivio's debt is 1.71% (vs. 1.50% at the end of 2023) and is expected to remain below 2.5% until the end of 2028.

Growth in recurring net result and proposed dividend up +6%

Recurring net result of €477 million, up +10% year-on-year

Buoyed by strong rental momentum, net revenues rose by +5.6% year-on-year to €686.4 million. At the same time, tight control of operating costs enabled operating income to grow by +7.9% to €571.8 million. The net financing expenses remained almost stable over the year (+0.7% to -€98.1 million), with the reduction in debt offsetting the rise in the average interest rate.

Recurring net income (adjusted EPRA Earnings) rose by 10% year-on-year to €477.4 million, exceeding the €460 million target. Earnings per share came to €4.47, stable due to the increase in the average number of shares

Covivio's net result came to +€68 million (vs -€1,419 million in 2023), with the slight drop in values more than offset by recurring result.

EPRA NTA net asset value of €79.8/share

Continuation net asset value (EPRA NTA) came to €8,896 million, up +5% year-on-year, with the increase in Covivio Hotels' share capital (in exchange for new Covivio shares) more than offsetting the slight decline in asset values on a like-for-like basis. On a per share basis, EPRA NTA was €79.8, down -5%, due to the increase in the number of shares, notably following subscription by 77.5% of shareholders to the payment of the dividend in shares. In the second half, NTA per share nevertheless rose by +2.7%.

Liquidation net asset value (EPRA NDV) stood at €8,686 million (€78.0/share) and replacement net asset value (EPRA NRV) at €9,705 million (€87.1/share).

Proposed dividend of €3.50 per share, up +6%

At the Annual General Meeting on April 17, 2025, Covivio will propose a cash dividend of €3.50 per share, up +6% vs. 2023.

Ex-date will take place on April 30, 2025, for a payment on May 5, 2025.

ESG: further improvement in indicators

Continued increase in certified assets, now at 98.5%

Covivio has continued to increase the rate of certification of its properties: the proportion benefiting from HQE, BREEAM, LEED or equivalent certification, in operation and/or under construction, now stands at 98.5% (+3.2 points vs. 2023).

In addition, the proportion of office buildings benefiting from the highest levels of certification (Very Good and above) stands at 71.2%, up +4.0 pt compared with the end of 2023.

This policy improving the environmental performance of property assets actively contributes to the Group's ESG ambitions, in particular that of reducing its greenhouse gas emissions by 40% between 2010 and 2030 (across all scopes 1, 2 and 3 and the entire asset lifecycle: materials, construction, restructuring and operation).

Increase in the proportion of debt linked to ESG criteria

A pioneer in the issuance of green bonds since 2016, Covivio has continued to increase the weight of its green debt (associated with ESG objectives) to 64% at the end of 2024 (compared with 57% at the end of 2023 and 38% at the end of 2022), and 100% of Covivio's bond debt is composed of green bonds.

Covivio once again awarded by its German residential tenants

On the German residential market, Covivio was awarded the title of "Fairest landlord" in 2025 for the 7 th consecutive year, receiving a "Very Good" rating, the highest possible. Conducted by the German business magazine Focus-Money, the study evaluates Germany's leading landlords on the basis of 32 criteria divided into 6 categories (ethics, tenant support, tenant service, rental costs, design of housing and surroundings, sustainability).

L'Atelier wins SIMI and ULI Europe Awards

L'Atelier, Covivio's new European headquarters in Paris' 8th district, was awarded the Europe Awards for Excellence by the Urban Land Institute (ULI) on October 16, from a shortlist of 8 projects. The award, which was presented at the C Change Summit, the real estate industry's meeting place for tackling the challenges of climate transition, recognizes the best practices and most outstanding projects in urban development.

At SIMI 2024, Covivio also received two awards for its emblematic projects: L'Atelier, winner in the "Restructured office building" category, and Grands Boulevards, located in the 9 th district of Paris, which won a special "Heritage and Renaissance" prize. These two awards recognize the Group's vision, expertise and ability to design unique, serviceoriented, high-performance projects.

2025 outlook

Over the last few years, and in particular in 2024, Covivio has extensively transformed its portfolio by reinforcing its centrality and quality, but also by adding a strong operated real estate dimension, a source of additional income and value creation. At the same time, after two years focused on financial discipline, the Group's balance sheet has been strengthened. Covivio has thus emerged stronger from the real estate crisis, as the investment market is starting to recover and the rental market is well oriented, for central offices as well as hotels and residential properties.

Covivio intends to continue its growth momentum in 2025, with the following priorities:

(i) Continuing to rebalance its portfolio between its three asset classes
(ii) Extracting growth potential from existing assets
(iii) Deploying its integrated real estate operated offer across all asset classes

With a portfolio that has proven its attractiveness to users and a solid financial structure, the Group intends to pursue the qualitative rotation of its portfolio towards more hotels. In this context, Covivio Hotels will propose³ a scrip option for its 2024 dividend, to which Covivio, 52.5% shareholder, intends to subscribe. This investment, corresponding to €117m for Covivio, will enable the Group to pursue the strengthening of its hotel exposure.

2025 will also mark the integration of the operating companies acquired from AccorInvest and the launch of the associated asset management initiatives. After signing new management contracts (direct management via the Group's WiZiU management platform, or with third-party operators Accor, Sohoma or Atypio), calls for tender are underway to select the brands and concepts best suited to each hotel. The expected return on investment is in excess of 20%.

In offices, the Group intends to continue meeting users' aspirations through its pipeline of committed projects, deliveries of which will accelerate until 2027. With 85% of projects located in city centers, including emblematic projects such as Corso Italia in Milan, Monceau in Paris and Alexanderplatz (a mixed-use project) in Berlin, this pipeline is expected to generate €66 million in additional revenues.

At the same time, Covivio is working on the launch of two office-to-hotel conversions in eastern Paris (11th and 13th districts): Voltaire (10,400 m²), located near Place de la République, and Bobillot (3,400 m²), in the Butte-aux-Cailles district. The total budget for these projects (including land) is close to €150 million, with a yield of around 6%.

³ Proposal to be submitted to Covivio Hotels' General Meeting on 15th April 2025

Finally, in German residential, Covivio will continue to extract growth potential (i) from rents, with an average reversion of over 30% (including over 45% in Berlin), and (ii) from values, through continued privatizations. In Berlin in particular, the gap between appraised values (€3,125/m²) and market values (€4,643/m²) has now reached +49%.

2025 Guidance: growth in recurring net result

The qualitative repositioning of the portfolio in recent years has enabled Covivio to post solid rental prospects which, as in 2024, should more than offset the full-year impact on earnings of the 2024 debt reduction. Covivio is therefore targeting 2025 recurring net result (adjusted EPRA Earnings) of around €495 million, an increase of around +4%.

►	st quarter 2025 : 1	April 16, 2025
►	Annual General Meeting :	April 17, 2025
►	Ex-dividend date :	April 30, 2025
►	Dividend payment :	May 5, 2025
►	Half-year results 2025 :	July 21, 2025

Press Relations Géraldine Lemoine Tel: + 33 (0)1 58 97 51 00 [email protected]

Louise-Marie Guinet Tel: + 33 (0)1 43 26 73 56 [email protected]

Investor Relations Vladimir Minot Tel: + 33 (0)1 58 97 51 94 [email protected]

Thanks to its partnering history, its real estate expertise and its European culture, Covivio is inventing today's user experience and designing tomorrow's city.

A preferred real estate player at the European level, Covivio is close to its end users, capturing their aspirations, combining work, travel, living, and co-inventing vibrant spaces.

A benchmark in the European real estate market with €23.1 billion in assets, Covivio offers support to companies, hotel brands and territories in their pursuit for attractiveness, transformation and responsible performance.

Build sustainable relationships and well-being, is the Covivio's Purpose who expresses its role as a responsible real estate operator to all its stakeholders: customers, shareholders and financial partners, internal teams, local authorities but also to future generations and the planet. Furthermore, its living, dynamic approach opens up exciting project and career prospects for its teams.

Covivio's shares are listed in the Euronext Paris A compartment (FR0000064578 - COV), are admitted to trading on the SRD, and are included in the composition of the MSCI, SBF 120, Euronext IEIF "SIIC France" and CAC Mid100 indices, in the "EPRA" and "GPR 250" benchmark European real estate indices, and in the ESG FTSE4 Good, CAC SBT 1.5°C, DJSI World & Europe, Euronext Vigeo (World 120, Eurozone 120, Europe 120 and France 20), Euronext® CDP Environment France EW, ISS ESG, Ethibel and Gaïa ethical indices and also holds the following awards and ratings: CDP (A-), GRESB (88/100, 5-Star, 100% public disclosure), ISS-ESG (B-) and MSCI (AAA).

Solicited ratings :

Financials: BBB+ / Stable outlook from S&P

1. BUSINESS ANALYSIS	13
2. BUSINESS ANALYSIS BY SEGMENT A. OFFICES B. GERMAN RESIDENTIAL C. HOTELS	22 22 31 37
3. FINANCIAL INFORMATION	42
4. FINANCIAL RESOURCES	51
5. EPRA REPORTING	56
6. FINANCIAL INDICATORS	67
7. GLOSSARY	68

1. BUSINESS ANALYSIS

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

		100%		Group share
(€ million)	2023	2024	Change (%)	2023	2024	Change (%)	Change (%) LfL 1	% of revenue
Offices	385.1	385.5	+0.1%	320.3	317.0	-1.0%	+8.1%	47%
Paris / Levallois / Neuilly	67.8	77.7	+14.6%	64.3	72.3	+12.4%	+17.4%	11%
Greater Paris (excl. Paris)	95.5	92.3	-3.4%	74.5	68.8	-7.6%	+9.6%	10%
Milan	68.9	68.9	-0.0%	69.0	68.9	-0.0%	+3.2%	10%
Telecom Italia	58.7	58.0	-1.2%	30.0	29.6	-1.2%	+3.2%	4%
Top 7 German cities	54.1	56.8	+4.8%	48.4	50.6	+4.7%	+4.4%	7%
French Major Regional Cities	29.6	23.0	-22.1%	23.8	17.9	-24.7%	+5.3%	3%
Other cities (France & Italy)	10.4	8.8	-15.0%	10.4	8.8	-15.0%	+6.1%	1%
Germany Residential	286.0	297.3	+3.9%	185.1	190.5	+2.9%	+4.3%	28%
Berlin	147.7	152.9	+3.5%	96.9	98.5	+1.7%	+4.9%	14%
Dresden & Leipzig	23.3	24.0	+3.2%	15.1	15.6	+3.2%	+3.1%	2%
Hamburg	18.5	19.4	+4.5%	12.1	12.7	+4.5%	+4.2%	2%
North Rhine-Westphalia	96.7	101.0	+4.5%	60.9	63.7	+4.5%	+3.7%	9%
Hotels	333.4	353.5	+6.0%	139.9	171.3	+22.5%	+7.2%	25%
Lease Properties	257.7	268.0	+4.0%	107.6	128.1	+19.1%	+8.1%	19%
France	90.9	91.0	+0.1%	34.6	39.6	+14.5%	+2.6%	6%
Germany	34.7	35.5	+2.4%	15.0	16.8	+12.2%	+3.7%	2%
UK	37.0	38.3	+3.7%	16.2	19.3	+19.3%	+3.7%	3%
Spain	38.9	42.5	+9.4%	17.0	21.6	+26.6%	+17.5%	3%
Belgium	15.4	15.4	+0.3%	6.7	7.8	+15.7%	+3.2%	1%
Others	40.9	45.3	+10.6%	17.9	22.9	+27.5%	+15.0%	3%
Operating Properties2	75.8	85.5	+12.9%	32.3	43.3	+33.8%	+4.9%	6%
Total strategic activities	1,004.5	1,036.3	+3.2%	645.2	678.8	+5.2%	+6.7%	100%
Non-strategic	6.3	2.1	-66.4%	2.8	1.0	-62.4%	n.a.	0%
Total Revenues	1,010.8	1,038.4	+2.7%	648.0	679.8	+4.9%	+6.7%	100%

1: Like-for-like change || 2: Operating Properties (EBITDA)

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

The reinforcement of the stake in Covivio Hotels (+€22.9 million);
The +6.7% increase on like-for-like basis, split between:
- o Offices: +8.1% like-for-like, driven by indexation and letting activity;
- o Hotels: a sustained like-for-like revenue increased by +7.2%, due to the continued rebound in variable revenues (EBITDA + variable leases) of +11.9% and a +4.3% like-for-like growth for fixed lease properties; o German Residential: a robust and accelerated growth of +4.3% like-for-like.
Reduction in office exposure through disposals (-€19.5 million);
Deliveries of new assets (+€2.6million), in Greater Paris and Milan;
Vacated assets for redevelopment (-€9.4 million), mostly in Paris, Western Crescent and first ring for conversion into residential or hotel.

B. LEASE EXPIRIES AND OCCUPANCY RATES

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

		By lease end date (1st break)	By lease end date
Group share, in Years	2023	2024	2023	2024
Offices	5.4	4.8	5.9	5.4
Hotels	12.2	11.0	13.9	12.6
Non-strategic	7.4	8.0	7.4	8.0
Total	7.0	6.2	7.8	7.0

Lease expiries schedule

(€ million; Group share)	By lease end date (1st break)	% of total	By lease end date	% of total
2025	58	7%	44	6%
2026	40	5%	20	3%
2027	45	6%	23	3%
2028	50	6%	39	5%
2029	23	3%	27	4%
2030	51	7%	48	6%
2031	50	7%	47	6%
2032	29	4%	52	7%
2033	34	4%	49	6%
2034	11	1%	29	4%
Beyond	107	14%	118	15%
Offices and Hotels leases	497	64%	497	64%
German Residential	196	25%	196	25%
Hotel operating properties	81	10%	81	10%
Total	773	100%	773	100%

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

€21.8 million are already managed (€1.3 million of hotels, €20.5 million of offices for which tenant has no intention to vacate the property),
€5.2 million vacating for redevelopment,
€20.3 million refer to Suez departure in CB 21 tower, in La Défense, where take-up in 2024 was 14% above 10 year average. Part of the asset is expected to be relet with limited capex, with already first advanced discussions, and a capex program is being defined to upgrade upper floors.

Then, €10.4 million (1.3% of Annualized revenue) are still to be managed in offices, mostly on core assets for which tenant decision is not known yet.

2. Occupancy rate: 97.2% secured, +0.5pt vs. 2023

	Occupancy rate (%)
Group share	2023	2024
Offices	94.5%	95.5%
German Residential	99.1%	99.2%
Hotels(1)	100.0%	100.0%
Total strategic activities	96.7%	97.2%
Non-strategic	100.0%	n.a.
Total	96.7%	97.2%

(1) On leased assets

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

C. BREAKDOWN OF ANNUALIZED REVENUES

(€ million, Group share)	Annualised revenues 2024	%
NH	29	4%
Fibercorp	28	4%
Orange	26	3%
B&B	24	3%
Suez	20	3%
IHG	20	3%
Dassault	18	2%
Tecnimont	16	2%
Thalès	13	2%
Accor Invest	10	1%
LVMH	10	1%
Edvance	9	1%
Fastweb	6	1%
NTT Data Italia	6	1%
Chloé	5	1%
Hotusa	5	1%
Credit Agricole	5	1%
Operating Properties	81	10%
Other tenants <€5M	246	32%
German Residential	196	25%
Total	773	100%

By major tenants

By activity

D. IMPROVED COST TO REVENUE RATIO

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

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

E. DISPOSALS: €766M OF NEW AGREEMENTS

		Disposals <2024 closed	Agreements <2024 to close	New disposals 2024	New agreements 2024	Total	Margin vs 2023 value	Yield	Total Realised Disposals
(€ million)		1		2	3	= 2 + 3			= 1 + 2
Offices & Conversion	100%	115	41	126	301	428	-0.2%	5.8%	241
to Resi.	GS 1	109	40	87	274	361	-0.5%	5.6%	196
Germany Residential	100%	16	-	200	44	244	+11.5%	3.4%	216
	GS	10	-	137	29	166	+11.1%	3.4%	147
Hotels & Non strategic	100 %	107	-	538	68	606	+3.7%	6.1%	645
	GS	56	-	209	30	239	+3.8%	5.8%	266
	100 %	238	41	865	413	1,278	+3.7%	5.5%	1,103
Total	GS	176	40	433	332	766	+3.2%	5.1%	609

1: GS: Group share

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

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

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

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

F. INVESTMENTS: €1.1BN GROUP SHARE REALIZED

€1.1 billion Group share (€1.5 billion at 100%) of investments were realized in 2024, with an average yield above 6.5%, to improve the quality of our portfolio and create value:

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

G. DEVELOPMENT PROJECTS:

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

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

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

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

centers

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

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

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

Committed projects	Location	Project type	Surface (m²)1	Delivery year	Pre-leased end of 2024 (%)	Total Budget (€m, 100%)	Total Budget (€m, GS) ²	Target Yield3
Monceau	Paris	Regeneration	11,200 m²	2026	0%	249	249	4.4%
Thalès 2	Meudon	Construction	38,000 m²	2026	100%	205	205	8.2%
Grands Boulevards	Paris	Regeneration	7,500 m²	2027	0%	157	157	4.5%
Total France committed pipeline			56,700 m²		48%	611	611	5.7%
Corte Italia	Milan	Regeneration	12,100 m²	2025	100%	125	125	5.9%
Total Italy committed pipeline			12,100 m²		100%	125	125	5.9%
Loft (65% share)	Berlin	Regeneration	7,600 m²	2025	0%	42	27	5.1%
Icon (94% share)	Düsseldorf	Regeneration	55,700 m²	2025	60%	249	235	5.6%
Alexanderplatz (55% share)	Berlin	Construction	60,000 m²	2027	11%	623	343	4.8%
Total Germany committed pipeline			123,300 m²		31%	914	605	5.2%
Total committed pipeline			192,100 m²		46%	1,650	1,341	5.5%

¹ Surface at 100%

2 Including land and financial costs

³ Yield on total rents over total budget

3. Build-to-sell pipeline

Five projects were delivered in 2024, including 4 projects in France and 1 project in Germany, for a total budget €114 million Group Share (€151 million at 100%) & 10% margin. These projects are 89% sold.

Committed projects - end of 2024	Unit	Total Budget 1 (€m, 100%)	Total Budget 1 (€m, Group share)	Pre-sold FY'24 (%)
Berlin - Iceland	98
Berlin - Markelstrasse	92
Bordeaux Lac - Ilot 2	102
Bobigny	158
To be delivered in 2025	450	153	107	58%
Padova - Zabarella	40
Berlin - Iceland Tower	19
Berlin – Simplonstraße 1&2	165
To be delivered in 2026	224	112	67	18%
Total Residential BTS	674	265	174	43%

1 Including land and financial costs

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

4. Managed Pipeline

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

► in Paris, Greater Paris and Major French Cities (180,000 m²) mainly for turnkey developments;
► in Milan with Symbiosis area (33,000 m²) and Porta Romana (76,000 m²);
► and approximately 14,000 m² in Berlin.

H. PORTFOLIO

(€ million, Excluding Duties)	Value 2023 Group Share	Value 2024 100%	Value 2024 Group share	Change (%)	LfL 1 change H2 2024	LfL 1 change FY 2024	Yield 2023	Yield 2024	% of strategic portfolio
Offices	7,847	9,422	7,884	+0.5%	-0.5%	-3.1%	5.5%	5.8%	50.8%
Residential Germany	4,672	7,235	4,587	-1.8%	+1.1%	+1.0%	4.1%	4.3%	29.5%
Hotels	2,535	6,439	3,059	+20.7%	+1.0%	+1.5%	5.9%	6.4%	19.7%
Non-strategic	26	46	26	-1.2%	+4.9%	-6.5%	n.a.	n.a.	n.a.
Total	15,080	23,142	15,556	+3.2%	+0.2%	-1.1%	5.1%	5.4%	100%

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

¹LfL: Like-for-Like

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

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

Overall in offices, asset values were down -3.1% on a like-for-like basis but almost stable over the H2: 0.5% (+0.3% on core city center portfolio). Substantial disparities were linked to centrality and geography. France is up by +0.7% over the H2 and Italy is stable while Germany values (14% of office portfolio values) continued to adjust (-5.9% over 2024).
Germany Residential values increased on a like-for-like basis in 2024: +1.0% A stronger performance was achieved in Berlin (57% of German residential portfolio), at +3.6% like-for-like. Average value per m² for residential part of the portfolio is €2,585m², of which €3,125/m² in Berlin. Assets are valued at their block value. 50% of the portfolio worth €2.3 billion, is already divided into condominiums, particularly in Berlin (71%; €1.9 billion), where the unit sale value is 49% above the block value.
In Hotels, portfolio values increased slightly (+1.5%), both on fixed leases: +1.4% and operating properties: +1.7%. Accelerating over the H2 + 1.0% after the +0.5% increase of the H1 2024.

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

Geographical breakdown of the portfolio at end of 2024

I. LIST OF MAIN OFFICE & HOTEL ASSETS

The value of the ten main assets represents 15% of the portfolio Group share.

Top 10 Assets	Location	Tenants	Surface (m²)	Covivio share
Garibaldi Complex	Milan	Multi let	44,700	100%
CB21 Tower	La Defense	Multi let	68,100	75%
Jean Goujon	Paris	LVMH	8,600	100%
Maslö	Levallois	Multi let	20,800	100%
Hotel Park Inn Alexanderplatz	Berlin	Radisson Group	95,700	50%
Monceau	Paris	Development	11,200	100%
Percier	Paris	Multi let	8,600	100%
Zeughaus	Hamburg	Multi let	43,700	94%
Art & Co	Paris	Multi let	13,500	100%
Icon	Dusseldorf	Development	55,700	94%

2. BUSINESS ANALYSIS BY SEGMENT

A. OFFICES: 51% OF COVIVIO'S PORTFOLIO

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

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

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

Covivio's portfolio is split as follows:

► Core assets in city centers (70% of Covivio's office portfolio, +11pts vs. 2020): located in city centers of major European cities (Paris/Levallois/Neuilly, Milan, Berlin, Düsseldorf, Hamburg, and French major regional cities), with high occupancy (97.6%) and 4.6 years WALB.
► Core assets in major business hubs (24%): includes assets in well-connected business hubs (Greater Paris, Periphery of German cities), with high occupancy (94.9%) and long WALB (5.4 years), mostly let to long-term partners such as Thalès and Dassault Systèmes.
► Non-Core assets (6%): gathers secondary offices assets outside city centers for which the occupancy rate (84.5%) and the WALB (3.6 years) are lower, with a disposal or conversion into residential strategy.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1 LfL: Like-for-Like

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

Strong Like-for-like rental growth (+€23 million) of +8.1%, mostly driven by the impact of indexation (+4.0pts contribution) and increase in occupancy rate,
Disposals (-€19.5 million) realized in 2023 (-€9.9 million) and in 2024 (-€9.5 million),
Impact of vacated assets to be converted into hotel or residential (-€9.4 million) partially offset by deliveries of new assets (+€2.6 million).

3. Annualized revenue

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

4. Indexation

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

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

(€ million - 2024)	Surface (m²)	Annualized Top up rents Group Share (€m)	Annualised rents (100%, €/m²)
Vacating	44,894	6.0	150
Letting	59,067	15.8	327
Renewals	117,147	32.3	299

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

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

59,067 m² (€15.8 million) have been let or pre-let in 2024. New lettings totaled 45,090m², with an average uplift of +12%, the majority of which located in France (32,547 m²). All sub-categories benefitted from this continued appetite. In city-centers, The Line, 4,550m² in Paris 8th was relet with a +22% uplift. In the first ring, 6,719 m² were let on So Pop in Paris Saint-Ouen, now 89% let and 1,766m² were let on Urban Garden in Issyles-Moulineaux, now 85% let. Positive news on non-core assets too, with the letting of 7,893m² on Xylo in Fontenay. Pre-lettings were signed in Germany (3,009 m² on Icon in Düsseldorf and 8,051 m² signed with on a large part of retail areas in the Alexanderplatz project in Berlin) and Italy (2,817m² on Rozzano in the outskirts of Milan).
117,147 m² (€32.3 million) have been renewed, with a +4% uplift on average. A large part of renewals was achieved in Germany (50,862 m² / 43%), notably 24,990 m² in Hamburg, 9 375m² in Frankfurt and 7,814m² on Icon in Düsseldorf. 34,584 m² (30%) were renewed in France, the major ones in Paris: 8,000 m² on Percier in Paris CBD with +14% uplift and 4,600 m² on Gobelins in Paris 5th with 19% uplift. Renewals in Italy (31,753 m² / 27%) mostly dealt with a 30,234 m² non-core asset in the periphery of Milan.
44,894 m² (€6.0 million) were vacated, mostly in France (33,873 m²), for redevelopments into office, hotel or residential, and Germany (9,531 m²), mostly relet.

6. Lease expiries and occupancy rate

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

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

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

€20.5 million for which tenant has no intention to vacate the property,
€5.2 million vacating for redevelopment,
€20.3 million refer to Suez departure in CB 21 tower, in La Défense, where take-up in 2024 was 14% above 10-year average. Part of the asset is expected to be relet with limited capex, with already first advanced discussions, and a capex program is being defined to upgrade upper floors.

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

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

(%)	2023	2024
Offices	94.5%	95.5%
France	94.1%	96.3%
Paris / Neuilly / Levallois	95.8%	97.8%
Western Crescent and La Defense	95.8%	97.7%
First ring	89.9%	93.3%
Major Regional Cities	97.9%	97.3%
Others France	84.0%	84.7%
Italy	98.7%	97.4%
Milan	98.3%	96.6%
Telecom portfolio (51% ownership)	100.0%	100.0%
Others Italy	97.3%	97.2%
Germany	86.4%	87.9%
Berlin	85.0%	84.7%
Frankfurt	90.3%	90.4%
Düsseldorf	93.8%	85.8%

In France, the occupancy rate increased by +220bps to 96.3%, compared to 94.1% at end-2023, mostly due to the dynamic letting activity, especially on Maslö in Levallois and So Pop in Paris Saint-Ouen.
In Italy, the occupancy rate level decreased by -130bps to 97.4%, compared to 98.7% at end-2023, mainly due to the delivery of a partially let asset (Rozzano).
In Germany, the occupancy rate increased by +140bps to 87.9% vs. end-2023. This is mainly linked to lettings, especially in Munich, while occupancy in Düsseldorf decreased due to a departure in ABC building.

7. Portfolio values

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

(€ million - incl. Duties - Group share)	Value 2023	Invest.	Disp.	Change in value	Other effects	Value 2024
Assets in operation	6,624	60	-115	-197	224	6,596
Assets under development	1,224	238	-2	-55	-116	1,288
Total Offices	7,847	298	-118	-251	108	7,884

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

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

¹ LfL : Like-for-Like || ²Yield excluding assets under development

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

Strong resilience of France (-0.6%) and Italy (-1.1%) assets, especially in city centers with values increase in Paris / Neuilly / Levallois by +1.7%, while some further limited adjustments were needed outside city centers.
-15% value decline in Germany, in line with a more muted investment market in 2024.

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

8. Assets partially owned

Partially owned assets are the following:

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

B. GERMAN RESIDENTIAL: 29% OF COVIVIO PORTFOLIO

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

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

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

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

1. Continued rise in markets rents and rebounding investment market

In Germany, the demand for housing continued to rise since the start of the year, in a context of increasing number of inhabitants (population in Germany reached a record high level of 85.4 million inhabitants according to Destatis), while building permits (215 000 units over one year at end-November 2024) remained far from the Government target (> 400 000 units / year).
This shortage continues to support rents in Germany and especially in Berlin. According to Immoscout24, in 2024, average asking rents for existing buildings were by +1.8% to €8.57/m²/month in Germany and by +6.4% to €14.1/m²/month in Berlin. For new buildings, rents were up up by +7.8% year-on-year in Germany to €12.6/m²/month and by +3.4% in Berlin to €20.1/m².
After several low quarters for the German residential investment market (for multi-family buildings above 30 units), volumes rebounded since Q2 2024, bringing total volumes up by +109% to €10.7 billion in 2024 according to BNP Real Estate. The private market also shows signs of stronger appetite since the beginning of 2024, as shown by private real estate loans recorded by the Bundesbank, up +23% year-on-year to €198 billion in 2024.
Average asking prices were also trending upwards in 2024. According to Immoscout24, prices for existing buildings increased by +2% in 2024 in Berlin to €4,643/m², still well above the current valuation of Covivio's residential portfolio (€3,125/m² in Berlin). The average price/m² for new buildings also increased to €6,575/m² in 2024 (+4.7% over one year).

In 2024, Covivio's activities were marked by:

Continued high rental growth: +4.3% on a like-for-life basis, now well above inflation;
Creation of a joint-venture on a €274 million Berlin portfolio, through a partnership with CDC Investissement Immobilier;
Stability in values: +1.0% on a 12-months like-for-like basis, of which +3.6% in Berlin.

(In € million)	Rental income 2023 100%	Rental income 2023 Group share	Rental income 2024 100%	Rental income 2024 Group share	Change (%) Group share	Change (%) LfL 1 Group share	% of rental income
Berlin	147.7	96.9	152.9	98.5	+ 1.7%	+4.9%	52%
Dresden & Leipzig	23.3	15.1	24.0	15.6	+ 3.2%	+3.1%	8%
Hamburg	18.5	12.1	19.4	12.7	+ 4.5%	+4.2%	7%
North Rhine-Westphalia	96.7	60.9	101.0	63.7	+ 4.5%	+3.7%	33%
Essen	35.7	22.2	37.0	23.0	+ 3.6%	+3.3%	12%
Duisburg	16.6	10.3	17.3	10.8	+ 4.8%	+4.7%	6%
Mulheim	11.2	7.1	12.0	7.6	+ 7.2%	+3.9%	4%
Oberhausen	10.1	6.6	10.5	6.9	+ 4.0%	+3.9%	4%
Other	23.1	14.8	24.2	15.5	+ 4.6%	+3.6%	8%
Total	286.0	185.1	297.3	190.5	+ 2.9%	+4.3%	100%
of which Residential	245.1	158.2	254.1	163.2	+ 3.2%	+4.1%	86%
of which Other commercial 2	41.1	26.9	43.1	27.3	+ 1.5%	+5.2%	14%

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

1 LfL: Like-for-Like || 2 Other commercial: Ground-floor retail, car parks, etc

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

In Berlin, like-for-like rental growth is +4.9% (+€ 4.5 million), driven by the indexation (+2.3 pts) and relettings (+1.9 pts) with high uplift (+36% in FY 2024).
Outside Berlin, like-for-like rental growth was strong in all areas (+3.7% on average, +€3.3 million) due to the reletting impact (including modernizations) and the indexation.
These effects were partly offset by disposals closed in 2024 (-€1.0 million).

(In € million)	Surface (m²)	Number of units	Annual. rents 2024 100%	Annual. rents 2024 Group share	Average rent per month	% of rental income
Berlin	1,296,476	17,744	157.9	99.9	10.2 €/m²	51%
Dresden & Leipzig	266,002	4,345	24.9	16.1	7.8 €/m²	8%
Hamburg	148,976	2,415	19.9	13.0	11.2 €/m²	7%
NRW 2	1,105,993	16,515	105.4	66.5	7.9 €/m²	34%
Essen	394,649	5,768	39.0	24.2	8.2 €/m²	12%
Duisburg	198,664	3,033	18.2	11.3	7.6 €/m²	6%
Mulheim	131,325	2,194	12.5	7.9	7.9 €/m²	4%
Oberhausen	124,984	1,830	10.8	7.1	7.2 €/m²	4%
Others	256,371	3,690	25.1	16.1	8.2 €/m²	8%
Total	2,817,448	41,019	308.2	195.5	9.1 €/m²	100%
o/w Residential	2,587,472	39,504	263.2	167.6	8.5 €/m²	86%
o/w Other com. 1	229,976	1,515	45.0	27.9	16.3 €/m²	14%

3. Annualized rents: €195.5 million Group share

¹Other commercial: Ground-floor retail, car parks, etc || 2 North Rhine-Westphalia

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

4. Indexation

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

4.1. Rents for re-leased properties:

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

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

If the property has been modernised in the past three years, the rent for the re-let property may exceed the +10% limit by a maximum of 8% of the costs to modernise it.
In the event the property is completely modernised (work amounting to more than one-third of new construction costs excl. Maintenance), the rent may be increased freely.
If the rent received from the previous tenant is higher than the +10% limit, then the previous rent will be the limit in the case of re-letting.

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

4.2. For current leases:

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

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

4.3. For current leases with work carried out:

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

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

5. Occupancy rate: a high level of 99.2%

(%)	2023	2024
Berlin	98.6%	98.7%
Dresden & Leipzig	99.8%	99.7%
Hamburg	100.0%	100.0%
North Rhine-Westphalia	99.6%	99.7%
Total	99.1%	99.2%

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

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

(In € million, Group share, Excluding duties)	Value 2023	Invest.	Disposals	Change in value	Other	Value 2024
Berlin	2,674	42	-118	56	-19	2,635
Dresden & Leipzig	379	7	0	-29	0	356
Hamburg	350	10	0	-14	0	346
North Rhine-Westphalia	1,269	30	0	-47	-1	1,250
Total	4,672	89	-119	-35	-20	4,587

6.1. Change in portfolio value: +1.0%

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

6.2. Maintenance and modernization CAPEX

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

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

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

(In € million, Excluding duties)	Value 2023 Group Share	Surface (m²) 100%	Value 2024 100%	Value 2024 in €/m²	Value 2024 Group share	LfL 1 change H2 2024	LfL 1 change	Yield 2023	Yield 2024	% of total value
Berlin	2,674	1,278,336	4,171	3,263	2,635	+1.2%	+3.6%	3.7%	3.8%	57%
Dresden & Leipzig	379	266,002	550	2,067	356	+0.6%	-5.8%	4.1%	4.5%	8%
Hamburg	350	148,976	528	3,546	346	+0.9%	-1.4%	3.6%	3.8%	8%
NRW 3	1,269	1,105,993	1,986	1,796	1,250	+1.0%	-1.5%	4.9%	5.3%	27%
Essen	485	394,649	806	2,043	501	+2.2%	+3.0%	4.7%	4.8%	11%
Duisburg	203	198,664	314	1,580	195	+0.8%	-4.2%	5.2%	5.8%	4%
Mulheim	140	131,325	224	1,709	141	+1.1%	+0.9%	5.2%	5.6%	3%
Oberhausen	119	124,984	175	1,402	115	+0.3%	-3.9%	5.7%	6.1%	3%
Others	320	256,371	466	1,818	299	-0.5%	-6.7%	4.8%	5.4%	7%
Total	4,672	2,799,308	7,235	2,585	4,587	+1.1%	+1.0%	4.1%	4.3%	100%
o/w Residential	4,113	2,570,950	6,337	2,465	4,036	+1.1%	+0.5%	4.0%	4.1%	88%
o/w Other com. 2	559	228,358	898	3,934	551	+1.0%	+5.0%	5.0%	5.1%	12%

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

1 LfL: Like-for-Like || 2 Other commercial: Ground-floor retail, car parks, etc || 3 NRW: North Rhine-Westphalia

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

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

C. HOTELS: 20% OF COVIVIO'S PORTFOLIO

Covivio Hotels, a 52.5%-owned subsidiary of Covivio as of 31 December 2024 (vs. 43.9% at end-2023), is a listed property investment company (SIIC) and leading hotel real-estate player in Europe. It invests both in hotels under lease (fixed or variable) and in hotel operating companies (owning OpCos and PropCos).

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

Covivio owns a high-quality hotel portfolio (283 hotels / 39,477 rooms) worth €6.4 billion (€3.1 billion in Group share), focused on major European cities and let to or operated by major hotel operators such as Accor, B&B, Mariott, IHG, NH Hotels, etc. This portfolio offers geographic and tenant diversification (across 12 European countries) as well as several asset management opportunities via different investment methods (hotel lease and hotel operating properties).

The reinforcement of Covivio in Covivio Hotels is effective from end-March 2024 in the P&L.

The asset swap with AccorInvest is effective from 1 December 2024, so the hotels for which Operating companies were bought (and gathered with property companies already owned) generated rents for 11 months and EBITDA for 1 month.

Assets partially owned by Covivio Hotels include mostly:

91 B&B assets in France, including 89 held at 50.2% and 2 held at 31.2%
22 AccorInvest assets in France (21 assets) and Belgium (1 asset), between 31.2% and 33.3% owned.

1. Hotels market: continued growth

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

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

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

2. Accounted revenues: +7.2% on a like-for-like basis

¹LfL: Like-for-Like

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

Lease properties:
- Variable leases (22.2% of hotels revenue), up +31.2% on a like-for-like basis, mostly linked with the steep increase of variable rents in the south of Europe
- Fixed leases (53.4% of hotels revenue), up +4.3% like-for-like, mostly through positive indexation.
Operating properties (24.7% of hotels revenue): mainly located in Germany and in the north of France. The +4.9% like-for-like increase in EBITDA is mostly explained by improved performances in Germany (+6.7%).

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

3. Annualized revenue

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

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

4. Indexation

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

5. Lease expiries: 11.0 years hotels residual lease term

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

6. Portfolio values: +21% at current scope

6.1. Change in portfolio values

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

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

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

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

6.2. Change on a like-for-like basis: +1.5%

¹ LfL : Like-for-Like || GS: Group Share

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

High-quality locations: average Booking.com location grade of 8.9/10 and 90% of the portfolio located in major European tourists' destinations.
Diversified portfolio: in terms of geography (12 countries), and segment (32% upscale, 42% midscale and 26% economy.
Major hotel operators with long-term leases: 17 hotel operators with an average lease duration of 11.0 years.

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

On a like-for-like basis, the hotel portfolio increased by +1.5% over the year. This variation is mainly explained by the stabilization of capitalization rates and continued revenue growth, driven by the strong performance of variable revenue hotels and the indexation of fixed rents.
Positive changes were thus reflected both for leased assets (+1.4%) and operating properties (+1.7%). Growth particularly dealt with Southern Europe (+4.8% in Italy and +3.4% in Spain), and France (+2.2%), boosted by revenue growth and asset management works.
The hotel portfolio has an average yield excluding duties of 6.4% (+50bps year-on-year).

90% in major European destinations

3. FINANCIAL INFORMATION AND COMMENTS

Covivio's activity involves the acquisition or development, ownership, management, and leasing of properties, particularly Offices in France, Italy and Germany, Residential in Germany, and Hotels in Europe.

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

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

CONSOLIDATED ACCOUNTS

3.1. Scope of consolidation

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

Subsidiaries	31 Dec. 2023	31 Dec. 2024
Covivio Hotels	43.9%	52.5%
Covivio Immobilien (German Resi.)	61.7%	61.7%
Covivio Berlin Prime (German Resi., JV with CDC)	65.6%	31.5%
Sicaf (Telecom portfolio in Italy)	51.0%	51.0%
OPCI CB 21 (CB 21 Tower)	75.0%	75.0%
Covivio Alexanderplatz (mixed used dev.)	55.0%	55.0%
SCI Latécoère (DS Campus)	50.1%	50.1%
SCI Latécoère 2 (DS Campus extension)	50.1%	50.1%
SCI 15 rue des Cuirassiers (Silex 1)	50.1%	50.1%
SCI 9 rue des Cuirassiers (Silex 2)	50.1%	50.1%
Sas 6 rue Fructidor (So Pop)	50.1%	50.1%
SCCV Fontenay sous bois (France Residential)	50.0%	50.0%
SCCV Bobigny (France Residential)	60.0%	60.0%
SNC N2 Batignolles promo (Streambuilding)	50.0%	50.0%
SCI N2 Batignolles (Streambuilding)	50.0%	50.0%
Hôtel N2 (Streambuilding - Zoku)	50.1%	50.1%
Fédération des Assurances Covivio	0.0%	85.0%

3.2. Accounting principles

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

3.3. Simplified income statement - Group share

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

€656.2 million net revenue (+5%)

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

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

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

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

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

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

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

€-65.6 million Amort. & net change in provisions and other:

Note that this item includes the amortisation linked to the right of use according to IFRS 16. This amortization of right of use is mainly related to owner-occupied buildings. Following the acquisition of additional operating hotels in November, the impact of amortisation is -€2.9 million.

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

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

Income from asset disposals & disposals of securities:

Income from asset and share deals disposals contributed +€3.1 million during the period.

Cost of net financial debt:

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

Interest charges linked to finance lease liability:

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

Value adjustment on derivatives:

The fair value of financial instruments (hedging instruments) is impacted by changes in interest rates. The P&L impact is a charge of -€69.2 million. The decrease in interest rates compared to the end of 2023 coupled with the time effect explain the decline in the fair value of hedging instruments.

This year, long-term rates are slightly reduced (10-year swap) by 10 bps after fluctuating between 2.5% and 2.8% during the period. Short-term rates decreased (-120 bps for the 3- month Euribor) following the ECB's rate cuts since the beginning of June.

Share of income of equity affiliates

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

The equity affiliates include Hotels in Europe and the France / Italy Offices sectors:

OPCI Covivio Hotels: three hotel portfolios, B&B (18 hotels), Campanile (19 hotels) and AccorHotels (27 hotels) 80%-owned by Crédit Agricole Assurances.
Lenovilla: the New Vélizy campus (47,000 m²), let to Thalès and co-owned with Crédit Agricole Assurances.
Euromed in Marseille: one office building (Calypso) and a hotel (Golden Tulip) in partnership with Crédit Agricole Assurances.
Coeur d'Orly in Greater Paris: two buildings in the Orly airport business district in partnership with ADP.
Phoenix hotel portfolio: 32% stake held by Covivio Hotels (52.5% subsidiary of Covivio) in a portfolio of 22 AccorInvest hotels in France & Belgium and 2 B&B in France.
Fondo Porta di Romana in Milan is a joint venture between Covivio (43.80%), Coima and Prada to participate to the acquisition of a plot of land in South Milan (future Olympic game village).
Zabarella in Padua is a joint venture between Covivio (64.74%) and Carron Group (35.26%) to participate to the project in development Pauda Zabarella (transformation office to residential).

Taxes

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

(In € million, Group share)	Net income Group share	Restatement	Adjusted EPRA E. 2024	Adjusted EPRA E. 2023
Net rental income	585.3	0.0	585.3	558.7
EBITDA from the hotel operating activity	43.3	-0.5	42.7	32.3
Income from other activities	27.6	0.0	27.6	33.4
Net revenue	656.2	-0.5	655.7	624.4
Management and administration revenues	30.8	0.0	30.8	25.4
Operating costs	-107.5	0.0	-107.5	-110.0
Amort. of operating assets & net change in provisions	-65.6	58.4	-7.2	0.0
Operating income	513.9	57.9	571.8	530.0
Net income from inventory properties	-0.1	0.1	0.0	0.0
Change in value of properties	-277.3	277.3	0.0	0.0
Income from asset disposals	4.1	-4.1	0.0	0.0
Income from disposal of securities	-1.0	1.0	0.0	0.0
Income from changes in scope & other	-2.7	2.7	0.0	0.0
Operating result	236.9	335.0	571.8	530.0
Cost of net financial debt	-98.2	0.1	-98.1	-97.4
Interest charges linked to finance lease liability	-8.5	5.5	-3.0	-2.7
Value adjustment on derivatives	-69.2	69.2	0.0	0.0
Foreign Exchge. result & Early amort. of borrowings' costs	-1.2	1.3	0.1	-0.2
Share in earnings of affiliates	15.6	5.0	20.6	19.0
Pre-tax net income	75.3	416.2	491.5	448.6
Tax	-7.2	-6.9	-14.1	-13.2
Net income for the period	68.1	409.3	477.4	435.4
Average number of shares			106 910 104	97 487 850
Net income per share			4.47	4.47

Adjusted EPRA Earnings at €477.4 million

The restatement of the amortisation of operating assets (+€62.0 million) offsets mainly the real estate amortisation of the flex-office and hotel operating activities.
The restatement of the net change in provisions (-€3.6 million) consists of the ground lease expenses linked to the UK leasehold.
Concerning the interest charges linked to finance lease liabilities relating to the UK leasehold, as per IAS 40 §25, €5.5 million was cancelled and replaced by the lease expenses paid (see the amount of -€3.6 million under the line item "Net change in provisions and other").
The restatement of the share in earnings of affiliates allows for the EPRA earnings contribution to be displayed.
The restatement of tax (+€6.9 million) is linked to the tax on disposals (+€6.9 million) and the differed tax (-€13.8 million).

(In € million, Group share)	Offices	Germany Residential	Hotels in lease	Hotel operating properties	Corporate or non attrib. sector	2024
Net rental income	279.6	179.4	126.3	0.4	-0.4	585.3
EBITDA from Hotel operating activity	1.2	0.0	0.0	41.6	0.0	42.7
Income from other activities	23.5	3.4	0.0	0.0	0.7	27.6
Net revenue	304.3	182.8	126.4	41.9	0.3	655.7
Net operating costs	-43.2	-29.2	-1.0	-1.1	-2.2	-76.7
Amortisation of operating assets	-6.4	-2.1	0.0	-3.2	-1.1	-12.9
Net change in provisions and other	5.9	-0.4	-2.2	-0.7	3.1	5.8
Operating result	260.6	151.1	123.2	36.9	0.1	571.8
Cost of net financial debt	-36.9	-35.2	-23.0	-3.7	0.7	-98.1
Other financial charges	-0.9	0.0	-1.2	-0.8	0.0	-2.9
Share in earnings of affiliates	14.1	0.0	6.7	-0.2	0.0	20.6
Corporate income tax	-1.0	-5.6	-4.6	-2.3	-0.6	-14.1
Adjusted EPRA Earnings	236.0	110.3	101.1	30.0	0.0	477.4
Development margin	-6.8	-3.5	0.0	0.0	0.0	-10.3
EPRA Earnings	229.2	106.8	101.1	30.0	0.0	467.1

Adjusted EPRA Earnings by activity

EPRA Earnings of affiliates

(In € million, Group share)	Offices	Hotels	2024
Net rental income	14.0	8.7	22.7
Net operating costs	-0.6	-0.2	-0.8
Amortisation of operating properties	0.0	0.3	0.3
Operating result	13.5	8.8	22.3
Cost of net financial debt	0.6	-2.1	-1.4
Share in earnings of affiliates	0.0	-0.2	-0.2
Share in EPRA Earnings of affiliates	14.1	6.5	20.6

3.4. Simplified consolidated income statement (at 100%)
---------------------------------------------------------	--	--

(In € million, 100%)	2023	2024	var.	%
Net rental income	863.5	887.2	+23.7	3%
EBITDA from hotel operating activity	75.8	85.5	+9.8	+13%
Income from other activities (incl. Property dev.)	24.1	32.0	+7.9	+33%
Net revenue	963.3	1 004.7	+41.4	+4%
Net operating costs	-119.4	-107.2	+12.2	-10%
Amort. of operating assets & net change in provisions	-48.6	-96.1	-47.5	+98%
Current operating income	795.3	801.4	+6.1	+1%
Net income from inventory properties	-0.1	-0.1	+0.0	-30%
Income from asset disposals	-37.9	10.9	+48.7	-129%
Change in value of properties	-2 437.3	-330.5	+2 106.8	-86%
Income from disposal of securities	-0.9	-1.5	-0.5	+58%
Income from changes in scope	-4.2	-5.0	-0.8	+20%
Operating income	-1 685.2	475.2	+2 160.3	-128%
Cost of net financial debt	-165.6	-163.8	+1.8	-1%
Interest charge related to finance lease liability	-15.9	-16.3	-0.4	+3%
Value adjustment on derivatives	-207.7	-95.2	+112.5	-54%
Early amort. of borrowings' costs & foreign ex. result	-1.4	-1.9	-0.5	+32%
Share in earnings of affiliates	-34.4	22.9	+57.3	-167%
Income before tax	-2 110.1	220.9	+2 331.1	-110%
Tax	207.3	-23.5	-230.8	-111%
Net income for the period	-1 902.9	197.4	+2 100.2	-110%
Non controlling interests	-484.1	129.2	+613.3	-127%
Net income for the period - Group share	-1 418.8	68.1	+1 486.9	-105%

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

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

(In € million, Group share) Assets	31 Dec. 2023	31 Dec. 2024	Liabilities	31 Dec. 2023	31 Dec. 2024
Goodwill	50	169
Investment properties (at fair value)	12 596	12 426
Investment properties under development	1 007	973
Other fixed assets	943	1 298
Equity affiliates	260	292
Financial assets	251	333
Deferred tax assets	57	60
Financial instruments	366	308	Shareholders' equity	7 957	8 228
Assets held for sale	227	238	Borrowings	7 703	7 513
Cash	778	668	Financial instruments	142	117
Inventory (Trading & Construction activities)	257	211	Deferred tax liabilities	650	643
Other	420	428	Other liabilities	760	903
Total	17 211	17 403	Total	17 211	17 403

3.5. Simplified consolidated balance sheet (Group share)

Investment properties, Properties under development and Other fixed assets

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

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

The decrease in Offices (-€106 million) was mainly due to the disposals (-€156 million) and the change in fair value (-€257 million) partly offset by (+€288 million) of CAPEX.

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

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

Assets held for sale (included in the total fixed assets above), €238.4 million at the end of December 2024

Assets held for sale consist of assets for which a preliminary sales agreement has been signed. It mainly refers to Italian office assets at year-end 2024.

Total Group shareholders' equity

Shareholders' equity increased from €7,957 million at the end of 2023 to €8,228 million at the end of December 2024, i.e. +€271 million, mainly due to:

o The net Income for the period: +€68 million,
o The dividend distribution: -€330.8 million, partially subscribed at 77.5% in shares (+€256 million),
o The acquisition of 8.7% of Covivio Hotels' capital in exchange for new Covivio shares (+€280 million),
o The currency translation differences (+€8 million) and the effect of treasury shares (-€3 million).

Net deferred tax liabilities

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

3.6. Simplified consolidated balance sheet (at 100%)

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

4. FINANCIAL RESOURCES

Summary of the financial activity

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

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

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

4.1. Main debt characteristics

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

4.2. Debt by type

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

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

4.3. Debt maturity

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

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

4.4. Hedging profile

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

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

4.5. Debt ratios

Financial structure

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

The most restrictive consolidated LTV covenants amounted, on December 31st 2024, to 60% for Covivio and Covivio Hotels.
The most restrictive ICR consolidated covenants applicable to the REITs, on December 31st 2024, are of 200% for Covivio and Covivio Hotels.

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

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

Ratio	Covenant	31 Dec. 2024
LTV	60.0%	42.0%
ICR	2.0	6.0
Secured debt ratio	25.0%	4.1%

¹ Excluding duties and sales agreements

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

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

Detail of Loan-to-Value calculation (LTV)

4.6. Reconciliation with consolidated accounts

Net debt

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

Portfolio

(In € million)	Consolidated accounts	Portfolio of companies under the equity method	Fair value of operating properties	Other assets held for sale	Right of use of investment properties	Minority interests	Group share
Investment & development properties	19,309	1,041	2,759	-16	-268	-7,509	15,315
Assets held for sale	301	45		-29		-77	241
Total portfolio	19,610	1,086	2,759	-45	-268	-7,586	15,556
		Duties					211
		Portfolio group share including duties					15 766
		(-) portfolio of companies consolidated under the equity method					-416
	(+) Fair value of trading activities					5
		(+) Other operating properties					864
		Portfolio for LTV calculation					16 220

Interest Coverage Ratio

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

Net Debt / EBITDA

(In € million)	Group share
Net debt, Group share (€ million)	6,845
Adj. on borrowings from associates (on JVs)1	-156
Net debt	6,689
EBITDA (net rents (-) operating expenses (+) results of other activities) 2	589.8
Other adjustments3	-2.8
EBITDA	587.0
Net debt / EBITDA	11.4x

¹ Borrowings from associates are shareholder loans for which the Covivio Group could not be asked to repay.

2 It includes dividends received from Equity method companies

³ Mainly acquisition costs on share deals

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)

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

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

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

EPRA Like-for-like net rental growth

€ million	2023	2024	in %
France Offices	140	160	14.3%
Italy Offices	86	88	2.9%
German Offices	42	45	7.0%
German Residential	168	178	5.6%
Hotels - Lease properties	81	87	7.5%
Hotels - Operating Properties	33	34	4.9%
Total net revenue on a LfL perimeter	550	592	7.8%

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

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.

(€ million, Group share)	Gross rental income (€m)	Net rental income (€m)	Annual- -ised rents (€m)	Surface (m²)	Average rent (€/m²)	Vacancy rate (%)	ERV of spot vacant space (€m)	ERV of the whole port folio (€m)	EPRA vacancy rate (%)
France Offices	163	150	211	933,936	289	3.7%	13	219	5.9%
Italy Offices	104	89	119	618,065	236	2.6%	3	124	2.5%
German Offices	45	40	53	364,644	163	12.1%	9	62	14.9%
Offices	312	280	383	1,916,645	248	4.5%	25	405	6.2%
German Residential	196	179	196	2,817,448	109	0.8%	2	197	0.8%
Hotels in Europe (1)	129	127	114	n.c	n.c	-	-	114	-
Total (1)	637	585	692	4,734,094	217	2.8%	27	716	3.7%

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

(1) excl. EBITDA from operating properties

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

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

5.3. Investment assets - Asset values

The EPRA net initial yield is the ratio of

		Annualized rental income after deduction of outstanding benefits granted to tenants (rent-free, rent ceilings)
EPRA NIY =		- unrecovered property charges for the year Value of the portfolio including duties
(€ million, Group share)	Market value	Change in fair value over the year	Duties	EPRA NIY
France Offices	4 264	- 27	192	4.6%
Italy Offices	2 508	- 28	91	4.4%
German Offices	1 112	- 195	16	4.9%
Offices	7 884	- 250	299	4.5%
German Residential	4 587	46	329	3.7%
Hotels	3 082	33	145	6.0%
Other (car parks)	3	- 0	-	n.a.
Total 2024	15 556	- 171	773	4.6%

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

Reconciliation with financial data

€ million	2024
Total portfolio value (Group share, market value)	15,556
Fair value of the operating properties	- 1,660
Fair value of companies under equity method	- 416
Other assets held for sale	-
Right of use on investment assets	149
Fair value of car parks facilities	- 3
Tangible fixed assets	13
Investment assets Group share 1 (Financial data§ 3.5)	13,637
Minority interests	5,972
Investment assets 100% 1 (Financial data§ 3.5)	19,610

¹Fixed assets + Developments assets + asset held for sale

Reconciliation with IFRS

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

Income from fair value adjustments Group share (Financial data § 3.3)	- 277
Minority interests	- 53

5.4. Assets under development

	Own. type	% Own. (Group share)	Fair value	Cap. fin. exp.	Total cost1 (€m, Group share)	% progress	Delivery date	Surface at 100% (m²)	Pre letting	Yield2 (%)
Meudon Thalès 2	FC 3	100%	60	1	205	30%	2026	38,000 m²	100%	8.2%
Paris Grands Boulevards	FC	100%	99	1	157	11%	2027	7,500 m²	0%	4.5%
Paris Monceau	FC	100%	183	2	249	34%	2026	11,200 m²	0%	4.4%
Total France Offices			341	4	611	27%		56,700 m²	48%	5.7%
Corte Italia	FC	100%	144	2	125	95%	2025	12,100 m²	100%	5.9%
Total Italy Offices			144	2	125	95%		12,100 m²	100%	5.9%
Düsseldorf Icon	FC	94%	169	2	235	43%	2025	55,700 m²	60%	5.6%
Berlin Alexanderplatz	FC	55%	137	3	343	42%	2027	60,000 m²	11%	4.8%
Total German Offices			306	6	577	42%		115,700 m²	32%	5.2%
Total			791	12	1,313	40%		184,500 m²	47%	5.5%

1 Total cost including land and financial cost || 2 Yield on total cost || 3 FC: Full consolidation

Reconciliation with total committed pipeline

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

Reconciliation with financial data

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

5.5 Information on leases

				Lease expiration by date of 1st exit option Annualised rental income of leases expiring
	Firm residual lease term (years)	Residual lease term (years)	N+1	N+2	N+3 to 5	Beyond	Total (€m)	Section
France Offices	4.5	5.4	20%	7%	29%	44%	211
Italy Offices	5.6	6.0	4%	7%	29%	60%	119
Germany Offices	4.3	4.3	15%	21%	27%	37%	53
Offices	4.8	5.4	16%	8%	29%	48%	383	2A
Hotels	11.2	13.0	1%	5%	6%	88%	114	2C
Others 2	n.a	n.a	n.a	n.a	n.a	n.a	276
Total1	6.2	7.1	7%	5%	15%	72%	773

Percentage of lease expiries on total revenues || 2: (German Residential, Hotels Ebitda, others)

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

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
EPRA NIY =	(rent-free, rent ceilings) - unrecovered property charges for the year
	Value of the portfolio including duties

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

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

5.7. EPRA cost ratio

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

5.8. Adjusted EPRA Earnings: growing to €477.4 million

(€million)	2023	2024
Net income Group share (Financial data §3.3)	- 1,418.8	68.1
Change in asset values	1,751.8	277.3
Income from disposal	35.4	- 3.0
Acquisition costs for shares of consolidated companies	2.0	2.7
Changes in the value of financial instruments	132.4	69.2
Interest charges related to finance lease liabilities (leasehold > 100 years)	4.6	5.0
Rental costs (leasehold > 100 years)	- 3.3	- 3.6
Deferred tax liabilities	- 156.6	- 13.8
Taxes on disposals	8.0	6.9
Adjustment to amortisation & provisions	26.4	62.0
Adjustments from early repayments of financial instruments	1.1	1.5
EPRA Earnings adjustments for associates	52.2	5.0
Adjusted EPRA Earnings (B)	435.4	477.4
Adjusted EPRA Earnings in €/share (B)/(C)	4.47	4.47
Promotion margin	- 5.7	- 10.3
EPRA Earnings (A)	429.7	467.1
EPRA Earnings in €/share (A)/(C)	4.41	4.37
Average number of shares (C)	97,487,850	106,910,104

				5.9. EPRA NRV, EPRA NTA and EPRA NDV
--	--	--	--	--------------------------------------	--	--	--	--

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

Reconciliation between shareholder's equity and EPRA NAV

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

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

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

assets on which the sale has been agreed, which are valued at their agreed sale price;
assets owned for less than 75 days, for which the acquisition value is deemed to be the market value.

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

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

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

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

Fair value assessment of operating properties:

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

co-working and operating hotel properties for €232 million
own-occupied buildings for €6 million
car parks for €2 million

Fair value adjustment for fixed-rate debts

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

Recalculation of the base cost excluding duties of certain assets

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

Goodwill and intangible assets

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

Deferred tax liabilities

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

For this purpose, the Group uses the following method:

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

5.10 CAPEX by type

€ million	2023		2024
	100%	Group share	100%	Group share
Acquisitions 1	-	-	83	45
Developments	196	156	204	183
Investment Properties	223	153	256	178
Incremental lettable space € million 2021	7 H1 2022	4	19 2022	11 H1 2023
No incremental lettable space 100% Group share	200 100%	137 Group share 100%	212 Group share	151 100% Group share
Tenant incentives Acquisitions 1 7 4	12 42	10 25 58	18 35	14 0 0
Other material non-allocated types of expenditure Developments 359 249	5 120	1 80 239	8 155	2 116 85
Capitalized expenses on development portfolio 2 Investment Properties 206 136 (except under equity method) Capitalized expenses on development portfolio 2 67 59	105 34 17	69 241 32 13 38	161 37 30	82 58 33 19 17
(except under equity method) Total CapEx 639 448 Total	453 284	341 186 577	581 381	439 218 160

1 Acquisitions including duties

²Financial expenses capitalized, commercialization fees and other capitalized expenses

The €183 million Group Share of Development Capex relate to expenses on development projects booked as investment properties under construction in the accounts (excluding properties under equity method and assets under operation).

The €178 million Group Share of Capex on Investment Properties are mainly composed of:

€68 million Group Share on offices including tenant improvement, green capex to enhance the value on strategic offices and investments on managed development projects;
€11 million Group Share of modernisation Capex on hotels, with the aim to improve the quality of assets and benefit from increased revenues and performance,
€99 million Group Share on Residential portfolio in Germany, including 62% of modernization Capex, generating revenues.

5.11. EPRA LTV

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

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

EPRA LTV	43.5%
Duties	-2.0%
Preliminary Agreements	-1.1%
Other effects (including conso. restatements)1	-1.4%
LTV including duties	38.9%

¹Restatement of assets consolidated under equity method and working capital requirement

5.12. EPRA performance indicator reference table

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

6. FINANCIAL INDICATORS OF THE MAIN ACTIVITIES

	Covivio Hotels			Covivio Immobilien
	31 Dec. 23	31 Dec. 24	Change (%)	31 Dec. 23	31 Dec. 24	Change (%)
EPRA Earnings in M€	238.8	258.1	+8.1%	152.6	152.9	+0.2%
EPRA NRV	3,915	4,124	+5.3%	4,756	4,686	-1.5%
EPRA NTA	3,550	3,815	+7.5%	4,262	4,179	-1.9%
EPRA NDV	3,512	3,690	+5.1%	3,682	3,563	-3.2%
% of capital held by Covivio	43.9%	52.5%	+8.7 pts	61.7%	61.7%	-
LTV including duties	34.4%	32.5%	-1.9 pts	35.2%	35.2%	+0.0 pts
ICR	5.4x	6.1x	0.7x	4.5x	4.0x	- 0.5x

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 yearend (excluding treasury shares) and adjusted for the effect of dilution.

Operating assets

Properties leased or available for rent and actively marketed.

Rental activity

Rental activity includes mention of the total surface areas and the annualized rental income for renewed leases, vacated premises and new lettings during the period under review.

For renewed leases and new lettings, the figures provided take into account all contracts signed in the period so as to reflect the transactions completed, even if the start of the leases is subsequent to the period.

Lettings relating to assets under development (becoming effective at the delivery of the project) are identified under the heading "Pre-lets".

Cost of development projects

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

Definition of the acronyms and abbreviations used:

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

Firm residual term of leases

Average outstanding period remaining of a lease calculated from the date a tenant first takes up an exit option.

Certified assets

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

EU Taxonomy

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

Unpaid rent (%)

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

Loan To Value (LTV)

The LTV calculation is detailed in Part 4 "Financial Resources".

LTV EPRA is available in the dedicated EPRA reporting, Part 5.

Rental income

Recorded rent corresponds to gross rental income accounted for over the year by considering deferment of any relief granted to tenants, in accordance with IFRS standards.

The like-for-like rental income posted allows comparisons to be made between rental income from one year to the next, before taking changes to the portfolio (e.g. acquisitions, disposals, building works and development deliveries) into account. This indicator is based on assets in operation, i.e. properties leased or available for rent and actively marketed.

Annualized "topped-up" rental income corresponds to the gross amount of guaranteed rent for the full year based on existing assets at the period end, excluding any relief.

Portfolio

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

Projects

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

Yields/return

The portfolio returns are calculated according to the following formula:

Gross annualized rent (at current occupancy rate)

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

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

Gross annualized rent (at current occupancy rate)

Acquisition value including duties or disposal value excluding duties

EPRA Earnings

EPRA Earnings is defined as "the recurring result from operating activities". It is the indicator for measuring the company's performance, calculated according to EPRA's Best Practices Recommendations. The EPRA Earnings per share is calculated using the average number of shares (excluding treasury shares) over the period under review.

Calculation:

(+) Net Rental Income

(+) EBITDA of hotels operating activities and Coworking

(+) Income from other activities

(-) Net Operating Costs (including costs of structure, costs on development projects, revenues from administration and management)

(-) Depreciation of operating assets
(-) Net change in provisions and other
(-) Cost of the net financial debt
(-) Interest charges linked to finance lease liability
(-) Net change in financial provisions
(+) EPRA Earnings of companies consolidated under the equity method
(-) Corporate taxes

(=) EPRA Earnings

Surface

SHON: Gross surface // SUB: Gross used surface

Occupancy rate

The occupancy rate corresponds to the spot financial occupancy rate at the end of the period and is calculated using the following formula:

1 - Loss of rental income through vacancies (calculated at MRV)

rental income of occupied assets + loss of rental income

This indicator is calculated solely for properties on which asset management work has been done and therefore does not include assets available under pre-leasing agreements. Occupancy rate are calculated using annualized data solely on the strategic activities portfolio. Future leases secured on vacant spaces are accounted for as occupied.

The "Occupancy rate" indicator includes all portfolio assets except assets under development.

Like-for-like change in rent

This indicator compares rents recognised from one financial year to another without accounting for changes in scope: acquisitions, disposals, developments including the vacating and delivery of properties. The change is calculated using rental income under IFRS for strategic activities.

This change is restated for certain severance pay and income associated with the Italian real estate (IMU) tax.

Given specificities and common practices in German residential, the Lile-for-Like change is computed based on the rent in €/m² spot N versus N-1 (without vacancy impact) on the basis of accounted rents.

For operating hotels (owned by FDMM), like-for-like change is calculated on an EBITDA basis

Restatement done:

o Deconsolidation of acquisitions and disposals realised on the N and N-1 periods
o Restatements of assets under works, ie:
- Restatement of released assets for work (realised on N and N-1 years)
- Restatement of deliveries of assets under works (realised on N and N-1 years).

AI assistant

Covivio — Annual Report 2024

1222_iss_2025-02-19_b96253e8-6da0-4377-89f9-2861ca8b4555.pdf

2024 Annual results

Recurring earnings up +10%, balance sheet strengthened, favorable outlook

Qualitative asset rotation

Strong growth in operating performance: revenues up +6.7% on a like-for-like basis

+10% growth in recurring earnings, back to a leverage ratio below 40%

Further improvement in ESG indicators

2025 priorities and 2024 dividend

Key operating and financial indicators

Covivio: a diversified and constantly improving portfolio

Qualitative asset rotation

€1.1 billion invested in 2024, mainly in hotels, at a yield above 6.5%

Increased stake in Covivio Hotels subsidiary

Value-creating asset swap with AccorInvest

Acquisition of a leisure hotel in Southern Europe

Continued investment in the portfolio to enhance centrality and quality

€766 million of new disposal agreements signed in 2024

Portfolio growth of +3% at current scope and stabilization like-for-like

Revenues up +5% at current scope and +6.7% like-for-like

Hotels: revenues up +23% at current scope and +7.2% like-for-like

Offices: up +8.1% on a like-for-like basis and occupancy rate up +100bps to 95.5%.

German residential: growth accelerates to +4.3% on a like-for-like basis

Balance sheet quality further enhanced in 2024

€1.9 billion refinanced in 2024, on favorable terms

Equity strengthened by €536 million over the year

Significantly improved debt indicators

Growth in recurring net result and proposed dividend up +6%

Recurring net result of €477 million, up +10% year-on-year

EPRA NTA net asset value of €79.8/share

Proposed dividend of €3.50 per share, up +6%

ESG: further improvement in indicators

Continued increase in certified assets, now at 98.5%

Increase in the proportion of debt linked to ESG criteria

Covivio once again awarded by its German residential tenants

L'Atelier wins SIMI and ULI Europe Awards

2025 outlook

2025 Guidance: growth in recurring net result

1. BUSINESS ANALYSIS

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

B. LEASE EXPIRIES AND OCCUPANCY RATES

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

Lease expiries schedule

2. Occupancy rate: 97.2% secured, +0.5pt vs. 2023

C. BREAKDOWN OF ANNUALIZED REVENUES

D. IMPROVED COST TO REVENUE RATIO

E. DISPOSALS: €766M OF NEW AGREEMENTS

F. INVESTMENTS: €1.1BN GROUP SHARE REALIZED

G. DEVELOPMENT PROJECTS:

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

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

centers

3. Build-to-sell pipeline

4. Managed Pipeline

H. PORTFOLIO

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

Geographical breakdown of the portfolio at end of 2024

I. LIST OF MAIN OFFICE & HOTEL ASSETS

2. BUSINESS ANALYSIS BY SEGMENT

A. OFFICES: 51% OF COVIVIO'S PORTFOLIO

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

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

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

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

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

3. Annualized revenue

4. Indexation

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

6. Lease expiries and occupancy rate

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

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

7. Portfolio values

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

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

8. Assets partially owned

B. GERMAN RESIDENTIAL: 29% OF COVIVIO PORTFOLIO

1. Continued rise in markets rents and rebounding investment market

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

3. Annualized rents: €195.5 million Group share

Covivio Annual Report 2024