2025 Annual results: Strong growth in recurring earnings

A year of accelerated asset management execution on all fronts

• Hotels: successful integration of hotels consolidated at end-2024, illustrated by +13% like-for-like value growth
• Offices: 135,000 m² leased and continued value creation across the Milan portfolio
• Residential: active modernization and privatization programs (with a ~30% margin) and increasing ancillary revenues
• Scaling up operated real estate model: +7% EBITDA growth on WiZiU, our own-operated hotel platform; scaling up managed residential in Germany; success of Covivio’s service-led office offer
• Quality accretive asset rotation: 463 M€ realized disposals, largely of peripheral assets, and 446 M€ investments mainly in prime offices and hotels

Operational activity: +3.7% growth in revenues

• Consolidated rental revenue of 1.1 Bn€ (705 M€ Group share), up +3.7% at current scope (+3.4% like-for-like)
• Offices: rents up +3.4% like-for-like and 95.1% occupancy rate
• Hotels: revenues up +7.7% at current scope and +1.6% on a like-for-like basis despite negative base effects
• Residential: acceleration in like-for-like rental growth to +4.8% vs. +4.3% in 2024
• High occupancy rate (97.1%) and long-term revenue visibility (6.4-year firm lease terms)

+6.4% growth in recurring net income per share

• Recurring net income (adjusted EPRA Earnings) up +10% to 526.5 M€ (4.75 € per share, +6.4%)
• Portfolio values returned to growth, up +2.1% like-for-like to 16.0 Bn€ Group share
• Net asset value (EPRA NTA): 82.9 €/share, +3.9% year-on-year
• Sound balance sheet, with stable LTV at 38.9% and Net Debt/EBITDA further reduced to 10.7x (-70 bps year-on-year)

ESG leadership further strengthened

• 100% of assets with environmental certification (HQE/BREEAM/LEED, etc.), including 73% of offices at Very Good or above
• Further increase in the share of debt linked to ESG criteria, to 74% (vs. 64% at end-2024)
• Covivio awarded Fairest landlord in German residential for the 8th year in a row and enters the CDP “A list” for climate leadership

Strong start to 2026

• Closing of a ~500 M€ partnership with Blue Owl for the Thales campus expected in the second quarter of 2026
• Accelerating the shift towards hotels through ~400 M€ of office-to-hotel conversions and ~300 M€ of new hotel acquisitions under exclusivity

2025 dividend and 2026 guidance

• Proposed cash dividend of 3.75 € per share for 2025, up +7% year-on-year, payable in two instalments, in March and July.
• 2026 recurring net result (adjusted EPRA Earnings) guidance of around ~+4% per share compared to 2025