2025 half-year results: strong growth in results and improved outlook

Real estate markets: confirmation of recovery signals

• Investments: volumes increased by +11% year-on-year over the first semester in Europe
• Offices: stabilization of take-up in Europe and a more favorable supply/demand outlook
• German residential: increasing housing shortage, rents rising steadily (+5% year-on-year in Berlin)
• Hotels: annual RevPAR (Revenue per Available Room) growth of +2.5% on average in Europe at the end of May 2025

Active asset management and increasing asset values

• Offices: full ownership of the CB21 tower and delivery of the Corte Italia asset in Milan CBD, 100% let
• Hotels: successful asset swap realized end-2024, with above +10% increase in EBITDA and values
• Residential: continuation of modernization and privatization programs (with a margin of +35%)
• Portfolio up +3.1% on a current basis and +1.5% like-for-like, at €23.6 billion (€16.0 billion Group share)

Further improvement in ESG indicators

• 98.6% of assets with environmental certification (HQE/BREEAM/LEED, etc), including 72% of offices at Very Good or above
• Issuance of a €500 million 9-year EU Green Bond in June 2025, the first in the real estate sector
• Further increase in the share of debt linked to ESG criteria, to 69% (vs. 64% at end-2024)

Revenue growth of +9% on a current basis and +5% on a like-for-like basis

• Consolidated revenue of €527 million (€356 million Group share), up +8.9% on a current basis and +4.9% on a like-for-like basis
• Offices: rents up +8.9% on a current basis and +4.7% on a like-for-like basis, occupancy rate stable at 95.5%
• German residential: acceleration in rent growth on a like-for-like basis, to +4.8% (vs +4.3% in 2024)
• Hotels: revenue up +14.6% on a current basis and +5.3% on a like-for-like basis
• High occupancy rates (97.3%) and firm lease maturity (6.3 years)

Recurring net result and net asset value up +14% and +3.5% year-on-year

• Recurring net result (Adjusted EPRA earnings) up +14% year-on-year to €263.2 million (€2.38 per share, +6%)
• Healthy debt metrics: LTV of 39.8% despite the full dividend payment in the first semester (vs. 38.9% at the end of 2024) and Net Debt/EBITDA of 10.7x (vs. 11.4x)
• Net asset value (EPRA NTA): €80.4/share, +3.5% year-on-year (+0.7% over six months, linked to the dividend payment in H1)

2025 guidance raised

• Recurring net result guidance for 2025 revised upwards by +4% to around €515 million, representing an increase of +8% compared with 2024 (+4% per share).