2026 half-year results: earnings growth driven by active asset management

Continued execution of Covivio’s portfolio strategy focused on balancing the portfolio across asset classes and increasing centrality

• Hotels: exposure increased to 24%¹ of the portfolio (+3 pts vs. end-2025), supported by acquisitions, four office-to-hotel conversions and the launch of eight new redevelopment projects
• Offices: completion of the Thales Campus joint venture and further portfolio upgrade, increasing exposure to city-centre assets by +4 pts to 73%¹ 
• Residential: continued modernisation and privatisation programmes, generating a +29% disposal margin

Solid operating performance 

• 103,800 m² of office lettings and renewals, increasing occupancy rate to 95.6% (vs 95.1% end-2025) and lease maturity by 1 year, to 6 years
• German residential: sustained like-for-like growth of +3.4%; new Berlin rent table at +6.7% for Covivio assets
• Hotels: like-for-like revenue growth of +2.1%, including +3.2% in variable revenues, accelerating vs Q1 2026
• Growing ancillary revenues: expanding asset management and development businesses

+7.3% growth in recurring earnings per share

• Consolidated revenue of 526 M€ (349 M€ Group share), up +2.2% on a like-for-like basis 
• Recurring net result (Adjusted EPRA Earnings) up +7.3% year-on-year to 282.4 M€ (2.55 €/share)
• Sound balance sheet: LTV at 38.6% (vs 38.9% end 2025) and Net Debt/EBITDA of 10.5x (-0.2x vs. end-2025)
• Resilient portfolio value: +0.5% like-for-like value growth
• Net asset value (EPRA NTA): 84.2 €/share, +1.6% vs end-2025

ESG: pursuit of best-in-class initiatives and top rankings 

• MSCI AAA rating reaffirmed for Covivio, keeping the highest level since 2021
• 100% of assets with environmental certification (HQE/BREEAM/LEED, etc.), including 74% of offices at Very Good or above
• Covivio: first issuer to publish an allocation and impact report in line with the European Green Bond standard

2026 guidance confirmed 

• 2026 recurring net result (adjusted EPRA Earnings) guidance of around +4% per share compared to 2025 

¹ Portfolio breakdown presented on a proforma basis (including acquisitions, signed sale agreements and committed capex projects).