Activity at end-March 2026 : Strategic progress driving growth

Strong operational momentum in the first quarter

• Completion of Blue Owl’s investment in the Thales joint venture, representing 138 M€ disposal proceeds for Covivio
• Acquisition of four leased hotels in Milan for 217 M€ with a target yield of 7%
• Hotels: pre-lettings of the entire Paris-Raspail office-to-hotel conversion project over a fixed 12-year period; launch of two new redevelopment projects in Paris and Ghent
• Offices: 35,100 m² let or renewed; major lease renewal in April for 33,500 m² in Garibaldi Towers in Milan; occupancy rate up to 95.4%
• Residential: rent growth of +20% on relettings

Growth of +2.5% in revenue

• 248 M€ in revenue at 100% and 166 M€ Group share, up 2.5% at current scope and 2.4% like-for-like
• Offices: rents up 2.1% like-for-like despite lower indexation
• German residential: sustained like-for-like growth of +3.6%
• Hotels: revenue growth of +1.4% on a like-for-like basis, including +2.0% in variable revenue
• Strong rental visibility thanks to a high occupancy rate (97%) and a firm lease term of 6.3 years

S&P confirms Covivio’s BBB+ rating with a stable outlook

• S&P highlights the strength of the operational and financial profile
• At the end of 2025, Covivio has a loan-to-value (LTV) ratio of 38.9%, in line with the Group’s policy (below 40%), and a improving net debt/EBITDA ratio, at 10.7x compared to 11.4x at year-end 2024
• 86% of the debt is hedged against rising interest rates

Covivio on track with its carbon trajectory

• Carbon trajectory: -31% by the end of 2025 (vs 2010), on track towards the -40% reduction target by 2030
• Energy intensity down by -6% compared to 2024, bringing energy consumption down by -32% since 2019
• Covivio is implementing its biodiversity strategy: across projects delivered since 2024, green areas have increased by a average factor of 2.9; acceleration of reuse and recycling practices
• Covivio benefits from top ratings from ESG rating agencies such as MSCI (AAA), GRESB (91/100) and Sustainalytics second-highest rated company in the world across all sectors)