Activity at end-September 2025: revenue growth of +5%, guidance confirmed

Real estate markets: resilience over the third quarter

• Investments: up +2% in Europe over nine months, acceleration in office transactions, strong volumes in hotels
• European offices: stabilization of take-up and reversal of the trend towards remote working
• German residential: year-on-year increase in prices and rents in Germany (+3% and +5% in Berlin)
• European hotels: despite the anticipated negative base effects in Q3 (Olympic Games, Euro Football championship, etc.), revenue per room (RevPar) is expected to increase on average by +1.7% in 2025 and +2.0% in 2026

Continued momentum in asset management

• Offices: 35,300 m² let and renewed in thethird quarter, bringing the total to 67,900 m² over nine months
• German residential: improvement in rental reversion on re-lettings to +25%, including +39% in Berlin
• Hotels: €400m (Group share) strengthening, at 6% yield, mostly through office to hotel conversion projects
• Continued strengthening of asset quality: €191 million in new sale agreements (€297 million at 100%), mainly non-strategic assets, and €311 million in investments over nine months (€401 million at 100%), mainly city center assets

Revenue growth of +4.8% at current scope and +3.5% like-for-like

• €533 million in Group share of revenue (€798 million at 100%), up +4.8% on a current basis, benefiting from +3.5% growth on a like-for-like basis and asset rotation (strengthening in hotels, acquisition of 25% of the CB21 tower)
• Offices: rents up +3.6% like-for-like and occupancy rate maintained at 95.5%
• German residential: acceleration in rental growth, up +4.8% like-for-like (vs +4.3% in 2024)
• Hotels: growth of +7.5% at current scope and +1.5% like-for-like, despite the negative base effect of the third quarter
• Occupancy rate (97.2%) and firm lease term (6.4 years) remain high

ESG: Covivio among the leaders in its sector

• 99% of assets with environmental certification (HQE/BREEAM/LEED, etc.)
• Covivio recognised by GRESB: rating up +3 points to 91/100 and 5-star status maintained
• ISS ESG rating improved to B and Prime status maintained
• MSCI (AAA) and Sustainalytics (Negligible risk) ratings confirmed, among the best ratings in the industry
• L’Atelier received the Tertiary renovation award during the BBCA (Low Carbon Building) Awards 2025

2025 guidance confirmed

• 2025 guidance for recurring net income (Adjusted EPRA Earnings) of around €515 million, up +8% vs. 2024 (up +4% per share)