Activity at end-March 2025: +5.4% revenue growth year-on-year

Continued operating momentum during the first quarter

• Hotels: launch of tender offers to select the most suitable brands for around 10 hotels in France and Belgium
• Offices: occupancy rate up + 20bps to 95.7% (vs 95.5% at end-2024), 16,400 m² let or renewed
• Residential: reversion of +24% on re-lettings
• €83 million of new disposal agreements (€98 million at 100%), +3% above end-2024 appraised values

+5.4% revenue growth over the year

• €162 million in revenues, Group share (€242 million at 100%), up +5.4% at current scope and +4.9% like-for-like
• Offices: rents up +5.1% like-for-like
• German residential: acceleration of like-for-like rental growth to +4.8% (vs. +4.3% in 2024)
• Hotels: +4.7% revenue growth on a like-for-like basis and +13% on hotels for which operating properties were acquired at end-2024
• High rent visibility thanks to a high occupancy rate (97.3%) and firm lease terms of 6.2 years

Further improvement in ESG indicators

• Carbon trajectory: -28% at end-2024 (vs 2010), in line with the reduction target of -40% by 2030
• Continued decarbonization of the energy mix: 86% of directly managed assets (scopes 1 and 2) now benefit from a green electricity contract (vs. 80% in 2023)
• Energy intensity reduced by -4% compared to 2023
• Covivio becomes the first European REIT to be able to issue EU Green Bonds
• Proposed appointment of Micaela Le Divelec as independent member of the Board

2025 outlook confirmed

• Proposed cash dividend of €3.50/share for 2024, up +6% year-on-year
• 2025 recurring net result guidance (Adjusted EPRA Earnings) of around €495 million, i.e. +4% vs. 2024 (stable per share)