First-half 2024 results: transforming semester and improved outlook

Major strategic progress in the first half

• Reinforcement in hotels: acquisition of the equivalent of €500 million of hotels in exchange for Covivio shares, reinforcing shareholders’ equity by €280 million and increasing hotels’ exposure to 20% of Covivio’s portfolio
• Signing of a memorandum of understanding with AccorInvest to gather operating and property companies
• Creation of a joint venture on a €274 million Berlin residential portfolio, with CDC Investissement Immobilier
• Success of the premium offer in offices: 74,100 m² let, occupancy rate at 95.1% (+60bps over six months)

Strengthening financial structure

• €311 million (€455 million at 100%) of new disposal agreements in 2024, +3% above 2023 appraisal values
• Successful scrip dividend, 77.5% subscribed and reinforcing equity by €256 million
• Decrease in loan-to-value (LTV) ratio to 40.3% (vs. 40.8% at end-2023)
• Liquidity increased to €2.5 billion, covering debt maturities until end of 2026
• BBB+ rating, stable outlook confirmed by S&P in May 2024

+6.5% growth in revenues on a like-for-like basis

• €500 million consolidated revenues (€327 million Group share), up +1.8% as reported, and up +6.5% like-for-like
• Offices: strong increase in rents, +8.8% on a like-for-like basis
• German residential: rents up +3.9% on a like-for-like basis
• Hotels: revenues up +5.2% on a like-for-like basis
• Occupancy rate (97.1%) and average firm lease term (6.8 years) maintained at high levels

Recurring net result up +3% and asset values stabilizing

• Recurring net result (adjusted EPRA Earnings) up +3% to €231 million (€2.24 per share, down 4.8%)
• Portfolio value growth of +2%, to €15.4 billion (Group share). On a like-for-like basis, values start to stabilize (-1.3%), thanks to a slight increase in hotels and stability in offices (in Paris and Milan) and German residential.
• EPRA NTA (Net Tangible Assets) up +2.3% to €8.7 billion (-7.5% per share, to €77.7)

ESG strategy: new progress in indicators

• 96% of the portfolio is certified, with 69% of the office portfolio certified HQE/BREEAM Very Good or above
• Further increase in the proportion of debt linked to ESG objectives, to 61% from 57% at end-2023 and 38% at end-2022

Improved 2024 outlook

• Extracting growth potential, through reversion, asset management work (including the expected finalization of the asset swap with AccorInvest in the 2nd half of the year) and indexation
• 2024 recurring net result guidance (adjusted EPRA Earnings) of around €460 million (compared with an initial guidance of €440m), up +6% vs. 2023