Slides
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OCTOBER 21ST 2026 COVIVIO Q3 2026 ACTIVITY
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SUMMARY CONTINUED SOLID OPERATING PERFORMANCE CONTINUED SOLID OPERATING PERFORMANCE A STRENGTHENED BALANCE SHEET A STRENGTHENED BALANCE SHEET KEY TAKEAWAYS AND GUIDANCE KEY TAKEAWAYS AND GUIDANCE I. I. II. II. III. III. 3 3 11 11 13 13
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Beige – Paris CBD CONTINUED SOLID OPERATING PERFORMANCE CONTINUED SOLID OPERATING PERFORMANCE I. I. 3 3
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+1.7pts vs H1 2026 at -2.1% 9M 2026 REVENUES: LIKE-FOR-LIKE REVENUE GROWTH ACCELERATION 9M 2026, in € million Revenue 9M 2025 Group share Revenue 9M 2026 100% Revenue 9M 2026 Group share % Change current scope Group share % Change like-for-like Group share Occupancy rate % Average lease term firm, in years OFFICES 245.4 277.1 232.2 -5.4% +2.5% 94.2% 6.2 HOTELS 137.5 283.9 144.9 +5.3% +2.0% 100.0% (1) 11.3 GERMANY RESIDENTIAL 149.6 241.8 153.2 +2.4% +3.4% 98.4% n.a. Non-strategic 0.4 0.8 0.5 +3.2% +1.6% n.a. 6.7 TOTAL 533.0 803.7 530.7 -0.4% +2.7% 96.4% 7.6 (1) On lease properties +1.1% INDEXATION +1.3% RENTAL UPLIFT & OCCUPANCY -0.4% AT CURRENT SCOPE MAINLY IMPACTED BY CB21 (2025 RELEASE AND INDEMNITY) AND DISPOSALS 4 +0.3% VARIABLE REVENUES HOTELS 4 +0.5pts vs H1 2026 at +2.2% +2.7% LIKE-FOR-LIKE
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FY 2025 H1 2026 9M 2026 OFFICES – LIKE-FOR-LIKE RENT GROWTH ACCELERATION +2.5% LIKE-FOR-LIKE RENT GROWTH vs +1.6% in H1 2026 OCCUPANCY RATE REMAINS AT A HIGH LEVEL 95.1% INDEXATION OCCUPANCY REVERSION +1.3pts +0.8pts +0.5pts 95.6% 95.5% 94.2% Occupancy gains in France Strong positive reversion in Italy Indexation tailwind set to strengthen from 2027 -1.3pts: Beige delivery Impact from Beige delivery in September 2026 Reported occupancy rate 5
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OFFICES – SOLID LEASING ACTIVITY WITH ~149,400 M² LET OR RENEWED Q3 2026 NEW LETTING EXAMPLES 66,800 m² over 9M 2026 of which 21,300 m² in Q3 CB21 – La Défense Beige – Paris CBD Ménilmontant – Paris 6 LETTINGS & PRE-LETTINGS RENEWALS 82,600 m² over 9M 2026 of which 24,300 m² in Q3 42% let (vs 26% at H1) 1,000€/m2 average rent 30% pre-let 2,100 m² term sheet signed at 1,050€/m² (average rent) 4,000 m² fully leased to a single tenant Exploitation part: 100% let Development part: 41% pre-let (vs 32% at H1) Recent lettings secured at 570€/m² on upper floors Grands Boulevards – Paris CBD So Pop – Saint Ouen Art&Co – Paris Occupancy increased to 95% (vs 89% at H1) with +2,200 m² leased 2,100 m² leased to a single tenant, securing one-third of the 2027 vacancy ~17 M€ annual rents secured (Group share) 8-year average lease term ~27 M€ annual rents secured (Group share) 16-year average lease term
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OFFICES – RELEASES PROVIDING VALUE CREATION UPSIDE RELEASES 50,700 m² over 9M 2026 of which 32,400 m² in Q3 ~13 M€ annual rents (Group share) 2/3 of released surfaces already relet or identified for future redevelopment 7 6,100 m² released Louvre – Paris CBD 3,300 m² released San Fedele 4 – Milan Massy – Greater Paris 5,200 m² released Definitive building permit secured Significant rental upside through repositioning Target rent of c.1,200€/m² vs. previous rent of 470€/m² Office-to-residential conversion project Building permit obtained Prime Milan CBD location 76% of released space already re-let Q3 2026 EXAMPLES
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HOTELS – +2.6% LIKE-FOR-LIKE VARIABLE REVENUE GROWTH +2.0% LIKE-FOR-LIKE REVENUE GROWTH OVER 9 MONTHS VARIABLE REVENUE 45% of hotel revenue +2.6% like-for-like Share of revenue LfL France 52% +1.9% Germany 21% +5.8% Belgium 9% -11.4% United Kingdom 7% +11.4% Spain 5% +21.2% Other 5% -1.1% Performance impacted by market conditions and VAT increase FIXED LEASES 55% of hotel revenue +1.6% like-for-like Share of revenue LfL Spain 21% +2.9% Germany 17% +1.8% France 16% -0.2% United Kingdom 16% 0.0% Italy 11% +1.5% Other 19% +3.1% Negative impact of indexation Positive contribution expected from 2027 onwards Indexation expected to become supportive from 2027 8
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HOTELS – SOLID EXECUTION TO FUEL FUTURE GROWTH OPERATOR MANAGEMENT Change operator in German management contract portfolio 165-rooms / 5* hotel with sports club 2030 opening Generator - Bobillot, Paris OFFICE-TO-HOTEL PROJECTS IHG - Voltaire, Paris 91 rooms / 454 beds Q4 2029 opening Two management contracts signed: 1 2 BOBILLOT: A NEW “URBAN HOSTEL” IN PARIS 13TH Five-floor building Landscaped courtyard ~7% TARGET YIELD ON COST 3 HOTEL CAPEX PIPELINE One new project launched in Q3 ▪ Ibis Budget Toulouse Matabiau 12 PROJECTS ONGOING At end-September 2026 138 M€ REMAINING CAPEX (2) 13% YIELD ON CAPEX +3 M€(1) and ~8% EBITDA uplift at run-rate Westin Grand Berlin Park Inn Berlin New operators appointed for 6 hotels: Radisson and Odyssey Ibis Budget – Toulouse Matabiau Ibis Budget – Toulouse Matabiau (1) €2m Group share (2) €52m Group share Before After 9
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GERMAN RESIDENTIAL – SUSTAINED RENTAL GROWTH Berlin Hamburg NRW Dresden & Leipzig +4.4% +4.0% +3.2% +2.8% portfolio value GOOD PERFORMANCES ACROSS LOCATIONS 98.4% OCCUPANCY RATE Structural high occupancy rate +3.4% LIKE-FOR-LIKE RENT GROWTH +1.8% INDEXATION +0.7% REVERSION +1.0% MODERNIZATIONS -0.1% PRIVATIZATIONS STEADY RENTAL MOMENTUM 10
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Kimpton – Londres A STRENGTHENED BALANCE SHEET A STRENGTHENED BALANCE SHEET II. II. 11 11
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2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 + Corporate credit facilities Mortgage loans Bonds PROACTIVE FINANCING STRENGTHENS BALANCE SHEET AND FINANCIAL FLEXIBILITY Debt maturity schedule (in Bn€, Group share) DIVERSIFIED AND WELL-SPREAD MATURITY PROFILE (1) ~80% HEDGED DEBT BY 2030 ~2.5% EXPECTED AVERAGE COST OF DEBT THROUGH 2029 (1) As of 30 September 2026, including the €500m bond issued in July 2026 (2) Net of commercial paper A STRENGTHENED BALANCE SHEET STRONG LIQUIDITY AVAILABLE OF €1.9BN (2) ➢ PROVIDING FULL COVERAGE OF DEBT MATURITIES THROUGH JUNE 2029 Q3 FUNDING ACTIONS 500M€ GREEN BOND ISSUED IN JULY Nearly 3x oversubscribed 4.1% coupon (105 bps spread), 2.8% effective rate after hedging 7-year maturity Average debt maturity extended by 0.3 years Proceeds to be used to address the main 2027 bond maturity 100M€ NEW REVOLVING CREDIT FACILITY 7-year maturity 12 0.1 0.9 0.5 1.3 1.7 1.4 1.1 1.1 0.8 0.2
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Grand Hotel Palazzo – Venice KEY TAKEAWAYS AND GUIDANCE KEY TAKEAWAYS AND GUIDANCE III. III. 13 13
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1 A resilient, diversified and high-quality portfolio KEY TAKEAWAYS: A HIGH-QUALITY PORTFOLIO, SOLID PERFORMANCE AND BALANCE-SHEET DISCIPLINE DIVERSIFIED ACROSS 3 ASSET CLASSES BALANCED EXPOSURE ACROSS EUROPE 41% Germany 34% France 17% Italy 8% Other EU CENTRALITY 92% of hotels in major European tourist destinations 73% of offices in European city centres 100% of German residential in A-cities 2 Solid activity across the board +2.7% LfL revenue growth (2) 96.4% occupancy rate (2) 7.6 yrs average lease maturity (2) 3 Balance-sheet strength and disciplined capital allocation 38.6% LTV (1) 10.5x Net debt / EBITDA (1) BBB+ rating, stable outlook (1) Data as of June 30, 2026 (2) Data as of September 30, 2026 47% Offices 29% German residential Hotels 24% 14 Portfolio data as of June 30, 2026
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2026 GUIDANCE CONFIRMED Sources : • Guidance : Christophe & Paul à l’oral Strong operating performance Like-for-like above inflation Active asset management Ancillary revenue growth A year of growth Increase in financing expenses Despite 2025 Suez departure from CB21 Tower Low indexation ~+4% YoY growth per share (Adjusted EPRA Earnings) 2026 Recurring net result Wellio – Milan 15
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KEY UPCOMING EVENTS 2026 Full-year results 17th February 2027 Q1 2027 Activity 21st April 2027 Annual General Meeting 22nd April 2027 H1 2027 Results 20th July 2027 16
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10, rue de Madrid 75008 - Paris covivio.eu Anne-Sophie Jugean Head of IR anne-sophie.jugean@covivio.fr